SL Green Realty Corporation has announced the issuance of 172,809 Series X Preferred Units of its operating partnership in a private placement. These units carry a liquidation preference of $25.00 per unit and provide holders with a cumulative quarterly cash distribution at an annual rate of 3.00%. The Series X Preferred Units may be converted into common units of the operating partnership and, under certain conditions, redeemed for shares of SL Green's common stock. The initial conversion price is set at $80.00 per common unit. The units were issued as part of the consideration for the acquisition of interests in commercial real estate property and were offered in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933.