SL Green Realty (SLG) 8-K SL Green Realty Corp. Reports

Exhibit 99.2

SL Green Realty Corp.
Fourth Quarter 2005
Supplemental Data
December 31, 2005

SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust, or REIT, that primarily owns, manages, leases, acquires and repositions office properties in emerging, high-growth submarkets of Manhattan.

•SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.

•SL Green maintains an internet site at www.slgreen.com at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found.  Such information is not reiterated in this supplemental financial package.  This supplemental financial package is available through the Company’s internet site.

•This data is presented to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings.  The financial data herein is unaudited and is provided from the prospective of timeliness to assist readers of quarterly and annual financial filings.  As such, data otherwise contained in future regulatory filings covering the same period may be restated from the data presented herein.

Questions pertaining to the information contained herein should be referred to Michelle LeRoy at michelle.leroy@slgreen.com or at 212-216-1692.

This report includes certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), expansion and other development trends of the real estate industry, business strategies, expansion and growth of the Company’s operations and other such matters are forward-looking statements.  These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate.  Such statements are subject to a number of assumptions, risks and uncertainties, general economic and business conditions, the business opportunities that may be presented to and pursued by the Company, changes in laws or regulations and other factors, many of which are beyond the control of the Company.  Any such statements are not guarantees of future performance and actual results or developments may differ materially from those anticipated in the forward-looking statements.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended December 31, 2005 that will subsequently be released on Form 10-K to be filed on or before March 10, 2006.

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TABLE OF CONTENTS

Highlights of Current Period Financial Performance
Unaudited Financial Statements
Corporate Profile	4
Financial Highlights	5-11
Balance Sheets	12-13
Statements of Operations	14
Funds From Operations	15
Statement of Stockholders’ Equity	16
Taxable Income	17
Joint Venture Statements	18-21
Selected Financial Data	22-25
Summary of Debt and Ground Lease Arrangements	26-27
Mortgage Investments and Preferred Equity	28-29
Property Data
Composition of Property Portfolio	30
Top Tenants	31
Tenant Diversification	32
Leasing Activity Summary	33-34
Lease Expiration Schedule	35
Summary of Acquisition/Disposition Activity	36-37
Supplemental Definitions	38
Corporate Information	39

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CORPORATE PROFILE

SL Green Realty Corp. (the “Company”) was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc. founded in 1980 by Stephen L. Green, our current Chairman.  For more than 20 years SL Greenhas been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan.  The Company’s investment focus is to create value through the acquisition, redevelopment and repositioning of Manhattan office properties and releasing and managing these properties for maximum cash flow.

Looking forward, SL Green Realty Corp. will continue its opportunistic investment philosophy through three established business lines:  investment in long-term core properties, investment in opportunistic assets and structured finance investments.  With the formation of Gramercy Capital Corp., or Gramercy, (NYSE: GKK) in 2004, there will be a reduced focus on direct structured finance investments by the Company.  This three-legged investment strategy will allow SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.

Today, the Company is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, exclusively focused on owning and operating office buildings in Manhattan. SL Green is a pure play for investors to own a piece of New York.

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FINANCIAL HIGHLIGHTS

FOURTH QUARTER 2005
UNAUDITED

FINANCIAL RESULTS

Funds From Operations, or FFO, available to common stockholders totaled $46.9 million, or $1.02 per share (diluted) for the fourth quarter ended December 31, 2005, a 7.4% increase over the same quarter in 2004 when FFO totaled $42.6 million, or $0.95 per share (diluted).

Net income available for common stockholders totaled $20.8 million, or $0.48 per share (diluted) for the fourth quarter ended December 31, 2005. Net income available to common stockholders totaled $111.5 million, or $2.64 per share (diluted) in the same quarter in 2004.  This included $2.14 per share relating to gains on asset sales and $0.04 per share relating to discontinued operations in 2004 and none in 2005.

Funds available for distribution, or FAD, for the fourth quarter 2005 increased to $0.67 per share (diluted) versus $0.63 per share (diluted) in the prior year, a 6.4% increase.

The Company’s dividend payout ratio was 58.7% of FFO and 89.0% of FAD before first cycle leasing costs.

CONSOLIDATED RESULTS

Total quarterly revenues increased 21.8% in the fourth quarter to $114.6 million compared to $94.1 million in the prior year.  The $20.5 million growth in revenue resulted primarily from the following items:

•$9.3 million increase from 2005 and 2004 acquisitions,

•$3.6 million increase from same-store properties,

•$5.3 million increase in other revenue, which was primarily due to fees earned from Gramercy ($3.5 million), and

•$2.3 million increase in preferred equity and investment income.

The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, increased by $7.4 million (12.7%) to $64.9 million.  The following items drove EBITDA improvements:

•$5.2 million increase from 2005 and 2004 acquisitions.

•$0.6 million decrease from same-store properties.

•$2.3 million increase in preferred equity and investment income.  The weighted-average structured finance investment balance for the quarter increased to $400.0 million from $332.9 million in the prior year.  The weighted-average yield for the quarter increased to 10.43% from 10.0% in the prior year.

•$1.3 million decrease from the equity in net income from unconsolidated joint ventures primarily due to our investments at 1515 Broadway ($2.1 million), 180 Madison Avenue, which was sold in August 2005 ($0.3 million), and One Madison Avenue-South Building ($0.5 million).  This was partially offset by increases at Gramercy ($2.2 million).

•$2.6 million decrease from higher MG&A expense.  This is primarily due to the increase in headcount at Gramercy and SL Green.

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•$4.4 million increase in non-real estate revenues net of expenses, primarily due to fee income from Gramercy ($3.5 million).

FFO before minority interests improved $4.3 million primarily as a result of:

•$7.4 million increase in EBITDA,

•$2.0 million increase in FFO from unconsolidated joint ventures,

•$3.3 million decrease from higher interest expense, and

•$1.8 million decrease from discontinued operations and non-real estate depreciation.

SAME-STORE RESULTS

Consolidated Properties

Same-store fourth quarter 2005 GAAP NOI increased $0.1 million (0.4%) to $37.9 million compared to the prior year.  Operating margins after ground rent decreased from 52.9% to 50.2%.

The $0.1 million increase in GAAP NOI was primarily due to:

•$2.8 million (4.8%) increase in rental revenue primarily due to improved leasing,

•$1.6 million (13.0%) increase in escalation and reimbursement revenue primarily due to electric reimbursements,

•$0.8 million (39.1%) decrease in other income, and

•$4.2 million (24.2%) increase in operating expenses, primarily driven by increases in utilities and insurance.

Joint Venture Properties

Joint Venture properties fourth quarter 2005 GAAP NOI increased $0.2 million (0.7%) to $21.7 million compared to the prior year.  Operating margins after ground rent decreased from 58.3% to 55.6%.

The $0.2 million increase in GAAP NOI was primarily due to:

•$0.5 million (1.5%) increase in rental revenue primarily due to improved leasing,

•$1.4 million (21.2%) increase in escalation and reimbursement revenue primarily due to electric reimbursements,

•$0.4 million (377.2%) increase in other income,

•$0.2 million (3.0%) increase in real estate taxes, and

•$1.8 million (21.9%) increase in operating expenses primarily driven by increases in utilities and insurance.

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STRUCTURED FINANCE ACTIVITY

As of December 31, 2005, our structured finance and preferred equity investments totaled $400.1 million.  The weighted average balance outstanding for the fourth quarter of 2005 was $400.0 million.  During the fourth quarter of 2005, the weighted average yield was 10.43%.

QUARTERLY LEASING HIGHLIGHTS

Vacancy at September 30, 2005 was 719,964 useable square feet net of holdover tenants.  During the quarter, 837,607 additional useable office, retail and storage square feet became available at an average escalated cash rent of $39.70 per rentable square foot.  Space available to lease during the quarter totaled 1,557,571 useable square feet, or 8.6% of the total portfolio.

During the fourth quarter, 55 office leases, including early renewals, were signed totaling 963,807 rentable square feet.  New cash rents averaged $46.89 per rentable square foot.  Replacement rents were 20.26% higher than rents on previously occupied space, which had fully escalated cash rents averaging $38.99 per rentable square foot.  The average lease term was 10.1 years and average tenant concessions were 6.2 months of free rent with a tenant improvement allowance of $39.57 per rentable square foot.

The Company also signed 13 retail and storage leases, including early renewals, for 45,883 rentable square feet.  The average lease term was 6.9 years and the average tenant concessions were 1.6 months of free rent with a tenant improvement allowance of $9.11 per rentable square foot.

REAL ESTATE ACTIVITY

Real estate investment transactions entered into during the fourth quarter totaled approximately $24.2 million and included:

•In November 2005, the Company, in a joint venture with Jeff Sutton, acquired a controlling leasehold interest in 1604 Broadway – a retail property located in Manhattan’s Times Square. The joint venture acquired a 90% interest in the 41,100-square-foot Times Square building.  The property is subject to a ground lease that was extended from 2019 to 2036 as part of the transaction. The Company has a 50% interest in the joint venture with Jeff Sutton. The Company has the opportunity to earn incentive fees based upon the financial performance of property.

•In December 2005, the Company, in a joint venture with Jeff Sutton, acquired a 90% interest in the leasehold interest at 379 West Broadway, an office/retail property in New York City’s Cast Iron Historic District.  The lease includes an option to acquire the fee interest in 2016.  The five-story, 62,006-square-foot property is fully leased.  The Company has a 50% interest in the joint venture with Jeff Sutton.

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Investment In Gramercy Capital Corp.

At December 31, 2005, the Company’s investment in Gramercy Capital Corp. (NYSE: GKK) was $96.5 million.  Fees earned from various arrangements between the Company and Gramercy totaled approximately $5.0 million for the quarter ended December 31, 2005, including an incentive fee of $1.2 million earned as a result of Gramercy’s FFO exceeding the 9.5% return on equity performance threshold.  For the year ended December 31, 2005, the Company earned $12.6 million in fees from Gramercy Capital Corp.  The Company’s share of FFO generated from its investment in Gramercy totaled approximately $3.2 million and $9.1 million for the quarter and year ended December 31, 2005, respectively.

The Company’s marketing, general and administrative, or MG&A, expenses includes the consolidation of the expenses of its subsidiary GKK Manager, the entity which manages and advises Gramercy Capital Corp.  There are currently approximately 22 employees of GKK Manager dedicated to the operations of Gramercy compared to five at the time of Gramercy’s IPO.  For the quarter and year ended December 31, 2005, the Company’s MG&A includes approximately $2.2 million and $7.4 million, respectively, of costs associated with GKK Manager.

Financing/ Capital Activity

In November 2005, the Company and SITQ, a subsidiary of the Caisse de depot et placement du Québec, completed a recapitalization of 1515 Broadway.  The joint venture obtained $625 million in financing in the form of a two-year loan bearing interest at LIBOR plus 90 basis points from Lehman Brothers and Wachovia Bank, the existing lenders. The recapitalization allowed SL Green to exceed the performance thresholds established with SITQ, resulting in an increased economic stake in the property from 55% to approximately 68.5%. SL Green used its portion of the refinancing proceeds to repay its unsecured revolving credit facility and for general corporate purposes.

In November 2005, the Company closed on a $205.1 million credit facility with Wells Fargo Bank, NA. This facility, which bears interest at 160 basis points over LIBOR, has a two-year term and two six-month extension options. This facility replaced the acquisition loan of $115.0 million at One Madison-Clock Tower and will be used in part to fund the conversion and development of the Clock Tower. Approximately $113.4 million was drawn at closing.

In December 2005, the Company modified and enhanced the covenants under its $325.0 million term loan to correspond with those under the 2005 unsecured revolving credit facility, which closed in August 2005.

Dividends

On December 2, 2005, the Company declared a dividend of $0.60 per common share for the fourth quarter 2005.  The dividend was payable January 16, 2006 to stockholders of

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record on the close of business on December 31, 2005.  This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $2.40 per common share.

On December 2, 2005, the Company also approved a distribution on it’s Series C preferred stock for the period October 15, 2005 through and including January 14, 2006, of $0.4766 per share, payable January 16, 2006 to stockholders of record on the close of business on December 31, 2005. The distribution reflects the regular quarterly distribution, which is the equivalent of an annualized distribution of $1.90625 per Series C preferred stock.

On December 2, 2005, the Company also approved a distribution on it’s Series D preferred stock for the period October 15, 2005 through and including January 14, 2006, of $0.4922 per share, payable January 16, 2006 to stockholders of record on the close of business on December 31, 2005. The distribution reflects the regular quarterly distribution, which is the equivalent of an annualized distribution of $1.96875 per Series D preferred stock.

Other

For 2006, the consolidated Same-Store Properties will include 750 Third Avenue and 625 Madison Avenue.

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SL Green Realty Corp.

Key Financial Data

December 31, 2005

(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	12/31/2005			9/30/2005			6/30/2005			3/31/2005			12/31/2004
Earnings Per Share
Net income available to common shareholders - diluted	$	0.48		$	0.87		$	1.31		$	0.54		$	2.64
Funds from operations available to common shareholders - diluted	$	1.02		$	1.13		$	1.02		$	0.99		$	0.95
Funds available for distribution to common shareholders - diluted	$	0.67		$	0.83		$	0.69		$	0.65		$	0.63
Common Share Price & Dividends
At the end of the period	$	76.39		$	68.18		$	64.50		$	56.22		$	60.55
High during period	$	77.14		$	70.10		$	66.05		$	59.74		$	60.55
Low during period	$	63.80		$	64.76		$	55.38		$	52.70		$	52.30
Common dividends per share	$	0.60		$	0.54		$	0.54		$	0.54		$	0.54
FFO Payout Ratio	58.65		%	47.70		%	52.99		%	54.73		%	56.69		%
FAD Payout Ratio	89.03		%	64.78		%	78.57		%	82.90		%	85.84		%
Common Shares & Units
Common shares outstanding	42,456			41,942			41,830			41,622			40,876
Units outstanding	2,427			2,502			2,512			2,531			2,531
Total shares and units outstanding	44,883			44,444			44,342			44,153			43,407
Weighted average common shares and units outstanding - basic	44,596			44,426			44,303			43,833			43,132
Weighted average common shares and units outstanding - diluted	45,820			45,674			45,505			45,160			44,698
Market Capitalization
Market value of common equity	$	3,428,612		$	3,030,192		$	2,860,059		$	2,482,282		$	2,628,294
Liquidation value of preferred equity	257,500			257,500			257,500			257,500			257,500
Consolidated debt	1,542,252			1,626,640			1,493,753			1,315,315			1,150,376
Consolidated market capitalization	$	5,228,364		$	4,914,332		$	4,611,312		$	4,055,097		$	4,036,170
SLG portion JV debt	1,040,265			911,959			928,334			564,945			565,211
Combined market capitalization	$	6,268,629		$	5,826,291		$	5,539,646		$	4,620,042		$	4,601,381
Consolidated debt to market capitalization	29.50		%	33.10		%	32.39		%	32.44		%	28.50		%
Combined debt to market capitalization	41.20		%	43.57		%	43.72		%	40.70		%	37.28		%
Consolidated debt service coverage	3.53			3.70			3.54			3.65			3.63
Consolidated fixed charge coverage	2.39			2.55			2.40			2.43			2.38
Combined fixed charge coverage	1.93			2.07			2.03			2.16			2.31
Portfolio Statistics
Directly owned office buildings	21			21			21			21			20
Joint venture office buildings	7			7			8			8			8
	28			28			29			29			28
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Directly owned square footage	9,345,000			9,345,000			9,345,000			9,164,000			8,805,000
Joint venture square footage	8,814,900			8,814,900			9,079,900			8,195,000			8,195,000
	18,159,900			18,159,900			18,424,900			17,359,000			17,000,000
Quarter end occupancy-portfolio	96.7		%	96.0		%	95.9		%	95.7		%	95.6		%
Quarter end occupancy- same store - wholly owned	95.9		%	95.2		%	96.2		%	96.0		%	95.8		%
Quarter end occupancy- same store - combined (wholly owned + joint venture)	96.5		%	96.0		%	96.5		%	96.3		%	96.5		%

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	As of or for the three months ended
	12/31/05			9/30/2005			6/30/2005			3/31/2005			12/31/2004
Selected Balance Sheet Data
Real estate assets before depreciation	$	2,222,922		$	2,183,267		$	2,049,820		$	1,859,431		$	1,756,104
Investments in unconsolidated joint ventures	$	543,189		$	659,860		$	638,336		$	579,194		$	557,089
Structured finance investments	$	400,076		$	400,049		$	396,862		$	375,099		$	350,027
Total Assets	$	3,309,777		$	3,352,330		$	3,154,845		$	2,932,962		$	2,751,881
Fixed rate & hedged debt	$	1,255,141		$	1,256,095		$	1,256,978		$	1,025,315		$	1,039,476
Variable rate debt	287,111			370,545			236,775			290,000			110,900
Total consolidated debt	$	1,542,252		$	1,626,640		$	1,493,753		$	1,315,315		$	1,150,376
Total Liabilities	$	1,751,275		$	1,821,699		$	1,668,824		$	1,483,395		$	1,328,937
Fixed rate & hedged debt-including SLG portion of JV debt	$	1,741,225		$	1,732,776		$	1,756,389		$	1,245,569		$	1,306,684
Variable rate debt - including SLG portion of JV debt	841,292			805,823			665,698			634,691			408,903
Total combined debt	$	2,582,517		$	2,538,599		$	2,422,087		$	1,880,260		$	1,715,587
Selected Operating Data
Property operating revenues	$	94,975		$	92,075		$	87,771		$	82,189		$	80,229
Property operating expenses	48,442			48,660			44,427			42,829			39,236
Property operating NOI	$	46,533		$	43,415		$	43,344		$	39,360		$	40,993
NOI from discontinued operations	—			—			117			684			1,993
Total property operating NOI	$	46,533		$	43,415		$	43,461		$	40,044		$	42,986
SLG share of Property NOI from JVs	$	31,595		$	32,770		$	29,813		$	23,527		$	23,978
SLG share of FFO from Gramercy Capital	$	3,205		$	2,610		$	2,164		$	1,143		$	526
Structured finance income	$	11,267		$	10,652		$	11,925		$	11,147		$	8,418
Other income	$	8,352		$	16,899		$	6,156		$	6,776		$	5,465
Marketing general & administrative expenses	$	11,965		$	13,418		$	10,594		$	8,238		$	9,336
Consolidated interest	$	20,100		$	20,580		$	19,479		$	17,366		$	17,065
Combined interest	$	34,642		$	33,487		$	29,930		$	23,422		$	22,937
Preferred Dividend	$	4,969		$	4,969		$	4,969		$	4,969		$	4,969
Office Leasing Statistics
Total office leases signed	55			58			71			55			73
Total office square footage leased	963,087			341,458			386,134			415,806			719,292
Average rent psf	$	46.89		$	43.79		$	43.49		$	40.60		$	32.11
Escalated rents psf	$	38.99		$	41.68		$	42.75		$	38.69		$	30.49
Percentage of rent over escalated	20.3		%	5.1		%	1.7		%	4.9		%	5.3		%
Tenant concession packages psf	$	39.57		$	30.74		$	14.65		$	31.64		$	25.40
Free rent months	6.2			2.7			2.3			4.6			2.8

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COMPARATIVE BALANCE SHEETS

Unaudited

($000’s omitted)

	12/31/2005			9/30/2005			6/30/2005			3/31/2005			12/31/2004
Assets
Commercial real estate properties, at cost:
Land & land interests	$	288,239		$	288,080		$	264,696		$	224,943		$	206,824
Buildings & improvements fee interest	1,440,584			1,408,858			1,301,193			1,135,318			1,065,654
Buildings & improvements leasehold	481,891			474,121			471,723			472,558			471,418
Buildings & improvements under capital lease	12,208			12,208			12,208			12,208			12,208
	$	2,222,922		$	2,183,267		$	2,049,820		$	1,845,027		$	1,756,104
Less accumulated depreciation	(219,295		)	(205,443		)	(192,249		)	(179,180		)	(176,238		)
	$	2,003,627		$	1,977,824		$	1,857,571		$	1,665,847		$	1,579,866
Other Real Estate Investments:
Investment in unconsolidated joint ventures	543,189			659,860			638,336			579,194			557,089
Structured finance investments	400,076			400,049			396,862			375,099			350,027
Assets held for sale	—			—			—			16,486			—
Cash and cash equivalents	24,104			14,193			1,978			16,789			35,795
Restricted cash	60,750			56,215			62,136			53,410			56,417
Tenant and other receivables, net of $9,681 reserve at 12/31/05	23,722			21,928			18,011			16,174			15,248
Related party receivables	7,707			3,598			3,978			4,519			5,027
Deferred rents receivable, net of reserve for  tenant credit loss of $8,698 at 12/31/05	75,294			73,983			70,064			64,074			61,302
Deferred costs, net	79,428			68,518			60,700			55,041			47,869
Other assets	91,880			76,162			45,209			86,329			43,241
Total Assets	$	3,309,777		$	3,352,330		$	3,154,845		$	2,932,962		$	2,751,881

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	12/31/2005		9/30/2005		6/30/2005		3/31/2005		12/31/2004
Liabilities and Stockholders’ Equity
Mortgage notes payable	$	885,252	$	866,640	$	770,023	$	600,315	$	614,476
Unsecured & Secured term loans	525,000		525,000		525,000		425,000		425,000
Revolving credit facilities	32,000		135,000		98,730		290,000		110,900
Derivative Instruments-fair value	—		—		1,078		—		1,347
Accrued interest	7,711		7,589		6,909		5,768		4,494
Accounts payable and accrued expenses	87,390		77,329		66,759		60,869		72,298
Deferred revenue	25,691		25,596		16,406		19,558		18,648
Capitalized lease obligations	16,260		16,228		16,166		16,106		16,442
Deferred land lease payable	16,312		16,179		16,043		15,883		15,723
Dividend and distributions payable	31,103		28,176		28,122		28,026		27,553
Security deposits	24,556		23,962		23,588		21,870		22,056
Junior subordinated deferrable interest debentures	100,000		100,000		100,000		—		—
Total Liabilities	$	1,751,275	$	1,821,699	$	1,668,824	$	1,483,395	$	1,328,937
Minority interest in other partnerships	25,012		14,493		724		702		509
Minority interest in operating partnership (2,427 units outstanding) at 12/31/05	74,049		76,625		76,061		74,557		74,555
Stockholders’ Equity
7.625% Series C Perpetual Preferred Shares	151,981		151,981		151,981		151,981		151,981
7.875% Series D Perpetual Preferred Shares	96,321		96,321		96,321		96,321		96,321
Common stock, $.01 par value 100,000 shares authorized, 42,456 issued and outstanding at 12/31/05	425		419		418		416		409
Additional paid – in capital	959,858		936,923		928,900		918,810		902,340
Accumulated other comprehensive income	15,316		13,691		6,118		15,164		5,647
Retained earnings	235,540		240,178		225,498		191,616		191,182
Total Stockholders’ Equity	$	1,459,441	$	1,439,513	$	1,409,236	$	1,374,308	$	1,347,880
Total Liabilities and Stockholders’ Equity	$	3,309,777	$	3,352,330	$	3,154,845	$	2,932,962	$	2,751,881

13

COMPARATIVE STATEMENTS OF OPERATIONS

Unaudited

($000’s omitted)

	Three Months Ended						Three Months Ended			Twelve Months Ended
	December 31,			December 31,			September 30,			December 31,			December 31,
	2005			2004			2005			2005			2004
Revenues
Rental revenue, net	$	78,126		$	67,147		$	75,717		$	298,495		$	240,350
Escalation and reimbursement revenues	16,849			13,083			16,358			58,515			44,392
Investment income	11,267			8,418			10,652			44,989			39,085
Other income	8,352			5,465			16,899			38,183			19,892
Total Revenues, net	114,594			94,113			119,626			440,182			343,719
Equity in net income from unconsolidated joint ventures	10,706			12,021			13,250			49,349			44,037
Operating expenses	28,048			20,796			28,452			104,098			84,477
Ground rent	5,249			4,688			4,922			19,598			16,179
Real estate taxes	15,145			13,751			15,286			60,659			48,030
Marketing, general and administrative	11,965			9,336			13,418			44,215			30,279
Total Operating Expenses	60,407			48,571			62,078			228,570			178,965
EBITDA	64,893			57,563			70,798			260,961			208,791
Interest	20,100			16,796			20,580			77,353			61,636
Amortization of deferred financing costs	875			892			1,887			4,461			3,274
Depreciation and amortization	16,379			14,041			15,317			60,647			48,220
Income Before Minority Interest and Items	27,539			25,834			33,014			118,500			95,661
Income from discontinued operations	—			1,486			—			475			7,017
Gain on sale of discontinued operations	—			90,199			—			33,875			90,370
Equity in net gain on sale of joint venture property	—			—			11,550			11,550			22,012
Minority interest	(1,734		)	(1,025		)	(2,265		)	(6,981		)	(5,630		)
Net Income	25,805			116,494			42,299			157,419			209,430
Dividends on perpetual preferred shares	4,969			4,969			4,969			19,875			16,258
Net Income Available For Common Shareholders	$	20,836		$	111,525		$	37,330		$	137,544		$	193,172
Earnings per Share
Net income per share (basic)	$	0.49		$	2.75		$	0.89		$	3.29		$	4.93
Net income per share (diluted)	$	0.48		$	2.64		$	0.87		$	3.20		$	4.75

14

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited

($000’s omitted - except per share data)

		Three Months Ended						Three Months Ended			Twelve Months Ended
		December 31,			December 31,			September 30,			December 31,			December 31,
		2005			2004			2005			2005			2004
Funds from operations
Net Income before Minority Interests and Items		$	27,539		$	25,834		$	33,014		$	118,500		$	95,661
Add:	Depreciation and amortization	16,379			14,041			15,317			60,647			48,220
	FFO from discontinued operations	—			1,734			—			613			11,643
	FFO adjustment for joint ventures	8,130			6,115			8,549			30,412			23,817
Less:	Dividends on preferred shares	4,969			4,969			4,969			19,875			16,258
	Non real estate depreciation and amortization	205			177			207			784			706
	Funds From Operations	$	46,874		$	42,578		$	51,704		$	189,513		$	162,377
	Funds From Operations - Basic per Share	$	1.05		$	0.99		$	1.16		$	4.28		$	3.92
	Funds From Operations - Diluted per Share	$	1.02		$	0.95		$	1.13		$	4.16		$	3.77
Funds Available for Distribution
FFO		$	46,874		$	42,578		$	51,704		189,513			162,377
Add:	Non real estate depreciation and amortization	205			177			207			784			706
	Amortization of deferred financing costs	875			892			1,887			4,461			3,274
	Non-cash deferred compensation	1,086			1,056			1,086			4,219			7,269
Less:	FAD adjustment for Joint Ventures	5,658			5,683			5,206			21,135			25,359
	FAD adjustment for discontinued operations	—			10			—			(22		)	211
	Straight-line rental income and other non cash adjustments	2,427			3,031			4,181			16,641			8,279
	Second cycle tenant improvements	5,626			4,034			4,310			19,324			20,834
	Second cycle leasing commissions	1,159			1,988			2,601			8,032			14,743
	Revenue enhancing recurring CAPEX	595			686			73			778			1,062
	Non- revenue enhancing recurring CAPEX	2,696			1,150			440			3,442			2,652
Funds Available for Distribution		$	30,879		$	28,120		$	38,073		$	129,647		$	100,487
	Diluted per Share	$	0.67		$	0.63		$	0.83		$	2.85		$	2.33
First Cycle Leasing Costs
	Tenant improvements	5,065			1,003			2,459			8,782			1,323
	Leasing commissions	3,179			—			214			6,061			300
Funds Available for Distribution after First Cycle Leasing Costs		$	22,635		$	27,117		$	35,400		$	114,804		$	98,864
Funds Available for Distribution per Diluted Weighted Average Unit and Common Share		$	0.49		$	0.61		$	0.78		$	2.52		$	2.29
Redevelopment Costs		$	5,124		$	4,997		$	2,971		$	10,932		$	8,377
Payout Ratio of Funds From Operations		58.65		%	56.69		%	47.70		%	53.30		%	54.12		%
Payout Ratio of Funds Available for Distribution Before First Cycle Leasing Costs		89.03		%	85.84		%	64.78		%	77.92		%	87.45		%

15

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

Unaudited

($000’s omitted)

															Accumulated
		Series C		Series D											Other
		Preferred		Preferred						Additional		Retained			Comprehensive
		Stock		Stock			Common Stock			Paid-In Capital		Earnings			Income		TOTAL
Balance at December 31, 2004		$	151,981	$	96,321		$	409		$	902,340	$	191,182		$	5,647	$	1,347,880
Net Income												157,419					157,419
Preferred Dividend												(19,875		)			(19,875		)
Exercise of employee stock options and redemption of units							10			27,332							27,342
Stock based compensation fair value										3,729							3,729
Cash distributions declared ($2.22 per common share)												(93,186		)			(93,186		)
Comprehensive Income - Unrealized gain of derivative instruments															9,669		9,669
Dividend reinvestment plan							3			20,378							20,381
Deferred compensation plan							3			1,859							1,862
Amortization of deferred compensation										4,220							4,220
Balance at December 31, 2005		$	151,981	$	96,321		$	425		$	959,858	$	235,540		$	15,316	$	1,459,441
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
				Common Stock			OP Units			Stock-Based Compensation		Sub-total			Preferred Stock		Diluted Shares
	Share Count at December 31, 2004			40,875,989			2,530,817			—		43,406,806			—		43,406,806
	YTD share activity			1,579,840			(104,031		)	—		1,475,809			—		1,475,809
	Share Count at December 31, 2005 - Basic			42,455,829			2,426,786			—		44,882,615			—		44,882,615
	Weighting Factor			(662,503		)	71,831			1,212,323		621,651					621,651
	Weighted Average Share Count at December 31, 2005 - Diluted			41,793,326			2,498,617			1,212,323		45,504,266			—		45,504,266

16

TAXABLE INCOME

Unaudited

($000’s omitted)

	Twelve Months Ended
	December 31,			December 31,
	2005			2004
Net Income Available For Common Shareholders	$	137,544		$	193,172
Book/Tax Depreciation Adjustment	8,839			(797		)
Book/Tax Gain Recognition Adjustment	(47,450		)	(117,692		)
Book/Tax JV Net equity adjustment	24,244			6,045
Other Operating Adjustments	(25,228		)	2,286
C-corp Earnings	(3,621		)	506
Taxable Income (Projected)	$	94,328		$	83,520
Dividend per share	$	2.22		$	2.04
Estimated payout of taxable income	100		%	100		%
Shares outstanding - basic	42,456			40,876

Payout of Taxable Income Analysis:

Estimated taxable income is derived from net income less straightline rent, free rent net of amortization of free rent, plus tax gain on sale of properties, credit loss, straightline ground rent and the difference between tax and GAAP depreciation.  The Company has deferred the taxable gain on the sales 29 West 35th Street, 17 Battery Place South, 90 Broad Street, 50 West 23rd Street, 1370 Broadway, 1412 Broadway, 17 Battery Place North and 1466 Broadway through 1031 exchanges. In addition, the Company has deferred substantially all of the taxable gain resulting from the sale of an interest in One Park Avenue.

17

JOINT VENTURE STATEMENTS

Balance Sheet for Unconsolidated Property Joint Ventures

Unaudited

($000’s omitted)

	December 31, 2005						December 31, 2004
	Total Property			SLG Property Interest			Total Property			SLG Property Interest
Land & land interests	$	647,787		$	287,853		$	486,338		$	206,876
Buildings & improvements fee interest	2,703,563			1,200,377			2,029,907			868,411
Buildings & improvements leasehold	20,038			9,017			—			—
	3,371,388			1,497,247			2,516,245			1,075,287
Less accumulated depreciation	(152,910		)	(72,112		)	(95,392		)	(46,800		)
Net Real Estate	3,218,478			1,425,135			2,420,853			1,028,487
Cash and cash equivalents	73,615			33,214			66,718			30,210
Restricted cash	27,101			10,285			26,256			11,663
Tenant receivables, net of $1,163 reserve at 12/31/05	7,049			3,026			3,768			1,915
Deferred rents receivable, net of reserve for tenant credit loss of $2,071 at 12/31/05	55,383			26,930			34,520			17,224
Deferred costs, net	64,170			29,229			31,137			14,360
Other assets	42,256			19,718			26,134			12,066
Total Assets	$	3,488,052		$	1,547,537		$	2,609,386		$	1,115,925
Mortgage loans payable	$	2,257,667		$	1,040,265		$	1,337,316		$	565,211
Derivative Instruments-fair value	1,968			205			24			13
Accrued interest payable	12,119			5,764			5,666			2,400
Accounts payable and accrued expenses	71,686			30,514			65,864			29,065
Security deposits	6,646			3,144			8,981			4,228
Contributed Capital (1)	1,137,966			467,645			1,191,535			515,008
Total Liabilities and Equity	$	3,488,052		$	1,547,537		$	2,609,386		$	1,115,925

As of December 31, 2005 the Company has nine unconsolidated joint venture interests including a 55% interest in 1250 Broadway, a 50% interest in 100 Park Avenue, a 16.67% interest in 1 Park Avenue, a 68.5% economic interest in 1515 Broadway increased from 55.5% in December 2005 ,  a 45% interest in 1221 Avenue of the Americas,  a 30% interest in 485 Lexington Avenue, a 55% interest in the South Building of 1 Madison Avenue, a 10% interest in 55 Corporate Drive and a 45% interest in 379 West Broadway.  These interests are accounted for on the equity method of accounting and, therefore, are not consolidated into the company’s financial statements.

As we have been designated as the primary beneficiary under FIN 46(R), we have consolidated the accounts of the following three joint ventures including a 50% interest in 1551/1555 Broadway and 21 West 34th Street, a 50% interest in 141 Fifth Avenue and a 45% interest in 1604 Broadway.

(1)Contributed capital includes adjustments to capital to reflect our share of capital based on implied sales prices of partially sold or contributed properties. Our investment in unconsolidated joint venture reflects our actual contributed capital base.

18

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Property Joint Ventures

Unaudited

($000’s omitted)

	Three Months Ended December 31, 2005						Three Months Ended September 30, 2005			Three Months Ended December 31, 2004
				SLG			SLG						SLG
	Total Property			Property Interest			Property Interest			Total Property			Property Interest
Revenues
Rental Revenue, net	$	89,949		$	40,929		$	40,692		$	75,493		$	33,251
Escalation and reimbursement revenues	18,210			8,374			7,447			14,684			6,765
Investment and other income	1,442			679			2,603			255			124
Total Revenues, net	$	109,601		$	49,982		$	50,742		$	90,432		$	40,140
Expenses
Operating expenses	$	24,129		$	11,048		$	10,765		$	19,830		$	9,019
Ground rent	58			26			—			—			—
Real estate taxes	15,820			7,313			7,207			15,662			7,143
Total Operating Expenses	$	40,007		$	18,387		$	17,972		$	35,492		$	16,162
GAAP NOI	$	69,594		$	31,595		$	32,770		$	54,940		$	23,978
Cash NOI	$	62,888		$	28,947		$	29,909		$	48,378		$	20,962
Interest	31,393			14,542			12,907			14,586			5,872
Amortization of deferred financing costs	1,572			737			617			1,117			497
Depreciation and amortization	18,288			8,303			8,146			14,053			6,115
Net Income	$	18,341		$	8,013		$	11,100		$	25,184		$	11,495
Plus: Real estate depreciation	18,288			8,300			8,146			14,053			6,115
Funds From Operations	$	36,629		$	16,313		$	19,246		$	39,237		$	17,610
FAD Adjustments:
Plus: Non real estate depreciation and amortization	$	1,572		$	737		$	617		$	1,117		$	497
Less: Straight-line rental income and other non-cash adjustments	(6,310		)	(2,464		)	(2,861		)	(6,417		)	(2,943		)
Less: Second cycle tenant improvement	(4,362		)	(2,262		)	(2,030		)	(688		)	(280		)
Less: Second cycle leasing commissions	(2,933		)	(1,331		)	(748		)	(4,386		)	(2,191		)
Less: Recurring CAPEX	(734		)	(338		)	(184		)	(1,407		)	(766		)
FAD Adjustment	$	(12,767	)	$	(5,658	)	$	(5,206	)	$	(11,781	)	$	(5,683	)

19

	Twelve Months Ended December 31, 2005						Twelve Months Ended Decmeber 31, 2004
				SLG						SLG
	Total Property			Property Interest			Total Property			Property Interest
Revenues
Rental Revenue, net	$	343,041		$	154,999		$	283,641		$	130,627
Escalation and reimbursement revenues	63,305			28,969			53,538			25,419
Investment and other income	7,740			3,696			1,087			545
Total Revenues, net	$	414,086		$	187,664		$	338,266		$	156,591
Expenses
Operating expenses	$	88,721		$	40,743		$	79,649		$	37,566
Ground rent	58			26			—			—
Real estate taxes	63,634			29,190			59,543			28,048
Total Operating Expenses	$	152,413		$	69,959		$	139,192		$	65,614
GAAP NOI	$	261,673		$	117,705		$	199,074		$	90,977
Cash NOI	$	233,680		$	105,558		$	179,759		$	81,872
Interest	98,378			43,956			48,250			21,441
Amortization of deferred financing costs	5,149			2,367			4,324			2,210
Depreciation and amortization	66,824			29,881			51,904			23,814
Net Income	$	91,322		$	41,501		$	94,596		$	43,512
Plus: Real estate depreciation	66,828			29,878			51,924			23,817
Funds From Operations	$	158,150		$	71,379		$	146,520		$	67,329
FAD Adjustments:
Plus: Non real estate depreciation and amortization	$	5,149		$	2,367		$	4,324		$	2,210
Less: Straight-line rental income and other non-cash adjustments	(27,495		)	(11,961		)	(20,563		)	(9,682		)
Less: Second cycle tenant improvement	(14,656		)	(6,704		)	(10,275		)	(4,677		)
Less: Second cycle leasing commissions	(8,718		)	(4,238		)	(12,361		)	(6,067		)
Less: Recurring CAPEX	(1,269		)	(599		)	(2,290		)	(1,213		)
FAD Adjustment	$	(46,989	)	$	(21,135	)	$	(41,165	)	$	(19,429	)

20

Gramercy Joint Venture Statements

Unaudited

($000’s omitted)

Balance Sheet

	December 31,			September 30,
	2005			2005
Assets
Cash	$	70,576		$	25,311
Loans and other lending investments, net	1,205,745			936,401
Investment in joint ventures	58,040			56,930
Operating real estate, net	51,173			51,259
Other assets	84,276			282,763
Total Assets	$	1,469,810		$	1,352,664
Liabilities and Stockholders’ Equity
Repurchase agreement	$	117,366		$	—
Collateralized debt obligation	810,500			810,500
Mortgage note payable	41,000			41,000
Other liabilities	28,540			29,478
Junior subordinated deferrable interest debentures	100,000			100,000
Total Liabilities	1,097,406			980,978
Stockholders’ Equity
Total stockholders’ equity	372,404			371,686
Total Liabilities and Stockholders’ Equity	$	1,469,810		$	1,352,664
Total Outstanding Shares	22,794			22,794
Total SLG Shares	5,668			5,668
SLG Investment in Gramercy at Cost	$	93,619		$	93,619
	Three Months Ended			Twelve Months Ended
	December 31,			December 31,
	2005			2005
GKK Manager
Base management income	$	2,130		$	6,347
Other fee income	2,186			3,972
Marketing, general and administrative expenses	(2,160		)	(7,389		)
Net Income before minority interest	2,156			2,930
Less: minority interest	(706		)	(878		)
SLG share of GKK Manager net income	1,450			2,052
Servicing and administrative reimbursements	685			2,302
Net management income and reimbursements from Gramercy	$	2,135		$	4,354

Income Statement

	Three Months Ended			Twelve Months Ended
	December 31,			December 31,
	2005			2005
Revenues
Investment Income	$	26,303		$	73,302
Rental Revenue - net	905			1,219
Other income	4,837			13,564
Total revenues	32,045			88,085
Expenses
Interest	13,455			33,771
Management fees	3,336			9,600
Incentive fees	1,237			2,276
Depreciation and amortization	440			672
Marketing, general and administrative	2,255			6,976
Provision for loan loss	75			1,030
Total expenses	20,798			54,325
Income from continuing operations before equity in net loss of unconsolidated joint ventures and taxes	11,247			33,760
Equity in net loss of unconsolidated joint ventures	(575		)	(1,489		)
Income from continuing operations before taxes	10,672			32,271
Provision for taxes	100			(900		)
Net income available to common shareholders	10,772			31,371
Plus: Real estate depreciation	2,049			5,119
FFO	$	12,821		$	36,490
SLG share of net income	$	2,693		$	7,843
SLG share of FFO	$	3,205		$	9,125

21

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

	12/31/2005			9/30/2005			6/30/2005			3/31/2005			12/31/2004
Market Capitalization
Common Equity:
Common Shares Outstanding	42,456			41,942			41,830			41,622			40,876
OP Units Outstanding	2,427			2,502			2,512			2,531			2,531
Total Common Equity (Shares and Units)	44,883			44,444			44,342			44,153			43,407
Share Price (End of Period)	$	76.39		$	68.18		$	64.50		$	56.22		$	60.55
Equity Market Value	$	3,428,612		$	3,030,192		$	2,860,059		$	2,482,282		$	2,628,294
Preferred Equity at Liquidation Value:	257,500			257,500			257,500			257,500			257,500
Real Estate Debt
Property Level Mortgage Debt	885,252			866,640			770,023			600,315			614,476
Outstanding Balance on -Term Loans	525,000			525,000			525,000			425,000			425,000
Outstanding Balance on – Secured Credit Lines	—			—			67,000			125,000			110,900
Outstanding Balance on – Unsecured Credit Line	32,000			135,000			31,730			165,000			—
Junior Subordinated Deferrable Interest Debentures	100,000			100,000			100,000			—			—
Total Consolidated Debt	1,542,252			1,626,640			1,493,753			1,315,315			1,150,376
Company’s Portion of Joint Venture Mortgages	1,040,265			911,959			928,334			564,945			565,211
Total Combined Debt	2,582,517			2,538,599			2,422,087			1,880,260			1,715,587
Total Market Cap (Debt & Equity)	$	6,268,629		$	5,826,291		$	5,539,646		$	4,620,042		$	4,601,381
Availability under Lines of Credit
Senior Unsecured Line of Credit	453,920		(A)	359,612			264,270			131,000			$	296,000
Term Loans	—			—			—			—			—
Secured Line of Credit	—			—			58,000			—			33,000
Total Availability	$	453,920		$	359,612		$	322,270		$	131,000		$	329,000
(A) As reduced by $14,080 letter of credit
Ratio Analysis
Consolidated Basis
Debt to Market Cap Ratio	29.50		%	33.10		%	32.39		%	32.44		%	28.50		%
Debt to Gross Real Estate Book Ratio (1)	69.76		%	74.92		%	70.02		%	64.94		%	59.61		%
Secured Real Estate Debt to Secured Assets Gross Book (1)	75.60		%	75.41		%	75.39		%	66.77		%	66.80		%
Unsecured Debt to Unencumbered Assets-Gross Book Value (1)	44.28		%	55.21		%	45.26		%	52.09		%	39.78		%
Secured Line of Credit to Structured Finance Assets (1)	N/A			N/A			16.88		%	33.32		%	31.68		%
Joint Ventures Allocated
Combined Debt to Market Cap Ratio	41.20		%	43.57		%	43.72		%	40.70		%	37.28		%
Debt to Gross Real Estate Book Ratio (1)	69.82		%	69.46		%	66.69		%	60.33		%	56.92		%
Secured Debt to Secured Assets Gross Book   (1), ( 2)	72.17		%	67.56		%	67.52		%	58.98		%	59.13		%

(1)  Excludes property level capital obligations.

(2) Secured debt ratio includes only property level secured debt.

22

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

		Three Months Ended				Three Months Ended		Twelve Months Ended
		December 31,		December 31,		September 30,		December 31,		December 31,
		2005		2004		2005		2005		2004
Property NOI
Property Operating NOI		$	46,533	$	40,993	$	43,415	$	172,655	$	136,055
NOI from Discontinued Operations		—		1,993		—		801		12,678
Total Property Operating NOI - Consolidated		46,533		42,986		43,415		173,456		148,733
SLG share of Property NOI from JVs		31,595		23,978		32,770		117,705		90,977
GAAP NOI		$	78,128	$	66,964	$	76,185	$	291,161	$	239,710
Less:	Free Rent (Net of Amortization)	1,526		1,484		2,024		11,296		4,952
	Net FAS 141 Adjustment	845		644		587		2,764		1,607
	Straightline Revenue Adjustment	2,902		4,202		5,753		18,797		14,984
Plus:	Allowance for S/L tenant credit loss	291		793		1,253		4,087		3,139
	Ground Lease Straight-line Adjustment	136		160		136		592		640
Cash NOI		$	73,282	$	61,587	$	69,210	$	262,983	$	221,946
Components of Debt Service and Fixed Charges
Interest Expense		20,284		17,235		20,760		78,336		63,369
Fixed Amortization Principal Payments		954		977		883		3,525		3,779
Total Consolidated Debt Service		21,238		18,212		21,643		81,861		67,148
Payments under Ground Lease Arrangements		5,113		4,528		4,786		19,007		15,539
Dividend on perpetual preferred shares		4,969		4,969		4,969		19,876		16,258
Total Consolidated Fixed Charges		31,320		27,709		31,398		120,744		98,945
Adjusted EBITDA		74,980		66,059		80,141		295,181		251,030
Interest Coverage Ratio		3.70		3.83		3.86		3.77		3.96
Debt Service Coverage Ratio		3.53		3.63		3.70		3.61		3.74
Fixed Charge Coverage Ratio		2.39		2.38		2.55		2.44		2.54

23

SELECTED FINANCIAL DATA
2005 Same Store - Consolidated
Unaudited
($000’s omitted)

					Three Months Ended						Three Months Ended		Twelve Months Ended
					December 31,		December 31,				September 30,		December 31,		December 31,
					2005		2004		%		2005		2005		2004		%
Revenues
			Rental Revenue, net		60,676		57,915		5	%	58,691		236,776		229,515		3	%
			Escalation & Reimbursement Revenues		13,802		12,211		13	%	13,530		49,780		43,401		15	%
			Investment Income		133		81		64	%	110		437		266		64	%
			Other Income		1,071		1,895		-43	%	703		3,500		4,119		-15	%
			Total Revenues		75,682		72,102		5	%	73,034		290,493		277,301		5	%
Expenses
		Operating Expense			21,537		17,342		24	%	21,714		81,710		73,136		12	%
		Ground Rent			3,759		3,758		0	%	3,769		14,649		15,249		-4	%
		Real Estate Taxes			12,120		12,094		0	%	12,229		49,365		46,373		6	%
					37,416		33,194		13	%	37,712		145,724		134,758		8	%
	EBITDA				38,266		38,908		-2	%	35,322		144,769		142,543		2	%
	Interest Expense & Amortization of Financing costs				9,553		9,381		2	%	9,570		37,106		39,709		-7	%
	Depreciation & Amortization				11,284		10,673		6	%	10,701		42,669		41,477		3	%
	Income Before Minority Interest				17,429		18,854		-8	%	15,051		64,994		61,357		6	%
Plus:	Real Estate Depreciation & Amortization				11,275		10,663		6	%	10,691		42,628		41,431		3	%
	FFO				28,704		29,517		-3	%	25,742		107,622		102,788		5	%
Less:	Non – Building Revenue				319		1,113		-71	%	268		1,185		2,324		-49	%
Plus:	Interest Expense & Amortization of Financing costs				9,553		9,381		2	%	9,570		37,106		39,709		-7	%
	Non Real Estate Depreciation				9		10		-10	%	10		40		45		-11	%
				GAAP NOI	37,947		37,795		0	%	35,054		143,583		140,218		2	%
Cash Adjustments
Less:	Free Rent (Net of Amortization)				311		374		-17	%	514		2,871		1,714		68	%
	Straightline Revenue Adjustment				1,554		2,083		-25	%	1,577		6,798		8,116		-16	%
	Rental Income - FAS 141				(58	)	(58	)	0	%	(58	)	(233	)	(233	)	0	%
Plus:	Allowance for S/L tenant credit loss				179		451		-60	%	573		1,914		2,245		-15	%
	Ground Lease Straight-line Adjustment				87		77		13	%	136		542		557		-3	%
				Cash NOI	36,406		35,924		1	%	33,730		136,603		133,423		2	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net				50.23	%	52.90	%			47.80	%	49.30	%	50.58	%
	Cash NOI to Real Estate Revenue, net				48.19	%	50.29	%			45.99	%	46.91	%	48.13	%
	GAAP NOI before Ground Rent/Real Estate Revenue, net				55.21	%	58.16	%			52.94	%	54.33	%	56.08	%
	Cash NOI before Ground Rent/Real Estate Revenue, net				53.05	%	55.44	%			50.95	%	51.75	%	53.43	%

24

SELECTED FINANCIAL DATA

2005 Same Store - Joint Venture

Unaudited

($000’s omitted)

				Three Months Ended						Three Months Ended		Twelve Months Ended
				December 31,		December 31,				September 30,		December 31,		December 31,
				2005		2004		%		2005		2005		2004		%
Revenues
	Rental Revenue, net			30,807		30,350		2	%	30,712		123,565		118,411		4	%
	Escalation & Reimbursement Revenues			7,770		6,409		21	%	6,857		27,001		23,449		15	%
	Investment Income			95		62		54	%	70		301		196		53	%
	Other Income			449		52		759	%	2,369		2,876		295		876	%
	Total Revenues			39,121		36,873		6	%	40,008		153,743		142,351		8	%
Expenses
	Operating Expense			10,264		8,422		22	%	9,989		37,573		34,080		10	%
	Ground Rent			—		—				—		—		—
	Real Estate Taxes			7,054		6,846		3	%	6,966		27,959		26,141		7	%
				17,318		15,268		13	%	16,955		65,532		60,221		9	%
	EBITDA			21,803		21,606		1	%	23,053		88,211		82,130		7	%
	Interest Expense & Amortization of Financing costs			7,842		5,196		51	%	6,047		25,167		20,070		25	%
	Depreciation & Amortization			5,551		5,423		2	%	5,878		21,810		21,134		3	%
	Income Before Minority Interest			8,411		10,987		-23	%	11,129		41,235		40,926		1	%
Plus:	Real Estate Depreciation & Amortization			5,551		5,422		2	%	5,516		21,808		21,131		3	%
	FFO			13,962		16,409		–15	%	16,645		63,043		62,058		2	%
Less:	Non – Building Revenue			102		65		58	%	74		320		210		52	%
Plus:	Interest Expense & Amortization of Financing costs			7,842		5,196		51	%	6,047		25,167		20,070		25	%
	Non Real Estate Depreciation			—		1		-100	%	361		2		3		-36	%
			GAAP NOI	21,702		21,541		1	%	22,979		87,892		81,920		7	%
Cash Adjustments
Less:	Free Rent (Net of Amortization)			(395	)	1,353		-129	%	193		2,070		3,371		-39	%
	Straightline Revenue Adjustment			1,153		1,470		-22	%	1,290		5,635		5,751		-2	%
	FAS 141			230		230		0	%	230		921		921		0	%
Plus:	Allowance for S/L tenant credit loss			52		157		-67	%	262		813		786		3	%
	Ground Lease Straight-line Adjustment			—		—		0	%	—		—		—
		Cash NOI		20,766		18,644		11	%	21,528		80,079		72,664		10	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net			55.55	%	58.27	%			57.17	%	56.99	%	57.32	%
	Cash NOI to Real Estate Revenue, net			53.15	%	50.44	%			53.56	%	51.92	%	50.84	%
	GAAP NOI before Ground Rent/Real Estate Revenue, net			55.55	%	58.27	%			57.17	%	56.99	%	57.32	%
	Cash NOI before Ground Rent/Real Estate Revenue, net			53.15	%	50.44	%			53.56	%	51.92	%	50.84	%

25

DEBT SUMMARY SCHEDULE

Unaudited

($000’s omitted)

	Principal O/S			2006			As-Of
	Outstanding			Principal	Maturity	Due at	Right	Earliest
	12/31/2005	Coupon		Repayment	Date	Maturity	Extension	Prepayment
Fixed rate debt
Secured fixed Rate Debt
125 Broad Street	74,787	8.29	%	803	Oct-07	73,341	—	Open
673 First Avenue	34,474	5.67	%	657	Feb-13	28,984	—	Feb-06
70 W. 36th Street	11,414	7.87	%	214	May-09	10,629	—	Open
711 Third Avenue	120,000	4.99	%	—	Jun-15	120,000	—	Mar-15
220 E 42nd Street	210,000	5.24	%	—	Nov-13	182,394	—	Dec-06
420 Lexington Avenue	117,466	8.44	%	2,284	Nov-10	104,691	—	Open
625 Madision Avenue	102,000	6.27	%	166	Nov-15	78,595	—	Open
	670,141	6.32	%	4,124		598,634
Secured fixed Rate Debt–Other
Wells Fargo Secured Term Loan (Libor + 125 bps) (1)	160,000	4.12	%	—	May-10	160,000	—	—
	160,000	4.12	%	—		160,000
Unsecured fixed rate debt
Wells Fargo Unsecured Term Loan (Libor swap + 125bps) (2)	325,000	4.64	%	—	Aug-09	325,000	—	Aug-07
Junior Subordinated Deferrable Interest Debentures	100,000	5.61	%	—	Jun-15	100,000	—	—
	425,000	4.87	%	—		425,000
Total Fixed Rate Debt/Wtd Avg	1,255,141	5.55	%	4,124		1,183,634
Floating rate Debt
Secured floating rate debt
Wells Fargo Secured Term Loan (Libor + 125 bps)	40,000	5.36	%	—	May-10	40,000	—	—
1551/1555 Broadway & 21 W. 34th Street (Libor + 200 bps) (3)	91,532	6.08	%	—	Aug-08	91,532	—	Open
141 Fifth Avenue (Libor + 225 bps) (3)	10,033	6.09	%	—	Sep-07	10,033	Sep-10	—
1 Madison Avenue (Libor + 160 bps) (3)	113,546	6.32	%	—	Nov-07	113,546	Nov-08	Nov-06
	255,111	6.07	%	—		255,111
Unsecured floating rate debt
Senior Unsecured Line of Credit (Libor + 95 bps)	32,000	4.90	%	—	Aug-08	32,000	Aug-09	Open
	32,000	4.90	%	—		32,000
Total Floating Rate Debt/Wtd Avg	287,111	5.94	%	—		287,111
Total Debt/Wtd Avg	1,542,252	5.62	%	4,124		1,470,745
Weighted Average Balance & Interest Rate	1,589,383	5.59	%

SUMMARY OF JOINT VENTURE DEBT

	Principal O/S
	Gross Principal	SLG Share
Joint Venture Debt
1250 Broadway (Libor + 120bps)	115,000	63,250	5.28	%	—	Aug-06	63,250	Aug-09	Open
1221 Avenue of Americas (Libor + 75bps)	170,000	76,500	4.73	%	—	Dec-10	76,500	Dec-08	Open
1515 Broadway (Libor + 90 bps)	625,000	343,750	5.08	%	—	Nov-07	343,750	Jul-09	Open
1 Park Avenue	238,500	39,830	5.80	%	—	May-14	39,830	—	Open
100 Park Avenue (3)	135,998	67,863	6.52	%	—	Nov-15	63,626	—	Open
485 Lexington Ave (Libor + 200bps)	188,347	56,504	5.92	%	—	Jul-07	56,504	Jul-09	Open
1 Madison Avenue	687,984	378,391	5.91	%	2,536	Dec-20	220,755	—	Jun-20
55 Corporate Drive (Libor + 215bps)	84,000	8,400	5.92	%	—	Jun-07	8,400	Jun-10	Dec-06
379 West Broadway (Libor + 225bps) (3)	12,838	5,777	6.80	%	—	Dec-07	5,777	Dec-10	—
Total Joint Venture Debt/Wtd Avg	2,257,667	1,040,265	5.55	%	2,536		878,392
Weighted Average Balance  & Interest Rate with SLG JV debt		2,572,312	5.59	%

(1) There is a LIBOR swap on this loan of 2.33% through May 2006 and 4.65% from May 2006 through December 2008.

(2) WF term loan consists of three tranches which mature in June 2008 and a fourth tranch which matures in August 2009. The blended rates on the step –up swaps for this loan are as follows: 3.57% on $100mm, 3.51% on $35mm, 3.95% on $65mm, and 4.21% on $125mm.

(3) Committed amount for 1551/1555 Broadway and 21 West 34th Street is $103.9mm, for 141 Fifth Avenue is $12.58mm, for 1 Madison Avenue is $205.1mm , for 100 Park is $175mm and for 379 West Broadway is $13.25mm.

26

SUMMARY OF GROUND LEASE ARRANGEMENTS

Consolidated Statement  (REIT)

($000’s omitted)

	2006 Scheduled	2007 Scheduled	2008 Scheduled	2009 Scheduled	Deferred Land	Year of
Property	Cash Payment	Cash Payment	Cash Payment	Cash Payment	Lease Obligations (1)	Maturity
Operating Leases
673 First Avenue	3,010	3,010	3,010	3,010	15,281	2037
1140 Avenue of Americas (2)	348	348	348	348	—	2016	(3	)
420 Lexington Avenue (2)	7,074	7,074	7,074	7,074	—	2008	(4	)
711 Third Avenue (2) (5)	1,550	1,550	1,550	1,550	984	2032
461 Fifth Avenue (2)	2,400	2,400	2,400	2,400	—	2027	(6	)
625 Madison Avenue (2)	4,613	4,613	4,613	4,613	—	2022	(7	)
1604 Broadway (2)	2,350	2,350	2,350	2,350	47	2021	(8	)
Total	21,345	21,345	21,345	21,345	16,312
Capitalized Lease
673 First Avenue	1,416	1,416	1,416	1,416	16,260	2037

(1) Per the balance sheet at December 31, 2005.

(2) These ground leases are classified as operating leases and, therefore, do not appear on the balance sheet as an obligation.

(3) The Company has a unilateral option to extend the ground lease for an additional 50 years to 2066.

(4) Subject to renewal at the Company’s option through 2029.

(5) Excludes portion payable to SL Green as owner of 50% leasehold. 

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

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

(8) Subject to renewal at the Company’s option through 2036. The Company has a 45% interest in this property.

27

STRUCTURED FINANCE

($000’s omitted)

		Assets		Wtd Average	Wtd Average		Current		Libor
		Outstanding		Assets during quarter	Yield during quarter		Yield		Rate
9/30/2004		325,807		302,092	10.17	%	10.32	%	1.84	%
Originations/Accretion		32,096
Preferred Equity		—
Redemptions /Amortization		(7,876	)
12/31/2004		350,027		332,936	10.00	%	10.25	%	2.40	%
Originations/Accretion		222
Preferred Equity		25,000
Redemptions /Amortization		(150	)
3/31/2005		375,099		363,189	10.43	%	10.69	%	2.87	%
Originations/Accretion		58,250
Preferred Equity		6,125
Redemptions /Amortization		(42,612	)
6/30/2005		396,862		413,571	10.27	%	10.26	%	3.34	%
Originations/Accretion		—
Preferred Equity		58,000
Redemptions /Amortization		(54,813	)
9/30/2005		400,049		398,433	10.26	%	10.34	%	3.86	%
Originations/Accretion	(1)	152
Preferred Equity		—
Redemptions /Amortization		(125	)
12/31/2005		400,076		399,889	10.43	%	10.44	%	4.39	%

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

28

STRUCTURED FINANCE

($000’s omitted)

							Wtd Average		Current
Type of Investment	Quarter End Balance(1)		Senior Financing		Exposure Psf		Yield during quarter		Yield
Junior Mortgage Participation	$	139,775	$	991,500	$	247	10.27	%	10.32	%
Mezzanine Debt	$	96,176	$	432,000	$	274	9.65	%	9.62	%
Preferred Equity	$	164,125	$	3,175,000	$	133	11.02	%	11.03	%
Balance as of 12/31/05	$	400,076	$	4,598,500	$	191	10.43	%	10.44	%

Current Maturity Profile(2)

(1) Most investments are indexed to Libor and are prepayable at dates prior to maturity subject to certain prepayment penalties or fees.

(2) The weighted maturity is 6.5 years.

29

SELECTED PROPERTY DATA

			Usable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Sq. Feet	Sq. Feet	Dec-05	Sep-05	Jun-05	Mar-05	Dec-04	Rent ($’s)		100%	SLG	Tenants
PROPERTIES 100% OWNED
“Same Store”					%	%	%	%	%
1140 Avenue of the Americas	Rockefeller Center	Leasehold Interest	191,000	1	97.1	97.1	97.1	96.3	94.7	9,130,884		3	2	25
110 East 42nd Street	Grand Central North	Fee Interest	181,000	1	96.5	89.6	91.3	88.9	88.9	6,999,960		2	1	29
125 Broad Street	Downtown	Fee Interest	525,000	3	100.0	100.0	100.0	100.0	100.0	18,065,112		5	3	4
1372 Broadway	Garment	Fee Interest	508,000	3	84.1	84.1	99.2	99.4	99.2	15,523,092		4	3	22
220 East 42nd Street	Midtown	Fee Interest	1,135,000	6	99.5	99.6	99.0	97.9	97.9	39,095,412		11	7	40
286 Madison Avenue	Grand Central South	Fee Interest	112,000	1	99.8	98.8	96.9	93.6	92.1	4,072,440		1	1	39
290 Madison Avenue	Grand Central South	Fee Interest	37,000	0	100.0	100.0	100.0	100.0	100.0	1,435,416		0	0	4
292 Madison Avenue	Grand Central South	Fee Interest	187,000	1	99.7	99.7	99.7	99.7	99.7	7,961,160		2	1	20
317 Madison Avenue	Grand Central	Fee Interest	450,000	2	93.7	86.4	85.2	86.9	87.3	17,413,440		5	3	89
420 Lexington Ave (Graybar)	Grand Central North	Operating Sublease	1,188,000	7	97.1	97.0	96.5	96.4	96.8	52,359,132		15	10	250
440 Ninth Avenue	Garment	Fee Interest	339,000	2	100.0	100.0	100.0	100.0	100.0	10,148,568		3	2	14
461 Fifth Avenue	Midtown	Leasehold Interest	200,000	1	89.7	89.7	89.7	90.3	91.4	10,778,316		3	2	17
470 Park Avenue South	Park Avenue South/Flatiron	Fee Interest	260,000	1	93.8	93.1	93.8	91.1	87.9	8,788,788		2	2	26
555 West 57th Street	Midtown West	Fee Interest	941,000	5	100.0	100.0	100.0	100.0	100.0	26,800,380		8	5	18
673 First Avenue	Grand Central South	Leasehold Interest	422,000	2	77.8	77.8	80.8	80.8	80.6	10,370,676		3	2	10
70 West 36th Street	Garment	Fee Interest	151,000	1	96.1	96.7	96.7	98.2	96.1	4,244,040		1	1	29
711 Third Avenue	Grand Central North	Operating Sublease (1)	524,000	3	100.0	99.3	98.7	98.1	98.1	22,951,080		6	4	19
Subtotal / Weighted Average			7,351,000	40	95.9	95.2	96.2	96.0	95.8	$	266,137,896	75	49	655
Adjustments
19 West 44th Street	Midtown	Fee Interest	292,000	2	96.8	95.8	92.2	92.2	89.0	10,562,592		3	2	68
750 Third Avenue	Grand Central North	Fee Interest	780,000	4	100.0	100.0	100.0	100.0	100.0	33,814,224		10	6	6
625 Madison Avenue	Plaza District	Leasehold Interest	563,000	3	91.7	83.3	77.0	76.4	69.0	32,855,340		9	6	39
28 West 44th Street	Midtown	Fee Interest	359,000	2	94.2	93.1	84.9	86.8	—	12,212,076		3	2	70
Subtotal / Weighted Average			1,994,000	11	96.2	93.4	89.6	89.8	87.4	$	89,444,232	25	16	183
Total / Weighted Average Properties 100% Owned			9,345,000	51	96.0	94.9	94.8	94.6	94.0	$	355,582,128	100	65	838
PROPERTIES < 100% OWNED (Unconsolidated)
“Same Store”
1 Park Avenue - 16.7%	Grand Central	Fee Interest	913,000	5	97.8	97.8	97.8	97.1	97.1	35,102,616			1	19
1250 Broadway - 55%	Penn Station	Fee Interest	670,000	4	95.8	95.5	95.3	94.8	94.5	21,957,480			2	34
1515 Broadway - 55%	Times Square	Fee Interest	1,750,000	10	100.0	100.0	99.6	99.6	99.7	81,679,788			10	12
100 Park Avenue - 50%	Grand Central South	Fee Interest	834,000	5	92.7	92.7	91.5	91.5	93.1	32,727,384			3	39
1221 Avenue of the Americas - 45%	Rockefeller Center	Fee Interest	2,550,000	14	96.5	96.2	97.7	97.7	97.7	127,364,292			11	24
Subtotal / Weighted Average			6,717,000	37	97.0	96.9	96.7	96.6	96.8	$	298,831,560		27	128
Adjustments
485 Lexington Avenue - 30%	Grand Central North	Fee Interest	921,000	5	100.0	100.0	100.0	100.0	100.0	41,997,372			2	4
1 Madison Avenue - 55%	Park Avenue South	Fee Interest	1,176,900	6	97.5	97.5	95.5	—	—	54,797,412			6	2
Subtotal / Weighted Average			2,097,900	12	98.6	98.6	97.5	100.0	100.0	$	96,794,784		8	6
Total / Weighted Average Properties Less Than 100% Owned			8,814,900	49	97.4	97.3	96.9	97.0	97.1	$	395,626,344		35	134
Grand Total / Weighted Average			18,159,900	100	96.7	96.0	95.9	95.7	95.6	$	751,208,472			972
Grand Total - SLG share of Annualized Rent										$	545,846,105		100
Same Store Occupancy % - Combined			14,068,000	77	96.5	96.0	96.5	96.3	96.5

(1) Including Ownership of 50% in Building Fee.

RETAIL & DEVELOPMENT PROPERTIES
1 Madison Avenue - Residential	Park Avenue South	Fee Interest	220,000	57	0.0	0.0	—	—	—	N/A	N/A	N/A	N/A
1551-1555 Broadway - 50%	Times Square	Fee Interest	23,600	6	0.0	0.0	—	—	—	N/A	N/A	N/A	N/A
1604 Broadway - 45%	Times Square	Leasehold Interest	41,100	11	17.2	—	—	—	—	2,090,336	38	17	2
21 West 34th Street - 50%	Herald Square/Penn Station	Fee Interest	20,100	5	100.0	0.0	—	—	—	N/A	N/A	N/A	N/A
379 West Broadway - 45%	Cast Iron/Soho	Leasehold Interest	62,006	16	100.0	—	—	—	—	2,593,165	48	21	7
141 Fifth Avenue - 50%	Flat Iron	Fee Interest	21,500	6	100.0	100.0	—	—	—	749,250	14	7	4
Total / Weighted Average Retail/Development Properties			388,306	100	N/A	N/A	—	—	—	5,432,751	100	46	13

30

LARGEST TENANTS BY SQUARE FEET LEASED

Wholly Owned Portfolio + Allocated JV Properties

												% of
			Total					% of		SLG Share of		SLG Share of
		Lease	Leased	Annualized		PSF		Annualized		Annualized		Annualized		Credit
Tenant Name	Property	Expiration	Square Feet	Rent ($)		Annualized		Rent		Rent($)		Rent		Rating (2)
Viacom International, Inc.	1515 Broadway	2008, 2010, 2012, 2013 & 2015	1,375,776	$	67,954,956	$	49.39	9.0	%	$	46,515,167	8.5	%	BBB
Credit Suisse First Boston (USA), Inc.	1 Madison Avenue	2020	1,123,879	53,923,716		$	47.98	7.2	%	29,658,044		5.4	%	A+
Teachers Insurance & Annuity Association	485 Lexington Avenue & 750 Third Avenue (1)	2005, 2008 & 2015	1,078,618	44,643,955		$	41.39	5.9	%	34,753,045		6.4	%	AAA
Citigroup, N.A.	125 Broad Street, 1 Park Avenue & 485 Lexington Avenue	2007, 2010 & 2017	643,752	27,886,365		$	43.32	3.7	%	17,498,507		3.2	%	AA+
Morgan Stanley & Co. Inc.	1221 Ave.of the Americas	Various	496,249	31,512,876		$	63.50	4.2	%	14,180,794		2.6	%	A+
Societe Generale	1221 Ave.of the Americas	Various	486,663	23,697,324		$	48.69	3.2	%	10,663,796		2.0	%	AA-
Omnicom Group	220 East 42nd Street	2008, 2009, 2010 & 2017	480,282	16,003,236		$	33.32	2.1	%	16,003,236		2.9	%	A-
The McGraw Hill Companies, Inc.	1221 Ave.of the Americas	Various	420,328	18,443,640		$	43.88	2.5	%	8,299,638		1.5	%	A+
Visiting Nurse Service of New York	1250 Broadway	2006 & 2018	290,741	8,457,948		$	29.09	1.1	%	4,651,871		0.9	%
The City University of New York - CUNY	555 West 57th Street & 28 West 44th Street	2006, 2010, 2011, 2015 & 2016	233,580	7,682,580		$	32.89	1.0	%	7,682,580		1.4	%
New York Presbyterian Hospital	555 West 57th Street & 673 First Avenue	2006, 2009, & 2021	231,888	6,779,448		$	29.24	0.9	%	6,779,448		1.2	%
BMW of Manhattan	555 West 57th Street	2012	227,782	4,089,852		$	17.96	0.5	%	4,089,852		0.7	%
The Travelers Indemnity Company	485 Lexington Avenue	2016	210,609	10,530,450		$	50.00	1.4	%	3,159,135		0.6	%	A+
C.B.S. Broadcasting, Inc.	555 West 57th Street	2013	188,583	6,032,580		$	31.99	0.8	%	6,032,580		1.1	%	BBB
Polo Ralph Lauren Corporation	625 Madison Avenue	2019	186,000	9,114,000		$	49.00	1.2	%	9,114,000		1.7	%	BBB
The Columbia House Company	1221 Ave.of the Americas	Various	175,312	8,180,916		$	46.66	1.1	%	3,681,412		0.7	%	B2
The Mt. Sinai Hospital and NYU Hospital Centers	1 Park Avenue & 625 Madison Ave.	2013, 2015 & 2016	173,741	6,607,992		$	38.03	0.9	%	1,534,695		0.3	%
J & W Seligman & Co., Incorporated	100 Park Avenue	2009	168,390	6,476,340		$	38.46	0.9	%	3,238,170		0.6	%	AAA
The Segal Company	1 Park Avenue	2009	157,947	6,757,428		$	42.78	0.9	%	1,126,463		0.2	%
Sonnenschein, Nath & Rosenthal	1221 Ave.of the Americas	Various	147,997	7,091,676		$	47.92	0.9	%	3,191,254		0.6	%
Altria Corporate Services	100 Park Avenue	2007	136,118	6,727,860		$	49.43	0.9	%	3,363,930		0.6	%	BBB+
Metro North Commuter Railroad Co.	420 Lexington Avenue	2008 & 2016	134,687	4,211,436		$	31.27	0.6	%	4,211,436		0.8	%	AAA
Tribune Newspaper	220 East 42nd Street	2010	134,208	4,282,296		$	31.91	0.6	%	4,282,296		0.8	%	A-
St. Luke’s Hospital Center	555 West 57th Street	2014	134,150	3,927,396		$	29.28	0.5	%	3,927,396		0.7	%
Ross Stores, Inc.	1372 Broadway	2010	126,001	3,855,828		$	30.60	0.5	%	3,855,828		0.7	%	BBB
Total			9,163,281	$	394,872,094	$	43.09	52.6	%	$	251,494,574	46.1	%
Wholly Owned Portfolio + Allocated JV Properties			18,159,900	$	751,208,472	$	41.37			$	545,846,105

(1) - Underlying the TIAA lease at 750 Third Avenue, Fairchild Publications leases 290,147 sf at $35.12 per sq. ft. expiring in 2021.

(2) - 64% of Portfolio’s Largest Tenants have investment grade credit ratings. 40% of SLG Share of Annualized Rent is derived from these Tenants.

31

TENANT DIVERSIFICATION

Based on Base Rental Revenue

Based on Square Feet Leased

32

Leasing Activity

Available Space

Activity	Building Address	# of Leases	Usable SF	Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 9/30/05			719,964
Space which became available during the Quarter (A):
Office
	317 Madison Avenue	3	4,332	4,332	$	34.68
	485 Lexington Avenue	1	561,006	561,006	$	39.21
	750 Third Avenue	1	149,545	149,545	$	41.19
	220 East 42nd Street	1	12,419	12,419	$	28.15
	1250 Broadway	1	4,042	4,042	$	35.10
	70 West 36th Street	1	3,171	3,171	$	46.82
	673 First Avenue	2	49,000	49,000	$	37.94
	110 East 42nd Street	3	3,468	3,253	$	43.45
	19 West 44th Street	6	11,903	11,903	$	44.61
	28 West 44th Street	1	3,180	3,180	$	30.24
	711 Third Avenue	1	7,832	7,832	$	35.70
	420 Lexington Avenue	9	26,709	30,932	$	49.76
	Total/Weighted Average	30	836,607	840,615	$	39.72
Storage
	220 East 42nd Street	1	1,000	1,000	$	20.00
	Total/Weighted Average	1	1,000	1,000	$	20.00
	Total Space became Available during the Quarter
	Office	30	836,607	840,615	$	39.72
	Storage	1	1,000	1,000	$	20.00
		31	837,607	841,615	$	39.70
	Total Available Space		1,557,571

(1)  Escalated Rent is calculated as Total Annual Income less Electric Charges

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

33

Leasing Activity

Leased Space

Activity	Building Address	# of Leases	Term	Usable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
			(Yrs)
Available Space as of 12/31/05				1,557,571
Office
	317 Madison Avenue	10	5.5	36,225	40,533	$	38.55	$	29.43	$	12.35	1.8
	485 Lexington Avenue	3	11.3	561,006	559,938	$	49.77	$	39.28	$	51.95	8.9
	750 Third Avenue	6	7.0	141,937	142,068	$	46.81	$	41.15	$	19.83	1.9
	220 East 42nd Street	1	5.0	12,419	12,539	$	42.55	$	27.88	$	11.84	2.5
	286 Madison Avenue	1	4.9	1,158	2,784	$	30.00	$	45.84	$	47.50	—
	70 West 36th Street	1	5.0	2,400	2,711	$	29.00	$	38.87	$	9.40	2.0
	470 Park Ave South	1	3.0	1,840	1,840	$	34.00	$	36.59	$	14.78	1.0
	673 First Avenue	1	15.8	49,000	49,929	$	30.26	$	37.23	$	25.00	—
	110 East 42nd Street	4	9.3	15,947	16,421	$	29.70	$	35.40	$	21.90	3.6
	19 West 44th Street	7	5.5	12,163	12,621	$	37.34	$	33.55	$	22.75	1.1
	28 West 44th Street	3	7.2	7,243	8,224	$	35.39	$	30.24	$	23.01	2.1
	711 Third Avenue	2	8.4	11,634	11,721	$	38.98	$	35.59	$	20.03	2.0
	625 Madison Avenue	2	14.0	47,323	48,207	$	51.96	$	45.61	$	46.68	8.8
	420 Lexington Avenue	9	5.8	23,989	28,871	$	42.94	$	44.58	$	20.81	2.1
	Total/Weighted Average	51	10.3	924,284	938,407	$	46.68	$	38.94	$	40.40	6.3
Retail
	750 Third Avenue	2	12.8	7,608	7,608	$	162.35	$	41.19	$	15.99	4.3
	19 West 44th Street	1	12.0	2,600	2,600	$	69.23	$	—	$	22.07	4.0
	1221 Sixth Avenue	1	9.8	7,247	7,247	$	45.54	$	—	$	—	2.0
	420 Lexington Avenue	2	13.9	2,789	7,248	$	67.60	$	—	$	31.80	0.9
	Total/Weighted Average	6	12.2	20,244	24,703	$	90.48	$	41.19	$	16.58	2.6
Storage
	1250 Broadway	1	0.7	6,002	6,689	$	10.00	$	—	$	—	—
	1221 Sixth Avenue	1	5.0	1,975	1,975	$	16.28	$	—	$	—	4.0
	28 West 44th Street	1	5.3	109	109	$	25.00	$	—	$	—	—
	420 Lexington Avenue	2	3.4	997	654	$	23.83	$	—	$	12.95	—
	Total/Weighted Average	5	1.8	9,083	9,427	$	12.45	$	—	$	0.90	0.8
Leased Space
	Office (3)	51	10.3	924,284	938,407	$	46.68	$	38.92	$	40.40	6.3
	Retail	6	12.2	20,244	24,703	$	90.48	$	43.05	$	16.58	2.6
	Storage	5	1.8	9,083	9,427	$	12.45	$	—	$	0.90	0.8
	Total	62	10.2	953,611	972,537	$	47.46	$	38.96	$	39.41	6.2
Total Available Space @ 12/31/05				603,960
Early Renewals
Office
	317 Madison Avenue	1	5.0	10,215	11,261	$	37.00	$	28.22	$	15.00	—
	19 West 44th Street	1	6.4	2,196	2,433	$	34.00	$	37.35	$	9.51	2.0
	625 Madison Avenue	1	10.1	10,000	10,000	$	64.75	$	53.75	$	—	1.0
	420 Lexington Avenue	1	5.0	926	986	$	59.65	$	62.25	$	—	—
	Total/Weighted Average	4	7.2	23,337	24,680	$	48.85	$	40.82	$	7.78	0.6
Retail
	100 Park Avenue	2	3.0	11,753	11,753	$	26.19	$	23.13	$	—	$	—
	Total/Weighted Average	2	3.0	11,753	11,753	$	26.19	$	23.13	$	—	—
Renewals
	Expired/Renewed	5	3.0	10,670	11,064	$	36.58	$	40.58	$	4.10	—
	Early Renewals Office	4	7.2	23,337	24,680	$	48.85	$	40.82	$	7.78	0.6
	Early Renewals Retail	2	3.0	11,753	11,753	$	26.19	$	23.13	$	—	—
	Total	11	5.2	45,760	47,497	$	40.39	$	36.39	$	5.00	0.3

(1) Annual Base Rent

(2)  Escalated Rent is calculated as Total Annual Income less Electric Charges

(3) Average starting office rent excluding new tenants replacing vacancies is $46.83/rsf for 867,121 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $46.89/rsf for 891,801 rentable SF.

34

ANNUAL LEASE EXPIRATIONS

	Consolidated Properties
Year of Lease Expiration	Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Leased Sq. Ft.		Annualized Rent of Expiring Leases		Annualized Rent Per Leased Square Foot of Expiring Leases $/psf (3)	Year 2005 Weighted Average Asking Rent $/psf
In 1st Quarter 2005 (1)	10	5,613	0.06	%	$	191,016	34.03	42.80
In 2nd Quarter 2005	2	3,410	0.04	%	71,964		21.10	42.68
In 3rd Quarter 2005	2	6,992	0.08	%	243,900		34.88	44.97
In 4th Quarter 2005 (4)	18	724,207	7.81	%	27,669,495		38.21	51.78
Total 2005	32	740,222	7.98	%	$	28,176,375	38.06	51.61
In 1st Quarter 2006	24	119,650	1.29	%	$	3,634,740	30.38	35.64
In 2nd Quarter 2006	30	121,797	1.31	%	5,363,568		44.04	51.77
In 3rd Quarter 2006	31	160,436	1.73	%	5,779,368		36.02	36.93
In 4th Quarter 2006	18	57,070	0.62	%	2,241,168		39.27	42.31
Total 2006	103	458,953	4.95	%	$	17,018,844	37.08	41.20
2007	114	388,909	4.19	%	$	15,873,780	40.82	53.77
2008	118	752,352	8.11	%	29,477,488		39.18	43.98
2009	91	608,299	6.56	%	25,395,108		41.75	44.21
2010	136	1,647,846	17.76	%	63,408,228		38.48	41.66
2011	50	528,072	5.69	%	25,647,312		48.57	46.93
2012	46	711,905	7.67	%	20,808,288		29.23	38.43
2013	38	754,176	8.13	%	27,979,692		37.10	41.86
2014	26	368,970	3.98	%	13,185,456		35.74	39.74
Thereafter	107	2,316,748	24.97	%	88,611,557		38.25	50.48
	861	9,276,452	100.00	%	$	355,582,128	38.33	45.49

	Joint Venture Properties
Year of Lease Expiration	Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Leased Sq. Ft.		Annualized Rent of Expiring Leases		Annualized Rent Per Leased Square Foot of Expiring Leases $/psf (3)	Year 2005 Weighted Average Asking Rent $/psf
In 1st Quarter 2005 (1)	2	1,262	0.01	%	$	11,796	9.35	20.00
In 2nd Quarter 2005	0	0	0.00	%	—		—	—
In 3rd Quarter 2005	1	6,732	0.08	%	229,440		34.08	58.00
In 4th Quarter 2005 (4)	1	360,364	4.25	%	14,129,872		39.21	55.00
Total 2005	4	368,358	4.34	%	$	14,371,108	39.01	55.08
In 1st Quarter 2006	2	46,282	0.55	%	$	1,399,476	30.24	50.00
In 2nd Quarter 2006	1	6,002	0.07	%	66,888		11.14	35.00
In 3rd Quarter 2006	6	106,454	1.25	%	4,739,628		44.52	47.71
In 4th Quarter 2006	1	9,749	0.11	%	414,732		42.54	50.00
Total 2006	10	168,487	1.99	%	$	6,620,724	39.30	48.02
2007	12	401,613	4.73	%	$	23,162,784	57.67	56.46
2008	19	521,769	6.15	%	21,867,132		41.91	58.44
2009	21	575,950	6.79	%	26,876,724		46.67	49.59
2010	19	1,310,637	15.44	%	62,346,132		47.57	60.69
2011	4	112,950	1.33	%	5,182,524		45.88	50.28
2012	9	211,725	2.49	%	8,684,632		41.02	50.07
2013	7	1,089,987	12.84	%	54,834,408		50.31	61.32
2014	11	170,671	2.01	%	13,595,736		79.66	94.44
Thereafter	34	3,555,462	41.89	%	158,084,440		44.46	72.82
	150	8,487,609	100.00	%	$	395,626,344	46.61	64.52

(1)   Includes month to month holdover tenants that expired prior to 12/31/04.

(2)   Tenants may have multiple leases.

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

(4)   Underlying the TIAA lease at 750 Third Avenue are leases totaling 573,884 sq ft, which are leased at various terms expiring between 2008 and 2021.

35

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997

					% Leased			Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2005		Price ($’s) (1)
1998 Acquisitions
Mar-98	420 Lexington	Operating Sublease	Grand Central	1,188,000	83	97		$	78,000,000
Mar-98	1466 Broadway	Fee Interest	Times Square	289,000	87	N/A		$	64,000,000
Mar-98	321 West 44th	Fee Interest	Times Square	203,000	96	N/A		$	17,000,000
May-98	711 3rd Avenue	Operating Sublease	Grand Central	524,000	79	100		$	65,600,000
Jun-98	440 9th Avenue	Fee Interest	Penn Station	339,000	76	100		$	32,000,000
Aug-98	1412 Broadway	Fee Interest	Times Square South	389,000	90	N/A		$	82,000,000
				2,932,000				$	338,600,000
1999 Acquisitions
Jan-99	420 Lexington Leasehold	Sub-leasehold	Grand Central	—	—	—		$	27,300,000
Jan-99	555 West 57th - 65% JV	Fee Interest	Midtown West	941,000	100	100		$	66,700,000
May-99	90 Broad Street - 35% JV	Fee Interest	Financial	339,000	82	N/A		$	34,500,000
May-99	The Madison Properties:	Fee Interest	Grand Central					$	50,000,000
	286 Madison Avenue			112,000	99	100
	290 Madison Avenue			36,800	86	100
	292 Madison Avenue			187,000	97	100
Aug-99	1250 Broadway - 50% JV	Fee Interest	Penn Station	670,000	97	96		$	93,000,000
Nov-99	555 West 57th - remaining 35%	Fee Interest	Midtown West	—		100		$	34,100,000
				2,285,800				$	305,600,000
2000 Acquisitions
Feb-00	100 Park Avenue	Fee Interest	Grand Central	834,000	97	93		$	192,000,000
Dec-00	180 Madison Avenue	Fee Interest	Grand Central	265,000	90	N/A		$	41,250,000
Contribution to JV
May-00	321 West 44th	Fee Interest	Times Square	203,000	98	N/A	��	$	28,400,000
				1,302,000				$	261,650,000
2001 Acquisitions
Jan-01	1370 Broadway	Fee Interest	Times Square South	255,000	97	N/A		$	50,500,000
Jan-01	1 Park Avenue	Various Interests	Grand Central	913,000	97	98		$	233,900,000
Jan-01	469 7th Avenue - 35% JV	Fee Interest	Penn Station	253,000	98	N/A		$	45,700,000
Jun-01	317 Madison	Fee Interest	Grand Central	450,000	95	94		$	105,600,000
Acquisition of JV Interest
Sep-01	1250 Broadway - 49.9% JV (2)	Fee Interest	Penn Station	670,000	98	96		$	126,500,000
				2,541,000				$	562,200,000
2002 Acquisitions
May-02	1515 Broadway - 55% JV	Fee Interest	Times Square	1,750,000	98	100		$	483,500,000
								$	483,500,000
2003 Acquisitions
Feb-03	220 East 42nd Street	Fee Interest	Grand Central	1,135,000	92	100		$	265,000,000
Mar-03	125 Broad Street	Fee Interest	Downtown	525,000	100	100		$	92,000,000
Oct-03	461 Fifth Avenue	Leasehold Interest	Midtown	200,000	94	90		$	60,900,000
Dec-03	1221 Ave of Americas -45% JV	Fee Interest	Rockefeller Center	2,550,000	99	97		$	1,000,000,000
				4,410,000				$	1,417,900,000
2004 Acquisitions
Mar-04	19 West 44th Street -35% JV	Fee Interest	Midtown	292,000	86	97		$	67,000,000
Jul-04	750 Third Avenue	Fee Interest	Grand Central	779,000	100	100		$	255,000,000
Jul-04	485 Lexington Avenue - 30% JV	Fee Interest	Grand Central	921,000	100	100		$	225,000,000
Oct-04	625 Madison Avenue	Leasehold Interest	Plaza District	563,000	68	92		$	231,500,000
				2,555,000				$	778,500,000
2005 Acquisitions
Feb-05	28 West 44th Street	Fee Interest	Midtown	359,000	87	94		$	105,000,000
Apr-05	1 Madison Ave - 55% JV	Fee Interest	Park Avenue South	1,177,000	96	98		$	803,000,000
Apr-05	1 Madison Ave	Fee Interest	Park Avenue South	267,000	N/A	N/A		$	115,000,000
Jun-05	19 West 44th Street -remaining 65%	Fee Interest	Midtown	—		97		$	91,200,000
Jul-05	1551/1555 Broadway & 21 West 34th Street	Fee Interest	Times Square / Penn Station	43,700	N/A	N/A		$	102,500,000
Sep-05	141 Fifth Avenue	Fee Interest	Flatiron District	21,500	90	100		$	13,250,000
Nov-05	1604 Broadway	Leasehold Interest	Times Square	41,100	17	17		$	4,400,000
Dec-05	379 West Broadway	Leasehold Interest	Cast Iron / Soho	62,006	100	100		$	19,750,000
				1,971,306				$	1,229,950,000

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

(2)Current ownership interest is 55%. (From 9/1/01-10/31/01 the company owned 99.8% of this property.)

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SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999

					Sales		Sales
	Property	Type of Ownership	Submarket	Net Rentable sf	Price ($’s)		Price ($’s/SF)
2000 Sales
Feb-00	29 West 35th Street	Fee Interest	Penn Station	78,000	$	11,700,000	$	150
Mar-00	36 West 44th Street	Fee Interest	Grand Central	178,000	$	31,500,000	$	177
May-00	321 West 44th Street - 35% JV	Fee Interest	Times Square	203,000	$	28,400,000	$	140
Nov-00	90 Broad Street	Fee Interest	Financial	339,000	$	60,000,000	$	177
Dec-00	17 Battery South	Fee Interest	Financial	392,000	$	53,000,000	$	135
				1,190,000	$	184,600,000	$	156
2001 Sales
Jan-01	633 Third Ave	Fee Interest	Grand Central North	40,623	$	13,250,000	$	326
May-01	1 Park Ave - 45% JV	Fee Interest	Grand Central South	913,000	$	233,900,000	$	256
Jun-01	1412 Broadway	Fee Interest	Times Square South	389,000	$	90,700,000	$	233
Jul-01	110 E. 42nd Street	Fee Interest	Grand Central	69,700	$	14,500,000	$	208
Sep-01	1250 Broadway (1)	Fee Interest	Penn Station	670,000	$	126,500,000	$	189
				2,082,323	$	478,850,000	$	242
2002 Sales
Jun-02	469 Seventh Avenue	Fee Interest	Penn Station	253,000	$	53,100,000	$	210
				253,000	$	53,100,000	$	210
2003 Sales
Mar-03	50 West 23rd Street	Fee Interest	Chelsea	333,000	$	66,000,000	$	198
Jul-03	1370 Broadway	Fee Interest	Times Square South	255,000	$	58,500,000	$	229
Dec-03	321 W 44th Street	Fee Interest	Times Square	203,000	$	35,000,000	$	172
				791,000	$	159,500,000	$	202
2004 Sales
May-04	1 Park Avenue (2)	Fee Interest	Grand Central South	913,000	$	318,500,000	$	349
Oct-04	17 Battery Place North	Fee Interest	Financial	419,000	$	70,000,000	$	167
Nov-04	1466 Broadway	Fee Interest	Times Square	289,000	$	160,000,000	$	554
				1,621,000	$	548,500,000
2005 Sales
Apr-05	1414 Avenue of the Americas	Fee Interest	Plaza District	111,000	$	60,500,000	$	545
Aug-05	180 Madison Avenue	Fee Interest	Grand Central	265,000	$	92,700,000	$	350

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

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

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SUPPLEMENTAL DEFINITIONS

Annualized rent is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.

Debt service coverage is adjusted EBITDA divided by total interest and principal payments.

Equity income / (loss) from affiliates are generally accounted for on a cost basis and realized gains and losses are included in current earnings. For investments in private companies, the Company periodically reviews its investments and management determines if the value of such investments have been permanently impaired. Permanent impairment losses for investments in public and private companies are included in current earnings.

Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.

Fixed charge coverage is adjusted EBITDA divided by fixed charge.

Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, 2% allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG’s unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing cost, and recurring building improvements.

Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002 as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of properties, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Interest coverage is adjusted EBITDA divided by total interest expense.

Junior Mortgage Participations are subordinate interests in first mortgages.

Mezzanine Debt Loans are loans secured by ownership interests.

Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.

Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.

Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues.  Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”

Redevelopment costs are non-recurring capital expenditures incurred in order to improve buildings to SLG’s “operating standards.” These building costs are taken into consideration during the underwriting for a given property’s acquisition.

Same-store NOI growth is the change in the NOI (excluding straight-line rents) of the same-store properties from the prior year reporting period to the current year reporting period.

Same-store properties include all properties that were owned during both the current and prior year reporting periods and excludes development properties prior to being stabilized for both the current and prior reporting period.

Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition.

SLG’s share of total debt to market capitalization is calculated as SLG’s share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures less JV partners’ share of debt.  Market equity assumes conversion of all OP units into common stock.

Total square feet owned represents 100% of the square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).

38

CORPORATE GOVERNANCE

Stephen L. Green

Chairman of the Board

Marc Holliday

CEO and President

Gregory F. Hughes

Chief Financial Officer

Andrew Mathias

Chief Investment Officer

Gerard Nocera

Chief Operating Officer

Andrew S. Levine

General Counsel and Secretary

ANALYST COVERAGE

Firm	Analyst	Phone	Email
AG Edwards, Inc.	Dave Aubuchon	(314) 955-5452	aubuchondl@agedwards.com
Banc of America Securities, LLC	Ross Nussbaum	(212) 847-5668	ross.nussbaum@bofasecurities.com
Citigroup Smith Barney, Inc.	Jonathan Litt	(212) 816-0231	jonathan.litt@citigroup.com
Deutsche Bank Securities, Inc.	Louis W. Taylor	(212) 250-4912	louis.taylor@db.com
Goldman Sachs and Company	Carey Callaghan	(212) 902-4351	carey.callaghan@gs.com
Green Street Advisory, Inc.	Jim Sullivan	(949) 640-8780	jsullivan@greenstreetadvisors.com
JP Morgan Securities, Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
KeyBanc Capital Markets	Srikanth Nagarajan	(917) 368-2280	snagarajan@keybanccm.com
Lehman Brothers Holdings, Inc.	David Harris	(212) 526-1790	dharris4@lehman.com
Prudential Equity Group, LLC	James W. Sullivan	(212) 778-2515	jim_sullivan@prusec.com
Raymond James Financial, Inc.	Paul D. Puryear	(727) 567-2253	paul.puryear@raymondjames.com
Stifel Nicolaus	John Guinee	(410) 454-5520	jwguinee@lmus.leggmason.com
Wachovia Securities, LLC	Christopher Haley	(443) 263-6773	christopher.haley@wachovia.com

SL Green Realty Corp. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

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