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2020 Annual Report SL GREEN | 2020 ANNUAL REPORT ANNUAL 2020 | GREEN SL SL GREEN 20 ANNUAL 20 REPORT SL GREEN REALTY CORP. One Vanderbilt Avenue New York, NY 10017 212.594.2700 www.slgreen.com Financial Highlights Corporate Directory (All data as of 12/31/20 unless otherwise noted) 23 38.2M Board of Directors Executive Officers Registrar & Transfer Agent YEARS LISTED TOTAL SQUARE FEET (1) Marc Holliday Marc Holliday Computershare Investor Services Chairman & Chief Executive Officer Chairman & Chief Executive Officer P.O. Box 505000 Louisville, KY 40233-5000 Andrew W. Mathias Andrew W. Mathias 866-230-9138 President President www.computershare.com/investor $ $ Stephen L. Green Matthew J. DiLiberto 7.11 3.64 Chairman Emeritus Chief Financial Officer Stock Listing ANNUAL DIVIDEND John H. Alschuler, Jr. Andrew S. Levine FFO PER SHARE Lead Independent Director; Chief Legal Officer, PER SHARE Chair of the Board, General Counsel NYSE Symbol: HR&A Advisors Inc. SLG, SLG PrI Edwin T. Burton, III Professor of Economics, Counsel % $ University of Virginia Investor Relations 93.4 14.5B John S. Levy Skadden, Arps, Slate, MANHATTAN SAME-STORE Private Investor Meagher & Flom LLP One Vanderbilt Avenue ENTERPRISE VALUE New York, NY New York, NY 10017 LEASED OCCUPANCY Craig M. Hatkoff Tel: 212-216-1654 Co-founder, Tribeca Film Festival; E-mail: Chairman, Turtle Pond Publications, LLC [email protected] Auditors Betsy Atkins www.slgreen.com $ CEO & Founder, Baja Corporation 1.6B 88 Ernst & Young LLP Lauren B. Dillard New York, NY Executive Vice President – Annual Meeting COMBINED REVENUES PROPERTIES (1) Head of Investment Intelligence, Nasdaq Tuesday, June 8, 2021, 12:00 p.m. ET The Annual Meeting will 5-Year Total Return to Shareholders (Includes reinvestment of dividends) ( Based on $100 investment) be held remotely. $ % www.virtualshareholder $250 1.7B 98.1 meeting.com/SLG2021 200 COLLECTION FROM (2) LIQUIDITY (3) OFFICE TENANTS 150 Executive Offices (1) Includes DPE interests. 100 (2) Includes consolidated cash, One Vanderbilt Avenue marketable securities and undrawn New York, NY 10017 50 capacity on the Company’s Tel: 212-594-2700 unsecured revolving credit facility; 32.6M ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 Fax: 212-216-1785 excludes SLG share of unconsolidated JV cash and cash equivalents. Designed by OTTO Brand Lab, ottobrandlab.com | Map by Bryan Christie | Retouching, color management and printing by dcc, dccnyc.com SL GREEN REALTY CORP. S&P 500 DOW JONES INDUSTRIALS INDEX MSCI U.S. REIT INDEX www.slgreen.com (3) Reflects 2020 billed amounts SHARES REPURCHASED collected as of 3/31/21. Table of Contents Dear Shareholders 02 For Our Future One Vanderbilt 09 One Madison 13 185 Broadway 17 760 Madison | 15 Beekman 18 For Our Community Food1st 21 For Our Tenants SLG Forward 25 For Our Employees Returning Safely 26 For Our Shareholders 2020 Highlights 29 For Our City By New Yorkers, For New Yorkers 30 Map 32 Portfolio Listing 34 Form 10-K 35 Corporate Directory IBC Dear Shareholders, This is a long-awaited spring of hope and optimism. portfolio remains well-occupied by industry-leading credit tenants. We then quickly turned our focus to supporting the City where we have This is a Spring of hope and optimism. One Vanderbilt continues to fill and will host the year’s most antic- built our entire business. After a year defined by lockdowns, closures and restrictions, New York ipated restaurant opening when Le Pavillon opens to the public on City is now undergoing a vast reawakening. Businesses, cultural We started with our tenants who were hit the hardest by the pandemic. After months of speculation about the future of New York City office May 19. All of our major development projects, which never ceased institutions, schools and live entertainment venues are reopening and In a lot of respects, we were well-positioned for what happened in space, we are now seeing tangible signs that our steadfast belief during the lockdowns, are moving forward on schedule and on budget, a new energy level is palpable as hotels, restaurants and retailers welcome 2020 — our portfolio is largely made up of big, well-capitalized, credit and we eagerly anticipate the opening of Summit One Vanderbilt, a MARC HOLLIDAY customersin the city and back. our With portfolio 11.5 million was well-founded. vaccine doses The administered vaccination to tenants on long-term leases, which by design puts us in a better place than mind-blowing destination attraction like no other in the world, just as New Yorkprocess is residents underway, at indoorthe time activities of publication, are beginning and every to re-openadult in the or other real estate sectors that are really feeling the brunt of the pandemic. Chairman & Chief Executive Officer New York City roars back to life this fall! expandcountry eligiblecapacity, for and vaccination anticipated this stimulusmonth, the support process is ofarriving restoring from However, there is a segment of our tenant portfolio that was traumatized, Washingtonnormalcy to routinesat record that levels. were And dislocated I am writing by COVID-19 to you from is underway our new With demand for elite New York investment assets still strong, notably small businesses, small retailers and the restaurant industry. and gaining momentum each day. borrowing rates at historic lows and the debt markets well positioned, headquarters at One Vanderbilt, looking out on a city coming back So our objective was to try to maintain the status quo with tenants that we expect to be active in the market — disposing of mature assets, There are many signs that an unprecedented economic recovery could afford it, and work with those struggling tenants that couldn’t to life with renewed energy on the streets. refinancing key aspects of our portfolio, continuing to buy back our is not far behind. The economic indicators as I write this letter are to help them make it through these tough times. For our small retailers, undervalued stock, and developing iconic properties for the future. truly extraordinary. The S&P 500 closed at a record high, topping the we offered deferral and abatement deals to help them buy time toward 2020 wasn’t the year that anyone expected or wished for, but as New York City is poised for a legendary comeback, and SL Green is 4,000 level for the first time ever. The national jobs report crushed recovery. For small businesses that were suffering, like many of the we told you last year when COVID-19 first appeared, SL Green is positioned to greatly benefit from Manhattan’s revival. expectations, with more than 900,000 nonfarm jobs added in March, companies we house at Graybar, we tried to bring relief by exchanging fara company beyond thebuilt 675,000 expected, to withstand difficult leading times to a andrecord quickly decline pivot in to 2020: A Year for Leadership free rent for short-term extensions. At the same time, we held the line unemploymentgrowth and strength. from 14.8 percent We have taken in April a leadership 2020 to 6.0 percent role throughout today. with big, national retailers who could afford to meet their obligations yet Looking back at 2020, we are incredibly proud of the entire SL Green the pandemic, helping to ensure that our industry, tenants and city sought to take advantage of the situation, litigating where necessary. The federal government has delivered an enormous stimulus package, team and what we achieved together in the face of great uncertainty “Thewere Americanable to withstand Rescue Plan,” this crisis. that Senator Schumer projects will bring and disruption. But we hatched our most creative idea with our long-time partner and approximately $100 billion to New York State, including $6 billion in friend, renowned Chef Daniel Boulud. In April we had a moment with While others watched events unfold, we sprang into immediate action: directWe are aid now to comingNew York out City, of this$12 billion unprecedented in direct aid year to positionedNew York State, to Chef where it all came together — an opportunity to help the food industry, oncemore againthan $40 billion be a leader. in aid The to moves small businesses we have made and families,over the $7 billion past five • For our tenants and essential workers small businesses and food-insecure New Yorkers. That idea became yearsfor critical look transportation increasingly prescient infrastructure as our and streamlined billions more portfolio to support of • For our employees FOOD1ST, a nonprofit foundation that has already provided over the rapid acceleration of the City’s vaccination program. The long-term 600,000 free nutritious meals to frontline medical personnel, first ANDREW W. MATHIAS only the very best assets is primed to welcome the coming flight to • For our investors view from Washington is also very positive for New York over the next responders, and the many food-insecure New Yorkers. The organization quality with a strong and growing proportion of new product. • And for our City President four years as the new administration’sFPO focus on infrastructure bodes has helped many in the hard-hit restaurant industry reopen their kitchens well for the City, with major projects like the Gateway tunnel expected Our first priority was ensuring the health and safety of our people and and reemploy staff who had been laid off due to closures — the manage- toSo gain we welcome momentum. the year ahead cautiously but with great expec- buildings, which led to the creation and implementation of our SL Green ment, supervision, organization and logistics of which are managed tations. Our portfolio remains well-occupied by industry-leading Forward program. SL Green Forward established new operating pro- entirely by SL Green at no charge. The State budget being finalized this month also opens the door to credit tenants.
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