8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 27, 2009

SL GREEN REALTY CORP.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

MARYLAND

(STATE OF INCORPORATION)

1-13199	13-3956775
(COMMISSION FILE NUMBER)	(IRS EMPLOYER ID. NUMBER)

420 Lexington Avenue	10170
New York, New York	(ZIP CODE)

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

(212) 594-2700

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.Results of Operations and Financial Condition

Following the issuance of a press release on April 27, 2009 announcing the Company’s results for the first quarter ended March 31, 2009, the Company intends to make available supplemental information regarding the Company’s operations that is too voluminous for a press release.  The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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

Item 7.01.Regulation FD Disclosure

As discussed in Item 2.02 above, on April 27, 2009, the Company issued a press release announcing its results for the first quarter ended March 31, 2009.

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

Item 9.01.Financial Statements and Exhibits

(d)Exhibits

99.1Press Release regarding first quarter 2009 earnings.

99.2Supplemental package.

NON-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized measure of REIT performance.  We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than we do.  The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002 defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.  We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITS, particularly those that own and operate commercial office properties.  We also use FFO as one of several criteria to determine performance-based bonuses for members of our senior management.  FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time.  Historically, however, real estate values have risen or fallen with market conditions.  Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year,

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reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs, providing perspective not immediately apparent from net income.  FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP.  FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends.  Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies.   FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

The Company presents earnings before interest, taxes, depreciation and amortization (EBITDA) because the Company believes that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt.  EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity.

Same-Store Net Operating Income

The Company presents same-store net operating income on a cash and GAAP basis because the Company believes that it provides investors with useful information regarding the operating performance of properties that are comparable for the periods presented.  For properties owned since January 1, 2008 and still owned at the end of the current quarter, the Company determines GAAP net operating income by subtracting property operating expenses and ground rent from recurring rental and tenant reimbursement revenues. Cash net operating income is derived by deducting straight line and free rent from, and adding tenant credit loss allowance to, GAAP net operating income. Same-store net operating income is not an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Debt to Market Capitalization Ratio

The Company presents the ratio of debt to market capitalization as a measure of the Company’s leverage position relative to the Company’s estimated market value.  The Company’s estimated market value is based upon the quarter-end trading price of the Company’s common stock multiplied by all common shares and operating partnership units outstanding plus the face value of the Company’s preferred equity. This ratio is presented on a consolidated basis and a combined basis.  The combined debt to market capitalization includes the Company’s pro-rata share of off-balance sheet (unconsolidated) joint venture debt.  The Company believes this ratio may provide investors with another measure of the Company’s current leverage position.  The debt to market capitalization ratio should be used as one measure of the Company’s leverage position, and this measure is commonly used in the REIT sector; however, this may not be comparable to other REITs that do not compute in the same manner.  The debt to market capitalization ratio does not represent the Company’s borrowing capacity and should not be considered an alternative measure to the Company’s current lending arrangements.

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Coverage Ratios

The Company presents fixed charge and interest coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and ground rent from current cash net operating income.  These coverage ratios are provided on both a consolidated and combined basis.  The combined coverage ratios include the Company’s pro-rata share of off-balance sheet (unconsolidated) joint venture fixed charges and cash net operating income.  These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

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SIGNATURES

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

SL GREEN REALTY CORP.

/S/ Gregory F. Hughes

Gregory F. Hughes

Chief Financial Officer

Date:  April 28, 2009

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT

Gregory F. Hughes

Chief Operating Officer and

Chief Financial Officer

-Or-

Heidi Gillette

Investor Relations

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

FIRST QUARTER 2009 FFO OF $1.48 PER SHARE AND

EPS OF $0.57 PER SHARE

Quarterly Highlights

·First quarter FFO totaled $1.48 per share (diluted) compared to $1.36 per share (diluted) during the first quarter of 2008, an increase of 8.8%.

·Net income per share for the first quarter of 2009 totaled $0.57 per share (diluted) compared to $2.06 per share (diluted) in the same period in the prior year.  The results for the quarter ended March 31, 2009 include gains on sale of $0.27 per share (diluted) compared to gains on sale of $1.80 per share (diluted) for the same period in 2008.

·Repurchased approximately $224.9 million of the Company’s unsecured notes and exchangeable bonds in 2009, realizing gains on early extinguishment of debt aggregating approximately $57.5 million.  Since October 2008, the Company has repurchased approximately $487.5 million of its bonds, and realized gains on early extinguishment of approximately $135.0 million.

·Signed 32 Manhattan office leases totaling 296,840 square feet with average starting rents of $52.71 during the first quarter.  Average Manhattan office starting rents increased by 23.9% on these leases over previously fully escalated rents.

·Recognized combined same-store GAAP NOI growth of 2.5% for the first quarter, including 1.9% from the consolidated same-store properties and 4.1% from the unconsolidated joint venture same-store properties.

·Closed with Gramercy Capital Corp. (NYSE: GKK) on a sale of 100.0% of the partnership interests in 55 Corporate Drive, NJ for $230.0 million, which resulted in a gain of approximately $6.6 million on the Company’s 50.0% interest.

·Gramercy Capital Corp. and SL Green Realty Corp. completed the internalization of Gramercy’s management in April 2009.  The internalization was completed through the direct acquisition by Gramercy of its external manager, GKK Manager LLC, which was previously a wholly owned subsidiary of SL Green.

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·Paid a dividend of $0.375 per share of common stock.

Summary

New York, NY, April 27, 2009 - SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, of $88.1 million, or $1.48 per share (diluted), for the quarter ended March 31, 2009, an increase of 8.8% compared to $1.36 per share (diluted) for the same quarter in 2008.

Net income attributable to common stockholders totaled $32.8 million, or $0.57 per share (diluted), for the quarter ended March 31, 2009, compared to $121.1 million, or $2.06 per share (diluted), for the same quarter in 2008.  The results for the quarter ended March 31, 2009 include gains on sale of $0.27 per share (diluted) compared to gains on sale of $1.80 per share (diluted) for the same period in 2008.

Operating and Leasing Activity

For the first quarter of 2009, the Company reported revenues and EBITDA of $263.4 million and $143.8 million, respectively, an increase of $10.0 million, or 3.9%, and a decrease of $10.2 million, or 6.6%, respectively, compared to the same period in 2008.  During the quarter, the Company had strong leasing activity at 100 Park Avenue, 420 Lexington Avenue, 220 East 42nd Street, 810 Seventh Avenue and 1 and 2 Jericho Plaza.

Same-store GAAP NOI on a combined basis increased by 2.5% for the first quarter when compared to the same quarter in 2008, with the consolidated properties increasing 1.9% to $127.6 million and the unconsolidated joint venture properties increasing 4.1% to $50.9 million.

Average starting Manhattan office rents of $52.71 per rentable square foot on the 296,840 square feet of leases signed during the first quarter represented a 23.9% increase over the previously fully escalated rents.

Occupancy for the Manhattan portfolio at March 31, 2009 was 96.2%, compared to 96.7% at December 31, 2008.  During the quarter, the Company signed 36 leases in the Manhattan portfolio totaling 322,224 square feet, of which 32 leases and 296,840 square feet represented office leases.

Average starting Suburban office rents of $30.89 per rentable square foot for the first quarter represented a 1.5% decrease over the previously fully escalated rents.  Occupancy for the Suburban portfolio was 90.4% at both March 31, 2009 and December 31, 2008.  During the quarter, the Company signed 32 leases in the Suburban portfolio totaling 124,090 square feet, of which 29 leases and 123,110 square feet represented office leases.

Significant leasing activities during the first quarter included:

·New lease with Tribune Company/WPIX for approximately 104,243 square feet at 220 East 42nd Street.

·New lease with Wells Fargo Trade Capital Services for approximately 44,716 square feet at 100 Park Avenue.

·Early renewal with Insight Communications Company, Inc. for approximately 34,460 square feet at 810 Seventh Avenue.

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·New lease with Ion Media Networks Inc. for approximately 25,954 square feet at 810 Seventh Avenue.

·Early renewal with Deloitte LLP for approximately 37,824 square feet at 1 and 2 Jericho Plaza, Long Island.

Real Estate Investment Activity

The Company and Gramercy Capital Corp. sold 100.0% of their partnership interests in 55 Corporate Drive, NJ for $230.0 million, including the assumption by the buyer of the $190.0 million in-place mortgage indebtedness.  The Company recognized a gain of approximately $6.6 million in connection with the sale of the Company’s 50% interest in the joint venture.

Financing and Capital Activity

The Company repurchased approximately $224.9 million of its bonds in 2009, including approximately $213.3 million of exchangeable bonds, realizing gains on early extinguishment of debt aggregating approximately $57.5 million.  Approximately $60.9 million face amount of these repurchases occurred during April 2009 and, accordingly, approximately $9.8 million of these gains will be recognized during the second quarter of 2009.

Structured Finance Activity

The Company’s structured finance investments totaled approximately $589.3 million on March 31, 2009, a decrease of approximately $90.5 million from the balance at December 31, 2008.  This excludes approximately $102.1 million of structured finance investments which were classified as held for sale at March 31, 2009.  During the first quarter of 2009, the Company recorded $62.0 million in loan loss reserves against its structured finance investments.  The structured finance investments currently have a weighted average maturity of 5.1 years and a weighted average yield for the quarter ended March 31, 2009 of 8.5%, inclusive of loans totaling $84.5 million which are on non-accrual status.

Investment in Gramercy Capital Corp.

At March 31, 2009, the book value of the Company’s investment in Gramercy Capital Corp. was zero.  Fees earned from various management arrangements between the Company and Gramercy totaled approximately $5.7 million for the quarter ended March 31, 2009 compared to $9.7 million for the quarter ended March 31, 2008.  During the quarter, the Company waived its right to receive CDO collateral management fees from Gramercy.  The Company did not recognize any FFO contribution from its investment in Gramercy for the quarter ended March 31, 2009 compared to an FFO contribution of $5.3 million for the same quarter in the prior year.  The Company’s share of net income from its investment in Gramercy has been estimated at a loss of $3.5 million for the quarter ended March 31, 2009, compared to income of $5.1 million for the same quarter in the prior year.

Gramercy Capital Corp. and SL Green Realty Corp. completed the internalization of Gramercy’s management.  The internalization was completed through the direct acquisition by Gramercy of its external manager, GKK Manager LLC, which was previously a wholly owned subsidiary of SL Green.

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The Company’s marketing, general and administrative, or MG&A, expenses no longer includes the consolidation of the expenses of its subsidiary GKK Manager LLC, the entity which managed and advised Gramercy.  For the quarter ended March 31, 2009, the Company incurred approximately $5.2 million of costs associated with Gramercy compared to $3.5 million for the same quarter in the prior year.  These expenses are now included in discontinued operations.

Dividends

During the first quarter of 2009, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

·$0.375 per share of common stock. Dividends were paid on April 15, 2009 to stockholders of record on the close of business on March 31, 2009.

·$0.4766 and $0.4922 per share on the Company’s Series C and D Preferred Stock, respectively, for the period January 15, 2009 through and including April 14, 2009.  Dividends were paid on April 15, 2009 to stockholders of record on the close of business on March 31, 2009, and reflect regular quarterly dividends, which are the equivalent of annualized dividend of $1.90625 and $1.96875, respectively.

Conference Call and Audio Webcast

The Company’s executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio web cast on Tuesday, April 28, 2009 at 2:00 pm ET to discuss the financial results. The Supplemental Package will be available prior to the quarterly conference call on the Company’s website, www.slgreen.com, under “financial reports” in the investors section.

The live conference call will be webcast in listen-only mode on the Company’s website under “event calendar & webcasts” in the investors’ section of the website and on Thomson’s StreetEvents Network. The conference call may also be accessed by dialing 888.396.2298 Domestic or 617.847.8708 International, using pass-code “SL Green.”

A replay of the call will be available through May 5, 2009 by dialing 888.286.8010 Domestic or 617.801.6888 International, using pass-code 23223016.

Supplemental Information

The Supplemental Package outlining the Company’s first quarter 2009 financial results will be available prior to the quarterly conference call on the Company’s website.

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Company Profile

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche.  As of March 31, 2009, the Company owned 29 New York City office properties totaling approximately 23,211,200 square feet, making it New York’s largest office landlord. In addition, at March 31, 2009, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 32 suburban assets totaling 6,949,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.

Disclaimers

Non-GAAP Financial Measures

During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found on page 9 of this release and in the Company’s Supplemental Package.

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Forward-looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the Manhattan, Westchester County, Connecticut, Long Island and New Jersey office markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.

Forward-looking statements are not guarantees of future performance and actual results or developments may materially differ, and we caution you not to place undue reliance on such statements.  Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us.  These risks and uncertainties include the effect of the credit crisis on general economic, business and financial conditions, and on the New York Metro real estate market in particular; dependence upon certain geographic markets; risks of real estate acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; risks relating to structured finance investments; availability and creditworthiness of prospective tenants and borrowers; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; availability of capital (debt and equity); unanticipated increases in financing and other costs, including a rise in interest rates; our ability to comply with financial covenants in our debt instruments; our ability to maintain our status as a REIT; risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; the continuing threat of terrorist attacks, in particular in the New York Metro area and on our tenants; our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business, including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.

Other factors and risks to our business, many of which are beyond our control, are described in our filings with the Securities and Exchange Commission.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

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SL GREEN REALTY CORP.

STATEMENTS OF OPERATIONS-UNAUDITED

(Amounts in thousands, except per share data)

	Three Months Ended March 31,
	2009			2008
Revenue:
Rental revenue, net	$	196,468		$	193,840
Escalations & reimbursement revenues	33,758			29,960
Preferred equity and investment income	16,898			19,148
Other income	16,281			10,504
Total revenues	263,405			253,452
Equity in net income from unconsolidated joint ventures	13,073			19,425
Gain on early extinguishment of debt	47,712			—
Expenses:
Operating expenses	55,481			53,672
Ground rent	8,046			8,249
Real estate taxes	36,949			32,524
Loan loss reserves	62,000			—
Marketing, general and administrative	17,922			24,460
Total expenses	180,398			118,905
Earnings Before Interest, Depreciation and Amortization (EBITDA)	143,792			153,972
Interest expense, net of interest income	60,264			76,046
Amortization of deferred financing costs	1,436			1,632
Depreciation and amortization	54,798			53,434
Loss on equity investment in marketable securities	807			—
Net income from Continuing Operations	26,487			22,860
Income (loss) from Discontinued Operations	(66		)	1,365
Gain on sale of Discontinued Operations	6,572			110,232
Equity in net gain on sale of interest in unconsolidated joint venture	9,541			—
Net income	42,534			134,457
Net income attributable to noncontrolling interests	(4,797		)	(8,394		)
Net income attributable to SL Green Realty Corp.	37,737			126,063
Preferred stock dividends	(4,969		)	(4,969		)
Net income attributable to common stockholders	$	32,768		$	121,094
Earnings Per Share (EPS)
Net income per share (Basic)	$	0.57		$	2.07
Net income per share (Diluted)	$	0.57		$	2.06
Funds From Operations (FFO)
FFO per share (Basic)	$	1.48		$	1.37
FFO per share (Diluted)	$	1.48		$	1.36
Basic ownership interest
Weighted average REIT common shares for net income per share	57,178			58,482
Weighted average partnership units held by noncontrolling interests	2,339			2,340
Basic weighted average shares and units outstanding for FFO per share	59,517			60,822
Diluted ownership interest
Weighted average REIT common share and common share equivalents	57,216			58,881
Weighted average partnership units held by noncontrolling interests	2,339			2,340
Diluted weighted average shares and units outstanding	59,555			61,221

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SL GREEN REALTY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share data)

	March 31, 2009			December 31, 2008
	(Unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,385,101		$	1,386,090
Buildings and improvements	5,547,522			5,544,019
Building leasehold and improvements	1,255,573			1,259,472
Property under capital lease	12,208			12,208
	8,200,404			8,201,789
Less accumulated depreciation	(586,029		)	(546,545		)
	7,614,375			7,655,244
Assets held for sale, net	106,543			184,035
Cash and cash equivalents	433,654			726,889
Restricted cash	97,401			105,954
Tenant and other receivables, net of allowance of $14,001 and $16,898 in 2009 and 2008, respectively	33,459			30,882
Related party receivables	14,119			7,676
Deferred rents receivable, net of allowance of $20,172 and $19,648 in 2009 and 2008, respectively	152,126			145,561
Structured finance investments, net of discount of $7,870 and $18,764 in 2009 and 2008, respectively	589,267			679,814
Investments in unconsolidated joint ventures	976,572			975,483
Deferred costs, net	134,297			133,052
Other assets	349,320			339,763
Total assets	$	10,501,133		$	10,984,353
Liabilities and Equity
Mortgage notes payable	$	2,585,592		$	2,591,358
Revolving credit facility	1,389,067			1,389,067
Senior unsecured notes	1,151,556			1,501,134
Accrued interest and other liabilities	54,478			70,692
Accounts payable and accrued expenses	133,937			133,098
Deferred revenue/gain	401,848			427,936
Capitalized lease obligation	16,747			16,704
Deferred land lease payable	17,740			17,650
Dividend and distributions payable	26,420			26,327
Security deposits	34,865			34,561
Liabilities related to assets held for sale	—			106,534
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Total liabilities	5,912,250			6,415,063
Commitments and contingencies	—			—
Noncontrolling interest in operating partnership	89,600			89,089
Equity
SL Green Realty Corp. stockholders’ equity
7.625% Series C perpetual preferred shares, $0.01 par value, $25.00 liquidation preference, 6,300 issued and outstanding at March 31, 2009 and December 31, 2008, respectively	151,981			151,981
7.875% Series D perpetual preferred shares, $0.01 par value, $25.00 liquidation preference, 4,000 issued and outstanding at March 31, 2009 and December 31, 2008, respectively	96,321			96,321
Common stock, $0.01 par value 160,000 shares authorized, 60,619 and 60,404 issued and outstanding at March 31, 2009 and December 31, 2008, respectively (inclusive of 3,360 shares held in Treasury at both March 31, 2009 and December 31, 2008, respectively)	606			604
Additional paid – in capital	3,087,123			3,079,159
Treasury stock-at cost	(302,705		)	(302,705		)
Accumulated other comprehensive loss	(53,089		)	(54,747		)
Retained earnings	989,476			978,180
Total SL Green Realty Corp. stockholders’ equity	3,969,713			3,948,793
Noncontrolling interests in other partnerships	529,570			531,408
Total equity	4,499,283			4,480,201
Total liabilities and equity	$	10,501,133		$	10,984,353

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SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

	Three Months Ended March 31,
	2009		2008
FFO Reconciliation:
Net income attributable to common stockholders	$	32,768	$	121,094
Add:
Depreciation and amortization	54,798		53,434
Discontinued operations depreciation adjustments	—		2,504
Joint venture depreciation and noncontrolling interest adjustments	11,265		8,175
Net income attributable to noncontrolling interests	4,797		8,394
Loss on equity investment in marketable securities	807		—
Less:
Gain on sale of discontinued operations	6,572		110,232
Equity in net gain on sale of joint venture property/real estate	9,541		—
Depreciation on non-rental real estate assets	204		223
Funds from Operations	$	88,118	$	83,146

	Three Months Ended March 31,
	2009			2008
Earnings before interest, depreciation and amortization (EBITDA):	$	143,792		$	153,972
Add:
Marketing, general & administrative expense	17,922			24,460
Operating income from discontinued operations	573			3,170
Loan loss reserves	62,000			—
Less:
Non-building revenue	(25,723		)	(22,585		)
Gain on early extinguishment of debt	(47,712		)	—
Equity in net income from joint ventures	(13,073		)	(19,425		)
GAAP net operating income (GAAP NOI)	137,779			139,592
Less:
Operating income from discontinued operations	(573		)	(3,170		)
GAAP NOI from other properties/affiliates	(9,603		)	(11,144		)
Same-Store GAAP NOI	$	127,603		$	125,278

	Three Months Ended March 31,
	2009			2008
Gramercy FFO Reconciliation
Equity in net income (loss) from Gramercy (Estimated)	$	(3,478	)	$	5,089
Add: Depreciation and amortization	3,478			198
Company’s share of FFO from Gramercy	$	—		$	5,287

9

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED

	March 31,
	2009			2008
Manhattan Operating Data: (1)
Net rentable area at end of period (in 000’s)	23,211			24,389
Portfolio percentage leased at end of period	96.2		%	96.3		%
Same-Store percentage leased at end of period	96.1		%	96.3		%
Number of properties in operation	29			31
Office square feet leased during quarter (rentable)	296,840			508,960
Average mark-to-market percentage-office	23.9		%	43.9		%
Average starting cash rent per rentable square foot-office	$	52.71		$	62.32

(1)  Includes wholly owned and joint venture properties.

10

EX-99.2

Exhibit 99.2

SL Green Realty Corp.

First Quarter

Supplemental Data

March 31, 2009

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 incorporated into 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 restate 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.

Forward-looking Statement

This report includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the Manhattan, Westchester County, Connecticut, Long Island and New Jersey office markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.

Forward-looking statements are not guarantees of future performance and actual results or developments may materially differ, and we caution you not to place undue reliance on such statements.  Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this report are subject to a number of risks and uncertainties which may cause our actual results, performance or achievements to be materially different from future results, performance or

2

achievements expressed or implied by forward-looking statements made by us.  These risks and uncertainties include the effect of the credit crisis on general economic, business and financial conditions, and on the New York Metro real estate market in particular; dependence upon certain geographic markets; risks of real estate acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; risks relating to structured finance investments; availability and creditworthiness of prospective tenants and borrowers; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; availability of capital (debt and equity); unanticipated increases in financing and other costs, including a rise in interest rates; our ability to comply with financial covenants in our debt instruments; our ability to maintain our status as a REIT; risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; the continuing threat of terrorist attacks, in particular in the New York Metro area and on our tenants; our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business, including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.

Other factors and risks to our business, many of which are beyond our control, are described in our filings with the Securities and Exchange Commission.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended March 31, 2009 that will be released on Form 10-Q to be filed on or before May 10, 2009.

3

TABLE OF CONTENTS

Highlights of Current Period Financial Performance
Unaudited Financial Statements
Corporate Profile	5
Financial Highlights	6-13
Balance Sheets	14-15
Statements of Operations	16
Funds From Operations	17
Statement of Stockholders’ Equity	18
Taxable Income	19
Joint Venture Statements	20-21
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

4

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 2008, 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 March 31, 2009, 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.

5

FINANCIAL HIGHLIGHTS
FIRST QUARTER 2009 UNAUDITED

FINANCIAL RESULTS

Funds From Operations, or FFO, totaled $88.1 million, or $1.48 per share (diluted) for the first quarter ended March 31, 2009, a 8.8% per share increase over the same quarter in 2008 when FFO totaled $83.1 million, or $1.36 per share (diluted).

Net income available to common stockholders totaled $32.8 million, or $0.57 per share (diluted) for the first quarter ended March 31, 2009, compared to $121.1 million, or $2.06 per share (diluted) for the respective period in 2008.  The results for the three months ended March 31, 2009 include gains on sale of $0.27 per share (diluted) compared to gains on sale of $1.80 per share (diluted) for the same period in 2008.

Funds available for distribution, or FAD, for the first quarter of 2009 was $0.92 per share (diluted) compared to $1.00 per share (diluted) in the prior year, an 8.0% decrease.

The Company’s dividend payout ratio for the first quarter of 2009 was 25.34% of FFO and 40.66% of FAD before first cycle leasing costs.

All per share amounts are presented on a diluted basis.

CONSOLIDATED RESULTS

Total quarterly revenues totaled $263.4 million in the first quarter compared to $253.4 million in the prior year.  The $10.0 million increase in revenue resulted primarily from the following items:

·$9.8 million increase from same-store properties,

·$2.3 million decrease in preferred equity and investment income,

·$5.8 million increase in other income, and

·$3.3 million decrease from properties that were deconsolidated and other non-same-store properties.

The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $143.8 million compared to $154.0 million in the prior year.  The following items drove the $10.2 million decrease in EBITDA:

·$2.1 million increase from same-store properties,

·$4.8 million decrease from properties that were deconsolidated and other non same-store-properties,

·$2.3 million decrease in preferred equity and investment income primarily due to structured finance sales subsequent to March 31, 2008 as well as certain loans being placed on non-accrual status.  The weighted-average structured finance investment balance for the quarter decreased to $689.0 million from $766.6 million in the prior year first quarter.  The weighted-average yield for the quarter was 8.5% compared to 10.15% in the prior year,

·$6.3 million decrease from reductions in contributions to equity in net income from unconsolidated joint ventures primarily from 388 Greenwich Street ($3.2 million), 1250 Broadway ($1.4 million), 717 Fifth Avenue ($0.8 million)

6

FINANCIAL HIGHLIGHTS
FIRST QUARTER 2009 UNAUDITED

and Gramercy ($8.6 million).  This was partially offset by increased contributions primarily from 1515 Broadway ($3.2 million), 100 Park Avenue ($0.6 million), Mack-Green ($0.8 million) and 16 Court Street ($0.7 million),

·$62.0 million decrease from loan loss reserves and other write-offs,

·$6.5 million increase from lower MG&A expense, and

·$56.6 million increase in non-real estate revenues, net of expenses inclusive of net gains on early extinguishment of debt ($47.7 million).

SAME-STORE RESULTS

Consolidated Properties

Same-store first quarter 2009 GAAP NOI increased $2.3 million (1.9%) to $127.6 million compared to the prior year.  Operating margins before ground rent decreased from 61.57% to 60.03%.

The $2.3 million increase in GAAP NOI was primarily due to:

·$6.3 million (3.4%) increase in rental revenue primarily due to increased rental rates,

·$3.5 million (11.9%) increase in escalation and reimbursement revenue,

·$1.3 million (73.9%) decrease in investment and other income primarily due to lower lease buy-out income,

·$1.8 million (3.0%) increase in operating expenses, primarily driven by increases in payroll, insurance and utility costs, but was offset by reductions in repairs and maintenance, and

·$4.4 million (13.6%) increase in real estate taxes.

Joint Venture Properties

The Joint Venture same-store properties first quarter 2009 GAAP NOI increased $2.0 million (4.1%) to $50.9 million compared to the prior year.  Operating margins before ground rent decreased slightly from 68.23% to 67.71%.

The $2.0 million increase in GAAP NOI was primarily due to:

·$3.1 million (5.0%) increase in rental revenue primarily due to improved leasing,

·$0.3 million (3.1%) increase in escalation and reimbursement revenues, and

·$1.3 million (14.9%) increase in real estate taxes.

STRUCTURED FINANCE ACTIVITY

The Company’s structured finance investments totaled approximately $589.3 million at March 31, 2009, a decrease of approximately $90.5 million from the balance at December 31, 2008.  This excludes approximately $102.1 million of structured finance investments which were classified as held for sale at March 31, 2009.  During the first quarter of 2009, the Company recorded $62.0 million in loan loss reserves against its structured finance investments.  The structured

7

FINANCIAL HIGHLIGHTS
FIRST QUARTER 2009 UNAUDITED

finance investments currently have a weighted average maturity of 5.1 years and a weighted average yield for the quarter ended March 31, 2009 of 8.5%, inclusive of loans totaling $84.5 million which are on non-accrual status.

QUARTERLY LEASING HIGHLIGHTS

Manhattan vacancy at December 31, 2008 was 775,051 useable square feet net of holdover tenants.  During the quarter, 243,562 additional useable office, retail and storage square feet became available at an average escalated cash rent of $58.20 per rentable square foot.  Space available to lease during the quarter totaled 1,018,613 useable square feet, or 4.4% of the total Manhattan portfolio.

During the first quarter, 32 Manhattan office leases, including early renewals, were signed totaling 296,840 rentable square feet.  New cash rents averaged $52.71 per rentable square foot.  Replacement rents were 23.9% higher than rents on previously occupied space, which had fully escalated cash rents averaging $42.53 per rentable square foot.  The average lease term was 4.2 years and average tenant concessions were 2.9 months of free rent with a tenant improvement allowance of $18.60 per rentable square foot.

Suburban vacancy at December 31, 2008 was 702,646 usable square feet net of holdover tenants.  During the quarter, 59,753  additional useable office and storage square feet became available at an average escalated cash rent of $23.35 per rentable square foot.  Space available to lease during the quarter totaled 762,399 useable square feet, or 11% of the total Suburban portfolio.

During the first quarter, 29 Suburban office leases, including early renewals, were signed totaling 123,110 rentable square feet.  New cash rents averaged $30.89 per rentable square foot.  Replacement rents were 1.5% lower than rents on previously occupied space, which had fully escalated cash rents averaging $31.36 per rentable square foot.  The average lease term was 4.9 years and average tenant concessions were 2.3 months of free rent with a tenant improvement allowance of $19.82 per rentable square foot.

The Company also signed a total of 7 retail and storage leases, including early renewals, for 26,364 rentable square feet.  The average lease term was 4.9 years and average tenant concessions were 2.0 months of free rent with no tenant improvement allowance.

REAL ESTATE ACTIVITY

The Company and Gramercy Capital Corp. sold 100.0% of their partnership interests in 55 Corporate Drive, NJ for $230.0 million, including the assumption by the buyer of the $190.0 million in-place mortgage indebtedness.  The Company recognized a gain of approximately $6.6 million in connection with the sale of the Company’s 50% interest in the joint venture.

8

FINANCIAL HIGHLIGHTS
FIRST QUARTER 2009 UNAUDITED

Investment in Gramercy Capital Corp.

At March 31, 2009, the book value of the Company’s investment in Gramercy Capital Corp. was zero.  Fees earned from various management arrangements between the Company and Gramercy totaled approximately $5.7 million for the quarter ended March 31, 2009 compared to $9.7 million for the quarter ended March 31, 2008.  During the quarter, the Company waived its right to receive CDO collateral management fees from Gramercy.  The Company did not recognize any FFO contribution from its investment in Gramercy for the quarter ended March 31, 2009 compared to an FFO contribution of $5.3 million for the same quarter in the prior year.  The Company’s share of net income from its investment in Gramercy has been estimated at a loss of $3.5 million for the quarter ended March 31, 2009, compared to income of $5.1 million for the same quarter in the prior year.

Gramercy Capital Corp. and SL Green Realty Corp. completed the internalization of Gramercy’s management.  The internalization was completed through the direct acquisition by Gramercy of its external manager, GKK Manager LLC, which was previously a wholly owned subsidiary of SL Green.

The Company’s marketing, general and administrative, or MG&A, expenses no longer includes the consolidation of the expenses of its subsidiary GKK Manager LLC, the entity which managed and advised Gramercy.  For the quarter ended March 31, 2009, the Company incurred approximately $5.2 million of costs associated with Gramercy compared to $3.5 million for the same quarter in the prior year.  These expenses are now included in discontinued operations.

FINANCING/ CAPITAL ACTIVITY

The Company repurchased approximately $224.9 million of its bonds in 2009, including approximately $213.3 million of exchangeable bonds, realizing gains on early extinguishment of debt aggregating approximately $57.5 million.  Approximately $60.9 million face amount of these repurchases occurred during April 2009 and, accordingly, approximately $9.8 million of these gains will be recognized during the second quarter of 2009.

Dividends

In March 2009, the Company declared a dividend of $0.375 per common share for the first quarter of 2009.  The dividend was payable April 15, 2009 to stockholders of record on the close of business on March 31, 2009.  This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $1.50 per common share.

In March 2009, the Company also approved a dividend on its Series C preferred stock for the period January 15, 2009 through and including April 14, 2009, of $0.4766 per share, payable April 15, 2009 to stockholders of record on the close of business on March 31, 2009. The dividend reflects the regular quarterly dividend, which is the equivalent of an

9

FINANCIAL HIGHLIGHTS
FIRST QUARTER 2009 UNAUDITED

annualized dividend of $1.90625 per share of Series C preferred stock.

In March 2009, the Company also approved a dividend on its Series D preferred stock for the period January 15, 2009 through and including April 14, 2009, of $0.4922 per share, payable April 15, 2009 to stockholders of record on the close of business on March 31, 2009. The dividend reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.96875 per share of Series D preferred stock.

10

SL Green Realty Corp.
Key Financial Data
March 31, 2009
(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	3/31/2009			12/31/2008			9/30/2008			6/30/2008			3/31/2008
Earnings Per Share
Net income available to common stockholders - diluted	$	0.57		$	1.34		$	0.49		$	2.29		$	2.06
Funds from operations available to common stockholders - diluted	$	1.48		$	1.03		$	1.37		$	1.92		$	1.36
Funds available for distribution to common stockholders - diluted	$	0.92		$	0.78		$	0.92		$	1.55		$	1.00
Common Share Price & Dividends
At the end of the period	$	10.80		$	25.90		$	64.80		$	82.72		$	81.47
High during period	$	25.83		$	62.74		$	92.23		$	100.74		$	98.77
Low during period	$	8.69		$	11.36		$	63.65		$	82.55		$	76.78
Common dividends per share	$	0.375		$	0.375		$	0.7875		$	0.7875		$	0.7875
FFO Payout Ratio	25.34		%	36.24		%	57.55		%	41.03		%	57.98		%
FAD Payout Ratio	40.66		%	47.92		%	85.46		%	50.68		%	78.54		%
Common Shares & Units
Common shares outstanding	57,259			57,044			57,606			58,283			58,284
Units outstanding	2,336			2,340			2,340			2,340			2,340
Total shares and units outstanding	59,595			59,384			59,946			60,623			60,624
Weighted average common shares and units outstanding - basic	59,517			59,411			60,453			60,669			60,822
Weighted average common shares and units outstanding - diluted	59,555			59,460			60,716			61,014			61,221
Market Capitalization
Market value of common equity	$	643,626		$	1,538,046		$	3,884,501		$	5,014,735		$	4,939,037
Liquidation value of preferred equity	257,500			257,500			257,500			257,500			257,500
Consolidated debt	5,226,215			5,676,559			5,825,636			5,350,205			5,698,085
Consolidated market capitalization	$	6,127,341		$	7,472,105		$	9,967,637		$	10,622,440		$	10,894,622
SLG portion of JV debt	1,935,460			1,933,633			1,931,923			1,840,071			1,593,355
Combined market capitalization	$	8,062,801		$	9,405,738		$	11,899,560		$	12,462,511		$	12,487,977
Consolidated debt to market capitalization	85.29		%	75.97		%	58.45		%	50.37		%	52.30		%
Combined debt to market capitalization	88.82		%	80.91		%	65.19		%	57.70		%	58.39		%
Unsecured credit facility debt to total assets	46.09		%	47.26		%	49.04		%	48.68		%	49.26		%
Consolidated debt service coverage	3.41			3.25			2.28			2.67			2.23
Consolidated fixed charge coverage	2.85			2.81			1.95			2.29			1.91
Combined fixed charge coverage	2.49			2.44			1.75			2.04			1.74
Portfolio Statistics (Manhattan)
Consolidated office buildings	21			21			22			22			22
Unconsolidated office buildings	8			8			8			8			9
	29			29			30			30			31
Consolidated office buildings square footage	13,782,200			13,782,200			14,290,200			14,290,200			14,290,200
Unconsolidated office buildings square footage	9,429,000			9,429,000			9,429,000			9,429,000			10,099,000
	23,211,200			23,211,200			23,719,200			23,719,200			24,389,200
Quarter end occupancy - Manhattan portfolio	96.2		%	96.7		%	96.5		%	96.7		%	96.3		%
Quarter end occupancy- same store - wholly owned	97.1		%	97.5		%	97.9		%	97.8		%	97.4		%
Quarter end occupancy- same store - combined (wholly owned + joint venture)	96.1		%	96.6		%	96.5		%	96.6		%	96.3		%

11

SL Green Realty Corp.
Key Financial Data
March 31, 2009
(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	3/31/2009			12/31/2008			9/30/2008			6/30/2008			3/31/2008
Selected Balance Sheet Data
Real estate assets before depreciation	$	8,200,404		$	8,298,857		$	8,379,608		$	8,751,414		$	8,710,235
Investments in unconsolidated joint ventures	$	976,572		$	975,483		$	1,139,918		$	1,132,329		$	1,431,162
Structured finance investments	$	589,267		$	679,814		$	926,931		$	839,826		$	776,488
Total Assets	$	10,501,133		$	10,984,353		$	11,491,229		$	11,149,587		$	11,449,034
Fixed rate & hedged debt	$	3,622,356		$	3,978,454		$	4,422,619		$	4,423,640		$	4,701,285
Variable rate debt	1,603,859			1,603,105			1,403,017			926,565			996,800
Total consolidated debt	$	5,226,215		$	5,581,559		$	5,825,636		$	5,350,205		$	5,698,085
Total Liabilities	$	5,912,250		$	6,415,063		$	6,904,656		$	6,430,980		$	6,800,974
Fixed rate & hedged debt-including SLG portion of JV debt	$	4,872,633		$	5,229,097		$	5,674,083		$	5,674,995		$	5,668,088
Variable rate debt - including SLG portion of JV debt	2,289,042			2,286,095			2,083,476			1,515,281			1,623,352
Total combined debt	$	7,161,675		$	7,515,192		$	7,757,559		$	7,190,276		$	7,291,440
Selected Operating Data
Property operating revenues	$	230,226		$	224,610		$	229,889		$	222,582		$	223,800
Property operating expenses	100,476			98,177			100,383			95,330			94,445
Property operating NOI	$	129,750		$	126,433		$	129,506		$	127,252		$	129,355
NOI from discontinued operations	573			2,010			2,912			2,675			3,170
Total property operating NOI	$	130,323		$	128,443		$	132,418		$	129,927		$	132,525
SLG share of Property NOI from JVs	$	53,190		$	51,949		$	52,355		$	55,284		$	53,885
SLG share of FFO from Gramercy Capital	$	—		$	5,710		$	4,866		$	5,144		$	5,287
Structured finance income	$	16,898		$	37,292		$	31,825		$	22,654		$	19,148
Other income	$	16,281		$	8,033		$	7,566		$	45,486		$	10,504
Gain on early extinguishment of debt	$	47,712		$	77,465		$	—		$	—		$	—
Loan loss and other investment reserves	$	62,000		$	101,732		$	9,150		$	5,000		$	—
Marketing general & administrative expenses	$	17,922		$	33,770		$	20,920		$	25,434		$	24,460
Consolidated interest	$	60,593		$	72,720		$	73,656		$	75,442		$	78,004
Combined interest	$	80,133		$	97,102		$	97,596		$	97,522		$	100,449
Preferred Dividend	$	4,969		$	4,969		$	4,969		$	4,969		$	4,969
Office Leasing Statistics (Manhattan)
Total office leases signed	32			42			39			42			41
Total office square footage leased	296,840			1,521,146			359,067			431,345			508,960
Average rent psf - new leases	$	52.71		$	56.34		$	66.78		$	65.89		$	62.32
Previously escalated rents psf	$	42.53		$	48.30		$	43.09		$	42.92		$	43.31
Percentage of new rent over previously escalated rents	23.9		%	16.6		%	55.0		%	53.5		%	43.9		%
Tenant concession packages psf	$	18.60		$	8.20		$	32.30		$	17.70		$	11.45
Free rent months	2.9			3.7			6.0			2.0			0.9

12

SL Green Realty Corp.
Key Financial Data
March 31, 2009
(Dollars in Thousands Except Per Share and Sq. Ft.)

Suburban Properties

	As of or for the three months ended
	3/31/2009			12/31/2008			9/30/2008			6/30/2008			3/31/2008
Selected Operating Data (Suburban)
Property operating revenues	$	29,831		$	29,062		$	31,149		$	28,956		$	30,428
Property operating expenses	14,323			15,159			14,746			12,958			13,981
Property operating NOI	$	15,508		$	13,903		$	16,403		$	15,998		$	16,447
NOI from discontinued operations	573			1,857			2,414			2,067			2,675
Total property operating NOI	$	16,081		$	15,760		$	18,817		$	18,065		$	19,122
SLG share of Property NOI from JV	4,164			$	3,962		$	4,020		$	3,765		$	3,887
Consolidated interest	$	1,921		$	3,742		$	3,535		$	3,624		$	3,981
Combined interest	$	3,933		$	6,067		$	5,765		$	5,866		$	6,765
Portfolio Statistics (Suburban)
Consolidated office buildings	26			27			29			29			29
Unconsolidated office buildings	6			6			6			6			6
	32			33			35			35			35
Consolidated office buildings square footage	4,008,000			4,678,000			4,889,000			4,889,000			4,889,000
Unconsolidated office buildings square footage	2,941,700			2,941,700			2,941,700			2,941,700			2,941,700
	6,949,700			7,619,700			7,830,700			7,830,700			7,830,700
Quarter end occupancy- suburban portfolio	90.4		%	90.4		%	91.4		%	91.3		%	91.4		%
Office Leasing Statistics (Suburban)
Total office leases signed	29			18			17			24			20
Total office square footage leased	123,110			153,819			76,519			75,491			165,386
Average rent psf - new leases	$	30.89		$	29.35		$	38.48		$	38.64		$	31.52
Previously escalated rents psf	$	31.36		$	28.85		$	31.39		$	31.24		$	26.81
Percentage of new rent over previously escalated rents	-1.5		%	1.7		%	22.6		%	23.7		%	17.6		%
Tenant concession packages psf	$	19.82		$	14.98		$	16.25		$	12.28		$	24.23
Free rent months	2.3			2.1			1.2			0.6			4.9

13

COMPARATIVE BALANCE SHEETS Unaudited ($000’s omitted)

	3/31/2009			12/31/2008			9/30/2008			6/30/2008			3/31/2008
Assets
Commercial real estate properties, at cost:
Land & land interests	$	1,385,101		$	1,386,090		$	1,400,042		$	1,483,798		$	1,454,060
Buildings & improvements fee interest	5,547,522			5,544,019			5,590,822			6,005,030			5,994,846
Buildings & improvements leasehold	1,255,573			1,259,472			1,251,626			1,250,378			1,249,121
Buildings & improvements under capital lease	12,208			12,208			12,208			12,208			12,208
	$	8,200,404		$	8,201,789		$	8,254,698		$	8,751,414		$	8,710,235
Less accumulated depreciation	(586,029		)	(546,545		)	(498,885		)	(484,087		)	(432,567		)
	$	7,614,375		$	7,655,244		$	7,755,813		$	8,267,327		$	8,277,668
Other Real Estate Investments:
Investment in unconsolidated joint ventures	976,572			975,483			1,139,918			1,132,329			1,431,162
Structured finance investments, net	589,267			679,814			926,931			839,826			776,488
Assets held for sale, net	106,543			184,035			120,120			—			—
Cash and cash equivalents	433,654			726,889			711,147			53,567			46,793
Restricted cash	97,401			105,954			105,834			101,788			144,127
Tenant and other receivables, net of $ 14,001 reserve at 3/31/09	33,459			30,882			39,054			39,351			45,594
Related party receivables	14,119			7,676			10,556			11,682			12,448
Deferred rents receivable, net of reserve for tenant credit loss of $20,172 at 3/31/09	152,126			145,561			152,718			158,049			150,087
Deferred costs, net	134,297			133,052			135,949			141,285			137,079
Other assets	349,320			339,763			393,189			404,383			427,588
Total Assets	$	10,501,133		$	10,984,353		$	11,491,229		$	11,149,587		$	11,449,034

14

COMPARATIVE BALANCE SHEETS Unaudited ($000’s omitted)

	3/31/2009			12/31/2008			9/30/2008			6/30/2008			3/31/2008
Liabilities and Equity
Mortgage notes payable	$	2,585,592		$	2,591,358		$	2,693,275		$	2,867,305		$	2,867,593
Term loans and unsecured notes	1,151,556			1,501,134			1,743,528			1,738,399			2,009,992
Revolving credit facilities	1,389,067			1,389,067			1,288,833			644,500			720,500
Accrued interest and other liabilities	54,478			70,692			33,367			40,867			39,695
Accounts payable and accrued expenses	133,937			133,100			154,159			130,897			135,083
Deferred revenue	401,848			427,936			462,734			789,525			808,262
Capitalized lease obligations	16,747			16,704			16,662			16,621			16,581
Deferred land lease payable	17,740			17,650			17,559			17,468			17,378
Dividend and distributions payable	26,420			26,327			51,268			51,803			51,823
Security deposits	34,865			34,561			34,105			33,595			34,067
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	$	5,912,250		$	6,415,063		$	6,904,656		$	6,430,980		$	6,800,974
Noncontrolling interest in operating partnership (2,336 units outstanding) at 3/31/09	89,600			89,089			87,929			88,639			85,284
Equity
SL Green Realty Corp. 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, 60,619 issued and outstanding at 3/31/09	606			604			604			604			602
Additional paid – in capital	3,087,123			3,079,159			3,050,461			3,039,949			3,023,314
Treasury stock (3,360 shares) at 3/31/09	(302,705		)	(302,705		)	(267,327		)	(218,775		)	(200,630		)
Accumulated other comprehensive income	(53,089		)	(54,747		)	(13,197		)	(7,284		)	2,060
Retained earnings	989,476			978,180			923,539			940,269			852,162
Total SL Green Realty Corp. stockholders’ equity	3,969,713			3,948,793			3,942,382			4,003,065			3,925,810
Noncontrolling interest in other partnerships	529,570			531,408			556,262			626,903			636,966
Total Equity	$	4,499,283		$	4,480,201		$	4,498,644		$	4,629,968		$	4,562,776
Total Liabilities and Equity	$	10,501,133		$	10,984,353		$	11,491,229		$	11,149,587		$	11,449,034

15

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

	Three Months Ended						Three Months Ended			Three Months Ended
	March 31,			March 31,			December 31,			September 30,
	2009			2008			2008			2008
Revenues
Rental revenue, net	196,468			193,840			193,289			197,578
Escalation and reimbursement revenues	33,758			29,960			31,321			32,311
Investment income	16,898			19,148			37,292			31,825
Other income	16,281			10,504			8,033			7,566
Total Revenues, net	263,405			253,452			269,935			269,280
Equity in net income from unconsolidated joint ventures	13,073			19,425			10,422			12,292
Gain on early extinguishment of debt	47,712			—			77,465			—
Operating expenses	55,481			53,672			60,168			61,128
Ground rent	8,046			8,249			7,709			7,709
Real estate taxes	36,949			32,524			30,300			31,546
Loan loss and other investment reserves	62,000			—			101,732			9,150
Marketing, general and administrative	17,922			24,460			33,770			20,920
Total Operating Expenses	180,398			118,905			233,679			130,453
EBITDA	143,792			153,972			124,143			151,119
Interest expense, net of interest income	60,264			76,046			71,063			71,922
Amortization of deferred financing costs	1,436			1,632			1,663			1,601
Depreciation and amortization	54,798			53,434			55,698			53,806
Loss on equity investment in marketable securities	807			—			147,489			—
Income (Loss) from Continuing Operations	26,487			22,860			(151,770		)	23,790
Income (loss) from discontinued operations	(66		)	1,365			1,181			476
Gain on sale of discontinued operations	6,572			110,232			229,494			—
Equity in net gain on sale of joint venture property / real estate	9,541			—			—			9,533
Net Income	42,534			134,457			78,905			33,799
Net income attributable to noncontrolling interests	(4,797		)	(8,394		)	2,100			(194		)
Net Income Attributable to SL Green Realty Corp	37,737			126,063			81,005			33,605
Dividends on perpetual preferred shares	4,969			4,969			4,969			4,969
Net Income Attributable to Common Stockholders	$	32,768		$	121,094		$	76,036		$	28,636
Earnings per Share
Net income per share (basic)	$	0.57		$	2.07		$	1.34		$	0.49
Net income per share (diluted)	$	0.57		$	2.06		$	1.34		$	0.49

16

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

		Three Months Ended						Three Months Ended			Three Months Ended
		March 31,			March 31,			December 31,			September 30,
		2009			2008			2008			2008
Funds from operations
Net Income Available to Common Stockholders		$	32,768		$	121,094		$	76,036		$	28,636
Add:	Depreciation and amortization	54,798			53,434			55,698			53,806
	Discontinued operations depreciation adjustments	—			2,504			499			898
	Joint ventures depreciation and noncontrolling interests adjustments	11,265			8,175			13,680			9,322
	Net income attributable to noncontrolling interests	4,797			8,394			(2,100		)	194
	Loss on equity investment in marketable securities	807			—			147,489			—
Less:	Gain on sale of discontinued operations	6,572			110,232			229,494			—
	Equity in net gain on sale of joint venture property / real estate	9,541			—			—			9,533
	Non real estate depreciation and amortization	204			223			281			237
	Funds From Operations	$	88,118		$	83,146		$	61,527		$	83,086
	Funds From Operations - Basic per Share	$	1.48		$	1.37		$	1.04		$	1.37
	Funds From Operations - Diluted per Share	$	1.48		$	1.36		$	1.03		$	1.37
Funds Available for Distribution
FFO		$	88,118		$	83,146		$	61,527		$	83,086
Add:	Non real estate depreciation and amortization	204			223			281			237
	Amortization of deferred financing costs	1,436			1,632			1,663			1,601
	Non-cash deferred compensation	7,593			5,372			28,508			4,727
Less:	FAD adjustment for Joint Ventures	26,204			6,795			17,178			7,466
	FAD adjustment for discontinued operations	—			41			(104		)	(49		)
	Straight-line rental income and other non cash adjustments	12,254			15,667			11,047			14,724
	Second cycle tenant improvements	937			4,601			6,183			4,985
	Second cycle leasing commissions	2,422			1,524			5,602			4,162
	Revenue enhancing recurring CAPEX	185			126			439			417
	Non- revenue enhancing recurring CAPEX	424			235			5,106			1,998
Funds Available for Distribution		$	54,925		$	61,384		$	46,528		$	55,948
	Diluted per Share	$	0.92		$	1.00		$	0.78		$	0.92
First Cycle Leasing Costs
	Tenant improvements	5,394			2,254			5,486			4,077
	Leasing commissions	322			2,579			3,919			3,051
Funds Available for Distribution after First Cycle Leasing Costs		$	49,209		$	56,551		$	37,123		$	48,820
Funds Available for Distribution per Diluted Weighted Average Unit and Common Share		$	0.83		$	0.92		$	0.62		$	0.80
Redevelopment Costs		8,583			6,190			19,709			11,000
Payout Ratio of Funds From Operations		25.34		%	57.98		%	36.24		%	57.55		%
Payout Ratio of Funds Available for Distribution Before First Cycle Leasing Costs		40.66		%	78.54		%	47.92		%	85.46		%

17

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

																		Accumulated
	Series C		Series D															Other
	Preferred		Preferred		Common		Additional		Treasury			Retained			Noncontrolling			Comprehensive
	Stock		Stock		Stock		Paid-In Capital		Stock			Earnings			Interests			Loss			TOTAL
Balance at December 31, 2008	$	151,981	$	96,321	$	604	$	3,079,159	$	(302,705	)	$	978,180		$	531,408		$	(54,747	)	$	4,480,201
Net Income												37,737			3,477						41,214
Preferred Dividend												(4,969		)							(4,969		)
Cash dividends declared ($0.375 per common share)												(21,472		)							(21,472		)
Cash distributions to noncontrolling interests															(5,315		)				(5,315		)
Comprehensive Income - Unrealized loss on derivative instruments																		5,951			5,951
Comprehensive Income - SLG share unrealized loss on derivative instruments of JV																		(4,501		)	(4,501		)
Comprehensive Income - Unrealized loss on investments																		208			208
Redemption of units and dividend reinvestment proceeds																					—
Deferred compensation plan					2		371														373
Amortization of deferred compensation							7,593														7,593
Balance at March 31, 2009	$	151,981	$	96,321	$	606	$	3,087,123	$	(302,705	)	$	989,476		$	529,570		$	(53,089	)	$	4,499,283

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, 2008	57,043,835		2,339,853			59,383,688		—	59,383,688
YTD share activity	214,921		(3,376	)		211,545			211,545
Share Count at March 31, 2009 - Basic	57,258,756		2,336,477		—	59,595,233		—	59,595,233
Weighting Factor	(80,874	)	2,626		37,591	(40,657	)		(40,657	)
Weighted Average Share Count at March 31, 2009 - Diluted	57,177,882		2,339,103		37,591	59,554,576		—	59,554,576

18

TAXABLE INCOME
Unaudited ($000’s omitted)

	Three Months Ended
	March 31,			March 31,
	2009			2008
Net Income Available to Common Stockholders	$	32,768		$	121,094
Book/Tax Depreciation Adjustment	19,050			29,249
Book/Tax Gain Recognition Adjustment	(38,352		)	(110,039		)
Book/Tax JV Net equity adjustment	(6,205		)	4,378
Other Operating Adjustments	23,246			4,852
C-corp Earnings	(7,530		)	(3,641		)
Taxable Income (Projected)	$	22,977		$	45,893
Deemed dividend per share	$	0.75		$	0.79
Estimated payout of taxable income	187		%	100		%
Shares outstanding - basic	57,259			58,284

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.

19

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Property Joint Ventures
Unaudited
($000’s omitted)

	March 31, 2009						March 31, 2008
	Total Property			SLG Property Interest			Total Property			SLG Property Interest
Land & land interests	$	1,526,377		$	727,289		$	1,466,421		$	712,699
Buildings & improvements fee interest	4,863,974			2,040,769			4,586,427			1,997,382
Buildings & improvements leasehold	262,036			129,774			260,078			128,798
	6,652,387			2,897,832			6,312,926			2,838,879
Less accumulated depreciation	(407,482		)	(182,353		)	(287,084		)	(135,816		)
Net Real Estate	6,244,905			2,715,479			6,025,842			2,703,063
Cash and cash equivalents	91,837			37,923			99,913			45,822
Restricted cash	38,021			19,628			38,656			17,955
Tenant receivables, net of $2,223 reserve at 3/31/09	10,239			3,969			12,481			5,321
Deferred rents receivable, net of reserve for tenant credit loss of $2,855 at 3/31/09	153,210			76,054			101,160			50,514
Deferred costs, net	125,334			50,649			93,812			43,856
Other assets	136,797			48,741			127,743			44,899
Total Assets	$	6,800,343		$	2,952,443		$	6,499,607		$	2,911,430
Mortgage loans payable	$	4,365,395		$	1,935,460		$	3,496,986		$	1,593,355
Derivative Instruments-fair value	46,017			23,264			9,779			4,950
Accrued interest payable	11,018			4,879			13,262			5,972
Accounts payable and accrued expenses	80,789			34,783			59,196			27,158
Deferred revenue	151,741			52,167			157,776			55,314
Security deposits	8,233			3,789			11,416			5,672
Contributed Capital (1)	2,137,150			898,101			2,751,192			1,219,009
Total Liabilities and Equity	$	6,800,343		$	2,952,443		$	6,499,607		$	2,911,430

As of March 31, 2009 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 each of 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.

20

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

	Three Months Ended March 31, 2009						Three Months Ended December 31, 2008			Three Months Ended March 31, 2008
				SLG			SLG						SLG
	Total Property			Property Interest			Property Interest			Total Property			Property Interest
Revenues
Rental Revenue, net	$	151,087		$	67,437		$	67,209		$	143,602		$	69,673
Escalation and reimbursement revenues	20,838			9,849			10,098			20,489			10,385
Other income	944			509			140			1,069			455
Total Revenues, net	$	172,869		$	77,795		$	77,447		$	165,160		$	80,513
Expenses
Operating expenses	$	31,804		$	14,048		$	15,483		$	32,743		$	16,029
Ground rent	1,025			171			585			1,002			575
Real estate taxes	21,992			10,386			9,430			20,119			10,024
Total Operating Expenses	$	54,821		$	24,605		$	25,498		$	53,864		$	26,628
GAAP NOI	$	118,048		$	53,190		$	51,949		$	111,296		$	53,885
Cash NOI	$	91,787		$	38,164		$	45,863		$	100,490		$	48,332
Interest expense, net of interest income	46,763			19,540			24,382			47,636			22,445
Amortization of deferred financing costs	4,605			1,387			1,656			3,055			1,340
Depreciation and amortization	39,828			16,238			17,796			33,940			15,765
Net Income	$	26,852		$	16,025		$	8,115		$	26,665		$	14,335
Plus: Real estate depreciation	39,796			16,231			17,789			33,890			15,755
Funds From Operations	$	66,648		$	32,256		$	25,904		$	60,555		$	30,090
FAD Adjustments:
Plus: Non real estate depreciation and amortization	$	4,637		$	1,394		$	1,663		$	3,104		$	1,350
Less: Straight-line rental income and other non-cash adjustments	(25,897		)	(14,918		)	(5,978		)	(10,804		)	(5,554		)
Less: Second cycle tenant improvement	(16,394		)	(6,785		)	(8,204		)	(2,942		)	(1,438		)
Less: Second cycle leasing commissions	(9,029		)	(5,391		)	(3,911		)	(1,920		)	(902		)
Less: Recurring CAPEX	(1,137		)	(504		)	(748		)	(378		)	(251		)
FAD Adjustment	$	(47,820	)	$	(26,204	)	$	(17,178	)	$	(12,940	)	$	(6,795	)

GKK Manager

	Three Months Ended						Three Months Ended
	March 31,			March 31,			December 31,
	2009			2008			2008
Base management income	$	4,885		$	4,198		$	5,124
Other fee income	—			4,199			(5,100		)
Marketing, general and administrative expenses	(5,180		)	(3,522		)	(128		)
Net Income before minority interest	(295		)	4,875			(104		)
Less: minority interest	—			(1,669		)	22
SLG share of GKK Manager net income	(295		)	3,206			(82		)
Servicing and administrative reimbursements	787			1,272			900
Net management income and reimbursements from Gramercy	$	492		$	4,478		$	818

21

SELECTED FINANCIAL DATA
Capitalization Analysis
Unaudited
($000’s omitted)

	3/31/2009			12/31/2008		9/30/2008		6/30/2008		3/31/2008
Market Capitalization
Common Equity:
Common Shares Outstanding	57,259			57,044		57,606		58,283		58,284
OP Units Outstanding	2,336			2,340		2,340		2,340		2,340
Total Common Equity (Shares and Units)	59,595			59,384		59,946		60,623		60,624
Share Price (End of Period)	$	10.80		$	25.90	$	64.80	$	82.72	$	81.47
Equity Market Value	$	643,626		$	1,538,046	$	3,884,501	$	5,014,735	$	4,939,037
Preferred Equity at Liquidation Value:	257,500			257,500		257,500		257,500		257,500
Real Estate Debt
Property Level Mortgage Debt	2,585,592			2,591,358		2,693,275		2,867,305		2,867,593
Outstanding Balance on - Term Loans	—			—		—		—		276,650
Outstanding Balance on – Unsecured Credit Line	1,389,067			1,389,067		1,288,833		644,500		720,500
Junior Subordinated Deferrable Interest Debentures	100,000			100,000		100,000		100,000		100,000
Unsecured Notes	563,456			774,693		774,684		774,676		774,668
Convertible Bonds	588,100			726,441		968,844		963,724		958,674
Liability Held for Sale	—			95,000		—		—		—
Total Consolidated Debt	5,226,215			5,676,559		5,825,636		5,350,205		5,698,085
Company’s Portion of Joint Venture Debt	1,935,460			1,933,633		1,931,923		1,840,071		1,593,355
Total Combined Debt	7,161,675			7,610,192		7,757,559		7,190,276		7,291,440
Total Market Cap (Debt & Equity)	$	8,062,801		$	9,405,738	$	11,899,560	$	12,462,511	$	12,487,977
								—
Availability under Lines of Credit
Senior Unsecured Line of Credit	56,490		(A)	55,541		182,111		818,483		741,451
Term Loans	—			—		—		—		—
Total Availability	$	56,490		$	55,541	$	182,111	$	818,483	$	741,451

(A) As reduced by $21,058 letters of credit and remaining defaulted lender’s commitment.

Combined Capitalized Interest	$	136		$	534		$	595		$	790		$	840
Ratio Analysis
Consolidated Basis
Debt to Market Cap Ratio	85.29		%	75.97		%	58.45		%	50.37		%	52.30		%
Debt to Gross Real Estate Book Ratio	63.83		%	68.50		%	69.61		%	61.21		%	65.50		%
Secured Real Estate Debt to Secured Assets Gross Book	57.85		%	58.76		%	59.20		%	59.49		%	59.06		%
Unsecured Debt to Unencumbered Assets-Gross Book Value	72.10		%	81.78		%	84.84		%	65.35		%	67.45		%
Joint Ventures Allocated
Combined Debt to Market Cap Ratio	88.82		%	80.91		%	65.19		%	57.70		%	58.39		%
Debt to Gross Real Estate Book Ratio	64.60		%	68.01		%	68.89		%	62.40		%	63.19		%
Secured Real Estate Debt to Secured Assets Gross Book	61.37		%	61.80		%	62.16		%	61.92		%	58.04		%

22

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

		Three Months Ended				Three Months Ended		Three Months Ended
		March 31,		March 31,		December 31,		September 30,
		2009		2008		2008		2008
Property NOI
Property Operating NOI		$	129,750	$	129,355	$	126,433	$	129,506
NOI from Discontinued Operations		573		3,170		2,010		2,912
Total Property Operating NOI - Consolidated		130,323		132,525		128,443		132,418
SLG share of Property NOI from JVs		53,190		53,885		51,949		52,355
GAAP NOI		$	183,513	$	186,410	$	180,392	$	184,773
Less:	Free Rent (Net of Amortization)	8,944		3,382		376		1,069
	Net FAS 141 Adjustment	6,113		5,836		9,231		7,952
	Straightline Revenue Adjustment	12,737		14,521		14,377		14,325
Plus:	Allowance for S/L tenant credit loss	2,114		986		6,427		1,293
	Ground Lease Straight-line Adjustment	91		418		91		91
Cash NOI		$	157,924	$	164,075	$	162,926	$	162,811
Components of Debt Service and Fixed Charges
Interest Expense		60,593		78,004		72,720		73,656
Fixed Amortization Principal Payments		7,145		5,913		6,626		6,150
Total Consolidated Debt Service		67,738		83,917		81,394		79,806
Payments under Ground Lease Arrangements		8,137		8,667		7,800		7,800
Dividend on perpetual preferred shares		4,969		4,969		4,969		4,969
Total Consolidated Fixed Charges		80,844		97,553		94,163		92,575
Adjusted EBITDA - Consolidated		229,977		183,944		265,388		176,450
Adjusted EBITDA - Combined		249,517		206,732		289,954		200,507
Interest Coverage Ratio		3.81		2.40		3.54		2.47
Debt Service Coverage Ratio		3.41		2.23		3.25		2.28
Fixed Charge Coverage Ratio		2.85		1.91		2.81		1.95

23

SELECTED FINANCIAL DATA
2008 Same Store - Consolidated Unaudited ($000’s omitted)

		Three Months Ended						Three Months Ended		Three Months Ended
		March 31,		March 31,				December 31,		September 30,
		2009		2008		%		2008		2008
Revenues
	Rental Revenue, net	191,006		184,753		3.4	%	189,565		190,138
	Escalation & Reimbursement Revenues	33,007		29,497		11.9	%	30,946		31,919
	Other Income	663		2,260		-70.7	%	858		1,273
	Total Revenues	224,676		216,510		3.8	%	221,369		223,330
Expenses
	Operating Expense	52,225		50,506		3.4	%	55,192		56,692
	Ground Rent	8,284		8,249		0.4	%	7,922		7,922
	Real Estate Taxes	36,372		32,018		13.6	%	30,213		31,150
		96,881		90,773		6.7	%	93,327		95,764
	EBITDA	127,795		125,737		1.6	%	128,042		127,566
	Interest Expense & Amortization of Financing costs	36,681		36,838		-0.4	%	38,437		37,273
	Depreciation & Amortization	52,239		48,428		7.9	%	52,759		50,225
	Income Before Minority Interest	38,875		40,471		-3.9	%	36,846		40,068
Plus:	Real Estate Depreciation & Amortization	52,224		48,421		7.9	%	52,752		50,222
	FFO	91,099		88,892		2.5	%	89,598		90,290
Less:	Non — Building Revenue	192		459		-58.2	%	682		989
Plus:	Interest Expense & Amortization of Financing costs	36,681		36,838		-0.4	%	38,437		37,273
	Non Real Estate Depreciation	15		7		114.3	%	7		3
	GAAP NOI	127,603		125,278		1.9	%	127,360		126,577
Cash Adjustments
Less:	Free Rent (Net of Amortization)	579		790		-26.7	%	705		1,037
	Straightline Revenue Adjustment	6,623		7,939		-16.6	%	8,293		8,059
	Rental Income - FAS 141	5,404		5,579		-3.1	%	8,519		7,232
	Ground Lease Straight-line Adjustment	304		339		-10.3	%	666		666
Plus:	Allowance for S/L tenant credit loss	1,872		833		124.7	%	6,039		1,060
	Cash NOI	116,565		111,464		4.6	%	115,216		110,643
Operating Margins
	GAAP NOI to Real Estate Revenue, net	56.37	%	57.76	%			56.17	%	56.66	%
	Cash NOI to Real Estate Revenue, net	51.50	%	51.39	%			50.82	%	49.53	%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	60.03	%	61.57	%			59.67	%	60.21	%
	Cash NOI before Ground Rent/Real Estate Revenue, net	55.02	%	55.04	%			54.02	%	52.77	%

24

SELECTED FINANCIAL DATA
2008 Same Store - Joint Venture Unaudited ($000’s omitted)

		Three Months Ended						Three Months Ended		Three Months Ended
		March 31,		March 31,				December 31,		September 30,
		2009		2008		%		2008		2008
Revenues
	Rental Revenue, net	65,435		62,308		5.0	%	62,707		63,513
	Escalation & Reimbursement Revenues	9,729		9,441		3.1	%	9,583		10,298
	Other Income	356		51		598.0	%	36		167
	Total Revenues	75,520		71,800		5.2	%	72,326		73,978
Expenses
	Operating Expense	13,879		13,839		0.3	%	13,993		15,040
	Ground Rent	171		161		6.2	%	171		308
	Real Estate Taxes	10,243		8,915		14.9	%	8,997		8,787
		24,293		22,915		6.0	%	23,161		24,135
	EBITDA	51,227		48,885		4.8	%	49,165		49,843
	Interest Expense & Amortization of Financing costs	19,470		21,061		-7.6	%	23,630		23,107
	Depreciation & Amortization	15,512		14,064		10.3	%	16,271		14,221
	Income Before Minority Interest	16,245		13,760		18.1	%	9,264		12,515
Plus:	Real Estate Depreciation & Amortization	15,506		14,053		10.3	%	16,264		14,221
	FFO	31,751		27,813		14.2	%	25,528		26,736
Less:	Non — Building Revenue	333		5		6560.0	%	15		13
Plus:	Interest Expense & Amortization of Financing costs	19,470		21,061		-7.6	%	23,630		23,107
	Non Real Estate Depreciation	6		11		-45.5	%	7		—
	GAAP NOI	50,894		48,880		4.1	%	49,150		49,830
Cash Adjustments
Less:	Free Rent (Net of Amortization)	8,380		(174	)	4916.1	%	(301	)	240
	Straightline Revenue Adjustment	5,806		5,626		3.2	%	5,810		5,507
	FAS 141	783		559		40.1	%	771		743
Plus:	Allowance for S/L tenant credit loss	232		84		176.2	%	228		197
	Ground Lease Straight-line Adjustment	11		13		-15.4	%	14		151
	Cash NOI	36,168		42,966		-15.8	%	43,112		43,688
Operating Margins
	GAAP NOI to Real Estate Revenue, net	67.48	%	68.00	%			67.76	%	67.19	%
	Cash NOI to Real Estate Revenue, net	47.96	%	59.78	%			59.43	%	58.91	%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	67.71	%	68.23	%			67.99	%	67.61	%
	Cash NOI before Ground Rent/Real Estate Revenue, net	48.17	%	59.98	%			59.65	%	59.12	%

25

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

	Principal			2009 Annual				As-Of
	Outstanding			Principal	Maturity		Due at	Right	Earliest
	3/31/2009	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	18,646	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	32,191	5.67	%	781	Feb-13		28,984	—	Open
625 Madison Avenue	97,014	6.27	%	2,333	Nov-15		78,595	—	Open
609 Fifth Avenue	98,965	5.85	%	1,367	Oct-13		92,062	—	Open
420 Lexington Avenue	109,268	8.44	%	2,947	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	201,784	5.23	%	3,909	Nov-13		182,342	—	Open
919 Third Avenue	227,329	6.87	%	3,942	Jul-11		217,592	—	Open
485 Lexington Avenue	450,000	5.61	%	—	Feb-17		450,000	—	Jan-10
1 Madison Avenue - South Building	660,211	5.91	%	11,154	May-20		404,531	—	Open
	2,246,908	5.98	%	26,750			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	5.26	%	—	Jun-11		60,000	Jun-12	Open
Junior Subordinated Deferrable Interest Debentures	100,000	5.61	%	—	Jun-15		100,000	—	—
Unsecured Note	138,755	5.15	%	—	Jan-11		138,755	—	Open
Unsecured Note	150,000	5.88	%	—	Aug-14		150,000	—	Open
Unsecured Note	274,701	6.00	%	—	Mar-16		275,000	—	Open
Convertible Note	180,515	4.00	%	—	Jun-25	(1)	287,000	—	Jun-10
Convertible Note (net)	407,586	3.00	%	—	Mar-27	(2)	750,000	—	Apr-12
	1,311,557	4.62	%	—			1,760,755
Total Fixed Rate Debt/Wtd Avg	3,622,356	5.47	%	26,750			3,748,569
Floating rate debt
Secured floating rate debt
180-182 Broadway (Libor + 225 bps)	22,272	2.70	%	—	Feb-11		22,272	—	Open
28 W 44th St (Libor + 201 bps)	124,520	3.43	%	1,374	Aug-13		116,922	—	Open
1 Landmark Square (Libor + 185bps)	128,000	2.30	%	—	Feb-10		128,000	Feb-12	Open
	274,792	2.84	%	1,374			267,194
Unsecured floating rate debt
Senior Unsecured Line of Credit (Libor + 90 bps)	1,329,067	1.38	%	—	Jun-11		1,329,067	Jun-12	Open
	1,329,067	1.38	%	—			1,329,067
Total Floating Rate Debt/Wtd Avg	1,603,859	1.63	%	1,374			1,596,261
Total Debt/Wtd Avg - Consolidated	5,226,215	4.29	%	28,124			5,344,830
Total Debt/Wtd Avg - Joint Venture	1,935,460	4.28	%
Weighted Average Balance & Interest Rate with SLG JV Debt	7,397,499	4.36	%

(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	46.1	%	Less than 60%
Secured Debt / Total Assets	22.4	%	Less than 50%
Line Fixed Charge Coverage	2.41		Greater than 1.50
Unsecured Debt / Unencumbered Assets	45.7	%	Less than 60%
Unencumbered Interest Coverage	2.88		Greater than 1.75
Maximum FFO Payout	45.0	%	Less than 95%

26

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

					2009			As-Of
	Principal Outstanding - 3/31/09				Principal	Maturity	Due at	Right	Earliest
	Gross Principal	SLG Share	Coupon		Repayment	Date	Maturity	Extension	Prepayment
Fixed rate debt
Mack - Green Joint Venture	10,311	4,949	6.26	%	—	Aug-14	4,949	—	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 the 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	2,798,250	1,250,277	5.50	%	—		1,244,438
388/390 Greenwich Street (Libor + 115bps)	16,000	8,096	1.61	%	—	Dec-17	8,096	—	Dec-09
379 West Broadway (Libor + 165bps)	20,991	9,446	2.11	%	—	Jan-10	9,446	—	Open
1551/1555 Broadway (Libor + 200 bps)	114,320	11,432	2.49	%	—	Oct-09	11,432	—	Open
29 West 34th Street (Libor + 200bps)	40,348	20,174	2.55	%	200	May-11	18,985	—	Open
Meadows (Libor + 135bps)	84,527	21,131	1.81	%	—	Sep-12	20,862	—	Open
16 Court St (Libor + 160 bps)	84,112	29,439	2.13	%	—	Oct-10	29,439	—	Open
Mack - Green Joint Venture (Libor + 275bps)	91,848	44,087	3.21	%	—	May-09	44,087	—	—
1221 Avenue of the Americas (Libor + 75bps)	105,000	47,250	1.21	%	—	Dec-10	47,250	—	Open
521 Fifth Avenue (Libor + 100bps)	140,000	70,140	1.57	%	—	Apr-11	70,140	—	Open
717 Fifth Avenue (Libor + 275 bps)	245,000	80,238	5.25	%	—	Sep-11	80,238		Open
1515 Broadway (Libor + 90 bps)	625,000	343,750	1.35	%	—	Nov-09	343,750	Nov-10	Open
Total Floating Rate Debt/Wtd Avg	1,567,146	685,183	2.05	%	200		683,725
Total Joint Venture Debt/Wtd Avg	4,365,396	1,935,460	4.28	%	200		1,928,163

27

SUMMARY OF GROUND LEASE ARRANGEMENTSConsolidated 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	17,338	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	—	402	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
1055 Washing Blvd, Stamford (2)	615	615	615	615	—	2090
Total	32,568	32,127	30,003	29,253	17,740
Capitalized Lease
673 First Avenue	1,416	1,451	1,555	1,555	16,747	2037

(1) Per the balance sheet at March 31, 2009.

(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)
12/31/2007	$	805,215		$	734,868	10.49	%	11.31	%	4.60	%
Originations/Accretion (1)	$	4,787
Preferred Equity	$	0
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	$	0
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	%
Originations/Accretion (1)	$	6,151
Preferred Equity	$	910
Redemptions /Amortization/Reserves	$	(63,561	)
3/31/2009	$	691,383		$	688,985	8.48	%	8.74	%	0.50	%

(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	$	18,809	$	—	$	219		6.48	%	7.46	%
Junior Mortgage Participation	$	39,136	$	319,250	$	283		8.72	%	8.99	%
Mezzanine Debt	$	481,469	$	6,960,582	$	1,748	(3)	9.57	%	9.82	%
Preferred Equity	$	37,750	$	212,782	$	108		0.00	%	0.00	%
Other
Senior Mortgage Debt	$	37,092	$	—	$	96		5.46	%	6.33	%
Mezzanine Debt	$	43,950	$	10,257,664	$	175		8.88	%	9.26	%
Preferred Equity	$	33,178	$	2,438,000	$	166		5.98	%	6.20	%
Balance as of 3/31/09	$	691,383	$	20,188,278	$	1,296	(3)	8.48	%	8.74	%

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 5.1 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 $714 psf and $533 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	$	121,102	(2)	New York City	Office	$	210,572	$	681	7.17	%
Mezzanine Loan	93,483			New York City	Retail	325,000		$	5,998	14.74	%
Mezzanine Loan	77,939			New York City	Office	1,139,000		$	1,105	11.13	%
Mezzanine Loan	58,394			New York City	Office	205,000		$	382	8.73	%
Mortgage and Mezzanine	48,175			Various	Office	2,227,136		$	88	6.18	%
Mezzanine Loan	40,481			New York City	Office	221,549		$	229	8.27	%
Mezzanine Loan	38,616			New York City	Office / Retail	165,000		$	1,708	10.91	%
Preferred Equity	37,750			New York City	Office	212,782		$	108	0.00	%
Mezzanine Loan	26,318			Los Angeles	Office	930,678		$	220	11.79	%
Mezzanine Loan	25,000			New York City	Office	200,000		$	440	9.26	%
Total	$	567,258				$	5,836,717			9.20	%

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

(2) Represents two mezzanine positions of $96,510 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	Mar-09	Dec-08	Sep-08	Jun-08	Mar-08	Rent ($’s)		100%	SLG	Tenants
					%	%	%	%	%	%	$		%	%
CONSOLIDATED PROPERTIES
“Same Store”
19 West 44th Street	Midtown	Fee Interest	1	292,000	1	97.2	97.9	99.5	100.0	100.0	13,073,508		2	1	58
120 West 45th Street	Midtown	Fee Interest	1	440,000	1	99.0	99.0	99.0	98.6	99.0	25,293,888		3	2	26
220 East 42nd Street	Grand Central	Fee Interest	1	1,135,000	4	99.4	99.7	99.7	99.3	99.4	47,762,436		7	5	31
28 West 44th Street	Midtown	Fee Interest	1	359,000	1	98.6	99.6	99.4	98.1	98.4	15,926,256		2	2	71
317 Madison Avenue	Grand Central	Fee Interest	1	450,000	1	91.8	92.0	89.6	89.6	90.7	21,198,540		3	2	87
420 Lexington Ave (Graybar)	Grand Central North	Operating Sublease	1	1,188,000	4	96.7	96.8	97.0	96.6	94.7	64,983,798		9	6	222
461 Fifth Avenue (3)	Midtown	Leasehold Interest	1	200,000	1	95.4	95.4	95.4	93.6	98.8	14,723,664		2	1	19
485 Lexington Avenue	Grand Central North	Fee Interest	1	921,000	3	92.6	98.5	100.0	99.9	99.1	49,130,832		7	5	21
555 West 57th Street	Midtown West	Fee Interest	1	941,000	3	99.1	99.1	99.3	99.6	99.6	30,395,940		4	3	14
609 Fifth Avenue	Rockefeller Center	Fee Interest	1	160,000	1	99.1	100.0	100.0	100.0	99.5	13,033,932		2	1	18
625 Madison Avenue	Plaza District	Leasehold Interest	1	563,000	2	97.6	97.6	97.6	97.6	97.6	40,339,104		6	4	28
673 First Avenue	Grand Central South	Leasehold Interest	1	422,000	1	99.7	99.7	99.7	99.8	99.8	16,732,836		2	2	9
711 Third Avenue (1)	Grand Central North	Operating Sublease	1	524,000	2	93.3	93.3	93.3	93.3	94.3	25,518,012		4	2	17
750 Third Avenue	Grand Central North	Fee Interest	1	780,000	3	97.2	97.2	95.8	99.0	98.4	37,645,356		5	4	26
810 Seventh Avenue	Times Square	Fee Interest	1	692,000	2	87.6	84.3	93.0	92.1	96.6	37,335,096		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	80,493,684			4	15
1185 Avenue of the Americas	Rockefeller Center	Leasehold Interest	1	1,062,000	4	98.9	98.9	98.9	97.9	90.9	71,165,388		10	6	20
1350 Avenue of the Americas	Rockefeller Center	Fee Interest	1	562,000	2	94.6	96.0	95.1	93.9	93.9	31,552,932		4	3	39
1 Madison Avenue	Park Avenue South	Fee Interest	1	1,176,900	4	99.8	99.8	99.8	99.8	99.8	61,673,856		8	6	3
331 Madison Avenue	Grand Central	Fee Interest	1	114,900	0	100.0	100.0	100.0	100.0	100.0	4,846,920		1	0	19
Subtotal / Weighted Average			20	13,436,800	45	97.1	97.5	97.9	97.8	97.4	$	702,825,978	86	63	779
Adjustments
333 West 34th Street	Penn Station	Fee Interest	1	345,400	1	100.0	100.0	100.0	100.0	100.0	14,913,288		2	1	1
Subtotal / Weighted Average			1	345,400	1	100.0	100.0	100.0	100.0	100.0	$	14,913,288	2	1	1
Total / Weighted Average Manhattan Consolidated Properties			21	13,782,200	46	97.2	97.5	97.9	97.9	97.4	$	717,739,266	88	64	780
UNCONSOLIDATED PROPERTIES
“Same Store”
100 Park Avenue - 50%	Grand Central South	Fee Interest	1	834,000	3	75.7	81.1	80.4	67.0	69.3	39,448,524			2	34
521 Fifth Avenue - 50.1% (3)	Grand Central	Leasehold Interest	1	460,000	2	89.6	94.4	93.1	97.9	96.6	24,187,644			1	46
800 Third Avenue - 42.95%	Grand Central North	Fee Interest	1	526,000	2	98.7	98.7	98.7	98.5	95.8	28,177,908			1	26
1221 Avenue of the Americas - 45%	Rockefeller Center	Fee Interest	1	2,550,000	8	93.7	93.5	92.9	93.0	93.2	154,055,460			7	22
1515 Broadway - 55%	Times Square	Fee Interest	1	1,750,000	6	95.4	95.4	91.8	99.0	99.0	89,207,328			6	10
388 & 390 Greenwich Street - 50.6%	Downtown	Fee Interest	2	2,635,000	9	100.0	100.0	100.0	100.0	100.0	102,945,936			5	1
1745 Broadway - 32.3%	Midtown	Fee Interest	1	674,000	2	100.0	100.0	100.0	100.0	100.0	36,558,780			1	1
Total / Weighted Average Unconsolidated Properties			8	9,429,000	31	94.7	95.4	94.4	94.8	94.8	$	474,581,580		23	140
Manhattan Grand Total / Weighted Average			29	23,211,200	77	96.2	96.7	96.5	96.7	96.3	$	1,192,320,846			920
Manhattan Grand Total - SLG share of Annualized Rent											$	916,513,923		87
Manhattan Same Store Occupancy % - Combined				22,865,800	99	96.1	96.6	96.5	96.6	96.3
Portfolio Grand Total			61	30,160,900	100	94.8	95.2	95.3	95.4	95.2	$	1,387,565,982			1,401
Portfolio Grand Total - SLG Share of Annualized Rent											$	1,038,721,192		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	Mar-09	Dec-08	Sep-08	Jun-08	Mar-08	Rent ($’s)		100%		SLG	Tenants
					%	%	%	%	%	%	$		%		%
CONSOLIDATED PROPERTIES
“Same Store”  Westchester, NY
1100 King Street	Rye Brook, Westchester	Fee Interest	6	540,000	9	89.3	89.3	90.4	90.7	91.9	14,030,796		2		2	31
520 White Plains Road	Tarrytown, Westchester	Fee Interest	1	180,000	3	92.4	92.4	92.4	87.1	85.3	4,199,136		1		0	9
115-117 Stevens Avenue	Valhalla, Westchester	Fee Interest	1	178,000	3	67.5	67.5	65.9	65.9	54.3	2,465,052		0		0	14
100 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	250,000	4	78.4	78.4	78.4	78.4	87.4	5,718,612		1		1	7
200 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	245,000	4	95.7	95.7	95.7	95.7	95.7	6,478,488		1		1	9
500 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	228,000	3	82.1	81.0	81.0	78.4	77.1	4,778,532		1		1	4
140 Grand Street	White Plains, Westchester	Fee Interest	1	130,100	2	92.7	91.0	85.2	80.0	80.0	3,642,240		0		1	9
360 Hamilton Avenue	White Plains, Westchester	Fee Interest	1	384,000	6	100.0	100.0	100.0	100.0	100.0	13,323,444		2		2	14
399 Knollwood Road	White Plains, Westchester	Fee Interest	1	145,000	2	93.5	97.3	96.3	96.3	96.3	3,473,604		0		0	43
Westchester, NY Subtotal/Weighted Average			14	2,280,100	33	88.9	88.9	88.7	87.8	87.8	58,109,904		7		7	140
“Same Store” Connecticut
Landmark Square	Stamford, Connecticut	Fee Interest	6	826,000	12	83.3	84.4	86.2	86.6	86.3	19,286,268		2		2	103
680 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	133,000	2	100.0	100.0	100.0	100.0	100.0	3,557,400				0	4
750 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	192,000	3	97.4	98.5	98.5	95.8	95.8	6,500,928				0	8
1055 Washington Boulevard	Stamford, Connecticut	Leasehold Interest	1	182,000	4	84.9	84.9	88.3	91.1	89.5	5,284,068		1		1	19
300 Main Street	Stamford, Connecticut	Fee Interest	1	130,000	2	95.3	94.6	95.3	95.3	95.3	2,059,080		0		0	21
1010 Washington Boulevard	Stamford, Connecticut	Fee Interest	1	143,400	2	71.3	67.3	95.1	94.5	95.6	2,933,004		0		0	18
500 West Putnam Avenue	Greenwich, Connecticut	Fee Interest	1	121,500	2	83.2	83.2	88.7	88.7	91.7	3,474,420		0		0	9
Connecticut Subtotal/Weighted Average			12	1,727,900	25	86.2	86.5	90.4	90.6	90.6	43,095,168		4		3	182
Total / Weighted Average Consolidated Properties			26	4,008,000	58	87.8	87.9	89.4	89.0	89.0	$	101,205,072	11		10	322
UNCONSOLIDATED PROPERTIES
“Same Store”
One Court Square - 30%	Long Island City, New York	Fee Interest	1	1,402,000	20	100.0	100.0	100.0	100.0	100.0	51,082,644				1	1
The Meadows - 25%	Rutherford, New Jersey	Fee Interest	2	582,100	8	83.0	83.3	85.3	85.2	87.0	12,443,316				0	59
16 Court Street - 35%	Brooklyn, NY	Fee Interest	1	317,600	5	81.1	77.8	79.2	82.3	81.0	8,907,720				0	63
Jericho Plaza  - 20.26%	Jericho, New York	Fee Interest	2	640,000	9	97.6	97.6	96.3	96.3	96.4	21,606,384				0	36
Total / Weighted Average Unconsolidated Properties			6	2,941,700	42	94.1	93.8	94.1	94.4	94.6	$	94,040,064			2	159
Suburban Grand Total / Weighted Average			32	6,949,700	23	90.4	90.4	91.4	91.3	91.4	$	195,245,136				481
Suburban Grand Total - SLG share of Annualized Rent											$	122,207,268			13
Suburban Same Store Occupancy % - Combined				6,949,700	100	90.4	90.4	91.4	91.3	91.4
(1) SL Green holds a 51% interest in this consolidated joint venture asset.
(2) 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	35	—	—	—	—	—	$	—	$	34,959,946	0	0
150 Grand Street	White Plains, NY	Fee Interest	1	85,000	11	17.5	17.5	17.5	20.1	20.1	387,720		13,832,654		1	3
141 Fifth Avenue - 50%	Flat Iron	Fee Interest	1	21,500	3	100.0	100.0	100.0	100.0	100.0	2,030,472		17,666,239		4	4
1551-1555 Broadway - 10%	Times Square	Fee Interest	1	25,600	3	100.0	100.0	100.0	100.0	100.0	15,000,000		124,204,501		6	1
1604 Broadway - 63%	Times Square	Leasehold Interest	1	29,876	4	23.7	100.0	100.0	100.0	100.0	1,963,128		7,495,600		5	3
180-182 Broadway - 50%	Cast Iron/Soho	Fee Interest	2	70,580	9	54.8	66.8	82.5	83.8	83.8	1,110,108		46,368,112		2	14
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		24,268,211		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		40,566,182		N/A	N/A
379 West Broadway - 45%       (2)	Cast Iron/Soho	Leasehold Interest	1	62,006	8	100.0	100.0	100.0	100.0	100.0	3,725,292		22,033,961		6	6
717 Fifth Avenue - 32.75%	Midtown/Plaza District	Fee Interest	1	119,550	15	77.7	79.1	79.1	87.6	87.6	18,809,700		290,286,213		23	8
7 Landmark Square	Stamford, Connecticut	Fee Interest	1	36,800	5	10.8	10.8	10.8	10.8	10.8	258,696		10,076,419		1	1
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		18	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			12	800,012	100	N/A	N/A	N/A	N/A	N/A	$	69,255,243	$	1,174,669,417	100	43

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	$		188,317,176	(1)	$		39.32	13.6%		99,482,989		9.6%		A-1
Viacom International, Inc.	1515 Broadway	2009, 2015 & 2020	1,287,610	70,638,132				$		54.86	5.1%		48,351,801		4.7%		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+
Morgan Stanley & Co. Inc.	1221 Ave.of the Americas, 2 Jericho Plaza & 4 Landmark Square	Various	661,644	48,328,315				$		73.04	3.5%		21,649,177		2.1%		A-1
Random House, Inc.	1745 Broadway	2018	644,598	36,558,780				$		56.72	2.6%		11,793,862		1.1%		BBB+
Debevoise & Plimpton, LLP	919 Third Avenue	2021	586,528	35,763,780				$		60.98	2.6%		18,239,528		1.8%
Omnicom Group, Cardinia Real Estate LLC	220 East 42nd Street, 420 Lexington Avenue & 485 Lexington Avenue	2009, 2010, 2011 & 2017	564,409	23,068,368				$		40.87	1.7%		23,068,368		2.2%		A-
Societe Generale	1221 Ave.of the Americas	Various	486,663	28,950,936				$		59.49	2.1%		13,027,921		1.3%		AA-
The McGraw Hill Companies, Inc.	1221 Ave.of the Americas	Various	420,329	22,745,664				$		54.11	1.6%		10,235,549		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	8,871,876				$		28.11	0.6%		8,871,876		0.9%		A
C.B.S. Broadcasting, Inc.	555 West 57th Street	2013 & 2017	286,037	10,382,496				$		36.30	0.7%		10,382,496		1.0%		BBB
Polo Ralph Lauren Corporation	625 Madison Avenue	2019	269,269	15,446,004				$		57.36	1.1%		15,446,004		1.5%		BBB+
Schulte, Roth & Zabel LLP	919 Third Avenue	2011 & 2021	263,186	14,304,612				$		54.35	1.0%		7,295,352		0.7%
New York Presbyterian Hospital	555 West 57th Street & 673 First Avenue	2009 & 2021	262,448	9,489,396				$		36.16	0.7%		9,489,396		0.9%
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%		AA-
The City University of New York - CUNY	555 West 57th Street & 28 West 44th Street	2010, 2011, 2015 & 2016	229,044	8,334,684				$		36.39	0.6%		8,334,684		0.8%
BMW of Manhattan	555 West 57th Street	2012	227,782	4,916,652				$		21.58	0.4%		4,916,652		0.5%
Vivendi Universal US Holdings	800 Third Avenue	2010	226,105	11,567,964				$		51.16	0.8%		4,968,441		0.5%		BBB
Sonnenschein, Nath & Rosenthal	1221 Ave.of the Americas	Various	191,825	12,592,692				$		65.65	0.9%		5,666,711		0.5%
D.E. Shaw and Company L.P.	120 West 45th Street	2011, 2013, 2015 & 2017	187,484	11,503,344				$		61.36	0.8%		11,503,344		1.1%
Amerada Hess Corp.	1185 Ave.of the Americas	2027	182,529	11,049,060				$		60.53	0.8%		11,049,060		1.1%		BBB-
Fuji Color Processing Inc.	200 Summit Lake Drive	2013	165,880	4,663,716				$		28.11	0.3%		4,663,716		0.4%		AA-
King & Spalding	1185 Ave.of the Americas	2025	159,858	9,417,600				$		58.91	0.7%		9,417,600		0.9%
National Hockey League	1185 Ave.of the Americas	2022	148,216	11,158,572				$		75.29	0.8%		11,158,572		1.1%
New York Hospitals Center/Mount Sinai	625 Madison Avenue & 673 First Avenue	2016, 2021 & 2026	146,917	5,957,616				$		40.55	0.4%		5,957,616		0.6%
Banque National De Paris	919 Third Avenue	2016	145,834	8,175,600				$		56.06	0.6%		8,175,600		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	7,884,252				$		55.81	0.6%		7,884,252		0.8%		BBB
Allen & Overy, LLP	1221 Ave.of the Americas	Various	136,945	12,236,460				$		89.35	0.9%		5,506,407		0.5%
Total			15,003,951	$	729,231,787		(1)	$	48.60		52.6	%	$	492,516,397	47.4	%
Wholly Owned Portfolio + Allocated JV Properties			30,160,900	$	1,387,565,982		(1)	$	46.01				$	1,038,721,192

(1) - Reflects the net rent of $39.07 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 $48.65.

Total PSF Annualized rent for the Largest Tenants would be $51.58 and Total PSF Annualized rent for the Wholly Owned Portfolio + Allocated JV properties would be $47.49

(2) - 57% of Portfolio’s Largest Tenants have investment grade credit ratings. 36% 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 12/31/08			775,051
Space which became available during the Quarter (A):
Office
	317 Madison Avenue	3	7,013	7,013	$	47.52
	485 Lexington Avenue	1	54,149	54,149	$	60.59
	220 East 42nd Street	2	3,682	3,682	$	44.18
	100 Park Avenue	5	84,062	88,359	$	38.62
	19 West 44th Street	2	5,424	5,934	$	44.88
	28 West 44th Street	2	4,112	4,112	$	44.92
	521 Fifth Avenue	1	774	774	$	44.32
	609 Fifth Avenue	2	1,381	1,425	$	70.01
	1350 Avenue of the Americas	4	11,228	11,797	$	59.77
	420 Lexington Avenue	16	35,699	43,286	$	42.27
	Total/Weighted Average	38	207,524	220,531	$	46.74
Retail
	100 Park Avenue	1	11,753	11,753	$	27.79
	521 Fifth Avenue	1	21,874	25,866	$	161.85
	420 Lexington Avenue	1	1,467	1,600	$	208.70
	Total/Weighted Average	3	35,094	39,219	$	123.59
Storage
	100 Park Avenue	1	202	202	$	10.85
	28 West 44th Street	2	270	322	$	24.21
	420 Lexington Avenue	3	472	508	$	24.93
	Total/Weighted Average	6	944	1,032	$	21.95
	Total Space became Available during the Quarter
	Office	38	207,524	220,531	$	46.74
	Retail	3	35,094	39,219	$	123.59
	Storage	6	944	1,032	$	21.95
		47	243,562	260,782	$	58.20
	Total Available Space		1,018,613

(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 3/31/09				1,018,613
Office
	317 Madison Avenue	2	2.7	6,128	6,463	$	46.59	$	46.18	$	—	—
	100 Park Avenue	3	8.7	51,553	56,129	$	61.07	$	42.68	$	53.80	8.9
	19 West 44th Street	1	5.2	3,359	3,964	$	44.00	$	41.40	$	—	2.0
	28 West 44th Street	1	5.0	645	660	$	45.00	$	39.93	$	12.24	1.0
	521 Fifth Avenue	1	3.4	774	945	$	40.00	$	36.30	$	—	—
	810 Seventh Avenue	1	10.5	23,244	25,954	$	80.00	$	38.52	$	58.34	6.0
	1350 Avenue of the Americas	2	1.0	3,762	4,253	$	56.94	$	38.95	$	—	—
	420 Lexington Avenue	12	3.3	36,157	42,829	$	45.93	$	44.19	$	18.40	0.5
	Total/Weighted Average	23	6.7	125,622	141,197	$	58.47	$	41.90	$	37.75	4.8
Retail
	1221 Sixth Avenue	1	15.8	5,172	5,172	$	101.51	$	83.25	$	—	10.0
	Total/Weighted Average	1	15.8	5,172	5,172	$	101.51	$	83.25	$	—	10.0
Storage
	420 Lexington Avenue	1	4.9	112	112	$	25.00	$	—	$	—	—
	Total/Weighted Average	1	4.9	112	112	$	25.00	$	—	$	—	—
Leased Space
	Office (3)	23	6.7	125,622	141,197	$	58.47	$	41.90	$	37.75	4.8
	Retail	1	15.8	5,172	5,172	$	101.51	$	83.25	$	—	10.0
	Storage	1	4.9	112	112	$	25.00	$	—	$	—	—
	Total	25	7.1	130,906	146,481	$	59.97	$	44.36	$	36.39	5.0
Total Available Space @ 3/31/09				887,707
Early Renewals
Office
	317 Madison Avenue	2	8.7	16,209	18,875	$	40.54	$	33.65	$	—	2.9
	220 East 42nd Street (4)	1	2.0	76,696	84,594	$	49.50	$	38.44	$	—	—
	120 West 45th Street	1	3.0	5,488	6,307	$	75.00	$	56.62	$	—	2.0
	810 Seventh Avenue	1	5.3	31,000	34,460	$	59.50	$	56.89	$	5.00	3.0
	420 Lexington Avenue	4	3.2	10,201	11,407	$	40.86	$	40.87	$	1.56	—
	Total/Weighted Average	9	3.7	139,594	155,643	$	51.03	$	42.86	$	1.22	1.1
Storage
	220 East 42nd Street (4)	1	2.0	17,716	19,649	$	23.52	18.56		$	—	—
	420 Lexington Avenue	1	5.0	392	451	$	13.00	14.17		$	—	—
	Total/Weighted Average	2	2.1	18,108	20,100	$	23.28	$	18.46	$	—	—
Renewals
	Early Renewals Office	9	3.7	139,594	155,643	$	51.03	$	42.86	$	1.22	1.1
	Early Renewals Storage	2	2.1	18,108	20,100	$	23.28	$	18.46	$	—	—
	Total	11	3.5	157,702	175,743	$	47.85	$	40.07	$	1.08	1.0

(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 $55.91/rsf for 81,604 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $52.71/rsf for 237,247 rentable SF.

(4) Lease commencement following court approval.

37

Leasing Activity - Suburban Properties

Available Space

Activity	Building Address	# of Leases	Usable SF	Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 12/31/08			702,646
Space which became available during the Quarter (A):
Office
	100 Summit Lake Drive	1	2,042	2,042	$	32.25
	399 Knollwood Road	4	11,569	12,557	$	26.97
	1 Landmark Square	3	8,043	8,043	$	29.01
	2 Landmark Square	2	4,340	4,340	$	25.90
	4 Landmark Square	1	1,600	1,600	$	30.00
	750 Washington Boulevard	1	2,101	2,101	$	33.43
	The Meadows	5	14,858	14,858	$	23.92
	16 Court Street	3	3,283	3,809	$	42.40
	Total/Weighted Average	20	47,836	49,350	$	28.07
Retail
	The Meadows	1	11,563	11,563	$	3.42
	Total/Weighted Average	1	11,563	11,563	$	3.42
Storage
	399 Knollwood Road	2	354	354	$	15.48
	Total/Weighted Average	2	354	354	$	15.48
	Total Space became Available during the Quarter
	Office	20	47,836	49,350	$	28.07
	Retail	1	11,563	11,563	$	3.42
	Storage	2	354	354	$	15.48
		23	59,753	61,267	$	23.35
	Total Available Space		762,399

(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 3/31/09				762,399
Office
	100 Summit Lake Drive	1	1.0	2,042	2,042	$	28.00	$	32.25	$	5.00	—
	500 Summit Lake Drive	1	5.7	2,700	2,700	$	22.00	$	—	$	39.00	7.0
	140 Grand Street	1	5.2	2,135	2,135	$	31.50	$	—	$	30.00	2.0
	399 Knollwood Road	2	5.1	6,306	6,837	$	25.44	$	27.51	$	14.11	0.7
	1 Landmark Square	1	0.5	4,020	4,020	$	27.57	$	27.57	$	—	—
	4 Landmark Square	1	3.2	1,600	1,600	$	30.00	$	32.71	$	5.00	2.0
	300 Main Street	1	5.0	1,000	1,000	$	28.00	$	26.63	$	3.00	—
	1010 Washington Boulevard	1	7.3	5,642	5,642	$	34.50	$	—	$	38.00	4.0
	The Meadows	8	11.6	24,832	25,992	$	21.77	$	20.43	$	41.32	5.5
	16 Court Street	3	13.6	13,830	14,255	$	29.93	$	51.14	$	53.47	2.8
	Total/Weighted Average	20	9.2	64,107	66,223	$	26.15	$	26.37	$	35.30	3.6
Storage
	399 Knollwood Road	1	3.8	200	250	$	15.00	$	9.60	$	—	—
	1055 Washington Boulevard	1	2.9	130	130	$	15.00	$	—	$	—	—
	Total/Weighted Average	2	3.5	330	380	$	15.00	$	9.60	$	—	—
Leased Space
	Office (3)	20	9.2	64,107	66,223	$	26.15	$	26.37	$	35.30	3.6
	Storage	2	3.5	330	380	$	15.00	$	9.60	$	—	—
	Total	22	9.2	64,437	66,603	$	26.09	$	26.18	$	35.10	3.5
Total Available Space @ 3/31/09				697,962
Early Renewals
Office
	4 Landmark Square	2	3.7	5,385	5,385	$	33.00	$	32.57	$	12.85	—
	300 Main Street	2	4.5	5,304	5,304	$	25.79	$	27.75	$	2.46	0.8
	1010 Washington Boulevard	1	1.2	3,461	3,461	$	29.25	$	35.59	$	—	2.0
	The Meadows	1	3.4	4,100	4,100	$	28.00	$	27.00	$	5.05	—
	Jericho Plaza	2	5.0	37,224	37,224	$	35.00	$	34.57	$	—	1.0
	16 Court Street	1	5.0	1,155	1,413	$	28.31	$	35.61	$	—	—
	Total/Weighted Average	9	4.5	56,629	56,887	$	32.93	$	33.29	$	1.81	0.9
Storage
	Jericho Plaza	1	5.0	600	600	$	18.00	12.00		$	—	—
	Total/Weighted Average	1	5.0	600	600	$	18.00	$	12.00	$	—	—
Renewals
	Early Renewals Office	9	4.5	56,629	56,887	$	32.93	$	33.29	$	1.81	0.9
	Early Renewals Storage	1	5.0	600	600	$	18.00	$	12.00	$	—	—
	Total	10	4.5	57,229	57,487	$	32.78	$	33.06	$	1.79	0.8

(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 $25.60/rsf for 21,980 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $30.89/rsf for 78,867 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 2009 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 2009 Weighted Average Asking Rent $/psf
In 1st Quarter 2009 (1)	23	111,777	0.81	%	$	6,172,548	$	55.22	$	58.59		5	13,251	0.15	%	$	349,176	$	26.35	$	78.35
In 2nd Quarter 2009	15	123,991	0.90	%	$	5,407,872	$	43.62	$	54.17		3	21,708	0.24	%	$	989,076	$	45.56	$	62.00
In 3rd Quarter 2009	22	454,487	3.29	%	$	21,141,012	$	46.52	$	51.54		4	19,271	0.22	%	$	851,316	$	44.18	$	56.60
In 4th Quarter 2009	30	229,383	1.66	%	$	11,285,328	$	49.20	$	55.07		5	53,223	0.60	%	$	3,158,868	$	59.35	$	83.40
Total 2009	90	919,638	6.65	%	$	44,006,760	$	47.85	$	53.63		17	107,453	1.21	%	$	5,348,436	$	49.77	$	73.65
In 1st Quarter 2010	26	146,879	1.06	%	$	7,111,968	$	48.42	$	58.14		6	281,027	3.16	%	$	14,440,188	$	51.38	$	60.98
In 2nd Quarter 2010	30	252,674	1.83	%	$	11,490,060	$	45.47	$	57.63		7	74,254	0.83	%	$	4,368,936	$	58.84	$	56.71
In 3rd Quarter 2010	36	112,715	0.81	%	$	5,803,176	$	51.49	$	63.62		4	24,515	0.28	%	$	1,338,828	$	54.61	$	63.57
In 4th Quarter 2010	29	269,662	1.95	%	$	14,004,732	$	51.93	$	55.35		3	10,689	0.12	%	$	599,988	$	56.13	$	57.76
Total 2010	121	781,930	5.65	%	$	38,409,936	$	49.12	$	57.80		20	390,485	4.38	%	$	20,747,940	$	53.13	$	60.24
2011	114	849,686	6.14	%	$	44,727,948	$	52.64	$	56.90		10	156,050	1.75	%	$	7,030,656	$	45.05	$	65.48
2012	112	972,395	7.03	%	$	42,576,564	$	43.79	$	52.25		16	116,688	1.31	%	$	6,253,332	$	53.59	$	62.60
2013	99	1,162,325	8.40	%	$	58,134,852	$	50.02	$	55.91		11	881,822	9.90	%	$	55,123,932	$	62.51	$	73.07
2014	46	769,798	5.57	%	$	37,832,220	$	49.15	$	57.52		16	236,449	2.65	%	$	20,133,828	$	85.15	$	99.80
2015	51	619,339	4.48	%	$	29,962,356	$	48.38	$	56.38		16	1,512,694	16.98	%	$	79,303,092	$	52.43	$	60.35
2016	40	964,962	6.98	%	$	50,917,404	$	52.77	$	65.46		7	209,736	2.35	%	$	16,195,620	$	77.22	$	72.50
2017	58	1,790,643	12.95	%	$	92,524,848	$	51.67	$	58.08		5	154,846	1.74	%	$	7,948,914	$	51.33	$	59.93
2018	27	517,546	3.74	%	$	39,458,412	$	76.24	$	79.40		16	1,297,910	14.57	%	$	84,468,132	$	65.08	$	78.94
Thereafter	66	4,483,389	32.41	%	$	239,187,966	$	53.35	$	61.28		17	1,208,201	13.56	%	$	69,081,762	$	57.18	$	74.38
	824	13,831,651	100.00	%	$	717,739,266	$	51.89	$	59.35		151	6,272,334	70.42	%	$	371,635,644	$	59.25	$	70.96
											(4)	2	2,634,670	29.58	%	$	102,945,936
												153	8,907,004	100.00	%	$	474,581,580

(1) Includes month to month holdover tenants that expired prior to 3/31/09.

(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 $39.07/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 2009 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 2009 Weighted Average Asking Rent $/psf
In 1st Quarter 2009 (1)	16	74,135	2.20	%	$	876,864	$	11.83	$	13.50	8	14,351	0.53	%	$	484,044	$	33.73	$	28.59
In 2nd Quarter 2009	10	27,739	0.82	%	$	836,088	$	30.14	$	32.73	3	9,047	0.33	%	$	319,692	$	35.34	$	32.19
In 3rd Quarter 2009	10	87,082	2.59	%	$	3,003,732	$	34.49	$	36.18	6	13,552	0.50	%	$	410,244	$	30.27	$	29.81
In 4th Quarter 2009	19	108,927	3.24	%	$	3,070,476	$	28.19	$	36.08	7	45,493	1.68	%	$	1,275,780	$	28.04	$	26.95
Total 2009	55	297,883	8.85	%	$	7,787,160	$	26.14	$	30.18	24	82,443	3.05	%	$	2,489,760	$	30.20	$	28.28
In 1st Quarter 2010	11	113,933	3.39	%	$	3,486,204	$	30.60	$	29.38	7	51,964	1.92	%	$	1,468,392	$	28.26	$	29.17
In 2nd Quarter 2010	14	99,883	2.97	%	$	2,947,884	$	29.51	$	31.79	9	98,821	3.65	%	$	2,889,348	$	29.24	$	31.54
In 3rd Quarter 2010	21	150,244	4.46	%	$	4,533,528	$	30.17	$	36.66	5	24,171	0.89	%	$	835,248	$	34.56	$	33.22
In 4th Quarter 2010	13	142,162	4.22	%	$	4,699,596	$	33.06	$	30.29	3	8,635	0.32	%	$	414,276	$	47.98	$	30.89
Total 2010	59	506,222	15.04	%	$	15,667,212	$	30.95	$	32.27	24	183,591	6.79	%	$	5,607,264	$	30.54	$	31.06
2011	70	766,127	22.77	%	$	22,386,588	$	29.22	$	32.20	24	129,552	4.79	%	$	4,189,548	$	32.34	$	30.24
2012	39	270,882	8.05	%	$	8,618,172	$	31.82	$	34.51	22	240,500	8.89	%	$	8,371,092	$	34.81	$	33.58
2013	35	427,844	12.71	%	$	13,835,208	$	32.34	$	32.72	19	94,513	3.49	%	$	2,878,056	$	30.45	$	35.95
2014	23	251,134	7.46	%	$	7,316,616	$	29.13	$	30.82	16	250,250	9.25	%	$	8,708,724	$	34.80	$	33.72
2015	17	250,042	7.43	%	$	7,980,900	$	31.92	$	32.25	9	43,431	1.61	%	$	1,326,840	$	30.55	$	32.29
2016	16	348,051	10.34	%	$	9,619,368	$	27.64	$	33.56	5	64,112	2.37	%	$	2,109,732	$	32.91	$	35.27
2017	7	54,165	1.61	%	$	1,668,624	$	30.81	$	32.29	7	56,973	2.11	%	$	2,296,584	$	40.31	$	32.05
2018	8	132,595	3.94	%	$	4,142,544	$	31.24	$	32.51	5	61,523	2.27	%	$	2,112,288	$	34.33	$	32.93
Thereafter	6	60,110	1.79	%	$	2,182,680	$	36.31	$	41.19	12	1,498,531	55.39	%	$	53,950,176	$	36.00	$	38.84
	335	3,365,055	100.00	%	$	101,205,072	$	30.08	$	32.50	167	2,705,419	100.00	%	$	94,040,064	$	34.76	$	36.07

(1) Includes month to month holdover tenants that expired prior to 3/31/09.

(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	3/31/2009	Price ($’s) (1)
1998 Acquisitions
Mar-98	420 Lexington	Operating Sublease	Grand Central	1,188,000	83.0	96.7	$	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	75.7	$	192,000,000
2001 Acquisitions
Jun-01	317 Madison	Fee Interest	Grand Central	450,000	95.0	91.8	$	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	99.4	$	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	93.7	$	1,000,000,000
2004 Acquisitions
Mar-04	19 West 44th Street - 35% JV	Fee Interest	Midtown	292,000	86.0	97.2	$	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	92.6	$	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	98.6	$	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	—		97.2	$	91,200,000
2006 Acquisition
Mar-06	521 Fifth Avenue (3)	Leasehold Interest	Midtown	460,000	97.0	89.6	$	210,000,000
Jun-06	609 Fifth Avenue	Fee Interest	Midtown	160,000	98.5	99.1	$	182,000,000
Dec-06	485 Lexington Avenue - remaining 70%	Fee Interest	Grand Central	—		92.6	$	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	97.6	$	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 9/1/01-10/31/01 the 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.)

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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.

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SUMMARY OF REAL ESTATE ACQUISITION
ACTIVITY POST 1997 - Suburban

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	3/31/2009	Price ($’s) (1)
2007 Acquisition
Jan-07	300 Main Street	Fee Interest	Stamford, Connecticut	130,000	92.5	95.3	$	15,000,000
Jan-07	399 Knollwood Road	Fee Interest	White Plains, Westchester	145,000	96.6	93.5	$	31,600,000
Jan-07	Reckson - Connecticut Portfolio	Fee Interests / Leasehold Interest	Stamford, Connecticut	1,369,800	88.9	87.3	$	490,750,000
Jan-07	Reckson - Westchester Portfolio	Fee Interests / Leasehold Interest	Westchester	2,346,100	90.6	88.6	$	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	71.3	$	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	81.1	$	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	83.0	$	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	3/31/2009	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	Flat Iron	21,500	90.0	100.0	$	13,250,000
Nov-05	1604 Broadway - 63% JV	Leasehold Interest	Times Square	29,876	17.2	23.7	$	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	77.7	$	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	54.8	$	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	54.8	$	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.

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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
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
Bank of America - 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

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.

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