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):

October 23, 2014 (October 22, 2014)

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 October 22, 2014 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended September 30, 2014, 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 October 22, 2014, the Company issued a press release announcing its results for the quarter ended September 30, 2014.

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

Item 9.01.Financial Statements and Exhibits

(d)	Exhibits
	99.1	Press Release regarding results for the quarter ended September 30, 2014.
	99.2	Supplemental package.

Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized measure of REIT performance.  The Company computes 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 the Company does.  The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.  The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties.  The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its senior management.  FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time.  Historically, however, real estate values have risen or fallen with market conditions.

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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, 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 the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including 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 the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

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

The Company presents earnings before interest, taxes, depreciation and amortization, or 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 the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is calculated by adding income taxes, loan loss reserves and the Company’s share of joint venture depreciation and amortization to EBITDA.

Same-Store Net Operating Income, Same-Store Cash Net Operating Income and Related Measures

The Company presents same-store net operating income, same-store cash net operating income, same-store joint venture net operating income, and same-store joint venture cash net operating income because the Company believes that these measures provide investors with useful information regarding the operating performance of properties that are comparable for the periods presented. For properties owned since January 1, 2013 and still owned in the same manner at the end of the current quarter, the Company determines same-store net operating income by subtracting same-store property operating expenses and ground rent from same-store recurring rental and tenant reimbursement revenues. Same-store cash net operating income is derived by deducting same-store straight line and free rent from, and adding same-store tenant credit loss allowance to, same-store net operating income. Same-store joint venture net operating income and same-store joint venture cash net operating income are calculated in the same manner as noted above, but includes just the Company’s pro-rata share of the joint venture net operating income. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

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

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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.

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/ James Mead
	James Mead
	Chief Financial Officer
Date: October 23, 2014

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EX-99.1

Exhibit 99.1

CONTACT

James Mead

Chief Financial Officer

-and-

Matt DiLiberto

Chief Accounting Officer & Treasurer

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

THIRD QUARTER 2014 FFO OF $1.55 PER SHARE BEFORE TRANSACTION COSTS AND NON-RECURRING CHARGES; AND EPS OF $0.68 PER SHARE

Financial and Operating Highlights

·Third quarter FFO of $1.55 per share before non-recurring charges related to the refinancing of 420 Lexington Avenue of $0.24 per share and transaction related costs of $0.03 per share compared to prior year FFO of $1.32 per share before the recovery of transaction related costs of $0.02 per share.

·Third quarter net income attributable to common stockholders of $0.68 per share compared to net income of $0.40 per share in the prior year.

·Adjusting 2014 NAREIT defined FFO guidance to $5.82 to $5.85 per share, which equates to $6.06 to $6.09 per share before giving effect to the $0.24 per share prepayment penalty associated with the refinancing of 420 Lexington Avenue, as compared to the previous FFO guidance range of $5.90 to $5.96 per share.

·Combined same-store cash NOI increased 5.7 percent for the third quarter and 3.0 percent for the first nine months of 2014 as compared to the prior year.

·Signed 46 Manhattan office leases covering 664,727 square feet during the third quarter.  The mark-to-market on signed Manhattan office leases was 17.2 percent higher in the third quarter than the previously fully escalated rents on the same spaces, bringing the mark-to-market for the first nine months of 2014 to 15.4 percent.

·Signed 28 Suburban office leases covering 165,331 square feet during the third quarter. The mark-to-market on signed Suburban office leases was 0.6 percent higher in the third quarter than the previously fully escalated rents on the same spaces, bringing the mark-to-market for the first nine months of 2014 to 1.1 percent.

·Increased Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, as of September 30, 2014 to 95.3 percent.

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Investing Highlights

·Entered into an agreement to acquire 319,000 square feet of newly constructed, vacant commercial condominium units on the 22nd through 34th floors and the building’s parking garage and fitness center at 55 West 46th Street for $275.0 million.  The agreement included an option, which has since been exercised, for the seller to include the 2nd floor, comprising 28,000 square feet, for an additional purchase price of $20.0 million.

·Closed on the acquisition of the fee interest at 635 Madison Avenue for $145.0 million.

·Together with its joint venture partner, closed on the acquisition of the retail condominium at 121 Greene Street in SoHo for $27.2 million, continuing the growth of the Company’s prime retail property portfolio.

·Together with its joint venture partner, entered into an agreement to sell 180 Maiden Lane for a gross sales price of $470.0 million, resulting in an internal rate of return on the investment of approximately 16.0 percent.

·Together with its joint venture partner, closed on the sale of the mixed-use college dormitory/retail asset at 180 Broadway for a gross sales price of $222.5 million.  The Company recognized a promote of $3.3 million and a gain on sale of $16.5 million.

·Invested $50.0 million in the construction of a 1,174 unit residential rental project at 605 West 42nd Street.  The investment consists of mezzanine loan interests and a fixed-price option for the Company to acquire up to a 20 percent equity stake in the property.

·Originated and retained, or acquired debt and preferred equity investments totaling $155.1 million in the third quarter at a weighted average current yield of 10.1 percent.

Financing Highlights

·Obtained an upgrade in credit rating to investment grade from Fitch Ratings.  This rating coupled with the Company’s investment grade rating from Standard & Poor’s will allow for future unsecured bond issuances by the Company to be included in the Barclays U.S Corporate Index.

·Closed on a $300.0 million leasehold mortgage refinancing of 420 Lexington Avenue at a significantly reduced interest rate.  The new 10-year, fixed rate loan replaces the previous $181.0 million mortgage.

·Closed on a $97.0 million floating rate leasehold mortgage at 650 Fifth Avenue.

Summary

New York, NY, October 22, 2014 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, for the quarter ended September 30, 2014 of $154.7 million, or $1.55 per share, before non-recurring charges related to the refinancing of 420 Lexington Avenue of $24.5 million, or $0.24 per share, and transaction costs of $2.7 million, or $0.03 per share, as compared to FFO for the same quarter of 2013 of

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$125.0 million, or $1.32 per share, before the recovery of transaction costs of $2.4 million, or $0.02 per share.

Net income attributable to common stockholders for the quarter ended September 30, 2014 totaled $64.7 million, or $0.68 per share, compared to net income attributable to common stockholders of $37.0 million, or $0.40 per share, for the same quarter in 2013.

All per share amounts in this press release are presented on a diluted basis.

Operating and Leasing Activity

For the third quarter of 2014, the Company reported consolidated revenues and operating income of $390.3 million and $211.1 million, respectively, compared to $338.8 million and $191.0 million, respectively, for the same period in 2013.

Same-store cash NOI on a combined basis increased by 5.7 percent to $167.7 million and by 3.0 percent to $498.3 million for the three and nine months ended September 30, 2014, respectively, as compared to the same periods in 2013.  For the quarter ended September 30, 2014, consolidated property same-store cash NOI increased by 4.7 percent to $149.7 million and unconsolidated joint venture property same-store cash NOI increased 15.1 percent to $18.0 million, as compared to the same period in 2013.  For the nine months ended September 30, 2014, consolidated property same-store cash NOI increased by 1.4 percent to $446.6 million and unconsolidated joint venture property same-store cash NOI increased 19.0 percent to $51.8 million, as compared to the same period in 2013.

During the third quarter, the Company signed 46 office leases in its Manhattan portfolio totaling 664,727 square feet.  Twenty-five leases comprising 179,205 square feet represented office leases that replaced previous vacancy. Twenty-one leases comprising 485,522 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $67.25 per rentable square foot, representing a 17.2 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the third quarter was 9.5 years and average tenant concessions were 2.2 months of free rent with a tenant improvement allowance of $44.09 per rentable square foot.

During the first nine months of 2014, the Company signed 185 office leases in its Manhattan portfolio totaling 1,485,434 square feet.  Seventy-three leases comprising 446,711 square feet represented office leases that replaced previous vacancy. One-hundred twelve leases comprising 1,038,723 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $64.58 per rentable square foot, representing a 15.4 percent increase over the previously fully escalated rents on the same office spaces.

Manhattan same-store occupancy increased to 95.3 percent as of September 30, 2014, inclusive of 118,848 square feet of leases signed but not yet commenced, as compared to 94.9 percent at June 30, 2014.

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During the third quarter, the Company signed 28 office leases in the Suburban portfolio totaling 165,331 square feet.  Seven leases comprising 22,255 square feet represented office leases that replaced previous vacancy. Twenty-one leases comprising the remaining 143,076 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $33.29 per rentable square foot, representing a 0.6 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the third quarter was 8.1 years and average tenant concessions were 5.4 months of free rent with a tenant improvement allowance of $26.57 per rentable square foot.

During the first nine months of 2014, the Company signed 95 office leases in its Suburban portfolio totaling 488,242 square feet.  Forty-one leases comprising 214,430 square feet represented office leases that replaced previous vacancy. Fifty-four leases comprising 273,812 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $32.69 per rentable square foot, representing a 1.1 percent increase over the previously fully escalated rents on the same office spaces.

Same-store occupancy for the Company’s Suburban portfolio was 82.4 percent at September 30, 2014, inclusive of 95,142 square feet of leases signed but not yet commenced, as compared to 82.8 percent at June 30, 2014 and 80.0 percent at September 30, 2013.

Significant leases that were signed during the third quarter included:

·Early renewal on 283,894 square feet with Schulte Roth & Zabel LLP at 919 Third Avenue, bringing the remaining lease term to 21.8 years;

·New lease on 50,365 square feet with Quik Park for 10.0 years at 315 West 33rd Street;

·Early renewal on 50,247 square feet with B and E Theaters at 5 Landmark Square, Stamford, Connecticut, bringing the remaining lease term to 6.7 years;

·Renewal and expansion on 39,850 square feet with Taconic Capital Advisors, L.P. for 11.0 years at 280 Park Avenue;

·New lease on 30,000 square feet with First Niagra Bank for 13.0 years at 520 White Plains Road, Tarrytown, New York;

·New lease on 28,857 square feet with Blue Mountain Realty, LLC for 9.3 years at 280 Park Avenue;

·New lease on 21,342 square feet with Versace USA, Inc. for 11.0 years at 3 Columbus Circle; and

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·Early renewal on 20,010 square feet with Road Runner Capital Partners LLC at 800 Third Avenue, bringing the remaining lease term to 7.2 years.

Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2014 decreased to $22.6 million from $23.9 million in the previous quarter.

Real Estate Investment Activity

In September, the Company entered into an agreement to acquire 319,000 square feet of vacant commercial condominium units on the 22nd through 34th floors in the newly constructed Midtown Manhattan class-A office property located at 55 West 46th Street for $275.0 million.  As part of the agreement, the seller had the option, which has since been exercised, to include the vacant 2nd floor, comprising 28,000 square feet, for an additional purchase price of $20.0 million.  The Company will also acquire a retail store on 46th Street and the building’s parking garage and fitness center.  This transaction is expected to be completed before the end of 2014, subject to the satisfaction of customary closing conditions.

In September, the Company closed on the acquisition of the fee interest at 635 Madison Avenue for $145.0 million.  The property is encumbered by a ground lease through April 2030 with one twenty-one year renewal extension option.  The improvements of the fee interest include a 19-story 176,530-square-foot office tower.

In September, the Company, together with its joint venture partner, closed on the acquisition of the retail condominium at 121 Greene Street in SoHo for $27.2 million.  The 7,200 square foot prime retail condominium is located along one of SoHo’s most popular shopping corridors, adjacent to Ralph Lauren and directly across the street from Apple’s local flagship.  The acquisition marks the continued growth of the Company’s prime retail property portfolio, which already includes several other assets in Manhattan’s popular SoHo shopping district.

In September, the Company, together with its joint venture partner, entered into an agreement to sell 180 Maiden Lane for a gross sales price of $470.0 million, resulting in an internal rate of return on the investment of approximately 16.0 percent.  This transaction is expected to close during the fourth quarter of 2014, subject to the satisfaction of customary closing conditions.

In September, the Company, together with its joint venture partner, closed on the sale of all its interests, including the fee position and retail condominium unit, in the mixed-use college dormitory/retail asset at 180 Broadway for a gross sales price of $222.5 million.   The Company recognized a promote of $3.3 million and a gain on sale of $16.5 million.

In September, the Company invested $50.0 million in the construction of a large residential rental project at 605 West 42nd Street in Manhattan.  The investment consists of mezzanine loan interests and a fixed-price option for the Company to acquire up to a 20 percent equity stake in the property upon completion of the project. The project, one of several to be constructed in New York’s Midtown West development area over the next decade, will consist of a 1.16 million-square-foot tower that will feature 1,174 rental apartment units.

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Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.4 billion at September 30, 2014.  During the third quarter, the Company originated and retained, or acquired new debt and preferred equity investments totaling $155.1 million, at a weighted average current yield of 10.1 percent, and recorded $287.6 million of principal reductions from investments that were sold or repaid.  As of September 30, 2014, the debt and preferred equity investment portfolio had a weighted average maturity of 2.0 years, excluding any extension options, and had a weighted average yield during the third quarter of 10.5 percent.

Financing and Capital Activity

In October, the Company’s focus on balance sheet management and improvement in credit quality was recognized when Fitch Ratings upgraded the Company to an investment grade rating of BBB- with a stable outlook.  This rating coupled with the Company’s investment grade rating from Standard & Poor’s will allow for future unsecured bond issuances by the Company to be included in the Barclays U.S. Corporate Index.

In September, the Company refinanced the Graybar Building at 420 Lexington Avenue, site of the Company’s headquarters.  The new 10-year, $300.0 million leasehold mortgage features a fixed interest rate of 3.98 percent and replaces the previous $181.0 million, 7.15 percent fixed-rate mortgage that the Company initially obtained in 2009 at the trough of the credit markets.  The refinancing reduced the Company’s overall cost of capital, termed out its debt maturities and generated $91.4 million of net cash proceeds, after giving consideration to closing costs and the defeasance charge on the previous financing.

In October, the Company and its joint venture partner closed on a new $97.0 million leasehold mortgage at 650 Fifth Avenue.  The new two-year mortgage, which bears interest at 350 basis points over LIBOR, had an initial funding of $65.0 million.

Guidance

Based on the Company’s performance for the first nine months of 2014 and its outlook for the remainder of 2014, the Company is adjusting its NAREIT defined FFO guidance for 2014 to $5.82 to $5.85, which equates to $6.06 to $6.09 per share before giving effect to the $0.24 per share prepayment penalty associated with the refinancing of 420 Lexington Avenue, as compared to the previous FFO guidance range of $5.90 to $5.96 per share.

Dividends

During the third quarter of 2014, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

·$0.50 per share of common stock, which was paid on October 15, 2014 to stockholders of record on the close of business on September 30, 2014; and

·$0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2014 through and including October 14, 2014, which was paid on October 15, 2014 to stockholders of record on the close

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of business on September 30, 2014, and reflects the regular quarterly dividend which is the equivalent of an annualized dividend of $1.625 per share.

Annual Institutional Investor Conference

The Company will host its Annual Institutional Investor Conference on Monday, December 8, 2014 in New York City.  To be added to the Conference’s email distribution list or to pre-register, please email SLG2014@slgreen.com.

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 webcast on Thursday, October 23, 2014 at 2:00 pm ET to discuss the financial results.

The supplemental data 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 will be webcast in listen-only mode on the Company’s website under “Event Calendar & Webcasts” in the Investors section and on Thomson’s StreetEvents Network. The conference may also be accessed by dialing 866.510.0712 using pass-code “SL Green.”

A replay of the call will be available through October 30, 2014 by dialing 888.286.8010 Domestic or 617.801.6888 International, using pass-code 17931905.

Company Profile

SL Green Realty Corp., New York City’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2014, SL Green held interests in 96 Manhattan buildings totaling 44.1 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.1 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.9 million square feet in Brooklyn, 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 212.594.2700.

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Disclaimers

Non-GAAP Financial Measures

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

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

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements 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.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share data)

	Three Months EndedSeptember 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenues:
Rental revenue, net	$	291,293		$	242,439		$	826,877		$	741,022
Escalation and reimbursement	43,826			42,026			120,209			114,850
Investment and preferred equity income	43,969			44,448			137,767			143,887
Other income	11,186			9,869			48,498			20,855
Total revenues	390,274			338,782			1,133,351			1,020,614
Expenses:
Operating expenses (including approximately $5,104 and $13,183 (2014) and $4,698 and $12,858 (2013) of related party expenses)	72,111			72,784			211,118			205,921
Real estate taxes	55,548			51,529			159,702			149,857
Ground rent	8,088			7,930			24,161			23,988
Interest expense, net of interest income	82,376			78,226			236,424			232,862
Amortization of deferred financing costs	6,679			4,121			15,737			12,404
Depreciation and amortization	94,443			84,162			274,337			238,666
Transaction related costs, net of recoveries	2,383			(2,368		)	6,554			717
Marketing, general and administrative	22,649			20,869			69,778			63,450
Total expenses	344,277			317,253			997,811			927,865
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, loss on sale of investment in marketable securities, purchase price fair value adjustment and loss on early extinguishment of debt	45,997			21,529			135,540			92,749
Equity in net income from unconsolidated joint ventures	6,034			2,939			20,781			4,251
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	16,496			(354		)	122,580			(3,937		)
Loss on sale of investment in marketable securities	—			—			—			(65		)
Purchase price fair value adjustment	(4,000		)	—			67,446			(2,305		)
Loss on early extinguishment of debt	(24,475		)	—			(25,500		)	(18,523		)
Income from continuing operations	40,052			24,114			320,847			72,170
Net income from discontinued operations	4,035			7,435			15,449			19,851
Gain on sale of discontinued operations	29,507			13,787			144,242			14,900
Net income	73,594			45,336			480,538			106,921
Net income attributable to noncontrolling interests in the Operating Partnership	(2,636		)	(1,110		)	(16,010		)	(1,909		)
Net income attributable to noncontrolling interests in other partnerships	(1,712		)	(2,901		)	(5,045		)	(8,806		)
Preferred unit distributions	(820		)	(562		)	(1,950		)	(1,692		)
Net income attributable to SL Green	68,426			40,763			457,533			94,514
Preferred stock redemption costs	—			—			—			(12,160		)
Perpetual preferred stock dividends	(3,738		)	(3,738		)	(11,214		)	(18,144		)
Net income attributable to SL Green common stockholders	$	64,688		$	37,025		$	446,319		$	64,210
Earnings Per Share (EPS)
Net income per share (Basic)	$	0.68		$	0.40		$	4.68		$	0.70
Net income per share (Diluted)	$	0.68		$	0.40		$	4.66		$	0.70
Funds From Operations (FFO)
FFO per share (Basic)	$	1.28		$	1.34		$	4.43		$	3.78
FFO per share (Diluted)	$	1.28		$	1.34		$	4.41		$	3.77
Basic ownership interest
Weighted average REIT common shares for net income per share	95,734			91,988			95,437			91,684
Weighted average partnership units held by noncontrolling interests	3,585			2,792			3,423			2,705
Basic weighted average shares and units outstanding	99,319			94,780			98,860			94,389
Diluted ownership interest
Weighted average REIT common share and common share equivalents	96,121			92,224			95,899			91,926
Weighted average partnership units held by noncontrolling interests	3,585			2,792			3,423			2,705
Diluted weighted average shares and units outstanding	99,706			95,016			99,322			94,631

9

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

	September 30, 2014			December 31, 2013
	(Unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests	$	3,833,305		$	3,032,526
Building and improvements	8,679,637			7,884,663
Building leasehold and improvements	1,405,255			1,366,281
Properties under capital lease	27,445			50,310
	13,945,642			12,333,780
Less accumulated depreciation	(1,826,027		)	(1,646,240		)
	12,119,615			10,687,540
Assets held for sale	753,457			—
Cash and cash equivalents	253,520			206,692
Restricted cash	159,303			142,051
Investment in marketable securities	39,293			32,049
Tenant and other receivables, net of allowance of $20,719 and $17,325 in 2014 and 2013, respectively	64,184			60,393
Related party receivables	13,262			8,530
Deferred rents receivable, net of allowance of $27,185 and $30,333 in 2014 and 2013, respectively	364,284			386,508
Debt and preferred equity investments, net of discounts and deferred origination fees of $19,801 and $18,593 in 2014 and 2013, respectively, and allowance of $1,000 in 2013	1,432,951			1,304,839
Investments in unconsolidated joint ventures	996,842			1,113,218
Deferred costs, net	310,860			267,058
Other assets	729,538			750,123
Total assets	$	17,237,109		$	14,959,001
Liabilities
Mortgages and other loans payable	$	5,890,782		$	4,860,578
Revolving credit facility	244,000			220,000
Term loan and senior unsecured notes	2,054,168			1,739,330
Accrued interest payable and other liabilities	127,811			114,622
Accounts payable and accrued expenses	183,001			145,889
Deferred revenue	215,527			263,261
Capitalized lease obligations	20,728			47,671
Deferred land leases payable	1,129			22,185
Dividend and distributions payable	53,571			52,255
Security deposits	66,659			61,308
Liabilities related to assets held for sale	461,891			—
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Total liabilities	9,419,267			7,627,099
Commitments and contingencies	—			—
Noncontrolling interest in the Operating Partnership	381,274			265,476
Preferred units	73,115			49,550
Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2014 and December 31, 2013	221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 99,547 and 98,563 issued and outstanding at September 30, 2014 and December 31, 2013, respectively (including 3,602 and 3,570 shares held in Treasury at September 30, 2014 and December 31, 2013, respectively)	996			986
Additional paid-in capital	5,130,858			5,015,904
Treasury stock at cost	(320,222		)	(317,356		)
Accumulated other comprehensive loss	(2,896		)	(15,211		)
Retained earnings	1,813,956			1,619,150
Total SL Green Realty Corp. stockholders’ equity	6,844,624			6,525,405
Noncontrolling interests in other partnerships	518,829			491,471
Total equity	7,363,453			7,016,876
Total liabilities and equity	$	17,237,109		$	14,959,001

10

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)

	Three Months Ended September 30,						Nine Months EndedSeptember 30,
	2014			2013			2014		2013
FFO Reconciliation:
Net income attributable to SL Green common stockholders	$	64,688		$	37,025		$	446,319	$	64,210
Add:
Depreciation and amortization	94,443			84,162			274,337		238,666
Discontinued operations depreciation adjustments	678			3,311			5,434		13,133
Joint venture depreciation and noncontrolling interest adjustments	5,831			12,720			26,979		37,867
Net income attributable to noncontrolling interests	4,348			4,011			21,055		10,715
Less:
Gain on sale of discontinued operations	29,507			13,787			144,242		14,900
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	16,496			(354		)	122,580		(3,937		)
Purchase price fair value adjustment	(4,000		)	—			67,446		(2,305		)
Depreciable real estate reserves, net of recoveries	—			—			—		(2,150		)
Depreciation on non-rental real estate assets	503			416			1,520		1,004
Funds From Operations	$	127,482		$	127,380		$	438,336	$	357,079

	Consolidated Properties						SL Green’s share of Unconsolidated Joint Ventures						Combined
	Three Months EndedSeptember 30,						Three Months EndedSeptember 30,						Three Months EndedSeptember 30,
	2014			2013			2014			2013			2014			2013
Operating income and Same-store NOI Reconciliation:
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, loss on sale of investment in marketable securities, purchase price fair value adjustment and loss on early extinguishment of debt	$	45,997		$	21,529		$	—		$	—
Equity in net income from unconsolidated joint ventures	6,034			2,939			6,034			2,939
Depreciation and amortization	94,443			84,162			12,211			21,202
Interest expense, net of interest income	82,376			78,226			13,426			20,031
Amortization of deferred financing costs	6,679			4,121			1,240			1,790
Loss on early extinguishment of debt	(24,475		)	—			—			—
Operating income	$	211,054		$	190,977		$	32,911		$	45,962
Marketing, general & administrative expense	22,649			20,869			—			—
Net operating income from discontinued operations	7,750			15,852			—			—
Loan loss and other investment reserves, net of recoveries	—			—			—			—
Transaction related costs, net of recoveries	2,383			(2,368		)	301			—
Non-building revenue	(50,895		)	(50,384		)	(5,841		)	(4,041		)
Equity in net income from unconsolidated joint ventures	(6,034		)	(2,939		)	—			—
Loss on early extinguishment of debt	24,475			—			—			—
Net operating income (NOI)	211,382			172,007			27,371			41,921			$	238,753		$	213,928
NOI from discontinued operations	(7,750		)	(15,852		)	—			—			(7,750		)	(15,852		)
NOI from other properties/affiliates	(32,631		)	(737		)	(7,036		)	(23,297		)	(39,667		)	(24,034		)
Same-Store NOI	$	171,001		$	155,418		$	20,335		$	18,624		$	191,336		$	174,042
Ground lease straight-line adjustment	400			221			—			—			400			221
Straight-line and free rent	(16,444		)	(12,877		)	(1,769		)	(2,606		)	(18,213		)	(15,483		)
Rental income — FAS 141	(5,239		)	280			(566		)	(378		)	(5,805		)	(98		)
Same-store cash NOI	$	149,718		$	143,042		$	18,000		$	15,640		$	167,718		$	158,682

11

	Consolidated Properties						SL Green’s share of Unconsolidated Joint Ventures						Combined
	Nine Months EndedSeptember 30,						Nine Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	2014			2013			2014			2013			2014			2013
Operating income and Same-store NOI Reconciliation:
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, loss on sale of investment in marketable securities, purchase price fair value adjustment and loss on early extinguishment of debt	$	135,540		$	92,749		$	—		$	—
Equity in net income from unconsolidated joint ventures	20,781			4,251			20,781			4,251
Depreciation and amortization	274,337			238,666			47,297			63,459
Interest expense, net of interest income	236,424			232,862			47,556			59,419
Amortization of deferred financing costs	15,737			12,404			4,698			7,131
Loss on early extinguishment of debt	(25,500		)	(18,523		)	—			—
Operating income	$	657,319		$	562,409		$	120,332		$	134,260
Marketing, general & administrative expense	69,778			63,450			—			—
Net operating income from discontinued operations	32,349			50,786			—			—
Loan loss and other investment reserves, net of recoveries	—			—			—			—
Transaction related costs, net of recoveries	6,554			717			401			15
Non-building revenue	(174,154		)	(152,165		)	(16,012		)	(12,254		)
Equity in income from unconsolidated joint ventures	(20,781		)	(4,251		)	—			—
Loss on early extinguishment of debt	25,500			18,523			3,382			—
Net operating income (NOI)	596,565			539,469			108,103			122,021			$	704,668		$	661,490
NOI from discontinued operations	(32,349		)	(50,786		)	—			—			(32,349		)	(50,786		)
NOI from other properties/affiliates	(57,434		)	2,119			(48,620		)	(69,887		)	(106,054		)	(67,768		)
Same-Store NOI	$	506,782		$	490,802		$	59,483		$	52,134		$	566,265		$	542,936
Ground lease straight-line adjustment	1,201			861			—			—			1,201			861
Straight-line and free rent	(44,641		)	(39,091		)	(6,472		)	(7,029		)	(51,113		)	(46,120		)
Rental income — FAS 141	(16,783		)	(12,236		)	(1,252		)	(1,622		)	(18,035		)	(13,858		)
Same-store cash NOI	$	446,559		$	440,336		$	51,759		$	43,483		$	498,318		$	483,819

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED

	September 30,
	2014			2013
Manhattan Operating Data: (1)
Net rentable area at end of period (in 000’s)	21,905			23,947
Portfolio percentage leased at end of period	95.4		%	94.0		%
Same-Store percentage leased at end of period	94.8		%	93.1		%
Number of properties in operation	30			35
Office square feet where leases commenced during quarter (rentable)	729,315			364,992
Average mark-to-market percentage-office	18.9		%	-5.0		%
Average starting cash rent per rentable square foot-office	$	64.20		$	56.78

(1)  Includes wholly-owned and joint venture properties.

12

The following table reconciles estimated earnings per share (diluted) to FFO per share (diluted) for the year ending December 31, 2014.

	Year Ended December 31,
	2014		2014
Net income per share attributable to SL Green stockholders	$	4.77	$	4.80
Add:
Depreciation and amortization	3.77		3.77
Discontinued operations depreciation adjustments	0.05		0.05
Unconsolidated joint ventures depreciation and noncontrolling interests adjustments	0.34		0.34
Net income attributable to noncontrolling interests	0.27		0.27
Less:
Gain on sale of discontinued operations	1.45		1.45
Equity in net gain on sale of interest in unconsolidated joint venture / real estate	1.23		1.23
Purchase price fair value adjustment	0.68		0.68
Depreciable real estate, net of recoveries	—		—
Depreciation and amortization on non-real estate assets	0.02		0.02
Funds from Operations per share	$	5.82	$	5.85

13

EX-99.2

Exhibit 99.2

THIRD QUARTER 2014

SUPPLEMENTAL DATA

SEPTEMBER 30, 2014

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 press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements 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.

2

Ratings

Ratings are not recommendations to buy, sell or hold the Company’s securities.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended September 30, 2014 that will be released on Form 10-Q to be filed on or before November 10, 2014.

3

TABLE OF CONTENTS

Highlights of Current Period Financial Performance
Unaudited Financial Statements
Corporate Profile	5
Highlights	6-13
Comparative Balance Sheets	14-15
Comparative Statements of Operations	16
Comparative Computation of FFO and FAD	17
Consolidated Statement of Equity	18
Joint Venture Statements	19-21
Selected Financial Data	22-25
Debt Summary Schedule	26-28
Summary of Ground Lease Arrangements	29
Debt and Preferred Equity Investments	30-32
Selected Property Data
Composition of Property Portfolio	33-36
Largest Tenants	37
Tenant Diversification	38
Leasing Activity Summary	39-42
Annual Lease Expirations	43-44
Summary of Real Estate Acquisition/Disposition Activity	45-49
Corporate Information	50
Analyst Coverage	51
Supplemental Definitions	52

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

Looking forward, SL Green plans to continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and debt and preferred equity investments.  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

THIRD QUARTER 2014 HIGHLIGHTS UNAUDITED

Summary

New York, NY, October 22, 2014 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, for the quarter ended September 30, 2014 of $154.7 million, or $1.55 per share, before non-recurring charges related to the refinancing of 420 Lexington Avenue of $24.5 million, or $0.24 per share, and transaction costs of $2.7 million, or $0.03 per share, as compared to FFO for the same quarter of 2013 of $125.0 million, or $1.32 per share, before the recovery of transaction costs of $2.4 million, or $0.02 per share.

Net income attributable to common stockholders for the quarter ended September 30, 2014 totaled $64.7 million, or $0.68 per share, compared to net income attributable to common stockholders of $37.0 million, or $0.40 per share, for the same quarter in 2013.

All per share amounts in this press release are presented on a diluted basis.

Operating and Leasing Activity

For the third quarter of 2014, the Company reported consolidated revenues and operating income of $390.3 million and $211.1 million, respectively, compared to $338.8 million and $191.0 million, respectively, for the same period in 2013.

Same-store cash NOI on a combined basis increased by 5.7 percent to $167.7 million and by 3.0 percent to $498.3 million for the three and nine months ended September 30, 2014, respectively, as compared to the same periods in 2013.  For the quarter ended September 30, 2014, consolidated property same-store cash NOI increased by 4.7 percent to $149.7 million and unconsolidated joint venture property same-store cash NOI increased 15.1 percent to $18.0 million, as compared to the same period in 2013.  For the nine months ended September 30, 2014, consolidated property same-store cash NOI increased by 1.4 percent to $446.6 million and unconsolidated joint venture property same-store cash NOI increased 19.0 percent to $51.8 million, as compared to the same period in 2013.

During the third quarter, the Company signed 46 office leases in its Manhattan portfolio totaling 664,727 square feet.  Twenty-five leases comprising 179,205 square feet represented office leases that replaced previous vacancy. Twenty-one leases comprising 485,522 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $67.25 per rentable square foot, representing a 17.2 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the third quarter was 9.5 years and average tenant concessions were 2.2 months of free rent with a tenant improvement allowance of $44.09 per rentable square foot.

During the first nine months of 2014, the Company signed 185 office leases in its Manhattan portfolio totaling 1,485,434 square feet.  Seventy-three leases comprising 446,711 square feet represented office leases that replaced previous vacancy. One-hundred twelve leases comprising 1,038,723 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases

6

THIRD QUARTER 2014 HIGHLIGHTS UNAUDITED

had average starting rents of $64.58 per rentable square foot, representing a 15.4 percent increase over the previously fully escalated rents on the same office spaces.

Manhattan same-store occupancy increased to 95.3 percent as of September 30, 2014, inclusive of 118,848 square feet of leases signed but not yet commenced, as compared to 94.9 percent at June 30, 2014.

During the third quarter, the Company signed 28 office leases in the Suburban portfolio totaling 165,331 square feet.  Seven leases comprising 22,255 square feet represented office leases that replaced previous vacancy. Twenty-one leases comprising the remaining 143,076 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $33.29 per rentable square foot, representing a 0.6 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the third quarter was 8.1 years and average tenant concessions were 5.4 months of free rent with a tenant improvement allowance of $26.57 per rentable square foot.

During the first nine months of 2014, the Company signed 95 office leases in its Suburban portfolio totaling 488,242 square feet.  Forty-one leases comprising 214,430 square feet represented office leases that replaced previous vacancy. Fifty-four leases comprising 273,812 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $32.69 per rentable square foot, representing a 1.1 percent increase over the previously fully escalated rents on the same office spaces.

Same-store occupancy for the Company’s Suburban portfolio was 82.4 percent at September 30, 2014, inclusive of 95,142 square feet of leases signed but not yet commenced, as compared to 82.8 percent at June 30, 2014 and 80.0 percent at September 30, 2013.

Significant leases that were signed during the third quarter included:

·Early renewal on 283,894 square feet with Schulte Roth & Zabel LLP at 919 Third Avenue, bringing the remaining lease term to 21.8 years;

·New lease on 50,365 square feet with Quik Park for 10.0 years at 315 West 33rd Street;

·Early renewal on 50,247 square feet with B and E Theaters at 5 Landmark Square, Stamford, Connecticut, bringing the remaining lease term to 6.7 years;

·Renewal and expansion on 39,850 square feet with Taconic Capital Advisors, L.P. for 11.0 years at 280 Park Avenue;

·New lease on 30,000 square feet with First Niagra Bank for 13.0 years at 520 White Plains Road, Tarrytown, New York;

7

THIRD QUARTER 2014 HIGHLIGHTS UNAUDITED

·New lease on 28,857 square feet with Blue Mountain Realty, LLC for 9.3 years at 280 Park Avenue;

·New lease on 21,342 square feet with Versace USA, Inc. for 11.0 years at 3 Columbus Circle; and

·Early renewal on 20,010 square feet with Road Runner Capital Partners LLC at 800 Third Avenue, bringing the remaining lease term to 7.2 years.

Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2014 decreased to $22.6 million from $23.9 million in the previous quarter.

Real Estate Investment Activity

In September, the Company entered into an agreement to acquire 319,000 square feet of vacant commercial condominium units on the 22nd through 34th floors in the newly constructed Midtown Manhattan class-A office property located at 55 West 46th Street for $275.0 million.  As part of the agreement, the seller had the option, which has since been exercised, to include the vacant 2nd floor, comprising 28,000 square feet, for an additional purchase price of $20.0 million.  The Company will also acquire a retail store on 46th Street and the building’s parking garage and fitness center.  This transaction is expected to be completed before the end of 2014, subject to the satisfaction of customary closing conditions.

In September, the Company closed on the acquisition of the fee interest at 635 Madison Avenue for $145.0 million.  The property is encumbered by a ground lease through April 2030 with one twenty-one year renewal extension option.  The improvements of the fee interest include a 19-story 176,530-square-foot office tower.

In September, the Company, together with its joint venture partner, closed on the acquisition of the retail condominium at 121 Greene Street in SoHo for $27.2 million.  The 7,200 square foot prime retail condominium is located along one of SoHo’s most popular shopping corridors, adjacent to Ralph Lauren and directly across the street from Apple’s local flagship.  The acquisition marks the continued growth of the Company’s prime retail property portfolio, which already includes several other assets in Manhattan’s popular SoHo shopping district.

In September, the Company, together with its joint venture partner, entered into an agreement to sell 180 Maiden Lane for a gross sales price of $470.0 million, resulting in an internal rate of return on the investment of approximately 16.0 percent.  This transaction is expected to close during the fourth quarter of 2014, subject to the satisfaction of customary closing conditions.

In September, the Company, together with its joint venture partner, closed on the sale of all its interests, including the fee position and retail condominium unit, in the mixed-use college dormitory/retail asset at 180 Broadway for a gross sales price of $222.5 million.  The Company recognized a promote of $3.3 million and a gain on sale of $16.5 million.

In September, the Company invested $50.0 million in the construction of a large residential rental project at 605 West 42nd Street in Manhattan.  The investment consists of mezzanine loan interests and a fixed-price option for the Company to acquire up

8

THIRD QUARTER 2014 HIGHLIGHTS UNAUDITED

to a 20 percent equity stake in the property upon completion of the project. The project, one of several to be constructed in New York’s Midtown West development area over the next decade, will consist of a 1.16 million-square-foot tower that will feature 1,174 rental apartment units.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.4 billion at September 30, 2014.  During the third quarter, the Company originated and retained, or acquired new debt and preferred equity investments totaling $155.1 million, at a weighted average current yield of 10.1 percent, and recorded $287.6 million of principal reductions from investments that were sold or repaid.  As of September 30, 2014, the debt and preferred equity investment portfolio had a weighted average maturity of 2.0 years, excluding any extension options, and had a weighted average yield during the third quarter of 10.5 percent.

Financing and Capital Activity

In October, the Company’s focus on balance sheet management and improvement in credit quality was recognized when Fitch Ratings upgraded the Company to an investment grade rating of BBB- with a stable outlook.  This rating coupled with the Company’s investment grade rating from Standard & Poor’s will allow for future unsecured bond issuances by the Company to be included in the Barclays U.S. Corporate Index.

In September, the Company refinanced the Graybar Building at 420 Lexington Avenue, site of the Company’s headquarters.  The new 10-year, $300.0 million leasehold mortgage features a fixed interest rate of 3.98 percent and replaces the previous $181.0 million, 7.15 percent fixed-rate mortgage that the Company initially obtained in 2009 at the trough of the credit markets.  The refinancing reduced the Company’s overall cost of capital, termed out its debt maturities and generated $91.4 million of net cash proceeds, after giving consideration to closing costs and the defeasance charge on the previous financing.

In October, the Company and its joint venture partner closed on a new $97.0 million leasehold mortgage at 650 Fifth Avenue.  The new two-year mortgage, which bears interest at 350 basis points over LIBOR, had an initial funding of $65.0 million.

Dividends

During the third quarter of 2014, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

·$0.50 per share of common stock, which was paid on October 15, 2014 to stockholders of record on the close of business on September 30, 2014; and

·$0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2014 through and including October 14, 2014, which was paid on October 15, 2014 to stockholders of record on the close of business on September 30, 2014, and reflects the regular quarterly dividend which is the equivalent of an annualized dividend of $1.625 per share.

9

SL Green Realty Corp. Key Financial Data September 30, 2014 (Dollars in Thousands Except Per Share)

	As of or for the three months ended
	9/30/2014			6/30/2014			3/31/2014			12/31/2013			9/30/2013
Earnings Per Share
Net income available to common stockholders - diluted	$	0.68		$	2.46		$	1.53		$	0.39		$	0.40
Funds from operations available to common stockholders - diluted	$	1.28		$	1.62		$	1.52		$	1.38		$	1.34
Reported funds available for distribution to common stockholders - diluted	$	(0.07	)	$	1.09		$	1.18		$	0.63		$	1.09
Recurring funds available for distribution to common stockholders - diluted	$	0.75		$	1.21		$	1.29		$	0.81		$	1.09
Common Share Price & Dividends
At the end of the period	$	101.32		$	109.41		$	100.62		$	92.38		$	88.84
High during period	$	111.86		$	112.79		$	100.62		$	98.15		$	95.61
Low during period	$	101.32		$	107.89		$	90.96		$	87.63		$	85.40
Common dividends per share	$	0.50		$	0.50		$	0.50		$	0.50		$	0.33
FFO payout ratio (trailing 12 months)	34.5		%	31.2		%	30.1		%	28.9		%	26.9		%
Reported FAD payout ratio (trailing 12 months)	70.4		%	45.7		%	43.5		%	40.7		%	35.0		%
Recurring FAD payout ratio (trailing 12 months)	49.1		%	41.5		%	40.3		%	38.7		%	34.9		%
Common Shares & Units
Common shares outstanding	95,945			95,587			95,318			94,993			92,214
Units outstanding	3,735			3,500			3,000			2,902			2,792
Total common shares and units outstanding	99,680			99,087			98,318			97,895			95,006
Weighted average common shares and units outstanding - basic	99,319			98,970			98,196			96,831			94,780
Weighted average common shares and units outstanding - diluted	99,706			99,484			98,716			97,148			95,016
Market Capitalization
Market value of common equity	$	10,099,578		$	10,841,109		$	9,892,757		$	9,043,540		$	8,440,333
Liquidation value of preferred equity/units	303,115			279,550			279,550			279,550			279,550
Consolidated debt	8,736,352			8,357,632			7,195,419			6,919,908			6,819,627
Consolidated market capitalization	$	19,139,045		$	19,478,291		$	17,367,726		$	16,242,998		$	15,539,510
SLG portion of JV debt	1,394,788			1,412,618			1,916,123			2,134,677			2,151,395
Combined market capitalization	$	20,533,833		$	20,890,909		$	19,283,849		$	18,377,675		$	17,690,905
Consolidated debt to market capitalization	45.6		%	42.9		%	41.4		%	42.7		%	44.0		%
Combined debt to market capitalization	49.3		%	46.8		%	47.2		%	49.4		%	50.8		%
Consolidated debt service coverage (trailing 12 months)	2.53		x	2.57		x	2.47		x	2.43		x	2.32		x
Consolidated fixed charge coverage (trailing 12 months)	2.24		x	2.26		x	2.13		x	2.10		x	1.99		x
Combined debt service coverage (trailing 12 months)	2.24		x	2.25		x	2.16		x	2.12		x	2.04		x
Combined fixed charge coverage (trailing 12 months)	2.01		x	2.02		x	1.91		x	1.88		x	1.80		x

Supplemental Information Third Quarter 2014

10

SL Green Realty Corp. Key Financial Data September 30, 2014 (Dollars in Thousands Except Per Share)

	As of or for the three months ended
	9/30/2014			6/30/2014			3/31/2014			12/31/2013			9/30/2013
Selected Balance Sheet Data
Real estate assets before depreciation	$	14,564,675		$	13,952,995		$	12,341,269		$	12,333,780		$	11,713,705
Investments in unconsolidated joint ventures	$	996,842		$	971,926		$	1,061,704		$	1,113,218		$	1,109,815
Debt and preferred equity investments	$	1,432,951		$	1,547,808		$	1,493,725		$	1,304,839		$	1,315,551
Cash and cash equivalents	$	253,520		$	308,103		$	447,162		$	206,692		$	209,098
Investment in marketable securities	$	39,293		$	39,912		$	32,130		$	32,049		$	32,863
Total assets	$	17,237,109		$	16,717,736		$	15,363,289		$	14,959,001		$	14,581,167
Fixed rate & hedged debt	$	5,941,950		$	5,905,031		$	5,593,899		$	5,599,959		$	5,606,449
Variable rate debt	2,347,000			2,261,351			1,601,520			1,319,949			1,213,178
Total consolidated debt	$	8,288,950		$	8,166,382		$	7,195,419		$	6,919,908		$	6,819,627
Total liabilities	$	9,419,267		$	9,016,134		$	7,897,297		$	7,627,099		$	7,514,477
Fixed rate & hedged debt - including SLG portion of JV debt	$	6,526,496		$	6,489,898		$	6,683,185		$	6,863,469		$	6,870,840
Variable rate debt - including SLG portion of JV debt	3,157,242			3,089,102			2,428,357			2,191,116			2,100,182
Total combined debt	$	9,683,738		$	9,579,000		$	9,111,542		$	9,054,585		$	8,971,022
Selected Operating Data
Property operating revenues	$	335,119		$	318,184		$	293,783		$	296,875		$	284,465
Property operating expenses	(135,747		)	(128,942		)	(130,292		)	(131,849		)	(132,243		)
Property operating NOI	$	199,372		$	189,242		$	163,491		$	165,026		$	152,222
NOI from discontinued operations	7,750		(1)	10,661			13,938			14,120			15,852
Total property operating NOI - consolidated	$	207,122		$	199,903		$	177,429		$	179,146		$	168,074
SLG share of property NOI from JVs	33,232			41,508			49,320			50,197			45,918
Total property operating NOI - combined	$	240,354		$	241,411		$	226,749		$	229,343		$	213,992
Investment income	43,969			39,714			54,084			49,956			44,448
Other income	11,186			22,734			14,578			3,620			9,869
Marketing general & administrative expenses	(22,649		)	(23,872		)	(23,257		)	(22,742		)	(20,869		)
EBITDA - combined	$	272,860		$	279,987		$	272,154		$	260,177		$	247,440
Consolidated Net Debt to EBITDA (trailing-12 months)	8.78		x	8.96		x	7.90		x	7.97		x	7.92		x
Combined Net Debt to EBITDA (trailing-12 months)	8.65		x	8.71		x	8.29		x	8.62		x	8.68		x

(1) Discontinued operations for the quarter ended September 30, 2014 reflects operations from 180 Maiden Lane and 2 Herald Square, which are currently held for sale.

11

SL Green Realty Corp. Key Financial Data September 30, 2014 (Dollars in Thousands Except Per Share)

Manhattan Properties

	As of or for the three months ended
	9/30/2014			6/30/2014			3/31/2014			12/31/2013			9/30/2013
Selected Operating Data
Property operating revenues	$	297,411		$	280,020		$	257,227		$	264,976		$	254,878
Property operating expenses	112,153			105,077			110,338			109,757			113,191
Property operating NOI	$	185,258		$	174,943		$	146,889		$	155,219		$	141,687
NOI from discontinued operations	7,749		(1)	10,688			13,935			14,088			15,664
Total property operating NOI - consolidated	$	193,007		$	185,631		$	160,824		$	169,307		$	157,351
Other income - consolidated	$	285		$	384		$	157		$	1,306		$	435
SLG share of property NOI from unconsolidated JV	$	29,909		$	34,935		$	43,646		$	45,400		$	41,288
Portfolio Statistics
Consolidated office buildings in service	23			23			23			23			26
Unconsolidated office buildings in service	7			7			10			9			9
	30			30			33			32			35
Consolidated office buildings in service - square footage	18,429,045			18,429,045			17,306,045			17,306,045			18,012,945
Unconsolidated office buildings in service - square footage	3,476,115			3,476,115			6,465,415			5,934,434			5,934,434
	21,905,160			21,905,160			23,771,460			23,240,479			23,947,379
Quarter end occupancy- same store - combined office (consolidated + JV)	94.8		%(2)	93.6		%	93.3		%	93.5		%	93.1		%
Office Leasing Statistics
Total office leases commenced	56			34			65			58			47
Commenced office square footage filling vacancy	164,096			106,953			124,181			278,663			208,460
Commenced office square footage on previously occupied space (M-T-M leasing) (2)	565,219			207,985			368,464			3,049,172			156,532
Total office square footage commenced	729,315			314,938			492,645			3,327,835			364,992
Average starting cash rent psf — office leases commenced	$	64.20		$	54.18		$	60.15		$	47.66		$	56.78
Previously escalated cash rent psf - office leases commenced	$	53.98		$	53.90		$	54.15		$	42.71		$	59.78
Increase in new cash rent over previously escalated cash rent (3)	18.9		%	0.5		%	11.1		%	11.6		%	-5.0		%
Average lease term	10.3			13.2			5.6			14.4			8.7
Tenant concession packages psf	$	46.60		$	49.47		$	27.66		$	49.18		$	38.15
Free rent months	2.1			6.0			2.3			6.6			5.2

(1) Discontinued operations for the quarter ended September 30, 2014 reflects operations from 180 Maiden Lane and 2 Herald Square, which are currently held for sale.

(2) Manhattan same-store occupancy, inclusive of 118,848 square feet of leases signed but not yet commenced, is 95.3% as of September 30, 2014, as compared to 94.9% as of June 30, 2014.

(3) Calculated on space that was occupied within the previous 12 months

12

SL Green Realty Corp. Key Financial Data September 30, 2014 (Dollars in Thousands Except Per Share)

Suburban Properties

	As of or for the three months ended
	9/30/2014			6/30/2014			3/31/2014			12/31/2013			9/30/2013
Selected Operating Data
Property operating revenues	$	29,230		$	29,732		$	28,501		$	27,616		$	28,917
Property operating expenses	15,925			16,505			13,836			16,109			15,545
Property operating NOI	$	13,305		$	13,227		$	14,665		$	11,507		$	13,372
NOI from discontinued operations	—			—			—			—			178
Total property operating NOI - consolidated	$	13,305		$	13,227		$	14,665		$	11,507		$	13,550
Other income - consolidated	$	1,141		$	546		$	1,020		$	858		$	549
SLG share of property NOI from unconsolidated JV	$	1,152		$	1,245		$	1,434		$	1,422		$	1,496
Portfolio Statistics
Consolidated office buildings in service	27			27			27			26			26
Unconsolidated office buildings in service	4			4			4			4			4
	31			31			31			30			30
Consolidated office buildings in service - square footage	4,365,400			4,365,400			4,365,400			4,087,400			4,087,400
Unconsolidated office buildings in service - square footage	1,222,100			1,222,100			1,222,100			1,222,100			1,222,100
	5,587,500			5,587,500			5,587,500			5,309,500			5,309,500
Quarter end occupancy- same store - combined office (consolidated + JV)	80.5		%(1)	81.0		%	80.4		%	80.0		%	78.9		%
Office Leasing Statistics
Total office leases commenced	29			22			38			26			35
Commenced office square footage filling vacancy	53,218			32,865			61,559			107,696			86,487
Commenced office square footage on previously occupied space (M-T-M leasing) (2)	118,938			38,562			91,640			73,631			143,787
Total office square footage commenced	172,156			71,427			153,199			181,327			230,274
Average starting cash rent psf — office leases commenced	$	31.47		$	33.96		$	30.86		$	33.28		$	28.09
Previously escalated cash rent psf - office leases commenced	$	31.63		$	33.44		$	30.10		$	32.79		$	28.11
Increase in new cash rent over previously escalated cash rent (2)	-0.5		%	1.5		%	2.5		%	1.5		%	0.0		%
Average lease term	8.4			6.5			7.2			7.2			7.1
Tenant concession packages psf	$	28.83		$	26.12		$	21.01		$	27.51		$	24.47
Free rent months	5.6			3.4			3.4			7.8			5.0

(1) Suburban same-store occupancy, inclusive of 95,142 square feet of leases signed but not yet commenced, is 82.4% as of September 30, 2014, as compared to 82.8% as of June 30, 2014.

(2) Calculated on space that was occupied within the previous 12 months

13

COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)

	9/30/2014			6/30/2014			3/31/2014			12/31/2013			9/30/2013
Assets
Commercial real estate properties, at cost:
Land & land interests	$	3,833,305		$	3,466,587		$	3,112,013		$	3,032,526		$	2,868,833
Buildings & improvements fee interest	8,679,637			8,843,315			7,767,616			7,884,663			7,440,543
Buildings & improvements leasehold	1,405,255			1,390,004			1,375,007			1,366,281			1,353,997
Buildings & improvements under capital lease	27,445			27,445			27,445			50,310			50,332
	13,945,642			13,727,351			12,282,081			12,333,780			11,713,705
Less accumulated depreciation	(1,826,027		)	(1,769,428		)	(1,695,568		)	(1,646,240		)	(1,574,002		)
Net real estate	12,119,615			11,957,923			10,586,513			10,687,540			10,139,703
Other real estate investments:
Investment in unconsolidated joint ventures	996,842			971,926			1,061,704			1,113,218			1,109,815
Debt and preferred equity investments, net	1,432,951			1,547,808			1,493,725			1,304,839			1,315,551
Assets held for sale, net	753,457			339,809			63,925			—			—
Cash and cash equivalents	253,520			308,103			447,162			206,692			209,098
Restricted cash	159,303			157,225			154,492			142,051			356,844
Investment in marketable securities	39,293			39,912			32,130			32,049			32,863
Tenant and other receivables, net of $20,719 reserve at 9/30/14	64,184			51,844			47,296			60,393			57,602
Related party receivables	13,262			8,915			19,947			8,530			7,800
Deferred rents receivable, net of reserve for tenant credit loss of $27,185 at 9/30/14	364,284			354,388			378,980			386,508			374,615
Deferred costs, net	310,860			300,043			261,542			267,058			247,850
Other assets	729,538			679,840			815,873			750,123			729,426
Total Assets	$	17,237,109		$	16,717,736		$	15,363,289		$	14,959,001		$	14,581,167

14

COMPARATIVE BALANCE SHEETS Unaudited
(Amounts in Thousands)

	9/30/2014			6/30/2014			3/31/2014			12/31/2013			9/30/2013
Liabilities
Mortgages and other loans payable	$	5,890,782		$	5,939,176		$	4,971,022		$	4,860,578		$	4,641,758
Term loan and senior unsecured notes	2,054,168			2,127,206			2,124,397			1,739,330			1,737,869
Revolving credit facility	244,000			—			—			220,000			340,000
Accrued interest and other liabilities	127,811			128,730			112,852			114,622			75,607
Accounts payable and accrued expenses	183,001			164,215			140,346			145,889			167,719
Deferred revenue	215,527			223,394			259,929			263,261			293,393
Capitalized lease obligations	20,728			20,635			20,541			47,671			47,492
Deferred land lease payable	1,129			1,044			958			22,185			21,066
Dividends and distributions payable	53,571			53,193			52,471			52,255			34,749
Security deposits	66,659			65,166			65,077			61,308			54,824
Liabilities related to assets held for sale	461,891			193,375			49,704			—			—
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Total liabilities	9,419,267			9,016,134			7,897,297			7,627,099			7,514,477
Noncontrolling interest in operating partnership (3,735 units outstanding) at 9/30/14	381,274			379,805			298,858			265,476			248,046
Preferred Units	73,115			49,550			49,550			49,550			49,550
Equity
Stockholders’ Equity:
Series I Perpetual Preferred Shares	221,932			221,932			221,932			221,932			221,932
Common stock, $.01 par value, 160,000 shares authorized, 99,547 issued and outstanding at 9/30/14	996			993			990			986			959
Additional paid—in capital	5,130,858			5,085,965			5,049,507			5,015,904			4,757,778
Treasury stock (3,602 shares) at 9/30/14	(320,222		)	(320,152		)	(320,076		)	(317,356		)	(316,989		)
Accumulated other comprehensive loss	(2,896		)	(6,196		)	(14,872		)	(15,211		)	(19,249		)
Retained earnings	1,813,956			1,797,580			1,688,211			1,619,150			1,636,584
Total SL Green Realty Corp. stockholders’ equity	6,844,624			6,780,122			6,625,692			6,525,405			6,281,015
Noncontrolling interest in other partnerships	518,829			492,125			491,892			491,471			488,079
Total equity	7,363,453			7,272,247			7,117,584			7,016,876			6,769,094
Total Liabilities and Equity	$	17,237,109		$	16,717,736		$	15,363,289		$	14,959,001		$	14,581,167

15

COMPARATIVE STATEMENTS OF OPERATIONS Unaudited
(Dollars in Thousands Except Per Share)

	Three Months Ended						Three Months Ended			Nine Months Ended
	September 30,			September 30,			June 30,			September 30,			September 30,
	2014			2013			2014			2014			2013
Revenues
Rental revenue, net	$	291,293		$	242,439		$	279,608		$	826,877		$	741,022
Escalation and reimbursement revenues	43,826			42,026			38,576			120,209			114,850
Investment income	43,969			44,448			39,714			137,767			143,887
Other income	11,186			9,869			22,734			48,498			20,855
Total Revenues, net	390,274			338,782			380,632			1,133,351			1,020,614
Equity in net income from unconsolidated joint ventures	6,034			2,939			8,619			20,781			4,251
Loss on early extinguishment of debt	(24,475		)	—			(1,028		)	(25,500		)	(18,523		)
Expenses
Operating expenses	72,111			72,784			69,098			211,118			205,921
Ground rent	8,088			7,930			8,040			24,161			23,988
Real estate taxes	55,548			51,529			51,804			159,702			149,857
Transaction related costs, net of recoveries	2,383			(2,368		)	1,697			6,554			717
Marketing, general and administrative	22,649			20,869			23,872			69,778			63,450
Total Operating Expenses	160,779			150,744			154,511			471,313			443,933
Operating Income	211,054			190,977			233,712			657,319			562,409
Interest expense, net of interest income	82,376			78,226			77,870			236,424			232,862
Amortization of deferred financing costs	6,679			4,121			5,401			15,737			12,404
Depreciation and amortization	94,443			84,162			93,379			274,337			238,666
Loss on equity investment in marketable securities	—			—			—			—			65
Income from Continuing Operations	27,556			24,468			57,062			130,821			78,412
Income from discontinued operations	4,035			7,435			5,645			15,449			22,001
Gain on sale of discontinued operations	29,507			13,787			114,735			144,242			14,900
Equity in net gain (loss) on sale of joint venture interest / real estate	16,496			(354		)	1,444			122,580			(3,937		)
Purchase price fair value adjustment	(4,000		)	—			71,446			67,446			(2,305		)
Depreciable real estate reserves, net of recoveries	—			—			—			—			(2,150		)
Net Income	73,594			45,336			250,332			480,538			106,921
Net income attributable to noncontrolling interests	(4,348		)	(4,011		)	(10,488		)	(21,055		)	(10,715		)
Dividends on preferred units	(820		)	(562		)	(565		)	(1,950		)	(1,692		)
Net Income Attributable to SL Green Realty Corp	68,426			40,763			239,279			457,533			94,514
Preferred stock redemption costs	—			—			—			—			(12,160		)
Dividends on perpetual preferred shares	(3,738		)	(3,738		)	(3,738		)	(11,214		)	(18,144		)
Net Income Attributable to Common Stockholders	$	64,688		$	37,025		$	235,541		$	446,319		$	64,210
Earnings per Share
Net income per share (basic)	$	0.68		$	0.40		$	2.47		$	4.68		$	0.70
Net income per share (diluted)	$	0.68		$	0.40		$	2.46		$	4.66		$	0.70

16

COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited
(Dollars in Thousands Except Per Share)

		Three Months Ended						Three Months Ended		Nine Months Ended
		September 30,			September 30,			June 30,		September 30,		September 30,
		2014			2013			2014		2014		2013
Funds from Operations
Net Income Attributable to Common Stockholders		$	64,688		$	37,025		$	235,541	$	446,319	$	64,210
Add:	Depreciation and amortization	94,443			84,162			93,379		274,337		238,666
	Discontinued operations depreciation adjustments	678			3,311			1,459		5,434		13,133
	Joint ventures depreciation and noncontrolling interests adjustments	5,831			12,720			8,161		26,979		37,867
	Net income attributable to noncontrolling interests	4,348			4,011			10,488		21,055		10,715
Less:	Gain on sale of discontinued operations	29,507			13,787			114,735		144,242		14,900
	Equity in net gain (loss) on sale of joint venture property / real estate	16,496			(354		)	1,444		122,580		(3,937		)
	Purchase price fair value adjustment	(4,000		)	—			71,446		67,446		(2,305		)
	Depreciable real estate reserves, net of recoveries	—			—			—		—		(2,150		)
	Non-real estate depreciation and amortization	503			416			503		1,520		1,004
	Funds From Operations	$	127,482		$	127,380		$	160,900	$	438,336	$	357,079
	Funds From Operations - Basic per Share	$	1.28		$	1.34		$	1.63	$	4.43	$	3.78
	Funds From Operations - Diluted per Share	$	1.28		$	1.34		$	1.62	$	4.41	$	3.77
Funds Available for Distribution
FFO		$	127,482		$	127,380		$	160,900	$	438,336	$	357,079
Add:	Non real estate depreciation and amortization	503			416			503		1,520		1,004
	Amortization of deferred financing costs	6,679			4,121			5,401		15,737		12,404
	Non-cash deferred compensation	9,855			8,148			13,243		38,577		28,322
Less:	FAD adjustment for Joint Ventures	5,885			4,210			6,447		26,251		11,572
	FAD adjustment for discontinued operations	2,817			1,144			3,204		7,155		6,128
	Straight-line rental income and other non cash adjustments	16,324			7,747			14,752		45,368		33,699
	Second cycle tenant improvements	100,085			11,907			29,717		143,784		30,477
	Second cycle leasing commissions	10,706			4,935			1,985		15,889		14,552
	Revenue enhancing recurring CAPEX	2,402			467			5,949		10,640		1,292
	Non-revenue enhancing recurring CAPEX	12,930			5,754			9,077		26,382		14,266
Reported Funds Available for Distribution		$	(6,630	)	$	103,901		$	108,916	$	218,701	$	286,823
	Diluted per Share	$	(0.07	)	$	1.09		$	1.09	$	2.20	$	3.03
Add:	1515 Broadway - Viacom capital contribution	$	12,924		$	85		$	11,683	$	28,086	$	408
	388-390 Greenwich - Citi capital contribution (at SLG share)	$	68,867		$	9		$	—	$	76,523	$	9
Recurring Funds Available for Distribution		$	75,161		$	103,995		$	120,599	$	323,310	$	287,240
	Diluted per Share	$	0.75		$	1.09		$	1.21	$	3.26	$	3.04
First cycle tenant improvements		$	3,483		$	9,946		$	8,717	$	17,123	$	27,345
First cycle leasing commissions		$	871		$	4,171		$	1,244	$	2,582	$	4,809
Redevelopment costs		$	13,468		$	7,778		$	15,692	$	38,656	$	17,860
Capitalized interest		$	7,972		$	3,091		$	6,447	$	18,689	$	10,082

17

CONSOLIDATED STATEMENT OF EQUITY Unaudited
(Dollars in Thousands)

	Series I															Accumulated Other
	Preferred		Common		Additional		Treasury			Retained			Noncontrolling			Comprehensive
	Stock		Stock		Paid-In Capital		Stock			Earnings			Interests			Loss			TOTAL
Balance at December 31, 2013	$	221,932	$	986	$	5,015,904	$	(317,356	)	$	1,619,150		$	491,471		$	(15,211	)	$	7,016,876
Net Income attributable to SL Green										457,533			5,045						462,578
Preferred dividends										(11,214		)							(11,214		)
Cash distributions declared ($1.50 per common share)										(143,060		)							(143,060		)
Cash distributions to noncontrolling interests													(5,745		)				(5,745		)
Other comprehensive income - unrealized gain on derivative instruments																4,951			4,951
Other comprehensive income - SLG’s share of joint venture net unrealized gain on derivative instruments																6,155			6,155
Other comprehensive income - unrealized gain on marketable securities																1,209			1,209
Proceeds from stock options exercised			4		20,506														20,510
DRIP proceeds					40														40
Conversion of units of the Operating Partnership to common stock			2		26,389														26,391
Contributions to consolidated joint ventures													28,058						28,058
Reallocation of noncontrolling interests in the Operating Partnership										(108,453		)							(108,453		)
Issuance of common stock			4		42,694														42,698
Deferred compensation plan and stock awards, net			—		1,503		(2,866		)										(1,363		)
Amortization of deferred compensation plan					23,822														23,822
Balance at September 30, 2014	$	221,932	$	996	$	5,130,858	$	(320,222	)	$	1,813,956		$	518,829		$	(2,896	)	$	7,363,453

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, 2013	94,993,284		2,902,317		—	97,895,601		—	97,895,601
YTD share activity	951,577		833,161		—	1,784,738			1,784,738
Share Count at September 30, 2014 - Basic	95,944,861		3,735,478		—	99,680,339		—	99,680,339
Weighting factor	(507,125	)	(312,834	)	461,760	(358,199	)		(358,199	)
Weighted Average Share Count at September 30, 2014 - Diluted	95,437,736		3,422,644		461,760	99,322,140		—	99,322,140

18

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

	September 30, 2014						June 30, 2014						December 31, 2013
	Total			SLG Interest			Total			SLG Interest			Total			SLG Interest
Land and land interests	$	1,333,820		$	621,548		$	1,377,535		$	629,243		$	1,943,275		$	898,652
Buildings and improvements	3,825,624			1,663,426			3,838,822			1,649,579			5,370,424			2,391,671
Building leasehold	13,954			6,977			9,626			4,813			8,222			5,556
Buildings & improvements under capital lease	189,558			94,779			189,558			94,779			189,558			94,779
	5,362,956			2,386,730			5,415,541			2,378,414			7,511,479			3,390,658
Less accumulated depreciation	(512,807		)	(206,085		)	(490,119		)	(196,017		)	(665,458		)	(287,177		)
Net real estate	4,850,149			2,180,645			4,925,422			2,182,397			6,846,021			3,103,481
Cash and cash equivalents	97,874			41,852			105,026			44,307			96,818			40,711
Restricted cash	98,098			39,195			91,798			36,162			119,695			50,651
Debt and preferred equity investments, net	99,557			99,557			99,487			99,487			—			—
Tenant and other receivables, net of $3,203 reserve at 9/30/14	45,040			19,311			39,141			16,079			33,823			13,711
Deferred rents receivable, net of reserve for tenant credit loss of $2,994 at 9/30/14	124,947			49,930			123,057			47,471			118,396			45,612
Deferred costs, net	135,785			55,750			141,257			56,785			176,615			73,751
Other assets	144,933			58,823			149,805			60,946			281,935			122,544
Total assets	$	5,596,383		$	2,545,063		$	5,674,993		$	2,543,634		$	7,673,303		$	3,450,461
Mortgage loans payable	$	3,498,755		$	1,394,788		$	3,575,456		$	1,412,618		$	5,066,710		$	2,134,677
Accrued interest and other liabilities	8,785			3,131			6,887			2,095			24,654			11,758
Accounts payable and accrued expenses	68,016			29,981			78,959			34,138			150,278			72,704
Deferred revenue	202,188			95,381			205,290			96,642			224,850			105,592
Capitalized lease obligations	179,924			89,962			179,310			89,655			178,119			89,060
Security deposits	15,514			7,463			15,307			7,381			19,059			8,902
Contributed Capital (1)	1,623,201			924,357			1,613,784			901,105			2,009,633			1,027,768
Total liabilities and equity	$	5,596,383		$	2,545,063		$	5,674,993		$	2,543,634		$	7,673,303		$	3,450,461

(1) Contributed capital reflects our share of capital based on the fair value of partially sold or contributed properties, while the investment in unconsolidated joint venture balance reflected on the face of the balance sheet reflects the actual capital invested in the joint venture.

19

JOINT VENTURE STATEMENTS Statements of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)   

	Three Months Ended September 30, 2014						Three Months Ended June 30, 2014						Three Months Ended September 30, 2013
	Total			SLG Interest			Total			SLG Interest			Total			SLG Interest
Revenues
Rental revenue, net	$	95,610		$	39,879		$	112,183		$	47,953		$	136,229		$	57,605
Escalation and reimbursement revenues	8,772			3,847			7,952			3,572			11,291			4,725
Other income	10,449			6,081			10,360			6,426			9,051			4,306
Total Revenues, net	$	114,831		$	49,807		$	130,495		$	57,951		$	156,571		$	66,636
Expenses
Operating expenses	$	18,530		$	8,384		$	18,362		$	8,374		$	29,211		$	12,681
Ground rent	2,638			1,319			2,632			1,316			657			—
Real estate taxes	15,867			6,872			15,406			6,753			19,105			8,037
Total Operating Expenses	$	37,035		$	16,575		$	36,400		$	16,443		$	48,973		$	20,718
NOI	$	77,796		$	33,232		$	94,095		$	41,508		$	107,598		$	45,918
Cash NOI	$	69,126		$	29,123		$	84,405		$	37,190		$	98,553		$	42,232
Transaction related costs, net of recoveries	$	501		$	301		$	(207	)	$	27		$	—		$	—
Interest expense, net of interest income	40,885			13,426			44,728			15,427			56,169			20,031
Amortization of deferred financing costs	2,837			1,240			2,026			832			2,869			1,790
Depreciation and amortization	28,324			11,910			33,858			14,596			49,402			21,058
Loss on early extinguishment of debt	—			—			3,546			1,787			—			—
Net Income (Loss)	$	5,249		$	6,355		$	10,144		$	8,839		$	(842	)	$	3,039
Add: Real estate depreciation	28,306			11,902			33,840			14,587			49,394			21,055
FFO Contribution	$	33,555		$	18,257		$	43,984		$	23,426		$	48,552		$	24,094
FAD Adjustments:
Add: Non real estate depreciation and amortization	$	2,855		$	1,249		$	1,944		$	790		$	2,877		$	1,793
Less: Straight-line rental income and other non-cash adjustments	(9,302		)	(4,418		)	(8,873		)	(3,901		)	(10,256		)	(4,284		)
Less: Second cycle tenant improvement	(3,373		)	(1,461		)	(3,730		)	(1,806		)	(1,786		)	(750		)
Less: Second cycle leasing commissions	(1,369		)	(588		)	(2,324		)	(1,064		)	(1,947		)	(888		)
Less: Recurring CAPEX	(1,397		)	(667		)	(993		)	(466		)	(246		)	(81		)
FAD Adjustment	$	(12,586	)	$	(5,885	)	$	(13,976	)	$	(6,447	)	$	(11,358	)	$	(4,210	)
First cycle tenant improvement	$	10,332		$	4,828		$	1,331		$	678		$	20,645		$	9,857
First cycle leasing commissions	$	3,814		$	1,928		$	1,790		$	690		$	8,692		$	4,093
Redevelopment costs	$	33,669		$	16,730		$	48,345		$	24,159		$	123,851		$	60,534
Capitalized interest	$	10,801		$	5,386		$	10,636		$	5,268		$	8,089		$	4,001

20

JOINT VENTURE STATEMENTS Statements of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)

	Nine Months Ended September 30, 2014						Nine Months Ended September 30, 2013
	Total			SLG Interest			Total			SLG Interest
Revenues
Rental revenue, net	$	351,061		$	149,328		$	400,701		$	166,203
Escalation and reimbursement revenues	26,554			11,668			33,597			13,489
Other income	28,849			16,406			28,478			13,481
Total Revenues, net	$	406,464		$	177,402		$	462,776		$	193,173
Expenses
Operating expenses	$	63,575		$	28,728		$	86,027		$	36,315
Ground rent	7,295			3,607			1,972			—
Real estate taxes	48,209			21,007			53,368			22,137
Total Operating Expenses	$	119,079		$	53,342		$	141,367		$	58,452
NOI	$	287,385		$	124,060		$	321,409		$	134,721
Cash NOI	$	271,499		$	118,842		$	299,499		$	126,132
Transaction related costs, net of recoveries	$	565		$	401		$	—		$	15
Interest expense, net of interest income	137,949			47,556			169,137			59,419
Amortization of deferred financing costs	9,496			4,698			12,454			7,131
Depreciation and amortization	107,786			46,429			144,552			58,854
Loss on early extinguishment of debt	6,743			3,382			—			—
Net Income (Loss)	$	24,846		$	21,594		$	(4,734	)	$	9,302
Add: Real estate depreciation	107,733			46,402			144,536			58,849
FFO Contribution	$	132,579		$	67,996		$	139,802		$	68,151
FAD Adjustments:
Add: Non real estate depreciation and amortization	$	8,460		$	3,683		$	12,470		$	7,136
Less: Straight-line rental income and other non-cash adjustments	(32,573		)	(13,961		)	(25,520		)	(10,378		)
Less: Second cycle tenant improvement	(13,660		)	(6,527		)	(7,556		)	(3,418		)
Less: Second cycle leasing commissions	(16,039		)	(7,853		)	(9,378		)	(4,115		)
Less: Recurring CAPEX	(3,382		)	(1,593		)	(1,934		)	(797		)
FAD Adjustment	$	(57,194	)	$	(26,251	)	$	(31,918	)	$	(11,572	)
First cycle tenant improvement	$	18,664		$	8,979		$	20,645		$	9,857
First cycle leasing commissions	$	10,500		$	4,778		$	8,692		$	4,093
Redevelopment costs	$	123,551		$	60,868		$	123,851		$	60,534
Capitalized interest	$	33,602		$	16,687		$	27,018		$	12,469

21

SELECTED FINANCIAL DATA Property NOI and Coverage Ratios Unaudited (Dollars in Thousands)

		Three Months Ended					Three Months Ended			Nine Months Ended
		September 30,		September 30,			June 30,			September 30,			September 30,
		2014		2013			2014			2014			2013
Property NOI
Property operating NOI		$	199,372	$	152,222		$	189,242		$	552,105		$	476,106
NOI from discontinued operations		7,750		15,852			10,661			32,349			50,786
Total property operating NOI - consolidated		207,122		168,074			199,903			584,454			526,892
SLG share of property NOI from JVs		33,232		45,918			41,508			124,060			134,721
NOI		$	240,354	$	213,992		$	241,411		$	708,514		$	661,613
Less:	Free rent (net of amortization)	4,939		3,312			2,274			8,539			7,513
	Net FAS 141 adjustment	5,816		(2,633		)	5,918			16,023			5,841
	Straightline revenue adjustment	15,929		15,793			16,953			49,470			47,769
Plus:	Allowance for S/L tenant credit loss	—		937			(1,031		)	(2,256		)	1,942
	Ground lease straight-line adjustment	687		1,254			1,324			4,014			3,323
Cash NOI		$	214,357	$	199,711		$	216,559		$	636,240		$	605,755
Components of Consolidated Debt Service and Fixed Charges
Interest expense		$	85,250	$	83,103		$	81,318		$	247,408		$	247,881
Fixed amortization principal payments		11,261		10,143			10,696			32,729			31,883
Total Consolidated Debt Service		$	96,511	$	93,246		$	92,014		$	280,137		$	279,764
Payments under ground lease arrangements		$	7,612	$	8,873		$	8,095		$	24,502		$	26,443
Dividends on preferred units		820		562			565			1,950			1,692
Dividends on perpetual preferred shares		3,738		3,738			3,738			11,214			18,144
Total Consolidated Fixed Charges		$	108,681	$	106,419		$	104,412		$	317,803		$	326,043

22

SELECTED FINANCIAL DATA 2014 Same Store - Consolidated Unaudited (Dollars in Thousands)

		Three Months Ended								Three Months Ended			Nine Months Ended
		September 30,			September 30,					June 30,			September 30,			September 30,
		2014			2013			%		2014			2014			2013			%
Revenues
	Rental revenue, net	$	251,748		$	236,967		6.2	%	$	254,053		$	750,354		$	731,390		2.6	%
	Escalation & reimbursement revenues	40,725			39,875			2.1	%	35,830			111,593			109,527			1.9	%
	Other income	1,320			877			50.5	%	773			3,300			4,780			-31.0	%
	Total Revenues	$	293,793		$	277,719		5.8	%	$	290,656		$	865,247		$	845,697		2.3	%
Expenses
	Operating expenses	$	62,825		$	64,870		-3.2	%	$	60,408		$	185,497		$	185,503		0.0	%
	Ground rent	8,283			8,179			1.3	%	8,283			24,850			24,735			0.5	%
	Real estate taxes	51,525			49,047			5.1	%	47,872			147,541			142,947			3.2	%
	Transaction related costs, net of recoveries	59			60			0.0	%	18			130			80			0.0	%
		$	122,692		$	122,156		0.4	%	$	116,581		$	358,018		$	353,265		1.3	%
	Operating Income	$	171,101		$	155,563		10.0	%	$	174,075		$	507,229		$	492,432		3.0	%
	Interest expense & amortization of financing costs	$	56,313		$	56,391		-0.1	%	$	55,887		$	168,061		$	170,825		-1.6	%
	Depreciation & amortization	76,685			78,554			-2.4	%	78,649			229,409			223,483			2.7	%
	Income before noncontrolling interest	$	38,103		$	20,618		84.8	%	$	39,539		$	109,759		$	98,124		11.9	%
Plus:	Real estate depreciation & amortization	76,674			78,542			-2.4	%	78,638			229,375			223,450			2.7	%
	FFO Contribution	$	114,777		$	99,160		15.7	%	$	118,177		$	339,134		$	321,574		5.5	%
Less:	Non—building revenue	159			205			-22.4	%	239			577			1,710			-66.3	%
Plus:	Transaction related costs, net of recoveries	59			60			0.0	%	18			130			80			0.0	%
	Interest expense & amortization of financing costs	56,313			56,391			-0.1	%	55,887			168,061			170,825			-1.6	%
	Non-real estate depreciation	11			12			-8.3	%	11			34			33			3.0	%
	NOI	$	171,001		$	155,418		10.0	%	$	173,854		$	506,782		$	490,802		3.3	%
Cash Adjustments
Less:	Free rent (net of amortization)	3,961			1,215			226.0	%	2,591			6,222			3,168			96.4	%
	Straightline revenue adjustment	12,475			12,469			0.0	%	12,863			37,324			38,261			-2.4	%
	Rental income - FAS 141	5,239			(280		)	-1971.1	%	5,939			16,783			12,236			37.2	%
Plus:	Ground lease straight-line adjustment	400			221			81.0	%	400			1,201			861			39.5	%
	Allowance for S/L tenant credit loss	(8		)	807			-101.0	%	(4		)	(1,095		)	2,338			-146.8	%
	Cash NOI	$	149,718		$	143,042		4.7	%	$	152,857		$	446,559		$	440,336		1.4	%
Operating Margins
	NOI to real estate revenue, net	58.2		%	55.8		%			59.9		%	58.7		%	58.0		%
	Cash NOI to real estate revenue, net	51.0		%	51.4		%			52.6		%	51.7		%	52.0		%
	NOI before ground rent/real estate revenue, net	61.1		%	58.8		%			62.7		%	61.6		%	60.9		%
	Cash NOI before ground rent/real estate revenue, net	53.7		%	54.3		%			55.3		%	54.4		%	54.9		%

23

SELECTED FINANCIAL DATA 2014 Same Store - Joint Venture Unaudited (Dollars in Thousands)

		Three Months Ended								Three Months Ended			Nine Months Ended
		September 30,			September 30,					June 30,			September 30,			September 30,
		2014			2013			%		2014			2014			2013			%
Revenues
	Rental revenue, net	$	27,946		$	25,802		8.3	%	$	27,375		$	82,509		$	73,070		12.9	%
	Escalation & reimbursement revenues	2,925			2,581			13.3	%	2,229			7,558			6,697			12.9	%
	Other income	450			304			48.0	%	184			845			1,623			-47.9	%
	Total Revenues	$	31,321		$	28,687		9.2	%	$	29,788		$	90,912		$	81,390		11.7	%
Expenses
	Operating expenses	$	5,984		$	5,680		5.4	%	$	5,470		$	17,600		$	16,901		4.1	%
	Real estate taxes	4,880			4,354			12.1	%	4,385			13,627			12,178			11.9	%
		$	10,864		$	10,034		8.3	%	$	9,855		$	31,227		$	29,079		7.4	%
	Operating Income	$	20,457		$	18,653		9.7	%	$	19,933		$	59,685		$	52,311		14.1	%
	Interest expense & amortization of financing costs	$	7,301		$	9,203		-20.7	%	$	6,853		$	21,422		$	21,122		1.4	%
	Depreciation & amortization	9,050			8,569			5.6	%	8,880			26,519			23,132			14.6	%
	Income before noncontrolling interest	$	4,106		$	881		366.1	%	$	4,200		$	11,744		$	8,057		45.8	%
Plus:	Real estate depreciation & amortization	9,041			8,566			5.5	%	8,872			26,494			23,126			14.6	%
	FFO Contribution	$	13,147		$	9,447		39.2	%	$	13,072		$	38,238		$	31,183		22.6	%
Less:	Non—building revenue	122			29			320.7	%	38			202			177			14.1	%
Plus:	Interest expense & amortization of financing costs	7,301			9,203			-20.7	%	6,853			21,422			21,122			1.4	%
	Non-real estate depreciation	9			3			0.0	%	8			25			6			316.7	%
	NOI	$	20,335		$	18,624		9.2	%	$	19,895		$	59,483		$	52,134		14.1	%
Cash Adjustments
Less:	Free rent (net of amortization)	956			908			5.3	%	620			2,528			3,063			-17.5	%
	Straightline revenue adjustment	813			1,796			-54.7	%	1,446			4,007			4,232			-5.3	%
	Rental income - FAS 141	566			378			49.7	%	307			1,252			1,622			-22.8	%
Plus:	Allowance for S/L tenant credit loss	—			98			-100.0	%	(19		)	63			266			-76.3	%
	Cash NOI	$	18,000		$	15,640		15.1	%	$	17,503		$	51,759		$	43,483		19.0	%
Operating Margins
	NOI to real estate revenue, net	65.2		%	65.0		%			66.9		%	65.6		%	64.2		%
	Cash NOI to real estate revenue, net	57.7		%	54.6		%			58.8		%	57.1		%	53.5		%
	NOI before ground rent/real estate revenue, net	65.2		%	65.0		%			66.9		%	65.6		%	64.2		%
	Cash NOI before ground rent/real estate revenue, net	57.7		%	54.2		%			58.9		%	57.0		%	53.2		%

24

SELECTED FINANCIAL DATA 2014 Same Store - Combined Unaudited (Dollars in Thousands)

		Three Months Ended								Three Months Ended			Nine Months Ended
		September 30,			September 30,					June 30,			September 30,			September 30,
		2014			2013			%		2014			2014			2013			%
Revenues
	Rental revenue, net	$	279,694		$	262,769		6.4	%	$	281,428		$	832,863		$	804,460		3.5	%
	Escalation & reimbursement revenues	43,650			42,456			2.8	%	38,059			119,151			116,224			2.5	%
	Other income	1,770			1,181			49.9	%	957			4,145			6,403			-35.3	%
	Total Revenues	$	325,114		$	306,406		6.1	%	$	320,444		$	956,159		$	927,087		3.1	%
Expenses
	Operating expenses	$	68,809		$	70,550		-2.5	%	$	65,878		$	203,097		$	202,404		0.3	%
	Ground rent	8,283			8,179			1.3	%	8,283			24,850			24,735			0.5	%
	Real estate taxes	56,405			53,401			5.6	%	52,257			161,168			155,125			3.9	%
	Transaction related costs	59			60			0.0	%	18			130			80			62.5	%
		$	133,556		$	132,190		1.0	%	$	126,436		$	389,245		$	382,344		1.8	%
	Operating Income	$	191,558		$	174,216		10.0	%	$	194,008		$	566,914		$	544,743		4.1	%
	Interest expense & amortization of financing costs	$	63,614		$	65,594		-3.0	%	$	62,740		$	189,483		$	191,947		-1.3	%
	Depreciation & amortization	85,735			87,123			-1.6	%	87,529			255,928			246,615			3.8	%
	Income before noncontrolling interest	$	42,209		$	21,499		96.3	%	$	43,739		$	121,503		$	106,181		14.4	%
Plus:	Real estate depreciation & amortization	85,715			87,108			-1.6	%	87,510			255,869			246,576			3.8	%
	FFO Contribution	$	127,924		$	108,607		17.8	%	$	131,249		$	377,372		$	352,757		7.0	%
Less:	Non—building revenue	281			234			20.1	%	277			779			1,887			-58.7	%
Plus:	Transaction related costs	59			60			—		18			130			80			62.5	%
	Interest expense & amortization of financing costs	63,614			65,594			-3.0	%	62,740			189,483			191,947			-1.3	%
	Non-real estate depreciation	20			15			33.3	%	19			59			39			51.3	%
	NOI	$	191,336		$	174,042		9.9	%	$	193,749		$	566,265		$	542,936		4.3	%
Cash Adjustments
Less:	Free rent (net of amortization)	4,917			2,123			131.6	%	3,211			8,750			6,231			40.4	%
	Straightline revenue adjustment	13,288			14,265			-6.8	%	14,309			41,331			42,493			-2.7	%
	Rental income - FAS 141	5,805			98			5823.5	%	6,246			18,035			13,858			30.1	%
Plus:	Ground lease straight-line adjustment	400			221			81.0	%	400			1,201			861			39.5	%
	Allowance for S/L tenant credit loss	(8		)	905			-100.9	%	(23		)	(1,032		)	2,604			-139.6	%
	Cash NOI	$	167,718		$	158,682		5.7	%	$	170,360		$	498,318		$	483,819		3.0	%
Operating Margins
	NOI to real estate revenue, net	58.8		%	56.8		%			60.4		%	59.2		%	58.6		%
	Cash NOI to real estate revenue, net	51.6		%	51.8		%			53.1		%	52.1		%	52.2		%
	NOI before ground rent/real estate revenue, net	61.4		%	59.5		%			63.0		%	61.8		%	61.3		%
	Cash NOI before ground rent/real estate revenue, net	54.1		%	54.2		%			55.7		%	54.8		%	54.6		%

25

DEBT SUMMARY SCHEDULE - Consolidated Unaudited (Dollars in Thousands)

	Principal				2014						As-Of
	Outstanding				Principal		Maturity		Due at		Right	Earliest
	9/30/14 (1)		Coupon (2)		Amortization		Date		Maturity		Extension	Prepayment
Fixed rate debt
Secured fixed rate debt
125 Park Avenue	$	146,250	5.75	%	$	—	Oct-14	(3)	$	146,250	—	Open
711 Third Avenue	120,000		4.99	%	—		Jun-15		120,000		—	Open
625 Madison Avenue	116,383		7.27	%	5,981		Nov-15		109,537		—	Open
500 West Putnam Avenue	23,112		5.52	%	561		Jan-16		22,376		—	Open
1-6 Landmark Square	81,685		4.00	%	1,640		Dec-16		77,936		—	Open
485 Lexington Avenue	450,000		5.61	%	—		Feb-17		450,000		—	Open
120 West 45th Street	170,000		6.12	%	—		Feb-17		170,000		—	Open
762 Madison Avenue (swapped)	8,087		3.75	%	166		Feb-17		7,679		—	Open
885 Third Avenue	267,650		6.26	%	—		Jul-17		267,650		—	Open
388-390 Greenwich Street (swapped)	504,000		3.80	%	—		Jun-18	(4)	504,000		Jun-21	Jun-15
1 Madison Avenue	571,284		5.91	%	21,595		May-20		404,531		—	Open
100 Church Street	229,472		4.68	%	1,388		Jul-22		197,784		—	Open
919 Third Avenue	500,000		5.12	%	—		Jun-23		441,594		—	Open
400 East 57th Street	69,201		4.13	%	1,002		Feb-24		46,195		—	Open
400 East 58th Street	29,658		4.13	%	429		Feb-24		19,798		—	Open
420 Lexington Avenue	300,000		3.99	%	—		Oct-24		272,749		—	Mar-18
1515 Broadway	900,000		3.93	%	—		Mar-25		737,436		—	Feb-15
	$	4,486,782	4.92	%	$	32,762			$	3,995,515
Secured fixed rate debt - other
Preferred Equity Investment	$	50,000	8.00	%	$	—	Sep-19		$	50,000	—	Open
	$	50,000	8.00	%	$	—			$	50,000
Unsecured fixed rate debt
Unsecured notes	$	255,238	6.00	%	$	—	Mar-16		$	255,308	—	Open
Convertible notes	306,187		3.00	%	—		Oct-17		345,000		—	Open
Unsecured notes	249,728		5.00	%	—		Aug-18		250,000		—	Open
Term loan (swapped)	30,000		3.70	%	—		Jun-19	(5)	30,000		—	Open
Unsecured notes	250,000		7.75	%	—		Mar-20		250,000		—	Open
Unsecured notes	200,000		4.50	%	—		Dec-22		200,000		—	Open
Convertible notes	7		4.00	%	—		Jun-25	(6)	7		—	Jun-15
Convertible notes	10,008		3.00	%	—		Mar-27	(7)	10,008		—	Mar-17
Junior subordinated deferrable interest debentures	100,000		5.61	%	—		Jul-35		100,000		—	Open
Series J Preferred Units	4,000		3.75	%	—		Apr-51		4,000		—	Open
	$	1,405,168	5.16	%	$	—			$	1,444,323
Total Fixed Rate Debt/Wtd Avg	$	5,941,950	5.00	%	$	32,762			$	5,489,838
Floating rate debt
Secured floating rate debt
Debt & preferred equity facility (LIBOR + 321 bps)	$	100,000	3.37	%	$	—	Dec-14		$	100,000	Dec-15	Open
388-390 Greenwich Street (LIBOR + 175 bps)	946,000		1.91	%	—		Jun-18		946,000		Jun-21	Jun-15
248-252 Bedford Avenue (LIBOR + 150 bps)	29,000		1.66	%	—		Jun-19		28,317		—	Open
220 East 42nd St. (LIBOR + 160 bps)	275,000		1.76	%	—		Oct-20		275,000		—	Open
	$	1,350,000	1.98	%	$	—			$	1,349,317
Unsecured floating rate debt
Revolving credit facility (LIBOR + 145 bps)	$	244,000	1.61	%	$	—	Mar-17		$	244,000	Mar-18	Open
Term loan (LIBOR + 140 bps)	753,000		1.56	%	—		Jun-19		753,000		—	Open
	$	997,000	1.57	%	$	—			$	997,000
Total Floating Rate Debt/Wtd Avg	$	2,347,000	1.81	%	$	—			$	2,346,317
Total Debt/Wtd Avg - Consolidated	$	8,288,950	4.10	%	$	32,762			$	7,836,155
Total Debt/Wtd Avg - Joint Venture	$	1,394,788	4.22	%
Total Debt including SLG’s share of JV Debt/Wtd Avg	$	9,683,738	4.12	%
Weighted Average Balance & Interest Rate for the quarter, including SLG’s share of JV Debt	$	9,684,294	4.16	%

(1) Excludes mortgages related to 180 Maiden and 2 Herald Square, which are currently held for sale.

(2) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.

(3) The loan was repaid at maturity.

(4) The interest rate swaps mature in December 2017.

(5) The interest rate swap matures in June 2016.

(6) Notes can be put to the Company, at the option of the holder, on June 15, 2015.

(7) Notes can be put to the Company, at the option of the holder, on March 30, 2017.

26

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)

	Principal Outstanding						2014					As-Of
	9/30/2014						Principal		Maturity	Due at		Right	Earliest
	Gross Principal		SLG Share		Coupon (1)		Amortization		Date	Maturity		Extension	Prepayment
Fixed rate debt
7 Renaissance	$	1,868	$	934	10.00	%	$	—	Dec-15	$	934	—	Open
11 West 34th Street (swapped)	16,982		5,095		4.82	%	90		Jan-16	4,977		—	Open
280 Park Avenue	701,928		347,184		6.57	%	3,321		Jun-16	341,184		—	Open
1745 Broadway	340,000		109,650		5.68	%	—		Jan-17	109,650		—	Open
Jericho Plaza	163,750		33,176		5.65	%	—		May-17	33,176		—	Open
800 Third Avenue (swapped)	20,910		8,981		6.00	%	—		Aug-17	8,981		—	Open
315 West 36th Street (swapped)	25,000		8,875		3.16	%	—		Dec-17	8,670		—	Open
717 Fifth Avenue (mortgage)	300,000		32,750		4.45	%	—		Jul-22	32,750		—	Aug-15
21 East 66th Street	12,000		3,874		3.60	%	—		Apr-23	3,874		—	Open
717 Fifth Avenue (mezzanine)	311,698		34,027		9.00	%	—		Jul-24	50,969		—	Open
Total Fixed Rate Debt/Wtd Avg	$	1,894,136	$	584,546	6.28	%	$	3,411		$	595,165
Floating rate debt
Meadows (LIBOR + 575 bps)	$	67,350	$	33,675	7.75	%	$	—	Sep-15	$	33,675	—	Open
3 Columbus Circle (LIBOR + 210 bps)	233,058		113,965		2.34	%	4,008		Apr-16	107,998		—	Open
1552 Broadway (LIBOR + 405 bps)	180,885		90,443		4.21	%	—		Apr-16	90,443		—	Open
Mezzanine Debt (LIBOR + 90 bps)	30,000		15,000		1.06	%	—		Jun-16	15,000		—	Open
10 East 53rd Street (LIBOR + 250 bps)	125,000		68,750		2.66	%	—		Feb-17	68,750		—	Open
724 Fifth Avenue (LIBOR + 242 bps)	275,000		137,500		2.58	%	—		Apr-17	137,500		—	Open
33 Beekman (LIBOR + 275 bps)	43,707		20,061		2.91	%	—		Aug-17	19,884		—	Open
600 Lexington Avenue (LIBOR + 200 bps)	117,717		64,744		2.24	%	2,114		Oct-17	58,846		—	Open
521 Fifth Avenue (LIBOR + 220 bps)	170,000		85,850		2.36	%	—		Nov-19	85,850		—	Open
100 Park Avenue (LIBOR + 175 bps)	360,000		179,640		1.91	%	—		Feb-21	175,859		—	Feb-16
21 East 66th Street (T 12 mos + 275 bps)	1,902		614		2.88	%	25		Jun-33	4		—	Open
Total Floating Rate Debt/Wtd Avg	$	1,604,619	$	810,242	2.73	%	$	6,147		$	793,809
Total Joint Venture Debt/Wtd Avg	$	3,498,755	$	1,394,788	4.22	%	$	9,558		$	1,388,974

(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.

Covenants

SL GREEN REALTY CORP.
Revolving Credit Facility Covenants
	Actual		Required
Total Debt / Total Assets	49.2	x	Less than 60%
Fixed Charge Coverage	2.26	x	Greater than 1.5x

Unsecured Notes Covenants
	Actual		Required
Total Debt / Total Assets	38.6	%	Less than 60%
Secured Debt / Total Assets	17.9	%	Less than 40%
Debt Service Coverage	3.17	x	Greater than 1.5x
Unencumbered Assets / Unsecured Debt	386.1	%	Greater than 150%

Composition of Debt
Fixed Rate Debt
Consolidated	$	5,941,950
SLG Share of JV	584,546
Total Fixed Rate Debt	$	6,526,496		67.4%
Floating Rate Debt
Consolidated	$	2,347,000
SLG Share of JV	810,242
	3,157,242
Debt & Preferred Equity Investments	(525,021		)
Total Floating Rate Debt	$	2,632,221		27.2%
Total Debt	$	9,683,738

27

DEBT SUMMARY SCHEDULE - Reckson Operating Partnership Unaudited (Dollars in Thousands)

Consolidated

	Principal				2014						As-Of
	Outstanding				Principal		Maturity		Due at		Right	Earliest
	9/30/2014		Coupon (1)		Amortization		Date		Maturity		Extension	Prepayment
Fixed rate debt
Secured fixed rate debt
919 Third Avenue	$	500,000	5.12	%	$	—	Jun-23		$	441,594	—	Open
	$	500,000	5.12	%	$	—			$	441,594
Secured fixed rate debt - Other
Preferred Equity Investment	$	50,000	8.00	%	$	—	Sep-19		$	50,000	—	Open
	$	50,000	8.00	%	$	—			$	50,000
Unsecured fixed rate debt
Unsecured notes	$	255,238	6.00	%	$	—	Mar-16		$	255,308	—	Open
Unsecured notes	249,728		5.00	%	—		Aug-18		250,000		—	Open
Term loan (swapped)	30,000		3.70	%	—		Jun-19	(2)	30,000		—	Open
Unsecured notes	250,000		7.75	%	—		Mar-20		250,000		—	Open
Unsecured notes	200,000		4.50	%	—		Dec-22		200,000		—	Open
Convertible notes	7		4.00	%	—		Jun-25	(3)	7		—	Jun-15
	$	984,973	5.82	%	$	—			$	985,315
Total Fixed Rate Debt/Wtd Avg	$	1,534,973	5.66	%	$	—			$	1,476,909
Floating rate debt
Unsecured floating rate debt
Revolving credit facility (LIBOR + 145 bps)	$	244,000	1.61	%	$	—	Mar-17		$	244,000	Mar-18	Open
Term loan (LIBOR + 140 bps)	753,000		1.56	%	—		Jun-19		753,000		—	Open
Total Floating Rate Debt/Wtd Avg	$	997,000	1.57	%	$	—			$	997,000
Total Debt/Wtd Avg - Consolidated	$	2,531,973	4.05	%	$	—			$	2,473,909

(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.

(2) The interest rate swap matures in June 2016.

(3) Notes can be put to the Company, at the option of the holder, on June 15, 2015.

Covenants

RECKSON OPERATING PARTNERSHIP, L.P.
Revolving Credit Facility Covenants
	Actual		Required
Total Debt / Total Assets	47.9	%	Less than 60%
Fixed Charge Coverage	2.97	x	Greater than 1.5x
Secured Debt / Total Assets	8.9	%	Less than 40%
Unsecured Debt / Unencumbered Assets	49.6	%	Less than 60%

28

SUMMARY OF GROUND LEASE ARRANGEMENTS (Dollars in Thousands)

									Deferred
	2014 Scheduled		2015 Scheduled		2016 Scheduled		2017 Scheduled		Land Lease		Year of
Property	Cash Payment		Cash Payment		Cash Payment		Cash Payment		Obligations(1)		Maturity
Consolidated Ground Lease Arrangements
Operating Leases
625 Madison Avenue	$	4,613	$	4,613	$	4,613	$	4,613	$	—	2022	(2)
461 Fifth Avenue	2,100		2,100		2,100		2,100		391		2027	(3)
711 Third Avenue	5,250		5,250		5,354		5,500		738		2033	(4)
1185 Avenue of the Americas	6,909		6,909		6,909		6,909		—		2043
420 Lexington Avenue	10,899		10,899		10,899		10,899		—		2050	(5)
1055 Washington Blvd, Stamford	615		615		615		615		—		2090
1080 Amsterdam Avenue	105		105		122		209		—		2111
Total	$	30,491	$	30,491	$	30,612	$	30,845	$	1,129
Capitalized Leases
1080 Amsterdam Avenue	$	145	$	145	$	170	$	291	$	20,728	2111
Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)
Operating Lease
650 Fifth Avenue	$	1,167	$	1,167	$	1,167	$	1,167	$	—	2062
Capitalized Lease
650 Fifth Avenue	$	6,086	$	6,086	$	6,086	$	6,086	$	89,962	2062

(1) Per the balance sheet at September 30, 2014.

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

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

(4) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.

(5) Subject to two 15-year renewals at the Company’s option through 2080.

29

DEBT AND PREFERRED EQUITY INVESTMENTS (Dollars in Thousands)

				Weighted Average Book		Weighted Average		Current
	Book Value			Value During Quarter		Yield During Quarter		Yield(2)
6/30/2013	$	1,227,421		$	1,323,266	10.96	%	10.93	%
Debt originations/accretion(1)	187,050
Preferred Equity originations/accretion	6,621
Redemptions/Sales/Syndications/Amortization	(105,541		)
9/30/2013	$	1,315,551		$	1,304,561	11.20	%	11.19	%
Debt originations/accretion(1)	87,412
Preferred Equity originations/accretion	11,031
Redemptions/Sales/Syndications/Amortization	(109,155		)
12/31/2013	$	1,304,839		$	1,304,034	11.27	%	11.31	%
Debt originations/accretion(1)	142,394
Preferred Equity originations/accretion	44,109
Redemptions/Sales/Syndications/Amortization	2,383
3/31/2014	$	1,493,725		$	1,359,250	10.63	%	10.42	%
Debt originations/accretion(1)	232,217
Preferred Equity originations/accretion	3,986
Redemptions/Sales/Syndications/Amortization(3)	(182,120		)
6/30/2014	$	1,547,808		$	1,416,582	10.63	%	10.47	%
Debt originations/accretion(1)	169,424
Preferred Equity originations/accretion	3,324
Redemptions/Sales/Syndications/Amortization	(287,605		)
9/30/2014	$	1,432,951		$	1,456,997	10.53	%	10.48	%

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

(2) Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.

(3) Reflects the reclassification of a debt and preferred equity investment originated during the first quarter of 2014 to investment in unconsolidated joint ventures.

30

DEBT AND PREFERRED EQUITY INVESTMENTS (Dollars in Thousands, Except Per Square Foot Amounts)

					Weighted Average		Weighted Average		Current
Type of Investment	Book Value(1)		Senior Financing		Exposure PSF		Yield During Quarter		Yield(2)
New York City
Senior Mortgage Debt	$	140,164	$	—	$	528	6.98	%	6.60	%
Junior Mortgage Participation	178,684		2,174,595		$	1,508	9.84	%	9.77	%
Mezzanine Debt	758,275		3,071,983		$	1,086	11.50	%	11.71	%
Preferred Equity	355,828		1,546,260		$	452	9.75	%	9.76	%
Balance as of 9/30/14	$	1,432,951	$	6,792,838	$	921	10.53	%	10.48	%

(1)   Approximately 36.2% of our investments are indexed to LIBOR.

(2)   Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.

(3)   The weighted average maturity of the outstanding balance is 2.04 years.  Approximately 54.4% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

31

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS (Dollars in Thousands, Except Per Square Foot Amounts)

	Book Value(1)			Senior				Current
Investment Type	9/30/14		Location	Financing		Last $ PSF		Yield(2)
Preferred Equity	$	224,720	New York City	$	926,260	$	548	9.08	%
Preferred Equity	121,158		New York City	550,000		$	291	11.09	%
Mortgage and Mezzanine	109,252		New York City	—		$	373	7.06	%
Jr. Mortgage Participation and Mezzanine	97,100		New York City	1,109,000		$	1,166	9.54	%
Mezzanine Loan	73,602		New York City	775,000		$	1,081	18.41	%
Mezzanine Loan	71,592		New York City	165,000		$	1,984	9.87	%
Mezzanine Loan	70,080		New York City	205,000		$	397	11.26	%
Mezzanine Loan	65,675		N/A(3)	—		$	—	10.88	%
Mezzanine Loan	50,412		New York City	539,000		$	513	16.13	%
Mezzanine Loan	49,482		New York City	110,000		$	480	12.03	%
Total	$	933,073		$	4,379,260			10.78	%

(1) Net of unamortized fees and discounts.

(2) Calculated based on interest, fees and amortized discounts recognized in the last month of the quarter.

(3) The loan is collateralized by defeasance securities.

32

SELECTED PROPERTY DATA Manhattan Operating Properties

			# of	Useable	% of Total		Occupancy (%)										Annualized		Annualized Cash Rent				Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Sep-14		Jun-14		Mar-14		Dec-13		Sep-13		Cash Rent ($’s)		100%		SLG		Tenants
CONSOLIDATED PROPERTIES
“Same Store”
100 Church Street	Downtown	Fee Interest	1	1,047,500	4		98.7		98.7		98.7		98.7		85.7		37,964,052		4		3		18
110 East 42nd Street	Grand Central	Fee Interest	1	215,400	1		88.7		83.2		83.6		86.5		86.5		9,367,272		1		1		22
120 West 45th Street	Midtown	Fee Interest	1	440,000	2		94.5		93.3		92.6		85.2		81.0		23,965,716		2		2		40
125 Park Avenue	Grand Central	Fee Interest	1	604,245	2		81.9		70.8		82.2		82.0		87.8		27,975,444		3		2		22
220 East 42nd Street	Grand Central	Fee Interest	1	1,135,000	4		92.0		91.5		91.5		91.5		91.1		47,581,416		5		4		32
304 Park Avenue South	Midtown South	Fee Interest	1	215,000	1		90.5		90.5		100.0		98.8		95.3		11,707,392		1		1		13
420 Lexington Ave (Graybar)	Grand Central North	Leasehold Interest	1	1,188,000	4		96.7		95.0		85.5		85.8		84.1		69,242,532		7		6		215
461 Fifth Avenue (1)	Midtown	Leasehold Interest	1	200,000	1		96.5		96.5		99.3		99.4		99.4		16,589,580		2		1		12
485 Lexington Avenue	Grand Central North	Fee Interest	1	921,000	3		100.0		100.0		100.0		100.0		100.0		56,904,024		6		5		24
555 West 57th Street	Midtown West	Fee Interest	1	941,000	3		99.9		99.9		99.9		99.9		99.1		37,375,392		4		3		10
609 Fifth Avenue	Rockefeller Center	Fee Interest	1	160,000	1		81.3		79.0		79.0		77.8		85.0		14,074,296		1		1		13
625 Madison Avenue	Plaza District	Leasehold Interest	1	563,000	2		92.1		92.1		92.1		92.1		92.3		46,884,912		5		4		21
641 Sixth Avenue	Midtown South	Fee Interest	1	163,000	1		92.1		92.1		92.1		92.1		92.1		8,475,000		1		1		7
711 Third Avenue (2)	Grand Central North	Leasehold Interest	1	524,000	2		80.6		80.6		71.9		88.4		88.4		24,733,440		2		2		17
750 Third Avenue	Grand Central North	Fee Interest	1	780,000	3		96.7		96.4		96.4		95.8		96.8		43,430,736		4		4		30
810 Seventh Avenue	Times Square	Fee Interest	1	692,000	3		83.4		84.2		85.1		92.0		91.5		37,036,812		4		3		41
919 Third Avenue (3)	Grand Central North	Fee Interest	1	1,454,000	5		90.3		90.3		90.3		90.3		96.9		84,835,656				4		11
1185 Avenue of the Americas	Rockefeller Center	Leasehold Interest	1	1,062,000	4		99.9		99.9		99.9		95.2		95.2		87,409,152		9		7		19
1350 Avenue of the Americas	Rockefeller Center	Fee Interest	1	562,000	2		99.9		95.7		95.7		99.5		98.1		39,214,068		4		3		36
1515 Broadway	Times Square	Fee Interest	1	1,750,000	6		100.0		100.0		100.0		100.0		100.0		115,034,916		11		10		12
1 Madison Avenue	Park Avenue South	Fee Interest	1	1,176,900	4		100.0		100.0		100.0		100.0		100.0		68,520,156		7		6		2
Subtotal / Weighted Average			21	15,794,045	57	%	94.9	%	94.1	%	93.7	%	94.2	%	93.8	%	$	908,321,964	80	%	73	%	617
“Non Same Store”
388 & 390 Greenwich Street	Downtown	Fee Interest	2	2,635,000	10		100.0		100.0		100.0		100.0		100.0		111,016,908		11		9		1
Subtotal / Weighted Average			2	2,635,000	10	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	$	111,016,908	11	%	9	%	1
Total / Weighted Average Consolidated Properties			23	18,429,045	67	%	95.6	%	94.9	%	94.6	%	95.0	%	94.7	%	$	1,019,338,872	91	%	82	%	618
UNCONSOLIDATED PROPERTIES
“Same Store”
3 Columbus Circle - 48.9%	Columbus Circle	Fee Interest	1	530,981	2		79.5		73.8		73.2		70.7		70.3		34,454,004				1		24
100 Park Avenue - 50%	Grand Central South	Fee Interest	1	834,000	3		96.0		96.5		96.5		95.1		94.6		58,242,072				2		39
315 West 36th Street - 35.5%	Times Square South	Fee Interest	1	147,619	1		99.2		99.2		99.2		99.2		99.2		5,125,404				0		6
521 Fifth Avenue - 50.5%	Grand Central	Fee Interest	1	460,000	2		99.3		95.6		95.4		94.4		94.5		27,778,200				1		45
600 Lexington Avenue - 55%	East Side	Fee Interest	1	303,515	1		89.2		75.7		75.7		75.5		69.2		20,617,812				1		35
800 Third Avenue - 42.95%	Grand Central North	Fee Interest	1	526,000	2		94.8		93.5		93.5		95.4		95.4		30,019,968				1		39
1745 Broadway - 32.3%	Midtown	Fee Interest	1	674,000	2		100.0		100.0		100.0		100.0		100.0		40,227,156				1		1
Total / Weighted Average Unconsolidated Properties			7	3,476,115	13	%	94.0	%	91.4	%	91.3	%	90.7	%	90.0	%	$	216,464,616			8	%	189
Manhattan Operating Properties Grand Total / Weighted Average			30	21,905,160	80	%	95.4	%	94.4	%	94.1	%	94.3	%	94.0	%	$	1,235,803,488					807
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																	$	1,076,796,607			91	%
Manhattan Operating Properties Same Store Occupancy %				19,270,160	88	%	94.8	%(4)	93.6	%	93.3	%	93.5	%	93.1	%

(1) SL Green holds an option to acquire the fee interest.

(2) SL Green owns 50% of the fee interest.

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

(4) Manhattan same-store occupancy, inclusive of 118,848 square feet of leases signed but not yet commenced, is 95.3% as of September 30, 2014, as compared to 94.9% as of June 30, 2014.

33

SELECTED PROPERTY DATA Suburban Operating Properties

			# of	Useable	% of Total		Occupancy (%)										Annualized		Annualized Cash Rent				Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Sep-14		Jun-14		Mar-14		Dec-13		Sep-13		Cash Rent ($’s)		100%		SLG		Tenants
CONSOLIDATED PROPERTIES
“Same Store” Westchester, New York
1100 King Street - 1 Int’l Drive	Rye Brook, New York	Fee Interest	1	90,000	0		74.8		74.8		74.8		74.8		74.8		1,750,068		0		0		2
1100 King Street - 2 Int’l Drive	Rye Brook, New York	Fee Interest	1	90,000	0		47.9		47.9		47.9		47.0		47.0		1,377,192		0		0		3
1100 King Street - 3 Int’l Drive	Rye Brook, New York	Fee Interest	1	90,000	0		21.7		57.2		57.2		57.2		57.2		773,856		0		0		3
1100 King Street - 4 Int’l Drive	Rye Brook, New York	Fee Interest	1	90,000	0		84.6		84.6		83.9		83.9		69.6		1,974,060		0		0		10
1100 King Street - 5 Int’l Drive	Rye Brook, New York	Fee Interest	1	90,000	0		92.0		92.0		81.8		82.6		80.5		1,935,396		0		0		8
1100 King Street - 6 Int’l Drive	Rye Brook, New York	Fee Interest	1	90,000	0		56.7		50.8		50.8		88.0		88.0		1,529,676		0		0		4
520 White Plains Road	Tarrytown, New York	Fee Interest	1	180,000	1		75.2		57.5		55.8		57.8		57.8		3,537,780		0		0		11
115-117 Stevens Avenue	Valhalla, New York	Fee Interest	1	178,000	1		74.3		74.8		74.8		73.4		73.4		2,724,864		0		0		10
100 Summit Lake Drive	Valhalla, New York	Fee Interest	1	250,000	1		70.7		70.7		70.7		70.7		70.7		4,349,568		0		0		10
200 Summit Lake Drive	Valhalla, New York	Fee Interest	1	245,000	1		80.2		80.2		80.2		80.2		80.2		4,617,192		0		0		8
500 Summit Lake Drive	Valhalla, New York	Fee Interest	1	228,000	1		97.8		96.5		90.3		90.3		90.3		4,921,440		0		0		7
140 Grand Street	White Plains, New York	Fee Interest	1	130,100	0		95.7		95.7		93.6		93.6		89.5		3,928,800		0		0		13
360 Hamilton Avenue	White Plains, New York	Fee Interest	1	384,000	1		90.9		90.2		90.2		89.3		89.0		12,689,784		1		1		18
Westchester, New York Subtotal/Weighted Average			13	2,135,100	9	%	78.6	%	78.1	%	76.7	%	78.1	%	77.2	%	$	46,109,676	4	%	4	%	107
“Same Store” Connecticut
1 Landmark Square	Stamford, Connecticut	Fee Interest	1	312,000	1		93.1		95.9		95.1		93.8		92.8		8,546,940		1		1		62
2 Landmark Square	Stamford, Connecticut	Fee Interest	1	46,000	0		81.7		57.3		57.3		54.9		57.3		963,780		0		0		9
3 Landmark Square	Stamford, Connecticut	Fee Interest	1	130,000	0		51.7		55.1		55.1		55.1		50.1		2,056,008		0		0		17
4 Landmark Square	Stamford, Connecticut	Fee Interest	1	105,000	0		85.1		87.6		87.6		84.9		84.9		2,786,628		0		0		13
5 Landmark Square	Stamford, Connecticut	Fee Interest	1	61,000	0		98.8		98.8		98.7		99.0		99.0		968,688		0		0		10
6 Landmark Square	Stamford, Connecticut	Fee Interest	1	172,000	1		87.1		83.6		83.4		83.4		83.4		3,758,412		0		0		7
7 Landmark Square	Stamford, Connecticut	Fee Interest	1	36,800	0		76.9		76.9		76.9		76.9		76.9		325,320		0		0		1
680 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	133,000	0		77.7		77.7		77.7		77.7		76.5		4,456,596				0		9
750 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	192,000	1		99.1		93.3		93.3		93.3		93.6		6,637,692				0		9
1055 Washington Boulevard	Stamford, Connecticut	Leasehold Interest	1	182,000	1		90.6		90.6		89.7		87.7		86.7		6,275,736		1		1		22
1010 Washington Boulevard	Stamford, Connecticut	Fee Interest	1	143,400	1		75.6		72.2		75.7		65.3		65.3		3,493,752		0		0		22
500 West Putnam Avenue	Greenwich, Connecticut	Fee Interest	1	121,500	0		53.8		53.8		57.0		57.0		57.0		2,975,376		0		0		10
Connecticut Subtotal/Weighted Average			12	1,634,700	5	%	82.9	%	81.8	%	82.1	%	80.5	%	79.8	%	$	43,244,928	3	%	3	%	191
“Same Store” New Jersey
125 Chubb Way	Lyndhurst, New Jersey	Fee Interest	1	278,000	1		61.1		61.1		61.1		59.4		58.3		3,851,880		0		0		5
New Jersey Subtotal/Weighted Average			1	278,000	1	%	61.1	%	61.1	%	61.1	%	59.4	%	58.3	%	$	3,851,880	0	%	0	%	5
“Non Same Store” Brooklyn, New York
16 Court Street	Brooklyn, New York	Fee Interest	1	317,600	1		94.4		93.8		90.3		87.2		88.4		11,388,576		1		1		64
Brooklyn, New York Subtotal/Weighted Average			1	317,600	1	%	94.4	%	93.8	%	90.3	%	87.2	%	88.4	%	$	11,388,576	1	%	1	%	64
Total / Weighted Average Consolidated Properties			27	4,365,400	16	%	80.2	%	79.6	%	78.7	%	78.5	%	77.8	%	$	104,595,060	9	%	8	%	367
UNCONSOLIDATED PROPERTIES
“Same Store”
The Meadows - 50%	Rutherford, New Jersey	Fee Interest	2	582,100	2		87.1		87.9		87.1		84.2		80.5		13,618,452				1		57
Jericho Plaza — 20.26%	Jericho, New York	Fee Interest	2	640,000	2		83.6		90.5		90.5		89.9		89.6		18,516,504				0		35
Total / Weighted Average Unconsolidated Properties			4	1,222,100	4	%	85.3	%	89.3	%	88.9	%	87.2	%	85.3	%	$	32,134,956			1	%	92
Suburban Operating Properties Grand Total / Weighted Average			31	5,587,500	20	%	81.3	%	81.7	%	80.9	%	80.4	%	79.4	%	$	136,730,016					459
Suburban Operating Properties Grand Total - SLG share of Annualized Rent																	$	109,719,529			9	%
Suburban Operating Properties Same Store Occupancy %				5,269,900	94	%	80.5	%(2)	81.0	%	80.4	%	80.0	%	78.9	%

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

(2) Suburban same-store occupancy, inclusive of 95,142 square feet of leases signed but not yet commenced, is 82.4% as of September 30, 2014, as compared to 82.8% as of June 30, 2014.

34

SELECTED PROPERTY DATA Retail, Development / Redevelopment & Land Properties

			# of	Useable	% of Total		Occupancy (%)										Annualized		Annualized			Gross Total RE		Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Sep-14		Jun-14		Mar-14		Dec-13		Sep-13		Cash Rent ($’s)		Cash Rent (SLG%)			Book Value		Tenants
“Same Store” Retail
11 West 34th Street - 30%	Herald Square/Penn Station	Fee Interest	1	17,150	2		100.0		100.0		100.0		100.0		100.0		2,450,412		1			15,482,405		1
19-21 East 65th Street - 80% (1)	Plaza District	Leasehold Interest	2	23,610	3		66.0		83.0		83.0		100.0		100.0		1,272,813		2			7,548,256		5
21 East 66th Street - 32.28%	Plaza District	Fee Interest	1	16,736	2		100.0		100.0		100.0		100.0		100.0		3,204,888		2			83,815,649		1
131-137 Spring Street	Soho	Fee Interest	2	68,342	9		92.0		92.0		92.0		100.0		100.0		4,491,408		8			134,173,361		11
717 Fifth Avenue - 10.92%	Midtown/Plaza District	Fee Interest	1	119,550	16		89.4		89.4		89.4		89.4		89.4		36,120,720		7			279,966,857		7
724 Fifth Avenue - 50%	Plaza District	Fee Interest	1	65,010	9		68.2		76.7		76.7		76.6		84.6		20,866,788		19			225,159,473		6
752 Madison Avenue - 80% (2)	Plaza District	Leasehold Interest	1	21,124	3		100.0		100.0		100.0		100.0		100.0		3,949,404		6			11,140,833		1
762 Madison Avenue - 80% (1)	Plaza District	Fee Interest	1	6,109	1		100.0		100.0		76.7		82.6		82.6		1,693,584		3			16,704,723		5
Williamsburg Terrace	Brooklyn, New York	Fee Interest	1	52,000	7		100.0		100.0		100.0		100.0		100.0		1,560,492		3			16,357,696		3
Subtotal/Weighted Average			11	389,631	53	%	88.0	%	90.4	%	90.1	%	92.6	%	93.9	%	$	75,610,509	52		%	$	790,349,252	40
“Non Same Store” Retail
115 Spring Street	Soho	Fee Interest	1	5,218	1		100.0		N/A		N/A		N/A		N/A		928,824		2			53,125,000		1
121 Greene Street - 50%	Soho	Fee Interest	1	7,131	1		100.0		N/A		N/A		N/A		N/A		1,275,696		1			28,209,044		2
315 West 33rd Street - The Olivia	Penn Station	Fee Interest	1	270,132	37		100.0		100.0		100.0		100.0		N/A		14,913,982		28			213,197,064		10
1552-1560 Broadway - 50%	Times Square	Fee Interest	2	57,718	8		67.5		67.5		67.5		—		—		19,003,968		18			249,405,045		2
Subtotal/Weighted Average			5	340,199	47	%	94.5	%	94.3	%	94.3	%	82.4	%	—		$	36,122,470	48		%	$	543,936,153	15
Total / Weighted Average Retail Properties			16	729,830	100	%	91.0	%	92.2	%	92.0	%	87.9	%	81.8	%	$	111,732,979	100		%	$	1,334,285,405	55
Development / Redevelopment
150 Grand Street	White Plains, New York	Fee Interest	1	85,000	2		38.0		36.1		36.1		31.5		31.5		811,452		1			17,718,514		19
7 Renaissance Square - 50%	White Plains, New York	Fee Interest	1	65,641	2		66.8		51.2		46.6		46.6		46.6		1,226,376		1			6,622,422		8
33 Beekman Street - 45.9%	Downtown	Fee Interest	1	—	—		—		—		—		—		—		—		—			71,477,744		—
180 Maiden Lane - 49.9% (1)	Financial East	Fee Interest	1	1,090,000	29		22.9		22.9		97.6		97.6		97.6		12,481,212		9			448,092,713		4
280 Park Avenue - 49.5%	Park Avenue	Fee Interest	1	1,219,158	33		55.5		58.2		50.1		59.4		59.4		68,575,848		48			1,202,730,679		27
51 East 42nd Street	Grand Central	Fee Interest	1	142,000	4		18.4		62.2		81.0		86.5		88.3		1,713,408		2			82,169,799		5
317 Madison Avenue	Grand Central	Fee Interest	1	450,000	12		35.1		64.2		72.9		78.6		81.9		10,955,364		15			140,148,943		22
331 Madison Avenue	Grand Central	Fee Interest	1	114,900	3		74.9		77.5		83.6		83.6		83.6		4,019,412		6			81,967,017		12
635 Sixth Avenue	Midtown South	Fee Interest	1	104,000	3		72.5		48.8		—		—		—		5,441,412		8			91,930,753		1
10 East 53rd Street - 55%	Plaza District	Fee Interest	1	354,300	9		26.7		26.7		90.0		90.0		90.0		6,351,612		5			273,187,637		14
Fifth Avenue Retail Assemblage	Plaza District	Fee Interest	3	66,962	2		66.2		69.8		74.6		74.6		N/A		1,764,600		2			148,276,947		2
650 Fifth Avenue - 50%	Plaza District	Leasehold Interest	1	32,324	1		10.5		10.5		63.6		63.6		N/A		1,337,316		1			256,659,390		2
719 Seventh Avenue - 75% (1)	Times Square	Fee Interest	1	6,000	0		100.0		N/A		N/A		N/A		N/A		1,397,256		1			41,149,278		2
Total / Weighted Average Development / Redevelopment Properties			15	3,730,285	100		40.1	%	45.3	%	71.6	%	75.4	%	76.0	%	$	116,075,268	100		%	$	2,862,131,836	118
Land
2 Herald Square (3)	Herald Square/Penn Station	Fee Interest	1	354,400	31		100.0		100.0		100.0		100.0		100.0		11,819,531		37			229,336,692
635 Madison Avenue (3)	Plaza District	Fee Interest	1	176,530	16		100.0		N/A		N/A		N/A		N/A		3,677,574		11			153,745,356
885 Third Avenue (3)	Midtown/Plaza District	Fee Interest	1	607,000	53		100.0		100.0		100.0		100.0		100.0		16,652,406		52			329,943,115
Total / Weighted Average Land			3	1,137,930	100	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	$	32,149,511	100		%	$	713,025,163
Residential Properties
			# of	Useable	Total Units		Occupancy (%)										Average Monthly		Annualized			Gross Total RE
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Residential		Sep-14		Jun-14		Mar-14		Dec-13		Sep-13		Rent Per Unit ($’s)		Cash Rent ($’s)			Book Value
400 East 57th Street - 80% (1)	Upper East Side	Fee Interest	1	290,482	261		91.6		93.1		94.2		95.0		95.0		3,075		10,470,599			118,935,350
400 East 58th Street - 80% (1)	Upper East Side	Fee Interest	1	140,000	125		96.0		96.8		98.4		94.4		96.8		3,071		4,901,081			52,307,987
1080 Amsterdam - 87.5% (1)	Upper West Side	Leasehold Interest	1	82,250	96		94.8		2.2		2.2		2.2		2.2		3,575		4,156,080			45,957,357
248-252 Bedford Avenue - 90% (1)	Brooklyn, New York	Fee Interest	1	66,611	77		79.2		84.4		87.7		85.7		67.9		4,251		3,111,964			45,372,860
315 West 33rd Street - The Olivia	Penn Station	Fee Interest		222,855	333		96.1		91.0		93.7		92.5		N/A		3,711		14,251,853			175,884,500
Total / Weighted Average Residential Properties			4	802,198	892		93.2	%	82.3	%	84.1	%	83.2	%	75.7	%	$	3,468	$	36,891,577		$	438,458,054

(1) Consolidated joint venture assets.

(2) SL Green owns an 80% interest in the leasehold position, which is treated as a consolidated joint venture, and later, through a separate entity, acquired the fee position.

(3) Subject to long-term, third party net operating leases.

35

SELECTED PROPERTY DATA Manhattan Operating Properties - Reckson Portfolio

			Useable	% of Total		Occupancy (%)										Annualized		Annualized Cash Rent				Total
Properties	SubMarket	Ownership	Sq. Feet	Sq. Feet		Sep-14		Jun-14		Mar-14		Dec-13		Sep-13		Cash Rent ($’s)		100%		SLG		Tenants
CONSOLIDATED PROPERTIES
“Same Store”
110 East 42nd Street	Grand Central	Fee Interest	215,400	2		88.7		83.2		83.6		86.5		86.5		9,367,272		2		2		22
304 Park Avenue South	Midtown South	Fee Interest	215,000	2		90.5		90.5		100.0		98.8		95.3		11,707,392		3		3		13
461 Fifth Avenue	Midtown	Leasehold Interest	200,000	2		96.5		96.5		99.3		99.4		99.4		16,589,580		4		4		12
555 West 57th Street	Midtown West	Fee Interest	941,000	10		99.9		99.9		99.9		99.9		99.1		37,375,392		10		9		10
609 Fifth Avenue	Rockefeller Center	Fee Interest	160,000	2		81.3		79.0		79.0		77.8		85.0		14,074,296		4		3		13
641 Sixth Avenue	Midtown South	Fee Interest	163,000	2		92.1		92.1		92.1		92.1		92.1		8,475,000		2		2		7
750 Third Avenue	Grand Central North	Fee Interest	780,000	8		96.7		96.4		96.4		95.8		96.8		43,430,736		12		10		30
810 Seventh Avenue	Times Square	Fee Interest	692,000	7		83.4		84.2		85.1		92.0		91.5		37,036,812		10		9		41
919 Third Avenue	Grand Central North	Fee Interest (1)	1,454,000	15		90.3		90.3		90.3		90.3		96.9		84,835,656				10		11
1185 Avenue of the Americas	Rockefeller Center	Leasehold Interest	1,062,000	11		99.9		99.9		99.9		95.2		95.2		87,409,152		23		21		19
1350 Avenue of the Americas	Rockefeller Center	Fee Interest	562,000	6		99.9		95.7		95.7		99.5		98.1		39,214,068		10		9		36
Total / Weighted Average Manhattan Consolidated Properties			6,444,400	65	%	94.1	%	93.6	%	94.1	%	94.3	%	95.7	%	$	389,515,356	81	%			214
Total Manhattan Consolidated Properties - SLG share of Annualized Rent																$	347,945,885			82	%
Suburban Operating Properties - Reckson Portfolio
CONSOLIDATED PROPERTIES
“Same Store”
1100 King Street - 1 Int’l Drive	Rye Brook, New York	Fee Interest	90,000	1		74.8		74.8		74.8		74.8		74.8		1,750,068		0		0		2
1100 King Street - 2 Int’l Drive	Rye Brook, New York	Fee Interest	90,000	1		47.9		47.9		47.9		47.0		47.0		1,377,192		0		0		3
1100 King Street - 3 Int’l Drive	Rye Brook, New York	Fee Interest	90,000	1		21.7		57.2		57.2		57.2		57.2		773,856		0		0		3
1100 King Street - 4 Int’l Drive	Rye Brook, New York	Fee Interest	90,000	1		84.6		84.6		83.9		83.9		69.6		1,974,060		1		0		10
1100 King Street - 5 Int’l Drive	Rye Brook, New York	Fee Interest	90,000	1		92.0		92.0		81.8		82.6		80.5		1,935,396		1		0		8
1100 King Street - 6 Int’l Drive	Rye Brook, New York	Fee Interest	90,000	1		56.7		50.8		50.8		88.0		88.0		1,529,676		0		0		4
520 White Plains Road	Tarrytown, New York	Fee Interest	180,000	2		75.2		57.5		55.8		57.8		57.8		3,537,780		1		1		11
115-117 Stevens Avenue	Valhalla, New York	Fee Interest	178,000	2		74.3		74.8		74.8		73.4		73.4		2,724,864		1		1		10
100 Summit Lake Drive	Valhalla, New York	Fee Interest	250,000	3		70.7		70.7		70.7		70.7		70.7		4,349,568		1		1		10
200 Summit Lake Drive	Valhalla, New York	Fee Interest	245,000	2		80.2		80.2		80.2		80.2		80.2		4,617,192		1		1		8
500 Summit Lake Drive	Valhalla, New York	Fee Interest	228,000	2		97.8		96.5		90.3		90.3		90.3		4,921,440		1		1		7
140 Grand Street	White Plains, New York	Fee Interest	130,100	1		95.7		95.7		93.6		93.6		89.5		3,928,800		1		1		13
360 Hamilton Avenue	White Plains, New York	Fee Interest	384,000	4		90.9		90.2		90.2		89.3		89.0		12,689,784		3		3		18
125 Chubb Way	Lyndhurst, New Jersey	Fee Interest	278,000	3		61.1		61.1		61.1		59.4		58.3		3,851,880		1		1		5
7 Landmark Square	Stamford, Connecticut	Fee Interest	36,800	0		76.9		76.9		76.9		76.9		76.9		325,320		0		0		1
680 Washington Boulevard	Stamford, Connecticut	Fee Interest (1)	133,000	1		77.7		77.7		77.7		77.7		76.5		4,456,596				1		9
750 Washington Boulevard	Stamford, Connecticut	Fee Interest (1)	192,000	2		99.1		93.3		93.3		93.3		93.6		6,637,692				1		9
1055 Washington Boulevard	Stamford, Connecticut	Leasehold Interest	182,000	2		90.6		90.6		89.7		87.7		86.7		6,275,736		2		1		22
1010 Washington Boulevard	Stamford, Connecticut	Fee Interest	143,400	1		75.6		72.2		75.7		65.3		65.3		3,493,752		1		1		22
Subtotal / Weighted Average			3,100,300	31	%	78.8	%	77.9	%	77.1	%	77.3	%	76.5	%	$	71,150,652	16	%	15	%	175
“Non Same Store”
16 Court Street	Brooklyn, New York	Fee Interest	317,600	3		94.4		93.8		90.3		87.2		88.4		11,388,576		3		3		64
Subtotal / Weighted Average			317,600	3	%	94.4	%	93.8	%	90.3	%	87.2	%	88.4	%	$	11,388,576	3	%	3	%	64
Total / Weighted Average Suburban Consolidated Properties			3,417,900	35	%	80.2	%	79.4	%	78.3	%	78.3	%	77.6	%	$	82,539,228					239
Total Suburban Consolidated Properties - SLG share of Annualized Rent																$	77,103,027			18	%
Reckson Portfolio Grand Total			9,862,300	100	%	89.3	%	88.7	%	88.6	%	88.8	%	89.4	%	$	472,054,584					453
Portfolio Grand Total - SLG Share of Annualized Rent																$	425,048,911	100	%	100	%

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

Retail, Development / Redevelopment & Land Properties - Reckson Portfolio

			Useable	% of Total		Occupancy (%)										Annualized		Gross Total RE		Total
Properties	SubMarket	Ownership	Sq. Feet	Sq. Feet		Sep-14		Jun-14		Mar-14		Dec-13		Sep-13		Cash Rent ($’s)		Book Value		Tenants
Retail
115 Spring Street	Soho	Fee Interest	5,218	2		100.0		N/A		N/A		N/A		N/A		928,824		53,125,000		1
131-137 Spring Street	Soho	Fee Interest	68,342	20		92.0		92.0		92.0		100.0		100.0		4,491,408		134,173,361		11
315 West 33rd Street - The Olivia	Penn Station	Fee Interest	270,132	79		100.0		100.0		100.0		100.0		N/A		14,913,982		213,197,064		10
Total Retail Properties			343,692	100	%	98.4	%	98.4	%	98.4	%	100.0	%	100.0	%	$	20,334,214	$	400,495,425	22
Development / Redevelopment
635 Sixth Avenue	Midtown South	Fee Interest	104,000	100		72.5		48.8		—		—		—		5,441,412		91,930,753		1
Total Development Properties			104,000	100	%	72.5	%	48.8	%	0.0	%	0.0	%	0.0	%	$	5,441,412	$	91,930,753	1

Residential Properties - Reckson Portfolio

			Useable		Occupancy (%)									Annualized		Average Monthly		Gross Total RE		Total
Properties	SubMarket	Ownership	Sq. Feet	Total Units	Sep-14		Jun-14		Mar-14		Dec-13		Sep-13	Cash Rent ($’s)		Rent Per Unit ($’s)		Book Value		Tenants
315 West 33rd Street - The Olivia	Penn Station	Fee Interest	222,855	333	96.1		91.0		93.7		92.5		N/A	14,251,853		3,711		175,884,500		320
Total Residential Properties			222,855	333	96.1	%	91.0	%	93.7	%	92.5	%	—	$	14,251,853	$	3,711	$	175,884,500	320

36

LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties

													% of
									% of		SLG Share of		SLG Share of
		Lease	Total	Annualized			PSF		Annualized		Annualized		Annualized		Credit
Tenant Name	Property	Expiration	Square Feet	Cash Rent ($)			Annualized		Cash Rent		Cash Rent($)		Cash Rent		Rating (2)
Citigroup, N.A.	388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue, 750 Washington Blvd	Various	3,023,423	$	132,436,554	(1)	$	43.80	9.6	%	$	130,380,748	11.0	%	A-
Viacom International, Inc.	1515 Broadway	2031	1,330,735	86,317,022			$	64.86	6.3	%	86,317,022		7.3	%	BBB
Credit Suisse Securities (USA), Inc.	1 Madison Avenue & 1055 Washington	2019 & 2020	1,149,406	66,666,214			$	58.00	4.9	%	66,666,214		5.6	%	A
Random House, Inc.	1745 Broadway	2018 & 2023	644,598	40,227,150			$	62.41	2.9	%	12,977,279		1.1	%	BBB+
Debevoise & Plimpton, LLP	919 Third Avenue	2021	619,353	42,974,833			$	69.39	3.1	%	21,917,165		1.8	%
The City of New York	16 Court Street & 100 Church Street	2014, 2017 & 2034	541,787	17,782,632			$	32.82	1.3	%	17,782,632		1.5	%	Aa2
Omnicom Group, Inc.	220 East 42nd Street	2017	493,560	21,009,807			$	42.57	1.5	%	21,009,807		1.8	%	BBB+
Ralph Lauren Corporation	625 Madison Avenue	2019	339,381	23,531,760			$	69.34	1.7	%	23,531,760		2.0	%	A
Advance Magazine Group, Fairchild Publications	750 Third Avenue & 485 Lexington Avenue	2021	339,195	15,743,755			$	46.42	1.1	%	15,743,755		1.3	%
C.B.S. Broadcasting, Inc.	555 West 57th Street	2023	295,226	12,252,496			$	41.50	0.9	%	12,252,496		1.0	%	BBB
Metro-North Commuter Railroad Company	420 Lexington Avenue	2034	273,170	12,009,262			$	43.96	0.9	%	12,009,262		1.0	%	Aa2
Schulte, Roth & Zabel LLP	919 Third Avenue	2036	263,186	17,042,745			$	64.76	1.2	%	8,691,800		0.7	%
HF Management Services LLC	100 Church Street & 521 Fifth Avenue	2015 & 2032	252,762	8,670,089			$	34.30	0.6	%	7,978,672		0.7	%
BMW of Manhattan	555 West 57th Street	2022	227,782	6,281,024			$	27.57	0.5	%	6,281,024		0.5	%	A+
The City University of New York - CUNY	555 West 57th Street & 16 Court Street	2020, 2023 & 2030	227,622	8,508,172			$	37.38	0.6	%	8,508,172		0.7	%	Aa2
Stroock, Stroock & Lavan LLP	180 Maiden Lane	2023	223,434	11,312,742			$	50.63	0.8	%	5,647,321		0.5	%
Amerada Hess Corp.	1185 Avenue of the Americas	2027	181,569	13,062,573			$	71.94	1.0	%	13,062,573		1.1	%	BBB
The Travelers Indemnity Company	485 Lexington Avenue	2021	173,278	9,891,858			$	57.09	0.7	%	9,891,858		0.8	%	AA
Verizon	120 West 45th Street, 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive	Various	172,502	4,902,564			$	28.42	0.4	%	4,902,564		0.4	%	BBB+
United Nations	220 East 42nd Street	2017, 2021 & 2022	171,091	7,927,071			$	46.33	0.6	%	7,927,071		0.7	%	A1
News America Incorporated	1185 Avenue of the Americas	2020	161,722	14,970,684			$	92.57	1.1	%	14,970,684		1.3	%	BBB+
King & Spalding	1185 Avenue of the Americas	2025	159,943	14,027,168			$	87.70	1.0	%	14,027,168		1.2	%
Young & Rubicam, Inc.	3 Columbus Circle	2033	159,292	9,909,020			$	62.21	0.7	%	4,845,511		0.4	%	BBB
Bloomingdales, Inc.	919 Third Avenue	2024	157,961	8,811,913			$	55.79	0.6	%	4,494,076		0.4	%	BBB+
Amazon Corporate LLC	1185 Avenue of the Americas & 1350 Avenue of the Americas	2016, 2019 & 2023	152,023	10,720,501			$	70.52	0.8	%	10,720,501		0.9	%	AA-
National Hockey League	1185 Avenue of the Americas	2022	148,217	12,820,368			$	86.50	0.9	%	12,820,368		1.1	%
Beth Israel Medical Center & The Mount Sinai Hospital	555 West 57th Street & 625 Madison Avenue	2016 & 2030	147,613	7,100,338			$	48.10	0.5	%	7,100,338		0.6	%
Banque National De Paris	919 Third Avenue	2016	145,834	9,739,145			$	66.78	0.7	%	4,966,964		0.4	%	A+
Eisner Amper, LLP	750 Third Avenue	2020	141,546	9,525,281			$	67.29	0.7	%	9,525,281		0.8	%
RSM McGladrey, Inc.	1185 Avenue of the Americas	2018	129,008	9,900,274			$	76.74	0.7	%	9,900,274		0.8	%
Total			12,446,219	$	666,075,015		$	53.52	48.5	%	$	586,850,358	49.5	%
Manhattan and Suburban Portfolio Grand Total			27,492,660	$	1,372,533,504		$	49.92			$	1,186,516,136

(1) Reflects the net rent as of September 30, 2014 of $42.14 PSF for the 388-390 Greenwich Street lease.

(2) Corporate or bond rating from S&P or Moody’s.

37

TENANT DIVERSIFICATION
Based on SLG Share of Annualized Cash Rent

Category	Manhattan Properties		Suburban Properties
Advertising	5	%	1	%
Arts, Ent. & Recreation	4	%	0	%
Business Services	3	%	4	%
Financial Services	35	%	30	%
Government / Non Profit	4	%	5	%
Legal	8	%	12	%
Manufacturing	2	%	9	%
Media	16	%	10	%
Medical	2	%	5	%
Other	5	%	3	%
Professional Services	8	%	17	%
Retail	9	%	3	%
Total	100	%	100	%

38

Leasing Activity - Manhattan Operating Properties
Available Space

Activity	Building Address	# of Leases	Useable SF	Rentable SF	Escalated Rent/Rentable SF ($’s)(1)
Vacancy at 6/30/14			1,234,491
Space which became available during the Quarter (2):
Office
	100 Park Avenue	2	19,660	21,424	$	66.31
	110 East 42nd Street	2	3,347	3,347	$	51.76
	125 Park Avenue	1	12,890	12,890	$	62.67
	315 West 36th Street	1	61,704	61,704	$	20.93
	420 Lexington Avenue	6	14,884	19,931	$	49.66
	461 Fifth Avenue	1	10,595	10,788	$	60.20
	600 Lexington Avenue	1	3,061	3,061	$	59.67
	750 Third Avenue	1	5,304	5,449	$	67.83
	800 Third Avenue	1	2,048	2,048	$	50.18
	810 Seventh Avenue	2	9,328	9,862	$	55.62
	Total/Weighted Average	18	142,821	150,504	$	43.43
Retail
	420 Lexington Avenue	1	274	292	$	102.55
	810 Seventh Avenue	1	2,162	2,162	$	255.14
	Total/Weighted Average	2	2,436	2,454	$	236.98
Storage
	420 Lexington Avenue	1	483	795	$	29.72
	461 Fifth Avenue	1	1,000	1,000	$	27.50
	625 Madison Avenue	1	302	427	$	40.00
	Total/Weighted Average	3	1,785	2,222	$	30.70
	Total Space which became available during the Quarter
	Office	18	142,821	150,504	$43.43
	Retail	2	2,436	2,454	$236.98
	Storage	3	1,785	2,222	$30.70
		23	147,042	155,180	$	46.31
	Total Available Space		1,381,533

(1)  Escalated rent is calculated as total annual income less electric charges.

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

39

Leasing Activity - Manhattan Operating Properties Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Useable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space				1,381,533
Office
	3 Columbus Circle	3	10.0	30,188	30,188	$	72.06	$	—	$	74.05	9.5
	100 Park Avenue	2	8.9	15,156	16,485	$	64.22	$	96.70	$	52.98	3.6
	110 East 42nd Street	2	12.5	15,316	15,808	$	41.06	$	51.17	$	99.55	0.2
	120 West 45th Street	1	5.2	5,224	5,397	$	62.00	$	—	$	7.52	2.0
	125 Park Avenue	2	13.6	78,171	83,019	$	55.70	$	52.22	$	66.58	6.4
	220 East 42nd Street	1	5.3	5,311	6,015	$	52.00	$	—	$	91.03	3.0
	315 West 36th Street	1	0.7	61,704	61,704	$	36.37	$	22.13	$	—	—
	420 Lexington Avenue	17	6.5	35,692	46,504	$	55.86	$	45.78	$	42.23	0.7
	461 Fifth Avenue	1	10.7	10,595	11,232	$	67.50	$	57.82	$	60.00	8.0
	521 Fifth Avenue	3	11.0	16,837	18,172	$	58.08	$	41.15	$	57.37	3.9
	600 Lexington Avenue	6	7.1	44,047	44,726	$	66.95	$	64.90	$	76.09	4.0
	609 Fifth Avenue	1	4.0	3,582	3,826	$	52.50	$	—	$	0.91	—
	750 Third Avenue	2	6.7	7,755	7,900	$	55.69	$	—	$	22.56	2.3
	800 Third Avenue	3	8.4	9,036	9,133	$	62.00	$	48.66	$	20.01	4.0
	810 Seventh Avenue	1	5.0	3,612	3,954	$	60.00	$	59.15	$	15.99	5.0
	1350 Avenue of the Americas	4	3.6	23,380	23,704	$	77.26	$	52.37	$	30.15	2.7
	Total/Weighted Average	50	7.9	365,606	387,767	$	56.94	$	44.46	$	49.06	3.7
Retail
	100 Park Avenue	1	13.3	91	91	$	49.86	$	—	$	—	3.0
	420 Lexington Avenue	1	5.0	274	334	$	93.00	$	89.65	$	—	—
	810 Seventh Avenue	1	10.5	2,162	2,077	$	350.00	$	265.58	$	—	6.0
	Total/Weighted Average	3	9.9	2,527	2,502	$	304.78	$	241.21	$	—	5.1
Storage
	125 Park Avenue	1	10.4	1,453	1,453	$	25.00	$	—	$	—	—
	461 Fifth Avenue	1	8.1	1,000	1,000	$	30.00	$	27.50	$	—	—
	555 West 57th Street	1	9.4	392	566	$	24.00	$	—	$	—	—
	Total/Weighted Average	3	9.5	2,845	3,019	$	26.47	$	27.50	$	—	—
Leased Space
	Office (3)	50	7.9	365,606	387,767	$	56.94	$	44.46	$	49.06	3.7
	Retail	3	9.9	2,527	2,502	$	304.78	$	241.21	$	—	5.1
	Storage	3	9.5	2,845	3,019	$	26.47	$	27.50	$	—	—
	Total	56	7.9	370,978	393,288	$	58.28	$	46.48	$	48.37	3.6
Total Available Space as of 9/30/14				1,010,555
Early Renewals
Office
	120 West 45th Street	1	3.4	12,355	12,919	$	60.00	$	49.33	$	20.00	—
	220 East 42nd Street	1	5.0	2,810	2,973	$	65.00	$	79.13	$	—	—
	420 Lexington Avenue	1	1.0	2,040	2,413	$	63.00	$	53.42	$	—	—
	800 Third Avenue	1	7.0	18,357	20,010	$	52.00	$	50.38	$	30.00	7.0
	919 Third Avenue	1	15.0	261,683	282,391	$	73.50	$	60.21	$	49.95	—
	1350 Avenue of the Americas	1	1.7	20,530	20,842	$	78.53	$	74.47	$	—	—
	Total/Weighted Average	6	13.1	317,775	341,548	$	71.89	$	60.21	$	43.81	0.4
Retail
	810 Seventh Avenue	1	4.6	2,641	2,641	$	374.50	$	275.96	$	—	—
	Total/Weighted Average	1	4.6	2,641	2,641	$	374.50	$	275.96	$	—	—
Storage
	919 Third Avenue	1	15.0	1,503	1,503	$	36.75	$	27.00	$	—	—
	Total/Weighted Average	1	15.0	1,503	1,503	$	36.75	$	27.00	$	—	—
Renewals
	Early Renewals Office	6	13.1	317,775	341,548	$	71.89	$	60.21	$	43.81	0.4
	Early Renewals Retail	1	4.6	2,641	2,641	$	374.50	$	275.96	$	—	—
	Early Renewals Storage	1	15.0	1,503	1,503	$	36.75	$	27.00	$	—	—
	Total	8	13.0	321,919	345,692	$	74.05	$	61.72	$	43.29	0.4

(1)  Annual initial 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 $52.46/rsf for 223,671 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $64.20/rsf for 565,219 rentable SF.

40

Leasing Activity - Suburban Operating Properties
Available Space

Activity	Building Address	# of Leases	Useable SF	Rentable SF	Escalated Rent/Rentable SF ($’s)(1)
Vacancy at 6/30/14			1,136,284
Space which became available during the Quarter (2):
Office
	1100 King Street - 3 Int’l Drive, Rye Brook, New York	2	31,896	31,896	$	30.13
	1100 King Street - 4 Int’l Drive, Rye Brook, New York	1	1,360	1,360	$	24.00
	115-117 Stevens Avenue, Valhalla, New York	1	2,715	2,715	$	29.76
	200 Summit Lake Drive, Valhalla, New York	1	2,083	2,083	$	25.70
	140 Grand Street, White Plains, New York	1	17,800	17,800	$	39.39
	360 Hamilton Avenue, White Plains, New York	1	5,134	5,134	$	38.94
	1 Landmark Square, Stamford, Connecticut	4	22,989	22,989	$	36.66
	3 Landmark Square, Stamford, Connecticut	2	5,179	5,179	$	31.09
	4 Landmark Square, Stamford, Connecticut	2	3,777	3,777	$	28.81
	750 Washington Boulevard, Stamford, Connecticut	1	12,756	8,262	$	46.47
	The Meadows, Rutherford, New Jersey	5	19,521	17,916	$	25.45
	Jericho Plaza, Jericho, New York	4	44,604	44,803	$	34.45
	16 Court Street, Brooklyn, New York	3	3,150	3,443	$	33.55
	Total/Weighted Average	28	172,964	167,357	$	33.71
Storage
	1 Landmark Square, Stamford, Connecticut	1	200	200	$	10.00
	Total/Weighted Average	1	200	200	$	10.00
	Total Space which became available during the Quarter
	Office	28	172,964	167,357	$	33.71
	Storage	1	200	200	$	10.00
		29	173,164	167,557	$	33.68
	Total Available Space		1,309,448

(1)  Escalated rent is calculated as total annual income less electric charges.

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

41

Leasing Activity - Suburban Operating Properties

Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Useable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space				1,309,448
Office
	1100 King Street - 4 Int’l Drive, Rye Brook, New York	1	3.3	1,360	1,360	$	24.25	$	24.00	$	3.00	3.0
	520 White Plains Road, Tarrytown, New York	2	12.4	31,852	32,376	$	23.04	$	17.20	$	46.87	11.4
	115-117 Stevens Avenue, Valhalla, New York	1	7.3	1,800	2,579	$	19.00	$	—	$	15.71	10.0
	200 Summit Lake Drive, Valhalla, New York	1	1.3	2,083	2,083	$	25.92	$	25.70	$	—	1.0
	500 Summit Lake Drive, Valhalla, New York	1	5.3	2,944	2,944	$	24.50	$	—	$	19.77	4.0
	140 Grand Street, White Plains, New York	1	5.0	17,800	17,800	$	34.00	$	39.39	$	3.00	5.0
	360 Hamilton Avenue, White Plains, New York	1	12.4	8,021	8,021	$	36.00	$	—	$	47.50	5.0
	1 Landmark Square, Stamford, Connecticut	4	2.1	14,352	14,352	$	39.17	$	37.71	$	13.28	1.3
	2 Landmark Square, Stamford, Connecticut	1	10.2	10,541	10,541	$	28.00	$	—	$	65.00	5.0
	3 Landmark Square, Stamford, Connecticut	1	6.0	850	850	$	24.93	$	24.93	$	7.07	3.0
	4 Landmark Square, Stamford, Connecticut	1	1.0	1,165	1,165	$	35.00	$	35.00	$	—	—
	750 Washington Boulevard, Stamford, Connecticut	4	6.2	23,878	22,449	$	43.04	$	46.47	$	18.81	5.2
	1010 Washington Boulevard, Stamford, Connecticut	1	7.3	4,833	4,833	$	32.50	$	—	$	50.49	4.0
	The Meadows, Rutherford, New Jersey	3	9.4	14,828	13,223	$	27.89	$	29.04	$	31.28	6.7
	16 Court Street, Brooklyn, New York	3	8.8	5,065	5,897	$	37.22	$	40.63	$	39.19	1.5
	Total/Weighted Average	26	8.0	141,372	140,473	$	31.88	$	29.89	$	30.24	6.0
Storage
	1 Landmark Square, Stamford, Connecticut	1	3.1	200	200	$	10.00	$	10.00	$	—	—
	2 Landmark Square, Stamford, Connecticut	1	10.2	683	733	$	15.00	$	—	$	—	—
	Total/Weighted Average	2	8.7	883	933	$	13.93	$	10.00	$	—	—
Leased Space
	Office (3)	26	8.0	141,372	140,473	$	31.88	$	29.89	$	30.24	6.0
	Storage	2	8.7	883	933	$	13.93	$	10.00	$	—	—
	Total	28	8.0	142,255	141,406	$	31.76	$	29.84	$	30.04	6.0
Total Available Space as of 9/30/14				1,167,193
Early Renewals
Office
	360 Hamilton Avenue, White Plains, New York	1	10.5	16,733	16,733	$	35.00	$	34.72	$	25.00	7.0
	Jericho Plaza, Jericho, New York	1	10.0	13,839	13,839	$	33.00	$	38.00	$	20.00	—
	16 Court Street, Brooklyn, New York	1	10.0	862	1,111	$	44.56	$	41.87	$	18.79	—
	Total/Weighted Average	3	10.3	31,434	31,683	$	34.46	$	36.40	$	22.60	3.7
Retail
	5 Landmark Square, Stamford, Connecticut	1	5.0	50,247	50,247	$	17.78	16.79		$	—	—
	Total/Weighted Average	1	5.0	50,247	50,247	$	17.78	$	16.79	$	—	—
Storage
	Jericho Plaza, Jericho, New York	1	10.0	625	625	$	18.00	14.00		$	—	—
	Total/Weighted Average	1	10.0	625	625	$	18.00	$	14.00	$	—	—
Renewals
	Early Renewals Office	3	10.3	31,434	31,683	$	34.46	$	36.40	$	22.60	3.7
	Early Renewals Retail	1	5.0	50,247	50,247	$	17.78	$	16.79	$	—	—
	Early Renewals Storage	1	10.0	625	625	$	18.00	$	14.00	$	—	—
	Total	5	7.1	82,306	82,555	$	24.18	$	24.30	$	8.67	1.4

(1)  Annual initial 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 $30.38/rsf for 87,255 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $31.47/rsf for 118,938 rentable SF.

42

ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties Office, Retail and Storage Leases

		Consolidated Properties										Joint Venture Properties
Year of Lease Expiration		Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases		Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)		Current Weighted Average Asking Rent $/psf (4)		Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases		Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)		Current Weighted Average Asking Rent $/psf (4)
1st Quarter 2014 (1)		4	43,240	0.24	%	$	2,909,712	$	67.29	$	64.51	0	0	0.00	%	$	0	$	0.00	$	0.00
2nd Quarter 2014 (1)		0	0	0.00	%	$	0	$	0.00	$	0.00	0	0	0.00	%	$	0	$	0.00	$	0.00
3rd Quarter 2014 (1)		1	1,796	0.01	%	$	149,460	$	83.22	$	207.46	0	0	0.00	%	$	0	$	0.00	$	0.00
4th Quarter 2014		20	164,946	0.91	%	$	12,772,152	$	77.43	$	156.76	0	0	0.00	%	$	0	$	0.00	$	0.00
Total 2014		25	209,982	1.16	%	$	15,831,324	$	75.39	$	138.19	0	0	0.00	%	$	0	$	0.00	$	0.00
1st Quarter 2015		11	25,141	0.14	%	$	2,945,172	$	117.15	$	209.96	3	14,777	0.44	%	$	685,493	$	46.39	$	60.77
2nd Quarter 2015		18	106,793	0.59	%	$	6,296,304	$	58.96	$	66.45	9	121,447	3.62	%	$	6,230,054	$	51.30	$	55.63
3rd Quarter 2015		23	143,771	0.79	%	$	6,588,756	$	45.83	$	41.44	7	39,018	1.16	%	$	2,228,707	$	57.12	$	68.61
4th Quarter 2015		24	260,695	1.44	%	$	14,775,732	$	56.68	$	67.32	10	121,985	3.64	%	$	6,838,475	$	56.06	$	62.79
Total 2015		76	536,400	2.96	%	$	30,605,964	$	57.06	$	66.89	29	297,227	8.86	%	$	15,982,728	$	53.77	$	60.53
2016		82	958,955	5.30	%	$	60,236,691	$	62.81	$	73.12	20	184,437	5.50	%	$	10,808,790	$	58.60	$	66.66
2017		90	1,545,399	8.54	%	$	88,161,758	$	57.05	$	62.00	17	198,116	5.91	%	$	15,127,844	$	76.36	$	71.16
2018		66	670,102	3.70	%	$	49,916,112	$	74.49	$	98.07	24	463,194	13.81	%	$	32,252,621	$	69.63	$	68.01
2019		59	949,392	5.24	%	$	60,278,266	$	63.49	$	64.56	22	238,875	7.12	%	$	16,775,178	$	70.23	$	70.20
2020		43	2,365,001	13.06	%	$	139,639,320	$	59.04	$	66.31	12	265,793	7.93	%	$	13,892,202	$	52.27	$	63.83
2021		44	1,732,451	9.57	%	$	98,559,471	$	56.89	$	61.72	11	183,170	5.46	%	$	12,737,644	$	69.54	$	80.64
2022		33	837,514	4.63	%	$	50,204,244	$	59.94	$	75.05	10	134,334	4.01	%	$	7,864,244	$	58.54	$	64.96
2023		30	635,724	3.51	%	$	33,678,904	$	52.98	$	61.81	16	777,138	23.18	%	$	48,280,406	$	62.13	$	64.73
Thereafter		80	5,026,655	27.77	%	$	281,209,910	$	55.94	$	68.50	32	610,887	18.22	%	$	42,742,957	$	69.97	$	79.18
		628	15,467,575	85.45	%	$	908,321,964	$	58.72	$	69.05	193	3,353,171	100.00	%	$	216,464,616	$	64.56	$	69.13
	(5)	1	2,634,670	14.55	%	$	111,016,908
		629	18,102,245	100.00	%	$	1,019,338,872

(1)	Includes month to month holdover tenants that expired prior to September 30, 2014.
(2)	Tenants may have multiple leases.
(3)	Represents in place annualized rent allocated by year of maturity.
(4)	Management’s estimate of average asking rents for currently occupied space as of September 30, 2014. Taking rents are typically lower than asking rents and may vary from property to property.
(5)	Citigroup’s net lease at 388-390 Greenwich Street which expires in 2035.

43

ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties Office, Retail and Storage Leases

	Consolidated Properties										Joint Venture Properties
Year of Lease Expiration	Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases		Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)		Current Weighted Average Asking Rent $/psf (4)		Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases		Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)		Current Weighted Average Asking Rent $/psf (4)
1st Quarter 2014 (1)	9	10,739	0.33	%	$	254,916	$	23.74	$	24.35	3	11,948	1.20	%	$	489,168	$	40.94	$	29.40
2nd Quarter 2014 (1)	1	15,018	0.46	%	$	625,260	$	41.63	$	40.00	1	1,336	0.13	%	$	35,148	$	26.31	$	26.00
3rd Quarter 2014 (1)	4	20,582	0.63	%	$	753,252	$	36.60	$	38.22	3	12,589	1.26	%	$	393,708	$	31.27	$	26.00
4th Quarter 2014	11	63,783	1.95	%	$	2,291,460	$	35.93	$	35.74	5	111,652	11.18	%	$	4,159,284	$	37.25	$	35.37
Total 2014	25	110,122	3.37	%	$	3,924,888	$	35.64	$	35.67	12	137,525	13.77	%	$	5,077,308	$	36.92	$	33.90
1st Quarter 2015	9	36,456	1.12	%	$	1,318,344	$	36.16	$	37.63	3	25,492	2.55	%	$	812,616	$	31.88	$	29.67
2nd Quarter 2015	14	60,155	1.84	%	$	2,261,676	$	37.60	$	33.10	2	5,284	0.53	%	$	137,784	$	26.08	$	27.15
3rd Quarter 2015	13	111,895	3.43	%	$	4,180,908	$	37.36	$	37.44	4	40,810	4.09	%	$	1,339,620	$	32.83	$	31.57
4th Quarter 2015	18	90,013	2.76	%	$	2,779,272	$	30.88	$	33.25	6	18,205	1.82	%	$	574,056	$	31.53	$	26.00
Total 2015	54	298,519	9.14	%	$	10,540,200	$	35.31	$	35.33	15	89,791	8.99	%	$	2,864,076	$	31.90	$	29.64
2016	59	560,510	17.17	%	$	19,066,912	$	34.02	$	35.62	10	71,746	7.18	%	$	2,180,328	$	30.39	$	28.09
2017	45	191,726	5.87	%	$	7,698,444	$	40.15	$	39.74	10	91,939	9.20	%	$	3,067,668	$	33.37	$	34.79
2018	45	286,001	8.76	%	$	9,996,156	$	34.95	$	36.18	10	98,215	9.83	%	$	3,389,688	$	34.51	$	31.41
2019	40	546,634	16.74	%	$	15,251,424	$	27.90	$	29.85	16	103,089	10.32	%	$	3,122,016	$	30.28	$	29.64
2020	23	321,533	9.85	%	$	10,270,008	$	31.94	$	33.75	3	41,357	4.14	%	$	1,473,468	$	35.63	$	33.95
2021	16	227,063	6.96	%	$	5,999,784	$	26.42	$	28.48	4	83,592	8.37	%	$	2,997,396	$	35.86	$	35.61
2022	11	55,008	1.68	%	$	1,733,964	$	31.52	$	33.85	0	0	0.00	%	$	0	$	0.00	$	0.00
2023	14	171,147	5.24	%	$	5,343,624	$	31.22	$	33.14	3	69,296	6.94	%	$	2,233,728	$	32.23	$	35.24
Thereafter	29	496,309	15.20	%	$	14,769,656	$	29.76	$	31.41	8	212,318	21.26	%	$	5,729,280	$	26.98	$	26.00
	361	3,264,572	100.00	%	$	104,595,060	$	32.04	$	33.44	91	998,868	100.00	%	$	32,134,956	$	32.17	$	31.06

(1) Includes month to month holdover tenants that expired prior to September 30, 2014.

(2) Tenants may have multiple leases.

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

(4) Management’s estimate of average asking rents for currently occupied space as of September 30, 2014. Taking rents are typically lower than asking rents and may vary from property to property.

44

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF	at acquisition	9/30/2014	Price ($’s) (1)
1998 Acquisitions
Mar-98	420 Lexington Avenue	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	80.6	$	65,600,000
Jun-98	440 9th Avenue	Fee Interest	Penn Station	339,000	76.0	N/A	$	32,000,000
				2,051,000			$	175,600,000
1999 Acquisitions
Jan-99	420 Lexington Leasehold	Sub-leasehold	Grand Central	—	—	—	$	27,300,000
Jan-99	555 West 57th Street - 65% JV	Fee Interest	Midtown West	941,000	100.0	99.9	$	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 Street - remaining 35%	Fee Interest	Midtown West	—		99.9	$	34,100,000
				1,611,000			$	221,100,000
2000 Acquisitions
Feb-00	100 Park Avenue - 50% JV	Fee Interest	Grand Central	834,000	96.5	96.0	$	192,000,000
				834,000			$	192,000,000
2001 Acquisitions
Jun-01	317 Madison Avenue	Fee Interest	Grand Central	450,000	95.0	35.1	$	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
				1,120,000			$	232,100,000
2002 Acquisitions
May-02	1515 Broadway - 55% JV	Fee Interest	Times Square	1,750,000	98.0	100.0	$	483,500,000
				1,750,000			$	483,500,000
2003 Acquisitions
Feb-03	220 East 42nd Street	Fee Interest	Grand Central	1,135,000	91.9	92.0	$	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	96.5	$	60,900,000
Dec-03	1221 Avenue of the Americas - 45% JV	Fee Interest	Rockefeller Center	2,550,000	98.8	N/A	$	1,000,000,000
				4,410,000			$	1,417,900,000
2004 Acquisitions
Mar-04	19 West 44th Street - 35% JV	Fee Interest	Midtown	292,000	86.0	N/A	$	67,000,000
Jul-04	750 Third Avenue	Fee Interest	Grand Central	779,000	100.0	96.7	$	255,000,000
Jul-04	485 Lexington Avenue - 30% JV	Fee Interest	Grand Central	921,000	100.0	100.0	$	225,000,000
Oct-04	625 Madison Avenue	Leasehold Interest	Plaza District	563,000	68.0	92.1	$	231,500,000
				2,555,000			$	778,500,000
2005 Acquisitions
Feb-05	28 West 44th Street	Fee Interest	Midtown	359,000	87.0	N/A	$	105,000,000
Apr-05	1 Madison Avenue - 55% JV	Fee Interest	Park Avenue South	1,177,000	96.0	100.0	$	803,000,000
Apr-05	5 Madison Avenue 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	—		N/A	$	91,200,000
				1,803,000			$	1,114,200,000
2006 Acquisition
Mar-06	521 Fifth Avenue	Leasehold Interest	Midtown	460,000	97.0	99.3	$	210,000,000
Jun-06	609 Fifth Avenue	Fee Interest	Midtown	160,000	98.5	81.3	$	182,000,000
Dec-06	485 Lexington Avenue - remaining 70%	Fee Interest	Grand Central	—		100.0	$	578,000,000
Dec-06	800 Third Avenue - 42.95% JV	Fee Interest	Grand Central North	526,000	96.9	94.8	$	285,000,000
				1,273,400			$	1,520,000,000
2007 Acquisition
Jan-07	Reckson - NYC Portfolio	Fee Interests / Leasehold Interest	Various	5,612,000	98.3	93.3	$	3,679,530,000
Apr-07	331 Madison Avenue	Fee Interest	Grand Central	114,900	97.6	74.9	$	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	N/A	$	183,000,000
Aug-07	1 Madison Avenue - remaining 45%	Fee Interest	Park Avenue South	1,177,000	99.8	100.0	$	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
2010 Acquisition
Jan-10	100 Church Street	Fee Interest	Downtown	1,047,500	41.3	98.7	$	181,600,000
May-10	600 Lexington Avenue - 55% JV	Fee Interest	East Side	303,515	93.6	89.2	$	193,000,000
Aug-10	125 Park Avenue	Fee Interest	Grand Central	604,245	99.1	81.9	$	330,000,000
				1,955,260			$	704,600,000
2011 Acquisition
Jan-11	521 Fifth Avenue - remaining 49.9%	Leasehold Interest	Midtown	460,000	80.7	99.3	$	245,700,000
Apr-11	1515 Broadway - remaining 45%	Fee Interest	Times Square	1,750,000	98.5	100.0	$	1,210,000,000
May-11	110 East 42nd Street	Fee Interest	Grand Central	205,000	72.6	88.7	$	85,570,000
May-11	280 Park Avenue - 49.5% JV	Fee Interest	Park Avenue	1,219,158	78.2	55.5	$	1,110,000,000
Nov-11	180 Maiden Lane - 49.9% JV	Fee Interest	Financial East	1,090,000	97.7	22.9	$	425,680,000
Nov-11	51 East 42nd Street	Fee Interest	Grand Central	142,000	95.5	18.4	$	80,000,000
				4,866,158			$	3,156,950,000
2012 Acquisition
Feb-12	10 East 53rd Street - 55% JV	Fee Interest	Plaza District	354,300	91.9	26.7	$	252,500,000
Jun-12	304 Park Avenue South	Fee Interest	Midtown South	215,000	95.8	90.5	$	135,000,000
Sep-12	641 Sixth Avenue	Fee Interest	Midtown South	163,000	92.1	92.1	$	90,000,000
Dec-12	315 West 36th Street - 35.5% JV	Fee Interest	Times Square South	147,619	99.2	99.2	$	46,000,000
				879,919			$	523,500,000
2014 Acquisition
May-14	388 & 390 Greenwich Street - remaining 49.4%	Fee Interest	Downtown	2,635,000	100.0	100.0	$	1,585,000,000
				2,635,000			$	1,585,000,000

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

(2) Ownership interest from November 2001 - May 2008 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.)

45

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 East 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 West 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 Avenue	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 Avenue 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
2010 Sales
May-10	1221 Avenue of the Americas (6)	Fee Interest	Rockefeller Center	2,550,000	$	1,280,000,000	$	502
Sep-10	19 West 44th Street	Fee Interest	Midtown	292,000	$	123,150,000	$	422
				2,842,000	$	1,403,150,000	$	494
2011 Sales
May-11	28 West 44th Street	Fee Interest	Midtown	359,000	$	161,000,000	$	448
2013 Sales
Aug-13	333 West 34th Street	Fee Interest	Penn Station	345,400	$	220,250,000	$	638
2014 Sales
May-14	673 First Avenue	Leasehold Interest	Grand Central South	422,000	$	145,000,000	$	344

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

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

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

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

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

(6) Company sold a 45% JV interest in the property at an implied $1.28 billion sales price.

46

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF	at acquisition	9/30/2014	Price ($’s) (1)
2007 Acquisition
Jan-07	300 Main Street	Fee Interest	Stamford, Connecticut	130,000	92.5	N/A	$	15,000,000
Jan-07	399 Knollwood Road	Fee Interest	White Plains, New York	145,000	96.6	N/A	$	31,600,000
Jan-07	Reckson - Connecticut Portfolio	Fee Interests / Leasehold Interest	Stamford, Connecticut	1,369,800	88.9	86.3	$	490,750,000
Jan-07	Reckson - Westchester Portfolio	Fee Interests / Leasehold Interest	Westchester	2,346,100	90.6	78.6	$	570,190,000
Apr-07	Jericho Plazas - 20.26% JV	Fee Interest	Jericho, New York	640,000	98.4	83.6	$	210,000,000
Jun-07	1010 Washington Boulevard	Fee Interest	Stamford, Connecticut	143,400	95.6	75.6	$	38,000,000
Jun-07	500 West Putnam Avenue	Fee Interest	Greenwich, Connecticut	121,500	94.4	53.8	$	56,000,000
Jul-07	16 Court Street - 35% JV	Fee Interest	Brooklyn, New York	317,600	80.6	94.4	$	107,500,000
Aug-07	150 Grand Street	Fee Interest	White Plains, New York	85,000	52.9	38.0	$	6,700,000
Sep-07	The Meadows - 25% JV	Fee Interest	Rutherford, New Jersey	582,100	81.3	87.1	$	111,500,000
				5,880,500			$	1,637,240,000
2013 Acquisition
Apr-13	16 Court Street - additional JV interest	Fee Interest	Brooklyn, New York	317,600	84.9	94.4	$	96,200,000
				317,600			$	96,200,000

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, New York	211,000	$	48,000,000	$	227
2009 Sales
Jan-09	55 Corporate Drive	Fee Interest	Bridgewater, New Jersey	670,000	$	230,000,000	$	343
Aug-09	399 Knollwood Road	Fee Interest	White Plains, New York	145,000	$	20,767,307	$	143
				815,000	$	250,767,307
2012 Sales
Jul-12	One Court Square	Fee Interest	Long Island City, New York	1,402,000	$	481,100,000	$	343
2013 Sales
Sep-13	300 Main Street	Fee Interest	Stamford, Connecticut	130,000	$	13,500,000	$	104

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

47

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

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF	at acquisition	9/30/2014	Price ($’s) (1)
2005 Acquisition
Jul-05	1551-1555 Broadway - 10% JV	Fee Interest	Times Square	25,600	N/A	N/A	$	85,000,000
Jul-05	21 West 34th Street - 50% JV	Fee Interest	Herald Square	30,100	N/A	N/A	$	17,500,000
Sep-05	141 Fifth Avenue - 50% JV	Fee Interest	Flatiron	21,500	N/A	N/A	$	13,250,000
Nov-05	1604 Broadway - 63% JV	Leasehold Interest	Times Square	29,876	17.2	N/A	$	4,400,000
Dec-05	379 West Broadway - 45% JV	Leasehold Interest	Cast Iron/Soho	62,006	100.0	N/A	$	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	N/A	$	30,000,000
Sep-06	717 Fifth Avenue - 32.75% JV	Fee Interest	Midtown/Plaza District	119,550	63.1	89.4	$	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	N/A	$	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
Jan-08	125 Chubb Way	Fee Interest	Lyndhurst, New Jersey	278,000	—	61.1	$	29,364,000
Feb-08	182 Broadway - 50% JV	Fee Interest	Cast Iron / Soho	46,280	83.8	N/A	$	30,000,000
				324,280			$	59,364,000
2010 Acquisition
Nov-10	Williamsburg Terrace	Fee Interest	Brooklyn, New York	52,000	100.0	100.0	$	18,000,000
Dec-10	11 West 34th Street - 30% JV	Fee Interest	Herald Square/Penn Station	17,150	100.0	100.0	$	10,800,000
Dec-10	7 Renaissance Square - 50% JV	Fee Interest	White Plains, New York	65,641	—	66.8	$	4,000,000
Dec-10	Two Herald Square - 45% (2)	Fee Interest	Herald Square	354,400	100.0	100.0	$	247,500,000
Dec-10	885 Third Avenue - 45% (2)	Fee Interest	Midtown / Plaza District	607,000	100.0	100.0	$	352,000,000
Dec-10	292 Madison Avenue	Fee Interest	Grand Central South	203,800	N/A	N/A	$	78,300,000
				1,299,991			$	710,600,000
2011 Acquisition
Jan-11	3 Columbus Circle - 48.9%	Fee Interest	Columbus Circle	741,500	20.1	79.5	$	500,000,000
Aug-11	1552-1560 Broadway - 50%	Fee Interest	Times Square	35,897	59.7	67.5	$	136,550,000
Sep-11	747 Madison Avenue - 33.33%	Fee Interest	Plaza District	10,000	100.0	N/A	$	66,250,000
				787,397			$	702,800,000
2012 Acquisition
Jan-12	DFR Residential and Retail Portfolio - 80%	Fee Interests / Leasehold Interest	Plaza District, Upper East Side	489,882	95.1	92.1	$	193,000,000
Jan-12	724 Fifth Avenue - 50%	Fee Interest	Plaza District	65,010	92.9	68.2	$	223,000,000
Jul-12	West Coast Office Portfolio - 27.63%	Fee Interest		4,473,603	76.3	N/A	$	880,103,924
Aug-12	33 Beekman Street - 45.9%	Fee Interest	Downtown	—	—	—	$	31,160,000
Sep-12	635 Sixth Avenue	Fee Interest	Midtown South	104,000	—	72.5	$	83,000,000
Oct-12	1080 Amsterdam - 87.5%	Leasehold Interest	Upper West Side	82,250	2.2	94.8	$	—
Dec-12	21 East 66th Street - 32.28%	Fee Interest	Plaza District	16,736	100.0	100.0	$	75,000,000
Dec-12	985-987 Third Avenue	Fee Interest	Upper East Side	13,678	—	N/A	$	18,000,000
Dec-12	131-137 Spring Street	Fee Interest	Soho	68,342	100.0	92.0	$	122,300,000
				5,313,501			$	1,625,563,924
2013 Acquisition
Mar-13	248-252 Bedford Avenue - 90%	Fee Interest	Brooklyn, New York	66,611	—	96.1	$	54,900,000
Nov-13	650 Fifth Avenue - 50%	Leasehold Interest	Plaza District	32,324	63.6	10.5	$	—
Nov-13	315 West 33rd Street - The Olivia	Fee Interest	Penn Station	492,987	96.6	98.2	$	386,775,000
Nov-13	Fifth Avenue Retail Assemblage	Fee Interest	Plaza District	66,962	74.6	66.2	$	146,221,990
				658,884			$	587,896,990
2014 Acquisition
Jul-14	719 Seventh Avenue - 75%	Fee Interest	Times Square	6,000	100.0	100.0	$	41,149,000
Jul-14	115 Spring Street	Fee Interest	Soho	5,218	100.0	100.0	$	52,000,000
Jul-14	752 Madison Avenue	Fee Interest	Plaza District	21,124	100.0	100.0	$	282,415,000
Sep-14	121 Greene Street - 50%	Fee Interest	Soho	7,131	100.0	100.0	$	27,400,000
Sep-14	635 Madison Avenue (2)	Fee Interest	Plaza District	176,530	100.0	100.0	$	145,000,000
				216,003			$	547,964,000

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

(2) Subject to long-term, third party net operating leases.

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SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Retail, Residential, Development / Redevelopment & Land

					Sales		Sales
	Property	Type of Ownership	Submarket	Net Rentable SF	Price ($’s)		Price ($’s/SF)
2011 Sales
Sep-11	1551-1555 Broadway (1)	Fee Interest	Times Square	25,600	$	276,757,000	$	10,811
2012 Sales
Feb-12	141 Fifth Avenue (2)	Fee Interest	Flatiron	13,000	$	46,000,000	$	3,538
Feb-12	292 Madison Avenue	Fee Interest	Grand Central South	203,800	$	85,000,000	$	417
Apr-12	379 West Broadway	Leasehold Interest	Cast Iron/Soho	62,006	$	48,500,000	$	782
Jun-12	717 Fifth Avenue (3)	Fee Interest	Midtown/Plaza District	119,550	$	617,583,774	$	5,166
Sep-12	3 Columbus Circle (4)	Fee Interest	Columbus Circle	214,372	$	143,600,000	$	670
				612,728	$	940,683,774
2013 Sales
Feb-13	44 West 55th Street	Fee Interest	Plaza District	8,557	$	6,250,000	$	730
Jun-13	West Coast Office Portfolio	Fee Interest	Los Angeles, California	406,740	$	111,925,000	$	275
Aug-13	West Coast Office Portfolio	Fee Interest	Fountain Valley, California	302,037	$	66,993,750	$	222
Sep-13	West Coast Office Portfolio	Fee Interest	San Diego, California	110,511	$	45,400,000	$	411
Dec-13	27-29 West 34th Street	Fee Interest	Herald Square/Penn Station	15,600	$	70,052,158	$	4,491
				843,445	$	300,620,908
2014 Sales
Jan-14	21-25 West 34th Street	Fee Interest	Herald Square/Penn Station	30,100	$	114,947,844	$	3,819
Mar-14	West Coast Office Portfolio	Fee Interest		3,654,315	$	756,000,000	$	207
May-14	747 Madison Avenue	Fee Interest	Plaza District	10,000	$	160,000,000	$	16,000
Jul-14	985-987 Third Avenue	Fee Interest	Upper East Side	13,678	$	68,700,000	$	5,023
Sep-14	180-182 Broadway	Fee Interest	Cast Iron / Soho	156,086	$	222,500,000	$	1,425
				3,864,179	$	1,322,147,844

(1) Company sold our remaining 10% JV interest in the property at an implied $276.8 million sales price.

(2) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option.

(3) Company sold 50% of its remaining interest after a promote. The Company retained a 10.92% interest in the property.

(4) The joint venture sold a 29% condominium interest in the property.

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Executive & Senior Management

Stephen L. Green

Chairman of the Board

Marc Holliday

Chief Executive Officer

Andrew Mathias

President

James Mead

Chief Financial Officer

Andrew S. Levine

Chief Legal Officer

Steven M. Durels

Executive Vice President, Director of Leasing and Real Property

Edward V. Piccinich

Executive Vice President, Property Management and Construction

Neil H. Kessner

Executive Vice President, General Counsel - Real Property

David M. Schonbraun

Co-Chief Investment Officer

Isaac Zion

Co-Chief Investment Officer

Matthew J. DiLiberto

Chief Accounting Officer & Treasurer

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ANALYST COVERAGE

ANALYST COVERAGE

Firm	Analyst	Phone	Email
Bank of America - Merrill Lynch	James C. Feldman	(646) 855-5808	james.feldman@baml.com
Barclays Capital	Ross Smotrich	(212) 526-2306	ross.smotrich@barcap.com
Cantor Fitzgerald	David Toti	(212) 915-1219	dtoti@cantor.com
Citigroup	Michael Bilerman	(212) 816-1383	michael.bilerman@citigroup.com
Cowen and Company	James Sullivan	(646) 562-1380	james.sullivan@cowen.com
Deutsche Bank	Vin Chao	(212) 250-6799	vincent.chao@db.com
Goldman Sachs & Co.	Brad Burke	(917) 343-2082	brad.burke@gs.com
Green Street Advisors	Michael Knott	(949) 640-8780	mknott@greenstreetadvisors.com
ISI Group	Steve Sakwa	(212) 446-9462	ssakwa@isigrp.com
Jefferies & Company	Tayo Okusanya	(212) 336-7076	tokusanya@jefferies.com
JMP Securities	Mitchell Germain	(212) 906-3546	mgermain@jmpsecurities.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
Morgan Stanley	Vance H. Edelson	(212) 761-0078	vance.edelson@morganstanley.com
RW Baird	David Rodgers	(216) 737-7341	drodgers@rwbaird.com
Sandler O’Neill + Partners, L.P.	Alexander D. Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com
Stifel Nicolaus	John Guinee	(443) 224-1307	jwguinee@stifel.com
SunTrust Robinson Humphrey	Michael Lewis	(404) 926-5000	michael.lewis@suntrust.com
UBS Securities LLC	Ross T. Nussbaum	(212) 713-2484	ross.nussbaum@ubs.com
Wells Fargo Securities, LLC	Brendan Maiorana	(443) 263-6516	brendan.maiorana@wachovia.com

FIXED INCOME COVERAGE

Firm	Analyst	Phone	Email
Bank of America — Merrill Lynch	Larry Zaccherio	(646) 855-7662	larry.zaccherio@baml.com
Citigroup	Thomas Cook	(212) 723-1112	thomas.n.cook@citi.com
Goldman Sachs & Co.	Louise Pitt	(212) 902-3644	louise.pitt@gs.com
JP Morgan Securities, Inc.	Mark Streeter	(212) 834-6601	mark.streeter@jpmorgan.com
Wells Fargo Securities, LLC	Thierry B. Perrein	(704) 715-8455	thierry.perrein@wellsfargo.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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SUPPLEMENTAL DEFINITIONS

Adjusted EBITDA is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to operating income.

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.

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 amended, as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, 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 in the same manner 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).

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