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):

January 28, 2026

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 January 28, 2026 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended December 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 January 28, 2026, the Company issued a press release announcing its results for the quarter ended December 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 December 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 Generally Accepted Accounting Principles, or 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 generation 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 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: January 29, 2026

EX-99.1 2 a25q4earningsrelease.htm EX-99.1 Document

Exhibit 99.1

SL GREEN REALTY CORP. REPORTS

FOURTH QUARTER 2025 EPS OF ($1.49) PER SHARE;

AND FFO OF $1.13 PER SHARE

Financial and Operating Highlights

•Net loss attributable to common stockholders of $1.49 per share for the fourth quarter of 2025 and net loss attributable to common stockholders of $1.61 per share for the year ended December 31, 2025, as compared to net income of $0.13 per share and $0.08 per share, respectively, for the same periods in 2024.

•Funds from operations ("FFO") of $1.13 per share for the fourth quarter of 2025. The Company reported FFO of $1.81 per share for the same period in 2024, which included $26.0 million, or $0.36 per share, of gains on discounted debt extinguishments and $7.7 million, or $0.10 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

•FFO of $5.72 per share for the full year of 2025, inclusive of $57.2 million, or $0.75 per share, of gains on discounted debt extinguishments. The Company reported FFO of $8.11 for the full year of 2024, which included $216.1 million, or $3.08 per share, of gains on discounted debt extinguishments and $5.3 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

Signed 56 Manhattan office leases totaling 766,783 square feet in the fourth quarter of 2025 and 199 Manhattan office leases totaling 2,568,551 square feet for the full year. The mark-to-market on signed Manhattan office leases was 6.4% higher for the fourth quarter and 1.2% higher for the full year than the previous fully escalated rents on the same spaces.

•Manhattan same-store office occupancy increased to 93.0% as of December 31, 2025, inclusive of leases signed but not yet commenced.

Investing Highlights

•In January 2026, closed on the previously announced acquisition of Park Avenue Tower, located at 65 East 55th Street, for $730.0 million. The acquisition was financed with a new, five-year, fixed rate $480.0 million mortgage that carries a stated coupon of 5.30%, which the Company hedged to an effective rate of 5.25%.

•Closed on the sale of a 49.0% joint venture interest in 100 Park Avenue for a gross asset valuation of $425.0 million. The transaction generated cash proceeds to the Company of $34.9 million.

•Closed on the acquisition of our joint venture partners' combined 39.5% interest in 800 Third Avenue for total consideration of $5.1 million.

•Closed on the purchase of 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million.

Financing Highlights

•Closed on a modification and extension of the mortgage on 100 Park Avenue. The modification extended the final maturity date to January 2029, inclusive of all available extension options, at a floating rate of 2.42% over Term SOFR, which the Company hedged to a fixed rate of 5.73% through the initial maturity date in January 2028.

•Closed on a modification and extension of the mortgage on 800 Third Avenue. The modification extended the final maturity date to February 2031, inclusive of all available extension options. The floating rate was maintained at 1.70% over Term SOFR, which the Company hedged to a fixed rate of 5.03% from February 2026 through the initial maturity date in February 2029.

Special Servicing and Asset Management Highlights

•The Company's special servicing business increased by $0.7 billion in active assignments, which now totals $8.4 billion, with an additional $9.9 billion for which the Company has been designated as special servicer on assets that are not currently in active special servicing.

NEW YORK, January 28, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended December 31, 2025 of $104.6 million, or $1.49 per share, as compared to a net income of $9.4 million, or $0.13 per share, for the same period in 2024.

The Company reported a net loss attributable to common stockholders for the year ended December 31, 2025 of $111.9 million, or $1.61 per share as compared to net income of $7.1 million, or $0.08 per share for the same period in 2024.

The Company reported FFO for the quarter ended December 31, 2025 of $86.2 million or $1.13 per share. The Company reported FFO of $131.9 million, or $1.81 per share, for the same period in 2024, which included $26.0 million, or $0.36 per share, of gains on discounted debt extinguishments and $7.7 million, or $0.10 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

The Company reported FFO for the year ended December 31, 2025 of $437.7 million or $5.72 per share, inclusive of $57.2 million, or $0.75 per share, of net gain on discounted debt extinguishment at 1552-1560 Broadway, and net of $14.5 million, or $0.19 per share, of investment reserves, $13.9 million, or $0.18 per share of transaction costs primarily attributable to the Company's pursuit of a casino license, and $3.8 million, or $0.05 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $569.8 million, or $8.11 per share, for the same period in 2024, which included $216.1 million, or $3.08 per share, of gains on discounted debt extinguishments and $5.3 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, decreased by 3.4% for the fourth quarter of 2025 and 2.0% for the year ended December 31, 2025, excluding lease termination income, as compared to the same period in 2024.

During the fourth quarter of 2025, the Company signed 56 office leases in its Manhattan office portfolio totaling 766,783 square feet. The average rent on the Manhattan office leases signed in the fourth quarter of 2025 was $98.26 per rentable square foot with an average lease term of 8.5 years and average tenant concessions of 8.8 months of free rent with a tenant improvement allowance of $97.54 per rentable square foot. Thirty-six leases comprising 462,805 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 $91.74 per rentable square foot, representing a 6.4% increase over the previous fully escalated rents on the same office spaces.

During the year ended December 31, 2025, the Company signed 199 office leases in its Manhattan office portfolio totaling 2,568,551 square feet. The average rent on the Manhattan office leases signed in 2025 was $91.77 per rentable square foot with an average lease term of 8.8 years and average tenant concessions of 8.6 months of free rent with a tenant improvement allowance of $93.62 per rentable square foot. One hundred twenty-nine leases comprising 1,452,438 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 $90.04 per rentable square foot, representing a 1.2% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio increased to 93.0% as of December 31, 2025, inclusive of leases signed but not yet commenced, as compared to 92.4% as of September 30, 2025 and 92.5% as of December 31, 2024.

Significant leasing activity in the fourth quarter includes:

•New expansion lease with a financial services company for 92,663 square feet at One Madison Avenue;

•New lease with Moroccan Oil for 68,965 square feet at 1185 Avenue of the Americas;

•Early renewal and new expansion lease with Wells Fargo Clearing Services, Inc. for 49,865 square feet at 280 Park Avenue;

•New lease with Groombridge, Wu, Baughman & Stone LLP for 42,866 square feet at 1185 Avenue of the Americas;

•New expansion lease with Elliot Management Corporation for 39,850 square feet at 280 Park Avenue;

•New expansion lease with Ares Management LLC for 38,358 square feet at 245 Park Avenue;

•New lease with Cliffwater LLC for 37,987 square feet at 245 Park Avenue;

•New expansion lease with Houlihan Lokey Inc. for 37,224 square feet at 245 Park Avenue.

Investment Activity

In January 2026, the Company closed on the purchase of Park Avenue Tower, located at 65 East 55th Street, for $730.0 million, fortifying the Company's substantial presence on Park Avenue. The acquisition was financed with a new, five-year, fixed rate $480.0 million mortgage that carries a stated coupon of 5.30%, which the Company hedged to an effective rate of 5.25%.

In December, the Company closed on the sale of a 49.0% joint venture interest in 100 Park Avenue for a gross asset valuation of $425.0 million. The transaction generated cash proceeds to the Company of $34.9 million.

In October, the Company closed on the acquisition of our joint venture partners' combined 39.5% interest in 800 Third Avenue for total consideration of $5.1 million.

In October, the Company closed on the purchase of 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million, providing the Company the opportunity to pursue a world-class, ground-up new office development.

Financing Activity

In December, the Company closed on a modification and extension of the mortgage on 100 Park Avenue. The modification extended the final maturity date to January 2029, inclusive of all available extension options, at a floating rate of 2.42% over Term SOFR, which the Company hedged to a fixed rate of 5.73% through the initial maturity date in January 2028.

In October, the Company closed on a modification and extension of the mortgage on 800 Third Avenue. The modification extended the final maturity date to February 2031, inclusive of all available extension options. The floating rate was maintained at 1.70% over Term SOFR, which the Company hedged to a fixed rate of 5.03% from February 2026 through the initial maturity date in February 2029.

Special Servicing and Asset Management Activity

The Company's special servicing business increased by $0.7 billion in active assignments, which now totals $8.4 billion, with an additional $9.9 billion for which the Company has been designated as special servicer on assets that are not currently in active special servicing.

Dividends

In the fourth quarter of 2025, the Company declared:

•Two monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on November 17 and December 15, 2025;

•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period October 15, 2025 through and including January 14, 2026, which was paid in cash on January 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.

On December 5, 2025, the Company announced a modification to its dividend policy. Beginning in fiscal year 2026, ordinary dividends will be declared and paid quarterly rather than monthly. The ordinary dividend will continue to be paid in cash.

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, January 29, 2026, 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/BIdf54cb0f07f14525b86bd3b1dcc871fd.

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 December 31, 2025, SL Green held interests in 56 buildings totaling 31.4 million square feet. This included ownership interests in 28.0 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments, excluding fund 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				Twelve Months Ended
	December 31,				December 31,
Revenues:	2025		2024		2025		2024

Rental revenue, net	$	159,816	$	139,613	$	601,541	$	542,995
Escalation and reimbursement revenues	23,497		17,317		78,564		63,004
SUMMIT Operator revenue	35,920		38,571		122,344		133,214
Investment income	2,568		5,415		29,377		24,353
Interest income from real estate loans held by consolidated securitization vehicles	14,866		14,209		62,734		18,980
Other income	39,800		30,754		108,486		103,726
Total revenues	276,467		245,879		1,003,046		886,272
Expenses:
Operating expenses, including related party expenses of $0 and $9 in 2025 and $5 and $7 in 2024	61,259		50,150		226,099		189,598
Real estate taxes	42,429		33,692		155,023		128,187
Operating lease rent	6,106		5,287		24,423		24,423
SUMMIT Operator expenses	33,794		28,792		116,364		111,739
Interest expense, net of interest income	49,422		38,153		187,656		147,220
Amortization of deferred financing costs	1,901		1,734		7,054		6,619
SUMMIT Operator tax benefit	478		1,949		3,259		730
Interest expense on senior obligations of consolidated securitization vehicles	14,866		11,304		60,693		14,634
Depreciation and amortization	67,839		53,436		255,713		207,443
Loan loss and other investment reserves, net of recoveries	—		—		(71,326)		—
Transaction related costs	341		138		13,942		401
Marketing, general and administrative	22,306		22,827		89,310		85,187
Total expenses	300,741		247,462		1,068,210		916,181


Equity in net loss from unconsolidated joint ventures	(25,251)		(279,752)		(56,143)		(179,695)
Loss from debt fund investments, net	(3,222)		—		(1,446)		—
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	1,142		189,138		86,068		208,144
Purchase price and other fair value adjustments	(28,143)		125,287		(36,233)		88,966
(Loss) gain on sale of real estate, net	(426)		(1,705)		(2,143)		3,025
Depreciable real estate reserves	(23,546)		(38,232)		(32,092)		(104,071)
Gain on sale of marketable securities	—		—		10,232		—
Gain on early extinguishment of debt	—		25,985		—		43,762



Net (loss) income	(103,720)		19,138		(96,921)		30,222
Net (loss) income attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	7,170		(663)		7,673		(497)
Noncontrolling interests in other partnerships	(2,108)		(3,222)		971		928
Preferred units distributions	(2,172)		(2,158)		(8,633)		(8,643)
Net (loss) income attributable to SL Green	(100,830)		13,095		(96,910)		22,010
Perpetual preferred stock dividends	(3,737)		(3,737)		(14,950)		(14,950)
Net (loss) income attributable to SL Green common stockholders	$	(104,567)	$	9,358	$	(111,860)	$	7,060
Earnings Per Share (EPS)
Basic (loss) earnings per share	$	(1.49)	$	0.13	$	(1.61)	$	0.08
Diluted (loss) earnings per share	$	(1.49)	$	0.13	$	(1.61)	$	0.08

Funds From Operations (FFO)
Basic FFO per share	$	1.16	$	1.87	$	5.88	$	8.29
Diluted FFO per share	$	1.13	$	1.81	$	5.72	$	8.11


Basic ownership interest
Weighted average REIT common shares for net income per share	70,468		67,167		70,443		65,062
Weighted average partnership units held by noncontrolling interests	3,863		3,487		3,964		3,674
Basic weighted average shares and units outstanding	74,331		70,654		74,407		68,736

Diluted ownership interest
Weighted average REIT common share and common share equivalents	72,731		69,428		72,503		66,594
Weighted average partnership units held by noncontrolling interests	3,863		3,487		3,964		3,674
Diluted weighted average shares and units outstanding	76,594		72,915		76,467		70,268

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except per share data)


	December 31,		December 31,
	2025		2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,699,215	$	1,357,041
Building and improvements	4,012,305		3,862,224
Building leasehold and improvements	1,448,112		1,388,476
	7,159,632		6,607,741
Less: accumulated depreciation	(2,306,377)		(2,126,081)
	4,853,255		4,481,660

Cash and cash equivalents	155,747		184,294
Restricted cash	180,748		147,344
Investment in marketable securities	23,666		22,812
Tenant and other receivables	45,524		44,055
Related party receivables	16,293		26,865
Deferred rents receivable	266,678		266,428
Debt and preferred equity investments, net of discounts and deferred origination fees of $14 and $1,618 in 2025 and 2024, respectively, and allowances of $454 and $13,520 in 2025 and 2024, respectively	168,358		303,726
Investments in unconsolidated joint ventures	2,624,755		2,690,138
Debt fund investments, at fair value	152,958		—
Deferred costs, net	129,019		117,132

Right-of-use assets - operating leases	864,430		865,639
Real estate loans held by consolidated securitization vehicles (includes $1,023,877 and $584,134 at fair value as of December 31, 2025 and December 31, 2024, respectively)	1,023,877		709,095
Other assets	577,299		610,911
Total assets	$	11,082,607	$	10,470,099

Liabilities
Mortgages and other loans payable	$	2,154,499	$	1,951,024
Revolving credit facility	640,000		320,000
Unsecured term loan	1,150,000		1,150,000
Unsecured notes	—		100,000
Deferred financing costs, net	(13,063)		(14,242)
Total debt, net of deferred financing costs	3,931,436		3,506,782
Accrued interest payable	15,221		16,527
Accounts payable and accrued expenses	134,621		122,674
Deferred revenue	147,419		164,887
Lease liability - financing leases	108,183		106,853
Lease liability - operating leases	805,192		810,989
Dividend and distributions payable	2,536		21,816
Security deposits	68,276		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 $1,023,877 and $567,487 at fair value as of December 31, 2025 and December 31, 2024, respectively)	1,023,877		590,131
Other liabilities (includes $244,941 and $251,096 at fair value as of December 31, 2025 and December 31, 2024, respectively)	392,756		414,153
Total liabilities	6,729,517		5,915,143

Commitments and contingencies
Noncontrolling interests in Operating Partnership	241,371		288,941
Preferred units and redeemable equity	199,271		196,064

Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both December 31, 2025 and December 31, 2024	221,932		221,932
Common stock, $0.01 par value 160,000 shares authorized, 71,159 and 71,097 issued and outstanding at December 31, 2025 and December 31, 2024, respectively	711		711
Additional paid-in capital	4,212,590		4,159,562

Accumulated other comprehensive (loss) income	(22,198)		18,196
Retained deficit	(741,880)		(449,101)
Total SL Green Realty Corp. stockholders’ equity	3,671,155		3,951,300
Noncontrolling interests in other partnerships	241,293		118,651
Total equity	3,912,448		4,069,951
Total liabilities and equity	$	11,082,607	$	10,470,099

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)


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

Net (loss) income attributable to SL Green common stockholders	$	(104,567)	$	9,358	$	(111,860)	$	7,060
Add:
Depreciation and amortization	67,839		53,436		255,713		207,443
Joint venture depreciation and noncontrolling interest adjustments	65,677		69,636		312,025		287,671
Net (loss) income attributable to noncontrolling interests	(5,062)		3,885		(8,644)		(431)
Less:
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	1,142		189,138		86,068		208,144
Purchase price and other fair value adjustments	(28,226)		117,195		(33,517)		83,430
(Loss) gain on sale of real estate, net	(426)		(1,705)		(2,143)		3,025
Depreciable real estate reserves	(23,546)		(38,232)		(32,092)		(104,071)
Depreciable real estate reserves in unconsolidated joint venture	(12,812)		(263,190)		(14,592)		(263,190)
Depreciation on non-rental real estate assets	1,526		1,226		5,838		4,583
FFO attributable to SL Green common stockholders and unit holders	$	86,229	$	131,883	$	437,672	$	569,822

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)


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

Net (loss) income	$	(103,720)	$	19,138	$	(96,921)	$	30,222

Depreciable real estate reserves	23,546		38,232		32,092		104,071
Loss (gain) on sale of real estate, net	426		1,705		2,143		(3,025)
Purchase price and other fair value adjustments	28,143		(125,287)		36,233		(88,966)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	(1,142)		(189,138)		(86,068)		(208,144)
Gain on sale of marketable securities	—		—		(10,232)		—
Depreciation and amortization	67,839		53,436		255,713		207,443
SUMMIT Operator tax benefit	478		1,949		3,259		730
Amortization of deferred financing costs	1,901		1,734		7,054		6,619
Interest expense, net of interest income	49,422		38,153		187,656		147,220
Interest expense on senior obligations of consolidated securitization vehicles	14,866		11,304		60,693		14,634
Operating income (loss)	81,759		(148,774)		391,622		210,804

Equity in net loss from unconsolidated joint ventures	25,251		279,752		56,143		179,695
Loss from debt fund investments, net	3,222		—		1,446		—
Marketing, general and administrative expense	22,306		22,827		89,310		85,187

Transaction related costs	341		138		13,942		401
Loan loss and other investment reserves, net of recoveries	—		—		(71,326)		—
SUMMIT Operator expenses	33,794		28,792		116,364		111,739
Gain on early extinguishment of debt	—		(25,985)		—		(43,762)
Investment income	(2,568)		(5,415)		(29,377)		(24,353)
Interest income from real estate loans held by consolidated securitization vehicles	(14,866)		(14,209)		(62,734)		(18,980)
SUMMIT Operator revenue	(35,920)		(38,571)		(122,344)		(133,214)
Non-building revenue	(33,024)		(20,704)		(73,431)		(68,881)
Net operating income (NOI)	80,295		77,851		309,615		298,636

Equity in net loss from unconsolidated joint ventures	(25,251)		(279,752)		(56,143)		(179,695)
SLG share of unconsolidated JV depreciable real estate reserves	12,812		263,190		14,592		263,190
SLG share of unconsolidated JV depreciation and amortization	64,654		67,046		259,498		275,098
SLG share of unconsolidated JV amortization of deferred financing costs	5,882		3,459		15,738		11,334
SLG share of unconsolidated JV interest expense, net of interest income	68,827		67,099		263,710		276,852
SLG share of unconsolidated JV transaction related costs	—		—		—		—
SLG share of unconsolidated JV gain on early extinguishment of debt	—		—		(57,187)		(172,369)
SLG share of unconsolidated JV investment income	(426)		(5,048)		(14,366)		(11,513)
SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries	—		—		14,531		—
SLG share of unconsolidated JV non-building revenue	(3,517)		147		(8,580)		(3,051)
NOI including SLG share of unconsolidated JVs	203,276		193,992		741,408		758,482

NOI from other properties/affiliates	(31,406)		(21,690)		(59,851)		(83,520)
Same-Store NOI	171,870		172,302		681,557		674,962

Straight-line and free rent	(1,657)		(403)		1,433		(2,800)
Amortization of acquired above and below-market leases, net	1,021		830		3,516		2,578
Operating lease straight-line adjustment	204		204		815		815
SLG share of unconsolidated JV straight-line and free rent	(9,656)		(5,883)		(32,519)		(12,763)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(6,328)		(6,393)		(24,826)		(24,405)

Same-store cash NOI	$	155,454	$	160,657	$	629,976	$	638,387

Lease termination income	(704)		(2,743)		(5,629)		(6,344)
SLG share of unconsolidated JV lease termination income	(2,184)		—		(7,602)		(2,515)
Same-store cash NOI excluding lease termination income	$	152,566	$	157,914	$	616,745	$	629,528

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 a25q4supplemental.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 December 31, 2025, the Company held interests in 56 buildings totaling 31.4 million square feet. This included ownership interests in 28.0 million square feet in Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments, excluding fund 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 year ended December 31, 2025 that will be included on Form 10-K to be filed on or before March 3, 2026.


Supplemental Information			2			Fourth Quarter 2025



TABLE OF CONTENTS



Definitions	4

Highlights	6

Key Financial Data	8	-	10

Office Leasing Statistics	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	-	19

Selected Financial Data	20	-	23

Debt Summary Schedule	24	-	26

Derivative Summary Schedule	27

Lease Liability Schedule	28

Debt and Preferred Equity Investments	29

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	-	49

Non-GAAP Disclosures and Reconciliations	50

Analyst Coverage	53

Executive Management	54


Supplemental Information			3			Fourth 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.

Commenced Occupancy - The percentage of square footage for which lease terms have commenced. For GAAP purposes revenue may not yet be recognized for certain commenced leases.

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 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.

Economic Occupancy - The percentage of square footage for which revenue is being recognized for GAAP purposes.

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 generation 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 Generally Accepted Accounting Principles, or 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.

Leased Occupancy - The percentage of square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.

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.

Rentable Square Footage - The total space designated as rentable under the in-place lease agreements and vacant rentable space available to be leased.

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			Fourth Quarter 2025



DEFINITIONS

Same-Store Properties (Same-Store) - Properties in service and operating during both the current and prior year reporting periods. Same-Store excludes development and redevelopment properties that are not stabilized for both the current and prior year and excludes properties sold. 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			85 Fifth Avenue (disposed)
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 wholly owned by the Company or in which the Company has a joint venture interest.


Supplemental Information			5			Fourth Quarter 2025



FOURTH QUARTER 2025 HIGHLIGHTS Unaudited

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Significant leasing activity in the fourth quarter includes:

•New expansion lease with a financial services company for 92,663 square feet at One Madison Avenue;

•New lease with Moroccan Oil for 68,965 square feet at 1185 Avenue of the Americas;

•Early renewal and new expansion lease with Wells Fargo Clearing Services, Inc. for 49,865 square feet at 280 Park Avenue;

•New lease with Groombridge, Wu, Baughman & Stone LLP for 42,866 square feet at 1185 Avenue of the Americas;


Supplemental Information			6			Fourth Quarter 2025



FOURTH QUARTER 2025 HIGHLIGHTS Unaudited

•New expansion lease with Elliot Management Corporation for 39,850 square feet at 280 Park Avenue;

•New expansion lease with Ares Management LLC for 38,358 square feet at 245 Park Avenue;

•New lease with Cliffwater LLC for 37,987 square feet at 245 Park Avenue;

•New expansion lease with Houlihan Lokey Inc. for 37,224 square feet at 245 Park Avenue.

Investment Activity

In October, the Company closed on the acquisition of our joint venture partners' combined 39.5% interest in 800 Third Avenue for total consideration of $5.1 million.

Financing Activity

maturity date in February 2029.

Special Servicing and Asset Management Activity

Dividends

In the fourth quarter of 2025, the Company declared:

•Two monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on November 17 and December 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/BIdf54cb0f07f14525b86bd3b1dcc871fd.


Supplemental Information			7			Fourth Quarter 2025



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


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

Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted	$	(1.49)	$	0.34	$	(0.16)	$	(0.30)	$	0.13
Funds from operations (FFO) available to common stockholders - diluted	$	1.13	$	1.58	$	1.63	$	1.40	$	1.81


Common Share Price & Dividends
Closing price at the end of the period	$	45.87	$	59.81	$	61.90	$	57.70	$	67.92
Closing high price during period	$	60.52	$	65.67	$	65.94	$	68.38	$	81.13
Closing low price during period	$	41.53	$	52.04	$	47.90	$	55.58	$	66.24
Annual dividend per common share	$	3.09	$	3.09	$	3.09	$	3.09	$	3.09

FFO dividend payout ratio (trailing 12 months)	53.8%		47.9%		51.1%		47.4%		37.3%
Funds available for distribution (FAD) dividend payout ratio (trailing 12 months)	99.5%		92.1%		95.0%		75.6%		52.3%

Common Shares & Units
Common shares outstanding	71,159		71,028		71,025		71,016		71,097
Units outstanding	4,878		4,850		4,853		5,010		4,510
Total common shares and units outstanding	76,037		75,878		75,878		76,026		75,607

Weighted average common shares and units outstanding - basic	74,331		74,318		74,455		74,527		70,654
Weighted average common shares and units outstanding - diluted	76,594		76,428		76,278		76,333		72,915


Market Capitalization
Market value of common equity	$	3,487,817	$	4,538,263	$	4,696,848	$	4,386,700	$	5,135,227
Liquidation value of preferred equity/units and redeemable equity	429,271		424,393		425,141		426,016		426,064
Consolidated debt	4,044,499		4,028,382		3,753,402		3,876,727		3,621,024
Consolidated market capitalization	$	7,961,587	$	8,991,038	$	8,875,391	$	8,689,443	$	9,182,315
SLG share of unconsolidated JV debt	5,897,198		5,805,174		6,043,432		6,033,918		6,027,862
Market capitalization including SLG share of unconsolidated JVs	$	13,858,785	$	14,796,212	$	14,918,823	$	14,723,361	$	15,210,177



Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.81x		1.86x		1.85x		1.83x		1.91x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.65x		1.69x		1.67x		1.66x		1.74x


Supplemental Information			8			Fourth Quarter 2025



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


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

Selected Balance Sheet Data
Real estate assets before depreciation	$	7,159,632	$	7,135,236	$	6,731,336	$	6,678,906	$	6,607,741
Debt and preferred equity investments	168,358		171,412		315,684		318,189		303,726
Investments in unconsolidated joint ventures	2,624,755		2,627,443		2,701,382		2,712,582		2,690,138
Debt fund investments	152,958		73,402		41,356		—		—
Cash and cash equivalents	155,747		187,039		182,912		180,133		184,294
Investment in marketable securities	23,666		16,099		17,151		12,295		22,812

Total assets	11,082,607		11,144,137		11,252,329		11,410,623		10,470,099

Consolidated fixed rate & hedged debt	3,678,450		3,603,866		3,367,249		3,367,361		3,257,474
Consolidated variable rate debt	366,049		424,516		386,153		509,366		363,550

Total consolidated debt	4,044,499		4,028,382		3,753,402		3,876,727		3,621,024
Deferred financing costs, net of amortization	(13,063)		(13,632)		(13,788)		(15,275)		(14,242)
Total consolidated debt, net	4,031,436		4,014,750		3,739,614		3,861,452		3,606,782

Total liabilities	6,729,517		6,742,640		6,889,934		6,972,478		5,915,143

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	9,092,996		8,930,609		8,836,884		8,827,482		8,711,539
Variable rate debt, including SLG share of unconsolidated JV debt (1)	370,270		424,516		386,153		509,366		363,550
ASP debt, including SLG share of unconsolidated ASP JV debt	478,431		478,431		573,797		573,797		573,797
Total debt, including SLG share of unconsolidated JV debt	$	9,941,697	$	9,833,556	$	9,796,834	$	9,910,645	$	9,648,886

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


Supplemental Information			9			Fourth Quarter 2025



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


	As of or for the three months ended
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Selected Operating Data
Property operating revenues	$	183,313	$	168,536	$	165,237	$	163,019	$	156,930
Property operating expenses	(109,794)		(101,406)		(94,960)		(99,385)		(89,129)
Property NOI	$	73,519	$	67,130	$	70,277	$	63,634	$	67,801
SLG share of unconsolidated JV Property NOI	119,852		124,381		119,115		113,876		118,072
Property NOI, including SLG share of unconsolidated JV Property NOI	$	193,371	$	191,511	$	189,392	$	177,510	$	185,873
SUMMIT Operator revenue	35,920		32,883		31,007		22,534		38,571
Investment income, including SLG share of unconsolidated JVs	2,994		8,319		11,398		21,032		10,463
Income (loss) from debt fund investments, net	(3,222)		1,176		600		—		—
Interest income from real estate loans held by consolidated securitization vehicles, net	—		—		32		2,009		2,905
Other income, including SLG share of unconsolidated JVs	46,301		33,471		22,977		23,518		31,805

Gain on early extinguishment of debt, including SLG share of unconsolidated JVs	—		57,187		—		—		25,985
SUMMIT Operator expenses	(33,794)		(35,959)		(24,847)		(21,764)		(28,792)
Loan loss and other investment reserves, net of recoveries	—		—		46,287		25,039		—
Transaction costs, including SLG share of unconsolidated JVs	(341)		(13,129)		(177)		(295)		(138)
Marketing general & administrative expenses	(22,306)		(23,701)		(21,579)		(21,724)		(22,827)
Income taxes, including SLG share of unconsolidated JVs	2,305		137		1,296		653		2,324
EBITDAre	$	221,228	$	251,895	$	256,386	$	228,512	$	246,169

Manhattan Properties
Property operating revenues	$	178,189	$	164,342	$	160,095	$	158,037	$	151,614
Property operating expenses	98,034		88,987		82,287		87,410		77,371
Property NOI	$	80,155	$	75,355	$	77,808	$	70,627	$	74,243

Other income - consolidated	$	2,610	$	1,665	$	2,013	$	5,551	$	4,157

SLG share of property NOI from unconsolidated JVs	$	127,442	$	124,737	$	118,869	$	113,627	$	117,958

Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service	16		16		16		16		15
Unconsolidated office buildings in service	10		10		10		9		9
	26		26		26		25		24

Consolidated office buildings in service - square footage	9,480,852		9,788,852		9,788,852		9,788,852		9,587,441
Unconsolidated office buildings in service - square footage	13,868,633		13,560,633		13,560,633		12,175,149		12,175,149
	23,349,485		23,349,485		23,349,485		21,964,001		21,762,590


Supplemental Information			10			Fourth Quarter 2025



OFFICE LEASING STATISTICS Manhattan Operating Properties


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

Signed Leasing

Same-Store office occupancy inclusive of leases signed not yet commenced	93.0%		92.4%		91.5%		91.9%		92.5%


New leases signed	44		34		29		35		38
Renewal leases signed	12		18		17		10		10
Total office leases signed	56		52		46		45		48

Signed office square footage filling vacancy	303,978		338,686		232,475		240,974		663,370
Signed office square footage on previously occupied space (M-T-M leasing) (1)	462,805		319,256		309,246		361,131		1,126,626
Total office square footage signed	766,783		657,942		541,721		602,105		1,789,996

Average starting cash rent psf - office leases signed	$	91.74	$	90.65	$	95.93	$	82.29	$	76.24
Previous escalated cash rent psf - office leases signed (2)	$	86.22	$	93.13	$	93.65	$	84.89	$	69.97
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	6.4%		(2.7)%		2.4%		(3.1)%		9.0%
Average lease term	8.5		8.9		7.8		9.8		10.6
Tenant concession packages psf	$	97.54	$	99.09	$	78.81	$	94.35	$	116.36
Free rent months	8.8		9.1		6.3		9.4		12.5




Commenced Leasing

Same-Store office occupancy based on commenced leases	90.6%		90.9%		89.2%		88.6%		88.0%


New leases commenced	29		33		34		27		24
Renewal leases commenced	12		18		16		9		10
Total office leases commenced	41		51		50		36		34

Commenced office square footage filling vacancy	146,707		390,460		372,611		388,305		133,978
Commenced office square footage on previously occupied space (M-T-M leasing) (1)	244,368		384,800		334,144		283,236		1,015,833
Total office square footage commenced	391,075		775,260		706,755		671,541		1,149,811

Average starting cash rent psf - office leases commenced	$	84.32	$	95.42	$	79.27	$	84.80	$	80.72
Previous escalated cash rent psf - office leases commenced (2)	$	83.28	$	90.77	$	88.68	$	88.34	$	71.18
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	1.3%		5.1%		(10.6)%		(4.0)%		13.4%
Average lease term	5.7		10.5		10.1		9.1		10.5
Tenant concession packages psf	$	49.69	$	108.39	$	111.53	$	109.37	$	102.30
Free rent months	4.2		9.1		11.4		9.5		11.8



(1) Calculated on space that was occupied within the previous 12 months.
(2) 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			Fourth Quarter 2025



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)


	As of
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,699,215	$	1,627,895	$	1,448,504	$	1,450,892	$	1,357,041
Building and improvements	4,012,305		4,082,434		3,867,078		3,828,638		3,862,224
Building leasehold and improvements	1,448,112		1,424,907		1,415,754		1,399,376		1,388,476
	7,159,632		7,135,236		6,731,336		6,678,906		6,607,741
Less: accumulated depreciation	(2,306,377)		(2,266,042)		(2,220,242)		(2,174,667)		(2,126,081)
Net real estate	4,853,255		4,869,194		4,511,094		4,504,239		4,481,660

Other real estate investments:
Debt and preferred equity investments, net	168,358		171,412		315,684		318,189		303,726
Investment in unconsolidated joint ventures	2,624,755		2,627,443		2,701,382		2,712,582		2,690,138
Debt fund investments	152,958		73,402		41,356		—		—



Cash and cash equivalents	155,747		187,039		182,912		180,133		184,294
Restricted cash	180,748		170,004		159,905		156,895		147,344
Investment in marketable securities	23,666		16,099		17,151		12,295		22,812
Tenant and other receivables	45,524		136,787		44,444		48,074		44,055
Related party receivables	16,293		15,287		12,030		18,630		26,865

Deferred rents receivable	266,678		268,770		267,046		264,982		266,428

Deferred costs, net	129,019		117,054		117,964		114,317		117,132

Right-of-use assets - operating leases	864,430		869,929		875,379		860,449		865,639
Real estate loans held by consolidated securitization vehicles	1,023,877		1,013,273		1,431,362		1,599,291		709,095
Other assets	577,299		608,444		574,620		620,547		610,911

Total Assets	$	11,082,607	$	11,144,137	$	11,252,329	$	11,410,623	$	10,470,099


Supplemental Information			12			Fourth Quarter 2025



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)


	As of
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Liabilities
Mortgages and other loans payable	$	2,154,499	$	2,288,382	$	2,043,402	$	2,036,727	$	1,951,024
Unsecured term loans	1,150,000		1,150,000		1,150,000		1,150,000		1,150,000
Unsecured notes	—		100,000		100,000		100,000		100,000
Revolving credit facility	640,000		390,000		360,000		490,000		320,000
Deferred financing costs	(13,063)		(13,632)		(13,788)		(15,275)		(14,242)
Total debt, net of deferred financing costs	3,931,436		3,914,750		3,639,614		3,761,452		3,506,782
Accrued interest payable	15,221		17,803		16,066		18,473		16,527
Accounts payable and accrued expenses	134,621		140,232		130,656		123,256		122,674
Deferred revenue	147,419		164,132		158,111		166,240		164,887
Lease liability - financing leases	108,183		107,846		107,513		107,183		106,853
Lease liability - operating leases	805,192		809,665		814,088		806,669		810,989
Dividends and distributions payable	2,536		21,942		22,150		21,978		21,816
Security deposits	68,276		65,356		60,825		62,210		60,331

Junior subordinated deferrable interest debentures	100,000		100,000		100,000		100,000		100,000
Senior obligations of consolidated securitization vehicles	1,023,877		1,013,273		1,431,362		1,409,185		590,131
Other liabilities	392,756		387,641		409,549		395,832		414,153
Total Liabilities	6,729,517		6,742,640		6,889,934		6,972,478		5,915,143

Noncontrolling interests in Operating Partnership
(4,878 units outstanding at 12/31/2025)	241,371		280,873		287,151		288,702		288,941
Preferred units and redeemable equity	199,271		194,392		195,141		196,016		196,064

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, 71,159
issued and outstanding at 12/31/2025	711		710		710		710		711
Additional paid–in capital	4,212,590		4,205,443		4,198,303		4,156,242		4,159,562

Accumulated other comprehensive earnings (loss)	(22,198)		(19,784)		(16,324)		(4,842)		18,196
Retained deficit	(741,880)		(634,653)		(613,117)		(537,585)		(449,101)
Total SL Green Realty Corp. stockholders' equity	3,671,155		3,773,648		3,791,504		3,836,457		3,951,300

Noncontrolling interests in other partnerships	241,293		152,584		88,599		116,970		118,651

Total Equity	3,912,448		3,926,232		3,880,103		3,953,427		4,069,951

Total Liabilities and Equity	$	11,082,607	$	11,144,137	$	11,252,329	$	11,410,623	$	10,470,099


Supplemental Information			13			Fourth Quarter 2025



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



	Three Months Ended						Twelve Months Ended
	December 31,		December 31,		September 30,			December 31,		December 31,
	2025		2024		2025			2025		2024
Revenues
Rental revenue, net	$	159,816	$	139,613	$	149,672		$	601,541	$	542,995
Escalation and reimbursement revenues	23,497		17,317		18,864			78,564		63,004
SUMMIT Operator revenue	35,920		38,571		32,883			122,344		133,214
Investment income	2,568		5,415		4,356			29,377		24,353
Interest income from real estate loans held by consolidated securitization vehicles	14,866		14,209		10,838			62,734		18,980
Other income	39,800		30,754		28,204			108,486		103,726
Total Revenues	276,467		245,879		244,817			1,003,046		886,272

Gain on early extinguishment of debt	—		25,985		—			—		43,762

Expenses
Operating expenses (1)	61,259		50,150		57,673			226,099		189,598
Real estate taxes	42,429		33,692		37,627			155,023		128,187
Operating lease rent	6,106		5,287		6,106			24,423		24,423
SUMMIT Operator expenses	33,794		28,792		35,959			116,364		111,739
Loan loss and other investment reserves, net of recoveries	—		—		—			(71,326)		—
Transaction related costs	341		138		13,129			13,942		401
Marketing, general and administrative	22,306		22,827		23,701			89,310		85,187
Total Operating Expenses	166,235		140,886		174,195			553,835		539,535

Equity in net income (loss) from unconsolidated joint ventures (2)	(12,439)		(16,562)		(9,287)			(41,551)		83,495
(Loss) income from debt fund investments, net (3)	(3,222)		—		1,176			(1,446)		—

Operating Income	94,571		114,416		62,511			406,214		473,994

Interest expense, net of interest income	49,422		38,153		47,235			187,656		147,220
Amortization of deferred financing costs	1,901		1,734		1,724			7,054		6,619
SUMMIT Operator tax expense	478		1,949		1,279			3,259		730
Interest expense on senior obligations of consolidated securitization vehicles	14,866		11,304		10,838			60,693		14,634
Depreciation and amortization	67,839		53,436		63,216			255,713		207,443
(Loss) Income from Continuing Operations (4)	(39,935)		7,840		(61,781)			(108,161)		97,348



Gain on sale of marketable securities	—		—		—			10,232		—
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	1,142		189,138		86,872			86,068		208,144
Purchase price and other fair value adjustments	(28,143)		125,287		11,138			(36,233)		88,966
(Loss) gain on sale of real estate, net	(426)		(1,705)		(1,068)			(2,143)		3,025
Depreciable real estate reserves	(23,546)		(38,232)		—			(32,092)		(104,071)
Depreciable real estate reserves in unconsolidated joint venture	(12,812)		(263,190)		—			(14,592)		(263,190)
Net (Loss) Income	(103,720)		19,138		35,161			(96,921)		30,222

Net loss (income) attributable to noncontrolling interests	5,062		(3,885)		(4,395)			8,644		431
Preferred units distributions	(2,172)		(2,158)		(2,154)			(8,633)		(8,643)
Net (Loss) Income attributable to SL Green	(100,830)		13,095		28,612			(96,910)		22,010

Perpetual preferred stock dividends	(3,737)		(3,737)		(3,738)			(14,950)		(14,950)
Net (Loss) Income attributable to SL Green common stockholders	$	(104,567)	$	9,358	$	24,874		$	(111,860)	$	7,060







Basic (loss) earnings per share	$	(1.49)	$	0.13	$	0.35		$	(1.61)	$	0.08
Diluted (loss) earnings per share	$	(1.49)	$	0.13	$	0.34		$	(1.61)	$	0.08

(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) Includes interest income and realized/unrealized gains/losses from fund investments, net of expenses. Excludes fees recognized by the fund's manager, which are included in Other income.
(4) Before equity in net gain, purchase price and other fair value adjustments, (loss) gain on sale and depreciable real estate reserves, and gain on sale of marketable securities shown below.


Supplemental Information			14			Fourth Quarter 2025



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



		Three Months Ended						Twelve Months Ended
		December 31,		December 31,		September 30,			December 31,		December 31,
		2025		2024		2025			2025		2024
Funds from Operations
Net (Loss) Income attributable to SL Green common stockholders		$	(104,567)	$	9,358	$	24,874		$	(111,860)	$	7,060

	Depreciation and amortization	67,839		53,436		63,216			255,713		207,443
	Joint ventures depreciation and noncontrolling interests adjustments	65,677		69,636		124,984			312,025		287,671
	Net (loss) income attributable to noncontrolling interests	(5,062)		3,885		4,395			(8,644)		(431)
	Equity in net gain on sale of interest in unconsolidated joint venture/real estate	(1,142)		(189,138)		(86,872)			(86,068)		(208,144)
	Purchase price and other fair value adjustments	28,226		(117,195)		(9,652)			33,517		(83,430)
	Loss (gain) on sale of real estate, net	426		1,705		1,068			2,143		(3,025)
	Depreciable real estate reserves	23,546		38,232		—			32,092		104,071
	Depreciable real estate reserves in unconsolidated joint venture	12,812		263,190		—			14,592		263,190
	Depreciation on non-rental real estate assets	(1,526)		(1,226)		(1,628)			(5,838)		(4,583)
	Funds From Operations	$	86,229	$	131,883	$	120,385		$	437,672	$	569,822

	Funds From Operations - Basic per Share	$	1.16	$	1.87	$	1.62		$	5.88	$	8.29

	Funds From Operations - Diluted per Share	$	1.13	$	1.81	$	1.58		$	5.72	$	8.11



Funds Available for Distribution
FFO		$	86,229	$	131,883	$	120,385		$	437,672	$	569,822

	Non real estate depreciation and amortization	1,526		1,226		1,628			5,838		4,583
	Amortization of deferred financing costs	1,901		1,734		1,724			7,054		6,619
	Non-cash deferred compensation	19,394		15,936		10,927			51,376		45,562
	FAD adjustment for joint ventures	(21,662)		(60,733)		(27,723)			(100,568)		(101,240)
	Straight-line rental income and other non-cash adjustments	(2,194)		129		50			661		659
	Non-cash fair value adjustments on mark-to-market derivatives	(83)		(8,092)		(369)			3,834		(5,537)
	Second cycle tenant improvements	(32,522)		(21,826)		(21,318)			(105,434)		(72,011)
	Second cycle leasing commissions	(9,926)		(8,545)		(3,835)			(26,558)		(20,115)

	Recurring capital expenditures	(17,971)		(11,188)		(5,980)			(36,632)		(23,509)
Reported Funds Available for Distribution		$	24,692	$	40,524	$	75,489		$	237,243	$	404,833

	First cycle tenant improvements	$	1,663	$	285	$	467		$	2,952	$	2,313
	First cycle leasing commissions	$	1,591	$	2,686	$	552		$	3,077	$	2,737
	Development costs	$	10,281	$	9,904	$	6,631		$	36,380	$	49,765
	Redevelopment costs	$	4,822	$	2,800	$	8,475		$	21,130	$	8,489
	Capitalized interest	$	8,244	$	8,922	$	6,842		28,192		$	50,148


Supplemental Information			15			Fourth 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									(96,910)		(971)				(97,881)
Acquisition of subsidiary interest from noncontrolling interest					36,023						(51,654)				(15,631)
Other comprehensive loss - net unrealized loss on derivative instruments													(30,266)		(30,266)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments													(10,716)		(10,716)
Other comprehensive income - net unrealized gain on marketable securities													588		588
Perpetual preferred stock dividends									(14,950)						(14,950)
DRSPP proceeds			—		251										251

Measurement adjustment for redeemable noncontrolling interest									18,863						18,863
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			—		17,848						698				18,546
Proceeds from issuance of common stock			—		(1,094)										(1,094)
Repurchases of common stock			—		—		—		—						—

Contributions to consolidated joint venture interests											4,757				4,757
Contributions to debt fund investments											194,292				194,292



Cash distributions to noncontrolling interests											(3,126)				(3,126)
Distributions from debt fund investments											(21,354)				(21,354)

Cash distributions ($3.09 per common share, none of which represented a return of capital for federal income tax purposes)									(199,782)						(199,782)

Balance at December 31, 2025	$	221,932	$	711	$	4,212,590	$	—	$	(741,880)	$	241,293	$	(22,198)	$	3,912,448




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	61,787		367,938		—		—		429,725
Share Count at December 31, 2025	71,158,530		4,877,891		—		—		76,036,421

Weighted Average Share Count at December 31, 2025 - Basic	70,442,667		3,964,205		—		—		74,406,872

Dilution	—		—		1,486,002		574,560		2,060,562
Weighted Average Share Count at December 31, 2025 - Diluted	70,442,667		3,964,205		1,486,002		574,560		76,467,434


Supplemental Information			16			Fourth Quarter 2025



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


	As of
	December 31, 2025				September 30, 2025				June 30, 2025

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,302,573	$	2,057,636	$	4,137,556	$	1,978,678	$	4,137,556	$	2,006,502
Building and improvements	13,507,121		6,373,604		13,535,671		6,423,255		13,448,889		6,515,711
Building leasehold and improvements	283,579		189,850		281,413		187,793		279,168		185,660


	18,093,273		8,621,090		17,954,640		8,589,726		17,865,613		8,707,873
Less: accumulated depreciation	(2,659,031)		(1,355,798)		(2,702,777)		(1,394,565)		(2,608,565)		(1,363,418)
Net real estate	15,434,242		7,265,292		15,251,863		7,195,161		15,257,048		7,344,455

Other real estate investments:
Debt and preferred equity investments, net	247,964		12,400		239,441		119,718		231,514		210,509

Cash and cash equivalents	295,847		124,021		246,097		94,571		267,706		111,927
Restricted cash	351,566		182,893		355,651		185,257		301,336		161,109
Tenant and other receivables	58,588		36,256		39,889		26,184		32,304		19,556
Deferred rents receivable	712,535		356,519		695,615		351,082		670,118		351,307

Deferred costs, net	402,783		193,650		394,218		191,250		381,669		192,193
Right-of-use assets - financing leases	741,693		518,403		744,203		520,033		723,370		510,202
Right-of-use assets - operating leases	82,395		43,436		83,979		44,378		184,213		94,644

Other assets	1,282,576		594,434		1,217,177		561,239		1,257,290		583,482

Total Assets	$	19,610,189	$	9,327,304	$	19,268,133	$	9,288,873	$	19,306,568	$	9,579,384

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $100,882 at 12/31/2025, of which $50,476 is SLG share	$	12,378,150	$	5,846,722	$	12,145,070	$	5,753,383	$	12,318,975	$	5,999,785
Accrued interest payable	62,978		24,356		57,281		22,642		79,380		35,216
Accounts payable and accrued expenses	283,909		157,467		246,095		131,572		227,238		125,167
Deferred revenue	852,035		383,414		879,137		398,071		897,575		404,613
Lease liability - financing leases	812,881		555,399		813,101		556,224		789,989		545,622
Lease liability - operating leases	96,107		49,233		97,060		49,779		211,493		107,066

Security deposits	48,190		20,383		45,429		19,903		42,441		18,995

Other liabilities	89,722		45,366		85,956		44,399		73,527		39,974
Equity	4,986,217		2,244,964		4,899,004		2,312,900		4,665,950		2,302,946

Total Liabilities and Equity	$	19,610,189	$	9,327,304	$	19,268,133	$	9,288,873	$	19,306,568	$	9,579,384


Supplemental Information			17			Fourth Quarter 2025



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


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

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	313,352	$	159,254	$	304,267	$	157,190	$	324,877	$	167,923
Escalation and reimbursement revenues	66,475		34,908		64,234		35,069		61,497		33,662
Investment income	8,523		426		5,865		5,048		7,927		3,963

Other income	13,581		6,501		2,798		1,051		11,335		5,267
Total Revenues	401,931		201,089		377,164		198,358		405,636		210,815

Gain on early extinguishment of debt	—		—		—		—		129,068		57,187

Expenses
Operating expenses	68,389		34,697		66,971		34,568		72,142		37,755
Real estate taxes	74,624		37,957		74,723		37,826		71,117		37,794
Operating lease rent	2,995		1,656		7,217		1,793		(3,065)		1,655
Loan loss and other investment reserves, net of recoveries	—		—		—		—		—		—
Transaction related costs	—		—		—		—		—		—
Total Operating Expenses	146,008		74,310		148,911		74,187		140,194		77,204

Operating Income	255,923		126,779		228,253		124,171		394,510		190,798

Interest expense, net of interest income	137,444		68,827		140,031		67,099		111,539		67,628
Amortization of deferred financing costs	11,365		5,882		6,571		3,459		6,693		3,558

Depreciation and amortization	126,599		64,654		130,961		67,046		128,565		66,616
Net (Loss) Income	(19,485)		(12,584)		(49,310)		(13,433)		147,713		52,996

Real estate depreciation	126,597		64,654		130,959		67,046		128,564		66,615
FFO Contribution	$	107,112	$	52,070	$	81,649	$	53,613	$	276,277	$	119,611

FAD Adjustments:
Non real estate depreciation and amortization	$	2	$	—	$	2	$	—	$	1	$	1
Amortization of deferred financing costs	11,365		5,882		6,571		3,459		6,693		3,558
Straight-line rental income and other non-cash adjustments	(39,619)		(14,675)		(41,700)		(21,369)		(42,118)		(20,609)
Second cycle tenant improvements	(9,618)		(4,933)		(27,204)		(13,939)		(7,420)		(3,795)
Second cycle leasing commissions	(6,293)		(3,173)		(46,837)		(23,832)		(9,281)		(4,943)
Recurring capital expenditures	(5,618)		(4,763)		(10,159)		(5,052)		(3,480)		(1,935)

Total FAD Adjustments	$	(49,781)	$	(21,662)	$	(119,327)	$	(60,733)	$	(55,605)	$	(27,723)

First cycle tenant improvements	$	14,177	$	6,896	$	2,215	$	911	$	18,111	$	9,038
First cycle leasing commissions	$	9,596	$	4,763	$	6,881	$	3,446	$	5,278	$	2,270
Development costs	$	15,221	$	3,985	$	112,422	$	30,121	$	28,630	$	7,841
Redevelopment costs	$	29,843	$	14,802	$	29,541	$	14,151	$	17,953	$	8,858
Capitalized interest	$	16,079	$	7,212	$	36,726	$	15,407	$	18,773	$	9,031


Supplemental Information			18			Fourth Quarter 2025



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


	Twelve Months Ended
	December 31, 2025				December 31, 2024

	Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	1,247,728	$	638,702	$	1,215,934	$	635,019
Escalation and reimbursement revenues	249,587		134,389		242,451		136,302
Investment income	27,422		14,366		12,693		11,513

Other income	36,932		17,781		13,381		7,212
Total Revenues	1,561,669		805,238		1,484,459		790,046

Gain on early extinguishment of debt	129,068		57,187		233,704		172,369

Expenses
Operating expenses	271,743		139,959		259,558		135,821
Real estate taxes	288,903		149,285		297,520		152,437
Operating lease rent	12,453		6,623		33,207		7,808
Loan loss and other investment reserves, net of recoveries	15,980		14,531		—		—
Transaction related costs	—		—		—		—
Total Operating Expenses	589,079		310,398		590,285		296,066

Operating Income	1,101,658		552,027		1,127,878		666,349

Interest expense, net of interest income	508,215		263,710		573,148		276,852
Amortization of deferred financing costs	29,955		15,738		21,289		11,334

Depreciation and amortization	502,004		259,498		538,390		275,098
Net Income (Loss)	61,484		13,081		(4,949)		103,065

Real estate depreciation	501,999		259,496		538,378		275,091
FFO Contribution	$	563,483	$	272,577	$	533,429	$	378,156

FAD Adjustments:
Non real estate depreciation and amortization	$	5	$	2	$	12	$	7
Amortization of deferred financing costs	29,955		15,738		21,289		11,334
Straight-line rental income and other non-cash adjustments	(175,976)		(82,543)		(90,148)		(53,676)
Second cycle tenant improvements	(29,444)		(15,118)		(43,768)		(22,899)
Second cycle leasing commissions	(20,799)		(11,121)		(58,661)		(30,008)
Recurring capital expenditures	(9,754)		(7,526)		(12,421)		(5,998)

Total FAD Adjustments	$	(206,013)	$	(100,568)	$	(183,697)	$	(101,240)

First cycle tenant improvements	$	42,737	$	21,026	$	12,388	$	4,302
First cycle leasing commissions	$	16,398	$	7,476	$	45,896	$	22,347
Development costs	$	78,091	$	22,025	$	229,299	$	65,805
Redevelopment costs	$	82,678	$	40,549	$	68,142	$	28,449
Capitalized interest	$	77,039	$	35,503	$	156,533	$	58,675


Supplemental Information			19			Fourth Quarter 2025



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



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

Net Operating Income (1)	$	88,299	$	91,459	$	80,784		$	320,732	$	325,927
SLG share of NOI from unconsolidated JVs	119,635		117,761		129,798			482,794		471,403
NOI, including SLG share of unconsolidated JVs	207,934		209,220		210,582			803,526		797,330
Partners' share of NOI - consolidated JVs	(32)		(2,112)		(47)			(1,741)		(6,279)
NOI - SLG share	$	207,902	$	207,108	$	210,535		$	801,785	$	791,051

NOI, including SLG share of unconsolidated JVs	$	207,934	$	209,220	$	210,582		$	803,526	$	797,330
Free rent (net of amortization)	(7,856)		(4,687)		(3,660)			(24,884)		(7,653)
Straight-line revenue adjustment	(7,775)		(8,677)		(10,499)			(37,436)		(25,883)
Amortization of acquired above and below-market leases, net	(5,820)		(6,220)		(5,783)			(22,717)		(22,707)
Operating lease straight-line adjustment	605		(374)		597			2,271		2,328
Straight-line tenant credit loss	272		(1,004)		36			(185)		5,628
Cash NOI, including SLG share of unconsolidated JVs	187,360		188,258		191,273			720,575		749,043
Partners' share of cash NOI - consolidated JVs	(43)		(2,120)		6			(1,249)		(6,782)
Cash NOI - SLG share	$	187,317	$	186,138	$	191,279		$	719,326	$	742,261

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



NOI Summary by Portfolio (1) - SLG Share

	Three Months Ended				Twelve Months Ended
	December 31, 2025				December 31, 2025
	NOI		Cash NOI		NOI		Cash NOI

Manhattan Office	$	176,880	$	156,970	$	694,263	$	617,074
Development / Redevelopment	1,111		1,458		3,551		6,347
High Street Retail	5,488		5,118		21,998		18,640
Suburban	1,358		1,447		6,009		6,291
Residential	4,322		4,045		13,337		12,183
Total Operating and Development	189,159		169,038		739,158		660,535
Alternative Strategy Portfolio	12,039		11,348		51,260		46,516
Property Dispositions (2)	1		1		533		533
Other (3)	6,703		6,930		10,834		11,742
Total	$	207,902	$	187,317	$	801,785	$	719,326

(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			20			Fourth Quarter 2025



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


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	136,021		$	141,561					$	137,907		$	550,317		$	557,422
	Escalation & reimbursement revenues	20,468			17,599						17,640			72,274			65,781
	Other income	1,385			3,276						620			7,505			7,976
	Total Revenues	$	157,874		$	162,436					$	156,167		$	630,096		$	631,179


Expenses
	Operating expenses	$	45,226		$	43,293					$	45,556		$	175,104		$	165,466
	Real estate taxes	35,284			35,234						33,735			138,803			135,572
	Operating lease rent	6,106			6,106						6,106			24,423			24,423
	Total Operating Expenses	$	86,616		$	84,633					$	85,397		$	338,330		$	325,461

	Operating Income	$	71,258		$	77,803					$	70,770		$	291,766		$	305,718

	Interest expense & amortization of financing costs	$	25,242		$	27,147					$	25,212		$	99,276		$	98,978
	Depreciation & amortization	51,800			52,940						52,830			210,478			203,029

	(Loss) income before noncontrolling interest	$	(5,784)		$	(2,284)					$	(7,272)		$	(17,988)		$	3,711
	Real estate depreciation & amortization	51,800			52,940						52,830			210,478			203,029
	FFO Contribution	$	46,016		$	50,656					$	45,558		$	192,490		$	206,740

	Non–building revenue	(656)			(500)						(296)			(1,773)			(1,514)

	Interest expense & amortization of financing costs	25,242			27,147						25,212			99,276			98,978
	Non-real estate depreciation	—			—						—			—			—
	NOI	$	70,602		$	77,303		(8.7)	%		$	70,474		$	289,993		$	304,204		(4.7)	%

Cash Adjustments
	Free rent (net of amortization)	$	(4,087)		$	(1,469)					$	(1,114)		$	(7,297)		$	(11,138)
	Straight-line revenue adjustment	2,158			2,471						2,069			10,508			7,654
	Amortization of acquired above and below-market leases, net	1,021			830						864			3,516			2,578
	Operating lease straight-line adjustment	204			204						204			815			815
	Straight-line tenant credit loss	272			(1,405)						3			(1,778)			684
	Cash NOI	$	70,170		$	77,934		(10.0)	%		$	72,500		$	295,757		$	304,797		(3.0)	%

	Lease termination income	(704)			(2,743)						(290)			(5,629)			(6,344)
	Cash NOI excluding lease termination income	$	69,466		$	75,191		(7.6)	%		$	72,210		$	290,128		$	298,453		(2.8)	%

Operating Margins
	NOI to real estate revenue, net	44.9		%	47.7		%				45.2		%	46.2		%	48.3		%
	Cash NOI to real estate revenue, net	44.6		%	48.1		%				46.5		%	47.1		%	48.4		%

	NOI before operating lease rent/real estate revenue, net	48.8		%	51.5		%				49.1		%	50.0		%	52.2		%
	Cash NOI before operating lease rent/real estate revenue, net	48.4		%	51.8		%				50.3		%	50.8		%	52.2		%


Supplemental Information			21			Fourth Quarter 2025



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


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	132,845		$	126,989					$	135,203		$	520,397		$	497,656
	Escalation & reimbursement revenues	33,146			31,558						30,367			122,791			115,960
	Other income	2,680			317						3,574			9,042			3,657
	Total Revenues	$	168,671		$	158,864					$	169,144		$	652,230		$	617,273


Expenses
	Operating expenses	$	32,193		$	29,786					$	31,952		$	123,760		$	114,169
	Real estate taxes	34,558			33,659						33,983			134,995			130,783
	Operating lease rent	108			108						108			433			433
	Total Operating Expenses	$	66,859		$	63,553					$	66,043		$	259,188		$	245,385

	Operating Income	$	101,812		$	95,311					$	103,101		$	393,042		$	371,888

	Interest expense & amortization of financing costs	$	64,110		$	57,589					$	60,107		$	238,226		$	234,630
	Depreciation & amortization	54,757			54,072						56,105			220,200			220,057

	Loss before noncontrolling interest	$	(17,055)		$	(16,350)					$	(13,111)		$	(65,384)		$	(82,799)
	Real estate depreciation & amortization	54,756			54,072						56,105			220,198			220,051
	FFO Contribution	$	37,701		$	37,722					$	42,994		$	154,814		$	137,252

	Non–building revenue	(544)			(312)						(384)			(1,478)			(1,130)

	Interest expense & amortization of financing costs	64,110			57,589						60,107			238,226			234,630
	Non-real estate depreciation	1			—						—			2			6
	NOI	$	101,268		$	94,999		6.6	%		$	102,717		$	391,564		$	370,758		5.6	%

Cash Adjustments
	Free rent (net of amortization)	$	(1,261)		$	1,368					$	2,368		$	6,230		$	5,897
	Straight-line revenue adjustment	(8,395)			(7,251)						(10,287)			(38,353)			(18,663)
	Amortization of acquired above and below-market leases, net	(6,328)			(6,393)						(6,268)			(24,826)			(24,405)
	Operating lease straight-line adjustment	—			—						—			—			—
	Straight-line tenant credit loss	—			—						—			(396)			3
	Cash NOI	$	85,284		$	82,723		3.1	%		$	88,530		$	334,219		$	333,590		0.2	%

	Lease termination income	(2,184)			—						(3,189)			(7,602)			(2,515)
	Cash NOI excluding lease termination income	$	83,100		$	82,723		0.5	%		$	85,341		$	326,617		$	331,075		(1.3)	%

Operating Margins
	NOI to real estate revenue, net	60.2		%	59.9		%				60.9		%	60.2		%	60.2		%
	Cash NOI to real estate revenue, net	50.7		%	52.2		%				52.5		%	51.4		%	54.1		%

	NOI before operating lease rent/real estate revenue, net	60.3		%	60.0		%				60.9		%	60.2		%	60.2		%
	Cash NOI before operating lease rent/real estate revenue, net	50.8		%	52.2		%				52.5		%	51.4		%	54.2		%


Supplemental Information			22			Fourth Quarter 2025



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


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	136,021		$	141,561					$	137,907		$	550,317		$	557,422
	Escalation & reimbursement revenues	20,468			17,599						17,640			72,274			65,781
	Other income	1,385			3,276						620			7,505			7,976
	Total Revenues	$	157,874		$	162,436					$	156,167		$	630,096		$	631,179

	Equity in net income (loss) from unconsolidated joint ventures (1)	$	(17,055)		$	(16,350)					$	(13,111)		$	(65,384)		$	(82,799)
Expenses
	Operating expenses	$	45,226		$	43,293					$	45,556		$	175,104		$	165,466
	Real estate taxes	35,284			35,234						33,735			138,803			135,572
	Operating lease rent	6,106			6,106						6,106			24,423			24,423
	Total Operating Expenses	$	86,616		$	84,633					$	85,397		$	338,330		$	325,461

	Operating Income	$	54,203		$	61,453					$	57,659		$	226,382		$	222,919

	Interest expense & amortization of financing costs	$	25,242		$	27,147					$	25,212		$	99,276		$	98,978
	Depreciation & amortization	51,800			52,940						52,830			210,478			203,029

	Loss before noncontrolling interest	$	(22,839)		$	(18,634)					$	(20,383)		$	(83,372)		$	(79,088)
	Real estate depreciation & amortization	51,800			52,940						52,830			210,478			203,029
	Joint Ventures Real estate depreciation & amortization (1)	54,756			54,072						56,105			220,198			220,051
	FFO Contribution	$	83,717		$	88,378					$	88,552		$	347,304		$	343,992

	Non–building revenue	(656)			(500)						(296)			(1,773)			(1,514)
	Joint Ventures Non–building revenue (1)	(544)			(312)						(384)			(1,478)			(1,130)

	Interest expense & amortization of financing costs	25,242			27,147						25,212			99,276			98,978
	Joint Ventures Interest expense & amortization of financing costs (1)	64,110			57,589						60,107			238,226			234,630
	Non-real estate depreciation	—			—						—			—			—
	Joint Ventures Non-real estate depreciation (1)	1			—						—			2			6
	NOI	$	171,870		$	172,302		(0.3)	%		$	173,191		$	681,557		$	674,962		1.0	%

Cash Adjustments
	Non-cash adjustments	$	(432)		$	631					$	2,026		$	5,764		$	593
	Joint Ventures non-cash adjustments (1)	(15,984)			(12,276)						(14,187)			(57,345)			(37,168)
	Cash NOI	$	155,454		$	160,657		(3.2)	%		$	161,030		$	629,976		$	638,387		(1.3)	%

	Lease termination income	$	(704)		$	(2,743)					$	(290)		$	(5,629)		$	(6,344)
	Joint Ventures lease termination income (1)	(2,184)			—						(3,189)			(7,602)			(2,515)
	Cash NOI excluding lease termination income	$	152,566		$	157,914		(3.4)	%		$	157,551		$	616,745		$	629,528		(2.0)	%

Operating Margins
	NOI to real estate revenue, net	52.8		%	53.8		%				53.4		%	53.3		%	54.2		%
	Cash NOI to real estate revenue, net	47.8		%	50.1		%				49.6		%	49.3		%	51.2		%

	NOI before operating lease rent/real estate revenue, net	54.7		%	55.7		%				55.3		%	55.2		%	56.2		%
	Cash NOI before operating lease rent/real estate revenue, net	49.6		%	52.0		%				51.5		%	51.1		%	53.2		%


(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			23			Fourth Quarter 2025



DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)


					Principal					2026		Current	Final		Principal
			Ownership		Outstanding					Principal		Maturity	Maturity		Due at
Fixed rate debt			Interest (%)		12/31/2025		Coupon (1)			Amortization		Date	Date (2)		Final Maturity
Secured fixed rate debt
	10 East 53rd Street (swapped)			100.0	$	204,550		5.37%		$	—	May-26	May-28	(3)	$	204,550
	185 Broadway / 7 Dey Street			100.0	190,149			6.35%		—		Nov-26	Nov-26		190,149
	100 Church Street (swapped)			100.0	365,000			5.89%		—		Dec-26	Jun-28		365,000
	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
	315 W 33rd St (The Olivia) (4)			100.0	250,000			4.24%		—		Feb-27	Feb-27		250,000
	500 Park Avenue (swapped)			100.0	80,000			6.57%		—		Jan-28	Jan-30		80,000
	800 Third Avenue (swapped)			100.0	177,000			3.37%		—		Feb-29	Feb-31		177,000
	420 Lexington Avenue			100.0	258,523			8.24%		—		Oct-40	Oct-40		258,523






					$	2,075,222		5.38%		$	—				$	2,075,222
Unsecured fixed rate debt
	Term Loan B (swapped)				$	100,000		4.56%		$	—	May-26	Nov-26	(3)	$	100,000
	Revolving credit facility (swapped)				353,228			4.97%	(5)	—		May-26	May-27	(3)	353,228
	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











					$	1,603,228		4.68%		$	—				$	1,603,228

		Total Fixed Rate Debt			$	3,678,450		5.08%		$	—				$	3,678,450
Floating rate debt

























Unsecured floating rate debt
	Revolving credit facility (SOFR + 149 bps)			100.0	$	286,772		5.18%				May-26	May-27	(3)	$	286,772
	Debt fund subscription line (SOFR + 220 bps)			100.0	79,277		(6)	6.07%				Aug-27	Aug-28		79,277









					$	366,049		5.37%		$	—				$	366,049

		Total Floating Rate Debt			$	366,049		5.37%		$	—				$	366,049

		Consolidated Debt			$	4,044,499		5.10%

		Total Debt - Consolidated			$	4,044,499		5.10%		$	—				$	4,044,499


		Deferred financing costs			(13,063)
		Total Debt - Consolidated, net			$	4,031,436		5.10%

		Total Debt - Unconsolidated JV, net			$	5,846,722		4.66%

Debt including SLG share of JV Debt					$	9,463,266		4.85%
Alternative Strategy Portfolio Debt including SLG share of JV Debt					$	478,431		4.66%
Total Debt including SLG share of JV Debt					$	9,941,697		4.84%

Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt					$	10,042,411		4.85%

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.69%. Coupon for loans that are subject to alternative SOFR rates, SOFR floors, interest rate caps or interest rate swaps were determined using the alternative SOFR rates, 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) The Company has a preferred equity investment in this property. The debt is consolidated for accounting purposes.
(5) Represents a blended swapped rate inclusive of multiple swaps.
(6) The Fund has access to a subscription line of credit with a maximum commitment of $100 million as of December 31, 2025, secured by investor capital commitments. The facility is used to fund acquisitions prior to capital calls and is repaid through capital contributions. The subscription line of credit is non-recourse to the Company.


Supplemental Information			24			Fourth Quarter 2025



DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)


				Principal Outstanding							2026 Principal		Current		Final		Principal Due at
			Ownership	12/31/2025						Amortization			Maturity		Maturity		Final Maturity
Fixed rate debt			Interest (%)	Gross Principal		SLG Share		Coupon (1)			(SLG Share)		Date		Date (2)		(SLG Share)
	15 Beekman		20.0	$	120,000	$	24,000		5.99%		$	—	Jan-26	(3)	Jan-28		$	24,000
	1515 Broadway		56.9	718,949		408,859			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
	450 Park Avenue (swapped)		25.1	68,678		68,678			6.57%	(4)	—		Jun-26		Jun-27		68,678
	245 Park Avenue		50.1	1,768,000		885,768			4.30%		—		Jun-27		Jun-27		885,768
	One Madison Avenue (swapped)		25.5	296,772		296,772			7.09%	(4)	—		Nov-27		Nov-27		296,772
	220 East 42nd		51.0	496,412		253,170			6.77%		—		Dec-27		Dec-27		253,170
	11 Madison Avenue		60.0	1,400,000		840,000			5.59%	(5)	—		Oct-30		Oct-30		840,000
	100 Park Avenue		50.8	382,872		194,499			5.73%		—		Jan-28		Jan-29		194,499
	One Vanderbilt Avenue		55.0	3,000,000		1,650,300			2.95%		—		Jul-31		Jul-31		1,650,300










				$	9,826,683	$	5,414,546		4.65%	(6)	$	11,975					$	5,385,719
	Alternative strategy portfolio
	650 Fifth Avenue		50.0	$	65,000	$	32,500		5.45%		$	—	Jan-26		Jul-26		$	32,500
	115 Spring Street		51.0	65,550		33,431			5.50%		—		Mar-26		Mar-26		33,431
	Worldwide Plaza		25.1	1,200,000		300,600			3.98%		—		Nov-27		Nov-27		300,600












				$	1,330,550	$	366,531		4.25%	(6)	$	—					$	366,531

	Total Fixed Rate Debt			$	11,157,233	$	5,781,077		4.63%	(6)	$	11,975					$	5,752,250
Floating rate debt
	450 Park Avenue (SOFR + 210 bps)		25.1	$	221,757	$	4,221		5.79%		$	—	Jun-26		Jun-27		$	4,221
	One Madison Avenue (SOFR + 260 bps)		25.5	867,042		—			6.29%				Nov-27		Nov-27		—











				$	1,088,799	$	4,221		5.79%	(6)	$	—					$	4,221
	Alternative strategy portfolio
	11 West 34th Street (LIBOR + 145 bps)		30.0	$	23,000	$	6,900		6.67%	(7)	—		Feb-23	(8)	Feb-23	(8)	$	6,900
	650 Fifth Avenue (SOFR + 225 bps)		50.0	210,000		105,000			5.94%		—		Jul-26		Jul-26		105,000













				$	233,000	$	111,900		5.98%	(6)	$	—					$	111,900

	Total Floating Rate Debt			$	1,321,799	$	116,121		5.98%	(6)	$	—					$	116,121

	Unconsolidated JV Debt			$	10,915,482	$	5,418,767		4.66%	(6)
	Alternative Strategy Portfolio Debt			$	1,563,550	$	478,431		4.66%	(6)
	Total Debt - Unconsolidated JV			$	12,479,032	$	5,897,198		4.66%	(6)	$	11,975					$	5,868,371
		Deferred financing costs		(100,882)		(50,476)
	Total Debt - Unconsolidated JV, net			$	12,378,150	$	5,846,722		4.66%	(6)

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.69%. Coupon for loans that are subject to alternative SOFR rates, SOFR floors, interest rate caps or interest rate swaps were determined using the alternative SOFR rates, 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) In January 2026, the loan was extended to the final maturity of January 2028.
(4) Coupon reflects interest rate swaps executed at the corporate level for SLG’s share of the outstanding debt.
(5) Coupon reflects interest rate lock executed at the corporate level for SLG’s share of the outstanding debt.
(6) Calculated based on SL Green's share of the outstanding debt.
(7) The coupon rate is based on the last available LIBOR on June 30, 2023.
(8) The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.


Supplemental Information			25			Fourth 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	$	3,678,450		$	—		$	3,678,450
	SLG Share of JV	5,414,546			366,531			5,781,077
	Total Fixed Rate Debt	$	9,092,996	96.1%	$	366,531	76.6%	$	9,459,527	95.2%

Floating Rate Debt
	Consolidated	$	366,049		$	—		$	366,049
	SLG Share of JV	4,221			111,900			116,121
		370,270		3.9%	111,900		23.4%	482,170		4.8%
	Debt & Preferred Equity and CMBS Investments	(128,619)		(1.4)%	—		—%	(128,619)		(1.3)%
	Total Floating Rate Debt	$	241,651	2.6%	$	111,900	23.4%	$	353,551	3.6%

	Total Debt	$	9,463,266		$	478,431		$	9,941,697

Revolving Credit Facility Covenants (1)

Actual

Required

Total Debt / Total Assets

44.4%

Less than 60%

Consolidated Fixed Charge Coverage

1.89x

Greater than 1.40x

Maximum Secured Indebtedness

25.2%

Less than 50%

Maximum Unencumbered Leverage Ratio

39.6%

Less than 60%

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


Supplemental Information			26			Fourth Quarter 2025



DERIVATIVE SUMMARY SCHEDULE Unaudited (Dollars in Thousands)



Consolidated Interest Rate Derivatives
			Ownership	Notional Value	Fair Value
Secured Debt			Interest (%)	12/31/2025	12/31/2025		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
800 Third Avenue			100.0	$177,000	$486		Swap	1.55	%	December 2022	February 2026

185 Broadway			100.0	$190,148	193		Cap	3.50	%	November 2025	November 2026

100 Church Street			100.0	$370,000	(3,076)		Swap	3.89	%	November 2022	June 2027

SLGOP – 450 Park Avenue			100.0	$68,678	(1,167)	(2)	Swap	4.47	%	August 2024	June 2027

SLGOP – One Madison Avenue			100.0	$300,000	(6,521)	(2)	Swap	4.49	%	November 2024	November 2027

500 Park Avenue			100.0	$80,000	(1,429)		Swap	4.17	%	February 2025	February 2028

10 East 53rd Street			55.0	$204,550	(2,866)		Swap	3.92	%	February 2025	May 2028

	Subtotal				$(14,380)

Unsecured Debt
Term Loan A			100.0	$150,000	$5		Swap	2.62	%	December 2021	January 2026
Term Loan A			100.0	200,000	1,660		Swap	2.59	%	February 2023	February 2027
Term Loan A			100.0	100,000	494		Swap	2.90	%	February 2023	February 2027
Term Loan A			100.0	100,000	677		Swap	2.73	%	February 2023	February 2027
Term Loan A			100.0	50,000	484		Swap	2.46	%	February 2023	February 2027
Term Loan A			100.0	300,000	1,777		Swap	2.87	%	July 2023	May 2027
Term Loan A			100.0	150,000	(426)		Swap	3.52	%	January 2024	May 2027

Term Loan B & Revolving Credit Facility			100.0	$200,000	7		Swap	2.66	%	December 2021	January 2026

Revolving Credit Facility			100.0	$125,000	(346)		Swap	3.67	%	August 2024	December 2026
Revolving Credit Facility			100.0	125,000	(353)		Swap	3.67	%	August 2024	December 2026

Junior subordinated deferrable interest debentures			100.0	$100,000	(953)		Swap	3.76	%	January 2023	January 2028

Forward-starting Derivatives
SLGOP – 100 Church Street			100.0	$357,500	$887		Swap	2.98	%	June 2027	June 2028
800 Third Avenue			100.0	177,000	(222)		Swap	3.33	%	February 2026	February 2029

	Subtotal				$3,691

Unconsolidated JV Interest Rate Derivatives
		Notional Value		Fair Value
	Ownership	12/31/2025		12/31/2025
Secured Debt	Interest (%)	Gross	SLG Share	Gross	SLG Share		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
One Madison Avenue	25.5	$703,686	$179,440	$—	$—		Cap	4.00	%	November 2025	January 2026



919 Third Avenue	51.0	$250,000	$127,500	$27	$14		Swap	3.61	%	April 2023	February 2026
919 Third Avenue	51.0	250,000	127,500	27	14		Swap	3.61	%	April 2023	February 2026

280 Park Avenue	50.0	$537,500	$268,750	$(10,962)	$(5,481)		Swap	4.07	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(5,276)	(2,638)		Swap	4.04	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(5,408)	(2,704)		Swap	4.06	%	July 2024	September 2028

Subtotal				$(21,592)	$(10,795)

Total, SLG Share					$(21,484)

(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			27			Fourth Quarter 2025



SUMMARY OF LEASE LIABILITIES Unaudited (Dollars in Thousands)


			Scheduled Cash Payment (1)												Lease			Year of Final
Property			2026			2027			2028			2029			Liabilities (2)			Expiration (3)

Consolidated Lease Liabilities (SLG Share)

Operating Leases
1185 Avenue of the Americas			$	6,909		$	6,909		$	6,909		$	6,909		$	80,667		2043
SL Green Headquarters at One Vanderbilt			2,756		(4)	2,762		(4)	2,971		(4)	3,075		(4)	86,283			2048
SUMMIT One Vanderbilt			11,353		(4)	11,270		(4)	11,293		(4)	11,293		(4)	434,696			2070
420 Lexington Avenue			11,199			11,199			11,199			11,199			168,362			2080
711 Third Avenue			5,500		(5)	5,500		(5)	5,500		(5)	5,500		(5)	35,184		(5)	2083
Total			$	37,717		$	37,640		$	37,872		$	37,976		$	805,192

Financing Leases
15 Beekman			$	3,276		$	3,325		$	3,375		$	3,426		$	108,183		2119	(6)
Total			$	3,276		$	3,325		$	3,375		$	3,426		$	108,183

	SLG		Scheduled Cash Payment (1)												Lease			Year of Final
Property	Interest (%)		2026			2027			2028			2029			Liabilities (2)			Expiration (3)

Unconsolidated Joint Venture Lease Liabilities (SLG Share)

Operating Leases
Equinox Studio City (7)		66.7	$	1,227		$	1,387		$	1,387		$	925		$	4,719		2029

Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6)		50.0	$	1,802		$	1,935		$	1,935		$	1,935		$	12,473		2053
650 Fifth Avenue (Floors b-3)		50.0	1,571			1,585			1,605			1,726			32,041			2062


Total			$	4,600		$	4,907		$	4,927		$	4,586		$	49,233

Financing Leases
One Vanderbilt Avenue Garage		55.0	$	165		$	167		$	168		$	170		$	2,686		2069
885 Third Avenue		34.1	817			817			817			817			15,855			2119
1560 Broadway Signage		50.0	825			825			825			825			11,655			2073

Alternative strategy portfolio
650 Fifth Avenue (Floors b-3)		50.0	$	7,364		$	7,364		$	7,464		$	8,101		$	105,354		2062
2 Herald Square		95.0	14,978			15,353			—			—			398,193			2077	(6)

Total			$	24,149		$	24,526		$	9,274		$	9,913		$	533,743

(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 December 31, 2025.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 55.0% 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			28			Fourth 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)

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%

Debt investment originations/fundings/accretion	(4)		1,010
Preferred Equity investment originations/accretion	(4)		—
Joint venture investment originations/accretion/amortization	(4)		4,872
Redemptions/Sales/Syndications/Equity Ownership/Amortization			(3,214)
Reserves/Realized Losses			(14,831)
6/30/2025			$	525,423		$	531,634		6.83%		6.97%

Debt investment originations/fundings/accretion	(4)		682
Preferred Equity investment originations/accretion	(4)		—
Joint venture investment originations/accretion/amortization	(4)		3,538
Redemptions/Sales/Syndications/Equity Ownership/Amortization			(254,508)
Reserves/Realized Losses			14,531
9/30/2025			$	289,666		$	411,959		8.02%		8.77%

Debt investment originations/fundings/accretion	(4)		196
Preferred Equity investment originations/accretion	(4)		—
Joint venture investment originations/accretion/amortization	(4)		—
Redemptions/Sales/Syndications/Equity Ownership/Amortization			(121,504)
Reserves/Realized Losses			—
12/31/2025			$	168,358		$	190,052		4.98%		5.02%

(1) Net of unamortized fees, discounts, premiums.
(2) Excludes loan loss reserves and accelerated fee income resulting from early repayment, if any.
(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			29			Fourth 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	$	127,872	$	40,486	$	168,358	$	713,528		$	628		4.98%		5.02%





Balance as of 12/31/2025	$	127,872	$	40,486	$	168,358


	Debt and Preferred Equity Maturity Profile
	2026		2027		2028		2029		2030 & Thereafter
Floating Rate	$	127,872	$	—	$	—	$	—	$	—
Fixed Rate	—		20,486		—		20,000		—
Sub-total	$	127,872	$	20,486	$	—	$	20,000	$	—

(1) Net of loan loss reserves.

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

(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			30			Fourth Quarter 2025



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


							December 31, 2025						September 30, 2025				Annualized Contractual Cash Rent		Total Tenants
	Ownership				% of Total		Occupancy %						Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		Leased (2)		Occupied (3)		Economic (4)		Leased (2)		Occupied (3)		($'s)	SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	100.0	Plaza District	Fee Interest	354,300	1.5		95.5		94.1		91.8		97.5		96.1		$32,962	$32,962	36
100 Church Street	100.0	Downtown	Fee Interest	1,047,500	4.5		93.5		93.1		93.1		93.1		93.1		47,345	47,345	17
110 Greene Street	100.0	Soho	Fee Interest	223,600	1.0		94.7		92.7		91.9		94.2		90.2		19,409	19,409	52
125 Park Avenue	100.0	Grand Central	Fee Interest	604,245	2.6		99.2		98.0		96.8		98.7		98.3		47,292	47,292	23
304 Park Avenue South	100.0	Midtown South	Fee Interest	215,000	0.9		91.9		91.9		91.9		91.9		91.9		18,083	18,083	6
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1,188,000	5.1		92.8		90.5		90.4		91.6		90.5		88,882	88,882	174
461 Fifth Avenue	100.0	Midtown	Fee Interest	200,000	0.9		90.2		85.0		77.4		90.2		81.7		15,100	15,100	19
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	921,000	3.9		79.7		77.8		77.8		79.7		77.8		48,339	48,339	37
555 West 57th Street	100.0	Midtown West	Fee Interest	941,000	4.0		77.2		77.2		77.2		77.2		77.2		47,469	47,469	11
711 Third Avenue	100.0 (5)	Grand Central North	Leasehold Interest (5)	524,000	2.2		77.0		70.8		70.8		72.6		70.8		25,770	25,770	17
800 Third Avenue	100.0	Grand Central North	Fee Interest	526,000	2.3		90.0		84.3		83.8		86.4		83.8		31,762	31,762	42
810 Seventh Avenue	100.0	Times Square	Fee Interest	692,000	3.0		89.2		87.2		84.4		89.6		84.8		43,883	43,883	47
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	218,796	0.9		84.5		81.5		74.6		81.2		78.3		11,655	11,655	15
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1,062,000	4.5		89.0		74.5		67.2		91.6		88.4		61,554	61,554	23
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	562,000	2.4		80.7		75.5		75.1		80.1		75.5		34,406	34,406	42



















Subtotal / Weighted Average				9,279,441	39.7	%	87.8	%	84.1	%	82.5	%	87.4	%	85.4	%	$573,911	$573,911	561

"Non Same Store"
500 Park Avenue	100.0	Park Avenue	Fee Interest	201,411	0.9		90.7		90.7		90.7		90.7		90.7		$17,106	$17,106	12












Subtotal / Weighted Average				201,411	0.9	%	90.7	%	90.7	%	90.7	%	90.7	%	90.7	%	$17,106	$17,106	12

Total / Weighted Average Consolidated Properties				9,480,852	40.6	%	87.9	%	84.2	%	82.7	%	87.5	%	85.5	%	$591,017	$591,017	573


UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue	55.0	Grand Central	Fee Interest	1,657,198	7.1		100.0		100.0		100.0		100.0		100.0		$290,850	$159,968	41
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	2,314,000	10.0		93.0		93.0		87.9		93.0		93.0		167,376	100,426	8
100 Park Avenue	50.8	Grand Central South	Fee Interest	834,000	3.6		97.1		96.8		67.2		96.7		95.5		62,517	31,758	38
220 East 42nd Street	51.0	Grand Central	Fee Interest	1,135,000	4.9		94.0		93.5		93.1		94.1		93.1		72,455	36,952	34
280 Park Avenue	50.0	Park Avenue	Fee Interest	1,219,158	5.2		94.2		90.5		90.4		93.5		90.3		129,171	64,585	34
450 Park Avenue	25.1	Park Avenue	Fee Interest	337,000	1.4		93.9		90.7		90.7		100.0		96.8		39,140	9,824	26
919 Third Avenue	51.0	Grand Central North	Fee Interest	1,454,000	6.2		99.8		95.5		84.2		99.7		95.5		101,182	51,603	11
1515 Broadway	56.9	Times Square	Fee Interest	1,750,000	7.5		99.7		99.7		99.7		99.7		99.7		142,218	80,922	7










Added to Same Store in 2025
245 Park Avenue	50.1	Park Avenue	Fee Interest	1,782,793	7.6		97.8		94.8		86.4		92.2		91.5		179,023	89,691	14












Subtotal / Weighted Average				12,483,149	53.5	%	96.8	%	95.4	%	89.9	%	96.1	%	95.0	%	$1,183,932	$625,729	213

"Non Same Store"
One Madison Avenue	25.5	Park Avenue South	Fee Interest	1,385,484	5.9		93.3		79.9		64.7		84.5		79.8		$130,694	$33,327	16












Subtotal / Weighted Average				1,385,484	5.9	%	93.3	%	79.9	%	64.7	%	84.5	%	79.8	%	$130,694	$33,327	16

Total / Weighted Average Unconsolidated Properties				13,868,633	59.4	%	96.5	%	93.9	%	87.4	%	95.0	%	93.4	%	$1,314,626	$659,056	229

Manhattan Operating Properties Grand Total / Weighted Average				23,349,485	100.0	%	93.0	%	90.0	%	85.5	%	91.9	%	90.2	%	$1,905,643	$1,250,073	802

Manhattan Operating Properties Same Store Occupancy %				21,762,590	93.2	%	93.0	%	90.6	%	86.7	%	92.4	%	90.9	%

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


Supplemental Information			31			Fourth Quarter 2025



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


								December 31, 2025				September 30, 2025				Annualized Contractual Cash Rent			Total Tenants
	Ownership				% of Total			Occupancy %				Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet			Leased (2)		Occupied (3)		Leased (2)		Occupied (3)		($'s)	SLG Share ($'s)

RETAIL PROPERTIES
"Same Store" Retail


















Added to Same Store in 2025
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	7.2			100.0		100.0		100.0		100.0		$18,554	$18,554		1










Subtotal/Weighted Average				22,648	7.2	%		100.0	%	100.0	%	100.0	%	100.0	%	$18,554	$18,554		1

"Non Same Store" Retail
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	270,132	86.2			82.4		82.4		N/A		N/A		$13,563	$13,563		8
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,848	2.5			100.0		100.0		100.0		100.0		4,505	4,054		1
1552 Broadway/1560 Broadway Signage	50.0	Times Square	Fee / Leasehold Interest	12,719	4.1			100.0		100.0		100.0		100.0		4,200	2,100	(4)	1










Subtotal/Weighted Average				290,699	92.8	%		83.6	%	83.6	%	100.0	%	100.0	%	$22,268	$19,717		10

Total / Weighted Average Retail Properties				313,347	100.0	%		84.8	%	84.8	%	100.0	%	100.0	%	$40,822	$38,271		11



								December 31, 2025				September 30, 2025				Annualized Contractual Cash Rent			Average Monthly Rent Per Occupied Unit
	Ownership				Total			Occupancy %				Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Units			Leased (2)		Occupied (3)		Leased (2)		Occupied (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			99.5		98.6		98.6		98.1		$12,506	$12,506		$5,059
15 Beekman Street	20.0	Downtown	Leasehold Interest	221,884	484		(5)	100.0		100.0		100.0		100.0		14,155	2,831		N/A









Subtotal/Weighted Average				362,266	693			99.8	%	99.6	%	99.6	%	99.4	%	$26,661	$15,337		$5,059

"Non Same Store" Residential
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	222,855	333			96.4		92.2		N/A		N/A		$18,676	$18,676		$5,070











Subtotal/Weighted Average				222,855	333			96.4	%	92.2	%	—	%	—	%	$18,676	$18,676		$5,070

Total / Weighted Average Residential Properties				585,121	1,026			98.7	%	97.2	%	99.6	%	99.4	%	$45,337	$34,013		$5,065



								December 31, 2025				September 30, 2025				Annualized Contractual Cash Rent			Total Tenants
	Ownership				% of Total			Occupancy %				Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet			Leased (2)		Occupied (3)		Leased (2)		Occupied (3)		($'s)	SLG Share ($'s)


"Same Store" Suburban
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	732,800	100.0			79.4		79.0		80.1		79.7		$15,706	$15,706		83






















Subtotal/Weighted Average				732,800	100.0	%		79.4	%	79.0	%	80.1	%	79.7	%	$15,706	$15,706		83

Total / Weighted Average Suburban Properties				732,800	100.0	%		79.4	%	79.0	%	80.1	%	79.7	%	$15,706	$15,706		83

(1) Represents the rentable square footage at the time the property was acquired.
(2) Inclusive of leases signed but not yet commenced.
(3) Based on commenced leases. For GAAP purposes revenue may not yet be recognized for certain commenced leases.
(4) Reflects the contractual rent for 1552 Broadway.
(5) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.


Supplemental Information			32			Fourth Quarter 2025



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


							December 31, 2025				September 30, 2025				Annualized Contractual Cash Rent		Real Estate Book Value, Net	Total Tenants
	Ownership				% of Total		Occupancy %				Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		Leased (2)		Occupied (3)		Leased (2)		Occupied (3)		($'s)	SLG Share ($'s)

Development / Redevelopment
3 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	130,000	10.4		7.4		7.4		7.4		7.4		$370	$370	$18,776	4
19 East 65th Street	100.0	Plaza District	Fee Interest	14,639	1.2		—		—		—		—		—	—	21,634	—
185 Broadway	100.0	Lower Manhattan	Fee Interest	50,206	4.0		34.5		34.5		34.5		34.5		3,506	3,506	48,091	4
346 Madison Avenue	100.0	Grand Central	Fee Interest	275,138	22.0		40.4		40.4		N/A		N/A		5,495	5,495	164,058	28
750 Third Avenue	100.0	Grand Central North	Fee Interest	780,000	62.4		4.8		4.9		4.9		4.9		3,675	3,675	349,375	5










Total / Weighted Average Development / Redevelopment Properties				1,249,983	100.0	%	14.1	%	14.1	%	6.7	%	6.7	%	$13,046	$13,046	$601,934	41
















							December 31, 2025				September 30, 2025				Annualized Contractual Cash Rent		Investment Carrying Value, Net	Total Tenants
	Ownership				% of Total		Occupancy %				Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		Leased (2)		Occupied (3)		Leased (2)		Occupied (3)		($'s)	SLG Share ($'s)

Alternative Strategy Portfolio
2 Herald Square	95.0	Herald Square	Leasehold Interest	369,000	14.7		34.5		34.5		34.5		34.5		$26,222	$24,911	$104,164	5
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	17,150	0.7		100.0		100.0		100.0		100.0		3,680	1,104	—	1
115 Spring Street	51.0	Soho	Fee Interest	5,218	0.2		100.0		100.0		100.0		100.0		4,202	2,143	—	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214	2.8		100.0		100.0		100.0		100.0		42,574	21,287	(93,304)	1
Worldwide Plaza	25.1	Westside	Fee Interest	2,048,725	81.6		61.9		61.9		61.9		61.7		76,538	19,173	16,014	21












Total / Weighted Average Alternative Strategy Portfolio Properties				2,509,307	100.0	%	59.3	%	59.3	%	59.3	%	59.1	%	$153,216	$68,618	$26,874	29

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


Supplemental Information			33			Fourth Quarter 2025



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


							December 31, 2025				September 30, 2025				Annualized Contractual Cash Rent		Total Tenants
	Ownership				% of Total		Occupancy %				Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		Leased (2)		Occupied (3)		Leased (2)		Occupied (3)		($'s)	SLG Share ($'s)

HIGH STREET RETAIL - Consolidated Properties
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	159,343	10.9		69.5		69.5		N/A		N/A		$9,449	$9,449	7
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,944	0.5		100.0		100.0		100.0		100.0		4,504	4,054	1
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	1.6		100.0		100.0		100.0		100.0		18,554	18,554	1










Subtotal / Weighted Average				189,935	13.0	%	74.4	%	74.4	%	100.0	%	100.0	%	$32,507	$32,057	9

HIGH STREET RETAIL - Unconsolidated Properties
1552 Broadway/1560 Broadway Signage	50.0	Times Square	Fee / Leasehold Interest	12,719	0.9		100.0		100.0		100.0		100.0		$4,200	$2,100	1

















Subtotal / Weighted Average				12,719	0.9	%	100.0	%	100.0	%	100.0	%	100.0	%	$4,200	$2,100	1

Total / Weighted Average High Street Retail				202,654	13.9	%	76.1	%	76.1	%	100.0	%	100.0	%	$36,707	$34,157	10

OTHER RETAIL - Consolidated Properties
10 East 53rd Street	100.0	Plaza District	Fee Interest	38,657	2.7		100.0		100.0		100.0		100.0		$4,201	$4,201	3
100 Church Street	100.0	Downtown	Fee Interest	61,708	4.4		100.0		100.0		100.0		100.0		4,448	4,448	10
110 Greene Street	100.0	Soho	Fee Interest	16,121	1.1		100.0		100.0		100.0		100.0		4,749	4,749	3
125 Park Avenue	100.0	Grand Central	Fee Interest	32,124	2.2		100.0		80.6		47.0		47.0		2,179	2,179	6
185 Broadway	100.0	Lower Manhattan	Fee Interest	16,413	1.1		100.0		100.0		100.0		100.0		3,506	3,506	4
304 Park Avenue South	100.0	Midtown South	Fee Interest	25,330	1.7		100.0		100.0		100.0		100.0		3,857	3,857	5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	54,026	3.7		100.0		100.0		100.0		100.0		5,394	5,394	6
461 Fifth Avenue	100.0	Midtown	Fee Interest	16,149	1.1		100.0		100.0		100.0		100.0		1,104	1,104	2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	41,701	2.9		68.5		68.5		68.5		68.5		4,453	4,453	7
500 Park Avenue	100.0	Park Avenue	Fee Interest	11,976	0.8		100.0		100.0		100.0		100.0		1,257	1,257	3
555 West 57th Street	100.0	Midtown West	Fee Interest	53,186	3.6		100.0		100.0		100.0		100.0		3,174	3,174	2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	25,639	1.8		83.5		83.5		83.5		83.5		2,365	2,365	2
750 Third Avenue (4)	100.0	Grand Central North	Fee Interest	24,827	1.7		42.3		42.3		47.5		47.5		1,598	1,598	3
800 Third Avenue	100.0	Grand Central North	Fee Interest	9,900	0.7		100.0		100.0		100.0		100.0		987	987	2
810 Seventh Avenue	100.0	Times Square	Fee Interest	18,207	1.2		98.6		98.6		98.6		98.6		4,414	4,414	3
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	9,140	0.6		100.0		100.0		100.0		100.0		557	557	2
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	54,273	3.7		96.1		96.1		96.1		94.6		3,426	3,426	5
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	17,797	1.2		100.0		100.0		100.0		100.0		2,861	2,861	6









Subtotal / Weighted Average				527,174	36.2	%	93.5	%	92.4	%	90.6	%	90.4	%	$54,530	$54,530	74

OTHER RETAIL - Unconsolidated Properties
One Madison Avenue	25.5	Park Avenue South	Fee Interest	109,893	7.5		100.0		100.0		100.0		98.2		$5,977	$1,524	8
One Vanderbilt Avenue	55.0	Grand Central	Fee Interest	34,885	2.4		100.0		100.0		100.0		100.0		5,937	3,265	7
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	37,325	2.6		100.0		100.0		100.0		100.0		3,878	2,327	3
100 Park Avenue	50.8	Grand Central South	Fee Interest	38,556	2.6		100.0		100.0		100.0		100.0		3,407	1,731	7
220 East 42nd Street	51.0	Grand Central	Fee Interest	33,866	2.3		81.0		81.0		81.0		81.0		1,957	998	4
245 Park Avenue	50.1	Park Avenue	Fee Interest	31,014	2.1		93.5		57.0		93.5		57.0		1,163	583	2
280 Park Avenue	50.0	Park Avenue	Fee Interest	28,219	1.9		100.0		100.0		100.0		100.0		1,673	837	3
450 Park Avenue	25.1	Park Avenue	Fee Interest	6,317	0.4		100.0		100.0		100.0		100.0		1,845	463	1
919 Third Avenue	51.0	Grand Central North	Fee Interest	29,441	2.0		100.0		100.0		100.0		100.0		3,936	2,007	4
1515 Broadway	56.9	Times Square	Fee Interest	182,011	12.6		99.8		99.8		99.8		99.8		32,657	18,581	7















Subtotal / Weighted Average				531,527	36.4	%	98.3	%	96.2	%	98.3	%	95.8	%	$62,430	$32,316	46

Total / Weighted Average Other Retail				1,058,701	72.6	%	95.9	%	94.3	%	94.5	%	93.1	%	$116,960	$86,846	120

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


Supplemental Information			34			Fourth Quarter 2025



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


								December 31, 2025				September 30, 2025				Annualized Contractual Cash Rent		Total Tenants
	Ownership					% of Total		Occupancy %				Occupancy %
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)		Sq. Feet		Leased (2)		Occupied (3)		Leased (2)		Occupied (3)		($'s)	SLG Share ($'s)


















ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square	95.0	Herald Square	Leasehold Interest	94,531		6.5		40.6		40.6		40.6		40.6		$15,118	$14,363	3
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	17,150		1.2		100.0		100.0		100.0		100.0		3,680	1,104	1
115 Spring Street	51.0	Soho	Fee Interest	5,218		0.4		100.0		100.0		100.0		100.0		4,202	2,143	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214		4.7		100.0		100.0		100.0		100.0		42,574	21,287	1
Worldwide Plaza	25.1	Westside	Fee Interest	10,592	(4)	0.7		84.9		84.9		84.9		84.9		1,251	313	7














Subtotal / Weighted Average				196,705		13.5	%	70.6	%	70.6	%	70.6	%	70.6	%	$66,825	$39,210	13

Total / Weighted Average Alternative Strategy Portfolio				196,705		13.5	%	70.6	%	70.6	%	70.6	%	70.6	%	$66,825	$39,210	13


Retail Grand Total / Weighted Average				1,458,060		100.0	%	89.8	%	88.6	%	91.0	%	90.0	%	$220,492	$160,213	143


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


Supplemental Information			35			Fourth 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	1,604,544	$109,553	$62,335	4.4%	$68.28
	555 West 57th Street	100.0	Apr 2029	186,266	10,998	10,998	0.8%	59.04
	1515 Broadway	56.9	Mar 2028	9,106	2,219	1,263	0.1%	243.73
				1,799,916	$122,770	$74,596	5.3%	$68.21		BBB-

UBS Americas, Inc.	11 Madison Avenue	60.0	May 2037	1,184,489	$80,929	$48,558	3.4%	$68.32		A+
Bloomberg L.P.	919 Third Avenue	51.0	Feb 2040	926,156	$63,990	$32,635	2.3%	$69.09
Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791	$53,094	$31,857	2.2%	$91.73		A

McDermott Will & Emery LLP	One Vanderbilt Avenue	55.0	Dec 2042	169,586	$31,538	$17,346	1.2%	$185.97
	919 Third Avenue	51.0	Jun 2036	281,651	20,945	10,682	0.8%	74.36
	420 Lexington Avenue	100.0	Oct 2026	10,043	641	641	—	63.82
				461,280	$53,124	$28,669	2.0%	$115.17

Societe Generale	245 Park Avenue	50.1	Oct 2032	520,831	$50,120	$25,110	1.8%	$96.23		A
The City of New York	100 Church Street	100.0	Mar 2034	510,007	$22,925	$22,925	1.6%	$44.95		Aa2

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	344,873	$22,097	$22,097	1.6%	$64.07
	420 Lexington Avenue	100.0	Jan 2027	7,537	454	454	—	60.20
				352,410	$22,551	$22,551	1.6%	$63.99	(5)	A1


Nike Retail Services, Inc.	650 Fifth Avenue	50.0	Jan 2033	69,214	$42,574	$21,287	1.5%	$615.10		A+

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	174,069	$14,225	$14,226	1.0%	$81.73
	11 Madison Avenue	60.0	Sep 2030	104,618	11,370	6,822	0.5%	$108.68
				278,687	$25,595	$21,048	1.5%	$91.84

Franklin Templeton Companies LLC	One Madison Avenue	25.5	May 2040	354,976	$48,970	$12,977	0.9%	$137.95
	280 Park Avenue	50.0	Nov 2031	128,993	14,165	7,083	0.5%	$109.81
				483,969	$63,135	$20,060	1.4%	$130.45		A

TD Bank US Holding Company	One Vanderbilt Avenue	55.0	Jul 2041	193,159	$26,196	$14,408	1.1%	$135.62	(5)
	One Vanderbilt Avenue	55.0	Aug 2041	6,843	3,247	1,786	0.1%	474.45
	125 Park Avenue	100.0	Oct 2030	26,536	1,959	1,959	0.1%	73.81
	125 Park Avenue	100.0	Mar 2034	25,171	1,652	1,652	0.1%	65.64
				251,709	$33,054	$19,805	1.4%	$131.32		A+

Carlyle Investment Management LLC	One Vanderbilt Avenue	55.0	Sep 2036	194,702	$34,744	$19,109	1.3%	$178.45	(5)	A-
Giorgio Armani Corporation	760 Madison Avenue	100.0	Oct 2038	22,648	$18,554	$18,554	1.3%	$819.24

Ares Management LLC	245 Park Avenue	50.1	Jun 2043	251,175	$29,840	$14,950	1.1%	$118.80
	245 Park Avenue	50.1	Dec 2028	36,316	3,741	1,874	0.1%	$103.00
				287,491	$33,581	$16,824	1.2%	$116.81		A-

PJT Partners Holdings LP	280 Park Avenue	50.0	Jun 2041	269,821	$32,508	$16,254	1.1%	$120.48
Hess Corp	1185 Avenue of the Americas	100.0	Dec 2027	167,169	$16,156	$16,156	1.1%	$96.64		AA-

The Toronto Dominion Bank	One Vanderbilt Avenue	55.0	Apr 2042	142,892	$21,330	$11,732	0.8%	$149.28	(5)
	125 Park Avenue	100.0	Apr 2042	52,450	3,611	3,611	0.3%	$68.85
				195,342	$24,941	$15,343	1.1%	$127.68		A+

BMW of Manhattan, Inc.	555 West 57th Street	100.0	Jul 2032	226,556	$13,474	$13,474	0.9%	$59.47		A
	One Vanderbilt Avenue	55.0	Dec 2037	97,652	$23,319	$12,823	0.9%	$238.79

Total				8,878,840	$831,138	$497,638	34.9%




(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			Fourth Quarter 2025



TENANT DIVERSIFICATION - MANHATTAN COMMERCIAL Unaudited


Supplemental Information			37			Fourth 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 9/30/25			2,323,919


















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


	10 East 53rd Street	4	21,955	25,043	$89.70


	100 Park Avenue	1	832	2,021	87.76
	110 Greene Street	5	8,424	8,396	95.17
	125 Park Avenue	1	4,060	4,174	77.97
	220 East 42nd Street	2	13,263	14,684	68.31

	280 Park Avenue	1	4,637	4,171	100.22

	420 Lexington Avenue	7	11,378	15,278	62.33
	450 Park Avenue	3	31,209	31,015	117.50
	461 Fifth Avenue	1	3,898	4,051	107.37





	810 Seventh Avenue	2	28,091	31,135	64.44


	1185 Avenue of the Americas	2	200,356	206,628	96.54
	1350 Avenue of the Americas	1	2,743	2,578	92.32

























	Total/Weighted Average	30	330,846	349,174	$92.13

Retail







	125 Park Avenue	1	7,201	6,234	$342.11








	500 Park Avenue	1	2,955	2,955	28.43































	Total/Weighted Average	2	10,156	9,189	$241.24

Storage






	110 Greene Street	1	170	172	$25.00
















	1185 Avenue of the Americas	1	3,858	3,858	43.84


























	Total/Weighted Average	2	4,028	4,030	$43.04


	Total Space which became available during the Quarter
	Office	30	330,846	349,174	$92.13
	Retail	2	10,156	9,189	$241.24
	Storage	2	4,028	4,030	$43.04
		34	345,030	362,393	$95.36

	Total Available Space		2,668,949

(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			Fourth 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				2,668,949

Office


	10 East 53rd Street	2	8.1	14,673	16,755	$98.50	$95.65	$51.22	6.9


	100 Park Avenue	1	11.0	11,953	10,889	90.00	93.08	139.39	12.0
	110 Greene Street	4	6.6	14,140	14,323	104.76	94.51	16.82	4.5
	125 Park Avenue	1	9.3	2,172	2,302	70.00	22.27	161.81	6.0
	220 East 42nd Street	2	6.9	18,792	21,485	59.75	67.04	103.20	3.3
	245 Park Avenue	1	8.5	38,363	37,224	185.00	—	95.31	6.0
	280 Park Avenue	1	8.6	7,810	9,226	105.00	—	45.00	6.0

	420 Lexington Avenue	6	4.5	11,775	19,680	67.13	71.69	107.77	3.4
	450 Park Avenue	1	1.8	10,586	10,392	126.93	105.81	—	—
	461 Fifth Avenue	2	7.6	10,537	11,185	91.71	93.52	98.31	7.0




	800 Third Avenue	1	11.2	2,476	2,533	60.00	—	140.00	14.0
	810 Seventh Avenue	5	7.3	44,808	50,076	64.29	63.64	76.28	6.1
	885 Third Avenue	1	16.5	7,122	7,138	82.00	—	—	6.0

	1185 Avenue of the Americas	3	2.4	52,252	54,007	51.95	100.70	—	2.4
	1350 Avenue of the Americas	1	10.0	2,743	2,578	92.00	92.32	17.02	4.0

























	Total/Weighted Average	32	6.6	250,202	269,793	$89.32	$88.33	$61.56	5.0

Retail
	One Madison Avenue	1	15.5	2,034	1,966	$81.38	$—	$254.32	6.0






	125 Park Avenue	1	15.6	6,955	17,017	$39.67	75.70	17.63	8.0








	500 Park Avenue	1	0.5	2,955	2,471	34.00	34.00	—	—






	1185 Avenue of the Americas	1	10.3	779	787	30.50	—	—	4.0


























	Total/Weighted Average	4	13.7	12,723	22,241	$42.40	$70.41	$35.97	6.8

Storage























	1185 Avenue of the Americas	1	0.7	3,858	4,017	$38.00	$—	$—	1.0


























	Total/Weighted Average	1	0.7	3,858	4,017	$38.00	$—	$—	1.0

Leased Space
	Office (4)	32	6.6	250,202	269,793	$89.32	$88.33	$61.56	5.0
	Retail	4	13.7	12,723	22,241	$42.40	$70.41	$35.97	6.8
	Storage	1	0.7	3,858	4,017	$38.00	$—	$—	1.0
	Total	37	7.0	266,783	296,051	$85.10	$85.88	$58.80	5.1


Total Available Space as of 12/31/25				2,402,166
Early Renewals
Office





	100 Park Avenue	1	1.0	24,839	27,825	$67.70	$67.70	$—	—

	125 Park Avenue	1	5.3	10,303	10,961	77.21	75.39	16.39	3.0


	280 Park Avenue	1	5.4	38,733	40,639	115.00	103.28	45.00	5.0

	420 Lexington Avenue	2	1.4	3,081	4,246	66.92	$61.16	—	—






	800 Third Avenue	2	3.6	24,597	26,977	63.71	57.00	23.24	1.8
	810 Seventh Avenue	1	0.6	5,912	7,284	68.47	60.54	—	—
	885 Third Avenue	1	10.8	3,350	3,350	75.00	99.39	56.74	5.0




























	Total/Weighted Average	9	3.7	110,815	121,282	$83.74	$78.15	$23.30	2.5

Retail












	420 Lexington Avenue	1	5.0	274	205	$90.00	$119.05	—	—












	1515 Broadway	1	2.0	6,721	7,020	462.96	1,266.32	—	—
























	Total/Weighted Average	2	2.1	6,995	7,225	$452.38	$1,233.77	$—	—

Storage












	420 Lexington Avenue	1	1.6	291	291	$33.77	$31.84	—	—





































	Total/Weighted Average	1	1.6	291	291	$33.77	$31.84	$—	—



Renewals
	Early Renewals Office	9	3.7	110,815	121,282	$83.74	$78.15	$23.30	2.5
	Early Renewals Retail	2	2.1	6,995	7,225	$452.38	$1,233.77	$—	—
	Early Renewals Storage	1	1.6	291	291	$33.77	$31.84	$—	—
	Total	12	3.6	118,101	128,798	$104.31	$142.87	$21.94	2.3

(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 $84.89/rsf for 123,086 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $84.32/rsf for 244,368 rentable SF.


Supplemental Information			39			Fourth 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





2025 (3)	11	45,517	45,517	0.5	%	$3,353,483	$3,353,483	$73.68

1st Quarter 2026	17	100,528	100,528	1.2	%	$8,370,914	$8,370,914	$83.27
2nd Quarter 2026	23	132,201	132,201	1.6	%	9,925,904	9,925,904	75.08
3rd Quarter 2026	20	251,020	251,020	3.0	%	13,673,716	13,673,716	54.47
4th Quarter 2026	25	326,307	326,307	3.8	%	23,720,827	23,720,827	72.69
Total 2026	85	810,056	810,056	9.6	%	$55,691,361	$55,691,361	$68.75


2027	79	722,097	722,097	8.6	%	58,250,447	58,250,447	$80.67
2028	77	689,431	689,431	8.2	%	51,965,011	51,965,011	75.37
2029	69	773,834	773,834	9.2	%	54,798,643	54,798,643	70.81
2030	63	994,055	994,055	11.8	%	71,101,131	71,101,131	71.53
2031	37	324,063	324,063	3.9	%	25,158,396	25,158,396	77.63
2032	31	814,040	814,040	9.7	%	53,029,491	53,029,491	65.14
2033	27	423,786	423,786	5.0	%	33,888,479	33,888,479	79.97
2034	34	1,314,808	1,314,808	15.6	%	77,371,038	77,371,038	58.85
Thereafter	79	1,491,915	1,491,915	17.9	%	106,409,659	106,409,659	71.32
Grand Total	592	8,403,602	8,403,602	100.0	%	$591,017,139	$591,017,139	$70.33


Unconsolidated JV Properties





2025 (3)	3	37,509	18,850	0.3	%	$2,915,466	$1,462,867	$77.73

1st Quarter 2026	1	31,164	7,822	0.2	%	$3,998,665	$1,003,665	$128.31
2nd Quarter 2026	4	28,869	14,478	0.2	%	2,764,194	1,385,491	95.75
3rd Quarter 2026	4	57,738	29,307	0.4	%	8,930,962	4,570,300	154.68
4th Quarter 2026	6	68,148	34,321	0.6	%	6,668,937	3,355,402	97.86
Total 2026	15	185,919	85,928	1.4	%	$22,362,758	$10,314,858	$120.28


2027	22	281,047	126,598	2.1	%	$36,883,021	$17,211,749	$131.23
2028	24	265,713	131,808	2.0	%	41,948,216	21,535,772	157.87
2029	12	118,185	57,029	0.9	%	14,135,688	6,544,235	119.61
2030	15	262,767	139,491	2.0	%	34,983,745	18,707,521	133.14
2031	24	2,853,460	1,590,467	21.6	%	222,963,801	123,409,134	78.14
2032	13	991,547	504,448	7.5	%	89,930,850	45,673,743	90.70
2033	11	267,630	137,287	2.0	%	29,005,780	15,106,160	108.38
2034	7	390,369	191,500	3.0	%	38,860,134	19,142,010	99.55
Thereafter	91	7,539,270	3,724,070	57.2	%	780,636,723	379,947,771	103.54
Grand Total	237	13,193,416	6,707,476	100.0	%	$1,314,626,182	$659,055,820	$99.64


(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 December 31, 2025.


Supplemental Information			40			Fourth 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	2	2,238	2,238	1.6	%	558,108	558,108	249.38
2030	1	2,418	2,418	1.7	%	594,141	594,140.88	245.72
2031	—	—	—	—	%	—	—	—
2032	1	1,445	1,445	1.0	%	258,757	258,757	179.07
2033	2	10,844	10,050	7.6	%	4,928,464	4,478,063	454.49
2034	—	—	—	—	%	—	—	—
Thereafter	3	125,027	125,027	88.1	%	26,167,491	26,167,491	209.29
	9	141,972	141,178	100.0	%	$32,506,961	$32,056,560	$228.97
Vacancy (4)		48,529
Grand Total		190,501

Other Retail





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	5	15,170	15,170	3.1	%	1,641,196	1,641,196	108.19
2027	4	26,476	26,476	5.4	%	4,412,071	4,412,071	166.64
2028	5	16,034	16,034	3.3	%	3,140,438	3,140,438	195.86
2029	4	27,702	27,702	5.6	%	2,610,517	2,610,517	94.24
2030	5	44,135	44,135	9.0	%	6,540,064	6,540,064	148.18
2031	4	7,548	7,548	1.5	%	1,257,170	1,257,170	166.56
2032	9	77,963	77,963	15.9	%	6,874,377	6,874,377	88.17
2033	6	61,578	61,578	12.5	%	7,970,826	7,970,826	129.44
2034	10	37,193	37,193	7.6	%	2,286,750	2,286,750	61.48
Thereafter	22	177,851	177,851	36.1	%	17,796,278	17,796,278	100.06
	74	491,650	491,650	100.0	%	$54,529,687	$54,529,687	$110.91
Vacancy (4)		39,941
Grand Total		531,591




























(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 December 31, 2025.
(4) Includes square footage of leases signed but not yet commenced.


Supplemental Information			41			Fourth 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	—	—	—	—	%	—	—	—
Thereafter	1	12,520	6,260	100.0	%	4,200,000	2,100,000	335.46
	1	12,520	6,260	100.0	%	$4,200,000	$2,100,000	$335.46
Vacancy (4)		—
Grand Total		12,520

Other Retail





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	—	—	—	—	%	—	—	—

2027	3	19,225	10,237	3.8	%	11,850,162	6,688,294	616.39
2028	4	29,892	16,169	5.9	%	12,435,230	6,994,744	416.01
2029	2	28,316	14,785	5.6	%	4,172,759	1,859,876	147.36
2030	2	11,970	6,811	2.4	%	7,119,628	4,051,069	594.79
2031	5	47,335	24,141	9.3	%	4,401,772	2,302,524	92.99
2032	2	18,864	9,499	3.7	%	1,359,810	686,176	72.08
2033	2	4,721	2,412	0.9	%	589,969	301,198	124.97
2034	1	2,133	1,067	0.4	%	121,164	60,582	56.80
Thereafter	25	346,079	159,310	68.0	%	20,379,393	9,372,003	58.89
	46	508,535	244,431	100.0	%	$62,429,887	$32,316,466	$122.76
Vacancy (4)		24,058
Grand Total		532,593

Alternative Strategy Portfolio





2025 (3)	1	1,277	320	1.0	%	$108,000	$27,054	$84.57






2026	3	17,869	6,382	13.4	%	7,956,860	3,265,722	445.29

2027	1	1,685	422	1.3	%	457,341	114,564	271.42
2028	1	1,819	456	1.4	%	220,754	55,299	121.36
2029	2	1,425	938	1.1	%	632,536	524,663	443.88
2030	—	—	—	—	%	—	—	—
2031	2	23,536	21,079	17.6	%	7,731,078	7,209,147	328.48
2032	—	—	—	—	%	—	—	—
2033	2	85,557	50,132	63.7	%	49,631,446	27,991,771	580.10
2034	—	—	—	—	%	—	—	—
Thereafter	1	647	162	0.5	%	87,312	21,872	134.95
	13	133,815	79,891	100.0	%	$66,825,327	$39,210,092	$499.39
Vacancy (4)		56,625
Grand Total		190,440

(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 December 31, 2025.
(4) Includes square footage of leases signed but not yet commenced.


Supplemental Information			42			Fourth 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	12/31/2025
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	93.5
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	85.0
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	4.8
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	77.8
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	77.8
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	84.3
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	85.1
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	93.1
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	98.0
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	90.5
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	94.1
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	91.9
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	92.7
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	93.0
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	61.9
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	266,000		81.6	34.5
May-19	110 Greene Street	Soho	10.0	Fee Interest	223,600	256,500		93.3	92.7
Jul-20	885 Third Avenue	Midtown / Plaza District	100.0	Fee / Leasehold Interest	625,300	387,932		94.8	81.5
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	90.7
Sep-22	245 Park Avenue	Park Avenue	100.0	Fee Interest	1,782,793	1,960,000		91.8	94.8
Dec-24	10 East 53rd Street	Plaza District	45.0	Fee Interest	354,300	236,000		97.6	94.1
					42,433,216	$	26,494,062


Supplemental Information			43			Fourth Quarter 2025



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


2025 Acquisitions
Jan-25	500 Park Avenue	Park Avenue	100.0	Fee Interest	201,411	$	130,000	94.5	90.7
Apr-25	100 Park Avenue	Grand Central South	49.9	Fee Interest	834,000	360,000		93.1	96.8
Oct-25	800 Third Avenue	Grand Central North	39.5	Fee Interest	526,000	205,000		83.8	84.3





					1,561,411	$	695,000


Supplemental Information			44			Fourth 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 - 2024 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			45			Fourth 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)
2025 Dispositions
Sep-25	One Vanderbilt Avenue	Grand Central	5.0	Fee Interest	1,657,198	$	4,700,000	$	2,836
Dec-25	100 Park Avenue	Grand Central South	49.0	Fee Interest	834,000	425,000		510




					2,491,198	$	5,125,000	$	2,057


Supplemental Information			46			Fourth 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

12/31/2025

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

N/A

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

N/A

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

34.5

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

2025 Acquisitions

Oct-25

346 Madison Avenue

Development

Grand Central

100.0

Fee Interest

275,138

160,000

40.4

275,138

160,000


Supplemental Information			47			Fourth 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)
2011 - 2024 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	40,575		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	1,165,586		1,033




						13,959,221	$	12,714,984	$	911
2025 Dispositions
Apr-25	85 Fifth Avenue	Retail	Midtown South	36.3	Fee Interest	12,946	$	46,800	$	3,615










						12,946	$	46,800	$	3,615


Supplemental Information			48			Fourth 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	12/31/2025
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	68.2
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	100.0	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	41,581			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	115,451			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			49			Fourth 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			50			Fourth Quarter 2025



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

Funds From Operations (FFO) Reconciliation


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

Net (loss) income attributable to SL Green common stockholders	$	(104,567)	$	9,358	$	(111,860)	$	7,060
Add:
Depreciation and amortization	67,839		53,436		255,713		207,443
Joint venture depreciation and noncontrolling interest adjustments	65,677		69,636		312,025		287,671
Net (loss) income attributable to noncontrolling interests	(5,062)		3,885		(8,644)		(431)
Less:
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	1,142		189,138		86,068		208,144
Purchase price and other fair value adjustments	(28,226)		117,195		(33,517)		83,430
(Loss) gain on sale of real estate, net	(426)		(1,705)		(2,143)		3,025
Depreciable real estate reserves	(23,546)		(38,232)		(32,092)		(104,071)
Depreciable real estate reserves in unconsolidated joint venture	(12,812)		(263,190)		(14,592)		(263,190)
Depreciation on non-rental real estate assets	1,526		1,226		5,838		4,583
FFO attributable to SL Green common stockholders and unit holders	$	86,229	$	131,883	$	437,672	$	569,822

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


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

Net (Loss) income	$	(103,720)	$	35,161	$	(6,817)	$	(21,545)	$	19,138
Depreciable real estate reserves	23,546		—		—		8,546		38,232
Depreciable real estate reserves in unconsolidated joint venture	12,812		—		—		1,780		263,190
Loss on sale of real estate, net	426		1,068		167		482		1,705
Purchase price and other fair value adjustments	28,143		(11,138)		9,617		9,611		(125,287)
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	(1,142)		(86,872)		1,946		—		(189,138)
Gain on sale of marketable securities	—		—		(10,232)		—		—
Depreciation and amortization	67,839		63,216		60,160		64,498		53,436
Income taxes	2,305		137		1,296		653		2,324
SUMMIT Operator tax expense (benefit)	478		1,279		1,547		(45)		1,949
Amortization of deferred financing costs	1,901		1,724		1,742		1,687		1,734
Interest expense, net of interest income	49,422		47,235		45,318		45,681		38,153
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates	139,218		200,085		151,642		117,164		140,733
EBITDAre	$	221,228	$	251,895	$	256,386	$	228,512	$	246,169


Supplemental Information			51			Fourth Quarter 2025



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


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

Net (loss) income	$	(103,720)	$	19,138	$	(96,921)	$	30,222

Depreciable real estate reserves	23,546		38,232		32,092		104,071
Depreciable real estate reserves in unconsolidated joint venture	12,812		263,190		14,592		263,190
Loss (gain) on sale of real estate, net	426		1,705		2,143		(3,025)
Purchase price and other fair value adjustments	28,143		(125,287)		36,233		(88,966)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	(1,142)		(189,138)		(86,068)		(208,144)
Gain on sale of marketable securities	—		—		(10,232)		—
Depreciation and amortization	67,839		53,436		255,713		207,443
SUMMIT Operator tax benefit	478		1,949		3,259		730
Amortization of deferred financing costs	1,901		1,734		7,054		6,619
Interest expense, net of interest income	49,422		38,153		187,656		147,220
Interest expense on senior obligations of consolidated securitization vehicles	14,866		11,304		60,693		14,634
Operating Income	94,571		114,416		406,214		473,994

Equity in net loss (income) from unconsolidated joint ventures	12,439		16,562		41,551		(83,495)
Loss from debt fund investments, net	3,222		—		1,446		—
Marketing, general and administrative expense	22,306		22,827		89,310		85,187

Transaction related costs	341		138		13,942		401
Loan loss and other investment reserves, net of recoveries	—		—		(71,326)		—
SUMMIT Operator expenses	33,794		28,792		116,364		111,739
Gain on early extinguishment of debt	—		(25,985)		—		(43,762)
Investment income	(2,568)		(5,415)		(29,377)		(24,353)
Interest income from real estate loans held by consolidated securitization vehicles	(14,866)		(14,209)		(62,734)		(18,980)
SUMMIT Operator revenue	(35,920)		(38,571)		(122,344)		(133,214)
Non-building revenue	(33,024)		(20,704)		(73,431)		(68,881)
Net operating income (NOI)	80,295		77,851		309,615		298,636

Equity in net (loss) income from unconsolidated joint ventures	(12,439)		(16,562)		(41,551)		83,495
SLG share of unconsolidated JV depreciation and amortization	64,654		67,046		259,498		275,098
SLG share of unconsolidated JV amortization of deferred financing costs	5,882		3,459		15,738		11,334
SLG share of unconsolidated JV interest expense, net of interest income	68,827		67,099		263,710		276,852
SLG share of unconsolidated JV transaction related costs	—		—		—		—
SLG share of unconsolidated JV gain on early extinguishment of debt	—		—		(57,187)		(172,369)
SLG share of unconsolidated JV investment income	(426)		(5,048)		(14,366)		(11,513)
SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries	—		—		14,531		—
SLG share of unconsolidated JV non-building revenue	(3,517)		147		(8,580)		(3,051)
NOI including SLG share of unconsolidated JVs	203,276		193,992		741,408		758,482

NOI from other properties/affiliates	(31,406)		(21,690)		(59,851)		(83,520)
Same-Store NOI	171,870		172,302		681,557		674,962

Straight-line and free rent	(1,657)		(403)		1,433		(2,800)
Amortization of acquired above and below-market leases, net	1,021		830		3,516		2,578
Operating lease straight-line adjustment	204		204		815		815
SLG share of unconsolidated JV straight-line and free rent	(9,656)		(5,883)		(32,519)		(12,763)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(6,328)		(6,393)		(24,826)		(24,405)
SLG share of unconsolidated JV operating lease straight-line adjustment	—		—		—		—
Same-store cash NOI	$	155,454	$	160,657	$	629,976	$	638,387

Lease termination income	(704)		(2,743)		(5,629)		(6,344)
SLG share of unconsolidated JV lease termination income	(2,184)		—		(7,602)		(2,515)
Same-store cash NOI excluding lease termination income	$	152,566	$	157,914	$	616,745	$	629,528


Supplemental Information			52			Fourth Quarter 2025



RESEARCH ANALYST COVERAGE


EQUITY COVERAGE

Firm	Analyst	Phone	Email
B of A Securities	Jana Galan	(646) 855-5042	jana.galan@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	Peter Abramowitz	(212) 250-9504	peter.abramowitz@db.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Goldman Sachs & Co.	Caitlin Burrows	(212) 902-4736	caitlin.burrows@gs.com
Jefferies	Joe Dickstein	(212) 778-8771	jdickstein1@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			53			Fourth 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			54			Fourth Quarter 2025