SL Green Realty Corp. Reports Third Quarter 2009 FFO of $0.98 Per Share and EPS of $(0.03) Per Share

http://www.businesswire.com/news/home/20091026006504/en

NEW YORK--(Business Wire)--
SL Green Realty Corp. (NYSE: SLG):

Quarterly Highlights

* Third quarter FFO totaled $0.98 per share (diluted) compared to $1.37 per
share (diluted) for the third quarter of 2008.
* Net loss for the third quarter of 2009 totaled $0.03 share (diluted) compared
to net income of $0.49 per share (diluted) in the same period in the prior year.
* Recognized combined same-store GAAP NOI growth of 5.9% for the third quarter,
including 5.6% from the consolidated same-store properties and 6.5% from the
unconsolidated joint venture same-store properties. For the first nine months of
2009, combined same-store GAAP NOI growth was 3.5%, including 3.3% from the
consolidated same-store properties and 4.1% from the unconsolidated joint
venture same-store properties.
* Signed 28 Manhattan office leases totaling 251,888 square feet with average
starting rents of $47.31 per rentable square foot during the third quarter.
Average Manhattan office starting rents increased by 5.2% on these leases over
previously fully escalated rents.
* Maintained Manhattan occupancy rate of 95.7% with increases in occupancy at
100 Park Avenue, 625 Madison Avenue, 750 Third Avenue and 1515 Broadway.
* Amended the 2007 unsecured revolving credit facility to provide the Company
with the ability to acquire a portion of the loans outstanding under the
facility. A subsidiary of the Company subsequently repurchased $48.0 million of
the total commitment at a discount, and the Company realized a $7.1 million gain
on the early extinguishment of debt.
* Repurchased approximately $33.0 million of the Company`s unsecured notes and
exchangeable bonds since July 1, 2009, realizing gains on early extinguishment
of debt aggregating approximately $1.2 million. Since October 2008, the Company
has repurchased approximately $757.3 million of its debt for approximately
$557.2 million, which resulted in gains on early extinguishment of approximately
$155.7 million.
* Closed on a $145.0 million refinancing of 420 Lexington Avenue with a new
lender. This financing, provided at a 7.5% fixed interest rate, matures in 2016
and features two one-year extension options. This transaction resulted in a
$36.9 million increase in the indebtedness secured by the property and generated
approximately $22.7 million in net cash proceeds. Proceeds from the refinancing
were used in part to repay the former mortgage of $108.1 million.
* Closed on a $215.0 million refinancing of 100 Park Avenue with new lenders.
This financing, provided at a 6.64% fixed interest rate, matures in 2014 and
features two one-year extension options. The refinancing enabled the joint
venture to retire the former $175.0 million mortgage.
* Amended the construction financing at 1551-1555 Broadway with the existing
lenders by extending the maturity date to October 2011 and fully drawing down
the loan. This loan, which has a one-year extension option, carries a variable
interest rate of 400 basis points over the 30-day LIBOR.
* Successfully restructured the 100 Church structured finance investment
resulting in control being obtained by the Company and its co-lender with full
beneficial ownership expected to occur in the first quarter of 2010.

Summary

SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO,
of $78.1 million, or $0.98 per share (diluted), for the quarter ended September
30, 2009, a decrease of 28.5% compared to $83.1 million, or $1.37 per share
(diluted), for the same quarter in 2008.

Net loss attributable to common stockholders totaled $2.5 million, or $0.03 per
share (diluted), for the quarter ended September 30, 2009, compared to net
income of $28.8 million, or $0.49 per share (diluted), for the same quarter in
2008.

Operating and Leasing Activity

For the third quarter of 2009, the Company reported revenues and EBITDA of
$249.6 million and $141.7 million, respectively, a decrease of $18.7 million, or
7.0%, and $9.0 million, or 6.0%, respectively, compared to the same period in
2008. The decrease is primarily due to lower investment income and greater loan
loss reserves in 2009 compared to 2008.

Same-store GAAP NOI on a combined basis increased by 5.9% for the third quarter
when compared to the same quarter in 2008, with the consolidated properties
increasing 5.6% to $133.3 million and the unconsolidated joint venture
properties increasing 6.5% to $53.1 million. For the first nine months of 2009,
combined same-store GAAP NOI growth was 3.5%, including 3.3% from the
consolidated same-store properties and 4.1% from the unconsolidated joint
venture same-store properties.

Occupancy for the Manhattan portfolio at September 30, 2009 was 95.7%. During
the quarter, the Company signed or commenced 36 leases in the Manhattan
portfolio totaling 278,819 square feet, of which 28 leases and 251,888 square
feet represented office leases. Average starting Manhattan office rents of
$47.31 per rentable square foot on the 251,888 square feet of leases signed or
commenced during the third quarter represented a 5.2% increase over the
previously fully escalated rents. The average lease term was 9.6 years and
average tenant concessions were 6.9 months of free rent with a tenant
improvement allowance of $56.19 per rentable square foot.

Average starting Suburban office rents of $29.46 per rentable square foot for
the third quarter represented a 5.7% decrease over the previously fully
escalated rents. Occupancy for the Suburban portfolio was 90.4% at September 30,
2009 compared to 90.3% at June 30, 2009. During the quarter, the Company signed
28 leases in the Suburban portfolio totaling 158,580 square feet, of which 24
leases and 155,960 square feet represented office leases.

During the quarter, the Company had solid leasing activity at 100 Park Avenue,
420 Lexington Avenue, 750 Third Avenue, 1515 Broadway, all in New York City, and
140 Grand Street and the Meadows in the suburbs.

Leases which were signed or commenced during the third quarter included:

* New lease with Marcum & Kliegman, LLP for approximately 67,152 square feet at
750 Third Avenue.
* New lease with Syska Hennessy Group, Inc. for approximately 64,788 square feet
at 1515 Broadway.
* New lease with ECT Capital LLC for approximately 20,626 square feet at 100
Park Avenue.
* Renewal with The County of Westchester for approximately 17,800 square feet at
140 Grand Street, Westchester.
* New lease with Wilson Elser Moskowitz Edelman for approximately 16,056 square
feet at 1010 Washington Boulevard, CT.

Marketing, general and administrative, or MG&A, expenses for the quarter ended
September 30, 2009 was approximately $18.9 million down from $20.9 million for
the quarter ended September 30, 2008.

Real Estate Investment Activity

In August 2009, the Company sold 399 Knollwood, CT for $20.7 million, which
included approximately $1.9 million of cash and the assumption of mortgage
financing of $18.5 million. The sales price of $142.00 per square foot
represents a capitalization rate of 8.3%. The Company recorded a loss on the
sale of approximately $11.4 million.

In August 2009, we entered into a sale and purchase agreement to sell a 49.5%
interest in Green 485 JV LLC, or the Joint Venture, the owner of 485 Lexington
Avenue, to a partnership comprised of Optibase Ltd. (Nasdaq: OBAS) and Gilmor
USA LLC, or the Purchasers. The transaction results in an implied asset
valuation of approximately $504.2 million for the property. Upon closing, the
Purchasers will pay us approximately $20.8 million for a 49.5% interest in the
Joint Venture and will also make a $20.0 million non-recourse loan to us
maturing in 2021 which will be secured by a pledge by us of an additional 49.5%
interest in the Joint Venture, with our retaining an unencumbered 1% interest in
the Joint Venture. In addition, the Purchasers will also acquire an option based
in general on fair market value, exercisable generally until 2022 subject to
certain limitations, to purchase our 49.5% pledged ownership interests in the
Joint Venture, subject to certain limitations. Prior to closing, we will also
make a $12.2 million, 9.0% loan due in 2013, to the Joint Venture. The existing
$450.0 million mortgage will remain an obligation of the Joint Venture. The
transaction is subject to certain conditions, including the existing lender's
approval of the transfer of ownership in Green 485 JV LLC and such lender's
approval of substitute guarantors under the loan. There is no assurance that the
conditions precedent contemplated in the sale-purchase agreement will be
fulfilled or that the transaction will be consummated at such time or at all.

Financing and Capital Activity

The Company repurchased approximately $33.0 million of its exchangeable bonds
since July 1, 2009, realizing gains on early extinguishment of debt aggregating
approximately $1.2 million.

In August 2009, the Company amended the 2007 unsecured revolving credit facility
to provide it with the ability to acquire a portion of the loans outstanding
under the facility. During the third quarter, a subsidiary of the Company
repurchased $48.0 million of the total commitment at a discount, and the Company
realized a $7.1 million gain on the early extinguishment of debt.

In August 2009, the Company closed on the refinancing of 420 Lexington Avenue
with a new lender. This $145.0 million financing, provided at a 7.5% fixed
interest rate, matures in 2016 and features two one-year extension options. It
enabled the Company to prepay the $108.1 million outstanding on the former
mortgage. In connection with this financing, the Company incurred a defeasance
charge of approximately $10.5 million, which is included in interest expense for
the third quarter.

In September 2009, the Company, along with its joint venture partner Prudential
Real Estate Investors, closed on a financing at 100 Park Avenue with new
lenders. The $215.0 million financing, provided at a 6.64% fixed interest rate,
matures in 2014 and features two one-year extension options. It enabled the
joint venture to retire the former $175.0 million mortgage.

Also in September 2009, the Company, along with its joint venture partner Jeff
Sutton, closed on an amendment to the financing at 1551-1555 Broadway with the
existing lenders. At closing, the loan was fully drawn to the reduced committed
amount of $133.6 million. The maturity date was extended to October 2011, has a
one-year extension option and carries a variable interest rate of 400 basis
points over the 30-day LIBOR. The property is net leased to American Eagle
Outfitters (NYSE: AEO).

In July 2009, the Company closed on a $40.0 million upsize to the financing
secured by 625 Madison Avenue. The amortizing loan, which is co-terminus with
the existing mortgage, resulted in a blended fixed interest rate of 7.22% on the
combined $136.2 million loan.

Structured Finance Activity

The Company`s structured finance investments totaled approximately $614.5
million at September 30, 2009 (excluding approximately $1.0 million of
structured finance investments which were classified as held for sale at
September 30, 2009), a decrease of approximately $132.4 million from the balance
at December 31, 2008. During the third quarter, the Company closed on a $16.1
million structured finance investment secured by a New York City property. Also
during the third quarter, the Company recorded approximately $16.1 million in
additional loan loss reserves against its structured finance investments. The
structured finance investments currently have a weighted average maturity of 3.7
years and a weighted average yield for the quarter ended September 30, 2009 of
10.2%, exclusive of loans totaling $59.1 million which are on non-accrual
status.

Dividends

During the third quarter of 2009, the Company declared quarterly dividends on
its outstanding common and preferred stock as follows:

* $0.10 per share of common stock. Dividends were paid on October 15, 2009 to
stockholders of record on the close of business on September 30, 2009.
* $0.4766 and $0.4922 per share on the Company's Series C and D Preferred Stock,
respectively, for the period July 15, 2009 through and including October 14,
2009. Dividends were paid on October 15, 2009 to stockholders of record on the
close of business on September 30, 2009, and reflect regular quarterly
dividends, which are the equivalent of annualized dividend of $1.90625 and
$1.96875, respectively.

Conference Call and Audio Webcast

The Company's executive management team, led by Marc Holliday, Chief Executive
Officer, will host a conference call and audio web cast on Tuesday, October 27,
2009 at 2:00 pm ET to discuss the financial results. The Supplemental Package
will be available prior to the quarterly conference call on the Company's
website, www.slgreen.com, under "financial reports" in the investors section.

The live conference will be webcast in listen-only mode on the Company's website
under "event calendar & webcasts" in the investors` section of the website and
on Thomson's StreetEvents Network. The conference may also be accessed by
dialing 866.783.2140 Domestic or 857.350.1599 International, using pass-code "SL
Green."

A replay of the call will be available through November 3, 2009 by dialing
888.286.8010 Domestic or 617.801.6888 International, using pass-code 97277223.

Supplemental Information

The Supplemental Package outlining the Company`s third quarter 2009 financial
results will be available prior to the quarterly conference call on the
Company's website.

Annual Institutional Investor Conference

SL Green will host its 2009 Annual Institutional Investor Conference on Monday,
December 7, 2009. To sign up for additional details on the event and/or to
determine if you are eligible to attend, email your contact information,
including the institution you are affiliated with, to SLG.2009@slgreen.com.

Company Profile

SL Green Realty Corp. is a self-administered and self-managed real estate
investment trust, or REIT, that predominantly acquires, owns, repositions and
manages Manhattan office properties. The Company is the only publicly held REIT
that specializes in this niche. As of September 30, 2009, the Company owned
interests in 29 New York City office properties totaling approximately
23,211,200 square feet, making it New York's largest office landlord. In
addition, at September 30, 2009, SL Green held investment interests in, among
other things, eight retail properties encompassing approximately 374,812 square
feet, three development properties encompassing approximately 399,800 square
feet and two land interests, along with ownership interests in 31 suburban
assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island,
Westchester County, Connecticut and New Jersey.

To be added to the Company's distribution list or to obtain the latest news
releases and other Company information, please visit our website at
www.slgreen.com or contact Investor Relations at 212-216-1601.

Disclaimers

Non-GAAP Financial Measures

During the quarterly conference call, the Company may discuss non-GAAP financial
measures as defined by SEC Regulation G. In addition, the Company has used
non-GAAP financial measures in this press release. A reconciliation of each
non-GAAP financial measure and the comparable GAAP financial measure can be
found on page 10 of this release and in the Company`s Supplemental Package.

Forward-looking Statement

This press release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and are intended to be covered by the safe harbor
provisions thereof.All statements, other than statements of historical facts,
included in this press release that address activities, events or developments
that we expect, believe or anticipate will or may occur in the future, 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, Westchester County, Connecticut, Long Island and New
Jersey office markets, business strategies, expansion and growth of our
operations and other similar matters, are forward-looking statements. These
forward-looking statements are based on certain assumptions and analyses made by
us in light of our experience and our perception of historical trends, current
conditions, expected future developments and other factors we believe are
appropriate.

Forward-looking statements are not guarantees of future performance and actual
results or developments may materially differ, and we caution you not to place
undue reliance on such statements.Forward-looking statements are generally
identifiable by the use of the words "may," "will," "should," "expect,"
"anticipate," "estimate," "believe," "intend," "project," "continue," or the
negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release 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 real estate
markets, including reduced demand for office space, increasing vacancy, and
increasing availability of sublease space; availability of capital (debt and
equity); unanticipated increases in financing and other costs, including a rise
in interest rates; our ability to comply with financial covenants in our debt
instruments; our ability to maintain our status as a REIT; risks of investing
through joint venture structures, including the fulfillment by our partners of
their financial obligations; the continuing threat of terrorist attacks, in
particular in the New York Metro area and on our tenants; our ability to obtain
adequate insurance coverage at a reasonable cost and the potential for losses in
excess of our insurance coverage, including as a result of environmental
contamination; and legislative, regulatory and/or safety requirements adversely
affecting REITs and the real estate business, including costs of compliance with
the Americans with Disabilities Act, the Fair Housing Act and other similar laws
and regulations.

Other factors and risks to our business, many of which are beyond our control,
are described in our filings with the Securities and Exchange Commission.We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or otherwise.

SL GREEN REALTY CORP.
STATEMENTS OF OPERATIONS-UNAUDITED
(Amounts in thousands, except per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Revenue:
Rental revenue, net $ 192,433 $ 196,762 $ 579,980 $ 581,456
Escalations & reimbursement revenues 29,916 32,168 94,935 91,842
Preferred equity and investment income 16,266 31,825 48,697 73,626
Other income 10,988 7,558 40,432 63,473
Total revenues 249,603 268,313 764,044 810,397

Equity in net income from unconsolidated joint ventures 16,585 12,292 46,486 49,540
Gain on early extinguishment of debt 8,368 --- 85,401 ---

Expenses:
Operating expenses 55,217 60,747 162,423 168,410
Ground rent 7,912 7,709 24,004 23,784
Real estate taxes 34,758 31,356 108,027 96,194
Loan loss reserves 16,100 9,150 123,677 14,150
Marketing, general and administrative 18,869 20,920 54,736 70,813
Total expenses 132,856 129,882 472,867 373,351

Earnings Before Interest, Depreciation and Amortization (EBITDA) 141,700 150,723 423,064 486,586
Interest expense, net of interest income 65,366 71,646 182,105 220,747
Amortization of deferred financing costs 3,069 1,599 5,981 4,770
Depreciation and amortization 56,955 53,535 166,307 161,169
Loss (gain) on equity investment in marketable securities (52) --- 629 ---
Net income from Continuing Operations 16,362 23,943 68,042 99,900
Income (loss) from Discontinued Operations 60 63 (930) 2,851
Gain (loss) on sale of Discontinued Operations (11,829) --- (5,257) 110,232
Net gain on sale of interest in unconsolidated joint venture/ real estate --- 9,533 6,848 103,014
Net income 4,593 33,539 68,703 315,997
Net income attributable to noncontrolling interests (2,144) 257 (11,006) (16,793)
Net income attributable to SL Green Realty Corp. 2,449 33,796 57,697 299,204
Preferred stock dividends (4,969) (4,969) (14,906) (14,906)
Net income (loss) attributable to common stockholders $ (2,520) $ 28,827 $ 42,791 $ 284,298
Earnings Per Share (EPS)
Net income (loss) per share (Basic) $ (0.03) $ 0.50 $ 0.64 $ 4.88
Net income (loss) per share (Diluted) $ (0.03) $ 0.49 $ 0.64 $ 4.85

Funds From Operations (FFO)
FFO per share (Basic) $ 0.99 $ 1.37 $ 3.59 $ 4.67
FFO per share (Diluted) $ 0.98 $ 1.37 $ 3.59 $ 4.65

Basic ownership interest
Weighted average REIT common shares for net income per share 76,832 58,113 67,196 58,307
Weighted average partnership units held by noncontrolling interests 2,336 2,340 2,337 2,340
Basic weighted average shares and units outstanding for FFO per share 79,168 60,453 69,533 60,647
Diluted ownership interest
Weighted average REIT common share and common share equivalents 76,938 58,376 67,243 58,645
Weighted average partnership units held by noncontrolling interests 2,336 2,340 2,337 2,340
Diluted weighted average shares and units outstanding 79,274 60,716 69,580 60,985

SL GREEN REALTY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)

September 30, December 31,
2009 2008
Assets (Unaudited)
Commercial real estate properties, at cost:
Land and land interests $ 1,378,843 $ 1,386,090
Buildings and improvements 5,552,888 5,544,019
Building leasehold and improvements 1,270,294 1,259,472
Property under capital lease 12,208 12,208
8,214,233 8,201,789
Less accumulated depreciation (685,062) (546,545)
7,529,171 7,655,244
Assets held for sale, net 992 184,035
Cash and cash equivalents 634,072 726,889
Restricted cash 91,355 105,954
Investment in marketable securities 53,053 9,570
Tenant and other receivables, net of allowance of $13,683 and $16,898 in 2009 and 2008, respectively 27,884 30,882
Related party receivables 8,585 7,676
Deferred rents receivable, net of allowance of $23,374 and $19,648 in 2009 and 2008, respectively 160,819 145,561
Structured finance investments, net of discount of $25,582 and $18,764 and allowance of $114,658 and $45,766 in 2009 and 2008, respectively 614,466 679,814
Investments in unconsolidated joint ventures 971,111 975,483
Deferred costs, net 138,980 133,052
Other assets 303,446 330,193
Total assets $ 10,533,934 $ 10,984,353

Liabilities and Equity
Mortgage notes payable $ 2,599,416 $ 2,591,358
Revolving credit facility 1,374,076 1,389,067
Senior unsecured notes 842,175 1,501,134
Accrued interest and other liabilities 44,737 70,692
Accounts payable and accrued expenses 121,875 133,100
Deferred revenue/gain 368,753 427,936
Capitalized lease obligation 16,837 16,704
Deferred land lease payable 17,922 17,650
Dividend and distributions payable 12,006 26,327
Security deposits 40,574 34,561
Liabilities related to assets held for sale --- 106,534
Junior subordinate deferrable interest debentures held by 100,000 100,000
trusts that issued trust preferred securities
Total liabilities 5,538,371 6,415,063
Commitments and contingencies --- ---
Noncontrolling interest in operating partnership 102,174 87,330
Equity
SL Green Realty Corp. stockholders` equity
7.625% Series C perpetual preferred shares, $0.01 par value, $25.00 liquidation preference, 6,300 issued and outstanding at September 30, 2009 and December 31, 2008, respectively 151,981 151,981
7.875% Series D perpetual preferred shares, $0.01 par value, $25.00 liquidation preference, 4,000 issued and outstanding at September 30, 2009 and December 31, 2008, respectively 96,321 96,321
Common stock, $0.01 par value 160,000 shares authorized, 80,201 and 60,404 issued and outstanding at September 30, 2009 and December 31, 2008, respectively (inclusive of 3,360 shares held in Treasury at both September 30, 2009 and December 31, 2008) 802 604
Additional paid-in capital 3,489,037 3,079,159
Treasury stock-at cost (302,705) (302,705)
Accumulated other comprehensive loss (42,497) (54,747)
Retained earnings 973,554 979,939
Total SL Green Realty Corp. stockholders` equity 4,366,493 3,950,552
Noncontrolling interests in other partnerships 526,896 531,408
Total equity 4,893,389 4,481,960
Total liabilities and equity $ 10,533,934 $ 10,984,353

SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
FFO Reconciliation:
Net income (loss) attributable to common stockholders $ (2,520) $ 28,827 $ 42,791 $ 284,298
Add:
Depreciation and amortization 56,955 53,535 166,307 161,169
Discontinued operations depreciation adjustments 77 1,429 708 6,133
Joint venture depreciation and noncontrolling interest adjustments 9,800 9,323 30,387 28,879
Net (income) loss attributable to noncontrolling interests 2,144 (257) 11,006 16,793
Loss (gain) on equity investment in marketable securities (52) --- 629 ---
Less:
Gain (loss) on sale of discontinued operations (11,829) --- (5,257) 110,232
Equity in net gain (loss) on sale of joint venture property/real estate --- 9,533 6,848 103,014
Depreciation on non-rental real estate assets 176 237 549 693
Funds from Operations $ 78,057 $ 83,087 $ 249,688 $ 283,333

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Earnings before interest, depreciation and amortization (EBITDA): $ 141,700 $ 150,723 $ 423,064 $ 486,586
Add:
Marketing, general & administrative expense 18,869 20,920 54,736 70,813
Net Operating income from discontinued operations 341 3,316 1,639 10,107
Loan loss reserves 16,100 9,150 123,677 14,150
Less:
Non-building revenue (17,874) (34,177) (68,238) (117,136)
Gain on early extinguishment of debt (8,368) --- (85,401) ---
Equity in net income from joint ventures (16,585) (12,292) (46,486) (49,540)
GAAP net operating income (GAAP NOI) 134,183 137,640 402,991 414,980

Less:
Net Operating income from discontinued operations (341) (3,316) (1,639) (10,107)
GAAP NOI from other properties/affiliates (540) (8,139) (11,276) (27,229)
Same-Store GAAP NOI $ 133,302 $ 126,185 $ 390,076 $ 377,644

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED

September 30,
2009 2008
Manhattan Operating Data: (1)
Net rentable area at end of period (in 000`s) 23,211 23,719
Portfolio percentage leased at end of period 95.7% 96.5%
Same-Store percentage leased at end of period 96.5% 96.5%
Number of properties in operation 29 30

Office square feet leased during quarter (rentable) 251,888 359,067
Average mark-to-market percentage-office 5.2% 55.0%
Average starting cash rent per rentable square foot-office $47.31 $66.78

(1) Includes wholly owned and joint venture properties.

SL Green Realty Corp.
Gregory F. Hughes
Chief Operating Officer and Chief Financial Officer
-Or-
Heidi Gillette
Investor Relations
212-594-2700

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