Form 8-K
8-K — SL GREEN REALTY CORP
Accession: 0001628280-26-049346
Filed: 2026-07-23
Period: 2026-07-22
CIK: 0001040971
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — slg-20260722.htm (Primary)
EX-99.1 (a26q2earningsrelease.htm)
EX-99.2 (a26q2supplemental.htm)
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8-K
8-K (Primary)
Filename: slg-20260722.htm · Sequence: 1
slg-20260722
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 22, 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 July 22, 2026 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 2026, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.
The information (including Exhibits 99.1 and 99.2) being furnished pursuant to this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.
Item 7.01. Regulation FD Disclosure
As discussed in Item 2.02 above, on July 22, 2026, the Company issued a press release announcing its results for the quarter ended June 30, 2026, and that it is revising its net (loss) income guidance range of $(0.27) to $0.03 per share (diluted) for the year ending December 31, 2026 to $0.20 to $0.50 of net income per share (diluted), and revising its Nareit defined Funds From Operations ("FFO") guidance range of $4.40 to $4.70 per share (diluted) for the year ending December 31, 2026 to $5.60 to $5.90 of FFO per share (diluted).
The following table reconciles the estimated earnings per share (diluted) to FFO per share (diluted) range for the year ending December 31, 2026:
Year Ending
December 31,
2026 2026
Net income per share attributable to SL Green stockholders (diluted) $ 0.20 $ 0.50
Add:
Depreciation and amortization 3.53 3.53
Joint ventures depreciation and noncontrolling interests adjustments 3.23 3.23
Net income attributable to noncontrolling interests 0.28 0.28
Depreciable real estate reserves and impairments 0.46 0.46
Less:
Gain on sale of real estate, net 1.09 1.09
Equity in net gain on sale of interest in unconsolidated joint venture / real estate 0.95 0.95
Purchase price and other fair value adjustments (0.02) (0.02)
Depreciation on non-real estate assets 0.08 0.08
Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted) $ 5.60 $ 5.90
The information being furnished pursuant to this “Item 7.01. Regulation FD Disclosure” shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press release regarding results for the quarter ended June 30, 2026.
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: July 23, 2026
EX-99.1
EX-99.1
Filename: a26q2earningsrelease.htm · Sequence: 2
Document
Exhibit 99.1
SL GREEN REALTY CORP. REPORTS
SECOND QUARTER 2026 EPS OF ($0.38) PER SHARE;
AND FFO OF $1.43 PER SHARE
INCREASES 2026 EARNINGS GUIDANCE
Financial and Operating Highlights
•Net loss attributable to common stockholders of $0.38 per share for the second quarter of 2026 as compared to net loss of $0.16 per share for the same period in 2025.
•Funds from operations ("FFO") of $1.43 per share for the second quarter of 2026. The Company reported FFO of $1.63 per share for the second quarter of 2025, which included $46.6 million, or $0.61 per share, of income related to the resolution of a commercial mortgage investment.
•The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher net operating income ("NOI") from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share.
•Signed 53 Manhattan office leases totaling 445,161 square feet in the second quarter of 2026 and 104 Manhattan office leases totaling 1,374,425 square feet for the first six months of 2026. The mark-to-market on signed Manhattan office leases was 18.0% higher for the second quarter and 16.6% higher for the first six months than the previous fully escalated rents on the same spaces.
•Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 4.3% for the second quarter of 2026 and 3.4% for the first six months of 2026, excluding lease termination income, as compared to the same periods in 2025.
•Manhattan same-store office occupancy increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.
Investing Highlights
•Closed on the previously announced sale of the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The Company received net cash proceeds of $23.7 million.
•Closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue at a gross valuation of $175.0 million. The Company received net cash proceeds of $94.9 million.
•Entered into a contract to sell 10 East 53rd Street for total consideration of $312.2 million. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.
•Deployed $94.7 million of the Company's $1.3 billion SLG Opportunistic Debt Fund during the second quarter and $306.4 million to date in 2026, bringing total deployment to $590.5 million, of which $517.5 million has been funded, and $18.9 million of which has since been repaid.
•Repurchased $14.1 million of common stock during the second quarter at an average price of $49.67 per share.
NEW YORK, July 22, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended June 30, 2026 of $26.5 million, or $0.38 per share, as compared to a net loss of $11.1 million, or $0.16 per share, for the same period in 2025.
The Company reported a net loss attributable to common stockholders for the six months ended June 30, 2026 of $110.9 million and $1.58 per share as compared to net loss of $32.2 million and $0.47 per share for the same period in 2025.
The Company reported FFO for the quarter ended June 30, 2026 of $109.6 million or $1.43 per share. The Company reported FFO of $124.5 million, or $1.63 per share, for the same period in 2025, which included $46.6 million, or $0.61 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.
The Company reported FFO for the six months ended June 30, 2026 of $174.2 million and $2.26 per share, net of the write-off of $4.8 million, or $0.06 per share, of unamortized deferred financing costs and inclusive of $2.4 million, or $0.03 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $231.1 million, or $3.03 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue and net of $14.5 million, or $0.19 per share, of investment reserves and $4.3 million, or $0.06 per share, of negative non-cash fair value adjustments on mark-to-market derivatives.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 4.3% for the second quarter of 2026 and 3.4% for the first six months of 2026, excluding lease termination income, as compared to the same periods in 2025.
During the second quarter of 2026, the Company signed 53 office leases in its Manhattan office portfolio totaling 445,161 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2026 was $93.17 per rentable square foot, with an average lease term of 5.8 years and average tenant concessions of 4.5 months of free rent with a tenant improvement allowance of $58.77 per rentable square foot. Thirty-two leases comprising 308,680 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 $98.42 per rentable square foot, representing a 18.0% increase over the previous fully escalated rents on the same office spaces.
During the six months ended June 30, 2026, the Company signed 104 office leases in its Manhattan office portfolio totaling 1,374,425 square feet. The average rent on the Manhattan office leases signed in 2026 was $101.25 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 $91.89 per rentable square foot. Sixty-six leases comprising 975,470 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 $109.59 per rentable square foot, representing a 16.6% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced, as compared to 94.4% at the end of the previous quarter and 93.0% at the end of 2025. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.
Significant leasing activity in the second quarter and to date in the third quarter includes:
•In July, a new lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
•New expansion lease with Houlihan Lokey, Inc. for 37,611 square feet at 245 Park Avenue;
•New lease with Ryan Specialty LLC for 29,166 square feet at 1185 Avenue of the Americas;
•New lease with Solil Management, LLC for 27,508 square feet at 1185 Avenue of the Americas;
•New lease with Fidelity National Title Insurance for 19,966 square feet at 711 Third Avenue;
•New lease with Kohlberg & Co., L.L.C for 18,820 square feet at 500 Park Avenue.
Investment Activity
In May, the Company closed on the previously announced sale of the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The Company received net cash proceeds of $23.7 million and retained ownership of the 21,000 square foot office condominium.
In May, the Company closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue to Mori Building Co., Ltd., Japan’s leading urban landscape developer, at a gross valuation of $175.0 million and received net cash proceeds of $94.9 million. The Company will retain a 51.0% interest in the project and will serve as the development and leasing manager. The project will be a collaboration between the Company and Mori Building Co., Ltd., uniting the collective vision, design capabilities and development expertise of both firms.
In May, the Company entered into a contract to sell 10 East 53rd Street for total consideration of $312.2 million. The transaction, which is expected to close in the third quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $100.0 million that will be used for corporate debt repayment.
Deployed $94.7 million of the Company's $1.3 billion SLG Opportunistic Debt Fund during the second quarter and $306.4 million to date in 2026, bringing total deployment to $590.5 million, of which $517.5 million has been funded, and $18.9 million of which has since been repaid.
During the second quarter of 2026, the Company repurchased $14.1 million of common stock at an average price of $49.67 per share.
Earnings Guidance
The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher NOI from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share.
Dividends
In the second quarter of 2026, the Company declared:
•A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;
•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2026 through and including July 14, 2026, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 23, 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/BIad64200b18bd402aac10eccae2eddc08.
Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.
To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com.
Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.
Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
Revenues: 2026 2025 2026 2025
Rental revenue, net $ 171,846 $ 147,535 $ 337,841 $ 292,053
Escalation and reimbursement revenues 20,036 17,702 40,917 36,203
SUMMIT Operator revenue 31,509 31,007 55,651 53,541
Investment income 2,657 6,339 5,003 22,453
Interest income from real estate loans held by consolidated securitization vehicles 14,743 21,049 29,392 37,030
Fee income 19,435 12,216 39,441 24,491
Other income 3,775 6,068 8,836 15,991
Total revenues 264,001 241,916 517,081 481,762
Expenses:
Operating expenses, including related party expenses of $4 and $6 in 2026 and $0 and $3 in 2025
60,250 51,105 121,707 107,167
Real estate taxes 42,435 37,750 84,347 74,967
Operating lease rent 6,898 6,105 13,842 12,211
SUMMIT Operator expenses 25,520 24,847 50,462 46,611
Interest expense, net of interest income 54,011 45,318 104,920 90,999
Amortization of deferred financing costs 2,156 1,742 4,958 3,429
SUMMIT Operator tax expense 1,223 1,547 1,808 1,502
Interest expense on senior obligations of consolidated securitization vehicles 14,743 21,017 29,392 34,989
Depreciation and amortization 67,279 60,160 137,030 124,658
Loan loss and other investment reserves, net of recoveries — (46,287) — (71,326)
Transaction related costs 17 177 301 472
Marketing, general and administrative 22,781 21,579 45,567 43,303
Total expenses 297,313 225,060 594,334 468,982
Equity in net income (loss) from unconsolidated joint ventures 14,948 (22,775) (5,832) (21,605)
Income from debt fund investments, net 5,990 600 8,468 600
Equity in net loss on sale of interest in unconsolidated joint venture/real estate — (1,946) (814) (1,946)
Purchase price and other fair value adjustments 5,662 (9,617) 9,845 (19,228)
(Loss) gain on sale of real estate, net (4,179) (167) 12,457 (649)
Depreciable real estate reserves — — (35,160) (8,546)
Gain on sale of marketable securities — 10,232 — 10,232
Net loss (10,891) (6,817) (88,289) (28,362)
Net income (loss) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership 2,155 775 8,833 2,240
Noncontrolling interests in other partnerships (11,772) 840 (19,506) 5,737
Preferred units distributions (2,258) (2,153) (4,457) (4,307)
Net loss attributable to SL Green (22,766) (7,355) (103,419) (24,692)
Perpetual preferred stock dividends (3,737) (3,737) (7,475) (7,475)
Net loss attributable to SL Green common stockholders $ (26,503) $ (11,092) $ (110,894) $ (32,167)
Earnings Per Share (EPS)
Basic loss per share $ (0.38) $ (0.16) $ (1.58) $ (0.47)
Diluted loss per share $ (0.38) $ (0.16) $ (1.58) $ (0.47)
Funds From Operations (FFO)
Basic FFO per share $ 1.45 $ 1.67 $ 2.30 $ 3.10
Diluted FFO per share $ 1.43 $ 1.63 $ 2.26 $ 3.03
Basic ownership interest
Weighted average REIT common shares for net income per share 70,669 70,436 70,678 70,430
Weighted average partnership units held by noncontrolling interests 4,856 4,019 4,918 4,061
Basic weighted average shares and units outstanding 75,525 74,455 75,596 74,491
Diluted ownership interest
Weighted average REIT common share and common share equivalents 72,018 72,259 72,187 72,306
Weighted average partnership units held by noncontrolling interests 4,856 4,019 4,918 4,061
Diluted weighted average shares and units outstanding 76,874 76,278 77,105 76,367
SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except per share data)
June 30, December 31,
2026 2025
Assets
Commercial real estate properties, at cost:
Land and land interests $ 1,579,973 $ 1,699,215
Building and improvements 4,272,142 4,012,305
Building leasehold and improvements 1,478,991 1,448,112
7,331,106 7,159,632
Less: accumulated depreciation (2,359,905) (2,306,377)
4,971,201 4,853,255
Assets held for sale 214,586 —
Cash and cash equivalents 180,788 155,747
Restricted cash 200,961 180,748
Investment in marketable securities 21,273 23,666
Tenant and other receivables 60,180 45,524
Related party receivables 13,867 16,293
Deferred rents receivable 262,008 266,678
Debt and preferred equity investments, net of discounts and deferred origination fees of $3 and $14 in 2026 and 2025, respectively, and allowances of $300 and $454 in 2026 and 2025, respectively
113,085 168,358
Investments in unconsolidated joint ventures 2,849,912 2,819,778
Debt fund investments, at fair value 379,004 152,958
Deferred costs, net 126,621 129,019
Right-of-use assets - operating leases 902,113 864,430
Real estate loans held by consolidated securitization vehicles, at fair value 1,031,212 1,023,877
Other assets 482,190 577,299
Total assets $ 11,809,001 $ 11,277,630
Liabilities
Mortgages and other loans payable $ 2,244,805 $ 2,154,499
Revolving credit facility 850,000 640,000
Unsecured term loan 1,150,000 1,150,000
Deferred financing costs, net (32,386) (13,063)
Total debt, net of deferred financing costs 4,212,419 3,931,436
Accrued interest payable 17,637 15,221
Accounts payable and accrued expenses 129,346 134,621
Deferred revenue 154,999 147,419
Lease liability - financing leases 108,847 108,183
Lease liability - operating leases 844,823 805,192
Dividend and distributions payable 49,009 2,536
Security deposits 70,515 68,276
Liabilities related to assets held for sale 218,333 —
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000 100,000
Senior obligations of consolidated securitization vehicles, at fair value 1,031,212 1,023,877
Other liabilities (includes $167,213 and $244,941 at fair value as of June 30, 2026 and December 31, 2025, respectively)
453,851 587,779
Total liabilities 7,390,991 6,924,540
Commitments and contingencies
Noncontrolling interests in Operating Partnership 297,076 241,371
Preferred units and redeemable equity 204,344 199,271
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 June 30, 2026 and December 31, 2025
221,932 221,932
Common stock, $0.01 par value 160,000 shares authorized, 70,853 and 71,159 issued and outstanding at June 30, 2026 and December 31, 2025, respectively
705 711
Additional paid-in capital 4,206,490 4,212,590
Accumulated other comprehensive (income) loss 5,353 (22,198)
Retained deficit (1,016,905) (741,880)
Total SL Green Realty Corp. stockholders’ equity 3,417,575 3,671,155
Noncontrolling interests in other partnerships 499,015 241,293
Total equity 3,916,590 3,912,448
Total liabilities and equity $ 11,809,001 $ 11,277,630
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
Funds From Operations (FFO) Reconciliation: 2026 2025 2026 2025
Net loss attributable to SL Green common stockholders $ (26,503) $ (11,092) $ (110,894) $ (32,167)
Add:
Depreciation and amortization 67,279 60,160 137,030 124,658
Joint venture depreciation and noncontrolling interest adjustments 61,761 68,003 124,357 121,364
Net income (loss) attributable to noncontrolling interests 9,617 (1,615) 10,673 (7,977)
Less:
Equity in net loss on sale of interest in unconsolidated joint venture/real estate — (1,946) (814) (1,946)
Purchase price and other fair value adjustments 5,252 (8,399) 7,476 (14,943)
(Loss) gain on sale of real estate, net (4,179) (167) 12,457 (649)
Depreciable real estate reserves — — (35,160) (8,546)
Depreciable real estate reserves in unconsolidated joint venture — — — (1,780)
Depreciation on non-rental real estate assets 1,502 1,421 3,005 2,684
FFO attributable to SL Green common stockholders and unit holders $ 109,579 $ 124,547 $ 174,202 $ 231,058
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
Operating income and Same-store NOI Reconciliation: 2026 2025 2026 2025
Net loss $ (10,891) $ (6,817) $ (88,289) $ (28,362)
Depreciable real estate reserves — — 35,160 8,546
Loss (gain) on sale of real estate, net 4,179 167 (12,457) 649
Purchase price and other fair value adjustments (5,662) 9,617 (9,845) 19,228
Equity in net loss on sale of interest in unconsolidated joint venture/real estate — 1,946 814 1,946
Gain on sale of marketable securities — (10,232) — (10,232)
Depreciation and amortization 67,279 60,160 137,030 124,658
SUMMIT Operator tax expense 1,223 1,547 1,808 1,502
Amortization of deferred financing costs 2,156 1,742 4,958 3,429
Interest expense, net of interest income 54,011 45,318 104,920 90,999
Interest expense on senior obligations of consolidated securitization vehicles 14,743 21,017 29,392 34,989
Operating income 127,038 124,465 203,491 247,352
Equity in net (income) loss from unconsolidated joint ventures (14,948) 22,775 5,832 21,605
Income from debt fund investments, net (5,990) (600) (8,468) (600)
Marketing, general and administrative expense 22,781 21,579 45,567 43,303
Transaction related costs 17 177 301 472
Loan loss and other investment reserves, net of recoveries — (46,287) — (71,326)
SUMMIT Operator expenses 25,520 24,847 50,462 46,611
Investment income (2,657) (6,339) (5,003) (22,453)
Interest income from real estate loans held by consolidated securitization vehicles (14,743) (21,049) (29,392) (37,030)
SUMMIT Operator revenue (31,509) (31,007) (55,651) (53,541)
Non-building revenue (14,689) (9,647) (32,568) (20,135)
Net operating income (NOI) 90,820 78,914 174,571 154,258
Equity in net income (loss) from unconsolidated joint ventures 14,948 (22,775) (5,832) (21,605)
SLG share of unconsolidated JV depreciable real estate reserves — — — 1,780
SLG share of unconsolidated JV depreciation and amortization 70,555 65,153 138,194 128,228
SLG share of unconsolidated JV amortization of deferred financing costs 3,962 3,107 8,418 6,298
SLG share of unconsolidated JV interest expense, net of interest income 71,826 64,290 141,958 127,255
SLG share of unconsolidated JV gain on early extinguishment of debt — — 4,796 —
SLG share of unconsolidated JV investment income (781) (5,059) (1,205) (9,977)
SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries — 14,531 — 14,531
SLG share of unconsolidated JV non-building revenue (3,047) (2,280) (3,445) (3,572)
NOI including SLG share of unconsolidated JVs 248,283 195,881 457,455 397,196
NOI from other properties/affiliates (66,862) (22,039) (103,661) (58,503)
Same-Store NOI 181,421 173,842 353,794 338,693
Straight-line and free rent (4,171) (726) (7,612) 567
Amortization of acquired above and below-market leases, net 1,084 863 2,230 1,775
Operating lease straight-line adjustment 157 204 361 408
SLG share of unconsolidated JV straight-line and free rent (9,424) (13,100) (18,946) (23,392)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (7,216) (6,190) (13,676) (12,231)
Same-store cash NOI $ 161,851 $ 154,893 $ 316,151 $ 305,820
Lease termination income (1,097) (242) (741) (4,635)
SLG share of unconsolidated JV lease termination income (1,706) (2,232) (6,332) (2,232)
Same-store cash NOI excluding lease termination income $ 159,048 $ 152,419 $ 309,078 $ 298,953
SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES
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).
SLG-EARN
EX-99.2
EX-99.2
Filename: a26q2supplemental.htm · Sequence: 3
Document
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties.
As of June 30, 2026, the Company held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.
•SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.
•SL Green's website is www.slgreen.com.
•This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com.
Forward-looking Statements
This supplemental reporting package includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this supplemental reporting package that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this supplemental reporting package are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended June 30, 2026 that will be included on Form 10-Q to be filed on or before August 10, 2026.
Supplemental Information
2
Second Quarter 2026
TABLE OF CONTENTS
Definitions
4
Highlights
6
Key Financial Data
9
-
11
Office Leasing Statistics
12
Comparative Balance Sheets
13
Comparative Statements of Operations
15
Comparative Computation of FFO and FAD
16
Consolidated Statement of Equity
17
Joint Venture Statements
18
-
19
Selected Financial Data
21
-
24
Debt Summary Schedule
25
-
27
Derivative Summary Schedule
28
Lease Liability Schedule
29
Debt and Preferred Equity Investments
30
Selected Property Data
Property Portfolio
31
-
35
Largest Tenants
36
Tenant Diversification
37
Leasing Activity
38
-
39
Lease Expirations
40
-
42
Summary of Real Estate Acquisition/Disposition Activity
43
-
47
Non-GAAP Disclosures and Reconciliations
48
Analyst Coverage
51
Executive Management
52
Supplemental Information
3
Second Quarter 2026
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, based on the property’s vacancy rate, 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 and the property’s vacancy rate 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 - Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
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 - Calculated based on the square footage on which revenue is being recognized for GAAP purposes as of the reporting date, which may differ from the square footage on which cash rent is being collected.
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, to bring a property up to the Company's operating standards.
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 - Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession of the leased space.
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 - Capital expenditure required to maintain a property at the Company’s 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
Second Quarter 2026
DEFINITIONS
Same-Store Properties (Same-Store) - Properties in service and operating during both the current and prior year reporting periods that are located in Manhattan. 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 2026 are as follows:
Added to Same-Store in 2026:
Removed from Same-Store in 2026:
500 Park Avenue 7 Dey Street (sold)
One Madison 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
Second Quarter 2026
SECOND QUARTER 2026 HIGHLIGHTS
Unaudited
NEW YORK, July 22, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended June 30, 2026 of $26.5 million, or $0.38 per share, as compared to a net loss of $11.1 million, or $0.16 per share, for the same period in 2025.
The Company reported a net loss attributable to common stockholders for the six months ended June 30, 2026 of $110.9 million and $1.58 per share as compared to net loss of $32.2 million and $0.47 per share for the same period in 2025.
The Company reported FFO for the quarter ended June 30, 2026 of $109.6 million or $1.43 per share. The Company reported FFO of $124.5 million, or $1.63 per share, for the same period in 2025, which included $46.6 million, or $0.61 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.
The Company reported FFO for the six months ended June 30, 2026 of $174.2 million and $2.26 per share, net of the write-off of $4.8 million, or $0.06 per share, of unamortized deferred financing costs and inclusive of $2.4 million, or $0.03 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $231.1 million, or $3.03 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue and net of $14.5 million, or $0.19 per share, of investment reserves and $4.3 million, or $0.06 per share, of negative non-cash fair value adjustments on mark-to-market derivatives.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 4.3% for the second quarter of 2026 and 3.4% for the first six months of 2026, excluding lease termination income, as compared to the same periods in 2025.
During the second quarter of 2026, the Company signed 53 office leases in its Manhattan office portfolio totaling 445,161 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2026 was $93.17 per rentable square foot, with an average lease term of 5.8 years and average tenant concessions of 4.5 months of free rent with a tenant improvement allowance of $58.77 per rentable square foot. Thirty-two leases comprising 308,680 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 $98.42 per rentable square foot, representing a 18.0% increase over the previous fully escalated rents on the same office spaces.
During the six months ended June 30, 2026, the Company signed 104 office leases in its Manhattan office portfolio totaling 1,374,425 square feet. The average rent on the Manhattan office leases signed in 2026 was $101.25 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 $91.89 per rentable square foot. Sixty-six leases comprising 975,470 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 $109.59 per rentable square foot, representing a 16.6% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced, as compared to 94.4% at the end of the previous quarter and 93.0% at the end of 2025. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.
Supplemental Information
6
Second Quarter 2026
SECOND QUARTER 2026 HIGHLIGHTS
Unaudited
Significant leasing activity in the second quarter and to date in the third quarter includes:
•In July, a new lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
•New expansion lease with Houlihan Lokey, Inc. for 37,611 square feet at 245 Park Avenue;
•New lease with Ryan Specialty LLC for 29,166 square feet at 1185 Avenue of the Americas;
•New lease with Solil Management, LLC for 27,508 square feet at 1185 Avenue of the Americas;
•New lease with Fidelity National Title Insurance for 19,966 square feet at 711 Third Avenue;
•New lease with Kohlberg & Co., L.L.C for 18,820 square feet at 500 Park Avenue.
Investment Activity
In May, the Company closed on the previously announced sale of the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The Company received net cash proceeds of $23.7 million and retained ownership of the 21,000 square foot office condominium.
In May, the Company closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue to Mori Building Co., Ltd., Japan’s leading urban landscape developer, at a gross valuation of $175.0 million and received net cash proceeds of $94.9 million. The Company will retain a 51.0% interest in the project and will serve as the development and leasing manager. The project will be a collaboration between the Company and Mori Building Co., Ltd., uniting the collective vision, design capabilities and development expertise of both firms.
In May, the Company entered into a contract to sell 10 East 53rd Street for total consideration of $312.2 million. The transaction, which is expected to close in the third quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $100.0 million that will be used for corporate debt repayment.
Deployed $94.7 million of the Company's $1.3 billion SLG Opportunistic Debt Fund during the second quarter and $306.4 million to date in 2026, bringing total deployment to $590.5 million, of which $517.5 million has been funded, and $18.9 million of which has since been repaid.
During the second quarter of 2026, the Company repurchased $14.1 million of common stock at an average price of $49.67 per share.
Earnings Guidance
The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher NOI from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share.
Dividends
In the second quarter of 2026, the Company declared:
•A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;
•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2026 through and including July 14, 2026, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.
Supplemental Information
7
Second Quarter 2026
SECOND QUARTER 2026 HIGHLIGHTS
Unaudited
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 23, 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/BIad64200b18bd402aac10eccae2eddc08.
Supplemental Information
8
Second Quarter 2026
KEY FINANCIAL DATA
Unaudited
(Dollars in Thousands Except Per Share)
As of or for the three months ended
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted $ (0.38) $ (1.20) $ (1.49) $ 0.34 $ (0.16)
Funds from operations (FFO) available to common stockholders - diluted $ 1.43 $ 0.84 $ 1.13 $ 1.58 $ 1.63
Common Share Price & Dividends
Closing price at the end of the period $ 51.77 $ 36.94 $ 45.87 $ 59.81 $ 61.90
Closing high price during period $ 52.93 $ 49.39 $ 60.52 $ 65.67 $ 65.94
Closing low price during period $ 36.06 $ 35.33 $ 41.53 $ 52.04 $ 47.90
Annual dividend per common share $ 2.47 $ 2.47 $ 3.09 $ 3.09 $ 3.09
Common Shares & Units
Common shares outstanding 70,853 71,124 71,159 71,028 71,025
Units outstanding 5,547 5,878 4,878 4,850 4,853
Total common shares and units outstanding 76,400 77,002 76,037 75,878 75,878
Weighted average common shares and units outstanding - basic 75,525 75,667 74,331 74,318 74,455
Weighted average common shares and units outstanding - diluted 76,874 77,250 76,594 76,428 76,278
Market Capitalization
Market value of common equity $ 3,955,228 $ 2,844,454 $ 3,487,817 $ 4,538,263 $ 4,696,848
Liquidation value of preferred equity/units and redeemable equity 434,344 434,318 429,271 424,393 425,141
Consolidated debt 4,549,130 4,774,283 4,044,499 4,028,382 3,753,402
Consolidated market capitalization $ 8,938,702 $ 8,053,055 $ 7,961,587 $ 8,991,038 $ 8,875,391
SLG share of unconsolidated JV debt 5,987,615 5,997,411 5,897,198 5,805,174 6,043,432
Market capitalization including SLG share of unconsolidated JVs $ 14,926,317 $ 14,050,466 $ 13,858,785 $ 14,796,212 $ 14,918,823
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.70x 1.71x 1.81x 1.86x 1.85x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.55x 1.56x 1.65x 1.69x 1.67x
Supplemental Information
9
Second Quarter 2026
KEY FINANCIAL DATA
Unaudited
(Dollars in Thousands Except Per Share)
As of or for the three months ended
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Selected Balance Sheet Data
Real estate assets before depreciation $ 7,331,106 $ 7,612,191 $ 7,159,632 $ 7,135,236 $ 6,731,336
Debt and preferred equity investments 113,085 118,083 168,358 171,412 315,684
Investments in unconsolidated joint ventures 2,849,912 2,723,563 2,819,778 2,818,685 2,873,920
Debt fund investments 379,004 293,243 152,958 73,402 41,356
Cash and cash equivalents 180,788 143,867 155,747 187,039 182,912
Investment in marketable securities 21,273 25,330 23,666 16,099 17,151
Total assets 11,809,001 11,981,740 11,277,630 11,335,379 11,424,867
Consolidated fixed rate & hedged debt 3,619,708 4,108,672 3,678,450 3,603,866 3,367,249
Consolidated variable rate debt 929,422 665,611 366,049 424,516 386,153
Total consolidated debt 4,549,130 4,774,283 4,044,499 4,028,382 3,753,402
Deferred financing costs, net of amortization (32,386) (35,673) (13,063) (13,632) (13,788)
Total consolidated debt, net 4,516,744 4,738,610 4,031,436 4,014,750 3,739,614
Total liabilities 7,390,991 7,620,208 6,924,540 6,933,882 7,062,472
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt 8,876,061 9,372,652 9,092,996 8,930,609 8,836,884
Variable rate debt, including SLG share of unconsolidated JV debt (1)
1,188,643 920,611 370,270 424,516 386,153
ASP debt, including SLG share of unconsolidated ASP JV debt 472,041 478,431 478,431 478,431 573,797
Total debt, including SLG share of unconsolidated JV debt $ 10,536,745 $ 10,771,694 $ 9,941,697 $ 9,833,556 $ 9,796,834
(1) Does not reflect floating rate debt and preferred equity investments that provide a hedge against floating rate debt.
Supplemental Information
10
Second Quarter 2026
KEY FINANCIAL DATA
Unaudited
(Dollars in Thousands Except Per Share)
As of or for the three months ended
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Selected Operating Data
Property operating revenues $ 191,882 $ 186,876 $ 183,313 $ 168,536 $ 165,237
Property operating expenses (109,583) (110,313) (109,794) (101,406) (94,960)
Property NOI $ 82,299 $ 76,563 $ 73,519 $ 67,130 $ 70,277
SLG share of unconsolidated JV Property NOI 126,175 119,941 119,852 124,381 119,115
Property NOI, including SLG share of unconsolidated JV Property NOI $ 208,474 $ 196,504 $ 193,371 $ 191,511 $ 189,392
SUMMIT Operator revenue 31,509 24,142 35,920 32,883 31,007
Investment income, including SLG share of unconsolidated JVs 3,438 2,770 2,994 8,319 11,398
Income (loss) from debt fund investments, net 5,990 2,478 (3,222) 1,176 600
Interest income from real estate loans held by consolidated securitization vehicles, net — — — — 32
Fee & other income, including SLG share of unconsolidated JVs 28,341 30,449 46,301 33,471 22,977
(Loss) gain on early extinguishment of debt, including SLG share of unconsolidated JVs — (4,796) — 57,187 —
SUMMIT Operator expenses (25,520) (24,942) (33,794) (35,959) (24,847)
Loan loss and other investment reserves, net of recoveries — — — — 46,287
Transaction costs, including SLG share of unconsolidated JVs (17) (284) (341) (13,129) (177)
Marketing general & administrative expenses (22,781) (22,786) (22,306) (23,701) (21,579)
Income taxes, including SLG share of unconsolidated JVs 1,693 (1,045) 2,305 137 1,296
EBITDAre $ 231,127 $ 202,490 $ 221,228 $ 251,895 $ 256,386
Manhattan Properties
Property operating revenues $ 187,399 $ 182,083 $ 178,189 $ 164,342 $ 160,095
Property operating expenses 96,896 97,548 98,034 88,987 82,287
Property NOI $ 90,503 $ 84,535 $ 80,155 $ 75,355 $ 77,808
Other income - consolidated $ 2,429 $ 964 $ 2,610 $ 1,665 $ 2,013
SLG share of property NOI from unconsolidated JVs $ 126,298 $ 120,056 $ 127,442 $ 124,737 $ 118,869
Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service 17 17 16 16 16
Unconsolidated office buildings in service 10 10 10 10 10
27 27 26 26 26
Consolidated office buildings in service - square footage 10,102,852 10,102,852 9,480,852 9,788,852 9,788,852
Unconsolidated office buildings in service - square footage 13,868,633 13,868,633 13,868,633 13,560,633 13,560,633
23,971,485 23,971,485 23,349,485 23,349,485 23,349,485
Supplemental Information
11
Second Quarter 2026
OFFICE LEASING STATISTICS
Manhattan Operating Properties
As of or for the three months ended
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Signed Leasing
Same-Store office occupancy inclusive of leases signed not yet commenced 94.7% 94.4% 93.0% 91.9% 90.4%
New leases signed 40 44 44 34 29
Renewal leases signed 13 7 12 18 17
Total office leases signed 53 51 56 52 46
Signed office square footage filling vacancy 136,481 262,474 303,978 338,686 232,475
Signed office square footage on previously occupied space (M-T-M leasing) (1)
308,680 666,790 462,805 319,256 309,246
Total office square footage signed 445,161 929,264 766,783 657,942 541,721
Average starting cash rent psf - office leases signed $ 98.42 $ 114.75 $ 91.74 $ 90.65 $ 95.93
Previous escalated cash rent psf - office leases signed (2)
$ 83.42 $ 98.85 $ 86.22 $ 93.13 $ 93.65
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)
18.0% 16.1% 6.4% (2.7)% 2.4%
Average lease term 5.8 9.8 8.5 8.9 7.8
Tenant concession packages psf $ 58.77 $ 107.76 $ 97.54 $ 99.09 $ 78.81
Free rent months 4.5 10.9 8.8 9.1 6.3
Commenced Leasing
Same-Store office occupancy based on commenced leases 92.2% 91.1% 90.0% 90.2% 88.2%
New leases commenced 49 43 29 33 34
Renewal leases commenced 13 7 12 18 16
Total office leases commenced 62 50 41 51 50
Commenced office square footage filling vacancy 361,975 277,335 146,707 390,460 372,611
Commenced office square footage on previously occupied space (M-T-M leasing) (1)
339,798 262,692 244,368 384,800 334,144
Total office square footage commenced 701,773 540,027 391,075 775,260 706,755
Average starting cash rent psf - office leases commenced $ 99.04 $ 104.74 $ 84.32 $ 95.42 $ 79.27
Previous escalated cash rent psf - office leases commenced (2)
$ 93.76 $ 99.44 $ 83.28 $ 90.77 $ 88.68
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)
5.6% 5.3% 1.3% 5.1% (10.6)%
Average lease term 7.6 10.2 5.7 10.5 10.1
Tenant concession packages psf $ 86.99 $ 112.51 $ 49.69 $ 108.39 $ 111.53
Free rent months 6.7 11.0 4.2 9.1 11.4
(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
12
Second Quarter 2026
COMPARATIVE BALANCE SHEETS
Unaudited
(Dollars in Thousands)
As of
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Assets
Commercial real estate properties, at cost:
Land and land interests $ 1,579,973 $ 1,848,531 $ 1,699,215 $ 1,627,895 $ 1,448,504
Building and improvements 4,272,142 4,298,249 4,012,305 4,082,434 3,867,078
Building leasehold and improvements 1,478,991 1,465,411 1,448,112 1,424,907 1,415,754
7,331,106 7,612,191 7,159,632 7,135,236 6,731,336
Less: accumulated depreciation (2,359,905) (2,321,290) (2,306,377) (2,266,042) (2,220,242)
Net real estate 4,971,201 5,290,901 4,853,255 4,869,194 4,511,094
Other real estate investments:
Debt and preferred equity investments, net
113,085
118,083 168,358 171,412 315,684
Investment in unconsolidated joint ventures 2,849,912 2,723,563 2,819,778 2,818,685 2,873,920
Debt fund investments 379,004 293,243 152,958 73,402 41,356
Assets held for sale, net 214,586 211,222 — — —
Cash and cash equivalents 180,788 143,867 155,747 187,039 182,912
Restricted cash 200,961 194,772 180,748 170,004 159,905
Investment in marketable securities 21,273 25,330 23,666 16,099 17,151
Tenant and other receivables 60,180 56,724 45,524 136,787 44,444
Related party receivables 13,867 25,161 16,293 15,287 12,030
Deferred rents receivable 262,008 262,730 266,678 268,770 267,046
Deferred costs, net 126,621 129,428 129,019 117,054 117,964
Right-of-use assets - operating leases 902,113 909,377 864,430 869,929 875,379
Real estate loans held by consolidated securitization vehicles 1,031,212 1,027,164 1,023,877 1,013,273 1,431,362
Other assets 482,190 570,175 577,299 608,444 574,620
Total Assets $ 11,809,001 $ 11,981,740 $ 11,277,630 $ 11,335,379 $ 11,424,867
Supplemental Information
13
Second Quarter 2026
COMPARATIVE BALANCE SHEETS
Unaudited
(Dollars in Thousands)
As of
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Liabilities
Mortgages and other loans payable $ 2,244,805 $ 2,509,135 $ 2,154,499 $ 2,288,382 $ 2,043,402
Unsecured term loans 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000
Unsecured notes — — — 100,000 100,000
Revolving credit facility 850,000 825,000 640,000 390,000 360,000
Deferred financing costs (32,386) (35,673) (13,063) (13,632) (13,788)
Total debt, net of deferred financing costs 4,212,419 4,448,462 3,931,436 3,914,750 3,639,614
Accrued interest payable 17,637 19,791 15,221 17,803 16,066
Accounts payable and accrued expenses 129,346 118,912 134,621 140,232 130,656
Deferred revenue 154,999 168,980 147,419 164,132 158,111
Lease liability - financing leases 108,847 108,515 108,183 107,846 107,513
Lease liability - operating leases 844,823 851,142 805,192 809,665 814,088
Dividends and distributions payable 49,009 49,380 2,536 21,942 22,150
Security deposits 70,515 73,638 68,276 65,356 60,825
Liabilities related to assets held for sale 218,333 189,842 — — —
Junior subordinated deferrable interest debentures 100,000 100,000 100,000 100,000 100,000
Senior obligations of consolidated securitization vehicles 1,031,212 1,027,164 1,023,877 1,013,273 1,431,362
Other liabilities 453,851 464,382 587,779 578,883 582,087
Total Liabilities 7,390,991 7,620,208 6,924,540 6,933,882 7,062,472
Noncontrolling interests in Operating Partnership
(5,547 units outstanding at 6/30/2026)
297,076 259,415 241,371 280,873 287,151
Preferred units and redeemable equity 204,344 204,319 199,271 194,392 195,141
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, 70,853
issued and outstanding at 6/30/2026
705 711 711 710 710
Additional paid–in capital 4,206,490 4,213,856 4,212,590 4,205,443 4,198,303
Accumulated other comprehensive earnings (loss) 5,353 (7,287) (22,198) (19,784) (16,324)
Retained deficit (1,016,905) (892,890) (741,880) (634,653) (613,117)
Total SL Green Realty Corp. stockholders' equity 3,417,575 3,536,322 3,671,155 3,773,648 3,791,504
Noncontrolling interests in other partnerships 499,015 361,476 241,293 152,584 88,599
Total Equity 3,916,590 3,897,798 3,912,448 3,926,232 3,880,103
Total Liabilities and Equity $ 11,809,001 $ 11,981,740 $ 11,277,630 $ 11,335,379 $ 11,424,867
Supplemental Information
14
Second Quarter 2026
COMPARATIVE STATEMENT OF OPERATIONS
Unaudited
(Dollars in Thousands Except Per Share)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 2025
Revenues
Rental revenue, net $ 171,846 $ 165,995 $ 147,535 $ 337,841 $ 292,053
Escalation and reimbursement revenues 20,036 20,881 17,702 40,917 36,203
SUMMIT Operator revenue 31,509 24,142 31,007 55,651 53,541
Investment income 2,657 2,346 6,339 5,003 22,453
Interest income from real estate loans held by consolidated securitization vehicles 14,743 14,649 21,049 29,392 37,030
Fee income 19,435 20,006 12,216 39,441 24,491
Other income 3,775 5,061 6,068 8,836 15,991
Total Revenues 264,001 253,080 241,916 517,081 481,762
Expenses
Operating expenses (1)
60,250 61,457 51,105 121,707 107,167
Real estate taxes 42,435 41,912 37,750 84,347 74,967
Operating lease rent 6,898 6,944 6,105 13,842 12,211
SUMMIT Operator expenses 25,520 24,942 24,847 50,462 46,611
Loan loss and other investment reserves, net of recoveries — — (46,287) — (71,326)
Transaction related costs 17 284 177 301 472
Marketing, general and administrative 22,781 22,786 21,579 45,567 43,303
Total Operating Expenses 157,901 158,325 95,276 316,226 213,405
Equity in net income (loss) from unconsolidated joint ventures (2)
14,948 (20,780) (22,775) (5,832) (19,825)
Income from debt fund investments, net (3)
5,990 2,478 600 8,468 600
Operating Income 127,038 76,453 124,465 203,491 249,132
Interest expense, net of interest income 54,011 50,909 45,318 104,920 90,999
Amortization of deferred financing costs 2,156 2,802 1,742 4,958 3,429
SUMMIT Operator tax expense 1,223 585 1,547 1,808 1,502
Interest expense on senior obligations of consolidated securitization vehicles 14,743 14,649 21,017 29,392 34,989
Depreciation and amortization 67,279 69,751 60,160 137,030 124,658
(Loss) Income from Continuing Operations (4)
(12,374) (62,243) (5,319) (74,617) (6,445)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate — (814) (1,946) (814) (1,946)
Purchase price and other fair value adjustments 5,662 4,183 (9,617) 9,845 (19,228)
(Loss) gain on sale of real estate, net (4,179) 16,636 (167) 12,457 (649)
Depreciable real estate reserves — (35,160) — (35,160) (8,546)
Depreciable real estate reserves in unconsolidated joint venture — — — — (1,780)
Net Loss (10,891) (77,398) (6,817) (88,289) (28,362)
Net (income) loss attributable to noncontrolling interests (9,617) (1,056) 1,615 (10,673) 7,977
Preferred units distributions (2,258) (2,199) (2,153) (4,457) (4,307)
Net Loss attributable to SL Green (22,766) (80,653) (7,355) (103,419) (24,692)
Perpetual preferred stock dividends (3,737) (3,738) (3,737) (7,475) (7,475)
Net Loss attributable to SL Green common stockholders $ (26,503) $ (84,391) $ (11,092) $ (110,894) $ (32,167)
Basic loss per share $ (0.38) $ (1.20) $ (0.16) $ (1.58) $ (0.47)
Diluted loss per share $ (0.38) $ (1.20) $ (0.16) $ (1.58) $ (0.47)
(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 ventures.
(3) Includes interest income and realized/unrealized gains/losses from debt fund investments, net of expenses. Excludes fees recognized by us as the debt fund's manager, which are included in Fee income.
(4) Before equity in net (loss) 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
15
Second Quarter 2026
COMPARATIVE COMPUTATION OF FFO AND FAD
Unaudited
(Dollars in Thousands Except Per Share)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 2025
Funds from Operations
Net Loss attributable to SL Green common stockholders $ (26,503) $ (84,391) $ (11,092) $ (110,894) $ (32,167)
Depreciation and amortization 67,279 69,751 60,160 137,030 124,658
Joint ventures depreciation and noncontrolling interests adjustments 61,761 62,596 68,003 124,357 121,364
Net income (loss) attributable to noncontrolling interests 9,617 1,056 (1,615) 10,673 (7,977)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate — 814 1,946 814 1,946
Purchase price and other fair value adjustments (5,252) (2,224) 8,399 (7,476) 14,943
Loss (gain) on sale of real estate, net 4,179 (16,636) 167 (12,457) 649
Depreciable real estate reserves — 35,160 — 35,160 8,546
Depreciable real estate reserves in unconsolidated joint venture — — — — 1,780
Depreciation on non-rental real estate assets (1,502) (1,503) (1,421) (3,005) (2,684)
Funds From Operations $ 109,579 $ 64,623 $ 124,547 $ 174,202 $ 231,058
Funds From Operations - Basic per Share $ 1.45 $ 0.85 $ 1.67 $ 2.30 $ 3.10
Funds From Operations - Diluted per Share $ 1.43 $ 0.84 $ 1.63 $ 2.26 $ 3.03
Funds Available for Distribution
FFO $ 109,579 $ 64,623 $ 124,547 $ 174,202 $ 231,058
Non real estate depreciation and amortization 1,502 1,503 1,421 3,005 2,684
Amortization of deferred financing costs 2,156 2,802 1,742 4,958 3,429
Non-cash deferred compensation 9,754 10,213 10,518 19,967 21,055
FAD adjustment for joint ventures (34,157) (29,468) (25,310) (63,625) (51,183)
Straight-line rental income and other non-cash adjustments (30,894) (3,143) (402) (34,037) 2,805
Non-cash fair value adjustments on mark-to-market derivatives (409) (1,960) 1,218 (2,369) 4,286
Second cycle tenant improvements (20,440) (18,526) (33,736) (38,966) (51,594)
Second cycle leasing commissions (3,839) (9,578) (8,551) (13,417) (12,797)
Recurring capital expenditures (10,436) (5,618) (7,914) (16,054) (12,681)
Reported Funds Available for Distribution $ 22,816 $ 10,848 $ 63,533 $ 33,664 $ 137,062
First cycle tenant improvements $ 1,575 $ 2,160 $ 758 $ 3,735 $ 822
First cycle leasing commissions $ 600 $ 17 $ 806 $ 617 $ 934
Development costs $ 147 $ 325 $ 8,830 $ 472 $ 19,468
Redevelopment costs $ 15,697 $ 9,083 $ 5,123 $ 24,780 $ 7,833
Capitalized interest $ 8,210 $ 8,669 $ 6,636 $ 16,879 $ 13,106
Supplemental Information
16
Second Quarter 2026
CONSOLIDATED STATEMENT OF EQUITY
Unaudited
(Dollars in Thousands)
Accumulated
Series I Other
Preferred Common Additional Retained Noncontrolling Comprehensive
Stock Stock Paid-In Capital Deficit Interests Income Total
Balance at December 31, 2025 $ 221,932 $ 711 $ 4,212,590 $ (741,880) $ 241,293 $ (22,198) $ 3,912,448
Net loss (103,419) 19,506 (83,913)
Other comprehensive income 27,551 27,551
Perpetual preferred stock dividends (7,475) (7,475)
DRSPP proceeds — 145 145
Measurement adjustment for redeemable noncontrolling interest (76,863) (76,863)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (2) 7,819 933 8,750
Repurchases of common stock (4) (14,064) (14,068)
Contributions to consolidated joint venture interests 3,087 3,087
Contributions to debt fund investments 209,092 209,092
Consolidation of partially owned entity 38,421 38,421
Cash distributions to noncontrolling interests (8,533) (8,533)
Distributions from debt fund investments (4,784) (4,784)
Cash distributions ($1.24 per common share, none of which represented a return of capital for federal income tax purposes)
(87,268) (87,268)
Balance at June 30, 2026 $ 221,932 $ 705 $ 4,206,490 $ (1,016,905) $ 499,015 $ 5,353 $ 3,916,590
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
Common Stock OP Units Stock-Based Compensation Contingently Issuable Shares Diluted Shares
Share and Unit Count at December 31, 2025 71,158,530 4,877,891 76,036,421
YTD activity (305,974) 669,113 — — 363,139
Share and Unit Count at June 30, 2026 70,852,556 5,547,004 — — 76,399,560
Weighted Average Share and Unit Count at June 30, 2026 - Basic 70,678,183 4,917,744 — — 75,595,927
Dilution — — 757,079 751,888 1,508,967
Weighted Average Share and Unit Count at June 30, 2026 - Diluted 70,678,183 4,917,744 757,079 751,888 77,104,894
Supplemental Information
17
Second Quarter 2026
JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
As of
June 30, 2026 March 31, 2026 December 31, 2025
Total SLG Share Total SLG Share Total SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests $ 4,470,880 $ 2,146,539 $ 4,302,573 $ 2,057,636 $ 4,302,573 $ 2,057,636
Building and improvements 13,704,421 6,452,778 13,597,440 6,408,880 13,507,121 6,373,604
Building leasehold and improvements 289,849 195,807 286,233 192,372 283,579 189,850
18,465,150 8,795,124 18,186,246 8,658,888 18,093,273 8,621,090
Less: accumulated depreciation (2,860,667) (1,454,608) (2,757,938) (1,404,182) (2,659,031) (1,355,798)
Net real estate 15,604,483 7,340,516 15,428,308 7,254,706 15,434,242 7,265,292
Other real estate investments:
Debt and preferred equity investments, net 268,187 13,411 256,444 12,824 247,964 12,400
Cash and cash equivalents 274,541 115,710 274,721 111,394 295,847 124,021
Restricted cash 489,957 217,399 502,645 223,541 351,566 182,893
Tenant and other receivables 86,909 56,093 78,298 48,917 58,588 36,256
Deferred rents receivable 754,149 374,081 734,859 365,624 712,535 356,519
Deferred costs, net 416,313 199,918 415,094 200,549 402,783 193,650
Right-of-use assets - financing leases 737,145 515,589 739,301 516,884 741,693 518,403
Right-of-use assets - operating leases 79,202 41,540 80,803 42,490 82,395 43,436
Other assets 1,152,997 535,789 1,221,296 568,209 1,282,576 594,434
Total Assets $ 19,863,883 $ 9,410,046 $ 19,731,769 $ 9,345,138 $ 19,610,189 $ 9,327,304
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$104,433 at 6/30/2026, of which $50,118 is SLG share
$ 12,789,062 $ 5,937,497 $ 12,810,512 $ 5,944,078 $ 12,378,150 $ 5,846,722
Accrued interest payable 93,773 33,772 77,149 29,667 62,978 24,356
Accounts payable and accrued expenses 263,231 153,418 273,811 156,662 283,909 157,467
Deferred revenue 781,877 351,507 841,807 380,817 852,035 383,414
Lease liability - financing leases 812,387 553,682 812,663 554,571 812,881 555,399
Lease liability - operating leases 94,176 48,126 95,145 48,681 96,107 49,233
Security deposits 49,721 21,489 47,017 20,127 48,190 20,383
Other liabilities 51,850 27,073 73,390 37,069 89,722 45,366
Equity 4,927,806 2,283,482 4,700,275 2,173,466 4,986,217 2,244,964
Total Liabilities and Equity $ 19,863,883 $ 9,410,046 $ 19,731,769 $ 9,345,138 $ 19,610,189 $ 9,327,304
Supplemental Information
18
Second Quarter 2026
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
Three Months Ended
June 30, 2026 March 31, 2026 June 30, 2025
Total SLG Share Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 330,612 $ 168,318 $ 321,758 $ 163,062 $ 308,376 $ 158,320
Escalation and reimbursement revenues 65,174 34,301 68,539 35,857 58,677 31,960
Investment income 15,626 781 8,480 424 5,563 5,059
Other income 10,676 5,131 11,601 5,382 9,560 4,693
Total Revenues 422,088 208,531 410,378 204,725 382,176 200,032
Loss on early extinguishment of debt(1)
— — (9,497) (4,796) — —
Expenses
Operating expenses 72,588 36,607 75,836 38,356 63,197 32,693
Real estate taxes 75,349 38,181 76,755 38,966 71,658 36,816
Operating lease rent 2,995 1,656 2,995 1,656 5,942 1,656
Total Operating Expenses 150,932 76,444 155,586 78,978 156,777 85,696
Operating Income 271,156 132,087 245,295 120,951 225,399 114,336
Interest expense, net of interest income 143,013 71,826 139,898 70,132 130,336 64,290
Amortization of deferred financing costs 7,518 3,962 8,491 4,456 5,878 3,107
Depreciation and amortization 138,185 70,555 132,612 67,639 125,535 65,153
Basis difference and other adjustments — (29,204) — (496) — 4,561
Net (Loss) Income (17,560) 14,948 (35,706) (20,780) (36,350) (22,775)
Basis difference and other adjustments — 4,625 — 1,918 — 4,561
Real estate depreciation 138,184 70,555 132,611 67,638 125,534 65,153
FFO Contribution $ 120,624 $ 90,128 $ 96,905 $ 48,776 $ 89,184 $ 46,939
FAD Adjustments:
Non real estate depreciation and amortization $ 1 $ — $ 1 $ 1 $ 1 $ —
Amortization of deferred financing costs 7,518 3,962 8,491 4,456 5,878 3,107
Straight-line rental income and other non-cash adjustments (41,866) (17,214) (39,514) (17,310) (48,487) (24,333)
Second cycle tenant improvements (34,074) (17,101) (19,364) (9,741) (6,058) (3,164)
Second cycle leasing commissions (5,066) (2,567) (9,883) (5,601) (159) (399)
Recurring capital expenditures (2,339) (1,237) (2,199) (1,273) (247) (521)
Total FAD Adjustments $ (75,826) $ (34,157) $ (62,468) $ (29,468) $ (49,072) $ (25,310)
First cycle tenant improvements $ 10,265 $ 5,083 $ 12,708 $ 6,126 $ 6,751 $ 3,310
First cycle leasing commissions $ 1,300 $ 412 $ 11,939 $ 5,981 $ 713 $ 224
Development costs $ 27,917 $ 7,119 $ 18,318 $ 4,671 $ 23,235 $ 6,941
Redevelopment costs $ 15,117 $ 7,464 $ 10,820 $ 5,315 $ 20,263 $ 9,787
Capitalized interest $ 12,266 $ 5,574 $ 15,978 $ 7,279 $ 22,623 $ 9,830
(1) Includes the write-off of unamortized deferred financing costs.
Supplemental Information
19
Second Quarter 2026
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
Six Months Ended
June 30, 2026 June 30, 2025
Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 652,370 $ 331,380 $ 609,499 $ 311,525
Escalation and reimbursement revenues 133,713 70,158 121,615 65,819
Investment income 24,106 1,205 10,972 9,977
Other income 22,277 10,513 12,016 6,013
Total Revenues 832,466 413,256 754,102 393,334
Loss on early extinguishment of debt(1)
(9,497) (4,796) — —
Expenses
Operating expenses 148,424 74,963 131,212 67,507
Real estate taxes 152,104 77,147 143,162 73,534
Operating lease rent 5,990 3,312 12,523 3,312
Loan loss and other investment reserves, net of recoveries — — 15,980 14,531
Transaction related costs — — — —
Total Operating Expenses 306,518 155,422 302,877 158,884
Operating Income 516,451 253,038 451,225 234,450
Interest expense, net of interest income 282,911 141,958 259,232 127,255
Amortization of deferred financing costs 16,009 8,418 11,897 6,298
Depreciation and amortization 270,797 138,194 246,840 128,228
Basis difference and other adjustments — (29,700) — (7,506)
Net Loss (53,266) (5,832) (66,744) (19,825)
Basis difference and other adjustments — 6,543 — (7,506)
Real estate depreciation 270,795 138,193 246,838 128,227
FFO Contribution $ 217,529 $ 138,904 $ 180,094 $ 100,896
FAD Adjustments:
Non real estate depreciation and amortization $ 2 $ 1 $ 2 $ 1
Amortization of deferred financing costs 16,009 8,418 11,897 6,298
Straight-line rental income and other non-cash adjustments (81,380) (34,524) (94,239) (47,259)
Second cycle tenant improvements (53,438) (26,842) (12,406) (6,390)
Second cycle leasing commissions (14,949) (8,168) (5,225) (3,005)
Recurring capital expenditures (4,538) (2,510) (656) (828)
Total FAD Adjustments $ (138,294) $ (63,625) $ (100,627) $ (51,183)
First cycle tenant improvements $ 22,973 $ 11,209 $ 10,449 $ 5,092
First cycle leasing commissions $ 13,239 $ 6,393 $ 1,524 $ 443
Development costs $ 46,235 $ 11,790 $ 34,240 $ 10,199
Redevelopment costs $ 25,937 $ 12,779 $ 34,882 $ 16,889
Capitalized interest $ 28,244 $ 12,853 $ 42,187 $ 19,260
(1) Includes the write-off of unamortized deferred financing costs.
Supplemental Information
20
Second Quarter 2026
NET OPERATING INCOME(1)
Unaudited
(Dollars in Thousands)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 2025
Net Operating Income (1)
$ 91,270 $ 91,863 $ 79,637 $ 183,133 $ 151,649
SLG share of NOI from unconsolidated JVs 126,150 120,096 118,743 246,245 233,339
NOI, including SLG share of unconsolidated JVs 217,420 211,959 198,380 429,378 384,988
Partners' share of NOI - consolidated JVs 9 (12) 2 (3) (1,561)
NOI - SLG share $ 217,429 $ 211,947 $ 198,382 $ 429,375 $ 383,427
NOI, including SLG share of unconsolidated JVs $ 217,420 $ 211,959 $ 198,380 $ 429,378 $ 384,988
Free rent (net of amortization) (8,617) (5,772) (7,530) (14,387) (13,158)
Straight-line revenue adjustment (6,710) (9,639) (11,482) (16,349) (19,795)
Amortization of acquired above and below-market leases, net (7,133) (6,561) (5,676) (13,694) (11,111)
Operating lease straight-line adjustment 558 605 542 1,162 1,070
Straight-line tenant credit loss (574) (188) (56) (763) (494)
Cash NOI, including SLG share of unconsolidated JVs 194,944 190,404 174,178 385,347 341,500
Partners' share of cash NOI - consolidated JVs 9 (27) 2 (18) (1,217)
Cash NOI - SLG share $ 194,953 $ 190,377 $ 174,180 $ 385,329 $ 340,283
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended Six Months Ended
June 30, 2026 June 30, 2026
NOI Cash NOI NOI Cash NOI
Manhattan Office $ 193,573 $ 172,270 $ 374,342 $ 331,802
Development / Redevelopment 122 353 (50) 763
High Street Retail 4,979 4,385 10,341 9,417
Suburban 979 724 2,149 1,941
Residential 4,255 3,978 8,629 8,075
Total Operating and Development/Redevelopment 203,908 181,710 395,411 351,998
Alternative Strategy Portfolio 11,174 10,705 22,600 21,606
Property Dispositions (2)
2,373 2,337 5,192 5,099
Other (3)
(26) 201 6,172 6,626
Total $ 217,429 $ 194,953 $ 429,375 $ 385,329
(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
21
Second Quarter 2026
SAME STORE NET OPERATING INCOME
Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
Three Months Ended Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2026 2025 % 2026 2026 2025 %
Revenues
Rental revenue, net $ 138,179 $ 135,711 $ 134,332 $ 272,510 $ 270,327
Escalation & reimbursement revenues 17,342 16,352 18,266 35,609 33,569
Other income 1,492 939 (38) 1,454 5,597
Total Revenues $ 157,013 $ 153,002 $ 152,560 $ 309,573 $ 309,493
Expenses
Operating expenses $ 41,945 $ 37,350 $ 43,145 $ 85,090 $ 80,260
Real estate taxes 35,432 35,118 35,132 70,565 70,012
Operating lease rent 6,059 6,106 6,106 12,165 12,211
Total Operating Expenses $ 83,436 $ 78,574 $ 84,383 $ 167,820 $ 162,483
Operating Income $ 73,577 $ 74,428 $ 68,177 $ 141,753 $ 147,010
Interest expense & amortization of financing costs $ 22,982 $ 21,857 $ 23,295 $ 46,278 $ 43,164
Depreciation & amortization 51,325 49,548 49,502 100,826 101,407
(Loss) income before noncontrolling interest $ (730) $ 3,023 $ (4,620) $ (5,351) $ 2,439
Real estate depreciation & amortization 51,325 49,548 49,502 100,826 101,407
FFO Contribution $ 50,595 $ 52,571 $ 44,882 $ 95,475 $ 103,846
Non–building revenue (340) (686) (302) (642) (939)
Interest expense & amortization of financing costs 22,982 21,857 23,295 46,278 43,164
Non-real estate depreciation — — — — —
NOI $ 73,237 $ 73,742 (0.7) % $ 67,875 $ 141,111 $ 146,071 (3.4) %
Non-cash adjustments $ (2,930) 341 (2,089) (5,021) 2,750
Cash NOI $ 70,307 $ 74,083 (5.1) % $ 65,786 $ 136,090 $ 148,821 (8.6) %
Lease termination income (1,097) (242) 356 (741) (4,635)
Cash NOI excluding lease termination income $ 69,210 $ 73,841 (6.3) % $ 66,142 $ 135,349 $ 144,186 (6.1) %
Operating Margins
NOI to real estate revenue, net 46.7 % 48.4 % 44.6 % 45.7 % 47.3 %
Cash NOI to real estate revenue, net 44.9 % 48.6 % 43.2 % 44.1 % 48.2 %
NOI before operating lease rent/real estate revenue, net 50.6 % 52.4 % 48.6 % 49.6 % 51.3 %
Cash NOI before operating lease rent/real estate revenue, net 48.6 % 52.5 % 47.1 % 47.9 % 52.1 %
Supplemental Information
22
Second Quarter 2026
SAME STORE NET OPERATING INCOME
Unconsolidated JVs
Unaudited
(Dollars in Thousands, SLG Share)
Three Months Ended Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2026 2025 % 2026 2026 2025 %
Revenues
Rental revenue, net $ 143,600 $ 133,920 $ 137,905 $ 281,505 $ 263,558
Escalation & reimbursement revenues 32,329 29,369 34,155 66,484 60,171
Other income 2,431 2,542 5,042 7,473 2,801
Total Revenues $ 178,360 $ 165,831 $ 177,102 $ 355,462 $ 326,530
Expenses
Operating expenses $ 33,818 $ 30,420 $ 35,818 $ 69,636 $ 63,333
Real estate taxes 35,555 34,897 36,264 71,818 69,798
Operating lease rent 108 108 108 217 217
Total Operating Expenses $ 69,481 $ 65,425 $ 72,190 $ 141,671 $ 133,348
Operating Income $ 108,879 $ 100,406 $ 104,912 $ 213,791 $ 193,182
Interest expense & amortization of financing costs $ 67,410 $ 62,709 $ 66,505 $ 133,915 $ 124,956
Depreciation & amortization 62,184 57,689 59,141 121,325 114,197
Loss before noncontrolling interest $ (20,715) $ (19,992) $ (20,734) $ (41,449) $ (45,971)
Real estate depreciation & amortization 62,183 57,688 59,140 121,324 114,196
FFO Contribution $ 41,468 $ 37,696 $ 38,406 $ 79,875 $ 68,225
Non–building revenue (695) (306) (413) (1,108) (560)
Interest expense & amortization of financing costs 67,410 62,709 66,505 133,915 124,956
Non-real estate depreciation 1 1 1 1 1
NOI $ 108,184 $ 100,100 8.1 % $ 104,499 $ 212,683 $ 192,622 10.4 %
Non-cash adjustments $ (16,640) $ (19,290) $ (15,980) $ (32,622) $ (35,623)
Cash NOI $ 91,544 $ 80,810 13.3 % $ 88,519 $ 180,061 $ 156,999 14.7 %
Lease termination income (1,706) (2,232) (4,626) (6,332) (2,232)
Cash NOI excluding lease termination income $ 89,838 $ 78,578 14.3 % $ 83,893 $ 173,729 $ 154,767 12.3 %
Operating Margins
NOI to real estate revenue, net 60.9 % 60.5 % 59.1 % 60.0 % 59.1 %
Cash NOI to real estate revenue, net 51.5 % 48.8 % 50.1 % 50.8 % 48.2 %
NOI before operating lease rent/real estate revenue, net 61.0 % 60.5 % 59.2 % 60.1 % 59.2 %
Cash NOI before operating lease rent/real estate revenue, net 51.6 % 48.9 % 50.2 % 50.9 % 48.2 %
Supplemental Information
23
Second Quarter 2026
SAME STORE NET OPERATING INCOME
Consolidated and Share of Unconsolidated JVs
Unaudited
(Dollars in Thousands)
Three Months Ended Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2026 2025 % 2026 2026 2025 %
Revenues
Rental revenue, net $ 138,179 $ 135,711 $ 134,332 $ 272,510 $ 270,327
Escalation & reimbursement revenues 17,342 16,352 18,266 35,609 33,569
Other income 1,492 939 (38) 1,454 5,597
Total Revenues $ 157,013 $ 153,002 $ 152,560 $ 309,573 $ 309,493
Equity in net income (loss) from unconsolidated joint ventures (1)
$ (20,715) $ (19,992) $ (20,734) $ (41,449) $ (45,971)
Expenses
Operating expenses $ 41,945 $ 37,350 $ 43,145 $ 85,090 $ 80,260
Real estate taxes 35,432 35,118 35,132 70,565 70,012
Operating lease rent 6,059 6,106 6,106 12,165 12,211
Total Operating Expenses $ 83,436 $ 78,574 $ 84,383 $ 167,820 $ 162,483
Operating Income $ 52,862 $ 54,436 $ 47,443 $ 100,304 $ 101,039
Interest expense & amortization of financing costs $ 22,982 $ 21,857 $ 23,295 $ 46,278 $ 43,164
Depreciation & amortization 51,325 49,548 49,502 100,826 101,407
Loss before noncontrolling interest $ (21,445) $ (16,969) $ (25,354) $ (46,800) $ (43,532)
Real estate depreciation & amortization 51,325 49,548 49,502 100,826 101,407
Joint Ventures Real estate depreciation & amortization (1)
62,183 57,688 59,140 121,324 114,196
FFO Contribution $ 92,063 $ 90,267 $ 83,288 $ 175,350 $ 172,071
Non–building revenue (340) (686) (302) (642) (939)
Joint Ventures Non–building revenue (1)
(695) (306) (413) (1,108) (560)
Interest expense & amortization of financing costs 22,982 21,857 23,295 46,278 43,164
Joint Ventures interest expense & amortization of financing costs (1)
67,410 62,709 66,505 133,915 124,956
Non-real estate depreciation — — — — —
Joint Ventures Non-real estate depreciation (1)
1 1 1 1 1
NOI $ 181,421 $ 173,842 4.4 % $ 172,374 $ 353,794 $ 338,693 4.5 %
Non-cash adjustments $ (2,930) $ 341 $ (2,089) $ (5,021) $ 2,750
Joint Ventures non-cash adjustments (1)
(16,640) (19,290) (15,980) (32,622) (35,623)
Cash NOI $ 161,851 $ 154,893 4.5 % $ 154,305 $ 316,151 $ 305,820 3.4 %
Lease termination income $ (1,097) $ (242) $ 356 $ (741) $ (4,635)
Joint Ventures lease termination income (1)
(1,706) (2,232) (4,626) (6,332) (2,232)
Cash NOI excluding lease termination income $ 159,048 $ 152,419 4.3 % $ 150,035 $ 309,078 $ 298,953 3.4 %
Operating Margins
NOI to real estate revenue, net 54.3 % 54.7 % 52.4 % 53.3 % 53.4 %
Cash NOI to real estate revenue, net 48.4 % 48.7 % 46.9 % 47.7 % 48.2 %
NOI before operating lease rent/real estate revenue, net 56.1 % 56.6 % 54.3 % 55.2 % 55.3 %
Cash NOI before operating lease rent/real estate revenue, net 50.2 % 50.6 % 48.7 % 49.5 % 50.1 %
(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
24
Second Quarter 2026
DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
Principal 2026 Current Final Principal
Ownership Outstanding Principal Maturity Maturity Due at
Fixed rate debt Interest (%) 6/30/2026 Coupon (1) Amortization Date Date (2) Final Maturity
Secured fixed rate debt
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 West 33rd St (The Olivia) (3) 100.0 250,000 4.24% — Feb-27 Feb-27 250,000
10 East 53rd Street (swapped) (4) 100.0 204,325 5.37% — May-27 May-28 (5) 204,325
500 Park Avenue (swapped) 100.0 80,000 6.57% — Jan-28 Jan-30 80,000
800 Third Avenue (swapped) 100.0 177,000 5.15% — Feb-29 Feb-31 177,000
610 Park Avenue 100.0 12,200 4.65% — Nov-29 Nov-29 12,200
65 East 55th Street (Park Avenue Tower) 95.0 480,000 5.25% — Feb-31 Feb-31 480,000
420 Lexington Avenue (Graybar) 100.0 251,183 8.24% — Oct-40 Oct-40 251,183
$ 2,369,708 5.40% $ — $ 2,369,708
Unsecured fixed rate debt
Revolving credit facility (swapped) 100.0 $ 400,000 4.62% (6) $ — Jun-30 Jun-31 (5) $ 400,000
Term Loan C (swapped) 100.0 750,000 4.33% (6) — Jun-31 Jun-31 750,000
Junior subordinated deferrable interest debentures (swapped) 100.0 100,000 5.27% — Jul-35 Jul-35 100,000
$ 1,250,000 4.50% $ — $ 1,250,000
Total Fixed Rate Debt $ 3,619,708 5.09% $ — $ 3,619,708
Floating rate debt
Unsecured floating rate debt
Term Loan B (SOFR + 180 bps) 100.0 $ 100,000 5.45% Nov-26 Nov-26 100,000
Term Loan A (SOFR + 170 bps) 100.0 300,000 5.35% May-27 May-27 $ 300,000
Debt fund subscription line (SOFR + 220 bps) 9.1 79,422 (7) 5.88% Aug-27 Aug-28 $ 79,422
Revolving credit facility (SOFR + 125 bps) 100.0 450,000 4.90% Jun-30 Jun-31 (5) $ 450,000
$ 929,422 5.19% $ — $ 929,422
Total Floating Rate Debt $ 929,422 5.19% $ — $ 929,422
Consolidated Debt $ 4,549,130 5.11%
Total Debt - Consolidated $ 4,549,130 5.11% $ — $ 4,549,130
Debt related to assets held for sale (204,325)
Deferred financing costs (32,386)
Total Debt - Consolidated, net $ 4,312,419 5.35%
Total Debt - Unconsolidated JV, net $ 5,937,497 4.62%
Debt including SLG share of JV Debt $ 10,064,704 4.84%
Alternative Strategy Portfolio Debt including SLG share of JV Debt $ 472,041 4.62%
Total Debt including SLG share of JV Debt $ 10,536,745 4.83%
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt $ 10,696,436 4.88%
(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.65%. 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) The Company has a preferred equity investment in this property.
(4) This property is held for sale as of June 30, 2026.
(5) As-of-right extension.
(6) Represents a blended swapped rate inclusive of multiple swaps.
(7) The Fund has access to a subscription line with a maximum commitment of $200 million as of June 30, 2026, secured by investor capital commitments. The facility is used to fund investments prior to capital calls and is repaid through capital contributions. The subscription line is non-recourse to the Company.
Supplemental Information
25
Second Quarter 2026
DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
Principal Outstanding
2026 Principal
Current Final Principal Due at
Ownership 6/30/2026 Amortization Maturity Maturity Final Maturity
Fixed rate debt Interest (%) Gross Principal SLG Share Coupon (1) (SLG Share) Date Date (2) (SLG Share)
280 Park Avenue (swapped) 50.0 $ 1,075,000 $ 537,500 5.84% $ — Sep-26 Sep-28 $ 537,500
1515 Broadway 56.9 672,225 382,288 3.93% 6,957 Mar-27 Mar-28 358,544
450 Park Avenue (swapped) 25.1 273,616 68,678 6.57% (3) — Jun-27 Jun-27 72,899
245 Park Avenue 50.1 1,768,000 885,768 4.30% — Jun-27 Jun-27 885,768
220 East 42nd 51.0 496,412 253,170 6.77% — Dec-27 Dec-27 253,170
100 Park Avenue 50.8 382,872 194,499 5.73% — Jan-28 Jan-29 194,499
15 Beekman 20.0 117,000 23,400 4.83% — Jan-28 Jan-28 23,400
11 Madison Avenue 60.0 1,400,000 840,000 5.63% — Oct-30 Oct-30 840,000
One Madison Avenue 25.5 1,650,000 420,750 5.81% — Apr-31 Apr-31 420,750
One Vanderbilt Avenue 55.0 3,000,000 1,650,300 2.95% — Jul-31 Jul-31 1,650,300
$ 10,835,125 $ 5,256,353 4.54% (4) $ 6,957 $ 5,236,830
Alternative strategy portfolio
650 Fifth Avenue 50.0 $ 65,000 $ 32,500 5.45% $ — Jul-26 (5) Jul-26 $ 32,500
115 Spring Street 51.0 66,551 33,941 5.50% — Sep-26 Sep-26 33,941
Worldwide Plaza 25.1 1,200,000 300,600 3.98% — Nov-27 Nov-27 300,600
$ 1,331,551 $ 367,041 4.25% (4) $ — $ 367,041
Total Fixed Rate Debt $ 12,166,676 $ 5,623,394 4.52% (4) $ 6,957 $ 5,603,871
Floating rate debt
919 Third Avenue (SOFR + 250 bps) 51.0 $ 500,000 $ 255,000 6.15% $ — Apr-27 Apr-28 $ 255,000
450 Park Avenue (SOFR + 210 bps) 25.1 16,819 4,221 5.75% — Jun-27 Jun-27 72,899
$ 516,819 $ 259,221 6.15% (4) $ — $ 327,899
Alternative strategy portfolio
650 Fifth Avenue (SOFR + 225 bps) 50.0 $ 210,000 $ 105,000 5.90% — Jul-26 (5) Jul-26 $ 105,000
$ 210,000 $ 105,000 5.90% (4) $ — $ 105,000
Total Floating Rate Debt $ 726,819 $ 364,221 6.08% (4) $ — $ 432,899
Unconsolidated JV Debt $ 11,351,944 $ 5,515,574 4.62% (4)
Alternative Strategy Portfolio Debt $ 1,541,551 $ 472,041 4.62% (4)
Total Debt - Unconsolidated JV $ 12,893,495 $ 5,987,615 4.62% (4) $ 6,957 $ 6,036,770
Deferred financing costs (104,433) (50,118)
Total Debt - Unconsolidated JV, net $ 12,789,062 $ 5,937,497 4.62% (4)
(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.65%. 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) Coupon reflects interest rate swaps executed at the corporate level for SLG’s share of the outstanding debt.
(4) Calculated based on SL Green's share of the outstanding debt.
(5) The Company is in discussions with the lender on resolution of the past maturity.
Supplemental Information
26
Second Quarter 2026
DEBT COMPOSITION AND CORPORATE DEBT COVENANTS
Unaudited
(Dollars in Thousands)
Composition of Debt
Core Portfolio Alternative Strategy Portfolio Total
Fixed Rate Debt
Consolidated $ 3,619,708 $ — $ 3,619,708
SLG Share of JV 5,256,353 367,041 5,623,394
Total Fixed Rate Debt $ 8,876,061 88.2% $ 367,041 77.8% $ 9,243,102 87.7%
Floating Rate Debt
Consolidated $ 929,422 $ — $ 929,422
SLG Share of JV 259,221 105,000 364,221
1,188,643 11.8% 105,000 22.2% 1,293,643 12.3%
Debt & Preferred Equity and CMBS Investments (78,543) (0.8)% — —% (78,543) (0.7)%
Total Floating Rate Debt $ 1,110,100 11.0% $ 105,000 22.2% $ 1,215,100 11.5%
Total Debt $ 10,064,704 $ 472,041 $ 10,536,745
Revolving Credit Facility Covenants (1)
Actual Required
Total Debt / Total Assets 45.2% Less than 60%
Consolidated Fixed Charge Coverage 1.87x Greater than 1.50x
Maximum Secured Indebtedness 25.6% Less than 50%
Maximum Unencumbered Leverage Ratio 44.5% Less than 60%
(1) Covenants calculated pursuant to the terms of the underlying facility or notes.
Supplemental Information
27
Second Quarter 2026
DERIVATIVE SUMMARY SCHEDULE
Unaudited
(Dollars in Thousands)
Consolidated Interest Rate Derivatives Notional Value Fair Value
Ownership 6/30/2026 6/30/2026
Secured Debt Interest (%) Gross SLG Share Gross SLG Share
Instrument (1)
Strike Rate (1)
Effective Date Maturity Date
100 Church Street 100.0 $370,000 $370,000 $165 $165 Swap 3.89 % November 2022 June 2027
SLGOP - 450 Park Avenue 100.0 68,678 68,678 (354) (354) (2) Swap 4.47 % August 2024 June 2027
500 Park Avenue 100.0 80,000 80,000 (278) (278) Swap 4.17 % February 2025 February 2028
10 East 53rd Street 100.0 204,325 204,325 114 114 Swap 3.92 % February 2025 May 2028
800 Third Avenue 100.0 177,000 177,000 2,510 2,510 Swap 3.33 % February 2026 February 2029
Subtotal $2,157 $2,157
Unsecured Debt
Revolving Credit Facility 100.0 $125,000 $125,000 $100 $100 Swap 3.67 % August 2024 December 2026
Revolving Credit Facility 100.0 125,000 125,000 99 99 Swap 3.67 % August 2024 December 2026
Term Loan C 100.0 200,000 200,000 1,490 1,490 Swap 2.59 % February 2023 February 2027
Term Loan C 100.0 100,000 100,000 561 561 Swap 2.90 % February 2023 February 2027
Term Loan C 100.0 100,000 100,000 661 661 Swap 2.73 % February 2023 February 2027
Term Loan C 100.0 50,000 50,000 410 410 Swap 2.46 % February 2023 February 2027
Term Loan C & Revolving Credit Facility 100.0 300,000 300,000 2,622 2,622 Swap 2.87 % July 2023 May 2027
Term Loan C 100.0 150,000 150,000 514 514 Swap 3.52 % January 2024 May 2027
Junior subordinated deferrable interest debentures 100.0 100,000 100,000 317 317 Swap 3.76 % January 2023 January 2028
Forward-starting Derivatives
SLGOP – 100 Church Street 100.0 $357,500 $357,500 $3,349 $3,349 Swap 2.98 % June 2027 June 2028
Term Loan C 100.0 225,000 225,000 — — Swap 3.92 % February 2027 January 2029
Term Loan C 100.0 225,000 225,000 11 11 Swap 3.86 % February 2027 January 2030
Subtotal $10,134 $10,134
Unconsolidated JV Interest Rate Derivatives
919 Third Avenue 51.0 $500,000 $255,000 $77 $39 Cap 5.25 % February 2026 April 2027
280 Park Avenue 50.0 537,500 268,750 (1,662) (831) Swap 4.07 % July 2024 September 2028
280 Park Avenue 50.0 268,750 134,375 (677) (339) Swap 4.04 % July 2024 September 2028
280 Park Avenue 50.0 268,750 134,375 (786) (393) Swap 4.06 % July 2024 September 2028
Subtotal $(3,048) $(1,524)
Foreign Currency Derivatives
Summit Paris 85.0 $39,878 $33,896 $(451) $ (383) (2) FX Forward Contracts N/A March 2026 July 2026 - June 2027
Summit Paris 85.0 30,492 25,918 (283) (241) (2) FX Forward Contracts N/A March 2026 October 2027 - June 2032
Subtotal $(734) $(624)
Total, SLG Share $8,509 $10,143
(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
28
Second Quarter 2026
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 $ 3,455 $ 6,909 $ 6,909 $ 6,909 $ 79,201 2043
SL Green Headquarters at One Vanderbilt 1,381 (4) 2,762 (4) 2,971 (4) 3,075 (4) 84,779 2048
800 Seventh Avenue 1,677 3,355 3,355 3,355 50,150 2048
Summit One Vanderbilt 5,954 (4) 11,270 (4) 11,293 (4) 11,293 (4) 431,731 2070
420 Lexington Avenue (Graybar) 5,599 11,199 11,199 11,199 167,107 2080
711 Third Avenue 1,375 (5) 5,500 (5) 5,500 (5) 5,500 (5) 31,855 (5) 2083
Total $ 19,441 $ 40,995 $ 41,227 $ 41,331 $ 844,823
Financing Leases
15 Beekman $ 1,640 $ 3,325 $ 3,375 $ 3,426 $ 108,847 2119 (6)
Total $ 1,640 $ 3,325 $ 3,375 $ 3,426 $ 108,847
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 $ 614 $ 1,387 $ 1,387 $ 925 $ 4,156 2029
Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6) 50.0 $ 907 $ 1,935 $ 1,935 $ 1,935 $ 11,858 2053
650 Fifth Avenue (Floors b-3) 50.0 787 1,585 1,605 1,726 32,112 2062
Total $ 2,308 $ 4,907 $ 4,927 $ 4,586 $ 48,126
Financing Leases
One Vanderbilt Avenue Garage 55.0 $ 83 $ 167 $ 168 $ 170 $ 2,692 2069
885 Third Avenue 34.1 409 817 817 817 15,967 2119
1560 Broadway Signage 50.0 413 825 825 825 11,639 2073
Alternative strategy portfolio
650 Fifth Avenue (Floors b-3) 50.0 $ 3,682 $ 7,364 $ 7,464 $ 8,101 $ 105,975 2062
2 Herald Square 95.0 7,551 3,775 — — 395,620 2077 (6)
Total $ 12,138 $ 12,948 $ 9,274 $ 9,913 $ 531,893
(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 June 30, 2026.
(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
29
Second Quarter 2026
DEBT AND PREFERRED EQUITY INVESTMENTS
Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
Weighted Average:
Floating Fixed
Total Book Value (1)
Senior Financing Exposure PSF Book Value During Quarter
Yield During Quarter (2)
Yield At End Of Quarter (3)
3/31/2026 $ 77,597 $ 40,486 $ 118,083 $ 430,528 $ 715 $ 118,381 6.88% 7.04%
Debt investment originations/fundings/accretion
(4)
2 5,000 5,002
Preferred Equity investment originations/accretion
(4)
— — —
Joint venture investment originations/accretion/amortization
(4)
— — —
Repayment/Sales/Syndications/Equity Ownership/Amortization — (10,000) (10,000)
Reserves/Realized Losses —
6/30/2026 $ 77,599 $ 35,486 $ 113,085 $ 430,528 $ 741 $ 113,054 7.51% 7.60%
Debt and Preferred Equity Maturity Profile
2026
2027
2028
2029
2030 & Thereafter
Floating Rate $ 9,268 $ 68,331 $ — $ — $ —
Fixed Rate — 15,486 — 20,000 —
$ 9,268 $ 83,817 $ — $ 20,000 $ —
(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
30
Second Quarter 2026
SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
June 30, 2026 March 31, 2026 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) Economic (4) ($'s) SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street 100.0 Plaza District Fee Interest 354,300 1.5 90.7 90.7 88.4 95.5 95.5 93.2 $31,651 $31,651 36
100 Church Street 100.0 Downtown Fee Interest 1,047,500 4.4 94.0 94.0 94.0 94.0 93.3 92.9 47,854 47,854 18
110 Greene Street 100.0 Soho Fee Interest 223,600 0.9 95.1 93.1 93.1 95.6 94.7 94.7 19,564 19,564 53
125 Park Avenue 100.0 Grand Central Fee Interest 604,245 2.5 98.8 92.8 89.0 99.2 98.0 96.8 45,598 45,598 22
304 Park Avenue South 100.0 Midtown South Fee Interest 215,000 0.9 91.9 91.9 91.9 91.9 91.9 91.9 18,655 18,655 6
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 1,188,000 5.2 94.9 92.3 92.3 92.6 90.6 90.6 92,005 92,005 185
461 Fifth Avenue 100.0 Midtown Fee Interest 200,000 0.8 92.3 87.0 87.0 90.2 85.0 85.0 15,736 15,736 19
485 Lexington Avenue 100.0 Grand Central North Fee Interest 921,000 3.8 78.2 78.2 78.2 78.2 76.3 71.6 48,606 48,606 36
555 West 57th Street 100.0 Midtown West Fee Interest 941,000 3.9 77.2 77.2 77.2 77.2 77.2 77.2 48,783 48,783 11
711 Third Avenue 100.0 (5) Grand Central North Leasehold Interest (5) 524,000 2.2 84.7 84.0 84.0 85.7 73.5 73.5 28,803 28,803 19
800 Third Avenue 100.0 Grand Central North Fee Interest 526,000 2.2 89.7 89.4 88.7 90.3 86.7 86.2 34,042 34,042 44
810 Seventh Avenue 100.0 Times Square Fee Interest 692,000 2.9 86.9 84.0 84.0 87.0 86.4 85.1 42,565 42,565 44
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 218,796 0.9 89.6 84.5 84.5 86.5 84.5 81.2 12,343 12,343 16
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 1,062,000 4.4 92.8 81.8 81.8 92.8 77.0 72.3 66,788 66,788 28
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 562,000 2.3 81.4 74.7 74.7 80.7 73.3 73.3 34,250 34,250 44
Added to Same Store in 2026
500 Park Avenue 100.0 Park Avenue Fee Interest 201,411 0.8 100.0 90.7 90.7 90.7 90.7 90.7 17,079 17,079 12
Subtotal / Weighted Average 9,480,852 39.6 % 88.9 % 85.8 % 85.5 % 88.6 % 84.7 % 83.3 % $604,322 $604,322 593
"Non Same Store"
65 East 55th Street (Park Avenue Tower) 95.0 Plaza District Fee Interest 622,000 2.5 96.6 94.8 94.8 96.6 94.8 94.8 $67,870 $67,870 29
Subtotal / Weighted Average 622,000 2.5 % 96.6 % 94.8 % 94.8 % 96.6 % 94.8 % 94.8 % $67,870 $67,870 29
Total / Weighted Average Consolidated Properties 10,102,852 42.1 % 89.4 % 86.4 % 86.0 % 89.1 % 85.3 % 84.0 % $672,192 $672,192 622
UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue 55.0 Grand Central Fee Interest 1,657,198 6.9 100.0 100.0 100.0 100.0 100.0 100.0 $294,615 $162,038 39
11 Madison Avenue 60.0 Park Avenue South Fee Interest 2,314,000 9.7 99.9 96.5 93.0 99.9 96.5 87.9 181,425 108,856 9
100 Park Avenue 50.8 Grand Central South Fee Interest 834,000 3.5 99.4 95.7 95.7 99.4 96.8 73.0 62,571 31,786 38
220 East 42nd Street 51.0 Grand Central Fee Interest 1,135,000 4.7 95.5 95.5 95.1 94.0 93.8 92.9 74,848 38,172 38
245 Park Avenue 50.1 Park Avenue Fee Interest 1,782,793 7.4 97.8 96.7 85.5 97.8 97.7 86.5 197,008 98,700 13
280 Park Avenue 50.0 Park Avenue Fee Interest 1,219,158 5.1 98.4 97.3 92.4 96.6 94.0 91.8 140,640 70,320 37
450 Park Avenue 25.1 Park Avenue Fee Interest 337,000 1.4 87.7 87.7 87.7 84.6 84.6 84.6 38,744 9,725 26
919 Third Avenue 51.0 Grand Central North Fee Interest 1,454,000 6.1 99.8 95.5 84.3 99.8 95.5 84.3 102,161 52,102 11
1515 Broadway 56.9 Times Square Fee Interest 1,750,000 7.3 99.9 99.8 99.7 99.7 99.7 148,471 84,480 8
Added to Same Store in 2026
One Madison Avenue 25.5 Park Avenue South Fee Interest 1,385,484 5.8 98.9 92.2 78.5 98.9 85.5 64.7 150,253 38,315 16
Subtotal / Weighted Average 13,868,633 57.9 % 98.7 % 96.6 % 91.5 % 98.3 % 95.6 % 87.7 % $1,390,736 $694,494 235
Total / Weighted Average Unconsolidated Properties 13,868,633 57.9 % 98.7 % 96.6 % 91.5 % 98.3 % 95.6 % 87.7 % $1,390,736 $694,494 235
Manhattan Operating Properties Grand Total / Weighted Average 23,971,485 100.0 % 94.8 % 92.3 % 89.2 % 94.4 % 91.2 % 86.2 % $2,062,928 $1,366,686 857
Manhattan Operating Properties Same Store Occupancy % 23,349,485 97.4 % 94.7 % 92.2 % 89.1 % 94.4 % 91.1 % 85.9 %
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Calculated based on the square footage on which revenue is being recognized for GAAP purposes as of the reporting date, which may differ from the square footage on which cash rent is being collected.
(5) The Company also owns 50% of the fee interest.
Supplemental Information
31
Second Quarter 2026
SELECTED PROPERTY DATA
Retail, Residential and Suburban Operating Properties
Unaudited
(Dollars in Thousands)
June 30, 2026 March 31, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
RETAIL PROPERTIES
"Same Store" Retail
760 Madison Avenue 100.0 Plaza District Fee Interest 22,648 6.4 100.0 100.0 100.0 100.0 $18,558 $18,558 1
Subtotal/Weighted Average 22,648 6.4 % 100.0 % 100.0 % 100.0 % 100.0 % $18,558 $18,558 1
"Non Same Store" Retail
315 West 33rd Street (The Olivia) 100.0 Penn Station Fee Interest 270,132 76.9 82.4 82.4 82.4 82.4 $13,564 $13,564 8
610 Park Avenue 100.0 Plaza District Fee Interest 17,765 5.1 100.0 100.0 100.0 100.0 1,749 1,749 1
800 Seventh Avenue 100.0 Times Square Fee Interest 28,000 8.0 100.0 100.0 100.0 100.0 1,100 1,100 (4) 1
1552 Broadway/1560 Broadway Signage 50.0 Times Square Fee / Leasehold Interest 12,719 3.6 100.0 100.0 100.0 100.0 $4,200 $2,100 1
Subtotal/Weighted Average 328,616 93.6 % 85.5 % 85.5 % 85.5 % 85.5 % $20,613 $18,513 11
Total / Weighted Average Retail Properties 351,264 100.0 % 86.5 % 86.5 % 86.5 % 86.5 % $39,171 $37,071 12
June 30, 2026 March 31, 2026 Annualized Contractual
Cash Rent Average Monthly Rent Per Occupied Unit
Ownership Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Units Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s) ($'s)
RESIDENTIAL PROPERTIES
"Same Store" Residential
15 Beekman Street 20.0 Downtown Leasehold Interest 221,884 484 100.0 100.0 100.0 100.0 $14,155 $2,831 N/A
Subtotal/Weighted Average 221,884 484 100.0 % 100.0 % 100.0 % 100.0 % $14,155 $2,831 $—
"Non Same Store" Residential
315 West 33rd Street (The Olivia) 100.0 Penn Station Fee Interest 222,855 333 98.5 98.2 98.2 98.2 $20,135 $20,135 $5,131
Subtotal/Weighted Average 222,855 333 98.5 % 98.2 % 98.2 % 98.2 % $20,135 $20,135 $5,131
Total / Weighted Average Residential Properties 444,739 817 99.4 % 99.3 % 99.3 % 99.3 % $34,290 $22,966 $5,131
June 30, 2026 March 31, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
SUBURBAN PROPERTIES
"Non Same Store" Suburban
Landmark Square 100.0 Stamford, Connecticut Fee Interest 732,800 100.0 79.9 79.9 79.6 79.6 $16,100 $16,100 86
Subtotal/Weighted Average 732,800 100.0 % 79.9 % 79.9 % 79.6 % 79.6 % $16,100 $16,100 86
Total / Weighted Average Suburban Properties 732,800 100.0 % 79.9 % 79.9 % 79.6 % 79.6 % $16,100 $16,100 86
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Reflects the contractual rent for 1552 Broadway.
(5) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.
Supplemental Information
32
Second Quarter 2026
SELECTED PROPERTY DATA
Development / Redevelopment & Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
June 30, 2026 March 31, 2026 Annualized Contractual
Cash Rent Real Estate Book Value, Net Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
Development / Redevelopment
3 Landmark Square 100.0 Stamford, Connecticut Fee Interest 130,000 10.6 3.0 3.0 3.0 3.0 $144 $144 $20,157 3
19 East 65th Street 100.0 Plaza District Fee Interest 14,639 1.2 — — — — — — 22,716 —
185 Broadway 100.0 Lower Manhattan Fee Interest 21,174 1.7 — — — — — — 7,114 —
346 Madison Avenue 51.0 Grand Central Fee Interest 275,138 22.5 15.1 15.1 41.1 41.1 1,544 788 182,907 10
750 Third Avenue 100.0 Grand Central North Fee Interest 780,000 64.0 3.5 3.5 3.5 3.5 1,613 1,612 384,725 3
Total / Weighted Average Development / Redevelopment Properties 1,220,951 100.0 % 5.9 % 5.9 % 11.8 % 11.8 % $3,301 $2,544 $617,619 16
June 30, 2026 March 31, 2026 Annualized Contractual
Cash Rent Investment Carrying Value, Net Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
Alternative Strategy Portfolio
2 Herald Square 95.0 Herald Square Leasehold Interest 369,000 14.8 34.3 34.3 34.3 34.3 $25,911 $24,615 $108,250 3
115 Spring Street 51.0 Soho Fee Interest 5,218 0.2 — — 100.0 100.0 — — — —
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214 2.8 100.0 100.0 100.0 100.0 43,839 21,920 (99,817) 1
Worldwide Plaza 25.1 Westside Fee Interest 2,048,725 82.2 61.9 61.9 61.9 61.9 78,930 19,772 17,239 21
Total / Weighted Average Alternative Strategy Portfolio Properties 2,492,157 100.0 % 58.7 % 58.7 % 58.9 % 58.9 % $148,680 $66,307 $25,672 25
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
Supplemental Information
33
Second Quarter 2026
SELECTED PROPERTY DATA
Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
June 30, 2026 March 31, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
HIGH STREET RETAIL - Consolidated Properties
315 West 33rd Street (The Olivia) 100.0 Penn Station Fee Interest 159,343 10.8 69.5 69.5 69.5 69.5 $9,449 $9,449 7
610 Park Avenue 100.0 Plaza District Fee Interest 17,765 1.2 100.0 100.0 100.0 100.0 1,749 1,749 1
760 Madison Avenue 100.0 Plaza District Fee Interest 22,648 1.5 100.0 100.0 100.0 100.0 18,558 18,558 1
800 Seventh Avenue 100.0 Times Square Fee Interest 28,000 1.9 100.0 100.0 100.0 100.0 1,100 1,100 1
Subtotal / Weighted Average 227,756 15.4 % 78.7 % 78.7 % 78.7 % 78.7 % $30,856 $30,856 10
HIGH STREET RETAIL - Unconsolidated Properties
1552 Broadway/1560 Broadway Signage 50.0 Times Square Fee / Leasehold Interest 12,520 0.9 100.0 100.0 100.0 100.0 $4,200 $2,100 1
Subtotal / Weighted Average 12,520 0.9 % 100.0 % 100.0 % 100.0 % 100.0 % $4,200 $2,100 1
Total / Weighted Average High Street Retail 240,276 16.3 % 79.8 % 79.8 % 79.8 % 79.8 % $35,056 $32,956 11
OTHER RETAIL - Consolidated Properties
10 East 53rd Street 100.0 Plaza District Fee Interest 38,657 2.6 100.0 100.0 100.0 100.0 $4,222 $4,222 3
65 East 55th Street (Park Avenue Tower) 95.0 Plaza District Fee Interest 12,705 0.9 100.0 100.0 100.0 100.0 870 870 1
100 Church Street 100.0 Downtown Fee Interest 61,708 4.2 95.9 95.9 95.9 95.9 4,215 4,215 9
110 Greene Street 100.0 Soho Fee Interest 16,121 1.1 100.0 100.0 100.0 100.0 4,760 4,760 3
125 Park Avenue 100.0 Grand Central Fee Interest 32,124 2.2 100.0 80.6 100.0 80.6 2,206 2,206 6
304 Park Avenue South 100.0 Midtown South Fee Interest 25,330 1.7 100.0 100.0 100.0 100.0 4,021 4,021 5
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 54,026 3.7 100.0 100.0 100.0 100.0 5,456 5,456 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 2.8 68.5 68.5 68.5 68.5 4,469 4,469 7
500 Park Avenue 100.0 Park Avenue Fee Interest 11,976 0.8 100.0 100.0 100.0 100.0 1,293 1,293 3
555 West 57th Street 100.0 Midtown West Fee Interest 53,186 3.6 100.0 100.0 100.0 100.0 3,223 3,223 2
711 Third Avenue 100.0 Grand Central North Leasehold Interest 25,639 1.7 83.5 83.5 83.5 83.5 2,368 2,368 2
750 Third Avenue (4) 100.0 Grand Central North Fee Interest 24,827 1.7 42.3 42.3 42.3 42.3 1,612 1,612 3
800 Third Avenue 100.0 Grand Central North Fee Interest 9,900 0.7 100.0 100.0 100.0 100.0 1,004 1,004 2
810 Seventh Avenue 100.0 Times Square Fee Interest 18,207 1.2 98.6 98.6 98.6 98.6 4,471 4,471 3
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 9,140 0.6 100.0 100.0 100.0 100.0 558 558 2
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 54,273 3.7 96.1 96.1 96.1 96.1 2,980 2,980 5
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 17,797 1.2 100.0 100.0 100.0 100.0 2,865 2,865 6
Subtotal / Weighted Average 523,466 35.5 % 93.0 % 91.8 % 93.0 % 91.8 % $51,697 $51,697 70
OTHER RETAIL - Unconsolidated Properties
One Madison Avenue 25.5 Park Avenue South Fee Interest 109,893 7.5 87.7 87.7 87.7 87.7 $4,960 $1,265 7
One Vanderbilt Avenue 55.0 Grand Central Fee Interest 34,885 2.4 100.0 100.0 100.0 100.0 5,952 3,274 7
11 Madison Avenue 60.0 Park Avenue South Fee Interest 37,325 2.5 100.0 100.0 100.0 100.0 3,958 2,375 3
100 Park Avenue 50.8 Grand Central South Fee Interest 38,556 2.6 100.0 100.0 100.0 100.0 3,459 1,757 7
220 East 42nd Street 51.0 Grand Central Fee Interest 33,866 2.3 81.0 81.0 81.0 81.0 1,975 1,007 4
245 Park Avenue 50.1 Park Avenue Fee Interest 31,014 2.1 93.5 93.5 93.5 93.5 2,468 1,237 3
280 Park Avenue 50.0 Park Avenue Fee Interest 28,219 1.9 100.0 100.0 100.0 100.0 1,680 840 3
450 Park Avenue 25.1 Park Avenue Fee Interest 6,317 0.4 100.0 100.0 100.0 100.0 1,848 464 1
919 Third Avenue 51.0 Grand Central North Fee Interest 29,441 2.0 100.0 100.0 100.0 100.0 3,809 1,943 4
1515 Broadway 56.9 Times Square Fee Interest 182,011 12.3 100.0 99.8 99.8 99.8 28,726 16,343 8
Subtotal / Weighted Average 531,527 36.0 % 95.9 % 95.8 % 95.8 % 95.8 % $58,835 $30,505 47
Total / Weighted Average Other Retail 1,054,993 71.5 % 94.5 % 93.8 % 94.4 % 93.8 % $110,532 $82,202 117
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Redevelopment properties.
Supplemental Information
34
Second Quarter 2026
SELECTED PROPERTY DATA - CONTINUED
Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
June 30, 2026 March 31, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square 95.0 Herald Square Leasehold Interest 94,531 6.4 39.7 39.7 39.7 39.7 $14,807 $14,067 2
115 Spring Street 51.0 Soho Fee Interest 5,218 0.4 — — 100.0 100.0 — — —
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214 4.7 100.0 100.0 100.0 100.0 43,840 21,919 1
Worldwide Plaza 25.1 Westside Fee Interest 10,592 0.7 84.9 84.9 84.9 84.9 1,276 320 7
(4)
Subtotal / Weighted Average 179,555 12.2 % 64.5 % 64.5 % 67.4 % 67.4 % $59,923 $36,306 10
Total / Weighted Average Alternative Strategy Portfolio 179,555 12.2 % 64.5 % 64.5 % 67.4 % 67.4 % $59,923 $36,306 10
Retail Grand Total / Weighted Average 1,474,824 100.0 % 88.4 % 88.0 % 88.7 % 88.3 % $205,511 $151,465 138
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.
Supplemental Information
35
Second Quarter 2026
LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT (1)
Unaudited
(Dollars in Thousands Except Per SF)
Ownership Interest % Lease Expiration (2) Total Rentable Square Feet Annualized Contractual Cash Rent ($) 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 $119,738 $68,131 4.5% $74.62
555 West 57th Street 100.0 Oct 2026 36,117 2,210 2,210 0.1% 61.19
555 West 57th Street 100.0 Apr 2027 150,765 9,177 9,177 0.6% 60.87
1515 Broadway 56.9 Mar 2028 9,106 2,274 1,294 0.1% 249.76
1,800,532 $133,399 $80,812 5.3% $74.09 Baa3
UBS Americas, Inc. 11 Madison Avenue 60.0 May 2037 1,184,489 $81,655 $48,993 3.2% $68.94 A+
Sony Corporation 11 Madison Avenue 60.0 Jan 2031 578,791 $57,036 $34,221 2.3% $98.54 A+
Bloomberg L.P. 919 Third Avenue 51.0 Feb 2040 926,156 $65,053 $33,177 2.2% $70.24
McDermott Will & Schulte LLP One Vanderbilt Avenue 55.0 Dec 2042 199,320 $37,085 $20,397 1.3% $186.06
919 Third Avenue 51.0 Jun 2036 283,894 20,984 10,702 0.7% 73.91
420 Lexington Avenue 100.0 Oct 2026 10,043 644 644 0.1% 64.10
493,257 $58,713 $31,743 2.1% $119.03
Ares Management LLC 245 Park Avenue 50.1 Jun 2043 327,607 $50,565 $25,333 1.7% $154.35
245 Park Avenue 50.1 Dec 2028 36,316 $3,764 $1,886 0.1% $103.63
363,923 $54,329 $27,219 1.8% $149.29 A-
Societe Generale 245 Park Avenue 50.1 Oct 2032 520,831 $50,529 $25,315 1.7% $97.02 A
The City of New York 100 Church Street 100.0 Mar 2034 510,007 $22,955 $22,955 1.5% $45.01 Aa2
Metro-North Commuter Railroad Company 420 Lexington Avenue 100.0 Nov 2034 344,873 $22,339 $22,339 1.5% $64.77
420 Lexington Avenue 100.0 Jan 2027 7,537 458 458 — 60.81
352,410 $22,797 $22,797 1.5% $64.69 (5) A1
Nike Retail Services, Inc. 650 Fifth Avenue 50.0 Jan 2033 69,214 $43,839 $21,920 1.5% $633.39 A+
WME IMG, LLC 304 Park Avenue 100.0 Apr 2028 174,069 $14,634 $14,634 1.0% $84.07
11 Madison Avenue 60.0 Sep 2030 104,618 11,368 6,821 0.4% $108.66
278,687 $26,002 $21,455 1.4% $93.30
TD Bank US Holding Company One Vanderbilt Avenue 55.0 Jul 2041 193,159 $26,591 $14,625 1.0% $137.67 (5)
One Vanderbilt Avenue 55.0 Aug 2041 6,843 3,252 1,789 0.1% 475.20
125 Park Avenue 100.0 Oct 2030 26,536 1,974 1,974 0.1% 74.40
125 Park Avenue 100.0 Mar 2034 25,171 1,667 1,667 0.1% 66.23
251,709 $33,484 $20,055 1.3% $133.03 A+
Franklin Templeton Companies LLC One Madison Avenue 25.5 May 2040 354,976 $49,502 $12,623 0.8% $139.45
280 Park Avenue 50.0 Nov 2031 128,993 14,138 7,069 0.5% $109.60
483,969 $63,640 $19,692 1.3% $131.50 A
Carlyle Investment Management LLC One Vanderbilt Avenue 55.0 Sep 2036 194,702 $35,253 $19,389 1.3% $181.06 (5) A-
Giorgio Armani Corporation 760 Madison Avenue 100.0 Oct 2038 22,648 $18,558 $18,558 1.2% $819.43
PJT Partners Holdings LP 280 Park Avenue 50.0 Jun 2041 281,388 $33,099 $16,549 1.1% $117.63
Hess Corp 1185 Avenue of the Americas 100.0 Dec 2027 167,169 $16,267 $16,267 1.1% $97.31 AA-
The Toronto Dominion Bank One Vanderbilt Avenue 55.0 Apr 2042 142,892 $21,621 $11,892 0.8% $151.31 (5)
125 Park Avenue 100.0 Apr 2042 52,450 3,900 3,900 0.2% $74.35
195,342 $25,521 $15,792 1.0% $130.65 A+
BMW of Manhattan, Inc. 555 West 57th Street 100.0 Jul 2032 226,556 $13,742 $13,742 0.9% $60.65 A
Stone Ridge Holdings One Vanderbilt Avenue 55.0 Dec 2037 97,652 $23,583 $12,970 0.9% $241.50
Total 8,999,432 879,454 523,621 34.6%
(1) Based on commenced leases.
(2) Expiration of current lease term and does not reflect extension options.
(3) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Alternative Strategy Portfolio properties.
(4) Corporate or bond rating from S&P, Fitch or Moody's.
(5) Tenant pays rent on a net basis. Rent PSF reflects gross rent equivalent.
Supplemental Information
36
Second Quarter 2026
TENANT DIVERSIFICATION - MANHATTAN COMMERCIAL
Unaudited
Supplemental Information
37
Second Quarter 2026
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited
Activity Building Address # of Leases Square Feet (1) Rentable SF Escalated
Rent/Rentable SF ($'s)(2)
Available Space at 3/31/26 2,159,596
Space which became available during the Quarter (3):
Office
One Vanderbilt Avenue 1 29,797 29,734 $181.49
10 East 53rd Street 2 19,414 21,713 105.59
100 Park Avenue 1 9,668 10,889 95.80
110 Greene Street 2 6,198 7,252 103.25
125 Park Avenue 2 58,138 63,392 72.86
245 Park Avenue 4 91,207 91,726 102.52
420 Lexington Avenue 9 21,385 26,295 67.83
461 Fifth Avenue 1 6,472 6,882 103.38
485 Lexington Avenue 1 13,827 14,206 78.92
500 Park Avenue 2 21,750 21,266 103.66
711 Third Avenue 1 2,886 3,141 61.29
800 Third Avenue 2 9,241 11,204 69.53
810 Seventh Avenue 2 17,231 18,734 63.68
Total/Weighted Average 30 307,214 326,434 $96.46
Storage
110 Greene Street 1 1,200 1,200 $40.00
420 Lexington Avenue 1 100 114 28.33
Total/Weighted Average 2 1,300 1,314 $38.99
Total Space which became available during the Quarter
Office 30 307,214 326,434 $96.46
Storage 2 1,300 1,314 $38.99
32 308,514 327,748 $96.23
Total Available Space 2,468,110
(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
Second Quarter 2026
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 2,468,110
Office
One Madison Avenue 2 10.6 92,321 92,363 $105.00 $— $190.50 14.3
One Vanderbilt Avenue 1 6.0 29,797 29,734 181.49 181.49 — —
10 East 53rd Street 1 0.5 2,448 3,900 82.00 75.77 — —
100 Church Street 1 5.4 6,803 7,420 49.00 — 25.32 3.0
110 Greene Street 2 4.1 3,659 3,651 105.56 92.62 3.22 0.5
125 Park Avenue 2 9.6 26,783 29,540 75.81 80.32 113.58 13.0
220 East 42nd Street 4 7.8 19,579 22,862 60.98 67.25 87.67 5.6
245 Park Avenue 2 13.7 73,633 74,854 151.04 129.39 157.70 14.7
280 Park Avenue 1 10.8 38,995 40,516 125.00 — 145.00 9.0
420 Lexington Avenue 16 6.4 41,502 51,106 67.19 64.72 111.21 3.0
450 Park Avenue 1 1.3 10,338 10,392 130.00 107.00 — —
461 Fifth Avenue 1 10.8 10,595 11,232 85.00 90.29 139.90 10.0
485 Lexington Avenue 3 13.1 31,903 31,909 63.48 — 150.16 3.2
500 Park Avenue 2 5.7 21,750 21,291 96.76 102.22 44.20 3.5
711 Third Avenue 3 2.3 58,068 63,154 27.53 65.70 40.77 1.0
800 Third Avenue 3 7.3 23,333 24,725 65.68 67.06 47.68 6.7
1185 Avenue of the Americas 4 5.9 50,705 52,774 73.98 96.49 40.33 5.7
1350 Avenue of the Americas 3 5.6 7,730 8,999 87.26 72.76 3.01 6.2
Total/Weighted Average 52 8.3 549,942 580,422 $93.11 $106.35 $102.91 7.5
Retail
1515 Broadway 1 1.8 2,727 2,729 494.69 — — 1.0
Total/Weighted Average 1 1.8 2,727 2,729 $494.69 $— $— 1.0
Storage
110 Greene Street 1 5.0 170 172 $45.00 $25.00 $— —
810 Seventh Avenue 1 3.8 124 137 61.31 — — —
Total/Weighted Average 2 4.5 294 309 $52.23 $25.00 $— —
Leased Space
Office (4) 52 8.3 549,942 580,422 $93.11 $106.35 $102.91 7.5
Retail 1 1.8 2,727 2,729 $494.69 $— $— 1.0
Storage 2 4.5 294 309 $52.23 $25.00 $— —
Total 55 8.3 552,963 583,460 $94.97 $106.29 $102.37 7.5
Total Available Space as of 6/30/26 1,915,147
Early Renewals
Office
10 East 53rd Street 1 3.4 7,048 8,462 $85.00 $83.03 $0.45 5.0
100 Park Avenue 3 9.1 16,172 17,735 101.09 88.35 25.71 5.0
110 Greene Street 1 1.7 221 221 102.08 99.10 — —
220 East 42nd Street 1 1.0 2,676 2,657 70.00 65.54 — —
420 Lexington Avenue 1 5.0 15,924 18,649 65.00 60.96 30.00 3.0
485 Lexington Avenue 1 1.8 3,657 3,757 72.69 71.80 1.34 1.0
711 Third Avenue 1 8.7 11,203 14,598 65.00 68.92 20.00 12.0
1185 Avenue of the Americas 1 1.3 50,000 55,272 67.84 67.84 — —
Total/Weighted Average 10 4.1 106,901 121,351 $73.38 $71.10 $10.85 3.0
Storage
100 Park Avenue 1 5.4 263 216 $40.00 $40.00 $— —
Total/Weighted Average 1 5.4 263 216 $40.00 $40.00 $— —
Renewals
Early Renewals Office 10 4.1 106,901 121,351 $73.38 $71.10 $10.85 3.0
Early Renewals Storage 1 5.4 263 216 $40.00 $40.00 $— —
Total 11 4.1 107,164 121,567 $73.32 $71.04 $10.83 3.0
(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 $113.30/rsf for 218,447 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $99.04/rsf for 339,798 rentable SF.
Supplemental Information
39
Second Quarter 2026
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
2nd Quarter 2026 (3) 10 83,022 83,022 0.9 % $6,559,953 $6,559,953 79.01
3rd Quarter 2026 18 181,195 181,195 2.0 % 8,798,130 8,798,130 48.56
4th Quarter 2026 22 288,723 288,723 3.1 % 21,040,465 21,040,465 72.87
Total 2026 50 552,940 552,940 6.0 % $36,398,548 $36,398,548 $65.83
2027 82 863,754 863,754 9.5 % $63,748,056 $63,748,056 $73.80
2028 81 767,918 767,918 8.4 % 59,988,191 59,988,191 78.12
2029 82 663,563 663,563 7.3 % 50,537,556 50,537,556 76.16
2030 68 1,045,910 1,045,910 11.4 % 78,461,636 78,461,636 75.02
2031 65 506,077 506,077 5.5 % 42,302,032 42,302,032 83.59
2032 36 860,256 860,256 9.4 % 57,542,868 57,542,868 66.89
2033 36 528,621 528,621 5.8 % 46,141,861 46,141,861 87.29
2034 39 1,424,376 1,424,376 15.6 % 91,295,439 91,295,439 64.10
2035 21 538,639 538,639 5.9 % 45,949,255 45,949,255 85.31
Thereafter 80 1,390,875 1,390,875 15.2 % 99,827,055 99,827,055 71.77
Grand Total 640 9,142,929 9,142,929 100.0 % $672,192,497 $672,192,497 $73.52
Unconsolidated JV Properties
2nd Quarter 2026 (3) 1 495 282 — % $8,352 $4,752 $ 16.87
3rd Quarter 2026 3 21,351 11,077 0.2 % 3,288,086 1,744,652 154.00
4th Quarter 2026 4 31,943 16,158 0.2 % 2,333,722 1,181,776 73.06
Total 2026 8 53,789 27,517 0.4 % $5,630,160 $2,931,180 $104.67
2027 18 193,454 85,204 1.4 % $29,734,254 $13,889,048 $153.70
2028 25 268,442 133,361 2.0 % 37,957,680 19,261,801 141.40
2029 15 134,939 65,491 1.0 % 15,519,103 7,233,344 115.01
2030 16 268,409 142,358 2.0 % 35,930,997 19,201,755 133.87
2031 23 2,699,390 1,513,282 19.9 % 222,110,359 124,048,330 82.28
2032 15 1,003,627 505,167 7.4 % 93,512,950 46,849,896 93.18
2033 11 267,630 137,287 2.0 % 29,394,795 15,306,365 109.83
2034 9 451,454 222,107 3.3 % 45,573,229 22,495,209 100.95
2035 7 370,189 162,145 2.7 % 40,058,170 15,921,099 108.21
Thereafter 95 7,866,278 3,874,776 57.9 % 835,313,383 407,355,513 106.19
Grand Total 242 13,577,601 6,868,695 100.0 % $1,390,735,080 $694,493,540 $102.43
(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 June 30, 2026.
Supplemental Information
40
Second Quarter 2026
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
2026 (3) — — — — % $— $— $—
2027 — — — — % — — —
2028 — — — — % — — —
2029 2 2,238 2,238 1.2 % 558,108 558,108 249.38
2030 1 2,418 2,418 1.3 % 594,141 594,141 245.72
2031 — — — — % — — —
2032 1 1,445 1,445 0.8 % 258,757 258,757 179.07
2033 1 2,900 2,900 1.6 % 424,456 424,456 146.36
2034 — — — — % — — —
2035 — — — — % — — —
Thereafter 5 170,792 170,792 95.1 % 29,020,862 29,020,862 169.92
10 179,793 179,793 100.0 % $30,856,324 $30,856,324 $171.62
Vacancy (4) 48,529
Grand Total 228,322
Other Retail
2026 (3) 1 210 210 — % $10,044 $10,044 $47.83
2027 4 23,670 23,670 4.9 % 3,850,337 3,850,337 162.67
2028 5 16,034 16,034 3.3 % 3,169,334 3,169,334 197.66
2029 4 27,702 27,702 5.7 % 2,641,912 2,641,912 95.37
2030 3 35,231 35,231 7.3 % 5,262,283 5,262,283 149.37
2031 7 19,252 19,252 4.0 % 3,076,522 3,076,522 159.80
2032 7 23,127 23,127 4.8 % 3,542,421 3,542,421 153.17
2033 5 92,949 92,949 19.2 % 6,820,774 6,820,774 73.38
2034 11 61,926 61,926 12.8 % 4,543,061 4,543,061 73.36
2035 2 8,832 8,832 1.8 % 1,054,784 1,054,784 119.43
Thereafter 21 176,439 176,439 36.2 % 17,725,245 17,725,245 100.46
70 485,372 485,372 100.0 % $51,696,717 $51,696,717 $106.51
Vacancy (4) 42,441
Grand Total 527,813
(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 June 30, 2026.
(4) Includes square footage of leases signed but not yet commenced.
Supplemental Information
41
Second Quarter 2026
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
2026 (3) — — — — % $— $— $—
2027 — — — — % — — —
2028 — — — — % — — —
2029 — — — — % — — —
2030 — — — — % — — —
2031 — — — — % — — —
2032 — — — — % — — —
2033 — — — — % — — —
2034 — — — — % — — —
2035 1 12,520 6,260 100.0 % 4,200,000 2,100,000 335.46
Thereafter — — — — % — — —
1 12,520 6,260 100.0 % $4,200,000 $2,100,000 $335.46
Vacancy (4) —
Grand Total 12,520
Other Retail
2026 (3) 1 13,465 6,746 2.6 % $812,654 $407,139 $60.35
2027 3 19,225 10,237 3.7 % 11,859,294 6,692,932 616.87
2028 5 32,621 17,722 6.4 % 8,241,357 4,607,553 252.64
2029 2 28,316 14,785 5.6 % 4,178,925 1,862,462 147.58
2030 2 11,970 6,811 2.4 % 7,297,361 4,152,199 609.64
2031 5 47,335 24,141 9.3 % 4,282,918 2,243,443 90.48
2032 1 5,399 2,753 1.1 % 546,784 278,860 101.28
2033 2 4,721 2,412 0.9 % 604,677 308,710 128.08
2034 1 2,133 1,067 0.4 % 121,380 60,690 56.91
2035 2 6,014 2,064 1.2 % 668,028 225,274 111.08
Thereafter 23 337,847 159,464 66.4 % 20,221,513 9,666,316 59.85
47 509,046 248,202 100.0 % $58,834,891 $30,505,578 $115.58
Vacancy (4) 23,547
Grand Total 532,593
Alternative Strategy Portfolio
2026 (3) 1 1,277 320 1.1 % $108,000 $27,054 $84.57
2027 2 3,186 798 2.7 % 550,173 137,818 172.68
2028 1 1,819 456 1.6 % 221,150 55,398 121.58
2029 1 595 149 0.5 % 112,357 28,145 188.83
2030 — — — — % — — —
2031 1 1,830 458 1.6 % 197,188 49,395 107.75
2032 1 21,706 20,621 18.6 % 7,537,545 7,160,667 347.26
2033 1 69,214 34,607 59.3 % 43,839,395 21,919,699 633.39
2034 1 16,343 15,526 14.0 % 7,269,384 6,905,915 444.80
2035 — — — — % — — —
Thereafter 1 647 162 0.6 % 87,480 21,914 135.21
10 116,617 73,097 100.0 % $59,922,672 $36,306,005 $513.84
Vacancy (4) 62,938
Grand Total 179,555
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to June 30, 2026.
(4) Includes square footage of leases signed but not yet commenced.
Supplemental Information
42
Second Quarter 2026
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
Gross Asset Occupancy (%)
Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 6/30/2026
2001 - 2025 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 99.8
Feb-03 220 East 42nd Street Grand Central 100.0 Fee Interest 1,135,000 265,000 91.9 95.5
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 87.0
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 3.5
Jul-04 485 Lexington Avenue Grand Central 30.0 Fee Interest 921,000 225,000 100.0 78.2
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 78.2
Dec-06 800 Third Avenue Grand Central North 43.0 Fee Interest 526,000 285,000 96.9 89.4
Jan-07 Reckson - NYC Portfolio Various 100.0 Fee Interests / Leasehold Interest 5,612,000 3,679,530 98.3 86.4
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 94.0
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 92.8
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 99.8
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 97.3
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 90.7
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 93.1
Aug-15 30 East 40th Street Grand Central South 60.0 Leasehold Interest 69,446 4,650 100.0 N/A
Aug-15 11 Madison Avenue Park Avenue South 100.0 Fee Interest 2,314,000 2,285,000 71.6 96.5
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 34.3
May-19 110 Greene Street Soho 10.0 Fee Interest 223,600 256,500 93.3 93.1
Jul-20 885 Third Avenue Midtown / Plaza District 100.0 Fee / Leasehold Interest 625,300 387,932 94.8 84.5
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 87.7
Sep-22 245 Park Avenue Park Avenue 100.0 Fee Interest 1,782,793 1,960,000 91.8 96.7
Dec-24 10 East 53rd Street Plaza District 45.0 Fee Interest 354,300 236,000 97.6 90.7
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 95.7
Oct-25 800 Third Avenue Grand Central North 39.5 Fee Interest 526,000 205,000 83.8 89.4
43,994,627 $ 27,189,062
2026 Acquisitions
Jan-26 65 East 55th Street (Park Avenue Tower) Plaza District 95.0 Fee Interest 622,000 730,000 94.8 94.8
622,000 $ 730,000
Supplemental Information
43
Second Quarter 2026
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 - 2026 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
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
33,843,554 $ 31,138,825 $ 920
Supplemental Information
44
Second Quarter 2026
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 6/30/2026
2005 - 2025 Acquisitions
Jul-05 1551-1555 Broadway Retail Times Square 10.0% Fee Interest 25,600 $ 85,000 N/A N/A
Jul-05 21 West 34th Street Retail Herald Square 50.0 Fee Interest 30,100 17,500 N/A N/A
Sep-05 141 Fifth Avenue Retail Flatiron 50.0 Fee Interest 21,500 13,250 N/A 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 N/A
Jul-07 885 Third Avenue Land Midtown / Plaza District 55.0 Fee Interest N/A 317,000 N/A 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 N/A
Dec-10 Two Herald Square Land Herald Square 45.0 Fee Interest 354,400 247,500 N/A N/A
Dec-10 885 Third Avenue Land Midtown / Plaza District 45.0 Fee Interest 607,000 352,000 N/A N/A
Dec-10 292 Madison Avenue Land Grand Central South 100.0 Fee Interest 203,800 78,300 N/A 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 0.0
Jul-14 752-760 Madison Avenue Retail Plaza District 100.0 Fee Interest 21,124 282,415 100.0 N/A
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 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 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 N/A
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 N/A
Sep-21 690 Madison Avenue Retail Plaza District 100.0 Fee Interest 7,848 72,221 100.0 N/A
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 N/A
Jan-24 2 Herald Square Redevelopment Herald Square 44.0 Leasehold Interest 369,000 120,000 43.9 34.3
Mar-24 719 Seventh Avenue Retail Times Square 25.0 Fee Interest 10,040 76,500 0.0 N/A
Oct-25 346 Madison Avenue Development Grand Central 100.0 Fee Interest 275,138 160,000 40.4 15.1
16,091,062 $ 9,635,514
2026 Acquisitions
Mar-26 610 Park Avenue Retail Plaza District 100.0 Fee Interest 17,765 $ 18,500 100.0 100.0
17,765 $ 18,500
Supplemental Information
45
Second Quarter 2026
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 - 2025 Dispositions
Sep-11 1551-1555 Broadway Retail Times Square 10.0% Fee Interest 25,600 $ 276,757 $ 10,811
Feb-12 141 Fifth Avenue Retail Flatiron 100.0 Fee Interest 13,000 46,000 3,538
Feb-12 292 Madison Avenue Land Grand Central South 100.0 Fee Interest 203,800 85,000 417
Apr-12 379 West Broadway Retail Cast Iron/Soho 100.0 Leasehold Interest 62,006 48,500 782
Jun-12 717 Fifth Avenue Retail Midtown/Plaza District 50.0 Fee Interest 119,550 617,584 5,166
Sep-12 3 Columbus Circle Redevelopment Columbus Circle 29.0 Fee Interest 214,372 143,600 670
Feb-13 44 West 55th Street Retail Plaza District 100.0 Fee Interest 8,557 6,250 730
Jun-13 West Coast Office Portfolio West Coast Los Angeles, California 100.0 Fee Interest 406,740 111,925 275
Aug-13 West Coast Office Portfolio West Coast Fountain Valley, California 100.0 Fee Interest 302,037 66,994 222
Sep-13 West Coast Office Portfolio West Coast San Diego, California 100.0 Fee Interest 110,511 45,400 411
Dec-13 27-29 West 34th Street Retail Herald Square/Penn Station 100.0 Fee Interest 15,600 70,052 4,491
Jan-14 21-25 West 34th Street Retail Herald Square/Penn Station 100.0 Fee Interest 30,100 114,948 3,819
Mar-14 West Coast Office Portfolio West Coast 100.0 Fee Interest 3,654,315 756,000 207
May-14 747 Madison Avenue Retail Plaza District 100.0 Fee Interest 10,000 160,000 16,000
Jul-14 985-987 Third Avenue Redevelopment Upper East Side 100.0 Fee Interest 13,678 68,700 5,023
Sep-14 180-182 Broadway Redevelopment Lower Manhattan 100.0 Fee Interest 156,086 222,500 1,425
Nov-14 2 Herald Square Land Herald Square/Penn Station 100.0 Fee Interest 354,400 365,000 1,030
Nov-14 55 West 46th Street - Tower 46 Redevelopment Midtown 75.0 Fee Interest 347,000 295,000 850
Jan-15 180 Maiden Lane Redevelopment Financial East 100.0 Fee Interest 1,090,000 470,000 431
Aug-15 131-137 Spring Street Retail Soho 80.0 Fee Interest 68,342 277,750 4,064
Dec-15 570 & 574 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 24,327 125,400 5,155
Feb-16 248-252 Bedford Avenue Residential Brooklyn, New York 90.0 Fee Interest 66,611 55,000 826
Feb-16 885 Third Avenue Land Midtown / Plaza District 100.0 Fee Interest 607,000 453,000 746
May-16 33 Beekman Street Redevelopment Downtown 100.0 Fee Interest 163,500 196,000 1,199
Oct-16 400 East 57th Street Residential Upper East Side 49.0 Fee Interest 290,482 170,000 585
Apr-17 102 Greene Street Retail Soho 90.0 Fee Interest 9,200 43,500 4,728
Sep-17 102 Greene Street Retail Soho 10.0 Fee Interest 9,200 43,500 4,728
Apr-18 175-225 Third Street Redevelopment Brooklyn, New York 95.0 Fee Interest — 115,000 —
Jun-18 635 Madison Avenue Land Plaza District 100.0 Fee Interest 176,530 153,000 867
Jul-18 724 Fifth Avenue Retail Plaza District 50.0 Fee Interest 65,010 365,000 5,615
Oct-18 72nd Street Assemblage & 1231 Third Avenue Residential Upper East Side Various Fee Interest — 143,800 —
Jan-19 131-137 Spring Street Retail Soho 20.0 Fee Interest 68,342 216,000 3,161
Aug-19 115 Spring Street Retail Soho 49.0 Fee Interest 5,218 66,050 12,658
Dec-19 562 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 42,635 52,393 1,229
Dec-19 1640 Flatbush Avenue Redevelopment Brooklyn, New York 100.0 Fee Interest 1,000 16,150 16,150
Mar-20 315 West 33rd Street (The Olivia) Retail / Residential Penn Station 100.0 Fee Interest 492,987 446,500 906
May-20 609 Fifth Avenue - Retail Condominium Retail Rockefeller Center 100.0 Fee Interest 21,437 168,000 7,837
Sep-20 400 East 58th Street Residential Upper East Side 90.0 Fee Interest 140,000 62,000 443
Dec-20 410 Tenth Avenue Redevelopment Hudson Yards 70.9 Fee Interest 638,000 952,500 1,493
Dec-20 Williamsburg Terrace Retail Brooklyn, New York 100.0 Fee Interest 52,000 32,000 615
Jan-21 712 Madison Avenue Retail Plaza District 100.0 Fee Interest 6,600 43,000 6,515
Feb-21 133 Greene Street Retail Soho 100.0 Fee Interest 6,425 15,796 2,459
Mar-21 106 Spring Street Redevelopment Soho 100.0 Fee Interest 5,928 34,024 5,740
Jun-21 605 West 42nd Street - Sky Residential Westside 20.0 Fee Interest 927,358 858,100 925
Sep-21 400 East 57th Street Residential Upper East Side 41.0 Fee Interest 290,482 133,500 460
Feb-22 707 Eleventh Avenue Redevelopment Midtown West 100.0 Fee Interest 159,720 95,000 595
Apr-22 1080 Amsterdam Residential Upper West Side 92.5 Leasehold Interest 82,250 42,650 519
May-22 1591-1597 Broadway Land Times Square 100.0 Fee Interest 7,684 121,000 15,747
Jun-22 609 Fifth Avenue Redevelopment Rockefeller Center 100.0 Fee Interest 138,563 100,500 725
Dec-22 885 Third Avenue - Condominium Redevelopment Midtown / Plaza District 100.0 Fee / Leasehold Interest 414,317 300,400 725
Feb-23 121 Greene Street Retail Soho 50.0 Fee Interest 7,131 14,000 1,963
Dec-23 21 East 66th Street Retail Plaza District 32.3 Fee Interest 13,069 40,575 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
Apr-25 85 Fifth Avenue Retail Midtown South 36.3 Fee Interest 12,946 46,800 3,615
13,972,167 $ 12,761,784 $ 913
2026 Dispositions
Feb-26 690 Madison Avenue Retail Plaza District 90.0 Fee Interest 7,848 $ 54,500 $ 6,944
May-26 7 Dey Street & 185 Broadway - Residential and Retail Condominium Retail / Residential Lower Manhattan 100.0 Fee Interest 199,521 220,500 1,105
May-26 346 Madison Avenue Redevelopment Grand Central 49.0 Fee Interest 275,138 175,000 636
482,507 $ 450,000 $ 933
Supplemental Information
46
Second Quarter 2026
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 6/30/2026
2007 - 2026 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 68.3
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 - 2026 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
47
Second Quarter 2026
Non-GAAP Disclosures and Reconciliations
Unaudited
(Dollars in Thousands, except per share data)
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 (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).
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Supplemental Information
48
Second Quarter 2026
Non-GAAP Disclosures and Reconciliations
Unaudited
(Dollars in Thousands, except per share data)
Funds From Operations (FFO) Reconciliation
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Net loss attributable to SL Green common stockholders $ (26,503) $ (11,092) $ (110,894) $ (32,167)
Add:
Depreciation and amortization 67,279 60,160 137,030 124,658
Joint venture depreciation and noncontrolling interest adjustments 61,761 68,003 124,357 121,364
Net income (loss) attributable to noncontrolling interests 9,617 (1,615) 10,673 (7,977)
Less:
Equity in net loss on sale of interest in unconsolidated joint venture/real estate — (1,946) (814) (1,946)
Purchase price and other fair value adjustments 5,252 (8,399) 7,476 (14,943)
(Loss) gain on sale of real estate, net (4,179) (167) 12,457 (649)
Depreciable real estate reserves — — (35,160) (8,546)
Depreciable real estate reserves in unconsolidated joint venture — — — (1,780)
Depreciation on non-rental real estate assets 1,502 1,421 3,005 2,684
FFO attributable to SL Green common stockholders and unit holders $ 109,579 $ 124,547 $ 174,202 $ 231,058
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
For the three months ended
6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025
Net (Loss) income $ (10,891) $ (77,398) $ (103,720) $ 35,161 $ (6,817)
Depreciable real estate reserves — 35,160 23,546 — —
Depreciable real estate reserves in unconsolidated joint venture — — 12,812 — —
Loss (gain) on sale of real estate, net 4,179 (16,636) 426 1,068 167
Purchase price and other fair value adjustments (5,662) (4,183) 28,143 (11,138) 9,617
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate — 814 (1,142) (86,872) 1,946
Gain on sale of marketable securities — — — — (10,232)
Depreciation and amortization 67,279 69,751 67,839 63,216 60,160
Income taxes 1,693 (1,045) 2,305 137 1,296
SUMMIT Operator tax expense 1,223 585 478 1,279 1,547
Amortization of deferred financing costs 2,156 2,802 1,901 1,724 1,742
Interest expense, net of interest income 54,011 50,909 49,422 47,235 45,318
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates 117,139 141,731 139,218 200,085 151,642
EBITDAre $ 231,127 $ 202,490 $ 221,228 $ 251,895 $ 256,386
Supplemental Information
49
Second Quarter 2026
Non-GAAP Disclosures and Reconciliations
Unaudited
(Dollars in Thousands, except per share data)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Three Months Ended Six Months Ended
Operating income and Same-store NOI Reconciliation
June 30, June 30,
2026 2025 2026 2025
Net loss $ (10,891) $ (6,817) $ (88,289) $ (28,362)
Depreciable real estate reserves — — 35,160 8,546
Depreciable real estate reserves in unconsolidated joint venture — — — 1,780
Loss (gain) on sale of real estate, net 4,179 167 (12,457) 649
Purchase price and other fair value adjustments (5,662) 9,617 (9,845) 19,228
Equity in net loss on sale of interest in unconsolidated joint venture/real estate — 1,946 814 1,946
Gain on sale of marketable securities — (10,232) — (10,232)
Depreciation and amortization 67,279 60,160 137,030 124,658
SUMMIT Operator tax expense 1,223 1,547 1,808 1,502
Amortization of deferred financing costs 2,156 1,742 4,958 3,429
Interest expense, net of interest income 54,011 45,318 104,920 90,999
Interest expense on senior obligations of consolidated securitization vehicles 14,743 21,017 29,392 34,989
Operating Income 127,038 124,465 203,491 249,132
Equity in net (income) loss from unconsolidated joint ventures (14,948) 22,775 5,832 19,825
Income from debt fund investments, net (5,990) (600) (8,468) (600)
Marketing, general and administrative expense 22,781 21,579 45,567 43,303
Transaction related costs 17 177 301 472
Loan loss and other investment reserves, net of recoveries — (46,287) — (71,326)
SUMMIT Operator expenses 25,520 24,847 50,462 46,611
Gain on early extinguishment of debt — — — —
Investment income (2,657) (6,339) (5,003) (22,453)
Interest income from real estate loans held by consolidated securitization vehicles (14,743) (21,049) (29,392) (37,030)
SUMMIT Operator revenue (31,509) (31,007) (55,651) (53,541)
Non-building revenue (14,689) (9,647) (32,568) (20,135)
Net operating income (NOI) 90,820 78,914 174,571 154,258
Equity in net income (loss) from unconsolidated joint ventures 14,948 (22,775) (5,832) (19,825)
SLG share of unconsolidated JV depreciation and amortization 70,555 65,153 138,194 128,228
SLG share of unconsolidated JV amortization of deferred financing costs 3,962 3,107 8,418 6,298
SLG share of unconsolidated JV interest expense, net of interest income 71,826 64,290 141,958 127,255
SLG share of unconsolidated JV transaction related costs — — — —
SLG share of unconsolidated JV gain on early extinguishment of debt — — 4,796 —
SLG share of unconsolidated JV investment income (781) (5,059) (1,205) (9,977)
SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries — 14,531 — 14,531
SLG share of unconsolidated JV non-building revenue (3,047) (2,280) (3,445) (3,572)
NOI including SLG share of unconsolidated JVs 248,283 195,881 457,455 397,196
NOI from other properties/affiliates (66,862) (22,039) (103,661) (58,503)
Same-Store NOI 181,421 173,842 353,794 338,693
Straight-line and free rent (4,171) (726) (7,612) 567
Amortization of acquired above and below-market leases, net 1,084 863 2,230 1,775
Operating lease straight-line adjustment 157 204 361 408
SLG share of unconsolidated JV straight-line and free rent (9,424) (13,100) (18,946) (23,392)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (7,216) (6,190) (13,676) (12,231)
SLG share of unconsolidated JV operating lease straight-line adjustment — — — —
Same-store cash NOI $ 161,851 $ 154,893 $ 316,151 $ 305,820
Lease termination income (1,097) (242) (741) (4,635)
SLG share of unconsolidated JV lease termination income (1,706) (2,232) (6,332) (2,232)
Same-store cash NOI excluding lease termination income $ 159,048 $ 152,419 $ 309,078 $ 298,953
Supplemental Information
50
Second Quarter 2026
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
51
Second Quarter 2026
EXECUTIVE MANAGEMENT
Marc Holliday Edward V. Piccinich
Chairman and Chief Executive Officer
Chief Operating Officer
Harrison Sitomer Neil H. Kessner
President and Chief Investment Officer Executive Vice President, General
Counsel - Real Property
Matthew J. DiLiberto
Chief Financial Officer
Maggie Hui
Chief Accounting Officer
Andrew S. Levine
Chief Legal Officer - General Counsel, EVP Robert Schiffer
Executive Vice President, Development
Steven M. Durels
Executive Vice President, Director of
Leasing and Real Property
Supplemental Information
52
Second Quarter 2026
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Entity Registrant Name
SL GREEN REALTY CORP
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MD
Entity File Number
1-13199
Entity Tax Identification Number
13-3956775
Entity Address, Address Line One
One Vanderbilt Avenue
Entity Address, City or Town
New York,
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Document Information [Line Items]
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Title of 12(b) Security
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Security Exchange Name
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Preferred Stock
Document Information [Line Items]
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SLG.PRI
Title of 12(b) Security
6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value
Security Exchange Name
NYSE
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