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

Exhibit 99.2

SL Green Realty Corp.

Fourth Quarter

Supplemental Data

December 31, 2010

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 ar e 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.

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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 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 re al 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 simila r 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, 2010 that will be released on Form 10-K to be filed on or before March 1, 2011.

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    TABLE OF CONTENTS

Highlights of Current Period Financial Performance
Unaudited Financial Statements
Corporate Profile	5
Financial Highlights	6-13
Comparative Balance Sheets	14-15
Comparative Statements of Operations	16
Comparative Computation of FFO and FAD	17
Consolidated Statement of Equity	18
Joint Venture Statements	19-21
Selected Financial Data	22-25
Debt Summary Schedule	26-28
Summary of Ground Lease Arrangements	29
Debt and Preferred Equity Investments	30-32
Selected Property Data
Composition of Property Portfolio	33-35
Largest Tenants	36
Tenant Diversification	37
Leasing Activity Summary	38-41
Annual Lease Expirations	42-43
Summary of Real Estate Acquisition/Disposition Activity	44-46
Supplemental Definitions	47
Corporate Information	48

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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 plans to continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and debt and preferred equity 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 2010
UNAUDITED

FINANCIAL RESULTS

New York, NY, January 24, 2011 - SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, of $74.7 million, or $0.93 per diluted share, for the quarter ended December 31, 2010, compared to $69.1 million, or $0.87 per diluted share, for the same quarter in 2009.

Net income attributable to common stockholders totaled $7.2 million, or $0.09 per diluted share, for the quarter ended December 31, 2010, compared to a net loss of $5.1 million, or $0.07 per diluted share, for the same quarter in 2009.

Results for the quarter ended December 31, 2010 included approximately $3.5 million of transaction-related costs which resulted in a $0.04 per diluted share charge to net income and FFO.

Funds available for distribution, or FAD, for the fourth quarter of 2010 was $0.35 per diluted share compared to $0.59 per diluted share in the prior year, a 40.7% decrease.

The Company’s dividend payout ratio for the fourth quarter of 2010 was 10.7% of FFO and 28.8% of FAD before first cycle leasing costs.

All per share amounts are presented on a diluted basis.

CONSOLIDATED RESULTS

Total quarterly revenues were $267.2 million in the fourth quarter of 2010 compared to $243.0 million in the prior year.  The $24.2 million increase in revenue resulted primarily from the following items:

·$2.4 million increase from same-store properties,

·$5.5 million increase in preferred equity and investment income,

·$0.4 million decrease in other income, and

·$16.7 million increase from properties that were non-same-store properties and other entities.

The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, was $138.9 million compared to $118.7 million in the prior year.  The following items drove the $20.2 million increase in EBITDA:

·$1.1 million increase from same-store properties,

·$10.4 million increase from properties that were not same-store-properties,

·$5.5 million increase in preferred equity and investment income primarily due to additional income recognized on the sale of a debt investment in 2010.  In addition, investment income increased because the weighted-average debt and preferred equity portfolio balance for the quarter was $926.4 million compared to $648.0 million in the prior year fourth quarter.  This was partially offset by the weighted-average yield for the quarter of 7.93% being

6

FINANCIAL HIGHLIGHTS FOURTH QUARTER 2010
UNAUDITED

lower than the 8.80% weighted-average yield in the prior year,

·$9.7 million decrease from lower contributions to equity in net income from unconsolidated joint ventures primarily from 600 Lexington Avenue due to the write-off of deferred finance costs resulting from the refinancing ($3.0 million), 1221 Avenue of the Americas which was sold in May 2010 ($8.2 million), 521 Fifth Avenue ($0.5 million), 180 Broadway ($0.5 million) and 100 Park Avenue ($0.6 million).  This was partially offset by higher contributions to equity in net income primarily from 1515 Broadway ($3.3 million),

·$18.7 million increase from lower loan loss reserves and other write-offs,

·$4.9 million decrease from higher MG&A expense and transaction related costs, and

·$0.9 million decrease in non-real estate revenues, net of expenses, inclusive of net gains on early extinguishment of debt ($0.6 million).

SAME-STORE RESULTS

Consolidated Properties

Same-store fourth quarter 2010 GAAP NOI was $128.1 million compared to $127.6 million in the prior year.  Operating margins before ground rent decreased modestly from 62.0% to 61.9%.

The $0.5 million increase in GAAP NOI was primarily due to:

·$0.2 million (0.1%) decrease in rental revenue,

·$1.6 million (5.7%) decrease in escalation and reimbursement revenue due to lower operating expense escalations,

·$3.6 million (642.9%) increase in investment and other income primarily due to higher lease buy-out income,

·$0.1 million (0.2%) decrease in operating expenses, and

·$1.4 million (4.1%) increase in real estate taxes.

Joint Venture Properties

The Joint Venture same-store properties fourth quarter 2010 GAAP NOI increased $2.7 million (7.2%) to $39.8 million compared to the prior year.  Operating margins before ground rent increased from 72.0% to 72.7%.

The $2.7 million increase in GAAP NOI was primarily due to:

·$2.7 million (5.9%) increase in rental revenue,

·$0.6 million (10.5%) increase in escalation and reimbursement revenue,

·$0.1 million (0.8%) increase in operating expenses primarily driven by increases in payroll costs, and

·$0.5 million (8.1%) increase in real estate taxes.

DEBT AND PREFERRED EQUITY INVESTMENT ACTIVITY

The Company’s debt and preferred equity investment portfolio totaled $963.8 million at December 31, 2010, an increase of

7

FINANCIAL HIGHLIGHTS FOURTH QUARTER 2010
UNAUDITED

$55.8 million from the balance at September 30, 2010.  During the fourth quarter, the Company purchased or originated new debt investments of $78.4 million, all of which are directly or indirectly collateralized by commercial office properties, and received $22.5 million of proceeds from investments that were sold, redeemed or repaid.  During the fourth quarter, the Company also recorded approximately $4.8 million in additional reserves against its debt investments.  The debt and preferred equity investment portfolio had a weighted average maturity of 3.36 years as of December 31, 2010 and had a weighted average yield for the quarter ended December 31, 2010 of 9.2 percent, exclusive of loans totaling $136.9 million which are on non-accrual status.

QUARTERLY LEASING HIGHLIGHTS

Manhattan vacancy at September 30, 2010 was 1,776,163 useable square feet net of holdover tenants.  During the quarter, 451,673 additional useable office, retail and storage square feet became available at an average escalated cash rent of $49.88 per rentable square foot.  Space available to lease during the quarter totaled 2,227,836 useable square feet, or 10% of the total Manhattan portfolio.

During the fourth quarter, 54 Manhattan office leases, including early renewals, were signed totaling 793,667 rentable square feet.  New cash rents averaged $46.19 per rentable square foot.  Replacement rents were 2.6% lower than rents on previously occupied space, which had fully escalated cash rents averaging $47.44 per rentable square foot.  The average lease term was 13.1 years and average tenant concessions were 6.5 months of free rent with a tenant improvement allowance of $56.32 per rentable square foot.

Suburban vacancy at September 30, 2010 was 941,045 useable square feet net of holdover tenants.  During the quarter, 203,097 additional useable office and storage square feet became available at an average escalated cash rent of $31.44 per rentable square foot.  Space available to lease during the quarter totaled 1,144,142 useable square feet, or 16.8% of the total Suburban portfolio.

During the fourth quarter, 29 Suburban office leases, including early renewals, were signed totaling 332,707 rentable square feet.  New cash rents averaged $29.50 per rentable square foot.  Replacement rents were 11.4% lower than rents on previously occupied space, which had fully escalated cash rents averaging $33.30 per rentable square foot.  The average lease term was 7.0 years and average tenant concessions were 4.6 months of free rent with a tenant improvement allowance of $20.31 per rentable square foot.

The Company also signed a total of 11 retail and storage leases, including early renewals, for 8,649 rentable square feet.  The average lease term was 13.6 years and tenant concessions were 2.9 months of free rent with a tenant improvement allowance of $9.20 per rentable square foot.

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FINANCIAL HIGHLIGHTS FOURTH QUARTER 2010
UNAUDITED

REAL ESTATE ACTIVITY

In October 2010, the Company entered into an agreement with The Moinian Group, under which the Company provided a standby mortgage commitment and may make a future equity investment as part of a recapitalization of Three Columbus Circle.

In December 2010, the Company completed the acquisition of investments from Gramercy comprised of: (1) the remaining 45 percent joint venture interest in the leased fee at 885 Third Avenue for $39.3 million plus assumed mortgage debt of $120.4 million; (2) the remaining 45 percent joint venture interest in the leased fee at 2 Herald Square for $25.6 million plus assumed mortgage debt of $86.1 million; and (3) the entire leased fee interest in 292 Madison Avenue for $19.2 million plus assumed mortgage debt of $59.1 million. These assets are all leased to third party operators.

In December 2010, the Company’s $12.0 million first mortgage collateralized by 11 West 34th Street was repaid at par, resulting in the Company’s recognition of additional income of approximately $1.1 million.  Simultaneous with the repayment, the joint venture was recapitalized, with the Company having a 30 percent interest. The property is subject to a long-term net lease arrangement and is encumbered by a five-year $18.0 million mortgage that bears interest at 250 basis points over the 30-day LIBOR.

In December 2010, the Company acquired 2 fully leased retail condominiums in Williamsburg, Brooklyn, for $18.4 million.

In December 2010, the Company’s 180-182 Broadway joint venture with Jeff Sutton announced an agreement with Pace University to convey a long-term ground lease condominium interest to Pace University for 20 floors of student housing.  The joint venture also admitted Harel Insurance and Finance, who contributed $28.1 million to the joint venture, for a 49 percent partnership interest.  Simultaneously, the joint venture also closed on a new five-year $90.0 million construction loan, which bears interest at 275 basis points over the 30-day LIBOR.

In January 2011, the Company purchased City Investment Fund’s 49.9 percent interest in 521 Fifth Avenue, thereby assuming full ownership of the leasehold position. The transaction valued the consolidated interest at approximately $245.7 million.

FINANCING/ CAPITAL ACTIVITY

In October 2010, the Company’s operating partnership issued $345.0 million of 3.00 percent exchangeable senior notes due October 2017, inclusive of the $45.0 million overallotment option, with a 30 percent conversion premium.  The Company received net proceeds from the offering of approximately $336.5 million.

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FINANCIAL HIGHLIGHTS FOURTH QUARTER 2010
UNAUDITED

In October 2010, the joint venture that owns 600 Lexington Avenue closed on a $125.0 million seven-year mortgage to replace the $49.85 million mortgage assumed upon acquisition of the property.  The new mortgage bears interest at a rate of 200 basis points over LIBOR and is interest-only for the first 2 years.

Dividends

In December 2010, the Company declared a dividend of $0.10 per share of common stock for the fourth quarter of 2010.  The dividend was payable January 14, 2010 to stockholders of record on the close of business on January 3, 2011.  This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $0.40 per common share.

In December 2010, the Company also declared a dividend on its Series C preferred stock for the period October 15, 2010 through and including January 14, 2011, of $0.4766 per share, payable January 14, 2011 to stockholders of record on the close of business on January 3, 2011.  The dividend reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.9064 per share of Series C preferred stock.

In December 2010, the Company also declared a dividend on its Series D preferred stock for the period October 15, 2010 through and including January 14, 2011, of $0.4922 per share, payable January 14, 2011 to stockholders of record on the close of business on January 3, 2011. The dividend reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.9688 per share of Series D preferred stock.

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SL Green Realty Corp.
Key Financial Data
December 31, 2010
(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Earnings Per Share
Net income (loss) available to common stockholders - diluted	$	0.09		$	1.42		$	1.75		$	0.19		$	(0.07	)
Funds from operations available to common stockholders - diluted	$	0.93		$	1.82		$	1.02		$	1.07		$	0.87
Funds available for distribution to common stockholders - diluted	$	0.35		$	1.40		$	0.67		$	0.67		$	0.59
Common Share Price & Dividends
At the end of the period	$	67.51		$	63.33		$	55.04		$	57.27		$	50.24
High during period	$	70.27		$	66.61		$	67.69		$	57.60		$	52.74
Low during period	$	61.50		$	50.41		$	55.04		$	44.18		$	37.72
Common dividends per share	$	0.100		$	0.100		$	0.100		$	0.100		$	0.100
FFO payout ratio	10.7		%	5.5		%	9.8		%	9.4		%	11.5		%
FAD payout ratio	28.8		%	7.1		%	15.0		%	14.8		%	17.0		%
Common Shares & Units
Common shares outstanding	78,307			78,252			78,209			77,924			77,514
Units outstanding	1,249			1,249			1,211			1,408			1,684
Total common shares and units outstanding	79,556			79,501			79,420			79,332			79,198
Weighted average common shares and units outstanding - basic	79,549			79,437			79,371			79,325			79,179
Weighted average common shares and units outstanding - diluted	79,937			79,781			79,791			79,760			79,454
Market Capitalization
Market value of common equity	$	5,370,826		$	5,034,798		$	4,371,277		$	4,543,344		$	3,978,908
Liquidation value of preferred equity	392,500			392,500			392,500			392,500			257,500
Consolidated debt	5,251,013			4,628,207			4,558,947			4,776,401			4,892,688
Consolidated market capitalization	$	11,014,339		$	10,055,505		$	9,322,724		$	9,712,245		$	9,129,096
SLG portion of JV debt	1,603,918			1,819,118			1,820,107			1,847,234			1,848,721
Combined market capitalization	$	12,618,257		$	11,874,623		$	11,142,831		$	11,559,479		$	10,977,817
Consolidated debt to market capitalization	47.7		%	46.0		%	48.9		%	49.2		%	53.6		%
Combined debt to market capitalization	54.3		%	54.3		%	57.2		%	57.3		%	61.4		%
Debt to total assets - unsecured credit facility covenant	47.1		%	45.0		%	44.6		%	46.8		%	48.0		%
Consolidated debt service coverage	2.4			3.6			2.6			2.6			2.8
Consolidated fixed charge coverage	2.0			2.9			2.1			2.1			2.3
Combined fixed charge coverage	1.7			2.4			1.8			1.8			2.0
Portfolio Statistics (Manhattan)
Consolidated office buildings	22			22			22			22			21
Unconsolidated office buildings	8			8			8			8			8
	30			30			30			30			29
Consolidated office buildings square footage	15,141,945			15,141,945			14,829,700			14,829,700			13,782,200
Unconsolidated office buildings square footage	7,182,515			7,182,515			7,182,515			9,429,000			9,429,000
	22,324,460			22,324,460			22,012,215			24,258,700			23,211,200
Quarter end occupancy - Manhattan portfolio	94.6		%(1)	94.4		%(1)	94.4		%(1)	94.0		%(1)	95.0		%
Quarter end occupancy- same store - Manhattan consolidated	94.4		%	94.9		%	95.2		%	95.9		%	96.0		%
Quarter end occupancy- same store - combined (consolidated + joint venture)	94.8		%	94.7		%	94.7		%	94.8		%	95.8		%

(1) Excludes 100 Church Street, which the Company took ownership of in January 2010.

Supplemental Information Fourth Quarter 2010

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�� SL Green Realty Corp. Key Financial Data December 31, 2010 (Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Selected Balance Sheet Data
Real estate assets before depreciation	$	8,890,064		$	8,599,674		$	8,333,310		$	8,387,102		$	8,257,100
Investments in unconsolidated joint ventures	$	631,570		$	777,556		$	775,765		$	1,053,754		$	1,058,369
Debt and Preferred Equity Investments	$	963,772		$	907,936		$	867,393		$	786,138		$	784,620
Total assets	$	11,300,294		$	10,587,875		$	10,408,034		$	10,514,240		$	10,487,577
Fixed rate & hedged debt	$	4,136,362		$	3,360,132		$	3,249,291		$	3,535,954		$	3,316,081
Variable rate debt	1,114,651			1,268,075			1,309,656			1,240,447			1,576,607
Total consolidated debt	$	5,251,013		$	4,628,207		$	4,558,947		$	4,776,401		$	4,892,688
Total liabilities	$	5,818,412		$	5,202,544		$	5,141,952		$	5,370,610		$	5,489,830
Fixed rate & hedged debt - including SLG portion of JV debt	$	5,119,583		$	4,620,699		$	4,509,858		$	4,785,853		$	4,565,980
Variable rate debt - including SLG portion of JV debt	1,735,348			1,826,626			1,869,196			1,837,782			2,175,429
Total combined debt	$	6,854,931		$	6,447,325		$	6,379,054		$	6,623,635		$	6,741,409
Selected Operating Data
Property operating revenues	$	234,142		$	230,838		$	225,871		$	226,299		$	219,184
Property operating expenses	102,706			103,714			99,399			103,502			95,243
Property operating NOI	$	131,436		$	127,124		$	126,472		$	122,797		$	123,941
NOI from discontinued operations	—			2,392			2,369			2,284			2,162
Total property operating NOI	$	131,436		$	129,516		$	128,841		$	125,081		$	126,103
SLG share of property NOI from JVs	$	47,870		$	46,357		$	50,485		$	55,021		$	56,133
Structured finance income	$	22,383		$	84,377		$	20,788		$	20,379		$	16,911
Other income	$	10,720		$	8,065		$	9,186		$	8,199		$	6,945
Gain (Loss) on early extinguishment of debt	$	—		$	(511	)	$	(1,276	)	$	(113	)	$	606
Loan loss and other investment reserves, net of recoveries	$	8,178		$	1,338		$	4,985		$	6,000		$	26,832
Marketing general & administrative expenses	$	20,695		$	18,474		$	18,379		$	18,398		$	19,255
Consolidated interest	$	61,292		$	57,225		$	57,649		$	57,479		$	54,195
Combined interest	$	85,795		$	79,510		$	79,755		$	79,017		$	74,735
Preferred dividend	$	7,545		$	7,545		$	7,545		$	7,116		$	4,969
Office Leasing Statistics (Manhattan)
Total office leases signed	54			44			49			47			24
Total office square footage leased	793,667			510,463			461,492			501,321			423,850
Average rent psf - new leases	$	46.19		$	41.22		$	40.09		$	45.00		$	33.05
Previously escalated rents psf	$	47.44		$	40.69		$	41.95		$	47.39		$	32.28
Percentage of new rent over previously escalated rents	-2.6		%	1.3		%	-4.4		%	-5.1		%	2.4		%
Tenant concession packages psf	$	56.32		$	18.78		$	23.72		$	28.31		$	14.36
Free rent months	6.5			3.2			2.8			5.5			1.7

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SL Green Realty Corp. Key Financial Data December 31, 2010 (Dollars in Thousands Except Per Share and Sq. Ft.)

Suburban Properties

	As of or for the three months ended
	12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Selected Operating Data (Suburban)
Property operating revenues	$	25,476		$	27,157		$	27,305		$	27,453		$	29,358
Property operating expenses	13,277			12,721			13,329			13,083			13,393
Property operating NOI	$	12,199		$	14,436		$	13,976		$	14,370		$	15,965
NOI from discontinued operations	—			—			—			—			—
Total property operating NOI	$	12,199		$	14,436		$	13,976		$	14,370		$	15,965
SLG share of property NOI from JV	$	4,586		$	4,776		$	4,444		$	5,096		$	4,585
Other income	$	2,548		$	392		$	707		$	2,507		$	354
Consolidated interest	$	1,124		$	1,133		$	1,133		$	1,126		$	1,181
Combined interest	$	3,280		$	3,287		$	3,300		$	3,200		$	3,167
Portfolio Statistics (Suburban)
Consolidated office buildings	25			25			25			25			25
Unconsolidated office buildings	6			6			6			6			6
	31			31			31			31			31
Consolidated office buildings square footage	3,863,000			3,863,000			3,863,000			3,863,000			3,863,000
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			6,804,700			6,804,700			6,804,700
Quarter end occupancy - suburban portfolio	87.3		%	87.0		%	87.9		%	88.1		%	88.7		%
Office Leasing Statistics (Suburban)
Total office leases signed	29			17			22			31			29
Total office square footage leased	332,707			206,666			103,076			214,931			345,992
Average rent psf - new leases	$	29.50		$	29.31		$	30.80		$	28.57		$	28.89
Previously escalated rents psf	$	33.30		$	32.24		$	31.63		$	32.06		$	29.72
Percentage of new rent over previously escalated rents	-11.4		%	-9.1		%	-2.6		%	-10.9		%	-2.8		%
Tenant concession packages psf	$	20.31		$	11.56		$	12.47		$	11.24		$	14.44
Free rent months	4.6			2.8			3.1			3.4			7.8

13

COMPARATIVE BALANCE SHEETS

Unaudited
($000’s omitted)

	12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Assets
Commercial real estate properties, at cost:
Land & land interests	1,750,220			$	1,459,690		$	1,392,730		$	1,411,560		$	1,379,052
Buildings & improvements fee interest	5,840,701			5,838,978			5,647,490			5,682,183			5,585,584
Buildings & improvements leasehold	1,286,935			1,288,798			1,280,882			1,281,151			1,280,256
Buildings & improvements under capital lease	12,208			12,208			12,208			12,208			12,208
	8,890,064			$	8,599,674		$	8,333,310		$	8,387,102		$	8,257,100
Less accumulated depreciation	(916,293		)	(871,910		)	(832,436		)	(790,171		)	(738,422		)
	$	7,973,771		$	7,727,764		$	7,500,874		$	7,596,931		$	7,518,678
Other real estate investments:
Investment in and advances to unconsolidated joint ventures	631,570			777,556			775,765			1,053,754			1,058,369
Debt and Preferred Equity Investments, net	963,772			907,936			867,393			786,138			784,620
Assets held for sale, net	—			—			—			992			992
Cash and cash equivalents	332,830			270,803			339,577			167,654			343,715
Restricted cash	137,673			153,667			157,515			170,318			94,495
Investment in marketable securities	34,052			72,090			72,993			78,048			58,785
Tenant and other receivables, net of $12,981 reserve at 12/31/10	27,054			29,470			22,734			22,980			22,483
Related party receivables	6,295			7,088			6,026			3,218			8,570
Deferred rents receivable, net of reserve for tenant credit loss of $30,834 at 12/31/10	201,317			190,481			184,739			176,601			166,981
Deferred costs, net	172,517			156,502			147,605			151,856			139,257
Other assets	819,443			294,518			332,813			305,750			290,632
Total Assets	$	11,300,294		$	10,587,875		$	10,408,034		$	10,514,240		$	10,487,577

14

COMPARATIVE BALANCE SHEETS

Unaudited
($000’s omitted)

	12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Liabilities and Equity
Mortgages & other loans payable	$	3,400,468		$	2,896,946		$	2,800,866		$	2,723,146		$	2,595,552
Senior unsecured notes	1,100,545			831,261			858,081			1,053,255			823,060
Revolving credit facility	650,000			800,000			800,000			900,000			1,374,076
Accrued interest and other liabilities	38,149			21,357			24,645			23,002			34,734
Accounts payable and accrued expenses	133,389			144,814			144,168			137,278			125,982
Deferred revenue	307,678			320,712			325,228			344,772			349,669
Capitalized lease obligations	17,044			17,028			16,979			16,930			16,883
Deferred land lease payable	18,267			18,204			18,140			18,076			18,013
Dividends and distributions payable	14,182			14,203			14,228			14,248			12,006
Security deposits	38,690			38,019			39,617			39,903			39,855
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Total liabilities	$	5,818,412		$	5,202,544		$	5,141,952		$	5,370,610		$	5,489,830
Noncontrolling interest in operating partnership (1,249 units outstanding) at 12/31/10	84,338			79,117			66,640			80,642			84,618
Equity
SL Green Realty Corp. Stockholders’ Equity:
7.625% Series C Perpetual Preferred Shares	274,022			274,000			274,000			274,149			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, 81,675 issued and outstanding at 12/31/10	817			816			816			813			809
Additional paid—in capital	3,660,842			3,570,752			3,563,980			3,542,197			3,525,901
Treasury stock (3,369 shares) at 12/31/10	(303,222		)	(303,222		)	(302,705		)	(302,705		)	(302,705		)
Accumulated other comprehensive loss	(22,659		)	(30,936		)	(30,305		)	(21,902		)	(33,538		)
Retained earnings	1,172,963			1,180,667			1,081,895			949,083			949,669
Total SL Green Realty Corp. stockholders’ equity	4,879,084			4,788,398			4,684,002			4,537,956			4,388,438
Noncontrolling interest in other partnerships	518,460			517,816			515,440			525,032			524,691
Total equity	$	5,397,544		$	5,306,214		$	5,199,442		$	5,062,988		$	4,913,129
Total liabilities and equity	$	11,300,294		$	10,587,875		$	10,408,034		$	10,514,240		$	10,487,577

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,
	2010			2009			2010			2010			2009
Revenues
Rental revenue, net	205,003			190,353			$	199,347		$	796,667		$	761,446
Escalation and reimbursement revenues	29,139			28,831			31,491			120,484			121,426
Investment income	22,383			16,911			84,377			147,926			65,608
Other income	10,720			6,945			8,065			36,169			47,367
Total Revenues, net	267,245			243,040			323,280			1,101,246			995,847
Equity in net income from unconsolidated joint ventures	6,682			16,392			7,544			39,607			62,878
Gain (loss) on early extinguishment of debt	—			606			(511		)	(1,900		)	86,007
Operating expenses	58,307			54,242			59,320			229,305			214,049
Ground rent	7,831			7,822			7,860			31,191			31,826
Real estate taxes	36,568			33,179			36,534			148,828			139,523
Loan loss and other investment reserves, net of recoveries	8,178			26,832			1,338			20,501			150,510
Transaction related costs	3,460			—			3,254			11,875			—
Marketing, general and administrative	20,695			19,255			18,474			75,946			73,992
Total Operating Expenses	135,039			141,330			126,780			517,646			609,900
EBITDA	138,888			118,708			203,533			621,307			534,832
Interest expense, net of interest income	61,292			54,195			57,225			233,647			236,301
Amortization of deferred financing costs	2,819			1,966			2,802			9,928			7,947
Depreciation and amortization	59,225			59,670			56,932			228,893			224,147
Loss (gain) on equity investment in marketable securities	(775		)	(232		)	—			(490		)	396
Income from Continuing Operations	16,327			3,109			86,574			149,329			66,041
Income (loss) from discontinued operations	—			1,593			1,987			5,420			5,774
Gain (loss) on sale of discontinued operations	—			(1,741		)	35,485			35,485			(6,841		)
Equity in net gain (loss) on sale of joint venture interest / real estate	1,633			—			520			128,922			6,691
Net Income	17,960			2,961			124,566			319,156			71,665
Net income attributable to noncontrolling interests	(3,206		)	(3,115		)	(5,521		)	(18,581		)	(14,121		)
Net Income (Loss) Attributable to SL Green Realty Corp	14,754			(154		)	119,045			300,575			57,544
Dividends on perpetual preferred shares	7,545			4,969			7,545			29,749			19,875
Net Income (Loss) Attributable to Common Stockholders	$	7,209		$	(5,123	)	$	111,500		$	270,826		$	37,669
Earnings per Share
Net income (loss) per share (basic)	$	0.09		$	(0.07	)	$	1.43		$	3.47		$	0.54
Net income (loss) per share (diluted)	$	0.09		$	(0.07	)	$	1.42		$	3.45		$	0.54

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,
		2010			2009			2010			2010			2009
Funds from operations
Net Income (Loss) Attributable to Common Stockholders		$	7,209		$	(5,123	)	$	111,500		$	270,826		$	37,669
Add:	Depreciation and amortization	59,225			59,670			56,932			228,893			224,147
	Discontinued operations depreciation adjustments	—			568			405			1,626			3,106
	Joint ventures depreciation and noncontrolling interests adjustments	7,555			9,577			7,116			32,163			39,964
	Net income attributable to noncontrolling interests	3,206			3,115			5,521			18,581			14,121
	Loss (gain) on equity investment in marketable securities	(682		)	(232		)	—			(397		)	396
Less:	Gain (loss) on sale of discontinued operations	—			(1,741		)	35,485			35,485			(6,841		)
	Equity in net gain (loss) on sale of joint venture property / real estate	1,633			—			520			128,922			6,691
	Non-real estate depreciation and amortization	189			187			155			874			736
	Funds From Operations	$	74,691		$	69,129		$	145,314		$	386,411		$	318,817
	Funds From Operations - Basic per Share	$	0.94		$	0.87		$	1.83		$	4.87		$	4.43
	Funds From Operations - Diluted per Share	$	0.93		$	0.87		$	1.82		$	4.84		$	4.43
Funds Available for Distribution
FFO		$	74,691		$	69,129		$	145,314		386,411			318,817
Add:	Non real estate depreciation and amortization	189			187			155			874			736
	Amortization of deferred financing costs	2,819			1,966			2,802			9,928			7,947
	Non-cash deferred compensation	13,928			8,001			6,748			32,276			30,040
Less:	FAD adjustment for Joint Ventures	15,894			6,351			11,691			49,486			50,341
	FAD adjustment for discontinued operations	—			(94		)	(20		)	(83		)	(50		)
	Straight-line rental income and other non cash adjustments	16,783			14,541			17,429			69,899			47,054
	Second cycle tenant improvements	12,116			5,683			5,934			24,311			10,360
	Second cycle leasing commissions	8,983			2,304			5,916			22,052			10,566
	Revenue enhancing recurring CAPEX	1,469			234			110			2,047			704
	Non-revenue enhancing recurring CAPEX	8,586			3,428			1,947			15,011			9,932
Funds Available for Distribution		$	27,796		$	46,836		$	112,012		$	246,766		$	228,634
	Diluted per Share	$	0.35		$	0.59		$	1.40		$	3.09		$	3.17
First Cycle Leasing Costs
	Tenant improvements	8,096			19,169			2,120			17,603			37,770
	Leasing commissions	2,955			1,162			4,983			9,989			2,359
Funds Available for Distribution after First Cycle Leasing Costs		$	16,745		$	26,505		$	104,909		$	219,174		$	188,505
Funds Available for Distribution per Diluted Weighted Average Unit and Common Share		$	0.21		$	0.33		$	1.31		$	2.75		$	2.62
Redevelopment Costs		$	8,154		$	7,294		3,653			18,046			$	28,493
Payout Ratio of Funds From Operations		10.7		%	11.5		%	5.5		%	8.3		%	15.3		%
Payout Ratio of Funds Available for Distribution Before First Cycle Leasing Costs		28.8		%	17.0		%	7.1		%	12.9		%	21.3		%

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, 2009	$	151,981	$	96,321	$	809	$	3,525,901	$	(302,705	)	$	949,669		$	524,691		$	(33,538	)	$	4,913,129
Net Income attributable to SL Green												300,576			13,903						314,479
Preferred Dividend												(29,749		)							(29,749		)
Cash distributions declared ($0.40 per common share)												(31,596		)							(31,596		)
Cash contributions from noncontrolling interests															2,788						2,788
Cash distributions to noncontrolling interests															(13,390		)				(13,390		)
Comprehensive Income - Unrealized loss on derivative instruments																		(3,039		)	(3,039		)
Comprehensive Income - SLG share unrealized loss on derivative instruments of JVs																		571			571
Comprehensive Income - Unrealized loss on investments																		13,347			13,347
Net proceeds from preferred stock offering	122,041																				122,041
Net proceeds from exercise of stock options					1		3,287														3,288
Redemption of units and dividend reinvestment proceeds					5		23,339														23,344
Reallocation of noncontrolling interests in the operating partnership												(18,948		)							(18,948		)
Deconsolidation of real estate investments												3,011			(9,532		)				(6,521		)
Issuance of convertible notes							76,039														76,039
Deferred compensation plan					2		535		(517		)										20
Amortization of deferred compensation							31,741														31,741
Balance at December 31, 2010	$	274,022	$	96,321	$	817	$	3,660,842	$	(303,222	)	$	1,172,963		$	518,460		$	(22,659	)	$	5,397,544

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, 2009	77,514,292		1,684,283			79,198,575	—	79,198,575
YTD share activity	792,410		(435,009	)		357,401		357,401
Share Count at December 31, 2010 - Basic	78,306,702		1,249,274		—	79,555,976	—	79,555,976
Weighting Factor	(205,872	)	71,312		339,232	204,672		204,672
Weighted Average Share Count at December 31, 2010 - Diluted	78,100,830		1,320,586		339,232	79,760,648	—	79,760,648

18

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

	December 31, 2010						December 31, 2009
	Total Property			SLG Property Interest			Total Property			SLG Property Interest
Land & land interests	$	881,146		$	387,070		$	1,528,659		$	732,605
Buildings & improvements fee interest	4,191,247			1,765,824			4,801,180			2,033,322
Buildings & improvements leasehold	254,383			125,933			263,995			130,756
	5,326,776			2,278,827			6,593,834			2,896,683
Less accumulated depreciation	(494,879		)	(216,338		)	(498,166		)	(221,253		)
Net real estate	$	4,831,897		$	2,062,489		$	6,095,668		$	2,675,430
Cash and cash equivalents	67,764			31,186			128,578			57,486
Restricted cash	45,158			19,744			48,815			17,812
Tenant receivables, net of $1,520 reserve at 12/31/10	17,274			6,590			11,906			5,458
Deferred rents receivable, net of reserve for tenant credit loss of $3,260 at 12/31/10	95,116			42,014			185,632			92,770
Deferred costs, net	120,589			51,301			132,514			56,434
Other assets	170,148			66,200			157,620			57,999
Total assets	$	5,347,946		$	2,279,524		$	6,760,733		$	2,963,389
Mortgage loans payable	$	3,712,235		$	1,603,918		$	4,177,382		$	1,848,721
Derivative instruments-fair value	36,318			18,367			33,854			17,133
Accrued interest payable	9,596			3,921			11,077			4,961
Accounts payable and accrued expenses	50,983			24,276			89,462			39,208
Deferred revenue	127,692			44,941			135,476			46,363
Security deposits	8,874			4,450			6,936			3,382
Contributed Capital (1)	1,402,248			579,651			2,306,546			1,003,621
Total liabilities and equity	$	5,347,946		$	2,279,524		$	6,760,733		$	2,963,389

As of December 31, 2010 the Company had twenty one 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 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 32.25% interest in 1745 Broadway, 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), a 32.75% interest in 717 Fifth Avenue, a 50% interest in 141 Fifth Avenue, a 25.5% interest in 180/182 Broadway, a 55% intere st in 600 Lexington Avenue, a 30% interest in 11 West 34th Street and a 50% interest in 7 Renaissance Square. These interests are accounted for on the equity method of accounting and, therefore, are not consolidated into the Company’s financial statements.

As of December 31, 2010 we had consolidated the accounts of the following three joint ventures: a 51% interest in 919 Third Avenue, a 51% interest in 680 Washington Avenue and a 51% interest in 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.

19

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

							Three Months Ended
	Three Months Ended December 31, 2010						September 30, 2010			Three Months Ended December 31, 2009
				SLG			SLG						SLG
	Total Property			Property Interest			Property Interest			Total Property			Property Interest
Revenues
Rental revenue, net	$	122,578		$	57,350		$	57,490		$	145,037		$	66,681
Escalation and reimbursement revenues	12,646			6,958			6,444			19,575			9,537
Other income	1,156			469			120			5,996			2,684
Total Revenues, net	$	136,380		$	64,777		$	64,054		$	170,608		$	78,902
Expenses
Operating expenses	$	19,475		$	10,030		$	10,637		$	27,033		$	13,054
Ground rent	1,025			171			171			1,025			171
Real estate taxes	13,217			6,706			6,889			19,936			9,544
Total Operating Expenses	$	33,717		$	16,907		$	17,697		$	47,994		$	22,769
GAAP NOI	$	102,663		$	47,870		$	46,357		$	122,614		$	56,133
Cash NOI	$	84,277		$	39,403		$	37,579		$	111,591		$	50,551
Transaction related costs	$	30		$	15		$	—		$	—		$	—
Interest expense, net of interest income	55,159			24,503			22,285			48,142			20,540
Amortization of deferred financing costs	4,593			2,010			1,805			5,103			2,258
Depreciation and amortization	33,472			14,662			14,723			38,187			16,936
Net Income	$	9,409		$	6,680		$	7,544		$	31,182		$	16,399
Plus: Real estate depreciation	33,438			14,654			14,715			38,155			16,930
Funds From Operations	$	42,847		$	21,334		$	22,259		$	69,337		$	33,329
FAD Adjustments:
Plus: Non real estate depreciation and amortization	$	4,627		$	2,018		$	1,813		$	5,135		$	2,264
Less: Straight-line rental income and other non-cash adjustments	(19,432		)	(9,141		)	(8,710		)	(10,314		)	(5,274		)
Less: Second cycle tenant improvement	(10,178		)	(5,154		)	(2,386		)	(4,004		)	(2,061		)
Less: Second cycle leasing commissions	(4,257		)	(2,109		)	(2,232		)	(944		)	(135		)
Less: Recurring CAPEX	(2,568		)	(1,508		)	(176		)	(2,219		)	(1,145		)
FAD Adjustment	$	(31,808	)	$	(15,894	)	$	(11,691	)	$	(12,346	)	$	(6,351	)

20

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

	Twelve Months Ended December 31, 2010						Twelve Months Ended December 31, 2009
				SLG						SLG
	Total Property			Property Interest			Total Property			Property Interest
Revenues
Rental revenue, net	$	524,283		$	243,642		$	595,027		$	268,971
Escalation and reimbursement revenues	58,751			30,640			80,494			38,696
Other income	10,125			4,555			13,566			5,989
Total Revenues, net	$	593,159		$	278,837		$	689,087		$	313,656
Expenses
Operating expenses	$	90,415		$	45,417		$	116,115		$	53,340
Ground rent	4,100			684			4,100			684
Real estate taxes	66,588			33,003			84,827			40,318
Total Operating Expenses	$	161,103		$	79,104		$	205,042		$	94,342
GAAP NOI	$	432,056		$	199,733		$	484,045		$	219,314
Cash NOI	$	367,506		$	170,651		$	415,958		$	183,994
Transaction related costs	$	1,105		$	606		$	—		$	—
Interest expense, net of interest income	207,220			90,432			189,478			79,746
Amortization of deferred financing costs	17,546			7,351			18,817			7,241
Depreciation and amortization	141,284			61,739			156,470			66,477
Net Income	$	64,901		$	39,605		$	119,280		$	65,850
Plus: Real estate depreciation	141,151			61,709			156,335			66,449
Funds From Operations	$	206,052		$	101,314		$	275,615		$	132,299
FAD Adjustments:
Plus: Non real estate depreciation and amortization	$	17,696		$	7,390		$	18,952		$	7,269
Less: Straight-line rental income and other non-cash adjustments	(64,554		)	(29,472		)	(66,637		)	(34,771		)
Less: Second cycle tenant improvement	(30,146		)	(15,159		)	(25,488		)	(11,305		)
Less: Second cycle leasing commissions	(17,914		)	(9,368		)	(17,783		)	(9,230		)
Less: Recurring CAPEX	(5,603		)	(2,877		)	(4,809		)	(2,304		)
FAD Adjustment	$	(100,521	)	$	(49,486	)	$	(95,765	)	$	(50,341	)

21

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

	12/31/2010			9/30/2010		6/30/2010		3/31/2010		12/31/2009
Market Capitalization
Common Equity:
Common Shares Outstanding	78,307			78,252		78,209		77,924		77,514
OP Units Outstanding	1,249			1,249		1,211		1,408		1,684
Total Common Equity (Shares and Units)	79,556			79,501		79,420		79,332		79,198
Common Share Price (End of Period)	$	67.51		$	63.33	$	55.04	$	57.27	$	50.24
Equity Market Value	$	5,370,826		$	5,034,798	$	4,371,277	$	4,543,344	$	3,978,908
Preferred Equity at Liquidation Value:	392,500			392,500		392,500		392,500		257,500
Real Estate Debt
Mortgages & Other Loans Payable	$	3,400,467		$	2,896,946	$	2,800,866	$	2,723,146	$	2,595,552
Outstanding Balance on Unsecured Credit Line	650,000			800,000		800,000		900,000		1,374,076
Junior Subordinated Deferrable Interest Debentures	100,000			100,000		100,000		100,000		100,000
Unsecured Notes	708,166			708,156		708,147		798,344		548,334
Convertible Bonds	392,380			123,105		149,934		254,911		274,726
Total Consolidated Debt	5,251,013			4,628,207		4,558,947		4,776,401		4,892,688
Company’s Portion of Joint Venture Debt	1,603,918			1,819,118		1,820,107		1,847,234		1,848,721
Total Combined Debt	6,854,931			6,447,325		6,379,054		6,623,635		6,741,409
Total Market Cap (Debt & Equity)	$	12,618,257		$	11,874,623	$	11,142,831	$	11,559,479	$	10,977,817
Availability under Lines of Credit
Senior Unsecured Line of Credit (A)	$	776,872	(A)	$	627,969	$	626,980	$	525,826	$	50,801

(A) As reduced by $25,128 outstanding letters of credit.

Ratio Analysis
Consolidated Basis
Debt to Market Cap Ratio	47.7	%	46.0	%	48.9	%	49.2	%	53.6	%
Debt to Gross Real Estate Book Ratio	59.1	%	53.9	%	54.8	%	57.0	%	59.3	%
Secured Real Estate Debt to Secured Assets Gross Book	64.6	%	57.7	%	58.8	%	59.3	%	58.1	%
Unsecured Debt to Unencumbered Assets-Gross Book Value	49.6	%	45.6	%	47.1	%	55.2	%	61.8	%
Joint Ventures Allocated
Combined Debt to Market Cap Ratio	54.3	%	54.3	%	57.2	%	57.3	%	61.4	%
Debt to Gross Real Estate Book Ratio	61.4	%	57.8	%	58.6	%	58.7	%	60.5	%
Secured Real Estate Debt to Secured Assets Gross Book	66.4	%	62.1	%	63.1	%	61.0	%	60.3	%

22

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

		Three Months Ended				Three Months Ended		Twelve Months Ended
		December 31,		December 31,		September 30,		December 31,		December 31,
		2010		2009		2010		2010		2009
Property NOI
Property operating NOI		$	131,436	$	123,941	$	127,124	$	507,829	$	497,473
NOI from discontinued operations		—		2,162		2,392		7,045		10,741
Total property operating NOI - consolidated		$	131,436	126,103		129,516		514,874		508,214
SLG share of property NOI from JVs		47,870		56,133		46,357		199,733		219,314
GAAP NOI		$	179,306	$	182,236	$	175,873	$	714,607	$	727,528
Less:	Free rent (Net of Amortization)	5,344		1,091		5,321		16,240		12,551
	Net FAS 141 adjustment	4,884		7,890		6,194		23,958		27,452
	Straightline revenue adjustment	15,581		11,227		14,548		56,283		48,036
Plus:	Allowance for S/L tenant credit loss	1,289		1,139		1,599		4,290		7,981
	Ground lease straight-line adjustment	64		91		64		256		364
Cash NOI		$	154,906	$	163,258	$	151,473	$	622,672	$	647,834
Components of Debt Service and Fixed Charges
Interest expense		61,292		54,195		57,225		233,645		237,371
Fixed amortization principal payments		7,269		7,151		6,962		28,224		27,777
Total Consolidated Debt Service		68,561		61,346		64,187		261,869		265,148
Payments under ground lease arrangements		7,895		7,913		7,924		31,447		32,190
Dividend on perpetual preferred shares		7,545		4,969		7,545		29,749		19,875
Total Consolidated Fixed Charges		84,001		74,228		79,656		323,065		317,213
Adjusted EBITDA - Consolidated		163,738		167,122		227,013		722,387		774,252
Adjusted EBITDA - Combined		188,241		187,662		249,298		812,819		853,998
Interest Coverage Ratio		2.72		3.16		4.00		3.14		3.49
Debt Service Coverage Ratio		2.42		2.78		3.56		2.79		3.10
Fixed Charge Coverage Ratio		1.97		2.29		2.87		2.26		2.57

23

SELECTED FINANCIAL DATA 2010 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,
		2010			2009			%		2010			2010			2009			%
Revenues
	Rental revenue, net	$	188,154		$	188,343		-0.1	%	$	188,827		$	756,039		$	748,805		1.0	%
	Escalation & reimbursement revenues	26,993			28,638			-5.7	%	30,122			115,442			119,561			-3.4	%
	Other income	5,305			1,053			403.8	%	3,130			14,531			10,182			42.7	%
	Total Revenues	220,452			218,034			1.1	%	222,079			886,012			878,548			0.8	%
Expenses
	Operating expenses	49,277			49,374			-0.2	%	52,228			199,100			196,836			1.2	%
	Ground rent	8,069			8,060			0.1	%	8,027			32,073			32,777			-2.1	%
	Real estate taxes	33,890			32,552			4.1	%	34,605			141,441			137,186			3.1	%
	Transaction related costs	101			—					531			632			—
		91,337			89,986			1.5	%	95,391			373,246			366,799			1.8	%
	EBITDA	129,115			128,048			0.8	%	126,688			512,766			511,749			0.2	%
	Interest expense & amortization of financing costs	36,603			37,072			-1.3	%	36,894			146,775			157,451			-6.8	%
	Depreciation & amortization	53,082			56,775			-6.5	%	52,382			210,150			212,763			-1.2	%
	Income before noncontrolling interest	39,430			34,201			15.3	%	37,412			155,841			141,535			10.1	%
Plus:	Real estate depreciation & amortization	53,073			56,768			-6.5	%	52,371			210,112			212,735			-1.2	%
	FFO	92,503			90,969			1.7	%	89,783			365,953			354,270			3.3	%
Less:	Non—building revenue	1,093			486			124.9	%	2,643			6,118			1,667			267.0	%
Plus:	Transaction related costs	101			—					531			632			—
	Interest expense & amortization of financing costs	36,603			37,072			-1.3	%	36,894			146,775			157,451			-6.8	%
	Non-real estate depreciation	9			7			28.6	%	11			38			28			35.7	%
GAAP NOI		128,123			127,562			0.4	%	124,576			507,280			510,082			-0.5	%
Cash Adjustments
Less:	Free rent (net of amortization)	1,654			1,252			32.1	%	2,059			8,949			2,705			230.8	%
	Straightline revenue adjustment	6,544			5,866			11.6	%	7,311			27,393			24,194			13.2	%
	Rental income - FAS 141	5,963			7,563			-21.2	%	6,358			25,530			23,745			7.5	%
	Ground lease straight-line adjustment	184			304			-39.5	%	331			1,177			1,217			-3.3	%
Plus:	Allowance for S/L tenant credit loss	569			1,009			-43.6	%	1,060			2,516			6,233			-59.6	%
Cash NOI		$	114,347		$	113,586		0.7	%	$	109,577		$	446,747		$	464,454		-3.8	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net	58.26		%	58.37		%			56.50		%	57.49		%	57.76		%
	Cash NOI to Real Estate Revenue, net	51.99		%	51.97		%			49.70		%	50.63		%	52.59		%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	61.93		%	62.05		%			60.14		%	61.12		%	61.47		%
	Cash NOI before Ground Rent/Real Estate Revenue, net	55.58		%	55.52		%			53.19		%	54.13		%	56.17		%

24

SELECTED FINANCIAL DATA
2010 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,
		2010			2009			%		2010			2010			2009			%
Revenues
	Rental revenue, net	$	48,584		$	45,874		5.9	%	$	46,910		$	187,546		$	182,329		2.9	%
	Escalation & reimbursement revenues	6,221			5,629			10.5	%	5,642			23,211			23,146			0.3	%
	Other income	395			416			-5.0	%	47			2,102			1,140			84.4	%
	Total Revenues	55,200			51,919			6.3	%	52,599			212,859			206,615			3.0	%
Expenses
	Operating expenses	8,872			8,803			0.8	%	9,794			36,590			35,849			2.1	%
	Ground rent	171			171			0.0	%	171			684			684			0.0	%
	Real estate taxes	6,117			5,661			8.1	%	6,252			25,383			24,434			3.9	%
		15,160			14,635			3.6	%	16,217			62,657			60,967			2.8	%
	EBITDA	40,040			37,284			7.4	%	36,382			150,202			145,648			3.1	%
	Interest expense & amortization of financing costs	19,035			18,319			3.9	%	19,412			76,648			69,549			10.2	%
	Depreciation & amortization	13,731			14,133			-2.8	%	13,725			55,249			56,141			-1.6	%
	Income before noncontrolling interest	7,274			4,832			50.5	%	3,245			18,305			19,958			-8.3	%
Plus:	Real estate depreciation & amortization	13,725			14,126			-2.8	%	13,718			55,222			56,112			-1.6	%
	FFO	20,999			18,958			10.8	%	16,963			73,527			76,070			-3.3	%
Less:	Non—building revenue	261			179			45.8	%	36			503			640			-21.4	%
Plus:	Interest expense & amortization of financing costs	19,035			18,319			3.9	%	19,412			76,648			69,549			10.2	%
	Non-real estate depreciation	6			7			-14.3	%	7			27			29			-6.9	%
GAAP NOI		39,779			37,105			7.2	%	36,346			149,699			145,008			3.2	%
Cash Adjustments
Less:	Free rent (net of amortization)	2,045			(22		)	0.0	%	2,467			4,966			9,356			47	%
	Straightline revenue adjustment	2,115			1,122			8.0	%	1,894			6,769			5,516			22.7	%
	Rental income - FAS 141	543			1,053			-48.4	%	742			2,046			2,835			-27.8	%
Plus:	Ground lease straight-line adjustment	2			2			0.0	%	2			6			16			-62.5	%
	Allowance for S/L tenant credit loss	341			149			128.9	%	359			1,078			1,417			-23.9	%
Cash NOI		$	35,419		$	35,103		0.9	%	$	31,604		$	137,002		$	128,734		6.4	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net	72.40		%	71.71		%			69.14		%	70.49		%	70.40		%
	Cash NOI to Real Estate Revenue, net	64.47		%	67.84		%			60.12		%	64.51		%	62.49		%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	72.71		%	72.04		%			69.47		%	70.81		%	70.73		%
	Cash NOI before Ground Rent/Real Estate Revenue, net	64.16		%	67.88		%			59.77		%	64.33		%	62.14		%

25

DEBT SUMMARY SCHEDULE - Consolidated

Unaudited
($000’s omitted)

	Principal			2011 Annual				As-Of
	Outstanding			Principal	Maturity		Due at	Right	Earliest
	12/31/2010	Coupon (1)		Repayment	Date		Maturity	Extension	Prepayment
Fixed rate debt
Secured fixed rate debt
919 Third Avenue	219,879	6.87	%	3,223	Aug-11		216,656	—	Open
673 First Avenue	30,781	6.26	%	875	Feb-13		28,984	—	Open
609 Fifth Avenue	96,501	5.85	%	1,539	Oct-13		92,062	—	Open
220 E 42nd Street	194,758	5.25	%	4,327	Nov-13		182,342	—	Open
125 Park Avenue	146,250	5.75	%	—	Oct-14		146,250	—	Open
711 Third Avenue	120,000	4.99	%	—	Jun-15		120,000	—	Open
625 Madison Avenue	132,209	7.23	%	3,111	Nov-15		109,537	—	Open
500 West Putnam Avenue	25,000	5.52	%	437	Jan-16		22,376	—	Open
420 Lexington Avenue	149,141	7.52	%	1,531	Sep-16		138,916	—	Sep-12
300 Main Street	11,500	5.75	%	—	Feb-17		11,500	—	Open
485 Lexington Avenue	450,000	5.61	%	—	Feb-17		450,000	—	Open
120 W 45th Street	170,000	6.12	%	—	Feb-17		170,000	—	Open
2 Herald Square	191,250	5.36	%	—	Apr-17		191,250	—	Open
885 Third Avenue	267,650	6.26	%	—	Jul-17		267,650	—	Open
292 Madison Avenue	59,099	6.17	%	—	Aug-17		59,099	—	May-17
1 Madison Avenue - South Building	640,076	5.91	%	13,337	May-20		404,531	—	Open
	2,904,094	6.00	%	28,380			2,611,153
Secured fixed rate debt - Other
609 Partners, LLC	31,722	5.00	%	—	Jul-14		31,722	—	Open
	31,722	5.00	%	—			31,722
Unsecured fixed rate debt
Unsecured note	84,823	5.15	%	—	Jan-11		84,823	—	Open
Unsecured note	98,578	5.88	%	—	Aug-14		98,578	—	Open
Junior subordinated deferrable interest debentures	100,000	5.61	%	—	Jul-15		100,000	—	—
Unsecured note	274,765	6.00	%	—	Mar-16		275,000	—	Open
Convertible note	268,552	3.00	%	—	Oct-17		268,552	—	Open
Unsecured note	250,000	7.75	%	—	Mar-20		250,000	—	Open
Convertible note	657	4.00	%	—	Jun-25	(2)	657	—	Jun-15
Convertible note	123,171	3.00	%	—	Mar-27	(3)	126,936	—	Apr-12
	1,200,546	5.28	%	—			1,204,546
Total Fixed Rate Debt/Wtd Avg	4,136,362	5.78	%	28,380			3,847,421
Floating rate debt
Secured floating rate debt
1 Landmark Square (Libor + 185 bps)	110,180	2.13	%	—	Feb-12		110,180	—	Open
100 Church Street (Libor + 350 bps)	139,672	5.05	%	—	Jan-13		139,672	—	Open
28 W 44th St (Libor + 201 bps)	122,007	2.31	%	1,579	Aug-13		116,922	—	Open
	371,859	3.29	%	1,579			366,774
Secured floating rate debt - Other
Senior Mortgage (GBP Libor + 250 bps)	62,792	3.23	%	—	Jun-13		62,792	—	Open
Mezzanine Debt (Libor + 90 bps)	30,000	3.27	%	—	Jun-16		30,000	—	Open
	92,792	3.24	%	—			92,792
Unsecured floating rate debt
Senior unsecured line of credit (Libor + 90 bps)	650,000	1.13	%	—	Jun-11		650,000	Jun-12	Open
	650,000	1.13	%	—			650,000
Total Floating Rate Debt/Wtd Avg	1,114,651	2.99	%	1,579			1,109,566
Total Debt/Wtd Avg - Consolidated	5,251,013	6.19	%	29,959			4,956,987
Total Debt/Wtd Avg - Joint Venture	1,603,918	4.51	%
Weighted Average Balance & Interest Rate with SLG JV Debt	6,699,404	4.92	%

(1) Average Libor for the quarter used to determine coupon on floating rate debt.

(2) Notes can be put to the Company, at the option of the holder, on June 15, 2015.

(3) Notes can be put to the Company, at the option of the holder, on March 30, 2012.

26

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

					2011 Annual			As-Of
	Principal Outstanding - 12/31/10				Principal	Maturity	Due at	Right	Earliest
	Gross Principal	SLG Share	Coupon (1)		Repayment	Date	Maturity	Extension	Prepayment
Fixed rate debt
1604-1610 Broadway	27,000	12,150	5.66	%	227	Apr-12	11,882	—	Open
100 Park Avenue	204,946	102,268	6.64	%	178	Sep-14	98,756	—	Sep-11
One Court Square	315,000	94,500	4.91	%	—	Sep-15	94,500	—	Open
21-25 West 34th Street	100,000	50,000	5.76	%	—	Dec-16	50,000	—	Open
1745 Broadway	340,000	109,650	5.68	%	—	Jan-17	109,650	—	Open
Jericho Plaza	163,750	33,176	5.65	%	—	May-17	33,176	—	Open
141 Fifth Avenue	25,000	12,500	5.70	%	—	Jun-17	12,500	—	Open
800 Third Avenue	20,910	8,981	6.00	%	—	Aug-17	8,981	—	Open
388/390 Greenwich Street	1,106,758	559,996	5.19	%	—	Dec-17	559,996	—	Open
Total Fixed Rate Debt/Wtd Avg	2,303,364	983,221	5.43	%	405		979,441
521 Fifth Avenue (Libor + 100 bps)	140,000	70,140	1.27	%	—	Apr-11	70,140	—	Open
29 West 34th Street (Libor + 165 bps)	54,375	27,188	1.93	%	57	May-11	27,132	—	Open
379 West Broadway (Libor + 165 bps)	20,991	9,446	1.93	%	—	Jul-11	9,446	—	Open
717 Fifth Avenue (Libor + 275 bps)	245,000	80,238	5.31	%	—	Sep-11	80,238	—	Open
1551/1555 Broadway (Libor + 400 bps)	128,600	12,860	4.33	%	500	Oct-11	12,360	—	Open
Meadows (Libor + 135 bps)	87,034	43,517	1.62	%	1,168	Sep-12	41,561	—	Open
16 Court Street (Libor + 250 bps)	86,844	30,395	2.79	%	—	Oct-13	30,395	—	Open
180-182 Broadway (Libor + 275 bps)	8,509	2,170	3.01	%	—	Dec-13	2,170	—	Open
600 Lexington Avenue (Libor + 200 bps)	125,000	68,750	2.32	%	—	Mar-14	58,097	—	—
1515 Broadway (Libor + 250 bps)	462,897	254,593	3.50	%	6,235	Dec-14	231,619	—	Open
11 West 34th Street (Libor + 250 bps)	18,000	5,400	2.95	%	59	Jan-16	4,977	—	Jan-12
388/390 Greenwich Street (Libor + 115 bps)	31,622	16,000	1.42	%	—	Dec-17	16,000	—	Open
Total Floating Rate Debt/Wtd Avg	1,408,872	620,697	3.05	%	8,019		584,134
Total Joint Venture Debt/Wtd Avg	3,712,236	1,603,918	4.51	%	8,424		1,563,575

(1) Average Libor for the quarter used to determine coupon on floating rate debt.

Covenants

Senior Unsecured Line of Credit Covenants
	Actual		Required
Total Debt / Total Assets	47.1	%	Less than 60%
Secured Debt / Total Assets	29.9	%	Less than 50%
Line Fixed Charge Coverage	2.2		Greater than 1.50
Unsecured Debt / Unencumbered Assets	44.5	%	Less than 60%
Unencumbered Interest Coverage	2.90		Greater than 1.75
Maximum FFO Payout	8.6	%	Less than 95%

27

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

Consolidated

	Principal			2011 Annual				As-Of
	Outstanding			Principal	Maturity		Due at	Right	Earliest
	12/31/2010	Coupon (1)		Repayment	Date		Maturity	Extension	Prepayment
Fixed rate debt
Secured fixed rate debt
919 Third Avenue	219,879	6.87	%	3,223	Aug-11		216,656	—	Open
	219,879	6.87	%	3,223			216,656
Unsecured fixed rate debt
Unsecured note	84,823	5.15	%	—	Jan-11		84,823	—	Open
Unsecured note	98,578	5.88	%	—	Aug-14		98,578	—	Open
Unsecured note	274,765	6.00	%	—	Mar-16		275,000	—	Open
Unsecured note	250,000	7.75	%	—	Mar-20		250,000	—	Open
Convertible note	657	4.00	%	—	Jun-25	(2)	657	—	Jun-15
	708,823	6.50	%	—			709,058
Total Debt/Wtd Avg - Consolidated	928,702	5.08	%	3,223			925,714

Joint Venture

					2011 Annual			As-Of
	Principal Outstanding - 12/31/10				Principal	Maturity	Due at	Right	Earliest
	Gross Principal	SLG Share	Coupon		Repayment	Date	Maturity	Extension	Prepayment
Fixed rate debt
One Court Square	315,000	94,500	4.91	%	—	Sep-15	94,500	—	Open
Total Debt/Wtd Avg - Joint Venture	315,000	94,500	4.91	%	—		94,500
Total Debt/Wtd Avg - Consolidated + Joint Venture		1,023,202	6.43	%	3,223		1,020,214

(1) Average Libor for the quarter used to determine coupon on floating rate debt.

(2) Notes can be put to the Company, at the option of the holder, on June 15, 2015.

Covenants

Reckson Unsecured Notes Covenants
	Actual		Required
Total Debt / Total Assets	23.0	%	Less than 60%
Secured Debt / Total Assets	5.0	%	Less than 40%
Debt Service Coverage	3.40		Greater than 1.5
Unencumbered Assets / Unsecured Debt	403.0	%	Greater than 150%

28

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

	2011 Scheduled		2012 Scheduled		2013 Scheduled		2014 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	$	18,178	2037
420 Lexington Avenue (2)	10,933		10,933		10,933		10,933		—		2029	(3)
711 Third Avenue	750		—		—		—		89		2032
461 Fifth Avenue (2)	2,100		2,100		2,100		2,100		—		2027	(4)
625 Madison Avenue (2)	4,613		4,613		4,613		4,613		—		2022	(5)
1185 Avenue of the Americas (2)	6,909		6,909		6,909		6,909		—		2043
1055 Washing Blvd, Stamford (2)	615		615		615		615		—		2090
Total	$	28,930	$	28,180	$	28,180	$	28,180	$	18,267
Capitalized Lease
673 First Avenue	$	1,555	$	1,555	$	1,555	$	1,515	$	17,044	2037

(1) Per the balance sheet at December 31, 2010.

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

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

29

Debt and Preferred Equity Investments ($000’s omitted)

	Assets			Weighted Average		Weighted Average		Current		LIBOR
	Outstanding			Assets During Quarter		Yield During Quarter		Yield		Rate (2)
9/30/2009	$	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	$	785,612		$	648,018	8.80	%	7.84	%	0.23	%
Originations/Accretion (1)	$	83,824
Preferred Equity	$	857
Redemptions/Sales/Amortization/Reserves	$	(83,162	)
3/31/2010	$	787,131		$	786,075	7.40	%	8.08	%	0.25	%
Originations/Accretion (1)	$	95,122
Preferred Equity	$	1,399
Redemptions/Sales/Amortization/Reserves	$	(16,259	)
6/30/2010	$	867,393		$	814,208	8.14	%	9.23	%	0.35	%
Originations/Accretion (1)	$	255,543
Preferred Equity	$	926
Redemptions/Sales/Amortization/Reserves	$	(215,926	)
9/30/2010	$	907,936		$	919,252	9.13	%	7.27	%	0.26	%
Originations/Accretion (1)	$	82,044
Preferred Equity	$	941
Redemptions/Sales/Amortization/Reserves	$	(27,149	)
12/31/2010	$	963,772		$	926,440	7.93	%	7.90	%	0.30	%

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

(2) LIBOR rate is as of quarter end.

30

Debt and Preferred Equity Investments ($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	$	26,000	$	—	$	171		8.25	%	8.25	%
Junior Mortgage Participation	$	152,602	$	1,058,834	$	1,389	(3)	11.36	%	11.22	%
Mezzanine Debt	$	576,934	$	2,717,416	$	1,660	(3)	8.06	%	8.16	%
Preferred Equity	$	45,912	$	—	$	109		12.21	%	9.75	%
Other
Senior Mortgage Debt	$	123,316	$	—	$	603		3.34	%	3.28	%
Mezzanine Debt	$	13,536	$	796,693	$	190		2.51	%	2.13	%
Preferred Equity	$	25,472	$	—	$	231		3.87	%	3.83	%
Balance as of 12/31/10	$	963,772	$	4,572,942	$	1,324	(3)	7.93	%	7.90	%

Current Maturity Profile (2)

(1) Approximately 39.4% of our 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 3.36 years.

(3) Excluding the mezzanine loan and junior mortgage participation on the retail portion of a New York City property, the weighted average exposure for New York City Junior Mortgage Debt, Mezzanine Debt and the total structured finance portfolio are $393 psf, $814 psf and $645 psf, respectively.

31

Debt and Preferred Equity Investments 10 Largest Investments ($000’s omitted)

					Senior				Current
Investment Type	Book Value (1)		Location	Collateral Type	Financing		Last $ PSF		Yield
Mezzanine Loans	$	202,136	New York City	Office	$	755,000	$	800	9.84	%
Mortgage and Mezzanine	137,222		New York City	Retail	285,000		$	5,802	13.07	%
Mortgage Loan	86,339		London, U.K.	Office	—		$	821	2.49	%
Mezzanine and Pref Equity	84,804		New York City	Office	167,422		$	109	10.41	%
Mezzanine Loan	84,062		New York City	Office	1,139,000		$	1,110	0.00	%
Mortgage and Mezzanine	60,407		New York City	Office/Retail	205,000		$	384	6.50	%
Mortgage and Mezzanine	46,358		New York City	Office	173,784		$	438	9.63	%
Mortgage Loan	42,439		New York City	Office	210,000		$	444	14.42	%
Mezzanine Loan	39,711		New York City	Office/Retail	165,000		$	1,717	9.91	%
Mezzanine and Pref Equity	39,008		Other	Office	796,693		$	231	3.24	%
��
Total	$	822,486			$	3,896,898			8.33	%

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

32

SELECTED PROPERTY DATA   Manhattan Properties

			# of	Useable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet	Dec-10	Sep-10	Jun-10	Mar-10	Dec-09	Rent ($’s)		100%	SLG	Tenants
					%	%	%	%	%	%	$		%	%
CONSOLIDATED PROPERTIES
“Same Store”
120 West 45th Street	Midtown	Fee Interest	1	440,000	2	99.0	95.8	97.6	96.6	97.6	26,024,988		3	3	27
220 East 42nd Street	Grand Central	Fee Interest	1	1,135,000	4	92.4	97.9	97.9	98.5	94.8	46,124,292		6	5	34
28 West 44th Street	Midtown	Fee Interest	1	359,000	1	94.0	94.1	90.6	90.8	91.4	15,528,576		2	2	65
317 Madison Avenue	Grand Central	Fee Interest	1	450,000	2	89.5	87.2	88.2	86.6	85.1	21,189,252		3	2	80
420 Lexington Ave (Graybar)	Grand Central North	Operating Sublease	1	1,188,000	4	89.9	91.8	92.4	93.8	94.1	60,895,788		8	6	216
461 Fifth Avenue (3)	Midtown	Leasehold Interest	1	200,000	1	96.9	98.8	98.8	98.8	98.8	14,198,928		2	1	16
485 Lexington Avenue	Grand Central North	Fee Interest	1	921,000	3	93.9	93.9	93.9	93.9	96.8	49,130,400		6	5	21
555 West 57th Street	Midtown West	Fee Interest	1	941,000	3	96.1	95.1	95.1	96.4	98.9	30,636,204		4	3	10
609 Fifth Avenue	Rockefeller Center	Fee Interest	1	160,000	1	85.0	96.9	97.5	97.5	97.5	12,947,520		2	1	12
625 Madison Avenue	Plaza District	Leasehold Interest	1	563,000	2	99.0	98.9	99.6	99.6	99.8	43,464,096		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	17,853,348		2	2	9
711 Third Avenue (1)	Grand Central North	Leasehold Interest	1	524,000	2	87.6	87.6	88.1	89.1	89.1	25,790,304		3	3	15
750 Third Avenue	Grand Central North	Fee Interest	1	780,000	3	97.2	97.2	95.8	95.2	95.2	39,151,560		5	4	31
810 Seventh Avenue	Times Square	Fee Interest	1	692,000	2	80.4	79.5	79.9	88.2	88.8	36,899,292		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	83,659,788			4	14
1185 Avenue of the Americas	Rockefeller Center	Leasehold Interest	1	1,062,000	4	97.6	97.6	97.7	98.9	98.9	72,482,004		10	7	16
1350 Avenue of the Americas	Rockefeller Center	Fee Interest	1	562,000	2	86.1	87.1	89.4	89.4	89.2	29,511,348		4	3	39
1 Madison Avenue	Park Avenue South	Fee Interest	1	1,176,900	4	99.8	99.8	99.8	99.8	99.8	61,715,976		8	6	2
331 Madison Avenue	Grand Central	Fee Interest	1	114,900	0	99.5	100.0	100.0	100.0	100.0	4,849,572		1	0	18
Subtotal / Weighted Average			19	13,144,800	45	94.4	94.9	95.2	95.9	96.0	$	692,053,236	80	63	686
Adjustments
100 Church Street	Downtown	Fee Interest	1	1,047,500	4	59.9	43.4	43.4	43.4	—	23,998,572		3	2	9
125 Park Avenue	Grand Central	Fee Interest	1	604,245	2	99.1	99.1	—	—	—	33,178,848		4	3	21
333 West 34th Street	Penn Station	Fee Interest	1	345,400	1	78.5	73.6	73.6	41.5	41.5	11,158,920		1	1	2
Subtotal / Weighted Average			3	1,997,145	7	74.9	65.5	50.9	43.0	41.5	$	68,336,340	9	7	32
Total / Weighted Average Manhattan Consolidated Properties			22	15,141,945	52	91.8	91.0	91.0	90.9	94.6	$	760,389,576	89	70	718
UNCONSOLIDATED PROPERTIES
“Same Store”
100 Park Avenue - 50%	Grand Central South	Fee Interest	1	834,000	3	91.9	80.9	83.1	83.7	84.3	48,804,000			2	33
521 Fifth Avenue - 50.1% (3)	Grand Central	Leasehold Interest	1	460,000	2	80.7	80.7	74.5	85.3	81.5	20,374,416			1	44
800 Third Avenue - 42.95%	Grand Central North	Fee Interest	1	526,000	2	80.8	80.2	76.0	72.6	96.1	24,860,424			1	34
1515 Broadway - 68.45%	Times Square	Fee Interest	1	1,750,000	6	98.0	98.0	97.9	97.9	98.0	104,418,588			7	11
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	36,538,044			1	1
Subtotal / Weighted Average			7	6,879,000	24	95.8	94.4	93.8	93.4	95.6	$	337,941,408		18	124
Adjustments
600 Lexington Avenue - 55%	Plaza District	Fee Interest	1	303,515	1	84.6	88.6	93.6	—	—	16,411,080			1	28
Subtotal / Weighted Average			1	303,515	1	84.6	88.6	93.6	—	—	$	16,411,080		1	28
Total / Weighted Average Unconsolidated Properties			8	7,182,515	25	95.3	94.1	93.8	93.4	95.6	$	354,352,488		19	152
Manhattan Grand Total / Weighted Average			30	22,324,460	77	92.9	92.0	91.9	91.9	95.0	$	1,114,742,064			870
Manhattan Grand Total - SLG share of Annualized Rent											$	909,061,849		89
Manhattan Same Store Occupancy % - Combined				20,023,800	90	94.8	94.7	94.7	94.8	95.8
Portfolio Grand Total			61	29,129,160	100	91.6	90.9	91.0	91.0	93.6	$	1,289,625,723			1,294
Portfolio Grand Total - SLG Share of Annualized Rent											$	1,021,532,995		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.

Excluding the downtown acquisition of 100 Church Street occupancy would be 94.6%.

33

SELECTED PROPERTY DATA Suburban Properties

			# of	Useable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet	Dec-10	Sep-10	Jun-10	Mar-10	Dec-09	Rent ($’s)		100%	SLG	Tenants
					%	%	%	%	%	%	$		%	%
CONSOLIDATED PROPERTIES
“Same Store” Westchester, NY
1100 King Street	Rye Brook, Westchester	Fee Interest	6	540,000	2	74.7	81.9	81.9	80.3	88.2	11,671,968		2	1	27
520 White Plains Road	Tarrytown, Westchester	Fee Interest	1	180,000	1	72.5	72.5	93.2	93.2	93.2	3,466,920		0	0	8
115-117 Stevens Avenue	Valhalla, Westchester	Fee Interest	1	178,000	1	84.9	71.2	71.4	65.6	67.0	2,923,860		0	0	13
100 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	250,000	1	60.6	83.3	81.7	81.7	86.4	3,423,819		0	0	8
200 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	245,000	1	92.4	87.1	88.2	93.5	93.5	6,277,236		1	1	7
500 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	228,000	1	76.2	57.7	57.7	57.7	56.4	4,081,776		1	1	6
140 Grand Street	White Plains, Westchester	Fee Interest	1	130,100	0	94.4	94.4	96.6	96.6	96.6	4,062,888		1	0	10
360 Hamilton Avenue	White Plains, Westchester	Fee Interest	1	384,000	1	90.5	92.0	92.0	96.1	100.0	12,006,192		2	1	15
Westchester, NY Subtotal/Weighted Average			13	2,135,100	8	80.0	81.0	82.8	83.2	86.5	47,914,659		6	5	94
“Same Store” Connecticut
Landmark Square	Stamford, Connecticut	Fee Interest	6	826,000	3	88.7	85.5	85.4	84.2	81.2	20,445,756		3	2	101
680 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	133,000	0	84.5	84.5	84.5	84.5	84.5	3,512,364			0	6
750 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	192,000	1	95.4	95.4	95.4	95.4	97.4	6,774,792			0	7
1055 Washington Boulevard	Stamford, Connecticut	Leasehold Interest	1	182,000	1	86.6	86.6	86.0	87.2	87.2	5,488,560		1	1	20
300 Main Street	Stamford, Connecticut	Fee Interest	1	130,000	0	89.0	89.0	90.7	92.2	92.8	1,802,328		0	0	17
1010 Washington Boulevard	Stamford, Connecticut	Fee Interest	1	143,400	0	50.2	50.2	51.9	54.3	54.3	2,097,300		0	0	15
500 West Putnam Avenue	Greenwich, Connecticut	Fee Interest	1	121,500	0	68.2	68.2	83.2	83.2	83.2	3,507,348		0	0	10
Connecticut Subtotal/Weighted Average			12	1,727,900	5	84.3	82.8	84.0	83.8	82.7	43,628,448		4	4	176
Total / Weighted Average Consolidated Properties			25	3,863,000	13	81.9	81.8	83.3	83.5	84.8	$	91,543,107	11	9	270
UNCONSOLIDATED PROPERTIES
“Same Store”
One Court Square - 30%	Long Island City, New York	Fee Interest	1	1,402,000	5	100.0	100.0	100.0	100.0	100.0	39,819,192			1	1
The Meadows - 50%	Rutherford, New Jersey	Fee Interest	2	582,100	2	83.2	84.7	84.7	84.7	84.9	12,697,116			1	53
16 Court Street - 35%	Brooklyn, NY	Fee Interest	1	317,600	1	87.5	84.8	86.1	84.0	84.1	9,697,680			0	66
Jericho Plaza - 20.26%	Jericho, New York	Fee Interest	2	640,000	2	95.3	92.9	92.9	95.1	92.8	21,126,564			0	34
Total / Weighted Average Unconsolidated Properties			6	2,941,700	10	94.3	93.8	93.9	94.2	93.7	$	83,340,552		2	154
Suburban Grand Total / Weighted Average			31	6,804,700	23	87.3	87.0	87.9	88.1	88.7	$	174,883,659			424
Suburban Grand Total - SLG share of Annualized Rent											$	112,471,146		11
Suburban Same Store Occupancy % - Combined				6,804,700	100	87.3	87.0	87.9	88.1	88.7

(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.

RETAIL, DEVELOPMENT & LAND													Gross Total Book Value
125 Chubb Way	Lyndhurst, NJ	Fee Interest	1	278,000	32	10.7	10.7	10.7	10.7	10.7	$	642,012	$	42,277,740	1	1
150 Grand Street	White Plains, NY	Fee Interest	1	85,000	10	15.8	15.1	15.1	10.4	7.7	130,015		15,141,993		0	8
7 Renaissance Square - 50%	White Plains, NY	Fee Interest	1	65,641	8	—	—	—	—	—	—		4,000,000		—	—
141 Fifth Avenue - 50%	Flatiron	Fee Interest	1	13,000	1	100.0	100.0	77.6	77.6	100.0	2,525,424		14,922,829		3	2
1551-1555 Broadway - 10%	Times Square	Fee Interest	1	25,600	3	100.0	100.0	100.0	100.0	100.0	16,263,864		144,655,760		4	1
1604 Broadway - 63%	Times Square	Leasehold Interest	1	29,876	3	23.7	23.7	23.7	23.7	23.7	2,001,912		7,490,827		3	2
180-182 Broadway - 25.5%	Cast Iron/Soho	Fee Interest	2	70,580	8	—	49.0	49.0	49.0	49.0	—		56,966,157		—	—
11 West 34th Street - 30%	Herald Square/Penn Station	Fee Interest	1	17,150	2	100.0	—	—	—	—	1,750,000		14,601,067		1	1
21-25 West 34th Street - 50%	Herald Square/Penn Station	Fee Interest	1	30,100	3	100.0	100.0	100.0	100.0	100.0	6,438,444		23,349,965		7	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	4,080,372		47,934,896		5	2
379 West Broadway - 45% (2)	Cast Iron/Soho	Leasehold Interest	1	62,006	7	100.0	100.0	100.0	100.0	100.0	3,716,196		22,180,389		4	5
717 Fifth Avenue - 32.75%	Midtown/Plaza District	Fee Interest	1	119,550	14	75.8	75.8	75.8	75.8	75.8	20,069,244		278,698,158		15	6
7 Landmark Square	Stamford, Connecticut	Fee Interest	1	36,800	4	10.8	10.8	10.8	10.8	10.8	285,888		9,534,784		1	1
Williamsburg Terrace	Brooklyn, NY	Fee Interest	1	21,900	3	100.0	—	—	—	—	1,421,796		18,385,000		3	2
2 Herald Square	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		229,336,692		20	1
885 Third Avenue	Midtown/Plaza District	Fee Interest	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	11,095,000		329,943,115		25	1
292 Madison Avenue	Grand Central South	Fee Interest	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	3,150,000		68,008,083		7	1
Total / Weighted Average Retail/Development Properties			15	870,803	100	N/A	N/A	N/A	N/A	N/A	$	82,570,167	$	1,327,427,455	100	35

34

SELECTED PROPERTY DATA Manhattan Properties - Reckson Portfolio

			Useable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Sq. Feet	Sq. Feet	Dec-10	Sep-10	Jun-10	Mar-10	Dec-09	Rent ($’s)		100%	SLG	Tenants
CONSOLIDATED PROPERTIES
“Same Store”
810 Seventh Avenue	Times Square	Fee Interest	692,000	9	80.4	79.5	79.9	88.2	88.8	36,899,292		19	15	36
919 Third Avenue	Grand Central North	Fee Interest (1)	1,454,000	19	99.9	99.9	99.9	99.9	99.9	83,659,788			17	14
1185 Avenue of the Americas	Rockefeller Center	Leasehold Interest	1,062,000	14	97.6	97.6	97.7	98.9	98.9	72,482,004		38	29	16
1350 Avenue of the Americas	Rockefeller Center	Fee Interest	562,000	7	86.1	87.1	89.4	89.4	89.2	29,511,348		15	12	39
Total / Weighted Average Consolidated Properties			3,770,000	48	93.6	93.6	94.1	95.9	96.0	$	222,552,432	72	72	105
Grand Total / Weighted Average			3,770,000	48	93.6	93.6	94.1	95.9	96.0	$	222,552,432			105
Grand Total - SLG share of Annualized Rent										$	181,559,136		72

Suburban Properties - Reckson Portfolio

			Useable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Sq. Feet	Sq. Feet	Dec-10	Sep-10	Jun-10	Mar-10	Dec-09	Rent ($’s)		100%	SLG	Tenants
CONSOLIDATED PROPERTIES
“Same Store”
1100 King Street - 1 Int’l Drive	Rye Brook, Westchester	Fee Interest	90,000	1	74.9	100.0	100.0	100.0	100.0	2,447,340		1	1	1
1100 King Street - 2 Int’l Drive	Rye Brook, Westchester	Fee Interest	90,000	1	79.4	79.4	79.4	79.4	79.4	1,319,292		1	1	3
1100 King Street - 3 Int’l Drive	Rye Brook, Westchester	Fee Interest	90,000	1	80.1	80.1	80.1	73.0	73.0	1,913,160		1	1	5
1100 King Street - 4 Int’l Drive	Rye Brook, Westchester	Fee Interest	90,000	1	55.9	73.4	73.4	73.4	96.9	1,603,908		1	1	7
1100 King Street - 5 Int’l Drive	Rye Brook, Westchester	Fee Interest	90,000	1	79.9	79.9	79.9	77.6	79.9	1,992,804		1	1	8
1100 King Street - 6 Int’l Drive	Rye Brook, Westchester	Fee Interest	90,000	1	78.2	78.2	78.2	78.2	100.0	2,395,464		1	1	3
520 White Plains Road	Tarrytown, Westchester	Fee Interest	180,000	2	72.5	72.5	93.2	93.2	93.2	3,466,920		2	1	8
115-117 Stevens Avenue	Valhalla, Westchester	Fee Interest	178,000	2	84.9	71.2	71.4	65.6	67.0	2,923,860		2	1	13
100 Summit Lake Drive	Valhalla, Westchester	Fee Interest	250,000	3	60.6	83.3	81.7	81.7	86.4	3,423,819		2	1	8
200 Summit Lake Drive	Valhalla, Westchester	Fee Interest	245,000	3	92.4	87.1	88.2	93.5	93.5	6,277,236		3	2	7
500 Summit Lake Drive	Valhalla, Westchester	Fee Interest	228,000	3	76.2	57.7	57.7	57.7	56.4	4,081,776		2	2	6
140 Grand Street	White Plains, Westchester	Fee Interest	130,100	2	94.4	94.4	96.6	96.6	96.6	4,062,888		2	2	10
360 Hamilton Avenue	White Plains, Westchester	Fee Interest	384,000	5	90.5	92.0	92.0	96.1	100.0	12,006,192		6	5	15
680 Washington Avenue	Stamford, Connecticut	Fee Interest (1)	133,000	2	84.5	84.5	84.5	84.5	84.5	3,512,364			1	6
750 Washington Avenue	Stamford, Connecticut	Fee Interest (1)	192,000	2	95.4	95.4	95.4	95.4	97.4	6,774,792			1	7
1055 Washington Avenue	Stamford, Connecticut	Leasehold Interest	182,000	2	86.6	86.6	86.0	87.2	87.2	5,488,560		3	2	20
Total / Weighted Average Consolidated Properties			2,642,100	34	81.8	82.6	84.0	84.5	87.2	$	63,690,375	28	23	127
UNCONSOLIDATED PROPERTIES
“Same Store”
One Court Square - 30%	Long Island City, New York	Fee Interest	1,402,000	18	100.0	100.0	100.0	100.0	100.0	39,819,192			5	1
Total / Weighted Average Unconsolidated Properties			1,402,000	18	100.0	100.0	100.0	100.0	100.0	$	39,819,192		5	1
Grand Total / Weighted Average			4,044,100	52	88.1	88.6	89.6	89.9	91.7	$	103,509,567			128
Grand Total - SLG share of Annualized Rent										$	70,595,426		28
Reckson Portfolio Grand Total			7,814,100	100	90.8	91.0	91.7	92.8	93.7	$	326,061,999			233
Portfolio Grand Total - SLG Share of Annualized Rent										$	252,154,562	100	100

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

35

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	$	162,827,391	(1)	$	36.58	12.6	%	$	81,696,253	8.0	%	A
Viacom International, Inc.	1515 Broadway	2015 & 2020	1,271,812	78,502,541			$	61.72	6.1	%	53,734,989		5.3	%	BBB+
Credit Suisse Securities (USA), Inc.	1 Madison Avenue	2017 & 2020	1,150,207	60,608,160			$	52.69	4.7	%	60,608,160		5.9	%	A+
Random House, Inc.	1745 Broadway	2018	644,598	36,538,038			$	56.68	2.8	%	11,787,171		1.2	%	BBB
Debevoise & Plimpton, LLP	919 Third Avenue	2021	586,533	37,157,464			$	63.35	2.9	%	18,950,307		1.9	%
Omnicom Group, Inc.	220 East 42nd Street & 420 Lexington Avenue	2011 & 2017	496,876	20,447,770			$	41.15	1.6	%	20,447,770		2.0	%	BBB+
The City of New York	16 Court Street & 100 Church Street	2013, 2014 & 2017	345,903	14,289,743			$	41.31	1.1	%	13,285,537		1.3	%
Advance Magazine Group, Fairchild Publications	750 Third Avenue & 485 Lexington Avenue	2021	342,720	13,670,965			$	39.89	1.1	%	13,670,965		1.3	%
C.B.S. Broadcasting, Inc.	555 West 57th Street	2023	282,385	10,247,963			$	36.29	0.8	%	10,247,963		1.0	%	BBB-
Polo Ralph Lauren Corporation	625 Madison Avenue	2019	269,269	16,103,889			$	59.81	1.2	%	16,103,889		1.6	%	BBB+
Schulte, Roth & Zabel LLP	919 Third Avenue	2021	263,186	14,715,957			$	55.91	1.1	%	7,505,138		0.7	%
The Travelers Indemnity Company	485 Lexington Avenue & 2 Jericho Plaza	2015 & 2016	255,156	12,301,822			$	48.21	1.0	%	11,282,493		1.1	%	AA-
The Metropolitan Transportation Authority	333 West 34th Street & 420 Lexington Avenue	2011, 2016 & 2021	246,381	8,610,992			$	34.95	0.7	%	8,610,992		0.8	%
The City University of New York - CUNY	555 West 57th Street & 28 West 44th Street	2015, 2016 & 2030	239,717	9,035,356			$	37.69	0.7	%	9,035,356		0.9	%
New York Presbyterian Hospital	28 West 44th Street & 673 First Avenue	2021	238,798	9,114,269			$	38.17	0.7	%	9,114,269		0.9	%
BMW of Manhattan	555 West 57th Street	2022	227,782	5,120,388			$	22.48	0.4	%	5,120,388		0.5	%
Verizon	120 West 45th Street, 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive	Various	226,311	6,762,969			$	29.88	0.5	%	6,762,969		0.7	%	A
D.E. Shaw and Company L.P.	120 West 45th Street	2011, 2013 & 2015	187,484	11,625,139			$	62.01	0.9	%	11,625,139		1.1	%
Amerada Hess Corp.	1185 Avenue of the Americas	2027	181,569	11,836,380			$	65.19	0.9	%	11,836,380		1.2	%	BBB
HF Management Services LLC	100 Church Street	2031	172,577	5,004,733			$	29.00	0.4	%	5,004,733		0.5	%
Fuji Color Processing Inc.	200 Summit Lake Drive	2013	165,880	5,023,711			$	30.29	0.4	%	5,023,711		0.5	%	AA-
King & Spalding	1185 Avenue of the Americas	2025	162,243	9,606,376			$	59.21	0.7	%	9,606,376		0.9	%
News America Incorporated	1185 Avenue of the Americas	2020	161,722	13,220,181			$	81.75	1.0	%	13,220,181		1.3	%	BBB+
National Hockey League	1185 Avenue of the Americas	2022	148,217	11,228,664			$	75.76	0.9	%	11,228,664		1.1	%
New York Hospitals Center/Mount Sinai	625 Madison Avenue & 673 First Avenue	2016, 2021 & 2026	146,917	6,544,814			$	44.55	0.5	%	6,544,814		0.6	%
Banque National De Paris	919 Third Avenue	2016	145,834	8,377,932			$	57.45	0.6	%	4,272,745		0.4	%
The Segal Company	333 West 34th Street	2025	144,307	7,090,374			$	49.13	0.5	%	7,090,374		0.7	%
Meredith Corporation	125 Park Avenue	2011	143,075	6,656,431			$	46.52	0.5	%	6,656,431		0.7	%
Draft Worldwide	919 Third Avenue	2013	141,260	8,149,518			$	57.69	0.6	%	4,156,254		0.4	%	BB
RSM McGladrey, Inc.	1185 Avenue of the Americas & 100 Summit Lake Drive	2011 & 2018	136,868	9,258,876			$	67.65	0.7	%	9,258,876		0.9	%
Total			13,576,824	$	629,678,804	(1)	$	46.38	48.8	%	$	463,489,287	45.4	%
Wholly Owned Portfolio + Allocated JV Properties			29,129,160	$	1,289,625,723	(1)	$	44.27			$	1,021,532,995

(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 $47.20.

Total PSF annualized rent for the largest tenants would be $49.86 and Total PSF annualized rent for the Wholly Owned Portfolio + Allocated JV properties would be $45.90.

(2) - 43% of Portfolio’s largest tenants have investment grade credit ratings. 31% of SLG Share of annualized rent is derived from these tenants.

36

TENANT DIVERSIFICATION       Manhattan and Suburban Properties

Based on SLG Share of Base Rental Revenue

Based on SLG Share of Square Feet Leased

37

Leasing Activity - Manhattan  Properties Available Space

Activity	Building Address	# of Leases	Usable SF	Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 9/30/10			1,776,163
Space which became available during the Quarter (A):
Office
	28 West 44th Street	3	4,566	4,589	$	37.31
	100 Church Street	1	6,950	6,950	$	41.80
	100 Park Avenue	1	9,749	9,749	$	62.42
	220 East 42nd Street	5	107,605	107,725	$	48.59
	317 Madison Avenue	6	10,486	10,997	$	44.36
	420 Lexington Avenue	16	47,872	61,764	$	54.81
	461 Fifth Avenue	3	20,985	21,154	$	77.17
	555 West 57th Street	5	117,014	118,014	$	37.23
	600 Lexington Avenue	2	12,338	12,338	$	64.35
	609 Fifth Avenue	1	18,720	19,105	$	52.22
	810 Seventh Avenue	2	23,250	23,250	$	65.78
	919 Third Avenue	1	31,472	31,472	$	58.14
	1185 Avenue of the Americas	1	25,000	25,000	$	50.58
	1350 Avenue of the Americas	2	7,620	7,620	$	56.64
	Total/Weighted Average	49	443,627	459,727	$	50.14
Retail
	331 Madison Avenue	1	600	600	$	254.84
	Total/Weighted Average	1	600	600	$	254.84
Storage
	28 West 44th Street	1	154	168	$	25.15
	220 East 42nd Street	3	5,781	5,781	$	22.34
	317 Madison Avenue	2	121	124	$	24.41
	420 Lexington Avenue	2	630	1,012	$	25.38
	555 West 57th Street	1	419	1,527	$	22.51
	609 Fifth Avenue	1	341	341	$	22.77
	Total/Weighted Average	10	7,446	8,953	$	22.81
	Total Space which became Available during the Quarter
	Office	49	443,627	459,727	$	50.14
	Retail	1	600	600	$	254.84
	Storage	10	7,446	8,953	$	22.81
		60	451,673	469,280	$	49.88
	Total Available Space		2,227,836

(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.

38

Leasing Activity - Manhattan Properties
Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Useable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space as of 12/31/10				2,227,836
Office
	28 West 44th Street	2	3.0	4,356	4,488	$	40.21	$	41.44	$	4.08	—
	100 Church Street	2	19.4	178,943	181,219	$	28.90	$	—	$	90.28	14.3
	100 Park Avenue	3	11.8	100,218	118,891	$	47.71	$	47.67	$	69.49	10.5
	120 West 45th Street	3	7.0	13,928	14,325	$	48.64	$	50.64	$	19.43	4.7
	220 East 42nd Street	2	8.3	50,282	56,677	$	38.76	$	42.81	$	27.42	5.3
	317 Madison Avenue	5	5.1	20,614	23,124	$	36.94	$	45.24	$	5.62	2.5
	333 West 34th Street	1	4.0	16,925	17,503	$	25.84	$	—	$	60.43	1.0
	420 Lexington Avenue	7	10.3	25,882	31,910	$	39.78	$	48.91	$	63.14	7.0
	461 Fifth Avenue	2	10.8	17,087	18,114	$	61.80	$	71.54	$	42.40	8.5
	555 West 57th Street	6	20.0	127,171	129,821	$	36.50	$	37.23	$	37.41	—
	800 Third Avenue	1	3.1	3,037	4,968	$	52.00	$	29.12	$	0.30	1.0
	810 Seventh Avenue	4	7.4	29,114	29,965	$	54.40	$	50.80	$	61.04	3.0
	919 Third Avenue	1	10.0	31,472	32,820	$	55.00	$	55.75	$	118.00	—
	1185 Avenue of the Americas	1	10.0	25,000	26,792	$	54.00	$	47.20	$	80.00	10.0
	1350 Avenue of the Americas	1	10.3	2,518	3,073	$	52.00	$	51.63	$	79.36	3.0
	Total/Weighted Average	41	14.0	646,547	693,690	$	39.96	$	45.22	$	62.55	7.2
Retail
	625 Madison Avenue	1	14.3	684	741	$	296.90	$	551.11	$	3.54	9.0
	Total/Weighted Average	1	14.3	684	741	$	296.90	$	551.11	$	3.54	9.0
Storage
	100 Park Avenue	1	12.0	1,736	1,805	$	25.00	$	—	$	—	10.0
	317 Madison Avenue	3	3.7	184	187	$	25.15	$	24.41	$	—	—
	521 Fifth Avenue	1	1.0	83	140	$	25.00	$	—	$	—	—
	555 West 57th Street	1	20.0	419	2,198	$	22.00	$	15.64	$	35.00	—
	Total/Weighted Average	6	15.3	2,422	4,330	$	23.48	$	16.11	$	17.77	4.2
Leased Space
	Office (3)	41	14.0	646,547	693,690	$	39.96	$	45.22	$	62.55	7.2
	Retail	1	14.3	684	741	$	296.90	$	551.11	$	3.54	9.0
	Storage	6	15.3	2,422	4,330	$	23.48	$	16.11	$	17.77	4.2
	Total	48	14.0	649,653	698,761	$	40.13	$	46.13	$	62.21	7.2
Total Available Space as of 12/31/10				1,578,183
Early Renewals
Office
	100 Park Avenue	1	3.1	5,934	5,934	$	48.00	$	51.80	$	—	—
	120 West 45th Street	1	1.6	4,828	4,983	$	47.00	$	46.07	$	—	—
	220 East 42nd Street	1	10.0	3,010	3,010	$	59.00	$	56.68	$	3.32	—
	317 Madison Avenue	1	2.0	4,502	4,822	$	41.00	$	41.33	$	2.15	—
	420 Lexington Avenue	2	4.1	1,360	1,708	$	44.56	$	45.50	$	5.60	—
	521 Fifth Avenue	2	2.8	7,593	7,593	$	39.83	$	37.54	$	—	0.6
	625 Madison Avenue	1	15.0	32,970	34,739	$	59.00	$	75.34	$	35.00	3.0
	673 First Avenue	1	1.0	3,500	3,500	$	37.50	$	37.50	$	—	—
	711 Third Avenue	1	1.0	3,864	4,139	$	42.00	$	45.24	$	—	—
	810 Seventh Avenue	2	2.1	26,990	29,549	$	46.68	$	43.28	$	2.03	—
	Total/Weighted Average	13	6.8	94,551	99,977	$	50.08	$	54.85	$	13.06	1.1
Retail
	810 Seventh Avenue	1	12.0	1,799	2,072	$	197.88	147.24		$	—	—
	Total/Weighted Average	1	12.0	1,799	2,072	$	197.88	$	147.24	$	—	—
Storage
	220 East 42nd Street	1	10.0	847	800	$	25.75	25.00		$	—	—
	Total/Weighted Average	1	10.0	847	800	$	25.75	$	25.00	$	—	—
Renewals
	Early Renewals Office	13	6.8	94,551	99,977	$	50.08	$	54.85	$	13.06	1.1
	Early Renewals Retail	1	12.0	1,799	2,072	$	197.88	$	147.24	$	—	—
	Early Renewals Storage	1	10.0	847	800	$	25.75	$	25.00	$	—	—
	Total	15	7.0	97,197	102,849	$	52.87	$	56.48	$	12.70	1.1

(1)	Annual initial 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 $45.03/rsf for 333,165 rentable SF.
	Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $46.19/rsf for 433,142 rentable SF.

39

Leasing Activity - Suburban Properties
Available Space

Activity	Building Address	# of Leases	Useable SF	Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 9/30/10			941,045
Space which became available during the Quarter (A):
Office
	1100 King Street - 1 Int’l Drive	1	22,635	22,635	$	27.65
	1100 King Street - 4 Int’l Drive	2	32,460	32,460	$	19.83
	100 Summit Lake Drive	1	56,733	56,733	$	30.87
	200 Summit Lake Drive	2	5,844	5,844	$	26.61
	360 Hamilton Avenue	1	32,438	32,438	$	37.85
	2 Landmark Square	1	1,104	1,104	$	34.33
	4 Landmark Square	1	3,836	3,836	$	36.33
	1010 Washington Boulevard	1	13,667	13,667	$	32.56
	1055 Washington Boulevard	1	2,125	2,125	$	39.03
	The Meadows	3	14,280	14,280	$	33.55
	16 Court Street	3	17,495	17,495	$	45.20
	Total/Weighted Average	17	202,617	202,617	$	31.49
Storage
	2 Landmark Square	1	255	255	$	13.24
	6 Landmark Square	1	225	225	$	15.00
	Total/Weighted Average	2	480	480	$	14.07
	Total Space which became Available during the Quarter
	Office	17	202,617	202,617	$	31.49
	Storage	2	480	480	$	14.07
		19	203,097	203,097	$	31.44
	Total Available Space		1,144,142

(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.

40

Leasing Activity - Suburban Properties
Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Useable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space as of 12/31/10				1,144,142
Office
	1100 King Street - 4 Int’l Drive	1	3.0	16,650	16,650	$	30.13	$	32.63	$	—	—
	115-117 Stevens Avenue	3	10.9	24,139	24,139	$	18.68	$	—	$	34.01	11.9
	200 Summit Lake Drive	3	7.6	19,035	19,035	$	23.47	$	26.61	$	17.79	5.5
	500 Summit Lake Drive	1	11.0	27,902	27,902	$	22.00	$	—	$	35.35	16.0
	360 Hamilton Avenue	1	11.0	26,659	26,659	$	32.50	$	37.85	$	47.00	7.0
	1 Landmark Square	2	4.5	5,253	5,253	$	31.98	$	50.78	$	35.34	0.5
	1010 Washington Boulevard	1	3.2	13,667	13,667	$	29.00	$	32.56	$	—	2.0
	1055 Washington Boulevard	1	4.0	2,125	2,779	$	32.00	$	29.84	$	23.76	—
	The Meadows	2	6.4	5,616	5,616	$	25.36	$	26.50	$	8.48	2.1
	Jericho Plaza	1	5.4	15,004	15,004	$	31.75	$	33.71	$	32.00	5.0
	16 Court Street	4	2.9	25,863	31,389	$	28.87	$	35.09	$	6.37	0.3
	Total/Weighted Average	20	7.1	181,913	188,093	$	26.89	$	34.11	$	23.28	6.1
Retail
	16 Court Street	1	10.0	461	461	$	40.13	$	—	$	—	—
	Total/Weighted Average	1	10.0	461	461	$	40.13	$	—	$	—	—
Storage
	115-117 Stevens Avenue	1	11.0	245	245	$	8.50	$	—	$	—	—
	Total/Weighted Average	1	11.0	245	245	$	8.50	$	—	$	—	—
Leased Space
	Office (3)	20	7.1	181,913	188,093	$	26.89	$	34.11	$	23.28	6.1
	Retail	1	10.0	461	461	$	40.13	$	—	$	—	—
	Storage	1	11.0	245	245	$	8.50	$	—	$	—	—
	Total	22	7.2	182,619	188,799	$	26.90	$	34.11	$	23.19	6.1
Total Available Space as of 12/31/10				961,523
Early Renewals
Office
	1100 King Street - 1 Int’l Drive	1	5.3	67,365	67,365	$	23.00	$	27.65	$	5.00	5.0
	360 Hamilton Avenue	1	10.0	50,078	50,078	$	35.50	$	40.85	$	38.00	—
	1 Landmark Square	2	4.8	8,360	8,360	$	36.75	$	34.40	$	12.84	2.1
	300 Main Street	1	5.3	3,295	3,295	$	26.00	$	27.50	$	—	3.0
	1055 Washington Boulevard	1	1.1	1,969	1,969	$	34.00	$	35.63	$	—	1.0
	The Meadows	2	6.5	10,801	10,801	$	26.45	$	26.50	$	2.91	—
	16 Court Street	1	2.0	2,200	2,746	$	37.50	$	37.45	$	—	—
	Total/Weighted Average	9	6.8	144,068	144,614	$	28.87	$	32.82	$	16.45	2.5
Storage
Renewals
	Early Renewals Office	9	6.8	144,068	144,614	$	28.87	$	32.82	$	16.45	2.5
	Total	9	6.8	144,068	144,614	$	28.87	$	32.82	$	16.45	2.5

(1)	Annual initial 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 $30.57/rsf for 85,153 rentable SF.
	Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $29.50/rsf for 229,767 rentable SF.

41

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 2010 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 2010 Weighted Average Asking Rent $/psf
In 1st Quarter 2010 (1)	12	38,365	0.27	%	$	1,574,052	$	41.03	$	55.74		2	531	0.01	%	$	13,308	$	25.06	$	28.30
In 2nd Quarter 2010 (1)	1	2,017	0.01	%	$	102,444	$	50.79	$	50.00		—	—	—		—		—		—
In 3rd Quarter 2010 (1)	—	—	0.00	%	—		—		—			—	—	—		—		—		—
In 4th Quarter 2010 (1)	8	44,115	0.31	%	$	2,078,340	$	47.11	$	51.22		2	76,088	1.11	%	$	2,415,600	$	31.75	$	33.71
Total 2010	21	84,497	0.59	%	$	3,754,836	$	44.44	$	53.24		4	76,619	1.11	%	$	2,428,908	$	31.70	$	33.68
In 1st Quarter 2011	34	292,411	2.04	%	$	15,835,908	$	54.16	$	52.39		4	46,428	0.67	%	$	2,734,200	$	58.89	$	67.36
In 2nd Quarter 2011	29	142,938	1.00	%	$	7,978,368	$	55.82	$	79.86		1	6,780	0.10	%	$	416,280	$	61.40	$	72.00
In 3rd Quarter 2011	26	118,975	0.83	%	$	6,711,276	$	56.41	$	53.64		6	55,398	0.80	%	$	3,454,176	$	62.35	$	62.63
In 4th Quarter 2011	23	314,033	2.19	%	$	15,970,668	$	50.86	$	56.71		6	46,094	0.67	%	$	2,578,584	$	55.94	$	65.06
Total 2011	112	868,357	6.05	%	$	46,496,220	$	53.55	$	58.64		17	154,700	2.25	%	$	9,183,240	$	59.36	$	65.18
2012	108	644,258	4.49	%	$	35,254,560	$	54.72	$	56.49		21	169,767	2.47	%	$	9,722,544	$	57.27	$	63.54
2013	107	1,228,162	8.55	%	$	65,625,924	$	53.43	$	51.73		11	115,527	1.68	%	$	6,519,540	$	56.43	$	58.16
2014	65	949,351	6.61	%	$	49,970,784	$	52.64	$	55.27		17	122,206	1.78	%	$	9,105,036	$	74.51	$	100.82
2015	82	656,005	4.57	%	$	33,185,940	$	50.59	$	54.16		23	1,533,210	22.27	%	$	89,815,680	$	58.58	$	55.74
2016	44	1,071,518	7.46	%	$	56,482,944	$	52.71	$	60.29		11	126,874	1.84	%	$	6,844,008	$	53.94	$	65.60
2017	60	1,700,701	11.84	%	$	90,281,460	$	53.08	$	54.56		9	126,393	1.84	%	$	7,924,284	$	62.70	$	66.03
2018	28	566,517	3.94	%	$	42,147,135	$	74.40	$	69.79		14	780,227	11.33	%	$	46,139,532	$	59.14	$	80.90
2019	20	590,584	4.11	%	$	34,515,717	$	58.44	$	57.71		5	174,362	2.53	%	$	11,228,916	$	64.40	$	66.31
Thereafter	90	6,002,976	41.79	%	$	302,674,056	$	50.42	$	53.92		22	868,916	12.62	%	$	52,494,864	$	60.41	$	84.06
	737	14,362,926	100.00	%	$	760,389,576	$	52.94	$	55.56		154	4,248,801	61.72	%	$	251,406,552	$	59.17	$	68.80
											(4)	2	2,634,670	38.28	%	$	102,945,936
												156	6,883,471	100.00	%	$	354,352,488

(1) Includes month to month holdover tenants that expired prior to 12/31/10.

(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.

42

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 2010 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 2010 Weighted Average Asking Rent $/psf
In 1st Quarter 2010 (1)	13	59,172	1.98	%	$	307,320	$	5.19	$	7.57	2	2,288	0.08	%	$	73,380	$	32.07	$	33.21
In 2nd Quarter 2010 (1)	2	21,892	0.73	%	$	538,656	$	24.61	$	25.75	2	10,105	0.37	%	$	270,516	$	26.77	$	32.00
In 3rd Quarter 2010 (1)	1	4,000	0.13	%	$	116,868	$	29.22	$	23.00	0	0	0.00	%	$	0	$	0.00	$	0.00
In 4th Quarter 2010 (1)	6	18,100	0.61	%	$	561,744	$	31.04	$	32.09	2	4,829	0.18	%	$	187,608	$	38.85	$	35.20
Total 2010	22	103,164	3.45	%	$	1,524,588	$	14.78	$	16.33	6	17,222	0.64	%	$	531,504	$	30.86	$	33.06
1st Quarter 2011	16	143,251	4.80	%	$	4,591,092	$	32.05	$	36.05	4	18,342	0.68	%	$	497,232	$	27.11	$	26.31
2nd Quarter 2011	13	145,220	4.86	%	$	4,377,746	$	30.15	$	28.80	8	16,971	0.63	%	$	614,952	$	36.24	$	29.05
3rd Quarter 2011	16	80,610	2.70	%	$	2,741,064	$	34.00	$	34.05	6	29,273	1.09	%	$	1,056,780	$	36.10	$	30.45
4th Quarter 2011	8	16,648	0.56	%	$	485,256	$	29.15	$	31.33	4	39,083	1.45	%	$	1,142,136	$	29.22	$	29.45
Total 2011	53	385,729	12.91	%	$	12,195,158	$	31.62	$	32.70	22	103,669	3.84	%	$	3,311,100	$	31.94	$	29.11
2012	32	226,807	7.59	%	$	7,659,888	$	33.77	$	34.93	22	256,225	9.50	%	$	9,130,308	$	35.63	$	33.12
2013	38	317,664	10.64	%	$	10,404,948	$	32.75	$	31.04	21	98,463	3.65	%	$	3,171,328	$	32.21	$	36.18
2014	27	269,247	9.01	%	$	8,451,024	$	31.39	$	30.95	28	294,927	10.94	%	$	10,324,068	$	35.01	$	32.75
2015	34	286,432	9.59	%	$	9,234,996	$	32.24	$	31.94	19	135,561	5.03	%	$	4,149,372	$	30.61	$	32.18
2016	25	541,365	18.13	%	$	16,698,948	$	30.85	$	35.69	5	86,787	3.22	%	$	2,690,580	$	31.00	$	32.76
2017	7	62,336	2.09	%	$	1,860,336	$	29.84	$	29.54	7	63,196	2.34	%	$	2,360,856	$	37.36	$	32.87
2018	12	144,965	4.85	%	$	4,835,484	$	33.36	$	35.06	4	61,523	2.28	%	$	2,205,480	$	35.85	$	32.93
2019	9	241,387	8.08	%	$	7,025,064	$	29.10	$	30.17	6	38,432	1.43	%	$	1,385,824	$	36.06	$	34.62
Thereafter	19	407,663	13.65	%	$	11,652,673	$	28.58	$	32.24	14	1,540,384	57.13	%	$	44,080,132	$	28.62	$	34.52
	278	2,986,759	100.00	%	$	91,543,107	$	30.65	$	32.22	154	2,696,389	100.00	%	$	83,340,552	$	30.91	$	33.79

(1) Includes month to month holdover tenants that expired prior to 12/31/10.

(2) Tenants may have multiple leases.

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

43

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2010	Price ($’s) (1)
1998 Acquisitions
Mar-98	420 Lexington Avenue	Operating Sublease	Grand Central	1,188,000	83.0	89.9	$	78,000,000
May-98	711 3rd Avenue	Operating Sublease	Grand Central	524,000	79.0	87.6	$	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	96.1	$	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	—		96.1	$	34,100,000
2000 Acquisitions
Feb-00	100 Park Avenue - 50% JV	Fee Interest	Grand Central	834,000	96.5	91.9	$	192,000,000
2001 Acquisitions
Jun-01	317 Madison Avenue	Fee Interest	Grand Central	450,000	95.0	89.5	$	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	92.4	$	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	96.9	$	60,900,000
Dec-03	1221 Avenue of the Americas - 45% JV	Fee Interest	Rockefeller Center	2,550,000	98.8	N/A	$	1,000,000,000
2004 Acquisitions
Mar-04	19 West 44th Street - 35% JV	Fee Interest	Midtown	292,000	86.0	N/A	$	67,000,000
Jul-04	750 Third Avenue	Fee Interest	Grand Central	779,000	100.0	97.2	$	255,000,000
Jul-04	485 Lexington Avenue - 30% JV	Fee Interest	Grand Central	921,000	100.0	93.9	$	225,000,000
Oct-04	625 Madison Avenue	Leasehold Interest	Plaza District	563,000	68.0	99.0	$	231,500,000
2005 Acquisitions
Feb-05	28 West 44th Street	Fee Interest	Midtown	359,000	87.0	94.0	$	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	—		N/A	$	91,200,000
2006 Acquisition
Mar-06	521 Fifth Avenue (3)	Leasehold Interest	Midtown	460,000	97.0	80.7	$	210,000,000
Jun-06	609 Fifth Avenue	Fee Interest	Midtown	160,000	98.5	85.0	$	182,000,000
Dec-06	485 Lexington Avenue - remaining 70%	Fee Interest	Grand Central	—		93.9	$	578,000,000
Dec-06	800 Third Avenue - 42.95% JV	Fee Interest	Grand Central North	526,000	96.9	80.8	$	285,000,000
2007 Acquisition
Jan-07	Reckson - NYC Portfolio	Fee Interests / Leasehold Interest	Various	5,612,000	98.3	95.6	$	3,679,530,000
Apr-07	331 Madison Avenue	Fee Interest	Grand Central	114,900	97.6	99.5	$	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	78.5	$	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
2010 Acquisition
Jan-10	100 Church Street	Fee Interest	Downtown	1,047,500	41.3	59.9	$	181,600,000
May-10	600 Lexington Avenue - 55% JV	Fee Interest	Plaza District	303,515	93.6	84.6	$	193,000,000
Aug-10	125 Park Avenue	Fee Interest	Grand Central	604,245	99.1	99.1	$	330,000,000
				1,955,260			$	704,600,000

(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.)

44

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2010	Price ($’s) (1)
2007 Acquisition
Jan-07	300 Main Street	Fee Interest	Stamford, Connecticut	130,000	92.5	89.0	$	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	89.0	$	490,750,000
Jan-07	Reckson - Westchester Portfolio	Fee Interests / Leasehold Interest	Westchester	2,346,100	90.6	80.0	$	570,190,000
Apr-07	Jericho Plazas - 20.26% JV	Fee Interest	Jericho, New York	640,000	98.4	95.3	$	210,000,000
Jun-07	1010 Washington Boulevard	Fee Interest	Stamford, Connecticut	143,400	95.6	50.2	$	38,000,000
Jun-07	500 West Putnam Avenue	Fee Interest	Greenwich, Connecticut	121,500	94.4	68.2	$	56,000,000
Jul-07	16 Court Street - 35% JV	Fee Interest	Brooklyn, New York	317,600	80.6	87.5	$	107,500,000
Aug-07	150 Grand Street	Fee Interest	White Plains, Westchester	85,000	52.9	15.8	$	6,700,000
Sep-07	The Meadows - 25% JV	Fee Interest	Rutherford, New Jersey	582,100	81.3	83.2	$	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
Jan-09	55 Corporate Drive	Fee Interest	Bridgewater, New Jersey	670,000	$	230,000,000	$	343
Aug-09	399 Knollwood Road	Fee Interest	White Plains, Westchester	145,000	$	20,767,307	$	143
				815,000	$	250,767,307

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

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2010	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	100.0	$	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	—	$	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	—	$	30,000,000
				46,280			$	30,000,000
2010 Acquisition
Nov-10	Williamsburg Terrace	Fee Interest	Brooklyn, NY	21,900	100.0	100.0	$	18,000,000
Dec-10	11 West 34th Street - 30% JV	Fee Interest	Herald Square/Penn Station	17,150	100.0	100.0	$	10,800,000
Dec-10	7 Renaissance Square - 50% JV	Fee Interest	White Plains, NY	65,641	—	—	$	4,000,000
Dec-10	Two Herald Square - 45%	Fee Interest	Herald Square	N/A	N/A	N/A	$	247,500,000
Dec-10	885 Third Avenue - 45%	Fee Interest	Midtown / Plaza District	N/A	N/A	N/A	$	352,000,000
Dec-10	292 Madison Avenue	Fee Interest	Grand Central South	N/A	N/A	N/A	$	78,300,000
				104,691			$	710,600,000

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

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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
2010 Sales
May-10	1221 Avenue of the Americas (6)	Fee Interest	Rockefeller Center	2,550,000	$	1,280,000,000	$	502
Sep-10	19 West 44th Street	Fee Interest	Midtown	292,000	$	123,150,000	$	422
				2,842,000	$	1,403,150,000	$	494

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

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

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

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

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

(6) Company sold a 45% JV interest in the property at an implied $1.28 billion sales price.

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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).

47

CORPORATE GOVERNANCE

Stephen L. Green

Chairman of the Board

Marc Holliday

Chief Executive Officer

James Mead

Chief Financial Officer

Andrew Mathias

President

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	andrew.rosivach@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) 231-8068	rob.stevenson@macquarie.com
Morgan Stanley	Chris Caton	(415) 576-2637	chris.caton@morganstanley.com
Raymond James Financial, Inc.	William A. Crow	(727) 567-2594	bill.crow@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.

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