Exhibit 99.1


CONTACT                        
Matt DiLiberto
Chief Financial Officer
(212) 594-2700

SL GREEN REALTY CORP. REPORTS
SECOND QUARTER 2020 EPS OF $0.74 PER SHARE;
AND FFO OF $1.70 PER SHARE


Financial and Operating Highlights
Net income attributable to common stockholders of $0.74 per share for the second quarter of 2020 as compared to $1.94 per share for the same period in 2019. Net income for the second quarter of 2020 includes a net gain of $65.4 million, or $0.82 per share, recognized from the sale of the retail condominium at 609 Fifth Avenue. Net income for the second quarter of 2019 included $126.6 million, or $1.45 per share, of net gains from the sale of real estate and non-cash fair value adjustments.
Funds from operations, or FFO, of $1.70 per share for the second quarter of 2020, which includes $3.4 million, or $0.04 per share, of losses related to certain debt and preferred equity ("DPE") investments that were sold, and $3.4 million, or $0.04 per share, of reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $1.82 per share.
Completed the Company's “$1.0 Billion Plan” to generate incremental cash through the sale of real estate assets, the sale and repayment of DPE investments as well as financing and refinancing activities. As of June 30, 2020, cash, cash equivalents and marketable securities totaled $1.04 billion, excluding the Company’s share of unconsolidated joint venture cash of $111.2 million.
To date in 2020, the Company has repurchased a combined 6.2 million shares of common stock and units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $64.28 per share/unit, including 3.0 million shares of common stock and OP units at an average price of $47.66 per share/unit repurchased during the second quarter. Since inception of the program, the Company has repurchased a total of 28.7 million shares of its common stock and redeemed 1.0 million OP units at an average price of $89.08 per share/unit.
To date, the Company has collected gross tenant billings for the second quarter of 2020 of 95.7% for office, 69.6% for retail and 90.7% overall. To date, the Company has collected gross tenant billings for July of 91.7% for office, 61.5% for retail and 87.0% overall as of July 21, 2020, with additional collections expected thereafter.

Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 2.1% for the





second quarter of 2020 excluding lease termination income and free rent to Viacom at 1515 Broadway, as compared to the same period in 2019.
Signed 35 Manhattan office leases covering 280,002 square feet in the second quarter of 2020 and 65 Manhattan office leases covering 596,156 square feet in the first six months of 2020. The mark-to-market on signed Manhattan office leases was 0.8% lower for the second quarter and 4.6% higher for the first six months than the previous fully escalated rents on the same spaces.
Manhattan same-store occupancy was 95.2% as of June 30, 2020, inclusive of leases signed but not yet commenced, as compared to 95.5% as of March 31, 2020 and 94.8% as of June 30, 2019.
Investing Highlights
Closed on the sale of a 49.5% interest in One Madison Avenue to the National Pension Service of Korea ("NPS") and Hines Interest LP ("Hines"). NPS and Hines have committed aggregate equity to the project totaling no less than $492.2 million. The Company and Hines will co-develop the $2.3 billion project, which will span 1.4 million rentable square feet upon completion.
Closed on the sale of the retail condominium at 609 Fifth Avenue for a sale price of $168.0 million. The transaction generated net cash proceeds to the Company of $161.0 million and a gain on sale of $65.4 million.
Generated $488.4 million of cash through the sale of five DPE positions totaling $259.1 million of proceeds and repayments totaling $229.3 million. A portion of the proceeds from these activities was used to repay the Company’s DPE financing facility in its entirety. The Company's DPE portfolio was $1.25 billion as of June 30, 2020.
Financing Highlights
Closed on a $510.0 million mortgage financing of 220 East 42nd Street, also known as the News Building. The new mortgage has a 3-year term, with two one-year extension options and bears interest at a floating rate of 2.75% per annum over LIBOR.
Summary
New York, NY, July 22, 2020 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended June 30, 2020 of $56.4 million, or $0.74 per share, as compared to net income of $161.1 million, or $1.94 per share, for the same quarter in 2019. Net income for the second quarter of 2020 includes a net gain of $65.4 million, or $0.82 per share, recognized from the sale of the retail condominium at 609 Fifth Avenue. Net income for the second quarter of 2019 included $126.6 million, or $1.45 per share, of net gains from the sale of real estate and non-cash fair value adjustments.
The Company also reported net income attributable to common stockholders for the six months ended June 30, 2020 of $171.2 million, or $2.22 per share, as compared to net income of $204.9 million, or $2.46 per share, for the same period in 2019.





The Company reported FFO for the quarter ended June 30, 2020 of $136.1 million, or $1.70 per share, which includes $3.4 million, or $0.04 per share, of losses related to debt and preferred equity ("DPE") investments that were sold, and $3.4 million, or $0.04 per share, of reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $159.2 million, or $1.82 per share.
The Company also reported FFO for the six months ended June 30, 2020 of $308.1 million, or $3.79 per share, which includes $10.6 million, or $0.13 per share, of losses related to the sale of certain DPE investments, and $7.5 million, or $0.09 per share, of reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $306.7 million, or $3.50 per share.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended June 30, 2020, the Company reported consolidated revenues and operating income of $253.7 million and $130.4 million, respectively, compared to $313.0 million and $166.4 million, respectively, for the same period in 2019.
To date, the Company has collected gross tenant billings for the second quarter of 95.7% for office, 69.6% for retail and 90.7% overall. To date, the Company has collected gross tenant billings for July of 91.7% for office, 61.5% for retail and 87.0% overall as of July 21, 2020, with additional collections expected thereafter.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 16.0% for the second quarter, and 2.1% excluding lease termination income and free rent to Viacom at 1515 Broadway, as compared to the same period in 2019.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 11.6% for the six months ended June 30, 2020, and 1.4% excluding lease termination income and free rent given to Viacom at 1515 Broadway, as compared to the same period in 2019.
During the second quarter of 2020, the Company signed 35 office leases in its Manhattan portfolio totaling 280,002 square feet. Twenty-nine leases comprising 226,308 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $73.05 per rentable square foot, representing a 0.8% decrease over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the second quarter was 4.3 years and average tenant concessions were 4.5 months of free rent with a tenant improvement allowance of $8.42 per rentable square foot.
During the first six months of 2020, the Company signed 65 office leases in its Manhattan portfolio totaling 596,156 square feet. Fifty leases comprising 407,908 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $72 per rentable square foot, representing a 4.6% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first six months of 2020 was 7.6 years and average tenant concessions were 3.1 months of free rent with a tenant improvement allowance of $19.73 per rentable square foot.






Occupancy in the Company's Manhattan same-store portfolio was 95.2% as of June 30, 2020, inclusive of 373,876 square feet of leases signed but not yet commenced, as compared to 95.5% as of March 31, 2020 and 94.8% as of June 30, 2019.
Significant leases that were signed in the second quarter included:
Renewal with HQ Global Workplaces LLC for 27,825 square feet at 100 Park Avenue, for 5.0 years;
Expansion with Oak Hill Advisors for 23,848 square feet at One Vanderbilt Avenue, for 16.3 years;
Renewal with Sentry Center 810 Seventh LLC for 23,362 square feet at 810 Seventh Avenue, for 5.0 years; and
New lease with InTandem Capital Partners and Sagewind Capital LLC for 10,165 square feet at One Vanderbilt Avenue, for 7.4 years.
Investment Activity
To date in 2020, the Company has repurchased a combined 6.2 million shares of common stock and units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $64.28 per share/unit, including 3.0 million shares of common stock and OP units at an average price of $47.66 per share/unit repurchased during the second quarter. Since inception of the program, the Company has repurchased a total of 28.7 million shares of its common stock under the program and redeemed 1.0 million OP units, allowing the Company to save approximately $105.0 million of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $89.08 per share/unit.
In June, the Company, along with our joint venture partner entered into an agreement to sell 400 East 58th Street for a sale price of $62.0 million. The Company acquired the 126-unit residential building in the Sutton Place neighborhood of Manhattan in 2012 as part of an eight-building portfolio of retail and multi-family properties. The transaction is expected to generate net cash proceeds to the Company of approximately $20.0 million and close in the third quarter, subject to customary closing conditions.
In May, the Company sold a 49.5% interest in One Madison Avenue to the National Pension Service of Korea ("NPS") and Hines Interest LP ("Hines"). NPS and Hines have committed aggregate equity to the project totaling no less than $492.2 million. The Company and Hines will co-develop the $2.3 billion project, which will span 1.4 million rentable square feet upon completion.
In May, the Company closed on the sale of its recently repositioned 609 Fifth Avenue retail condominium, which is leased to sports apparel brand PUMA, and global luxury apparel and accessories brand, Vince, for a sale price of $168.0 million. The transaction generated net cash proceeds to the Company of $161.0 million and a gain on sale of $65.4 million.





Debt and Preferred Equity Investment Activity
The carrying value of the Company’s DPE portfolio decreased to $1.25 billion at June 30, 2020, including $1.22 billion of investments at a weighted average current yield of 8.6% that are classified in the debt and preferred equity line item on the balance sheet, and mortgage investments aggregating $0.03 billion at a weighted average current yield of 6.5% that are included in other balance sheet line items for accounting purposes.
During the second quarter, the Company originated a loan consisting of a mortgage and subordinate debt totaling $386.0 million, of which $75.0 million was retained and $18.4 million was funded, at a weighted average yield of 15.2% based on the current funded amount.
During the second quarter, the Company generated $488.4 million of cash through the sale of five DPE positions totaling $259.1 million of proceeds and repayments totaling $229.3 million. A portion of the proceeds from these activities was used to repay the Company’s DPE facility in its entirety.
Financing Activity
In June, the Company closed on a $510.0 million mortgage financing of 220 East 42nd Street, also known as the News Building, which was previously unencumbered. Proceeds from the financing were used to repay the Company’s unsecured revolving credit facility. The new mortgage has a 3-year term, with two one-year extension options and bears interest at a floating rate of 2.75% per annum over LIBOR.
Dividends
In the second quarter of 2020, the Company declared:
Three monthly dividends on its outstanding common stock totaling $0.885 per share, which were paid on May 15, June 15 and July 15, 2020, equating to an annualized dividend of $3.54 per share of common stock; and
quarterly dividends on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2020 through and including July 14, 2020, which was paid on July 15, 2020 and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 23, 2020 at 2:00 pm ET to discuss the financial results.
The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Financial Reports.”
The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”. The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 4232679.





A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 4232679. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”.
Company Profile
SL Green Realty Corp., an S&P 500 company and Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2020, SL Green held interests in 96 buildings totaling 41.0 million square feet. This included ownership interests in 28.7 million square feet of Manhattan buildings and 11.2 million square feet securing debt and preferred equity investments.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.






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

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

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties related to the on-going COVID-19 pandemic and the duration and impact it will have on our business and the industry as a whole and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.





SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
Rental revenue, net
$
174,141

 
$
216,480

 
$
369,604

 
$
429,119

Escalation and reimbursement
21,745

 
28,479

 
48,913

 
55,958

Investment income
39,943

 
51,618

 
78,476

 
101,649

Other income
17,870

 
16,447

 
71,009

 
30,553

        Total revenues
253,699

 
313,024

 
568,002

 
617,279

Expenses:
 
 
 
 
 
 
 
Operating expenses, including related party expenses of $2,739 and $6,488 in 2020 and $5,323 and $8,116 in 2019
40,897

 
58,317

 
94,763

 
116,015

Real estate taxes
41,661

 
46,694

 
88,283

 
93,382

Operating lease rent
7,831

 
8,298

 
15,198

 
16,596

Interest expense, net of interest income
30,070

 
47,160

 
67,564

 
97,685

Amortization of deferred financing costs
2,661

 
2,712

 
5,161

 
5,454

Depreciation and amortization
95,941

 
69,461

 
164,220

 
137,804

Loan loss and other investment reserves, net of recoveries
6,813

 

 
18,061

 

Transaction related costs
373

 
261

 
438

 
316

Marketing, general and administrative
23,510

 
25,480

 
43,080

 
51,459

        Total expenses
249,757

 
258,383

 
496,768

 
518,711

 

 

 
 
 
 
Equity in net loss from unconsolidated joint ventures
(2,199
)
 
(7,546
)
 
(15,013
)
 
(12,780
)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate

 
59,015

 

 
76,181

Purchase price and other fair value adjustment

 
67,631

 

 
65,590

Gain (loss) on sale of real estate, net
64,884

 

 
137,520

 
(1,049
)
        Net income
66,627

 
173,741

 
193,741

 
226,510

Net income attributable to noncontrolling interests in the Operating Partnership
(3,070
)
 
(8,310
)
 
(9,272
)
 
(10,587
)
Net (income) loss attributable to noncontrolling interests in other partnerships
(1,023
)
 
2,138

 
(730
)
 
1,900

Preferred unit distributions
(2,353
)
 
(2,729
)
 
(5,019
)
 
(5,453
)
Net income attributable to SL Green
60,181

 
164,840

 
178,720

 
212,370

Perpetual preferred stock dividends
(3,737
)
 
(3,737
)
 
(7,475
)
 
(7,475
)
        Net income attributable to SL Green common stockholders
$
56,444

 
$
161,103

 
$
171,245

 
$
204,895

 
 
 
 
 
 
 
 
Earnings Per Share (EPS)
 
 
 
 
 
 
 
Net income per share (Basic)
$
0.74

 
$
1.94

 
$
2.22

 
$
2.46

Net income per share (Diluted)
$
0.74

 
$
1.94

 
$
2.22

 
$
2.46

 
 
 
 
 
 
 
 
Funds From Operations (FFO)

 
 
 
 
 
 
FFO per share (Basic)
$
1.70

 
$
1.83

 
$
3.79

 
$
3.51

FFO per share (Diluted)
$
1.70

 
$
1.82

 
$
3.79

 
$
3.50

 
 
 
 
 
 
 
 
Basic ownership interest
 
 
 
 
 
 
 
Weighted average REIT common shares for net income per share
75,932

 
82,971

 
77,023

 
83,141

Weighted average partnership units held by noncontrolling interests
4,120

 
4,260

 
4,170

 
4,296

Basic weighted average shares and units outstanding
80,052

 
87,231

 
81,193

 
87,437

 
 
 
 
 
 
 
 
Diluted ownership interest
 
 
 
 
 
 
 
Weighted average REIT common share and common share equivalents
76,099

 
83,138

 
77,222

 
83,310

Weighted average partnership units held by noncontrolling interests
4,120

 
4,260

 
4,170

 
4,296

Diluted weighted average shares and units outstanding
80,219

 
87,398

 
81,392

 
87,606






SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
June 30,
 
December 31,
 
2020
 
2019
Assets
(Unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land and land interests
$
1,625,483

 
$
1,751,544

Building and improvements
5,363,464

 
5,154,990

Building leasehold and improvements
1,443,855

 
1,433,793

Right of use asset - financing leases
176,152

 
47,445

Right of use asset - operating leases
381,255

 
396,795

 
8,990,209

 
8,784,567

Less: accumulated depreciation
(2,186,157
)
 
(2,060,560
)
 
6,804,052

 
6,724,007

Assets held for sale
49,687

 
391,664

Cash and cash equivalents
1,015,348

 
166,070

Restricted cash
85,935

 
75,360

Investment in marketable securities
27,345

 
29,887

Tenant and other receivables, net of allowance of $19,926 and $12,369 in 2020 and 2019, respectively
90,305

 
43,968

Related party receivables
16,984

 
21,121

Deferred rents receivable, net of allowance of $17,500 and $12,477 in 2020 and 2019, respectively
302,729

 
283,011

Debt and preferred equity investments, net of discounts and deferred origination fees of $13,915 and $14,562 and allowances of $15,109 and $1,750 in 2020 and 2019, respectively
1,221,936

 
1,580,306

Investments in unconsolidated joint ventures
2,952,681

 
2,912,842

Deferred costs, net
217,812

 
205,283

Other assets
286,750

 
332,801

        Total assets
$
13,071,564

 
$
12,766,320

 
 
 
 
Liabilities
 
 
 
Mortgages and other loans payable
$
2,348,483

 
$
2,211,883

Revolving credit facility
950,000

 
240,000

Unsecured term loan
1,500,000

 
1,500,000

Unsecured notes
1,252,366

 
1,502,837

Deferred financing costs, net
(48,344
)
 
(46,583
)
Total debt, net of deferred financing costs
6,002,505

 
5,408,137

Accrued interest payable
14,903

 
22,148

Accounts payable and accrued expenses
165,565

 
166,905

Deferred revenue
99,655

 
114,052

Lease liability - financing leases
174,732

 
44,448

Lease liability - operating leases
361,221

 
381,671

Dividend and distributions payable
25,611

 
79,282

Security deposits
58,486

 
62,252

Liabilities related to assets held for sale
38,272

 

Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities
100,000

 
100,000

Other liabilities
240,702

 
177,080

        Total liabilities
7,281,652

 
6,555,975

 
 
 
 
Commitments and contingencies

 

Noncontrolling interest in the Operating Partnership
358,702

 
409,862

Preferred units
225,448

 
283,285

 
 
 
 
Equity
 
 
 
Stockholders’ equity:
 
 
 
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2020 and December 31, 2019
221,932

 
221,932

Common stock, $0.01 par value 160,000 shares authorized, 74,730 and 80,257 issued and outstanding at June 30, 2020 and December 31, 2019, respectively (including 1,055 held in Treasury at both June 30, 2020 and December 31, 2019)
748

 
803

Additional paid-in capital
4,021,891

 
4,286,395

Treasury stock at cost
(124,049
)
 
(124,049
)
Accumulated other comprehensive loss
(82,371
)
 
(28,485
)
Retained earnings
1,081,821

 
1,084,719

Total SL Green Realty Corp. stockholders’ equity
5,119,972

 
5,441,315

Noncontrolling interests in other partnerships
85,790

 
75,883

        Total equity
5,205,762

 
5,517,198

Total liabilities and equity
$
13,071,564

 
$
12,766,320






SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
Funds From Operations (FFO) Reconciliation:
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net income attributable to SL Green common stockholders
$
56,444

 
$
161,103

 
$
171,245

 
$
204,895

Add:
 
 
 
 
 
 
 
Depreciation and amortization
95,941

 
69,461

 
164,220

 
137,804

Joint venture depreciation and noncontrolling interest adjustments
45,107

 
49,903

 
101,425

 
97,528

Net income attributable to noncontrolling interests
4,093

 
6,172

 
10,002

 
8,687

Less:
 
 
 
 
 
 
 
Gain (loss) on sale of real estate, net
64,884

 

 
137,520

 
(1,049
)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate

 
59,015

 

 
76,181

Purchase price and other fair value adjustments

 
67,631

 

 
65,590

Depreciation on non-rental real estate assets
609

 
746

 
1,259

 
1,453

FFO attributable to SL Green common stockholders
$
136,092

 
$
159,247

 
$
308,113

 
$
306,739



 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
Operating income and Same-store NOI Reconciliation:
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net income
$
66,627

 
$
173,741

 
$
193,741

 
$
226,510

Equity in net gain on sale of interest in unconsolidated joint venture/real estate

 
(59,015
)
 

 
(76,181
)
Purchase price and other fair value adjustments

 
(67,631
)
 

 
(65,590
)
(Gain) loss on sale of real estate, net
(64,884
)
 

 
(137,520
)
 
1,049

Depreciation and amortization
95,941

 
69,461

 
164,220

 
137,804

Interest expense, net of interest income
30,070

 
47,160

 
67,564

 
97,685

Amortization of deferred financing costs
2,661

 
2,712

 
5,161

 
5,454

Operating income
130,415

 
166,428

 
293,166

 
326,731

 
 
 
 
 
 
 
 
Equity in net loss from unconsolidated joint ventures
2,199

 
7,546

 
15,013

 
12,780

Marketing, general and administrative expense
23,510

 
25,480

 
43,080

 
51,459

Transaction related costs, net
373

 
261

 
438

 
316

Investment income
(39,943
)
 
(51,618
)
 
(78,476
)
 
(101,649
)
Loan loss and other investment reserves, net of recoveries
6,813

 

 
18,061

 

Non-building revenue
(192
)
 
(7,268
)
 
(3,982
)
 
(16,413
)
Net operating income (NOI)
123,175

 
140,829

 
287,300

 
273,224

 
 
 
 
 
 
 
 
Equity in net loss from unconsolidated joint ventures
(2,199
)
 
(7,546
)
 
(15,013
)
 
(12,780
)
SLG share of unconsolidated JV depreciation and amortization
46,217

 
48,176

 
92,091

 
96,304

SLG share of unconsolidated JV interest expense, net of interest income
32,714

 
38,281

 
68,491

 
77,688

SLG share of unconsolidated JV amortization of deferred financing costs
1,693

 
1,591

 
3,380

 
3,159

SLG share of unconsolidated JV investment income
(310
)
 
(476
)
 
(617
)
 
(2,703
)
SLG share of unconsolidated JV non-building revenue
(2,425
)
 
(1,215
)
 
(4,025
)
 
(1,926
)
NOI including SLG share of unconsolidated JVs
198,865

 
219,640

 
431,607

 
432,966

 
 
 
 
 
 
 
 
NOI from other properties/affiliates
(9,214
)
 
(36,796
)
 
(63,811
)
 
(69,946
)
Same-Store NOI
189,651

 
182,844

 
367,796

 
363,020

 
 
 
 
 
 
 
 
Ground lease straight-line adjustment
385

 
514

 
814

 
1,028

Joint Venture ground lease straight-line adjustment
252

 
342

 
594

 
735

Straight-line and free rent
1,092

 
(5,778
)
 
(579
)
 
(10,535
)
Amortization of acquired above and below-market leases, net
(1,565
)
 
(1,213
)
 
(3,941
)
 
(2,451
)
Joint Venture straight-line and free rent
(4,330
)
 
(15,837
)
 
(10,131
)
 
(32,433
)
Joint Venture amortization of acquired above and below-market leases, net
(3,812
)
 
(4,248
)
 
(7,639
)
 
(8,510
)
Same-store cash NOI
$
181,673

 
$
156,624

 
$
346,914

 
$
310,854






SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES
Funds from Operations (FFO)
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and a pro-rata adjustment for FAD from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
SLG EARN



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