SLグリーンリアルティの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 16, 2025

SL GREEN REALTY CORP.

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation or organization)


1-13199			13-3956775
(Commission File Number)			(I.R.S. Employer Identification No.)


One Vanderbilt Avenue		10017
New York,	New York	(Zip Code)
(Address of principal executive offices)

(212) 594-2700

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Trading Symbol

Title of Each Class

Name of Each Exchange on Which Registered

SL Green Realty Corp.

SLG

Common Stock, $0.01 par value

New York Stock Exchange

SL Green Realty Corp.

SLG.PRI

6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [☐]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]

Item 2.02. Results of Operations and Financial Condition

Following the issuance of a press release on April 16, 2025 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended March 31, 2025, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

The information (including Exhibits 99.1 and 99.2) being furnished pursuant to this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01. Regulation FD Disclosure

As discussed in Item 2.02 above, on April 16, 2025, the Company issued a press release announcing its results for the quarter ended March 31, 2025.

The information being furnished pursuant to this “Item 7.01. Regulation FD Disclosure” shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Press release regarding results for the quarter ended March 31, 2025.

99.2 Supplemental package.

Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring capital expenditures.

FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.

The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Net Operating Income (NOI) and Cash NOI

NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Coverage Ratios

The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			SL GREEN REALTY CORP.

			/s/ Matthew J. DiLiberto
			Matthew J. DiLiberto
			Chief Financial Officer

Date: April 17, 2025

EX-99.1 2 a25q1earningsrelease.htm EX-99.1 Document

Exhibit 99.1

SL GREEN REALTY CORP. REPORTS

FIRST QUARTER 2025 EPS OF ($0.30) PER SHARE;

AND FFO OF $1.40 PER SHARE

Financial and Operating Highlights

•Net loss attributable to common stockholders of $0.30 per share for the first quarter of 2025 as compared to net income of $0.20 per share for the same period in 2024.

•Funds from operations ("FFO") of $1.40 per share for the first quarter of 2025, inclusive of $3.1 million, or $0.04 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $3.07 per share for the same period in 2024, which included $141.7 million, or $2.02 per share, of gain on discounted debt extinguishment at 2 Herald Square and $5.1 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

Signed 45 Manhattan office leases covering 602,105 square feet in the first quarter of 2025. The mark-to-market on signed Manhattan office leases was 3.1% lower for the first quarter than the previous fully escalated rents on the same spaces. The Company has a current, active pipeline of prospective leases of more than 1.1 million square feet.

•Same-store cash net operating income ("NOI"), including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 2.4% for the first quarter of 2025, excluding lease termination income, as compared to the same period in 2024.

•Manhattan same-store office occupancy was 91.8% as of March 31, 2025, inclusive of leases signed but not yet commenced, consistent with the Company's expectations. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 93.2% by December 31, 2025.

Investing Highlights

•In April, together with our joint venture partner, closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million. The transaction generated net proceeds to the Company of $3.2 million.

•Closed on the previously announced acquisition of 500 Park Avenue for $130.0 million. The Company financed the acquisition with a new $80.0 million mortgage, which has a term of up to 5 years, as fully extended, and bears interest at a floating rate of 2.40% over Term SOFR. The Company swapped the mortgage to a fixed rate of 6.57% through February 2028.

•In April, exercised our purchase option and closed on the acquisition of our partner's 49.9% interest in 100 Park Avenue for cash consideration of $14.9 million.

•Closed on the sale of six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $93.3 million.

Special Servicing and Asset Management Highlights

•The Company's special servicing business has active assignments totaling $4.8 billion with an additional $10.9 billion for which the Company has been designated as special servicer on assets that are not currently in special servicing.

NEW YORK, April 16, 2025 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2025 of $21.1 million, or $0.30 per share, as compared to a net income of $13.1 million, or $0.20 per share, for the same quarter in 2024.

The Company reported FFO for the quarter ended March 31, 2025 of $106.5 million or $1.40 per share, inclusive of $25.0 million, or $0.33 per share, of income related to the expected resolution of a commercial mortgage investment and net of $3.1 million, or $0.04 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $215.4 million, or $3.07 per share, for the same period in 2024, which included $141.7 million, or $2.02 per share, of gain on discounted debt extinguishment at 2 Herald Square and $5.1 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 2.6% for the first quarter of 2025, or 2.4% excluding lease termination income, as compared to the same period in 2024.

During the first quarter of 2025, the Company signed 45 office leases in its Manhattan office portfolio totaling 602,105 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2025 was $83.75 per rentable square foot with an average lease term of 9.8 years and average tenant concessions of 9.4 months of free rent with a tenant improvement allowance of $94.35 per rentable square foot. Twenty-four leases comprising 361,131 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $82.29 per rentable square foot, representing a 3.1% decrease over the previous fully escalated rents on the same office spaces. The Company has a current, active pipeline of prospective leases of more than 1.1 million square feet.

Occupancy in the Company's Manhattan same-store office portfolio was 91.8% as of March 31, 2025, consistent with the Company's expectations, inclusive of 791,538 square feet of leases signed but not yet commenced, as compared to 92.4% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 93.2% by December 31, 2025.

Significant leasing activity in the first quarter includes:

•Early renewal and expansion with Newmark & Company Real Estate for 144,418 square feet at 125 Park Avenue;

•Expansion lease with IBM for 92,663 square feet at One Madison Avenue;

•Renewal with M. Shanken Communications, Inc. for 38,652 square feet at Worldwide Plaza;

•Expansion lease with Ares Management LLC for 38,074 square feet at 245 Park Avenue;

•Early renewal with Brixmor Operating Partnership for 18,655 square feet at 100 Park Avenue;

•New leases of 18,128 square feet and 16,643 square feet with Sichenzia Ross Ferrance Carmel LLP and Lankler Siffert & Wohl LLP, respectively, at 1185 Avenue of the Americas; and

•New lease with Phillips Lytle LLP for 17,320 square feet at 810 Seventh Avenue.

Investment Activity

In April, together with its joint venture partner, the Company closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million. The transaction generated net proceeds to the Company of $3.2 million.

In January, the Company closed on the previously announced acquisition of 500 Park Avenue for $130.0 million. The Company financed the acquisition with a new $80.0 million mortgage, which has a term of up to 5 years, as fully extended, and bears interest at a floating rate of 2.40% over Term SOFR. The Company swapped the mortgage to a fixed rate of 6.57% through February 2028.

In April, the Company exercised its purchase option and closed on the acquisition of its partner's 49.9% interest in 100 Park Avenue for cash consideration of $14.9 million.

During the first quarter of 2025, the Company closed on six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $93.3 million.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity portfolio was $537.6 million at March 31, 2025, including $219.4 million representing the Company's share of the preferred equity investment in 625 Madison Avenue that is accounted for as an unconsolidated joint venture. The portfolio had a weighted average current yield of 7.5% as of March 31, 2025, or 8.7% excluding the effect of $63.0 million of investments that are on non-accrual.

During the first quarter of 2025, the Company invested $28.3 million in real estate debt and commercial mortgage-backed securities ("CMBS").

Special Servicing and Asset Management Activity

The Company's special servicing business has active assignments totaling $4.8 billion with an additional $10.9 billion for which the Company has been designated as special servicer on assets that are not currently in special servicing. Since inception, the Company's cumulative special servicing and asset management appointments total $25.2 billion.

ESG Highlights

The Company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating.

The Company was recognized in USA TODAY 2025 ranking of America’s Climate Leaders, leading the way in cutting greenhouse gas emissions. This designation reflects our ongoing commitment to sustainability, transparency, and meaningful climate action.

The Company ranked in the 95th percentile of global peer set assessed by S&P CSA (DJSI) and listed as a Sustainability Yearbook Member for the fourth consecutive year. Out of the more than 7,800 companies assessed in 2024, only 712 are recognized.

Dividends

In the first quarter of 2025, the Company declared:

•Three monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on February 18, March 17 and April 15, 2025;

•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2025 through and including April 14, 2025, which was paid in cash on April 15, 2025, and is the equivalent of an annualized dividend of $1.625 per share.

Conference Call and Audio Webcast

The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 17, 2025, at 2:00 p.m. ET to discuss the financial results.

Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”

The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIdde2e541628a4c588c74cb1d1871805d.

Company Profile

SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2025, SL Green held interests in 55 buildings totaling 30.8 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com.

Disclaimers

Non-GAAP Financial Measures

During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.

Forward-looking Statements

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

SL GREEN REALTY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)


	Three Months Ended
	March 31,
Revenues:	2025		2024

Rental revenue, net	$	144,518	$	128,203
Escalation and reimbursement revenues	18,501		13,301
SUMMIT Operator revenue	22,534		25,604
Investment income	16,114		7,403
Interest income from real estate loans held by consolidated securitization vehicles	15,981		—
Other income	22,198		13,371
Total revenues	239,846		187,882
Expenses:
Operating expenses, including related party expenses of $3 in 2025 and $0 in 2024	56,062		43,608
Real estate taxes	37,217		31,606
Operating lease rent	6,106		6,405
SUMMIT Operator expenses	21,764		21,858
Interest expense, net of interest income	45,681		31,173
Amortization of deferred financing costs	1,687		1,539
SUMMIT Operator tax expense	(45)		(1,295)
Interest expense on senior obligations of consolidated securitization vehicles	13,972		—
Depreciation and amortization	64,498		48,584
Loan loss and other investment reserves, net of recoveries	(25,039)		—
Transaction related costs	295		16
Marketing, general and administrative	21,724		21,313
Total expenses	243,922		204,807


Equity in net income from unconsolidated joint ventures	1,170		111,160
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		26,764
Purchase price and other fair value adjustments	(9,611)		(50,492)
Loss on sale of real estate, net	(482)		—
Depreciable real estate reserves	(8,546)		(52,118)





Net (loss) income	(21,545)		18,389
Net loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	1,465		(901)
Noncontrolling interests in other partnerships	4,897		1,294
Preferred units distributions	(2,154)		(1,903)
Net (loss) income attributable to SL Green	(17,337)		16,879
Perpetual preferred stock dividends	(3,738)		(3,738)
Net (loss) income attributable to SL Green common stockholders	$	(21,075)	$	13,141
Earnings Per Share (EPS)
Basic (loss) earnings per share	$	(0.30)	$	0.20
Diluted (loss) earnings per share	$	(0.30)	$	0.20

Funds From Operations (FFO)
Basic FFO per share	$	1.43	$	3.11
Diluted FFO per share	$	1.40	$	3.07


Basic ownership interest
Weighted average REIT common shares for net income per share	70,424		64,328
Weighted average partnership units held by noncontrolling interests	4,103		4,439
Basic weighted average shares and units outstanding	74,527		68,767

Diluted ownership interest
Weighted average REIT common share and common share equivalents	72,230		65,656
Weighted average partnership units held by noncontrolling interests	4,103		4,439
Diluted weighted average shares and units outstanding	76,333		70,095

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except per share data)


	March 31,		December 31,
	2025		2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,450,892	$	1,357,041
Building and improvements	3,828,638		3,862,224
Building leasehold and improvements	1,399,376		1,388,476
	6,678,906		6,607,741
Less: accumulated depreciation	(2,174,667)		(2,126,081)
	4,504,239		4,481,660

Cash and cash equivalents	180,133		184,294
Restricted cash	156,895		147,344
Investment in marketable securities	12,295		22,812
Tenant and other receivables	48,074		44,055
Related party receivables	18,630		26,865
Deferred rents receivable	264,982		266,428
Debt and preferred equity investments, net of discounts and deferred origination fees of $2,231 and $1,618 in 2025 and 2024, respectively, and allowances of $13,520 and $13,520 in 2025 and 2024, respectively	318,189		303,726
Investments in unconsolidated joint ventures	2,712,582		2,690,138
Deferred costs, net	114,317		117,132

Right-of-use assets - operating leases	860,449		865,639
Real estate loans held by consolidated securitization vehicles (includes $1,449,291 and $584,134 at fair value as of March 31, 2025 and December 31, 2024, respectively)	1,599,291		709,095
Other assets	620,547		610,911
Total assets	$	11,410,623	$	10,470,099

Liabilities
Mortgages and other loans payable	$	2,036,727	$	1,951,024
Revolving credit facility	490,000		320,000
Unsecured term loan	1,150,000		1,150,000
Unsecured notes	100,000		100,000
Deferred financing costs, net	(15,275)		(14,242)
Total debt, net of deferred financing costs	3,761,452		3,506,782
Accrued interest payable	18,473		16,527
Accounts payable and accrued expenses	123,256		122,674
Deferred revenue	166,240		164,887
Lease liability - financing leases	107,183		106,853
Lease liability - operating leases	806,669		810,989
Dividend and distributions payable	21,978		21,816
Security deposits	62,210		60,331

Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Senior obligations of consolidated securitization vehicles (includes $1,409,185 and $567,487 at fair value as of March 31, 2025 and December 31, 2024, respectively)	1,409,185		590,131
Other liabilities (includes $254,447 and $251,096 at fair value as of March 31, 2025 and December 31, 2024, respectively)	395,832		414,153
Total liabilities	6,972,478		5,915,143

Commitments and contingencies
Noncontrolling interests in Operating Partnership	288,702		288,941
Preferred units and redeemable equity	196,016		196,064

Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2025 and December 31, 2024	221,932		221,932
Common stock, $0.01 par value 160,000 shares authorized, 71,016 and 71,097 issued and outstanding at March 31, 2025 and December 31, 2024, respectively	710		711
Additional paid-in capital	4,156,242		4,159,562

Accumulated other comprehensive (loss) income	(4,842)		18,196
Retained deficit	(537,585)		(449,101)
Total SL Green Realty Corp. stockholders’ equity	3,836,457		3,951,300
Noncontrolling interests in other partnerships	116,970		118,651
Total equity	3,953,427		4,069,951
Total liabilities and equity	$	11,410,623	$	10,470,099

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)


	Three Months Ended
	March 31,
Funds From Operations (FFO) Reconciliation:	2025		2024

Net (loss) income attributable to SL Green common stockholders	$	(21,075)	$	13,141
Add:
Depreciation and amortization	64,498		48,584
Joint venture depreciation and noncontrolling interest adjustments	53,361		74,258
Net loss attributable to noncontrolling interests	(6,362)		(393)
Less:
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		26,764
Purchase price and other fair value adjustments	(6,544)		(55,652)
Loss on sale of real estate, net	(482)		—
Depreciable real estate reserves	(8,546)		(52,118)
Depreciable real estate reserves in unconsolidated joint venture	(1,780)		—
Depreciation on non-rental real estate assets	1,263		1,153
FFO attributable to SL Green common stockholders and unit holders	$	106,511	$	215,443

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)


	Three Months Ended
	March 31,
Operating income and Same-store NOI Reconciliation:	2025		2024

Net (loss) income	$	(21,545)	$	18,389

Depreciable real estate reserves	8,546		52,118
Loss on sale of real estate, net	482		—
Purchase price and other fair value adjustments	9,611		50,492
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		(26,764)

Depreciation and amortization	64,498		48,584
SUMMIT Operator tax expense	(45)		(1,295)
Amortization of deferred financing costs	1,687		1,539
Interest expense, net of interest income	45,681		31,173
Interest expense on senior obligations of consolidated securitization vehicles	13,972		—
Operating income	122,887		174,236

Equity in net income from unconsolidated joint ventures	(1,170)		(111,160)
Marketing, general and administrative expense	21,724		21,313

Transaction related costs	295		16
Loan loss and other investment reserves, net of recoveries	(25,039)		—
SUMMIT Operator expenses	21,764		21,858

Investment income	(16,114)		(7,403)
Interest income from real estate loans held by consolidated securitization vehicles	(15,981)		—
SUMMIT Operator revenue	(22,534)		(25,604)
Non-building revenue	(10,486)		(5,049)
Net operating income (NOI)	75,346		68,207

Equity in net income from unconsolidated joint ventures	1,170		111,160
SLG share of unconsolidated JV depreciable real estate reserves	1,780		—
SLG share of unconsolidated JV depreciation and amortization	63,075		69,446
SLG share of unconsolidated JV amortization of deferred financing costs	3,191		3,095
SLG share of unconsolidated JV interest expense, net of interest income	62,965		72,803

SLG share of unconsolidated JV gain on early extinguishment of debt	—		(141,664)
SLG share of unconsolidated JV investment income	(4,918)		—
SLG share of unconsolidated JV non-building revenue	(1,291)		(501)
NOI including SLG share of unconsolidated JVs	201,318		182,546

NOI from other properties/affiliates	(37,817)		(20,845)
Same-Store NOI	163,501		161,701

Straight-line and free rent	641		(3,181)
Amortization of acquired above and below-market leases, net	728		49
Operating lease straight-line adjustment	204		204
SLG share of unconsolidated JV straight-line and free rent	(5,131)		(2,832)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(6,394)		(6,285)

Same-store cash NOI	$	153,549	$	149,656

Lease termination income	(4,355)		(1,278)
SLG share of unconsolidated JV lease termination income	(23)		(2,717)
Same-store cash NOI excluding lease termination income	$	149,171	$	145,661

SL GREEN REALTY CORP.

NON-GAAP FINANCIAL MEASURES - DISCLOSURES

Funds from Operations (FFO)

Funds Available for Distribution (FAD)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Net Operating Income (NOI) and Cash NOI

Coverage Ratios

SLG-EARN

EX-99.2 3 a25q1supplemental.htm EX-99.2 Document

SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing.

As of March 31, 2025, the Company held interests in 55 buildings totaling 30.8 million square feet. This included ownership interests in 27.2 million square feet in Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

•SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.

•SL Green's website is www.slgreen.com.

•This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.

Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com.

Forward-looking Statements

This supplemental reporting package includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this supplemental reporting package that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this supplemental reporting package are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2025 that will be included on Form 10-Q to be filed on or before May 12, 2025.


Supplemental Information			2			First Quarter 2025



TABLE OF CONTENTS





Definitions	4

Highlights	6	-	11

Comparative Balance Sheets	12

Comparative Statements of Operations	14

Comparative Computation of FFO and FAD	15

Consolidated Statement of Equity	16

Joint Venture Statements	17	-	18

Selected Financial Data	19	-	22

Debt Summary Schedule	23	-	25

Derivative Summary Schedule	26

Lease Liability Schedule	27

Debt and Preferred Equity Investments	28	-	30

Selected Property Data
Property Portfolio	31	-	35
Largest Tenants	36
Tenant Diversification	37
Leasing Activity	38	-	39
Lease Expirations	40	-	42

Summary of Real Estate Acquisition/Disposition Activity	43	-	47

Non-GAAP Disclosures and Reconciliations	48

Analyst Coverage	51

Executive Management	52


Supplemental Information			3			First Quarter 2025



DEFINITIONS

Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, deferrals, and abatements as of the last day of the quarter, multiplied by 12.

ASP - Alternative strategy portfolio.

Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company’s equity investment in those properties multiplied by the Company’s consolidated weighted average borrowing rate. Capitalized Interest is a component of the carrying value of a development or redevelopment property.

CMBS Investments - Investments in commercial mortgage-backed securities.

Consolidated securitization vehicle - CMBS securitization trusts for which the terms of our investment and special servicing assignment give us the ability to direct the activities that could significantly impact the trust's economic performance

Debt service coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by total interest and principal payments.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.

First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs which are generally incurred during the first 4-5 years following acquisition of a property.

Fixed charge - Total payments for interest, loan principal amortization, ground rent and preferred stock dividends.

Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by Fixed Charge. The calculation of fixed charge coverage for purposes of our credit facility covenants is governed by the terms of the credit facility.

Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring capital expenditures.

Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Junior Mortgage Participations - Subordinate interests in first mortgages.

Mezzanine Debt - Loans secured by ownership interests in real estate.

Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns.

Recurring capital expenditures - Building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include building improvements that are incurred to bring a property up to “operating standards.”

Redevelopment costs - Non-recurring capital expenditures incurred to improve properties to the Company’s operating standards.

Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured at inception as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense.


Supplemental Information			4			First Quarter 2025



DEFINITIONS

Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development and redevelopment properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2025 are as follows:


Added to Same-Store in 2025:			Removed from Same-Store in 2025:
7 Dey Street			10 East 53rd Street (interest acquired)
760 Madison Avenue - Retail
15 Beekman Street
245 Park Avenue

Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.

SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership or economic interest in the respective joint ventures and may not accurately depict the legal and/or economic implications of holding a non-controlling interest in the respective joint ventures.

Total square feet owned - The total square footage of properties either owned directly by the Company or in which the Company has a joint venture interest.


Supplemental Information			5			First Quarter 2025



FIRST QUARTER 2025 HIGHLIGHTS Unaudited

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

signed but not yet commenced, to 93.2% by December 31, 2025.

Significant leasing activity in the first quarter includes:

•Early renewal and expansion with Newmark & Company Real Estate for 144,418 square feet at 125 Park Avenue;

•Expansion lease with IBM for 92,663 square feet at One Madison Avenue;

•Renewal with M. Shanken Communications, Inc. for 38,652 square feet at Worldwide Plaza;

•Expansion lease with Ares Management LLC for 38,074 square feet at 245 Park Avenue;

•Early renewal with Brixmor Operating Partnership for 18,655 square feet at 100 Park Avenue;

•New leases of 18,128 square feet and 16,643 square feet with Sichenzia Ross Ferrance Carmel LLP and Lankler Siffert & Wohl LLP, respectively, at 1185 Avenue of the Americas; and

•New lease with Phillips Lytle LLP for 17,320 square feet at 810 Seventh Avenue.


Supplemental Information			6			First Quarter 2025



FIRST QUARTER 2025 HIGHLIGHTS Unaudited

Investment Activity

In April, the Company exercised its purchase option and closed on the acquisition of its partner's 49.9% interest in 100 Park Avenue for cash consideration of $14.9 million.

During the first quarter of 2025, the Company closed on six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $93.3 million.

Debt and Preferred Equity Investment Activity

During the first quarter of 2025, the Company invested $28.3 million in real estate debt and commercial mortgage-backed securities ("CMBS").

Special Servicing and Asset Management Activity

ESG Highlights

The Company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating.


Supplemental Information			7			First Quarter 2025



FIRST QUARTER 2025 HIGHLIGHTS Unaudited

Dividends

In the first quarter of 2025, the Company declared:

•Three monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on February 18, March 17 and April 15, 2025;

Conference Call and Audio Webcast

Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIdde2e541628a4c588c74cb1d1871805d.


Supplemental Information			8			First Quarter 2025



KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share)


	As of or for the three months ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024

Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted	$	(0.30)	$	0.13	$	(0.21)	$	(0.04)	$	0.20
Funds from operations (FFO) available to common stockholders - diluted	$	1.40	$	1.81	$	1.13	$	2.05	$	3.07


Common Share Price & Dividends
Closing price at the end of the period	$	57.70	$	67.92	$	69.61	$	56.64	$	55.13
Closing high price during period	$	68.38	$	81.13	$	72.21	$	57.38	$	55.13
Closing low price during period	$	55.58	$	66.24	$	54.99	$	48.32	$	42.45
Annual dividend per common share	$	3.09	$	3.09	$	3.00	$	3.00	$	3.00

FFO dividend payout ratio (trailing 12 months)	47.4%		37.3%		43.6%		43.7%		48.8%
Funds available for distribution (FAD) dividend payout ratio (trailing 12 months)	75.6%		52.3%		53.1%		54.2%		63.8%

Common Shares & Units
Common shares outstanding	71,016		71,097		65,235		64,814		64,806
Units outstanding	5,010		4,510		4,474		4,299		4,417
Total common shares and units outstanding	76,026		75,607		69,709		69,113		69,223

Weighted average common shares and units outstanding - basic	74,527		70,654		67,999		68,740		68,767
Weighted average common shares and units outstanding - diluted	76,333		72,915		69,733		70,180		70,095


Market Capitalization
Market value of common equity	$	4,386,700	$	5,135,227	$	4,852,443	$	3,914,560	$	3,816,264
Liquidation value of preferred equity/units and redeemable equity	426,016		426,064		396,730		396,730		396,500
Consolidated debt	3,876,727		3,621,024		3,833,798		3,639,892		3,801,378
Consolidated market capitalization	$	8,689,443	$	9,182,315	$	9,082,971	$	7,951,182	$	8,014,142
SLG share of unconsolidated JV debt	6,033,918		6,027,862		6,876,416		6,866,190		7,087,348
Market capitalization including SLG share of unconsolidated JVs	$	14,723,361	$	15,210,177	$	15,959,387	$	14,817,372	$	15,101,490

Consolidated debt service coverage (trailing 12 months)	3.49x		3.80x		3.36x		3.26x		2.82x
Consolidated fixed charge coverage (trailing 12 months)	2.83x		3.08x		2.72x		2.63x		2.32x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.83x		1.91x		1.73x		1.69x		1.59x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.66x		1.74x		1.58x		1.54x		1.44x


Supplemental Information			9			First Quarter 2025



KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share)


	As of or for the three months ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024

Selected Balance Sheet Data
Real estate assets before depreciation	$	6,678,906	$	6,607,741	$	6,289,894	$	6,264,757	$	6,260,955
Investments in unconsolidated joint ventures	$	2,712,582	$	2,690,138	$	2,871,683	$	2,895,399	$	2,984,786
Debt and preferred equity investments	$	318,189	$	303,726	$	293,924	$	290,487	$	352,347
Cash and cash equivalents	$	180,133	$	184,294	$	188,216	$	199,501	$	196,035
Investment in marketable securities	$	12,295	$	22,812	$	16,522	$	16,593	$	10,673

Total assets	$	11,410,623	$	10,470,099	$	10,216,072	$	9,548,652	$	9,764,292

Consolidated fixed rate & hedged debt	$	3,367,361	$	3,257,474	$	3,287,898	$	3,039,399	$	3,040,885
Consolidated variable rate debt	509,366		363,550		485,000		540,000		650,000
Consolidated ASP debt	—		—		60,900		60,493		110,493
Total consolidated debt	$	3,876,727	$	3,621,024	$	3,833,798	$	3,639,892	$	3,801,378
Deferred financing costs, net of amortization	(15,275)		(14,242)		(12,903)		(14,304)		(15,875)
Total consolidated debt, net	$	3,861,452	$	3,606,782	$	3,820,895	$	3,625,588	$	3,785,503

Total liabilities	$	6,972,478	$	5,915,143	$	6,135,743	$	5,358,337	$	5,521,908

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	8,827,482	$	8,711,539	$	8,975,687	$	8,720,916	$	8,418,284
Variable rate debt, including SLG share of unconsolidated JV debt (1)	509,366		363,550		732,761		785,013		1,429,640
ASP debt, including SLG share of unconsolidated ASP JV debt	573,797		573,797		1,001,766		1,000,153		1,040,802
Total debt, including SLG share of unconsolidated JV debt	$	9,910,645	$	9,648,886	$	10,710,214	$	10,506,082	$	10,888,726

Selected Operating Data
Property operating revenues	$	163,019	$	156,930	$	156,933	$	150,632	$	141,504
Property operating expenses	(99,385)		(89,129)		(86,701)		(84,759)		(81,619)
Property NOI	$	63,634	$	67,801	$	70,232	$	65,873	$	59,885
SLG share of unconsolidated JV Property NOI	113,876		118,072		122,936		117,506		116,741
Property NOI, including SLG share of unconsolidated JV Property NOI	$	177,510	$	185,873	$	193,168	$	183,379	$	176,626
SUMMIT Operator revenue	22,534		38,571		36,437		32,602		25,604
Investment income, including SLG share of unconsolidated JV	21,032		10,463		10,089		7,911		7,403
Interest income from real estate loans held by consolidated securitization vehicles, net	2,009		2,905		1,441		—		—
Other income, including SLG share of unconsolidated JV	23,518		31,805		26,894		35,077		17,162

Gain on early extinguishment of debt, including SLG share of unconsolidated JV	—		25,985		—		48,482		141,664
SUMMIT Operator expenses	(21,764)		(28,792)		(37,901)		(23,188)		(21,858)

Transaction costs, including SLG share of unconsolidated JVs	(295)		(138)		(171)		(76)		(16)
Marketing general & administrative expenses	(21,724)		(22,827)		(21,015)		(20,032)		(21,313)
Income taxes	653		2,324		1,406		1,230		606
EBITDAre	$	228,512	$	246,169	$	210,348	$	265,385	$	325,878

(1) Does not reflect floating rate debt and preferred equity investments that provide a hedge against floating rate debt.


Supplemental Information			10			First Quarter 2025



KEY FINANCIAL DATA Manhattan Properties (1) Unaudited (Dollars in Thousands Except Per Share)


	As of or for the three months ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024

Selected Operating Data
Property operating revenues	$	158,037	$	151,614	$	151,886	$	145,369	$	136,869
Property operating expenses	87,410		77,371		73,841		73,436		70,223
Property NOI	$	70,627	$	74,243	$	78,045	$	71,933	$	66,646

Other income - consolidated	$	5,551	$	4,157	$	2,967	$	2,270	$	2,136

SLG share of property NOI from unconsolidated JVs	$	113,627	$	117,958	$	123,401	$	117,384	$	116,617

Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service	16		15		14		14		14
Unconsolidated office buildings in service	9		9		10		10		10
	25		24		24		24		24

Consolidated office buildings in service - square footage	9,788,852		9,587,441		8,753,441		8,753,441		8,753,441
Unconsolidated office buildings in service - square footage	12,175,149		12,175,149		13,009,149		13,009,149		13,009,149
	21,964,001		21,762,590		21,762,590		21,762,590		21,762,590

Same-Store office occupancy inclusive of leases signed not yet commenced	91.8%		92.4%		89.7%		89.2%		88.4%

Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced	27		24		29		30		31
Renewal leases commenced	9		10		17		12		19
Total office leases commenced	36		34		46		42		50

Commenced office square footage filling vacancy	388,305		133,978		179,200		195,953		109,576
Commenced office square footage on previously occupied space (M-T-M leasing) (2)	283,236		1,015,833		540,288		211,251		280,879
Total office square footage commenced	671,541		1,149,811		719,488		407,204		390,455

Average starting cash rent psf - office leases commenced	$	84.80	$	80.72	$	106.76	$	96.79	$	75.11
Previous escalated cash rent psf - office leases commenced (3)	$	88.34	$	71.18	$	95.44	$	100.86	$	76.02
Increase (decrease) in new cash rent over previously escalated cash rent (2) (3)	(4.0)%		13.4%		11.9%		(4.0)%		(1.2)%
Average lease term	9.1		10.5		10.5		11.9		7.0
Tenant concession packages psf	$	109.37	$	102.30	$	103.37	$	105.17	$	52.48
Free rent months	9.5		11.8		11.5		10.0		7.3

(1) Property data for operating buildings only.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Previously escalated cash rent includes base rent plus all additional amounts paid by the previous tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.


Supplemental Information			11			First Quarter 2025



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)


	As of
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,450,892	$	1,357,041	$	1,134,432	$	1,134,432	$	1,150,681
Building and improvements	3,828,638		3,862,224		3,781,403		3,743,316		3,729,884
Building leasehold and improvements	1,399,376		1,388,476		1,374,059		1,365,423		1,358,851
	6,678,906		6,607,741		6,289,894		6,243,171		6,239,416
Less: accumulated depreciation	(2,174,667)		(2,126,081)		(2,084,755)		(2,041,102)		(2,005,893)
Net real estate	4,504,239		4,481,660		4,205,139		4,202,069		4,233,523

Other real estate investments:
Debt and preferred equity investments, net (1)	318,189		303,726		293,924		290,487		352,347
Investment in unconsolidated joint ventures	2,712,582		2,690,138		2,871,683		2,895,399		2,984,786


Assets held for sale, net	—		—		—		21,615		21,586
Cash and cash equivalents	180,133		184,294		188,216		199,501		196,035
Restricted cash	156,895		147,344		126,909		116,310		122,461
Investment in marketable securities	12,295		22,812		16,522		16,593		10,673
Tenant and other receivables	48,074		44,055		53,628		41,202		38,659
Related party receivables	18,630		26,865		13,077		8,127		12,229

Deferred rents receivable	264,982		266,428		266,606		266,596		267,969

Deferred costs, net	114,317		117,132		105,646		107,163		109,296

Right-of-use assets - operating leases	860,449		865,639		870,782		875,878		880,926
Real estate loans held by consolidated securitization vehicles	1,599,291		709,095		713,218		—		—
Other assets	620,547		610,911		490,722		507,712		533,802

Total Assets	$	11,410,623	$	10,470,099	$	10,216,072	$	9,548,652	$	9,764,292

(1) This balance excludes a $219.4 million preferred equity investment included in the Investment in unconsolidated joint ventures line item.


Supplemental Information			12			First Quarter 2025



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)


	As of
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Liabilities
Mortgages and other loans payable	$	2,036,727	$	1,951,024	$	1,648,798	$	1,649,892	$	1,701,378
Unsecured term loans	1,150,000		1,150,000		1,250,000		1,250,000		1,250,000
Unsecured notes	100,000		100,000		100,000		100,000		100,000
Revolving credit facility	490,000		320,000		735,000		540,000		650,000
Deferred financing costs	(15,275)		(14,242)		(12,903)		(14,304)		(15,875)
Total debt, net of deferred financing costs	3,761,452		3,506,782		3,720,895		3,525,588		3,685,503
Accrued interest payable	18,473		16,527		22,825		20,083		23,217
Accounts payable and accrued expenses	123,256		122,674		125,377		121,050		101,495
Deferred revenue	166,240		164,887		154,700		153,660		157,756
Lease liability - financing leases	107,183		106,853		106,518		106,187		105,859
Lease liability - operating leases	806,669		810,989		815,238		819,439		823,594
Dividends and distributions payable	21,978		21,816		20,147		20,088		20,135
Security deposits	62,210		60,331		56,297		58,002		56,398
Liabilities related to assets held for sale	—		—		—		10,424		10,649
Junior subordinated deferrable interest debentures	100,000		100,000		100,000		100,000		100,000
Senior obligations of consolidated securitization vehicles	1,409,185		590,131		603,902		—		—
Other liabilities	395,832		414,153		409,844		423,816		437,302
Total Liabilities	6,972,478		5,915,143		6,135,743		5,358,337		5,521,908

Noncontrolling interests in Operating Partnership
(5,010 units outstanding at 3/31/2025)	288,702		288,941		293,593		265,823		272,235
Preferred units and redeemable equity	196,016		196,064		166,731		166,731		166,501

Equity
SL Green stockholders' equity:
Series I Preferred Stock	221,932		221,932		221,932		221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized, 71,016
issued and outstanding at 3/31/2025	710		711		663		660		660
Additional paid–in capital	4,156,242		4,159,562		3,866,088		3,836,751		3,831,130
Treasury stock at cost	—		—		(128,655)		(128,655)		(128,655)
Accumulated other comprehensive earnings (loss)	(4,842)		18,196		(27,308)		40,371		40,151
Retained deficit	(537,585)		(449,101)		(376,435)		(279,763)		(229,607)
Total SL Green Realty Corp. stockholders' equity	3,836,457		3,951,300		3,556,285		3,691,296		3,735,611

Noncontrolling interests in other partnerships	116,970		118,651		63,720		66,465		68,037

Total Equity	3,953,427		4,069,951		3,620,005		3,757,761		3,803,648

Total Liabilities and Equity	$	11,410,623	$	10,470,099	$	10,216,072	$	9,548,652	$	9,764,292


Supplemental Information			13			First Quarter 2025



COMPARATIVE STATEMENT OF OPERATIONS Unaudited (Dollars in Thousands Except Per Share)



	Three Months Ended
	March 31,		March 31,		December 31,		September 30,
	2025		2024		2024		2024
Revenues
Rental revenue, net	$	144,518	$	128,203	$	139,613	$	139,616
Escalation and reimbursement revenues	18,501		13,301		17,317		17,317
SUMMIT Operator revenue	22,534		25,604		38,571		36,437
Investment income	16,114		7,403		5,415		5,344
Interest income from real estate loans held by consolidated securitization vehicles	15,981		—		14,209		4,771
Other income	22,198		13,371		30,754		26,206
Total Revenues	239,846		187,882		245,879		229,691

Gain on early extinguishment of debt	—		—		25,985		—

Expenses
Operating expenses ⁽¹⁾	56,062		43,608		50,150		49,507
Real estate taxes	37,217		31,606		33,692		30,831
Operating lease rent	6,106		6,405		5,287		6,363
SUMMIT Operator expenses	21,764		21,858		28,792		37,901
Loan loss and other investment reserves, net of recoveries	(25,039)		—		—		—
Transaction related costs	295		16		138		171
Marketing, general and administrative	21,724		21,313		22,827		21,015
Total Operating Expenses	118,129		124,806		140,886		145,788

Equity in net income (loss) from unconsolidated joint ventures ⁽²⁾	2,950		111,160		(16,562)		(15,428)

Operating Income	124,667		174,236		114,416		68,475

Interest expense, net of interest income	45,681		31,173		38,153		42,091
Amortization of deferred financing costs	1,687		1,539		1,734		1,669
SUMMIT Operator tax expense	(45)		(1,295)		1,949		(1,779)
Interest expense on senior obligations of consolidated securitization vehicles	13,972		—		11,304		3,330
Depreciation and amortization	64,498		48,584		53,436		53,176
(Loss) Income from Continuing Operations ⁽³⁾	(1,126)		94,235		7,840		(30,012)




Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		26,764		189,138		371
Purchase price and other fair value adjustments	(9,611)		(50,492)		125,287		12,906
(Loss) gain on sale of real estate, net	(482)		—		(1,705)		7,471
Depreciable real estate reserves	(8,546)		(52,118)		(38,232)		—
Depreciable real estate reserves in unconsolidated joint venture	(1,780)		—		(263,190)		—
Net (Loss) Income	(21,545)		18,389		19,138		(9,264)

Net loss (income) attributable to noncontrolling interests	6,362		393		(3,885)		1,899
Preferred units distributions	(2,154)		(1,903)		(2,158)		(2,176)
Net (Loss) Income attributable to SL Green	(17,337)		16,879		13,095		(9,541)

Perpetual preferred stock dividends	(3,738)		(3,738)		(3,737)		(3,738)
Net (Loss) Income attributable to SL Green common stockholders	$	(21,075)	$	13,141	$	9,358	$	(13,279)

Basic (loss) earnings per share	$	(0.30)	$	0.20	$	0.13	$	(0.21)
Diluted (loss) earnings per share	$	(0.30)	$	0.20	$	0.13	$	(0.21)

(1) Includes property operating expenses and expenses of SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
(2) Excludes Depreciable real estate reserves in unconsolidated joint venture.
(3) Before equity in net gain, purchase price and other fair value adjustments, (loss) gain on sale and depreciable real estate reserves shown below.


Supplemental Information			14			First Quarter 2025



COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited (Dollars in Thousands Except Per Share)



		Three Months Ended
		March 31,		March 31,		December 31,		September 30,
		2025		2024		2024		2024
Funds from Operations
Net (Loss) Income attributable to SL Green common stockholders		$	(21,075)	$	13,141	$	9,358	$	(13,279)

	Depreciation and amortization	64,498		48,584		53,436		53,176
	Joint ventures depreciation and noncontrolling interests adjustments	53,361		74,258		69,636		71,539
	Net (loss) income attributable to noncontrolling interests	(6,362)		(393)		3,885		(1,899)
	Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	—		(26,764)		(189,138)		(371)
	Purchase price and other fair value adjustments	6,544		55,652		(117,195)		(21,937)
	Loss (gain) on sale of real estate, net	482		—		1,705		(7,471)
	Depreciable real estate reserves	8,546		52,118		38,232		—
	Depreciable real estate reserves in unconsolidated joint venture	1,780		—		263,190
	Depreciation on non-rental real estate assets	(1,263)		(1,153)		(1,226)		(1,204)
	Funds From Operations	$	106,511	$	215,443	$	131,883	$	78,554

	Funds From Operations - Basic per Share	$	1.43	$	3.11	$	1.87	$	1.16

	Funds From Operations - Diluted per Share	$	1.40	$	3.07	$	1.81	$	1.13



Funds Available for Distribution
FFO		$	106,511	$	215,443	$	131,883	$	78,554

	Non real estate depreciation and amortization	1,263		1,153		1,226		1,204
	Amortization of deferred financing costs	1,687		1,539		1,734		1,669
	Non-cash deferred compensation	10,537		10,780		15,936		9,392
	FAD adjustment for joint ventures	(25,873)		(11,381)		(60,733)		(13,960)
	Straight-line rental income and other non-cash adjustments	3,207		(3,067)		129		1,094
	Non-cash fair value adjustments on mark-to-market derivatives	3,068		(5,160)		(8,092)		9,030
	Second cycle tenant improvements	(17,858)		(13,479)		(21,826)		(17,401)
	Second cycle leasing commissions	(4,246)		(3,487)		(8,545)		(4,292)
	Revenue enhancing recurring CAPEX	(309)		(19)		(204)		(19)
	Non-revenue enhancing recurring CAPEX	(4,458)		(2,375)		(10,984)		(5,138)
Reported Funds Available for Distribution		$	73,529	$	189,947	$	40,524	$	60,133

	First cycle tenant improvements	$	64	$	461	$	285	$	439
	First cycle leasing commissions	$	128	$	—	$	2,686	$	11
	Development costs	$	10,638	$	15,697	$	9,904	$	10,742
	Redevelopment costs	$	2,710	$	1,654	$	2,800	$	1,165
	Capitalized interest	$	6,470	$	17,949	$	8,922	$	9,493


Supplemental Information			15			First Quarter 2025



CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)


													Accumulated
	Series I												Other
	Preferred		Common		Additional		Treasury		Retained		Noncontrolling		Comprehensive
	Stock		Stock		Paid-In Capital		Stock		Deficit		Interests		Loss		Total

Balance at December 31, 2024	$	221,932	$	711	$	4,159,562	$	—	$	(449,101)	$	118,651	$	18,196	$	4,069,951

Net loss									(17,337)		(4,897)				(22,234)

Other comprehensive loss - net unrealized loss on derivative instruments													(16,835)		(16,835)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments													(6,852)		(6,852)
Other comprehensive income - net unrealized gain on marketable securities													649		649
Perpetual preferred stock dividends									(3,738)						(3,738)
DRSPP proceeds			—		75										75

Measurement adjustment for redeemable noncontrolling interest									(12,940)						(12,940)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			(1)		(2,524)										(2,525)
Proceeds from issuance of common stock			—		(871)										(871)


Contributions to consolidated joint venture interests											3,437				3,437



Cash distributions to noncontrolling interests											(221)				(221)

Cash distributions declared ($0.77 per common share, none of which represented a return of capital for federal income tax purposes)									(54,469)						(54,469)

Balance at March 31, 2025	$	221,932	$	710	$	4,156,242	$	—	$	(537,585)	$	116,970	$	(4,842)	$	3,953,427




RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


	Common Stock		OP Units		Stock-Based Compensation		Contingently Issuable Shares		Diluted Shares

Share Count at December 31, 2024	71,096,743		4,509,953		—		—		75,606,696

YTD share activity	(80,295)		500,038		—		—		419,743
Share Count at March 31, 2025	71,016,448		5,009,991		—		—		76,026,439

Weighted Average Share Count at March 31, 2025 - Basic	70,423,772		4,102,732		—		—		74,526,504

Dilution	—		—		1,263,563		543,215		1,806,778
Weighted Average Share Count at March 31, 2025 - Diluted	70,423,772		4,102,732		1,263,563		543,215		76,333,282


Supplemental Information			16			First Quarter 2025



JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)


	As of
	March 31, 2025				December 31, 2024				September 30, 2024

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,146,384	$	2,009,704	$	4,146,384	$	2,009,704	$	4,222,970	$	2,110,135
Building and improvements	13,399,570		6,495,268		13,341,755		6,474,343		14,209,648		7,119,004
Building leasehold and improvements	276,725		183,339		274,456		181,184		1,023,401		415,555


	17,822,679		8,688,311		17,762,595		8,665,231		19,456,019		9,644,694
Less: accumulated depreciation	(2,517,805)		(1,316,797)		(2,435,053)		(1,274,525)		(2,921,620)		(1,483,770)
Net real estate	15,304,874		7,371,514		15,327,542		7,390,706		16,534,399		8,160,924

Other real estate investments:
Debt and preferred equity investments, net	241,921		219,979		236,512		215,061		231,080		210,121

Cash and cash equivalents	290,158		129,516		330,348		131,568		312,785		156,150
Restricted cash	343,567		180,467		319,078		164,682		383,225		208,895
Tenant and other receivables	16,238		9,186		17,509		9,620		36,225		22,928
Deferred rents receivable	636,171		338,392		604,239		325,897		607,085		349,136

Deferred costs, net	390,069		196,208		390,646		196,818		367,001		196,994
Right-of-use assets - financing leases	725,760		511,774		728,149		513,345		730,386		515,245
Right-of-use assets - operating leases	187,879		96,626		191,509		92,920		195,075		94,555

Other assets	1,293,982		601,318		1,348,903		625,717		2,085,063		875,529

Total Assets	$	19,430,619	$	9,654,980	$	19,494,435	$	9,666,334	$	21,482,324	$	10,790,477

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $91,632 at 3/31/2025, of which $46,097 is SLG share	$	12,270,945	$	5,987,821	$	12,234,261	$	5,978,804	$	13,653,311	$	6,829,019
Accrued interest payable	71,044		31,899		56,299		25,445		99,785		40,179
Accounts payable and accrued expenses	238,923		127,943		346,726		162,633		223,087		114,935
Deferred revenue	945,454		428,079		956,217		431,127		1,011,333		459,505
Lease liability - financing leases	790,165		546,404		790,252		547,115		790,341		548,358
Lease liability - operating leases	214,681		108,729		217,833		107,460		220,920		108,935

Security deposits	43,134		19,681		43,544		19,690		46,854		21,672

Other liabilities	80,937		43,762		73,013		40,197		129,683		76,074
Equity	4,775,336		2,360,662		4,776,290		2,353,863		5,307,010		2,591,800

Total Liabilities and Equity	$	19,430,619	$	9,654,980	$	19,494,435	$	9,666,334	$	21,482,324	$	10,790,477


Supplemental Information			17			First Quarter 2025



JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)


	Three Months Ended
	March 31, 2025				March 31, 2024				December 31, 2024

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	301,123	$	153,205	$	300,675	$	159,279	$	304,267	$	157,190
Escalation and reimbursement revenues	62,938		33,859		58,872		33,076		64,234		35,069
Investment income	5,409		4,918		20		—		5,865		5,048

Other income	2,456		1,320		5,772		3,791		2,798		1,051
Total Revenues	371,926		193,302		365,339		196,146		377,164		198,358

Gain on early extinguishment of debt	—		—		172,519		141,664		—		—

Expenses
Operating expenses	68,015		34,814		65,750		34,701		66,971		34,568
Real estate taxes	71,504		36,718		75,632		38,785		74,723		37,826
Operating lease rent	6,581		1,656		9,025		2,128		7,217		1,793

Total Operating Expenses	146,100		73,188		150,407		75,614		148,911		74,187

Operating Income	225,826		120,114		387,451		262,196		228,253		124,171

Interest expense, net of interest income	128,896		62,965		149,854		72,803		140,031		67,099
Amortization of deferred financing costs	6,019		3,191		6,072		3,095		6,571		3,459

Depreciation and amortization	121,305		63,075		134,178		69,446		130,961		67,046
Net (Loss) Income	(30,394)		(9,117)		97,347		116,852		(49,310)		(13,433)

Real estate depreciation	121,304		63,074		134,172		69,442		130,959		67,046
FFO Contribution	$	90,910	$	53,957	$	231,519	$	186,294	$	81,649	$	53,613

FAD Adjustments:
Non real estate depreciation and amortization	$	1	$	1	$	6	$	4	$	2	$	—
Amortization of deferred financing costs	6,019		3,191		6,072		3,095		6,571		3,459
Straight-line rental income and other non-cash adjustments	(45,752)		(22,926)		(9,519)		(10,841)		(41,700)		(21,369)
Second cycle tenant improvements	(6,348)		(3,226)		(4,909)		(2,640)		(27,204)		(13,939)
Second cycle leasing commissions	(5,066)		(2,606)		(1,411)		(830)		(46,837)		(23,832)
Revenue enhancing recurring CAPEX	—		—		(41)		(22)		(72)		(36)
Non-revenue enhancing recurring CAPEX	(409)		(307)		(357)		(147)		(10,087)		(5,016)
Total FAD Adjustments	$	(51,555)	$	(25,873)	$	(10,159)	$	(11,381)	$	(119,327)	$	(60,733)

First cycle tenant improvements	$	3,698	$	1,782	$	3,081	$	1,027	$	2,215	$	911
First cycle leasing commissions	$	811	$	219	$	1,735	$	489	$	6,881	$	3,446
Development costs	$	11,005	$	3,258	$	51,737	$	14,174	$	112,422	$	30,121
Redevelopment costs	$	14,619	$	7,102	$	11,489	$	3,848	$	29,541	$	14,151
Capitalized interest	$	19,564	$	9,430	$	34,889	$	13,256	$	36,726	$	15,407


Supplemental Information			18			First Quarter 2025



SELECTED FINANCIAL DATA Net Operating Income(1) Unaudited (Dollars in Thousands)



	Three Months Ended
	March 31,		March 31,		December 31,		September 30,
	2025		2024		2024		2024

Net Operating Income (1)	$	72,013	$	68,338	$	91,459	$	88,718
SLG share of NOI from unconsolidated JVs	114,596		112,990		117,761		122,317
NOI, including SLG share of unconsolidated JVs	186,609		181,328		209,220		211,035
Partners' share of NOI - consolidated JVs	(1,563)		88		(2,112)		(1,970)
NOI - SLG share	$	185,046	$	181,416	$	207,108	$	209,065

NOI, including SLG share of unconsolidated JVs	$	186,609	$	181,328	$	209,220	$	211,035
Free rent (net of amortization)	(5,629)		(4,554)		(4,687)		932
Straight-line revenue adjustment	(8,312)		(5,198)		(8,677)		(7,008)
Amortization of acquired above and below-market leases, net	(5,435)		(6,311)		(6,220)		(4,680)
Operating lease straight-line adjustment	528		985		(374)		823
Straight-line tenant credit loss	(437)		5,841		(1,004)		157
Cash NOI, including SLG share of unconsolidated JVs	167,324		172,091		188,258		201,259
Partners' share of cash NOI - consolidated JVs	(1,219)		25		(2,120)		(2,190)
Cash NOI - SLG share	$	166,105	$	172,116	$	186,138	$	199,069

(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.



NOI Summary by Portfolio (1) - SLG Share

	Three Months Ended
	March 31, 2025
		NOI		Cash NOI

Manhattan Office		$	156,479	$	147,976
Development / Redevelopment		7,032		(504)
High Street Retail		5,697		4,634
Suburban & Residential		4,514		4,389
Total Operating and Development		173,722		156,495
Alternative Strategy Portfolio		11,615		9,674
Property Dispositions (2)		(17)		(17)
Other (3)		(274)		(47)
Total		$	185,046	$	166,105

(1) Portfolio composition consistent with the Selected Property Data tables.
(2) Includes properties sold or otherwise disposed of during the respective period.
(3) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.


Supplemental Information			19			First Quarter 2025



SELECTED FINANCIAL DATA Same Store Net Operating Income - Wholly Owned and Consolidated JVs Unaudited (Dollars in Thousands)


		Three Months Ended

		March 31,			March 31,					December 31,			September 30,
		2025			2024			%		2024			2024			%
Revenues
	Rental revenue, net	$	132,251		$	131,075				$	135,432		$	135,075
	Escalation & reimbursement revenues	16,918			14,016					16,839			17,642
	Other income	4,482			1,362					3,126			1,940
	Total Revenues	$	153,651		$	146,453				$	155,397		$	154,657


Expenses
	Operating expenses	$	43,150		$	38,356				$	41,461		$	41,244
	Real estate taxes	34,437			33,787					34,882			32,184
	Operating lease rent	6,106			6,106					6,106			6,106
	Total Operating Expenses	$	83,693		$	78,249				$	82,449		$	79,534

	Operating Income	$	69,958		$	68,204				$	72,948		$	75,123

	Interest expense & amortization of financing costs	$	25,667		$	24,615				$	28,234		$	24,986
	Depreciation & amortization	52,191			47,048					48,506			48,197

	(Loss) income before noncontrolling interest	$	(7,900)		$	(3,459)				$	(3,792)		$	1,940
	Real estate depreciation & amortization	52,191			47,048					48,506			48,197
	FFO Contribution	$	44,291		$	43,589				$	44,714		$	50,137

	Non–building revenue	(99)			(66)					(345)			(525)

	Interest expense & amortization of financing costs	25,667			24,615					28,234			24,986
	Non-real estate depreciation	—			—					—			—
	NOI	$	69,859		$	68,138		2.5	%	$	72,603		$	74,598		(8.2)	%

Cash Adjustments
	Free rent (net of amortization)	$	(1,602)		$	(5,079)				$	(1,503)		$	(1,090)
	Straight-line revenue adjustment	4,193			1,228					1,981			1,554
	Amortization of acquired above and below-market leases, net	728			49					25			31
	Operating lease straight-line adjustment	204			204					204			204
	Straight-line tenant credit loss	(1,950)			670					(428)			122
	Cash NOI	$	71,432		$	65,210		9.5	%	$	72,882		$	75,419		(3.5)	%

	Lease termination income	(4,355)			(1,278)					(2,743)			(1,369)
	Cash NOI excluding lease termination income	$	67,077		$	63,932		4.9	%	$	70,139		$	74,050		(4.3)	%

Operating Margins
	NOI to real estate revenue, net	45.5		%	46.5		%			46.8		%	48.4		%
	Cash NOI to real estate revenue, net	46.5		%	44.5		%			47.0		%	48.9		%

	NOI before operating lease rent/real estate revenue, net	49.5		%	50.7		%			50.8		%	52.4		%
	Cash NOI before operating lease rent/real estate revenue, net	50.4		%	48.6		%			50.8		%	52.8		%


Supplemental Information			20			First Quarter 2025



SELECTED FINANCIAL DATA Same Store Net Operating Income - Unconsolidated JVs Unaudited (Dollars in Thousands, SLG Share)


		Three Months Ended

		March 31,			March 31,					December 31,			September 30,
		2025			2024			%		2024			2024			%
Revenues
	Rental revenue, net	$	127,455		$	123,663				$	129,969		$	132,834
	Escalation & reimbursement revenues	31,333			28,213					32,695			31,486
	Other income	263			2,928					290			455
	Total Revenues	$	159,051		$	154,804				$	162,954		$	164,775


Expenses
	Operating expenses	$	31,503		$	28,170				$	30,585		$	30,590
	Real estate taxes	33,561			32,757					33,924			33,024
	Operating lease rent	108			108					108			108
	Total Operating Expenses	$	65,172		$	61,035				$	64,617		$	63,722

	Operating Income	$	93,879		$	93,769				$	98,337		$	101,053

	Interest expense & amortization of financing costs	$	55,846		$	59,510				$	56,293		$	56,121
	Depreciation & amortization	54,717			55,160					55,980			56,192

	Loss before noncontrolling interest	$	(16,684)		$	(20,901)				$	(13,936)		$	(11,260)
	Real estate depreciation & amortization	54,717			55,160					55,980			56,192
	FFO Contribution	$	38,033		$	34,259				$	42,044		$	44,932

	Non–building revenue	(237)			(206)					(287)			(231)

	Interest expense & amortization of financing costs	55,846			59,510					56,293			56,121
	Non-real estate depreciation
	NOI	$	93,642		$	93,563		0.1	%	$	98,050		$	100,822		(0.5)	%

Cash Adjustments
	Free rent (net of amortization)	$	4,296		$	(94)				$	1,517		$	1,946
	Straight-line revenue adjustment	(9,032)			(2,993)					(7,003)			(5,075)
	Amortization of acquired above and below-market leases, net	(6,394)			(6,285)					(6,393)			(5,440)
	Operating lease straight-line adjustment	—			—					—			—
	Straight-line tenant credit loss	(395)			255					(591)			10
	Cash NOI	$	82,117		$	84,446		(2.8)	%	$	85,580		$	92,263		1.8	%

	Lease termination income	(23)			(2,717)					—			(223)
	Cash NOI excluding lease termination income	$	82,094		$	81,729		0.4	%	$	85,580		$	92,040		1.5	%

Operating Margins
	NOI to real estate revenue, net	59.0		%	60.5		%			60.3		%	61.3		%
	Cash NOI to real estate revenue, net	51.7		%	54.6		%			52.6		%	56.1		%

	NOI before operating lease rent/real estate revenue, net	59.0		%	60.6		%			60.3		%	61.3		%
	Cash NOI before operating lease rent/real estate revenue, net	51.8		%	54.7		%			52.7		%	56.1		%


Supplemental Information			21			First Quarter 2025



SELECTED FINANCIAL DATA Same Store Net Operating Income Unaudited (Dollars in Thousands)


		Three Months Ended

		March 31,			March 31,					December 31,			September 30,
		2025			2024			%		2024			2024			%
Revenues
	Rental revenue, net	$	132,251		$	131,075				$	135,432		$	135,075
	Escalation & reimbursement revenues	16,918			14,016					16,839			17,642
	Other income	4,482			1,362					3,126			1,940
	Total Revenues	$	153,651		$	146,453				$	155,397		$	154,657

	Equity in net income (loss) from unconsolidated joint ventures (1)	$	(16,684)		$	(20,901)				$	(13,936)		$	(11,260)
Expenses
	Operating expenses	$	43,150		$	38,356				$	41,461		$	41,244
	Real estate taxes	34,437			33,787					34,882			32,184
	Operating lease rent	6,106			6,106					6,106			6,106
	Total Operating Expenses	$	83,693		$	78,249				$	82,449		$	79,534

	Operating Income	$	53,274		$	47,303				$	59,012		$	63,863

	Interest expense & amortization of financing costs	$	25,667		$	24,615				$	28,234		$	24,986
	Depreciation & amortization	52,191			47,048					48,506			48,197

	Loss before noncontrolling interest	$	(24,584)		$	(24,360)				$	(17,728)		$	(9,320)
	Real estate depreciation & amortization	52,191			47,048					48,506			48,197
	Joint Ventures Real estate depreciation & amortization (1)	54,717			55,160					55,980			56,192
	FFO Contribution	$	82,324		$	77,848				$	86,758		$	95,069

	Non–building revenue	(99)			(66)					(345)			(525)
	Joint Ventures Non–building revenue (1)	(237)			(206)					(287)			(231)

	Interest expense & amortization of financing costs	25,667			24,615					28,234			24,986
	Joint Ventures Interest expense & amortization of financing costs (1)	55,846			59,510					56,293			56,121
	Non-real estate depreciation	—			—					—			—
	Joint Ventures Non-real estate depreciation (1)
	NOI	$	163,501		$	161,701		1.1	%	$	170,653		$	175,420		(4.0)	%

Cash Adjustments
	Non-cash adjustments	$	1,573		$	(2,928)				$	279		$	821
	Joint Ventures non-cash adjustments (1)	(11,525)			(9,117)					(12,470)			(8,559)
	Cash NOI	$	153,549		$	149,656		2.6	%	$	158,462		$	167,682		(0.7)	%

	Lease termination income	$	(4,355)		$	(1,278)				$	(2,743)		$	(1,369)
	Joint Ventures lease termination income (1)	(23)			(2,717)					—			(223)
	Cash NOI excluding lease termination income	$	149,171		$	145,661		2.4	%	$	155,719		$	166,090		(1.2)	%

Operating Margins
	NOI to real estate revenue, net	52.3		%	53.7		%			53.7		%	55.0		%
	Cash NOI to real estate revenue, net	49.2		%	49.7		%			49.9		%	52.6		%

	NOI before operating lease rent/real estate revenue, net	54.3		%	55.8		%			55.7		%	57.0		%
	Cash NOI before operating lease rent/real estate revenue, net	51.1		%	51.7		%			51.8		%	54.5		%


(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.


Supplemental Information			22			First Quarter 2025



DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)


					Principal					2025		Current	Final		Principal
			Ownership		Outstanding					Principal		Maturity	Maturity		Due at
Fixed rate debt			Interest (%)		3/31/2025		Coupon (1)			Amortization		Date	Date (2)		Final Maturity
Secured fixed rate debt
	10 East 53rd Street (swapped)			100.0	$	204,888		5.37%		$	—	May-25	May-28	(3)	$	204,888
	100 Church Street (swapped)			100.0	370,000			5.89%		—		Jun-25	Jun-27		370,000
	185 Broadway / 7 Dey Street			100.0	190,148			6.65%		—		Nov-25	Nov-26	(3)	190,148
	Landmark Square			100.0	100,000			4.90%		—		Jan-27	Jan-27		100,000
	485 Lexington Avenue			100.0	450,000			4.25%		—		Feb-27	Feb-27		450,000
	500 Park Avenue (swapped)			100.0	80,000			6.57%		—		Jan-28	Jan-30		80,000
	420 Lexington Avenue			100.0	272,325			8.24%		—		Oct-40	Oct-40		272,325








					$	1,667,361		5.83%		$	—				$	1,667,361
Unsecured fixed rate debt
	Term Loan B (swapped)				$	100,000		4.56%		$	—	Nov-25	Nov-26	(3)	$	100,000
	Unsecured notes				100,000			4.27%		—		Dec-25	Dec-25		100,000
	Revolving credit facility (swapped)				350,000			4.86%	(4)	—		May-26	May-27	(3)	350,000
	Term Loan A (swapped)				1,050,000			4.54%		—		May-27	May-27		1,050,000
	Junior subordinated deferrable interest debentures (swapped)				100,000			5.27%		—		Jul-35	Jul-35		100,000










					$	1,700,000		4.64%		$	—				$	1,700,000

		Total Fixed Rate Debt			$	3,367,361		5.23%		$	—				$	3,367,361
Floating rate debt
Secured floating rate debt
	100 Park Avenue (SOFR + 232 bps)			49.9	$	369,366		6.64%		$	—	Jun-25	Dec-27	(3)	$	369,366









					$	369,366		6.64%		$	—				$	369,366













Unsecured floating rate debt
	Revolving credit facility (SOFR + 148 bps)			100.0	$	140,000		5.80%				May-26	May-27	(3)	$	140,000










					$	140,000		5.80%		$	—				$	140,000

		Total Floating Rate Debt			$	509,366		6.41%		$	—				$	509,366

		Consolidated Debt			$	3,876,727		5.38%
		Alternative Strategy Portfolio Debt			$	—		—%
		Total Debt - Consolidated			$	3,876,727		5.38%		$	—				$	3,876,727


		Deferred financing costs			(15,275)
		Total Debt - Consolidated, net			$	3,861,452		5.38%

		Total Debt - Unconsolidated JV, net			$	5,987,821		4.36%

Debt including SLG share of JV Debt					$	9,336,848		4.73%
Alternative Strategy Portfolio Debt including SLG share of JV Debt					$	573,797		5.18%
Total Debt including SLG share of JV Debt					$	9,910,645		4.76%

Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt					$	9,863,250		4.73%

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 4.85%. Coupon for loans that are subject to SOFR floors, interest rate caps or interest rate swaps were determined using the SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) As-of-right extension.
(4) Represents a blended swapped rate inclusive of multiple swaps.


Supplemental Information			23			First Quarter 2025



DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)


				Principal Outstanding								2025 Principal		Current		Final		Principal Due at
			Ownership	3/31/2025							Amortization			Maturity		Maturity		Final Maturity
Fixed rate debt			Interest (%)	Gross Principal			SLG Share		Coupon (1)			(SLG Share)		Date		Date (2)		(SLG Share)
	450 Park Avenue (hedged)		25.1	$	287,893		$	72,261		6.57%	(3)	$	—	Jun-25		Jun-27		$	72,261
	11 Madison Avenue		60.0	1,400,000			840,000			3.84%		—		Sep-25		Sep-25		840,000
	15 Beekman		20.0	120,000			24,000			5.99%		—		Jan-26		Jan-28		24,000
	800 Third Avenue (swapped)		60.5	177,000			107,120			3.37%		—		Feb-26		Feb-26		107,120
	1515 Broadway		56.9	735,429			418,231			3.93%		11,975		Mar-26		Mar-28		380,032
	919 Third Avenue (swapped)		51.0	500,000			255,000			6.11%		—		Apr-26		Apr-28		255,000
	280 Park Avenue (swapped)		50.0	1,075,000			537,500			5.84%		—		Sep-26		Sep-28		537,500
	245 Park Avenue		50.1	1,768,000			885,768			4.30%		—		Jun-27		Jun-27		885,768
	One Madison Avenue (hedged)		25.5	1,046,161		(4)	266,771			7.27%	(3)	—		Nov-27		Nov-27		266,771
	220 East 42nd		51.0	496,412			253,170			6.77%		—		Dec-27		Dec-27		253,170
	One Vanderbilt Avenue		60.0	3,000,000			1,800,300			2.95%		—		Jul-31		Jul-31		1,800,300










				$	10,605,895		$	5,460,121		4.27%	(5)	$	11,975					$	5,421,922
	Alternative strategy portfolio
	115 Spring Street		51.0	$	65,550		$	33,431		5.50%		$	—	Mar-25	(6)	Mar-25	(6)	$	33,431
	650 Fifth Avenue		50.0	65,000			32,500			5.45%		—		Jul-25		Jul-25		32,500
	Worldwide Plaza		25.0	1,200,000			299,400			3.98%		—		Nov-27		Nov-27		299,400












				$	1,330,550		$	365,331		4.25%	(5)	$	—					$	365,331

	Total Fixed Rate Debt			$	11,936,445		$	5,825,452		4.27%	(5)	$	11,975					$	5,787,253
Floating rate debt














	Alternative strategy portfolio
	11 West 34th Street (LIBOR + 145 bps)		30.0	$	23,000		$	6,900		6.67%	(8)	—		Feb-23	(9)	Feb-23	(9)	$	6,900
	1552 Broadway (SOFR + 275 bps) (7)		50.0	193,132			96,566			7.07%		—		Feb-24	(10)	Feb-24	(10)	96,566
	650 Fifth Avenue (SOFR + 225 bps)		50.0	210,000			105,000			6.57%		—		Jul-25		Jul-25		105,000












				$	426,132		$	208,466		6.80%	(5)	$	—					$	208,466

	Total Floating Rate Debt			$	426,132		$	208,466		6.80%	(5)	$	—					$	208,466

	Unconsolidated JV Debt			$	10,605,895		$	5,460,121		4.27%	(5)
	Alternative Strategy Portfolio Debt			$	1,756,682		$	573,797		5.18%	(5)
	Total Debt - Unconsolidated JV			$	12,362,577		$	6,033,918		4.36%	(5)	$	11,975					$	5,995,719
		Deferred financing costs		(91,632)			(46,097)
	Total Debt - Unconsolidated JV, net			$	12,270,945		$	5,987,821		4.36%	(5)

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 4.85%. Coupon for loans that are subject to SOFR floors, interest rate caps or interest rate swaps were determined using the SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) Coupon reflects interest rate swaps executed at the corporate level for SLG’s share of the outstanding debt.
(4) Debt is hedged via a $354.8 million swap executed at the corporate level and a $658.4 million cap executed at the joint venture.
(5) Calculated based on SL Green's share of the outstanding debt.
(6) The Company is in discussions with the lender on resolution of the past maturity.
(7) Spread includes applicable Term SOFR adjustment.
(8) The coupon rate is based on the last available LIBOR on June 30, 2023.
(9) The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
(10) The Company is in discussions with the lender on resolution of the past maturity.


Supplemental Information			24			First Quarter 2025



DEBT COMPOSITION AND CORPORATE DEBT COVENANTS Unaudited (Dollars in Thousands)



Composition of Debt

		Core Portfolio			Alternative Strategy Portfolio			Total
Fixed Rate Debt
	Consolidated	$	3,367,361		$	—		$	3,367,361
	SLG Share of JV	5,460,121			365,331			5,825,452
	Total Fixed Rate Debt	$	8,827,482	94.5%	$	365,331	63.7%	$	9,192,813	92.8%

Floating Rate Debt
	Consolidated	$	509,366		$	—		$	509,366
	SLG Share of JV	—			208,466			208,466
		509,366		5.5%	208,466		36.3%	717,832		7.2%
	Debt & Preferred Equity and CMBS Investments	(99,232)		(1.1)%	(53,533)		(9.3)%	(152,765)		(1.5)%
	Total Floating Rate Debt	$	410,134	4.4%	$	154,933	27.0%	$	565,067	5.7%

	Total Debt	$	9,336,848		$	573,797		$	9,910,645

Revolving Credit Facility Covenants (1)

Actual

Required

Total Debt / Total Assets

40.0%

Less than 60%

Consolidated Fixed Charge Coverage

1.90x

Greater than 1.40x

Maximum Secured Indebtedness

22.7%

Less than 50%

Maximum Unencumbered Leverage Ratio

33.4%

Less than 60%

Unsecured Notes Covenants (1)

Actual

Required

Total Debt / Total Assets

36.4%

Less than 60%

Secured Debt / Total Assets

23.4%

Less than 40%

Debt Service Coverage

2.23x

Greater than 1.50x

Unencumbered Assets / Unsecured Debt

408.3%

Greater than 150%

(1) Covenants calculated pursuant to the terms of the underlying facility or notes.


Supplemental Information			25			First Quarter 2025



DERIVATIVE SUMMARY SCHEDULE Unaudited (Dollars in Thousands)



Consolidated Interest Rate Derivatives
			Ownership	Notional Value	Fair Value
Secured Debt			Interest (%)	3/31/2025	3/31/2025		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
100 Church Street			100.0	$370,000	$(1,869)		Swap	3.89	%	November 2022	June 2027

SLGOP – 450 Park Avenue			100.0	$68,678	(1,214)	(2)	Swap	4.47	%	August 2024	June 2027

SLGOP – One Madison Avenue			100.0	$300,000	(6,417)	(2)	Swap	4.49	%	November 2024	November 2027

500 Park Avenue			100.0	$80,000	(1,204)		Swap	4.17	%	February 2025	February 2028

10 East 53rd Street			55.0	$205,000	(1,689)		Swap	3.92	%	February 2025	May 2028

	Subtotal				$(12,393)

Unsecured Debt
Term Loan A			100.0	$150,000	$1,566		Swap	2.62	%	December 2021	January 2026
Term Loan A			100.0	200,000	3,934		Swap	2.59	%	February 2023	February 2027
Term Loan A			100.0	100,000	1,407		Swap	2.90	%	February 2023	February 2027
Term Loan A			100.0	100,000	1,712		Swap	2.73	%	February 2023	February 2027
Term Loan A			100.0	50,000	1,098		Swap	2.46	%	February 2023	February 2027
Term Loan A			100.0	300,000	4,804		Swap	2.87	%	July 2023	May 2027
Term Loan A			100.0	150,000	405		Swap	3.52	%	January 2024	May 2027

Term Loan B & Revolving Credit Facility			100.0	$200,000	2,027		Swap	2.66	%	December 2021	January 2026

Revolving Credit Facility			100.0	$125,000	84		Swap	3.67	%	August 2024	December 2026
Revolving Credit Facility			100.0	125,000	74		Swap	3.67	%	August 2024	December 2026

Junior subordinated deferrable interest debentures			100.0	$100,000	(351)		Swap	3.76	%	January 2023	January 2028




	Subtotal				$16,760

Unconsolidated JV Interest Rate Derivatives
		Notional Value		Fair Value
	Ownership	3/31/2025		3/31/2025
Secured Debt	Interest (%)	Gross	SLG Share	Gross	SLG Share		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
One Madison Avenue	25.5	$679,536	$173,282	$229	$58		Cap	4.00	%	November 2024	May 2025

800 Third Avenue	60.5	$177,000	$107,120	$3,706	2,243		Swap	1.55	%	December 2022	February 2026

919 Third Avenue	51.0	$250,000	$127,500	$753	384		Swap	3.61	%	April 2023	February 2026
919 Third Avenue	51.0	250,000	127,500	753	384		Swap	3.61	%	April 2023	February 2026

280 Park Avenue	50.0	$537,500	$268,750	$(8,345)	(4,173)		Swap	4.07	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(3,891)	(1,946)		Swap	4.04	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(4,058)	(2,029)		Swap	4.06	%	July 2024	September 2028

Subtotal				$(10,853)	$(5,079)

Total, SLG Share					$(712)

(1) Certain financings require the purchase of a cap at a specified strike rate.
(2) Quarterly changes in fair value recognized in the calculation of FFO.


Supplemental Information			26			First Quarter 2025



SUMMARY OF LEASE LIABILITIES Unaudited (Dollars in Thousands)


			Scheduled Cash Payment (1)												Lease			Year of Final
Property			2025			2026			2027			2028			Liabilities (2)			Expiration (3)

Consolidated Lease Liabilities (SLG Share)

Operating Leases
1185 Avenue of the Americas			$	5,182		$	6,909		$	6,909		$	6,909		$	82,798		2043
SL Green Headquarters at One Vanderbilt			1,799		(4)	2,450		(4)	2,455		(4)	2,641		(4)	88,401			2048
SUMMIT One Vanderbilt			7,198		(4)	9,598		(4)	9,598		(4)	9,598		(4)	427,233			2070
420 Lexington Avenue			8,399			11,199			11,199			11,199			170,191			2080
711 Third Avenue			4,125		(5)	5,500		(5)	5,500		(5)	5,500		(5)	38,046		(5)	2083
Total			$	26,703		$	35,656		$	35,661		$	35,847		$	806,669

Financing Leases
15 Beekman			$	2,424		$	3,276		$	3,325		$	3,375		$	107,183		2119	(6)
Total			$	2,424		$	3,276		$	3,325		$	3,375		$	107,183

	SLG		Scheduled Cash Payment (1)												Lease			Year of Final
Property	Interest (%)		2025			2026			2027			2028			Liabilities (2)			Expiration (3)

Unconsolidated Joint Venture Lease Liabilities (SLG Share)

Operating Leases
Equinox Studio City (7)		66.7	$	921		$	1,227		$	1,387		$	1,387		$	5,545		2029

Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6)		50.0	$	1,343		$	1,802		$	1,935		$	1,935		$	13,370		2053
650 Fifth Avenue (Floors b-3)		50.0	1,177			1,571			1,585			1,605			31,944			2062
1560 Broadway		50.0	5,607			7,554			7,610			7,610			57,870			2114

Total			$	9,048		$	12,154		$	12,517		$	12,537		$	108,729

Financing Leases
One Vanderbilt Avenue Garage		60.0	$	134		$	180		$	182		$	184		$	2,919		2069
885 Third Avenue		34.1	607			817			817			817			15,687			2119

Alternative strategy portfolio
650 Fifth Avenue (Floors b-3)		50.0	$	5,523		$	7,364		$	7,364		$	7,464		$	104,468		2062
2 Herald Square		95.0	11,020			14,978			15,353			—			401,873			2077	(6)

Total			$	17,284		$	23,339		$	23,716		$	8,465		$	524,947

(1) Reflects SLG's share of remaining contractual base rent for each year presented. Leases may provide for additional rent payments based on exceeding specified thresholds.
(2) Per the balance sheet as of March 31, 2025.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 60.01% ownership interest in One Vanderbilt.
(5) Reflects scheduled cash payments net of the Company's 50.0% ownership of the fee interest in the property.
(6) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
(7) The Company has a JV interest in the sublandlord for the premises. Amounts reflect the sublandlord's lease obligation to the fee owner and have not been reduced by rents owed to the sublandlord under a sublease covering 100% of the premises.


Supplemental Information			27			First Quarter 2025



DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)


					Weighted Average Book			Weighted Average		Weighted Average Yield
		Book Value (1)			Value During Quarter			Yield During Quarter (2)		At End Of Quarter (3)

3/31/2024			$	352,347		$	349,428		7.82%		7.95%

Debt investment originations/fundings/accretion	(4)		619
Preferred Equity investment originations/accretion	(4)		2,150
Joint venture investment originations/accretion/amortization	(4)		205,208
Redemptions/Sales/Syndications/Equity Ownership/Amortization			(64,629)
Reserves/Realized Losses			—
6/30/2024			$	495,695		$	392,205		7.41%		7.46%

Debt investment originations/fundings/accretion	(4)		1,228
Preferred Equity investment originations/accretion	(4)		2,209
Joint venture investment originations/accretion/amortization	(4)		4,684
Redemptions/Sales/Syndications/Equity Ownership/Amortization			—
Reserves/Realized Losses			—
9/30/2024			$	503,816		$	500,825		7.35%		7.43%

Debt investment originations/fundings/accretion	(4)		7,556
Preferred Equity investment originations/accretion	(4)		2,246
Joint venture investment originations/accretion/amortization	(4)		4,765
Redemptions/Sales/Syndications/Equity Ownership/Amortization			—
Reserves/Realized Losses			—
12/31/2024			$	518,383		$	511,390		7.26%		7.30%

Debt investment originations/fundings/accretion	(4)		12,230
Preferred Equity investment originations/accretion	(4)		2,233
Joint venture investment originations/accretion/amortization	(4)		4,740
Redemptions/Sales/Syndications/Equity Ownership/Amortization			—
Reserves/Realized Losses			—
3/31/2025			$	537,586		$	533,664		7.35%		7.50%

(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes loan loss reserves and accelerated fee income resulting from early repayment.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter. Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(4) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.


Supplemental Information			28			First Quarter 2025



DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts)


	Book Value						Senior		Weighted Average			Weighted Average		Weighted Average Yield
Type of Investment	Floating rate		Fixed rate		Total		Financing		Exposure PSF (1)			Yield During Quarter (2)		At End Of Quarter (2) (3)





Mezzanine Debt	$	129,235	$	50,000	$	179,235	$	812,021		$	616		6.42%		6.68%

Preferred Equity	—		138,954		138,954		250,000			$	789		6.46%		6.55%

Joint Venture Preferred Equity	—		219,397		219,397		207,377			$	773		8.72%		8.81%

Balance as of 3/31/2025	$	129,235	$	408,351	$	537,586				$	724		7.35%		7.50%


	Debt and Preferred Equity Maturity Profile
	2025		2026		2027		2028		2029 & Thereafter
Floating Rate	$	62,801	$	66,434	$	—	$	—	$	—
Fixed Rate	30,000		219,397		138,954		—		20,000
Sub-total	$	92,801	$	285,831	$	138,954	$	—	$	20,000

(1) Net of loan loss reserves.

(2) Excludes accelerated fee income resulting from early repayment and loan loss reserves.

(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment and loan loss reserves.


Supplemental Information			29			First Quarter 2025



DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts)


	Book Value (1)			Property		Senior						Yield At End
Investment Type	3/31/2025			Type	Location	Financing		Last $ PSF (2)			Fixed/Floating	Of Quarter (3)


Preferred Equity (4)	$	219,397	(4)	Office	Manhattan	$	207,377		$	773	Fixed	8.81%

Preferred Equity	138,954			Multi-Family Rental	Manhattan	250,000			$	789	Fixed	6.55%

Mezzanine Loan	66,434			Office	Manhattan	190,021			$	786	Floating	10.80%

Mezzanine Loan (5)	53,533		(5)	Office	Manhattan	283,000			$	428	Floating	(6)

Mezzanine Loan	30,000			Office	Manhattan	95,000			$	573	Fixed	13.59%

Mezzanine Loan	20,000			Multi-Family Rental	Brooklyn	85,000			$	696	Fixed	8.11%

Mezzanine Loan	9,268			Office	Manhattan	54,000			$	457	Floating	(7)



Total	$	537,586

(1) Net of unamortized fees, discounts, premiums and loan loss reserves.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter excluding loan loss reserves.
(4) Investment is included in the Investment in unconsolidated joint ventures line item in our consolidated balance sheet.
(5) Alternative Strategy Portfolio asset.
(6) Loan was put on non-accrual in the first quarter of 2023 and continues to be on non-accrual as of March 31, 2025.
(7) Loan was put on non-accrual in the first quarter of 2025 and continues to be on non-accrual as of March 31, 2025.


Supplemental Information			30			First Quarter 2025



SELECTED PROPERTY DATA Manhattan Operating Properties Unaudited (Dollars in Thousands)


	Ownership				% of Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street	100.0	Downtown	Fee Interest	1,047,500	4.7		86.9		86.9		86.9		86.9		$46,765	$46,765	19
100 Park Avenue	50.0	Grand Central South	Fee Interest	834,000	3.8		65.5		96.7		60.8		95.8		43,255	21,627	33
110 Greene Street	100.0	Soho	Fee Interest	223,600	1.0		92.2		92.2		89.3		92.2		18,826	18,826	56
125 Park Avenue	100.0	Grand Central	Fee Interest	604,245	2.8		94.6		98.3		95.7		99.5		46,634	46,634	22
304 Park Avenue South	100.0	Midtown South	Fee Interest	215,000	1.0		100.0		100.0		100.0		100.0		18,883	18,883	7
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1,188,000	5.4		87.2		90.9		86.9		90.1		84,011	84,012	173
461 Fifth Avenue	100.0	Midtown	Fee Interest	200,000	0.9		98.2		98.2		98.2		98.2		17,793	17,793	18
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	921,000	4.2		76.7		77.5		78.9		83.2		47,717	47,717	36
555 West 57th Street	100.0	Midtown West	Fee Interest	941,000	4.3		77.2		77.2		88.1		88.1		45,827	45,827	11
711 Third Avenue	100.0 (4)	Grand Central North	Leasehold Interest (4)	524,000	2.4		85.0		85.0		93.7		93.7		30,732	30,732	19
810 Seventh Avenue	100.0	Times Square	Fee Interest	692,000	3.2		82.0		92.0		80.6		85.4		42,508	42,508	44
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	218,796	1.0		70.9		72.9		74.5		74.5		9,855	9,855	11
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1,062,000	4.8		75.0		87.4		75.0		85.9		69,976	69,976	15
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	562,000	2.6		78.0		78.0		78.5		80.7		35,434	35,434	46




















Subtotal / Weighted Average				9,233,141	42.1	%	81.4	%	87.3	%	82.8	%	88.9	%	$558,216	$536,589	510

"Non Same Store"
10 East 53rd Street	100.0	Plaza District	Fee Interest	354,300	1.6		95.8		96.7		97.6		98.1		$33,358	$33,358	39
500 Park Avenue	100.0	Park Avenue	Fee Interest	201,411	0.9		94.5		100.0		N/A		N/A		17,761	17,761	12











Subtotal / Weighted Average				555,711	2.5	%	95.3	%	97.9	%	97.6	%	98.1	%	$51,119	$51,119	51

Total / Weighted Average Consolidated Properties				9,788,852	44.6	%	82.2	%	87.9	%	83.3	%	89.2	%	$609,335	$587,708	561


UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue	60.0	Grand Central	Fee Interest	1,657,198	7.5		99.4		100.0		99.4		100.0		$287,985	$172,791	40
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	2,314,000	10.5		96.1		96.1		96.1		96.1		173,352	104,011	7
220 East 42nd Street	51.0	Grand Central	Fee Interest	1,135,000	5.2		92.0		94.1		89.0		93.7		70,760	36,087	34
280 Park Avenue	50.0	Park Avenue	Fee Interest	1,219,158	5.6		87.5		90.5		89.0		91.1		120,309	60,154	31
450 Park Avenue	25.1	Park Avenue	Fee Interest	337,000	1.5		89.3		95.6		89.3		89.3		38,108	9,565	23
800 Third Avenue	60.5	Grand Central North	Fee Interest	526,000	2.4		84.6		86.1		84.6		84.6		31,813	19,247	43
919 Third Avenue	51.0	Grand Central North	Fee Interest	1,454,000	6.6		95.5		95.5		80.9		95.6		100,776	51,396	11
1515 Broadway	56.9	Times Square	Fee Interest	1,750,000	8.0		99.7		99.7		99.7		99.7		139,993	79,656	7










Added to Same Store in 2025
245 Park Avenue	50.1	Park Avenue	Fee Interest	1,782,793	8.1		87.3		91.7		85.4		91.7		161,943	81,134	14












Subtotal / Weighted Average				12,175,149	55.4	%	93.8	%	95.2	%	91.6	%	95.0	%	$1,125,039	$614,041	210

















Total / Weighted Average Unconsolidated Properties				12,175,149	55.4	%	93.8	%	95.2	%	91.6	%	95.0	%	$1,125,039	$614,041	210

Manhattan Operating Properties Grand Total / Weighted Average				21,964,001	100.0	%	88.6	%	91.9	%	88.0	%	92.5	%	$1,734,374	$1,201,749	771

Manhattan Operating Properties Same Store Occupancy %				21,408,290	97.5	%	88.4	%	91.8	%	87.8	%	92.4	%

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases. For GAAP purposes revenue may not yet be recognized for certain commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) The Company also owns 50% of the fee interest.


Supplemental Information			31			First Quarter 2025



SELECTED PROPERTY DATA Retail, Residential and Suburban Operating Properties Unaudited (Dollars in Thousands)


	Ownership				% of Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

RETAIL PROPERTIES
"Same Store" Retail
85 Fifth Avenue	36.3	Midtown South	Fee Interest	12,946	29.8		100.0		100.0		100.0		100.0		$2,800	$1,016	1

















Added to Same Store in 2025
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	52.1		100.0		100.0		100.0		100.0		18,046	18,046	1










Subtotal/Weighted Average				35,594	81.9	%	100.0	%	100.0	%	100.0	%	100.0	%	$20,846	$19,062	2

"Non Same Store" Retail
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,848	18.1		100.0		100.0		100.0		100.0		$1,505	$1,354	1












Subtotal/Weighted Average				7,848	18.1	%	100.0	%	100.0	%	100.0	%	100.0	%	$1,505	$1,354	1

Total / Weighted Average Retail Properties				43,442	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	$22,351	$20,416	3



	Ownership				Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Average Monthly Rent Per Occupied Unit
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Units		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)	($'s)

RESIDENTIAL PROPERTIES

"Same Store" Residential










Added to Same Store in 2025
7 Dey Street	100.0	Lower Manhattan	Fee Interest	140,382	209		96.7		98.6		94.3		97.1		$12,085	$12,085	4,985
15 Beekman Street	20.0	Downtown	Leasehold Interest	221,884	484		100.0		100.0		100.0		100.0		13,810	2,762	N/A









Subtotal/Weighted Average				362,266	693		99.0	%	99.6	%	98.3	%	99.1	%	$25,895	$14,847	$4,985
















Total / Weighted Average Residential Properties				362,266	693		99.0	%	99.6	%	98.3	%	99.1	%	$25,895	$14,847	$4,985



	Ownership				% of Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)


"Same Store" Suburban
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	862,800	100.0		72.9		73.2		72.6		73.5		$18,315	$18,315	91






















Subtotal/Weighted Average				862,800	100.0	%	72.9	%	73.2	%	72.6	%	73.5	%	$18,315	$18,315	91

Total / Weighted Average Suburban Properties				862,800	100.0	%	72.9	%	73.2	%	72.6	%	73.5	%	$18,315	$18,315	91

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases. For GAAP purposes revenue may not yet be recognized for certain commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.


Supplemental Information			32			First Quarter 2025



SELECTED PROPERTY DATA Development / Redevelopment & Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands)


	Ownership				% of Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Real Estate Book Value, Net	Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

Development / Redevelopment
One Madison Avenue	25.5	Park Avenue South	Fee Interest	1,385,484	62.0		71.6		72.8		62.9		66.6		$117,308	$29,914	$1,691,156	13
19 East 65th Street	100.0	Plaza District	Fee Interest	14,639	0.7		—		—		5.5		5.5		—	—	19,950	—
185 Broadway	100.0	Lower Manhattan	Fee Interest	50,206	2.3		34.5		34.5		34.5		34.5		3,479	3,479	48,074	4
750 Third Avenue	100.0	Grand Central North	Fee Interest	780,000	35.0		6.6		6.6		9.5		9.5		30,732	30,732	309,114	19











Total / Weighted Average Development / Redevelopment Properties				2,230,329	100.0	%	47.6	%	48.3	%	43.2	%	45.5	%	$151,519	$64,125	$2,068,294	36
















	Ownership				% of Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Investment Carrying Value, Net	Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

Alternative Strategy Portfolio
2 Herald Square	95.0	Herald Square	Leasehold Interest	369,000	14.4		60.3		60.3		60.3		60.3		$20,771	$19,733	$108,596	7
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	17,150	0.7		100.0		100.0		100.0		100.0		3,576	1,073	0	1
115 Spring Street	51.0	Soho	Fee Interest	5,218	0.2		100.0		100.0		100.0		100.0		4,098	2,090	0	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214	2.7		100.0		100.0		100.0		100.0		42,579	21,288	(82,889)	1
1552-1560 Broadway	50.0	Times Square	Fee / Leasehold Interest	57,718	2.2		12.6		12.6		12.6		12.6		2,000	1,000	0	1
Worldwide Plaza	25.0	Westside	Fee Interest	2,048,725	79.8		63.3		63.3		63.3		63.3		77,128	19,244	18,528	47











Total / Weighted Average Alternative Strategy Portfolio Properties				2,567,025	100.0	%	63.0	%	63.0	%	63.0	%	63.0	%	$150,152	$64,428	$44,235	58

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases. For GAAP purposes revenue may not yet be recognized for certain commenced leases.
(3) Inclusive of leases signed but not yet commenced.


Supplemental Information			33			First Quarter 2025



SELECTED PROPERTY DATA Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands)


	Ownership				% of Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

HIGH STREET RETAIL - Consolidated Properties
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,944	0.6		100.0		100.0		100.0		100.0		$1,505	$1,354	1
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	1.8		100.0		100.0		100.0		100.0		18,046	18,046	1











Subtotal / Weighted Average				30,592	2.4	%	100.0	%	100.0	%	100.0	%	100.0	%	$19,551	$19,400	2

HIGH STREET RETAIL - Unconsolidated Properties
85 Fifth Avenue	36.3	Midtown South	Fee Interest	12,946	1.1		100.0		100.0		100.0		100.0		$2,800	$1,016	1

















Subtotal / Weighted Average				12,946	1.1	%	100.0	%	100.0	%	100.0	%	100.0	%	$2,800	$1,016	1

Total / Weighted Average High Street Retail				43,538	3.5	%	100.0	%	100.0	%	100.0	%	100.0	%	$22,351	$20,416	3

OTHER RETAIL - Consolidated Properties
10 East 53rd Street	100.0	Plaza District	Fee Interest	38,657	3.1		100.0		100.0		100.0		100.0		$4,162	$4,162	3
100 Church Street	100.0	Downtown	Fee Interest	61,708	5.0		100.0		100.0		100.0		100.0		4,365	4,365	10
100 Park Avenue	50.0	Grand Central South	Fee Interest	40,022	3.2		97.1		97.1		97.1		97.1		3,291	1,646	7
110 Greene Street	100.0	Soho	Fee Interest	16,121	1.3		100.0		100.0		100.0		100.0		4,620	4,620	3
125 Park Avenue	100.0	Grand Central	Fee Interest	32,124	2.5		47.0		47.0		100.0		100.0		3,608	3,608	6
185 Broadway	100.0	Lower Manhattan	Fee Interest	16,413	1.3		100.0		100.0		100.0		100.0		3,479	3,479	4
304 Park Avenue South	100.0	Midtown South	Fee Interest	25,330	2.0		100.0		100.0		100.0		100.0		3,673	3,673	5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	54,026	4.3		100.0		100.0		100.0		100.0		5,379	5,379	6
461 Fifth Avenue	100.0	Midtown	Fee Interest	16,149	1.3		100.0		100.0		100.0		100.0		1,135	1,135	2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	41,701	3.3		68.5		68.5		64.7		64.7		4,388	4,388	7
500 Park Avenue	100.0	Park Avenue	Fee Interest	11,976	0.9		100.0		100.0		N/A		N/A		1,209	1,209	3
555 West 57th Street	100.0	Midtown West	Fee Interest	53,186	4.2		100.0		100.0		100.0		100.0		3,103	3,103	2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	25,639	2.0		83.5		83.5		83.5		83.5		2,325	2,325	2
750 Third Avenue (4)	100.0	Grand Central North	Fee Interest	24,827	2.0		47.5		47.5		47.5		47.5		1,765	1,765	4
810 Seventh Avenue	100.0	Times Square	Fee Interest	18,207	1.4		98.6		98.6		98.6		98.6		4,731	4,731	3
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	9,140	0.7		12.9		12.9		100.0		100.0		36	36	1
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	58,271	4.6		84.1		84.1		84.1		84.1		2,765	2,765	3
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	17,797	1.4		100.0		100.0		100.0		100.0		2,730	2,730	6









Subtotal / Weighted Average				561,294	44.5	%	88.2	%	88.2	%	92.2	%	92.2	%	$56,764	$55,119	77

OTHER RETAIL - Unconsolidated Properties
One Vanderbilt Avenue	60.0	Grand Central	Fee Interest	34,885	2.8		100.0		100.0		100.0		100.0		$5,867	$3,520	7
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	38,800	3.1		95.7		95.7		95.7		95.7		3,808	2,285	3
220 East 42nd Street	51.0	Grand Central	Fee Interest	33,866	2.7		81.0		81.0		67.1		67.1		1,932	985	4
245 Park Avenue	50.1	Park Avenue	Fee Interest	37,220	3.0		50.7		50.7		50.7		50.7		1,168	585	3
280 Park Avenue	50.0	Park Avenue	Fee Interest	28,219	2.2		93.9		93.9		93.9		93.9		1,448	724	2
450 Park Avenue	25.1	Park Avenue	Fee Interest	6,317	0.5		100.0		100.0		100.0		100.0		1,697	426	1
800 Third Avenue	60.5	Grand Central North	Fee Interest	9,900	0.8		100.0		100.0		100.0		100.0		974	589	2
919 Third Avenue	51.0	Grand Central North	Fee Interest	31,004	2.5		98.9		98.9		98.9		98.9		3,921	2,000	4
1515 Broadway	56.9	Times Square	Fee Interest	182,011	14.3		99.8		99.8		99.8		99.8		32,021	18,220	7
















Subtotal / Weighted Average				402,222	31.9	%	92.8	%	92.8	%	91.7	%	91.7	%	$52,836	$29,334	33

Total / Weighted Average Other Retail				963,516	76.4	%	90.1	%	90.1	%	92.0	%	92.0	%	$109,600	$84,453	110

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases. For GAAP purposes revenue may not yet be recognized for certain commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) Redevelopment properties.


Supplemental Information			34			First Quarter 2025



SELECTED PROPERTY DATA - CONTINUED Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands)


	Ownership					% of Total		March 31, 2025				December 31, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)		Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)


















ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square	95.0	Herald Square	Leasehold Interest	94,531		7.5		40.6		40.6		40.6		40.6		$9,870	$9,377	3
11 West 34th Street	30.00	Herald Square/Penn Station	Fee Interest	17,150		1.4		100.0		100.0		100.0		100.0		3,576	1,073	1
115 Spring Street	51.0	Soho	Fee Interest	5,218		0.4		100.0		100.0		100.0		100.0		4,098	2,090	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214		5.5		100.0		100.0		100.0		100.0		42,579	21,289	1
1552-1560 Broadway	50.0	Times Square	Fee / Leasehold Interest	57,718		4.6		12.6		12.6		12.6		12.6		2,000	1,000	1
Worldwide Plaza	25.0	Westside	Fee Interest	10,592	(4)	0.8		84.9		84.9		84.9		84.9		1,246	311	7













Subtotal / Weighted Average				254,423		20.2	%	57.5	%	57.5	%	57.5	%	57.5	%	$63,369	$35,140	14

Total / Weighted Average Alternative Strategy Portfolio				254,423		20.2	%	57.5	%	57.5	%	57.5	%	57.5	%	$63,369	$35,140	14


Retail Grand Total / Weighted Average				1,261,477		100.0	%	83.9	%	83.9	%	85.2	%	85.2	%	$195,321	$140,009	127


(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases. For GAAP purposes revenue may not yet be recognized for certain commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.


Supplemental Information			35			First Quarter 2025



LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT (1) Unaudited (Dollars in Thousands Except Per SF)


		Ownership Interest %	Lease Expiration (2)	Total Rentable Square Feet	Annualized Contractual Cash Rent ($)	SLG Share of Annualized Contractual Cash Rent ($)	% of SLG Share of Annualized Contractual Cash Rent (3)	Annualized Contractual Rent PSF		Investment Grade Credit Rating (4)
Tenant Name	Property
Paramount Global	1515 Broadway	56.9	Jun 2031	1,603,121	$107,949	$61,423	4.5%	$67.34
	555 West 57th Street	100.0	Apr 2029	186,266	10,872	10,872	0.8	58.37
	1515 Broadway	56.9	Mar 2028	9,106	2,219	1,263	0.1	243.73
	Worldwide Plaza	25.0	Jan 2027	32,598	2,501	624	—	76.72
				1,831,091	$123,541	$74,182	5.4%	$67.47		BBB-

UBS Americas, Inc.	11 Madison Avenue	60.0	May 2037	1,184,489	$78,472	$47,083	3.4%	$66.25		A+
Bloomberg L.P.	919 Third Avenue	51.0	Feb 2040	926,156	$63,786	$32,531	2.4%	$68.87
Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791	$52,285	$31,371	2.3%	$90.33		A
Societe Generale	245 Park Avenue	50.1	Oct 2032	520,831	$50,541	$25,321	1.8%	$97.04		A

TD Bank US Holding Company	One Vanderbilt Avenue	60.0	Jul 2041	193,159	$26,160	$15,696	1.2%	$135.44	(5)
	One Vanderbilt Avenue	60.0	Aug 2041	6,843	3,234	1,940	0.1	472.58
	125 Park Avenue	100.0	Oct 2025	6,234	2,131	2,131	0.2	341.82
	125 Park Avenue	100.0	Oct 2030	26,536	1,849	1,849	0.1	69.66
	125 Park Avenue	100.0	Mar 2034	25,171	1,621	1,621	0.1	64.40
				257,943	$34,995	$23,237	1.7%	$135.67		A+

The City of New York	100 Church Street	100.0	Mar 2034	510,007	$22,768	$22,768	1.6%	$44.64		Aa2

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	344,873	$21,595	$21,595	1.6%	$62.62
	420 Lexington Avenue	100.0	Jan 2027	7,537	448	$448	—	$59.48
				352,410	$22,043	$22,043	1.6%	$62.55	(5)	A1

Nike Retail Services, Inc.	650 Fifth Avenue	50.0	Jan 2033	69,214	$42,579	$21,289	1.5%	$615.18		AA-
King & Spalding	1185 Avenue of the Americas	100.0	Oct 2025	218,275	$21,136	$21,136	1.5%	$96.83
Carlyle Investment Management LLC	One Vanderbilt Avenue	60.0	Sep 2036	194,702	$34,682	$20,809	1.5%	$178.13	(5)	A-

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	174,069	$13,910	$13,910	1.0%	$79.91
	11 Madison Avenue	60.0	Sep 2030	104,618	10,742	6,445	0.5	102.68
				278,687	$24,652	$20,355	1.5%	$88.46

McDermott Will & Emery LLP	One Vanderbilt Avenue	60.0	Dec 2042	169,586	$31,475	$18,885	1.4%	$185.60
	420 Lexington Avenue	100.0	Oct 2026	10,043	623	623	—	62.04
				179,629	$32,098	$19,508	1.4%	$178.69

Franklin Templeton Companies LLC	One Madison Avenue	25.5	May 2040	354,976	$48,438	$12,351	0.9%	$136.45
	280 Park Avenue	50.0	Nov 2031	128,993	13,621	6,811	0.5	105.60
				483,969	$62,059	$19,162	1.4%	$128.23		A

Giorgio Armani Corporation	760 Madison Avenue	100.0	Oct 2038	22,648	$18,046	$18,046	1.3%	$796.82

Ares Management LLC	245 Park Avenue	50.1	May 2026	36,316	$3,749	$1,878	0.1%	$103.24
	245 Park Avenue	50.1	Jun 2043	251,175	29,923	14,992	1.1	119.13
				287,491	$33,671	$16,870	1.2%	$117.13		A-

									(5)
The Toronto Dominion Bank	One Vanderbilt Avenue	60.0	Apr 2042	142,892	$21,372	$12,823	0.9%	$149.57	(5)
	125 Park Avenue	100.0	Apr 2042	52,450	3,610	3,610	0.3	68.82
				195,342	$24,982	$16,433	1.2%	$127.89		A+

Hess Corp	1185 Avenue of the Americas	100.0	Dec 2027	167,169	$16,191	$16,191	1.2%	$96.86		BBB
PJT Partners Holdings LP	280 Park Avenue	50.0	Jun 2041	269,821	$31,901	$15,951	1.2%	$118.23
Stone Ridge Holdings Group LP	One Vanderbilt Avenue	60.0	Dec 2037	97,652	$23,062	$13,837	1.0%	$236.17	(5)

Total				8,626,317	$813,493	$498,125	36.1%	$94.30




(1) Based on commenced leases.
(2) Expiration of current lease term and does not reflect extension options.
(3) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Alternative Strategy Portfolio properties.
(4) Corporate or bond rating from S&P, Fitch or Moody's.
(5) Tenant pays rent on a net basis. Rent PSF reflects gross rent equivalent.


Supplemental Information			36			First Quarter 2025



MANHATTAN TENANT DIVERSIFICATION Unaudited

(1) Excluding residential tenants.


Supplemental Information			37			First Quarter 2025



LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited


Activity	Building Address	# of Leases	Square Feet (1)	Rentable SF	Escalated Rent/Rentable SF ($'s)(2)

Available Space at 12/31/24			2,628,302

Add: Acquired Vacancies	500 Park Avenue		11,118















Space which became available during the Quarter (3):
Office

	10 East 53rd Street	1	8,129	8,925	$109.15
	11 Madison Avenue	1	332	273	66.02




	220 East 42nd Street	1	6,242	6,447	61.93

	280 Park Avenue	3	63,117	67,060	113.70

	420 Lexington Avenue	4	16,240	23,496	63.63
	450 Park Avenue	1	10,790	10,790	156.07

	485 Lexington Avenue	1	54,013	54,199	51.40

	555 West 57th Street	1	102,500	112,941	55.94
	711 Third Avenue	1	45,575	49,731	66.75

	810 Seventh Avenue	1	5,759	6,509	70.95



	1350 Avenue of the Americas	3	27,480	29,097	88.88


























	Total/Weighted Average	18	340,177	369,468	$74.88

Retail






	125 Park Avenue	1	6,955	17,017	$75.70













	885 Third Avenue	1	7,963	7,963	59.94


	1350 Avenue of the Americas	1	2,270	2,270	218.48
























	Total/Weighted Average	3	17,188	27,250	$82.99

Storage









	280 Park Avenue	2	300	300	$60.00

	420 Lexington Avenue	1	751	743	15.00




	555 West 57th Street	1	602	525	22.00

































	Total/Weighted Average	4	1,653	1,568	$25.95


	Total Space which became available during the Quarter
	Office	18	340,177	369,468	$74.88
	Retail	3	17,188	27,250	$82.99
	Storage	4	1,653	1,568	$25.95
		25	359,018	398,286	$75.24

	Total Available Space		2,998,438

(1) Represents the rentable square footage at the time the property was acquired.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.


Supplemental Information			38			First Quarter 2025



LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Commenced Leasing Unaudited


Activity	Building Address	# of Leases	Term (Yrs)	Square Feet (1)	Rentable SF	New Cash Rent / Rentable SF(2)	Prev. Escalated Rent/ Rentable SF(3)	TI / Rentable SF	Free Rent # of Months

Available Space				2,998,438

Office

	10 East 53rd Street	1	5.3	1,870	2,055	$102.00	$93.83	$14.97	4.0


	100 Park Avenue	1	11.3	38,699	43,396	65.00	86.83	145.32	16.0
	110 Greene Street	2	5.7	6,580	6,441	87.28	82.08	35.20	2.7

	220 East 42nd Street	3	16.0	33,735	37,856	54.19	—	138.44	15.3
	245 Park Avenue	1	11.3	35,100	36,199	115.00	—	163.95	16.0
	280 Park Avenue	1	16.0	45,917	49,625	120.00	125.51	140.00	8.0

	420 Lexington Avenue	9	4.4	20,479	25,817	62.54	56.95	99.09	3.2
	450 Park Avenue	1	5.5	10,790	10,820	158.71	158.71	67.20	6.0

	485 Lexington Avenue	3	9.3	32,490	33,380	56.52	—	151.04	4.1




	810 Seventh Avenue	2	3.0	15,382	17,200	61.52	—	69.25	3.0

	919 Third Avenue	2	7.9	210,397	227,125	72.82	—	129.21	12.4

	1350 Avenue of the Americas	2	3.0	25,070	25,736	87.56	90.38	38.39	—


























	Total/Weighted Average	28	9.2	476,509	515,650	$79.18	$107.23	$125.16	10.5

Retail







	220 East 42nd Street	1	20.8	5,300	4,722	$70.00	$—	$52.94	10.0






	485 Lexington Avenue	1	15.7	1,571	1,612	$170.00	$324.45	$100.00	7.0








	1350 Avenue of the Americas	1	15.6	1,470	2,200	143.75	225.43	54.69	7.0


























	Total/Weighted Average	3	18.5	8,341	8,534	$107.90	$267.30	$62.28	8.7

Storage







	220 East 42nd Street	1	11.3	592	591	$27.50	$—	$—	16.0

	280 Park Avenue	1	3.0	158	158	75.94	75.95	—	—











	919 Third Avenue	2	4.9	1,710	2,946	39.10	—	27.43	6.4

	1350 Avenue of the Americas	1	15.6	800	1,000	143.75	—	54.69	7.0


























	Total/Weighted Average	5	7.9	3,260	4,695	$61.17	$75.95	$28.86	7.5

Leased Space
	Office (4)	28	9.2	476,509	515,650	$79.18	$107.23	$125.16	10.5
	Retail	3	18.5	8,341	8,534	$107.90	$267.30	$62.28	8.7
	Storage	5	7.9	3,260	4,695	$61.17	$75.95	$28.86	7.5
	Total	36	9.3	488,110	528,879	$79.49	$111.84	$123.29	10.5


Total Available Space as of 3/31/25				2,510,328
Early Renewals
Office

	10 East 53rd Street	1	2.0	3,618	4,019	$100.00	$80.61	$12.61	—


	100 Park Avenue	1	3.1	20,632	18,655	73.00	67.00	—	1.0
	110 Greene Street	2	1.0	8,050	8,042	90.10	84.61	—	—
	125 Park Avenue	1	10.8	106,097	113,041	70.00	71.83	75.00	8.0






	461 Fifth Avenue	1	3.8	6,639	7,134	85.65	85.65	52.24	4.0









	1350 Avenue of the Americas	2	3.3	4,906	5,000	76.03	76.03	0.61	3.8


























	Total/Weighted Average	8	8.6	149,942	155,891	$73.08	$72.90	$57.12	6.2






















































Storage






	125 Park Avenue	1	10.8	885	939	$32.50	$20.96	$—	4.0











































	Total/Weighted Average	1	10.8	885	939	$32.50	$20.96	$—	4.0


Renewals
	Early Renewals Office	8	8.6	149,942	155,891	$73.08	$72.90	$57.12	6.2

	Early Renewals Storage	1	10.8	885	939	$32.50	$20.96	$—	4
	Total	9	8.6	150,827	156,830	$72.84	$72.59	$56.78	6.2

(1) Represents the rentable square footage at the time the property was acquired.
(2) Annual initial base rent.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(4) Average starting office rent excluding new tenants replacing vacancies is $99.16/rsf for 127,345 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $84.80/rsf for 283,236 rentable SF.


Supplemental Information			39			First Quarter 2025



LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited


Year of Lease Expiration	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	SLG Share Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Contractual Cash Rent of Expiring Leases	SLG Share Annualized Contractual Cash Rent of Expiring Leases	Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
Wholly-Owned and Consolidated JV Properties
1st Quarter 2025 (3)	12	77,724	77,724	0.9	%	$4,995,014	$4,995,014	$64.27
2nd Quarter 2025	14	100,708	100,708	1.2	%	8,689,297	8,689,297	86.28
3rd Quarter 2025	19	68,183	68,183	0.8	%	5,112,790	5,112,790	74.99
4th Quarter 2025	32	363,592	362,582	4.3	%	33,894,641	33,807,023	93.22

Total 2025	77	610,207	609,197	7.2	%	$52,691,742	$52,604,124	$86.35






2026	79	833,363	799,477	9.8	%	$58,814,403	$56,048,083	$70.57


2027	84	804,943	764,295	9.4	%	66,186,470	62,630,324	82.23
2028	71	701,041	694,158	8.2	%	53,080,931	52,462,555	75.72
2029	59	744,135	744,135	8.7	%	52,380,643	52,380,643	70.39
2030	53	904,129	871,454	10.6	%	64,557,016	61,861,351	71.40
2031	26	325,236	282,841	3.8	%	25,168,051	21,911,817	77.38
2032	23	758,154	758,154	8.9	%	47,371,737	47,371,737	62.48
2033	20	374,298	350,773	4.4	%	29,499,368	27,990,826	78.81
2034	31	1,300,291	1,300,290	15.2	%	75,478,741	75,478,741	58.05
Thereafter	51	1,175,923	1,071,879	13.8	%	84,105,999	76,967,513	71.52
Grand Total	574	8,531,720	8,246,653	100.0	%	$609,335,101	$587,707,714	$71.42


Unconsolidated JV Properties
1st Quarter 2025 (3)	4	9,584	5,623	0.1	%	$624,956	$371,779	$65.21
2nd Quarter 2025	3	196,196	117,741	1.7	%	20,456,378	12,275,460	104.27
3rd Quarter 2025	1	4,576	2,768	—	%	302,623	183,087	66.13
4th Quarter 2025	7	78,808	34,720	0.7	%	7,003,165	2,893,492	88.86

Total 2025	15	289,164	160,852	2.5	%	$28,387,122	$15,723,818	$98.17






2026	21	350,768	175,291	3.0	%	$47,337,166	$23,863,049	$134.95


2027	18	233,904	107,452	2.0	%	32,857,064	15,621,887	140.47
2028	22	247,242	133,328	2.1	%	30,031,366	16,293,215	121.47
2029	18	147,621	75,743	1.3	%	15,452,306	7,558,552	104.68
2030	15	329,785	189,051	2.8	%	37,274,023	21,038,071	113.03
2031	17	2,755,868	1,543,708	23.8	%	211,062,548	117,593,404	76.59
2032	14	992,725	507,649	8.6	%	89,929,989	45,945,506	90.59
2033	11	250,685	137,674	2.2	%	28,164,035	15,847,595	112.35
2034	8	325,606	161,426	2.8	%	28,201,295	13,979,711	86.61
Thereafter	60	5,664,462	3,110,377	48.9	%	576,342,389	320,576,689	101.75
Grand Total	219	11,587,830	6,302,551	100.0	%	$1,125,039,303	$614,041,497	$97.09


(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to March 31, 2025.


Supplemental Information			40			First Quarter 2025



LEASE EXPIRATIONS Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Wholly-Owned and Consolidated JV's Unaudited


Year of Lease Expiration	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	SLG Share Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Contractual Cash Rent of Expiring Leases	SLG Share Annualized Contractual Cash Rent of Expiring Leases	Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	—	—	—	—	%	—	—	—
2027	—	—	—	—	%	—	—	—
2028	—	—	—	—	%	—	—	—
2029	—	—	—	—	%	—	—	—
2030	—	—	—	—	%	—	—	—
2031	—	—	—	—	%	—	—	—
2032	—	—	—	—	%	—	—	—
2033	1	7,944	7,150	26.0	%	1,504,752	1,354,277	189.42
2034	—	—	—	—	%	—	—	—
Thereafter	1	22,648	22,648	74.0	%	18,046,460	18,046,460	796.82
	2	30,592	29,798	100.0	%	$19,551,212	$19,400,737	$639.10
Vacancy (4)		—
Grand Total		30,592

Other Retail





2025 (3)	3	10,479	10,479	2.1	%	$2,580,592	$2,580,592	$246.26






2026	4	10,104	10,104	2.0	%	1,136,740	1,136,740	112.50
2027	7	40,336	34,579	8.0	%	5,658,716	5,220,983	140.29
2028	7	29,800	22,917	5.9	%	4,259,842	3,641,466	142.95
2029	4	27,702	27,702	5.5	%	2,586,118	2,586,118	93.35
2030	5	44,135	44,135	8.8	%	6,506,070	6,506,070	147.41
2031	4	16,050	11,697	3.2	%	1,821,374	1,490,069	113.48
2032	8	75,617	75,617	15.1	%	6,276,130	6,276,130	83.00
2033	6	61,578	61,578	12.3	%	7,950,461	7,950,461	129.11
2034	9	30,912	30,912	6.2	%	1,678,154	1,678,154	54.29
Thereafter	20	154,461	152,176	30.9	%	16,310,178	16,051,905	105.59
	77	501,174	481,896	100.0	%	$56,764,375	$55,118,688	$113.26
Vacancy (4)		67,233
Grand Total		568,407




























(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to March 31, 2025.
(4) Includes square footage of leases signed but not yet commenced.


Supplemental Information			41			First Quarter 2025



LEASE EXPIRATIONS Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unconsolidated JV's Unaudited


Year of Lease Expiration	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	SLG Share Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Contractual Cash Rent of Expiring Leases	SLG Share Annualized Contractual Cash Rent of Expiring Leases	Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	—	—	—	—	%	—	—	—

2027	—	—	—	—	%	—	—	—
2028	—	—	—	—	%	—	—	—
2029	—	—	—	—	%	—	—	—
2030	—	—	—	—	%	—	—	—
2031	—	—	—	—	%	—	—	—
2032	—	—	—	—	%	—	—	—
2033	—	—	—	—	%	—	—	—
2034	1	13,092	4,748	100.0	%	2,799,996	1,015,559	213.87
Thereafter	—	—	—	—	%	—	—	—
	1	13,092	4,748	100.0	%	$2,799,996	$1,015,559	$213.87
Vacancy (4)		—
Grand Total		13,092

Other Retail





2025 (3)	1	1,190	596	0.3	%	$52,451	$26,278	$44.08






2026	2	9,820	5,688	2.7	%	9,100,228	5,193,299	926.70

2027	1	7,711	4,388	2.1	%	10,638,409	6,053,255	1,379.64
2028	1	9,106	5,181	2.5	%	2,219,369	1,262,821	243.73
2029	3	52,886	27,070	14.4	%	5,317,679	2,465,724	100.55
2030	2	11,970	6,811	3.3	%	7,110,424	4,045,831	594.02
2031	3	14,058	7,433	3.8	%	2,391,784	1,292,199	170.14
2032	2	18,864	9,499	5.1	%	1,306,479	659,325	69.26
2033	2	4,721	2,417	1.3	%	575,536	294,199	121.91
2034	2	8,414	4,867	2.3	%	670,576	393,038	79.70
Thereafter	14	229,462	129,644	62.2	%	13,453,100	7,648,464	58.63
	33	368,202	203,594	100.0	%	$52,836,035	$29,334,433	$143.50
Vacancy (4)		32,897
Grand Total		401,099

Alternative Strategy Portfolio





2025 (3)	1	1,277	319	0.9	%	$119,574	$29,834	$93.64






2026	3	17,869	6,381	12.6	%	7,745,855	3,180,660	433.48

2027	1	1,685	420	1.2	%	457,209	114,074	271.34
2028	1	1,819	454	1.3	%	214,642	53,553	118.00
2029	2	1,425	937	1.0	%	614,137	509,293	430.97
2030	—	—	—	—	%	—	—	—
2031	2	23,536	21,077	16.5	%	7,546,695	7,034,402	320.64
2032	—	—	—	—	%	—	—	—
2033	2	85,557	50,133	60.4	%	44,586,823	23,196,959	521.14
2034	1	7,940	3,970	5.6	%	2,000,004	1,000,002	251.89
Thereafter	1	647	161	0.5	%	84,372	21,051	130.40
	14	141,755	83,852	100.0	%	$63,369,311	$35,139,828	$447.03
Vacancy (4)		95,592
Grand Total		237,347

(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to March 31, 2025.
(4) Includes square footage of leases signed but not yet commenced.


Supplemental Information			42			First Quarter 2025



SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan Office Unaudited (Dollars in Thousands)


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	3/31/2025
2001 - 2024 Acquisitions
Jun-01	317 Madison Avenue	Grand Central	100.0%	Fee Interest	450,000	$	105,600	95.0	N/A
Sep-01	1250 Broadway	Penn Station	49.9	Fee Interest	670,000	126,500		97.7	N/A
May-02	1515 Broadway	Times Square	55.0	Fee Interest	1,750,000	483,500		98.0	99.7
Feb-03	220 East 42nd Street	Grand Central	100.0	Fee Interest	1,135,000	265,000		91.9	92.0
Mar-03	125 Broad Street	Downtown	100.0	Fee Interest	525,000	92,000		100.0	N/A
Oct-03	461 Fifth Avenue	Midtown	100.0	Leasehold Interest	200,000	60,900		93.9	98.2
Dec-03	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,000,000		98.8	N/A
Mar-04	19 West 44th Street	Midtown	35.0	Fee Interest	292,000	67,000		86.0	N/A
Jul-04	750 Third Avenue	Grand Central	100.0	Fee Interest	779,000	255,000		100.0	6.6
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	76.7
Oct-04	625 Madison Avenue	Plaza District	100.0	Leasehold Interest	563,000	231,500		68.0	N/A
Feb-05	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	105,000		87.0	N/A
Apr-05	1 Madison Avenue	Park Avenue South	55.0	Fee Interest	1,177,000	803,000		96.0	N/A
Apr-05	5 Madison Avenue Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	115,000		N/A	N/A
Jun-05	19 West 44th Street	Midtown	65.0	Fee Interest	—	91,200		92.2	N/A
Mar-06	521 Fifth Avenue	Midtown	100.0	Leasehold Interest	460,000	210,000		97.0	N/A
Jun-06	609 Fifth Avenue	Midtown	100.0	Fee Interest	160,000	182,000		98.5	N/A
Dec-06	485 Lexington Avenue	Grand Central	70.0	Fee Interest	—	578,000		90.5	76.7
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	84.6
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	84.6
Apr-07	331 Madison Avenue	Grand Central	100.0	Fee Interest	114,900	73,000		97.6	N/A
Apr-07	1745 Broadway	Midtown	32.3	Leasehold Interest	674,000	520,000		100.0	N/A
Jun-07	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	183,000		100.0	N/A
Aug-07	1 Madison Avenue	Park Avenue South	45.0	Fee Interest	1,177,000	1,000,000		99.8	N/A
Dec-07	388 & 390 Greenwich Street	Downtown	50.6	Fee Interest	2,635,000	1,575,000		100.0	N/A
Jan-10	100 Church Street	Downtown	100.0	Fee Interest	1,047,500	181,600		41.3	86.9
May-10	600 Lexington Avenue	Grand Central North	55.0	Fee Interest	303,515	193,000		93.6	N/A
Aug-10	125 Park Avenue	Grand Central	100.0	Fee Interest	604,245	330,000		99.1	94.6
Jan-11	521 Fifth Avenue	Midtown	49.9	Leasehold Interest	460,000	245,700		80.7	N/A
Apr-11	1515 Broadway	Times Square	45.0	Fee Interest	1,750,000	1,210,000		98.5	99.7
May-11	110 East 42nd Street	Grand Central	100.0	Fee Interest	205,000	85,570		72.6	N/A
May-11	280 Park Avenue	Park Avenue	49.5	Fee Interest	1,219,158	1,110,000		78.2	87.5
Nov-11	180 Maiden Lane	Financial East	49.9	Fee Interest	1,090,000	425,680		97.7	N/A
Nov-11	51 East 42nd Street	Grand Central	100.0	Fee Interest	142,000	80,000		95.5	N/A
Feb-12	10 East 53rd Street	Plaza District	55.0	Fee Interest	354,300	252,500		91.9	95.8
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	100.0
Sep-12	641 Sixth Avenue	Midtown South	100.0	Fee Interest	163,000	90,000		92.1	N/A
Dec-12	315 West 36th Street	Times Square South	35.5	Fee Interest	147,619	46,000		99.2	N/A
May-14	388 & 390 Greenwich Street	Downtown	49.4	Fee Interest	2,635,000	1,585,000		100.0	N/A
Jul-15	110 Greene Street	Soho	90.0	Fee Interest	223,600	255,000		84.0	92.2
Aug-15	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	4,650		100.0	N/A
Aug-15	11 Madison Avenue	Park Avenue South	100.0	Fee Interest	2,314,000	2,285,000		71.6	96.1
Dec-15	600 Lexington Avenue	Grand Central North	45.0	Fee Interest	303,515	284,000		95.5	N/A
Oct-17	Worldwide Plaza	Westside	24.4	Fee Interest	2,048,725	1,725,000		100.0	63.3
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	266,000		81.6	60.3
May-19	110 Greene Street	Soho	10.0	Fee Interest	223,600	256,500		93.3	92.2
Jul-20	885 Third Avenue	Midtown / Plaza District	100.0	Fee / Leasehold Interest	625,300	387,932		94.8	70.9
Oct-20	590 Fifth Avenue	Midtown	100.0	Fee Interest	103,300	107,200		90.0	N/A
Jun-22	450 Park Avenue	Park Avenue	25.1	Fee Interest	337,000	445,000		79.8	89.3
Sep-22	245 Park Avenue	Park Avenue	100.0	Fee Interest	1,782,793	1,960,000		91.8	87.3
Dec-24	10 East 53rd Street	Plaza District	45.0	Fee Interest	354,300	236,000		97.6	95.8
					42,433,216	$	26,494,062
2025 Acquisitions
Jan-25	500 Park Avenue	Park Avenue	100.0	Fee Interest	201,411	$	130,000	94.5	94.5






					201,411	$	130,000


Supplemental Information			43			First Quarter 2025



SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY Manhattan Office Unaudited (Dollars in Thousands)


						Gross Asset Valuation
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF	($'s)		($'s/SF)
2001 - 2025 Dispositions
Jan-01	633 Third Ave	Grand Central North	100.0%	Fee Interest	40,623	$	13,250	$	326
May-01	1 Park Ave	Grand Central South	45.0	Fee Interest	913,000	233,900		256
Jun-01	1412 Broadway	Times Square South	100.0	Fee Interest	389,000	90,700		233
Jul-01	110 East 42nd Street	Grand Central	100.0	Fee Interest	69,700	14,500		208
Sep-01	1250 Broadway	Penn Station	45.0	Fee Interest	670,000	126,500		189
Jun-02	469 Seventh Avenue	Penn Station	100.0	Fee Interest	253,000	53,100		210
Mar-03	50 West 23rd Street	Chelsea	100.0	Fee Interest	333,000	66,000		198
Jul-03	1370 Broadway	Times Square South	100.0	Fee Interest	255,000	58,500		229
Dec-03	321 West 44th Street	Times Square	100.0	Fee Interest	203,000	35,000		172
May-04	1 Park Avenue	Grand Central South	75.0	Fee Interest	913,000	318,500		349
Oct-04	17 Battery Place North	Financial	100.0	Fee Interest	419,000	70,000		167
Nov-04	1466 Broadway	Times Square	100.0	Fee Interest	289,000	160,000		554
Apr-05	1414 Avenue of the Americas	Plaza District	100.0	Fee Interest	111,000	60,500		545
Aug-05	180 Madison Avenue	Grand Central	100.0	Fee Interest	265,000	92,700		350
Jul-06	286 & 290 Madison Avenue	Grand Central	100.0	Fee Interest	149,000	63,000		423
Aug-06	1140 Avenue of the Americas	Rockefeller Center	100.0	Leasehold Interest	191,000	97,500		510
Dec-06	521 Fifth Avenue	Grand Central	50.0	Leasehold Interest	460,000	240,000		522
Mar-07	1 Park Avenue	Grand Central South	100.0	Fee Interest	913,000	550,000		602
Mar-07	70 West 36th Street	Garment	100.0	Fee Interest	151,000	61,500		407
Jun-07	110 East 42nd Street	Grand Central North	100.0	Fee Interest	181,000	111,500		616
Jun-07	125 Broad Street	Downtown	100.0	Fee Interest	525,000	273,000		520
Jun-07	5 Madison Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	200,000		749
Jul-07	292 Madison Avenue	Grand Central South	100.0	Fee Interest	187,000	140,000		749
Jul-07	1372 Broadway	Penn Station/Garment	85.0	Fee Interest	508,000	335,000		659
Nov-07	470 Park Avenue South	Park Avenue South/Flatiron	100.0	Fee Interest	260,000	157,000		604
Jan-08	440 Ninth Avenue	Penn Station	100.0	Fee Interest	339,000	160,000		472
May-08	1250 Broadway	Penn Station	100.0	Fee Interest	670,000	310,000		463
Oct-08	1372 Broadway	Penn Station/Garment	15.0	Fee Interest	508,000	274,000		539
May-10	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,280,000		502
Sep-10	19 West 44th Street	Midtown	100.0	Fee Interest	292,000	123,150		422
May-11	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	161,000		448
Aug-13	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	220,250		638
May-14	673 First Avenue	Grand Central South	100.0	Leasehold Interest	422,000	145,000		344
Sep-15	120 West 45th Street	Midtown	100.0	Fee Interest	440,000	365,000		830
Sep-15	315 West 36th Street	Times Square South	100.0	Fee Interest	148,000	115,000		777
Jun-16	388 & 390 Greenwich Street	Downtown	100.0	Fee Interest	2,635,000	2,000,000		759
Aug-16	11 Madison Avenue	Park Avenue South	40.0	Fee Interest	2,314,000	2,600,000		1,124
Nov-17	1515 Broadway	Times Square	30.0	Fee Interest	1,750,000	1,950,000		1,114
Jan-18	600 Lexington Avenue	Grand Central North	100.0	Fee Interest	303,515	305,000		1,005
Feb-18	1515 Broadway	Times Square	13.0	Fee Interest	1,750,000	1,950,000		1,114
May-18	1745 Broadway	Midtown	56.9	Leasehold Interest	674,000	633,000		939
Nov-18	3 Columbus Circle	Columbus Circle	48.9	Fee Interest	530,981	851,000		1,603
Nov-18	2 Herald Square	Herald Square	49.0	Leasehold Interest	369,000	265,000		718
May-19	521 Fifth Avenue	Grand Central	50.5	Fee Interest	460,000	381,000		828
Dec-20	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	5,200		75
Mar-21	55 West 46th Street - Tower 46	Midtown	25.0	Fee Interest	347,000	275,000		793
Jun-21	635 - 641 Sixth Avenue	Midtown South	100.0	Fee Interest	267,000	325,000		1,217
Jul-21	220 East 42nd Street	Grand Central	49.0	Fee Interest	1,135,000	783,500		690
Oct-21	590 Fifth Avenue	Midtown	100.0	Fee Interest	103,300	103,000		997
Dec-21	110 East 42nd Street	Grand Central	100.0	Fee Interest	215,400	117,075		544
Jun-23	245 Park Avenue	Park Avenue	49.9	Fee Interest	1,782,793	1,995,000		1,119
Nov-24	One Vanderbilt Avenue	Grand Central	11.0	Fee Interest	1,657,198	4,700,000		2,836









					31,352,356	$	26,013,825	$	830


Supplemental Information			44			First Quarter 2025



SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Retail, Residential, Development / Redevelopment and Land Unaudited (Dollars in Thousands)

Interest

Gross Asset

Occupancy (%)

Property

Type of Property

Submarket

Acquired

Type of Ownership

Net Rentable SF

Valuation ($'s)

at acquisition

3/31/2025

2005 - 2025 Acquisitions

Jul-05

1551-1555 Broadway

Retail

Times Square

10.0%

Fee Interest

25,600

85,000

N/A

Jul-05

21 West 34th Street

Retail

Herald Square

50.0

Fee Interest

30,100

17,500

N/A

Sep-05

141 Fifth Avenue

Retail

Flatiron

50.0

Fee Interest

21,500

13,250

N/A

Nov-05

1604 Broadway

Retail

Times Square

63.0

Leasehold Interest

29,876

4,400

17.2

N/A

Dec-05

379 West Broadway

Retail

Cast Iron/Soho

45.0

Leasehold Interest

62,006

19,750

100.0

N/A

Jan-06

25-29 West 34th Street

Retail

Herald Square/Penn Station

50.0

Fee Interest

41,000

30,000

55.8

N/A

Sep-06

717 Fifth Avenue

Retail

Midtown/Plaza District

32.8

Fee Interest

119,550

251,900

63.1

N/A

Aug-07

180 Broadway

Development

Lower Manhattan

50.0

Fee Interest

24,300

13,600

85.2

N/A

Apr-07

Two Herald Square

Land

Herald Square

55.0

Fee Interest

N/A

225,000

N/A

Jul-07

885 Third Avenue

Land

Midtown / Plaza District

55.0

Fee Interest

N/A

317,000

N/A

Feb-08

182 Broadway

Development

Lower Manhattan

50.0

Fee Interest

46,280

30,000

83.8

N/A

Nov-10

Williamsburg Terrace

Retail

Brooklyn, New York

100.0

Fee Interest

52,000

18,000

100.0

N/A

Dec-10

11 West 34th Street

Retail

Herald Square/Penn Station

30.0

Fee Interest

17,150

10,800

100.0

Dec-10

Two Herald Square

Land

Herald Square

45.0

Fee Interest

354,400

247,500

N/A

Dec-10

885 Third Avenue

Land

Midtown / Plaza District

45.0

Fee Interest

607,000

352,000

N/A

Dec-10

292 Madison Avenue

Land

Grand Central South

100.0

Fee Interest

203,800

78,300

N/A

Jan-11

3 Columbus Circle

Redevelopment

Columbus Circle

48.9

Fee Interest

741,500

500,000

20.1

N/A

Aug-11

1552-1560 Broadway

Retail

Times Square

50.0

Fee Interest

35,897

136,550

59.7

12.6

Sep-11

747 Madison Avenue

Retail

Plaza District

33.3

Fee Interest

10,000

66,250

100.0

N/A

Jan-12

DFR Residential and Retail Portfolio

Residential

Plaza District, Upper East Side

80.0

Fee Interests / Leasehold Interest

489,882

193,000

95.1

N/A

Jan-12

724 Fifth Avenue

Retail

Plaza District

50.0

Fee Interest

65,010

223,000

92.9

N/A

Jul-12

West Coast Office Portfolio

West Coast

27.6

Fee Interest

4,473,603

880,104

76.3

N/A

Aug-12

33 Beekman Street

Development

Downtown

45.9

Fee Interest

163,500

31,160

—

N/A

Sep-12

635 Sixth Avenue

Redevelopment

Midtown South

100.0

Fee Interest

104,000

83,000

—

N/A

Oct-12

1080 Amsterdam

Redevelopment

Upper West Side

87.5

Leasehold Interest

82,250

—

2.2

N/A

Dec-12

21 East 66th Street

Retail

Plaza District

32.3

Fee Interest

16,736

75,000

100.0

N/A

Dec-12

985-987 Third Avenue

Redevelopment

Upper East Side

100.0

Fee Interest

13,678

18,000

—

N/A

Dec-12

131-137 Spring Street

Retail

Soho

100.0

Fee Interest

68,342

122,300

100.0

N/A

Mar-13

248-252 Bedford Avenue

Residential

Brooklyn, New York

90.0

Fee Interest

66,611

54,900

—

N/A

Nov-13

650 Fifth Avenue

Retail

Plaza District

50.0

Leasehold Interest

32,324

—

63.6

100.0

Nov-13

315 West 33rd Street - The Olivia

Retail / Residential

Penn Station

100.0

Fee Interest

492,987

386,775

96.6

N/A

Nov-13

562, 570 & 574 Fifth Avenue

Redevelopment

Plaza District

100.0

Fee Interest

66,962

146,222

74.6

N/A

Jul-14

719 Seventh Avenue

Retail

Times Square

75.0

Fee Interest

6,000

41,149

100.0

N/A

Jul-14

115 Spring Street

Retail

Soho

100.0

Fee Interest

5,218

52,000

100.0

Jul-14

752-760 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

21,124

282,415

100.0

Sep-14

121 Greene Street

Retail

Soho

50.0

Fee Interest

7,131

27,400

100.0

N/A

Sep-14

635 Madison Avenue

Land

Plaza District

100.0

Fee Interest

176,530

145,000

N/A

Oct-14

102 Greene Street

Retail

Soho

100.0

Fee Interest

9,200

32,250

100.0

N/A

Oct-14

175-225 Third Street

Redevelopment

Brooklyn, New York

95.0

Fee Interest

—

72,500

—

N/A

Nov-14

55 West 46th Street - Tower 46

Redevelopment

Midtown

100.0

Fee Interest

347,000

295,000

—

N/A

Feb-15

Stonehenge Portfolio

Residential

Various

Fee Interest

2,589,184

40,000

96.5

N/A

Mar-15

1640 Flatbush Avenue

Redevelopment

Brooklyn, New York

100.0

Fee Interest

1,000

6,799

100.0

N/A

Jun-15

Upper East Side Residential

Residential

Upper East Side Residential

90.0

Fee Interest

27,000

50,074

96.4

N/A

Aug-15

187 Broadway & 5-7 Dey Street

Retail

Lower Manhattan

100.0

Fee Interest

73,600

63,690

90.5

N/A

Mar-16

183 Broadway

Retail

Lower Manhattan

100.0

Fee Interest

9,100

28,500

58.3

N/A

Apr-16

605 West 42nd Street - Sky

Residential

Midtown West

20.0

Fee Interest

927,358

759,046

—

N/A

Jul-18

1231 Third Avenue

Residential

Upper East Side

100.0

Fee Interest

38,992

55,355

100.0

N/A

Oct-18

133 Greene Street

Retail

Soho

100.0

Fee Interest

6,425

30,999

100.0

N/A

Dec-18

712 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

6,600

57,996

100.0

N/A

Apr-19

106 Spring Street

Redevelopment

Soho

100.0

Fee Interest

5,928

80,150

—

N/A

May-19

410 Tenth Avenue

Redevelopment

Hudson Yards

70.9

Fee Interest

638,000

440,000

76.3

N/A

Jan-20

762 Madison Avenue

Redevelopment

Plaza District

10.0

Fee Interest

6,109

29,250

55.1

N/A

Jan-20

707 Eleventh Avenue

Redevelopment

Midtown West

100.0

Fee Interest

159,720

90,000

54.3

N/A

Jan-20

126 Nassau Street

Development

Lower Manhattan

100.0

Leasehold Interest

98,412

—

87.3

100.0

Oct-20

85 Fifth Avenue

Retail

Midtown South

36.3

Fee Interest

12,946

59,000

100.0

Sep-21

1591-1597 Broadway

Land

Times Square

100.0

Fee Interest

7,684

121,000

N/A

Sep-21

690 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

7,848

72,221

100.0

Sep-22

5 Times Square

Redevelopment

Times Square

31.6

Leasehold Interest

1,127,931

1,096,714

22.5

N/A

Sep-23

625 Madison Avenue

Land

Plaza District

90.4

Fee Interest

563,000

620,245

N/A

Jan-24

2 Herald Square

Redevelopment

Herald Square

44.0

Leasehold Interest

369,000

120,000

43.9

60.3

Mar-24

719 Seventh Avenue

Retail

Times Square

25.0

Fee Interest

10,040

76,500

0.0

N/A

15,815,924

9,475,514


Supplemental Information			45			First Quarter 2025



SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY Retail, Residential, Development / Redevelopment, Land and Alternative Strategy Portfolio Unaudited (Dollars in Thousands)


				Interest			Gross Asset Valuation
	Property	Type of Property	Submarket	Sold	Type of Ownership	Net Rentable SF	($'s)		($'s/SF)
2023 - 2025 Dispositions
Sep-11	1551-1555 Broadway	Retail	Times Square	10.0%	Fee Interest	25,600	$	276,757	$	10,811
Feb-12	141 Fifth Avenue	Retail	Flatiron	100.0	Fee Interest	13,000	46,000		3,538
Feb-12	292 Madison Avenue	Land	Grand Central South	100.0	Fee Interest	203,800	85,000		417
Apr-12	379 West Broadway	Retail	Cast Iron/Soho	100.0	Leasehold Interest	62,006	48,500		782
Jun-12	717 Fifth Avenue	Retail	Midtown/Plaza District	50.0	Fee Interest	119,550	617,584		5,166
Sep-12	3 Columbus Circle	Redevelopment	Columbus Circle	29.0	Fee Interest	214,372	143,600		670
Feb-13	44 West 55th Street	Retail	Plaza District	100.0	Fee Interest	8,557	6,250		730
Jun-13	West Coast Office Portfolio	West Coast	Los Angeles, California	100.0	Fee Interest	406,740	111,925		275
Aug-13	West Coast Office Portfolio	West Coast	Fountain Valley, California	100.0	Fee Interest	302,037	66,994		222
Sep-13	West Coast Office Portfolio	West Coast	San Diego, California	100.0	Fee Interest	110,511	45,400		411
Dec-13	27-29 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	15,600	70,052		4,491
Jan-14	21-25 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	30,100	114,948		3,819
Mar-14	West Coast Office Portfolio	West Coast		100.0	Fee Interest	3,654,315	756,000		207
May-14	747 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	10,000	160,000		16,000
Jul-14	985-987 Third Avenue	Redevelopment	Upper East Side	100.0	Fee Interest	13,678	68,700		5,023
Sep-14	180-182 Broadway	Redevelopment	Lower Manhattan	100.0	Fee Interest	156,086	222,500		1,425
Nov-14	2 Herald Square	Land	Herald Square/Penn Station	100.0	Fee Interest	354,400	365,000		1,030
Nov-14	55 West 46th Street - Tower 46	Redevelopment	Midtown	75.0	Fee Interest	347,000	295,000		850
Jan-15	180 Maiden Lane	Redevelopment	Financial East	100.0	Fee Interest	1,090,000	470,000		431
Aug-15	131-137 Spring Street	Retail	Soho	80.0	Fee Interest	68,342	277,750		4,064
Dec-15	570 & 574 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	24,327	125,400		5,155
Feb-16	248-252 Bedford Avenue	Residential	Brooklyn, New York	90.0	Fee Interest	66,611	55,000		826
Feb-16	885 Third Avenue	Land	Midtown / Plaza District	100.0	Fee Interest	607,000	453,000		746
May-16	33 Beekman Street	Redevelopment	Downtown	100.0	Fee Interest	163,500	196,000		1,199
Oct-16	400 East 57th Street	Residential	Upper East Side	49.0	Fee Interest	290,482	170,000		585
Apr-17	102 Greene Street	Retail	Soho	90.0	Fee Interest	9,200	43,500		4,728
Sep-17	102 Greene Street	Retail	Soho	10.0	Fee Interest	9,200	43,500		4,728
Apr-18	175-225 Third Street	Redevelopment	Brooklyn, New York	95.0	Fee Interest	—	115,000		—
Jun-18	635 Madison Avenue	Land	Plaza District	100.0	Fee Interest	176,530	153,000		867
Jul-18	724 Fifth Avenue	Retail	Plaza District	50.0	Fee Interest	65,010	365,000		5,615
Oct-18	72nd Street Assemblage & 1231 Third Avenue	Residential	Upper East Side	Various	Fee Interest	—	143,800		—
Jan-19	131-137 Spring Street	Retail	Soho	20.0	Fee Interest	68,342	216,000		3,161
Aug-19	115 Spring Street	Retail	Soho	49.0	Fee Interest	5,218	66,050		12,658
Dec-19	562 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	42,635	52,393		1,229
Dec-19	1640 Flatbush Avenue	Redevelopment	Brooklyn, New York	100.0	Fee Interest	1,000	16,150		16,150
Mar-20	315 West 33rd Street - The Olivia	Retail / Residential	Penn Station	100.0	Fee Interest	492,987	446,500		906
May-20	609 Fifth Avenue - Retail Condominium	Retail	Rockefeller Center	100.0	Fee Interest	21,437	168,000		7,837
Sep-20	400 East 58th Street	Residential	Upper East Side	90.0	Fee Interest	140,000	62,000		443
Dec-20	410 Tenth Avenue	Redevelopment	Hudson Yards	70.9	Fee Interest	638,000	952,500		1,493
Dec-20	Williamsburg Terrace	Retail	Brooklyn, New York	100.0	Fee Interest	52,000	32,000		615
Jan-21	712 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	6,600	43,000		6,515
Feb-21	133 Greene Street	Retail	Soho	100.0	Fee Interest	6,425	15,796		2,459
Mar-21	106 Spring Street	Redevelopment	Soho	100.0	Fee Interest	5,928	34,024		5,740
Jun-21	605 West 42nd Street - Sky	Residential	Westside	20.0	Fee Interest	927,358	858,100		925
Sep-21	400 East 57th Street	Residential	Upper East Side	41.0	Fee Interest	290,482	133,500		460
Feb-22	707 Eleventh Avenue	Redevelopment	Midtown West	100.0	Fee Interest	159,720	95,000		595
Apr-22	1080 Amsterdam	Residential	Upper West Side	92.5	Leasehold Interest	82,250	42,650		519
May-22	1591-1597 Broadway	Land	Times Square	100.0	Fee Interest	7,684	121,000		15,747
Jun-22	609 Fifth Avenue	Redevelopment	Rockefeller Center	100.0	Fee Interest	138,563	100,500		725
Dec-22	885 Third Avenue - Condominium	Redevelopment	Midtown / Plaza District	100.0	Fee / Leasehold Interest	414,317	300,400		725
Feb-23	121 Greene Street	Retail	Soho	50.0	Fee Interest	7,131	14,000		1,963
Dec-23	21 East 66th Street	Retail	Plaza District	32.3	Fee Interest	13,069	40,574		3,105
Jan-24	717 Fifth Avenue	Retail	Midtown / Plaza District	10.9	Fee Interest	119,550	963,000		8,055
May-24	625 Madison Avenue	Redevelopment	Plaza District	90.4	Fee Interest	563,000	634,600		1,127
Jun-24	719 Seventh Avenue	Retail	Times Square	100.0	Fee Interest	10,040	30,500		3,038
Oct-24	5 Times Square	Redevelopment	Times Square	31.6	Leasehold Interest	1,127,931	1,165,587		1,033




						13,959,221	$	12,714,984	$	911


Supplemental Information			46			First Quarter 2025



SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY Suburban Unaudited (Dollars in Thousands)


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	3/31/2025
2007 - 2025 Acquisitions
Jan-07	300 Main Street	Stamford, Connecticut	100.0%	Fee Interest	130,000	$	15,000	92.5	N/A
Jan-07	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	31,600		96.6	N/A
Jan-07	Reckson - Connecticut Portfolio	Stamford, Connecticut	100.0	Fee Interests / Leasehold Interest	1,369,800	490,750		88.9	72.9
Jan-07	Reckson - Westchester Portfolio	Westchester	100.0	Fee Interests / Leasehold Interest	2,346,100	570,190		90.6	N/A
Apr-07	Jericho Plaza	Jericho, New York	20.3	Fee Interest	640,000	210,000		98.4	N/A
Jun-07	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	38,000		95.6	N/A
Jun-07	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	56,000		94.4	N/A
Jul-07	16 Court Street	Brooklyn, New York	35.0	Fee Interest	317,600	107,500		80.6	N/A
Aug-07	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	6,700		52.9	N/A
Sep-07	The Meadows	Rutherford, New Jersey	25.0	Fee Interest	582,100	111,500		81.3	N/A
Jan-08	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,364		—	N/A
Dec-10	7 Renaissance Square	White Plains, New York	50.0	Fee Interest	65,641	4,000		—	N/A
Apr-13	16 Court Street	Brooklyn, New York	49.0	Fee Interest	317,600	96,200		84.9	N/A





















					6,541,741	$	1,766,804

						Gross Asset
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF	Valuation ($'s)			Price ($'s/SF)
2008 - 2025 Dispositions
Oct-08	100 & 120 White Plains Road	Tarrytown, New York	10,000.0%	Fee Interest	211,000	$	48,000		$	227
Jan-09	55 Corporate Drive	Bridgewater, New Jersey	100.0	Fee Interest	670,000	230,000			343
Aug-09	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	20,767			143
Jul-12	One Court Square	Long Island City, New York	100.0	Fee Interest	1,402,000	481,100			343
Sep-13	300 Main Street	Stamford, Connecticut	100.0	Fee Interest	130,000	13,500			104
Aug-15	The Meadows	Rutherford, New Jersey	100.0	Fee Interest	582,100	121,100			208
Dec-15	140 Grand Street	White Plains, New York	100.0	Fee Interest	130,100	22,400			172
Dec-15	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	9,600			113
Mar-16	7 Renaissance Square	White Plains, New York	100.0	Fee Interest	65,641	21,000			320
Jul-16	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	41,000			337
Apr-17	520 White Plains Road	Tarrytown, New York	100.0	Fee Interest	180,000	21,000			117
Jul-17	680 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest	133,000	42,011			316
Jul-17	750 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest	192,000	53,745			280
Oct-17	16 Court Street	Brooklyn, New York	100.0	Fee Interest	317,600	171,000			538
Oct-17	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,500			106
May-18	115-117 Stevens Avenue	Valhalla, New York	100.0	Fee Interest	178,000	12,000			67
Jun-18	Jericho Plaza	Jericho, New York	11.7	Fee Interest	640,000	117,400			183
Jul-18	1-6 International Drive	Rye Brook, New York	100.0	Fee Interest	540,000	55,000			102
Nov-19	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	23,100			161
Dec-19	100 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	250,000	41,580			166
Dec-19	200 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	245,000	37,943			155
Dec-19	500 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	228,000	34,185			150
Dec-19	360 Hamilton Avenue	White Plains, New York	100.0	Fee Interest	384,000	115,452			301
Dec-20	1055 Washington Boulevard	Stamford, Connecticut	100.0	Leasehold Interest	182,000	23,750			130
Jul-24	Palisades Premier Conference Center	Orangetown, New York	100.0	Fee Interest	450,000	26,250			58




















					7,883,341	$	1,812,383		$	230


Supplemental Information			47			First Quarter 2025



Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data)

Funds Available for Distribution (FAD)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDAre)

Net Operating Income (NOI) and Cash NOI

Coverage Ratios

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


Supplemental Information			48			First Quarter 2025



Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data)

Funds From Operations (FFO) Reconciliation


	Three Months Ended
	March 31,
	2025		2024

Net (loss) income attributable to SL Green common stockholders	$	(21,075)	$	13,141
Add:
Depreciation and amortization	64,498		48,584
Joint venture depreciation and noncontrolling interest adjustments	53,361		74,258
Net loss attributable to noncontrolling interests	(6,362)		(393)
Less:
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		26,764
Purchase price and other fair value adjustments	(6,544)		(55,652)
(Loss) gain on sale of real estate, net	(482)		—
Depreciable real estate reserves	(8,546)		(52,118)
Depreciable real estate reserves in unconsolidated joint venture	(1,780)		—
Depreciation on non-rental real estate assets	1,263		1,153
FFO attributable to SL Green common stockholders and unit holders	$	106,511	$	215,443

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)


	For the three months ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024

Net (Loss) income	$	(21,545)	$	19,138	$	(9,264)	$	1,959	$	18,389
Depreciable real estate reserves	8,546		38,232		—		13,721		52,118
Depreciable real estate reserves in unconsolidated joint venture	1,780		263,190		—		—		—
Loss (gain) on sale of real estate, net	482		1,705		(7,471)		2,741		—
Purchase price and other fair value adjustments	9,611		(125,287)		(12,906)		(1,265)		50,492
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	—		(189,138)		(371)		8,129		(26,764)

Depreciation and amortization	64,498		53,436		53,176		52,247		48,584
Income taxes	653		2,324		1,406		1,230		606
SUMMIT Operator tax expense	(45)		1,949		(1,779)		1,855		(1,295)
Amortization of deferred financing costs	1,687		1,734		1,669		1,677		1,539
Interest expense, net of interest income	45,681		38,153		42,091		35,803		31,173
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates	117,164		140,733		143,797		147,288		151,036
EBITDAre	$	228,512	$	246,169	$	210,348	$	265,385	$	325,878


Supplemental Information			49			First Quarter 2025



Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data)


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES	Three Months Ended
Operating income and Same-store NOI Reconciliation	March 31,
	2025		2024

Net (loss) income	$	(21,545)	$	18,389

Depreciable real estate reserves	8,546		52,118
Depreciable real estate reserves in unconsolidated joint venture	1,780		—
Loss on sale of real estate, net	482		—
Purchase price and other fair value adjustments	9,611		50,492
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	—		(26,764)

Depreciation and amortization	64,498		48,584
SUMMIT Operator tax expense	(45)		(1,295)
Amortization of deferred financing costs	1,687		1,539
Interest expense, net of interest income	45,681		31,173
Interest expense on senior obligations of consolidated securitization vehicles	13,972		—
Operating Income	124,667		174,236

Equity in net income from unconsolidated joint ventures	(2,950)		(111,160)
Marketing, general and administrative expense	21,724		21,313

Transaction related costs	295		16
Loan loss and other investment reserves, net of recoveries	(25,039)		—
SUMMIT Operator expenses	21,764		21,858
Loss on early extinguishment of debt	—		—
Investment income	(16,114)		(7,403)
Interest income from real estate loans held by consolidated securitization vehicles	(15,981)		—
SUMMIT Operator revenue	(22,534)		(25,604)
Non-building revenue	(10,486)		(5,049)
Net operating income (NOI)	75,346		68,207

Equity in net income from unconsolidated joint ventures	2,950		111,160
SLG share of unconsolidated JV depreciation and amortization	63,075		69,446
SLG share of unconsolidated JV amortization of deferred financing costs	3,191		3,095
SLG share of unconsolidated JV interest expense, net of interest income	62,965		72,803

SLG share of unconsolidated JV gain on early extinguishment of debt	—		(141,664)
SLG share of unconsolidated JV investment income	(4,918)		—
SLG share of unconsolidated JV non-building revenue	(1,291)		(501)
NOI including SLG share of unconsolidated JVs	201,318		182,546

NOI from other properties/affiliates	(37,817)		(20,845)
Same-Store NOI	163,501		161,701

Straight-line and free rent	641		(3,181)
Amortization of acquired above and below-market leases, net	728		49
Operating lease straight-line adjustment	204		204
SLG share of unconsolidated JV straight-line and free rent	(5,131)		(2,832)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(6,394)		(6,285)
SLG share of unconsolidated JV operating lease straight-line adjustment	—		—
Same-store cash NOI	$	153,549	$	149,656

Lease termination income	(4,355)		(1,278)
SLG share of unconsolidated JV lease termination income	(23)		(2,717)
Same-store cash NOI excluding lease termination income	$	149,171	$	145,661


Supplemental Information			50			First Quarter 2025



RESEARCH ANALYST COVERAGE


EQUITY COVERAGE

Firm	Analyst	Phone	Email
B of A Securities	Jeff Spector	(646) 855-1363	jeff.spector@bofa.com
Barclays	Brendan Lynch	(212) 526-9428	brendan.lynch@barclays.com
BMO Capital Markets Corp.	John P. Kim	(212) 885-4115	JohnP.Kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Citi	Seth Bergey	(212) 816-2066	seth.bergey@citi.com
Deutsche Bank	Omotayo Okusanya	(212) 250-9284	omotayo.okusanya@db.com
Goldman Sachs & Co.	Caitlin Burrows	(212) 902-4736	caitlin.burrows@gs.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Jefferies	Peter Abramowitz	(212) 336-7241	pabramowitz@jefferies.com
JP Morgan Securities	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
Mizuho Securities USA	Vikram Malhotra	(212) 282-3827	vikram.malhotra@mizuhogroup.com
Morgan Stanley & Co.	Ronald Kamdem	(212) 296-8319	ronald.kamdem@morganstanley.com
Piper Sandler	Alexander Goldfarb	(212) 466-7937	alexander.goldfarb@psc.com
Scotiabank	Nicholas Yulico	(212) 225-6904	nicholas.yulico@scotiabank.com
Truist Securities	Michael Lewis	(212) 319-5659	michael.r.lewis@truist.com
Wells Fargo	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com

SL Green Realty Corp. is covered by the research analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not, by its reference above or distribution, imply its endorsement of or concurrence with such information, conclusions or recommendations.


Supplemental Information			51			First Quarter 2025



EXECUTIVE MANAGEMENT


Marc Holliday			Neil H. Kessner
Chairman, Chief Executive Officer and			Executive Vice President, General
Interim President			Counsel - Real Property

Matthew J. DiLiberto			Maggie Hui
Chief Financial Officer			Chief Accounting Officer

Andrew S. Levine			Harrison Sitomer
Chief Legal Officer - General Counsel, EVP			Chief Investment Officer

Steven M. Durels			Robert Schiffer
Executive Vice President, Director of			Executive Vice President, Development
Leasing and Real Property
			Brett Herschenfeld
Edward V. Piccinich			Executive Vice President, Retail and Opportunistic
Chief Operating Officer			Investment


Supplemental Information			52			First Quarter 2025