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):

July 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 July 16, 2025 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 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 July 16, 2025, the Company issued a press release announcing its results for the quarter ended June 30, 2025, and that it is maintaining its earnings guidance of net income per share (diluted) of $1.27 to $1.57 for the year ending December 31, 2025, and revising its NAREIT defined FFO per share (diluted) guidance of $5.25 to $5.55 for the year ending December 31, 2025 to $5.65 to $5.95 of FFO per share (diluted).

The following table reconciles the estimated earnings per share (diluted) to FFO per share (diluted) range for the year ending December 31, 2025:


	Year Ending
	December 31,
	2025		2025
Net income per share attributable to SL Green stockholders (diluted)	$	1.27	$	1.57
Add:
Depreciation and amortization	2.98		2.98
Joint ventures depreciation and noncontrolling interests adjustments	3.18		3.18
Net loss attributable to noncontrolling interests	(0.08)		(0.08)
Depreciable real estate reserves and impairments	0.11		0.11
Less:
Loss on sale of real estate, net	(0.01)		(0.01)
Equity in net gain on sale of interest in unconsolidated joint venture / real estate	1.97		1.97
Purchase price and other fair value adjustments	(0.20)		(0.20)
Depreciable real estate reserves and impairments in unconsolidated joint venture / real estate	(0.02)		(0.02)
Depreciation on non-real estate assets	0.07		0.07
Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted)	$	5.65	$	5.95

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 June 30, 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: July 17, 2025

EX-99.1 2 a25q2earningsrelease.htm EX-99.1 Document

Exhibit 99.1

SL GREEN REALTY CORP. REPORTS

SECOND QUARTER 2025 EPS OF ($0.16) PER SHARE;

AND FFO OF $1.63 PER SHARE

Financial and Operating Highlights

•Net loss attributable to common stockholders of $0.16 per share for the second quarter of 2025 as compared to net loss of $0.04 per share for the same period in 2024.

•Funds from operations ("FFO") of $1.63 per share for the second quarter of 2025, net of negative non-cash fair value adjustments on mark-to-market derivatives of $1.2 million, or $0.02 per share. The Company reported FFO of $2.05 per share for the same period in 2024.

•The Company is increasing its 2025 earnings guidance range for the year ending December 31, 2025 to FFO per share of $5.65 to $5.95, an increase of $0.40 per share at the midpoint, to reflect incremental income generated by the Company's debt and preferred equity portfolio, while maintaining its 2025 net income guidance range of $1.27 to $1.57 per share.

Signed 46 Manhattan office leases totaling 541,721 square feet in the second quarter of 2025 and 91 Manhattan office leases totaling 1,143,826 square feet for the first six months of 2025. The mark-to-market on signed Manhattan office leases was 2.4% higher for the second quarter and 0.4% lower for the first six months of 2025 than the previous fully escalated rents on the same spaces.

•Same-store cash net operating income ("NOI"), including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased 1.0% for the second quarter of 2025 and increased by 0.7% for the first six months of 2025, excluding lease termination income, as compared to the same period in 2024.

•Manhattan same-store office occupancy was 91.4% as of June 30, 2025, inclusive of leases signed but not yet commenced. 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

•The Company's commercial mortgage investment in 522 Fifth Avenue, which had a carrying value of $125.0 million, was repaid for $200.0 million, in addition to interest income recognized on the investment. The repayment generated net proceeds to the Company of $196.6 million.

•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.

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

•In July, the Company sold 50.0% of the preferred equity investment in 625 Madison Avenue for $104.9 million. The sales price represented 93.6% of the carrying value of $112.1 million as of June 30, 2025.

Financing Highlights

•An affiliate of the Company and a joint venture partner acquired the debt encumbering 1552-1560 Broadway, which had a total debt claim of $219.5 million, inclusive of $26.4 million of accrued and unpaid interest, for $63.0 million.

Special Servicing and Asset Management Highlights

•The Company's special servicing business increased by $1.3 billion in active assignments, which now totals $6.1 billion, with an additional $10.5 billion for which the Company has been designated as special servicer on assets that are not currently in active special servicing.

NEW YORK, July 16, 2025 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended June 30, 2025 of $11.1 million, or $0.16 per share, as compared to a net loss of $2.2 million, or $0.04 per share, for the same quarter in 2024.

The Company reported a net loss attributable to common stockholders for the six months ended June 30, 2025 of $32.2 million and $0.47 per share as compared to net income of $11.0 million and $0.16 per share for the same period in 2024. Net loss attributable to common stockholders for the six months ended June 30, 2025 included $30.4 million, or $0.40 per share, of net losses recognized from the sale of real estate interests and non-cash fair value adjustments. Net income for the six months ended June 30, 2024 included $99.2 million, or $1.41 per share, of net losses recognized from the sale of real estate interests and non-cash fair value adjustments.

The Company reported FFO for the quarter ended June 30, 2025 of $124.5 million or $1.63 per share, inclusive of $46.6 million, or $0.61 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue and net of $14.5 million, or $0.19 per share, of investment reserves and $1.2 million, or $0.02 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $143.9 million, or $2.05 per share, for the same period in 2024, which included $48.5 million, or $0.69 per share, of gains on discounted debt extinguishments at 280 Park Avenue and 719 Seventh Avenue and $1.4 million, or $0.02 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

The Company reported FFO for the six months ended June 30, 2025 of $231.1 million and $3.03 per share, inclusive of $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue and net of $14.5 million, or $0.19 per share, of investment reserves and $4.3 million, or $0.06 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $359.4 million, or $5.12 per share, for the same period in 2024, which included $190.1 million, or $2.71 per share, of gains on discounted debt extinguishment at 2 Herald Square, 280 Park Avenue, and 719 Seventh Avenue and $6.5 million, or $0.09 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, decreased by 0.1% for the second quarter of 2025, or 1.0% excluding lease termination income, as compared to the same period in 2024.

Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 1.4% for the six months ended June 30, 2025, or 0.7% excluding lease termination income, as compared to the same period in 2024.

During the second quarter of 2025, the Company signed 46 office leases in its Manhattan office portfolio totaling 541,721 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2025 was $90.03 per rentable square foot with an average lease term of 7.8 years and average tenant concessions of 6.3 months of free rent with a tenant improvement allowance of $78.81 per rentable square foot. Thirty-six leases comprising 309,246 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 $95.93 per rentable square foot, representing a 2.4% increase over the previous fully escalated rents on the same office spaces.

During the six months ended June 30, 2025, the Company signed 91 office leases in its Manhattan office portfolio totaling 1,143,826 square feet. The average rent on the Manhattan office leases signed in 2025 was $86.52 per rentable square foot with an average lease term of 8.9 years and average tenant concessions of 8.1 months of free rent with a tenant improvement allowance of $87.49 per rentable square foot. Sixty leases comprising 670,377 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 $88.58 per rentable square foot, representing a 0.4% decrease over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio was 91.4% as of June 30, 2025, consistent with the Company's expectations, inclusive of 531,666 square feet of leases signed but not yet commenced, as compared to 91.8% 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 second quarter includes:

•New lease with Pinterest, Inc. for 82,812 square feet at Eleven Madison Avenue;

•New expansion lease with EQT Partners Inc for 38,358 square feet at 245 Park Avenue;

•Early renewal and expansion with Cohen & Gresser LLP for 37,915 square feet at 800 Third Avenue;

•Early renewal and expansion with AMA Management Services LLC for 35,151 square feet at Worldwide Plaza;

•New lease with Prologis, LP for 29,397 square feet at 461 Fifth Avenue;

•New lease with NNN Ultimate Holdings. LLC for 28,906 square feet at 1185 Avenue of the Americas; and

•New lease with Offit Capital Advisors LLC for 26,400 square feet at 485 Lexington Avenue.

Investment Activity

In May, the Company's commercial mortgage investment in 522 Fifth Avenue, which had a carrying value of $125.0 million, was repaid for $200.0 million, in addition to interest income recognized on the investment. The repayment generated net proceeds to the Company of $196.6 million.

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

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity portfolio was $525.4 million at June 30, 2025, including $209.7 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 7.0% as of June 30, 2025, or 7.9% excluding the effect of $63.0 million of investments that are on non-accrual.

During the second quarter of 2025, the Company invested $11.3 million in real estate debt and commercial mortgage-backed securities ("CMBS") and sold CMBS investments with a carrying value of $6.7 million for $8.1 million.

In July, the Company sold 50.0% of the preferred equity investment in 625 Madison Avenue for $104.9 million. The sales price represented 93.6% of the carrying value of $112.1 million as of June 30, 2025.

Financing Activity

In June, an affiliate of the Company and a joint venture partner acquired the debt encumbering 1552-1560 Broadway, which had a total debt claim of $219.5 million, inclusive of $26.4 million of accrued and unpaid interest, for $63.0 million.

Special Servicing and Asset Management Activity

The Company's special servicing business increased by $1.3 billion in active assignments, which now totals $6.1 billion, with an additional $10.5 billion for which the Company has been designated as special servicer on assets that are not currently in active special servicing.

Earnings Guidance

The Company is increasing its 2025 earnings guidance range for the year ending December 31, 2025 to FFO per share of $5.65 to $5.95, an increase of $0.40 per share at the midpoint, to reflect incremental income generated by the Company's debt and preferred equity portfolio, while maintaining its 2025 net income guidance range of $1.27 to $1.57.

Dividends

In the second 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 May 15, June 16 and July 15, 2025;

•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2025 through and including July 14, 2025, which was paid in cash on July 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, July 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/BI0e3732b28c9b475bae122f40d1054549.

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 June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.7 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				Six Months Ended
	June 30,				June 30,
Revenues:	2025		2024		2025		2024

Rental revenue, net	$	147,535	$	135,563	$	292,053	$	263,766
Escalation and reimbursement revenues	17,702		15,069		36,203		28,370
SUMMIT Operator revenue	31,007		32,602		53,541		58,206
Investment income	6,339		6,191		22,453		13,594
Interest income from real estate loans held by consolidated securitization vehicles	21,049		—		37,030		—
Other income	18,284		33,395		40,482		46,766
Total revenues	241,916		222,820		481,762		410,702
Expenses:
Operating expenses, including related party expenses of $0 and $3 in 2025 and $0 and $0 in 2024	51,105		46,333		107,167		89,941
Real estate taxes	37,750		32,058		74,967		63,664
Operating lease rent	6,105		6,368		12,211		12,773
SUMMIT Operator expenses	24,847		23,188		46,611		45,046
Interest expense, net of interest income	45,318		35,803		90,999		66,976
Amortization of deferred financing costs	1,742		1,677		3,429		3,216
SUMMIT Operator tax expense	1,547		1,855		1,502		560
Interest expense on senior obligations of consolidated securitization vehicles	21,017		—		34,989		—
Depreciation and amortization	60,160		52,247		124,658		100,831
Loan loss and other investment reserves, net of recoveries	(46,287)		—		(71,326)		—
Transaction related costs	177		76		472		92
Marketing, general and administrative	21,579		20,032		43,303		41,345
Total expenses	225,060		219,637		468,982		424,444


Equity in net (loss) income from unconsolidated joint ventures	(22,775)		4,325		(21,605)		115,485
Income from debt fund investments, net	600		—		600		—
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(1,946)		(8,129)		(1,946)		18,635
Purchase price and other fair value adjustments	(9,617)		1,265		(19,228)		(49,227)
Loss on sale of real estate, net	(167)		(2,741)		(649)		(2,741)
Depreciable real estate reserves	—		(13,721)		(8,546)		(65,839)
Gain on sale of marketable securities	10,232		—		10,232		—
Gain on early extinguishment of debt	—		17,777		—		17,777



Net (loss) income	(6,817)		1,959		(28,362)		20,348
Net loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	775		153		2,240		(748)
Noncontrolling interests in other partnerships	840		1,871		5,737		3,165
Preferred units distributions	(2,153)		(2,406)		(4,307)		(4,309)
Net (loss) income attributable to SL Green	(7,355)		1,577		(24,692)		18,456
Perpetual preferred stock dividends	(3,737)		(3,737)		(7,475)		(7,475)
Net (loss) income attributable to SL Green common stockholders	$	(11,092)	$	(2,160)	$	(32,167)	$	10,981
Earnings Per Share (EPS)
Basic (loss) earnings per share	$	(0.16)	$	(0.04)	$	(0.47)	$	0.16
Diluted (loss) earnings per share	$	(0.16)	$	(0.04)	$	(0.47)	$	0.16

Funds From Operations (FFO)
Basic FFO per share	$	1.67	$	2.08	$	3.10	$	5.19
Diluted FFO per share	$	1.63	$	2.05	$	3.03	$	5.12


Basic ownership interest
Weighted average REIT common shares for net income per share	70,436		64,353		70,430		64,340
Weighted average partnership units held by noncontrolling interests	4,019		4,387		4,061		4,413
Basic weighted average shares and units outstanding	74,455		68,740		74,491		68,753

Diluted ownership interest
Weighted average REIT common share and common share equivalents	72,259		65,793		72,306		65,724
Weighted average partnership units held by noncontrolling interests	4,019		4,387		4,061		4,413
Diluted weighted average shares and units outstanding	76,278		70,180		76,367		70,137

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except per share data)


	June 30,		December 31,
	2025		2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,448,504	$	1,357,041
Building and improvements	3,867,078		3,862,224
Building leasehold and improvements	1,415,754		1,388,476
	6,731,336		6,607,741
Less: accumulated depreciation	(2,220,242)		(2,126,081)
	4,511,094		4,481,660

Cash and cash equivalents	182,912		184,294
Restricted cash	159,905		147,344
Investment in marketable securities	17,151		22,812
Tenant and other receivables	44,444		44,055
Related party receivables	12,030		26,865
Deferred rents receivable	267,046		266,428
Debt and preferred equity investments, net of discounts and deferred origination fees of $413 and $1,618 in 2025 and 2024, respectively, and allowances of $454 and $13,520 in 2025 and 2024, respectively	315,684		303,726
Investments in unconsolidated joint ventures	2,701,382		2,690,138
Debt fund investments, at fair value	41,356		—
Deferred costs, net	117,964		117,132

Right-of-use assets - operating leases	875,379		865,639
Real estate loans held by consolidated securitization vehicles (includes $1,431,362 and $584,134 at fair value as of June 30, 2025 and December 31, 2024, respectively)	1,431,362		709,095
Other assets	574,620		610,911
Total assets	$	11,252,329	$	10,470,099

Liabilities
Mortgages and other loans payable	$	2,043,402	$	1,951,024
Revolving credit facility	360,000		320,000
Unsecured term loan	1,150,000		1,150,000
Unsecured notes	100,000		100,000
Deferred financing costs, net	(13,788)		(14,242)
Total debt, net of deferred financing costs	3,639,614		3,506,782
Accrued interest payable	16,066		16,527
Accounts payable and accrued expenses	130,656		122,674
Deferred revenue	158,111		164,887
Lease liability - financing leases	107,513		106,853
Lease liability - operating leases	814,088		810,989
Dividend and distributions payable	22,150		21,816
Security deposits	60,825		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 $1,431,362 and $567,487 at fair value as of June 30, 2025 and December 31, 2024, respectively)	1,431,362		590,131
Other liabilities (includes $248,992 and $251,096 at fair value as of June 30, 2025 and December 31, 2024, respectively)	409,549		414,153
Total liabilities	6,889,934		5,915,143

Commitments and contingencies
Noncontrolling interests in Operating Partnership	287,151		288,941
Preferred units and redeemable equity	195,141		196,064

Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, issued and outstanding at both June 30, 2025 and December 31, 2024	221,932		221,932
Common stock, $0.01 par value 160,000 shares authorized, 71,025 and 71,097 issued and outstanding at June 30, 2025 and December 31, 2024, respectively	710		711
Additional paid-in capital	4,198,303		4,159,562

Accumulated other comprehensive (loss) income	(16,324)		18,196
Retained deficit	(613,117)		(449,101)
Total SL Green Realty Corp. stockholders’ equity	3,791,504		3,951,300
Noncontrolling interests in other partnerships	88,599		118,651
Total equity	3,880,103		4,069,951
Total liabilities and equity	$	11,252,329	$	10,470,099

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Funds From Operations (FFO) Reconciliation:	2025		2024		2025		2024

Net (loss) income attributable to SL Green common stockholders	$	(11,092)	$	(2,160)	$	(32,167)	$	10,981
Add:
Depreciation and amortization	60,160		52,247		124,658		100,831
Joint venture depreciation and noncontrolling interest adjustments	68,003		72,238		121,364		146,496
Net loss attributable to noncontrolling interests	(1,615)		(2,024)		(7,977)		(2,417)
Less:
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(1,946)		(8,129)		(1,946)		18,635
Purchase price and other fair value adjustments	(8,399)		(50)		(14,943)		(55,702)
Loss on sale of real estate, net	(167)		(2,741)		(649)		(2,741)
Depreciable real estate reserves	—		(13,721)		(8,546)		(65,839)
Depreciable real estate reserves in unconsolidated joint venture	—		—		(1,780)		—
Depreciation on non-rental real estate assets	1,421		1,000		2,684		2,153
FFO attributable to SL Green common stockholders and unit holders	$	124,547	$	143,942	$	231,058	$	359,385

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Operating income and Same-store NOI Reconciliation:	2025		2024		2025		2024

Net (loss) income	$	(6,817)	$	1,959	$	(28,362)	$	20,348

Depreciable real estate reserves	—		13,721		8,546		65,839
Loss on sale of real estate, net	167		2,741		649		2,741
Purchase price and other fair value adjustments	9,617		(1,265)		19,228		49,227
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate	1,946		8,129		1,946		(18,635)
Gain on sale of marketable securities	(10,232)		—		(10,232)		—
Depreciation and amortization	60,160		52,247		124,658		100,831
SUMMIT Operator tax expense	1,547		1,855		1,502		560
Amortization of deferred financing costs	1,742		1,677		3,429		3,216
Interest expense, net of interest income	45,318		35,803		90,999		66,976
Interest expense on senior obligations of consolidated securitization vehicles	21,017		—		34,989		—
Operating income	124,465		116,867		247,352		291,103

Equity in net loss (income) from unconsolidated joint ventures	22,775		(4,325)		21,605		(115,485)
Income from debt fund investments, net	(600)		—		(600)		—
Marketing, general and administrative expense	21,579		20,032		43,303		41,345

Transaction related costs	177		76		472		92
Loan loss and other investment reserves, net of recoveries	(46,287)		—		(71,326)		—
SUMMIT Operator expenses	24,847		23,188		46,611		45,046
Gain on early extinguishment of debt	—		(17,777)		—		(17,777)
Investment income	(6,339)		(6,191)		(22,453)		(13,594)
Interest income from real estate loans held by consolidated securitization vehicles	(21,049)		—		(37,030)		—
SUMMIT Operator revenue	(31,007)		(32,602)		(53,541)		(58,206)
Non-building revenue	(9,647)		(25,714)		(20,135)		(30,763)
Net operating income (NOI)	78,914		73,554		154,258		141,761

Equity in net (loss) income from unconsolidated joint ventures	(22,775)		4,325		(21,605)		115,485
SLG share of unconsolidated JV depreciable real estate reserves	—		—		1,780		—
SLG share of unconsolidated JV depreciation and amortization	65,153		70,652		128,228		140,098
SLG share of unconsolidated JV amortization of deferred financing costs	3,107		2,367		6,298		5,462
SLG share of unconsolidated JV interest expense, net of interest income	64,290		69,280		127,255		142,083

SLG share of unconsolidated JV gain on early extinguishment of debt	—		(30,705)		—		(172,369)
SLG share of unconsolidated JV investment income	(5,059)		(1,720)		(9,977)		(1,720)
SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries	14,531		—		14,531
SLG share of unconsolidated JV non-building revenue	(2,280)		(1,623)		(3,572)		(2,124)
NOI including SLG share of unconsolidated JVs	195,881		186,130		397,196		368,676

NOI from other properties/affiliates	(25,108)		(24,075)		(62,984)		(45,163)
Same-Store NOI	170,773		162,055		334,212		323,513

Straight-line and free rent	(493)		2,162		148		(1,368)
Amortization of acquired above and below-market leases, net	709		41		1,436		91
Operating lease straight-line adjustment	204		204		408		408
SLG share of unconsolidated JV straight-line and free rent	(8,776)		(2,149)		(13,894)		(4,915)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(6,516)		(6,287)		(12,910)		(12,572)

Same-store cash NOI	$	155,901	$	156,026	$	309,400	$	305,157

Lease termination income	(365)		(1,184)		(4,720)		(2,233)
SLG share of unconsolidated JV lease termination income	(2,204)		—		(2,227)		(2,717)
Same-store cash NOI excluding lease termination income	$	153,332	$	154,842	$	302,453	$	300,207

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 a25q2supplemental.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 June 30, 2025, the Company held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet in Manhattan buildings and 2.7 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 June 30, 2025 that will be included on Form 10-Q to be filed on or before August 11, 2025.


Supplemental Information			2			Second Quarter 2025



TABLE OF CONTENTS



Definitions	4

Highlights	6

Key Financial Data	9	-	11

Office Leasing Statistics	12

Comparative Balance Sheets	13

Comparative Statements of Operations	15

Comparative Computation of FFO and FAD	16

Consolidated Statement of Equity	17

Joint Venture Statements	18	-	20

Selected Financial Data	21	-	24

Debt Summary Schedule	25	-	27

Derivative Summary Schedule	28

Lease Liability Schedule	29

Debt and Preferred Equity Investments	30	-	32

Selected Property Data
Property Portfolio	33	-	37
Largest Tenants	38
Tenant Diversification	39
Leasing Activity	40	-	41
Lease Expirations	42	-	44

Summary of Real Estate Acquisition/Disposition Activity	45	-	49

Non-GAAP Disclosures and Reconciliations	50

Analyst Coverage	53

Executive Management	54


Supplemental Information			3			Second 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			Second 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			85 Fifth Avenue (disposed)
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			Second Quarter 2025



SECOND QUARTER 2025 HIGHLIGHTS Unaudited

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity


Supplemental Information			6			Second Quarter 2025



SECOND QUARTER 2025 HIGHLIGHTS Unaudited