Document

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

As of June 30, 2025, the Company held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet in Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.

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

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

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

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

Forward-looking Statements

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

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

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended June 30, 2025 that will be included on Form 10-Q to be filed on or before August 11, 2025.

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

ASP - Alternative strategy portfolio.

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

CMBS Investments - Investments in commercial mortgage-backed securities.

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

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

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

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

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

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

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

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

Junior Mortgage Participations - Subordinate interests in first mortgages.

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

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

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

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

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

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

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

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

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

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

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 0.1% for the second quarter of 2025, or 1.0% excluding lease termination income, as compared to the same period in 2024.

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

During the second quarter of 2025, the Company signed 46 office leases in its Manhattan office portfolio totaling 541,721 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2025 was $90.03 per rentable square foot with an average lease term of 7.8 years and average tenant concessions of 6.3 months of free rent with a tenant improvement allowance of $78.81 per rentable square foot. Thirty-six leases comprising 309,246 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $95.93 per rentable square foot, representing a 2.4% increase over the previous fully escalated rents on the same office spaces.

During the six months ended June 30, 2025, the Company signed 91 office leases in its Manhattan office portfolio totaling 1,143,826 square feet. The average rent on the Manhattan office leases signed in 2025 was $86.52 per rentable square foot with an average lease term of 8.9 years and average tenant concessions of 8.1 months of free rent with a tenant improvement allowance of $87.49 per rentable square foot. Sixty leases comprising 670,377 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $88.58 per rentable square foot, representing a 0.4% decrease over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio was 91.4% as of June 30, 2025, consistent with the Company's expectations, inclusive of 531,666 square feet of leases signed but not yet commenced, as compared to 91.8% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 93.2% by December 31, 2025.

Significant leasing activity in the second quarter includes:

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

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

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

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

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

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

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

Investment Activity

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

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

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

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity portfolio was $525.4 million at June 30, 2025, including $209.7 million representing the Company's share of the preferred equity investment in 625 Madison Avenue that is accounted for as an unconsolidated joint venture. The portfolio had a weighted average current yield of 7.0% as of June 30, 2025, or 7.9% excluding the effect of $63.0 million of investments that are on non-accrual.

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

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

Financing Activity

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

Special Servicing and Asset Management Activity

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

Earnings Guidance

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

Dividends

In the second quarter of 2025, the Company declared:

•Three monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on May 15, June 16 and July 15, 2025;

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

Conference Call and Audio Webcast

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

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

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

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BI0e3732b28c9b475bae122f40d1054549.


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

Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted	$	(0.16)	$	(0.30)	$	0.13	$	(0.21)	$	(0.04)
Funds from operations (FFO) available to common stockholders - diluted	$	1.63	$	1.40	$	1.81	$	1.13	$	2.05


Common Share Price & Dividends
Closing price at the end of the period	$	61.90	$	57.70	$	67.92	$	69.61	$	56.64
Closing high price during period	$	65.94	$	68.38	$	81.13	$	72.21	$	57.38
Closing low price during period	$	47.90	$	55.58	$	66.24	$	54.99	$	48.32
Annual dividend per common share	$	3.09	$	3.09	$	3.09	$	3.00	$	3.00

FFO dividend payout ratio (trailing 12 months)	51.1%		47.4%		37.3%		43.6%		43.7%
Funds available for distribution (FAD) dividend payout ratio (trailing 12 months)	95.0%		75.6%		52.3%		53.1%		54.2%

Common Shares & Units
Common shares outstanding	71,025		71,016		71,097		65,235		64,814
Units outstanding	4,853		5,010		4,510		4,474		4,299
Total common shares and units outstanding	75,878		76,026		75,607		69,709		69,113

Weighted average common shares and units outstanding - basic	74,455		74,527		70,654		67,999		68,740
Weighted average common shares and units outstanding - diluted	76,278		76,333		72,915		69,733		70,180


Market Capitalization
Market value of common equity	$	4,696,848	$	4,386,700	$	5,135,227	$	4,852,443	$	3,914,560
Liquidation value of preferred equity/units and redeemable equity	425,141		426,016		426,064		396,730		396,730
Consolidated debt	3,753,402		3,876,727		3,621,024		3,833,798		3,639,892
Consolidated market capitalization	$	8,875,391	$	8,689,443	$	9,182,315	$	9,082,971	$	7,951,182
SLG share of unconsolidated JV debt	6,043,432		6,033,918		6,027,862		6,876,416		6,866,190
Market capitalization including SLG share of unconsolidated JVs	$	14,918,823	$	14,723,361	$	15,210,177	$	15,959,387	$	14,817,372

Consolidated debt service coverage (trailing 12 months)	3.48x		3.49x		3.80x		3.36x		3.26x
Consolidated fixed charge coverage (trailing 12 months)	2.83x		2.83x		3.08x		2.72x		2.63x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.85x		1.83x		1.91x		1.73x		1.69x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.67x		1.66x		1.74x		1.58x		1.54x


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

Selected Balance Sheet Data
Real estate assets before depreciation	$	6,731,336	$	6,678,906	$	6,607,741	$	6,289,894	$	6,264,757
Debt and preferred equity investments	$	315,684	$	318,189	$	303,726	$	293,924	$	290,487
Investments in unconsolidated joint ventures	$	2,701,382	$	2,712,582	$	2,690,138	$	2,871,683	$	2,895,399
Debt fund investments	$	41,356	$	—	$	—	$	—	$	—
Cash and cash equivalents	$	182,912	$	180,133	$	184,294	$	188,216	$	199,501
Investment in marketable securities	$	17,151	$	12,295	$	22,812	$	16,522	$	16,593

Total assets	$	11,252,329	$	11,410,623	$	10,470,099	$	10,216,072	$	9,548,652

Consolidated fixed rate & hedged debt	$	3,367,249	$	3,367,361	$	3,257,474	$	3,287,898	$	3,039,399
Consolidated variable rate debt	386,153		509,366		363,550		485,000		540,000
Consolidated ASP debt	—		—		—		60,900		60,493
Total consolidated debt	$	3,753,402	$	3,876,727	$	3,621,024	$	3,833,798	$	3,639,892
Deferred financing costs, net of amortization	(13,788)		(15,275)		(14,242)		(12,903)		(14,304)
Total consolidated debt, net	$	3,739,614	$	3,861,452	$	3,606,782	$	3,820,895	$	3,625,588

Total liabilities	$	6,889,934	$	6,972,478	$	5,915,143	$	6,135,743	$	5,358,337

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	8,836,884	$	8,827,482	$	8,711,539	$	8,975,687	$	8,720,916
Variable rate debt, including SLG share of unconsolidated JV debt (1)	386,153		509,366		363,550		732,761		785,013
ASP debt, including SLG share of unconsolidated ASP JV debt	573,797		573,797		573,797		1,001,766		1,000,153
Total debt, including SLG share of unconsolidated JV debt	$	9,796,834	$	9,910,645	$	9,648,886	$	10,710,214	$	10,506,082

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


	As of or for the three months ended
	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024
Selected Operating Data
Property operating revenues	$	165,237	$	163,019	$	156,930	$	156,933	$	150,632
Property operating expenses	(94,960)		(99,385)		(89,129)		(86,701)		(84,759)
Property NOI	$	70,277	$	63,634	$	67,801	$	70,232	$	65,873
SLG share of unconsolidated JV Property NOI	119,115		113,876		118,072		122,936		117,506
Property NOI, including SLG share of unconsolidated JV Property NOI	$	189,392	$	177,510	$	185,873	$	193,168	$	183,379
SUMMIT Operator revenue	31,007		22,534		38,571		36,437		32,602
Investment income, including SLG share of unconsolidated JV	11,398		21,032		10,463		10,089		7,911
Income (loss) from debt fund investments, net	600		—		—		—		—
Interest income from real estate loans held by consolidated securitization vehicles, net	32		2,009		2,905		1,441		—
Other income, including SLG share of unconsolidated JV	22,977		23,518		31,805		26,894		35,077

Gain on early extinguishment of debt, including SLG share of unconsolidated JV	—		—		25,985		—		48,482
SUMMIT Operator expenses	(24,847)		(21,764)		(28,792)		(37,901)		(23,188)
Loan loss and other investment reserves, net of recoveries	46,287		25,039		—		—		—
Transaction costs, including SLG share of unconsolidated JVs	(177)		(295)		(138)		(171)		(76)
Marketing general & administrative expenses	(21,579)		(21,724)		(22,827)		(21,015)		(20,032)
Income taxes	1,296		653		2,324		1,406		1,230
EBITDAre	$	256,386	$	228,512	$	246,169	$	210,348	$	265,385

Manhattan Properties
Property operating revenues	$	160,095	$	158,037	$	151,614	$	151,886	$	145,369
Property operating expenses	82,287		87,410		77,371		73,841		73,436
Property NOI	$	77,808	$	70,627	$	74,243	$	78,045	$	71,933

Other income - consolidated	$	2,013	$	5,551	$	4,157	$	2,967	$	2,270

SLG share of property NOI from unconsolidated JVs	$	118,869	$	113,627	$	117,958	$	123,401	$	117,384

Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service	16		16		15		14		14
Unconsolidated office buildings in service	10		9		9		10		10
	26		25		24		24		24

Consolidated office buildings in service - square footage	9,788,852		9,788,852		9,587,441		8,753,441		8,753,441
Unconsolidated office buildings in service - square footage	13,560,633		12,175,149		12,175,149		13,009,149		13,009,149
	23,349,485		21,964,001		21,762,590		21,762,590		21,762,590


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

Signed Leasing

Same-Store office occupancy inclusive of leases signed not yet commenced	91.4%		91.8%		92.4%		89.7%		89.2%


New leases signed	29		35		38		24		26
Renewal leases signed	17		10		10		18		12
Total office leases signed	46		45		48		42		38

Signed office square footage filling vacancy	232,475		240,974		663,370		197,617		154,380
Signed office square footage on previously occupied space (M-T-M leasing) (1)	309,246		361,131		1,126,626		566,138		266,133
Total office square footage signed	541,721		602,105		1,789,996		763,755		420,513

Average starting cash rent psf - office leases signed	$	95.93	$	82.29	$	76.24	$	107.13	$	112.76
Previous escalated cash rent psf - office leases signed (2)	$	93.65	$	84.89	$	69.97	$	96.69	$	97.64
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	2.4%		(3.1)%		9.0%		10.8%		15.5%
Average lease term	7.8		9.8		10.6		11.4		8.8
Tenant concession packages psf	$	78.81	$	94.35	$	116.36	$	114.90	$	77.26
Free rent months	6.3		9.4		12.5		12.2		7.0




Commenced Leasing

Same-Store office occupancy based on commenced leases	89.1%		88.4%		87.8%		87.5%		86.5%


New leases commenced	34		27		24		29		30
Renewal leases commenced	16		9		10		17		12
Total office leases commenced	50		36		34		46		42

Commenced office square footage filling vacancy	372,611		388,305		133,978		179,200		195,953
Commenced office square footage on previously occupied space (M-T-M leasing) (1)	334,144		283,236		1,015,833		540,288		211,251
Total office square footage commenced	706,755		671,541		1,149,811		719,488		407,204

Average starting cash rent psf - office leases commenced	$	79.27	$	84.80	$	80.72	$	106.76	$	96.79
Previous escalated cash rent psf - office leases commenced (2)	$	88.68	$	88.34	$	71.18	$	95.44	$	100.86
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	(10.6)%		(4.0)%		13.4%		11.9%		(4.0)%
Average lease term	10.1		9.1		10.5		10.5		11.9
Tenant concession packages psf	$	111.53	$	109.37	$	102.30	$	103.37	$	105.17
Free rent months	11.4		9.5		11.8		11.5		10.0



(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.


	As of
	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,448,504	$	1,450,892	$	1,357,041	$	1,134,432	$	1,134,432
Building and improvements	3,867,078		3,828,638		3,862,224		3,781,403		3,743,316
Building leasehold and improvements	1,415,754		1,399,376		1,388,476		1,374,059		1,365,423
	6,731,336		6,678,906		6,607,741		6,289,894		6,243,171
Less: accumulated depreciation	(2,220,242)		(2,174,667)		(2,126,081)		(2,084,755)		(2,041,102)
Net real estate	4,511,094		4,504,239		4,481,660		4,205,139		4,202,069

Other real estate investments:
Debt and preferred equity investments, net (1)	315,684		318,189		303,726		293,924		290,487
Investment in unconsolidated joint ventures	2,701,382		2,712,582		2,690,138		2,871,683		2,895,399
Debt fund investments	41,356		—		—		—		—


Assets held for sale, net	—		—		—		—		21,615
Cash and cash equivalents	182,912		180,133		184,294		188,216		199,501
Restricted cash	159,905		156,895		147,344		126,909		116,310
Investment in marketable securities	17,151		12,295		22,812		16,522		16,593
Tenant and other receivables	44,444		48,074		44,055		53,628		41,202
Related party receivables	12,030		18,630		26,865		13,077		8,127

Deferred rents receivable	267,046		264,982		266,428		266,606		266,596

Deferred costs, net	117,964		114,317		117,132		105,646		107,163

Right-of-use assets - operating leases	875,379		860,449		865,639		870,782		875,878
Real estate loans held by consolidated securitization vehicles	1,431,362		1,599,291		709,095		713,218		—
Other assets	574,620		620,547		610,911		490,722		507,712

Total Assets	$	11,252,329	$	11,410,623	$	10,470,099	$	10,216,072	$	9,548,652

(1) This balance excludes a $209.7 million preferred equity investment included in the Investment in unconsolidated joint ventures line item.


	As of
	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024
Liabilities
Mortgages and other loans payable	$	2,043,402	$	2,036,727	$	1,951,024	$	1,648,798	$	1,649,892
Unsecured term loans	1,150,000		1,150,000		1,150,000		1,250,000		1,250,000
Unsecured notes	100,000		100,000		100,000		100,000		100,000
Revolving credit facility	360,000		490,000		320,000		735,000		540,000
Deferred financing costs	(13,788)		(15,275)		(14,242)		(12,903)		(14,304)
Total debt, net of deferred financing costs	3,639,614		3,761,452		3,506,782		3,720,895		3,525,588
Accrued interest payable	16,066		18,473		16,527		22,825		20,083
Accounts payable and accrued expenses	130,656		123,256		122,674		125,377		121,050
Deferred revenue	158,111		166,240		164,887		154,700		153,660
Lease liability - financing leases	107,513		107,183		106,853		106,518		106,187
Lease liability - operating leases	814,088		806,669		810,989		815,238		819,439
Dividends and distributions payable	22,150		21,978		21,816		20,147		20,088
Security deposits	60,825		62,210		60,331		56,297		58,002
Liabilities related to assets held for sale	—		—		—		—		10,424
Junior subordinated deferrable interest debentures	100,000		100,000		100,000		100,000		100,000
Senior obligations of consolidated securitization vehicles	1,431,362		1,409,185		590,131		603,902		—
Other liabilities	409,549		395,832		414,153		409,844		423,816
Total Liabilities	6,889,934		6,972,478		5,915,143		6,135,743		5,358,337

Noncontrolling interests in Operating Partnership
(4,853 units outstanding at 6/30/2025)	287,151		288,702		288,941		293,593		265,823
Preferred units and redeemable equity	195,141		196,016		196,064		166,731		166,731

Equity
SL Green stockholders' equity:
Series I Preferred Stock	221,932		221,932		221,932		221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized, 71,025
issued and outstanding at 6/30/2025	710		710		711		663		660
Additional paid–in capital	4,198,303		4,156,242		4,159,562		3,866,088		3,836,751
Treasury stock at cost	—		—		—		(128,655)		(128,655)
Accumulated other comprehensive earnings (loss)	(16,324)		(4,842)		18,196		(27,308)		40,371
Retained deficit	(613,117)		(537,585)		(449,101)		(376,435)		(279,763)
Total SL Green Realty Corp. stockholders' equity	3,791,504		3,836,457		3,951,300		3,556,285		3,691,296

Noncontrolling interests in other partnerships	88,599		116,970		118,651		63,720		66,465

Total Equity	3,880,103		3,953,427		4,069,951		3,620,005		3,757,761

Total Liabilities and Equity	$	11,252,329	$	11,410,623	$	10,470,099	$	10,216,072	$	9,548,652



	Three Months Ended						Six Months Ended
	June 30,		June 30,		March 31,			June 30,		June 30,
	2025		2024		2025			2025		2024
Revenues
Rental revenue, net	$	147,535	$	135,563	$	144,518		$	292,053	$	263,766
Escalation and reimbursement revenues	17,702		15,069		18,501			36,203		28,370
SUMMIT Operator revenue	31,007		32,602		22,534			53,541		58,206
Investment income	6,339		6,191		16,114			22,453		13,594
Interest income from real estate loans held by consolidated securitization vehicles	21,049		—		15,981			37,030		—
Other income	18,284		33,395		22,198			40,482		46,766
Total Revenues	241,916		222,820		239,846			481,762		410,702

Gain on early extinguishment of debt	—		17,777		—			—		17,777

Expenses
Operating expenses (1)	51,105		46,333		56,062			107,167		89,941
Real estate taxes	37,750		32,058		37,217			74,967		63,664
Operating lease rent	6,105		6,368		6,106			12,211		12,773
SUMMIT Operator expenses	24,847		23,188		21,764			46,611		45,046
Loan loss and other investment reserves, net of recoveries	(46,287)		—		(25,039)			(71,326)		—
Transaction related costs	177		76		295			472		92
Marketing, general and administrative	21,579		20,032		21,724			43,303		41,345
Total Operating Expenses	95,276		128,055		118,129			213,405		252,861

Equity in net (loss) income from unconsolidated joint ventures (2)	(22,775)		4,325		2,950			(19,825)		115,485
Income from debt fund investments, net (3)	600		—		—			600		—

Operating Income	124,465		116,867		124,667			249,132		291,103

Interest expense, net of interest income	45,318		35,803		45,681			90,999		66,976
Amortization of deferred financing costs	1,742		1,677		1,687			3,429		3,216
SUMMIT Operator tax expense	1,547		1,855		(45)			1,502		560
Interest expense on senior obligations of consolidated securitization vehicles	21,017		—		13,972			34,989		—
Depreciation and amortization	60,160		52,247		64,498			124,658		100,831
Income (Loss) from Continuing Operations (4)	(5,319)		25,285		(1,126)			(6,445)		119,520



Gain on sale of marketable securities	10,232		—		—			10,232		—
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(1,946)		(8,129)		—			(1,946)		18,635
Purchase price and other fair value adjustments	(9,617)		1,265		(9,611)			(19,228)		(49,227)
Loss on sale of real estate, net	(167)		(2,741)		(482)			(649)		(2,741)
Depreciable real estate reserves	—		(13,721)		(8,546)			(8,546)		(65,839)
Depreciable real estate reserves in unconsolidated joint venture	—		—		(1,780)			(1,780)		—
Net (Loss) Income	(6,817)		1,959		(21,545)			(28,362)		20,348

Net loss attributable to noncontrolling interests	1,615		2,024		6,362			7,977		2,417
Preferred units distributions	(2,153)		(2,406)		(2,154)			(4,307)		(4,309)
Net (Loss) Income attributable to SL Green	(7,355)		1,577		(17,337)			(24,692)		18,456

Perpetual preferred stock dividends	(3,737)		(3,737)		(3,738)			(7,475)		(7,475)
Net (Loss) Income attributable to SL Green common stockholders	$	(11,092)	$	(2,160)	$	(21,075)		$	(32,167)	$	10,981







Basic (loss) earnings per share	$	(0.16)	$	(0.04)	$	(0.30)		$	(0.47)	$	0.16
Diluted (loss) earnings per share	$	(0.16)	$	(0.04)	$	(0.30)		$	(0.47)	$	0.16

(1) Includes property operating expenses and expenses of SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
(2) Excludes Depreciable real estate reserves in unconsolidated joint venture.
(3) Includes interest income and realized/unrealized gains/losses from fund investments, net of expenses. Excludes fees recognized by the GP, which are included in Other income.
(4) Before equity in net (loss) gain, purchase price and other fair value adjustments, loss on sale and depreciable real estate reserves, and gain on sale of marketable securities shown below.



		Three Months Ended						Six Months Ended
		June 30,		June 30,		March 31,			June 30,		June 30,
		2025		2024		2025			2025		2024
Funds from Operations
Net (Loss) Income attributable to SL Green common stockholders		$	(11,092)	$	(2,160)	$	(21,075)		$	(32,167)	$	10,981

	Depreciation and amortization	60,160		52,247		64,498			124,658		100,831
	Joint ventures depreciation and noncontrolling interests adjustments	68,003		72,238		53,361			121,364		146,496
	Net loss attributable to noncontrolling interests	(1,615)		(2,024)		(6,362)			(7,977)		(2,417)
	Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate	1,946		8,129		—			1,946		(18,635)
	Purchase price and other fair value adjustments	8,399		50		6,544			14,943		55,702
	Loss on sale of real estate, net	167		2,741		482			649		2,741
	Depreciable real estate reserves	—		13,721		8,546			8,546		65,839
	Depreciable real estate reserves in unconsolidated joint venture	—		—		1,780			1,780		—
	Depreciation on non-rental real estate assets	(1,421)		(1,000)		(1,263)			(2,684)		(2,153)
	Funds From Operations	$	124,547	$	143,942	$	106,511		$	231,058	$	359,385

	Funds From Operations - Basic per Share	$	1.67	$	2.08	$	1.43		$	3.10	$	5.19

	Funds From Operations - Diluted per Share	$	1.63	$	2.05	$	1.40		$	3.03	$	5.12



Funds Available for Distribution
FFO		$	124,547	$	143,942	$	106,511		$	231,058	$	359,385

	Non real estate depreciation and amortization	1,421		1,000		1,263			2,684		2,153
	Amortization of deferred financing costs	1,742		1,677		1,687			3,429		3,216
	Non-cash deferred compensation	10,518		9,454		10,537			21,055		20,234
	FAD adjustment for joint ventures	(25,310)		(15,166)		(25,873)			(51,183)		(26,547)
	Straight-line rental income and other non-cash adjustments	(402)		2,503		3,207			2,805		(564)
	Non-cash fair value adjustments on mark-to-market derivatives	1,218		(1,315)		3,068			4,286		(6,475)
	Second cycle tenant improvements	(33,736)		(19,305)		(17,858)			(51,594)		(32,784)
	Second cycle leasing commissions	(8,551)		(3,791)		(4,246)			(12,797)		(7,278)
	Revenue enhancing recurring CAPEX	(386)		(33)		(309)			(695)		(52)
	Non-revenue enhancing recurring CAPEX	(7,528)		(4,737)		(4,458)			(11,986)		(7,112)
Reported Funds Available for Distribution		$	63,533	$	114,229	$	73,529		$	137,062	$	304,176

	First cycle tenant improvements	$	758	$	1,128	$	64		$	822	$	1,589
	First cycle leasing commissions	$	806	$	40	$	128		$	934	$	40
	Development costs	$	8,830	$	13,422	$	10,638		$	19,468	$	29,119
	Redevelopment costs	$	5,123	$	2,870	$	2,710		$	7,833	$	4,524
	Capitalized interest	$	6,636	$	13,784	$	6,470		$	13,106	$	31,733


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

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

Net loss									(24,692)		(5,737)				(30,429)
Acquisition of subsidiary interest from noncontrolling interest					36,023						(51,654)				(15,631)
Other comprehensive loss - net unrealized loss on derivative instruments													(25,238)		(25,238)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments													(10,214)		(10,214)
Other comprehensive income - net unrealized gain on marketable securities													932		932
Perpetual preferred stock dividends									(7,475)						(7,475)
DRSPP proceeds			—		131										131

Measurement adjustment for redeemable noncontrolling interest									(22,895)						(22,895)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			(1)		3,458										3,457
Proceeds from issuance of common stock			—		(871)										(871)


Contributions to consolidated joint venture interests											4,747				4,747
Contributions to debt fund investments											24,193				24,193



Cash distributions to noncontrolling interests											(1,601)				(1,601)

Cash distributions declared ($1.55 per common share, none of which represented a return of capital for federal income tax purposes)									(108,954)						(108,954)

Balance at June 30, 2025	$	221,932	$	710	$	4,198,303	$	—	$	(613,117)	$	88,599	$	(16,324)	$	3,880,103




RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


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

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

YTD share activity	(72,116)		342,599		—		—		270,483
Share Count at June 30, 2025	71,024,627		4,852,552		—		—		75,877,179

Weighted Average Share Count at June 30, 2025 - Basic	70,429,906		4,060,630		—		—		74,490,536

Dilution	—		—		1,350,849		525,156		1,876,005
Weighted Average Share Count at June 30, 2025 - Diluted	70,429,906		4,060,630		1,350,849		525,156		76,366,541


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

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,137,556	$	2,006,502	$	4,146,384	$	2,009,704	$	4,146,384	$	2,009,704
Building and improvements	13,448,889		6,515,711		13,399,570		6,495,268		13,341,755		6,474,343
Building leasehold and improvements	279,168		185,660		276,725		183,339		274,456		181,184


	17,865,613		8,707,873		17,822,679		8,688,311		17,762,595		8,665,231
Less: accumulated depreciation	(2,608,565)		(1,363,418)		(2,517,805)		(1,316,797)		(2,435,053)		(1,274,525)
Net real estate	15,257,048		7,344,455		15,304,874		7,371,514		15,327,542		7,390,706

Other real estate investments:
Debt and preferred equity investments, net	231,514		210,509		241,921		219,979		236,512		215,061

Cash and cash equivalents	267,706		111,927		290,158		129,516		330,348		131,568
Restricted cash	301,336		161,109		343,567		180,467		319,078		164,682
Tenant and other receivables	32,304		19,556		16,238		9,186		17,509		9,620
Deferred rents receivable	670,118		351,307		636,171		338,392		604,239		325,897

Deferred costs, net	381,669		192,193		390,069		196,208		390,646		196,818
Right-of-use assets - financing leases	723,370		510,202		725,760		511,774		728,149		513,345
Right-of-use assets - operating leases	184,213		94,644		187,879		96,626		191,509		92,920

Other assets	1,257,290		583,482		1,293,982		601,318		1,348,903		625,717

Total Assets	$	19,306,568	$	9,579,384	$	19,430,619	$	9,654,980	$	19,494,435	$	9,666,334

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $87,590 at 6/30/2025, of which $43,647 is SLG share	$	12,318,975	$	5,999,785	$	12,270,945	$	5,987,821	$	12,234,261	$	5,978,804
Accrued interest payable	79,380		35,216		71,044		31,899		56,299		25,445
Accounts payable and accrued expenses	227,238		125,167		238,923		127,943		346,726		162,633
Deferred revenue	897,575		404,613		945,454		428,079		956,217		431,127
Lease liability - financing leases	789,989		545,622		790,165		546,404		790,252		547,115
Lease liability - operating leases	211,493		107,066		214,681		108,729		217,833		107,460

Security deposits	42,441		18,995		43,134		19,681		43,544		19,690

Other liabilities	73,527		39,974		80,937		43,762		73,013		40,197
Equity	4,665,950		2,302,946		4,775,336		2,360,662		4,776,290		2,353,863

Total Liabilities and Equity	$	19,306,568	$	9,579,384	$	19,430,619	$	9,654,980	$	19,494,435	$	9,666,334


	Three Months Ended
	June 30, 2025				June 30, 2024				March 31, 2025

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	308,376	$	158,320	$	302,425	$	155,563	$	301,123	$	153,205
Escalation and reimbursement revenues	58,677		31,960		57,800		32,404		62,938		33,859
Investment income	5,563		5,059		1,904		1,720		5,409		4,918

Other income	9,560		4,693		2,878		1,682		2,456		1,320
Total Revenues	382,176		200,032		365,007		191,369		371,926		193,302

Gain on early extinguishment of debt	—		—		61,185		30,705		—		—

Expenses
Operating expenses	63,197		32,693		59,733		30,820		68,015		34,814
Real estate taxes	71,658		36,816		73,479		37,707		71,504		36,718
Operating lease rent	5,942		1,656		8,478		1,934		6,581		1,656
Loan loss and other investment reserves, net of recoveries	15,980		14,531		—		—		—		—

Total Operating Expenses	156,777		85,696		141,690		70,461		146,100		73,188

Operating Income	225,399		114,336		284,502		151,613		225,826		120,114

Interest expense, net of interest income	130,336		64,290		142,196		69,280		128,896		62,965
Amortization of deferred financing costs	5,878		3,107		4,159		2,367		6,019		3,191

Depreciation and amortization	125,535		65,153		135,611		70,652		121,305		63,075
Net (Loss) Income	(36,350)		(18,214)		2,536		9,314		(30,394)		(9,117)

Real estate depreciation	125,534		65,153		135,608		70,650		121,304		63,074
FFO Contribution	$	89,184	$	46,939	$	138,144	$	79,964	$	90,910	$	53,957

FAD Adjustments:
Non real estate depreciation and amortization	$	1	$	—	$	3	$	2	$	1	$	1
Amortization of deferred financing costs	5,878		3,107		4,159		2,367		6,019		3,191
Straight-line rental income and other non-cash adjustments	(48,487)		(24,333)		(18,770)		(10,423)		(45,752)		(22,926)
Second cycle tenant improvements	(6,058)		(3,164)		(6,764)		(3,625)		(6,348)		(3,226)
Second cycle leasing commissions	(159)		(399)		(4,926)		(2,583)		(5,066)		(2,606)
Revenue enhancing recurring CAPEX	—		—		(55)		(28)		—		—
Non-revenue enhancing recurring CAPEX	(247)		(521)		(1,617)		(876)		(409)		(307)
Total FAD Adjustments	$	(49,072)	$	(25,310)	$	(27,970)	$	(15,166)	$	(51,555)	$	(25,873)

First cycle tenant improvements	$	6,751	$	3,310	$	4,423	$	1,260	$	3,698	$	1,782
First cycle leasing commissions	$	713	$	224	$	49	$	24	$	811	$	219
Development costs	$	23,235	$	6,941	$	36,437	$	12,743	$	11,005	$	3,258
Redevelopment costs	$	20,263	$	9,787	$	12,815	$	4,270	$	14,619	$	7,102
Capitalized interest	$	22,623	$	9,830	$	40,628	$	15,009	$	19,564	$	9,430


	Six Months Ended
	June 30, 2025				June 30, 2024

	Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	609,499	$	311,525	$	603,100	$	314,842
Escalation and reimbursement revenues	121,615		65,819		116,672		65,480
Investment income	10,972		9,977		1,924		1,720

Other income	12,016		6,013		8,650		5,473
Total Revenues	754,102		393,334		730,346		387,515

Gain on early extinguishment of debt	—		—		233,704		172,369

Expenses
Operating expenses	131,212		67,507		125,483		65,521
Real estate taxes	143,162		73,534		149,111		76,492
Operating lease rent	12,523		3,312		17,503		4,062
Loan loss and other investment reserves, net of recoveries	15,980		14,531

Total Operating Expenses	302,877		158,884		292,097		146,075

Operating Income	451,225		234,450		671,953		413,809

Interest expense, net of interest income	259,232		127,255		292,050		142,083
Amortization of deferred financing costs	11,897		6,298		10,231		5,462

Depreciation and amortization	246,840		128,228		269,789		140,098
Net (Loss) Income	(66,744)		(27,331)		99,883		126,166

Real estate depreciation	246,838		128,227		269,780		140,092
FFO Contribution	$	180,094	$	100,896	$	369,663	$	266,258

FAD Adjustments:
Non real estate depreciation and amortization	$	2	$	1	$	9	$	6
Amortization of deferred financing costs	11,897		6,298		10,231		5,462
Straight-line rental income and other non-cash adjustments	(94,239)		(47,259)		(28,289)		(21,264)
Second cycle tenant improvements	(12,406)		(6,390)		(11,673)		(6,265)
Second cycle leasing commissions	(5,225)		(3,005)		(6,337)		(3,413)
Revenue enhancing recurring CAPEX	—		—		(96)		(50)
Non-revenue enhancing recurring CAPEX	(656)		(828)		(1,974)		(1,023)
Total FAD Adjustments	$	(100,627)	$	(51,183)	$	(38,129)	$	(26,547)

First cycle tenant improvements	$	10,449	$	5,092	$	7,504	$	2,287
First cycle leasing commissions	$	1,524	$	443	$	1,784	$	513
Development costs	$	34,240	$	10,199	$	88,174	$	26,917
Redevelopment costs	$	34,882	$	16,889	$	24,304	$	8,118
Capitalized interest	$	42,187	$	19,260	$	75,517	$	28,265



	Three Months Ended						Six Months Ended
	June 30,		June 30,		March 31,			June 30,		June 30,
	2025		2024		2025			2025		2024

Net Operating Income (1)	$	79,637	$	77,412	$	72,013		$	151,649	$	145,750
SLG share of NOI from unconsolidated JVs	118,743		118,076		114,596			233,339		231,065
NOI, including SLG share of unconsolidated JVs	198,380		195,488		186,609			384,988		376,815
Partners' share of NOI - consolidated JVs	2		(2,285)		(1,563)			(1,561)		(2,197)
NOI - SLG share	$	198,382	$	193,203	$	185,046		$	383,427	$	374,618

NOI, including SLG share of unconsolidated JVs	$	198,380	$	195,488	$	186,609		$	384,988	$	376,815
Free rent (net of amortization)	(7,530)		655		(5,629)			(13,158)		(3,899)
Straight-line revenue adjustment	(11,482)		(4,936)		(8,312)			(19,795)		(10,133)
Amortization of acquired above and below-market leases, net	(5,676)		(5,497)		(5,435)			(11,111)		(11,807)
Operating lease straight-line adjustment	542		905		528			1,070		1,890
Straight-line tenant credit loss	(56)		634		(437)			(494)		6,475
Cash NOI, including SLG share of unconsolidated JVs	174,178		187,249		167,324			341,500		359,341
Partners' share of cash NOI - consolidated JVs	2		(2,498)		(1,219)			(1,217)		(2,473)
Cash NOI - SLG share	$	174,180	$	184,751	$	166,105		$	340,283	$	356,868

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


		Three Months Ended								Three Months Ended				Six Months Ended

		June 30,			June 30,						March 31,			June 30,			June 30,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	133,007		$	130,539					$	132,251		$	265,257		$	261,614
	Escalation & reimbursement revenues	16,349			14,633						16,918			33,267			28,649
	Other income	785			1,323						4,482			5,267			2,686
	Total Revenues	$	150,141		$	146,495					$	153,651		$	303,791		$	292,949


Expenses
	Operating expenses	$	37,893		$	37,413					$	43,150		$	81,043		$	75,769
	Real estate taxes	34,434			33,234						34,437			68,871			67,021
	Operating lease rent	6,106			6,106						6,106			12,211			12,211
	Total Operating Expenses	$	78,433		$	76,753					$	83,693		$	162,125		$	155,001

	Operating Income	$	71,708		$	69,742					$	69,958		$	141,666		$	137,948

	Interest expense & amortization of financing costs	$	25,997		$	24,831					$	25,667		$	51,664		$	49,446
	Depreciation & amortization	49,622			47,159						52,191			101,813			94,207

	Loss before noncontrolling interest	$	(3,911)		$	(2,248)					$	(7,900)		$	(11,811)		$	(5,705)
	Real estate depreciation & amortization	49,622			47,159						52,191			101,813			94,207
	FFO Contribution	$	45,711		$	44,911					$	44,291		$	90,002		$	88,502

	Non–building revenue	(399)			(114)						(99)			(498)			(180)

	Interest expense & amortization of financing costs	25,997			24,831						25,667			51,664			49,446
	Non-real estate depreciation	—			—						—			—			—
	NOI	$	71,309		$	69,628		2.4	%		$	69,859		$	141,168		$	137,768		2.5	%

Cash Adjustments
	Free rent (net of amortization)	$	(1,840)		$	(1,092)					$	(1,602)		$	(3,442)		$	(6,454)
	Straight-line revenue adjustment	1,451			2,396						4,193			5,644			3,549
	Amortization of acquired above and below-market leases, net	709			41						728			1,436			91
	Operating lease straight-line adjustment	204			204						204			408			408
	Straight-line tenant credit loss	(104)			858						(1,950)			(2,054)			1,537
	Cash NOI	$	71,729		$	72,035		(0.4)	%		$	71,432		$	143,160		$	136,899		4.6	%

	Lease termination income	(365)			(1,184)						(4,355)			(4,720)			(2,233)
	Cash NOI excluding lease termination income	$	71,364		$	70,851		0.7	%		$	67,077		$	138,440		$	134,666		2.8	%

Operating Margins
	NOI to real estate revenue, net	47.6		%	47.6		%				45.5		%	46.5		%	47.1		%
	Cash NOI to real estate revenue, net	47.9		%	49.2		%				46.5		%	47.2		%	46.8		%

	NOI before operating lease rent/real estate revenue, net	51.7		%	51.7		%				49.5		%	50.6		%	51.2		%
	Cash NOI before operating lease rent/real estate revenue, net	51.8		%	53.2		%				50.4		%	51.1		%	50.8		%


		Three Months Ended								Three Months Ended				Six Months Ended

		June 30,			June 30,						March 31,			June 30,			June 30,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	130,447		$	124,392					$	127,352		$	257,799		$	247,768
	Escalation & reimbursement revenues	29,801			27,771						31,333			61,134			55,984
	Other income	2,509			368						263			2,771			3,294
	Total Revenues	$	162,757		$	152,531					$	158,948		$	321,704		$	307,046


Expenses
	Operating expenses	$	29,329		$	27,335					$	31,459		$	60,788		$	55,460
	Real estate taxes	33,556			32,294						33,561			67,117			65,051
	Operating lease rent	108			108						108			217			217
	Total Operating Expenses	$	62,993		$	59,737					$	65,128		$	128,122		$	120,728

	Operating Income	$	99,764		$	92,794					$	93,820		$	193,582		$	186,318

	Interest expense & amortization of financing costs	$	56,140		$	57,099					$	55,846		$	111,986		$	116,608
	Depreciation & amortization	55,449			57,755						54,623			110,072			112,790

	Loss before noncontrolling interest	$	(11,825)		$	(22,060)					$	(16,649)		$	(28,476)		$	(43,080)
	Real estate depreciation & amortization	55,449			57,755						54,623			110,065			112,775
	FFO Contribution	$	43,624		$	35,695					$	37,974		$	81,589		$	69,695

	Non–building revenue	(300)			(367)						(237)			(538)			(573)

	Interest expense & amortization of financing costs	56,140			57,099						55,846			111,986			116,608
	Non-real estate depreciation	—			—						—			7			15
	NOI	$	99,464		$	92,427		7.6	%		$	93,583		$	193,044		$	185,745		3.9	%

Cash Adjustments
	Free rent (net of amortization)	$	1,768		$	1,579					$	4,296		$	6,064		$	1,485
	Straight-line revenue adjustment	(10,544)			(3,731)						(9,019)			(19,563)			(6,658)
	Amortization of acquired above and below-market leases, net	(6,516)			(6,287)						(6,394)			(12,910)			(12,572)
	Operating lease straight-line adjustment	—			—						—			—			—
	Straight-line tenant credit loss	—			3						(395)			(395)			258
	Cash NOI	$	84,172		$	83,991		0.2	%		$	82,071		$	166,240		$	168,258		(1.2)	%

	Lease termination income	(2,204)			—						(23)			(2,227)			(2,717)
	Cash NOI excluding lease termination income	$	81,968		$	83,991		(2.4)	%		$	82,048		$	164,013		$	165,541		(0.9)	%

Operating Margins
	NOI to real estate revenue, net	61.2		%	60.7		%				59.0		%	60.1		%	60.6		%
	Cash NOI to real estate revenue, net	51.8		%	55.2		%				51.7		%	51.8		%	54.9		%

	NOI before operating lease rent/real estate revenue, net	61.3		%	60.8		%				59.0		%	60.2		%	60.7		%
	Cash NOI before operating lease rent/real estate revenue, net	51.9		%	55.3		%				51.8		%	51.8		%	55.0		%


		Three Months Ended								Three Months Ended				Six Months Ended

		June 30,			June 30,						March 31,			June 30,			June 30,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	133,007		$	130,539					$	132,251		$	265,257		$	261,614
	Escalation & reimbursement revenues	16,349			14,633						16,918			33,267			28,649
	Other income	785			1,323						4,482			5,267			2,686
	Total Revenues	$	150,141		$	146,495					$	153,651		$	303,791		$	292,949

	Equity in net income (loss) from unconsolidated joint ventures (1)	$	(11,825)		$	(22,060)					$	(16,649)		$	(28,476)		$	(43,080)
Expenses
	Operating expenses	$	37,893		$	37,413					$	43,150		$	81,043		$	75,769
	Real estate taxes	34,434			33,234						34,437			68,871			67,021
	Operating lease rent	6,106			6,106						6,106			12,211			12,211
	Total Operating Expenses	$	78,433		$	76,753					$	83,693		$	162,125		$	155,001

	Operating Income	$	59,883		$	47,682					$	53,309		$	113,190		$	94,868

	Interest expense & amortization of financing costs	$	25,997		$	24,831					$	25,667		$	51,664		$	49,446
	Depreciation & amortization	49,622			47,159						52,191			101,813			94,207

	Loss before noncontrolling interest	$	(15,736)		$	(24,308)					$	(24,549)		$	(40,287)		$	(48,785)
	Real estate depreciation & amortization	49,622			47,159						52,191			101,813			94,207
	Joint Ventures Real estate depreciation & amortization (1)	55,449			57,755						54,623			110,065			112,775
	FFO Contribution	$	89,335		$	80,606					$	82,265		$	171,591		$	158,197

	Non–building revenue	(399)			(114)						(99)			(498)			(180)
	Joint Ventures Non–building revenue (1)	(300)			(367)						(237)			(538)			(573)

	Interest expense & amortization of financing costs	25,997			24,831						25,667			51,664			49,446
	Joint Ventures Interest expense & amortization of financing costs (1)	56,140			57,099						55,846			111,986			116,608
	Non-real estate depreciation	—			—						—			—			—
	Joint Ventures Non-real estate depreciation (1)	—			—						—			7			15
	NOI	$	170,773		$	162,055		5.4	%		$	163,442		$	334,212		$	323,513		3.3	%

Cash Adjustments
	Non-cash adjustments	$	420		$	2,407					$	1,573		$	1,992		$	(869)
	Joint Ventures non-cash adjustments (1)	(15,292)			(8,436)						(11,512)			(26,804)			(17,487)
	Cash NOI	$	155,901		$	156,026		(0.1)	%		$	153,503		$	309,400		$	305,157		1.4	%

	Lease termination income	$	(365)		$	(1,184)					$	(4,355)		$	(4,720)		$	(2,233)
	Joint Ventures lease termination income (1)	(2,204)			—						(23)			(2,227)			(2,717)
	Cash NOI excluding lease termination income	$	153,332		$	154,842		(1.0)	%		$	149,125		$	302,453		$	300,207		0.7	%

Operating Margins
	NOI to real estate revenue, net	54.7		%	54.3		%				52.3		%	53.5		%	54.0		%
	Cash NOI to real estate revenue, net	49.9		%	52.3		%				49.2		%	49.5		%	50.9		%

	NOI before operating lease rent/real estate revenue, net	56.7		%	56.4		%				54.3		%	55.5		%	56.1		%
	Cash NOI before operating lease rent/real estate revenue, net	51.9		%	54.3		%				51.1		%	51.5		%	52.9		%


(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.


					Principal					2025		Current	Final		Principal
			Ownership		Outstanding					Principal		Maturity	Maturity		Due at
Fixed rate debt			Interest (%)		6/30/2025		Coupon (1)			Amortization		Date	Date (2)		Final Maturity
Secured fixed rate debt
	100 Church Street (swapped)			100.0	$	370,000		5.89%		$	—	Jun-25	Jun-25	(3)	$	370,000
	185 Broadway / 7 Dey Street			100.0	190,149			6.65%		—		Nov-25	Nov-26		190,149
	10 East 53rd Street (swapped)			100.0	204,775			5.37%		—		May-26	May-28	(4)	204,775
	Landmark Square			100.0	100,000			4.90%		—		Jan-27	Jan-27		100,000
	485 Lexington Avenue			100.0	450,000			4.25%		—		Feb-27	Feb-27		450,000
	500 Park Avenue (swapped)			100.0	80,000			6.57%		—		Jan-28	Jan-30		80,000
	420 Lexington Avenue			100.0	272,325			8.24%		—		Oct-40	Oct-40		272,325








					$	1,667,249		5.83%		$	—				$	1,667,249
Unsecured fixed rate debt
	Term Loan B (swapped)				$	100,000		4.56%		$	—	Nov-25	Nov-26	(4)	$	100,000
	Unsecured notes				100,000			4.27%		—		Dec-25	Dec-25		100,000
	Revolving credit facility (swapped)				350,000			5.29%	(5)	—		May-26	May-27	(4)	350,000
	Term Loan A (swapped)				1,050,000			4.54%		—		May-27	May-27		1,050,000
	Junior subordinated deferrable interest debentures (swapped)				100,000			5.27%		—		Jul-35	Jul-35		100,000










					$	1,700,000		4.72%		$	—				$	1,700,000

		Total Fixed Rate Debt			$	3,367,249		5.27%		$	—				$	3,367,249
Floating rate debt
Secured floating rate debt
	100 Park Avenue (SOFR + 232 bps)			99.8	$	376,153		6.69%		$	—	Dec-25	Dec-27	(4)	$	376,153









					$	376,153		6.69%		$	—				$	376,153













Unsecured floating rate debt
	Revolving credit facility (SOFR + 148 bps)			100.0	$	10,000		5.80%				May-26	May-27	(4)	$	10,000










					$	10,000		5.80%		$	—				$	10,000

		Total Floating Rate Debt			$	386,153		6.67%		$	—				$	386,153

		Consolidated Debt			$	3,753,402		5.41%
		Alternative Strategy Portfolio Debt			$	—		—%
		Total Debt - Consolidated			$	3,753,402		5.41%		$	—				$	3,753,402


		Deferred financing costs			(13,788)
		Total Debt - Consolidated, net			$	3,739,614		5.41%

		Total Debt - Unconsolidated JV, net			$	5,999,785		4.36%

Debt including SLG share of JV Debt					$	9,223,037		4.74%
Alternative Strategy Portfolio Debt including SLG share of JV Debt					$	573,797		5.18%
Total Debt including SLG share of JV Debt					$	9,796,834		4.77%

Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt					$	9,826,984		4.73%

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


				Principal Outstanding								2025 Principal		Current		Final		Principal Due at
			Ownership	6/30/2025							Amortization			Maturity		Maturity		Final Maturity
Fixed rate debt			Interest (%)	Gross Principal			SLG Share		Coupon (1)			(SLG Share)		Date		Date (2)		(SLG Share)
	11 Madison Avenue		60.0	$	1,400,000		$	840,000		3.84%		$	—	Sep-25		Sep-25		$	840,000
	15 Beekman		20.0	120,000			24,000			5.99%		—		Jan-26		Jan-28		24,000
	800 Third Avenue (swapped)		60.5	177,000			107,120			3.37%		—		Feb-26		Feb-26		107,120
	1515 Broadway		56.9	730,017			415,154			3.93%		11,975		Mar-26		Mar-28		380,032
	919 Third Avenue (swapped)		51.0	500,000			255,000			6.11%		—		Apr-26		Apr-28		255,000
	450 Park Avenue (hedged)		25.1	289,257			72,603			6.57%	(3)	—		Jun-26		Jun-27		72,603
	280 Park Avenue (swapped)		50.0	1,075,000			537,500			5.84%		—		Sep-26		Sep-28		537,500
	245 Park Avenue		50.1	1,768,000			885,768			4.30%		—		Jun-27		Jun-27		885,768
	One Madison Avenue (hedged)		25.5	1,094,197		(4)	279,020			7.29%	(3)	—		Nov-27		Nov-27		279,020
	220 East 42nd		51.0	496,412			253,170			6.77%		—		Dec-27		Dec-27		253,170
	One Vanderbilt Avenue		60.0	3,000,000			1,800,300			2.95%		—		Jul-31		Jul-31		1,800,300










				$	10,649,883		$	5,469,635		4.28%	(5)	$	11,975					$	5,434,513
	Alternative strategy portfolio
	650 Fifth Avenue		50.0	$	65,000		$	32,500		5.45%		$	—	Jul-25		Jul-25		$	32,500
	115 Spring Street		51.0	65,550			33,431			5.50%		—		Aug-25		Aug-25		33,431
	Worldwide Plaza		25.0	1,200,000			299,400			3.98%		—		Nov-27		Nov-27		299,400












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

	Total Fixed Rate Debt			$	11,980,433		$	5,834,966		4.28%	(5)	$	11,975					$	5,799,844
Floating rate debt














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












				$	426,132		$	208,466		6.81%	(5)	$	—					$	208,466

	Total Floating Rate Debt			$	426,132		$	208,466		6.81%	(5)	$	—					$	208,466

	Unconsolidated JV Debt			$	10,649,883		$	5,469,635		4.28%	(5)
	Alternative Strategy Portfolio Debt			$	1,756,682		$	573,797		5.18%	(5)
	Total Debt - Unconsolidated JV			$	12,406,565		$	6,043,432		4.36%	(5)	$	11,975					$	6,008,310
		Deferred financing costs		(87,590)			(43,647)
	Total Debt - Unconsolidated JV, net			$	12,318,975		$	5,999,785		4.36%	(5)

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



Consolidated Interest Rate Derivatives
			Ownership	Notional Value	Fair Value
Secured Debt			Interest (%)	6/30/2025	6/30/2025		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
100 Church Street			100.0	$370,000	$(3,064)		Swap	3.89	%	November 2022	June 2027

SLGOP – 450 Park Avenue			100.0	$68,678	(1,348)	(2)	Swap	4.47	%	August 2024	June 2027

SLGOP – One Madison Avenue			100.0	$300,000	(7,376)	(2)	Swap	4.49	%	November 2024	November 2027

500 Park Avenue			100.0	$80,000	(1,528)		Swap	4.17	%	February 2025	February 2028

10 East 53rd Street			55.0	$204,775	(2,906)		Swap	3.92	%	February 2025	May 2028

	Subtotal				$(16,222)

Unsecured Debt
Term Loan A			100.0	$150,000	$1,122		Swap	2.62	%	December 2021	January 2026
Term Loan A			100.0	200,000	2,947		Swap	2.59	%	February 2023	February 2027
Term Loan A			100.0	100,000	987		Swap	2.90	%	February 2023	February 2027
Term Loan A			100.0	100,000	1,252		Swap	2.73	%	February 2023	February 2027
Term Loan A			100.0	50,000	836		Swap	2.46	%	February 2023	February 2027
Term Loan A			100.0	300,000	3,249		Swap	2.87	%	July 2023	May 2027
Term Loan A			100.0	150,000	(158)		Swap	3.52	%	January 2024	May 2027

Term Loan B & Revolving Credit Facility			100.0	$200,000	1,454		Swap	2.66	%	December 2021	January 2026

Revolving Credit Facility			100.0	$125,000	(174)		Swap	3.67	%	August 2024	December 2026
Revolving Credit Facility			100.0	125,000	(183)		Swap	3.67	%	August 2024	December 2026

Junior subordinated deferrable interest debentures			100.0	$100,000	(890)		Swap	3.76	%	January 2023	January 2028




	Subtotal				$10,442

Unconsolidated JV Interest Rate Derivatives
		Notional Value		Fair Value
	Ownership	6/30/2025		6/30/2025
Secured Debt	Interest (%)	Gross	SLG Share	Gross	SLG Share		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
One Madison Avenue	25.5	$656,679	$167,453	$655	$167		Cap	4.00	%	May 2025	November 2025

800 Third Avenue	60.5	$177,000	$107,120	$2,740	$1,658		Swap	1.55	%	December 2022	February 2026

919 Third Avenue	51.0	$250,000	$127,500	$632	$322		Swap	3.61	%	April 2023	February 2026
919 Third Avenue	51.0	250,000	127,500	633	323		Swap	3.61	%	April 2023	February 2026

280 Park Avenue	50.0	$537,500	$268,750	$(11,799)	$(5,900)		Swap	4.07	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(5,625)	(2,813)		Swap	4.04	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(5,780)	(2,890)		Swap	4.06	%	July 2024	September 2028

Subtotal				$(18,544)	$(9,133)

Total, SLG Share					$(14,913)

(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.


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

Consolidated Lease Liabilities (SLG Share)

Operating Leases
1185 Avenue of the Americas			$	3,455		$	6,909		$	6,909		$	6,909		$	82,097		2043
SL Green Headquarters at One Vanderbilt			1,199		(4)	2,450		(4)	2,455		(4)	2,641		(4)	87,701			2048
SUMMIT One Vanderbilt			8,308		(4)	9,958		(4)	10,018		(4)	10,038		(4)	437,598			2070
420 Lexington Avenue			5,599			11,199			11,199			11,199			169,589			2080
711 Third Avenue			2,750		(5)	5,500		(5)	5,500		(5)	5,500		(5)	37,103		(5)	2083
Total			$	21,311		$	36,016		$	36,081		$	36,287		$	814,088

Financing Leases
15 Beekman			$	1,616		$	3,276		$	3,325		$	3,375		$	107,513		2119	(6)
Total			$	1,616		$	3,276		$	3,325		$	3,375		$	107,513

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

Unconsolidated Joint Venture Lease Liabilities (SLG Share)

Operating Leases
Equinox Studio City (7)		66.7	$	614		$	1,227		$	1,387		$	1,387		$	5,268		2029

Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6)		50.0	$	895		$	1,802		$	1,935		$	1,935		$	13,071		2053
650 Fifth Avenue (Floors b-3)		50.0	785			1,571			1,585			1,605			31,986			2062
1560 Broadway		50.0	3,738			7,554			7,610			7,610			56,741			2114

Total			$	6,032		$	12,154		$	12,517		$	12,537		$	107,066

Financing Leases
One Vanderbilt Avenue Garage		60.0	$	89		$	180		$	182		$	184		$	2,923		2069
885 Third Avenue		34.1	409			817			817			817			15,746			2119

Alternative strategy portfolio
650 Fifth Avenue (Floors b-3)		50.0	$	3,682		$	7,364		$	7,364		$	7,464		$	104,757		2062
2 Herald Square		95.0	7,366			14,978			15,353			—			400,674			2077	(6)

Total			$	11,546		$	23,339		$	23,716		$	8,465		$	524,100

(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, 2025.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 60.01% ownership interest in One Vanderbilt.
(5) Reflects scheduled cash payments net of the Company's 50.0% ownership of the fee interest in the property.
(6) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
(7) The Company has a JV interest in the sublandlord for the premises. Amounts reflect the sublandlord's lease obligation to the fee owner and have not been reduced by rents owed to the sublandlord under a sublease covering 100% of the premises.


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

6/30/2024			$	495,695		$	392,205		7.41%		7.46%

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

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

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

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

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


	Book Value (1)			Property		Senior						Yield At End
Investment Type	6/30/2025			Type	Location	Financing		Last $ PSF (2)			Fixed/Floating	Of Quarter (3)


Preferred Equity (4)	$	209,739	(4)	Office	Manhattan	$	209,391		$	748	Fixed	8.76%

Preferred Equity	138,954			Multi-Family Rental	Manhattan	250,000			$	789	Fixed	6.59%

Mezzanine Loan	67,444			Office	Manhattan	191,671			$	794	Floating	10.76%

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

Mezzanine Loan	26,485			Office	Manhattan	95,000			$	557	Fixed	(6)

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

Mezzanine Loan	9,268			Office	Manhattan	54,000			$	457	Floating	(6)



Total	$	525,423

(1) Net of unamortized fees, discounts, premiums and loan loss reserves.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter excluding loan loss reserves.
(4) Investment is included in the Investment in unconsolidated joint ventures line item in our consolidated balance sheet. In July, the Company sold 50.0% of the preferred equity investment in 625 Madison Avenue, which had a carrying value of $112.1 million, for $104.9 million.
(5) Alternative Strategy Portfolio asset.
(6) Loan is on non-accrual as of June 30, 2025.


	Ownership				% of Total		June 30, 2025				March 31, 2025				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street	100.0	Downtown	Fee Interest	1,047,500	4.5		93.1		93.1		86.9		86.9		$46,876	$46,876	20
100 Park Avenue	99.8	Grand Central South	Fee Interest	834,000	3.6		93.1		96.7		65.5		96.7		60,528	60,407	37
110 Greene Street	100.0	Soho	Fee Interest	223,600	1.0		91.0		95.2		92.2		92.2		18,626	18,626	55
125 Park Avenue	100.0	Grand Central	Fee Interest	604,245	2.6		98.3		98.7		94.6		98.3		48,554	48,554	23
304 Park Avenue South	100.0	Midtown South	Fee Interest	215,000	0.9		91.9		91.9		100.0		100.0		17,963	17,963	6
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1,188,000	5.1		89.7		90.4		87.2		90.9		87,008	87,008	178
461 Fifth Avenue	100.0	Midtown	Fee Interest	200,000	0.9		94.7		97.9		98.2		98.2		17,538	17,538	18
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	921,000	3.9		72.8		79.1		76.7		77.5		45,181	45,181	36
555 West 57th Street	100.0	Midtown West	Fee Interest	941,000	4.0		77.2		77.2		77.2		77.2		46,958	46,958	11
711 Third Avenue	100.0 (4)	Grand Central North	Leasehold Interest (4)	524,000	2.2		70.8		70.8		85.0		85.0		25,649	25,649	17
810 Seventh Avenue	100.0	Times Square	Fee Interest	692,000	3.0		83.5		90.9		82.0		92.0		42,927	42,927	43
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	218,796	0.9		76.5		79.5		70.9		72.9		10,775	10,775	12
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1,062,000	4.5		79.7		89.0		75.0		87.4		73,941	73,941	15
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	562,000	2.4		78.0		78.0		78.0		78.0		35,601	35,601	46




















Subtotal / Weighted Average				9,233,141	39.5	%	84.5	%	87.4	%	81.4	%	87.3	%	$578,125	$578,004	517

"Non Same Store"
10 East 53rd Street	100.0	Plaza District	Fee Interest	354,300	1.5		95.8		96.7		95.8		96.7		$33,509	$33,509	39
500 Park Avenue	100.0	Park Avenue	Fee Interest	201,411	0.9		90.7		90.7		94.5		100.0		15,918	15,918	11











Subtotal / Weighted Average				555,711	2.4	%	94.0	%	94.5	%	95.3	%	97.9	%	$49,427	$49,427	50

Total / Weighted Average Consolidated Properties				9,788,852	41.9	%	85.0	%	87.8	%	82.2	%	87.9	%	$627,552	$627,431	567


UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue	60.0	Grand Central	Fee Interest	1,657,198	7.1		99.4		100.0		99.4		100.0		$288,509	$173,105	40
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	2,314,000	10.0		87.9		91.4		96.1		96.1		153,786	92,271	6
220 East 42nd Street	51.0	Grand Central	Fee Interest	1,135,000	4.9		92.0		94.1		92.0		94.1		71,036	36,228	34
280 Park Avenue	50.0	Park Avenue	Fee Interest	1,219,158	5.2		89.6		90.5		87.5		90.5		123,608	61,804	33
450 Park Avenue	25.1	Park Avenue	Fee Interest	337,000	1.4		95.6		98.8		89.3		95.6		41,018	10,296	25
800 Third Avenue	60.5	Grand Central North	Fee Interest	526,000	2.3		83.8		84.6		84.6		86.1		31,319	18,948	42
919 Third Avenue	51.0	Grand Central North	Fee Interest	1,454,000	6.2		95.5		95.5		95.5		95.5		101,202	51,613	11
1515 Broadway	56.9	Times Square	Fee Interest	1,750,000	7.5		99.7		99.7		99.7		99.7		140,698	80,057	7










Added to Same Store in 2025
245 Park Avenue	50.1	Park Avenue	Fee Interest	1,782,793	7.6		87.3		92.2		87.3		91.7		161,759	81,042	13












Subtotal / Weighted Average				12,175,149	52.2	%	92.5	%	94.4	%	93.8	%	95.2	%	$1,112,935	$605,364	211

"Non Same Store"
One Madison Avenue	25.5	Park Avenue South	Fee Interest	1,385,484	5.9		71.7		73.5		71.6		73.3		$117,910	$30,067	13












Subtotal / Weighted Average				1,385,484	5.9	%	71.7	%	73.5	%	71.6	%	73.3	%	$117,910	$30,067	13

Total / Weighted Average Unconsolidated Properties				13,560,633	58.1	%	90.4	%	92.3	%	91.5	%	93.0	%	$1,230,845	$635,431	224

Manhattan Operating Properties Grand Total / Weighted Average				23,349,485	100.0	%	88.2	%	90.4	%	87.6	%	90.8	%	$1,858,397	$1,262,862	791

Manhattan Operating Properties Same Store Occupancy %				21,408,290	91.7	%	89.1	%	91.4	%	88.4	%	91.8	%

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


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

RETAIL PROPERTIES
"Same Store" Retail


















Added to Same Store in 2025
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	74.3			100.0		100.0		100.0		100.0		18,046	18,046	1










Subtotal/Weighted Average				22,648	74.3	%		100.0	%	100.0	%	100.0	%	100.0	%	$18,046	$18,046	1

"Non Same Store" Retail
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,848	25.7			100.0		100.0		100.0		100.0		$1,505	$1,354	1












Subtotal/Weighted Average				7,848	25.7	%		100.0	%	100.0	%	100.0	%	100.0	%	$1,505	$1,354	1

Total / Weighted Average Retail Properties				30,496	100.0	%		100.0	%	100.0	%	100.0	%	100.0	%	$19,551	$19,400	2



	Ownership				Total			June 30, 2025				March 31, 2025				Annualized Contractual Cash Rent		Average Monthly Rent Per Occupied Unit
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Units			% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)	($'s)

RESIDENTIAL PROPERTIES

"Same Store" Residential










Added to Same Store in 2025
7 Dey Street	100.0	Lower Manhattan	Fee Interest	140,382	209			98.6		99.5		96.7		98.6		$12,347	$12,347	$4,995
15 Beekman Street	20.0	Downtown	Leasehold Interest	221,884	484		(4)	100.0		100.0		100.0		100.0		13,810	2,762	N/A









Subtotal/Weighted Average				362,266	693			99.6	%	99.8	%	99.0	%	99.6	%	$26,157	$15,109	$4,995
















Total / Weighted Average Residential Properties				362,266	693			99.6	%	99.8	%	99.0	%	99.6	%	$26,157	$15,109	$4,995



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


"Same Store" Suburban
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	862,800	100.0			70.8		71.4		72.9		73.2		$17,283	$17,283	90






















Subtotal/Weighted Average				862,800	100.0	%		70.8	%	71.4	%	72.9	%	73.2	%	$17,283	$17,283	90

Total / Weighted Average Suburban Properties				862,800	100.0	%		70.8	%	71.4	%	72.9	%	73.2	%	$17,283	$17,283	90

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


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

Development / Redevelopment
19 East 65th Street	100.0	Plaza District	Fee Interest	14,639	1.7		—		—		—		—		$0	$—	$20,608	—
185 Broadway	100.0	Lower Manhattan	Fee Interest	50,206	5.9		34.5		34.5		34.5		34.5		3,506	3,506	47,638	4
750 Third Avenue	100.0	Grand Central North	Fee Interest	780,000	92.4		4.9		4.9		6.6		6.6		25,649	25,649	320,650	17












Total / Weighted Average Development / Redevelopment Properties				844,845	100.0	%	6.5	%	6.5	%	8.2	%	8.2	%	$29,155	$29,155	$388,896	21
















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

Alternative Strategy Portfolio
2 Herald Square	95.0	Herald Square	Leasehold Interest	369,000	14.4		34.5		34.5		60.3		60.3		$25,821	$24,530	$109,164	6
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	17,150	0.7		100.0		100.0		100.0		100.0		3,576	1,073	—	1
115 Spring Street	51.0	Soho	Fee Interest	5,218	0.2		100.0		100.0		100.0		100.0		4,200	2,142	—	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214	2.7		100.0		100.0		100.0		100.0		42,579	21,290	(86,361)	1
1552-1560 Broadway	50.0	Times Square	Fee / Leasehold Interest	57,718	2.2		12.6		12.6		12.6		12.6		1,277	638	31,502	1
Worldwide Plaza	25.0	Westside	Fee Interest	2,048,725	79.8		63.3		63.3		63.3		63.3		78,570	19,603	19,368	55











Total / Weighted Average Alternative Strategy Portfolio Properties				2,567,025	100.0	%	59.3	%	59.3	%	63.0	%	63.0	%	$156,023	$69,276	$73,673	65

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


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

HIGH STREET RETAIL - Consolidated Properties
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,944	0.6		100.0		100.0		100.0		100.0		$1,505	$1,354	1
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	1.7		100.0		100.0		100.0		100.0		18,046	18,047	1











Subtotal / Weighted Average				30,592	2.3	%	100.0	%	100.0	%	100.0	%	100.0	%	$19,551	$19,401	2






















Total / Weighted Average High Street Retail				30,592	2.3	%	100.0	%	100.0	%	100.0	%	100.0	%	$19,551	$19,401	2

OTHER RETAIL - Consolidated Properties
10 East 53rd Street	100.0	Plaza District	Fee Interest	38,657	2.9		100.0		100.0		100.0		100.0		$4,174	$4,174	3
100 Church Street	100.0	Downtown	Fee Interest	61,708	4.5		100.0		100.0		100.0		100.0		4,410	4,410	10
100 Park Avenue	99.8	Grand Central South	Fee Interest	40,022	3.0		97.1		97.1		97.1		97.1		3,291	3,285	7
110 Greene Street	100.0	Soho	Fee Interest	16,121	1.2		100.0		100.0		100.0		100.0		4,629	4,629	3
125 Park Avenue	100.0	Grand Central	Fee Interest	32,124	2.4		47.0		47.0		47.0		47.0		3,618	3,618	6
185 Broadway	100.0	Lower Manhattan	Fee Interest	16,413	1.2		100.0		100.0		100.0		100.0		3,506	3,506	4
304 Park Avenue South	100.0	Midtown South	Fee Interest	25,330	1.9		100.0		100.0		100.0		100.0		3,834	3,834	5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	54,026	4.0		100.0		100.0		100.0		100.0		5,381	5,381	6
461 Fifth Avenue	100.0	Midtown	Fee Interest	16,149	1.2		100.0		100.0		100.0		100.0		1,135	1,135	2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	41,701	3.1		68.5		68.5		68.5		68.5		4,402	4,402	7
500 Park Avenue	100.0	Park Avenue	Fee Interest	11,976	0.9		100.0		100.0		100.0		100.0		1,259	1,259	3
555 West 57th Street	100.0	Midtown West	Fee Interest	53,186	3.9		100.0		100.0		100.0		100.0		3,143	3,143	2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	25,639	1.9		83.5		83.5		83.5		83.5		2,325	2,325	2
750 Third Avenue (4)	100.0	Grand Central North	Fee Interest	24,827	1.8		47.5		47.5		47.5		47.5		1,933	1,933	4
810 Seventh Avenue	100.0	Times Square	Fee Interest	18,207	1.3		98.6		98.6		98.6		98.6		4,418	4,418	3
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	9,140	0.7		100.0		100.0		12.9		12.9		557	557	2
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	58,271	4.3		84.1		88.1		84.1		88.1		2,784	2,784	3
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	17,797	1.3		100.0		100.0		100.0		100.0		2,731	2,731	6









Subtotal / Weighted Average				561,294	41.5	%	89.6	%	90.1	%	88.2	%	88.6	%	$57,530	$57,524	78

OTHER RETAIL - Unconsolidated Properties
One Madison Avenue	25.5	Park Avenue South	Fee Interest	109,893	8.1		85.9		100.0		78.7		98.2		$3,955	$1,009	6
One Vanderbilt Avenue	60.0	Grand Central	Fee Interest	34,885	2.6		100.0		100.0		100.0		100.0		5,868	3,521	7
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	38,800	2.9		95.7		95.7		95.7		95.7		3,808	2,285	3
220 East 42nd Street	51.0	Grand Central	Fee Interest	33,866	2.5		81.0		81.0		81.0		81.0		1,932	985	4
245 Park Avenue	50.1	Park Avenue	Fee Interest	32,905	2.4		53.8		88.2		57.4		62.2		1,116	559	2
280 Park Avenue	50.0	Park Avenue	Fee Interest	28,219	2.1		93.9		93.9		93.9		93.9		1,448	724	2
450 Park Avenue	25.1	Park Avenue	Fee Interest	6,317	0.5		100.0		100.0		100.0		100.0		1,845	463	1
800 Third Avenue	60.5	Grand Central North	Fee Interest	9,900	0.7		100.0		100.0		100.0		100.0		991	599	2
919 Third Avenue	51.0	Grand Central North	Fee Interest	31,004	2.3		98.9		98.9		98.9		98.9		3,935	2,007	4
1515 Broadway	56.9	Times Square	Fee Interest	182,011	13.4		99.8		99.8		99.8		99.8		32,332	18,397	7















Subtotal / Weighted Average				507,800	37.5	%	91.9	%	97.2	%	90.6	%	95.1	%	$57,230	$30,549	38

Total / Weighted Average Other Retail				1,069,094	79.0	%	90.7	%	93.4	%	89.3	%	91.7	%	$114,760	$88,073	116

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


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


















ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square	95.0	Herald Square	Leasehold Interest	94,531		7.0		40.6		40.6		40.6		40.6		$14,920	$14,175	3
11 West 34th Street	30.00	Herald Square/Penn Station	Fee Interest	17,150		1.3		100.0		100.0		100.0		100.0		3,576	1,073	1
115 Spring Street	51.0	Soho	Fee Interest	5,218		0.4		100.0		100.0		100.0		100.0		4,200	2,142	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214		5.1		100.0		100.0		100.0		100.0		42,579	21,289	1
1552-1560 Broadway	50.0	Times Square	Fee / Leasehold Interest	57,718		4.3		12.6		12.6		12.6		12.6		1,277	638	1
Worldwide Plaza	25.0	Westside	Fee Interest	10,592	(4)	0.8		84.9		84.9		84.9		84.9		1,242	310	7













Subtotal / Weighted Average				254,423		18.9	%	57.5	%	57.5	%	57.5	%	57.5	%	$67,794	$39,627	14

Total / Weighted Average Alternative Strategy Portfolio				254,423		18.9	%	57.5	%	57.5	%	57.5	%	57.5	%	$67,794	$39,627	14


Retail Grand Total / Weighted Average				1,354,109		100.0	%	84.7	%	86.8	%	83.6	%	85.5	%	$202,105	$147,100	132


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


		Ownership Interest %	Lease Expiration (2)	Total Rentable Square Feet	Annualized Contractual Cash Rent ($)	SLG Share of Annualized Contractual Cash Rent ($)	% of SLG Share of Annualized Contractual Cash Rent (3)	Annualized Contractual Rent PSF		Investment Grade Credit Rating (4)
Tenant Name	Property
Paramount Global	1515 Broadway	56.9	Jun 2031	1,603,121	$108,342	$61,647	4.4%	$67.58
	555 West 57th Street	100.0	Apr 2029	186,266	10,872	10,872	0.8	58.37
	1515 Broadway	56.9	Mar 2028	9,106	2,219	1,263	0.1	243.73
	Worldwide Plaza	25.0	Sep 2025	32,598	2,529	631	—	77.59
				1,831,091	$123,962	$74,413	5.3%	$67.20		BBB-

UBS Americas, Inc.	11 Madison Avenue	60.0	May 2037	1,184,489	$79,179	$47,508	3.4%	$66.85		A+
Bloomberg L.P.	919 Third Avenue	51.0	Feb 2040	926,156	$64,071	$32,676	2.3%	$69.18
Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791	$52,203	$31,322	2.2%	$90.19		A
Societe Generale	245 Park Avenue	50.1	Oct 2032	520,831	$50,438	$25,269	1.8%	$96.84		A

TD Bank US Holding Company	One Vanderbilt Avenue	60.0	Jul 2041	193,159	$26,060	$15,636	1.1%	$134.92	(5)
	One Vanderbilt Avenue	60.0	Aug 2041	6,843	3,234	1,940	0.1	472.58
	125 Park Avenue	100.0	Oct 2025	6,234	2,131	2,131	0.2	341.82
	125 Park Avenue	100.0	Oct 2030	26,536	1,818	1,818	0.1	68.53
	125 Park Avenue	100.0	Mar 2034	25,171	1,645	1,645	0.1	65.35
				257,943	$34,888	$23,170	1.6%	$135.26		A+

The City of New York	100 Church Street	100.0	Mar 2034	510,007	$22,825	$22,825	1.6%	$44.75		Aa2

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	344,873	$21,822	$21,822	1.5%	$63.27
	420 Lexington Avenue	100.0	Jan 2027	7,537	454	454	—	60.20
				352,410	$22,276	$22,276	1.5%	$63.21	(5)	A1

Nike Retail Services, Inc.	650 Fifth Avenue	50.0	Jan 2033	69,214	$42,579	$21,289	1.5%	$615.18		AA-
King & Spalding	1185 Avenue of the Americas	100.0	Oct 2025	218,275	$21,219	$21,219	1.5%	$97.21
Carlyle Investment Management LLC	One Vanderbilt Avenue	60.0	Sep 2036	194,702	$34,608	$20,765	1.5%	$177.75	(5)	A-

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	174,069	$14,129	$14,129	1.0%	$81.17
	11 Madison Avenue	60.0	Sep 2030	104,618	10,711	6,426	0.5	102.38
				278,687	$24,840	$20,555	1.5%	$89.13

McDermott Will & Emery LLP	One Vanderbilt Avenue	60.0	Dec 2042	169,586	$31,229	$18,737	1.3%	$184.15
	420 Lexington Avenue	100.0	Oct 2026	10,043	643	643	—	64.04
				179,629	$31,872	$19,380	1.3%	$177.43

Franklin Templeton Companies LLC	One Madison Avenue	25.5	May 2040	354,976	$48,970	$12,487	0.9%	$137.95
	280 Park Avenue	50.0	Nov 2031	128,993	13,621	6,811	0.5	105.60
				483,969	$62,591	$19,298	1.4%	$129.33		A

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

Ares Management LLC	245 Park Avenue	50.1	May 2026	210,544	$25,470	$12,761	0.9%	$120.97
	245 Park Avenue	50.1	Jun 2043	76,947	8,201	4,109	0.3	106.58
				287,491	$33,670	$16,870	1.2%	$117.12		A-

									(5)
The Toronto Dominion Bank	One Vanderbilt Avenue	60.0	Apr 2042	142,892	$21,232	$12,739	0.9%	$148.58	(5)
	125 Park Avenue	100.0	Apr 2042	52,450	3,593	3,593	0.3	68.50
				195,342	$24,825	$16,332	1.2%	$127.08		A+

Hess Corp	1185 Avenue of the Americas	100.0	Dec 2027	167,169	$16,253	$16,253	1.2%	$97.23		BBB
PJT Partners Holdings LP	280 Park Avenue	50.0	Jun 2041	269,821	$31,901	$15,951	1.1%	$118.23
Alvarez & Marsal Holdings, LLC	100 Park Avenue	99.8	Jan 2042	221,332	$14,342	$14,313	1.0%	$64.80

Total				8,749,997	$806,591	$499,731	35.6%	$92.18




(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.


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

Available Space at 3/31/25			2,510,328

Add: Property out of Redevelopment	One Madison Avenue		392,845
















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

	One Vanderbilt Avenue	1	6,392	6,393	$249.75

	11 Madison Avenue	1	190,661	191,797	104.95


	110 Greene Street	3	7,806	7,883	94.24




	304 Park Avenue South	1	17,485	18,032	72.11
	420 Lexington Avenue	8	19,720	28,598	63.53

	461 Fifth Avenue	2	13,155	14,067	89.98
	485 Lexington Avenue	2	43,307	44,493	67.77
	500 Park Avenue	1	18,795	18,795	108.21

	711 Third Avenue	3	74,389	80,200	64.52
	800 Third Avenue	4	23,277	23,563	80.83
	810 Seventh Avenue	2	12,840	14,064	68.71



	1350 Avenue of the Americas	1	3,847	3,938	78.79

























	Total/Weighted Average	29	431,674	451,823	$89.10

Retail









	245 Park Avenue	1	1,226	1,190	44.08






































	Total/Weighted Average	1	1,226	1,190	$44.08

Storage












	420 Lexington Avenue	1	1,038	994	15.00

	461 Fifth Avenue	1	420	416	41.53



































	Total/Weighted Average	2	1,458	1,410	$22.83


	Total Space which became available during the Quarter
	Office	29	431,674	451,823	$89.10
	Retail	1	1,226	1,190	$44.08
	Storage	2	1,458	1,410	$22.83
		32	434,358	454,423	$88.77

	Total Available Space		3,337,531

(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.


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				3,337,531

Office

	One Vanderbilt Avenue	1	6.4	6,392	6,393	$305.00	$249.75	$4.69	5.0


	100 Church Street	1	2.0	64,529	66,012	32.00	—	—	—
	100 Park Avenue	5	15.9	229,438	254,715	67.00	91.52	179.97	19.7
	110 Greene Street	2	3.2	4,963	5,017	95.00	91.73	2.38	2.5
	125 Park Avenue	1	11.0	22,640	26,225	65.00	72.83	139.86	12.0


	280 Park Avenue	2	11.4	25,215	25,872	108.47	122.73	147.05	16.0

	420 Lexington Avenue	12	10.4	49,522	65,846	59.39	61.89	115.12	8.4
	450 Park Avenue	2	3.3	21,128	21,069	125.93	—	196.91	3.0
	461 Fifth Avenue	1	1.0	6,472	6,933	95.00	94.42	—	—
	485 Lexington Avenue	1	6.3	7,481	7,685	58.00	—	6.86	2.0
	500 Park Avenue	1	11.3	10,758	11,118	100.00	—	25.02	16.0


	800 Third Avenue	2	4.7	18,815	18,975	58.09	82.09	47.47	3.4
	810 Seventh Avenue	2	10.0	23,160	25,960	64.00	—	144.20	10.3
	885 Third Avenue	1	10.9	4,359	4,359	74.00	—	164.51	11.0

	1185 Avenue of the Americas	2	9.7	50,000	55,413	66.95	81.31	119.88	15.1
	1350 Avenue of the Americas	1	3.5	3,847	3,959	75.00	78.37	—	7.0

























	Total/Weighted Average	37	11.1	548,719	605,551	$69.34	$91.47	$127.85	13.0

Retail





















	885 Third Avenue	1	20.7	7,963	6,918	75.16	68.99	43.37	8.0




























	Total/Weighted Average	1	20.7	7,963	6,918	$75.16	$68.99	$43.37	8.0

Storage
	One Madison Avenue	1	15.0	590	500	$25.00	$—	$—	—




	100 Park Avenue	1	16.8	1,111	1,111	25.00	—	—	21.0






	420 Lexington Avenue	2	5.5	1,112	1,081	16.21	15.00	—	0.8



	500 Park Avenue	1	11.3	360	360	50.00	—	18.06	8.0

































	Total/Weighted Average	5	11.8	3,173	3,052	$24.83	$15.00	$2.13	8.9

Leased Space
	Office (4)	37	11.1	548,719	605,551	$69.34	$91.47	$127.85	13.0
	Retail	1	20.7	7,963	6,918	$75.16	$68.99	$43.37	8.0
	Storage	5	11.8	3,173	3,052	$24.83	$15.00	$2.13	8.9
	Total	43	11.2	559,855	615,521	$69.19	$90.51	$126.28	12.9


Total Available Space as of 6/30/25				2,777,676
Early Renewals
Office


	10 East 53rd Street	1	5.3	4,044	4,444	97.00	92.86	16.11	4.0



	110 Greene Street	4	4.1	18,858	18,801	104.17	101.93	1.48	1.3





	420 Lexington Avenue	4	2.7	12,370	15,525	66.11	63.04	0.20	1.1

	461 Fifth Avenue	1	0.4	6,472	6,882	103.38	103.38	—	—




	800 Third Avenue	1	1.9	33,800	33,900	82.16	75.44	—	—
	810 Seventh Avenue	1	10.8	15,500	17,320	69.00	81.56	75.00	9.0



	1350 Avenue of the Americas	1	1.1	4,219	4,332	90.00	77.27	—	—

























	Total/Weighted Average	13	3.9	95,263	101,204	$83.96	$82.25	$13.85	2.1

Retail					—


	10 East 53rd Street	1	5.0	2,133	2,346	191.76	175.47	—	6


































		—					—












	Total/Weighted Average	1	5.0	2,133	2,346	$191.76	$175.47	$—	6.0
























































Renewals
	Early Renewals Office	13	3.9	95,263	101,204	$83.96	$82.25	$13.85	2.1
	Early Renewals Retail	1	5.0	2,133	2,346	$191.76	$175.47	—	6

	Total	14	4.0	97,396	103,550	$86.41	$84.36	$13.53	2.2

(1) Represents the rentable square footage at the time the property was acquired.
(2) Annual initial base rent.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(4) Average starting office rent excluding new tenants replacing vacancies is $77.24/rsf for 232,940 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $79.27/rsf for 334,144 rentable SF.


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 2025 (3)	10	38,078	38,078	0.4	%	$2,232,690	$2,232,690	$58.63
3rd Quarter 2025	18	78,992	78,992	0.9	%	7,173,351	7,173,351	90.81
4th Quarter 2025	27	342,531	342,531	3.9	%	32,153,406	32,153,407	93.87

Total 2025	55	459,601	459,601	5.2	%	$41,559,447	$41,559,448	$90.43






2026	84	815,970	815,970	9.2	%	$58,651,881	$58,640,769	$71.88


2027	81	774,954	774,954	8.8	%	63,821,920	63,807,632	82.36
2028	75	701,754	701,754	8.0	%	53,895,091	53,892,008	76.80
2029	59	734,985	734,985	8.4	%	51,842,139	51,842,139	70.53
2030	56	909,829	909,829	10.5	%	65,737,200	65,726,294	72.25
2031	28	326,163	326,163	3.7	%	25,466,905	25,453,874	78.08
2032	27	784,497	784,497	9.0	%	49,997,074	49,995,097	63.73
2033	21	407,545	407,545	4.7	%	32,113,350	32,107,284	78.80
2034	31	1,270,593	1,270,593	14.5	%	73,791,058	73,791,058	58.08
Thereafter	65	1,575,799	1,575,799	18.0	%	110,675,307	110,615,062	70.23
Grand Total	582	8,761,690	8,761,690	100.0	%	$627,551,372	$627,430,665	$71.62


Unconsolidated JV Properties

2nd Quarter 2025 (3)	2	2,820	1,655	—	%	$109,496	$65,381	$38.83
3rd Quarter 2025	—	—	—	—	%	—	—	—
4th Quarter 2025	7	78,808	34,720	0.6	%	7,008,578	2,894,683	88.93

Total 2025	9	81,628	36,375	0.6	%	$7,118,074	$2,960,064	$87.20






2026	21	313,885	156,812	2.5	%	$41,838,738	$21,123,405	$133.29


2027	18	233,904	107,452	1.9	%	32,543,677	15,420,309	139.13
2028	24	268,311	138,617	2.2	%	32,747,772	16,997,048	122.05
2029	18	147,621	75,743	1.2	%	15,638,537	7,616,445	105.94
2030	16	334,361	191,820	2.7	%	37,620,111	21,245,379	112.51
2031	17	2,755,868	1,543,708	22.2	%	211,729,854	117,978,121	76.83
2032	14	992,725	507,649	8.0	%	89,884,021	45,927,336	90.54
2033	12	258,360	142,317	2.1	%	28,732,150	16,187,122	111.21
2034	8	325,606	161,426	2.6	%	28,217,795	13,989,693	86.66
Thereafter	75	6,718,157	3,394,481	54.0	%	704,774,434	355,986,433	104.91
Grand Total	232	12,430,426	6,456,400	100.0	%	$1,230,845,163	$635,431,355	$99.02


(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, 2025.


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





2025 (3)	—	—	—	—	%	$—	$—	$—






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

Other Retail





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






2026	4	10,104	10,104	1.9	%	1,155,661	1,155,661	114.38
2027	6	37,990	37,967	7.5	%	5,284,752	5,283,002	139.11
2028	7	29,800	29,772	5.9	%	4,310,106	4,307,632	144.63
2029	4	27,702	27,702	5.5	%	2,609,281	2,609,281	94.19
2030	5	44,135	44,135	8.7	%	6,500,650	6,500,650	147.29
2031	4	16,050	16,033	3.2	%	1,829,830	1,828,505	114.01
2032	9	77,963	77,963	15.3	%	6,748,121	6,748,121	86.56
2033	6	61,578	61,578	12.1	%	7,972,050	7,972,050	129.46
2034	9	30,912	30,912	6.1	%	1,682,234	1,682,234	54.42
Thereafter	21	161,379	161,370	31.7	%	16,857,192	16,856,158	104.46
	78	508,092	508,015	100.0	%	$57,530,469	$57,523,886	$113.23
Vacancy (4)		57,561
Grand Total		565,653




























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


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





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	—	—	—	—	%	—	—	—

2027	—	—	—	—	%	—	—	—
2028	—	—	—	—	%	—	—	—
2029	—	—	—	—	%	—	—	—
2030	—	—	—	—	%	—	—	—
2031	—	—	—	—	%	—	—	—
2032	—	—	—	—	%	—	—	—
2033	—	—	—	—	%	—	—	—
2034	—	—	—	—	%	—	—	—
Thereafter	—	—	—	—	%	—	—	—
	—	—	—	—	%	$—	$—	$—
Vacancy (4)		—
Grand Total		—

Other Retail





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	2	9,820	5,688	2.1	%	9,316,437	5,316,322	948.72

2027	1	7,711	4,388	1.7	%	10,638,409	6,053,255	1,379.64
2028	1	9,106	5,181	2.0	%	2,219,369	1,262,821	243.73
2029	3	52,886	27,070	11.5	%	5,465,551	2,502,840	103.35
2030	2	11,970	6,811	2.6	%	7,110,424	4,045,831	594.02
2031	3	14,058	7,433	3.0	%	2,391,784	1,292,199	170.14
2032	2	18,864	9,499	4.1	%	1,306,479	659,325	69.26
2033	2	4,721	2,417	1.0	%	589,849	301,519	124.94
2034	2	8,414	4,867	1.8	%	687,076	403,020	81.66
Thereafter	20	323,831	153,708	70.2	%	17,503,989	8,711,494	54.05
	38	461,381	227,062	100.0	%	$57,229,367	$30,548,626	$124.04
Vacancy (4)		45,296
Grand Total		506,677

Alternative Strategy Portfolio





2025 (3)	1	1,277	319	0.9	%	$108,000	$26,946	$84.57






2026	3	17,869	6,381	12.6	%	7,851,124	3,233,450	439.37

2027	1	1,685	420	1.2	%	457,209	114,074	271.34
2028	1	1,819	454	1.3	%	214,642	53,553	118.00
2029	2	1,425	937	1.0	%	617,267	510,074	433.17
2030	—	—	—	—	%	—	—	—
2031	2	23,536	21,077	16.6	%	7,547,437	7,034,587	320.68
2032	—	—	—	—	%	—	—	—
2033	2	85,557	50,133	60.3	%	49,636,824	27,994,459	580.16
2034	1	7,940	3,970	5.6	%	1,276,953	638,477	160.83
Thereafter	1	647	161	0.5	%	84,372	21,051	130.40
	14	141,755	83,852	100.0	%	$67,793,828	$39,626,671	$478.25
Vacancy (4)		95,592
Grand Total		237,347

(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to June 30, 2025.
(4) Includes square footage of leases signed but not yet commenced.


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	6/30/2025
2001 - 2024 Acquisitions
Jun-01	317 Madison Avenue	Grand Central	100.0%	Fee Interest	450,000	$	105,600	95.0	N/A
Sep-01	1250 Broadway	Penn Station	49.9	Fee Interest	670,000	126,500		97.7	N/A
May-02	1515 Broadway	Times Square	55.0	Fee Interest	1,750,000	483,500		98.0	99.7
Feb-03	220 East 42nd Street	Grand Central	100.0	Fee Interest	1,135,000	265,000		91.9	92.0
Mar-03	125 Broad Street	Downtown	100.0	Fee Interest	525,000	92,000		100.0	N/A
Oct-03	461 Fifth Avenue	Midtown	100.0	Leasehold Interest	200,000	60,900		93.9	94.7
Dec-03	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,000,000		98.8	N/A
Mar-04	19 West 44th Street	Midtown	35.0	Fee Interest	292,000	67,000		86.0	N/A
Jul-04	750 Third Avenue	Grand Central	100.0	Fee Interest	779,000	255,000		100.0	4.9
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	72.8
Oct-04	625 Madison Avenue	Plaza District	100.0	Leasehold Interest	563,000	231,500		68.0	N/A
Feb-05	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	105,000		87.0	N/A
Apr-05	1 Madison Avenue	Park Avenue South	55.0	Fee Interest	1,177,000	803,000		96.0	N/A
Apr-05	5 Madison Avenue Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	115,000		N/A	N/A
Jun-05	19 West 44th Street	Midtown	65.0	Fee Interest	—	91,200		92.2	N/A
Mar-06	521 Fifth Avenue	Midtown	100.0	Leasehold Interest	460,000	210,000		97.0	N/A
Jun-06	609 Fifth Avenue	Midtown	100.0	Fee Interest	160,000	182,000		98.5	N/A
Dec-06	485 Lexington Avenue	Grand Central	70.0	Fee Interest	—	578,000		90.5	72.8
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	83.8
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	86.2
Apr-07	331 Madison Avenue	Grand Central	100.0	Fee Interest	114,900	73,000		97.6	N/A
Apr-07	1745 Broadway	Midtown	32.3	Leasehold Interest	674,000	520,000		100.0	N/A
Jun-07	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	183,000		100.0	N/A
Aug-07	1 Madison Avenue	Park Avenue South	45.0	Fee Interest	1,177,000	1,000,000		99.8	N/A
Dec-07	388 & 390 Greenwich Street	Downtown	50.6	Fee Interest	2,635,000	1,575,000		100.0	N/A
Jan-10	100 Church Street	Downtown	100.0	Fee Interest	1,047,500	181,600		41.3	93.1
May-10	600 Lexington Avenue	Grand Central North	55.0	Fee Interest	303,515	193,000		93.6	N/A
Aug-10	125 Park Avenue	Grand Central	100.0	Fee Interest	604,245	330,000		99.1	98.3
Jan-11	521 Fifth Avenue	Midtown	49.9	Leasehold Interest	460,000	245,700		80.7	N/A
Apr-11	1515 Broadway	Times Square	45.0	Fee Interest	1,750,000	1,210,000		98.5	99.7
May-11	110 East 42nd Street	Grand Central	100.0	Fee Interest	205,000	85,570		72.6	N/A
May-11	280 Park Avenue	Park Avenue	49.5	Fee Interest	1,219,158	1,110,000		78.2	89.6
Nov-11	180 Maiden Lane	Financial East	49.9	Fee Interest	1,090,000	425,680		97.7	N/A
Nov-11	51 East 42nd Street	Grand Central	100.0	Fee Interest	142,000	80,000		95.5	N/A
Feb-12	10 East 53rd Street	Plaza District	55.0	Fee Interest	354,300	252,500		91.9	95.8
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	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	91.0
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	87.9
Dec-15	600 Lexington Avenue	Grand Central North	45.0	Fee Interest	303,515	284,000		95.5	N/A
Oct-17	Worldwide Plaza	Westside	24.4	Fee Interest	2,048,725	1,725,000		100.0	63.3
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	266,000		81.6	34.5
May-19	110 Greene Street	Soho	10.0	Fee Interest	223,600	256,500		93.3	91.0
Jul-20	885 Third Avenue	Midtown / Plaza District	100.0	Fee / Leasehold Interest	625,300	387,932		94.8	76.5
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	95.6
Sep-22	245 Park Avenue	Park Avenue	100.0	Fee Interest	1,782,793	1,960,000		91.8	87.3
Dec-24	10 East 53rd Street	Plaza District	45.0	Fee Interest	354,300	236,000		97.6	95.8
					42,433,216	$	26,494,062
2025 Acquisitions
Jan-25	500 Park Avenue	Park Avenue	100.0	Fee Interest	201,411	$	130,000	94.5	90.7






					201,411	$	130,000


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









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

Interest

Gross Asset

Occupancy (%)

Property

Type of Property

Submarket

Acquired

Type of Ownership

Net Rentable SF

Valuation ($'s)

at acquisition

6/30/2025

2005 - 2025 Acquisitions

Jul-05

1551-1555 Broadway

Retail

Times Square

10.0%

Fee Interest

25,600

85,000

N/A

Jul-05

21 West 34th Street

Retail

Herald Square

50.0

Fee Interest

30,100

17,500

N/A

Sep-05

141 Fifth Avenue

Retail

Flatiron

50.0

Fee Interest

21,500

13,250

N/A

Nov-05

1604 Broadway

Retail

Times Square

63.0

Leasehold Interest

29,876

4,400

17.2

N/A

Dec-05

379 West Broadway

Retail

Cast Iron/Soho

45.0

Leasehold Interest

62,006

19,750

100.0

N/A

Jan-06

25-29 West 34th Street

Retail

Herald Square/Penn Station

50.0

Fee Interest

41,000

30,000

55.8

N/A

Sep-06

717 Fifth Avenue

Retail

Midtown/Plaza District

32.8

Fee Interest

119,550

251,900

63.1

N/A

Aug-07

180 Broadway

Development

Lower Manhattan

50.0

Fee Interest

24,300

13,600

85.2

N/A

Apr-07

Two Herald Square

Land

Herald Square

55.0

Fee Interest

N/A

225,000

N/A

Jul-07

885 Third Avenue

Land

Midtown / Plaza District

55.0

Fee Interest

N/A

317,000

N/A

Feb-08

182 Broadway

Development

Lower Manhattan

50.0

Fee Interest

46,280

30,000

83.8

N/A

Nov-10

Williamsburg Terrace

Retail

Brooklyn, New York

100.0

Fee Interest

52,000

18,000

100.0

N/A

Dec-10

11 West 34th Street

Retail

Herald Square/Penn Station

30.0

Fee Interest

17,150

10,800

100.0

Dec-10

Two Herald Square

Land

Herald Square

45.0

Fee Interest

354,400

247,500

N/A

Dec-10

885 Third Avenue

Land

Midtown / Plaza District

45.0

Fee Interest

607,000

352,000

N/A

Dec-10

292 Madison Avenue

Land

Grand Central South

100.0

Fee Interest

203,800

78,300

N/A

Jan-11

3 Columbus Circle

Redevelopment

Columbus Circle

48.9

Fee Interest

741,500

500,000

20.1

N/A

Aug-11

1552-1560 Broadway

Retail

Times Square

50.0

Fee Interest

35,897

136,550

59.7

12.6

Sep-11

747 Madison Avenue

Retail

Plaza District

33.3

Fee Interest

10,000

66,250

100.0

N/A

Jan-12

DFR Residential and Retail Portfolio

Residential

Plaza District, Upper East Side

80.0

Fee Interests / Leasehold Interest

489,882

193,000

95.1

N/A

Jan-12

724 Fifth Avenue

Retail

Plaza District

50.0

Fee Interest

65,010

223,000

92.9

N/A

Jul-12

West Coast Office Portfolio

West Coast

27.6

Fee Interest

4,473,603

880,104

76.3

N/A

Aug-12

33 Beekman Street

Development

Downtown

45.9

Fee Interest

163,500

31,160

—

N/A

Sep-12

635 Sixth Avenue

Redevelopment

Midtown South

100.0

Fee Interest

104,000

83,000

—

N/A

Oct-12

1080 Amsterdam

Redevelopment

Upper West Side

87.5

Leasehold Interest

82,250

—

2.2

N/A

Dec-12

21 East 66th Street

Retail

Plaza District

32.3

Fee Interest

16,736

75,000

100.0

N/A

Dec-12

985-987 Third Avenue

Redevelopment

Upper East Side

100.0

Fee Interest

13,678

18,000

—

N/A

Dec-12

131-137 Spring Street

Retail

Soho

100.0

Fee Interest

68,342

122,300

100.0

N/A

Mar-13

248-252 Bedford Avenue

Residential

Brooklyn, New York

90.0

Fee Interest

66,611

54,900

—

N/A

Nov-13

650 Fifth Avenue

Retail

Plaza District

50.0

Leasehold Interest

32,324

—

63.6

100.0

Nov-13

315 West 33rd Street - The Olivia

Retail / Residential

Penn Station

100.0

Fee Interest

492,987

386,775

96.6

N/A

Nov-13

562, 570 & 574 Fifth Avenue

Redevelopment

Plaza District

100.0

Fee Interest

66,962

146,222

74.6

N/A

Jul-14

719 Seventh Avenue

Retail

Times Square

75.0

Fee Interest

6,000

41,149

100.0

N/A

Jul-14

115 Spring Street

Retail

Soho

100.0

Fee Interest

5,218

52,000

100.0

Jul-14

752-760 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

21,124

282,415

100.0

Sep-14

121 Greene Street

Retail

Soho

50.0

Fee Interest

7,131

27,400

100.0

N/A

Sep-14

635 Madison Avenue

Land

Plaza District

100.0

Fee Interest

176,530

145,000

N/A

Oct-14

102 Greene Street

Retail

Soho

100.0

Fee Interest

9,200

32,250

100.0

N/A

Oct-14

175-225 Third Street

Redevelopment

Brooklyn, New York

95.0

Fee Interest

—

72,500

—

N/A

Nov-14

55 West 46th Street - Tower 46

Redevelopment

Midtown

100.0

Fee Interest

347,000

295,000

—

N/A

Feb-15

Stonehenge Portfolio

Residential

Various

Fee Interest

2,589,184

40,000

96.5

N/A

Mar-15

1640 Flatbush Avenue

Redevelopment

Brooklyn, New York

100.0

Fee Interest

1,000

6,799

100.0

N/A

Jun-15

Upper East Side Residential

Residential

Upper East Side Residential

90.0

Fee Interest

27,000

50,074

96.4

N/A

Aug-15

187 Broadway & 5-7 Dey Street

Retail

Lower Manhattan

100.0

Fee Interest

73,600

63,690

90.5

N/A

Mar-16

183 Broadway

Retail

Lower Manhattan

100.0

Fee Interest

9,100

28,500

58.3

N/A

Apr-16

605 West 42nd Street - Sky

Residential

Midtown West

20.0

Fee Interest

927,358

759,046

—

N/A

Jul-18

1231 Third Avenue

Residential

Upper East Side

100.0

Fee Interest

38,992

55,355

100.0

N/A

Oct-18

133 Greene Street

Retail

Soho

100.0

Fee Interest

6,425

30,999

100.0

N/A

Dec-18

712 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

6,600

57,996

100.0

N/A

Apr-19

106 Spring Street

Redevelopment

Soho

100.0

Fee Interest

5,928

80,150

—

N/A

May-19

410 Tenth Avenue

Redevelopment

Hudson Yards

70.9

Fee Interest

638,000

440,000

76.3

N/A

Jan-20

762 Madison Avenue

Redevelopment

Plaza District

10.0

Fee Interest

6,109

29,250

55.1

N/A

Jan-20

707 Eleventh Avenue

Redevelopment

Midtown West

100.0

Fee Interest

159,720

90,000

54.3

N/A

Jan-20

126 Nassau Street

Development

Lower Manhattan

100.0

Leasehold Interest

98,412

—

87.3

98.6

Oct-20

85 Fifth Avenue

Retail

Midtown South

36.3

Fee Interest

12,946

59,000

100.0

0.0

Sep-21

1591-1597 Broadway

Land

Times Square

100.0

Fee Interest

7,684

121,000

N/A

Sep-21

690 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

7,848

72,221

100.0

Sep-22

5 Times Square

Redevelopment

Times Square

31.6

Leasehold Interest

1,127,931

1,096,714

22.5

N/A

Sep-23

625 Madison Avenue

Land

Plaza District

90.4

Fee Interest

563,000

620,245

N/A

Jan-24

2 Herald Square

Redevelopment

Herald Square

44.0

Leasehold Interest

369,000

120,000

43.9

34.5

Mar-24

719 Seventh Avenue

Retail

Times Square

25.0

Fee Interest

10,040

76,500

0.0

N/A

15,815,924

9,475,514


				Interest			Gross Asset Valuation
	Property	Type of Property	Submarket	Sold	Type of Ownership	Net Rentable SF	($'s)		($'s/SF)
2011 - 2024 Dispositions
Sep-11	1551-1555 Broadway	Retail	Times Square	10.0%	Fee Interest	25,600	$	276,757	$	10,811
Feb-12	141 Fifth Avenue	Retail	Flatiron	100.0	Fee Interest	13,000	46,000		3,538
Feb-12	292 Madison Avenue	Land	Grand Central South	100.0	Fee Interest	203,800	85,000		417
Apr-12	379 West Broadway	Retail	Cast Iron/Soho	100.0	Leasehold Interest	62,006	48,500		782
Jun-12	717 Fifth Avenue	Retail	Midtown/Plaza District	50.0	Fee Interest	119,550	617,584		5,166
Sep-12	3 Columbus Circle	Redevelopment	Columbus Circle	29.0	Fee Interest	214,372	143,600		670
Feb-13	44 West 55th Street	Retail	Plaza District	100.0	Fee Interest	8,557	6,250		730
Jun-13	West Coast Office Portfolio	West Coast	Los Angeles, California	100.0	Fee Interest	406,740	111,925		275
Aug-13	West Coast Office Portfolio	West Coast	Fountain Valley, California	100.0	Fee Interest	302,037	66,994		222
Sep-13	West Coast Office Portfolio	West Coast	San Diego, California	100.0	Fee Interest	110,511	45,400		411
Dec-13	27-29 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	15,600	70,052		4,491
Jan-14	21-25 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	30,100	114,948		3,819
Mar-14	West Coast Office Portfolio	West Coast		100.0	Fee Interest	3,654,315	756,000		207
May-14	747 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	10,000	160,000		16,000
Jul-14	985-987 Third Avenue	Redevelopment	Upper East Side	100.0	Fee Interest	13,678	68,700		5,023
Sep-14	180-182 Broadway	Redevelopment	Lower Manhattan	100.0	Fee Interest	156,086	222,500		1,425
Nov-14	2 Herald Square	Land	Herald Square/Penn Station	100.0	Fee Interest	354,400	365,000		1,030
Nov-14	55 West 46th Street - Tower 46	Redevelopment	Midtown	75.0	Fee Interest	347,000	295,000		850
Jan-15	180 Maiden Lane	Redevelopment	Financial East	100.0	Fee Interest	1,090,000	470,000		431
Aug-15	131-137 Spring Street	Retail	Soho	80.0	Fee Interest	68,342	277,750		4,064
Dec-15	570 & 574 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	24,327	125,400		5,155
Feb-16	248-252 Bedford Avenue	Residential	Brooklyn, New York	90.0	Fee Interest	66,611	55,000		826
Feb-16	885 Third Avenue	Land	Midtown / Plaza District	100.0	Fee Interest	607,000	453,000		746
May-16	33 Beekman Street	Redevelopment	Downtown	100.0	Fee Interest	163,500	196,000		1,199
Oct-16	400 East 57th Street	Residential	Upper East Side	49.0	Fee Interest	290,482	170,000		585
Apr-17	102 Greene Street	Retail	Soho	90.0	Fee Interest	9,200	43,500		4,728
Sep-17	102 Greene Street	Retail	Soho	10.0	Fee Interest	9,200	43,500		4,728
Apr-18	175-225 Third Street	Redevelopment	Brooklyn, New York	95.0	Fee Interest	—	115,000		—
Jun-18	635 Madison Avenue	Land	Plaza District	100.0	Fee Interest	176,530	153,000		867
Jul-18	724 Fifth Avenue	Retail	Plaza District	50.0	Fee Interest	65,010	365,000		5,615
Oct-18	72nd Street Assemblage & 1231 Third Avenue	Residential	Upper East Side	Various	Fee Interest	—	143,800		—
Jan-19	131-137 Spring Street	Retail	Soho	20.0	Fee Interest	68,342	216,000		3,161
Aug-19	115 Spring Street	Retail	Soho	49.0	Fee Interest	5,218	66,050		12,658
Dec-19	562 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	42,635	52,393		1,229
Dec-19	1640 Flatbush Avenue	Redevelopment	Brooklyn, New York	100.0	Fee Interest	1,000	16,150		16,150
Mar-20	315 West 33rd Street - The Olivia	Retail / Residential	Penn Station	100.0	Fee Interest	492,987	446,500		906
May-20	609 Fifth Avenue - Retail Condominium	Retail	Rockefeller Center	100.0	Fee Interest	21,437	168,000		7,837
Sep-20	400 East 58th Street	Residential	Upper East Side	90.0	Fee Interest	140,000	62,000		443
Dec-20	410 Tenth Avenue	Redevelopment	Hudson Yards	70.9	Fee Interest	638,000	952,500		1,493
Dec-20	Williamsburg Terrace	Retail	Brooklyn, New York	100.0	Fee Interest	52,000	32,000		615
Jan-21	712 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	6,600	43,000		6,515
Feb-21	133 Greene Street	Retail	Soho	100.0	Fee Interest	6,425	15,796		2,459
Mar-21	106 Spring Street	Redevelopment	Soho	100.0	Fee Interest	5,928	34,024		5,740
Jun-21	605 West 42nd Street - Sky	Residential	Westside	20.0	Fee Interest	927,358	858,100		925
Sep-21	400 East 57th Street	Residential	Upper East Side	41.0	Fee Interest	290,482	133,500		460
Feb-22	707 Eleventh Avenue	Redevelopment	Midtown West	100.0	Fee Interest	159,720	95,000		595
Apr-22	1080 Amsterdam	Residential	Upper West Side	92.5	Leasehold Interest	82,250	42,650		519
May-22	1591-1597 Broadway	Land	Times Square	100.0	Fee Interest	7,684	121,000		15,747
Jun-22	609 Fifth Avenue	Redevelopment	Rockefeller Center	100.0	Fee Interest	138,563	100,500		725
Dec-22	885 Third Avenue - Condominium	Redevelopment	Midtown / Plaza District	100.0	Fee / Leasehold Interest	414,317	300,400		725
Feb-23	121 Greene Street	Retail	Soho	50.0	Fee Interest	7,131	14,000		1,963
Dec-23	21 East 66th Street	Retail	Plaza District	32.3	Fee Interest	13,069	40,574		3,105
Jan-24	717 Fifth Avenue	Retail	Midtown / Plaza District	10.9	Fee Interest	119,550	963,000		8,055
May-24	625 Madison Avenue	Redevelopment	Plaza District	90.4	Fee Interest	563,000	634,600		1,127
Jun-24	719 Seventh Avenue	Retail	Times Square	100.0	Fee Interest	10,040	30,500		3,038
Oct-24	5 Times Square	Redevelopment	Times Square	31.6	Leasehold Interest	1,127,931	1,165,587		1,033




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










						12,946	$	46,800	$	3,615


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	6/30/2025
2007 - 2025 Acquisitions
Jan-07	300 Main Street	Stamford, Connecticut	100.0%	Fee Interest	130,000	$	15,000	92.5	N/A
Jan-07	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	31,600		96.6	N/A
Jan-07	Reckson - Connecticut Portfolio	Stamford, Connecticut	100.0	Fee Interests / Leasehold Interest	1,369,800	490,750		88.9	70.8
Jan-07	Reckson - Westchester Portfolio	Westchester	100.0	Fee Interests / Leasehold Interest	2,346,100	570,190		90.6	N/A
Apr-07	Jericho Plaza	Jericho, New York	20.3	Fee Interest	640,000	210,000		98.4	N/A
Jun-07	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	38,000		95.6	N/A
Jun-07	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	56,000		94.4	N/A
Jul-07	16 Court Street	Brooklyn, New York	35.0	Fee Interest	317,600	107,500		80.6	N/A
Aug-07	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	6,700		52.9	N/A
Sep-07	The Meadows	Rutherford, New Jersey	25.0	Fee Interest	582,100	111,500		81.3	N/A
Jan-08	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,364		—	N/A
Dec-10	7 Renaissance Square	White Plains, New York	50.0	Fee Interest	65,641	4,000		—	N/A
Apr-13	16 Court Street	Brooklyn, New York	49.0	Fee Interest	317,600	96,200		84.9	N/A





















					6,541,741	$	1,766,804

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




















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


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES	Three Months Ended				Six Months Ended
Operating income and Same-store NOI Reconciliation	June 30,				June 30,
	2025		2024		2025		2024

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

Depreciable real estate reserves	—		13,721		8,546		65,839
Depreciable real estate reserves in unconsolidated joint venture	—		—		1,780		—
Loss on sale of real estate, net	167		2,741		649		2,741
Purchase price and other fair value adjustments	9,617		(1,265)		19,228		49,227
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate	1,946		8,129		1,946		(18,635)
Gain on sale of marketable securities	(10,232)		—		(10,232)		—
Depreciation and amortization	60,160		52,247		124,658		100,831
SUMMIT Operator tax expense	1,547		1,855		1,502		560
Amortization of deferred financing costs	1,742		1,677		3,429		3,216
Interest expense, net of interest income	45,318		35,803		90,999		66,976
Interest expense on senior obligations of consolidated securitization vehicles	21,017		—		34,989		—
Operating Income	124,465		116,867		249,132		291,103

Equity in net loss (income) from unconsolidated joint ventures	22,775		(4,325)		19,825		(115,485)
Income from debt fund investments, net	(600)		—		(600)		—
Marketing, general and administrative expense	21,579		20,032		43,303		41,345

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

Equity in net (loss) income from unconsolidated joint ventures	(22,775)		4,325		(19,825)		115,485
SLG share of unconsolidated JV depreciation and amortization	65,153		70,652		128,228		140,098
SLG share of unconsolidated JV amortization of deferred financing costs	3,107		2,367		6,298		5,462
SLG share of unconsolidated JV interest expense, net of interest income	64,290		69,280		127,255		142,083

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

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

Straight-line and free rent	(493)		2,162		148		(1,368)
Amortization of acquired above and below-market leases, net	709		41		1,436		91
Operating lease straight-line adjustment	204		204		408		408
SLG share of unconsolidated JV straight-line and free rent	(8,776)		(2,149)		(13,894)		(4,915)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(6,516)		(6,287)		(12,910)		(12,572)
SLG share of unconsolidated JV operating lease straight-line adjustment	—		—		—		—
Same-store cash NOI	$	155,901	$	156,026	$	309,400	$	305,157

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


Added to Same-Store in 2025:			Removed from Same-Store in 2025:
7 Dey Street			10 East 53rd Street (interest acquired)
760 Madison Avenue - Retail			85 Fifth Avenue (disposed)
15 Beekman Street
245 Park Avenue



NOI Summary by Portfolio (1) - SLG Share

	Three Months Ended				Six Months Ended
	June 30, 2025				June 30, 2025
	NOI		Cash NOI		NOI		Cash NOI

Manhattan Office	$	176,362	$	154,059	$	339,812	$	299,770
Development / Redevelopment	1,356		1,668		1,417		3,428
High Street Retail	5,470		4,421		11,107		9,010
Suburban & Residential	4,603		4,472		9,118		8,863
Total Operating and Development	187,791		164,620		361,454		321,071
Alternative Strategy Portfolio	10,070		8,800		21,686		18,475
Property Dispositions (2)	512		526		554		554
Other (3)	9		234		(267)		183
Total	$	198,382	$	174,180	$	383,427	$	340,283

(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.


EQUITY COVERAGE

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


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

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

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

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



Definitions	4

Highlights	6

Key Financial Data	9	-	11

Office Leasing Statistics	12

Comparative Balance Sheets	13

Comparative Statements of Operations	15

Comparative Computation of FFO and FAD	16

Consolidated Statement of Equity	17

Joint Venture Statements	18	-	20

Selected Financial Data	21	-	24

Debt Summary Schedule	25	-	27

Derivative Summary Schedule	28

Lease Liability Schedule	29

Debt and Preferred Equity Investments	30	-	32

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

Summary of Real Estate Acquisition/Disposition Activity	45	-	49

Non-GAAP Disclosures and Reconciliations	50

Analyst Coverage	53

Executive Management	54



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



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



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



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



CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)



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



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



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



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



TABLE OF CONTENTS



DEFINITIONS



DEFINITIONS



SECOND QUARTER 2025 HIGHLIGHTS Unaudited



DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)



DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



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



Composition of Debt

		Core Portfolio			Alternative Strategy Portfolio			Total
Fixed Rate Debt
	Consolidated	$	3,367,249		$	—		$	3,367,249
	SLG Share of JV	5,469,635			365,331			5,834,966
	Total Fixed Rate Debt	$	8,836,884	95.8%	$	365,331	63.7%	$	9,202,215	93.9%

Floating Rate Debt
	Consolidated	$	386,153		$	—		$	386,153
	SLG Share of JV	—			208,466			208,466
		386,153		4.2%	208,466		36.3%	594,619		6.1%
	Debt & Preferred Equity and CMBS Investments	(77,425)		(0.8)%	(53,533)		(9.3)%	(130,958)		(1.3)%
	Total Floating Rate Debt	$	308,728	3.3%	$	154,933	27.0%	$	463,661	4.7%

	Total Debt	$	9,223,037		$	573,797		$	9,796,834



DERIVATIVE SUMMARY SCHEDULE Unaudited (Dollars in Thousands)



SUMMARY OF LEASE LIABILITIES Unaudited (Dollars in Thousands)



DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)


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





Mezzanine Debt	$	130,245	$	46,486	$	176,730	$	708,671		$	619		4.83%		5.01%

Preferred Equity	—		138,954		138,954		250,000			$	789		6.50%		6.59%

Joint Venture Preferred Equity	—		209,739		209,739		209,391			$	748		8.67%		8.76%

Balance as of 6/30/2025	$	130,245	$	395,179	$	525,423				$	738		6.83%		6.97%


	Debt and Preferred Equity Maturity Profile
	2025		2026		2027		2028		2029 & Thereafter
Floating Rate	$	62,801	$	67,444	$	—	$	—	$	—
Fixed Rate	—		209,739		165,439		—		20,000
Sub-total	$	62,801	$	277,183	$	165,439	$	—	$	20,000



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



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



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



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



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



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



LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited



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



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



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



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