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SL Green Realty Corp.$100.62$.41.41%

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 SL Green Realty Corp. Reports Fourth Quarter and Full Year 2015 FFO of $1.62 and $6.49 Per Share before Transaction Costs; and EPS of $1.01 and $2.70 Per Share
   Wednesday, January 27, 2016 5:58:00 PM ET

SL Green Realty Corp. (SLG ):

Financial and Operating Highlights

-- Fourth quarter 2015 FFO of $1.62 per share before transaction related costs of $0.01 per share compared to fourth quarter 2014 FFO of $1.45 per share before transaction related costs of $0.02 per share.

-- Full year 2015 FFO of $6.49 per share before transaction related costs of $0.11 per share compared to the full year 2014 FFO of $5.94 per share before transaction related costs of $0.09 per share.

-- Fourth quarter 2015 net income attributable to common stockholders of $1.01 per share compared to fourth quarter 2014 net income attributable to common stockholders of $0.59 per share. Full year net income attributable to common stockholders of $2.70 per share, compared to prior year net income of $5.23 per share.



-- Combined same-store cash NOI increased 5.0 percent for the fourth quarter and 4.6 percent for the full year as compared to the same periods in the prior year.

-- Signed 44 Manhattan office leases covering 416,198 square feet during the fourth quarter and 189 Manhattan office leases covering 2,255,733 square feet during the full year. The mark-to-market on signed Manhattan office leases was 20.5 percent higher in the fourth quarter than the previously fully escalated rents on the same spaces, resulting in a mark-to-market for the full year of 15.3 percent on signed Manhattan office leases.

-- Signed 27 Suburban office leases covering 193,370 square feet during the fourth quarter and 115 Suburban office leases covering 739,414 square feet during the full year. The mark-to-market on signed Suburban office leases was 5.8 percent higher in the fourth quarter than the previously fully escalated rents on the same spaces.

-- Increased Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, as of December 31, 2015 to 97.1 percent as compared to 95.7 percent as of December 31, 2014.

-- Signed a new lease with Giorgio Armani Corp. that will allow Armani to remain in its flagship retail space at 760 Madison Avenue through 2024.

Investing Highlights

-- Citigroup, Inc. exercised their option to purchase 388-390 Greenwich Street for $2.0 billion, net of any unfunded tenant concessions. The closing is scheduled for December 2017.

-- Closed on the acquisition of the Company’s joint venture partner’s interest in 600 Lexington Avenue at a gross asset valuation for the consolidated investment of $284.0 million.

-- Closed on the sale of 570-574 Fifth Avenue and 140-150 Grand Avenue for total gross asset valuations of $125.4 million and $32.0 million, respectively.

-- Entered into an agreement to sell the Company’s 90 percent stake in the residential condominium at 248-252 Bedford Avenue for a total gross asset valuation of $55.0 million.

-- Originated new debt and preferred equity investments totaling $986.1 million in the fourth quarter, of which $338.1 million was retained.

-- Signed a new full-building, 49-year net lease at 562 Fifth Avenue, which contains an option for the lessee to purchase the property for $100.0 million from the Company.

Financing Highlights

-- Issued $100.0 million of 10-year 4.27% Senior Unsecured Notes via a private placement.

Summary

SL Green Realty Corp. (SLG ) today reported funds from operations, or FFO, for the quarter ended December 31, 2015 of $168.6 million, or $1.62 per share, before transaction related costs of $1.4 million, or $0.01 per share, as compared to FFO for the same period in 2014 of $146.8 million, or $1.45 per share, before transaction related costs of $2.1 million, or $0.02 per share.

The Company also reported FFO for the year ended December 31, 2015 of $673.3 million, or $6.49 per share, before transaction related costs of $11.5 million, or $0.11 per share, as compared to FFO for the same period in 2014 of $592.1 million, or $5.94 per share, before transaction related costs of $9.1 million, or $0.09 per share.

Net income attributable to common stockholders for the quarter ended December 31, 2015 totaled $101.3 million, or $1.01 per share, compared to net income attributable to common stockholders of $56.8 million, or $0.59 per share, for the same quarter in 2014. Net income attributable to common stockholders for the fourth quarter of 2015 includes $57.3 million, or $0.55 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments as compared to $19.5 million, or $0.19 for the same quarter in 2014. Net income attributable to common stockholders for the year ended December 31, 2015 totaled $269.1 million, or $2.70 per share, compared to net income attributable to common stockholders of $503.1 million, or $5.23 per share for the same period in 2014. Net income attributable to common stockholders for the current year includes $226.8 million, or $2.19 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments offset by $127.5 million, or $1.23 per share, of accelerated depreciation expense related to the properties that comprise the One Vanderbilt development site, as compared to $353.8 million, or $3.55 per share, of gains recognized from the sale of real estate and purchase price fair value adjustments for the prior year.

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

Operating and Leasing Activity

For the quarter ended December 31, 2015, the Company reported consolidated revenues and operating income of $425.4 million and $259.6 million, respectively, compared to $386.6 million and $223.2 million, respectively, for the same period in 2014. For the year ended December 31, 2015, the Company reported consolidated revenues and operating income of $1.7 billion and $1.0 billion, respectively, compared to $1.5 billion and $880.5 million, respectively, for prior year.

Same-store cash NOI on a combined basis increased by 5.0 percent to $179.2 million and by 4.6 percent to $695.0 million for the quarter and year ended December 31, 2015, respectively, as compared to the same periods in 2014. For the quarter ended December 31, 2015, consolidated property same-store cash NOI increased by 5.1 percent to $160.3 million and unconsolidated joint venture property same-store cash NOI increased by 4.0 percent to $19.0 million, as compared to the same period in 2014. For the year ended December 31, 2015, consolidated property same-store cash NOI increased by 4.5 percent to $620.8 million and unconsolidated joint venture property same-store cash NOI increased by 6.3 percent to $74.1 million, as compared to the same period in 2014.

During the fourth quarter, the Company signed 44 office leases in its Manhattan portfolio totaling 416,198 square feet. Twelve leases comprising 100,950 square feet represented office leases that replaced previous vacancy. Thirty-two leases comprising 315,248 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 $66.38 per rentable square foot, representing a 20.5 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 fourth quarter was 7.5 years and average tenant concessions were 1.7 months of free rent with a tenant improvement allowance of $17.69 per rentable square foot.

During the year ended December 31, 2015, the Company signed 189 office leases in its Manhattan portfolio totaling 2,255,733 square feet. Fifty-seven leases comprising 867,077 square feet represented office leases that replaced previous vacancy. One hundred thirty-two leases comprising 1,388,656 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 $65.88 per rentable square foot, representing a 15.3 percent increase over the previously fully escalated rents on the same office spaces.

Manhattan same-store occupancy was 97.1 percent at December 31, 2015, inclusive of 218,128 square feet of leases signed but not yet commenced, as compared to 95.7 percent at December 31, 2014 and 97.3 percent at September 30, 2015.

During the fourth quarter, the Company signed 27 office leases in its Suburban portfolio totaling 193,370 square feet. Ten leases comprising 56,313 square feet represented office leases that replaced previous vacancy. Seventeen leases comprising the remaining 137,057 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.05 per rentable square foot, representing a 5.8 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 6.0 years and average tenant concessions were 3.2 months of free rent with a tenant improvement allowance of $19.32 per rentable square foot.

During the year ended December 31, 2015, the Company signed 115 office leases in its Suburban portfolio totaling 739,414 square feet. Thirty-nine leases comprising 221,237 square feet represented office leases that replaced previous vacancy. Seventy-six leases comprising 518,177 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.69 per rentable square foot, representing a 1.3 percent decrease over the previously fully escalated rents on the same office spaces.

Same-store occupancy for the Company’s Suburban portfolio was 82.5 percent at December 31, 2015, inclusive of 77,950 square feet of leases signed but not yet commenced, as compared to 82.0 percent at December 31, 2014 and 83.4 percent at September 30, 2015.

Significant leases that were signed during the fourth quarter included:

-- New full-building, 49-year net lease at 562 Fifth Avenue. The lease contains an option for the lessee to purchase the property from the Company for $100.0 million with annual escalations in the purchase price after the third year;

-- New lease with Giorgio Armani Corp. that will allow Armani to remain in its flagship retail space at 760 Madison Avenue through 2024 at rental rates reflective of today’s market;

-- Early renewal for 52,718 square feet with Penguin Random House LLC at 1745 Broadway, extending the remaining lease term to 7.5 years;

-- Early renewal and expansion for 51,536 square feet with Nomura Holding America at 1100 King Street - 5 International Drive, Rye Brook, New York, extending the remaining lease term to 12.0 years;

-- Early renewal for 50,000 square feet with City University of New York at 555 West 57th Street, extending the remaining lease term to 15.0 years;

-- Early renewal and expansion for 44,874 square feet with Murex North America, Inc. at 810 Seventh Avenue, extending the remaining lease term to 10.8 years;

-- New lease for 38,050 square feet with Golenbock, Eisman, Assor Bell & Peskoe LLP at 711 Third Avenue for 10.5 years;

-- New lease for 31,126 square feet with Fir Tree, Inc. at 55 West 46th Street for 10.0 years; and

-- Early renewal for 22,889 square feet with KPS Capital Partners L.P. at 485 Lexington Avenue, extending the remaining lease term to 12.3 years.

Marketing, general and administrative, or MG&A, expenses for the quarter ended December 31, 2015 were $22.7 million, or 4.7 percent of total combined revenues and an annualized 42 basis points of total combined assets including the Company’s share of joint venture revenues and assets. MG&A expenses for the year ended December 31, 2015 were $94.9 million, or 5.0 percent of total combined revenues and 44 basis points of total combined assets including the Company’s share of joint venture revenues and assets.

Real Estate Investment Activity

In January, Citigroup, Inc. exercised their option to purchase 388-390 Greenwich Street for $2.0 billion, net of any unfunded tenant concessions. The closing is scheduled for December 2017.

In December, the Company closed on the acquisition of a 45 percent stake in 600 Lexington Avenue, a 36-story, 303,500 square foot Midtown Manhattan office building from Canada Pension Plan Investment Board’s (CPPIB), which gives the Company complete ownership of the asset. The transaction implies consideration for the consolidated interests of $284.0 million, or $936 per square foot. The Company and CPPIB acquired the property in May 2010 and completed capital improvements to reposition it as one of the submarket’s most desirable locations. With the Company responsible for management and leasing, occupancy has reached 95.5 percent as of December 2015.

In December, the Company closed on the sale of 570-574 Fifth Avenue, two retail development sites, to a single buyer for $125.4 million, or $13,690 per zoning square foot, and recognized a gain on sale of $24.6 million. The sites were acquired by the Company in November 2013 for $78.7 million.

In December, the Company closed on the sale of the properties at 140-150 Grand Street in White Plains, New York for $32.0 million.

In December, the Company entered into an agreement to sell its 90 percent stake in the residential condominium at 248-252 Bedford Avenue, a 72-unit multifamily building owned in partnership with Magnum Real Estate Group, at a gross asset valuation of $55.0 million, or $1,242 per square foot. Situated in Brooklyn’s highly sought-after Williamsburg neighborhood, the Company acquired its interest in the newly constructed 44,279 square foot rental property, along with 12 townhomes, for $54.9 million in March 2013. The Company has since sold off the 12 townhomes for gross sales prices totaling $25.5 million. The combined sales of the residential components of the property will generate an approximate IRR of 20 percent upon closing. The transaction is expected to close in the first quarter of 2016, subject to customary closing conditions. The Company continues to own its interest in the building’s street level retail condominium comprised of 51,470 square feet.

In October, the Company announced an agreement to sell the leased fee interest in 885 Third Avenue for a gross sale price of $453 million. The Company acquired the leased fee interest in a joint venture partnership in 2007 at a gross asset valuation of $317 million and subsequently fully consolidated its position in 2010 at a gross asset valuation of $352 million. As part of the transaction, the Company will retain an investment. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to the Company of approximately $45 million, after giving consideration to the retained investment and the in-place mortgage of $267.7 million, which is scheduled to mature in 2017. The sale is expected to be completed in the first quarter of 2016, subject to customary closing conditions.

In October, the Company announced an agreement to sell the recently-completed Pace University dormitory tower at 33 Beekman Street, which it owns in a joint venture, for a gross sale price of $196 million. The property was jointly developed by the Company and the Naftali Group. It houses 772 dormitory beds, and features a public plaza and ground-floor retail and amenity space used by the university. The project is the Company’s second successful dormitory development for Pace, following on the heels of a 609-bed dormitory and retail project at 180 Broadway, which was completed and delivered in early 2013. The sale of 33 Beekman, executed at a capitalization rate of 3.9 percent, will generate net proceeds to the Company of approximately $64 million. The sale is expected to be completed in the first half of 2016, subject to customary closing conditions.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.7 billion at December 31, 2015. During the fourth quarter, the Company originated new debt and preferred equity investments totaling $986.1 million, of which $338.1 million was retained and $296.4 million was funded, at a weighted average current yield of 10.3 percent. During the fourth quarter, the Company recorded $148.1 million of principal reductions from investments that were sold or repaid.

During the year ended December 31, 2015, the Company originated new debt and preferred equity investments totaling $1.6 billion, of which $856.4 million was retained and $680.7 million was funded, at a weighted average current yield of 10.0 percent. As of December 31, 2015, the debt and preferred equity investment portfolio had a weighted average maturity of 1.7 years, excluding any extension options, and had a weighted average yield during the fourth quarter of 10.3 percent.

Financing Activity

In December, the Company returned to the unsecured debt markets with an issuance of $100.0 million of 4.27% Senior Unsecured Notes, due December 17, 2025, in a private placement. The Senior Unsecured Notes were co-issued by SL Green Realty Corp., SL Green Operating Partnership, L.P. and Reckson Operating Partnership, L.P.

Dividends

During the fourth quarter of 2015, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

-- $0.72 per share of common stock, consistent with the previous announcement of a dividend increase in December 2015. The dividend was paid on January 15, 2016 to shareholders of record on the close of business on January 4, 2016. The annual dividend of $2.88 per share represents a 20 percent increase over the prior year; and

-- $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2015 through and including January 14, 2016, which was paid on January 15, 2016 to shareholders of record on the close of business on January 4, 2016, and reflects the regular quarterly dividend, which 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, Chief Executive Officer, will host a conference call and audio webcast on Thursday, January 28, 2016 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 http://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 http://slgreen.com/ under "Event Calendar & Webcasts" and on Thomson’s StreetEvents Network. The conference may also be accessed by dialing (877) 312-8765 Domestic or (419) 386-0002 International.

A replay of the call will be available through February 4, 2016 by dialing (800) 585-8367 or (404) 537-3406 International, using pass-code 50413135.

Company Profile

SL Green Realty Corp., an S&P 500 company and New York City’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2015, SL Green held interests in 121 Manhattan buildings totaling 48.3 million square feet. This included ownership interests in 30.5 million square feet of commercial buildings and debt and preferred equity investments secured by 17.8 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 33 suburban buildings totaling 5.1 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.

To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.

Disclaimers

Non-GAAP Financial Measures

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

Forward-looking Statement

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

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                     SL GREEN REALTY CORP.
                                                                                                                                                                                                                                     CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                                                                                                                     (unaudited and in thousands, except per share data)
                                                                                                                                                                                                                                                           
                                                                                                                                                                               Three Months Ended                                                                                                                                                                                                           Twelve Months Ended
                                                                                                                                                                                                                                                              December 31,                                                                                                                                                                                                                                                                          December 31,
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                                                                                                                                                                                             2015                                                                             2014                                                                                                                                       2015                                                                               2014
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Revenues:
Rental revenue, net                                                                                                                                         $     319,961                                                                                       $     294,189                                                                                       $     1,245,981                                                                                       $     1,121,066
Escalation and reimbursement                                                                                                                                                                             47,882                                                                                                                                    44,167                                                                                                                                     178,512                                                                                                                                     164,376
Investment income                                                                                                                                                                                        44,540                                                                                                                                    41,048                                                                                                                                     181,128                                                                                                                                     178,815
Other income                                                                                                                                                                                             13,007                                                                                                                  7,223                                                                                                                   57,208                                                                                                                   55,721  
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        Total revenues                                                                                                                                                                                  425,390                                                                                                                                   386,627                                                                                                                                   1,662,829                                                                                                                                   1,519,978
Expenses:
Operating expenses, including related party expenses of $6,477 and
$20,071 in 2015
   and $6,125 and $19,308 in 2014                                                                                                                                                                        76,085                                                                                                                                    71,165                                                                                                                                     301,624                                                                                                                                     282,283
Real estate taxes                                                                                                                                                                                        59,684                                                                                                                                    58,141                                                                                                                                     232,702                                                                                                                                     217,843
Ground rent                                                                                                                                                                                               8,308                                                                                                                                     8,146                                                                                                                                      32,834                                                                                                                                      32,307
Interest expense, net of interest income                                                                                                                                                                 88,176                                                                                                                                    80,976                                                                                                                                     323,870                                                                                                                                     317,400
Amortization of deferred financing costs                                                                                                                                                                  7,621                                                                                                                                     6,640                                                                                                                                      27,348                                                                                                                                      22,377
Depreciation and amortization                                                                                                                                                                           106,800                                                                                                                                    97,273                                                                                                                                     560,887                                                                                                                                     371,610
Transaction related costs                                                                                                                                                                                 1,391                                                                                                                                     2,153                                                                                                                                      11,430                                                                                                                                       8,707
Marketing, general and administrative                                                                                                                                                                    22,734                                                                                                                 22,710                                                                                                                   94,873                                                                                                                   92,488  
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        Total expenses                                                                                                                                                                                  370,799                                                                                                                347,204                                                                                                                1,585,568                                                                                                                1,345,015  
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Income from continuing operations before equity in net income from
unconsolidated
   joint ventures, equity in net (loss) gain on sale of interest in
   unconsolidated joint
   venture/real estate, purchase price fair value adjustment, gain on
   sale of real estate,
                                                                                                                                                                                                         54,591                                                                                                                                    39,423                                                                                                                                      77,261                                                                                                                                     174,963
   depreciable real estate reserves and loss on early extinguishment
   of debt
Equity in net income from unconsolidated joint ventures                                                                                                                                                   2,377                                                                                                                                     5,756                                                                                                                                      13,028                                                                                                                                      26,537
Equity in net (loss) gain on sale of interest in unconsolidated                                                                                                                                            (206 )                                                                                                                                     673                                                                                                                                      15,844                                                                                                                                     123,253
joint venture/real estate
Gain on sale of investment in marketable securities                                                                                                                                              --                                                                                                                                     3,895                                                                                                                              --                                                                                                                                       3,895
Purchase price fair value adjustment                                                                                                                                                                     40,078                                                                                                                            --                                                                                                                                      40,078                                                                                                                                      67,446
Gain on sale of real estate, net                                                                                                                                                                         16,270                                                                                                                            --                                                                                                                                     175,974                                                                                                                              --
Depreciable real estate reserves                                                                                                                                                                 --                                                                                                                            --                                                                                                                                     (19,226 )                                                                                                                            --
Loss on early extinguishment of debt                                                                                                                                                             --                                                                                                                 (6,865 )                                                                                                                                       (49 )                                                                                                                                   (32,365 )
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Income from continuing operations                                                                                                                                                                       113,110                                                                                                                                    42,882                                                                                                                                     302,910                                                                                                                                     363,729
Net income from discontinued operations                                                                                                                                                          --                                                                                                                                     3,626                                                                                                                                         427                                                                                                                                      19,075
Gain on sale of discontinued operations                                                                                                                                                                   1,139                                                                                                                 18,817                                                                                                                   14,122                                                                                                                  163,059  
                                                                                                                                                          --------------------------------------------------    --------------------                                                                --------------------------------------------------    --------------------                                                                ----------------------------------------------------    --------------------                                                                ----------------------------------------------------    --------------------
        Net income                                                                                                                                                                                      114,249                                                                                                                                    65,325                                                                                                                                     317,459                                                                                                                                     545,863
Net income attributable to noncontrolling interests in the Operating                                                                                                                                     (3,931 )                                                                                                                                  (2,457 )                                                                                                                                   (10,565 )                                                                                                                                   (18,467 )
Partnership
Net income attributable to noncontrolling interests in other                                                                                                                                             (2,626 )                                                                                                                                  (1,545 )                                                                                                                                   (15,843 )                                                                                                                                    (6,590 )
partnerships
Preferred unit distributions                                                                                                                                                                             (2,651 )                                                                                                                                    (800 )                                                                                                                                    (6,967 )                                                                                                                                    (2,750 )
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Net income attributable to SL Green                                                                                                                                                                     105,041                                                                                                                                    60,523                                                                                                                                     284,084                                                                                                                                     518,056
Perpetual preferred stock dividends                                                                                                                                                                      (3,738 )                                                                                                                                  (3,738 )                                                                                                                                   (14,952 )                                                                                                                                   (14,952 )
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        Net income attributable to SL Green common stockholders                                                                                             $     101,303                                                                    $      56,785                                                                    $       269,132                                                                    $       503,104  
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Earnings Per Share (EPS)
Net income per share (Basic)                                                                                                                                $        1.02                                                                    $        0.59                                                                    $          2.71                                                                    $          5.25  
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Net income per share (Diluted)                                                                                                                              $        1.01                                                                    $        0.59                                                                    $          2.70                                                                    $          5.23  
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Funds From Operations (FFO)
FFO per share (Basic)                                                                                                                                       $        1.61                                                                    $        1.44                                                                    $          6.41                                                                    $          5.87  
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FFO per share (Diluted)                                                                                                                                     $        1.61                                                                    $        1.43                                                                    $          6.38                                                                    $          5.85  
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Basic ownership interest
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Weighted average REIT common shares for net income per share                                                                                                                                             99,758                                                                                                                                    96,770                                                                                                                                      99,345                                                                                                                                      95,774
Weighted average partnership units held by noncontrolling interests                                                                                                                                       3,829                                                                                                                  3,791                                                                                                                    3,900                                                                                                                    3,514  
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Basic weighted average shares and units outstanding                                                                                                                                                     103,587                                                                                                                100,561                                                                                                                  103,245                                                                                                                   99,288  
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Diluted ownership interest
Weighted average REIT common share and common share equivalents                                                                                                                                         100,226                                                                                                                                    97,243                                                                                                                                      99,835                                                                                                                                      96,182
Weighted average partnership units held by noncontrolling interests                                                                                                                                       3,829                                                                                                                  3,791                                                                                                                    3,900                                                                                                                    3,514  
                                                                                                                                                          --------------------------------------------------------------------------                                                                --------------------------------------------------------------------------                                                                ----------------------------------------------------------------------------                                                                ----------------------------------------------------------------------------
Diluted weighted average shares and units outstanding                                                                                                                                                   104,055                                                                                                                101,034                                                                                                                  103,735                                                                                                                   99,696  
                                                                                                                                                          ==========================================================================                                                                ==========================================================================                                                                ============================================================================                                                                ============================================================================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                      
                                                                                                                                                                                   SL GREEN REALTY CORP.
                                                                                                                                                                                CONSOLIDATED BALANCE SHEETS
                                                                                                                                                                           (in thousands, except per share data)
                                                                                                                                                                       
                                                                                                                                                                                                 December 31,                                                                                                                                 December 31,
                                                                                                                                                                                                     2015                                                                                                                                         2014
                                                                                                                                                                ------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------
                                                                                                                                                                                                  (Unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests                                                                                                                                           $      4,779,159                                                                                       $      3,844,518
Building and improvements                                                                                                                                                                                     10,423,739                                                                                                                                    8,778,593
Building leasehold and improvements                                                                                                                                                                            1,431,259                                                                                                                                    1,418,585
Properties under capital lease                                                                                                                                                                                    47,445                                                                                                                    27,445  
                                                                                                                                                                -----------------------------------------------------------------------------                                                                -----------------------------------------------------------------------------
                                                                                                                                                                                                              16,681,602                                                                                                                                   14,069,141
Less accumulated depreciation                                                                                                                                                                                 (2,060,706 )                                                                                                                                 (1,905,165 )
                                                                                                                                                                -----------------------------------------------------------------------------                                                                -----------------------------------------------------------------------------
                                                                                                                                                                                                              14,620,896                                                                                                                                   12,163,976
Assets held for sale                                                                                                                                                                                              34,981                                                                                                                                      462,430
Cash and cash equivalents                                                                                                                                                                                        255,399                                                                                                                                      281,409
Restricted cash                                                                                                                                                                                                  233,578                                                                                                                                      149,176
Investment in marketable securities                                                                                                                                                                               45,138                                                                                                                                       39,429
Tenant and other receivables, net of allowance of $17,618 and                                                                                                                                                     63,491                                                                                                                                       57,369
$18,068 in 2015 and 2014, respectively
Related party receivables                                                                                                                                                                                         10,650                                                                                                                                       11,735
Deferred rents receivable, net of allowance of $21,730 and $27,411                                                                                                                                               498,776                                                                                                                                      374,944
in 2015 and 2014, respectively
Debt and preferred equity investments, net of discounts and
deferred origination fees of $18,759 and $19,172 in 2015
                                                                                                                                                                                                               1,670,020                                                                                                                                    1,408,804
   and 2014, respectively
Investments in unconsolidated joint ventures                                                                                                                                                                   1,203,858                                                                                                                                    1,172,020
Deferred costs, net                                                                                                                                                                                              370,435                                                                                                                                      327,962
Other assets                                                                                                                                                                                                     850,719                                                                                                                   647,333  
                                                                                                                                                                -----------------------------------------------------------------------------                                                                -----------------------------------------------------------------------------
        Total assets                                                                                                                                              $     19,857,941                                                                    $     17,096,587  
                                                                                                                                                                === ==================== ==================== ========== ====================                                                                === ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                 
Liabilities
Mortgages and other loans payable                                                                                                                                 $                                            6,992,504                                                                                       $                                            5,586,709
Revolving credit facility                                                                                                                                                                                        994,000                                                                                                                                      385,000
Term loan and senior unsecured notes                                                                                                                                                                           2,319,244                                                                                                                                    2,107,078
Accrued interest payable and other liabilities                                                                                                                                                                   210,883                                                                                                                                      137,634
Accounts payable and accrued expenses                                                                                                                                                                            196,213                                                                                                                                      173,246
Deferred revenue                                                                                                                                                                                                 399,102                                                                                                                                      187,148
Capitalized lease obligations                                                                                                                                                                                     41,360                                                                                                                                       20,822
Deferred land leases payable                                                                                                                                                                                       1,783                                                                                                                                        1,215
Dividend and distributions payable                                                                                                                                                                                79,790                                                                                                                                       64,393
Security deposits                                                                                                                                                                                                 68,023                                                                                                                                       66,614
Liabilities related to assets held for sale                                                                                                                                                                       29,000                                                                                                                                      266,873
Junior subordinate deferrable interest debentures held by trusts                                                                                                                                                 100,000                                                                                                                   100,000  
that issued trust preferred securities
                                                                                                                                                                -----------------------------------------------------    --------------------                                                                -----------------------------------------------------    --------------------
        Total liabilities                                                                                                                                                                                     11,431,902                                                                                                                                    9,096,732
                                                                                                                                                                                                                                                                                                                                                                                                                 
Commitments and contingencies                                                                                                                                                                             --                                                                                                                               --
Noncontrolling interest in the Operating Partnership                                                                                                                                                             424,206                                                                                                                                      469,524
Preferred units                                                                                                                                                                                                  282,516                                                                                                                                       71,115
                                                                                                                                                                                                                                                                                                                                                                                                                 
Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation
preference, 9,200 issued and outstanding at both
   December 31, 2015 and December 31, 2014                                                                                                                                                                       221,932                                                                                                                                      221,932
Common stock, $0.01 par value 160,000 shares authorized, 100,063
and 97,325 issued and outstanding at
   December 31, 2015 and December 31, 2014, respectively (including
   87 shares held in Treasury at
   December 31, 2015)                                                                                                                                                                                              1,001                                                                                                                                          974
Additional paid-in capital                                                                                                                                                                                     5,439,735                                                                                                                                    5,113,759
Treasury stock at cost                                                                                                                                                                                           (10,000 )                                                                                                                             --
Accumulated other comprehensive loss                                                                                                                                                                              (8,749 )                                                                                                                                     (6,980 )
Retained earnings                                                                                                                                                                                              1,643,546                                                                                                                 1,607,689  
                                                                                                                                                                -----------------------------------------------------    --------------------                                                                -----------------------------------------------------    --------------------
Total SL Green Realty Corp. stockholders’ equity                                                                                                                                    7,287,465                                                                                                                                    6,937,374
Noncontrolling interests in other partnerships                                                                                                                                                                   431,852                                                                                                                   521,842  
                                                                                                                                                                -----------------------------------------------------------------------------                                                                -----------------------------------------------------------------------------
        Total equity                                                                                                                                                                                           7,719,317                                                                                                                 7,459,216  
                                                                                                                                                                -----------------------------------------------------------------------------                                                                -----------------------------------------------------------------------------
Total liabilities and equity                                                                                                                                      $     19,857,941                                                                    $     17,096,587  
                                                                                                                                                                === ==================== ==================== ========== ====================                                                                === ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                     SL GREEN REALTY CORP.
                                                                                                                                                                                                                                     RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                                                                                                                                                                                                     (unaudited and in thousands, except per share data)
                                                                                                                                                                                                                                                           
                                                                                                                                                                            Three Months Ended                                                                                                                                                                                               Twelve Months Ended
                                                                                                                                                                                                                                                           December 31,                                                                                                                                                                                                                                                              December 31,
                                                                                                                                                       ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                          2015                                                                             2014                                                                                                                                      2015                                                                   2014
                                                                                                                                                       ---------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------                                                               ------------------------------------------------------
FFO Reconciliation:
Net income attributable to SL Green common stockholders                                                                                                  $     101,303                                                                                       $      56,785                                                                                       $     269,132                                                                                       $     503,104
Add:
------------------------------------------------------------------
Depreciation and amortization                                                                                                                                                                        106,800                                                                                                                                    97,273                                                                                                                                   560,887                                                                                                                                   371,610
Discontinued operations depreciation adjustments                                                                                                                                              --                                                                                                                                       147                                                                                                                            --                                                                                                                                     5,581
Joint venture depreciation and noncontrolling interest adjustments                                                                                                                                    10,373                                                                                                                                     6,508                                                                                                                                    34,226                                                                                                                                    33,487
Net income attributable to noncontrolling interests                                                                                                                                                    6,557                                                                                                                                     4,002                                                                                                                                    26,408                                                                                                                                    25,057
Less:
------------------------------------------------------------------
Gain on sale of real estate and discontinued operations, net                                                                                                                                          17,409                                                                                                                                    18,817                                                                                                                                   190,096                                                                                                                                   163,059
Equity in net (loss) gain on sale of interest in unconsolidated                                                                                                                                         (206 )                                                                                                                                     673                                                                                                                                    15,844                                                                                                                                   123,253
joint venture/real estate
Purchase price fair value adjustment                                                                                                                                                                  40,078                                                                                                                            --                                                                                                                                    40,078                                                                                                                                    67,446
Depreciable real estate reserves, net of recoveries                                                                                                                                           --                                                                                      --                                                                                                                                   (19,226 )                                                                                                                          --
Depreciation on non-rental real estate assets                                                                                                                                                            511                                                                                                                    525                                                                                                                  2,036                                                                                                                  2,045
                                                                                                                                                       --------------------------------------------------------------------------                                                                --------------------------------------------------------------------------                                                                --------------------------------------------------------------------------                                                                ------------------------------------------------------
Funds From Operations attributable to SL Green common stockholders
and noncontrolling
   interests                                                                                                                                             $     167,241                                                                    $     144,700                                                                    $     661,825                                                                    $     583,036
                                                                                                                                                       === ==================== ==================== ======= ====================                                                                === ==================== ==================== ======= ====================                                                                === ==================== ==================== ======= ====================                                                                === ==================== ==================== =======
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                      Consolidated Properties                                                                                                                                                                                                                                                             SL Green’s share of                                                                                                                                                                                                                                                                    Combined
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Unconsolidated Joint
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Ventures
                                                                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                        Three Months Ended                                                                                                                                                                                                                                                                Three Months Ended                                                                                                                                                                                                                                                                Three Months Ended
                                                                                                                                                                                                                                                           December 31,                                                                                                                                                                                                                                                                      December 31,                                                                                                                                                                                                                                                                      December 31,
                                                                                                                                                        -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Operating income and Same-store NOI                                                                                                                                              2015                                                                   2014                                                                                                                                     2015                                                                            2014                                                                                                                                     2015                                                                            2014
Reconciliation:
-------------------------------------------------------------------                                                                                     --------------------------------------------------    --------------------                                                                --------------------------------------------------------------------                                                                    ---------------------------------------------------------------------                                                                    ---------------------------------------------------------------------                                                                    ----------------------------------------------------------------------                                                                    --------------------------------------------------------------------
Income from continuing operations before equity in net income from                                                                                                                                                                                               
   unconsolidated joint ventures, equity in net (loss)/gain on sale
   of interest
   in unconsolidated joint venture/real estate, purchase price fair
   value adjustment, gain on sale of real estate, depreciable real
   estate
                                                                                                                                                          $                                            54,591                                                                                     $                                            39,423
   reserves and loss on early extinguishment of debt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Equity in net income from unconsolidated joint ventures                                                                                                                                                 2,377                                                                                                                                   5,756                                                                                                                                    2,377                                                                                                                                    5,756
Depreciation and amortization                                                                                                                                                                         106,800                                                                                                                                  97,273                                                                                                                                   16,965                                                                                                                                   13,395
Interest expense, net of interest income                                                                                                                                                               88,176                                                                                                                                  80,976                                                                                                                                   18,710                                                                                                                                   14,000
Amortization of deferred financing costs                                                                                                                                                                7,621                                                                                                                                   6,640                                                                                                                                    1,689                                                                                                                                    1,310
Loss on early extinguishment of debt                                                                                                                                                           --                                                                                                               (6,865 )                                                                                                                         --                                                                                                        --  
                                                                                                                                                        --------------------------------------------------------------------------                                                                ------------------------------------------------------------------------                                                                -------------------------------------------------------------------------                                                                -------------------------------------------------------------------------
Operating income                                                                                                                                                                                      259,565                                                                                                              223,203                                                                                                                39,741                                                                                                                34,461  
                                                                                                                                                        ==================================================    ====================                                                                ================================================    ====================                                                                =================================================    ====================                                                                =================================================    ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Marketing, general and administrative expense                                                                                                                                                          22,734                                                                                                                                  22,710                                                                                                                           --                                                                                                                           --
Net operating income from discontinued operations                                                                                                                                              --                                                                                                                                   5,441                                                                                                                           --                                                                                                                           --
Transaction related costs, net                                                                                                                                                                          1,391                                                                                                                                   2,153                                                                                                                           --                                                                                                                                      (29 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Non-building revenue                                                                                                                                                                                  (57,885 )                                                                                                                               (43,703 )                                                                                                                                 (6,470 )                                                                                                                                 (1,577 )
Equity in net income from unconsolidated joint ventures                                                                                                                                                (2,377 )                                                                                                                                (5,756 )                                                                                                                         --                                                                                                                           --
Loss on early extinguishment of debt                                                                                                                                                           --                                                                                                                6,865                                                                                                                     2                                                                                                        --  
                                                                                                                                                        --------------------------------------------------    --------------------                                                                ------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------
Net operating income (NOI)                                                                                                                                                                            223,428                                                                                                                                 210,913                                                                                                                                   33,273                                                                                                                                   32,855                                                                                       $     256,701                                                                                     $     243,768
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
NOI from discontinued operations                                                                                                                                                               --                                                                                                                                  (5,441 )                                                                                                                         --                                                                                                                           --                                                                                                                            --                                                                                                                                  (5,441 )
NOI from other properties/affiliates                                                                                                                                                                  (51,880 )                                                                                                                               (39,927 )                                                                                                                                (12,621 )                                                                                                                                (12,684 )                                                                                                                                 (64,501 )                                                                                                                               (52,611 )
                                                                                                                                                        --------------------------------------------------    --------------------                                                                ------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                --------------------------------------------------    --------------------                                                                ------------------------------------------------    --------------------
Same-Store NOI                                                                                                                                                                                        171,548                                                                                                              165,545                                                                                                                20,652                                                                                                                20,171                                                                                                                192,200                                                                                                              185,716  
                                                                                                                                                        ==========================================================================                                                                ========================================================================                                                                =========================================================================                                                                =========================================================================                                                                ==========================================================================                                                                ========================================================================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Ground lease straight-line adjustment                                                                                                                                                                     393                                                                                                                                     400                                                                                                                           --                                                                                                                           --                                                                                                                                       393                                                                                                                                     400
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Straight-line and free rent                                                                                                                                                                            (8,638 )                                                                                                                               (10,307 )                                                                                                                                 (1,318 )                                                                                                                                 (1,573 )                                                                                                                                  (9,956 )                                                                                                                               (11,880 )
Rental income - FAS 141                                                                                                                                                                                (3,048 )                                                                                                                                (3,115 )                                                                                                                                   (383 )                                                                                                                                   (369 )                                                                                                                                  (3,431 )                                                                                                                                (3,484 )
                                                                                                                                                        --------------------------------------------------------------------------                                                                ------------------------------------------------------------------------                                                                -------------------------------------------------------------------------                                                                -------------------------------------------------------------------------                                                                --------------------------------------------------------------------------                                                                ------------------------------------------------------------------------
Same-store cash NOI                                                                                                                                       $     160,255                                                                  $     152,523                                                                    $     18,951                                                                    $     18,229                                                                    $     179,206                                                                  $     170,752  
                                                                                                                                                        === ==================== ==================== ======= ====================                                                                = ==================== ==================== ======= ====================                                                                === ==================== ==================== ====== ====================                                                                === ==================== ==================== ====== ====================                                                                === ==================== ==================== ======= ====================                                                                = ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                      Consolidated Properties                                                                                                                                                                                                                                                             SL Green’s share of                                                                                                                                                                                                                                                                     Combined
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Unconsolidated Joint
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Ventures
                                                                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                            --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                        Twelve Months Ended                                                                                                                                                                                                                                                               Twelve Months Ended                                                                                                                                                                                                                                                                Twelve Months Ended
                                                                                                                                                                                                                                                           December 31,                                                                                                                                                                                                                                                                      December 31,                                                                                                                                                                                                                                                                       December 31,
                                                                                                                                                        -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Operating income and Same-store NOI                                                                                                                                                        2015                                                                            2014                                                                                                                                     2015                                                                            2014                                                                                                                                      2015                                                                             2014
Reconciliation:
-------------------------------------------------------------------                                                                                     ---------------------------------------------------------------------                                                                    ---------------------------------------------------------------------                                                                    ---------------------------------------------------------------------                                                                    ---------------------------------------------------------------------                                                                    -----------------------------------------------------------------------                                                                    ---------------------------------------------------------------------
Income from continuing operations before equity in net income from                                                                                                                                                                                               
   unconsolidated joint ventures, equity in net gain on sale of
   interest
   in unconsolidated joint venture/real estate, purchase price fair
   value adjustment, gain on sale of real estate, depreciable real
   estate
                                                                                                                                                         $                                            77,261                                                                                      $                                           174,963
   reserves and loss on early extinguishment of debt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Equity in net income from unconsolidated joint ventures                                                                                                                                               13,028                                                                                                                                   26,537                                                                                                                                   13,028                                                                                                                                   26,537
Depreciation and amortization                                                                                                                                                                        560,887                                                                                                                                  371,610                                                                                                                                   62,766                                                                                                                                   60,692
Interest expense, net of interest income                                                                                                                                                             323,870                                                                                                                                  317,400                                                                                                                                   70,018                                                                                                                                   61,556
Amortization of deferred financing costs                                                                                                                                                              27,348                                                                                                                                   22,377                                                                                                                                    5,770                                                                                                                                    6,008
Loss on early extinguishment of debt                                                                                                                                                                     (49 )                                                                                                                                (32,365 )                                                                                                                         --                                                                                                        --  
                                                                                                                                                        -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------
Operating income                                                                                                                                                                                   1,002,345                                                                                                               880,522                                                                                                               151,582                                                                                                               154,793  
                                                                                                                                                        =================================================    ====================                                                                =================================================    ====================                                                                =================================================    ====================                                                                =================================================    ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Marketing, general and administrative expense                                                                                                                                                         94,873                                                                                                                                   92,488                                                                                                                           --                                                                                                                           --
Net operating income from discontinued operations                                                                                                                                                        488                                                                                                                                   37,790                                                                                                                           --                                                                                                                           --
Transaction related costs, net                                                                                                                                                                        11,430                                                                                                                                    8,707                                                                                                                                       37                                                                                                                                      372
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Non-building revenue                                                                                                                                                                                (195,944 )                                                                                                                               (217,857 )                                                                                                                                (25,690 )                                                                                                                                (17,467 )
Equity in net income from unconsolidated joint ventures                                                                                                                                             (13,028)                                                                                                                                 (26,537)                                                                                                        --                                                                                                                           --
Loss on early extinguishment of debt                                                                                                                                                                      49                                                                                                                32,365                                                                                                                   497                                                                                                                 3,382  
                                                                                                                                                        -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------
Net operating income (NOI)                                                                                                                                                                           900,213                                                                                                                                  807,478                                                                                                                                  126,426                                                                                                                                  141,080                                                                                      $     1,026,639                                                                                      $     948,558
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
NOI from discontinued operations                                                                                                                                                                        (488 )                                                                                                                                (37,790 )                                                                                                                         --                                                                                                                           --                                                                                                                                       (488 )                                                                                                                                (37,790 )
NOI from other properties/affiliates                                                                                                                                                                (210,584 )                                                                                                                               (114,361 )                                                                                                                                (44,943 )                                                                                                                                (62,229 )                                                                                                                                 (255,527 )                                                                                                                               (176,590 )
                                                                                                                                                        -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------                                                                ---------------------------------------------------    --------------------                                                                -------------------------------------------------    --------------------
Same-Store NOI                                                                                                                                                                                       689,141                                                                                                               655,327                                                                                                                81,483                                                                                                                78,851                                                                                                                 770,624                                                                                                               734,178  
                                                                                                                                                        =================================================    ====================                                                                =================================================    ====================                                                                =================================================    ====================                                                                =================================================    ====================                                                                ===================================================    ====================                                                                =================================================    ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Ground lease straight-line adjustment                                                                                                                                                                  1,595                                                                                                                                    1,602                                                                                                                           --                                                                                                                           --                                                                                                                                      1,595                                                                                                                                    1,602
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Straight-line and free rent                                                                                                                                                                          (57,615 )                                                                                                                                (46,210 )                                                                                                                                 (5,829 )                                                                                                                                 (7,471 )                                                                                                                                  (63,444 )                                                                                                                                (53,681 )
Rental income - FAS 141                                                                                                                                                                              (12,296 )                                                                                                                                (16,377 )                                                                                                                                 (1,512 )                                                                                                                                 (1,607 )                                                                                                                                  (13,808 )                                                                                                                                (17,984 )
                                                                                                                                                        -------------------------------------------------------------------------                                                                -------------------------------------------------------------------------                                                                -------------------------------------------------------------------------                                                                -------------------------------------------------------------------------                                                                ---------------------------------------------------------------------------                                                                -------------------------------------------------------------------------
Same-store cash NOI                                                                                                                                      $     620,825                                                                   $     594,342                                                                    $     74,142                                                                    $     69,773                                                                   $       694,967                                                                   $     664,115  
                                                                                                                                                        == ==================== ==================== ======= ====================                                                                == ==================== ==================== ======= ====================                                                                === ==================== ==================== ====== ====================                                                                === ==================== ==================== ====== ====================                                                                == ==================== ==================== ========= ====================                                                                == ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      
                                                                                                                                                        SL GREEN REALTY CORP.
                                                                                                                                                  SELECTED OPERATING DATA-UNAUDITED
                                                                                                                                                                                                                                                           
                                                                                                                                                              December 31,
                                                                                                                                                             -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                     2015                                                      2014
                                                                                                                                                             ----------------------------------------------------                                                               ----------------------------------------------------
Manhattan Operating Data: (1)
Net rentable area at end of period (in 000’s)                                                                                                                                24,029                                                                                                             21,905
Portfolio percentage leased at end of period                                                                                                                                                              94.2 %                                                                                                             95.2 %
Same-Store percentage leased at end of period                                                                                                                                                             96.1 %                                                                                                             94.7 %
Number of properties in operation                                                                                                                                                                             32                                                                                                               30
                                                                                                                                                                                                                                                                                                                                                          
Office square feet where leases commenced during quarter ended                                                                                                                                         390,771                                                                                                            303,677
(rentable)
Average mark-to-market percentage-office                                                                                                                                                                  15.3 %                                                                                                             14.7 %
Average starting cash rent per rentable square foot-office                                                                                                   $     65.48                                                                  $     59.49
    (1)     Includes wholly-owned and joint venture properties.
                                                                                         

SLG- EARN

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160127006454r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160127006454/en/

SOURCE: SL Green Realty Corp.

SL Green Realty Corp. 
Matt DiLiberto 
Chief Financial Officer 
(212) 594-2700


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