2010 Investor Conference

1
Forward Looking Statements
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts included in this presentation are forward-looking statements. All forward-looking
statements speak only as of the date of this presentation. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or
transactions of the Company or industry results to be materially different from any future results, performance,
achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties
and other factors relate to, among others, the strength of the commercial office real estate markets in the New York
metro area, reduced demand for office space, unanticipated increases in financing and other costs, competitive
market conditions, unanticipated administrative costs, timing of leasing income, general and local economic
conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of
comprehensive insurance, including coverage for terrorist acts, environmental, regulatory and/or safety
requirements, and other factors, which are beyond the Company’s control. Additional information or factors which
could impact the Company and the forward-looking statements contained herein are included in the Company’s
filings with the Securities and Exchange Commission. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of subsequent events.

"SL Green" and any logos are trademarks of SL Green Realty Corp., which may be registered in certain
jurisdictions. Names of other companies and any other trademarks are owned by their respective owners.
CUSHMAN & WAKEFIELD DISCLAIMER: This report contains information available to the public and has been
relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts
no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made
to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing
conditions imposed by our principals.
2
 Andrew Mathias James Mead Steven Durels Edward Piccinich
President & Chief Financial Officer EVP, Director of Leasing & EVP, Property Management
Chief investment Officer Real Property & Construction

3
David Schonbraun Isaac Zion Matthew DiLiberto
Managing Director Managing Director Chief Accounting Officer
Discussion Topics
New York City
2010 New York City
Real Estate Investments
Achievements Economy
Market

The SLG NYC Structured 3 Columbus

Dispositions
Portfolio Finance Circle

The Retail Capital

Development Tenant Relations
Portfolio Expenditures

The SLG
2011 Goals &
Suburban Financial Guidance
Objectives
Portfolio

4
2010 Achievements

5
New York City at the Forefront

18 Months Into the U.S. Recovery

NYC Reinforces Position as Global Financial

Capitol

Improving NYC Fundamentals

Increasing Corporate Profits

Attracting Global Capital

6
 Economic Resiliency Following Recessions

3,800
135,000
3,700
130,000
Thousands of Persons

125,000 3,600

120,000
3,500
NYC Job Change
115,000
4/08-12/09 -176,400
3,400
12/09-10/10 +61,500
110,000

3,300
105,000

100,000 3,200
1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009

National Recession Payroll Employment NYC Employment

7
Cushman & Wakefield
Source: US Bureau of Labor Statistics
 Economic Resiliency Following Recessions

3,800
135,000
3,700
130,000
Thousands of Persons

125,000 3,600

120,000
3,500
NYC Job Change
115,000
4/08-12/09 -176,400
3,400
12/09-10/10 +61,500
110,000

3,300
105,000

100,000 3,200
1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009

National Recession Payroll Employment NYC Employment

8
Cushman & Wakefield
Source: US Bureau of Labor Statistics
NYC is The Gateway City

Increasing Private Sector Employment

Positive Absorption

Declining Vacancy

High Barriers to Entry

Reduction in Sublet Availability

Diminishing Supply of Big Block Space

9
Historical NYC Employment
3,900

3,800

3,700

3,600
Thousands

3,500

3,400

3,300

3,200

3,100
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
10
 NYC Monthly Employment Changes
25

5
Thousands of Persons

-15

-35

-55

-75
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
11
Cushman & Wakefield
 Thousands of Persons
O
f fi

-10
-5
0
5
10
15
20
25
30
Pr ce
of - Us
es in
si g

Cushman & Wakefield

on

25.6
al
S er
vi
ce
s
20.3
Ed R
et
uc a il
at
io
n
& 11.5
He
a lt h
9.5

Fi
Le na
is nc
u re ia
& l
7.0

Tr H
as os
pi
po ta
rt lit
at y
io
6.2

n
&
U
til
W i tie
ho s
le
2.5

s al
e
Tr
ad
M e
an
-0.4

uf
ac
tu
rin
g
In
-0.7

f or
m
at
io
n
G
-1.6

ov
er
nm
en
t
-5.5
NYC Employment Change Since Dec. 2009

12
NYC Office-Using Employment & Vacancy
13.0% 1,260

1,240
12.0%
1,220
11.0%
1,200

Thousands of Persons
10.0%
Vacancy Rate

1,180

9.0% 1,160

1,140
8.0%
1,120
7.0%
1,100
6.0%
1,080

5.0% 1,060
2002 2003 2004 2005 2006 2007 2008 2009 2010
Vacancy (Left) Office-Using Employment (Right)
13
Cushman & Wakefield
Manhattan Inventory Over Time
405

400
400
400

398
398
396

395

395
394

394
393
393
393
392

392

392
392
MSF

391
390

391
390
389

389

389
389

387
385

380
379

375
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

14
 Midtown Development Pipeline

15
Cushman & Wakefield
 Midtown Development Pipeline

16
Cushman & Wakefield
Sublet Space Declining
Class A Sublease As a % of Total Available Space in Midtown
45%

40%

35%

30%

25%

20%

15%
2002 2003 2004 2005 2006 2007 2008 2009 2010
17
 Midtown Large Block Availability

Greater than 500,000sf (3)

250,000-500,000 sf (6)
100,000-250,000 sf (27)

18
601 Broadway has both a >250K sf and a 100-250K sf sublet block available.
135 West 50th Street has (2) 100K – 250K sf sublet blocks available.
1271 6th Avenue has (2) 100K – 250K sf sublet blocks available.
Direct Large Block Availability

Greater than 500,000sf (3)

250,000-500,000 sf (4)
100,000-250,000 sf (16)

19
 Sublet Large Block Availability

Greater than 500,000sf (-)

250,000-500,000 sf (2)
100,000-250,000 sf (11)

20
601 Broadway has both a >250K sf and a 100-250K sf sublet block available.
135 West 50th Street has (2) 100K – 250K sf sublet blocks available.
1271 6th Avenue has (2) 100K – 250K sf sublet blocks available.
Cautionary Notes

Regulatory Risks for Financial Institutions
Dodd-Frank

Basel/ESMA*

NY State and City Budget Deficits

Consolidation of Wall Street and Declining

Profitability

Aging Public Infrastructure

21
European Securities & Markets Authority
Flashback – 2009 Strategic Initiatives

Deleverage Balance Sheet

Raised Common Equity

Repurchase Discounted Liabilities

Monetize Assets

Refinance Near-Term Maturities

Shore-Up Portfolio Tenancy

Defer Discretionary Capital Expenditures

Reduced Overhead

Aggressive Asset Management

Reduced Dividend

22
Flashforward – 2010 Strategic Shifts

Selective Phasing Out of “Nobody Gets Out”
Edict

Carefully Gauge a Recovering Market

Return to Positive Hiring of Financial Services

Selective Reductions in Concessions &
Increases in Rents

Return to Net Acquirer Status

Continue to Hold the Reins on Capital
Spending
23
2010 Report Card

Sign >1.5M SF of NYC Leasing
Signed 2.6M SF

Source $250M of New Investment
$1.5B of New Invst. - >$1.0B Equity Deployed
Opportunities

Reposition 1515 Broadway Retail
Created $9M of Incremental NOI

Refinance Maturing Indebtedness on 1515
Broadway

$475M Refinaning Led by Bank of China

Maintain NYC Portfolio Occupancy of >94%
Manhattan Portfolio at 94.0% Occupancy

Complete Repositioning & Leasing of 333 W
34th St.

Completed with Leases to Godiva & MTA

Complete Foreclosure & Commence
Repositioning of 100 Church St.

Foreclosure Complete & Leasing Ahead of
Schedule

Maintain Floor Liquidity of $350M of
Unrestricted Cash

~$1B Current Liquidity

Achieve Mark-to-Market on New NYC Leases of
-5% to +5%

Achieved >8% on NYC Leases

Be Awarded the Aqueduct VLT Franchise  Lottery Rec’d SLG – NYS Inspector General
Concludes Corrupt State Process Scuttled Bid

Upgrade Rating of ROP  Outlook Upgraded to Stable

Term Out >$200M of Maturing Unsecured Debt
Issued ~$600M of New Corporate Unsecured

Generate Free Cash Flow >$125M
~$185M

Finish in Top 25% Peer Group TRS
On Track… 24
 Sector Leading TRS
YTD Total Return
Brookfield Properties Corp. 46.0%
SL Green Realty Corp. 31.8%
Boston Properties Inc 31.0%
Vornado Realty trust 22.5%
Douglas Emmett Inc 20.1%
Kilroy Realty Corp. 13.7%
Alexandria Real Estate Equities Inc 9.2%
Commonwealth Reit 3.2%
Brandywine Realty Trust 3.0%
Liberty Property Trust 1.8%
Highwoods Properties Inc -1.9%
Corporate Office Properties Trust -2.7%
Mack Cali Realty Corp. -3.7%
Parkway Properties Inc -16.3%

25
Data Provided by Thomson Reuters as of 12/4/10
 Delivering Long Term Value

TRS Since Annualized 10 Yr. Annualized

IPO TRS Since IPO TRS 10 Yr. TRS

SL Green 370.7% 12.3% 254.6% 13.5%

RMS 198.8% 8.6% 185.3% 11.0%

DJIA 98.2% 5.3% 39.3% 3.4%

S&P 500 71.6% 4.1% 12.4% 1.2%

26
Data Provided by Thomson Reuters as of 12/4/10
SLG Core Principles

Buy & Sell Opportunistically

Net Acquirer of Class A Assets

Best of Class Team

Maintain New York Centric Focus

Structured Finance Leads to Opportunities

Joint Ventures Enhance Returns

Lead – Don’t Follow

Maintain Flexible Balance Sheet

27
Opportunistic Acquisitions

600 Lexington Ave. 3CC 125 Park Ave. 100 Church St.

28
 Fee Position Investments

885 Third Avenue 2 Herald Square 292 Madison Avenue

Equity Investment $39.3 M ($734psf) $25.6 M ($689psf) $19.2 M ($383psf)
NOI Coverage1.9x* 1.9x 2.6x 1.6x
Transaction Iconic Class-A Office with Large retail Purchase price is 56%
Highlights building constructed presence on prime 34th of SLG’s 2007 sales
in 1986 St. retail corridor price
29
*On annualized ground rent
510 Madison Ave.

$75M Profit

10 Month Holding Period

55% Unlevered IRR

79% Levered IRR

Best Opportunistic Deal in NYC

30
Investments

31
 Manhattan Investment Sales Volumes
Sales Activity
(Billions) Price PSF

$55 $941 $1,000

$50 $48.5
$900
$875
$45 $749 $800
$40
$34.8 $700
$35 $549 $600
$30 $475
$443 $500 $500
$421 $434
$25
$340 $20.9 $19.6 $335 $400
$20
$15.1 $300
$15 $12.0 $10.1
$10.3 $10.0
$10 $8.5 $200

$5 $3.5 $100

$0 $0
2000 2001 2002 2003 2004 2005 2006 2007 2008 (1) 2009 (2) 3Q10 (3)

Midtown and Midtown South Downtown Weighted Average Midtown Class A Office Price PSF
32
(1) 2008 Average price PSF excluding GM Building: $832 PSF Source: Cushman & Wakefield Capital Markets Group
(2) Based on the only two MT Class A sales in 2009: 1540 Broadway and Worldwide Plaza
600 Lexington Avenue and 340 Madison Avenue, 55 East 52nd Street (Recap 49%) and 510 Madison Avenue.
 The SLG Footprint in 2010…

Not Shown:
111 8th Ave.
50 West 23rd. St.
4 New York Plaza
100-104 5th Ave.

100 Church

SLG Deals
Non SLG Deals
33
Data from public filings and reports.
Manhattan Investor Profile
6.0%
2008: 2009:
$19.8B 15.4%
$3.5B
10.0% 11.0% 10.1%
NO
SLG
39.0% 39.6%
33.0% 33.4%

 REIT
17.3% 6.3%
 Foreign
 Private Capital
 Pension Fund 19.8% SLG:
 Corporate/User 84%
 Other 43.3%

11.8%
2010:
$10.1B
34
Global Capital Flows

Norway
Netherlands
Korea Germany
China

Hong Kong

Singapore

Australia

35
NYC’s Canadian Invasion 2010
1221 AoA

600 Lex.

CPP
$125.6B

36
 1540 Case Study: Value Life Cycle
Trough Recovery Peak Recession Trough Recovery

2007:
Office Condo: $813M
($897psf)
Occupancy: 78%

2006:
Sold: $950M ($868psf)
Office Condo: $690M ($774psf)
Occupancy: 72%

2010:
Office Condo: $530M ($585psf)
Occupancy: 85%

2009:
Office Condo: $355M ($392psf)
2004: Occupancy: 78%
Sold: $462M ($389psf)
Occupancy: 68%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
37
*Office Condo sale, retail sold to VNO for $260M ($1,281psf)
1330 Case Study: Value Life Cycle
2006:
Deka to Macklowe
Sold: $498M ($943 psf) 2010:
Occupancy: 65%* Otera to RXR Partnership
2009:
Otera Forecloses
Price: $240M ($455 psf) $400M
Occupancy: 70% Sales Price
($758psf)

Current Occupancy 67%

In-Place NOI ~$12M

Going in Cap Rate

3.0%
(excluding transaction costs)

$458M
Stabilized Unlevered Basis
($868psf)

Stabilized NOI
$26.5M
(Free Rent Add Back in 2015)

Stabilized Yield 5.8%

38
 Office Cap Rate Spreads to Treasuries
YE Cap Rate
9.0%
YE 10-yr.
8.0% 1.4% Spread
2.5%
7.9% 2.2% 3.5%
7.6%
7.0% 7.3% 7.3%
2.0%
6.5% 2.0% 2.6%
6.0% 6.3%
5.9% 5.6%
0.7%
Cap Rate

5.0% 0.2% (0.7%)

5.1% 5.1% 2.2%
4.9% 4.7% (0.4%)
4.0% 4.3% 4.4% 4.5%
4.2% 4.0%
3.8% 4.0% 3.9%
3.0% 3.6%
3.0%
2.0% 2.3%

1.0%

0.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
YTD
39
Source: Cushman & Wakefield Research. 2009 Data represents weighted average of the 1540 Broadway transaction at approximately 6%
cap on in-place NOI (22% vacancy) and Worldwide Plaza transaction at approximately 5.75% cap on in-place NOI (40% vacancy).
Dispositions

40
Property Life Cycle

Recycle Capital – Buy the

Next One Right

Sell/JV/Finance it Right
$$$
$
Prudent Use of Capital
(Value Enhancement)

Leverage Vertically
Integrated Platform

Buy Right ($)

Time 41
Strategic Rationale

Continual Upgrade/Expansion of Core Portfolio  Hold

Active Recycler of Capital Into Better Opportunities
 Tax efficient basis when possible

Non-strategic/Non-core Assets
 Acquire  Reposition  Stabilize  Sell

Strength of Investment Sales Market, Debt Market,

Capital Sources  Liquidity

Determine Potential NOI Growth Relative to Capital
Expenditure Profile – Risk/Reward Spectrum

42
 Risk/Reward Spectrum
NOI

EVALUATE FOR
HOLD POTENTIAL JOINT
VENTURE

Capital
Expenditures*

EVALUATE FOR
POTENTIAL
DISPOSITION
SELL

43
*Excludes value enhancing capital expenditures
Sale of 1221 Ave. of the Americas
Sold Non-Control Interest for $576M
Net Sales Proceeds: $500M
 Utilized to acquire 600 Lex. And
reduce corporate debt
Gain: $126.8M
Realized >12% Unlevered IRR
Anticipated Vacancy and Capital
Exposure

“Completed Property Life Cycle”

44
Sale of 19 West 44th Street

Sold Non-Core, Class B, Side Street
Asset for $123M

Net Sales Proceeds: $118M
Reinvested in tax efficient manner
into a significantly higher quality
asset at 125 Park Ave.

Gain: $35.5M

Realized >12% Unlevered IRR

Fully Occupied, Stable NOI and
Significant Going Forward Capital
Expenditures
“Completed Property Life Cycle”
45
 Creating Value by Harvesting Non-Core Assets
Average Exit Cap Rate of 4.95%

Gross Sales Price Gross Dollar Gains

Manhattan Sales Square Feet ($ in M) ($ in M)

2005 376,000 $153 $48

2006 800,000 $401 $105

2007 2,992,000 $1,828 $932

2008 1,009,000 $470 $283

2009 - - -
2010 2,842,000 $1,406 $162

TOTAL 8,019,000 $4,258 $1,530

46
*Represents total gains, not adjusted for JV partners
Potential JV’s or Dispositions

28 West 44th St.

100 Church St.

220 East 42nd St.

711 Third Ave.

379 West Broadway

520 White Plains Rd.
47
The SLG NYC Portfolio

48
 New York City Portfolio

35 Buildings

25,631,179 Square Feet

932 Tenants

49
(1) Includes 3 Columbus Circle
(2) Measurement based on current rentable size of buildings
 2010 Leasing Activity
Year-To-Date Completed Transactions
New Leases 124 1,367,615 SF

Renewal Leases 97 1,255,574SF

Total Complete Transactions 221 2,623,189 SF

Pending Leases
New Leases 27 344,373 SF

Renewal Leases 26 249,446 SF

Total Pending Transactions 53 593,819 SF

Total Leasing Activity 274 3,217,008 SF

50
*Data reflects grown square footage
Represents NYC leasing activity
New Tenants Absorbing Vacancy
Renewal New

1.4
1.3
In M’s of SF

0.6
0.6

# of # of
Leases 92 97 Leases 97 133

2009 2010 2009 2010

51
AECOM Technology Corporation

Completes 100 Park Ave. Re-positioning

Fortune 500 Company

#1 Design Firm Worldwide

Floors 5, 17, 18 & Pt. 6

108,628 SF

22.9% Mark:Market

92.4% Occupancy

42% Revenue Increase Since
Commencement of Redevelopment
52
 Top 10 Leases
Tenant Size (sf)
CBS Broadcasting, Inc. 281,896

BMW of Manhattan, Inc. 227,782

HF Management Services, LLC 172,577

The City University of New York 132,019

Metropolitan Transportation Authority 130,443

Tribune Company & WPIX, Inc. 125,241

AECOM Technology Corporation 108,628

New York Life Insurance Company 87,944

DE Shaw Research LLC 75,172

Jones Day 44,034

53
Reflects leases signed since 2009 SLG Investor Conference
SLG Consistently Outperforms the Market
Recession - %’s show Gap between SLG and Class A Midtown Occupancy
100% 9% 5% 8% 9%
SLG 2011
Forecast:
95.3%
95%
Occupancy

94%

91%
90%

88%

85%
SLG Core NYC Portfolio
Class A Midtown Markets
Class B Midtown Markets
80%
93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

11
10
19

19

19

19

19

19

19

20

20

20

20

20

20

20

20

20

20

20
20
54

D
YT
Source: Cushman & Wakefield Research, Sept. 30, 2010
SL Green’s 3Q10 occupancy excludes 100 Church Street, which the Company took ownership of by foreclosure in January 2010
Lease Rollover Schedule
Total SF Expiring Per Year (M's of SF)

5 Year Average: 2.2

1.3M SF

1.3
1.1 1.1
0.8

2011 2012 2013 2014 2015

55
2011 Leasing Opportunities
SLG Core Office

810 7th Ave.

609 5th Ave.
600 Lexington Ave.
800 3rd Ave.
100 Church St.

56
2011 Leasing Goals
521 Fifth Ave. Increase Occupancy to 95%

600 Lexington Ave. Redevelop and Reposition Building

420 Lexington Ave. Increase Occupancy to 93%

Tower 45 Redevelopment, Lease-up Pending 20% Rollover

100 Church St. Complete Lease-up

57
Structured Finance

58
Dispelling the Myth

In-house Debt Expertise

Differentiation from Peers

Enhances Deal Flow

Improved Market Reconnaissance

Proprietary Pipeline

Profitable & Accretive Business

59
 Structured Finance History
Number of Investments 95

Total Originations $2.9B

Unamortized Discount $50.2M

Total Payoffs $1.7B

Carrying Value* $934M

Net Profit Since Inception >$350M

60
Balance as of 9/30/2010
*pro forma for deals closed in the 4th quarter
 Proven Track Record
$900
Originated Amount (000's) 60%
Investment Return*
$800 50%

$700 40%
$368M From Reckson
$600
Transaction 30%
Originations ($ inM)

$500 20%

$400 10%

$300 0%

$200 -10%

$100 -20%

$0 -30%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

61
*Represents wtd.avg. return by deal size with actual results for realized investments and management projections for unrealized investments
The blended return of the entire 510 Madison investment is attributed to the mortgage and mezzanine investments individually
 Proven Track Record
$900
Originated Amount (000's) 60%
Investment Return*
$800 50%

$700 40%
$368M From Reckson
$600
Transaction 30%
Originations ($ inM)

$500 20%

$400 10%

$300 0%

$200 -10%

$100 -20%

$0 -30%
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006* 2007 2008 2009 2010

62
*Originated Amount and Investment Return for 2006 excludes SLG's investment in Stuy Town
Data represents wtd.avg. return by deal size with actual results for realized investments and management projections for unrealized investments
The blended return of the entire 510 Madison investment is attributed to the mortgage and mezzanine investments individually
 Peel The Onion
Originated Amount ($ in M)
$2,000 %/ -% Investment Return*
$1,800
18.3% Financing to RXR at RA Merger
$1,600
Originated Amount ($ in M)

Enhanced
$1,400 Sales
Proceeds Inherited Market Peak
$1,200

$1,000
$800
$600

$400 8.9% -33.5%

5.2% 11.3%
$200

$0
NYC Office & Take Back Reckson Non-NYC Office Non-NYC Office
Retail Financing & Retail '06-'08 & Retail '97-'05
and '09-'10
63
*Represents weighted average return by deal size with actual results for realized investments and management projections for unrealized
investments
 2010 Originations
Square Originated
Property Position Footage Basis
510 Madison1&2 Construction Loan Funding 345,000 $14,082
510 Madison2 Mezzanine Loan 345,000 $14,000
530 Fifth Ave B Note 510,813 $21,250
1330 AOA Rake Bonds 535,522 $7,143
980 Madison Rake Bonds 122,685 $7,829
280 Park Ave Mezzanine Loans 1,235,887 $201,375
55 Ludgate Hill Mortgage Participation 105,195 $86,339
693 Fifth Avenue Mezzanine Loan 97,500 $15,000
11 W 34th Street Mortgage Loan 17,405 $10,800
666 Fifth Ave C Note 77,558 $40,000
227 East 45th Street Mortgage Bridge Loan Facility 152,000 $26,000
Total 3,199,565 $443,818
Wtd. Avg. GAAP Yield = 8.2%
Investment Return* = 15.2%
64
*Except for the realized investments in 510 Madison, the investment return is based on management's expectations
(1) SLG purchased the 510 Madison construction loan for $166.5M in 2009
(2) The blended return of the entire 510 investment is attributed to the mortgage and mezzanine investments individually
NYC Loan Portfolio
Property Square Footage
280 Park Avenue 1,235,887
5 Times Square 1,101,779
530 Fifth Avenue 510,813
601 West 23rd Street - Starrett 2,309,739
1330 Ave. of the Americas 535,522
Office
227 East 45th Street 152,000
1166 Ave. of the Americas 560,925
110 East 42nd Street 207,000
620 Sixth Avenue 694,517
17 Battery 399,324
Sub-Totals 7,707,506
666 Fifth Avenue 77,558
693 Fifth Avenue 97,500
Retail
720 Fifth Avenue 119,234
11 West 34th Street 17,405
Sub-Totals 311,697
TOTAL 8,019,203
65
 SLG Loans in Prime Midtown Locations

66
st
Excludes SLG Assets 673 1 Ave., 1 Madison Ave., 388-390 Greenwich St. & 100 Church St.
Excludes 601 West 23rd St. & 17 Battery from SLG’s Loan Portfolio
 Structured Finance Overview

# of Amount
Structured Finance Positions ($’s in 000’s) %
New York 32 $781,891 83.7%

London Office 1 $86,339 9.3%

Other 8 $65,706 7.0%

Total 41 $933,936 100.0%

67
Balance as of 9/30/2010
*pro forma for deals closed in the 4th quarter
London
Low Risk, Opportunistic Investment in Gateway City

105K SF Central London Class A Asset

100% Leased by 3 Triple Net Tenants

 Office: Goldman Sachs

 Retail: Starbucks & Waterston

Booksellers

₤55M Purchase/₤84.6M Face Value

 Matures in June 2012

 ₤15M Equity Investment

 10% Locally Based Partner-Westcore

68
3 Columbus Circle

69
Anatomy of an Off-Market Deal

Non-marketed, Highly Structured Opportunity

Longstanding Relationship Through Structured
Finance Program

Creative Solution Combining Debt & Equity
Investments – Utilizing Balance Sheet Strength

Capitalizing On Special Servicing Expertise

Leverage The SLG Brand to Reintroduce Asset
Into the Market
70
Real Estate Fundamentals

Prestigious location with Central
Park Views

$175M Redevelopment to Class A
Standard

Rare Big Block Availability

Valuable Signage Opportunity with
Embedded Mark:Market

Big Box Retail Opportunity

71
Expected Costs and Returns
Attractive metrics on a cash-on-cost and levered return basis

Net Basis: $440M ($570 psf)

Redevelopment Costs: $20M
Cash-on-Cost Yield: 9-10%
TI/LC Cost to Stabilization: $60M
Additional Base Building: $20M Expected IRR: 12-15%+
Total Basis: $540M ($700 psf) Deal Fully Capitalized
Stabilized NOI: $50M
72
Status of Litigation

Sept 1 - Related/GACC acquire the mortgage note

Sept 2 - Foreclosure action filed

Oct 23 - SLG Executes Binding Agreement to Invest in 3CC

Oct 25 - Lawsuit filed against lender to:
 Compel the lender to accept a payoff of the current mortgage loan
 Declare that the lender is not entitled to a pre-payment penalty
 Recover damages based on defendants' bad faith and wrongful
actions

Nov 24 - Borrower “Tenders” $258,550,838 to Court as payment in
full

Dec 6 – Deadline for lender to accept or reject the “Tender”

73
Development

74
Development

75
Tower 45

76
Ground-Up Development

77
Downtown

78
180 Broadway

79
180 Broadway

80
Potential Future Development

81
The Retail Portfolio

82
The SL Green Retail Portfolio

83
SL Green Retail Footprint
Property Major Tenant(s) Total Retail Rent
1551 Broadway American Eagle $15.9M
Aeropostale, Oakley, MTV Studio,
1515 Broadway $16.5M
Billabong, Element
717 Fifth Avenue Armani, Escada $16.7M
720 Fifth Avenue Abercrombie & Fitch $9.0M
21-25 W. 34th Street Apple Computer, Inc. $6.0M
27-29 W. 34th Street Aldo, Geox $3.7M
379 West Broadway Polo Ralph Lauren $0.8M
141 Fifth Avenue Cole Haan, HSBC $2.5M
609 Fifth Avenue American Girl $6.9M
11 W. 34th Street Foot Locker $1.8M
Williamsburg HSBC, Duane Reade $1.4M
Queens Future Development Future Development
180 Broadway Under Development Under Development
TOTAL $81.2M
84
Additional Retail in NYC Office Buildings

Number of Tenants: 138

Total Square Feet: 1.4M SF
Total Revenue: $74.5M

SLG Portfolio Total

Retail Revenue:
$155.7M

85
 Premier Midtown Retail Footprint

SLG Premier Retail

SLG Core Office

86
th st
NYC Properties not shown: 141 5 Ave., 180-182 Broadway, 379 Broadway, 673 1 Ave., 1 Madison Ave., 388-390 Greenwich St. & 100 Church St.
 1515 Broadway Retail Repositioning
Previous Tenant Base
Total
Tenant Size Rent
MTV Studio 16,932 $950K
MTV Store 1,656 $550K
Riese 6,951 $240K
Loews Theatre* 46,459 $120K
Charley O’s 6,189 $220K
Blowout Video 4,000 $485K
Lindy’s 1,785 $345K
TOTAL 83,972 $2.9M

87
*Paying percentage rent only. Rent reflected is 2003 percentage rent.
1515 Broadway Retail Repositioning
Development & Transformation

Key Development Strategies
 Take back entire MTV Studio as part of Viacom’s office lease extension
 Take back MTV Store (at grade, corner location) as part of Viacom’s
office lease extension
 Remove non-structural element within old MTV store to unlock 159
additional sf of prime Broadway grade retail
 Buy-out below market Bank of America lease (paying $566 psf)

88
1515 Broadway Retail Repositioning
New Tenant Base
Total
Tenant Size
Rent
Aeropostale 14,436 $8.3M
Oakley 1,815 $2.5M
MTV Studio 7,619 $2.5M
Best Buy
42,817 $1.9M
Theatre
Junior’s 9,105 $1.6
Billabong 5,632 $3.2M
TOTAL 81,424 $20.0

Incremental NOI Creation: $17.1M

89
1515 Broadway Retail Repositioning
Final Redevelopment Phase - New LED signs above entrance:

Projected revenue from state of the art LED signs: Stay Tuned!
90
Capital Expenditures

91
All Capital is Not Created Equal
2011(est)

Leasing (1st & 2nd Cycle) $127,700

Property Aesthetic Enhancements $32,900

Compliance $8,300

Maintenance $25,600

$194,500

JV Partner Share $(25,100)

Loan Reserves & Future Funding $(24,700)

$144,700
92
 Concessions Trending Lower
Average SLG Manhattan Concession Packages ($ psf)

2005 2006 2007 2008 2009 2010*

New $38.15 $30.77 $26.46 $33.84 $58.66 $33.20

Renewal $12.04 $2.09 $5.77 $7.701 $1.63 $14.29

Average $32.00 $20.46 $16.90 $24.251 $33.36 $23.57

Buying Up Rents = False Positive

93
*Data through 9/30/10
(1) Excludes the 1.3M SF renewal of Viacom for which $0 of TI was provided
Property Aesthetic Enhancements

Bathrooms

Corridors

Elevators

Lobby Renovations DRIVES NOI

Plazas

Windows

94
Non-Recurring Compliance Capital

Local Law 11

Sprinklers

FRONT LOADED

95
Local Law 11

96
Sprinklers
Water
Tank

Waterflow
Switch

Fire Pump

Sprinkler
Special Service Pump
97
Maintenance Capital

HVAC

Electrical

Plumbing

EXTENDED USEFUL LIFE

98
Tenant Relations

99
Cultivating Tenant Relationships
Satisfied Tenants Renew and Expand Within Portfolio

It’s Never Too Early to Develop Positive Relationships

A “Service Culture” Management Approach

Fix the Problem – Don’t Run Away From It

Provide Constant, Effective Communication

Grass Roots Approach to Expanding Relationships

Cultivate Decision Maker Relationships

Tenant Appreciation Events
 Lobby events
 Summer and holiday music
 Off-site socials

Annual Tenant Satisfaction Surveys

100
 Kingsley Survey Response Rates
Tenant Feedback Closely Monitored by Portfolio Teams

100%
98% 99%
94%
80% 88%
84%
%age of Respondents

60%

40%

20%

0%
Blue Team Gold Team Green Team Red Team Silver Team

101
Data from Kingsley & Associates
 Tenant Satisfaction Above the Kingsley Index
Key Performance Indicators
Kingsley Index SLG 2010
100%
% Satisfied/Likely (4’5 & 5’s)

94%
90% 88%
80% 84% 86%

80%
60%

40%

20%

0%
Overall Satisfaction Mngt. - Overall Satisfaction Leasing - Overall
Satisfaction
= Statistically above the Kingsley Index
102
Data from Kingsley & Associates; Statistical significance testing is based upon averages
 Improving Overall Tenant Satisfaction
Best-in-Class Tenant Satisfaction
Kingsley Index SLG Portfolio
100%

88% 90%
80% 85% 84%
% Satisfied (4’5 & 5’s)

83% 82%
78% 80%
76%
73%
60%

40%

20%

0%
2006 2007 2008 2009 2010
103
Data from Kingsley & Associates
Annual Team Reviews

Year End Presentations

Performance Evaluation Metrics
 Same Store NOI
 NOI vs. Budget
 Occupancy Level
 Renewal Rate
 Preservation of Capital
 Value-Add Initiatives
 Kingsley Rankings
 Presentation Format & Style

The Grand Winner

104
The Suburban Portfolio

105
The Suburban Portfolio

106
The Suburban Portfolio
40 Miles to
Grand
Central

107
 Suburban Portfolio Summary
# of # of SLG Share of
Market Buildings Tenants Total SF Total SF

Westchester 13 103 2,135,100 2,135,100

Long Island 2 51 640,000 129,700

Connecticut 12 185 1,764,700 1,602,200

New Jersey 2 72 582,100 145,500

Total 29 411 5,121,900 4,012,500

108
Data as of 12/1/2010
Suburban Market Challenges

Increasing Availability

Office Using Jobs on the Decline

Fierce Competition for Limited Deal Flow

– Keeps Pressure on Concession
Packages (TI’s/Free Rent/LC’s)

Large Office Users Decreasing Footprint

109
Steps to Combat Suburban Market Challenges

“Don’t Let Tenants Out” – Maintain Occupancy

Early Renewals, Take Back Space if Necessary

Maintain High Quality Portfolio
 Landlord of Choice due to building quality, stability of
ownership, balance sheet strength, and limited leverage

Prebuilt Units

Dedication to Broker and Tenant Satisfaction

New Marketing Initiatives

Best Leasing and Management Team in the Region

110
2010 Suburban Leasing Accomplishments

Signed 762,000 SF, 125,000 SF Pending
 Major Leases Signed include:
 Citibank 82,383 SF Renewal
 Pepsico 75,090 SF Renewal
 Heineken 50,078 SF Renewal
 Marsh & McLennan 34,192 SF New
 Kaufman Borguest 31,000 SF Expansion
 Cavalry 27,902 SF New

Top 20 Deals in Market – Westchester & CT

Reckson
SLG, 6

Market, 14 30% of the Big

Block Market
111
Outside the Box Marketing Initiatives

112
The Suburban Team

“Nobody ever defended anything successfully, there is only

attack and attack and attack some more.” George S. Patton 113
Other Performance Metrics

Portfolio Vacancy < other Class A Assets in
the Region

Kingsley Survey showcase outperformance

Maintained Positive Same Store GAAP NOI
Growth Year-over-Year

Reduced Overall Operating Expenses by ~
7% (>$2.3M)

Green Initiatives yielded awards and reduced
expenses (~$1.2M)

114
SLG Consistently Outperforms the Market
100%

95%
89% 89% 88%
88%
90%

85%

80% 84%
82%
75%
79%
76%
70%

65%

60%

55% Reckson/SLG
Class A Westchester/CT
50%
YE 2007 YE 2008 YE2009 YE2010
115
Market Data: Cushman & Wakefield
 86%
Overall
Satisfaction

93%
87%
Overall - Prop
Recommendation
91%
81%

Leasing - Overall
Satisfaction
94%

Prop Mngt -
91%

Overall
Kingsley Index Avg.

Satisfaction
95%
91%

Prop Mngt -
Accessibility
96%

Prop Mngt -
87%

Problem
Reckson (SLG)

Resolution
90%

Prop Mngt-
Special Requests
90% 92%

Prop Mngt -
Tenant Satisfaction Outperforms

Professionalism
94% 95%

116
2010 Objectives/Challenges Scorecard

Maintain Occupancy at ~90%

Continue to Lease up
Redevelopment Projects (125
Chubb Way & 150 Grand St.)

Study Lobby/Concourse
Redevelopment at Landmark
Square

Continue & Expand
Energy/Green Initiatives

Explore Additional Pre-built
Opportunities
 Currently at ~88%
 4 Active Proposals Pending for
76,000 SF, 3 deals signed at
150 Grand St.
 Study Complete – Evaluating
Bids
 Generated significant
operating savings and awarded
EPA Energy Star at three
buildings
 2009 – Leased 12 of 14 Units
2010 – Leased 5 of 7 Units
7 Currently Under Construction
117
2011 Objectives/Challenges

Maintain Occupancy >85%

Limit Same Store Slippage to 5-7%

Begin First Phase of Lobby Concourse
Redevelopment at Landmark Square

Continue to Expand Energy & Green Initiatives

Lease-up Pre-builts and Explore New
Opportunities

Get Marc Holliday and/or Andrew Mathias to
Repel Off of Landmark Square
118
Financial

119
James Mead

Investment Grade & Non-Investment
Grade Experience

Multiple Property Type Experience

Investment Banking Training with

Strong Credit Foundation

Deep Investor, Analyst, & Lender

Relationships

120
Strategic Financial Re-Evaluation

Capitalization of Business Segments

Financial Model – Opportunities to Enhance

Access

Line of Credit & Renewal Tactics

Dividend Policy

Maximizing Shareholder Value

121
Accessing Capital in 2010
Gross Proceeds
($ in Millions)

 Sold 5.4M shares of perpetual preferred stock $127.7

 Issued 7.75% 10-Yr unsecured notes 250.0

Corporate
 Issued 3.00% 7-yr convertible notes 345.0

$722.7

 Refinanced 1515 Broadway & 600 Lexington Ave. $600.0

Secured  Restructured & extended 100 Church & 16 Court financings 227.1
Financing
 Financing secured by structured finance investments 196.8

$1,023.9

Asset Sales  Sold 1221 AoA & 19 West 44th St. $699.0

S. Finance
 Repaid in full on 510 Madison Ave. debt positions $161.0
Repayments

Total $2,606.6
122
 Putting the Capital to Work
2010 Sources & Uses

Sources ($ in Millions)1 Uses ($ Millions)

Cash $377 Line of credit repayment $674

Preferred equity $123 Unsecured debt repayments $247

Corporate unsecured debt $562 Secured debt repayments $181

Asset sales $694 Investment activity $1,4872

Structured finance repayments $290 Total Uses $2,589

Asset level financing $543

Total Sources $2,589

123
(1) Reflects net proceeds of capital raising activity
(2) Includes announced acquisitions and the 3 Columbus Circle standby financing and equity commitment
 Strong Balance Sheet & Liquidity
4Q 2008 4Q 2009 3Q 2010
Balance Sheet Metrics
Debt to EBITDA 8.9x 8.6x 8.0x

Combined Debt:Market Cap 80.9% 61.4% 54.3%

Net Combined Debt:Total Combined
50.7% 48.5% 46.0%
Undepreciated Assets
Unsecured Debt: Unencumbered Assets
52.3% 48.4% 42.2%
(Line of Credit)

Liquidity ($’s in M)
Cash(1) $736.5 $402.5 $342.9(2)

Line of Credit Availability $55.5 $50.8 $628.0

Total liquidity $792.0 $453.3 $970.9

124
(1) Includes cash & cash equivalents and marketable securities
(2) Excludes net proceeds from the October 2010 $345M 3% convertible note issuance
 Extending Debt Maturities
Weighted average debt maturity:
$5,000 Secured ~5 yrs.
$’s in Millions (SLG share of combined debt maturities)

$4,500 Corporate $4,069.7

2009
$4,000

$3,500

$3,000

$2,500

$2,000

$1,500
$1,035.7
$1,000
$694.0 $644.8
$444.0
$500

$0
2011 2012 2013 2014 Thereafter
125
Data as of 9/30/10 pro forma for activity since 9/30/10
Maintaining an Unencumbered Asset Base

1185 AoA 1350 AoA 810 7th Ave. 750 3rd Ave. 555 West 57th St. 360 Hamilton Ave.

8.3M Square Feet

2012 NOI: $212M
126
Guidance

127
Transaction Costs
What once was basis is now an expense

Effective January 1, 2009

Step Towards Convergence of U.S. GAAP & IFRS

Applies to Third Party Costs Incurred in the
Acquisition of Real Estate
 i.e. Legal, accounting, appraisal, title,
tax, brokerage, transfer tax

No Change to the Accounting

for Financing & Leasing Costs

Reduced 2010 FFO by $0.11/share
128
 FFO Composition
2010: $4.75
Property NOI – Wholly
$6.25
Owned
Property NOI – Joint
$2.46
Venture
Structured Finance &
$1.96
Other
Interest & Preferred
$(4.65)
Dividends
Reserves & Transaction
$(0.33)
Costs
G&A $(0.94)
Weighted Average Shares 79,818

129
A reconciliation to the most directly comparable GAAP financial measure is contained in the Company’s current report on form 8-K
 FFO Composition (2010 normalized)
2010: $4.00 2011: $4.13*

Same store NOI flat
Property NOI – Wholly
$6.25 Additional investment activity $6.44
Owned  3.5% increase in operating expenses
Same Store NOI positive
Property NOI – Joint
$2.46 Sale of 1221 AoA $2.47
Venture 2.5% increase in operating expenses

Structured Finance & Additional investment activity

$1.06 No promotes or gains assumed $1.15
Other
Interest & Preferred Increasing LIBOR
$(4.65) 2010 Corporate financing activity $(4.87)
Dividends
Reserves & Transaction  Minimal reserves
$(0.18) Full pipeline of new business $(0.11)
Costs
G&A $(0.94)
Inflationary increase $(0.95)
Weighted Average Shares 79,818 79,904

130
*Midpoint of Management’s Guidance
A reconciliation to the most directly comparable GAAP financial measure is contained in the Company’s current report on form 8-K
 2011 FAD & CAD Analysis
($ in 000’s except per share data) Per Share
Midpoint of Management’s Guidance $330,000 $4.13

Non Cash Accting Adj (SL, 141, Def Fin Costs,

($23,900) ($0.30)
Non-cash Comp)

$306,100 $3.83
Second Cycle TI & LC & Recurring Cap Ex ($108,400) ($1.36)

FAD $197,700 $2.47

First Cycle Capital ($15,600) ($0.19)

Redevelopment ($20,700) ($0.26)

CAD $161,400 $2.02

131
A reconciliation to the most directly comparable GAAP financial measure is contained in the Company’s current report on form 8-K
 Cost of Capital*
2008 2009 2010 2011 Projected

Variable Debt 20% 4.5 - 5.5% 2.0 - 3.0% 1.5 – 2.5% 2.5 – 3.0%

Fixed Debt 30% 7.5 - 8.25% 6.75 - 7.75% 6.0 – 7.0% 5.0 - 6.0%

Pref. Equity 15% 11.0 - 12.0% 12.5 - 13.5% 8.0 - 9.0% 7.0 - 8.0%

Equity 35% 12.0 - 15.0% 15.0 - 20.0% 9.0 – 11.0% 9.0 – 11.0%

Market Cap Rates 4.50% 6.25% 5.75% 5.25%

Weighted Average Cost of Capital 8.25% 8.80% 6.40% ~6.00%

132
*Management estimates
2011 Goals & Objectives

133
Implied Cap Rate & Cost PSF
12/3/2010
Per Share Price $65.89 $70.70 $82.90
Total Enterprise Value (in mm’s) $12,716 $13,124 $14,098
Suburban Properties $(739) $(739) $(739)

Retail Properties $(297) $(297) $(297)

Structured Finance @ Book $(934) $(934) $(934)

Other (Fee Interests, Land, Air Rights, etc.) $(989) $(989) $(989)

Cash $(433) $(433) $(433)

Residual Value Implied for New York Assets $9,324 $9,732 $10,706

Implied Cap Rate Based on Cash NOI 5.74% 5.50% 5.00%

Implied NYC Property Value PSF $512 $534 $588

134
2011 Goals & Objectives

Sign >1.7M SF of NYC Leases

Achieve Mark:Market on NYC Leases of -5% to +5%

Increase NYC Portfolio Occupancy to >95.3%

Increase Occupancy to 95% at 521 5th Ave. and 93% at 420 Lexington Ave.

Complete Lease-up at 100 Church St.

Source >$400M of New Investments

Sell >$150M of Non-Core Properties

Refinance Existing Mortgage and Close Equity Investment in 3CC

Maximize Signage Opportunities at 1515 Broadway

Add at Least One New Retail Asset

Complete Redevelopment at Tower 45

Complete Demolition and New Foundations at 180 Broadway

Refinance 919 Third Ave. and 521 5th Ave.

Achieve Investment Grade Rating of ROP

Finish in Top 20% of Peer Group Total Return to Shareholders

Achieve Positive NYC Portfolio Same Store NOI

Achieve Cash Available for Distribution (CAD) of >$160M 135