SL GREEN REALTY CORP. COMPANY UPDATE SEPTEMBER 2014 I. Company Overview
II. New York City Market
III. Leasing Environment
IV. Recent SLG Ac vity
V. Growth Por olio
VI. Street Retail
VII. One Vanderbilt
VIII. Debt & Preferred Equity
IX. Suburban Por olio
X. Financial Supplement
Agenda 1515 Broadway
810 Seventh Avenue
I. Company Overview
485 Lexington Avenue 1745 Broadway Major Businesses of SL Green
MANHATTAN OFFICE Suburban Office 8% Multi-Family 2%
Debt & Preferred PRIME RETAIL Equity 11%
Prime Retail 4%
DEBT & SL GREEN Manhattan Office PREFERRED 75% REALTY CORP. EQUITY
MULTI-FAMILY
TOTAL ANNUAL REVENUE $1.7B
sUBURBAN OFFICE
COMPANY OVERVIEW 1 Dominant NYC Footprint
• Portfolio includes approximately 11% of class ‘A’ and ‘B’ office space in Midtown Manhattan
• Interests in 94 Manhattan properties totaling 44.9M square 1 MANHATTAN OFFICE PRIME RETAIL feet
• Greater than 1,000 tenants MULTI-FAMILY DEBT & PREFERRED EQUITY
1
COMPANY OVERVIEW Includes debt and preferred equity investments secured by 16.9M sf 2 420 Lexington Avenue
750 Third Avenue
II. New York City Market
724 Fi h Avenue 1350 Broadway Positive New York Economic Trends
MANHATTAN TOTAL RETAIL SALES 1 NYC TOTAL EMPLOYMENT 2
$80 4,050 $70 $60 $70 3,850 $50 PERSONS
$40 $49 OF
BILLIONS 3,650
IN $30 $ $20 3,450 HOUSANDS
$10 T $0 3,250 2008 2009 2010 2011 2012 2013 2014F 2008 2009 2010 2011 2012 2013 2014
RISING TOURISM 3 GROWING HOTEL ROOM OCCUPANCY 4
60 35 30 50 55 31 25 40 47 MILLIONS 23 MILLIONS 20 IN
IN 30 15 20 SOLD 10 VISITORS OOMS 10 R 5 0 0 2008 2009 2010 2011 2012 2013 2014F 2008 2009 2010 2011 2012 2013 2014F 1 Cushman & Wakefield: 2014 Forecasted by Moody’s Analytics 2 Cushman & Wakefield: Aggregated from U.S Bureau of Labor Statistics 3 Cushman & Wakefield: Aggregated from NYCGo, 2014 Forecast from Mayor Bloomberg NEW YORK CITY MARKET4 Cushman & Wakefield: Aggregated from NYCGo, 2014 Forecast Annualized using y-o-y % change 3 Positive New York Employment Trends
NYC OFFICE USING JOBS 1 NYC POPULATION AT A RECORD HIGH 2
1,300.0 9.0
1,250.0 8.5
1,200.0 8.5 8.0 1,150.0 8.1 MILLIONS
THOUSANDS 7.5 IN
IN 1,100.0
1,050.0 7.0
1,000.0 6.5
JOBS RECOVERED SINCE TROUGH AS A PERCENTAGE OF JOBS LOST 3
500%
400% 475%
300% 356% 200% 269% 219% 201% 100% 198% 180% 159% % % 147% 142% 131% 93% 125% 123% 116% 107% 106% 86% 105% 101% 73% 64 0% 72%
1 Cushman & Wakefield: Aggregated from U.S. Bureau of Labor Statistics. 2014F Moody’s Analytics 2 Cushman & Wakefield: Aggregated from U.S. Census Bureau NEW YORK CITY MARKET 3 Cushman & Wakefield: Aggregated from U.S. Bureau of Labor Statistics (trough Feb. 2008 to Feb.2010) 4 Broad Based Demand for Manhattan Properties
TIME 450 PARK MOBIL 222 530 FIFTH PARK AVE. 685 FIFTH ST. REGIS WARNER AVENUE BUILDING BROADWAY AVENUE TOWER AVENUE RETAIL
Deutsche David RXR, GGP & GIC Oxford Asset & Blackstone GGP & Thor Vornado Werner Thor BUYER Wealth
$1.3B $575M $900M ¹ $500M $595M $770M $520M $700M ($1,191 psf) ($1,736 psf) ($525 psf) ($637 psf) ($1,100 psf) ($1,314 psf) ($3,332 psf) ($28,300 psf) SALES SALES PRICE
4.2% 3.2% 3.8% 4.0% 2.5% 4.2% 3.3% 1.0% CAP CAP RATE
99 Year Shopping Contract Under Under Under Closed Ground Recapitalization Equity for Signed Contract Contract Contract
NOTES Lease $540M
NEW YORK CITY MARKET 5 NYC is a Relative Bargain
BENCHMARK RENTS FOR PRIME GLOBAL RENT PER SQUARE FOOT 1 OFFICE SPACE 2 Rank Market Rent psf Rank Market Class ‘A' Office Sales psf 1 London (West End), UK $197 1 London, UK $1,933 2 Hong Kong, China $130 2 Luanda, Angola $1,920 3 Moscow, Russia $102 3 Hong Kong, China $1,567 4 Republic of Singapore $96 4 Moscow, Russia $1,100 5 Paris, France $95 5 Beijing, China $1,040 6 Delhi, India $88 6 Paris, France $1,006 7 Tokyo, Japan $88 7 Lagos, Nigeria $1,000 8 Sydney, Australia $77 8 Shanghai, China $846 9 New York (Midtown), USA $76 9 Tokyo, Japan $838 10 Beijing, China $74 10 New York City, USA $821 11 New York (Midtown South), USA $64 11 Republic of Singapore $794 12 Perth, Australia $64 12 Sydney, Australia $779
1 Cushman & Wakefield, Q2 2014 2 JLL Capital Markets Group (face rents for prime CBD office space, excludes tenant incentives), Q2 2014 NEW YORK CITY MARKET 6 1185 Avenue of the Americas
530 Fi h Avenue
III. Leasing Environment
521 Fi h Avenue 1633 Broadway Diversity is the Market Driver
MANHATTAN LEASING 1 MANHATTAN OCCUPANCY 2 TAMI Real Estate Real Estate TAMI 17.2% 5.1% 2.3% 37.5% Apparel/ Apparel/ Textiles 3.8% Textiles 4.3% Financial Services Other Other 33.5% 19.1% 15.0%
Financial Services Business Business 18.0% Services Services 6.0% 2.3% Retail Govt/Non-Profit Govt/Non-Profit Retail Legal 2.6% Legal 7.5% 4.8% 1.5% 7.9% 11.6%
3 TAMI EMPLOYMENT IN NYC LEASING ACTIVITY 335 • Broad spectrum of 315 industry activity 295 PERSONS • Positive market OF 275 absorption
255 • Retail and TAMI
THOUSANDS offsetting financial
IN 235 services 215 • Non ‘Big Bank’ financial 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 YTD services active 1 Cushman & Wakefield as of 06/30/2014 (data includes tenants occupying 5k sf and larger) 2 Cushman & Wakefield Occupancy 2013 LEASEING ENVIRONMENT 3 Cushman & Wakefield: Aggregated from U.S. Bureau of Labor Statistics 7/31/2014 7 Limited New Supply in Manhattan
FUTURE DEVELOPMENTS SF IN MILLIONS HISTORICAL CONVERSIONS SF IN MILLIONS
Midtown / Midtown South Conversions from Proposed 7-Year Development 22.8 8.6 2007 – 2014 YTD Speculative Development (12.0) Downtown Conversions from 2007 - 2014 YTD 9.7 Real Development 10.8 Total Conversions 18.3 Pre-Leased (3.5)
Remaining 7.3
MANHATTAN OFFICE INVENTORY
500 0.7% Per Year Avg. Growth 450 400 415 414 414 407 402
350 401 400 400 398 398 396 395 395 394 393 393 393 393 392 392 392 392 391 391 390 389 389 389 389 387 379 373 364 300 361 348 337 250 321 200
MILLIONS OF OF SF MILLIONS 150 100 50 0 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020
Source: Cushman & Wakefield, 09/15/2014 LEASEING ENVIRONMENT 8 LEASEING ENVIRONMENT Healthy Pace ofLeasing 2 Based ¹ on sf
Cushman SF IN MILLIONS 10 15 20 25 30 35 0 5 S Services Financial LG & 2004 leased Wakefield 29.4 YEAR 44.5% , a - s TO , of 2005 as of as - 0 DATE Legal 8.4% 9 25.5 / 05 0 8 /2014 /3 1 LEASING 2006 /2014 Health Services Health
27.1 M Govt./Non ANHATTAN Services 15.3% Services Professional Retail 6.3% – 2007 Arts,Ent. Arts,Ent. MANHATTAN 10
23.6 Advertising Other Other 3.6% YR Media Media 3.4% - Profit 6.4% Manufacturing Manufacturing Business Services 5.6% Business Services 2.6% AVG YEAR 2008 & Rec1.6% - SLG
19.1 24.6 1.1% - TO ( YTD >1.1 MSF SIGNED - 2009 DATE 1.2% M 16.3 LEASING SF NEW ) 1 2010 LEASING 26.3 : 2011
30.1 2 2012 23.2 2013 25.7 2014 YTD
21.4 9 SLG’s Robust Leasing Velocity & Pipeline
MANHATTAN OFFICE LEASING
Year Volume (sf) Mark-to-Market
2011 2.2M 7.3%
2012 3.7M 7.5%
2013 5.2M 9.5%
2014 YTD >1.1M >10.0%
MANHATTAN OFFICE LEASING PIPELINE 1
No. of Leases Square Footage
Leases Out For Signature (LOS) 6 88,421
Leases In Negotiation 29 692,464
Total LOS and in Negotiation 35 780,885
Term Sheets In Negotiation 24 826,296
Total SL Green Pipeline 59 1,607,181
LEASEING ENVIRONMENT¹ As of 7/24/2014 10 SLG’s Low Risk Manhattan Lease Expiration Schedule
HISTORICAL SF SIGNED TOTAL SF EXPIRING PER YEAR
6,000 Signed Office Leases Viacom / Citi / Pipeline Lease Expirations as of 06/30/2014 5,000
4,000 2,600
S 9.8 AVERAGE LEASE TERM 000’ 3,000 INCREASED FROM 7.6 YEARS,
IN 1,560 YEARS
SF ONE YEAR PRIOR
2,000 1,607 PIPELINE 2,597 2,247 1,000 2,100 1,753 1,110 820 826 407 0 2011 2012 2013 2014 YTD 2014 2015 2016 2017
LEASEING ENVIRONMENT 11 635 Madison Avenue 719 Seventh Avenue (Rendering)
IV. Recent SLG Ac vity
388-390 Greenwich Street 180 Maiden Lane
DISPOSITION HIGHLIGHTS
• 1.1 million square foot Class-A waterfront tower in Manhattan’s Financial District
• Acquired in November 2011 for $425.7M ($391psf)
• Gross sales price of $470.0M ($431psf)
• Generates $123.4M of cash proceeds
• Projected IRR of 16.2% since acquisition
388 - 390 Greenwich Street RECENT SLG ACTIVITY 12 55 West 46th Street – “Tower 46”
ACQUISITION HIGHLIGHTS
• Condominium units on floors 22-34 comprising 319,000 square feet in a new Midtown Manhattan class-A property
• Gross purchase price of $275.0M ($861psf) and all-in basis significantly below replacement cost
• Designed by Skidmore Owings & Merrill, completed in 2013
• Highly efficient column free space and floor to ceiling windows on all office floors with sweeping views of the NYC Skyline in all directions
• On-site amenities include parking, fitness center, and bike storage
• Seller has the option to include 28,000 square feet of vacant office space on the second floor for an additional $20.0M
388 - 390 Greenwich Street RECENT SLG ACTIVITY 13 2014 Acquisitions
• Well located SoHo retail condominiums 115 SPRING STREET • Repositioning and repricing plan & • Spring Street: 5,218 sf at grade and basement 121 GREENE STREET • Greene Street: 7,131 sf at grade
• Fee interest under 176,535 sf office tower
• Prestigious Plaza District location; Madison Ave. and 59th 635 MADISON AVENUE • 37-year lease with FMV reset in 2030
• Strategic hedge with 625 Madison Ave. (SLG leasehold)
• Prime Times Square retail site on 48th Street and 7th Avenue
• Development rights up to 28,114 sf 719 SEVENTH AVENUE • Substantial LED signage opportunity
• Off-market transaction utilizing OP Unit currency
RECENT SLG ACTIVITY 14 2014 Dispositions
• Gross sales price of $160.0M ($23,859 psf)
• 33.3% interest in prime upper Madison Avenue retail co-op 747 MADISON AVENUE • SLG maintains $30.0M preferred equity investment
• 49.5% IRR since September 2011
• Gross sales price of $756.0M ($100.0M for SLG equity)
• 43.74% interest in 3.7M sf Southern WEST COAST Californian office portfolio PORTFOLIO • Purchased by Blackstone RE Partners VII
• Gain on sale of $85.5M
• IRR of 11% since 2007
• Gross sales price of $114.9M 21 - 25 WEST 34TH • 50% interest STREET • Gain on sale of $20.9M
RECENT SLG ACTIVITY 15 2014 Dispositions (Continued)
• Gross sales price of $145.0M (4.7% cap rate)
673 FIRST AVENUE • 442,794 sf office building (leasehold interest)
• Sold to largest tenant, NYU Hospitals Center
• Gross sales price of $365.0M (3.3% cap rate)
• Leased fee interest under 365,000 sf commercial office 2 HERALD SQUARE building • 17.5% IRR since 2007
• Generates $138.0M of cash proceeds
• Gross sales price of $222.6M (4.3% cap rate)
• 25.5% interest in college dormitory / retail asset 180 BROADWAY (before promotes) • 14.7% IRR since 2007 (26.5% IRR since JV formed in 2010)
• Generates $38.1M of cash proceeds
• Gross sales price of $100.0M ($68.7M for SLG’s share)
• Development properties located at 985-987 Third Ave. 985 THIRD AVENUE • 85% IRR since 2012
• Generates $63.0M of cash proceeds
RECENT SLG ACTIVITY 16 388 – 390 Greenwich Street
• Lease secures SLG’s largest tenant • Early renewal • Prior LXD: December 2020
LEASE • New LXD: December 2035 • Full building triple net lease • Minimum 22 years of term • Retain tenant in the face of strong competition CITIGROUP from new construction • Lock-in value of SL Green’s biggest asset
• Acquired 49.4% ownership interest from JV partner • 100% triple net leased to Citi through 2035 • Option for Citi to acquire properties for $2.0B OWNERSHIP between 12/01/2017 to 12/31/2020 OF • SLG new ownership: 100% • Gross purchase price: $1.585B ($602 psf) • Going-in cap rate of 7.0% (stabilized cap rate of 6.4%) • Financing to fund entirety of acquisition price
CONSOLIDATION • 2014 FFO accretion: $0.14 per share
• New $1.45B mortgage • 4-year initial term with 3 x 1-year as-of-right extension options
FINANCING • LIBOR + 1.75% 388 - 390 Greenwich Street RECENT SLG ACTIVITY 17 3 Columbus Circle 600 Lexington Avenue
V. Growth Por olio
1515 Broadway (Rendering) Significant Imbedded NOI Growth
YEAR OF NOI AT STABILIZED YEARLY NOI CREATION PROPERTY ACQUISITION STABILIZATION CASH-ON-COST 1515 Broadway 2011 $35.2M 7.2% • Acquisition - 2013: $68M (over acquisition NOI) 2012 2012 100 Church Street 2010 $25.3M 10.8% 33 Beekman Street 2012 $ 3.5M 6.8% • 2014: $37M (incremental)
2013 Williamsburg Resi 2013 $ 2.0M 6.9% • 2015 & after: $51M (incremental) 635/641 6th Avenue 2012 $13.9M 6.2% 110 E 42nd Street 2011 $ 5.5M 5.4% 2014 2014 650 Fifth 2013 $ 5.6M 13.7% PORTFOLIO HIGHLIGHTS 1080 Amsterdam 2012 $ 1.8M 9.3% • Total NOI: $278M¹ 1552/1560 Broadway 2011 $13.0M 9.3% 600 Lexington Avenue 2010 $ 7.5M 6.0% • Implied value: $6B 2015 2015 280 Park Avenue 2011 $39.8M 5.9% • Total cost: $4B 304 Park Avenue South 2012 $ 9.4M 6.4% • Imp. cap rate: 4.75%
YEAR OF STABILIZATION 3 Columbus Circle 2011 $18.9M 9.1%
125 Park Avenue 2010 $25.7M 6.8% VALUE CREATED $2B 2016 2016 131-137 Spring Street 2012 $11.1M 7.5% DFR 2012 $17.7M 5.9%
2017 2017 10 East 53rd Street 2012 $11.7M 5.9%
The Olivia 2013 $22.5M 5.5% 2018 2018
1
GROWTH PORTFOLIO Total one year forward NOI from stabilized year. Data reflects SLG Share. 18 VI. Street Retail
724 Fi h Avenue Manhattan Retail Portfolio
• 56 retail properties
• 1.7 million square feet
• 13% of rental revenues
• Manhattan’s most desirable retail destinations
UPPER MADISON AVENUE SOHO
FIFTH AVENUE’S GOLD COAST TIMES SQUARE BOWTIE
STREET RETAIL 19 NYC’s Preeminent Landlord, In Most Lucrative Submarkets
FIFTH AVENUE GOLD COAST TIMES SQUARE BOWTIE
SOHO MADISON AVENUE STREET RETAIL 20 Upside in Mark to Market: 131-137 Spring Street
• Acquired in December 2012 • Immediate implementation of space repositioning and retail leasing plan
• Executed early renewal and expansion of Burberry SoHo flagship store
- Recaptured 4,433 sf of second floor office space to achieve $195 psf of retail rents vs. $85 psf of office rents - Recaptured 290 sf of lobby space at $1,000 psf
• Executed FMV renewal with Diesel
MARK TO SQUARE IN PLACE IN PLACE INCREMENTAL ADDRESS TENANT LXD MARKET FOOTAGE RENT RENT PSF RENT RENT PSF 131-133 Spring Street1 Burberry 13,299 10/31/2016 $1.2M $90 $404 $4.2M
135-137 Spring Street Diesel 8,718 01/31/2015 $1.3M $147 $450 $2.6M
1
STREET RETAIL Reflects the recapture of second floor office space for flagship retail store 21 Upside in Mark to Market: 719 Seventh Avenue
• Acquired in July 2014
• Vacate existing below market tenants
• Construct ground-up three story retail box with prominent signage visible from the Bowtie
• Price rent at a discount to the center of the Bowtie
• Create a single-tenant flagship asset
MARK TO SQUARE IN PLACE IN PLACE INCREMENTAL ADDRESS TENANT LXD MARKET FOOTAGE RENT RENT PSF RENT RENT PSF Smiler’s Deli 719 Seventh Avenue / Lamar 6,000 01/31/2015 $1.3M $217 $1,000 $4.7M Advertising
STREET RETAIL 22 Future Retail Value Creation
650 FIFTH AVENUE FIFTH AVENUE ASSEMBLAGE 719 SEVENTH AVENUE
115 SPRING STREET 625 MADISON AVENUE
STREET RETAIL 23 One Vanderbilt (Rendering)
VII. One Vanderbilt
One Vanderbilt (Rendering) One Vanderbilt
• Best located new development opportunity in NYC
• 1.6M rentable square foot office tower
• Fully integrated infrastructure with Grand Central Terminal
• Development embraced by administration and key committees
• Leasing discussions commenced
• Potential to be the 2nd tallest building in NYC
ONE VANDERBILT 24 One Vanderbilt Integration with Public Transportation
ONE VANDERBILT 25 One Vanderbilt Potential Timeline
2014 ULURP Certification
ULURP Special Permit 2015
Abatement & Demolition
2016
Excavation & Foundations
2017
2018 Superstructure and TCO
2019
2020 Tenant build-outs and VANDERBILT + stabilization One Vanderbilt (rendering) O N E 26 530 Fi h Avenue
1065 Avenue of the Americas
VIII. Debt & Preferred Equity
550 Madison Avenue 1633 Broadway Debt & Preferred Equity Portfolio
• 35 investments totaling $1.7B as of 2Q 2014
• Current Yield of 10.3%
• 21.1M sf of NYC property as collateral
• 10.5% of revenue
• Historical IRR of NYC debt investments ~15%
Midtown DPE Assets
Actual returns of realized investments and expected returns for unrealized investments as of 06/30/2014 DEBT & PREFERRED EQUITY 27 Market Outlook
SL GREEN’S ACTIVITY MARKET FACTORS
• Increased competition • NYC’s leading provider
- Commercial banks and Mortgage • Relationship orientated platform driving REITs on whole loan origination pipeline
- Insurance companies and pension • Maintaining underwriting discipline funds on mezzanine loans
• Delivering above market yields • Market yields compressing
- Active syndication enhancing returns • Underwriting standards relaxing EQUITY
DEBT & PREFERRED 28 125 Chubb Way, NJ
Landmark Square, Stamford CT
IX. Suburban Por olio
360 Hamilton Ave., White Plains NY 680-750 Washington Blvd., Stamford CT Suburban Portfolio Improving
• Unemployment reduced to 5.1%
• Healthcare, education and biotech driving leasing WESTCHESTER • Repurposing of older office inventory to alternative uses (education, healthcare)
• Unemployment reduced to 5.8%
• Robust residential market growth, focus on apartments and condos STAMFORD • Largest business sectors are healthcare and science / technology
• Uncertainty surrounding two major employers; RBS and UBS
• Flat to positive mark-to-market
SL GREEN • No longer defensive
PERFORMANCE • Rising occupancy
• Still only moderate demand from large tenants
SUBURBAN PORTFOLIO 29 Suburban Portfolio Improving (Continued)
STRONG RECENT LEASING ACTIVITY PERCENTAGE OCCUPANCY
• 322,911 sf in 67 office leases during 1st 88.0% Reckson / SLG half of 2014 86.0% Class A, West / 86.0% Stamford CBD • 192,175 sf representing new tenants 84.0% 82.0% • Positive mark-to-market of 1.6% for 1st 82.0% 80.0% 81.3% half of 2014 80.4% 78.0% 79.0% • Major leases 78.0% 76.0% 77.0% 76.0% - SONY (39,200 sf) 74.0% 72.0% - Berkely Insurance (18,768 sf) 70.0% - Titan Advisors (16,315 sf) 4Q 2011 4Q 2012 4Q 2013 2Q 2014
- TMR Management (11,500 sf) % OCC
• Strong leasing pipeline of more than 200,000 sf
SUBURBAN PORTFOLIO Source: Cushman & Wakefield 30 1350 Broadway
1515 Broadway
X. Financial Supplement
521 Fi h Avenue 810 Seventh Avenue Key SL Green Credit Drivers
• Long lease terms
LOW RISK OPERATING • High quality tenants
STATEGY • Maintenance of high occupancy
• Careful management of lease rollover
FOCUS ON CORE • Best-in-class operating and capital platforms
MARKET & SKILLS • Focused NYC activities mitigates investment risk
• Consistent NOI growth through cycles
RESULTS • Investment returns that meet or exceed expectations
• Highest total shareholder returns in industry sector
• Disciplined management of risk COMMITMENT TO INVESTMENT GRADE • Strategic attention to balance sheet management
FINANCIAL SUPPLEMENT 31 Management of Debt Maturities
$2,500 Maturities at Year End 2013 Maturities at Projected Year End 2014 $2,360
$2,000 REDUCTION OF 2016 1.6B - 2018 MATURITIES
$1,681 $1,500 $1,448 MILLIONS IN
$ $1,151 $1,000 $947 $891
$500 $557
$355 $264 $250 $136 $0 2014 2015 2016 2017 2018 2019
FINANCIAL SUPPLEMENT 32 Strong Coverage of Maturities
DEBT MATURITY SCHEDULE LIQUIDITY COVERAGE
52.2% $5,000 $2.0 Unsecured floating rate debt $4,696 $1.9B Unsecured fixed rate debt $4,500 $1.8 Secured fixed rate debt $0.5B Cash $4,000 Secured floating rate debt $1.6 $1.4B 2016 $1.2B $3,500 $1.4
$3,000 $1.2 BILLIONS MILLIONS $2,500 $1.0 IN IN $ $ $2,000 18.7% $0.8 $1,681 $1.4B $1,500 12.8% $0.6 Credit $1,151 10.5% Facilities $947 $1,000 $0.4 2015 $0.3B 2.9% 2.8% $500 $264 $250 $0.2
$0 $0.0 2014 2015 2016 2017 2018 2019 Thereafter YE 2014 Maturities
LIQUIDITY / 2015 & 1.3X 2016 MATURITIES Note: Pro forma year end 2014
FINANCIAL SUPPLEMENTMaturities reflect exercise of as-of-right extension options where available 33 SLG & 10 Year Treasury Yield
$180.0 SLG Close Stock Price 6.0 %
$160.0 10 Year Yield Close 5.0 % $140.0
$120.0 4.0 %
$100.0 3.0 % $80.0
$60.0 2.0 %
$40.0 1.0 % $20.0
$0.0 0.0 % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Thomson Reuters FINANCIAL SUPPLEMENT 34 CORPORATE HEADQUARTERS: 420 LEXINGTON AVENUE, NEW YORK, NY 10170 | GENERAL INQUIRIES: 212.594.2700 JAMES MEAD, CHIEF FINANCIAL OFFICER, [email protected] | MATT DILIBERTO, CHIEF ACCOUNTING OFFICER & TREASURER, [email protected]