SL Green Realty (SLG) 8-K Results of Operations and Financial Condition

Exhibit 99.2

SL Green Realty Corp.

Fourth Quarter

Supplemental Data

December 31, 2009

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

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

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

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

Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-216-1601.

Forward-looking Statement

This report 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, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the Manhattan, Brooklyn, Queens, Westchester County, Connecticut, Long Island and New Jersey office markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.

Forward-looking statements are not guarantees of future performance and actual results or developments may materially differ, 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 report are subject to a number of risks and uncertainties which may cause our actual results, performance or achievements to be materially different from future results, performance or

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achievements expressed or implied by forward-looking statements made by us.  These risks and uncertainties include the effect of the credit crisis on general economic, business and financial conditions, and on the New York Metro real estate market in particular; dependence upon certain geographic markets; risks of real estate acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; risks relating to structured finance investments; availability and creditworthiness of prospective tenants and borrowers; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; availability of capital (debt and equity); unanticipated increases in financing and other costs, including a rise in interest rates; our ability to comply with financial covenants in our debt instruments; our ability to maintain our status as a REIT; risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; the continuing threat of terrorist attacks, in particular in the New York Metro area and on our tenants; our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business, including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.

Other factors and risks to our business, many of which are beyond our control, 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.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended December 31, 2009 that will be released on Form 10-K to be filed on or before March 1, 2010.

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TABLE OF CONTENTS

Highlights of Current Period Financial Performance
Unaudited Financial Statements
Corporate Profile	5
Financial Highlights	6-13
Balance Sheets	14-15
Statements of Operations	16
Funds From Operations	17
Statement of Stockholders’ Equity	18
Taxable Income	19
Joint Venture Statements	20-22
Selected Financial Data	23-26
Summary of Debt and Ground Lease Arrangements	27-29
Structured Finance	30-32
Property Data
Composition of Property Portfolio	33-34
Top Tenants	35
Tenant Diversification	36
Leasing Activity Summary	37-40
Lease Expiration Schedule	41-42
Summary of Acquisition/Disposition Activity	43-45
Supplemental Definitions	46
Corporate Information	47

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CORPORATE PROFILE

SL Green Realty Corp., or the Company, is New York City’s largest commercial office landlord and is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, primarily focused on owning and operating office buildings in Manhattan.

The Company was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc., a company that was founded in 1980 by Stephen L. Green, our current Chairman.  For more than 25 years SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan.  The Company’s investment focus is to create value through strategically acquiring, redeveloping and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow.

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

Looking forward, SL Green 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.  This three-legged investment strategy allows SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.

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FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2009 UNAUDITED

FINANCIAL RESULTS

New York, NY, January 25, 2010 - SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, of $69.1 million, or $0.87 per share (diluted), for the quarter ended December 31, 2009, an increase of 12.4% compared to $61.5 million, or $1.03 per share (diluted), for the same quarter in 2008.

Net loss attributable to common stockholders totaled $5.1 million, or $0.07 per share (diluted) for the quarter ended December 31, 2009, compared to net income of $76.6 million, or $1.34 per share (diluted), for the same quarter in 2008.

Funds available for distribution, or FAD, for the fourth quarter of 2009 was $0.59 per share (diluted) compared to $0.97 per share (diluted) in the prior year, a 39.2% decrease.

The Company’s dividend payout ratio for the fourth quarter of 2009 was 11.5% of FFO and 17.0% of FAD before first cycle leasing costs.

All per share amounts are presented on a diluted basis.

CONSOLIDATED RESULTS

Total quarterly revenues totaled $246.6 million in the fourth quarter compared to $269.0 million in the prior year.  The $22.4 million decrease in revenue resulted primarily from the following items:

·$1.6 million increase from same-store properties,

·$20.4 million decrease in preferred equity and investment income,

·$1.3 million decrease in other income, and

·$2.3 million decrease from properties that were deconsolidated and other non-same-store properties.

The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $120.9 million compared to $123.8 million in the prior year.  The following items drove the $2.9 million decrease in EBITDA:

·$2.8 million increase from same-store properties,

·$3.5 million decrease from properties that were deconsolidated and other non same-store-properties,

·$20.4 million decrease in preferred equity and investment income primarily due to structured finance sales subsequent to December 31, 2008 as well as certain loans being placed on non-accrual status.  The weighted-average structured finance investment balance for the quarter was $648.0 million compared to $755.5 million in the prior year fourth quarter.  The weighted-average yield for the quarter was 8.80% compared to 10.34% in the prior year,

·$6.0 million increase from increased contributions to equity in net income from unconsolidated joint ventures primarily from 388 Greenwich Street ($0.8 million), 521 Fifth Avenue ($2.2 million), 100 Park Avenue ($2.2 million), 1 Madison Avenue ($0.7 million), 1221 Avenue of the Americas ($1.8 million), Mack-Green ($0.6 million) and The Meadows ($0.5 million).  This was partially offset by

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FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2009 UNAUDITED

reductions in contributions to equity in net income primarily from Gramercy ($2.3 million), 21 West 34th Street ($0.6 million) and 800 Third Avenue ($0.5 million),

·$74.9 million increase from lower loan loss reserves and other write-offs,

·$14.5 million increase from lower MG&A expense, and

·$77.2 million decrease in non-real estate revenues, net of expenses, inclusive of net gains on early extinguishment of debt ($76.9 million) in 2009.

SAME-STORE RESULTS

Consolidated Properties

Same-store fourth quarter 2009 GAAP NOI increased $3.0 million (2.4%) to $130.0 million compared to the prior year.  Operating margins before ground rent increased from 59.76% to 62.01%.

The $3.0 million increase in GAAP NOI was primarily due to:

·$2.8 million (1.5%) increase in rental revenue primarily due to increased rental rates,

·$1.5 million (4.8%) decrease in escalation and reimbursement revenue due to lower operating expenses,

·$0.4 million (222.2%) increase in investment and other income primarily due to higher lease buy-out income,

·$4.5 million (8.1%) decrease in operating expenses, primarily driven by reductions in utilities, repairs and maintenance and insurance costs, which were offset by increases in payroll costs,

·$0.1 million (1.7%) increase in ground rent expense, and

·$3.1 million (10.3%) increase in real estate taxes.

Joint Venture Properties

The Joint Venture same-store properties fourth quarter 2009 GAAP NOI increased $4.4 million (8.9%) to $53.7 million compared to the prior year.  Operating margins before ground rent increased from 67.67% to 70.74%.

The $4.4 million increase in GAAP NOI was primarily due to:

·$0.9 million (1.4%) increase in rental revenue primarily due to improved leasing,

·$0.1 million (1.0%) decrease in escalation and reimbursement revenues,

·$2.4 million (17,350.0%) increase in other income primarily due to higher lease buy-out income,

·$1.5 million (10.3%) decrease in operating expenses primarily driven by reductions in utilities, insurance and repairs and maintenance, which was offset by increases in payroll costs, and

·$0.3 million (3.6%) increase in real estate taxes.

STRUCTURED FINANCE ACTIVITY

The Company’s structured finance investments totaled approximately $784.6 million at December 31, 2009 (excluding approximately $1.0 million of structured finance investments which were classified as held for sale at December

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FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2009 UNAUDITED

31, 2009), an increase of approximately $104.8 million from the balance at December 31, 2008.  In December, 2009, the Company acquired the first mortgage loan with a $187.8 million outstanding balance secured by the property at 510 Madison Ave, New York, NY from The Union Labor Life Insurance Company.  Also during the fourth quarter, the Company recorded approximately $26.8 million in additional reserves against its structured finance and other investments.  The structured finance investments currently have a weighted average maturity of 2.9 years and had a weighted average yield for the quarter ended December 31, 2009 of 10.3%, exclusive of loans totaling $109.2 million which are on non-accrual status.

QUARTERLY LEASING HIGHLIGHTS

Manhattan vacancy at September 30, 2009 was 1,006,247 useable square feet net of holdover tenants.  During the quarter, 266,585 additional useable office, retail and storage square feet became available at an average escalated cash rent of $53.09 per rentable square foot.  Space available to lease during the quarter totaled 1,272,832 useable square feet, or 5.5 % of the total Manhattan portfolio.

During the fourth quarter, 24 Manhattan office leases, including early renewals, were signed totaling 423,850 rentable square feet.  New cash rents averaged $33.05 per rentable square foot.  Replacement rents were 2.4% higher than rents on previously occupied space, which had fully escalated cash rents averaging $32.28 per rentable square foot.  Excluding the 227,782 square foot early renewal of BMW of Manhattan, Inc. at 555 West 57th Street, starting rents would have averaged $43.97 per rentable square foot.  The average lease term was 8.4 years and average tenant concessions were 1.7 months of free rent with a tenant improvement allowance of $14.36 per rentable square foot.

Suburban vacancy at September 30, 2009 was 686,846 usable square feet net of holdover tenants.  During the quarter, 273,775 additional useable office and storage square feet became available at an average escalated cash rent of $29.70 per rentable square foot.  Space available to lease during the quarter totaled 960,621 useable square feet, or 14.1 % of the total Suburban portfolio.

During the fourth quarter, 29 Suburban office leases, including early renewals, were signed totaling 345,992 rentable square feet.  New cash rents averaged $28.89 per rentable square foot.  Replacement rents were 2.8% lower than rents on previously occupied space, which had fully escalated cash rents averaging $29.72 per rentable square foot.  The average lease term was 7.4 years and average tenant concessions were 7.8 months of free rent with a tenant improvement allowance of $14.14 per rentable square foot.

The Company also signed a total of 12 retail and storage leases, including early renewals, for 5,194 rentable square feet.  The average lease term was 6.4 years and no tenant concessions.

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FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2009 UNAUDITED

REAL ESTATE ACTIVITY

The Company became the sole owner of 100 Church Street, NY, NY, a 1.05 million-square-foot office tower located in downtown Manhattan, following the successful foreclosure of the senior mezzanine loan at the property in January 2010.  The Company’s initial investment totaled $40.9 million which was comprised of a 50% interest in the senior mezzanine loan and two other mezzanine loans at 100 Church Street, which it acquired from Gramercy in the summer of 2007. As part of a consensual arrangement reached with the then-current owners in August 2009, SL Green, on behalf of the mezzanine lender, obtained management and leasing control of the property.  At closing of the foreclosure, the Company funded additional capital into the project as part of its agreement with Wachovia Bank, N.A. to extend and restructure the existing financing for a new four year term. Gramercy declined to fund its share of this capital and instead entered into a transaction whereby it transferred its interests in the investment to SL Green at closing, subject to certain future contingent payments.

FINANCING/ CAPITAL ACTIVITY

In January, 2010, the Company priced an underwritten public offering of 5,400,000 shares of its 7.625% Series C Cumulative Redeemable Preferred Stock.  Upon completion of this offering, the Company will have 11,700,000 shares of 7.625% Series C Cumulative Redeemable Preferred Stock outstanding.  The shares of Series C preferred stock have a liquidation preference of $25.00 per share and are redeemable at par, plus accrued and unpaid dividends, at any time at the option of the Company. The shares were priced at $23.53 per share including accrued dividends equating to a yield of 8.101%.  The Company intends to use the estimated net offering proceeds of $122.6 million for general corporate and/or working capital purposes, which may include investment opportunities, purchases of the indebtedness of its subsidiaries in the open market from time to time and the repayment of indebtedness at the applicable maturity or put date.

In December, 2009, the joint venture between SL Green and SITQ closed on a five-year $475.0 million refinancing of 1515 Broadway provided by a syndicate led by the Bank of China and which included DekaBank and LandesBank Baden-Wurtemberg.  The new floating rate mortgage carries a rate of 250 basis points over the 30-day LIBOR.  In connection with the refinancing the joint venture de-levered the asset, replacing the former $625.0 million mortgage that was due to mature in November 2010.

The Company repurchased approximately $21.9 million of its exchangeable bonds since October 1, 2009, realizing gains on early extinguishment of debt aggregating approximately $0.6 million.

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FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2009 UNAUDITED

Dividends

In December 2009, the Company declared a dividend of $0.10 per share of common stock for the fourth quarter of 2009.  The dividend was payable January 15, 2010 to stockholders of record on the close of business on December 31, 2009.  This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $0.40 per common share.

In December 2009, the Company also declared a dividend on its Series C preferred stock for the period October 15, 2009 through and including January 14, 2010, of $0.4766 per share, payable January 15, 2010 to stockholders of record on the close of business on December 31, 2009. The dividend reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.90625 per share of Series C preferred stock.

In December 2009, the Company also declared a dividend on its Series D preferred stock for the period October 15, 2009 through and including January 14, 2010, of $0.4922 per share, payable January 15, 2010 to stockholders of record on the close of business on December 31, 2009. The dividend reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.96875 per share of Series D preferred stock.

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SL Green Realty Corp.
Key Financial Data
December 31, 2009
(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	12/31/2009			9/30/2009			6/30/2009			3/31/2009			12/31/2008
Earnings Per Share
Net income (loss) available to common stockholders - diluted	$	(0.07	)	$	(0.03	)	$	0.18		$	0.57		$	1.34
Funds from operations available to common stockholders - diluted	$	0.87		$	0.98		$	1.20		$	1.48		$	1.03
Funds available for distribution to common stockholders - diluted	$	0.59		$	0.76		$	0.96		$	0.92		$	0.97
Common Share Price & Dividends
At the end of the period	$	50.24		$	43.85		$	22.94		$	10.80		$	25.90
High during period	$	52.74		$	46.81		$	26.70		$	25.83		$	62.74
Low during period	$	37.72		$	18.66		$	10.68		$	8.69		$	11.36
Common dividends per share	$	0.100		$	0.100		$	0.100		$	0.375		$	0.375
FFO payout ratio	11.49		%	10.16		%	8.35		%	25.34		%	36.24		%
FAD payout ratio	16.96		%	13.16		%	10.46		%	40.66		%	38.71		%
Common Shares & Units
Common shares outstanding	77,514			76,841			76,820			57,259			57,044
Units outstanding	1,684			2,330			2,336			2,336			2,340
Total common shares and units outstanding	79,198			79,171			79,156			59,595			59,384
Weighted average common shares and units outstanding - basic	79,179			79,168			69,699			59,517			59,411
Weighted average common shares and units outstanding - diluted	79,454			79,274			69,742			59,555			59,460
Market Capitalization
Market value of common equity	$	3,978,908		$	3,471,648		$	1,815,839		$	643,626		$	1,538,046
Liquidation value of preferred equity	257,500			257,500			257,500			257,500			257,500
Consolidated debt	4,892,688			4,915,667			4,962,631			5,226,215			5,676,559
Consolidated market capitalization	$	9,129,096		$	8,644,815		$	7,035,970		$	6,127,341		$	7,472,105
SLG portion of JV debt	1,848,721			1,909,878			1,888,898			1,935,460			1,933,633
Combined market capitalization	$	10,977,817		$	10,554,693		$	8,924,868		$	8,062,801		$	9,405,738
Consolidated debt to market capitalization	53.59		%	56.86		%	70.53		%	85.29		%	75.97		%
Combined debt to market capitalization	61.41		%	64.67		%	76.77		%	88.82		%	80.91		%
Debt to total assets - unsecured credit facility covenant (1)	48.00		%	47.70		%	42.20		%	46.09		%	47.26		%
Consolidated debt service coverage	2.78			2.90			3.27			3.41			3.25
Consolidated fixed charge coverage	2.29			2.39			2.70			2.85			2.81
Combined fixed charge coverage	2.01			2.09			2.34			2.49			2.44
Portfolio Statistics (Manhattan)
Consolidated office buildings	21			21			21			21			21
Unconsolidated office buildings	8			8			8			8			8
	29			29			29			29			29
Consolidated office buildings square footage	13,782,200			13,782,200			13,782,200			13,782,200			13,782,200
Unconsolidated office buildings square footage	9,429,000			9,429,000			9,429,000			9,429,000			9,429,000
	23,211,200			23,211,200			23,211,200			23,211,200			23,211,200
Quarter end occupancy - Manhattan portfolio	95.0		%	95.7		%	96.2		%	96.2		%	96.7		%
Quarter end occupancy- same store - wholly owned	96.0		%	97.0		%	97.0		%	97.1		%	97.5		%
Quarter end occupancy- same store - combined (wholly owned + joint venture)	95.8		%	96.5		%	96.2		%	96.1		%	96.6		%

(1) Effective September 30, 2009 the cap rate used to calculate the value of operating real estate assets for purposes of the unsecured credit facility covenants increased from 5.25% to 6.25%.

Supplemental Information Fourth Quarter 2009

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SL Green Realty Corp.
Key Financial Data
December 31, 2009
(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	12/31/2009			9/30/2009			6/30/2009			3/31/2009			12/31/2008
Selected Balance Sheet Data
Real estate assets before depreciation	$	8,257,100		$	8,214,233		$	8,226,378		$	8,200,404		$	8,298,857
Investments in unconsolidated joint ventures	$	1,058,369		$	971,111		$	978,340		$	976,572		$	975,483
Structured finance investments	$	784,620		$	614,466		$	534,518		$	589,267		$	679,814
Total assets	$	10,487,577		$	10,533,934		$	10,595,050		$	10,501,133		$	10,984,353
Fixed rate & hedged debt	$	3,316,081		$	3,336,096		$	3,337,388		$	3,622,356		$	3,978,454
Variable rate debt	1,576,607			1,579,571			1,625,243			1,603,859			1,603,105
Total consolidated debt	$	4,892,688		$	4,915,667		$	4,962,631		$	5,226,215		$	5,581,559
Total liabilities	$	5,489,830		$	5,538,371		$	5,585,591		$	5,912,250		$	6,415,063
Fixed rate & hedged debt-including SLG portion of JV debt	$	4,565,980		$	4,585,995		$	4,582,716		$	4,872,633		$	5,229,097
Variable rate debt - including SLG portion of JV debt	2,175,429			2,239,550			2,268,813			2,289,042			2,286,095
Total combined debt	$	6,741,409		$	6,825,545		$	6,851,529		$	7,161,675		$	7,515,192
Selected Operating Data
Property operating revenues	$	222,755		$	222,349		$	223,307		$	229,258		$	223,700
Property operating expenses	96,654			97,887			96,675			99,888			97,600
Property operating NOI	$	126,101		$	124,462		$	126,632		$	129,370		$	126,100
NOI from discontinued operations	—			341			358			940			2,344
Total property operating NOI	$	126,101		$	124,803		$	126,990		$	130,310		$	128,444
SLG share of property NOI from JVs	$	56,133		$	55,183		$	54,808		$	53,190		$	51,949
SLG share of FFO from Gramercy Capital	$	—		$	—		$	—		$	—		$	5,710
Structured finance income	$	16,911		$	16,266		$	15,533		$	16,898		$	37,292
Other income	$	6,946		$	10,988		$	13,165		$	16,281		$	8,033
Gain on early extinguishment of debt	$	606		$	8,368		$	29,321		$	47,712		$	77,465
Loan loss and other investment reserves	$	26,832		$	16,100		$	45,577		$	62,000		$	101,732
Marketing general & administrative expenses	$	19,255		$	18,869		$	17,946		$	17,922		$	33,770
Consolidated interest	$	54,195		$	65,570		$	57,012		$	60,594		$	72,720
Combined interest	$	74,735		$	85,532		$	76,716		$	80,134		$	97,102
Preferred dividend	$	4,969		$	4,969		$	4,969		$	4,969		$	4,969
Office Leasing Statistics (Manhattan)
Total office leases signed	24			28			29			32			42
Total office square footage leased	423,850			251,888			328,780			296,840			1,521,146
Average rent psf - new leases	$	33.05		$	47.31		$	51.10		$	52.71		$	56.34
Previously escalated rents psf	$	32.28		$	44.98		$	40.15		$	42.53		$	48.30
Percentage of new rent over previously escalated rents	2.4		%	5.2		%	27.3		%	23.9		%	16.6		%
Tenant concession packages psf	$	14.36		$	56.19		$	53.68		$	18.60		$	8.20
Free rent months	1.7			6.9			4.0			2.9			3.7

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SL Green Realty Corp.
Key Financial Data
December 31, 2009
(Dollars in Thousands Except Per Share and Sq. Ft.)

Suburban Properties

	As of or for the three months ended
	12/31/2009			9/30/2009			6/30/2009			3/31/2009			12/31/2008
Selected Operating Data (Suburban)
Property operating revenues	$	29,712		$	28,824		$	28,675		$	28,863		$	28,152
Property operating expenses	13,393			12,865			12,598			13,738			14,581
Property operating NOI	$	16,319		$	15,959		$	16,077		$	15,125		$	13,571
NOI from discontinued operations	—			341			358			956			2,189
Total property operating NOI	$	16,319		$	16,300		$	16,435		$	16,081		$	15,760
SLG share of property NOI from JV	$	4,585		$	4,291		$	4,251		$	4,164		$	3,962
Consolidated interest	$	1,181		$	1,371		$	1,504		$	1,921		$	3,742
Combined interest	$	3,167		$	3,383		$	3,480		$	3,933		$	6,067
Portfolio Statistics (Suburban)
Consolidated office buildings	25			25			26			26			27
Unconsolidated office buildings	6			6			6			6			6
	31			31			32			32			33
Consolidated office buildings square footage	3,863,000			3,863,000			4,008,000			4,008,000			4,678,000
Unconsolidated office buildings square footage	2,941,700			2,941,700			2,941,700			2,941,700			2,941,700
	6,804,700			6,804,700			6,949,700			6,949,700			7,619,700
Quarter end occupancy - suburban portfolio	88.7		%	90.4		%	90.3		%	90.4		%	90.4		%
Office Leasing Statistics (Suburban)
Total office leases signed	29			24			22			29			18
Total office square footage leased	345,992			155,960			160,975			123,110			153,819
Average rent psf - new leases	$	28.89		$	29.46		$	31.59		$	30.89		$	29.35
Previously escalated rents psf	$	29.72		$	31.23		$	31.34		$	31.36		$	28.85
Percentage of new rent over previously escalated rents	-2.8		%	-5.7		%	0.8		%	-1.5		%	1.7		%
Tenant concession packages psf	$	14.44		$	18.40		$	8.15		$	19.82		$	14.98
Free rent months	7.8			3.9			3.1			2.3			2.1

13

COMPARATIVE BALANCE SHEETS Unaudited ($000’s omitted)

	12/31/2009			9/30/2009			6/30/2009			3/31/2009			12/31/2008
Assets
Commercial real estate properties, at cost:
Land & land interests	$	1,379,052		$	1,378,843		$	1,385,182		$	1,385,101		$	1,386,090
Buildings & improvements fee interest	5,585,584			5,552,888			5,560,966			5,547,522			5,544,019
Buildings & improvements leasehold	1,280,256			1,270,294			1,268,022			1,255,573			1,259,472
Buildings & improvements under capital lease	12,208			12,208			12,208			12,208			12,208
	$	8,257,100		$	8,214,233		$	8,226,378		$	8,200,404		$	8,201,789
Less accumulated depreciation	(738,422		)	(685,062		)	(635,415		)	(586,029		)	(546,545		)
	$	7,518,678		$	7,529,171		$	7,590,963		$	7,614,375		$	7,655,244
Other real estate investments:
Investment in and advances to unconsolidated joint ventures	1,058,369			971,111			978,340			976,572			975,483
Structured finance investments, net	784,620			614,466			534,518			589,267			679,814
Assets held for sale, net	992			992			76,657			106,543			184,035
Cash and cash equivalents	343,715			634,072			676,768			433,654			726,889
Restricted cash	94,495			91,355			87,154			97,401			105,954
Investment in marketable securities	58,785			53,053			13,561			12,072			9,570
Tenant and other receivables, net of $14,271 reserve at 12/31/09	22,483			27,884			31,666			33,459			30,882
Related party receivables	8,570			8,585			9,519			14,119			7,676
Deferred rents receivable, net of reserve for tenant credit loss of $24,347 at 12/31/09	166,981			160,819			156,685			152,126			145,561
Deferred costs, net	139,257			138,980			135,520			134,297			133,052
Other assets	290,632			303,446			303,699			337,248			330,193
Total Assets	$	10,487,577		$	10,533,934		$	10,595,050		$	10,501,133		$	10,984,353

14

COMPARATIVE BALANCE SHEETS Unaudited ($000’s omitted)

	12/31/2009			9/30/2009			6/30/2009			3/31/2009			12/31/2008
Liabilities and Equity
Mortgage notes payable	$	2,595,552		$	2,599,416		$	2,570,085		$	2,585,592		$	2,591,358
Unsecured notes	823,060			842,175			873,046			1,151,556			1,501,134
Revolving credit facilities	1,374,076			1,374,076			1,419,500			1,389,067			1,389,067
Accrued interest and other liabilities	34,734			44,737			38,177			54,478			70,692
Accounts payable and accrued expenses	125,982			121,875			125,267			133,937			133,100
Deferred revenue	349,669			368,753			376,143			401,848			427,936
Capitalized lease obligations	16,883			16,837			16,791			16,747			16,704
Deferred land lease payable	18,013			17,922			17,831			17,740			17,650
Dividends and distributions payable	12,006			12,006			12,014			26,420			26,327
Security deposits	39,855			40,574			36,737			34,865			34,561
Liabilities related to assets held for sale	—			—			—			—			106,534
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Total liabilities	$	5,489,830		$	5,538,371		$	5,585,591		$	5,912,250		$	6,415,063
Noncontrolling interest in operating partnership (1,684 units outstanding) at 12/31/09	84,618			102,174			89,035			89,600			87,330
Equity
SL Green Realty Corp. 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, 160,000 shares authorized, 80,875 issued and outstanding at 12/31/09	809			802			802			606			604
Additional paid–in capital	3,525,901			3,489,037			3,481,518			3,087,123			3,079,159
Treasury stock (3,360 shares) at 12/31/09	(302,705		)	(302,705		)	(302,705		)	(302,705		)	(302,705		)
Accumulated other comprehensive loss	(33,538		)	(42,497		)	(32,285		)	(53,089		)	(54,747		)
Retained earnings	949,669			973,554			996,051			989,476			979,939
Total SL Green Realty Corp. stockholders’ equity	4,388,438			4,366,493			4,391,683			3,969,713			3,950,552
Noncontrolling interest in other partnerships	524,691			526,896			528,741			529,570			531,408
Total equity	$	4,913,129		$	4,893,389		$	4,920,424		$	4,499,283		$	4,481,960
Total liabilities and equity	$	10,487,577		$	10,533,934		$	10,595,050		$	10,501,133		$	10,984,353

15

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,
	2009			2008			2009			2009			2008
Revenues
Rental revenue, net	193,235			192,503			$	192,433		$	773,216		$	773,960
Escalation and reimbursement revenues	29,520			31,197			29,916			124,455			123,038
Investment income	16,911			37,292			16,266			65,609			110,919
Other income	6,946			8,033			10,988			47,379			71,505
Total Revenues, net	246,612			269,025			249,603			1,010,659			1,079,422
Equity in net income from unconsolidated joint ventures	16,392			10,422			16,585			62,878			59,961
Gain on early extinguishment of debt	606			77,465			8,368			86,006			77,465
Operating expenses	55,136			59,781			55,217			217,559			228,191
Ground rent	7,822			7,709			7,912			31,826			31,494
Real estate taxes	33,696			30,110			34,758			141,723			126,304
Loan loss and other investment reserves	26,832			101,732			16,100			150,510			115,882
Marketing, general and administrative	19,255			33,770			18,869			73,992			104,583
Total Operating Expenses	142,741			233,102			132,856			615,610			606,454
EBITDA	120,869			123,810			141,700			543,933			610,394
Interest expense, net of interest income	54,195			70,788			65,366			236,300			291,536
Amortization of deferred financing costs	1,966			1,662			3,069			7,947			6,433
Depreciation and amortization	60,238			55,414			56,955			226,545			216,583
Loss (gain) on equity investment in marketable securities	(232		)	147,489			(52		)	396			147,489
Income (Loss) from Continuing Operations	4,702			(151,543		)	16,362			72,745			(51,647		)
Income (loss) from discontinued operations	—			954			60			(930		)	4,066
Gain (loss) on sale of discontinued operations	(1,741		)	238,892			(11,672		)	(6,841		)	348,573
Equity in net gain (loss) on sale of joint venture property / real estate	—			—			(157		)	6,691			103,056
Net Income	2,961			88,303			4,593			71,665			404,048
Net income attributable to noncontrolling interests	(3,115		)	(6,694		)	(2,144		)	(14,121		)	(23,238		)
Net Income (Loss) Attributable to SL Green Realty Corp	(154		)	81,609			2,449			57,544			380,810
Dividends on perpetual preferred shares	4,969			4,969			4,969			19,875			19,875
Net Income (Loss) Attributable to Common Stockholders	$	(5,123	)	$	76,640		$	(2,520	)	$	37,669		$	360,935
Earnings per Share
Net income (loss) per share (basic)	$	(0.07	)	$	1.35		$	(0.03	)	$	0.54		$	6.22
Net income (loss) per share (diluted)	$	(0.07	)	$	1.34		$	(0.03	)	$	0.54		$	6.20

16

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,
		2009			2008			2009			2009			2008
Funds from operations
Net Income (Loss) Attributable to Common Stockholders		$	(5,123	)	$	76,640		$	(2,520	)	$	37,669		$	360,935
Add:	Depreciation and amortization	60,238			55,414			56,955			226,545			216,583
	Discontinued operations depreciation adjustments	—			783			77			708			6,656
	Joint ventures depreciation and noncontrolling interests adjustments	9,577			13,680			9,800			39,964			42,559
	Net income attributable to noncontrolling interests	3,115			6,694			2,144			14,121			23,238
	Loss (gain) on equity investment in marketable securities	(232		)	147,489			(52		)	396			147,489
Less:	Gain (loss) on sale of discontinued operations	(1,741		)	238,892			(11,672		)	(6,841		)	348,573
	Equity in net gain (loss) on sale of joint venture property / real estate	—			—			(157		)	6,691			103,056
	Non-real estate depreciation and amortization	187			281			176			736			974
	Funds From Operations	$	69,129		$	61,527		$	78,057		$	318,817		$	344,856
	Funds From Operations - Basic per Share	$	0.87		$	1.04		$	0.99		$	4.43		$	5.72
	Funds From Operations - Diluted per Share	$	0.87		$	1.03		$	0.98		$	4.43		$	5.69
Funds Available for Distribution
FFO		$	69,129		$	61,527		$	78,057		318,817			344,856
Add:	Non real estate depreciation and amortization	187			281			176			736			974
	Amortization of deferred financing costs	1,966			1,662			3,069			7,947			6,433
	Non-cash deferred compensation	8,001			28,508			7,239			30,040			42,958
Less:	FAD adjustment for Joint Ventures	6,351			17,178			8,986			50,341			37,942
	FAD adjustment for discontinued operations	—			(62		)	9			84			444
	Straight-line rental income and other non cash adjustments	14,447			(72		)	10,573			46,919			40,833
	Second cycle tenant improvements	5,683			6,183			2,502			10,360			21,992
	Second cycle leasing commissions	2,304			5,602			2,840			10,566			14,828
	Revenue enhancing recurring CAPEX	234			439			192			704			1,463
	Non-revenue enhancing recurring CAPEX	3,428			5,106			3,223			9,932			7,972
Funds Available for Distribution		$	46,836		$	57,604		$	60,216		$	228,634		$	269,748
	Diluted per Share	$	0.59		$	0.97		$	0.76		$	3.17		$	4.45
First Cycle Leasing Costs
	Tenant improvements	19,169			5,486			9,288			37,770			23,570
	Leasing commissions	1,162			3,919			832			2,359			15,453
Funds Available for Distribution after First Cycle Leasing Costs		$	26,505		$	48,199		$	50,096		$	188,505		$	230,725
Funds Available for Distribution per Diluted Weighted Average Unit and Common Share		$	0.33		$	0.81		$	0.63		$	2.62		$	3.81
Redevelopment Costs		$	7,294		19,709			5,620			$	28,493		$	50,864
Payout Ratio of Funds From Operations		11.49		%	36.24		%	10.16		%	15.25		%	48.10		%
Payout Ratio of Funds Available for Distribution Before First Cycle Leasing Costs		16.96		%	38.71		%	13.16		%	21.27		%	61.50		%

17

CONDENSED CONSOLIDATED STATEMENT OF EQUITY Unaudited ($000’s omitted)  

																		Accumulated
	Series C		Series D															Other
	Preferred		Preferred		Common		Additional		Treasury			Retained			Noncontrolling			Comprehensive
	Stock		Stock		Stock		Paid-In Capital		Stock			Earnings			Interests			Income			TOTAL
Balance at December 31, 2008	$	151,981	$	96,321	$	604	$	3,079,159	$	(302,705	)	$	979,939		$	531,408		$	(54,747	)	$	4,481,960
Net Income attributable to SL Green												57,544			12,900						70,444
Preferred Dividends												(19,875		)							(19,875		)
Cash dividends declared ($0.95 per common share)												(44,722		)							(44,722		)
Cash distributions to noncontrolling interests															(19,617		)				(19,617		)
Comprehensive Income - Unrealized loss on derivative instruments																		20,359			20,359
Comprehensive Income - SLG share unrealized loss on derivative instruments of JVs																		(233		)	(233		)
Comprehensive Income - Unrealized loss on investments																		1,083			1,083
Net proceeds from common stock offering					196		386,942														387,138
Net proceeds from exercise of stock options							619														619
Redemption of units and dividend reinvestment proceeds					7		28,560														28,567
Reallocation of noncontrolling interests in the operating partnership												(23,217		)							(23,217		)
Deferred compensation plan					2		581														583
Amortization of deferred compensation							30,040														30,040
Balance at December 31, 2009	$	151,981	$	96,321	$	809	$	3,525,901	$	(302,705	)	$	949,669		$	524,691		$	(33,538	)	$	4,913,129

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, 2008	57,043,835		2,339,853			59,383,688			59,383,688
YTD share activity	20,470,457		(655,570	)		19,814,887			19,814,887
Share Count at December 31, 2009 - Basic	77,514,292		1,684,283		—	79,198,575		—	79,198,575
Weighting Factor	(7,779,769	)	545,742		79,620	(7,154,407	)		(7,154,407	)
Weighted Average Share Count at December 31, 2009 - Diluted	69,734,523		2,230,025		79,620	72,044,168		—	72,044,168

18

TAXABLE INCOME

Unaudited ($000’s omitted)

	Twelve Months Ended
	December 31,			December 31,
	2009			2008
Net Income Attributable to Common Stockholders	$	37,669		$	360,935
Book/Tax Depreciation Adjustment	24,412			37,161
Book/Tax Gain Recognition Adjustment	(27,040		)	(424,901		)
Book/Tax JV Net Equity Adjustment	9,440			128,548
Other Operating Adjustments	32,085			35,842
C-corp Earnings	(3,149		)	(2,873		)
Taxable Income (Projected)	$	73,417		$	134,712
Deemed dividend per share	$	0.95		$	2.36
Estimated payout of taxable income	100		%	100		%
Shares outstanding - basic	77,514			57,044

Payout of Taxable Income Analysis:

Estimated taxable income is derived from net income less straightline rent, free rent net of amortization, 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 of 286, 290 & 292 Madison Avenue, 1140 Avenue of the Americas, One Park Avenue, 70 West 36th Street, 110 East 42nd Street, 125 Broad Street and 440 Ninth Avenue through 1031 exchanges. In addition, the Company has deferred substantially all of the taxable gain resulting from the sale of interests in 1372 Broadway and 470 Park Avenue South.

19

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Property Joint Ventures
Unaudited
($000’s omitted)

	December 31, 2009						December 31, 2008
	Total Property			SLG Property Interest			Total Property			SLG Property Interest
Land & land interests	$	1,528,659		$	732,605		$	1,505,609		$	716,905
Buildings & improvements fee interest	4,801,180			2,033,322			4,887,266			2,056,818
Buildings & improvements leasehold	263,995			130,756			261,516			129,515
	6,593,834			2,896,683			6,654,391			2,903,238
Less accumulated depreciation	(498,166		)	(221,253		)	(374,232		)	(168,460		)
Net real estate	$	6,095,668		$	2,675,430		$	6,280,159		$	2,734,778
Cash and cash equivalents	128,578			57,486			88,231			38,214
Restricted cash	48,815			17,812			48,143			23,948
Tenant receivables, net of $3,346 reserve at 12/31/09	11,906			5,458			5,556			2,525
Deferred rents receivable, net of reserve for tenant credit loss of $3,740 at 12/31/09	185,632			92,770			129,888			63,926
Deferred costs, net	132,514			56,434			115,530			48,289
Other assets	157,620			57,999			126,237			40,910
Total assets	$	6,760,733		$	2,963,389		$	6,793,744		$	2,952,590
Mortgage loans payable	$	4,177,382		$	1,848,721		$	4,355,127		$	1,933,633
Derivative instruments-fair value	33,854			17,133			6,107			3,143
Accrued interest payable	11,077			4,961			12,359			5,480
Accounts payable and accrued expenses	89,462			39,208			76,458			30,459
Deferred revenue	135,476			46,363			142,165			47,426
Security deposits	6,936			3,382			8,500			3,938
Contributed Capital (1)	2,306,546			1,003,621			2,193,028			928,511
Total liabilities and equity	$	6,760,733		$	2,963,389		$	6,793,744		$	2,952,590

As of December 31, 2009 the Company had nineteen unconsolidated joint venture interests including a 50% interest in 100 Park Avenue, a 68.5% economic interest in 1515 Broadway (increased from 55% in December 2005), a 45% interest in 1221 Avenue of the Americas, a 45% interest in 379 West Broadway, a 50% interest in 21-25 West 34th Street, a 42.95% interest in 800 Third Avenue, a 50% interest in 521 Fifth Avenue, a 30% interest in One Court Square, a 63% economic interest in 1604-1610 Broadway, a 20.26% interest in 1&2 Jericho Plaza, a 55% interest in 2 Herald Square, a 32.25% interest in 1745 Broadway, a 55% interest in 885 Third Avenue, a 35% interest in 16 Court Street, a 50% interest in The Meadows (increased from 25% in October 2009), a 50.6% interest in 388/390 Greenwich Street, a 50% interest in 27-29 West 34th Street, a 10% interest in 1551/1555 Broadway (decreased from 50% in August 2008) and a 32.75% interest in 717 Fifth Avenue. 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 five joint ventures: a 50% interest in 141 Fifth Avenue, a 50% interest in 180-182 Broadway and a 51% interest in each of 919 Third Avenue, 680 Washington Avenue and 750 Washington Avenue.

(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 an unconsolidated joint venture reflects our actual contributed capital base.

20

JOINT VENTURE STATEMENTS Statements of Operations for Unconsolidated Property Joint Ventures Unaudited ($000’s omitted)

								Three Months Ended
		Three Months Ended December 31, 2009						September 30, 2009			Three Months Ended December 31, 2008
					SLG			SLG						SLG
		Total Property			Property Interest			Property Interest			Total Property			Property Interest
Revenues
Rental revenue, net		$	145,037		$	66,681		$	66,491		$	143,852		$	67,209
Escalation and reimbursement revenues		19,575			9,537			9,804			20,348			10,098
Other income		5,996			2,684			2,534			115			140
Total Revenues, net		$	170,608		$	78,902		$	78,829		$	164,315		$	77,447
Expenses
Operating expenses		$	27,033		$	13,054		$	13,522		$	32,835		$	15,483
Ground rent		1,025			171			171			1,025			585
Real estate taxes		19,936			9,544			9,953			19,649			9,430
Total Operating Expenses		$	47,994		$	22,769		$	23,646		$	53,509		$	25,498
GAAP NOI		$	122,614		$	56,133		$	55,183		$	110,806		$	51,949
Cash NOI		$	111,591		$	50,551		$	48,296		$	98,054		$	45,863
Interest expense, net of interest income		$	48,142		$	20,540		$	19,962		54,385			24,382
Amortization of deferred financing costs		5,103			2,258			2,333			3,856			1,656
Depreciation and amortization		38,187			16,936			16,297			40,639			17,796
Net Income		$	31,182		$	16,399		$	16,591		$	11,926		$	8,115
Plus: Real estate depreciation		38,155			16,930			16,290			40,607			17,789
Funds From Operations		$	69,337		$	33,329		$	32,881		$	52,533		$	25,904
FAD Adjustments:
Plus:	Non real estate depreciation and amortization	$	5,135		$	2,264		$	2,340		$	3,888		$	1,663
Less:	Straight-line rental income and other non-cash adjustments	(10,314		)	(5,274		)	(6,755		)	(12,394		)	(5,978		)
Less:	Second cycle tenant improvement	(4,004		)	(2,061		)	(2,072		)	(15,908		)	(8,204		)
Less:	Second cycle leasing commissions	(944		)	(135		)	(2,113		)	(8,310		)	(3,911		)
Less:	Recurring CAPEX	(2,219		)	(1,145		)	(386		)	(1,690		)	(748		)
FAD Adjustment		$	(12,346	)	$	(6,351	)	$	(8,986	)	$	(34,414	)	$	(17,178	)

21

JOINT VENTURE STATEMENTS Statements of Operations for Unconsolidated Property Joint Ventures Unaudited ($000’s omitted)

		Twelve Months Ended December 31, 2009						Twelve Months Ended December 31, 2008
					SLG						SLG
		Total Property			Property Interest			Total Property			Property Interest
Revenues
Rental revenue, net		$	595,027		$	268,971		$	572,327		$	273,625
Escalation and reimbursement revenues		80,494			38,696			83,107			41,977
Other income		13,566			5,989			2,525			1,323
Total Revenues, net		$	689,087		$	313,656		$	657,959		$	316,925
Expenses
Operating expenses		$	116,115		$	53,340		$	130,382		$	62,679
Ground rent		4,100			684			4,359			2,457
Real estate taxes		84,827			40,318			78,106			38,316
Total Operating Expenses		$	205,042		$	94,342		$	212,847		$	103,452
GAAP NOI		$	484,045		$	219,314		$	445,112		$	213,473
Cash NOI		$	415,958		$	183,994		$	396,610		$	189,540
Interest expense, net of interest income		$	189,478		$	79,746		$	199,754		$	92,847
Amortization of deferred financing costs		18,817			7,241			14,660			6,356
Depreciation and amortization		156,470			66,477			143,837			64,420
Net Income		$	119,280		$	65,850		$	86,861		$	49,850
Plus: Real estate depreciation		156,335			66,449			143,704			64,393
Funds From Operations		$	275,615		$	132,299		$	230,565		$	114,243
FAD Adjustments:
Plus:	Non real estate depreciation and amortization	$	18,952		$	7,269		$	14,792		$	6,383
Less:	Straight-line rental income and other non-cash adjustments	(66,637		)	(34,771		)	(47,438		)	(23,613		)
Less:	Second cycle tenant improvement	(25,488		)	(11,305		)	(25,918		)	(12,679		)
Less:	Second cycle leasing commissions	(17,783		)	(9,230		)	(15,006		)	(6,973		)
Less:	Recurring CAPEX	(4,809		)	(2,304		)	(2,169		)	(1,060		)
FAD Adjustment		$	(95,765	)	$	(50,341	)	$	(75,739	)	$	(37,942	)

22

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

	12/31/2009			9/30/2009		6/30/2009		3/31/2009		12/31/2008
Market Capitalization
Common Equity:
Common Shares Outstanding	77,514			76,841		76,820		57,259		57,044
OP Units Outstanding	1,684			2,330		2,336		2,336		2,340
Total Common Equity (Shares and Units)	79,198			79,171		79,156		59,595		59,384
Common Share Price (End of Period)	$	50.24		$	43.85	$	22.94	$	10.80	$	25.90
Equity Market Value	$	3,978,908		$	3,471,648	$	1,815,839	$	643,626	$	1,538,046
Preferred Equity at Liquidation Value:	257,500			257,500		257,500		257,500		257,500
Real Estate Debt
Property Level Mortgage Debt	$	2,595,552		$	2,599,416	$	2,570,085	$	2,585,592	$	2,591,358
Outstanding Balance on Unsecured Credit Line	1,374,076			1,374,076		1,419,500		1,389,067		1,389,067
Junior Subordinated Deferrable Interest Debentures	100,000			100,000		100,000		100,000		100,000
Unsecured Notes	548,334			548,326		548,317		563,456		774,693
Convertible Bonds	274,726			293,849		324,729		588,100		726,441
Liability Held for Sale	—			—		—		—		95,000
Total Consolidated Debt	4,892,688			4,915,667		4,962,631		5,226,215		5,676,559
Company’s Portion of Joint Venture Debt	1,848,721			1,909,878		1,888,898		1,935,460		1,933,633
Total Combined Debt	6,741,409			6,825,545		6,851,529		7,161,675		7,610,192
Total Market Cap (Debt & Equity)	$	10,977,817		$	10,554,693	$	8,924,868	$	8,062,801	$	9,405,738
Availability under Lines of Credit
Senior Unsecured Line of Credit	$	50,801	(A)	$	49,810	$	58,903	$	56,490	$	55,541

(A) As reduced by $27,123 outstanding letters of credit.

Combined Capitalized Interest	$	—		$	19		$	127		$	136		$	534
Ratio Analysis
Consolidated Basis
Debt to Market Cap Ratio	53.59		%	56.86		%	70.53		%	85.29		%	75.97		%
Debt to Gross Real Estate Book Ratio	59.34		%	59.93		%	60.42		%	63.83		%	68.50		%
Secured Real Estate Debt to Secured Assets Gross Book	58.06		%	58.34		%	57.32		%	57.85		%	58.76		%
Unsecured Debt to Unencumbered Assets-Gross Book Value	61.82		%	62.80		%	65.14		%	72.10		%	81.78		%
Joint Ventures Allocated
Combined Debt to Market Cap Ratio	61.41		%	64.67		%	76.77		%	88.82		%	80.91		%
Debt to Gross Real Estate Book Ratio	60.51		%	61.72		%	61.95		%	64.60		%	68.01		%
Secured Real Estate Debt to Secured Assets Gross Book	60.33		%	61.66		%	60.84		%	61.37		%	61.80		%

23

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,
		2009		2008		2009		2009		2008
Property NOI
Property operating NOI		$	126,101	$	126,100	$	124,462	$	506,565	$	511,011
NOI from discontinued operations		—		2,344		341		1,639		12,451
Total property operating NOI - consolidated		126,101		128,444		124,803		508,204		523,462
SLG share of property NOI from JVs		56,133		51,949		55,183		219,314		213,473
GAAP NOI		$	182,234	$	180,393	$	179,986	$	727,518	$	736,935
Less:	Free rent (Net of Amortization)	1,091		376		514		12,551		5,687
	Net FAS 141 adjustment	7,890		9,231		7,523		27,452		27,294
	Straightline revenue adjustment	11,227		14,377		11,568		48,036		56,866
Plus:	Allowance for S/L tenant credit loss	1,139		6,427		1,872		7,981		9,679
	Ground lease straight-line adjustment	91		91		91		364		691
Cash NOI		$	163,256	$	162,927	$	162,344	$	647,824	$	657,458
Components of Debt Service and Fixed Charges
Interest expense		54,195		72,720		65,570		237,371		299,822
Fixed amortization principal payments		7,151		6,626		6,682		27,777		24,741
Total Consolidated Debt Service		61,346		79,346		72,252		265,148		324,563
Payments under ground lease arrangements		7,913		7,800		8,003		32,190		32,184
Dividend on perpetual preferred shares		4,969		4,969		4,969		19,875		19,875
Total Consolidated Fixed Charges		74,228		92,115		85,224		317,213		376,622
Adjusted EBITDA - Consolidated		167,122		247,936		175,402		774,252		816,483
Adjusted EBITDA - Combined		187,662		272,502		195,364		853,998		910,289
Interest Coverage Ratio		3.16		3.62		3.27		3.49		2.83
Debt Service Coverage Ratio		2.78		3.30		2.90		3.10		2.61
Fixed Charge Coverage Ratio		2.29		2.82		2.39		2.57		2.24

24

SELECTED FINANCIAL DATA
2009 Same Store - Consolidated Unaudited ($000’s omitted)

		Three Months Ended								Three Months Ended			Twelve Months
		December 31,			December 31,					September 30,			December 31,			December 31,
		2009			2008			%		2009			2009			2008			%
Revenues
	Rental revenue, net	$	191,634		$	188,779		1.5	%	$	190,626		$	761,998		$	744,398		2.4	%
	Escalation & reimbursement revenues	29,356			30,822			-4.8	%	29,538			122,677			121,357			1.1	%
	Other income	1,053			857			22.9	%	6,832			10,202			8,752			16.6	%
	Total Revenues	222,043			220,458			0.7	%	226,996			894,877			874,507			2.3	%
Expenses
	Operating expense	50,353			54,805			-8.1	%	51,096			200,753			210,652			-4.7	%
	Ground rent	8,060			7,922			1.7	%	8,150			32,777			32,014			2.4	%
	Real estate taxes	33,122			30,024			10.3	%	34,263			139,563			124,800			11.8	%
		91,535			92,751			-1.3	%	93,509			373,093			367,466			1.5	%
	EBITDA	130,508			127,707			2.2	%	133,487			521,784			507,041			2.9	%
	Interest expense & amortization of financing costs	37,459			38,162			-1.8	%	48,576			158,984			147,810			7.6	%
	Depreciation & amortization	57,503			52,475			9.6	%	54,245			215,798			200,918			7.4	%
	Income before noncontrolling interest	35,546			37,070			-4.1	%	30,666			147,002			158,313			-7.1	%
Plus:	Real estate depreciation & amortization	57,494			52,467			9.6	%	54,236			215,757			200,891			7.4	%
	FFO	93,040			89,537			3.9	%	84,902			362,759			359,204			1.0	%
Less:	Non—building revenue	486			681			-28.6	%	185			1,685			2,369			-28.9	%
Plus:	Interest expense & amortization of financing costs	37,459			38,162			-1.8	%	48,576			158,984			147,810			7.6	%
	Non-real estate depreciation	9			8			12.5	%	9			41			27			51.9	%
	GAAP NOI	130,022			127,026			2.4	%	133,302			520,099			504,672			3.1	%
Cash Adjustments
Less:	Free rent (net of amortization)	1,317			720			82.9	%	57			2,678			3,323			-19.4	%
	Straightline revenue adjustment	6,069			8,257			-26.5	%	5,909			24,891			31,254			-20.4	%
	Rental income - FAS 141	7,507			8,495			-11.6	%	6,031			23,982			25,105			-4.5	%
	Ground lease straight-line adjustment	304			666			-54.4	%	304			1,217			2,337			-47.9	%
Plus:	Allowance for S/L tenant credit loss	1,131			6,037			-81.3	%	1,061			6,467			8,702			-25.7	%
	Cash NOI	$	115,956		$	114,925		0.9	%	$	122,062		$	473,798		$	451,355		5.0	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net	58.39		%	56.25		%			58.50		%	57.81		%	57.29		%
	Cash NOI to Real Estate Revenue, net	52.07		%	50.89		%			53.57		%	52.66		%	51.24		%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	62.01		%	59.76		%			62.08		%	61.45		%	60.93		%
	Cash NOI before Ground Rent/Real Estate Revenue, net	55.55		%	54.11		%			57.01		%	56.17		%	54.61		%

25

SELECTED FINANCIAL DATA
2009 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,
		2009			2008			%		2009			2009			2008			%
Revenues
	Rental revenue, net	$	64,223		$	63,308		1.4	%	$	65,018		$	262,541		$	255,698		2.7	%
	Escalation & reimbursement revenues	9,517			9,616			-1.0	%	9,855			38,690			39,752			-2.7	%
	Other income	2,622			29			8941.4	%	2,443			5,536			262			2013.0	%
	Total Revenues	76,362			72,953			4.7	%	77,316			306,767			295,712			3.7	%
Expenses
	Operating expense	12,851			14,323			-10.3	%	13,779			53,484			57,527			-7.0	%
	Ground rent	171			171			0.0	%	171			684			801			-14.6	%
	Real estate taxes	9,435			9,107			3.6	%	9,897			40,053			36,032			11.2	%
		22,457			23,601			-4.8	%	23,847			94,221			94,360			-0.1	%
	EBITDA	53,905			49,352			9.2	%	53,469			212,546			201,352			5.6	%
	Interest expense & amortization of financing costs	21,094			23,869			-11.6	%	20,692			81,056			90,387			-10.3	%
	Depreciation & amortization	16,131			16,481			-2.1	%	15,717			64,121			59,643			7.5	%
	Income before noncontrolling interest	16,680			9,002			85.3	%	17,060			67,369			51,322			31.3	%
Plus:	Real estate depreciation & amortization	16,125			16,474			-2.1	%	15,710			64,092			59,616			7.5	%
	FFO	32,805			25,476			28.8	%	32,770			131,461			110,938			18.5	%
Less:	Non–building revenue	179			15			1093.3	%	13			604			60			906.7	%
Plus:	Interest expense & amortization of financing costs	21,094			23,869			-11.6	%	20,692			81,056			90,387			-10.3	%
	Non-real estate depreciation	6			7			-14.3	%	7			29			27			7.4	%
	GAAP NOI	53,726			49,337			8.9	%	53,456			211,942			201,292			5.3	%
Cash Adjustments
Less:	Free rent (net of amortization)	(202		)	(301		)	-32.9	%	322			9,524			(263		)	3721	%
	Straightline revenue adjustment	4,874			5,948			-18.1	%	5,300			22,175			22,967			-3.4	%
	Rental income - FAS 141	462			710			-34.9	%	1,516			3,440			2,012			71.0	%
Plus:	Ground lease straight-line adjustment	2			228			-99.1	%	470			1,054			634			66.2	%
	Allowance for S/L tenant credit loss	(43		)	14			-407.1	%	2			16			182			-91.2	%
	Cash NOI	$	48,551		$	43,222		12.3	%	$	46,790		$	177,873		$	177,392		0.3	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net	70.52		%	67.43		%			68.73		%	68.99		%	67.94		%
	Cash NOI to Real Estate Revenue, net	63.73		%	59.07		%			60.16		%	57.90		%	59.87		%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	70.74		%	67.67		%			68.95		%	69.21		%	68.21		%
	Cash NOI before Ground Rent/Real Estate Revenue, net	64.01		%	59.29		%			60.38		%	58.12		%	60.08		%

26

DEBT SUMMARY SCHEDULE - Consolidated   Unaudited ($000’s omitted)

	Principal			2010 Annual				As-Of
	Outstanding			Principal	Maturity		Due at	Right	Earliest
	12/31/2009	Coupon		Repayment	Date		Maturity	Extension	Prepayment
Fixed rate debt
Secured fixed rate debt
300 Main Street	11,500	5.75	%	—	Feb-17		11,500	—	Feb-10
141 Fifth Avenue	25,000	5.70	%	—	Jun-17		25,000	—	Jun-10
500 West Putnam Avenue	25,000	5.52	%	422	Jan-16		21,877	—	Open
673 First Avenue	31,608	5.67	%	827	Feb-13		28,984	—	Open
625 Madison Avenue	135,117	7.22	%	2,908	Nov-15		78,595	—	Open
609 Fifth Avenue	97,952	5.85	%	1,450	Oct-13		92,062	—	Open
420 Lexington Avenue	150,561	7.52	%	1,298	Sep-16		133,340	—	Sep-12
711 Third Avenue	120,000	4.99	%	—	Jun-15		120,000	—	Open
120 W 45th Street	170,000	6.12	%	—	Feb-17		170,000	—	Open
220 E 42nd Street	198,871	5.25	%	4,113	Nov-13		182,342	—	Open
919 Third Avenue	224,104	6.87	%	4,225	Aug-11		216,656	—	Open
485 Lexington Avenue	450,000	5.61	%	—	Feb-17		450,000	—	Open
1 Madison Avenue - South Building	651,917	5.91	%	11,841	May-20		404,531	—	Open
	2,291,630	6.03	%	27,084			1,934,887
Secured fixed rate debt - Other
609 Partners, LLC	41,391	5.00	%	—	Jul-14		41,391	—	Open
	41,391	5.00	%	—			41,391
Unsecured fixed rate debt
Senior unsecured line of credit	60,000	5.26	%	—	Jun-12		60,000	Jun-12	Open
Junior subordinated deferrable interest debentures	100,000	5.61	%	—	Jul-15		100,000	—	—
Unsecured note	123,607	5.15	%	—	Jan-11		123,607	—	Open
Unsecured note	150,000	5.88	%	—	Aug-14		150,000	—	Open
Unsecured note	274,727	6.00	%	—	Mar-16		275,000	—	Open
Convertible note	114,821	4.00	%	—	Jun-25	(1)	116,018	—	Jun-10
Convertible note (net)	159,905	3.00	%	—	Mar-27	(2)	190,544	—	Apr-12
	983,060	5.07	%	—			1,015,169
Total Fixed Rate Debt/Wtd Avg	3,316,081	5.73	%	27,084			2,991,447
Floating rate debt
Secured floating rate debt
180-182 Broadway (Libor + 225 bps)	22,534	2.49	%	—	Feb-11		22,534	—	Open
28 W 44th St (Libor + 201 bps)	123,480	2.29	%	1,473	Aug-13		116,922	—	Open
1 Landmark Square (Libor + 185 bps)	116,517	2.09	%	—	Feb-12		116,517	Feb-12	Open
	262,531	2.22	%	1,473			255,973
Unsecured floating rate debt
Senior unsecured line of credit (Libor + 90 bps)	1,314,076	1.05	%	—	Jun-12		1,314,076	Jun-12	Open
	1,314,076	1.05	%	—			1,314,076
Total Floating Rate Debt/Wtd Avg	1,576,607	1.24	%	1,473			1,570,049
Total Debt/Wtd Avg - Consolidated	4,892,688	4.28	%	28,557			4,561,496
Total Debt/Wtd Avg - Joint Venture	1,848,721	4.62	%
Weighted Average Balance & Interest Rate with SLG JV Debt	6,847,825	4.38	%

(1)	Notes can be put to SLG, at the option of the holder, on June 15, 2010.
(2)	Notes can be put to SLG, at the option of the holder, on March 30, 2012.
(3)	Effective September 30, 2009 the cap rate used to calculate the value of operating real estate assets for purposes of the unsecured credit facility covenants increased from 5.25% to 6.25%.

Senior Unsecured Line of Credit Covenant Ratios
	Actual		Required
Total Debt / Total Assets (3)	48.0	%	Less than 60%
Secured Debt / Total Assets (3)	25.0	%	Less than 50%
Line Fixed Charge Coverage	2.51		Greater than 1.50
Unsecured Debt / Unencumbered Assets (3)	48.4	%	Less than 60%
Unencumbered Interest Coverage	3.50		Greater than 1.75
Maximum FFO Payout	19.4	%	Less than 95%

27

DEBT SUMMARY SCHEDULE - Joint Venture   Unaudited ($000’s omitted)

					2010			As-Of
	Principal Outstanding - 12/31/09				Principal	Maturity	Due at	Right	Earliest
	Gross Principal	SLG Share	Coupon		Repayment	Date	Maturity	Extension	Prepayment
Fixed rate debt
800 Third Avenue	20,910	8,981	6.00	%	—	Aug-17	8,981	—	Open
1604-1610 Broadway	27,000	12,150	5.66	%	355	Apr-12	11,723	—	Open
1221 Avenue of the Americas	65,000	29,250	5.51	%	—	Dec-10	29,250	—	Open
Jericho Plaza	163,750	33,176	5.65	%	—	May-17	33,176	—	Open
21-25 West 34th Street	100,000	50,000	5.76	%	—	Dec-16	50,000	—	Open
100 Park Avenue (1)	200,000	99,800	6.64	%	—	Sep-14	81,318	—	Sep-11
One Court Square	315,000	94,500	4.91	%	—	Sep-15	94,500	—	Open
2 Herald Square	191,250	105,188	5.36	%	—	Apr-17	105,188	—	Open
1745 Broadway	340,000	109,650	5.68	%	—	Jan-17	109,650	—	Open
885 Third Avenue	267,650	147,208	6.26	%	—	Jul-17	147,208	—	Open
388/390 Greenwich Street	1,106,758	559,997	5.19	%	—	Dec-17	559,997	—	Open
Total Fixed Rate Debt/Wtd Avg	2,797,318	1,249,899	5.52	%	355		1,230,990
388/390 Greenwich Street (Libor + 115 bps)	31,622	16,000	1.39	%	—	Dec-17	16,000	—	Open
379 West Broadway (Libor + 165 bps)	20,991	9,446	1.93	%	—	Jul-11	9,446	—	Open
1551/1555 Broadway (Libor + 400 bps)	133,600	13,360	3.71	%	5,000	Oct-11	12,360	—	Open
29 West 34th Street (Libor + 165 bps)	54,800	27,400	1.89	%	425	May-11	27,132	—	Open
Meadows (Libor + 135 bps)	85,478	42,737	1.59	%	201	Sep-12	20,947	—	Open
16 Court Street (Libor + 160 bps)	88,573	31,001	1.84	%	—	Oct-10	31,001	—	Open
1221 Avenue of the Americas (Libor + 75 bps)	105,000	47,250	1.04	%	—	Dec-10	47,250	—	Open
521 Fifth Avenue (Libor + 100 bps)	140,000	70,140	1.24	%	—	Apr-11	70,140	—	Open
717 Fifth Avenue (Libor + 275 bps)	245,000	80,238	5.25	%	—	Sep-11	80,238	—	Open
1515 Broadway (Libor + 250 bps)	475,000	261,250	3.15	%	—	Dec-14	261,250	—	Open
Total Floating Rate Debt/Wtd Avg	1,380,064	598,822	2.75	%	5,626		575,764
Total Joint Venture Debt/Wtd Avg	4,177,382	1,848,721	4.62	%	5,981		1,806,754

(1) Does not include pending future funding of $15M.

28

SUMMARY OF GROUND LEASE ARRANGEMENTS Consolidated ($000’s omitted)

	2010 Scheduled		2011 Scheduled		2012 Scheduled		2013 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	$	17,745	2037
420 Lexington Avenue (2)	10,933		10,933		10,933		10,933		—		2029	(3)
711 Third Avenue (2) (4)	1,550		750		—		—		268		2032
461 Fifth Avenue (2)	2,100		2,100		2,100		2,100		—		2027	(5)
625 Madison Avenue (2)	4,613		4,613		4,613		4,613		—		2022	(6)
1185 Avenue of the Americas (2)	8,233		6,909		6,909		6,909		—		2043
1055 Washing Blvd, Stamford (2)	615		615		615		615		—		2090
Total	$	31,054	$	28,930	$	28,180	$	28,180	$	18,013
Capitalized Lease
673 First Avenue	$	1,451	$	1,555	$	1,555	$	1,555	$	16,883	2037

(1) Per the balance sheet at December 31, 2009.

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

(3) Subject to renewal at the Company’s option through 2080.

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

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

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

29

STRUCTURED FINANCE ($000’s omitted)

	Assets			Weighted Average		Weighted Average		Current		LIBOR
	Outstanding			Assets During Quarter		Yield During Quarter		Yield		Rate (3)
9/30/2008	$	926,931		$	921,658	10.58	%	10.28	%	3.93	%
Originations/Accretion (1)	$	7,296
Preferred Equity	$	1,028
Redemptions/Sales/Amortization/Reserves	$	(187,372	)
12/31/2008	$	747,883		$	755,516	10.34	%	10.14	%	0.44	%
Originations/Accretion (1)	$	6,151
Preferred Equity	$	910
Redemptions/Sales/Amortization/Reserves	$	(63,561	)
3/31/2009	$	691,383		$	688,985	8.48	%	8.74	%	0.50	%
Originations/Accretion (1)	$	29,468
Preferred Equity	$	0
Redemptions/Sales/Amortization/Reserves	$	(112,541	)
6/30/2009 (2)	$	608,310		$	665,578	8.31	%	8.28	%	0.31	%
Originations/Accretion (1)	$	21,332
Preferred Equity	$	3,175
Redemptions/Sales/Amortization/Reserves	$	(17,359	)
9/30/2009 (2)	$	615,458		$	610,044	9.31	%	8.92	%	0.25	%
Originations/Accretion (1)	$	192,351
Preferred Equity	$	866
Redemptions/Sales/Amortization/Reserves	$	(23,063	)
12/31/2009 (2)	$	785,612		$	648,018	8.80	%(4)	7.84	%(4)	0.23	%

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

(2) Includes approximately $1 million of structured finance investments which are classified as held for sale.

(3) LIBOR rate is as of quarter end.

(4) Excludes 100 Church Street mezzanine investment which was foreclosed in January 2010.

30

STRUCTURED FINANCE ($000’s omitted)

					Weighted Average			Weighted Average		Current
Type of Investment	Quarter End Balance (1)		Senior Financing		Exposure PSF			Yield During Quarter		Yield
New York City
Senior Mortgage Debt	$	187,256	$	—	$	458		3.44	%	3.44	%
Junior Mortgage Participation	$	69,785	$	529,250	$	345		8.47	%	7.95	%
Mezzanine Debt	$	404,079	$	7,086,387	$	2,112	(3)	10.12	%(4)	10.03	%(4)
Preferred Equity	$	41,791	$	210,216	$	109		12.22	%	12.35	%
Other
Senior Mortgage Debt	$	37,092	$	—	$	96		5.41	%	5.51	%
Mezzanine Debt	$	14,137	$	2,230,083	$	88		6.14	%	6.23	%
Preferred Equity	$	31,472	$	3,428,635	$	233		3.21	%	3.16	%
Balance as of 12/31/09	$	785,612	$	13,484,571	$	1,251	(3)	8.80	%	7.84	%

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 2.92 years.

(3) Excluding the mezzanine loan on the retail portion of a New York City property, the weighted average exposure for New York City Mezzanine Debt and the total structured finance portfolio are $764 psf and $525 psf, respectively.

(4) Excludes 100 Church Street mezzanine investment which was foreclosed in January 2010.

31

STRUCTURED FINANCE 10 Largest Investments ($000’s omitted)

					Senior				Current
Investment Type	Book Value (1)		Location	Collateral Type	Financing		Last $ PSF		Yield
Mortgage Loan	$	167,717	New York City	Office	$	—	$	486	2.88	%(2)
Mezzanine Loan	104,431		New York City	Retail	325,000		$	5,922	15.39	%
Mezzanine Loan	84,636		New York City	Office	1,139,000		$	1,111	11.07	%
Mezzanine Loan	58,760		New York City	Office	205,000		$	382	0.00	%
Mortgage and Mezzanine	47,691		Various	Office	2,230,083		$	88	5.91	%
Preferred Equity	41,791		New York City	Office	210,216		$	109	12.35	%
Mezzanine Loan	39,125		New York City	Office / Retail	165,000		$	1,712	9.88	%
Mezzanine Loans	35,907		New York City	Office	365,000		$	247	11.30	%
Mortgage Loan	30,548		New York City	Office	210,000		$	424	14.10	%
Preferred Equity	25,472		Los Angeles	Office	990,635		$	233	3.91	%
Total	$	636,078			$	5,839,934			8.09	%

(1) Net of unamortized fees, discounts, and reserves.

(2) Does not reflect amortization of discount.

32

SELECTED PROPERTY DATA Manhattan Properties

			# of	Usable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet	Dec-09	Sep-09	Jun-09	Mar-09	Dec-08	Rent ($’s)		100%	SLG	Tenants
					%	%	%	%	%	%	$		%	%
CONSOLIDATED PROPERTIES
“Same Store”
19 West 44th Street	Midtown	Fee Interest	1	292,000	1	96.9	97.5	98.0	97.2	97.9	13,637,496		2	1	58
120 West 45th Street	Midtown	Fee Interest	1	440,000	1	97.6	99.0	99.0	99.0	99.0	25,425,672		4	2	25
220 East 42nd Street	Grand Central	Fee Interest	1	1,135,000	4	94.8	94.8	99.6	99.4	99.7	46,342,926		6	4	31
28 West 44th Street	Midtown	Fee Interest	1	359,000	1	91.4	97.3	97.3	98.6	99.6	15,423,588		2	1	67
317 Madison Avenue	Grand Central	Fee Interest	1	450,000	1	85.1	89.2	90.5	91.8	92.0	20,137,644		3	2	82
420 Lexington Ave (Graybar)	Grand Central North	Operating Sublease	1	1,188,000	4	94.1	96.0	96.8	96.7	96.8	64,642,860		9	6	222
461 Fifth Avenue (3)	Midtown	Leasehold Interest	1	200,000	1	98.8	98.8	98.8	95.4	95.4	15,546,294		2	2	18
485 Lexington Avenue	Grand Central North	Fee Interest	1	921,000	3	96.8	96.8	96.8	92.6	98.5	49,402,296		7	5	21
555 West 57th Street	Midtown West	Fee Interest	1	941,000	3	98.9	98.9	99.1	99.1	99.1	31,898,280		4	3	13
609 Fifth Avenue	Rockefeller Center	Fee Interest	1	160,000	1	97.5	97.9	99.1	99.1	100.0	13,685,064		2	1	15
625 Madison Avenue	Plaza District	Leasehold Interest	1	563,000	2	99.8	99.7	97.3	97.6	97.6	42,482,688		6	4	25
673 First Avenue	Grand Central South	Leasehold Interest	1	422,000	1	99.7	99.7	99.7	99.7	99.7	17,315,340		2	2	9
711 Third Avenue (1)	Grand Central North	Operating Sublease	1	524,000	2	89.1	92.1	92.1	93.3	93.3	24,082,392		3	2	16
750 Third Avenue	Grand Central North	Fee Interest	1	780,000	3	95.2	96.6	89.2	97.2	97.2	38,310,288		5	4	28
810 Seventh Avenue	Times Square	Fee Interest	1	692,000	2	88.8	88.9	87.9	87.6	84.3	38,393,772		5	4	36
919 Third Avenue (2)	Grand Central North	Fee Interest	1	1,454,000	5	99.9	99.9	99.9	99.9	99.9	82,829,652			4	15
1185 Avenue of the Americas	Rockefeller Center	Leasehold Interest	1	1,062,000	4	98.9	98.9	98.9	98.9	98.9	71,165,940		10	6	20
1350 Avenue of the Americas	Rockefeller Center	Fee Interest	1	562,000	2	89.2	97.2	97.2	94.6	96.0	29,870,676		4	3	42
1 Madison Avenue	Park Avenue South	Fee Interest	1	1,176,900	4	99.8	99.8	99.8	99.8	99.8	61,730,016		9	6	2
331 Madison Avenue	Grand Central	Fee Interest	1	114,900	0	100.0	100.0	100.0	100.0	100.0	4,988,640		1	0	19
Subtotal / Weighted Average			20	13,436,800	45	96.0	97.0	97.0	97.1	97.5	$	707,311,524	87	64	764
Adjustments
333 West 34th Street	Penn Station	Fee Interest	1	345,400	1	41.5	41.5	95.5	100.0	100.0	7,039,884		1	1	1
Subtotal / Weighted Average			1	345,400	1	41.5	41.5	95.5	100.0	100.0	$7,039,884		1	1	1
Total / Weighted Average Manhattan Consolidated Properties			21	13,782,200	46	94.6	95.6	97.0	97.2	97.5	$	714,351,408	88	64	765
UNCONSOLIDATED PROPERTIES
“Same Store”
100 Park Avenue - 50%	Grand Central South	Fee Interest	1	834,000	3	84.3	83.7	81.5	75.7	81.1	44,265,264			2	34
521 Fifth Avenue - 50.1% (3)	Grand Central	Leasehold Interest	1	460,000	2	81.5	89.1	88.3	89.6	94.4	18,063,492			1	43
800 Third Avenue - 42.95%	Grand Central North	Fee Interest	1	526,000	2	96.1	96.1	98.7	98.7	98.7	30,569,460			1	24
1221 Avenue of the Americas - 45%	Rockefeller Center	Fee Interest	1	2,550,000	8	94.3	93.6	93.7	93.7	93.5	158,157,804			7	20
1515 Broadway - 68.45%	Times Square	Fee Interest	1	1,750,000	6	98.0	98.0	94.5	95.4	95.4	92,526,480			6	10
388 & 390 Greenwich Street - 50.6%	Downtown	Fee Interest	2	2,635,000	9	100.0	100.0	100.0	100.0	100.0	102,945,936			5	1
1745 Broadway - 32.3%	Midtown	Fee Interest	1	674,000	2	100.0	100.0	100.0	100.0	100.0	36,558,780			1	1
Total / Weighted Average Unconsolidated Properties			8	9,429,000	31	95.6	95.7	95.0	94.7	95.4	$	483,087,216		23	133
Manhattan Grand Total / Weighted Average			29	23,211,200	77	95.0	95.7	96.2	96.2	96.7	$	1,197,438,624			898
Manhattan Grand Total - SLG share of Annualized Rent											$	916,466,796		88
Manhattan Same Store Occupancy % - Combined				22,865,800	99	95.8	96.5	96.2	96.1	96.6
Portfolio Grand Total			60	30,015,900	100	93.4	94.5	94.8	94.8	95.2	$	1,389,606,650			1,334
Portfolio Grand Total - SLG Share of Annualized Rent											$	1,035,731,257		100

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

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

(3) SL Green holds an option to acquire the fee interest on this building.

33

SELECTED PROPERTY DATA Suburban Properties

			# of	Usable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet	Dec-09	Sep-09	Jun-09	Mar-09	Dec-08	Rent ($’s)		100%	SLG	Tenants
					%	%	%	%	%	%	$		%	%
CONSOLIDATED PROPERTIES
“Same Store”  Westchester, NY
1100 King Street	Rye Brook, Westchester	Fee Interest	6	540,000	9	88.2	89.3	89.3	89.3	89.3	14,037,096		2	2	31
520 White Plains Road	Tarrytown, Westchester	Fee Interest	1	180,000	3	93.2	93.2	93.2	92.4	92.4	4,377,708		1	0	10
115-117 Stevens Avenue	Valhalla, Westchester	Fee Interest	1	178,000	3	67.0	67.0	67.0	67.5	67.5	2,378,244		0	0	13
100 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	250,000	4	86.4	78.4	78.4	78.4	78.4	5,811,336		1	1	7
200 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	245,000	4	93.5	93.5	94.6	95.7	95.7	6,817,812		1	1	9
500 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	228,000	3	56.4	82.1	82.1	82.1	81.0	4,874,304		1	1	4
140 Grand Street	White Plains, Westchester	Fee Interest	1	130,100	2	96.6	94.7	92.7	92.7	91.0	3,852,641		1	1	12
360 Hamilton Avenue	White Plains, Westchester	Fee Interest	1	384,000	6	100.0	100.0	100.0	100.0	100.0	13,367,208		2	2	14
Westchester, NY Subtotal/Weighted Average			13	2,135,100	31	86.5	88.5	88.7	88.9	88.9	55,516,349		8	7	100
“Same Store” Connecticut
Landmark Square	Stamford, Connecticut	Fee Interest	6	826,000	12	81.2	84.9	83.9	83.3	84.4	19,320,240		3	2	101
680 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	133,000	2	84.5	100.0	100.0	100.0	100.0	2,798,460			0	5
750 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	192,000	3	97.4	97.4	97.4	97.4	98.5	6,718,020			0	8
1055 Washington Boulevard	Stamford, Connecticut	Leasehold Interest	1	182,000	4	87.2	85.8	84.4	84.9	84.9	5,469,228		1	1	20
300 Main Street	Stamford, Connecticut	Fee Interest	1	130,000	2	92.8	95.3	95.3	95.3	94.6	2,047,257		0	0	21
1010 Washington Boulevard	Stamford, Connecticut	Fee Interest	1	143,400	2	54.3	56.0	65.6	71.3	67.3	2,191,980		0	0	18
500 West Putnam Avenue	Greenwich, Connecticut	Fee Interest	1	121,500	2	83.2	83.2	83.2	83.2	83.2	3,824,844		1	0	10
Connecticut Subtotal/Weighted Average			12	1,727,900	25	82.7	85.8	86.0	86.2	86.5	42,370,029		5	3	183
Total / Weighted Average Consolidated Properties			25	3,863,000	57	84.8	87.3	87.5	87.8	87.9	$	97,886,378	12	10	283
UNCONSOLIDATED PROPERTIES
“Same Store”
One Court Square - 30%	Long Island City, New York	Fee Interest	1	1,402,000	21	100.0	100.0	100.0	100.0	100.0	51,363,840			1	1
The Meadows - 50%	Rutherford, New Jersey	Fee Interest	2	582,100	9	84.9	85.3	82.6	83.0	83.3	12,235,224			0	53
16 Court Street - 35%	Brooklyn, NY	Fee Interest	1	317,600	5	84.1	83.3	81.5	81.1	77.8	9,205,620			0	64
Jericho Plaza - 20.26%	Jericho, New York	Fee Interest	2	640,000	9	92.8	96.2	97.7	97.6	97.6	21,476,964			0	35
Total / Weighted Average Unconsolidated Properties			6	2,941,700	43	93.7	94.5	94.1	94.1	93.8	$	94,281,648		2	153
Suburban Grand Total / Weighted Average			31	6,804,700	23	88.7	90.4	90.3	90.4	90.4	$	192,168,026			436
Suburban Grand Total - SLG share of Annualized Rent											$	119,264,461		12
Suburban Same Store Occupancy % - Combined				6,804,700	100	88.7	90.4	90.3	90.4	90.4

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

(2) SL Green holds an option to acquire the fee interest on this property.

													Gross Total
RETAIL, DEVELOPMENT & LAND													Book Value
125 Chubb Way	Lyndhurst, NJ	Fee Interest	1	278,000	36	10.7	—	—	—	—	$	642,012	$	38,789,846	1	1
150 Grand Street	White Plains, NY	Fee Interest	1	85,000	11	20.6	20.6	17.5	17.5	17.5	386,256		13,928,722		1	4
141 Fifth Avenue - 50%	Flatiron	Fee Interest	1	21,500	3	100.0	77.6	68.5	100.0	100.0	2,586,084		17,758,148		4	4
1551-1555 Broadway - 10%	Times Square	Fee Interest	1	25,600	3	100.0	100.0	100.0	100.0	100.0	15,587,268		138,639,902		5	1
1604 Broadway - 63%	Times Square	Leasehold Interest	1	29,876	4	23.7	23.7	23.7	23.7	100.0	2,006,592		7,495,600		4	2
180-182 Broadway - 50%	Cast Iron/Soho	Fee Interest	2	70,580	9	49.0	49.0	51.0	54.8	66.8	856,548		46,368,112		1	8
21-25 West 34th Street - 50%	Herald Square/Penn Station	Fee Interest	1	30,100	4	100.0	100.0	100.0	100.0	100.0	5,839,284		22,832,265		10	1
27-29 West 34th Street - 50%	Herald Square/Penn Station	Fee Interest	1	15,600	2	100.0	100.0	100.0	100.0	100.0	3,858,600		47,392,230		7	2
379 West Broadway - 45% (2)	Cast Iron/Soho	Leasehold Interest	1	62,006	8	100.0	100.0	100.0	100.0	100.0	3,585,468		22,027,120		5	5
717 Fifth Avenue - 32.75%	Midtown/Plaza District	Fee Interest	1	119,550	15	75.8	75.8	75.8	77.7	79.1	19,311,540		278,616,378		22	7
7 Landmark Square	Stamford, Connecticut	Fee Interest	1	36,800	5	10.8	10.8	10.8	10.8	10.8	273,336		9,911,987		1	1
2 Herald Square - 55%	Herald Square/Penn Station	Fee Interest	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	9,000,000		225,597,988		17	1
885 Third Avenue - 55%	Midtown/Plaza District	Fee Interest	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	11,095,000		317,313,391		21	1
Total / Weighted Average Retail/Development Properties			12	774,612	100	N/A	N/A	N/A	N/A	N/A	$	75,027,988	$	1,186,671,689	100	38

34

LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties

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)
Citigroup, N.A.	388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue, 750 Washington Blvd & Court Square	Various	4,451,237	$	174,316,680	(1)	$	39.16	12.5	%	$	85,195,786	8.2	%	A-1
Viacom International, Inc.	1515 Broadway	2010, 2015 & 2020 (3)	1,287,610	71,607,468			$	55.61	5.2	%	49,015,312		4.7	%	BBB
Credit Suisse Securities (USA), Inc.	1 Madison Avenue	2020	1,150,207	60,584,364			$	52.67	4.4	%	60,584,364		5.8	%	A+
Morgan Stanley & Co. Inc.	1221 Avenue of the Americas, 2 Jericho Plaza & 4 Landmark Square	Various	661,644	48,873,804			$	73.87	3.5	%	21,887,972		2.1	%	A-1
Random House, Inc.	1745 Broadway	2018	644,598	36,558,780			$	56.72	2.6	%	11,793,862		1.1	%	BBB
Debevoise & Plimpton, LLP	919 Third Avenue	2021	586,528	36,478,728			$	62.19	2.6	%	18,604,151		1.8	%
Omnicom Group, Inc.	220 East 42nd Street & 420 Lexington Avenue	2010, 2011 & 2017	496,876	20,066,208			$	40.38	1.4	%	20,066,208		1.9	%	A-
Societe Generale	1221 Avenue of the Americas	Various	486,663	29,526,648			$	60.67	2.1	%	13,286,992		1.3	%	A+
The McGraw Hill Companies, Inc.	1221 Avenue of the Americas	Various	420,329	23,226,396			$	55.26	1.7	%	10,451,878		1.0	%	A
Advance Magazine Group, Fairchild Publications	750 Third Avenue & 485 Lexington Avenue	2021	342,720	13,729,476			$	40.06	1.0	%	13,729,476		1.3	%
Verizon	120 West 45th Street, 1100 King Street Bldgs 1& 2, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive	Various	315,390	9,084,444			$	28.80	0.7	%	9,084,444		0.9	%	A
C.B.S. Broadcasting, Inc.	555 West 57th Street	2013 & 2017	286,037	10,549,488			$	36.88	0.8	%	10,549,488		1.0	%	BBB-
Polo Ralph Lauren Corporation	625 Madison Avenue	2019	269,269	15,862,764			$	58.91	1.1	%	15,862,764		1.5	%	BBB+
Schulte, Roth & Zabel LLP	919 Third Avenue	2021	263,186	14,662,536			$	55.71	1.1	%	7,477,893		0.7	%
New York Presbyterian Hospital	28 West 44th Street, 555 West 57th Street & 673 First Avenue	2009 & 2021	262,448	9,702,084			$	36.97	0.7	%	9,702,084		0.9	%
The Travelers Indemnity Company	485 Lexington Avenue & 2 Jericho Plaza	2010, 2012 & 2016	250,857	12,297,252			$	49.02	0.9	%	11,341,446		1.1	%	AA-
The City University of New York - CUNY	555 West 57th Street & 28 West 44th Street	2010, 2011, 2015 & 2016	229,044	8,546,316			$	37.31	0.6	%	8,546,316		0.8	%
BMW of Manhattan	555 West 57th Street	2022	227,782	5,039,772			$	22.13	0.4	%	5,039,772		0.5	%
Vivendi Universal US Holdings	800 Third Avenue	2010	227,605	11,567,964			$	50.82	0.8	%	4,968,441		0.5	%	BBB
Sonnenschein, Nath & Rosenthal	1221 Avenue of the Americas	Various	191,825	13,252,608			$	69.09	1.0	%	5,963,674		0.6	%
D.E. Shaw and Company L.P.	120 West 45th Street	2011, 2013, 2015 & 2017	187,484	11,481,804			$	61.24	0.8	%	11,481,804		1.1	%
Amerada Hess Corp.	1185 Avenue of the Americas	2027	182,529	11,054,028			$	60.56	0.8	%	11,054,028		1.1	%	BBB-
Fuji Color Processing Inc.	200 Summit Lake Drive	2013	165,880	5,006,328			$	30.18	0.4	%	5,006,328		0.5	%	AA-
King & Spalding	1185 Avenue of the Americas	2025	159,858	9,425,016			$	58.96	0.7	%	9,425,016		0.9	%
National Hockey League	1185 Avenue of the Americas	2022	148,216	11,082,804			$	74.77	0.8	%	11,082,804		1.1	%
New York Hospitals Center/Mount Sinai	625 Madison Avenue & 673 First Avenue	2016, 2021 & 2026	146,917	6,280,860			$	42.75	0.5	%	6,280,860		0.6	%
Banque National De Paris	919 Third Avenue	2016	145,834	8,351,940			$	57.27	0.6	%	4,259,489		0.4	%
The Segal Company	333 West 34th Street	2025	144,307	7,039,884			$	48.78	0.5	%	7,039,884		0.7	%
Draft Worldwide	919 Third Avenue	2013	141,260	8,126,772			$	57.53	0.6	%	4,144,654		0.4	%	B+
News America Incorporated	1185 Avenue of the Americas	2020	138,294	11,660,040			$	84.31	0.8	%	11,660,040		1.1	%	BBB+
Total			14,612,434	$	715,043,256	(1)	$	48.93	51.5	%	$	474,587,230	45.8	%
Wholly Owned Portfolio + Allocated JV Properties			30,015,900	$	1,389,606,650	(1)	$	46.30			$	1,035,731,257

(1) - Reflects the net rent of $39.07 PSF for the 388-390 Greenwich Street lease.  If this lease were included on a gross basis, Citigroup’s total  PSF annualized rent would be $49.21.

Total PSF annualized rent for the largest tenants would be $51.99 and total PSF annualized rent for the Wholly Owned Portfolio + Allocated JV properties would be $47.79.

(2) - 57% of Portfolio’s largest tenants have investment grade credit ratings. 35% of SLG Share of annualized rent is derived from these tenants.

(3) - 2010 expiration represents 21,656 SF retail space.

35

TENANT DIVERSIFICATION Manhattan and Suburban Properties

Based on SLG Share of Base Rental Revenue

Based on SLG Share of Square Feet Leased

36

Leasing Activity - Manhattan Properties Available Space

Activity	Building Address	# of Leases	Usable SF	Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 9/30/09			1,006,247
Space which became available during the Quarter (A):
Office
	317 Madison Avenue	5	21,063	21,980	$	43.12
	750 Third Avenue	2	17,511	17,869	$	51.13
	461 Fifth Avenue	1	6,639	6,639	$	62.81
	100 Park Avenue	2	18,156	18,426	$	44.88
	19 West 44th Street	1	1,688	1,755	$	57.18
	28 West 44th Street	9	48,459	48,912	$	53.26
	521 Fifth Avenue	2	35,056	36,826	$	61.29
	609 Fifth Avenue	2	1,461	1,382	$	60.81
	711 Third Avenue	2	15,752	15,752	$	52.66
	120 West 45th Street	1	6,430	6,430	$	60.53
	810 Seventh Avenue	2	16,547	16,547	$	61.60
	1350 Avenue of the Americas	2	48,188	48,188	$	53.72
	420 Lexington Avenue	9	26,521	33,579	$	49.08
	Total/Weighted Average	40	263,471	274,285	$	53.33
Retail
	919 Third Avenue	1	330	330	$	91.77
	Total/Weighted Average	1	330	330	$	91.77
Storage
	1515 Broadway	1	145	171	$	35.00
	100 Park Avenue	1	800	744	$	25.00
	28 West 44th Street	4	1,543	1,664	$	25.37
	420 Lexington Avenue	2	296	281	$	25.83
	Total/Weighted Average	8	2,784	2,860	$	25.89
	Total Space became Available during the Quarter
	Office	40	263,471	274,285	$	53.33
	Retail	1	330	330	$	91.77
	Storage	8	2,784	2,860	$	25.89
		49	266,585	277,475	$	53.09
	Total Available Space		1,272,832

(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.

37

Leasing Activity - Manhattan Properties

Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Usable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space as of 12/31/09				1,272,832
Office
	317 Madison Avenue	1	1.2	3,114	4,822	$	41.00	$	32.65	$	—	—
	750 Third Avenue	1	5.3	6,046	6,419	$	43.00	$	51.01	$	84.30	4.0
	461 Fifth Avenue	1	7.9	6,639	7,134	$	59.00	$	58.45	$	25.17	8.0
	100 Park Avenue	3	8.2	24,227	26,930	$	55.17	$	37.16	$	36.19	3.5
	1221 Sixth Avenue	1	10.0	18,683	21,683	$	55.00	$	—	$	97.45	—
	28 West 44th Street	4	11.3	27,152	27,383	$	43.90	$	57.00	$	3.61	—
	609 Fifth Avenue	1	2.2	807	926	$	40.57	$	50.13	$	—	—
	810 Seventh Avenue	1	10.0	15,500	17,320	$	60.98	$	42.76	$	60.45	1.6
	1350 Avenue of the Americas	1	10.7	3,200	3,116	$	68.00	$	56.48	$	80.00	8.0
	420 Lexington Avenue	4	3.4	4,567	5,315	$	42.74	$	46.46	$	50.54	—
	Total/Weighted Average	18	8.8	109,935	121,048	$	52.11	$	47.58	$	45.20	1.9
Retail
	919 Third Avenue	1	5.0	330	330	$	94.00	$	91.77	$	—	—
	Total/Weighted Average	1	5.0	330	330	$	94.00	$	91.77	$	—	—
Storage
	1515 Broadway	1	1.0	145	171	$	35.00	$	35.00	$	—	—
	28 West 44th Street	4	5.2	1,543	1,785	$	23.11	$	23.65	$	—	—
	625 Madison Avenue	1	15.0	987	987	$	30.00	$	—	$	—	—
	Total/Weighted Average	6	8.3	2,675	2,943	$	26.11	$	24.64	$	—	—
Leased Space
	Office (3)	18	8.8	109,935	121,048	$	52.11	$	47.58	$	45.20	1.9
	Retail	1	5.0	330	330	$	94.00	$	91.77	$	—	—
	Storage	6	8.3	2,675	2,943	$	26.11	$	24.64	$	—	—
	Total	25	8.8	112,940	124,321	$	51.60	$	47.26	$	44.01	1.9
Total Available Space as of 12/31/09				1,159,892
Early Renewals
Office
	317 Madison Avenue	2	3.6	7,378	9,365	$	40.27	$	36.83	$	23.26	—
	555 West 57th Street	1	10.0	227,782	227,782	$	25.00	$	22.13	$	1.74	2.1
	19 West 44th Street	1	4.0	3,148	3,435	$	38.44	$	38.06	$	—	—
	711 Third Avenue	1	1.6	45,575	45,575	$	28.52	$	40.12	$	—	—
	420 Lexington Avenue	1	5.5	14,675	16,645	$	49.50	$	60.47	$	—	—
	Total/Weighted Average	6	8.2	298,558	302,802	$	27.50	$	27.58	$	2.03	1.6
Retail
	19 West 44th Street	1	3.0	1,070	1,070	$	46.00	61.77		$	—	—
	Total/Weighted Average	1	3.0	1,070	1,070	$	46.00	$	61.77	$	—	—
Storage
	28 West 44th Street	1	5.0	109	109	$	48.42	29.15		$	—	—
	420 Lexington Avenue	1	5.5	291	291	$	29.75	29.75		$	—	—
	Total/Weighted Average	2	5.4	400	400	$	34.84	$	29.59	$	—	—
Renewals
	Early Renewals Office	6	8.2	298,558	302,802	$	27.50	$	27.58	$	2.03	1.6
	Early Renewals Retail	1	3.0	1,070	1,070	$	46.00	$	61.77	$	—	—
	Early Renewals Storage	2	5.4	400	400	$	34.84	$	29.59	$	—	—
	Total	9	8.2	300,028	304,272	$	27.58	$	27.70	$	2.02	1.6

(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 $51.12/rsf for 93,006 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $33.05/rsf for 395,808 rentable SF.

38

Leasing Activity - Suburban Properties

Available Space

Activity	Building Address	# of Leases	Usable SF	Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 9/30/09			686,846
Space which became available during the Quarter (A):
Office
	1100 King Street - 3 Int’l Drive	1	6,148	6,148	$	28.27
	100 Summit Lake Drive	2	34,109	34,109	$	26.58
	500 Summit Lake Drive	1	58,579	58,579	$	26.03
	140 Grand Street	1	2,200	2,200	$	33.37
	1 Landmark Square	5	11,995	11,995	$	42.86
	2 Landmark Square	1	10,541	10,541	$	30.69
	4 Landmark Square	1	1,600	1,600	$	30.00
	300 Main Street	5	7,824	7,824	$	26.02
	680 Washington Boulevard	1	54,237	54,237	$	37.57
	1010 Washington Boulevard	2	17,304	17,304	$	29.67
	1055 Washington Boulevard	1	1,969	1,969	$	35.31
	The Meadows	2	4,025	4,025	$	25.92
	Jericho Plaza	3	39,863	39,863	$	36.64
	16 Court Street	1	607	607	$	58.75
	Total/Weighted Average	27	251,001	251,001	$	31.83
Retail
	6 Landmark Square	1	21,541	21,541	$	5.80
	Total/Weighted Average	1	21,541	21,541	$	5.80
Storage
	5 Landmark Square	1	100	100	$	15.00
	Jericho Plaza	2	1,133	1,133	$	14.62
	Total/Weighted Average	3	1,233	1,233	$	14.65
	Total Space became Available during the Quarter
	Office	27	251,001	251,001	$	31.83
	Retail	1	21,541	21,541	$	5.80
	Storage	3	1,233	1,233	$	14.65
		31	273,775	273,775	$	29.70
	Total Available Space		960,621

(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.

39

Leasing Activity - Suburban Properties

Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Usable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space as of 12/31/09				960,621
Office
	100 Summit Lake Drive	2	10.8	54,104	54,104	$	22.58	$	26.16	$	47.96	11.6
	140 Grand Street	2	5.6	4,686	4,686	$	29.81	$	33.37	$	19.79	7.1
	1 Landmark Square	4	6.4	12,776	12,778	$	37.14	$	44.13	$	11.54	4.5
	4 Landmark Square	1	5.0	2,900	2,900	$	33.00	$	—	$	5.29	1.0
	300 Main Street	3	2.2	4,592	4,593	$	26.55	$	26.96	$	5.02	0.4
	680 Washington Boulevard	2	8.6	33,591	33,591	$	35.96	$	37.57	$	31.15	11.3
	1010 Washington Boulevard	2	1.3	14,820	14,820	$	28.45	$	28.32	$	0.19	0.2
	1055 Washington Boulevard	2	1.1	4,434	4,434	$	32.36	$	35.31	$	—	0.4
	The Meadows	1	5.0	1,689	1,689	$	28.68	$	26.50	$	—	—
	Jericho Plaza	1	10.7	18,952	19,832	$	35.00	$	33.53	$	45.00	33.0
	16 Court Street	1	10.0	3,036	3,036	$	23.00	$	—	$	25.39	2.0
	Total/Weighted Average	21	8.2	155,580	156,463	$	29.65	$	34.63	$	31.27	11.3
Storage
	Jericho Plaza	1	2.2	200	201	$	16.00	$	14.26	$	—	—
	Total/Weighted Average	1	2.2	200	201	$	16.00	$	14.26	$	—	—
Leased Space
	Office (3)	21	8.2	155,580	156,463	$	29.65	$	34.63	$	31.27	11.3
	Storage	1	2.2	200	201	$	16.00	$	14.26	$	—	—
	Total	22	8.2	155,780	156,664	$	29.63	$	34.58	$	31.23	11.3
Total Available Space as of 12/31/09				804,841
Early Renewals
Office
	1100 King Street - 3 Int’l Drive	1	4.9	25,736	25,736	$	25.00	$	28.27	$	4.04	6.0
	500 Summit Lake Drive	1	8.0	117,158	117,158	$	24.00	$	26.03	$	—	5.4
	3 Landmark Square	1	5.0	3,100	3,100	$	30.00	$	30.38	$	—	4.0
	300 Main Street	1	5.4	9,776	9,776	$	22.00	$	26.12	$	—	3.0
	1055 Washington Boulevard	1	2.0	2,525	2,525	$	33.00	$	33.00	$	—	2.0
	The Meadows	2	5.2	3,060	3,060	$	26.20	$	25.23	$	—	0.4
	Jericho Plaza	1	5.0	28,174	28,174	$	40.46	$	32.64	$	—	3.7
	Total/Weighted Average	8	6.8	189,529	189,529	$	26.73	$	27.47	$	0.55	5.0
Storage
	300 Main Street	1	5.4	250	250	$	10.00	10.00		$	—	—
	Total/Weighted Average	1	5.4	250	250	$	10.00	$	10.00	$	—	—
Renewals
	Early Renewals Office	8	6.8	189,529	189,529	$	26.73	$	27.47	$	0.55	5.0
	Early Renewals Storage	1	5.4	250	250	$	10.00	$	10.00	$	—	—
	Total	9	6.8	189,779	189,779	$	26.71	$	27.45	$	0.55	4.9

(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 $33.60/rsf for 87,067 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $28.89/rsf for 276,596 rentable SF.

40

ANNUAL LEASE EXPIRATIONS - Manhattan Properties

	Consolidated Properties											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 2009 Weighted Average Asking Rent $/psf			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 2009 Weighted Average Asking Rent $/psf
In 1st Quarter 2009 (1)	7	21,743	0.16	%	$	1,120,872	$	51.55	$	62.42		2	531	0.01	%	$	13,308	$	25.06	$	28.30
In 2nd Quarter 2009 (1)	2	552	0.00	%	$	13,296	$	24.09	$	40.00		0	0	0.00	%	$	0	$	0.00	$	0.00
In 3rd Quarter 2009 (1)	3	26,700	0.20	%	$	786,276	$	29.45	$	48.65		0	0	0.00	%	$	0	$	0.00	$	0.00
In 4th Quarter 2009 (1)	14	74,114	0.55	%	$	3,244,224	$	43.77	$	44.02		3	13,833	0.15	%	$	753,036	$	54.44	$	56.82
Total 2009	26	123,109	0.91	%	$	5,164,668	$	41.95	$	48.26		5	14,364	0.16	%	$	766,344	$	53.35	$	55.76
In 1st Quarter 2010	26	132,756	0.99	%	$	6,066,252	$	45.69	$	52.31		8	466,479	5.20	%	$	28,575,012	$	61.26	$	57.62
In 2nd Quarter 2010	29	275,209	2.04	%	$	11,697,480	$	42.50	$	44.69		7	60,530	0.67	%	$	3,393,372	$	56.06	$	54.26
In 3rd Quarter 2010	35	136,878	1.02	%	$	6,746,616	$	49.29	$	58.14		4	22,903	0.26	%	$	1,244,688	$	54.35	$	58.81
In 4th Quarter 2010	33	277,464	2.06	%	$	14,667,864	$	52.86	$	51.05		3	9,066	0.10	%	$	339,108	$	37.40	$	54.92
Total 2010	123	822,307	6.11	%	$	39,178,212	$	47.64	$	50.30		22	558,978	6.23	%	$	33,552,180	$	60.02	$	57.26
2011	114	733,541	5.45	%	$	39,972,372	$	54.49	$	53.54		10	162,837	1.82	%	$	7,801,848	$	47.91	$	59.82
2012	118	1,039,039	7.72	%	$	47,332,836	$	45.55	$	51.00		18	116,688	1.30	%	$	6,318,792	$	54.15	$	57.84
2013	99	1,188,902	8.83	%	$	62,373,948	$	52.46	$	53.11		10	870,622	9.71	%	$	55,178,628	$	63.38	$	68.33
2014	65	853,786	6.34	%	$	44,634,468	$	52.28	$	53.43		15	231,767	2.58	%	$	20,574,264	$	88.77	$	95.82
2015	53	632,190	4.70	%	$	31,151,880	$	49.28	$	52.49		17	1,514,969	16.89	%	$	80,351,364	$	53.04	$	55.63
2016	41	967,980	7.19	%	$	52,378,392	$	54.11	$	60.50		8	225,681	2.52	%	$	17,165,004	$	76.06	$	66.86
2017	58	1,772,799	13.17	%	$	92,766,186	$	52.33	$	53.70		4	62,391	0.70	%	$	3,714,084	$	59.53	$	56.54
2018	25	485,335	3.61	%	$	38,517,972	$	79.36	$	74.00		16	1,309,110	14.59	%	$	86,400,708	$	66.00	$	76.17
Thereafter	79	4,839,934	35.96	%	$	260,880,474	$	53.90	$	57.48		20	1,267,641	14.13	%	$	68,318,064	$	53.89	$	67.79
	801	13,458,922	100.00	%	$	714,351,408	$	53.08	$	55.68		145	6,335,048	70.63	%	$	380,141,280	$	60.01	$	66.23
											(4)	2	2,634,670	29.37	%	$	102,945,936
												147	8,969,718	100.00	%	$	483,087,216

(1) Includes month to month holdover tenants that expired prior to 12/31/09.

(2) Tenants may have multiple leases.

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

(4) Citigroup’s net lease at 388-390 Greenwich Street which expires in 2020, current net rent is $39.07/psf with annual CPI escalation.

41

ANNUAL LEASE EXPIRATIONS - Suburban Properties

	Consolidated Properties										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 2009 Weighted Average Asking Rent $/psf		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 2009 Weighted Average Asking Rent $/psf
In 1st Quarter 2009 (1)	11	59,556	1.86	%	$	398,664	$	6.69	$	8.00	2	1,863	0.07	%	$	31,884	$	17.11	$	19.18
In 2nd Quarter 2009 (1)	1	200	0.01	%	$	2,400	$	12.00	$	15.00	0	0	0.00	%	$	0	$	0.00	$	0.00
In 3rd Quarter 2009 (1)	2	1,091	0.03	%	$	20,544	$	18.83	$	22.28	1	607	0.02	%	$	34,248	$	56.42	$	32.00
In 4th Quarter 2009 (1)	9	38,389	1.20	%	$	571,476	$	14.89	$	20.20	6	25,915	0.96	%	$	910,860	$	35.15	$	33.35
Total 2009	23	99,236	3.10	%	$	993,084	$	10.01	$	12.89	9	28,385	1.06	%	$	976,992	$	34.42	$	32.39
In 1st Quarter 2010	7	106,561	3.33	%	$	3,338,076	$	31.33	$	28.99	6	50,084	1.86	%	$	1,432,680	$	28.61	$	29.28
In 2nd Quarter 2010	13	66,727	2.09	%	$	1,935,564	$	29.01	$	28.41	9	74,067	2.75	%	$	2,315,076	$	31.26	$	33.40
In 3rd Quarter 2010	18	142,456	4.46	%	$	4,337,520	$	30.45	$	36.31	5	24,171	0.90	%	$	855,108	$	35.38	$	33.22
In 4th Quarter 2010	15	130,596	4.08	%	$	4,234,884	$	32.43	$	30.97	3	8,635	0.32	%	$	305,004	$	35.32	$	30.89
Total 2010	53	446,340	13.96	%	$	13,846,044	$	31.02	$	31.82	23	156,957	5.84	%	$	4,907,868	$	31.27	$	31.92
2011	64	751,402	23.50	%	$	22,629,552	$	30.12	$	32.26	24	114,021	4.24	%	$	3,733,200	$	32.74	$	29.42
2012	30	229,811	7.19	%	$	7,555,308	$	32.88	$	34.50	22	243,045	9.04	%	$	8,638,764	$	35.54	$	33.57
2013	35	422,885	13.23	%	$	14,367,657	$	33.98	$	32.33	19	89,565	3.33	%	$	2,776,644	$	31.00	$	36.60
2014	25	265,633	8.31	%	$	8,033,064	$	30.24	$	30.73	23	269,769	10.03	%	$	9,362,544	$	34.71	$	33.33
2015	19	256,852	8.03	%	$	8,370,485	$	32.59	$	32.08	8	40,881	1.52	%	$	1,267,896	$	31.01	$	32.31
2016	19	377,841	11.82	%	$	10,872,864	$	28.78	$	32.46	7	90,926	3.38	%	$	2,796,480	$	30.76	$	32.53
2017	6	54,165	1.69	%	$	1,693,380	$	31.26	$	31.99	6	55,793	2.07	%	$	2,284,536	$	40.95	$	32.18
2018	8	132,595	4.15	%	$	4,172,676	$	31.47	$	31.95	4	61,523	2.29	%	$	2,158,512	$	35.08	$	32.93
Thereafter	12	160,704	5.03	%	$	5,352,264	$	33.31	$	39.66	14	1,538,198	57.20	%	$	55,378,212	$	36.00	$	36.88
	294	3,197,464	100.00	%	$	97,886,378	$	30.61	$	32.00	159	2,689,063	100.00	%	$	94,281,648	$	35.06	$	35.16

(1) Includes month to month holdover tenants that expired prior to 12/31/09.

(2) Tenants may have multiple leases.

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

42

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2009	Price ($’s) (1)
1998 Acquisitions
Mar-98	420 Lexington Avenue	Operating Sublease	Grand Central	1,188,000	83.0	94.1	$	78,000,000
May-98	711 3rd Avenue	Operating Sublease	Grand Central	524,000	79.0	89.1	$	65,600,000
Jun-98	440 9th Avenue	Fee Interest	Penn Station	339,000	76.0	N/A	$	32,000,000
1999 Acquisitions
Jan-99	420 Lexington Leasehold	Sub-leasehold	Grand Central	—	—	—	$	27,300,000
Jan-99	555 West 57th Street - 65% JV	Fee Interest	Midtown West	941,000	100.0	98.9	$	66,700,000
Aug-99	1250 Broadway - 50% JV	Fee Interest	Penn Station	670,000	96.5	N/A	$	93,000,000
Nov-99	555 West 57th Street - remaining 35%	Fee Interest	Midtown West	—		98.9	$	34,100,000
2000 Acquisitions
Feb-00	100 Park Avenue - 50% JV	Fee Interest	Grand Central	834,000	96.5	84.3	$	192,000,000
2001 Acquisitions
Jun-01	317 Madison Avenue	Fee Interest	Grand Central	450,000	95.0	85.1	$	105,600,000
Acquisition of JV Interest
Sep-01	1250 Broadway - 49.9% JV (2)	Fee Interest	Penn Station	670,000	97.7	N/A	$	126,500,000
2002 Acquisitions
May-02	1515 Broadway - 55% JV	Fee Interest	Times Square	1,750,000	98.0	98.0	$	483,500,000
2003 Acquisitions
Feb-03	220 East 42nd Street	Fee Interest	Grand Central	1,135,000	91.9	94.8	$	265,000,000
Mar-03	125 Broad Street	Fee Interest	Downtown	525,000	100.0	N/A	$	92,000,000
Oct-03	461 Fifth Avenue	Leasehold Interest	Midtown	200,000	93.9	98.8	$	60,900,000
Dec-03	1221 Avenue of Americas - 45% JV	Fee Interest	Rockefeller Center	2,550,000	98.8	94.3	$	1,000,000,000
2004 Acquisitions
Mar-04	19 West 44th Street - 35% JV	Fee Interest	Midtown	292,000	86.0	96.9	$	67,000,000
Jul-04	750 Third Avenue	Fee Interest	Grand Central	779,000	100.0	95.2	$	255,000,000
Jul-04	485 Lexington Avenue - 30% JV	Fee Interest	Grand Central	921,000	100.0	96.8	$	225,000,000
Oct-04	625 Madison Avenue	Leasehold Interest	Plaza District	563,000	68.0	99.8	$	231,500,000
2005 Acquisitions
Feb-05	28 West 44th Street	Fee Interest	Midtown	359,000	87.0	91.4	$	105,000,000
Apr-05	1 Madison Avenue - 55% JV	Fee Interest	Park Avenue South	1,177,000	96.0	99.8	$	803,000,000
Apr-05	5 Madison Avenue Clock Tower	Fee Interest	Park Avenue South	267,000	N/A	N/A	$	115,000,000
Jun-05	19 West 44th Street -remaining 65%	Fee Interest	Midtown	—		96.9	$	91,200,000
2006 Acquisition
Mar-06	521 Fifth Avenue (3)	Leasehold Interest	Midtown	460,000	97.0	81.5	$	210,000,000
Jun-06	609 Fifth Avenue	Fee Interest	Midtown	160,000	98.5	97.5	$	182,000,000
Dec-06	485 Lexington Avenue - remaining 70%	Fee Interest	Grand Central	—		96.8	$	578,000,000
Dec-06	800 Third Avenue - 42.95% JV	Fee Interest	Grand Central North	526,000	96.9	96.1	$	285,000,000
2007 Acquisition
Jan-07	Reckson - NYC Portfolio	Fee Interests / Leasehold Interest	Various	5,612,000	98.3	97.1	$	3,679,530,000
Apr-07	331 Madison Avenue	Fee Interest	Grand Central	114,900	97.6	100.0	$	73,000,000
Apr-07	1745 Broadway - 32.3% JV	Fee Interest	Midtown	674,000	100.0	100.0	$	520,000,000
Jun-07	333 West 34th Street	Fee Interest	Penn Station	345,400	100.0	41.5	$	183,000,000
Aug-07	1 Madison Avenue - remaining 45%	Fee Interest	Park Avenue South	1,177,000	99.8	99.8	$	1,000,000,000
Dec-07	388 & 390 Greenwich Street - 50.6% JV	Fee Interest	Downtown	2,635,000	100.0	100.0	$	1,575,000,000
				10,558,300			$	7,030,530,000

(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.)

(3) Current ownership interest is 50.1%. (From 3/17/06 - 12/14/06 the Company owned 100% of the Leasehold Interest of this property.)

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SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan

					Sales		Sales
	Property	Type of Ownership	Submarket	Net Rentable sf	Price ($’s)		Price ($’s/SF)
2000 Sales
Feb-00	29 West 35th Street	Fee Interest	Penn Station	78,000	$	11,700,000	$	150
Mar-00	36 West 44th Street	Fee Interest	Grand Central	178,000	$	31,500,000	$	177
May-00	321 West 44th Street - 35% JV	Fee Interest	Times Square	203,000	$	28,400,000	$	140
Nov-00	90 Broad Street	Fee Interest	Financial	339,000	$	60,000,000	$	177
Dec-00	17 Battery South	Fee Interest	Financial	392,000	$	53,000,000	$	135
				1,190,000	$	184,600,000	$	156
2001 Sales
Jan-01	633 Third Ave	Fee Interest	Grand Central North	40,623	$	13,250,000	$	326
May-01	1 Park Ave - 45% JV	Fee Interest	Grand Central South	913,000	$	233,900,000	$	256
Jun-01	1412 Broadway	Fee Interest	Times Square South	389,000	$	90,700,000	$	233
Jul-01	110 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	$	338
2005 Sales
Apr-05	1414 Avenue of the Americas	Fee Interest	Plaza District	111,000	$	60,500,000	$	545
Aug-05	180 Madison Avenue	Fee Interest	Grand Central	265,000	$	92,700,000	$	350
				376,000	153,200,000		$	407
2006 Sales
Jul-06	286 & 290 Madison Avenue	Fee Interest	Grand Central	149,000	$	63,000,000	$	423
Aug-06	1140 Avenue of the Americas	Leasehold Interest	Rockefeller Center	191,000	$	97,500,000	$	510
Dec-06	521 Fifth Avenue (3)	Leasehold Interest	Midtown	460,000	$	240,000,000	$	522
				800,000	400,500,000		$	501
2007 Sales
Mar-07	1 Park Avenue	Fee Interest	Grand Central South	913,000	$	550,000,000	$	602
Mar-07	70 West 36th Street	Fee Interest	Garment	151,000	$	61,500,000	$	407
Jun-07	110 East 42nd Street	Fee Interest	Grand Central North	181,000	$	111,500,000	$	616
Jun-07	125 Broad Street	Fee Interest	Downtown	525,000	$	273,000,000	$	520
Jun-07	5 Madison Clock Tower	Fee Interest	Park Avenue South	267,000	$	200,000,000	$	749
Jul-07	292 Madison Avenue	Fee Interest	Grand Central South	187,000	$	140,000,000	$	749
Jul-07	1372 Broadway (4)	Fee Interest	Penn Station/Garment	508,000	$	335,000,000	$	659
Nov-07	470 Park Avenue South	Fee Interest	Park Avenue South/Flatiron	260,000	$	157,000,000	$	604
				2,992,000	$	1,828,000,000	$	611
2008 Sales
Jan-08	440 Ninth Avenue	Fee Interest	Penn Station	339,000	$	160,000,000	$	472
May-08	1250 Broadway	Fee Interest	Penn Station	670,000	$	310,000,000	$	463
Oct-08	1372 Broadway (5)	Fee Interest	Penn Station/Garment	508,000	$	274,000,000	$	539
				1,517,000	$	744,000,000	$	490

(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.

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

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

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

44

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2009	Price ($’s) (1)
2007 Acquisition
Jan-07	300 Main Street	Fee Interest	Stamford, Connecticut	130,000	92.5	92.8	$	15,000,000
Jan-07	399 Knollwood Road	Fee Interest	White Plains, Westchester	145,000	96.6	N/A	$	31,600,000
Jan-07	Reckson - Connecticut Portfolio	Fee Interests / Leasehold Interest	Stamford, Connecticut	1,369,800	88.9	84.7	$	490,750,000
Jan-07	Reckson - Westchester Portfolio	Fee Interests / Leasehold Interest	Westchester	2,346,100	90.6	84.0	$	570,190,000
Apr-07	Jericho Plazas - 20.26% JV	Fee Interest	Jericho, New York	640,000	98.4	92.8	$	210,000,000
Jun-07	1010 Washington Boulevard	Fee Interest	Stamford, Connecticut	143,400	95.6	54.3	$	38,000,000
Jun-07	500 West Putnam Avenue	Fee Interest	Greenwich, Connecticut	121,500	94.4	83.2	$	56,000,000
Jul-07	16 Court Street - 35% JV	Fee Interest	Brooklyn, New York	317,600	80.6	84.1	$	107,500,000
Aug-07	150 Grand Street	Fee Interest	White Plains, Westchester	85,000	52.9	7.7	$	6,700,000
Sep-07	The Meadows - 25% JV	Fee Interest	Rutherford, New Jersey	582,100	81.3	84.9	$	111,500,000
				5,880,500			$	1,637,240,000

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Suburban

					Sales		Sales
	Property	Type of Ownership	Submarket	Net Rentable sf	Price ($’s)		Price ($’s/SF)
2008 Sales
Oct-08	100 & 120 White Plains Road	Fee Interest	Tarrytown, Westchester	311,000	$	48,000,000	$	154
2009 Sales
Aug-09	399 Knollwood Road	Fee Interest	White Plains, Westchester	145,000	$	20,767,307	$	143

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

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2009	Price ($’s) (1)
2005 Acquisition
Jul-05	1551-1555 Broadway - 10% JV	Fee Interest	Times Square	25,600	N/A	100.0	$	85,000,000
Jul-05	21 West 34th Street - 50% JV	Fee Interest	Herald Square	30,100	N/A	100.0	$	17,500,000
Sep-05	141 Fifth Avenue - 50% JV	Fee Interest	Flatiron	21,500	90.0	77.6	$	13,250,000
Nov-05	1604 Broadway - 63% JV	Leasehold Interest	Times Square	29,876	17.2	23.7	$	4,400,000
Dec-05	379 West Broadway - 45% JV	Leasehold Interest	Cast Iron/Soho	62,006	100.0	100.0	$	19,750,000
				169,082			$	139,900,000
2006 Acquisition
Jan-06	25-29 West 34th Street - 50% JV	Fee Interest	Herald Square/Penn Station	41,000	55.8	100.0	$	30,000,000
Sep-06	717 Fifth Avenue - 32.75% JV	Fee Interest	Midtown/Plaza District	119,550	63.1	75.8	$	251,900,000
				160,550			$	281,900,000
2007 Acquisition
Aug-07	180 Broadway - 50% JV	Fee Interest	Cast Iron / Soho	24,300	85.2	49.0	$	13,600,000
Apr-07	Two Herald Square - 55% JV	Fee Interest	Herald Square	N/A	N/A	N/A	$	225,000,000
Jul-07	885 Third Avenue - 55% JV	Fee Interest	Midtown / Plaza District	N/A	N/A	N/A	$	317,000,000
				24,300			$	555,600,000
2008 Acquisition
Feb-08	182 Broadway - 50% JV	Fee Interest	Cast Iron / Soho	46,280	83.8	49.0	$	30,000,000
				46,280			$	30,000,000

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

45

SUPPLEMENTAL DEFINITIONS

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

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). 

46

CORPORATE GOVERNANCE

Stephen L. Green

Chairman of the Board

Marc Holliday

Chief Executive Officer

Gregory F. Hughes

Chief Operating Officer and Chief Financial Officer

Andrew Mathias

President and Chief Investment Officer

Andrew S. Levine

Chief Legal Officer

ANALYST COVERAGE

Firm	Analyst	Phone	Email
Bank of America - Merrill Lynch	James C. Feldman	(212) 449-6339	james_feldman@ml.com
Barclays Capital	Ross Smotrich	(212) 526-2306	Ross.smotrich@barcap.com
Citigroup Smith Barney, Inc.	Michael Bilerman	(212) 816-1383	michael.bilerman@citigroup.com
Credit-Suisse	Andrew Rosivach	(415) 249-7942	steve.benyik@credit-suisse.com
Deutsche Bank	John Perry	(212) 250-4912	john.perry@db.com
Goldman Sachs & Co.	Jonathan Habermann	(917) 343-4260	jonathan.habermann@gs.com
Green Street Advisors	Michael Knott	(949) 640-8780	mknott@greenstreetadvisors.com
ISI Group	Steve Sakwa	(212) 446-9462	ssakwa@isigrp.com
JP Morgan Securities, Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280	jsadler@keybanccm.com
Macquarie Research Equities (USA)	Robert Stevenson	(212) 857 6168	robert.stevenson@macquarie.com
Raymond James Financial, Inc.	Paul D. Puryear	(727) 567-2253	paul.puryear@raymondjames.com
RBC Capital Markets	David B. Rodgers	(440) 715-2647	dave.rodgers@rbccm.com
Stifel Nicolaus	John Guinee	(443) 224-1307	jwguinee@stifel.com
UBS Securities LLC	Ross T. Nussbaum	(212) 713-2484	ross.nussbaum@ubs.com
Wells Fargo Securities, LLC	Brendan Maiorana	(443) 263-6516	brendan.maiorana@wachovia.com

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.

47