SL Green Provides Update on Key Initiatives - Seite 2

May Collections: Throughout the COVID-19 pandemic, SL Green has collected the vast majority of its property billings, reflecting the credit-quality of the company’s office and retail tenants. April collections have now reached 95.1% for office, 63.3% for retail and 89.1% overall, up from 91.8%, 60.0% and 85.7%, respectively, as of April 30.

To date, May collections are on a similar trajectory to April with collections of 91.1% for office, 54.7% for retail and 84.7% overall. The Company expects May collections to increase further during June as some tenants are taking longer to make payments than they have historically.

Construction projects moving forward: SL Green continues to make significant progress on the Company’s development and redevelopment projects, including its most prominent project, the 1.7 million square foot, 1,401 foot tall One Vanderbilt Avenue, which remains ahead of schedule and more than $100 million under budget. The skyline defining tower is 67% leased and is now expected to obtain its Temporary Certificate of Occupancy (“TCO”) on or before September 14, 2020.

SL Green plans for safe return to offices: The Company is implementing its “SLG Forward” initiative, a comprehensive approach to providing a safe and welcoming environment to all tenants, visitors and employees. The plan includes a significant financial investment by the Company to provide enhancements to every property’s environment, infrastructure, procedures, technology, cleaning and air filtration in response to COVID-19.

SL Green gives back to NYC through Food1st: With the formation of “Food1st”, a non-profit foundation, SL Green has helped deliver over 100,000 meals daily to front-line, first responders and medical personnel, elderly New Yorkers and food insecure families. In addition to addressing the increasing demand for food assistance across New York City, Food1st has also helped support New York City’s food and beverage industry by re-activating restaurant kitchens, to serve the City and bring restaurant staff safely back to work. SL Green contributed $1.0 million as an initial donation to the independent organization while an additional $1.0 million has been contributed by hundreds of other companies, organizations and individuals who have joined the effort to address this crisis. More information is available at www.food1stfoundation.org.