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SL Green Realty Corp BUILDING FOR THE FUTURE SL Green Realty Corp. 2018 Annual Report B 1 Financial Highlights1 21 $1.8B $6.78 +5.1% SLG NYC Years Combined Funds from Funds from Listed Revenues Operations Per Share 2 Operations Per Share Growth 2, 3 48.3M 108 $1.15B +4.8% Total Number of Liquidity Dividend 4 4 3 in 2018 Square Feet Properties Per Share Growth 1 Data as of 12 / 31 / 2018. 2 Normalized FFO per share excludes 701.7% 260.5% $16.9B non-recurring prepayment penalty associated with early repayment TRS SNL Office Enterprise of the debt at One Madison Avenue. Since IPO REIT Index Value 3 2017 to 2018 year-over-year growth. 4 Includes 34 Debt and Preferred Equity investments secured by 18.7M 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 Singularly focused on New York City An active, transaction-oriented real estate, SL Green operates in one of company committed to excellence and 800 the most liquid and resilient real estate results, SL Green executes more trans- markets in the world—and also one of actions than its competitors year after 700 the most complex and competitive. year. Whether working independently or collaborating with strategic partners, 600 we are proud of our record of acquiring, improving, operating and monetizing 500 properties that bring great value to our shareholders. 400 300 200 100 DEC 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 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 2 3 Through all of this incredible work, we Dear remained true to our core mission of investing, managing and developing world-class properties Shareholders, in New York City, dominating the world’s most important and valuable commercial real estate market. We continue to take a long-term view of our business, remaining bullish on the value of New York, its allure as a global business address, and the promise of its growth and talent pool. And 2018 brought a number of very positive indicators to support that confidence. In addition to continued overall and office-using job growth (and the lowest unemployment rate in the city’s history), two areas stood out: booming investment in East Midtown, and the emergence of the technology sector as one of the pillars of New York’s economy. Marc Holliday 2018 was another strong year for SL Green and for Last year was an exceptional one for East Chairman & the New York City economy that has driven our Midtown, where so much of our portfolio is Chief Executive Officer success for the past 21 years. concentrated. Grand Central led all Midtown Yet again, SL Green was far and away sub-districts in increased leasing volume, the most active player in our market. Over the reaffirming our belief that greater East Midtown course of the year, we signed 180 Manhattan remains the most sought-after sub-market in office leases across 2.3 million square feet, hit New York. The most obvious and visible example major milestones and announced new world- of this desirability is the progress of our flagship class development projects, closed on a number One Vanderbilt development project, which is on of key leases in our high street retail portfolio, track to top out in the second half of this year, moved swiftly on great debt and preferred equity and open for business next year—under budget investment opportunities and disposed of mature and ahead of schedule. In fact, leasing is moving One Vanderbilt construction progress and non-core assets to fund our aggressive so swiftly, SL Green had to move fast to reserve share buyback program that capitalizes on the space for our own new headquarters within this unprecedented discount in our stock price. iconic new tower before all of the space we had despite daily doomsday prognostications. The public market concern stands in stark assets, all above Net Asset Value. This strategy This level of activity is nothing new for our targeted was leased! We look forward to relocating For properties like ours, where retail rents are contrast to the views and actions of private has proven to be accretive to earnings and best-in-class team, consistent with the hustle and to One Vanderbilt next year and joining our at realistic levels, we have proven there is still market investors. Nearly $50 billion was invested Net Asset Value, as well as being sensitive to our determination we have shown over the past two esteemed roster of tenants in this highly sought good demand for the best located product as in New York commercial real estate last year, investment grade balance sheet. We believe this decades to make SL Green the largest and most after, efficient and sustainable building. we continue to see solid performance in our targeting the exact type of product that we is a program that creates tremendous value for profitable owner of office space in New York City. One Vanderbilt’s early success can be Andrew W. Mathias high street retail portfolio. In fact, the city added invest in and know better than anyone. These our investors and we expect to continue this At our Investor Conference in December we felt across the district with others following suit: President 4,000 new retail jobs in 2018 (several hundred investors are typically looking to invest in program until our share price better reflects detailed an unprecedented history of ownership a joint venture between RXR Realty, TF of which can be attributed to SL Green tenants), assets with global appeal and credit tenancy, the value of our holdings. and investment in an astounding 115 million Cornerstone and MSD Capital announced a reversing shrinking job numbers in 2016 and 2017. in a market with enormous depth and liquidity. SL Green is one of the few companies square feet of commercial real estate in Manhattan, $3 billion redevelopment of the Grand Hyatt young urban workforce. It’s clear that major Despite all of this positive momentum, We think private investors, which make up the in New York — public or private — that sells as primarily in core Midtown. This achievement has Hotel adjacent to Grand Central and J.P. Morgan companies like these want to be here because there is no denying that our share price vast majority of the investment market, have aggressively as we buy. By shedding lower- been mapped to show that nearly every block of is moving ahead with its plan to develop a New York continues to attract the best talent continues to display a level of underperformance the market analysis right and we trust that the growth or non-core assets and replacing them prime commercial real estate in East Midtown 2.5 million square foot skyscraper at the site of from around the country and the world. It is that is completely disconnected from the public market will eventually recalibrate and with investment in higher-quality new investments has had SL Green’s fingerprints at some point. its current headquarters on Park Avenue. It is an unfortunate that Amazon ultimately decided not performance within our operating portfolio return to a fair valuation for our highly sought- or development assets with higher returns, we Combining everything we currently own, with extraordinary vote of confidence in East Midtown’s to pursue a headquarters in Long Island City, and the unprecedented level of growth in after assets. Nonetheless, we would all much are creating a compound benefit for shareholders what we previously sold, totals approximately future that two functional, but obsolete, towers and there were mistakes made by all parties that New York City. In previous years this antipathy prefer to see our efforts embraced by the as the shares we are repurchasing are increasing 50 million square feet of real property. Our debt will be torn down, and billions invested, to led to that outcome. But New York’s initial has impacted office REITs across the country, public markets and reflected in a higher share the percentage of all shareholder ownership in and preferred equity and special servicing bring the most modern product online in what selection ahead of more than 200 other cities but in 2018 the challenges more narrowly impacted price in the immediate term. a superior portfolio. platforms have participated in deals representing continues to be regarded as the very best illustrates that the city has all of the elements New York City-focused REITs. Unfortunately, For now, our share price continues to trade Key to our approach is supplementing our another 65 million square feet of collateral interests. location in Manhattan. that tech companies demand. We expect some investors continue to see New York as at a sizable discount relative to the underlying industry-leading operating assets with a steady All told, over the course of our history, SL Green’s The city’s tech sector is also having its Amazon to continue expanding in Midtown less attractive due to a misconception that value of our portfolio. To recapture the difference development pipeline that will enhance natural market penetration covers in excess of 25 percent moment, maturing into a true pillar of a and that an ever expanding roster of tech there is over-supply in this market. The reality between our stock price and this underlying growth in the portfolio by providing additional of the Manhattan office inventory.
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