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Sl Green Annual Report 2019 Sl Green Annual Report 2019 ANNUAL REPORT SL GREEN 2019 Financial Highlights1 22 $1.7B $7.0 0 +3.2% Years Combined Funds from Funds from Operations Listed Revenues Operations Per Share Per Share Growth 2 46.5M 97 $1.7B +4.6% Total Number of Liquidity Dividend Square Feet3 Properties3 Per Share Growth 2 1 Data as of 12/31/2019. 2 2018 to 2019 year-over-year 869.4% 360.5% $17.8B growth. 3 Includes 27 Debt and Preferred TRS SNL Office Enterprise Equity investments secured by Since IPO REIT Index Value 16.4M square feet. Total Return to Shareholders (Includes reinvestment of dividends) (Based on $100 investment made. $21.00 at IPO, diluted, in dollars) $1,100 1,000 900 800 700 600 500 400 300 200 100 DEC 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 SL GREEN REALTY CORP. S&P 500 NASDAQ INDEX DOW JONES INDUSTRIALS INDEX MSCI U.S. REIT INDEX START DATE SLG IPO: 8/14/1997 1 REALTY CORP. REALTY GREEN SL “We have built a company and a portfolio that is in it for the duration, with the very best office assets, current and future.” Marc Holliday Chairman & Chief Executive Officer 2 2019 REPORT ANNUAL Marc Holliday Andrew W. Mathias Chairman & President Chief Executive Officer We don’t yet know whether the pandemic will be Dear controlled in a few months or longer, or whether Shareholders, New York’s economy will rebound quickly – as it has in other recent recessions – or face a deeper decline. What we do know, however, is that SL Green is built to withstand these times. In moments of crisis and market disruption, our team shines the brightest. What a difference a couple of months makes. Every member of our leadership team has been with the company for at least a dozen years, and many If I had written this letter at the beginning of March, of us have been together since the beginning. only seven weeks ago, I would have told you about all Our highly strategic approach – we are New York’s of the great things happening in New York City and at commercial sharpshooters – means that we are better our company, recapping another very strong year of prepared to not only weather difficult times but thrive accomplishments and stock price performance relative in the aftermath as things recover. to our New York City peers. I would have told you about record-low unemployment and a record-high Our response to this new threat was swift and leasing pipeline, near-zero vacancy across our port- comprehensive. We were at the forefront of instituting folio, incredible progress on the construction and new policies to keep our buildings safe and secure, leasing of One Vanderbilt and growing stability in the and our tenants and their employees informed. We retail sector. And I would have highlighted our plans immediately formed internal committees to under- to continue executing on our corporate strategy of stand and address the evolving situation, and we were dispositions and stock buybacks in 2020. early to implement expanded cleaning systems and to identify protocols for quickly isolating and sanitizing But we are suddenly living in unprecedented times, areas exposed to COVID-19. Most importantly we experiencing a disruption to our lives and businesses were in constant contact with our tenants and their the extent of which most of us have never seen. The employees, providing everyone with confidence that COVID-19 pandemic, and the subsequent near-total our best-in-class staff and facilities were up to the shutdown of global economic activity, have rendered challenge. As industry leaders, we set the standard the best-laid plans and projections uncertain and for managing this crisis in the days and weeks following injected volatility into the marketplace. the first cases in New York. 3 REALTY CORP. REALTY GREEN SL “ SL Green is built to withstand these times. In moments of crisis and market disruption, our team shines the brightest.” While office buildings may not be inherently essential, future of New York’s economy. Just as we did in our many of the businesses, organizations and agencies office portfolio, SL Green worked with our contractors that work in our portfolio are critical to keeping this to develop and implement best practice safety city running – medical offices, health care companies, precautions at our construction sites to promote the visiting nurses, major media outlets and broadcast safety and wellbeing of all workers. This included studios, and governmental agencies all have offices increases in provisioning of masks, cleaning and in our buildings. These tenants don’t have the option sanitizing work areas, enforcement of work distancing of working from home; they are the people on the and even on-site medical professionals to provide front line who need assurances that they can operate thermal scans to ensure workers with a fever would in buildings that are open, operating, secure, serviced be sent home. and free from COVID-19. At the end of March the guidance from the State was So we have viewed our role these past weeks as doing revised to limit construction to only essential projects everything we possibly can to support the heroes that include affordable housing, infrastructure and who are tackling the crisis and ensure that our facilities public works, and hospitals. We again moved quickly are ready when they need them. We are tremendously to secure our sites, and we expect work to continue grateful to our own front-line employees, from property on projects that meet these essential criteria, including managers and building engineers to security guards critical aspects of One Vanderbilt that support transit and cleaning staff who continue to make our buildings infrastructure and public improvements and best-in-class even in this environment. 185 Broadway, our Affordable New York mixed-use project in Lower Manhattan. At the same time, we’ve been able to maintain some progress and momentum on the eight important Now that we have secured our portfolio and construction development projects that we shared with you at our sites, it’s time to look ahead. Investor Conference in December. The State of New York initially identified construction as one of the As you can imagine, we are completely reassessing essential industries that were able to remain in operation, our business plan for 2020 to recognize and adapt to reflecting the enormous economic impact of these the current situation and to be prepared to move projects and their importance to the thousands of decisively as conditions continue to evolve through women and men working on them, as well as the the spring and beyond. Fortunately, the moves that 4 2019 REPORT ANNUAL “ Our highly strategic approach – we are New York’s commercial sharpshooters – means that we are better prepared to not only weather difficult times but thrive in the aftermath as things recover.” we have made over the past four to five years now City seek to contain this pandemic might also lead to look prescient and put us in a position to come out cost efficiencies as, and when, we bid the construction of this crisis stronger than ever. By monetizing nearly work so that we expect to maintain our projected $10 billion of real estate since 2016, deleveraging our development yields upon completion. balance sheet with the proceeds and buying back stock on an accretive basis, all of which was funded An additional bright spot is the impending completion by asset sales, we have created a more streamlined and opening of One Vanderbilt. Prior to the impact of company narrowly-focused on the very best Manhattan COVID-19, we were preparing for an August 4 ribbon- office assets. We couldn’t have predicted the current cutting that would have delivered this new icon to the moment, but we’re comfortable with where we sit New York City skyline three months ahead of schedule, today, with substantial liquidity, generally long-dated with more than $100 million of cost savings and already liabilities, and a stable base of credit tenants. over 67 percent leased. While we don’t yet know how the delay will impact the schedule, we do expect that While some of the work on our development projects this year we will open a building that represents the has been temporarily halted, those projects – and best of everything we have to offer a modern-day our focus on new development to create the next tenant, in the very best location in Manhattan. For generation of elite assets – represent the future of us this is the culmination of a 20-year journey and we this company when we come out the other side of couldn’t be more proud of the outcome. We look forward this. The projects we profiled for investors in December to moving our own headquarters into One Vanderbilt along with continued growth in our core portfolio add this year, a moment that will have special meaning nearly $300 million of projected NOI over the next both to our company and hopefully for New York in five years; game-changing numbers that we believe will coinciding with the end of this moment of uncertainty. hold up due to the extraordinary quality and location of these projects. Our belief in these projects remains as That said, our portfolio and deal flow is not immune strong as ever given our confidence in the long-term from what’s going on out there. We had one setback, strength and viability of New York City. Should unfortunately, when the contract for the disposition uncertainty in the market delay other projects from of 220 East 42nd Street failed to close in March when breaking ground we will benefit from less competition the buyer’s lender walked away from the deal.
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