SL GREEN REALTY CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - 8-K - SL GREEN REALTY CORP	a8-kearningsrelease.htm
EX-99.1 - EXHIBIT 99.1 - SL GREEN REALTY CORP	earningsreleaseq116.htm

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 212-594-2700.

Ratings

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

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 filingswiththe Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2016 that will be released on Form 10-Q to be filed on or before May 5, 2016.



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TABLE OF CONTENTS



Highlights of Current Period Financial Performance

Unaudited Financial Statements
Corporate Profile		4
Highlights		5-13
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		19-20

Selected Financial Data		21-24
Debt Summary Schedule		25-27
Summary of Ground Lease Arrangements		28

Debt and Preferred Equity Investments		29-31

Selected Property Data
Composition of Property Portfolio		32-39
Largest Tenants		40
Tenant Diversification		41
Leasing Activity Summary		42-45
Annual Lease Expirations		46-48

Summary of Real Estate Acquisition/Disposition Activity		49-55
Corporate Information		56
Analyst Coverage		57
Supplemental Definitions		58



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CORPORATE PROFILE

SL Green Realty Corp., or the Company, is an S&P 500 company and New York City's largest office landlord. The Company is a self-managed Real Estate Investment Trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing.

SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies, which are referred to as the Service Corporation, a consolidated variable interest entity. All of the management, leasing and construction services with respect to the properties that are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership.

Substantially all of our assets are held by, and all of our operations are conducted through the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership.

Reckson Operating Partnership, L.P., or ROP, commenced operations in June 1995 and became a wholly-owned subsidiary of the Operating Partnership, in January 2007.

As of March 31, 2016, the Company held interests in 121 Manhattan buildings totaling 47.7 million square feet. This included ownership interests in 29.9 million square feet of commercial buildings and debt and preferred equity investments secured by 17.8 million square feet of buildings. In addition, the Company held ownership interests in 31 suburban buildings totaling 4.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.



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FIRST QUARTER 2016 HIGHLIGHTS Unaudited

Summary

New York, NY, April 20, 2016 - SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended March 31, 2016 of $193.0 million, or $1.85 per share, before transaction related costs of $1.3 million, or $0.01 per share, as compared to FFO for the same period in 2015 of $155.5 million, or $1.51 per share, before transaction related costs of $1.2 million, or $0.01 per share.

Net income attributable to common stockholders for the quarter ended March 31, 2016 totaled $23.2 million, or $0.23 per share, compared to net income attributable to common stockholders of $43.3 million, or $0.44 per share, for the same quarter in 2015. Net income attributable to common stockholders for the quarter ended March 31, 2016 includes $23.7 million, or $0.23 per share, of net gains recognized from the sale of real estate as compared to $13.0 million, or $0.13 per share for the same quarter in 2015.

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

Operating and Leasing Activity

For the quarter ended March 31, 2016, the Company reported consolidated revenues and operating income of $455.4 million and $290.7 million, respectively, compared to $396.3 million and $233.0 million, respectively, for the same period in 2015.

Same-store cash NOI on a combined basis increased by 10.2 percent to $176 million for the quarter as compared to the same period in 2015. For the quarter ended March 31, 2016, consolidated property same-store cash NOI increased by 10.5

percent to $156 million and unconsolidated joint venture property same-store cash NOI increased by 7.0 percent to $19.4 million, as compared to the same period in 2015.

During the first quarter, the Company signed 47 office leases in its Manhattan portfolio totaling 849,586 square feet. Eight leases comprising 127,428 square feet represented office leases that replaced previous vacancy. Thirty-nine leases comprising 722,158 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 $71.24 per rentable square foot, representing a 39.4 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 first quarter was 11.6 years and average tenant concessions were 4.3 months of free rent with a tenant improvement allowance of $46.70 per rentable square foot.

Manhattan same-store occupancy was 97.4 percent at March 31, 2016, inclusive of 259,419 square feet of leases signed but not yet commenced, as compared to 96.1 percent at March 31, 2015 and 97.2 percent at December 31, 2015.

During the first quarter, the Company signed 27 office leases in its Suburban portfolio totaling 244,795 square feet. Nine leases comprising 61,324 square feet represented office leases that replaced previous vacancy. Eighteen leases comprising the remaining 183,471 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 $39.63 per rentable square foot, representing a 7.3



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FIRST QUARTER 2016 HIGHLIGHTS Unaudited

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 fourth quarter was 6.2 years and average tenant concessions were 5.3 months of free rent with a tenant improvement allowance of $27.11 per rentable square foot.

Same-store occupancy for the Company's Suburban portfolio was 84.0 percent at March 31, 2016, inclusive of 28,090 square feet of leases signed but not yet commenced, as compared to 82.6 percent at March 31, 2015 and 82.5 percent at December 31, 2015.

Significant leases that were signed during the first quarter included:


•	Renewal on 186,396 square feet with Credit Suisse at 11 Madison Avenue, bringing the remaining lease term to 21.2 years;


•	Renewal on 167,003 square feet with Omnicom Group at 220 East 42^nd Street, bringing the remaining lease term to 16.1 years;


•	Renewal on 103,803 square feet with Wells Fargo at 100 Park Avenue, bringing the remaining lease term to 5.7 years;


•	New lease on 71,239 square feet with TargetCast LLC (dba Media Assembly) at 711 Third Avenue for 15.5 years;


•	Renewal and expansion on 61,000 square feet with Heineken USA Inc. at 360 Hamilton, bringing the remaining lease term to 10.1 years;


•	Renewal on 52,959 square feet with Music Choice at 315 West 33^rd Street, bringing the remaining lease term to 11.2 years;


•	New lease on 43,018 square feet with Nordstrom at 3 Columbus Circle for 22.7 years;


•	New lease on 35,112 square feet with CBS Broadcasting Inc. at 555 West 57^th Street for 8.0 years; and


•	Renewal and expansion on 46,622 square feet with Merrill Lynch, Pierce, Fenner & Smith Inc. at 360 Hamilton Avenue in White Plains, NY, bringing the remaining lease term to 5.8 years.

Marketing, general and administrative, or MG&A, expenses for the quarter ended March 31, 2016 were $24.0 million, or 4.6 percent of total combined revenues and an annualized 45 basis points of total combined assets.

Real Estate Investment Activity

In April, the Company entered into an agreement with an affiliate of Citigroup, Inc. ("Citi") to accelerate the sale of 388-390 Greenwich Street to Citi for $2.0 billion, net of $242.5 million of unfunded tenant concessions, pursuant to the purchase option that Citi exercised in January 2016. The closing, which was previously scheduled for December 2017, is now scheduled for June 2016. Separately, the Company and Citi reached



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FIRST QUARTER 2016 HIGHLIGHTS Unaudited

agreement for the early termination of Citi's lease at 388-390 Greenwich Street, in exchange for payment by Citi of a $94.0 million termination fee. Proceeds from the sale and the termination payment will be used by the Company to repay approximately $345.0 million of its corporate credit facility and retire the $1.45 billion mortgage on the property, resulting in reduction of Company indebtedness of approximately $1.8 billion.

In March, the Company completed the acquisition of 183 Broadway for $28.5 million. The property is located adjacent to 187 Broadway and 5-7 Dey Street, which the Company acquired in August 2015 due to their proximity to Downtown Manhattan's new Fulton Transit Center and the World Trade Center. The site consists of a 9,106 square foot, five story mixed-use retail/residential building.

In March, the Company and its joint venture partner, Renaissance Office Partners, LLC, closed on the sale of 7 Renaissance Square, a 65,600 square foot office building at the Ritz Carlton complex in downtown White Plains, New York. The gross sales price was $20.7 million, or $316 per square foot, and the Company recognized a gain on sale of $4.7 million.

In February, the Company closed on the sale of the leased fee interest in 885 Third Avenue in Manhattan, also known as "The Lipstick Building", for a gross sale price of $453.0 million or approximately $713 per square foot. As part of the transaction the Company has retained a $135.0 million 5.75% senior equity investment in the property.

In February, the Company closed on the sale of the its 90% stake in the residential condominium at 248-252 Bedford

Avenue, a 72-unit multifamily building in Williamsburg, Brooklyn New York, at a gross asset valuation of $55.0 million or approximately $1,242 per square foot. The Company recognized a gain on sale of $15.1 million.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.4 billion at March 31, 2016. During the first quarter, the Company originated new debt and preferred equity investments totaling $124.1 million, of which $89.1 million was retained and $82.7 million was funded, at a weighted average current yield of 10.1 percent, excluding the $135 million senior equity investment that the Company retained in 885 Third Avenue. During the first quarter, the Company sold investments totaling $222.5 million and recorded $198.9 million of principal reductions from investments that were repaid.

Financing Activity

In February, the Company, along with its joint venture partners, successfully closed on the refinancing of 800 Third Avenue. The new 10-year, $177.0 million mortgage loan features a fixed interest rate of 3.17 percent, subject to up to a 20 basis point increase under certain conditions, and replaces the previous $20.9 million mortgage that was set to mature in August 2017. The Company, which owns a 60.5 percent interest in the asset, received approximately $89.0 million in net proceeds from the refinancing.



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FIRST QUARTER 2016 HIGHLIGHTS Unaudited

In February, the Company, along with its joint venture partners, completed the recapitalization of Jericho Plaza by securing a new 2-year (subject to three 1-year extension options) floating rate mortgage with an interest rate of 4.15 percent over LIBOR. The initial funding was approximately $75.0 million with a total expected funding of $100.0 million. The refinancing closed simultaneously with a series of transactions culminating in the property being owned in a new venture that continues to include SL Green and Onyx Equities, along with other partners.

In February, the Company secured construction financing of a retail development site at 719 Seventh Avenue. The 2-year (subject to one 1-year extension option) $44.0 million loan features a floating interest rate of 3.05 percent over LIBOR, with the ability to reduce the spread to 2.55 percent upon achieving certain hurdles. The Company, which owns a 75 percent interest in the asset, received net proceeds of approximately $21.0 million at the closing of the financing, with the balance of the loan proceeds being used to complete the construction.

Guidance

Based on the accelerated sale of 388-390 Greenwich Street to Citi, the early termination of Citi's lease at 388-390 Greenwich Street, the Company's performance for the first three months of 2016 and its outlook for the remainder of 2016, the Company is raising its NAREIT defined FFO guidance for 2016 to $8.17 to $8.25 from the previous FFO guidance range of $6.90 to $7.00 per share. On a comparable basis, after giving consideration to items that would not otherwise be attributable to 2016, the Company's 2016 normalized FFO per share guidance range would increase to $6.96 to $7.04 per share.



Midpoint of Management's Previous 2016 FFO Guidance Range	$	6.95
388-390 Greenwich Lease Termination Payment	0.90
Write-off of Accounting Related Balances at 388-390 Greenwich	0.72
Portfolio NOI and Interest Expense Savings	0.05
388-390 Greenwich FFO Contribution (June 2016 - December 2016)	(0.41		)
Midpoint of Management's Revised 2016 FFO Guidance Range	$	8.21
388-390 Greenwich Lease Termination Payment - 2017 Component	(0.49		)
Accounting Related Balances at 388-390 Greenwich	(0.72		)
Midpoint of Management's Normalized 2016 FFO Guidance Range	$	7.00



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FIRST QUARTER 2016 HIGHLIGHTS Unaudited

Dividends

During the first quarter of 2016, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:


•	$0.72 per share of common stock, which was paid on April 15, 2016 to shareholders of record on the close of business on March 31, 2016; and


•	$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period January 15, 2016 through and including April 14, 2016, which was paid on April 15, 2016 to shareholders of record on the close of business on March 31, 2016, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.



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KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share)



	As of or for the three months ended
	3/31/2016			12/31/2015			9/30/2015			6/30/2015			3/31/2015

Earnings Per Share
Net income (loss) available to common stockholders - diluted	$	0.23		$	0.96		$	1.64		$	(0.39	)	$	0.44
Funds from operations available to common stockholders - diluted	$	1.84		$	1.61		$	1.65		$	1.62		$	1.50
Reported funds available for distribution to common stockholders - diluted	$	1.50		$	0.22		$	1.04		$	0.96		$	1.04
Recurring funds available for distribution to common stockholders - diluted	$	1.50		$	1.12		$	1.29		$	1.30		$	1.29

Common Share Price & Dividends
Closing price at the end of the period	$	96.88		$	112.98		$	108.16		$	109.89		$	128.38
Closing high price during period	$	110.92		$	121.80		$	116.97		$	131.64		$	134.00
Closing low price during period	$	80.54		$	108.56		$	100.95		$	109.89		$	121.32
Common dividend per share	$	0.72		$	0.72		$	0.60		$	0.60		$	0.60

FFO payout ratio (trailing 12 months)	39.3		%	39.6		%	38.7		%	39.4		%	37.8		%
Reported FAD payout ratio (trailing 12 months)	71.0		%	77.5		%	60.2		%	79.8		%	73.0		%
Recurring FAD payout ratio (trailing 12 months)	50.6		%	50.5		%	48.1		%	51.6		%	50.4		%

Common Shares & Units
Common shares outstanding	100,081			99,975			99,659			99,590			99,533
Units outstanding	4,001			3,746			3,875			3,907			3,913
Total common shares and units outstanding	104,082			103,721			103,534			103,497			103,446

Weighted average common shares and units outstanding - basic	104,025			103,587			103,522			103,487			102,366
Weighted average common shares and units outstanding - diluted	104,259			104,055			103,929			103,946			103,019

Market Capitalization
Market value of common equity	$	10,083,464		$	11,718,399		$	11,198,237		$	11,373,285		$	13,280,397
Liquidation value of preferred equity/units	534,869			512,516			512,516			354,723			340,915
Consolidated debt	9,796,167			10,434,748			10,130,502			8,375,984			8,089,085
Consolidated market capitalization	$	20,414,500		$	22,665,663		$	21,841,255		$	20,103,992		$	21,710,397
SLG portion of JV debt	1,690,200			1,718,031			1,683,320			1,695,340			1,693,466
Combined market capitalization	$	22,104,700		$	24,383,694		$	23,524,575		$	21,799,332		$	23,403,863

Consolidated debt to market capitalization ⁽¹⁾	48.0		%	46.0		%	46.4		%	41.7		%	37.3		%
Combined debt to market capitalization ⁽¹⁾	52.0		%	49.8		%	50.2		%	46.2		%	41.8		%

Consolidated debt service coverage (trailing 12 months)	2.88x			2.85x			2.78x			2.63x			2.60x
Consolidated fixed charge coverage (trailing 12 months)	2.53x			2.50x			2.45x			2.33x			2.30x
Combined debt service coverage (trailing 12 months)	2.54x			2.52x			2.47x			2.36x			2.31x
Combined fixed charge coverage (trailing 12 months)	2.25x			2.23x			2.20x			2.10x			2.07x

(1) Includes the liquidation value of preferred equity/units.



Supplemental Information	10	First Quarter 2016




KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share)



	As of or for the three months ended
	3/31/2016			12/31/2015			9/30/2015			6/30/2015			3/31/2015

Selected Balance Sheet Data
Real estate assets before depreciation (1)	$	16,550,051		$	16,718,324		$	16,381,149		$	14,059,561		$	13,978,464
Investments in unconsolidated joint ventures	$	1,146,085		$	1,203,858		$	1,239,008		$	1,262,723		$	1,244,185
Debt and preferred equity investments	$	1,378,616		$	1,670,020		$	1,501,619		$	1,685,234		$	1,548,739
Cash and cash equivalents	$	316,205		$	255,399		$	244,360		$	215,896		$	330,770
Investment in marketable securities	$	43,915		$	45,138		$	46,432		$	46,251		$	47,716

Total assets	$	19,585,715		$	19,727,426		$	19,382,712		$	17,171,784		$	16,979,032

Fixed rate & hedged debt	$	6,887,280		$	7,232,254		$	7,137,994		$	5,841,563		$	6,016,084
Variable rate debt (2)	2,908,887			3,173,494			2,992,508			2,364,421			2,073,000
Total consolidated debt	$	9,796,167		$	10,405,748		$	10,130,502		$	8,205,984		$	8,089,084
Deferred financing costs, net of amortization	(105,543		)	(130,515		)	(107,858		)	(95,173		)	(101,700		)
Total consolidated debt, net	$	9,690,624		$	10,275,233		$	10,022,644		$	8,110,811		$	7,987,384

Total liabilities	$	11,178,777		$	11,301,387		$	11,005,016		$	9,091,261		$	8,825,860

Fixed rate & hedged debt - including SLG portion of JV debt	$	7,895,076		$	8,275,130		$	8,085,553		$	6,798,495		$	6,973,410
Variable rate debt - including SLG portion of JV debt (2)	3,591,291			3,848,649			3,728,269			3,102,829			2,809,140
Total combined debt	$	11,486,367		$	12,123,779		$	11,813,822		$	9,901,324		$	9,782,550


Selected Operating Data
Property operating revenues	$	391,218		$	367,843		$	366,719		$	345,633		$	344,298
Property operating expenses	(149,502		)	(144,077		)	(147,909		)	(134,486		)	(140,688		)
Property NOI	$	241,716		$	223,766		$	218,810		$	211,147		$	203,610
NOI from discontinued operations	—			—			—			—			488
Total property NOI - consolidated	$	241,716		$	223,766		$	218,810		$	211,147		$	204,098
SLG share of property NOI from JVs	44,671			39,879			38,804			38,640			35,054
Total property NOI - combined	$	286,387		$	263,645		$	257,614		$	249,787		$	239,152
Investment income	54,737			44,540			49,328			45,191			42,069
Other income	9,489			13,007			16,019			18,250			9,932
Marketing general & administrative expenses	(24,032		)	(22,734		)	(23,475		)	(23,200		)	(25,464		)
EBITDA - combined	$	326,581		$	298,458		$	299,486		$	290,028		$	265,689


(1) Includes assets held for sale of $1.9 billion
(2) Does not reflect $1.1 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.



Supplemental Information	11	First Quarter 2016




KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share)



Manhattan Properties
	As of or for the three months ended
	3/31/2016				12/31/2015			9/30/2015			6/30/2015			3/31/2015

Selected Operating Data
Property operating revenues	$	361,584			$	338,254		$	334,809		$	314,960		$	313,818
Property operating expenses	131,267				124,302			127,382			115,174			120,411
Property NOI	$	230,317			$	213,952		$	207,427		$	199,786		$	193,407
NOI from discontinued operations	—				—			—			—			488
Total property NOI - consolidated	$	230,317			$	213,952		$	207,427		$	199,786		$	193,895

Other income - consolidated	$	1,648			$	3,088		$	7,337		$	13,230		$	5,220

SLG share of property NOI from unconsolidated JV	$	40,714			$	36,171		$	35,145		$	34,150		$	30,823

Portfolio Statistics
Consolidated office buildings in service	27				27			26			24			23
Unconsolidated office buildings in service	6				5			6			7			7
	33				32			32			31			30

Consolidated office buildings in service - square footage	21,003,606				21,003,606			20,700,091			18,533,045			18,429,045
Unconsolidated office buildings in service - square footage	4,244,139				3,024,981			3,328,496			3,476,115			3,476,115
	25,247,745				24,028,587			24,028,587			22,009,160			21,905,160

Quarter end occupancy- same store - combined office (consolidated + JV)	96.2		%	(1)	96.2		%	96.7		%	96.6		%	95.5		%

Office Leasing Statistics
Total office leases commenced	47				42			38			43			47

Commenced office square footage filling vacancy	643,979				91,396			56,387			269,446			113,796
Commenced office square footage on previously occupied space (M-T-M leasing) (2)	617,028				299,375			232,629			303,986			186,511
Total office square footage commenced	1,261,007				390,771			289,016			573,432			300,307

Average starting cash rent psf - office leases commenced	$70.66				$65.48			$70.45			$61.66			$62.99
Previously escalated cash rent psf - office leases commenced	$48.71				$56.80			$55.57			$52.94			$57.67
Increase in new cash rent over previously escalated cash rent (2)	45.1%				15.3%			26.8%			16.5%			9.2%
Average lease term	13.0				9.1			7.8			11.3			8.1
Tenant concession packages psf	$57.64				$23.70			$39.44			$54.43			$45.05
Free rent months	7.5				4.1			3.7			6.2			4.2

(1) Manhattan same-store occupancy, inclusive of 259,419 square feet of leases signed but not yet commenced, is 97.4% as of March 31, 2016, as compared to 96.1% at March 31, 2015 and 97.2% at December 31, 2015.
(2) Calculated on space that was occupied within the previous 12 months.



Supplemental Information	12	First Quarter 2016




KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share)



Suburban Properties	As of or for the three months ended
	3/31/2016				12/31/2015			9/30/2015			6/30/2015			3/31/2015

Selected Operating Data
Property operating revenues	$	27,934			$	29,897		$	30,231		$	29,355		$	29,170
Property operating expenses	14,891				16,247			16,221			16,045			16,797
Property NOI	$	13,043			$	13,650		$	14,010		$	13,310		$	12,373
NOI from discontinued operations	—				—			—			—			—
Total property NOI - consolidated	$	13,043			$	13,650		$	14,010		$	13,310		$	12,373

Other income - consolidated	$	759			$	80		$	240		$	395		$	299

SLG share of property NOI from unconsolidated JV	$	647			$	409		$	271		$	1,301		$	966

Portfolio Statistics
Consolidated office buildings in service	26				26			28			28			27
Unconsolidated office buildings in service	2				3			3			5			4
	28				29			31			33			31

Consolidated office buildings in service - square footage	4,235,300				4,235,300			4,450,400			4,450,400			4,365,400
Unconsolidated office buildings in service - square footage	640,000				705,641			705,641			1,287,741			1,222,100
	4,875,300				4,940,941			5,156,041			5,738,141			5,587,500

Quarter end occupancy- same store - combined office (consolidated + JV)	83.4		%	(1)	80.6		%	81.7		%	81.9		%	80.4		%

Office Leasing Statistics
Total office leases commenced	34				30			19			32			31

Commenced office square footage filling vacancy	112,469				43,516			59,812			111,895			39,609
Commenced office square footage on previously occupied space (M-T-M leasing) (2)	203,690				167,798			80,403			102,088			122,986
Total office square footage commenced	316,159				211,314			140,215			213,983			162,595

Average starting cash rent psf - office leases commenced	$37.66				$32.16			$33.64			$36.28			$34.78
Previously escalated cash rent psf - office leases commenced	$35.84				$31.58			$35.48			$36.72			$34.99
Increase/(decrease) in new cash rent over previously escalated cash rent (2)	5.1%				1.8%			(5.2)%			(1.2)%			(0.6)%
Average lease term	6.7				5.9			6.4			8.0			6.5
Tenant concession packages psf	$30.61				$25.56			$30.19			$31.92			$14.30
Free rent months	5.4				3.4			5.1			6.0			4.7


(1) Suburban same-store occupancy, inclusive of 28,090 square feet of leases signed but not yet commenced, is 84.0% as of March 31, 2016, as compared to 82.6% at March 31, 2015 and 82.5% at December 31, 2015.
(2) Calculated on space that was occupied within the previous 12 months.



Supplemental Information	13	First Quarter 2016




COMPARATIVE BALANCE SHEETS Unaudited (In Thousands, Except Per Share Data)



	3/31/2016			12/31/2015			9/30/2015			6/30/2015			3/31/2015
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,115,982		$	4,779,159		$	4,689,031		$	3,756,488		$	3,830,787
Building and improvements	9,334,385			10,423,739			10,079,151			8,397,117			8,697,145
Building leasehold and improvements	1,431,238			1,431,259			1,425,299			1,424,822			1,423,087
Properties under capital lease	47,445			47,445			47,445			27,445			27,445
	14,929,050			16,681,602			16,240,926			13,605,872			13,978,464
Less: accumulated depreciation	(2,100,109		)	(2,060,706		)	(1,979,824		)	(2,081,646		)	(1,973,674		)
Net real estate	12,828,941			14,620,896			14,261,102			11,524,226			12,004,790

Other real estate investments:
Investment in unconsolidated joint ventures	1,146,085			1,203,858			1,239,008			1,262,723			1,244,185
Debt and preferred equity investments, net	1,378,616			1,670,020			1,501,619			1,685,234			1,548,739

Assets held for sale, net	1,891,575			34,981			117,885			420,569			—
Cash and cash equivalents	316,205			255,399			244,360			215,896			330,770
Restricted cash	179,938			233,578			279,592			128,234			128,834
Investment in marketable securities	43,915			45,138			46,432			46,251			47,716
Tenant and other receivables, net of $17,829 reserve at 3/31/16	55,441			63,491			66,896			64,873			50,156
Related party receivables	15,148			10,650			11,089			11,395			12,088
Deferred rents receivable, net of reserve for
tenant credit loss of $23,088 at 3/31/16	428,334			498,776			467,627			433,999			408,229
Deferred costs, net	246,503			239,920			235,079			233,664			224,855
Other assets	1,055,014			850,719			912,023			1,144,720			978,670

Total Assets	$	19,585,715		$	19,727,426		$	19,382,712		$	17,171,784		$	16,979,032



Supplemental Information	14	First Quarter 2016




COMPARATIVE BALANCE SHEETS Unaudited (In Thousands, Except Per Share Data)



	3/31/2016			12/31/2015			9/30/2015			6/30/2015			3/31/2015
Liabilities
Mortgages and other loans payable	$	5,671,700		$	6,992,504		$	6,865,383		$	5,287,934		$	5,359,043
Term loan and senior unsecured notes	2,067,117			2,319,244			2,216,120			2,113,050			2,110,041
Revolving credit facility	775,000			994,000			949,000			705,000			520,000
Deferred financing costs	(105,543		)	(130,515		)	(107,858		)	(95,173		)	(101,700		)
Total debt, net of deferred financing costs	8,408,274			10,175,233			9,922,645			8,010,811			7,887,384
Accrued interest	36,941			42,406			43,632			39,621			38,082
Other liabilities	247,950			168,477			160,592			121,567			124,828
Accounts payable and accrued expenses	168,322			196,213			173,228			147,028			151,427
Deferred revenue	414,686			399,102			428,334			337,571			369,626
Capitalized lease obligations	41,554			41,360			41,171			21,013			20,917
Deferred land lease payable	2,010			1,783			1,557			1,387			1,301
Dividends and distributions payable	80,038			79,790			67,109			66,026			65,868
Security deposits	67,001			68,023			66,654			67,985			66,427
Liabilities related to assets held for sale	1,612,001			29,000			94			178,252			—
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Total liabilities	11,178,777			11,301,387			11,005,016			9,091,261			8,825,860

Noncontrolling interest in operating partnership
(4,001 units outstanding) at 3/31/16	407,046			424,206			423,421			431,418			498,881
Preferred Units	304,869			282,516			282,516			124,723			110,915

Equity
Stockholders' Equity:
Series I Perpetual Preferred Shares	221,932			221,932			221,932			221,932			221,932
Common stock, $0.01 par value, 160,000 shares authorized, 100,169
issued and outstanding at 3/31/16, including 87 shares held in treasury	1,002			1,001			998			996			995
Additional paid–in capital	5,451,787			5,439,735			5,268,379			5,245,575			5,247,240
Treasury stock	(10,000		)	(10,000		)	(10,000		)	—			—
Accumulated other comprehensive loss	(17,222		)	(8,749		)	(15,821		)	(10,906		)	(11,810		)
Retained earnings	1,620,669			1,643,546			1,772,833			1,657,911			1,690,578
Total SL Green Realty Corp. stockholders' equity	7,268,168			7,287,465			7,238,321			7,115,508			7,148,935

Noncontrolling interest in other partnerships	426,855			431,852			433,438			408,874			394,441

Total equity	7,695,023			7,719,317			7,671,759			7,524,382			7,543,376

Total Liabilities and Equity	$	19,585,715		$	19,727,426		$	19,382,712		$	17,171,784		$	16,979,032



Supplemental Information	15	First Quarter 2016




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



	Three Months Ended						Three Months Ended			Three Months Ended
	March 31,			March 31,			December 31,			September 30,
	2016			2015			2015			2015
Revenues
Rental revenue, net	$	345,607		$	303,329		$	319,961		$	318,465
Escalation and reimbursement revenues	45,611			40,969			47,882			48,254
Investment income	54,737			42,069			44,540			49,328
Other income	9,489			9,932			13,007			16,019
Total Revenues, net	455,444			396,299			425,390			432,066

Equity in net income from unconsolidated joint ventures	10,096			4,030			2,377			3,627
Loss on early extinguishment of debt	—			(49		)	—			—

Expenses
Operating expenses	79,520			76,777			76,085			78,648
Ground rent	8,308			8,188			8,308			8,252
Real estate taxes	61,674			55,723			59,684			61,009
Transaction related costs	1,279			1,143			1,391			5,829
Marketing, general and administrative	24,032			25,464			22,734			23,475
Total Operating Expenses	174,813			167,295			168,202			177,213

Operating Income	290,727			232,985			259,565			258,480

Interest expense, net of interest income	94,672			75,807			88,176			84,141
Amortization of deferred financing costs	7,932			6,615			7,621			7,160
Depreciation and amortization	179,308			108,337			106,800			146,185
Gain on equity investment in marketable securities	—			—			—			—

Income from Continuing Operations	8,815			42,226			56,968			20,994

Income from discontinued operations	—			427			—			—
Gain on sale of real estate and discontinued operations	13,773			12,983			17,409			159,704
Equity in net gain (loss) on sale of joint venture interest / real estate	9,915			—			(206		)	15,281
Purchase price fair value adjustment	—			—			40,078			—
Depreciable real estate reserves	—			—			—			(19,226		)
Net Income	32,503			55,636			114,249			176,753

Net income attributable to noncontrolling interests	(2,896		)	(7,670		)	(6,557		)	(7,132		)
Dividends on preferred units	(2,648		)	(951		)	(2,651		)	(2,225		)

Net Income Attributable to SL Green Realty Corp	26,959			47,015			105,041			167,396

Dividends on perpetual preferred shares	(3,738		)	(3,738		)	(3,738		)	(3,738		)

Net Income Attributable to Common Stockholders	$	23,221		$	43,277		$	101,303		$	163,658

Earnings per Share
Net income per share (basic)	$	0.23		$	0.44		$	1.02		$	1.64
Net income per share (diluted)	$	0.23		$	0.44		$	1.01		$	1.64



Supplemental Information	16	First Quarter 2016




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



		Three Months Ended						Three Months Ended			Three Months Ended
		March 31,			March 31,			December 31,			September 30,
		2016			2015			2015			2015
Funds from Operations
Net Income Attributable to Common Stockholders		$	23,221		$	43,277		$	101,303		$	163,658

	Depreciation and amortization	179,308			108,337			106,800			146,185
	Joint ventures depreciation and noncontrolling interests adjustments	10,514			8,622			10,373			10,796
	Net income attributable to noncontrolling interests	2,896			7,670			6,557			7,132
	Gain on sale of real estate and discontinued operations	(13,773		)	(12,983		)	(17,409		)	(159,704		)
	Equity in net loss (gain) on sale of joint venture property / real estate	(9,915		)	—			206			(15,281		)
	Purchase price fair value adjustment	—			—			(40,078		)	—
	Depreciable real estate reserves	—			—			—			19,226
	Non-real estate depreciation and amortization	(496		)	(525		)	(511		)	(500		)
	Funds From Operations	$	191,755		$	154,398		$	167,241		$	171,512

	Funds From Operations - Basic per Share	$	1.84		$	1.51		$	1.61		$	1.66

	Funds From Operations - Diluted per Share	$	1.84		$	1.50		$	1.61		$	1.65

Funds Available for Distribution
FFO		$	191,755		$	154,398		$	167,241		$	171,512

	Non real estate depreciation and amortization	496			525			511			500
	Amortization of deferred financing costs	7,932			6,615			7,621			7,160
	Non-cash deferred compensation	14,277			18,877			18,387			8,894
	FAD adjustment for Joint Ventures	(5,827		)	(8,690		)	(10,573		)	(6,421		)
	FAD adjustment for discontinued operations	—			5			—			—
	Straight-line rental income and other non cash adjustments	(29,704		)	(43,891		)	(38,702		)	(42,128		)
	Second cycle tenant improvements	(10,128		)	(9,376		)	(87,992		)	(11,340		)
	Second cycle leasing commissions	(8,871		)	(5,838		)	(5,573		)	(5,636		)
	Revenue enhancing recurring CAPEX	(233		)	(214		)	(1,785		)	(1,362		)
	Non-revenue enhancing recurring CAPEX	(3,688		)	(4,818		)	(25,991		)	(12,904		)

Reported Funds Available for Distribution		$	156,009		$	107,593		$	23,144		$	108,275
	Diluted per Share	$	1.50		$	1.04		$	0.22		$	1.04

	1515 Broadway - Viacom capital contribution	$	481		$	5,139		$	7,463		$	5,048
	388-390 Greenwich - Citi capital contribution	$	—		$	—		$	65,867		$	—
	388-390 Greenwich - free rent	$	—		$	20,459		$	20,459		$	20,459

Recurring Funds Available for Distribution		$	156,490		$	133,191		$	116,933		$	133,782
	Diluted per Share	$	1.50		$	1.29		$	1.12		$	1.29

	First cycle tenant improvements	$	4,323		$	2,806		$	27,064		$	43,624
	First cycle leasing commissions	$	3,183		$	332		$	3,369		$	6,637
	Redevelopment costs	$	16,753		$	6,657		$	53,962		$	45,470
	Capitalized interest	$	6,618		$	8,439		$	7,612		$	23,496



Supplemental Information	17	First Quarter 2016




CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)



																				Accumulated
		Series I																		Other
		Preferred			Common			Additional			Treasury			Retained			Noncontrolling			Comprehensive
		Stock			Stock			Paid-In Capital			Stock			Earnings			Interests			Loss			TOTAL

Balance at December 31, 2015		$	221,932		$	1,001		$	5,439,735		$	(10,000	)	$	1,643,546		$	431,852		$	(8,749	)	$	7,719,317

Net Income attributable to SL Green														26,960			1,975						28,935
Acquisition of subsidiary interest from noncontrolling interest																							—
Preferred dividends														(3,738		)							(3,738		)
Cash distributions declared ($0.72 per common share)														(71,966		)							(71,966		)
Cash distributions to noncontrolling interests																	(7,906		)				(7,906		)
Other comprehensive income - unrealized loss on derivative instruments																				(4,570		)	(4,570		)
Other comprehensive income - SLG's share of joint venture net
	unrealized loss on derivative instruments																			(2,709		)	(2,709		)
Other comprehensive income - unrealized loss on marketable securities																				(1,194		)	(1,194		)
Proceeds from stock options exercised								1,211															1,211
DRSPP proceeds								45															45
Conversion of units of the Operating Partnership to common stock					1			7,152															7,153
Contributions to consolidated joint venture																	934						934
Reallocation of noncontrolling interests in the Operating Partnership														25,867									25,867
Reallocation of capital account relating to sale																							—
Issuance of common stock								(30		)													(30		)
Deferred compensation plan and stock awards, net								(2,220		)													(2,220		)
Amortization of deferred compensation plan								5,894															5,894
Balance at March 31, 2016		$	221,932		$	1,002		$	5,451,787		$	(10,000	)	$	1,620,669		$	426,855		$	(17,222	)	$	7,695,023



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, 2015		99,975,238			3,745,766			—			103,721,004			—			103,721,004

YTD share activity		106,210			254,866			—			361,076						361,076
Share Count at March 31, 2016 - Basic		100,081,448			4,000,632			—			104,082,080			—			104,082,080

Weighting factor		(29,956		)	(27,117		)	233,650			176,577						176,577
Weighted Average Share Count at March 31, 2016 - Diluted		100,051,492			3,973,515			233,650			104,258,657			—			104,258,657



Supplemental Information	18	First Quarter 2016




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



	March 31, 2016						December 31, 2015						September 30, 2015

	Total			SLG Interest			Total			SLG Interest			Total			SLG Interest
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,565,697		$	682,896		$	1,609,720		$	716,021		$	1,718,817		$	733,819
Building and improvements	4,948,597			1,914,246			5,044,397			2,042,794			5,096,509			1,992,714
Building leasehold and improvements	39,497			19,748			32,726			16,363			31,084			15,542
Properties under capital lease	189,558			94,779			189,558			94,779			189,558			94,779
	6,743,349			2,711,669			6,876,401			2,869,957			7,035,968			2,836,854
Less: accumulated depreciation	(744,657		)	(285,205		)	(753,933		)	(307,639		)	(753,701		)	(286,091		)
Net real estate	5,998,692			2,426,464			6,122,468			2,562,318			6,282,267			2,550,763

Cash and cash equivalents	112,181			47,599			164,973			59,701			154,203			57,668
Restricted cash	90,180			32,475			93,591			28,748			106,423			37,044
Debt and preferred equity investments, net	284,014			191,849			145,878			145,878			145,762			145,762
Tenant and other receivables, net of $2,327 reserve at 3/31/16	31,817			14,499			30,059			13,033			29,596			13,657
Deferred rents receivables, net of reserve for tenant credit loss of $2,708 at 3/31/16	180,672			77,325			178,743			79,985			171,395			71,207
Deferred costs, net	116,278			48,176			108,727			47,041			115,954			49,171
Other assets	142,189			58,266			139,747			63,242			135,790			59,791
Total Assets	$	6,956,023		$	2,896,653		$	6,984,186		$	2,999,946		$	7,141,390		$	2,985,063

Liabilities and Equity
Mortgage loans payable, net of deferred financing costs of $47,135 at 3/31/16	$	4,319,655		$	1,672,002		4,266,548			1,702,057			$	4,365,970		$	1,665,645
Accrued interest	11,410			5,076			9,804			4,201			13,817			5,245
Other liabilities	6,873			4,148			5,438			4,404			3,520			2,157
Accounts payable and accrued expenses	87,357			34,432			87,736			38,911			84,239			34,367
Deferred revenue	206,143			93,667			209,095			94,110			190,136			93,022
Capitalized lease obligations	183,882			91,941			183,189			91,594			182,509			91,255
Security deposits	27,694			8,709			27,898			8,957			27,416			9,089
Equity	2,113,009			986,678			2,194,478			1,055,712			2,273,783			1,084,283
Total Liabilities and Equity	$	6,956,023		$	2,896,653		$	6,984,186		$	2,999,946		$	7,141,390		$	2,985,063



Supplemental Information	19	First Quarter 2016




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



	Three Months Ended March 31, 2016						Three Months Ended December 31, 2015						Three Months Ended March 31, 2015

	Total			SLG Interest			Total			SLG Interest			Total			SLG Interest
Revenues
Rental revenue, net	$	139,775		$	52,540		$	133,959		$	51,281		$	110,142		$	43,433
Escalation and reimbursement revenues	8,229			3,178			9,470			4,240			8,546			3,627
Other income	14,508			8,547			10,327			6,391			10,228			6,404
Total Revenues, net	$	162,512		$	64,265		$	153,756		$	61,912		$	128,916		$	53,464

Expenses
Operating expenses	$	27,254		$	9,329		$	27,135		$	10,643		$	25,486		$	9,734
Ground rent	3,211			1,606			4,242			2,121			2,592			1,296
Real estate taxes	24,210			8,659			24,529			9,269			19,376			7,380
Total Operating Expenses	$	54,675		$	19,594		$	55,906		$	22,033		$	47,454		$	18,410

NOI	$	107,837		$	44,671		$	97,850		$	39,879		$	81,462		$	35,054
Cash NOI	$	91,089		$	37,288		$	81,337		$	32,360		$	74,290		$	30,533

Transaction related costs, net of recoveries	$	—		$	—		$	—		$	—		$	8		$	7
Interest expense, net of interest income	49,736			17,259			51,974			18,710			44,007			15,255
Amortization of deferred financing costs	3,236			1,296			3,766			1,689			3,010			1,321
Depreciation and amortization	37,851			14,903			40,001			16,552			32,984			13,860
Loss on early extinguishment of debt	1,606			972			8			2			833			407

Net Income	$	15,408		$	10,241		$	2,101		$	2,926		$	620		$	4,204

Real estate depreciation	37,789			14,902			39,939			16,550			32,934			13,851
FFO Contribution	$	53,197		$	25,143		$	42,040		$	19,476		$	33,554		$	18,055

FAD Adjustments:
Non real estate depreciation and amortization	$	3,297		$	1,298		$	3,829		$	1,691		$	3,060		$	1,331
Straight-line rental income and other non-cash adjustments	(13,590		)	(5,613		)	(14,307		)	(6,520		)	(7,498		)	(3,459		)
Second cycle tenant improvement	(1,378		)	(724		)	(6,190		)	(3,499		)	(1,755		)	(751		)
Second cycle leasing commissions	(1,003		)	(544		)	(1,897		)	(1,158		)	(2,243		)	(949		)
Recurring CAPEX	(447		)	(244		)	(2,183		)	(1,087		)	(254		)	(132		)
FAD Adjustment	$	(13,121	)	$	(5,827	)	$	(20,748	)	$	(10,573	)	$	(8,690	)	$	(3,960	)

First cycle tenant improvement	$	10,535		$	2,903		$	10,460		$	5,014		$	3,208		$	1,466
First cycle leasing commissions	$	10,505		$	5,282		$	(1,264	)	$	(1,744	)	$	11,332		$	5,723
Redevelopment costs	$	15,361		$	5,275		$	28,236		$	11,776		$	30,730		$	14,414
Capitalized interest	$	6,104		$	3,285		$	5,831		$	3,055		$	12,308		$	6,038



Supplemental Information	20	First Quarter 2016




SELECTED FINANCIAL DATA Net Operating Income and Components of Consolidated Debt Service and Fixed Charge Coverage Unaudited (Dollars in Thousands)



	Three Months Ended						Three Months Ended			Three Months Ended
	March 31,			March 31,			December 31,			September 30,
	2016			2015			2015			2015
Net Operating Income

NOI (1)	$	241,716		$	203,610		$	223,766		$	218,810
NOI from discontinued operations	—			488			—			—
Total NOI - consolidated	241,716			204,098			223,766			218,810
SLG share of property NOI from unconsolidated JVs	44,671			35,054			39,879			38,804
Combined NOI	$	286,387		$	239,152		$	263,645		$	257,614
Partners' share of NOI - consolidated JVs	(8,568		)	(8,784		)	(9,349		)	(7,984		)
NOI - SLG share	$	277,819		$	230,368		$	254,296		$	249,630


NOI	$	286,387		$	239,152		$	263,645		$	257,614
Free rent (net of amortization)	10,249			(22,473		)	(22,580		)	(24,266		)
Net FAS 141 adjustment	(35,356		)	(14,543		)	(6,608		)	(10,752		)
Straightline revenue adjustment	(16,436		)	(13,402		)	(21,536		)	(14,830		)
Allowance for S/L tenant credit loss	1,665			(912		)	316			(1,732		)
Ground lease straight-line adjustment	817			705			947			913
Combined Cash NOI	$	247,326		$	188,527		$	214,184		$	206,947
Partners' share of NOI - consolidated JVs	(6,861		)	(7,615		)	(7,444		)	(6,616		)
Cash NOI - SLG share	$	240,465		$	180,912		$	206,740		$	200,331


Components of Consolidated Debt Service and Fixed Charges - Cash Basis

Interest expense	$	98,742		$	75,916		$	93,288		$	89,217
Principal amortization payments	7,994			7,666			7,866			7,638
Total Consolidated Debt Service	$	106,736		$	83,582		$	101,154		$	96,855

Payments under ground lease arrangements	$	7,700		$	7,694		$	7,760		$	7,674
Dividends on preferred units	2,648			951			2,651			2,225
Dividends on perpetual preferred shares	3,738			3,738			3,738			3,738
Total Consolidated Fixed Charges	$	120,822		$	95,965		$	115,303		$	110,492

(1) Includes the operating income of SL Green Management Corp. and Eemerge 212. Excludes lease termination income.



Supplemental Information	21	First Quarter 2016




SELECTED FINANCIAL DATA 2016 Same Store - Consolidated Unaudited (Dollars in Thousands)



		Three Months Ended								Three Months Ended			Three Months Ended
		March 31,			March 31,					December 31,			September 30,
		2016			2015			%		2015			2015
Revenues
	Rental revenue, net	$	258,395		$	243,831		6.0	%	$	256,649		$	255,643
	Escalation & reimbursement revenues	40,711			38,998			4.4	%	42,501			44,893
	Other income	2,026			1,513			33.9	%	2,914			4,821
	Total Revenues	$	301,132		$	284,342		5.9	%	$	302,064		$	305,357
Expenses
	Operating expenses	$	67,878		$	69,757		(2.7	)%	$	65,210		$	69,693
	Ground rent	8,328			8,454			(1.5	)%	8,377			8,402
	Real estate taxes	57,237			53,092			7.8	%	56,324			57,350
		$	133,443		$	131,303		1.7	%	$	129,911		$	135,445

	Operating Income	$	167,689		$	153,039		9.5	%	$	172,153		$	169,912

	Interest expense & amortization of financing costs	$	44,519		$	41,930		6.2	%	$	41,790		$	41,709
	Depreciation & amortization	79,422			77,192			2.9	%	79,219			77,994

	Income before noncontrolling interest	$	43,748		$	33,917		28.7	%	$	51,144		$	50,209
Plus:	Real estate depreciation & amortization	79,353			77,105			2.9	%	79,150			77,925

	FFO Contribution	$	123,101		$	111,022		10.8	%	$	130,294		$	128,134

Less:	Non–building revenue	384			475			(19.2	)%	205			326

Plus:	Interest expense & amortization of financing costs	44,519			41,930			6.2	%	41,790			41,709
	Non-real estate depreciation	69			87			0.0	%	69			69
	NOI	$	167,305		$	152,564		9.6	%	$	171,948		$	169,586

Cash Adjustments
Less:	Free rent (net of amortization)	885			2,190			(59.6	)%	(855		)	1,789
	Straightline revenue & other adjustments	8,285			5,547			49.4	%	11,095			7,596
	Rental income - FAS 141	3,741			2,819			32.7	%	4,102			5,325
Plus:	Ground lease straight-line adjustment	467			494			(5.5	)%	486			494
	Allowance for S/L tenant credit loss	1,665			(920		)	(281.0	)%	313			229
	Cash NOI	$	156,526		$	141,582		10.5	%	$	158,405		$	155,599

Operating Margins
	NOI to real estate revenue, net	55.3		%	53.9		%			56.9		%	55.6		%
	Cash NOI to real estate revenue, net	51.8		%	50.0		%			52.4		%	51		%

	NOI before ground rent/real estate revenue, net	58.1		%	56.9		%			59.7		%	58.3		%
	Cash NOI before ground rent/real estate revenue, net	54.4		%	52.9		%			55.0		%	53.6		%



Supplemental Information	22	First Quarter 2016




SELECTED FINANCIAL DATA 2016 Same Store - Joint Venture Unaudited (Dollars in Thousands)



		Three Months Ended								Three Months Ended			Three Months Ended
		March 31,			March 31,					December 31,			September 30,
		2016			2015			%		2015			2015
Revenues
	Rental revenue, net	$	28,565		$	26,782		6.7	%	$	27,282		$	27,392
	Escalation & reimbursement revenues	2,166			2,099			3.2	%	2,426			2,691
	Other income	226			214			5.6	%	204			208
	Total Revenues	$	30,957		$	29,095		6.4	%	$	29,912		$	30,291
Expenses
	Operating expenses	$	4,657		$	4,826		(3.5	)%	$	4,774		$	4,851
	Real estate taxes	4,414			4,116			7.2	%	4,232			4,335
		$	9,071		$	8,942		1.4	%	$	9,006		$	9,186

	Operating Income	$	21,886		$	20,153		8.6	%	$	20,906		$	21,105

	Interest expense & amortization of financing costs	$	8,878		$	7,328		21.2	%	$	8,106		$	8,054
	Depreciation & amortization	8,888			8,801			1.0	%	9,025			8,861

	Income before noncontrolling interest	$	4,120		$	4,024		2.4	%	$	3,775		$	4,190
Plus:	Real estate depreciation & amortization	8,888			8,800			1.0	%	9,025			8,861

	FFO Contribution	$	13,008		$	12,824		1.4	%	$	12,800		$	13,051

Less:	Non–building revenue	63			59			6.8	%	38			42

Plus:	Interest expense & amortization of financing costs	8,878			7,328			21.2	%	8,106			8,054
	Non-real estate depreciation	—			1			0.0	%	—			—
	NOI	$	21,823		$	20,094		8.6	%	$	20,868		$	21,063

Cash Adjustments
Less:	Free rent (net of amortization)	703			459			53.2	%	412			405
	Straightline revenue adjustment	1,303			983			32.6	%	917			929
	Rental income - FAS 141	391			524			(25.4	)%	450			454
	Cash NOI	$	19,426		$	18,128		7.2	%	$	19,089		$	19,275

Operating Margins
	NOI to real estate revenue, net	70.6		%	69.2		%			69.9		%	69.7		%
	Cash NOI to real estate revenue, net	62.8		%	62.4		%			63.9		%	63.8		%

	NOI before ground rent/real estate revenue, net	70.6		%	69.2		%			69.9		%	69.7		%
	Cash NOI before ground rent/real estate revenue, net	62.8		%	62.4		%			63.9		%	63.8		%



Supplemental Information	23	First Quarter 2016




SELECTED FINANCIAL DATA 2016 Same Store - Combined Unaudited (Dollars in Thousands)



		Three Months Ended								Three Months Ended			Three Months Ended
		March 31,			March 31,					December 31,			September 30,
		2016			2015			%		2015			2015
Revenues
	Rental revenue, net	$	286,960		$	270,613		6.0	%	$	283,931		$	283,035
	Escalation & reimbursement revenues	42,877			41,097			4.3	%	44,927			47,584
	Other income	2,252			1,727			30.4	%	3,118			5,029
	Total Revenues	$	332,089		$	313,437		6.0	%	$	331,976		$	335,648
Expenses
	Operating expenses	$	72,535		$	74,583		(2.7	)%	$	69,984		$	74,420
	Ground rent	8,328			8,454			(1.5	)%	8,377			8,402
	Real estate taxes	61,651			57,208			7.8	%	60,556			61,685
		$	142,514		$	140,245		1.6	%	$	138,917		$	144,507

	Operating Income	$	189,575		$	173,192		9.5	%	$	193,059		$	191,141

	Interest expense & amortization of financing costs	$	53,397		$	49,258		8.4	%	$	49,896		$	49,763
	Depreciation & amortization	88,310			85,993			2.7	%	88,244			86,855

	Income before noncontrolling interest	$	47,868		$	37,941		26.2	%	$	54,919		$	54,523
Plus:	Real estate depreciation & amortization	88,241			85,905			2.7	%	88,175			86,786

	FFO Contribution	$	136,109		$	123,846		9.9	%	$	143,094		$	141,309

Less:	Non–building revenue	447			534			(16.3	)%	243			368

Plus:	Transaction related costs	(27		)	1
	Interest expense & amortization of financing costs	53,397			49,258			8.4	%	49,896			49,763
	Non-real estate depreciation	69			88			(21.6	)%	69			69
	NOI	$	189,101		$	172,659		9.5	%	$	192,816		$	190,773

Cash Adjustments
Less:	Free rent (net of amortization)	1,588			2,649			(40.1	)%	(443		)	2,194
	Straightline revenue adjustment	9,588			6,530			46.8	%	12,012			8,525
	Rental income - FAS 141	4,132			3,343			23.6	%	4,552			5,779
Plus:	Ground lease straight-line adjustment	467			494			(5.5	)%	486			494
	Allowance for S/L tenant credit loss	1,665			(920		)	(281.0	)%	313			229
	Cash NOI	$	175,925		$	159,711		10.2	%	$	177,494		$	174,998

Operating Margins
	NOI to real estate revenue, net	56.8		%	55.3		%			58.1		%	56.9		%
	Cash NOI to real estate revenue, net	52.8		%	51.2		%			53.5		%	52.2		%

	NOI before ground rent/real estate revenue, net	59.3		%	58.1		%			60.6		%	59.4		%
	Cash NOI before ground rent/real estate revenue, net	55.2		%	53.7		%			55.8		%	54.6		%



Supplemental Information	24	First Quarter 2016




DEBT SUMMARY SCHEDULE - Consolidated Unaudited (Dollars in Thousands)



				Principal							2016				Principal			As-Of
			Ownership	Outstanding							Principal		Maturity		Due at			Right	Earliest
Fixed rate debt			Interest (%)	3/31/2016				Coupon		(1)	Amortization		Date		Maturity			Extension	Prepayment
Secured fixed rate debt
	1-6 Landmark Square		100.0	$	79,124			4.00	%		$	1,626	Dec-16		$	77,936		—	Open
	FHLB Facility (Various)			205,000			(5)	Various		(5)	—		Various	(5)	205,000		(5)	—	Open
	485 Lexington Avenue		100.0	450,000				5.61	%		—		Feb-17		450,000			—	Open
	762 Madison Avenue (swapped)		90.0	7,828				3.86	%		178		Feb-17		7,679			—	Open
	388-390 Greenwich Street (swapped)		100.0	1,004,000				3.25	%		—		Jun-18	(2)	1,004,000			Jun-21	Open
	1 Madison Avenue		100.0	536,848				5.91	%		25,010		May-20		404,531			—	Open
	100 Church Street		100.0	224,188				4.68	%		3,653		Jul-22		197,784			—	Open
	919 Third Avenue		51.0	500,000				5.12	%		3,566		Jun-23		441,594			—	Open
	400 East 57th Street		90.0	67,323				4.13	%		1,194		Feb-24		48,588			—	Open
	400 East 58th Street		90.0	28,852				4.13	%		512		Feb-24		20,823			—	Open
	420 Lexington Avenue		100.0	300,000				3.99	%		—		Oct-24		272,749			—	Jul-24
	1515 Broadway		100.0	900,000				3.93	%		11,469		Mar-25		737,436			—	Open
	11 Madison Avenue		100.0	1,400,000				3.84	%		—		Sep-25		1,400,000			—	Mar-25
				$	5,703,163			4.14	%		$	47,208			$	5,268,120
Unsecured fixed rate debt
	Convertible notes			$	324,282			3.00	%		$	—	Oct-17		$	345,000		—	Open
	1745 Broadway		56.9	16,000				4.81	%		—		Jun-18		16,000			—	Open
	Unsecured notes			249,827				5.00	%		—		Aug-18		250,000			—	Open
	Term loan (swapped)			30,000				3.70	%		—		Jun-19	(3)	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
	Unsecured notes			100,000				4.27	%		—		Dec-25		100,000			—	Open
	Convertible notes			10,008				3.00	%		—		Mar-27	(4)	10,008			—	Mar-17
	Series J Preferred Units			4,000				3.75	%		—		Apr-51		4,000			—	Open
				$	1,184,117			4.83	%		$	—			$	1,205,008

		Total Fixed Rate Debt/Wtd Avg		$	6,887,280			4.26	%		$	47,208			$	6,473,128
Floating rate debt
Secured floating rate debt
	Debt & preferred equity facility (LIBOR + 357 bps)			$	185,898			3.58	%		$	—	Jun-16		$	185,898		—	Open
	FHLB Facility (Various)			45,750			(5)	Various		(5)	—		Various	(5)	45,750		(5)	—	Open
	600 Lexington (LIBOR + 200 bps)		100.0	111,822				2.56	%		3,810		Oct-17		106,219			—	Open
	187 Broadway & 5-7 Dey Street (LIBOR + 262.5 bps)		100.0	40,000				3.05	%		—		Oct-17		40,000			—	Open
	719 Seventh Avenue (LIBOR + 305 bps)		75.0	22,892				3.49	%		—		Feb-18		22,892			—	Open
	388-390 Greenwich Street (LIBOR + 175 bps)		100.0	446,000				2.16	%		—		Jun-18		446,000			Jun-21	Open
	1080 Amsterdam (LIBOR + 375 bps)		92.5	3,525				4.18	%		—		Nov-18		3,525			Jan-00	Open
	220 East 42nd St. (LIBOR + 160 bps)		100.0	275,000				2.02	%		—		Oct-20		275,000			—	Open
				$	1,130,887			2.41	%		$	3,810			$	1,125,284
Unsecured floating rate debt
	Revolving credit facility (LIBOR + 125 bps)			$	775,000			1.68	%		$	—	Mar-19		$	775,000		Mar-20	Open
	Term loan (LIBOR + 140 bps)			903,000				1.83	%		—		Jun-19		903,000			—	Open
	Junior subordinated deferrable interest debentures (LIBOR + 1.25 bps)			100,000				1.77	%		—		Jul-35		100,000			—	Open
				$	1,778,000			1.76	%		$	—			$	1,778,000

		Total Floating Rate Debt/Wtd Avg		$	2,908,887			2.01	%		$	3,810			$	2,903,284

		Total Debt/Wtd Avg - Consolidated		$	9,796,167			3.59	%		$	51,018			$	9,376,412

		Debt attributable to 388-390 Greenwich Street (Held for Sale)		(1,450,000		)		2.92	%
		885 Third Avenue (6)		267,650				6.26	%
		Deferred financing costs		(105,543		)

		Total Debt/Wtd Avg - Consolidated, net		$	8,508,274			3.79	%

		Total Debt/Wtd Avg - Joint Venture		$	1,690,200			4.30	%

	Total Debt including SLG's share of JV Debt/Wtd Avg			$	11,486,367			3.69	%

	Weighted Average Balance & Interest Rate for the quarter, including SLG's share of JV Debt			$	14,869,215			3.95	%
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) The interest rate swaps mature in December 2017.
(3) The interest rate swap matures in June 2016.
(4) Notes can be put to the Company, at the option of the holder, on March 30, 2017.
(5) The FHLB Facility is comprised of four distinct advances each with their own terms.
(6) 885 Third Avenue was sold but did not meet the criteria for sale accounting and remains consolidated.



Supplemental Information	25	First Quarter 2016




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



				Principal Outstanding										2016					Principal			As-Of
				3/31/2016										Principal			Maturity		Due at			Right	Earliest
			Ownership	Gross Principal				SLG Share			Coupon		(1)	Amortization			Date		Maturity			Extension	Prepayment
Fixed rate debt			Interest (%)
	280 Park Avenue		50.0	691,048				345,524			6.57	%		1,583			Jun-16		344,899			—	Open
	1745 Broadway		56.9	340,000				193,358			5.68	%		—			Jan-17		193,358			—	Open
	Jericho Plaza		11.7	75,000				8,753			4.58	%		—			May-17		58,335			—	Open
	800 Third Avenue (swapped)		60.5	177,000				107,120			2.80	%		—			Aug-17		107,120			—	Open
	521 Fifth Avenue (swapped)		50.5	170,000				85,850			3.73	%		—			Nov-19		85,850			—	Open
	717 Fifth Avenue (mortgage)		10.9	300,000				32,748			4.45	%		—			Jul-22		32,748			—	Open
	21 East 66th Street		32.3	12,000				3,874			3.60	%		—			Apr-23		3,874			—	Open
	717 Fifth Avenue (mezzanine)		10.9	328,704				35,881			9.00	%		—			Jul-24		50,965			—	Open
	3 Columbus Circle		48.9	350,000				171,150			3.61	%		—			Mar-25		171,150			—	Open
	Stonehenge Portfolio		Various	421,351			(2)	23,538			4.20	%		454			Various	(2)	23,182			—	Open
	Total Fixed Rate Debt/Wtd Avg			$	2,865,103			$	1,007,796		5.19	%	(3)	$	2,037				$	1,071,481

Floating rate debt
	1552 Broadway (LIBOR + 413 bps)		50.0	$	190,410			$	95,205		4.58	%		$	—		Apr-16	(4)	$	95,205		—	Open
	Mezzanine Debt (LIBOR + 90 bps)		50.0	30,000				15,000			1.32	%		—			Jun-16		15,000			—	Open
	650 Fifth Avenue (LIBOR + 350 bps)		50.0	65,000				32,500			3.92	%		—			Oct-16		32,500			—	Open
	175-225 3rd Street (Prime + 100 bps)		95.0	40,000				38,000			4.50	%		—			Dec-16		38,000			—	Open
	10 East 53rd Street (LIBOR + 250 bps)		55.0	125,000				68,750			2.92	%		—			Feb-17		68,750			—	Open
	724 Fifth Avenue (LIBOR + 242 bps)		50.0	275,000				137,500			2.84	%		—			Apr-17		137,500			—	Open
	33 Beekman (LIBOR + 275 bps)		45.9	73,457				33,717			3.17	%		408			Aug-17		35,789			—	Open
	55 West 46th Street (LIBOR + 230 bps)		25.0	151,536				37,884			2.72	%		—			Oct-17		37,884			—	Open
	Stonehenge Portfolio (Prime)		9.8	10,500				1,032			3.50	%		19			Dec-17		997			—	Open
	121 Greene Street (LIBOR + 150 bps)		50.0	15,000				7,500			1.92	%		—			Nov-19		7,500			—	Open
	131-137 Spring Street (LIBOR + 155 bps)		20.0	141,000				28,200			1.97	%		—			Aug-20		28,200			—	Aug-16
	11 West 34th Street (LIBOR+145 bps)		30.0	23,000				6,900			1.88	%		—			Jan-21		6,900			—	Open
	100 Park Avenue (LIBOR + 175 bps)		49.9	360,000				179,640			2.18	%		—			Feb-21		175,859			—	Open
	21 East 66th Street (T 12 mos + 275 bps)		32.3	1,785				576			3.00	%		26			Jun-33		4			—	Open
	Total Floating Rate Debt/Wtd Avg			$	1,501,688			$	682,404		2.98	%	(3)	$	453				$	680,088

	Total Joint Venture Debt/Wtd Avg			$	4,366,791			$	1,690,200		4.30	%	(3)	$	2,490				$	1,751,569

		Deferred financing cost		(47,135		)		(18,198		)

	Total Joint Venture Debt/Wtd Avg, net			4,319,656				1,672,002			4.34	%

(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Amount is comprised of $13.3 million, $55.5 million, $35.0 million, $7.3 million, $141.5 million, and $178.0 million in fixed-rate mortgages that mature in July 2016, June 2017, November 2017, February 2018, August 2019, and June 2024, respectively.
(3) The weighted average coupon is calculated based on SL Green's share of the outstanding debt.
(4) The loan was modified in April 2016 including extension of the maturity date to April 2017.

	Covenants												Composition of Debt
	SL GREEN REALTY CORP.												Composition of Debt

	Revolving Credit Facility Covenants													Fixed Rate Debt
			Actual	Required													Consolidated		$	6,887,278
	Total Debt / Total Assets		54.0%	Less than 60%												SLG Share of JV			1,007,796
	Fixed Charge Coverage		2.39x	Greater than 1.5x													Total Fixed Rate Debt		$	7,895,074		68.7%

														Floating Rate Debt
																	Consolidated		$	2,908,887
	Unsecured Notes Covenants															SLG Share of JV			682,404
			Actual	Required															3,591,291
		Total Debt / Total Assets	35.7%	Less than 60%									Debt & Preferred Equity and Other Investments						(1,110,675		)
	Secured Debt / Total Assets		18.9%	Less than 40%										Total Floating Rate Debt					$	2,480,616		21.6%
	Debt Service Coverage		4.94x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt		471.8%	Greater than 150%													Total Debt		$	11,486,365



Supplemental Information	26	First Quarter 2016




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





					Principal					2016				Principal		As-Of
			Ownership		Outstanding					Principal		Maturity		Due at		Right	Earliest
			Interest (%)		3/31/2016		Coupon		(1)	Amortization		Date		Maturity		Extension	Prepayment
Fixed rate debt


Secured fixed rate debt
	919 Third Avenue		51.0		$	500,000	5.12	%		$	3,566	Jun-23		$	441,594	—	Open
					$	500,000	5.12	%		$	3,566			$	441,594

Unsecured fixed rate debt
	Unsecured notes				$	249,827	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
	Unsecured notes				100,000		4.27	%		—		Dec-25		100,000
					$	829,827	5.57	%		$	—			$	830,000


		Total Fixed Rate Debt/Wtd Avg			$	1,329,827	5.40	%		$	3,566			$	1,271,594

Floating rate debt

Secured floating rate debt
	Debt & preferred equity facility (LIBOR + 315 bps)				$	185,898	3.58	%		$	—	Jun-16		$	185,898	—	Open
					$	185,898	3.58	%		$	—			$	185,898

Unsecured floating rate debt
	Revolving credit facility (LIBOR + 125 bps)				$	775,000	1.68	%		$	—	Mar-19		$	775,000	Mar-20	Open
	Term loan (LIBOR + 140 bps)				903,000		1.83	%		—		Jun-19		903,000		—	Open
					$	1,678,000	1.76	%		$	—			$	1,678,000

		Total Floating Rate Debt/Wtd Avg			$	1,863,898	1.94	%		$	—			$	1,863,898

		Total Debt/Wtd Avg - Consolidated			$	3,193,725	3.38	%		$	3,566			$	3,135,492


(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) The interest rate swap matures in June 2016.




	Covenants
	RECKSON OPERATING PARTNERSHIP, L.P.

	Revolving Credit Facility Covenants
				Actual	Required
	Total Debt / Total Assets			40.5%	Less than 60%
	Fixed Charge Coverage			4.62x	Greater than 1.5x
	Secured Debt / Total Assets			7.7%	Less than 40%
	Unsecured Debt / Unencumbered Assets			48.0%	Less than 60%



Supplemental Information	27	First Quarter 2016




SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands)



													Deferred Land
	2016 Scheduled			2017 Scheduled			2018 Scheduled			2019 Scheduled				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			557		2027	(3	)
711 Third Avenue		5,354			5,500			5,500			5,500			1,087		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		122			209			209			226			—		2111
30 East 40th Street		204			204			204			204			366		2114
Total		$	30,816		$	31,049		$	31,049		$	31,066		$	2,010

Capitalized Leases
1080 Amsterdam Avenue		$	170		$	291		$	291		$	315		$	21,303	2111
30 East 40th Street		2,096			2,096			2,096			2,096			20,251		2114
Total		$	2,266		$	2,387		$	2,387		$	2,411		$	41,554

Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)

Operating Leases
650 Fifth Avenue		$	1,167		$	1,167		$	1,183		$	1,284		$	—	2062

Capitalized Leases
650 Fifth Avenue		$	6,086		$	6,086		$	6,169		$	6,695		$	91,941	2062

(1) Per the balance sheet at March 31, 2016.
(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.



Supplemental Information	28	First Quarter 2016




DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)



					Weighted Average Book				Weighted Average	Current
	Book Value⁽¹⁾					Value During Quarter			Yield During Quarter	Yield⁽²⁾

3/31/2015	$	1,548,739					$	1,503,047	10.37%	10.26%

Debt originations/accretion⁽³⁾	215,869
Preferred Equity originations/accretion⁽³⁾	3,456
Redemptions/Sales/Syndications/Amortization	(82,830		)
6/30/2015	$	1,685,234					$	1,694,194	10.18%	10.15%

Debt originations/accretion⁽³⁾	78,631
Preferred Equity originations/accretion⁽³⁾	54
Redemptions/Sales/Syndications/Amortization	(262,300		)
9/30/2015	$	1,501,619					$	1,599,153	10.10%	10.25%

Debt originations/accretion⁽³⁾	316,508
Preferred Equity originations/accretion⁽³⁾	27
Redemptions/Sales/Syndications/Amortization	(148,134		)
12/31/2015	$	1,670,020					$	1,553,949	10.29%	10.17%

Debt originations/accretion⁽³⁾	128,193
Preferred Equity originations/accretion⁽³⁾	604
Redemptions/Sales/Syndications/Amortization	(420,201		)
3/31/2016	$	1,378,616		⁽⁴⁾			$	1,652,321	10.35%	10.39%

(1) Net of unamortized fees, discounts, and premiums.
(2) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.
(3) Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(4) Excludes debt and preferred equity investments totaling $310.6 million that are included in other balance sheet line items.



Supplemental Information	29	First Quarter 2016




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



							Weighted Average			Weighted Average		Current
Type of Investment	Book Value		⁽¹⁾⁽²⁾	Senior Financing			Exposure PSF			Yield During Quarter		Yield ⁽³⁾

New York City

Senior Mortgage Debt	$	247,568			$	—		$	484		6.92%	7.03%

Junior Mortgage Participation	57,427				1,204,000			$	3,654		9.76%	10.24%

Mezzanine Debt	1,030,840				3,991,161			$	1,452		11.37%	11.31%

Preferred Equity	42,781				131,452			$	405		7.98%	7.79%

Balance as of 3/31/16	$	1,378,616			$	5,326,613		$	1,337		10.35%	10.39%
















(1) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $310.6 million that are included in other balance sheet line items.
(2) Approximately 67.2% of our investments are indexed to LIBOR.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.
(4) The weighted average maturity of the outstanding balance is 1.53 years. Approximately 64.5% of our portfolio of investments have extension options, some of which may be
subject to certain conditions for extension.



Supplemental Information	30	First Quarter 2016




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



	Book Value⁽¹⁾			Property		Senior				Current
Investment Type		3/31/2016		Type	Location	Financing		Last $ PSF⁽³⁾		Yield⁽²⁾

Jr. Mortgage Participation and Mezzanine		$	185,266	Office	New York City	$	1,109,000	$	1,176	9.71%

Mortgage and Mezzanine		133,395		Commercial/Multi-Family Rental Land	New York City	—		$	264	9.68%

Mortgage and Mezzanine		100,837		Retail/Multi-Family Rental	New York City	—		$	682	11.21%

Mezzanine Loan		99,662		Multi-Family Rental	New York City	360,000		$	843	8.37%

Mezzanine Loan		74,311		Office	New York City	745,215		$	1,048	20.67%

Mezzanine Loan		72,174		Office/Retail	New York City	165,000		$	1,989	9.87%

Mezzanine Loan		53,953		Office	New York City	156,383		$	530	9.00%

Mezzanine Loan		52,336		Office	New York City	217,202		$	47	11.78%

Mezzanine Loan		51,217		Office	New York City	136,384		$	451	10.10%

Mezzanine Loan		49,715		Multi-Family Rental	New York City	539,000		$	512	16.07%

Total		$	872,866			$	3,428,184			11.14%


(1) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $310.6 million which are included in other balance sheet line items.
(2) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.
(3) Reflects the last dollar of exposure to the Company's most junior position.



Supplemental Information	31	First Quarter 2016




SELECTED PROPERTY DATA Manhattan Operating Properties



		Ownership			# of	Useable	% of Total		Occupancy (%)											Annualized		Annualized Cash Rent				Total
Properties		Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-16			Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		100	%	SLG%		Tenants
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street		100.0	Downtown	Fee Interest	1	1,047,500	3.5		99.0			99.0		99.0		99.0		99.0		$	39,574,176	3.2		2.7		18
110 East 42nd Street		100.0	Grand Central	Fee Interest	1	215,400	0.7		97.8			98.5		98.5		99.9		99.4		10,670,921		0.9		0.7		22
125 Park Avenue		100.0	Grand Central	Fee Interest	1	604,245	2.0		98.7			97.8		88.0		87.1		88.7		39,506,582		3.2		2.7		24
220 East 42nd Street		100.0	Grand Central	Fee Interest	1	1,135,000	3.8		90.8			90.9		91.6		91.6		92.4		48,416,543		3.9		3.3		32
304 Park Avenue South		100.0	Midtown South	Fee Interest	1	215,000	0.7		83.8			75.7		90.9		90.3		91.9		11,697,873		0.9		0.8		12
420 Lexington Ave (Graybar)		100.0	Grand Central North	Leasehold Interest	1	1,188,000	3.9		97.1			98.4		97.0		99.3		97.1		77,957,069		6.3		5.3		208
461 Fifth Avenue	(1)	100.0	Midtown	Leasehold Interest	1	200,000	0.7		99.9			99.9		99.9		96.8		95.5		18,270,112		1.5		1.2		12
485 Lexington Avenue		100.0	Grand Central North	Fee Interest	1	921,000	3.1		98.1			100.0		100.0		100.0		100.0		58,405,026		4.7		4.0		23
555 West 57th Street		100.0	Midtown West	Fee Interest	1	941,000	3.1		99.7			99.9		99.9		99.9		99.9		39,467,661		3.2		2.7		8
609 Fifth Avenue		100.0	Rockefeller Center	Fee Interest	1	160,000	0.5		76.1			76.1		75.6		81.3		81.3		14,707,634		1.2		1.0		13
625 Madison Avenue		100.0	Plaza District	Leasehold Interest	1	563,000	1.9		97.2			97.2		97.1		97.1		96.6		57,315,678		4.6		3.9		23
635 Sixth Avenue		100.0	Midtown South	Fee Interest	1	104,000	0.3		100.0			100.0		100.0		100.0		72.5		8,617,385		0.7		0.6		2
641 Sixth Avenue		100.0	Midtown South	Fee Interest	1	163,000	0.5		100.0			100.0		100.0		100.0		92.1		12,187,941		1.0		0.8		7
711 Third Avenue	(2)	100.0	Grand Central North	Leasehold Interest	1	524,000	2.1		66.4			65.8		84.1		83.5		84.1		21,744,046		1.8		1.5		15
750 Third Avenue		100.0	Grand Central North	Fee Interest	1	780,000	2.6		96.0			97.5		97.5		97.3		97.3		46,245,346		3.7		3.2		32
810 Seventh Avenue		100.0	Times Square	Fee Interest	1	692,000	2.3		92.4			93.0		92.6		84.8		85.6		43,236,451		3.5		2.9		46
919 Third Avenue		51.0	Grand Central North	Fee Interest	1	1,454,000	4.8		100.0			100.0		100.0		100.0		90.3		95,302,905				3.3		11
1185 Avenue of the Americas		100.0	Rockefeller Center	Leasehold Interest	1	1,062,000	3.5		99.0			99.0		99.0		99.9		99.9		90,023,429		7.3		6.1		18
1350 Avenue of the Americas		100.0	Rockefeller Center	Fee Interest	1	562,000	1.9		99.6			99.6		99.4		98.5		96.9		42,451,526		3.4		2.9		35
1515 Broadway		100.0	Times Square	Fee Interest	1	1,750,000	5.8		98.4			98.4		100.0		100.0		99.7		123,497,661		10.0		8.4		12
1 Madison Avenue		100.0	Park Avenue South	Fee Interest	1	1,176,900	3.9		100.0			100.0		100.0		100.0		100.0		68,378,145		5.5		4.7		2

Subtotal / Weighted Average					21	15,458,045	51.3	%	96.3	%		96.5	%	97.0	%	96.8	%	95.6	%	$	967,674,110	70.6	%	62.8	%	575

"Non Same Store"
11 Madison Avenue		100.0	Park Avenue South	Fee Interest	1	2,314,000	8.0		98.0			73.0		71.6		N/A		N/A		$	132,304,161	10.7		9.0		10
30 East 40th Street		60.0	Grand Central South	Leasehold Interest	1	69,446	0.0		99.2			100.0		100.0		N/A		N/A		4,548,732				0.2		63
110 Greene Street		90.0	Soho	Fee Interest	1	223,600	1.0		80.3			78.1		84.0		N/A		N/A		10,492,252				0.6		63
388 & 390 Greenwich Street		100.0	Downtown	Fee Interest	2	2,635,000	9.0		100.0			100.0		100.0		100.0		100.0		112,936,936		9.1		7.7		1
600 Lexington Avenue		100.0	East Side	Fee interest	1	303,515	1.0		95.3			95.5		91.1		89.6		89.2		22,024,881		1.8		1.5		34

Subtotal / Weighted Average					6	5,545,561	18.7	%	98.1	%		87.6	%	87.0	%	98.9	%	98.9	%	$	282,306,962	21.6	%	19.1	%	171

Total / Weighted Average Consolidated Properties					27	21,003,606	70.0	%	96.8	%		94.1	%	94.4	%	97.2	%	96.1	%	$	1,249,981,072	92.2	%	81.9	%	746


UNCONSOLIDATED PROPERTIES
"Same Store"
3 Columbus Circle		48.9	Columbus Circle	Fee Interest	1	530,981	1.8		95.5			86.8		86.8		83.4		80.2		$	46,786,020			1.6		36
100 Park Avenue		50.0	Grand Central South	Fee Interest	1	834,000	2.8		96.6			95.5		96.6		96.6		96.3		61,754,906				2.1		39
521 Fifth Avenue		50.5	Grand Central	Fee Interest	1	460,000	1.5		87.3			91.9		91.9		97.6		99.0		26,241,898				0.9		41
800 Third Avenue		60.5	Grand Central North	Fee Interest	1	526,000	1.7		95.6			96.1		97.2		98.4		97.5		33,461,508				1.4		43
1745 Broadway		56.88	Midtown	Fee Interest	1	674,000	2.2		100.0			100.0		100.0		100.0		100.0		41,529,618				1.6		1

Subtotal / Weighted Average					5	3,024,981	10.0	%	95.6	%		94.5	%	94.7	%	95.0	%	94.4	%	$	209,773,950			7.6	%	160

"Non Same Store"
280 Park Avenue		50.0	Park Avenue	Fee Interest	1	1,219,158	4.0		81.0			80.7		72.9		69.3		65.2		$	100,193,184			3.4		30

Subtotal / Weighted Average					1	1,219,158	4.0	%	81.0	%		80.7	%	72.9	%	69.3	%	65.2	%	$	100,193,184			3.4	%	30

Total / Weighted Average Unconsolidated Properties					6	4,244,139	14.0	%	91.4	%		90.6	%	88.7	%	88.0	%	86.4	%	$	309,967,134			11.0	%	190


Manhattan Operating Properties Grand Total / Weighted Average					33	25,247,745	84.0	%	95.9	%		93.5	%	93.4	%	95.5	%	94.3	%	$	1,559,948,205					936
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																				$	1,361,380,603			92.8	%
Manhattan Operating Properties Same Store Occupancy %						18,483,026	73.2	%	96.2	%	(3)	96.2	%	96.7	%	96.6	%	95.5	%


(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.
(2) The Company owns 50% of the fee interest.
(3) Manhattan same-store occupancy, inclusive of 259,419 square feet of leases signed but not yet commenced, is 97.4% as of March 31, 2016, as compared to 96.1% at March 31, 2015 and 97.2% at December 31, 2015.



Supplemental Information	32	First Quarter 2016




SELECTED FINANCIAL DATA Suburban Operating Properties



	Ownership			# of	Useable	% of Total		Occupancy (%)											Annualized		Annualized Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-16			Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		100	%	SLG%		Tenants
CONSOLIDATED PROPERTIES
"Same Store" Westchester, New York
1100 King Street - 1 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.0		74.8			74.8		74.8		74.8		74.8		$	1,836,636	0.1		0.1		2
1100 King Street - 2 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.0		59.2			59.2		30.3		30.3		30.3		1,375,304		0.1		0.1		3
1100 King Street - 3 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.0		52.2			5.8		21.7		21.7		21.7		1,039,659		0.1		0.1		1
1100 King Street - 4 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.0		85.8			85.8		85.8		85.8		85.8		2,137,128		0.2		0.1		10
1100 King Street - 5 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.0		87.7			87.7		87.7		93.1		93.1		1,954,952		0.2		0.1		8
1100 King Street - 6 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.0		56.7			56.7		56.7		56.7		56.7		1,502,549		0.1		0.1		3
520 White Plains Road	100.0	Tarrytown, New York	Fee Interest	1	180,000	1.0		98.3			98.3		99.0		99.0		76.2		4,385,393		0.4		0.3		13
115-117 Stevens Avenue	100.0	Valhalla, New York	Fee Interest	1	178,000	1.0		78.7			77.2		75.1		75.6		75.6		2,967,005		0.2		0.2		11
100 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	250,000	1.0		52.2			47.1		72.9		72.9		72.9		3,423,462		0.3		0.2		10
200 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	245,000	1.0		94.5			82.7		81.2		81.1		81.1		5,662,417		0.5		0.4		8
500 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	228,000	1.0		97.8			97.8		97.8		96.6		96.6		5,326,285		0.4		0.4		7
360 Hamilton Avenue	100.0	White Plains, New York	Fee Interest	1	384,000	1.0		98.4			94.7		94.0		92.3		92.3		13,879,734		1.1		0.9		21
"Same Store" Westchester, New York Subtotal/Weighted Average				12	2,005,000	8.0	%	82.5	%		77.5	%	79.7	%	79.5	%	77.5	%	$	45,490,523	3.7	%	3.1	%	97

"Same Store" Connecticut
1 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	312,000	1.0		92.5			94.6		98.3		95.9		94.3		$	9,272,690	0.8		0.6		67
2 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	46,000	0.0		73.9			76.5		76.5		76.5		85.4		732,787		0.1		0.0		6
3 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	130,000	0.0		73.0			69.1		59.0		59.0		48.4		3,138,298		0.3		0.2		19
4 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	105,000	0.0		92.4			86.5		86.5		87.6		87.6		3,223,232		0.3		0.2		13
5 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	61,000	0.0		99.0			99.0		99.3		99.3		99.0		999,119		0.1		0.1		10
6 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	172,000	1.0		91.9			86.0		86.0		86.0		91.9		3,947,820		0.3		0.3		7
7 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	36,800	0.0		100.0			100.0		100.0		100.0		76.9		728,423		0.1		0.0		2
680 Washington Boulevard	51.0	Stamford, Connecticut	Fee Interest	1	133,000	0.0		87.0			88.9		88.9		88.9		80.9		5,122,638				0.2		9
750 Washington Boulevard	51.0	Stamford, Connecticut	Fee Interest	1	192,000	1.0		97.9			99.1		97.8		97.8		97.8		8,038,217				0.3		10
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	1	182,000	1.0		75.6			74.7		80.4		88.0		89.2		5,072,742		0.4		0.3		22
1010 Washington Boulevard	100.0	Stamford, Connecticut	Fee Interest	1	143,400	0.0		76.9			75.3		73.8		75.6		77.1		3,605,458		0.3		0.2		22
500 West Putnam Avenue	100.0	Greenwich, Connecticut	Fee Interest	1	121,500	0.0		53.8			53.8		53.8		53.8		53.8		3,109,987		0.3		0.2		10
"Same Store" Connecticut Subtotal/Weighted Average				12	1,634,700	4.0	%	84.8	%		84.1	%	84.3	%	84.9	%	83.7	%	$	46,991,412	2.7	%	2.8	%	197
																							3
"Same Store" New Jersey
125 Chubb Way	100.0	Lyndhurst, New Jersey	Fee Interest	1	278,000	1.0		66.2			66.2		66.2		66.2		66.2		$	4,310,434	0.3		0.3		6
"Same Store" New Jersey Subtotal/Weighted Average				1	278,000	1.0	%	66.2	%		66.2	%	66.2	%	66.2	%	66.2	%	$	4,310,434	0.3	%	0.3	%	6

"Same Store" Brooklyn, New York
16 Court Street	100.0	Brooklyn, New York	Fee Interest	1	317,600	1.0		96.4			95.5		94.6		95.6		94.7		$	12,684,682	1.0		0.9		70
"Same Store" Brooklyn, New York Subtotal/Weighted Average				1	317,600	1.0	%	96.4	%		95.5	%	94.6	%	95.6	%	94.7	%	$	12,684,682	1.0	%	0.9	%	70


Total / Weighted Average Consolidated Properties				26	4,235,300	14.0	%	83.4	%		80.6	%	81.7	%	81.9	%	80.4	%	$	109,477,051	7.8	%	7.0	%	370


UNCONSOLIDATED PROPERTIES
"Non Same Store"
Jericho Plaza	11.67	Jericho, New York	Fee Interest	2	640,000	2.0		71.0			66.9		66.8		70.0		69.8		$	15,843,132			0.1		33
"Non Same Store" Subtotal/Weighted Average				2	640,000	2.0	%	71.0	%		66.9	%	66.8	%	70.0	%	69.8	%	$	15,843,132			0.1	%	33

Total / Weighted Average Unconsolidated Properties				2	640,000	2.0	%	71.0	%		68.9	%	68.9	%	71.8	%	70.5	%	$	15,843,132			0.1	%	33


Suburban Operating Properties Grand Total / Weighted Average				28	4,875,300	16.0	%	81.7	%		78.8	%	79.8	%	80.4	%	79.0	%	$	125,320,183					403
Suburban Operating Properties Grand Total - SLG share of Annualized Rent																			$	104,877,125			7.2	%
Suburban Operating Properties Same Store Occupancy %					4,235,300	87.0	%	83.4	%	(1)	80.6	%	81.7	%	81.9	%	80.4	%


(1) Suburban same-store occupancy, inclusive of 28,090 square feet of leases signed but not yet commenced, is 84.0% as of March 31, 2016, as compared to 82.6% at March 31, 2015 and 82.5% at December 31, 2015.



Supplemental Information	33	First Quarter 2016




SELECTED PROPERTY DATA Retail & Residential Properties



		Ownership			# of	Useable	% of Total			Occupancy (%)										Annualized		Annualized			Gross Total RE		Total
Properties		Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet			Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		Cash Rent (SLG%)			Book Value		Tenants

"Same Store" Retail
11 West 34th Street		30.0	Herald Square/Penn Station	Fee Interest	1	17,150	2.0			100.0		100.0		100.0		100.0		100.0		$	2,586,670	1.1			$	15,482,404	1
19-21 East 65th Street	(1)	90.0	Plaza District	Leasehold Interest	2	23,610	3.0			77.5		60.5		66.0		66.0		66.0		1,175,561		1.5			7,548,256		16
21 East 66th Street		32.28	Plaza District	Fee Interest	1	13,069	2.0			100.0		100.0		100.0		100.0		100.0		3,628,240		1.7			81,646,928		1
121 Greene Street		50.0	Soho	Fee Interest	1	7,131	1.0			100.0		100.0		100.0		100.0		100.0		1,369,639		1.0			28,255,044		2
315 West 33rd Street - The Olivia		100.0	Penn Station	Fee Interest	1	270,132	33.0			100.0		100.0		100.0		100.0		100.0		14,907,424		21.1			215,336,020		10
717 Fifth Avenue		10.92	Midtown/Plaza District	Fee Interest	1	119,550	15.0			85.0		85.0		85.0		89.4		89.4		39,959,006		6.2			279,917,006		6
724 Fifth Avenue		50.0	Plaza District	Fee Interest	1	65,010	8.0			83.1		83.1		83.1		83.1		74.8		22,311,553		15.8			226,653,828		8
752-760 Madison Avenue		100.0	Plaza District	Fee Interest	1	21,124	3.0			100.0		100.0		100.0		100.0		100.0		12,954,824		18.4			295,426,572		1
762 Madison Avenue	(1)	90.0	Plaza District	Fee Interest	1	6,109	1.0			100.0		100.0		100.0		100.0		100.0		1,787,108		2.3			16,704,723		5
Williamsburg Terrace		100.0	Brooklyn, New York	Fee Interest	1	52,000	6.0			100.0		100.0		100.0		100.0		100.0		1,786,480		2.5			16,357,696		3
Subtotal/Weighted Average					11	594,885	73.0	%		94.3	%	93.6	%	93.8	%	94.7	%	93.8	%	$	102,466,504	71.6		%	$	1,183,328,477	53

"Non Same Store" Retail
5-7 Dey Street		100.0	Lower Manhattan	Fee Interest	1	70,000	9.0			69.6		75.4		90.0		N/A		N/A		$	1,746,868	2.5			$	49,698,413	29
183 Broadway		100.0	Lower Manhattan	Fee Interest	1	9,100	1.0			58.3		N/A		N/A		N/A		N/A		447,420		0.6			29,600,000		3
187 Broadway		100.0	Lower Manhattan	Fee Interest	1	3,600	0.0			100.0		100.0		100.0		N/A		N/A		625,900		0.9			13,447,452		1
102 Greene Street		100.0	Soho	Fee Interest	1	9,200	1.0			—		54.3		54.3		54.3		77.2		—		—			34,290,636		0
115 Spring Street		100.0	Soho	Fee Interest	1	5,218	1.0			100.0		100.0		100.0		100.0		100.0		2,800,000		4.0			53,380,475		1
131-137 Spring Street		20.0	Soho	Fee Interest	2	68,342	8.0			93.9		93.9		100.0		100.0		92.0		11,520,129		3.3			277,736,039		9
1552-1560 Broadway		50.0	Times Square	Fee Interest	2	57,718	7.0			67.5		67.5		67.5		67.5		67.5		24,252,528		17.2			254,778,148		2
Subtotal/Weighted Average					9	223,178	27.0	%		74.4	%	79.3	%	86.0	%	83.7	%	81.2	%	$	41,392,845	28.4		%	$	712,931,163	45

Total / Weighted Average Retail Properties					20	818,063	100.0	%		88.8	%	89.8	%	91.7	%	92.6	%	91.4	%	$	143,859,348	100.0		%	$	1,896,259,640	98



Residential Properties
		Ownership			# of	Useable	Total Units			Occupancy (%)										Average Monthly		Annualized			Gross Total RE
Properties		Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Residential			Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Rent Per Unit ($'s)		Cash Rent ($'s)			Book Value

"Same Store" Residential
315 West 33rd Street - The Olivia		100.0	Penn Station	Fee Interest		222,855	333			95.2		89.5		91.0		96.4		96.1		$	4,005	$	15,186,456		$	177,649,107
400 East 57th Street	(1)	90.0	Upper East Side	Fee Interest	1	290,482	261			92.7		92.3		94.6		93.9		98.9		3,302		11,041,922			124,717,036
400 East 58th Street	(1)	90.0	Upper East Side	Fee Interest	1	140,000	125			92.8		95.2		95.2		94.4		97.6		3,215		4,974,299			54,783,761
1080 Amsterdam	(1)	92.5	Upper West Side	Leasehold Interest	1	82,250	96			96.9		96.9		96.9		96.9		96.9		3,840		4,537,800			46,528,770
Subtotal/Weighted Average					3	735,587	815			94.2	%	92.1	%	93.5	%	95.3	%	97.3	%	$	3,862	$	35,740,477		$	403,678,674

"Non Same Store" Residential
Upper East Side Residential		95.1	Upper East Side	Fee Interest	1	27,000	28			42.9		85.7		85.7		96.4		N/A		$	1,366	$	638,678		$	50,073,674
33 Beekman Street		45.9	Downtown	Fee Interest	1	163,500	772		(2)	100.0		100.0		100.0		N/A		N/A		N/A		7,903,131			100,900,241
Stonehenge Portfolio		Various		Fee Interest	16	2,029,924	2,195			94.8		94.3		94.6		96.9		96.5		3,667		101,888,703			982,723,034
Subtotal/Weighted Average					18	2,220,424	2,995			95.7	%	95.7	%	95.9	%	96.9	%	96.5	%	$	3,864	$	110,430,512		$	1,133,696,949

Total / Weighted Average Residential Properties					21	2,956,011	3,810			95.4	%	94.9	%	95.4	%	96.5	%	96.7	%	$	3,864	$	146,170,989		$	1,537,375,623


(1) Stonehenge Portfolio Property.
(2) Property occupied by Pace University and used as dormitory space. 772 represents number of beds.



Supplemental Information	34	First Quarter 2016




SELECTED PROPERTY DATA Development / Redevelopment & Land Properties



		Ownership			# of	Useable	% of Total	Occupancy (%)										Annualized		Annualized		Gross Total RE		Total
Properties		Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet	Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		Cash Rent (SLG%)		Book Value		Tenants

Development / Redevelopment
One Vanderbilt		100.0	Grand Central	Fee Interest	1	—	0.0	—		—		—		N/A		N/A		$	—	—		$	245,366,893	—
10 East 53rd Street		55.0	Plaza District	Fee Interest	1	354,300	46.0	45.9		41.6		43.9		31.1		29.1		13,805,156		72.3		330,491,091		16
562 Fifth Avenue		100.0	Plaza District	Fee Interest	1	42,635	5.0	100.0		100.0		100.0		100.0		100.0		2,100,000		20.0		68,753,742		1
650 Fifth Avenue		50.0	Plaza District	Leasehold Interest	1	32,324	4.0	10.5		10.5		10.5		10.5		10.5		1,341,662		6.4		288,984,904		3
719 Seventh Avenue		75.0	Times Square	Fee Interest	1	—	0.0	—		—		—		—		—		—		—		49,676,074		—
175-225 Third Street		95.0	Brooklyn, New York	Fee Interest	1	—	0.0	—		—		—		—		—		—		—		77,325,038		—
55 West 46th Street		25.0	Midtown	Fee Interest	1	347,000	45.0	8.1		—		—		—		—		209,854		0.5		315,936,056		1
1640 Flatbush Avenue		100.0	Brooklyn, New York	Fee Interest	1	1,000	0.0	100.0		100.0		100.0		100.0		100.0		85,152		0.8		6,654,208		1
Total / Weighted Average Development / Redevelopment Properties					8	777,259	100.0%	30.6	%	25.0	%	26.1	%	20.2	%	19.3	%	$	17,541,825	100.0	%	$	1,383,188,005	22



Land
635 Madison Avenue	(1)	100.0	Plaza District	Fee Interest	1	176,530	100.0	100.0		100.0		100.0		100.0		100.0		$	3,677,574	100.0		$	153,745,356
Total / Weighted Average Land					1	176,530	100.0%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	$	3,677,574	100.0	%	$	153,745,356




(1) Subject to a long-term, third party net operating lease.



Supplemental Information	35	First Quarter 2016




SELECTED PROPERTY DATA Retail Properties



	Ownership			# of	Useable	% of Total		Occupancy (%)										Annualized Retail		Annualized Retail Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		100	%	SLG		Tenants
HIGH STREET RETAIL - Consolidated Properties
5-7 Dey Street	100.0	Lower Manhattan	Fee Interest	1	70,000	3.0		69.6		75.4		90.0		N/A		N/A		$	1,746,868	1.0		1.0		29
19-21 East 65th Street	90.0	Plaza District	Leasehold Interest	2	23,610	1.0		77.5		60.5		66.0		66.0		66.0		1,175,561		0.0		1.0		16
102 Greene Street	100.0	Soho	Fee Interest	1	9,200	0.0		—		54.3		54.3		54.3		77.2		—		0.0		0.0		0
115 Spring Street	100.0	Soho	Fee Interest	1	5,218	0.0		100.0		100.0		100.0		100.0		100.0		2,800,000		1.0		1.0		1
183 Broadway	100.0	Lower Manhattan	Fee Interest	1	9,100	0.0		58.3		N/A		N/A		N/A		N/A		447,420		0.0		0.0		3
187 Broadway	100.0	Lower Manhattan	Fee Interest	1	3,600	0.0		100.0		100.0		100.0		N/A		N/A		625,900		0.0		0.0		1
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	1	217,519	11.0		100.0		100.0		100.0		100.0		100.0		12,082,749		4.0		6.0		9
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	—	0.0		—		—		—		—		—		—		0.0		0.0		—
752-760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	1.0		100.0		100.0		100.0		100.0		100.0		12,954,824		4.0		6.0		1
762 Madison Avenue	90.0	Plaza District	Fee Interest	1	6,109	0.0		100.0		100.0		100.0		100.0		100.0		1,787,108		1.0		1.0		5
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	3.0		100.0		100.0		100.0		100.0		100.0		1,786,480		1.0		1.0		3
1640 Flatbush Avenue	100.0	Brooklyn, New York	Fee Interest	1	1,000	0.0		100.0		100.0		100.0		100.0		100.0		85,152		0.0		0.0		1

Subtotal / Weighted Average				13	418,480	20.0	%	90.5	%	92.5	%	95.3	%	96.4	%	97.0	%	$	35,492,062	12.0	%	17.0	%	69

HIGH STREET RETAIL - Unconsolidated Properties
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	1	17,150	1.0		100.0		100.0		100.0		100.0		100.0		$	2,586,670	1.0		0.0		1
21 East 66th Street	32.28	Plaza District	Fee Interest	1	13,069	1.0		100.0		100.0		100.0		100.0		100.0		3,628,240		1.0		1.0		1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	0.0		100.0		100.0		100.0		100.0		100.0		1,369,639		0.0		0.0		2
131-137 Spring Street	20.0	Soho	Fee Interest	2	68,342	3.0		93.9		93.9		100.0		100.0		92.0		11,520,129		4.0		1.0		9
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	32,324	2.0		10.5		10.5		10.5		10.5		10.5		1,341,662		0.0		0.0		3
717 Fifth Avenue	10.92	Midtown/Plaza District	Fee Interest	1	119,550	6.0		85.0		85.0		85.0		89.4		89.4		39,959,006		13.0		2.0		6
724 Fifth Avenue	50.0	Plaza District	Fee Interest	1	65,010	3.0		83.1		83.1		83.1		83.1		74.8		22,311,553		7.0		5.0		8
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	3.0		67.5		67.5		67.5		67.5		67.5		24,252,528		8.0		6.0		2

Subtotal / Weighted Average				10	380,294	0.2		78.8	%	78.8	%	79.9	%	81.3	%	78.4	%	$	106,969,426	35.0	%	16.0	%	32

Total / Weighted Average Prime Retail				23	798,774	0.4		84.9	%	85.9	%	87.9	%	88.3	%	87.1	%	$	142,461,488	47.0	%	34.0	%	101


OTHER RETAIL - Consolidated Properties
11 Madison Avenue	100.0	Park Avenue South	Fee Interest	1	38,800	2.0		97.7		90.2		90.2		N/A		N/A		$	2,933,434	1.0		1.0		5
100 Church Street	100.0	Downtown	Fee Interest	1	49,992	2.0		100.0		100.0		100.0		100.0		100.0		2,745,855		1.0		1.0		7
110 Greene Street	90.0	Soho	Fee Interest	1	16,121	1.0		100.0		100.0		100.0		N/A		N/A		2,863,663		1.0		1.0		5
125 Park Avenue	100.0	Grand Central	Fee Interest	1	32,124	2.0		100.0		68.4		64.3		43.9		43.9		4,662,481		2.0		2.0		6
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	49,970	2.0		84.3		96.5		96.5		96.5		96.5		3,126,894		1.0		2.0		5
Upper East Side Residential	95.1	Upper East Side	Fee Interest	1	4,150	0.0		88.0		88.0		88.0		88.0		N/A		442,014		0.0		0.0		4
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	25,330	1.0		87.0		87.0		87.0		100.0		100.0		2,688,301		1.0		1.0		5
400 East 57th Street	90.0	Upper East Side	Fee Interest	1	13,772	1.0		55.4		55.4		55.4		55.4		100.0		1,532,926		1.0		1.0		9
400 East 58th Street	90.0	Upper East Side	Fee Interest	1	3,156	0.0		100.0		100.0		100.0		100.0		100.0		537,406		0.0		0.0		5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	49,375	2.0		100.0		100.0		100.0		100.0		100.0		4,202,736		1.0		2.0		6
461 Fifth Avenue	100.0	Midtown	Leasehold Interest	1	16,248	1.0		100.0		100.0		100.0		100.0		88.6		2,061,360		1.0		1.0		2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	45,394	2.0		62.1		100.0		100.0		100.0		100.0		3,226,203		1.0		2.0		4
555 West 57th Street	100.0	Midtown West	Fee Interest	1	60,389	3.0		100.0		100.0		100.0		100.0		100.0		1,742,869		1.0		1.0		2
600 Lexington Avenue	100.0	East Side	Fee Interest	1	4,264	0.0		100.0		100.0		100.0		100.0		100.0		813,927		0.0		0.0		2
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	46,019	2.0		100.0		100.0		100.0		100.0		100.0		9,208,519		3.0		5.0		1
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	74,937	4.0		90.6		89.3		89.3		89.3		85.1		21,311,469		7.0		10.0		16
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	23,250	1.0		100.0		100.0		100.0		100.0		—		3,094,589		1.0		2.0		1
641 Sixth Avenue	100.0	Midtown South	Fee Interest	1	28,500	1.0		100.0		100.0		100.0		100.0		100.0		3,358,063		1.0		2.0		2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	1	25,639	1.0		100.0		100.0		100.0		100.0		100.0		2,829,081		1.0		1.0		3
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	24,827	1.0		100.0		100.0		100.0		100.0		100.0		2,615,192		1.0		1.0		7
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	13,470	1.0		100.0		100.0		100.0		100.0		100.0		3,772,009		1.0		2.0		4
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	31,004	2.0		100.0		100.0		100.0		98.9		98.9		3,488,646		1.0		1.0		5
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	1,800	0.0		100.0		100.0		100.0		100.0		100.0		252,000		0.0		0.0		1
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	37,326	2.0		100.0		100.0		100.0		100.0		100.0		6,289,484		2.0		3.0		5
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	17,797	1.0		100.0		100.0		100.0		100.0		100.0		2,291,568		1.0		1.0		5
1515 Broadway	100.0	Times Square	Fee Interest	1	185,333	9.0		100.0		100.0		100.0		100.0		97.0		27,540,708		9.0		14.0		7

Subtotal / Weighted Average				26	918,987	45.0	%	95.3	%	96.3	%	96.2	%	96.0	%	92.8	%	$	119,631,395	39.0	%	58.0	%	124



Supplemental Information	36	First Quarter 2016




SELECTED PROPERTY DATA - Cont. Retail Properties



	Ownership			# of	Useable	% of Total		Occupancy (%)										Annualized Retail		Annualized Retail Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		100%		SLG		Tenants

OTHER RETAIL - Unconsolidated Properties
3 Columbus Circle	48.9	Columbus Circle	Fee Interest	1	75,165	4.0		100.0		87.2		87.2		87.2		87.2		$	18,991,279	6.0		5.0		6
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	39,340	2.0		100.0		100.0		81.7		81.7		81.7		3,263,920		1.0		1.0		3
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	4,461	0.0		100.0		100.0		100.0		N/A		N/A		403,216		0.0		0.0		5
55 West 46th Street	25.0	Midtown	Leasehold Interest	1	1,191	0.0		100.0		—		—		—		—		209,854		0.0		0.0		1
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	40,022	2.0		100.0		100.0		100.0		100.0		100.0		3,290,724		1.0		1.0		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	18,545	1.0		18.9		18.9		18.9		18.9		18.9		786,093		0.0		0.0		2
521 Fifth Avenue	50.5	Grand Central	Fee Interest	1	53,157	3.0		100.0		100.0		100.0		100.0		100.0		4,943,809		2.0		1.0		3
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	9,900	0.0		100.0		100.0		100.0		100.0		100.0		1,915,648		1.0		1.0		2
Stonehenge Portfolio	Various		Fee Interest	10	88,984	4.0		80.3		80.3		82.5		79.0		78.5		8,918,241		3.0		0.0		32

Subtotal / Weighted Average				18	330,765	16.0	%	90.1	%	86.9	%	85.3	%	84.1	%	84.0	%	$	42,722,784	14.0	%	8.0	%	63

Total / Weighted Average Other Retail				44	1,249,752	61.0	%	94.0	%	93.8	%	93.3	%	92.7	%	90.4	%	$	162,354,180	53.0	%	66.0	%	187


Retail Grand Total / Weighted Average				67	2,048,526	100.0	%	90.4	%	90.8	%	91.2	%	91.1	%	89.1	%	$	304,815,668	100.0	%			288
Retail Grand Total - SLG share of Annualized Rent																		$	203,064,470			100.0	%



Supplemental Information	37	First Quarter 2016




SELECTED PROPERTY DATA Reckson Operating Portfolio - Consolidated Properties



		Ownership			Useable	% of Total		Occupancy (%)										Annualized Cash Rent ($'s)		Annualized Cash Rent				Total
Properties		Interest (%)	SubMarket	Ownership	Sq. Feet	Sq. Feet		Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Annualized Cash Rent ($'s)		100	%	SLG%		Tenants
Manhattan Operating Properties
"Same Store"
110 East 42nd Street		100.0	Grand Central	Fee Interest	215,400	2.0		97.8		98.5		98.5		99.9		99.4		$	10,670,921	2.0		1.8		22
125 Park Avenue		100.0	Grand Central	Fee Interest	604,245	5.0		98.7		97.8		88.0		87.1		88.7		39,506,582		7.5		6.7		24
304 Park Avenue South		100.0	Midtown South	Fee Interest	215,000	2.0		83.8		75.7		90.9		90.3		91.9		11,697,873		2.2		2.0		12
461 Fifth Avenue	(1)	100.0	Midtown	Leasehold Interest	200,000	2.0		99.9		99.9		99.9		96.8		95.5		18,270,112		3.5		3.1		12
555 West 57th Street		100.0	Midtown West	Fee Interest	941,000	8.0		99.7		99.9		99.9		99.9		99.9		39,467,661		7.5		6.7		8
609 Fifth Avenue		100.0	Rockefeller Center	Fee Interest	160,000	1.0		76.1		76.1		75.6		81.3		81.3		14,707,634		2.8		2.5		13
625 Madison Avenue		100.0	Plaza District	Leasehold Interest	563,000	5.0		97.2		97.2		97.1		97.1		96.6		57,315,678		10.9		9.7		23
635 Sixth Avenue		100.0	Midtown South	Fee Interest	104,000	1.0		100.0		100.0		100.0		100.0		72.5		8,617,385		1.6		1.5		2
641 Sixth Avenue		100.0	Midtown South	Fee Interest	163,000	1.0		100.0		100.0		100.0		100.0		92.1		12,187,941		2.3		2.1		7
711 Third Avenue	(2)	100.0	Grand Central North	Leasehold Interest	524,000	4.0		66.4		65.8		84.1		83.5		84.1		21,744,046		4.1		3.7		15
750 Third Avenue		100.0	Grand Central North	Fee Interest	780,000	7.0		96.0		97.5		97.5		97.3		97.3		46,245,346		8.8		7.8		32
810 Seventh Avenue		100.0	Times Square	Fee Interest	692,000	6.0		92.4		93.0		92.6		84.8		85.6		43,236,451		8.2		7.3		46
919 Third Avenue		51.0	Grand Central North	Fee Interest	1,454,000	12.0		100.0		100.0		100.0		100.0		90.3		95,302,905				8.2		11
1185 Avenue of the Americas		100.0	Rockefeller Center	Leasehold Interest	1,062,000	9.0		99.0		99.0		99.0		99.9		99.9		90,023,429		17.0		15.2		18
1350 Avenue of the Americas		100.0	Rockefeller Center	Fee Interest	562,000	5.0		99.6		99.6		99.4		98.5		96.9		42,451,526		8.0		7.2		35
Subtotal / Weighted Average					8,239,645	70.0	%	95.4	%	95.3	%	96.1	%	95.5	%	93.3	%	$	551,445,490	86.4	%	85.1	%	280

"Non Same Store"
110 Greene Street		90.0	Soho	Fee Interest	223,600	2.0		80.3		78.1		84.0		N/A		N/A		10,492,252				1.6		63
Subtotal / Weighted Average					223,600	2.0	%	80.3	%	85.0	%	89.1	%	—	%	—	%	$	10,492,252			1.6	%	63

Total / Weighted Average Manhattan Consolidated Properties					8,463,245	72.0	%	95.0	%	94.9	%	95.8	%	95.5	%	93.3	%	$	561,937,742	86.4	%			343
Total Manhattan Consolidated Properties - SLG share of Annualized Rent																		$	514,190,094			86.7	%

Suburban Operating Properties

"Same Store" Westchester, New York
1100 King Street - 1 Int'l Drive		100.0	Rye Brook, New York	Fee Interest	90,000	1.0		74.8		74.8		74.8		74.8		74.8		$	1,836,636	0.3		0.3		2
1100 King Street - 2 Int'l Drive		100.0	Rye Brook, New York	Fee Interest	90,000	1.0		59.2		59.2		30.3		30.3		30.3		1,375,304		0.3		0.2		3
1100 King Street - 3 Int'l Drive		100.0	Rye Brook, New York	Fee Interest	90,000	1.0		52.2		5.8		21.7		21.7		21.7		1,039,659		0.2		0.2		1
1100 King Street - 4 Int'l Drive		100.0	Rye Brook, New York	Fee Interest	90,000	1.0		85.8		85.8		85.8		85.8		85.8		2,137,128		0.4		0.4		10
1100 King Street - 5 Int'l Drive		100.0	Rye Brook, New York	Fee Interest	90,000	1.0		87.7		87.7		87.7		93.1		93.1		1,954,952		0.4		0.3		8
1100 King Street - 6 Int'l Drive		100.0	Rye Brook, New York	Fee Interest	90,000	1.0		56.7		56.7		56.7		56.7		56.7		1,502,549		0.3		0.3		3
520 White Plains Road		100.0	Tarrytown, New York	Fee Interest	180,000	2.0		98.3		98.3		99.0		99.0		76.2		4,385,393		0.8		0.7		13
115-117 Stevens Avenue		100.0	Valhalla, New York	Fee Interest	178,000	2.0		78.7		77.2		75.1		75.6		75.6		2,967,005		0.6		0.5		11
100 Summit Lake Drive		100.0	Valhalla, New York	Fee Interest	250,000	2.0		52.2		47.1		72.9		72.9		72.9		3,423,462		0.6		0.6		10
200 Summit Lake Drive		100.0	Valhalla, New York	Fee Interest	245,000	2.0		94.5		82.7		81.2		81.1		81.1		5,662,417		1.1		1.0		8
500 Summit Lake Drive		100.0	Valhalla, New York	Fee Interest	228,000	2.0		97.8		97.8		97.8		96.6		96.6		5,326,285		1.0		0.9		7
360 Hamilton Avenue		100.0	White Plains, New York	Fee Interest	384,000	3.0		98.4		94.7		94.0		92.3		92.3		13,879,734		2.6		2.3		21
Westchester, New York Subtotal / Weighted Average					2,005,000	17.0	%	82.5	%	77.5	%	79.7	%	79.5	%	77.5	%	$	45,490,523	8.6	%	7.7	%	97

"Same Store" Connecticut
7 Landmark Square		100.0	Stamford, Connecticut	Fee Interest	36,800	0.0		100.0		100.0		100.0		100.0		76.9		$	728,423	0.1		0.1		2
680 Washington Boulevard		51.0	Stamford, Connecticut	Fee Interest	133,000	1.0		87.0		88.9		88.9		88.9		80.9		5,122,638				0.4		9
750 Washington Boulevard		51.0	Stamford, Connecticut	Fee Interest	192,000	2.0		97.9		99.1		97.8		97.8		97.8		8,038,217				0.7		10
1055 Washington Boulevard		100.0	Stamford, Connecticut	Leasehold Interest	182,000	2.0		75.6		74.7		80.4		88.0		89.2		5,072,742		1.0		0.9		22
1010 Washington Boulevard		100.0	Stamford, Connecticut	Fee Interest	143,400	1.0		76.9		75.3		73.8		75.6		77.1		3,605,458		0.7		0.6		22
Connecticut Subtotal/Weighted Average					687,200	6.0	%	85.6	%	85.8	%	86.6	%	89.0	%	86.8	%	$	22,567,479	1.8	%	2.7	%	65

"Same Store" New Jersey
125 Chubb Way		100.0	Lyndhurst, New Jersey	Fee Interest	278,000	2.0		66.2		66.2		66.2		66.2		66.2		$	4,310,434	0.8		0.7		6
New Jersey Subtotal / Weighted Average					278,000	2.0	%	66.2	%	66.2	%	66.2	%	66.2	%	66.2	%	$	4,310,434	0.8	%	0.7	%	6

"Same Store" Brooklyn, New York
16 Court Street		100.0	Brooklyn, New York	Fee Interest	317,600	3.0		96.4		95.5		94.6		95.6		94.7		$	12,684,682	2.4		2.1		70
Brooklyn, New York Subtotal / Weighted Average					317,600	3.0	%	96.4	%	95.5	%	94.6	%	95.6	%	94.7	%	$	12,684,682	2.4	%	2.1	%	70

Total / Weighted Average Suburban Consolidated Properties					3,287,800	28.0	%	83.1	%	80.0	%	81.5	%	81.9	%	80.1	%	$	85,053,119	13.6	%			238
Total Suburban Consolidated Properties - SLG share of Annualized Rent																		$	78,604,299			13.3	%

Reckson Operating Properties Grand Total / Weighted Average					11,751,045	100.0	%	91.7	%	90.7	%	91.8	%	91.6	%	89.6	%	$	646,990,861	100.0	%			581
Reckson Operating Properties Grand Total - SLG Share of Annualized Rent																		$	592,794,393			100.0	%
Reckson Operating Properties Same Store Occupancy %					11,527,445	98.0	%	91.9	%	91.0	%	91.9	%	91.6	%	89.6	%
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.
(2) The Company owns 50% of the fee interest.



Supplemental Information	38	First Quarter 2016




SELECTED PROPERTY DATA Reckson Operating Portfolio - Retail, Land & Residential Properties



	Ownership			Useable	% of Total		Occupancy (%)										Annualized		Annualized			Gross Total RE		Total
Properties	Interest (%)	SubMarket	Ownership	Sq. Feet	Sq. Feet		Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		Cash Rent (SLG%)			Book Value		Tenants

Retail
102 Greene Street	100.0	Soho	Fee Interest	9,200	2.0		—		54.3		54.3		54.3		77.2		$	—	—			$	34,290,636	—
115 Spring Street	100.0	Soho	Fee Interest	5,218	1.0		100.0		100.0		100.0		100.0		100.0		2,800,000		12.8			53,380,475		1
131-137 Spring Street	20.0	Soho	Fee Interest	68,342	17.0		93.9		93.9		100.0		100.0		92.0		11,520,129		10.6			277,736,039		9
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	270,132	67.0		100.0		100.0		100.0		100.0		100.0		14,907,424		68.4			215,336,020		10
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	52,000	13.0		100.0		100.0		100.0		100.0		100.0		1,786,480		8.2			16,357,696		3
Total Retail Properties				404,892	100.0	%	96.7	%	97.9	%	99.0	%	99.0	%	98.1	%	$	31,014,032	100.0		%	$	597,100,865	23

Land
635 Madison Avenue	100.0	Plaza District	Fee Interest	176,530	100.0		100.0		100.0		100.0		100.0		100.0		$	3,677,574	100.0			$	153,745,356
Total Land Properties				176,530	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	$	3,677,574	100.0		%	$	153,745,356



Residential Properties - Reckson Portfolio
	Ownership			Useable			Occupancy (%)										Annualized		Average Monthly			Gross Total RE		Total
Properties	Interest (%)	SubMarket	Ownership	Sq. Feet	Total Units		Mar-16		Dec-15		Sep-15		Jun-15		Mar-15		Cash Rent ($'s)		Rent Per Unit ($'s)			Book Value		Tenants
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	222,855	333		95.2		89.5		91.0		96.4		96.1		$	15,186,456	$	4,005		$	177,649,107	317
Total Residential Properties				222,855	333		95.2	%	89.5	%	91.0	%	96.4	%	96.1	%	$	15,186,456	$	4,005		$	177,649,107	317



Supplemental Information	39	First Quarter 2016




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	$	135,410,478	(1)	$44.79	(1)	8.0%	$	133,328,721	9.1%	BBB+
Credit Suisse Securities (USA), Inc.	1 Madison Avenue, 11 Madison Avenue & 1055 Washington Blvd	2017, 2019, 2020 & 2037	2,403,080	124,429,574			$51.78		7.4%	124,429,574		8.5%	A
Viacom International, Inc.	1515 Broadway	2031	1,330,735	86,422,248			$64.94		5.1%	86,422,248		5.9%	BBB-
Penguin Random House Inc.	1745 Broadway	2018 & 2023	644,598	41,529,624			$64.43		2.5%	23,617,897		1.6%	BBB+
Sony Corporation	11 Madison Avenue	2031	578,791	42,688,654			$73.75		2.5%	42,668,654		2.9%	BBB-
Debevoise & Plimpton, LLP	919 Third Avenue	2021	575,324	43,566,772			$75.73		2.6%	22,219,054		1.5%
The City of New York	16 Court Street, 100 Church Street and 420 Lexington Avenue	2017, 2030 & 2034	554,694	18,839,775			$33.96		1.1%	18,839,775		1.3%	Aa2
Omnicom Group, Inc.	220 East 42nd Street	2017	493,560	21,463,116			$43.49		1.3%	21,463,116		1.5%	BBB+
Ralph Lauren Corporation	625 Madison Avenue	2019	362,065	26,500,607			$73.19		1.6%	26,500,607		1.8%	A
Advance Magazine Group, Fairchild Publications	750 Third Avenue & 485 Lexington Avenue	2021	339,195	17,226,359			$50.79		1.0%	17,226,359		1.2%
C.B.S. Broadcasting, Inc.	555 West 57th Street	2023	338,527	14,905,277			$44.09		0.9%	14,905,277		1.0%	BBB
Metro-North Commuter Railroad Company	110 East 42nd Street & 420 Lexington Avenue	2021 & 2034	328,957	17,962,756			$54.61		1.1%	17,962,756		1.2%	Aa2
Schulte, Roth & Zabel LLP	919 Third Avenue	2036	263,186	18,585,104			$70.62		1.1%	9,478,403		0.6%
HF Management Services LLC	100 Church Street	2032	230,394	7,563,721			$32.83		0.4%	7,563,721		0.5%
BMW of Manhattan	555 West 57th Street	2022	227,782	6,449,228			$28.31		0.4%	6,449,228		0.4%	A+
The City University of New York - CUNY	555 West 57th Street & 16 Court Street	2020, 2024 & 2030	227,622	9,420,770			$41.39		0.6%	9,420,770		0.6%	Aa2
Bloomberg LP	919 Third Avenue	2029	225,579	11,783,619			$52.24		0.7%	6,009,646		0.4%
Amerada Hess Corp.	1185 Avenue of the Americas	2027	181,569	14,130,831			$77.83		0.8%	14,130,831		1.0%	BBB-
Newmark & Company Real Estate Inc.	125 Park Avenue, 110 East 42nd Street & 680 Washington Blvd	2016, 2026 & 2031	178,955	9,701,008			$54.21		0.6%	9,492,582		0.6%	BBB-
WME IMG, LLC	11 Madison Avenue & 304 Park Avenue	2028 & 2030	178,617	13,697,433			$76.69		0.8%	13,697,433		0.9%
The Travelers Indemnity Company	485 Lexington Avenue	2021	173,278	10,288,248			$59.37		0.6%	10,288,248		0.7%	AA
United Nations	220 East 42nd Street	2017, 2021 & 2022	171,091	8,240,109			$48.16		0.5%	8,240,109		0.6%
Verizon	1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive	2018, 2019 & 2026	162,409	4,495,676			$27.68		0.3%	4,495,676		0.3%	BBB+
News America Incorporated	1185 Avenue of the Americas	2020	161,722	15,993,073			$98.89		0.9%	15,993,073		1.1%	BBB+
King & Spalding	1185 Avenue of the Americas	2025	159,943	14,428,113			$90.21		0.9%	14,428,113		1.0%
Young & Rubicam, Inc.	3 Columbus Circle	2033	159,394	9,909,020			$62.17		0.6%	4,845,511		0.3%	BBB
Amazon Corporate LLC	1185 Avenue of the Americas & 1350 Avenue of the Americas	2016 & 2023	158,688	11,613,817			$73.19		0.7%	11,613,817		0.8%	AA-
Bloomingdales, Inc.	919 Third Avenue	2024	157,961	9,061,561			$57.37		0.5%	4,621,396		0.3%	BBB
National Hockey League	1185 Avenue of the Americas	2022	148,217	13,317,056			$89.85		0.8%	13,317,056		0.9%
BNP Paribas	919 Third Avenue	2016	145,834	10,040,868			$68.85		0.6%	5,120,843		0.3%	A

Total			14,285,190	$	789,664,492		$55.28		46.9%	$	718,810,490	49.0%

_{(1) Reflects the net rent as of March 31, 2016 of $42.87 PSF for the 388-390 Greenwich Street lease.}
_{(2) Corporate or bond rating from S&P or Moody's.}



Supplemental Information	40	First Quarter 2016




TENANT DIVERSIFICATION Based on SLG Share of Annualized Cash Rent



Category	Manhattan Properties			Suburban Properties

Arts, Ent. & Recreation		3.5	%		0.2	%
Business Services		2.5	%		3.1	%
Financial Services		37.0	%		30.3	%
Government / Non Profit		3.0	%		3.6	%
Legal		6.2	%		12.6	%
Manufacturing		1.8	%		8.4	%
Medical		2.0	%		2.9	%
Other		6.1	%		3.1	%
Professional Services		5.6	%		14.2	%
Retail		8.0	%		3.0	%

TAMI :
Technology		1.3	%		6.0	%
Advertising		5.0	%		0.9	%
Media		17.7	%		11.7	%
Information		0.3	%		0.0%

Total		100.0	%		100.0	%



Supplemental Information	41	First Quarter 2016




LEASING ACTIVITY - Manhattan Operating Properties Available Space



Activity	Building Address	# of Leases	Useable SF	Rentable SF	Escalated Rent/Rentable SF ($'s)(1)

Available Space at 12/31/15			1,395,967

Add: Property no longer in redevelopment	280 Park Avenue		235,629

Space which became available during the Quarter (2):
Office
	3 Columbus Circle	2	13,082	10,799	$60.99
	30 East 40th Street	1	540	540	$69.38
	110 East 42nd Street	1	1,556	1,598	$55.00
	110 Greene Street	2	9,078	6,804	$60.56
	125 Park Avenue	1	4,060	4,060	$58.24
	280 Park Avenue	1	18,839	20,246	$97.50
	420 Lexington Avenue	7	19,312	28,339	$53.32
	521 Fifth Avenue	2	23,716	23,716	$44.61
	555 West 57th Street	2	32,900	37,184	$43.27
	609 Fifth Avenue	1	917	977	$79.53
	750 Third Avenue	1	11,465	11,465	$64.26
	800 Third Avenue	2	5,095	5,451	$54.17
	810 Seventh Avenue	3	35,590	39,316	$58.98
	Total/Weighted Average	26	176,150	190,495	$57.81

Retail
	110 Greene Street	1	446	459	$158.10
	220 East 42nd Street	2	8,346	8,747	$80.23
	485 Lexington Avenue	1	7,921	7,921	$87.90
	Total/Weighted Average	4	16,713	17,127	$85.86

Storage
	110 Greene Street	1	1,346	1,300	$25.14
	220 East 42nd Street	1	658	658	$35.75
	485 Lexington Avenue	1	9,299	9,299	$21.77
	600 Lexington Avenue	1	511	511	$33.00
	Total/Weighted Average	4	11,814	11,768	$23.41


	Total Space which became available during the quarter
	Office	26	176,150	190,495	$57.81
	Retail	4	16,713	17,127	$85.86
	Storage	4	11,814	11,768	$23.41
		34	204,677	219,390	$58.16


	Total Available Space		1,836,273

(1) Escalated rent is calculated as total annual lease related income excluding electric charges.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.



Supplemental Information	42	First Quarter 2016




LEASING ACTIVITY - Manhattan Operating Properties Commenced Leasing



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				1,836,273

Office
	3 Columbus Circle	5	8.2	19,597	19,027	$71.90	$55.69	$24.65	0.3
	11 Madison Avenue	6	15.0	554,256	560,089	$74.00	—	$75.40	12.3
	100 Park Avenue	1	10.3	9,668	10,889	$81.00	$67.69	$30.00	4.0
	110 Greene Street	5	1.1	12,184	12,184	$72.17	$46.58	$1.14	—
	125 Park Avenue	1	5.3	3,217	3,412	$65.00	—	$89.98	3.0
	220 East 42nd Street	1	7.3	8,166	8,364	$63.00	$44.65	$23.24	4.0
	280 Park Avenue	1	7.8	22,931	22,931	$95.00	—	$100.00	3.0
	304 Park Avenue South	1	10.3	17,485	18,042	$62.00	—	$60.98	3.0
	420 Lexington Avenue	3	5.7	4,162	5,941	$66.41	$41.59	$2.83	0.2
	521 Fifth Avenue	1	3.1	2,595	2,737	$63.00	$45.07	—	1.0
	555 West 57th Street	1	8.0	31,200	35,112	$55.00	$42.76	$95.00	5.0
	609 Fifth Avenue	1	2.3	917	977	$80.83	$79.53	—	—
	711 Third Avenue	1	5.9	3,016	3,586	$58.00	$53.14	$17.40	1.0
	800 Third Avenue	1	10.3	2,588	2,718	$63.00	$63.86	—	4.0
	810 Seventh Avenue	2	5.3	31,000	34,640	$62.50	—	$26.00	0.3
	Total/Weighted Average	31	13.1	722,982	740,649	$72.56	$49.45	$69.20	9.8

Retail
	3 Columbus Circle	1	22.7	39,755	39,718	$209.21	—	$58.12	8.0
	11 Madison Avenue	1	15.0	2,926	2,926	$225.00	—	$75.40	16.5
	110 Greene Street	1	1.0	2,359	2,128	$253.76	$169.17	—	—
	125 Park Avenue	2	15.6	6,205	17,017	$70.52	$45.26	$80.00	4.0
	Total/Weighted Average	5	19.6	51,245	61,789	$173.30	$99.08	$62.96	7.0

Storage
	11 Madison Avenue	2	15.0	20,673	15,776	$37.00	—	$75.40	18.3
	110 Greene Street	1	1.0	1,346	1,346	$30.31	$24.28	—	—
	Total/Weighted Average	3	13.9	22,019	17,122	$36.47	$24.28	$69.47	16.8

Leased Space
	_{Office (3)}	31	13.1	772,982	740,649	$72.56	$49.45	$69.20	9.8
	_Retail	5	19.6	51,245	61,789	$173.30	$99.08	$62.96	7.0
	_Storage	3	13.9	22,019	17,122	$36.47	$24.28	$69.47	16.8
	Total	39	13.6	796,246	819,560	$79.40	$51.49	$68.73	9.8

Total Available Space as of 3/31/16				1,040,027

Early Renewals
Office
	11 Madison Avenue	2	20.0	177,626	177,626	$73.81	$46.00	$59.14	11.2
	100 Park Avenue	3	1.8	106,014	114,692	$85.02	$65.44	—	—
	110 Greene Street	1	3.6	2,689	2,689	$75.86	$53.57	—	—
	220 East 42nd Street	3	14.3	160,569	180,225	$62.36	$36.22	$55.60	0.1
	420 Lexington Avenue	4	4.7	7,460	10,826	$56.93	$49.25	$1.46	0.8
	485 Lexington Avenue	1	10.0	26,295	27,147	$75.50	$70.51	$30.00	5.0
	600 Lexington Avenue	1	5.5	5,168	5,195	$65.00	$60.12	$15.00	1.0
	609 Fifth Avenue	1	2.0	1,826	1,958	$84.78	$84.72	—	1.0
	Total/Weighted Average	16	12.9	487,647	520,358	$71.81	$48.57	$41.19	4.2

Retail
	3 Columbus Circle	1	10.3	6,551	6,551	$481.67	$423.79	$228.97	6.0
	1350 Avenue of the Americas	1	15.0	1,370	1,370	$268.41	$223.65	—	—
	Total/Weighted Average	2	11.1	7,921	7,921	$444.78	$389.17	$189.37	5.0
Storage
	11 Madison Avenue	1	20.0	12,103	8,770	$20.00	$59.00	—	—
	420 Lexington Avenue	1	3.1	392	464	$21.00	$21.05	—	—
	Total/Weighted Average	2	19.1	12,495	9,234	$20.05	$57.09	—	—
Renewals
	Early Renewals Office	16	12.9	487,647	520,358	$71.81	$48.57	$41.19	4.2
	Early Renewals Retail	2	11.1	7,921	7,921	$444.78	$389.17	$189.37	5.0
	Early Renewals Storage	2	19.1	12,495	9,234	$20.05	$57.09	—	—
	Total	20	13.0	508,063	537,513	$76.42	$53.73	$42.67	4.1
(1) Annual initial base rent.
(2) Escalated rent is calculated as total annual lease related income excluding electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $64.48/rsf for 96,670 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $70.66/rsf for 617,028 rentable SF.



Supplemental Information	43	First Quarter 2016




LEASING ACTIVITY - Suburban Operating Properties Available Space



Activity	Building Address	# of Leases	Useable SF		Rentable SF	Escalated Rent/Rentable SF ($'s)(1)

_{Available Space at 12/31/15}			1,175,375

_{Less: Sold Vacancies}	_{7 Renaissance Square, White Plains, New York}		(7,134	)


Space which became available during the Quarter (2):
Office
	115-117 Stevens Avenue, Valhalla, New York	1	2,073		2,073	$26.53
	200 Summit Lake Drive, Valhalla, New York	1	2,083		2,083	$27.34
	360 Hamilton Avenue, White Plains, New York	1	6,849		6,849	$40.00
	1 Landmark Square, Stamford, Connecticut	4	17,533		17,533	$37.57
	2 Landmark Square, Stamford, Connecticut	1	1,182		1,375	$34.20
	680 Washington Boulevard, Stamford, Connecticut	1	2,458		2,458	$47.03
	750 Washington Boulevard, Stamford, Connecticut	1	2,339		2,339	$43.27
	1010 Washington Boulevard, Stamford, Connecticut	1	642		642	$25.00
	1055 Washington Boulevard, Stamford, Connecticut	1	747		747	$43.18
	16 Court Street, Brooklyn, New York	2	2,970		3,402	$46.11
	Total/Weighted Average	14	38,876		39,501	$38.32

Retail
	4 Landmark Square, Stamford, Connecticut	1	320		320	$25.00
	Total/Weighted Average	1	320		320	$25.00


	Total Space which became available during the Quarter
	Office	14	38,876		39,501	$38.32
	Storage	1	320		320	$25.00
		15	39,196		39,821	$38.21


	Total Available Space		1,207,437

(1) Escalated rent is calculated as total annual lease related income excluding electric charges.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.



Supplemental Information	44	First Quarter 2016




LEASING ACTIVITY - Suburban Operating Properties Commenced Leasing



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				1,207,437

Office
	1100 King Street - 3 Int'l Drive, Rye Brook, New York	2	15.0	41,752	41,868	$24.00	$27.01	$61.50	13.0
	115-117 Stevens Avenue, Valhalla, New York	2	7.5	4,788	4,788	$22.80	$26.53	$28.92	5.8
	100 Summit Lake Drive, Valhalla, New York	2	5.7	12,692	12,692	$26.58	—	$62.19	0.3
	200 Summit Lake Drive, Valhalla, New York	1	11.0	30,086	30,225	$23.50	—	$60.00	12.0
	360 Hamilton Avenue, White Plains, New York	4	7.8	21,118	21,118	$37.32	$40.00	$34.64	6.9
	1 Landmark Square, Stamford, Connecticut	3	2.3	10,802	10,802	$37.76	$35.68	$14.66	—
	3 Landmark Square, Stamford, Connecticut	1	3.2	5,170	5,170	$35.00	—	$25.00	1.5
	4 Landmark Square, Stamford, Connecticut	1	5.4	6,181	6,181	$35.50	—	$50.00	5.0
	6 Landmark Square, Stamford, Connecticut	1	10.8	10,074	10,074	$27.00	$34.92	$20.00	10.0
	1010 Washington Boulevard, Stamford, Connecticut	2	4.2	2,904	2,904	$31.04	$34.25	$21.37	3.9
	1055 Washington Boulevard, Stamford, Connecticut	1	5.3	2,295	2,295	$34.75	$43.18	$30.00	3.0
	Jericho Plaza, Jericho, New York	2	8.1	26,451	26,451	$33.00	$39.14	$37.70	6.2
	16 Court Street, Brooklyn, New York	3	6.2	5,541	7,319	$47.75	$32.19	$39.07	2.6
	Total/Weighted Average	25	9.4	179,854	181,887	$29.81	$32.66	$45.41	7.8

Retail
	4 Landmark Square, Stamford, Connecticut	1	5.0	320	320	$25.00	$25.00	—	—
	Total/Weighted Average	1	5.0	320	320	$25.00	$25.00	—	—

Storage
	100 Summit Lake Drive, Valhalla, New York	1	5.0	180	180	$12.00	$10.00	—	—
	200 Summit Lake Drive, Valhalla, New York	1	11.0	760	1,011	$12.00	—	—	12.0
	1 Landmark Square, Stamford, Connecticut	1	3.0	200	826	$15.00	—	—	—
	Total/Weighted Average	3	7.2	1,140	2,017	$13.23	$10.00	—	6.0

Leased Space
	Office (3)	25	9.4	179,854	181,887	$29.81	$32.66	$45.41	7.8
	Retail	1	5.0	320	320	$25.00	$25.00	$0.00	—
	Storage	3	7.2	1,140	2,017	$13.23	$10.00	$0.00	6.0
	Total	29	9.3	181,314	184,224	$29.62	$32.57	$44.84	7.8

Total Available Space as of 3/31/16				1,026,123

Early Renewals
Office
	1100 King Street - 3 Int'l Drive, Rye Brook, New York	1	3.3	1,314	1,314	$26.50	$26.50	$7.00	3.0
	1100 King Street - 5 Int'l Drive, Rye Brook, New York	1	5.3	644	644	$26.50	$26.50	$2.35	3.0
	115-117 Stevens Avenue, Valhalla, New York	1	8.0	7,360	13,531	$24.00	$24.00	$25.00	8.0
	360 Hamilton Avenue, White Plains, New York	4	2.6	92,635	92,635	$46.43	$41.07	$10.51	1.1
	3 Landmark Square, Stamford, Connecticut	2	2.6	26,148	26,148	$32.88	$32.58	$3.58	2.2
	Total/Weighted Average	9	3.2	128,101	134,272	$41.24	$37.48	$10.55	2.0

Storage
	360 Hamilton Avenue, White Plains, New York	3	2.8	1,626	1,626	$9.15	$9.15	—	—
	Total/Weighted Average	3	2.8	1,626	1,626	$9.15	$9.15	—	—

Renewals
	Early Renewals Office	9	3.2	128,101	134,272	$41.24	$37.48	$10.55	2.0
	Early Renewals Storage	3	2.8	1,626	1,626	$9.15	$9.15	—	—
	Total	12	3.2	129,727	135,898	$40.86	$37.14	$10.42	2.0

(1) Annual initial base rent.
(2) Escalated rent is calculated as total annual lease related income excluding electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $30.74/rsf for 69,418 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $37.66/rsf for 203,690 rentable SF.



Supplemental Information	45	First Quarter 2016




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 2016 (1)		11	19,362	0.09	%	$1,132,051	$58.47	$63.12	2	5,259	0.13	%	$312,178	$59.36	$62.79
2nd Quarter 2016		22	157,896	0.76	%	$10,201,832	$64.61	$81.75	3	25,305	0.63	%	$2,174,504	$85.93	$87.84
3rd Quarter 2016		13	82,572	0.40	%	$5,143,500	$62.29	$71.66	2	14,554	0.36	%	$892,882	$61.35	$70.24
4th Quarter 2016		29	227,659	1.10	%	$13,078,254	$57.45	$65.73	4	51,070	1.28	%	$3,413,636	$66.84	$69.96

Total 2016		75	487,489	2.36	%	$29,555,638	$60.63	$71.82	11	96,188	2.41	%	$6,793,200	$70.62	$74.32


2017		110	1,358,016	6.56	%	$81,490,711	$60.01	$67.69	14	153,651	3.85	%	$12,931,324	$84.16	$76.28
2018		83	623,734	3.02	%	$49,233,583	$78.93	$115.89	28	438,790	10.99	%	$36,565,885	$83.33	$76.11
2019		81	1,160,651	5.61	%	$80,104,590	$69.02	$72.63	23	295,729	7.41	%	$23,350,278	$78.96	$83.28
2020		99	2,471,896	11.94	%	$151,324,129	$61.22	$69.12	21	254,854	6.38	%	$14,886,987	$58.41	$68.66
2021		72	1,689,633	8.16	%	$101,905,427	$60.31	$64.64	12	259,200	6.49	%	$14,740,222	$56.87	$69.88
2022		52	949,670	4.59	%	$62,234,282	$65.53	$79.53	16	169,811	4.25	%	$11,484,984	$67.63	$76.74
2023		38	757,967	3.66	%	$43,728,018	$57.69	$65.17	14	856,520	21.45	%	$58,292,130	$68.06	$70.21
2024		30	466,855	2.26	%	$31,087,581	$66.59	$68.76	16	351,344	8.80	%	$31,670,288	$90.14	$88.50
2025		35	854,761	4.13	%	$79,849,238	$93.42	$103.12	12	231,079	5.79	%	$18,242,492	$78.94	$83.04
Thereafter		83	7,241,816	34.99	%	$421,944,244	$58.26	$66.64	23	885,293	22.17	%	$81,009,345	$91.51	$103.89
		758	18,062,488	87.27	%	$1,132,457,442	$62.70	$71.49	190	3,992,459	100.00	%	$309,967,134	$77.64	$82.14

(5)		1	2,634,670	12.73	%	$112,936,936
		759	20,697,158	100.00	%	$1,245,394,378


	NOTE: Data excludes space currently occupied by SL Green's corporate offices.
	(1) Includes month to month holdover tenants that expired prior to March 31, 2016.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized rent allocated by year of expiration.
	(4) Management's estimate of average asking rents for currently occupied space as of March 31, 2016. 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.



Supplemental Information	46	First Quarter 2016




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 2016 (1)		17	46,309	1.39	%		$1,640,855	$35.43	$38.33	4	19,264	4.32	%		$721,681	$37.46	$36.00
2nd Quarter 2016		11	112,508	3.39	%		$3,757,971	$33.40	$34.42	—	—	—	%	—		—	—
3rd Quarter 2016		18	133,600	4.02	%		$5,131,230	$38.41	$45.74	—	—	—	%	—		—	—
4th Quarter 2016		14	56,678	1.71	%		$2,146,122	$37.87	$39.65	—	—	—	%	—		—	—

Total 2016		60	349,095	10.51	%		$12,676,177	$36.31	$40.12	4	19,264	4.32	%		$721,681	$37.46	$36.00

2017		46	248,677	7.48	%		$9,577,470	$38.51	$41.20	6	43,017	9.64	%		$1,450,311	$33.71	$34.52
2018		56	302,748	9.11	%		$10,896,422	$35.99	$37.99	3	54,052	12.11	%		$2,262,295	$41.85	$36.00
2019		45	457,879	13.78	%		$12,997,094	$28.39	$29.77	6	31,879	7.14	%		$1,061,509	$33.30	$36.00
2020		34	302,305	9.10	%		$11,078,205	$36.65	$39.74	3	38,562	8.64	%		$1,496,230	$38.80	$36.00
2021		36	445,866	13.42	%		$13,457,835	$30.18	$31.59	4	89,292	20.00	%		$3,195,485	$35.79	$36.00
2022		21	115,584	3.48	%		$4,548,443	$39.35	$41.45	1	16,383	3.67	%		$570,948	$34.85	$36.00
2023		18	156,620	4.71	%		$5,175,358	$33.04	$35.00	2	42,334	9.48	%		$1,422,001	$33.59	$36.00
2024		13	207,798	6.25	%		$6,814,934	$32.80	$40.25	2	52,707	11.81	%		$1,788,222	$33.93	$36.00
2025		16	167,698	5.05	%		$5,411,177	$32.27	$34.38	1	1,729	0.39	%		$56,193	$32.50	$36.00
Thereafter		27	568,246	17.10	%		$16,843,936	$29.64	$31.41	3	57,140	12.80	%		$1,818,257	$31.82	$36.00
		372	3,322,516	100.00	%		$109,477,051	$32.95	$35.44	35	446,359	100.00	%		$15,843,132	$35.49	$35.86


	(1) Includes month to month holdover tenants that expired prior to March 31, 2016.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized rent allocated by year of expiration.
	(4) Management's estimate of average asking rents for currently occupied space as of March 31, 2016. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	47	First Quarter 2016




ANNUAL LEASE EXPIRATIONS Retail 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)

High Street Retail
2016 (1)		16	18,160	4.94	%	$868,152	$47.81	$54.95	1	7,153	2.38	%	$338,255	$47.29	$49.65
2017		16	61,300	16.66	%	$3,454,213	$56.35	$175.81	5	18,156	6.05	%	$987,516	$54.39	$77.61
2018		11	18,949	5.15	%	$988,466	$52.16	$67.99	2	22,571	7.52	%	$1,434,612	$63.56	$74.39
2019		4	5,350	1.45	%	$517,580	$96.74	$97.42	—	—	—	%	—	—	—
2020		6	12,491	3.40	%	$1,815,070	$145.31	$337.20	3	25,424	8.47	%	$5,086,136	$200.05	$277.01
2021		1	108,148	29.40	%	$6,748,568	$62.40	$70.00	5	26,753	8.91	%	$4,391,352	$164.14	$216.26
2022		1	1,366	0.37	%	$216,124	$158.22	$299.00	3	55,437	18.47	%	$20,349,103	$367.07	$469.54
2023		2	8,776	2.39	%	$717,458	$81.75	$99.84	2	7,131	2.38	%	$1,369,639	$192.07	$350.00
2024		5	76,039	20.67	%	$15,629,237	$205.54	$212.77	1	7,793	2.60	%	$4,869,792	$624.89	$898.00
2025		3	33,944	9.23	%	$801,907	$23.62	$23.84	2	10,664	3.55	%	$644,875	$60.47	$60.62
Thereafter		4	23,318	6.34	%	$3,735,288	$160.19	$228.18	8	119,059	39.67	%	$67,498,145	$566.93	$638.09
		69	367,841	100.00	%	$35,492,062	$96.49	$133.10	32	300,141	100.00	%	$106,969,426	$356.40	$427.84
Vacancy (5)			10,040					$517.93		51,002					$550.49
			377,881					$143.33		351,143					$445.65

Other Retail
2016 (1)		6	44,794	5.09	%	$4,322,202	$96.49	$155.28	2	2,120	0.71	%	$134,790	$63.58	$66.51
2017		13	51,032	5.79	%	$5,685,510	$111.41	$185.96	1	2,133	0.71	%	$303,855	$142.45	$143.76
2018		9	62,901	7.14	%	$11,597,398	$184.38	$532.89	7	13,587	4.55	%	$1,993,600	$146.73	$159.83
2019		8	58,418	6.63	%	$5,062,418	$86.66	$212.75	4	10,600	3.55	%	$1,586,342	$149.65	$178.02
2020		11	59,121	6.71	%	$7,334,275	$124.06	$158.08	3	32,800	10.99	%	$1,464,942	$44.66	$54.52
2021		9	15,961	1.81	%	$2,029,499	$127.15	$137.22	2	5,992	2.01	%	$634,337	$105.86	$103.52
2022		14	130,693	14.84	%	$16,030,283	$122.66	$158.93	6	12,603	4.22	%	$1,590,894	$126.23	$175.49
2023		6	42,184	4.79	%	$5,474,214	$129.77	$142.45	4	15,009	5.03	%	$1,388,981	$92.54	$88.41
2024		7	28,143	3.20	%	$4,720,396	$167.73	$163.24	11	30,774	10.31	%	$3,391,011	$110.19	$150.11
2025		12	54,438	6.18	%	$22,274,529	$409.17	$557.12	4	3,147	1.05	%	$657,595	$208.96	$207.62
Thereafter		29	333,109	37.82	%	$35,100,672	$105.37	$114.81	19	169,761	56.87	%	$29,576,439	$174.22	$203.07
		124	880,794	100.00	%	$119,631,395	$135.82	$197.41	63	298,526	100.00	%	$42,722,784	$143.11	$168.16
Vacancy (5)			35,948					$113.24		36,329					$139.76
			916,742					$194.11		334,855					$165.08

	(1) Includes month to month holdover tenants that expired prior to March 31, 2016.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized rent allocated by year of expiration.
	(4) Management's estimate of average asking rents for currently occupied space as of March 31, 2016. Taking rents are typically lower than asking rents and may vary from property to property.
	(5) Includes square footage on leases signed but not yet commenced.



Supplemental Information	48	First Quarter 2016




SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan



					Occupancy (%)		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF	at acquisition	3/31/2016	Price ($'s) (1)
1998 Acquisitions
Mar-98	420 Lexington Avenue	Operating Sublease	Grand Central	1,188,000	83.0	97.1	$78,000,000
May-98	711 3rd Avenue	Operating Sublease	Grand Central	524,000	79.0	66.4	$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	99.7	$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	—		99.7	$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	96.6	$192,000,000
				834,000			$192,000,000
2001 Acquisitions
Jun-01	317 Madison Avenue	Fee Interest	Grand Central	450,000	95.0	N/A	$105,600,000
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	98.4	$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	90.8	$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	99.9	$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	96.0	$255,000,000
Jul-04	485 Lexington Avenue - 30% JV	Fee Interest	Grand Central	921,000	100.0	98.1	$225,000,000
Oct-04	625 Madison Avenue	Leasehold Interest	Plaza District	563,000	68.0	97.2	$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	87.3	$210,000,000
Jun-06	609 Fifth Avenue	Fee Interest	Midtown	160,000	98.5	76.1	$182,000,000
Dec-06	485 Lexington Avenue - remaining 70%	Fee Interest	Grand Central	—		98.1	$578,000,000
Dec-06	800 Third Avenue - 42.95% JV	Fee Interest	Grand Central North	526,000	96.9	95.6	$285,000,000
				1,146,000			$1,255,000,000
2007 Acquisition
Jan-07	Reckson - NYC Portfolio	Fee Interests / Leasehold Interest	Various	5,612,000	98.3	98.3	$3,679,530,000
Apr-07	331 Madison Avenue	Fee Interest	Grand Central	114,900	97.6	N/A	$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	99.0	$181,600,000
May-10	600 Lexington Avenue - 55% JV	Fee Interest	East Side	303,515	93.6	95.3	$193,000,000
Aug-10	125 Park Avenue	Fee Interest	Grand Central	604,245	99.1	98.7	$330,000,000
				1,955,260			$704,600,000



Supplemental Information	49	First Quarter 2016




SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan



					Occupancy (%)		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF	at acquisition	3/31/2016	Price ($'s) (1)

2011 Acquisition
Jan-11	521 Fifth Avenue - remaining 49.9%	Leasehold Interest	Midtown	460,000	80.7	87.3	$245,700,000
Apr-11	1515 Broadway - remaining 45%	Fee Interest	Times Square	1,750,000	98.5	98.4	$1,210,000,000
May-11	110 East 42nd Street	Fee Interest	Grand Central	205,000	72.6	97.8	$85,570,000
May-11	280 Park Avenue - 49.5% JV	Fee Interest	Park Avenue	1,219,158	78.2	81.0	$1,110,000,000
Nov-11	180 Maiden Lane - 49.9% JV	Fee Interest	Financial East	1,090,000	97.7	N/A	$425,680,000
Nov-11	51 East 42nd Street	Fee Interest	Grand Central	142,000	95.5	N/A	$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	45.9	$252,500,000
Jun-12	304 Park Avenue South	Fee Interest	Midtown South	215,000	95.8	83.8	$135,000,000
Sep-12	641 Sixth Avenue	Fee Interest	Midtown South	163,000	92.1	100.0	$90,000,000
Dec-12	315 West 36th Street - 35.5% JV	Fee Interest	Times Square South	147,619	99.2	N/A	$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
2015 Acquisition
Jul-15	110 Greene Street - 90% JV	Fee Interest	Soho	223,600	84.0	80.3	$255,000,000
Aug-15	30 East 40th Street - 60% JV	Leasehold Interest	Grand Central South	69,446	100.0	99.2	$4,650,000
Aug-15	11 Madison Avenue	Fee Interest	Park Avenue South	2,313,916	71.6	98.0	$2,285,000,000
Dec-15	600 Lexington Avenue - remaining 45%	Fee Interest	East Side	303,515	95.5	95.3	$284,000,000
				2,910,477			$2,828,650,000


(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.)



Supplemental Information	50	First Quarter 2016




SUMMARY OF REAL ESTATE SALES ACTIVITY 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
(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.



Supplemental Information	51	First Quarter 2016




SUMMARY OF REAL ESTATE SALES ACTIVITY - Cont. Manhattan



						Sales		Sales
	Property	Type of Ownership	Submarket	Net Rentable SF		Price ($'s)		Price ($'s/SF)
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
					359,000		$161,000,000		$448
2013 Sales
Aug-13	333 West 34th Street	Fee Interest	Penn Station		345,400		$220,250,000		$638
					345,400		$220,250,000		$638
2014 Sales
May-14	673 First Avenue	Leasehold Interest	Grand Central South		422,000		$145,000,000		$344
					422,000		$145,000,000		$344
2015 Sales
Sep-15	120 West 45th Street	Fee Interest	Midtown		440,000		$365,000,000		$830
Sep-15	315 West 36th Street	Fee Interest	Times Square South		148,000		$115,000,000		$777
					588,000		$480,000,000		$816


(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.



Supplemental Information	52	First Quarter 2016




SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Suburban



						Occupancy (%)		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF		at acquisition	3/31/2016	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	88.4	$490,750,000
Jan-07	Reckson - Westchester Portfolio	Fee Interests / Leasehold Interest	Westchester		2,346,100	90.6	82.5	$570,190,000
Apr-07	Jericho Plazas - 20.26% JV	Fee Interest	Jericho, New York		640,000	98.4	71.0	$210,000,000
Jun-07	1010 Washington Boulevard	Fee Interest	Stamford, Connecticut		143,400	95.6	76.9	$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	96.4	$107,500,000
Aug-07	150 Grand Street	Fee Interest	White Plains, New York		85,000	52.9	N/A	$6,700,000
Sep-07	The Meadows - 25% JV	Fee Interest	Rutherford, New Jersey		582,100	81.3	N/A	$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	96.4	$96,200,000
					317,600			$96,200,000




SUMMARY OF REAL ESTATE SALES ACTIVITY Suburban


	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
					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		$308


2012 Sales
Jul-12	One Court Square	Fee Interest	Long Island City, New York		1,402,000		$481,100,000		$343
					1,402,000		$481,100,000		$343

2013 Sales
Sep-13	300 Main Street	Fee Interest	Stamford, Connecticut		130,000		$13,500,000		$104
					130,000		$13,500,000		$104

2015 Sales
Aug-15	The Meadows	Fee Interest	Rutherford, New Jersey		582,100		$121,100,000		$208
Dec-15	140 Grand Street	Fee Interest	White Plains, New York		130,100		$22,400,000		$172
Dec-15	150 Grand Street	Fee Interest	White Plains, New York		85,000		$9,600,000		$113
					797,200		$153,100,000		$192
2016 Sales
Mar-16	7 Renaissance Square	Fee Interest	White Plains, New York		65,641		$21,000,000		$	320
					65,641		$21,000,000		$	320
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.



Supplemental Information	53	First Quarter 2016




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



						Occupancy (%)		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF		at acquisition	3/31/2016	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	Lower Manhattan		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	85.0	$251,900,000
					160,550			$281,900,000
2007 Acquisition
Aug-07	180 Broadway - 50% JV	Fee Interest	Lower Manahattan		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	—	66.2	$29,364,000
Feb-08	182 Broadway - 50% JV	Fee Interest	Lower Manhattan		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	—	N/A	$4,000,000
Dec-10	Two Herald Square - 45% (2)	Fee Interest	Herald Square		354,400	100.0	N/A	$247,500,000
Dec-10	885 Third Avenue - 45% (2)	Fee Interest	Midtown / Plaza District		607,000	100.0	N/A	$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	95.5	$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	92.4	$193,000,000
Jan-12	724 Fifth Avenue - 50%	Fee Interest	Plaza District		65,010	92.9	83.1	$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		—	—	100.0	$31,160,000
Sep-12	635 Sixth Avenue	Fee Interest	Midtown South		104,000	—	100.0	$83,000,000
Oct-12	1080 Amsterdam - 87.5%	Leasehold Interest	Upper West Side		82,250	2.2	96.9	$0
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	93.9	$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	—	N/A	$54,900,000
Nov-13	650 Fifth Avenue - 50%	Leasehold Interest	Plaza District		32,324	63.6	10.5	$0
Nov-13	315 West 33rd Street - The Olivia	Fee Interest	Penn Station		492,987	96.6	97.8	$386,775,000
Nov-13	562, 570 & 574 Fifth Avenue	Fee Interest	Plaza District		66,962	74.6	N/A	$146,221,990
					658,884			$587,896,990
2014 Acquisition
Jul-14	719 Seventh Avenue - 75%	Fee Interest	Times Square		6,000	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
Oct-14	102 Greene Street	Fee Interest	Soho		9,200	100.0	—	$32,250,000
Oct-14	175-225 Third Street - 95%	Fee Interest	Brooklyn, New York		—	—	—	$72,500,000
Nov-14	55 West 46th Street	Fee Interest	Midtown		347,000	—	8.1	$295,000,000
					572,203			$947,714,000
2015 Acquisition
Feb-15	Stonehenge Portfolio	Fee Interest			2,589,184	96.5	94.8	$40,000,000
Mar-15	1640 Flatbush Avenue	Fee Interest	Brooklyn, New York		1,000	100.0	100.0	$6,798,627
Jun-15	Upper East Side Residential - 90%	Fee Interest	Upper East Side Residential		27,000	96.4	42.9	$50,073,674
Aug-15	187 Broadway & 5-7 Dey Street	Fee Interest	Lower Manahattan		73,600	90.5	69.7	$63,690,000
					2,690,784			$160,562,301
2016 Acquisition
Mar-16	183 Broadway	Fee Interest	Lower Manhattan		9,100	58.3	58.3	$	28,500,000
					9,100			$	28,500,000

(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.



Supplemental Information	54	First Quarter 2016




SUMMARY OF REAL ESTATE SALES ACTIVITY 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)	(1)	Fee Interest	Times Square		25,600	$276,757,000			$10,811
						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	Lower Manhattan		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			$1,535

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			$356

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	Lower Manhattan		156,086	$222,500,000			$1,425
Nov-14	2 Herald Square		Fee Interest	Herald Square/Penn Station		354,400	$365,000,000			$1,030
						4,218,579	$1,687,147,844			$400

2015 Sales
Jan-15	180 Maiden Lane		Fee Interest	Financial East		1,090,000	$470,000,000			$431
Dec-15	570 & 574 Fifth Avenue		Fee Interest	Plaza District		24,327	$125,400,000			$5,155
						1,114,327	$595,400,000			$534
2016 Sales
Feb-16	248-252 Bedford Avenue - 90%		Fee Interest	Brooklyn, New York		66,611	$	55,000,000		$	826
Feb-16	885 Third Avenue		Fee Interest	Midtown / Plaza District		607,000	$	453,000,000		$	746
						673,611	$	508,000,000		$	754
(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.



Supplemental Information	55	First Quarter 2016




EXECUTIVE & SENIOR MANAGEMENT



Stephen L. Green	Edward V. Piccinich
Chairman of the Board	Executive Vice President, Property
	Management and Construction
Marc Holliday
Chief Executive Officer	Neil H. Kessner
	Executive Vice President, General
Andrew Mathias	Counsel - Real Property
President
	David M. Schonbraun
Matthew J. DiLiberto	Co-Chief Investment Officer
Chief Financial Officer
	Isaac Zion
Andrew S. Levine	Co-Chief Investment Officer
Chief Legal Officer
	Maggie Hui
Steven M. Durels	Chief Accounting Officer
Executive Vice President, Director of
Leasing and Real Property



	56




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
BB&T Capital Markets	David Toti	(212) 419-4620	dtoti@bbandtcm.com
BMO Capital Markets Corp.	John P. Kim	(212) 885-4115	jp.kim@bmo.com
Citigroup	Michael Bilerman	(212) 816-1383	michael.bilerman@citigroup.com
Credit Suisse	Ian C. Weissman	(212) 538-6889	ian.weissman@credit-suisse.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	Jed Reagan	(949) 640-8780	jreagan@greenstreetadvisors.com
Evercore ISI	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	Craig Mailman	(917) 368-2316	cmailman@key.com
Morgan Stanley	Vikram Malhotra	(212) 761-7064	vikram.malhotra@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	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com



FIXED INCOME COVERAGE

Firm	Analyst	Phone	Email
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.



	57




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, 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 costs, 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), 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 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. 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).



	58

SL GREEN REALTY CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - April 21, 2016

Attached files

SL GREEN REALTY CORP Reports