SL Green Provides Update on Key Initiatives

SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, has provided an update on recent activities and progress on key initiatives.

“Despite the challenges created by the Covid-19 crisis, I’m very pleased with the performance of the Company throughout the last several months. Our collections have held up well as a result of our high quality, long dated and creditworthy rent roll, and we have amassed a substantial amount of cash liquidity in a short period of time, which is the reflection of the hard work of our employees and the resiliency of the Manhattan real estate marketplace. We have developed a strong re-entry plan to welcome tenants back to their offices in the coming weeks,” said Marc Holliday, Chairman and CEO of SL Green Realty Corp. “This is also a time to give back to the City we love, and we’re proud of our role in launching Food1st, which has now raised $2.0 million and has already served over 100,000 free meals to first responders and New Yorkers in need.”

In conjunction with this announcement and REITWEEK, NAREIT’s investor forum on June 2, 2020, the Company will be making a presentation available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com.

Key transactions: Since April, SL Green has closed, or placed under contract, dispositions and joint ventures totaling $919.3M of transaction value.

• Closed on the sale of the unencumbered retail condominium at 609 5th Avenue for total consideration of $168.0 million,
• Sold a 49.5% joint venture interest in One Madison Avenue to the National Pension Service of Korea and Hines Interest, LP, which have committed aggregate equity to the project of no less than $492.2 million, and
• Generated $485.1 million of cash from the debt and preferred equity (“DPE”) portfolio through the sale of five DPE positions totaling $259.1 million of proceeds at an average price of 99.5% of book value and repayments totaling $226.0 million of proceeds. A portion of the proceeds from these activities was used to repay the Company’s DPE financing facility in its entirety.

“$1.0 Billion Plan” achieved ahead of schedule, allowing share repurchases to resume: In April, SL Green announced the creation of its “$1 Billion Dollar Plan” to amass at least $1.0 billion of cash by June 30, 2020, creating a strategic cash reserve through the sale of real estate assets, the sale of select DPE investments together with repayments, and financing and refinancing activities. As a result of the transactions described above, among other activities, the Company has achieved its goal more than 30 days ahead of its initial timeline. This achievement has allowed the Company to restart its share repurchase program, repurchasing $44.1 million of common stock to date in the second quarter.