EX-99.2 3 a21q2supplemental.htm EX-99.2 Document

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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development, redevelopment, construction and leasing.
As of June 30, 2021, the Company held interests in 77 buildings totaling 35.3 million square feet. This included ownership interests in 27.1 million square feet in Manhattan buildings and 7.4 million square feet securing debt and preferred equity investments.
SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.
SL Green's website is www.slgreen.com.
This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com.
Ratings
Ratings are not recommendations to buy, sell or hold the Company’s securities.











Forward-looking Statements
This supplemental reporting package includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this 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. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties related to the on-going COVID-19 pandemic and the duration and impact it will have on our business and the industry as a whole and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended June 30, 2021 that will be included on Form 10-Q to be filed on or before August 9, 2021.
Supplemental Information
2
Second Quarter 2021

TABLE OF CONTENTS
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Definitions
Highlights-
Comparative Balance Sheets
Comparative Statements of Operations
Comparative Computation of FFO and FAD
Consolidated Statement of Equity
Joint Venture Statements-
Selected Financial Data-
Debt Summary Schedule-
Lease Liability Schedule
Debt and Preferred Equity Investments-
Selected Property Data
Property Portfolio-
Largest Tenants
Tenant Diversification
Leasing Activity-
Lease Expirations-
Summary of Real Estate Acquisition/Disposition Activity-
Corporate Information
Non-GAAP Disclosures and Reconciliations
Analyst Coverage

Supplemental Information
3
Second Quarter 2021

DEFINITIONS
                               
                          
                         
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Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, deferrals, and abatements as of the last day of the quarter, multiplied by 12.
Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company’s equity investment in those properties multiplied by the Company’s weighted average borrowing rate.  Capitalized Interest is a component of the carrying value in a development or redevelopment property.
Debt service coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by total interest and principal payments.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs that were taken into consideration when underwriting the acquisition of a property, which are generally incurred during the first 4-5 years following acquisition.
Fixed charge - Total payments for interest, loan principal amortization, ground rent and preferred stock dividends.
Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by Fixed Charge.
Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.







Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Junior Mortgage Participations - Subordinate interests in first mortgages.
Mezzanine Debt - Loans secured by ownership interests in real estate.
Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns.
Recurring capital expenditures - Building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include building improvements that were taken into consideration when underwriting the acquisition of a property or which are incurred to bring a property up to “operating standards.”
Redevelopment costs - Non-recurring capital expenditures incurred to improve properties to the Company’s “operating standards.”
Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured at inception as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense.
Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2021 are as follows:
Added to Same-Store in 2021:Removed from Same-Store in 2021:
115 Spring Street750 Third Avenue (redevelopment)
760 Madison Avenue (redevelopment)
55 West 46th Street "Tower 46" (disposed)
605 West 42nd Street "Sky" (disposed)
635-641 Sixth Avenue (disposed)
Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.
Supplemental Information
4
Second Quarter 2021

DEFINITIONS
                               
                          
                         
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SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership in the respective joint ventures and may not accurately depict the legal and economic implications of holding a non-controlling interest in the respective joint ventures.
Total square feet owned - The total square footage of properties either owned directly by the Company or in which the Company has a joint venture interest.
Supplemental Information
5
Second Quarter 2021

SECOND QUARTER 2021 HIGHLIGHTS

Unaudited

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New York, NY, July 21, 2021 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended June 30, 2021 of $105.3 million, or $1.51 per share, as compared to net income of $56.4 million, or $0.76 per share, for the same quarter in 2020. Net income attributable to common stockholders for the second quarter of 2021 includes net gains totaling $108.3 million, or $1.47 per share, recognized from the sales of 635-641 Sixth Avenue and our interests in 605 West 42nd Street, as compared to a net gain of $65.4 million, or $0.82 per share, in the second quarter of 2020 recognized from the sale of the retail condominium at 609 Fifth Avenue.
The Company also reported net income attributable to common stockholders for the six months ended June 30, 2021 of $97.9 million, or $1.40 per share, as compared to net income of $171.2 million, or $2.28 per share, for the same period in 2020. Net income attributable to common stockholders for the six months ended June 30, 2021 includes $94.1 million, or $1.27 per share, of net gains recognized from the sale of real estate interests and non-cash fair value adjustments. Net income for the six months ended June 30, 2020 included $137.5 million, or $1.69 per share, of net gains recognized from the sale of real estate interests and non-cash fair value adjustments.
The Company reported FFO for the quarter ended June 30, 2021 of $117.7 million, or $1.60 per share, as compared to FFO for the same period in 2020 of $136.1 million, or $1.70 per share. FFO for the second quarter of the prior year included $12.4 million, or $0.15 per share, of lease termination income as compared to just $1.1 million, or $0.02 per share, of lease termination income included in the second quarter of 2021.
The Company also reported FFO for the six months ended June 30, 2021 of $246.0 million, or $3.33 per share, as compared to FFO of $308.1 million, or $3.79 per share, for the same period in 2020. FFO for the six months ended June 30, 2020 included $25.1 million, or $0.31 per share, of incremental income from Credit Suisse at 1 Madison Avenue representing rent through December 31, 2020.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended June 30, 2021, the Company reported consolidated revenues and operating income of $218.1 million and $88.7 million, respectively, compared to $253.7 million and $130.4 million, respectively, for the same period in 2020.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 9.2% for the second quarter of 2021, and decreased 3.7% excluding lease termination income, as compared to the same period in 2020, an interim level that is consistent with our full-year 2021 goals and objectives.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 5.4% for the six months June 30, 2021, and decreased 2.4% excluding lease termination income, as compared to the same period in 2020, an interim level that is consistent with our full-year 2021 goals and objectives.
During the second quarter of 2021, the Company signed 42 office leases in its Manhattan office portfolio totaling 557,703 square feet. The average lease term on the Manhattan office
leases signed in the second quarter of 2021 was 4.7 years and average tenant concessions were 2.4 months of free rent with a tenant improvement allowance of $17.16 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Twenty-five leases comprising 265,798 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 $84.12 per rentable square foot, representing a 1.1% decrease over the previous fully escalated rents on the same office spaces.
During the first six months of 2021, the Company signed 63 office leases in its Manhattan office portfolio totaling 910,455 square feet. The average lease term on the Manhattan office leases signed in the first six months of 2021 was 5.3 years and average tenant concessions were 4.7 months of free rent with a tenant improvement allowance of $39.76 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Thirty-eight leases comprising 453,124 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 $72.98 per rentable square foot, representing a 1.7% decrease over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio was 93.6% as of June 30, 2021, inclusive of 53,962 square feet of leases signed but not yet commenced, as compared to 94.1% at the end of the previous quarter.
Significant leases that were signed in the second quarter included:
Total of 227,670 square feet of leases signed at One Vanderbilt Avenue:
New lease for 97,652 square feet, for 15.0 years;
New lease with MSD Partners for 35,567 square feet, for 15.0 years;
New lease with Mamoura Holdings (US), LLC for 28,448 square feet, for 10.0 years;
Expansion lease with TD Securities for 24,020 square feet, for 20.0 years, which increases TD Securities' footprint in the building to 142,892 square feet;
New lease with Kyndrel for 22,531 square feet, for 9.0 years;
New lease with Nearwater Management LLC for 17,289 square feet, for 7.0 years; and
Expansion lease with InTandem Capital Partners LLC and Sagewind Capital LLC for 2,163 square feet, for 7.0 years, which increases their joint footprint in the building to 12,328 square feet;
Early renewal with Wells Fargo Bank N.A. for 103,803 square feet at 100 Park Avenue, for 2.1 years;
New lease with GQG Partners, LLC for 8,936 square feet at 280 Park Avenue, for 15.0 years; and
New retail lease with Vashi for 11,777 square feet at 110 Greene Street, for 15.0 years.

Supplemental Information
6
Second Quarter 2021

SECOND QUARTER 2021 HIGHLIGHTS

Unaudited

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Investment Activity
To date in 2021, the Company has repurchased 3.4 million shares of its common stock and redeemed 0.6 million units of its Operating Partnership, or OP units, bringing total repurchases and redemptions to 34.9 million shares of common stock and 1.6 million OP units for a combined total of $3.1 billion under the previously announced $3.5 billion share repurchase program.
In June, the Company closed on the previously announced sale of 635-641 Sixth Avenue for a gross sale price of $325.0 million, equating to more than $1,200 per square foot. The property is comprised of two adjoined buildings totaling eight stories and 267,000 square feet, occupying the full western block-front on Sixth Avenue from 19th Street to 20th Street in Midtown South. The transaction generated net cash proceeds to the Company of $313.2 million.
In June, the Company closed on the previously announced sale of its 20.0% interest in 605 West 42nd Street, also known as "Sky," for a gross asset valuation of $858.1 million. The 71-story, 948,233 square foot luxury multifamily tower includes 295 affordable units of dedicated affordable housing and 68,000 square feet of retail space. The transaction generated net cash proceeds to the Company of $54.5 million.
In June, the Company closed on the acquisition of the fee interest in 461 Fifth Avenue for a gross purchase price of $28.0 million pursuant to a purchase option under the ground lease at the property, thereby consolidating a leasehold position into 100% unencumbered fee ownership. The Company acquired the leasehold interest in the property in 2003. The property comprises 200,000 square feet on the corner of Fifth Avenue and 40th Street in East Midtown.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $1.11 billion at June 30, 2021. The portfolio is comprised of $1.07 billion of investments, which are classified in the debt and preferred equity line item of the balance sheet, at a weighted average current yield of 7.3%, or 9.0% excluding the effect of $238.7 million of investments that are on non-accrual, and mortgage investments aggregating $0.04 billion at a weighted average current yield of 3.6% that are included in other balance sheet line items for accounting purposes.
During the second quarter, the Company acquired a subordinate debt investment for $60.4 million, all of which was retained, at a yield of 14.0%.
During the second quarter, the Company generated $53.8 million of cash through the sale, at par, of one DPE position.
Financing Activity
In June, the Company, along with its joint venture partners, closed on the previously announced $3.0 billion 10-year fixed-rate refinancing of One Vanderbilt Avenue. The loan was securitized in a single asset, single borrower (SASB) agented CMBS transaction. The new financing carries a stated coupon of 2.855 percent, equivalent to a rate of 2.947 percent inclusive of hedging costs, and replaces the previous $1.75 billion construction facility that had an outstanding balance of approximately $1.54 billion at the time of repayment.
Dividends
In the second quarter of 2021, the Company declared:
Three monthly dividends on its outstanding common stock of $0.3033 per share which were paid on May 17, June 15, and July 15, 2021, equating to an annualized dividend of $3.64 per share of common stock; and
Quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2021 through and including July 14, 2021, which was paid on July 15, 2021 and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 22, 2021, at 2:00 pm ET to discuss the financial results.
The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”
The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.” The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using conference ID 5177356.
A replay of the call will be available for 7 days after the call by dialing (855) 859-2056 using conference ID 1787091. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”
Supplemental Information
7
Second Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
6/30/20213/31/202112/31/20209/30/20206/30/2020
Earnings Per Share
Net income (loss) available to common stockholders (EPS) - diluted (1)
$1.51 $(0.11)$2.41 $0.19 $0.76 
Funds from operations (FFO) available to common stockholders - diluted (1)
$1.60 $1.73 $1.59 $1.80 $1.74 
Funds from operations (FFO) available to common stockholders - pro forma (2)
$1.60 $1.73 $1.56 $1.75 $1.70 
Common Share Price & Dividends
Closing price at the end of the period (1)
$80.00 $69.99 $61.32 $47.72 $50.73 
Closing high price during period (1)
$85.17 $77.76 $65.76 $52.74 $64.96 
Closing low price during period (1)
$69.52 $58.13 $42.87 $45.11 $37.90 
Annual dividend per common share$3.64 $3.64 $3.64 $3.54 $3.54 
FFO payout ratio (trailing 12 months)54.5%53.3%50.3%48.6%48.2%
Funds available for distribution (FAD) payout ratio (trailing 12 months)63.4%59.5%62.0%59.3%67.0%
Common Shares & Units
Common shares outstanding (1)
67,880 69,354 68,508 70,969 71,586 
Units outstanding3,808 4,156 3,939 4,027 4,045 
Total common shares and units outstanding71,688 73,510 72,447 74,996 75,631 
Weighted average common shares and units outstanding - basic (1)
73,073 73,158 74,072 74,972 77,658 
Weighted average common shares and units outstanding - diluted (1)
73,727 74,070 75,163 75,414 78,066 
Weighted average common shares and units outstanding - pro forma (2)
73,727 74,070 76,575 77,491 80,219 
Market Capitalization
Market value of common equity$5,735,040 $5,144,965 $4,442,450 $3,578,809 $3,836,761 
Liquidation value of preferred equity/units428,503 428,503 432,169 432,169 455,448 
Consolidated debt4,725,996 5,349,310 4,963,249 5,466,849 6,189,658 
Consolidated market capitalization$10,889,539 $10,922,778 $9,837,868 $9,477,827 $10,481,867 
SLG share of unconsolidated JV debt5,558,666 4,422,585 4,672,371 4,588,930 4,230,047 
Market capitalization including SLG share of unconsolidated JVs$16,448,205 $15,345,363 $14,510,239 $14,066,757 $14,711,914 
Consolidated debt service coverage (trailing 12 months)3.60x3.61x3.54x3.52x3.40x
Consolidated fixed charge coverage (trailing 12 months)2.83x2.85x2.82x2.83x2.75x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.37x2.41x2.41x2.44x2.41x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.01x2.04x2.06x2.08x2.06x
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The share-related data presented here for the periods ending 12/31/20, 9/30/20 and 6/30/20 have been retroactively adjusted to reflect the reverse stock split.
(2) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. GAAP requires the weighted average common shares outstanding to be adjusted retroactively for all periods presented to reflect the reverse stock split. To facilitate comparison between the periods presented, the Company calculated Pro forma diluted weighted average shares and units outstanding for the 2020 periods presented, which adjusts the share counts back to the originally-reported numbers.
Supplemental Information
8
Second Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
6/30/20213/31/202112/31/20209/30/20206/30/2020
Selected Balance Sheet Data
Real estate assets before depreciation$7,664,414 $7,830,574 $7,355,079 $9,021,490 $9,046,938 
Investments in unconsolidated joint ventures$3,209,151 $3,698,701 $3,823,322 $2,946,673 $2,952,681 
Debt and preferred equity investments$1,072,711 $1,097,202 $1,076,542 $1,153,363 $1,221,936 
Cash and cash equivalents$218,337 $304,999 $266,059 $221,404 $1,015,348 
Investment in marketable securities$32,339 $23,784 $28,570 $27,734 $27,345 
Total assets$11,166,164 $12,044,045 $11,707,567 $12,324,039 $13,071,564 
Fixed rate & hedged debt$3,930,094 $3,932,789 $3,135,572 $3,338,268 $3,379,743 
Variable rate debt795,902 
(1)
1,416,521 1,827,677 2,128,581 2,809,915 
Total consolidated debt$4,725,996 $5,349,310 $4,963,249 $5,466,849 $6,189,658 
Deferred financing costs, net of amortization(26,820)(30,558)(34,521)(47,677)(48,344)
Total consolidated debt, net$4,699,176 $5,318,752 $4,928,728 $5,419,172 $6,141,314 
Total liabilities$5,798,703 $6,535,798 $6,211,341 $6,634,385 $7,281,652 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt$8,287,100 $6,155,058 $5,632,531 $5,837,841 $5,609,865 
Variable rate debt, including SLG share of unconsolidated JV debt1,997,562 
(1)
3,616,837 4,003,089 4,217,938 4,809,840 
Total debt, including SLG share of unconsolidated JV debt$10,284,662 $9,771,895 $9,635,620 $10,055,779 $10,419,705 
Selected Operating Data
Property operating revenues$184,611 $188,089 $190,391 $195,515 $195,886 
Property operating expenses(94,358)(94,434)(93,909)(96,405)(90,389)
Property NOI$90,253 $93,655 $96,482 $99,110 $105,497 
SLG share of unconsolidated JV Property NOI85,492 86,483 78,378 82,384 76,705 
Property NOI, including SLG share of unconsolidated JV Property NOI$175,745 $180,138 $174,860 $181,494 $182,202 
Investment income20,107 19,273 18,699 22,988 39,943 
Other income13,389 18,740 25,808 31,341 17,870 
Marketing general & administrative expenses(22,064)(22,885)(25,144)(23,602)(23,510)
SLG share of investment income and other income from unconsolidated JVs1,163 2,642 2,041 4,814 2,939 
Income taxes795 708 (859)— 900 
Transaction costs, including SLG share of unconsolidated JVs(3)(22)(20)(45)(373)
Loan loss and other investment reserves, net of recoveries— — (8,280)(8,957)(6,813)
EBITDAre$189,132 $198,594 $187,105 $208,033 $213,158 
(1) Does not reflect $308.4 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
Second Quarter 2021

KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
6/30/20213/31/202112/31/20209/30/20206/30/2020
Selected Operating Data
Property operating revenues$178,877 $183,701 $184,227 $189,263 $188,134 
Property operating expenses84,307 87,056 87,966 88,115 79,560 
Property NOI$94,570 $96,645 $96,261 $101,148 $108,574 
Other income - consolidated$2,700 $11,748 $2,575 $20,975 $12,448 
SLG share of property NOI from unconsolidated JVs$85,491 $86,483 $78,379 $82,384 $76,704 
Office Portfolio Statistics (Manhattan Operating Properties )
Consolidated office buildings in service16 18 18 18 18 
Unconsolidated office buildings in service11 11 10 
25 27 29 29 28 
Consolidated office buildings in service - square footage10,259,345 10,526,345 10,681,045 10,647,191 10,647,191 
Unconsolidated office buildings in service - square footage10,869,183 10,869,183 11,841,483 11,841,483 11,216,183 
21,128,528 21,395,528 22,522,528 22,488,674 21,863,374 
Same-Store office occupancy (consolidated + JVs)93.4%93.7%93.6%94.0%93.8%
Same-Store office occupancy inclusive of leases signed not yet commenced93.6%94.1%94.3%95.2%95.4%
Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced17 21 16 25 
Renewal leases commenced13 12 18 25 
Total office leases commenced30 28 28 43 34 
Commenced office square footage filling vacancy45,922 216,182 42,262 44,168 46,502 
Commenced office square footage on previously occupied space (M-T-M leasing) (2)
199,341 292,625 473,133 305,811 269,823 
Total office square footage commenced245,263 508,807 515,395 349,979 316,325 
Average starting cash rent psf - office leases commenced$77.42$56.64$61.66$67.54$75.50
Previous escalated cash rent psf - office leases commenced (3)
$78.90$60.33$63.08$67.29$73.84
(Decrease) increase in new cash rent over previously escalated cash rent (2) (3)
(1.9)%(6.1)%(2.3)%0.4%2.2%
Average lease term5.18.18.06.57.8
Tenant concession packages psf$20.99$70.04$48.13$38.49$31.37
Free rent months4.36.05.56.75.0
(1) Property data for in-service buildings only.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
Supplemental Information
10
Second Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
image121a.jpg

As of
6/30/20213/31/202112/31/20209/30/20206/30/2020
Assets
Commercial real estate properties, at cost:
     Land and land interests$1,403,399 $1,445,199 $1,315,832 $1,639,118 $1,625,483 
     Building and improvements 4,088,659 4,096,930 4,168,193 5,483,155 5,363,464 
     Building leasehold and improvements 1,642,595 1,730,418 1,448,134 1,442,251 1,443,855 
     Right of use asset - financing leases27,445 55,711 55,711 75,711 176,152 
     Right of use asset - operating leases502,316 502,316 367,209 381,255 381,255 
7,664,414 7,830,574 7,355,079 9,021,490 8,990,209 
Less: accumulated depreciation(2,008,438)(2,004,945)(1,956,077)(2,260,247)(2,186,157)
Net real estate5,655,976 5,825,629 5,399,002 6,761,243 6,804,052 
Other real estate investments:
    Investment in unconsolidated joint ventures3,209,151 3,698,701 3,823,322 2,946,673 2,952,681 
    Debt and preferred equity investments, net1,072,711 
(1)
1,097,202 1,076,542 1,153,363 1,221,936 
Assets held for sale, net— — — — 49,687 
Cash and cash equivalents218,337 304,999 266,059 221,404 1,015,348 
Restricted cash98,164 96,608 106,736 83,045 85,935 
Investment in marketable securities32,339 23,784 28,570 27,734 27,345 
Tenant and other receivables40,147 42,505 44,507 72,806 90,305 
Related party receivables36,430 34,310 34,657 31,936 16,984 
Deferred rents receivable304,140 304,420 302,791 304,673 302,729 
Deferred costs, net161,962 170,252 177,168 206,289 217,812 
Other assets336,807 445,635 448,213 514,873 286,750 
 Total Assets$11,166,164 $12,044,045 $11,707,567 $12,324,039 $13,071,564 
(1) Excludes debt and preferred equity investments totaling $35.0 million with a weighted average current yield of 3.59% that are included in other balance sheet line items.
Supplemental Information
11
Second Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
image121a.jpg

As of
6/30/20213/31/202112/31/20209/30/20206/30/2020
Liabilities
Mortgages and other loans payable$1,874,592 $1,867,663 $2,001,361 $2,424,721 $2,348,483 
Unsecured term loans1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 
Unsecured notes1,251,404 1,251,647 1,251,888 1,252,128 1,252,366 
Revolving credit facility— 630,000 110,000 190,000 950,000 
Deferred financing costs(26,820)(30,558)(34,521)(47,677)(48,344)
Total debt, net of deferred financing costs4,599,176 5,218,752 4,828,728 5,319,172 6,002,505 
Accrued interest13,771 22,796 14,825 23,438 14,903 
Accounts payable and accrued expenses126,929 120,015 151,309 152,983 165,565 
Deferred revenue114,536 119,215 118,572 117,615 99,655 
Lease liability - financing leases124,808 152,622 152,521 174,983 174,732 
Lease liability - operating leases443,313 455,385 339,458 358,419 361,221 
Dividends and distributions payable24,407 24,924 149,294 25,486 25,611 
Security deposits54,797 54,181 53,836 56,212 58,486 
Liabilities related to assets held for sale— — — — 38,272 
Junior subordinated deferrable interest debentures100,000 100,000 100,000 100,000 100,000 
Other liabilities196,966 267,908 302,798 306,077 240,702 
Total liabilities5,798,703 6,535,798 6,211,341 6,634,385 7,281,652 
Noncontrolling interest in operating partnership
     (3,808 units outstanding) at 6/30/2021355,201 374,124 358,262 353,480 358,702 
Preferred units198,503 198,503 202,169 202,169 225,448 
Equity
Stockholders' Equity:
Series I Perpetual Preferred Shares221,932 221,932 221,932 221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized, 68,906
issued and outstanding at 6/30/2021, including 1,026 shares held in treasury690 705 716 741 748 
Additional paid–in capital3,823,290 3,913,258 3,862,949 3,998,516 4,021,891 
Treasury stock (124,049)(124,049)(124,049)(124,049)(124,049)
Accumulated other comprehensive loss(66,863)(18,897)(67,247)(76,200)(82,371)
Retained earnings934,132 918,077 1,015,462 1,035,172 1,081,821 
Total SL Green Realty Corp. stockholders' equity4,789,132 4,911,026 4,909,763 5,056,112 5,119,972 
Noncontrolling interest in other partnerships24,625 24,594 26,032 77,893 85,790 
Total equity4,813,757 4,935,620 4,935,795 5,134,005 5,205,762 
 Total Liabilities and Equity$11,166,164 $12,044,045 $11,707,567 $12,324,039 $13,071,564 
Supplemental Information
12
Second Quarter 2021

COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
image121a.jpg

Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020202120212020
Revenues
Rental revenue, net$163,916 $174,141 $162,810 $326,726 $369,604 
Escalation and reimbursement revenues20,695 21,745 25,279 45,974 48,913 
Investment income20,107 39,943 19,273 39,380 78,476 
Other income13,389 17,870 18,740 32,129 71,009 
Total Revenues, net218,107 253,699 226,102 444,209 568,002 
Equity in net loss from unconsolidated joint ventures(12,970)(2,199)(2,864)(15,834)(15,013)
Expenses
Operating expenses43,883 40,897 42,284 86,167 94,763 
Operating lease rent6,707 7,831 6,739 13,446 15,198 
Real estate taxes43,768 41,661 45,411 89,179 88,283 
Loan loss and other investment reserves, net of recoveries— 6,813 — — 18,061 
Transaction related costs373 22 25 438 
Marketing, general and administrative22,064 23,510 22,885 44,949 43,080 
Total Operating Expenses116,425 121,085 117,341 233,766 259,823 
Operating Income88,712 130,415 105,897 194,609 293,166 
Interest expense, net of interest income18,960 30,070 23,388 42,348 67,564 
Amortization of deferred financing costs3,386 2,661 3,774 7,160 5,161 
Depreciation and amortization57,261 95,941 62,996 120,257 164,220 
Income from Continuing Operations (1)
9,105 1,743 15,739 24,844 56,221 
Gain (loss) on sale of real estate and discontinued operations98,960 64,884 (1,388)97,572 137,520 
Equity in net gain (loss) on sale of joint venture interest / real estate8,471 — (12,629)(4,158)— 
Purchase price and other fair value adjustments(1,947)— 2,664 717 — 
Depreciable real estate reserves2,545 — (8,241)(5,696)— 
Net Income (Loss)117,134 66,627 (3,855)113,279 193,741 
Net (income) loss attributable to noncontrolling interests(6,242)(4,093)1,975 (4,267)(10,002)
Dividends on preferred units(1,823)(2,353)(1,846)(3,669)(5,019)
Net Income (Loss) Attributable to SL Green Realty Corp109,069 60,181 (3,726)105,343 178,720 
Dividends on perpetual preferred shares(3,737)(3,737)(3,738)(7,475)(7,475)
Net Income (Loss) Attributable to Common Stockholders$105,332 $56,444 $(7,464)$97,868 $171,245 
Earnings per share - Net income (loss) per share (basic) (2)
$1.52 $0.76 $(0.11)$1.41 $2.28 
Earnings per share - Net income (loss) per share (diluted) (2)
$1.51 $0.76 $(0.11)$1.40 $2.28 
(1) Before gain on sale and equity in net gain (loss) and depreciable real estate reserves shown below.
(2) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. 2020 basic and diluted Earnings per share have been retroactively adjusted to reflect the reverse stock split.
Supplemental Information
13
Second Quarter 2021

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
image121a.jpg

Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020202120212020
Funds from Operations
Net Income (Loss) Attributable to Common Stockholders$105,332 $56,444 $(7,464)$97,868 $171,245 
Depreciation and amortization57,261 95,941 62,996 120,257 164,220 
Joint ventures depreciation and noncontrolling interests adjustments59,485 45,107 55,702 115,187 101,425 
Net income (loss) attributable to noncontrolling interests6,242 4,093 (1,975)4,267 10,002 
(Gain) loss on sale of real estate and discontinued operations(98,960)(64,884)1,388 (97,572)(137,520)
Equity in net (gain) loss on sale of joint venture property / real estate(8,471)— 12,629 4,158 — 
Purchase price and other fair value adjustments— — (2,664)(2,664)— 
Depreciable real estate reserves (2,545)— 8,241 5,696 — 
Non-real estate depreciation and amortization(672)(609)(527)(1,199)(1,259)
Funds From Operations$117,672 $136,092 $128,326 $245,998 $308,113 
Funds From Operations - Basic per Share (1)
$1.60 $1.75 $1.75 $3.35 $3.90 
Funds From Operations - Diluted per Share (1)
$1.60 $1.74 $1.73 $3.33 $3.89 
Funds From Operations - Pro forma per Share (2)
$1.60 $1.70 $1.73 $3.33 $3.79 
Funds Available for Distribution
FFO$117,672 $136,092 $128,326 $245,998 $308,113 
Non real estate depreciation and amortization672 609 527 1,199 1,259 
Amortization of deferred financing costs3,386 2,661 3,774 7,160 5,161 
Non-cash deferred compensation11,076 4,697 12,965 24,041 21,562 
FAD adjustment for joint ventures(17,018)(11,698)(23,081)(40,099)(24,917)
Straight-line rental income and other non-cash adjustments(7,632)11,004 (883)(8,515)(36,355)
Second cycle tenant improvements(8,753)(11,147)(2,923)(11,676)(29,784)
Second cycle leasing commissions(3,384)(1,861)(8)(3,392)(4,905)
Revenue enhancing recurring CAPEX(803)(283)(230)(1,033)(467)
Non-revenue enhancing recurring CAPEX(5,156)(5,260)(2,419)(7,575)(8,869)
Reported Funds Available for Distribution$90,060 $124,814 $116,048 $206,108 $230,798 
First cycle tenant improvements$93 $45 $1,261 $1,354 $4,440 
First cycle leasing commissions$15 $68 $135 $150 $1,809 
Development costs$36,472 $14,313 $15,179 $51,651 $36,791 
Redevelopment costs$4,428 $34,811 $1,608 $6,036 $70,696 
Capitalized interest$20,671 $16,368 $17,583 $38,254 $36,851 
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The 2020 basic and diluted FFO per share numbers have been retroactively adjusted to reflect the impact of the reverse stock split.
(2) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. GAAP requires the weighted average common shares outstanding to be adjusted retroactively for all periods presented to reflect the reverse stock split. To facilitate comparison between the periods presented, the Company calculated Pro forma diluted weighted average shares and units outstanding for the 2020 periods presented, which adjusts the share counts back to the originally-reported numbers.
Supplemental Information
14
Second Quarter 2021

CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
image121a.jpg

Accumulated
Series IOther
PreferredCommonAdditionalTreasuryRetainedNoncontrollingComprehensive
StockStockPaid-In CapitalStockEarningsInterestsLossTOTAL
Balance at December 31, 2020$221,932 $716 $3,862,949 $(124,049)$1,015,462 $26,032 $(67,247)$4,935,795 
Net income105,343 (1,539)103,804 
Preferred dividends(7,475)(7,475)
Cash distributions declared ($1.82 per common share)(125,836)(125,836)
Cash distributions to noncontrolling interests(173)(173)
Issuance of stock dividend and reverse stock split123,529123,529 
Other comprehensive income - unrealized gain on derivative instruments15,932 15,932 
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments(15,779)(15,779)
Other comprehensive income - unrealized gain on marketable securities231 231 
DRSPP proceeds467 467 
Repurchases of common stock(28)(177,972)(20,887)(198,887)
Contributions to consolidated joint ventures305 305 
Reallocation of noncontrolling interests in the Operating Partnership(32,475)(32,475)
Deferred compensation plan and stock awards, net14,317 14,319 
Balance at June 30, 2021$221,932 $690 $3,823,290 $(124,049)$934,132 $24,625 $(66,863)$4,813,757 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
Common StockOP UnitsStock-Based CompensationDiluted Shares
Share Count at December 31, 2020 (1)
68,508,127 3,938,823  72,446,950 
YTD share activity(628,325)(130,789)— (759,114)
Share Count at June 30, 202167,879,802 3,808,034  71,687,836 
Weighting factor1,518,732 312,502 379,615 2,210,849 
Weighted Average Share Count at June 30, 2021 - Diluted69,398,534 4,120,536 379,615 73,898,685 
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The 2020 common shares outstanding have been retroactively adjusted to reflect the reverse stock split.
Supplemental Information
15
Second Quarter 2021

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
image121a.jpg

June 30, 2021March 31, 2021December 31, 2020
TotalSLG ShareTotalSLG ShareTotalSLG Share
Assets
Commercial real estate properties, at cost:
     Land and land interests$3,702,546 $1,898,985 $3,981,820 $1,951,554 $4,487,855 $2,248,837 
     Building and improvements 11,061,324 5,860,726 11,401,089 5,864,323 12,019,429 6,208,316 
     Building leasehold and improvements 433,210 207,917 431,824 207,640 430,881 207,451 
     Right of use asset - financing leases740,832 345,489 740,832 345,489 740,832 345,489 
     Right of use asset - operating leases231,553 115,776 231,553 115,776 246,949 131,172 
 16,169,465 8,428,893 16,787,118 8,484,782 17,925,946 9,141,265 
Less: accumulated depreciation(1,580,864)(746,880)(1,543,787)(710,437)(1,782,066)(823,829)
 Net real estate14,588,601 7,682,013 15,243,331 7,774,345 16,143,880 8,317,436 
Cash and cash equivalents638,797 395,531 217,530 96,217 244,295 122,150 
Restricted cash640,224 433,381 100,223 50,105 112,781 58,766 
Tenant and other receivables34,590 12,070 37,740 12,499 41,752 15,237 
Deferred rents receivable390,539 201,485 374,462 188,954 362,131 176,410 
Deferred costs, net223,898 133,156 210,164 122,354 221,761 125,669 
Other assets1,645,874 767,508 1,740,281 810,220 1,779,851 829,679 
Total Assets$18,162,523 $9,625,144 $17,923,731 $9,054,694 $18,906,451 $9,645,347 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$143,318 at 6/30/2021, of which $83,175 is SLG share
$10,581,104 $5,475,491 $9,414,923 $4,376,658 $9,749,204 $4,618,052 
Accrued interest22,638 8,462 26,244 10,569 26,829 10,570 
Accounts payable and accrued expenses218,010 108,339 223,559 109,309 286,454 146,477 
Deferred revenue1,250,116 557,873 1,311,191 581,277 1,341,571 593,795 
Lease liability - financing leases744,020 346,682 743,804 346,677 743,540 346,647 
Lease liability - operating leases239,966 119,983 241,819 120,909 259,024 137,200 
Security deposits18,967 9,869 20,306 9,601 25,122 10,865 
Other liabilities90,446 62,464 103,290 71,500 125,701 86,531 
Equity4,997,256 2,935,981 5,838,595 3,428,194 6,349,006 3,695,210 
Total Liabilities and Equity$18,162,523 $9,625,144 $17,923,731 $9,054,694 $18,906,451 $9,645,347 

Supplemental Information
16
Second Quarter 2021

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
image121a.jpg
Three Months EndedThree Months EndedThree Months Ended
June 30, 2021March 31, 2021June 30, 2020
TotalSLG ShareTotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$248,874 $116,595 $249,971 $115,335 $233,382 $102,796 
Escalation and reimbursement revenues35,851 15,910 42,938 18,324 32,596 14,909 
Investment income1,228 314 1,215 296 1,251 310 
Other income3,235 849 7,417 2,346 4,289 2,629 
Total Revenues, net289,188 133,668 301,541 136,301 271,518 120,644 
Loss on early extinguishment of debt(1,326)(941)— — — — 
Expenses
Operating expenses42,410 19,677 46,233 19,881 35,338 14,863 
Operating lease rent5,643 2,824 5,644 2,824 6,201 3,009 
Real estate taxes54,015 24,512 54,592 24,471 51,735 23,128 
Total Operating Expenses102,068 47,013 106,469 47,176 93,274 41,000 
Operating Income185,794 85,714 195,072 89,125 178,244 79,644 
Interest expense, net of interest income79,129 34,274 78,749 33,427 79,638 32,714 
Amortization of deferred financing costs7,204 3,545 6,384 2,885 4,808 1,693 
Depreciation and amortization116,956 58,537 114,879 55,275 98,854 46,217 
Net Loss(17,495)(10,642)(4,940)(2,462)(5,056)(980)
Real estate depreciation116,715 58,490 114,592 55,218 98,568 46,161 
FFO Contribution$99,220 $47,848 $109,652 $52,756 $93,512 $45,181 
FAD Adjustments:
Non real estate depreciation and amortization$241 $47 $287 $57 $286 $56 
Amortization of deferred financing costs7,204 3,545 6,384 2,885 4,808 1,693 
Straight-line rental income and other non-cash adjustments(30,338)(18,226)(33,183)(20,273)(15,245)(8,390)
Second cycle tenant improvement(1,703)(958)(3,419)(1,711)(4,131)(2,125)
Second cycle leasing commissions(1,414)(752)(4,669)(2,797)(2,651)(1,388)
Revenue enhancing recurring CAPEX(270)(12)(36)(315)(1,306)(513)
Non-revenue enhancing recurring CAPEX(1,195)(662)(1,726)(927)(2,004)(1,031)
Total FAD Adjustments$(27,475)$(17,018)$(36,362)$(23,081)$(20,243)$(11,698)
First cycle tenant improvement$2,519 $1,242 $581 $158 $6,318 $2,529 
First cycle leasing commissions$47 $14 $$— $14 $
Development costs$129,346 $80,107 $112,571 $71,745 $151,046 $107,258 
Redevelopment costs$5,514 $2,781 $126 $52 $514 $210 
Capitalized interest$10,307 $6,410 $10,223 $6,465 $7,890 $5,603 
Supplemental Information
17
Second Quarter 2021

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
image121a.jpg
Six Months EndedSix Months Ended
June 30, 2021June 30, 2020
TotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$498,845 $231,930 $471,794 $208,100 
Escalation and reimbursement revenues78,789 34,234 72,247 33,101 
Investment income2,443 610 2,488 617 
Other income10,652 3,195 7,509 4,240 
Total Revenues, net590,729 269,969 554,038 246,058 
Loss on early extinguishment of debt(1,326)(941)— — 
Expenses
Operating expenses88,643 39,558 86,928 37,342 
Operating lease rent11,287 5,648 12,562 6,099 
Real estate taxes108,607 48,983 105,107 47,063 
Total Operating Expenses208,537 94,189 204,597 90,504 
Operating Income380,866 174,839 349,441 155,554 
Interest expense, net of interest income157,878 67,701 165,962 68,491 
Amortization of deferred financing costs13,588 6,430 9,622 3,380 
Depreciation and amortization231,835 113,812 197,438 92,091 
Net Loss(22,435)(13,104)(23,581)(8,408)
Real estate depreciation231,307 113,708 196,864 91,978 
FFO Contribution$208,872 $100,604 $173,283 $83,570 
FAD Adjustments:
Non real estate depreciation and amortization$528 $104 $574 $113 
Amortization of deferred financing costs13,588 6,430 9,622 3,380 
Straight-line rental income and other non-cash adjustments(63,521)(38,499)(32,422)(18,339)
Second cycle tenant improvement(5,122)(2,669)(8,795)(4,157)
Second cycle leasing commissions(6,083)(3,549)(6,379)(3,255)
Revenue enhancing recurring CAPEX(306)(327)(1,861)(570)
Non-revenue enhancing recurring CAPEX(2,921)(1,589)(3,096)(2,089)
Total FAD Adjustments$(63,837)$(40,099)$(42,357)$(24,917)
First cycle tenant improvement$3,100 $1,400 $13,730 $6,176 
First cycle leasing commissions$54 $14 $266 $119 
Development costs$241,917 $151,852 $251,774 $178,785 
Redevelopment costs$5,640 $2,833 $1,765 $858 
Capitalized Interest$20,530 $12,875 $16,619 $11,801 
Supplemental Information
18
Second Quarter 2021

SELECTED FINANCIAL DATA
Net Operating Income
Unaudited
(Dollars in Thousands)
image121a.jpg

Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020202120212020
Net Operating Income (1)
$95,785 $108,246 $101,644 $197,429 $228,865 
SLG share of property NOI from unconsolidated JVs86,704 77,841 87,687 174,391 152,908 
NOI, including SLG share of unconsolidated JVs182,489 186,087 189,331 371,820 381,773 
Partners' share of NOI - consolidated JVs133 (940)95 229 (1,615)
NOI - SLG share$182,622 $185,147 $189,426 $372,049 $380,158 
NOI, including SLG share of unconsolidated JVs$182,489 $186,087 $189,331 $371,820 $381,773 
Free rent (net of amortization)(11,726)(4,575)(13,928)(25,655)(8,379)
Amortization of acquired above and below-market leases, net(2,932)(5,436)(2,410)(5,342)(10,496)
Straight-line revenue adjustment(6,205)(6,604)(5,406)(11,612)(11,634)
Straight-line tenant credit loss(3,257)7,310 2,195 (1,062)7,804 
Operating lease straight-line adjustment476 770 476 953 1,672 
Cash NOI, including SLG share of unconsolidated JVs158,845 177,552 170,258 329,102 360,740 
Partners' share of cash NOI - consolidated JVs130 (685)92 223 (1,297)
Cash NOI - SLG share$158,975 $176,867 $170,350 $329,325 $359,443 
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended
June 30, 2021
Six Months Ended
June 30, 2021
NOICash NOINOICash NOI
Manhattan Operating Properties$155,700 $143,263 $310,489 $286,043 
Retail Operating Properties6,978 6,664 14,570 13,857 
Residential Operating Properties116 136 210 224 
Suburban Operating Properties2,637 2,638 4,694 4,589 
Development/Redevelopment13,917 2,992 29,169 11,715 
Total Operating and Development179,348 155,693 359,132 316,428 
Property Dispositions (2)
4,722 4,725 11,593 11,610 
Other (3)
(1,448)(1,443)1,324 1,287 
Total$182,622 $158,975 $372,049 $329,325 
(1) Portfolio composition consistent with the Selected Property Data tables.
(2) Includes properties sold or otherwise disposed of during the respective period.
(3) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
Supplemental Information
19
Second Quarter 2021

SELECTED FINANCIAL DATA
2021 Same Store Net Operating Income - Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
image121a.jpg
Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020%202120212020%
Revenues
Rental revenue, net$140,686 $138,782 1.4 %$136,995 $277,681 $285,153 (2.6)%
Escalation & reimbursement revenues15,867 17,166 (7.6)%