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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing.
As of March 31, 2026, the Company held interests in 55 buildings totaling 30.8 million square feet, which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.
SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.
SL Green's website is www.slgreen.com.
This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.

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
















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

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

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2026 that will be included on Form 10-Q to be filed on or before May 11, 2026.
Supplemental Information
2
First Quarter 2026

TABLE OF CONTENTS
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Definitions
Highlights
Key Financial Data-
Office Leasing Statistics
Comparative Balance Sheets
Comparative Statements of Operations
Comparative Computation of FFO and FAD
Consolidated Statement of Equity
Joint Venture Statements-
Selected Financial Data-
Debt Summary Schedule-
Derivative Summary Schedule
Lease Liability Schedule
Debt and Preferred Equity Investments
Selected Property Data
Property Portfolio-
Largest Tenants
Tenant Diversification
Leasing Activity-
Lease Expirations-
Summary of Real Estate Acquisition/Disposition Activity-
Non-GAAP Disclosures and Reconciliations
Analyst Coverage
Executive Management
Supplemental Information
3
First Quarter 2026

DEFINITIONS
                               
                          
                         
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Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, deferrals, and abatements as of the last day of the quarter, multiplied by 12.
ASP - Alternative strategy portfolio.
Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company’s equity investment in those properties multiplied by the Company’s consolidated weighted average borrowing rate. Capitalized Interest is a component of the carrying value of a development or redevelopment property.
CMBS Investments - Investments in commercial mortgage-backed securities.
Commenced Occupancy - Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
Consolidated securitization vehicle - CMBS securitization trusts for which the terms of our investment and special servicing assignment give us the ability to direct the activities that could significantly impact the trust's economic performance
Debt service coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by total interest and principal payments.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
Economic Occupancy - Calculated based on the square footage on which revenue is being recognized for GAAP purposes as of the reporting date, which may differ from the square footage on which cash rent is being collected.

First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs which are generally incurred during the first 4-5 years following acquisition of a property.
Fixed charge - Total payments for interest, loan principal amortization, ground rent and preferred stock dividends.
Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by Fixed Charge. The calculation of fixed charge coverage for purposes of our credit facility covenants is governed by the terms of the credit facility.

Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Junior Mortgage Participations - Subordinate interests in first mortgages.
Leased Occupancy - Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
Mezzanine Debt - Loans secured by ownership interests in real estate.
Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns.
Recurring capital expenditures - Building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include building improvements that are incurred to bring a property up to “operating standards.”
Redevelopment costs - Non-recurring capital expenditures incurred to improve properties to the Company’s operating standards.
Rentable Square Footage - The total space designated as rentable under the in-place lease agreements and vacant rentable space available to be leased.
Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured at inception as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense.
Supplemental Information
4
First Quarter 2026

DEFINITIONS
                               
                          
                         
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Same-Store Properties (Same-Store) - Properties in service and operating during both the current and prior year reporting periods that are located in Manhattan. Same-Store excludes development and redevelopment properties that are not stabilized for both the current and prior year and excludes properties sold. Changes to Same-Store properties in 2026 are as follows:
Added to Same-Store in 2026:
Removed from Same-Store in 2026:
500 Park AvenueNone
One Madison Avenue
Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.
SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership or economic interest in the respective joint ventures and may not accurately depict the legal and/or economic implications of holding a non-controlling interest in the respective joint ventures.
Total square feet owned - The total square footage of properties either wholly owned by the Company or in which the Company has a joint venture interest.
Supplemental Information
5
First Quarter 2026

FIRST QUARTER 2026 HIGHLIGHTS

Unaudited

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NEW YORK, April 15, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2026 of $84.4 million, or $1.20 per share, as compared to a net loss of $21.1 million, or $0.30 per share, for the same period in 2025.
The Company reported FFO for the quarter ended March 31, 2026 of $64.6 million or $0.84 per share, net of the write-off of $4.8 million, or $0.06 per share, of unamortized deferred financing costs and inclusive of $2.0 million, or $0.03 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $106.5 million, or $1.40 per share, for the same period in 2025, which included $25.0 million, or $0.33 per share, of income related to the resolution of a commercial mortgage investment.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 2.6% for the first quarter of 2026, excluding lease termination income, as compared to the same period in 2025.
During the first quarter of 2026, the Company signed 51 office leases in its Manhattan office portfolio totaling 929,264 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2026 was $105.12 per rentable square foot, the highest average starting rent for leases signed in any one quarter in the Company’s history, with an average lease term of 9.8 years and average tenant concessions of 10.9 months of free rent with a tenant improvement allowance of $107.76 per rentable square foot. Thirty-four leases comprising 666,790 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 $114.75 per rentable square foot, representing a 16.1% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, as compared to 93.0% 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 95.0% by December 31, 2026.
Significant leasing activity in the first quarter includes:
New lease with Clay Labs, Inc. for 163,095 square feet at 11 Madison Avenue;
New lease with a large global investment firm for 150,036 square feet at 245 Park Avenue;
New expansion lease with Harvey AI Corporation for 92,663 square feet at One Madison Avenue;
New expansion lease with TD Securities for 51,081 square feet at 125 Park Avenue;
New lease with Robinson & Cole for 48,451 square feet at 100 Park Avenue;
New lease with One Main General Services Corp for 38,037 square feet at 1185 Avenue of the Americas;
New expansion lease with McDermott, Will & Schulte for 29,734 square feet at One Vanderbilt Avenue.
Investment Activity
In March, the Company entered into a contract to sell the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions. The Company will retain ownership of the 26,000 square foot office condominium.
In February, together with our joint venture partner, the Company closed on the sale of 690 Madison Avenue for $54.5 million. The transaction generated cash proceeds to the Company of $48.5 million.

Supplemental Information
6
First Quarter 2026

FIRST QUARTER 2026 HIGHLIGHTS

Unaudited

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Financing Activity
In March, together with our joint venture partners, the Company completed a $1.65 billion, five-year, fixed-rate refinancing of One Madison Avenue. The single asset, single borrower (SASB) CMBS execution was priced at a spread of 181 basis points above the US treasury index, resulting in an interest rate of 5.81%. The new financing replaced the property’s previous $1.25 billion construction facility, which had an outstanding balance of $1.171 billion.
In March, the Company refinanced, extended and reduced the overall cost of $2.0 billion of the Company's $2.4 billion corporate credit facility.
The existing revolving line of credit component of the facility was maintained at $1.25 billion, the maturity was extended to June 2031, inclusive of as-of-right extension options, and the borrowing cost was reduced by 25 basis points to 125 basis over SOFR based on the Company's current credit rating.
The existing $1.05 billion term loan component of the facility was bifurcated, resulting in a new $750 million term loan with a maturity date of June 2031 and a borrowing cost that was reduced by 25 basis points to 145 basis points over SOFR, based on the Company’s current credit rating. The remaining $300 million of the term loan with a maturity date of May 2027 will continue to be outstanding on its current terms.
The existing $100 million term loan component of the facility with a maturity date of November 2026 will also remain outstanding on its current terms.
Dividends
On March 23, 2026, the Company announced that its board of directors established an annual ordinary dividend on its common stock for 2026 of $2.47 per share. The new dividend level will allow the Company to retain incremental liquidity for investment opportunities, which may include discounted debt extinguishments, share repurchases or ongoing development projects.
In the first quarter of 2026, the Company declared:
A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on April 15, 2026;
A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period
January 15, 2026 through and including April 14, 2026, which was paid in cash on April 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 16, 2026, at 2:00 p.m. ET to discuss the financial results.
Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”
The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”
Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIfae87cfbadc74c2fbc45e803ee1d1e2f.
Supplemental Information
7
First Quarter 2026

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
3/31/202612/31/20259/30/20256/30/20253/31/2025
Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted$(1.20)$(1.49)$0.34 $(0.16)$(0.30)
Funds from operations (FFO) available to common stockholders - diluted$0.84 $1.13 $1.58 $1.63 $1.40 
Common Share Price & Dividends
Closing price at the end of the period$36.94 $45.87 $59.81 $61.90 $57.70 
Closing high price during period$49.39 $60.52 $65.67 $65.94 $68.38 
Closing low price during period$35.33 $41.53 $52.04 $47.90 $55.58 
Annual dividend per common share$2.47 $3.09 $3.09 $3.09 $3.09 
Common Shares & Units
Common shares outstanding71,124 71,159 71,028 71,025 71,016 
Units outstanding5,878 4,878 4,850 4,853 5,010 
Total common shares and units outstanding77,002 76,037 75,878 75,878 76,026 
Weighted average common shares and units outstanding - basic75,667 74,331 74,318 74,455 74,527 
Weighted average common shares and units outstanding - diluted77,250 76,594 76,428 76,278 76,333 
Market Capitalization
Market value of common equity$2,844,454 $3,487,817 $4,538,263 $4,696,848 $4,386,700 
Liquidation value of preferred equity/units and redeemable equity434,318 429,271 424,393 425,141 426,016 
Consolidated debt4,774,283 4,044,499 4,028,382 3,753,402 3,876,727 
Consolidated market capitalization$8,053,055 $7,961,587 $8,991,038 $8,875,391 $8,689,443 
SLG share of unconsolidated JV debt5,997,411 5,897,198 5,805,174 6,043,432 6,033,918 
Market capitalization including SLG share of unconsolidated JVs$14,050,466 $13,858,785 $14,796,212 $14,918,823 $14,723,361 
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)1.71x1.81x1.86x1.85x1.83x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)1.56x1.65x1.69x1.67x1.66x








Supplemental Information
8
First Quarter 2026

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
3/31/202612/31/20259/30/20256/30/20253/31/2025
Selected Balance Sheet Data
Real estate assets before depreciation$7,612,191 $7,159,632 $7,135,236 $6,731,336 $6,678,906 
Debt and preferred equity investments118,083 168,358 171,412 315,684 318,189 
Investments in unconsolidated joint ventures2,500,573 2,624,755 2,627,443 2,701,382 2,712,582 
Debt fund investments293,243 152,958 73,402 41,356 — 
Cash and cash equivalents143,867 155,747 187,039 182,912 180,133 
Investment in marketable securities25,330 23,666 16,099 17,151 12,295 
Total assets11,758,750 11,082,607 11,144,137 11,252,329 11,410,623 
Consolidated fixed rate & hedged debt4,108,672 3,678,450 3,603,866 3,367,249 3,367,361 
Consolidated variable rate debt665,611 366,049 424,516 386,153 509,366 
Total consolidated debt4,774,283 4,044,499 4,028,382 3,753,402 3,876,727 
Deferred financing costs, net of amortization(35,673)(13,063)(13,632)(13,788)(15,275)
Total consolidated debt, net4,738,610 4,031,436 4,014,750 3,739,614 3,861,452 
Total liabilities7,397,218 6,729,517 6,742,640 6,889,934 6,972,478 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt9,372,652 9,092,996 8,930,609 8,836,884 8,827,482 
Variable rate debt, including SLG share of unconsolidated JV debt (1)
920,611 370,270 424,516 386,153 509,366 
ASP debt, including SLG share of unconsolidated ASP JV debt478,431 478,431 478,431 573,797 573,797 
Total debt, including SLG share of unconsolidated JV debt$10,771,694 $9,941,697 $9,833,556 $9,796,834 $9,910,645 
(1) Does not reflect floating rate debt and preferred equity investments that provide a hedge against floating rate debt.
Supplemental Information
9
First Quarter 2026

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
3/31/202612/31/20259/30/20256/30/20253/31/2025
Selected Operating Data
Property operating revenues$186,876 $183,313 $168,536 $165,237 $163,019 
Property operating expenses(110,313)(109,794)(101,406)(94,960)(99,385)
Property NOI$76,563 $73,519 $67,130 $70,277 $63,634 
SLG share of unconsolidated JV Property NOI119,941 119,852 124,381 119,115 113,876 
Property NOI, including SLG share of unconsolidated JV Property NOI$196,504 $193,371 $191,511 $189,392 $177,510 
SUMMIT Operator revenue24,142 35,920 32,883 31,007 22,534 
Investment income, including SLG share of unconsolidated JVs2,770 2,994 8,319 11,398 21,032 
Income (loss) from debt fund investments, net2,478 (3,222)1,176 600 — 
Interest income from real estate loans held by consolidated securitization vehicles, net— — — 32 2,009 
Fee & other income, including SLG share of unconsolidated JVs30,449 46,301 33,471 22,977 23,518 
Loss (gain) on early extinguishment of debt, including SLG share of unconsolidated JVs(4,796)— 57,187 — — 
SUMMIT Operator expenses(24,942)(33,794)(35,959)(24,847)(21,764)
Loan loss and other investment reserves, net of recoveries— — — 46,287 25,039 
Transaction costs, including SLG share of unconsolidated JVs(284)(341)(13,129)(177)(295)
Marketing general & administrative expenses(22,786)(22,306)(23,701)(21,579)(21,724)
Income taxes, including SLG share of unconsolidated JVs(1,045)2,305 137 1,296 653 
EBITDAre$202,490 $221,228 $251,895 $256,386 $228,512 
Manhattan Properties
Property operating revenues$182,083 $178,189 $164,342 $160,095 $158,037 
Property operating expenses97,548 98,034 88,987 82,287 87,410 
Property NOI$84,535 $80,155 $75,355 $77,808 $70,627 
Other income - consolidated$964 $2,610 $1,665 $2,013 $5,551 
SLG share of property NOI from unconsolidated JVs$120,056 $127,442 $124,737 $118,869 $113,627 
Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service17 16 16 16 16 
Unconsolidated office buildings in service10 10 10 10 
27 26 26 26 25 
Consolidated office buildings in service - square footage10,102,852 9,480,8529,788,8529,788,8529,788,852
Unconsolidated office buildings in service - square footage13,868,633 13,868,63313,560,63313,560,63312,175,149
23,971,485 23,349,485 23,349,485 23,349,485 21,964,001 
Supplemental Information
10
First Quarter 2026

OFFICE LEASING STATISTICS

Manhattan Operating Properties
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As of or for the three months ended
3/31/202612/31/20259/30/20256/30/20253/31/2025
Signed Leasing
Same-Store office occupancy inclusive of leases signed not yet commenced94.4%93.0%91.9%90.4%90.8%
New leases signed44 44 34 29 35 
Renewal leases signed12 18 17 10 
Total office leases signed51 56 52 46 45 
Signed office square footage filling vacancy262,474303,978338,686232,475240,974
Signed office square footage on previously occupied space (M-T-M leasing) (1)
666,790462,805319,256309,246361,131
Total office square footage signed929,264766,783657,942541,721602,105
Average starting cash rent psf - office leases signed$114.75 $91.74 $90.65 $95.93 $82.29 
Previous escalated cash rent psf - office leases signed (2)
$98.85 $86.22 $93.13 $93.65 $84.89 
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)
16.1%6.4%(2.7)%2.4%(3.1)%
Average lease term9.88.58.97.89.8
Tenant concession packages psf$107.76 $97.54$99.09$78.81 $94.35 
Free rent months10.98.89.16.39.4
Commenced Leasing
Same-Store office occupancy based on commenced leases91.1%90.0%90.2%88.2%87.6%
New leases commenced43 29 33 34 27 
Renewal leases commenced12 18 16 
Total office leases commenced50 41 51 50 36 
Commenced office square footage filling vacancy277,335146,707390,460372,611388,305
Commenced office square footage on previously occupied space (M-T-M leasing) (1)
262,692244,368384,800334,144283,236
Total office square footage commenced540,027391,075775,260706,755671,541
Average starting cash rent psf - office leases commenced$104.74 $84.32 $95.42 $79.27 $84.80 
Previous escalated cash rent psf - office leases commenced (2)
$99.44 $83.28 $90.77 $88.68 $88.34 
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)
5.3%1.3%5.1%(10.6)%(4.0)%
Average lease term10.25.710.510.19.1
Tenant concession packages psf$112.51 $49.69$108.39$111.53 $109.37 
Free rent months11.04.29.111.49.5
(1) Calculated on space that was occupied within the previous 12 months.
(2) Previously escalated cash rent includes base rent plus all additional amounts paid by the previous tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
Supplemental Information
11
First Quarter 2026

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
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As of
3/31/202612/31/20259/30/20256/30/20253/31/2025
Assets
Commercial real estate properties, at cost:
Land and land interests$1,848,531 $1,699,215 $1,627,895 $1,448,504 $1,450,892 
Building and improvements 4,298,249 4,012,305 4,082,434 3,867,078 3,828,638 
Building leasehold and improvements 1,465,411 1,448,112 1,424,907 1,415,754 1,399,376 
7,612,191 7,159,632 7,135,236 6,731,336 6,678,906 
Less: accumulated depreciation(2,321,290)(2,306,377)(2,266,042)(2,220,242)(2,174,667)
Net real estate5,290,901 4,853,255 4,869,194 4,511,094 4,504,239 
Other real estate investments:
Debt and preferred equity investments, net
118,083 

168,358 171,412 315,684 318,189 
Investment in unconsolidated joint ventures2,500,573 2,624,755 2,627,443 2,701,382 2,712,582 
Debt fund investments293,243 152,958 73,402 41,356 — 
Assets held for sale, net211,222 — — — — 
Cash and cash equivalents143,867 155,747 187,039 182,912 180,133 
Restricted cash194,772 180,748 170,004 159,905 156,895 
Investment in marketable securities25,330 23,666 16,099 17,151 12,295 
Tenant and other receivables56,724 45,524 136,787 44,444 48,074 
Related party receivables25,161 16,293 15,287 12,030 18,630 
Deferred rents receivable262,730 266,678 268,770 267,046 264,982 
Deferred costs, net129,428 129,019 117,054 117,964 114,317 
Right-of-use assets - operating leases909,377 864,430 869,929 875,379 860,449 
Real estate loans held by consolidated securitization vehicles1,027,164 1,023,877 1,013,273 1,431,362 1,599,291 
Other assets570,175 577,299 608,444 574,620 620,547 
 Total Assets$11,758,750 $11,082,607 $11,144,137 $11,252,329 $11,410,623 
Supplemental Information
12
First Quarter 2026

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
slglogo.jpg

As of
3/31/202612/31/20259/30/20256/30/20253/31/2025
Liabilities
Mortgages and other loans payable$2,509,135 $2,154,499 $2,288,382 $2,043,402 $2,036,727 
Unsecured term loans1,150,000 1,150,000 1,150,000 1,150,000 1,150,000 
Unsecured notes— — 100,000 100,000 100,000 
Revolving credit facility825,000 640,000 390,000 360,000 490,000 
Deferred financing costs(35,673)(13,063)(13,632)(13,788)(15,275)
Total debt, net of deferred financing costs4,448,462 3,931,436 3,914,750 3,639,614 3,761,452 
Accrued interest payable19,791 15,221 17,803 16,066 18,473 
Accounts payable and accrued expenses118,912 134,621 140,232 130,656 123,256 
Deferred revenue168,980 147,419 164,132 158,111 166,240 
Lease liability - financing leases108,515 108,183 107,846 107,513 107,183 
Lease liability - operating leases851,142 805,192 809,665 814,088 806,669 
Dividends and distributions payable49,380 2,536 21,942 22,150 21,978 
Security deposits73,638 68,276 65,356 60,825 62,210 
Liabilities related to assets held for sale189,842 — — — — 
Junior subordinated deferrable interest debentures100,000 100,000 100,000 100,000 100,000 
Senior obligations of consolidated securitization vehicles1,027,164 1,023,877 1,013,273 1,431,362 1,409,185 
Other liabilities241,392 392,756 387,641 409,549 395,832 
Total Liabilities7,397,218 6,729,517 6,742,640 6,889,934 6,972,478 
Noncontrolling interests in Operating Partnership
     (5,878 units outstanding at 3/31/2026)
259,415 241,371 280,873 287,151 288,702 
Preferred units and redeemable equity204,319 199,271 194,392 195,141 196,016 
Equity
SL Green stockholders' equity:
Series I Preferred Stock221,932 221,932 221,932 221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized, 71,124
issued and outstanding at 3/31/2026
711 711 710 710 710 
Additional paid–in capital4,213,856 4,212,590 4,205,443 4,198,303 4,156,242 
Accumulated other comprehensive earnings (loss)(7,287)(22,198)(19,784)(16,324)(4,842)
Retained deficit(892,890)(741,880)(634,653)(613,117)(537,585)
Total SL Green Realty Corp. stockholders' equity3,536,322 3,671,155 3,773,648 3,791,504 3,836,457 
Noncontrolling interests in other partnerships361,476 241,293 152,584 88,599 116,970 
Total Equity3,897,798 3,912,448 3,926,232 3,880,103 3,953,427 
 Total Liabilities and Equity$11,758,750 $11,082,607 $11,144,137 $11,252,329 $11,410,623 
Supplemental Information
13
First Quarter 2026

COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
slglogo.jpg

Three Months Ended
March 31,December 31,March 31,
202620252025
Revenues
Rental revenue, net$165,995 $159,816 $144,518 
Escalation and reimbursement revenues20,881 23,497 18,501 
SUMMIT Operator revenue24,142 35,920 22,534 
Investment income2,346 2,568 16,114 
Interest income from real estate loans held by consolidated securitization vehicles14,649 14,866 15,981 
Fee Income20,006 25,827 12,275 
Other income5,061 13,973 9,923 
Total Revenues253,080 276,467 239,846 
Expenses
Operating expenses (1)
61,457 61,259 56,062 
Real estate taxes41,912 42,429 37,217 
Operating lease rent6,944 6,106 6,106 
SUMMIT Operator expenses24,942 33,794 21,764 
Loan loss and other investment reserves, net of recoveries— — (25,039)
Transaction related costs284 341 295 
Marketing, general and administrative22,786 22,306 21,724 
Total Operating Expenses158,325 166,235 118,129 
Equity in net income (loss) from unconsolidated joint ventures (2)
(20,780)(12,439)2,950 
Income (loss) from debt fund investments, net (3)
2,478 (3,222)— 
Operating Income76,453 94,571 124,667 
Interest expense, net of interest income50,909 49,422 45,681 
Amortization of deferred financing costs2,802 1,901 1,687 
SUMMIT Operator tax expense (benefit)585 478 (45)
Interest expense on senior obligations of consolidated securitization vehicles14,649 14,866 13,972 
Depreciation and amortization69,751 67,839 64,498 
 (Loss) Income from Continuing Operations (4)
(62,243)(39,935)(1,126)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate(814)1,142 — 
Purchase price and other fair value adjustments4,183 (28,143)(9,611)
Gain (loss) on sale of real estate, net16,636 (426)(482)
Depreciable real estate reserves(35,160)(23,546)(8,546)
Depreciable real estate reserves in unconsolidated joint venture— (12,812)(1,780)
Net (Loss) Income(77,398)(103,720)(21,545)
Net (income) loss attributable to noncontrolling interests(1,056)5,062 6,362 
Preferred units distributions(2,199)(2,172)(2,154)
Net (Loss) Income attributable to SL Green(80,653)(100,830)(17,337)
Perpetual preferred stock dividends(3,738)(3,737)(3,738)
Net (Loss) Income attributable to SL Green common stockholders$(84,391)$(104,567)$(21,075)
Basic (loss) earnings per share$(1.20)$(1.49)$(0.30)
Diluted (loss) earnings per share$(1.20)$(1.49)$(0.30)
(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 debt fund investments, net of expenses. Excludes fees recognized by us as the debt fund's manager, which are included in Other income.
(4) Before equity in net (loss) gain, purchase price and other fair value adjustments, gain (loss) on sale and depreciable real estate reserves, and gain on sale of marketable securities shown below.
Supplemental Information
14
First Quarter 2026

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
slglogo.jpg

Three Months Ended
March 31,December 31,March 31,
202620252025
Funds from Operations
Net (Loss) Income attributable to SL Green common stockholders$(84,391)$(104,567)$(21,075)
Depreciation and amortization69,751 67,839 64,498 
Joint ventures depreciation and noncontrolling interests adjustments62,596 65,677 53,361 
Net income (loss) attributable to noncontrolling interests1,056 (5,062)(6,362)
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate814 (1,142)— 
Purchase price and other fair value adjustments(2,224)28,226 6,544 
(Gain) Loss on sale of real estate, net(16,636)426 482 
Depreciable real estate reserves 35,160 23,546 8,546 
Depreciable real estate reserves in unconsolidated joint venture— 12,812 1,780 
Depreciation on non-rental real estate assets(1,503)(1,526)(1,263)
Funds From Operations$64,623 $86,229 $106,511 
Funds From Operations - Basic per Share$0.85 $1.16 $1.43 
Funds From Operations - Diluted per Share$0.84 $1.13 $1.40 
Funds Available for Distribution
FFO$64,623 $86,229 $106,511 
Non real estate depreciation and amortization1,503 1,526 1,263 
Amortization of deferred financing costs2,802 1,901 1,687 
Non-cash deferred compensation10,213 19,394 10,537 
FAD adjustment for joint ventures(29,468)(21,662)(25,873)
Straight-line rental income and other non-cash adjustments(3,143)(2,194)3,207 
Non-cash fair value adjustments on mark-to-market derivatives(1,960)(83)3,068 
Second cycle tenant improvements(18,526)(32,522)(17,858)
Second cycle leasing commissions(9,578)(9,926)(4,246)
Recurring capital expenditures(5,618)(17,971)(4,767)
Reported Funds Available for Distribution$10,848 $24,692 $73,529 
First cycle tenant improvements$2,160 $1,663 $64 
First cycle leasing commissions$17 $1,591 $128 
Development costs$325 $10,281 $10,638 
Redevelopment costs$9,083 $4,822 $2,710 
Capitalized interest$8,669 $8,244 $6,470 
Supplemental Information
15
First Quarter 2026

CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
slglogo.jpg

Accumulated
Series IOther
PreferredCommonAdditionalTreasuryRetainedNoncontrollingComprehensive
StockStockPaid-In CapitalStockDeficitInterestsLossTotal
Balance at December 31, 2025$221,932 $711 $4,212,590 $ $(741,880)$241,293 $(22,198)$3,912,448 
Net loss(80,653)7,734 (72,919)
Other comprehensive income14,911 14,911 
Perpetual preferred stock dividends(3,738)(3,738)
DRSPP proceeds— 62 62 
Measurement adjustment for redeemable noncontrolling interest(22,901)(22,901)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings— 1,204 466 1,670 
Contributions to consolidated joint venture interests40,399 40,399 
Contributions to debt fund investments81,725 81,725 
Cash distributions to noncontrolling interests(8,320)(8,320)
Distributions from debt fund investments(1,821)(1,821)
Cash distributions ($0.62 per common share, none of which represented a return of capital for federal income tax purposes)
(43,718)(43,718)
Balance at March 31, 2026$221,932 $711 $4,213,856 $ $(892,890)$361,476 $(7,287)$3,897,798 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
Common StockOP UnitsStock-Based CompensationContingently Issuable SharesDiluted Shares
Share and Unit Count at December 31, 202571,158,530 4,877,891 76,036,421 
YTD activity(34,546)1,000,427 — — 965,881 
Share and Unit Count at March 31, 202671,123,984 5,878,318   77,002,302 
Weighted Average Share and Unit Count at March 31, 2026 - Basic70,687,291 4,979,989   75,667,280 
Dilution— — 727,403 854,993 1,582,396 
Weighted Average Share and Unit Count at March 31, 2026 - Diluted70,687,291 4,979,989 727,403 854,993 77,249,676 
Supplemental Information
16
First Quarter 2026

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

As of
March 31, 2026December 31, 2025September 30, 2025
TotalSLG ShareTotalSLG ShareTotalSLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests$4,302,573 $2,057,636 $4,302,573 $2,057,636 $4,137,556 $1,978,678 
Building and improvements 13,597,440 6,408,880 13,507,121 6,373,604 13,535,671 6,423,255 
Building leasehold and improvements 286,233 192,372 283,579 189,850 281,413 187,793 
 18,186,246 8,658,888 18,093,273 8,621,090 17,954,640 8,589,726 
Less: accumulated depreciation(2,757,938)(1,404,182)(2,659,031)(1,355,798)(2,702,777)(1,394,565)
Net real estate15,428,308 7,254,706 15,434,242 7,265,292 15,251,863 7,195,161 
Other real estate investments:
Debt and preferred equity investments, net256,444 12,824 247,964 12,400 239,441 119,718 
Cash and cash equivalents274,721 111,394 295,847 124,021 246,097 94,571 
Restricted cash502,645 223,541 351,566 182,893 355,651 185,257 
Tenant and other receivables78,298 48,917 58,588 36,256 39,889 26,184 
Deferred rents receivable734,859 365,624 712,535 356,519 695,615 351,082 
Deferred costs, net415,094 200,549 402,783 193,650 394,218 191,250 
Right-of-use assets - financing leases739,301 516,884 741,693 518,403 744,203 520,033 
Right-of-use assets - operating leases80,803 42,490 82,395 43,436 83,979 44,378 
Other assets1,221,296 568,209 1,282,576 594,434 1,217,177 561,239 
Total Assets$19,731,769 $9,345,138 $19,610,189 $9,327,304 $19,268,133 $9,288,873 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$110,972 at 3/31/2026, of which $53,333 is SLG share
$12,810,512 $5,944,078 $12,378,150 $5,846,722 $12,145,070 $5,753,383 
Accrued interest payable77,149 29,667 62,978 24,356 57,281 22,642 
Accounts payable and accrued expenses273,811 156,662 283,909 157,467 246,095 131,572 
Deferred revenue841,807 380,817 852,035 383,414 879,137 398,071 
Lease liability - financing leases812,663 554,571 812,881 555,399 813,101 556,224 
Lease liability - operating leases95,145 48,681 96,107 49,233 97,060 49,779 
Security deposits47,017 20,127 48,190 20,383 45,429 19,903 
Other liabilities73,390 37,069 89,722 45,366 85,956 44,399 
Equity4,700,275 2,173,466 4,986,217 2,244,964 4,899,004 2,312,900 
Total Liabilities and Equity$19,731,769 $9,345,138 $19,610,189 $9,327,304 $19,268,133 $9,288,873 
Supplemental Information
17
First Quarter 2026

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
TotalSLG ShareTotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$321,758 $163,062 $313,352 $159,254 $301,123 $153,205 
Escalation and reimbursement revenues68,539 35,857 66,475 34,908 62,938 33,859 
Investment income8,480 424 8,523 426 5,409 4,918 
Other income11,601 5,382 13,581 6,501 2,456 1,320 
Total Revenues410,378 204,725 401,931 201,089 371,926 193,302 
Loss on early extinguishment of debt(1)
(9,497)(4,796)— — — — 
Expenses
Operating expenses75,836 38,356 68,389 34,697 68,015 34,814 
Real estate taxes76,755 38,966 74,624 37,957 71,504 36,718 
Operating lease rent2,995 1,656 2,995 1,656 6,581 1,656 
Total Operating Expenses155,586 78,978 146,008 74,310 146,100 73,188 
Operating Income245,295 120,951 255,923 126,779 225,826 120,114 
Interest expense, net of interest income139,898 70,132 137,444 68,827 128,896 62,965 
Amortization of deferred financing costs8,491 4,456 11,365 5,882 6,019 3,191 
Depreciation and amortization132,612 67,639 126,599 64,654 121,305 63,075 
Net Loss(35,706)(21,276)(19,485)(12,584)(30,394)(9,117)
Real estate depreciation132,611 67,638 126,597 64,654 121,304 63,074 
FFO Contribution$96,905 $46,362 $107,112 $52,070 $90,910 $53,957 
FAD Adjustments:
Non real estate depreciation and amortization$$$$— $$
Amortization of deferred financing costs8,491 4,456 11,365 5,882 6,019 3,191 
Straight-line rental income and other non-cash adjustments(39,514)(17,310)(39,619)(14,675)(45,752)(22,926)
Second cycle tenant improvements(19,364)(9,741)(9,618)(4,933)(6,348)(3,226)
Second cycle leasing commissions(9,883)(5,601)(6,293)(3,173)(5,066)(2,606)
Recurring capital expenditures(2,199)(1,273)(5,618)(4,763)(409)(307)
Total FAD Adjustments$(62,468)$(29,468)$(49,781)$(21,662)$(51,555)$(25,873)
First cycle tenant improvements$12,708 $6,126 $14,177 $6,896 $3,698 $1,782 
First cycle leasing commissions$11,939 $5,981 $9,596 $4,763 $811 $219 
Development costs$18,318 $4,671 $15,221 $3,985 $11,005 $3,258 
Redevelopment costs$10,820 $5,315 $29,843 $14,802 $14,619 $7,102 
Capitalized interest$15,978 $7,279 $16,079 $7,212 $19,564 $9,430 
(1) Includes the write-off of unamortized deferred financing costs.
Supplemental Information
18
First Quarter 2026

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

Three Months Ended
March 31,December 31,March 31,
202620252025
Net Operating Income (1)
$91,863 $88,299 $72,013 
SLG share of NOI from unconsolidated JVs120,096 119,635 114,596 
NOI, including SLG share of unconsolidated JVs211,959 207,934 186,609 
Partners' share of NOI - consolidated JVs(12)(32)(1,563)
NOI - SLG share$211,947 $207,902 $185,046 
NOI, including SLG share of unconsolidated JVs$211,959 $207,934 $186,609 
Free rent (net of amortization)(5,772)(7,856)(5,629)
Straight-line revenue adjustment(9,639)(7,775)(8,312)
Amortization of acquired above and below-market leases, net(6,561)(5,820)(5,435)
Operating lease straight-line adjustment605 605 528 
Straight-line tenant credit loss(188)272 (437)
Cash NOI, including SLG share of unconsolidated JVs190,404 187,360 167,324 
Partners' share of cash NOI - consolidated JVs(27)(43)(1,219)
Cash NOI - SLG share$190,377 $187,317 $166,105 
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended
March 31, 2026
NOICash NOI
Manhattan Office$180,771 $159,533 
Development / Redevelopment583 1,109 
High Street Retail5,362 5,032 
Suburban1,170 1,216 
Residential6,293 6,016 
Total Operating and Development194,179 172,906 
Alternative Strategy Portfolio11,582 11,058 
Property Dispositions (2)
(12)(12)
Other (3)
6,198 6,425 
Total$211,947 $190,377 
(1) Portfolio composition consistent with the Selected Property Data tables.
(2) Includes properties sold or otherwise disposed of during the respective period.
(3) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
Supplemental Information
19
First Quarter 2026

SELECTED FINANCIAL DATA
Same Store Net Operating Income - Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended
March 31,March 31,December 31,September 30,
20262025%20252025
Revenues
Rental revenue, net$137,334 $137,547 $136,800 $139,001 
Escalation & reimbursement revenues18,267 17,217 19,925 17,375 
Other income(35)4,661 1,457 715 
Total Revenues$155,566 $159,425 $158,182 $157,091 
Expenses
Operating expenses$44,010 $43,726 $43,976 $44,201 
Real estate taxes35,351 35,113 35,724 34,685 
Operating lease rent6,106 6,106 6,106 6,106 
Total Operating Expenses$85,467 $84,945 $85,806 $84,992 
Operating Income$70,099 $74,480 $72,376 $72,099 
Interest expense & amortization of financing costs$26,102 $24,109 $25,410 $25,384 
Depreciation & amortization50,810 53,783 51,673 52,683 
Loss before noncontrolling interest$(6,813)$(3,412)$(4,707)$(5,968)
Real estate depreciation & amortization50,810 53,783 51,673 52,683 
FFO Contribution$43,997 $50,371 $46,966 $46,715 
Non–building revenue(302)(253)(736)(426)
Interest expense & amortization of financing costs26,102 24,109 25,410 25,384 
Non-real estate depreciation— — — — 
NOI$69,797 $74,227 (6.0)%$71,640 $71,673 
Cash Adjustments
Free rent (net of amortization)$(4,581)$(1,271)$(4,513)$(1,767)
Straight-line revenue adjustment1,339 4,495 2,043 1,997 
Amortization of acquired above and below-market leases, net1,147 912 1,100 942 
Operating lease straight-line adjustment204 204 204 204 
Straight-line tenant credit loss(198)(1,931)284 (7)
Cash NOI$67,708 $76,636 (11.6)%$70,758 $73,042 
Lease termination income356 (4,393)(704)(270)
Cash NOI excluding lease termination income$68,064 $72,243 (5.8)%$70,054 $72,772 
Operating Margins
NOI to real estate revenue, net45.0 %46.6 %45.5 %45.7 %
Cash NOI to real estate revenue, net43.6 %48.1 %44.9 %46.6 %
NOI before operating lease rent/real estate revenue, net48.9 %50.5 %49.4 %49.6 %
Cash NOI before operating lease rent/real estate revenue, net47.4 %51.9 %48.7 %50.4 %
Supplemental Information
20
First Quarter 2026

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

Three Months Ended
March 31,March 31,December 31,September 30,
20262025%20252025
Revenues
Rental revenue, net$138,217 $129,602 $140,106 $141,800 
Escalation & reimbursement revenues34,113 30,802 33,620 30,881 
Other income4,642 85 3,371 3,788 
Total Revenues$176,972 $160,489 $177,097 $176,469 
Expenses
Operating expenses$35,834 $32,914 $34,195 $34,412 
Real estate taxes36,264 34,901 36,544 35,939 
Operating lease rent108 108 108 108 
Total Operating Expenses$72,206 $67,923 $70,847 $70,459 
Operating Income$104,766 $92,566 $106,250 $106,010 
Interest expense & amortization of financing costs$66,505 $62,241 $69,797 $65,995 
Depreciation & amortization59,141 56,508 57,663 58,720 
Loss before noncontrolling interest$(20,880)$(26,183)$(21,210)$(18,705)
Real estate depreciation & amortization59,140 56,508 57,662 58,719 
FFO Contribution$38,260 $30,325 $36,452 $40,014 
Non–building revenue(14)(81)(903)(413)
Interest expense & amortization of financing costs66,505 62,241 69,797 65,995 
Non-real estate depreciation— 
NOI$104,752 $92,485 13.3 %$105,347 $105,597 
Cash Adjustments
Free rent (net of amortization)$(564)$(195)$(1,858)$500 
Straight-line revenue adjustment(8,938)(9,679)(9,001)(10,875)
Amortization of acquired above and below-market leases, net(6,460)(6,040)(6,328)(6,268)
Operating lease straight-line adjustment— — — — 
Straight-line tenant credit loss— (395)— — 
Cash NOI$88,790 $76,176 16.6 %$88,160 $88,954 
Lease termination income(4,626)— (2,464)(3,189)
Cash NOI excluding lease termination income$84,164 $76,176 10.5 %$85,696 $85,765 
Operating Margins
NOI to real estate revenue, net59.2 %57.7 %59.8 %60.0 %
Cash NOI to real estate revenue, net50.2 %47.5 %50.0 %50.5 %
NOI before operating lease rent/real estate revenue, net59.3 %57.7 %59.9 %60.0 %
Cash NOI before operating lease rent/real estate revenue, net50.2 %47.6 %50.1 %50.6 %
Supplemental Information
21
First Quarter 2026

SELECTED FINANCIAL DATA
Same Store Net Operating Income
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended
March 31,March 31,December 31,September 30,
20262025%20252025
Revenues
Rental revenue, net$137,334 $137,547 $136,800 $139,001 
Escalation & reimbursement revenues18,267 17,217 19,925 17,375 
Other income(35)4,661 1,457 715 
Total Revenues$155,566 $159,425 $158,182 $157,091 
Equity in net income (loss) from unconsolidated joint ventures (1)
$(20,880)$(26,183)$(21,210)$(18,705)
Expenses
Operating expenses$44,010 $43,726 $43,976 $44,201 
Real estate taxes35,351 35,113 35,724 34,685 
Operating lease rent6,106 6,106 6,106 6,106 
Total Operating Expenses$85,467 $84,945 $85,806 $84,992 
Operating Income$49,219 $48,297 $51,166 $53,394 
Interest expense & amortization of financing costs$26,102 $24,109 $25,410 $25,384 
Depreciation & amortization50,810 53,783 51,673 52,683 
Loss before noncontrolling interest$(27,693)$(29,595)$(25,917)$(24,673)
Real estate depreciation & amortization50,810 53,783 51,673 52,683 
Joint Ventures Real estate depreciation & amortization (1)
59,140 56,508 57,662 58,719 
FFO Contribution$82,257 $80,696 $83,418 $86,729 
Non–building revenue(302)(253)(736)(426)
Joint Ventures Non–building revenue (1)
(14)(81)(903)(413)
Interest expense & amortization of financing costs26,102 24,109 25,410 25,384 
Joint Ventures Interest expense & amortization of financing costs (1)
66,505 62,241 69,797 65,995 
Non-real estate depreciation— — — — 
Joint Ventures Non-real estate depreciation (1)
— 
NOI$174,549 $166,712 4.7 %$176,987 $177,270 
Cash Adjustments
Non-cash adjustments$(2,089)$2,409 $(882)$1,369 
Joint Ventures non-cash adjustments (1)
(15,962)(16,309)(17,187)(16,643)
Cash NOI$156,498 $152,812 2.4 %$158,918 $161,996 
Lease termination income$356 $(4,393)$(704)$(270)
Joint Ventures lease termination income (1)
(4,626)— (2,464)(3,189)
Cash NOI excluding lease termination income$152,228 $148,419 2.6 %$155,750 $158,537 
Operating Margins
NOI to real estate revenue, net52.5 %52.2 %53.0 %53.3 %
Cash NOI to real estate revenue, net47.1 %47.8 %47.6 %48.7 %
NOI before operating lease rent/real estate revenue, net54.4 %54.1 %54.9 %55.1 %
Cash NOI before operating lease rent/real estate revenue, net48.9 %49.7 %49.4 %50.5 %
(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.
Supplemental Information
22
First Quarter 2026

DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
slglogo.jpg
Principal2026CurrentFinalPrincipal
OwnershipOutstandingPrincipalMaturityMaturityDue at
Fixed rate debtInterest (%)3/31/2026Coupon (1)AmortizationDateDate (2)Final Maturity
Secured fixed rate debt
10 East 53rd Street (swapped)100.0 $204,438 5.37%$— May-26May-28(3)$204,438 
7 Dey Street (4)100.0 190,148 6.35%— Nov-26Nov-26190,148 
100 Church Street (swapped)100.0 365,000 5.89%— Dec-26Jun-28365,000 
Landmark Square100.0 100,000 4.90%— Jan-27Jan-27100,000 
485 Lexington Avenue100.0 450,000 4.25%— Feb-27Feb-27450,000 
315 W 33rd St (The Olivia) (5)100.0 250,000 4.24%— Feb-27Feb-27250,000 
500 Park Avenue (swapped)100.0 80,000 6.57%— Jan-28Jan-3080,000 
800 Third Avenue (swapped)100.0 177,000 5.15%— Feb-29Feb-31177,000 
610 Park Avenue100.0 12,200 4.65%— Nov-29Nov-2912,200 
65 East 55th Street- Park Avenue Tower95.5 480,000 5.25%— Feb-31Feb-31480,000 
420 Lexington Avenue100.0 254,107 8.24%— Oct-40Oct-40254,107 
$2,562,893 5.47%$ $2,562,893 
Unsecured fixed rate debt
Revolving credit facility (swapped)100.0 $695,779 5.09%(6)$— Jun-30Jun-31(3)$695,779 
Term Loan C (swapped)100.0 750,000 4.33%— Jun-31Jun-31750,000 
Junior subordinated deferrable interest debentures (swapped)100.0 100,000 5.27%— Jul-35Jul-35100,000 
$1,545,779 4.74%$ $1,545,779 
Total Fixed Rate Debt$4,108,672 5.20%$ $4,108,672 
Floating rate debt
Unsecured floating rate debt
Term Loan B (SOFR + 180 bps)100.0 $100,000 5.47%May-26Nov-26(3)100,000 
Debt fund subscription line (SOFR + 220 bps)9.1 136,390 (7)5.88%Aug-27Aug-28$136,390 
Revolving credit facility (SOFR + 125 bps)100.0 129,221 4.92%Jun-30Jun-31(3)$129,221 
Term Loan A (SOFR + 170 bps)100.0 300,000 5.37%May-27May-27$300,000 
$665,611 5.40%$ $665,611 
Total Floating Rate Debt$665,611 5.40%$ $665,611 
Consolidated Debt$4,774,283 5.22%
Total Debt - Consolidated$4,774,283 5.22%$ $4,774,283 
Debt related to assets held for sale(190,148)
Deferred financing costs(35,673)
Total Debt - Consolidated, net$4,548,462 5.44%
Total Debt - Unconsolidated JV, net$5,944,078 4.62%
Debt including SLG share of JV Debt$10,293,263 4.90%
Alternative Strategy Portfolio Debt including SLG share of JV Debt$478,431 4.65%
Total Debt including SLG share of JV Debt$10,771,694 4.89%
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt$10,597,140 4.88%
(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.66%. Coupon for loans that are subject to alternative SOFR rates, SOFR floors, interest rate caps or interest rate swaps were determined using the alternative SOFR rates, SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) As-of-right extension.
(4) This property is held for sale as of March 31, 2026.
(5) The Company has a preferred equity investment in this property. The debt is consolidated for accounting purposes.
(6) Represents a blended swapped rate inclusive of multiple swaps.
(7) The Fund has access to a subscription line of credit with a maximum commitment of $200 million as of March 31, 2026, secured by investor capital commitments. The facility is used to fund acquisitions prior to capital calls and is repaid through capital contributions. The subscription line of credit is non-recourse to the Company.
Supplemental Information
23
First Quarter 2026

DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
slglogo.jpg

Principal Outstanding
2026 Principal
CurrentFinalPrincipal Due at
Ownership3/31/2026AmortizationMaturityMaturityFinal Maturity
Fixed rate debtInterest (%)Gross PrincipalSLG ShareCoupon (1)(SLG Share)DateDate (2)(SLG Share)
450 Park Avenue (swapped)25.1 $290,435 $72,899 6.57%(3)$— Jun-26Jun-27$72,899 
280 Park Avenue (swapped)50.0 1,075,000 537,500 5.84%— Sep-26Sep-28537,500 
1515 Broadway56.9 678,215 385,694 3.93%10,363 Mar-27Mar-28358,544 
245 Park Avenue 50.1 1,768,000 885,768 4.30%— Jun-27Jun-27885,768 
220 East 42nd51.0 496,412 253,170 6.77%— Dec-27Dec-27253,170 
100 Park Avenue50.8 382,872 194,499 5.73%— Jan-28Jan-29194,499 
15 Beekman20.0 117,000 23,400 4.83%— Jan-28Jan-2823,400 
11 Madison Avenue60.0 1,400,000 840,000 5.63%— Oct-30Oct-30840,000 
One Madison Avenue25.5 1,650,000 420,750 5.81%— Apr-31Apr-31420,750 
One Vanderbilt Avenue55.0 3,000,000 1,650,300 2.95%— Jul-31Jul-311,650,300 
$10,857,934 $5,263,980 4.54%(4)$10,363 $5,236,830 
Alternative strategy portfolio
650 Fifth Avenue50.0 $65,000 $32,500 5.45%$— Jul-26Jul-26$32,500 
115 Spring Street51.0 65,550 33,431 5.50%— Sep-26Sep-2633,431 
Worldwide Plaza25.1 1,200,000 300,600 3.98%— Nov-27Nov-27300,600 
$1,330,550 $366,531 4.25%(4)$ $366,531 
Total Fixed Rate Debt$12,188,484 $5,630,511 4.52%(4)$10,363 $5,603,361 
Floating rate debt
919 Third Avenue (SOFR + 250 bps)51.0 $500,000 $255,000 6.17%$— Apr-26Apr-28$255,000 
$500,000 $255,000 6.17%(4)$ $255,000 
Alternative strategy portfolio
11 West 34th Street (LIBOR + 145 bps)30.0 $23,000 $6,900 6.67%(5)— Feb-23(6)Feb-23(6)$6,900 
650 Fifth Avenue (SOFR + 225 bps)50.0 210,000 105,000 5.92%— Jul-26Jul-26105,000 
$233,000 $111,900 5.96%(4)$ $111,900 
Total Floating Rate Debt$733,000 $366,900 6.10%(4)$ $366,900 
Unconsolidated JV Debt$11,357,934 $5,518,980 4.62%(4)
Alternative Strategy Portfolio Debt$1,563,550 $478,431 4.65%(4)
Total Debt - Unconsolidated JV$12,921,484 $5,997,411 4.62%(4)$10,363 $5,970,261 
Deferred financing costs(110,972)(53,333)
Total Debt - Unconsolidated JV, net$12,810,512 $5,944,078 4.62%(4)
(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.66%. Coupon for loans that are subject to alternative SOFR rates, SOFR floors, interest rate caps or interest rate swaps were determined using the alternative SOFR rates, SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) Coupon reflects interest rate swaps executed at the corporate level for SLG’s share of the outstanding debt.
(4) Calculated based on SL Green's share of the outstanding debt.
(5) The coupon rate is based on the last available LIBOR on June 30, 2023.
(6) The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
Supplemental Information
24
First Quarter 2026

DEBT COMPOSITION AND CORPORATE DEBT COVENANTS

Unaudited
(Dollars in Thousands)
slglogo.jpg
Composition of Debt
Core PortfolioAlternative Strategy PortfolioTotal
Fixed Rate Debt
Consolidated$4,108,672 $— $4,108,672 
SLG Share of JV5,263,980 366,531 5,630,511 
Total Fixed Rate Debt$9,372,652 91.1%$366,531 76.6%$9,739,183 90.4%
Floating Rate Debt
Consolidated$665,611 $— $665,611 
SLG Share of JV255,000 111,900 366,900 
920,611 8.9%111,900 23.4%1,032,511 9.6%
Debt & Preferred Equity and CMBS Investments(78,594)(0.8)%— —%(78,594)(0.7)%
Total Floating Rate Debt$842,017 8.2%$111,900 23.4%$953,917 8.9%
Total Debt$10,293,263 $478,431 $10,771,694 
Revolving Credit Facility Covenants (1)
ActualRequired
Total Debt / Total Assets47.7%Less than 60%
 Consolidated Fixed Charge Coverage2.20xGreater than 1.50x
Maximum Secured Indebtedness27.8%Less than 50%
Maximum Unencumbered Leverage Ratio44.9%Less than 60%
(1) Covenants calculated pursuant to the terms of the underlying facility or notes.
Supplemental Information
25
First Quarter 2026

DERIVATIVE SUMMARY SCHEDULE

Unaudited
(Dollars in Thousands)
slglogo.jpg
Consolidated Interest Rate DerivativesNotional ValueFair Value
Ownership3/31/20263/31/2026
Secured DebtInterest (%)GrossSLG ShareGrossSLG Share
Instrument (1)
Strike Rate (1)
Effective DateMaturity Date
7 Dey Street100.0 $190,148$190,148$289$289Cap3.50 %November 2025November 2026
100 Church Street100.0 370,000370,000(1,132)(1,132)Swap3.89 %November 2022June 2027
SLGOP – 450 Park Avenue100.0 68,67868,678(701)(701)(2)Swap4.47 %August 2024June 2027
SLGOP – 450 Park Avenue100.0 4,2214,221(59)(59)(2)Swap4.49 %November 2024November 2027
500 Park Avenue100.0 80,00080,000(854)(854)Swap4.17 %February 2025February 2028
10 East 53rd Street100.0 204,438204,438(1,400)(1,400)Swap3.92 %February 2025May 2028
800 Third Avenue100.0 177,000177,000985985Swap3.33 %February 2026February 2029
Subtotal$(2,872)$(2,872)
Unsecured Debt
Term Loan C100.0 $200,000$200,000$1,771$1,771Swap2.59 %February 2023February 2027
Term Loan C100.0 100,000 100,000625 625 Swap2.90 %February 2023February 2027
Term Loan C100.0 100,000 100,000767 767 Swap2.73 %February 2023February 2027
Term Loan C100.0 50,000 50,000496 496 Swap2.46 %February 2023February 2027
Term Loan C & Revolving Credit Facility100.0 300,000 300,0002,491 2,491 Swap2.87 %July 2023May 2027
Term Loan C100.0 150,000 150,000184 184 Swap3.52 %January 2024May 2027
Revolving Credit Facility100.0 125,000125,000(11)(11)Swap3.67 %August 2024December 2026
Revolving Credit Facility100.0 125,000 125,000(14)(14)Swap3.67 %August 2024December 2026
Revolving Credit Facility100.0 295,779295,779(4,110)(4,110)(2)Swap4.49 %November 2024November 2027
Junior subordinated deferrable interest debentures100.0 100,000100,000(291)(291)Swap3.76 %January 2023January 2028
Forward-starting Derivatives
SLGOP – 100 Church Street100.0 $357,500$357,500$1,668$1,668Swap2.98 %June 2027June 2028
Subtotal$3,576$3,576
Unconsolidated JV Interest Rate Derivatives
919 Third Avenue51.0 $500,000$255,000$82$42Cap5.25 %February 2026April 2027
280 Park Avenue50.0 537,500268,750(6,673)(3,337)Swap4.07 %July 2024September 2028
280 Park Avenue50.0 268,750134,375(3,157)(1,579)Swap4.04 %July 2024September 2028
280 Park Avenue50.0 268,750134,375(3,279)(1,640)Swap4.06 %July 2024September 2028
Subtotal$(13,027)$(6,514)
Foreign Currency Derivatives
Summit Paris85.0 $44,384$37,726$109$93(2)FX Forward ContractsN/AMarch 2026April 2026 - June 2027
Summit Paris85.0 30,492 25,918(224)(190)(2)FX Forward ContractsN/AMarch 2026October 2027 - June 2032
Subtotal$(115)$(97)
Total, SLG Share$(12,438)$(5,907)
(1) Certain financings require the purchase of a cap at a specified strike rate.
(2) Quarterly changes in fair value recognized in the calculation of FFO.
Supplemental Information
26
First Quarter 2026

SUMMARY OF LEASE LIABILITIES

Unaudited
(Dollars in Thousands)
slglogo.jpg

Scheduled Cash Payment (1)
LeaseYear of Final
Property2026202720282029
Liabilities (2)
Expiration (3)
Consolidated Lease Liabilities (SLG Share)
Operating Leases
1185 Avenue of the Americas$5,182 $6,909 $6,909 $6,909 $79,938 2043
SL Green Headquarters at One Vanderbilt2,071  (4) 2,762  (4) 2,971  (4) 3,075  (4) 85,540 2048
800 Seventh Avenue2,516 3,355 3,355 3,355 50,497 2048
Summit One Vanderbilt8,653  (4) 11,270  (4) 11,293  (4) 11,293  (4) 433,221 2070
420 Lexington Avenue8,399 11,199 11,199 11,199 167,739 2080
711 Third Avenue4,125  (5) 5,500  (5) 5,500  (5) 5,500  (5) 34,207  (5) 2083
Total$30,946 $40,995 $41,227 $41,331 $851,142 
Financing Leases
15 Beekman$2,460 $3,325 $3,375 $3,426 $108,515 2119(6)
Total$2,460 $3,325 $3,375 $3,426 $108,515 
SLG
Scheduled Cash Payment (1)
LeaseYear of Final
PropertyInterest (%)2026202720282029
Liabilities (2)
Expiration (3)
Unconsolidated Joint Venture Lease Liabilities (SLG Share)
Operating Leases
Equinox Studio City (7)
66.7$921 $1,387 $1,387 $925 $4,438 2029
Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6)50.0$1,355 $1,935 $1,935 $1,935 $12,168 2053
650 Fifth Avenue (Floors b-3)50.01,178 1,585 1,605 1,726 32,075 2062
Total$3,454 $4,907 $4,927 $4,586 $48,681 
Financing Leases
One Vanderbilt Avenue Garage55.0$124 $167 $168 $170 $2,689 2069
885 Third Avenue34.1613 817 817 817 15,910 2119
1560 Broadway Signage50.0619 825 825 825 11,647 2073
Alternative strategy portfolio
650 Fifth Avenue (Floors b-3)50.0$5,523 $7,364 $7,464 $8,101 $105,661 2062
2 Herald Square95.011,295 3,775 — — 396,941 2077(6)
Total$18,174 $12,948 $9,274 $9,913 $532,848 
(1) Reflects SLG's share of remaining contractual base rent for each year presented. Leases may provide for additional rent payments based on exceeding specified thresholds.
(2) Per the balance sheet as of March 31, 2026.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 55.0% ownership interest in One Vanderbilt.
(5) Reflects scheduled cash payments net of the Company's 50.0% ownership of the fee interest in the property.
(6) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
(7) The Company has a JV interest in the sublandlord for the premises. Amounts reflect the sublandlord's lease obligation to the fee owner and have not been reduced by rents owed to the sublandlord under a sublease covering 100% of the premises.
Supplemental Information
27
First Quarter 2026

DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
slglogo.jpg

Weighted Average:
FloatingFixed
Total Book Value (1)
Senior Financing
Exposure PSF (2)
Book Value During Quarter
Yield During Quarter (3)
Yield At End Of Quarter (4)
12/31/2025$127,872 $40,486 $168,358 $713,528 $628 $190,052 4.98%5.02%
Debt investment originations/fundings/accretion
(5)
— 
Preferred Equity investment originations/accretion
(5)
— — — 
Joint venture investment originations/accretion/amortization
(5)
— — — 
Repayment/Sales/Syndications/Equity Ownership/Amortization(50,283)— (50,283)
Reserves/Realized Losses— 
3/31/2026$77,597 $40,486 $118,083 $430,528 $715 $118,381 6.88%7.04%

Debt and Preferred Equity Maturity Profile
2026
2027
2028
2029
2030 & Thereafter
Floating Rate$9,268 $68,329 $— $— $— 
Fixed Rate— 20,486 — 20,000 — 
$9,268 $88,815 $— $20,000 $— 


(1) Net of unamortized fees, discounts, premiums.
(2) Net of loan loss reserves.
(3) Excludes loan loss reserves and accelerated fee income resulting from early repayment, if any.
(4) 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.
(5) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.
Supplemental Information
28
First Quarter 2026

SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg
March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Total Tenants
Ownership% of TotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)Sq. FeetLeased (2)Occupied (3)Economic (4)Leased (2)Occupied (3)Economic (4)($'s)SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street100.0Plaza DistrictFee Interest354,300 1.5 95.5 95.5 93.2 95.5 94.1 91.8 $33,411$33,41138 
100 Church Street100.0DowntownFee Interest1,047,500 4.4 94.0 93.3 92.9 93.5 93.1 93.1 47,45347,45317 
110 Greene Street100.0SohoFee Interest223,600 0.9 95.6 94.7 94.7 94.7 92.7 91.9 19,92319,92353 
125 Park Avenue100.0Grand CentralFee Interest604,245 2.5 99.2 98.0 96.8 99.2 98.0 96.8 47,65447,65423 
304 Park Avenue South100.0Midtown SouthFee Interest215,000 0.9 91.9 91.9 91.9 91.9 91.9 91.9 18,44418,444
420 Lexington Ave (Graybar)100.0Grand Central NorthLeasehold Interest 1,188,000 5.0 92.6 90.6 90.6 92.8 90.5 90.4 89,65189,651178 
461 Fifth Avenue100.0MidtownFee Interest200,000 0.8 90.2 85.0 85.0 90.2 85.0 77.4 15,14315,14319 
485 Lexington Avenue 100.0Grand Central NorthFee Interest921,000 3.8 78.2 76.3 71.6 79.7 77.8 73.1 47,31647,31636 
555 West 57th Street100.0Midtown WestFee Interest941,000 3.9 77.2 77.2 77.2 77.2 77.2 77.2 47,76147,76111 
711 Third Avenue     100.0 (5)Grand Central NorthLeasehold Interest (5)524,000 2.2 85.7 73.5 73.5 77.0 70.8 70.8 27,06327,06317 
800 Third Avenue100.0Grand Central NorthFee Interest 526,000 2.2 90.3 86.7 86.2 90.0 84.3 83.8 33,30433,30443 
810 Seventh Avenue100.0Times SquareFee Interest692,000 2.9 87.0 86.4 85.1 89.2 87.2 83.0 43,68143,68146 
885 Third Avenue100.0Midtown / Plaza DistrictFee / Leasehold Interest218,796 0.9 86.5 84.5 81.2 84.5 81.5 74.6 12,20012,20016 
1185 Avenue of the Americas100.0Rockefeller CenterLeasehold Interest1,062,000 4.5 92.8 77.0 72.3 89.0 74.5 67.2 62,65062,65024 
1350 Avenue of the Americas100.0Rockefeller CenterFee Interest562,000 2.3 80.7 73.3 73.3 80.7 75.5 75.1 33,32133,32142 
Added to Same Store in 2026
500 Park Avenue100.0Park AvenueFee Interest201,411 0.9 90.7 90.7 90.7 90.7 90.7 90.7 17,11917,11912 
Subtotal / Weighted Average9,480,852 39.6 %88.6 %84.7 %83.3 %87.9 %84.2 %82.1 %$596,094$596,094581 
"Non Same Store"
65 East 55th Street (Park Avenue Tower)95.0Park AvenueFee Interest622,000 2.5 96.6 94.8 94.8 N/AN/AN/A$67,425$67,42529 
Subtotal / Weighted Average622,000 2.5 %96.6 %94.8 %94.8 % % % %$67,425$67,42529 
Total / Weighted Average Consolidated Properties10,102,852 42.1 %89.1 %85.3 %84.0 %87.9 %84.2 %82.1 %$663,519$663,519610 
UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue55.0Grand CentralFee Interest1,657,198 6.9 100.0 100.0 100.0 100.0 100.0 100.0 $291,204$160,16240 
11 Madison Avenue60.0Park Avenue SouthFee Interest2,314,000 9.7 99.9 96.5 87.9 93.0 93.0 87.9 180,954108,572
100 Park Avenue50.8Grand Central SouthFee Interest834,000 3.5 99.4 96.8 73.0 97.1 96.8 67.2 63,01932,01438 
220 East 42nd Street51.0Grand CentralFee Interest1,135,000 4.7 94.0 93.8 92.9 94.0 93.5 93.1 72,74537,10034 
245 Park Avenue 50.1Park AvenueFee Interest1,782,793 7.4 97.8 97.7 86.5 97.8 94.8 86.4 186,95893,66616 
280 Park Avenue 50.0Park AvenueFee Interest1,219,158 5.1 96.6 94.0 91.8 94.2 90.5 89.7 134,98567,49237 
450 Park Avenue 25.1Park AvenueFee Interest337,000 1.4 84.6 84.6 84.6 93.9 90.7 90.7 36,8289,24426 
919 Third Avenue51.0Grand Central NorthFee Interest 1,454,000 6.1 99.8 95.5 84.3 99.8 95.5 84.2 101,21851,62111 
1515 Broadway56.9Times SquareFee Interest1,750,000 7.3 99.7 99.7 99.7 99.7 99.7 137,19878,067
Added to Same Store in 2026
One Madison Avenue25.5Park Avenue SouthFee Interest1,385,484 5.8 98.9 85.5 64.7 93.3 79.9 64.7 139,67535,61715 
Subtotal / Weighted Average13,868,633 57.9 %98.3 %95.6 %87.7 %96.5 %93.9 %87.3 %$1,344,784$673,555233 
Total / Weighted Average Unconsolidated Properties13,868,633 57.9 %98.3 %95.6 %87.7 %96.5 %93.9 %87.3 %$1,344,784$673,555233 
Manhattan Operating Properties Grand Total / Weighted Average23,971,485 100.0 %94.4 %91.2 %86.2 %93.0 %90.0 %85.2 %$2,008,303$1,337,074843 
Manhattan Operating Properties Same Store Occupancy % 23,349,485 97.5 %94.4 %91.1 %85.9 %93.0 %90.0 %85.2 %
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Calculated based on the square footage on which revenue is being recognized for GAAP purposes as of the reporting date, which may differ from the square footage on which cash rent is being collected.
(5) The Company also owns 50% of the fee interest.
Supplemental Information
29
First Quarter 2026

SELECTED PROPERTY DATA
Retail, Residential and Suburban Operating Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg
March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Total Tenants
Ownership% of TotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)Sq. FeetLeased (2)Occupied (3)Leased (2)Occupied (3)($'s)SLG Share ($'s)
RETAIL PROPERTIES
"Same Store" Retail
760 Madison Avenue100.0Plaza DistrictFee Interest22,648 6.4 100.0 100.0 100.0 100.0 $18,558$18,558
                               Subtotal/Weighted Average22,648 6.4 %100.0 %100.0 %100.0 %100.0 %$18,558$18,5581 
"Non Same Store" Retail
315 West 33rd Street - The Olivia100.0Penn StationFee Interest270,132 76.9 82.4 82.4 82.4 82.4 $13,563$13,564
610 Park Avenue100.0Plaza DistrictFee Interest17,765 5.1 100.0 100.0 N/AN/A1,1711,170
800 Seventh Avenue100.0Times SquareFee Interest28,000 8.0 100.0 100.0 100.0 100.0 1,1001,100(4)
1552 Broadway/1560 Broadway Signage50.0Times SquareFee / Leasehold Interest12,719 3.6 100.0 100.0 100.0 100.0 $4,200$2,100
                               Subtotal/Weighted Average328,616 93.6 %85.5 %85.5 %84.7 %84.7 %$20,034$17,93411
Total / Weighted Average Retail Properties351,264 100.0 %86.5 %86.5 %85.7 %85.7 %$38,592$36,49212 
March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Average Monthly Rent Per Occupied Unit
OwnershipTotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)UnitsLeased (2)Occupied (3)Leased (2)Occupied (3)($'s)SLG Share ($'s)($'s)
RESIDENTIAL PROPERTIES
"Same Store" Residential
7 Dey Street100.0Lower ManhattanFee Interest140,382 209 99.0 98.6 99.5 98.6 $12,669$12,669$5,125
15 Beekman Street20.0DowntownLeasehold Interest221,884 484 100.0 100.0 100.0 100.0 14,1552,831N/A
                               Subtotal/Weighted Average362,266 693 99.7 %99.6 %99.8 %99.6 %$26,824$15,500$5,125
"Non Same Store" Residential
315 West 33rd Street - The Olivia100.0Penn StationFee Interest222,855 333 98.2 98.2 96.4 92.2 $19,944$19,944$5,083
                               Subtotal/Weighted Average222,855 333 98.2 %98.2 %96.4 %92.2 %$19,944$19,944$5,083
Total / Weighted Average Residential Properties585,121 1,026 99.2 %99.1 %98.7 %97.2 %$46,768$35,444$5,099
March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Total Tenants
Ownership% of TotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)Sq. FeetLeased (2)Occupied (3)Leased (2)Occupied (3)($'s)SLG Share ($'s)
"Non Same Store" Suburban
Landmark Square100.0Stamford, ConnecticutFee Interest732,800 100.0 79.6 79.6 79.4 79.0 $16,000$16,00086 
                               Subtotal/Weighted Average732,800 100.0 %79.6 %79.6 %79.4 %79.0 %$16,000$16,00086 
Total / Weighted Average Suburban Properties732,800 100.0 %79.6 %79.6 %79.4 %79.0 %$16,000$16,00086 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Reflects the contractual rent for 1552 Broadway.
(5) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.
Supplemental Information
30
First Quarter 2026

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

March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Real Estate Book Value, NetTotal Tenants
Ownership% of TotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)Sq. FeetLeased (2)Occupied (3)Leased (2)Occupied (3)($'s)SLG Share ($'s)
Development / Redevelopment
3 Landmark Square100.0Stamford, ConnecticutFee Interest130,000 10.4 3.0 3.0 7.4 7.4 $145$145$19,474
19 East 65th Street100.0Plaza DistrictFee Interest14,639 1.2 — — — — 22,210 — 
185 Broadway100.0Lower ManhattanFee Interest50,206 4.0 34.5 34.5 34.5 34.5 3,5293,52932,560 
346 Madison Avenue100.0Grand CentralFee Interest275,138 22.0 41.1 41.1 40.4 40.4 3,9563,956168,362 25 
750 Third Avenue100.0Grand Central NorthFee Interest780,000 62.4 3.5 3.5 4.8 4.8 2,8512,851365,675 
Total / Weighted Average Development / Redevelopment Properties1,249,983 100.0 %12.9 %12.9 %14.1 %14.1 %$10,481$10,481$608,281 36 
March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Investment Carrying Value, NetTotal Tenants
Ownership% of TotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)Sq. FeetLeased (2)Occupied (3)Leased (2)Occupied (3)($'s)SLG Share ($'s)
Alternative Strategy Portfolio
2 Herald Square95.0Herald SquareLeasehold Interest369,000 14.7 34.3 34.3 34.5 34.5 $25,699$24,414$105,634
11 West 34th Street30.0Herald Square/Penn StationFee Interest17,150 0.7 100.0 100.0 100.0 100.0 2,761828— 
115 Spring Street51.0SohoFee Interest5,218 0.2 100.0 100.0 100.0 100.0 4,1952,139— 
650 Fifth Avenue50.0Plaza DistrictLeasehold Interest69,214 2.8 100.0 100.0 100.0 100.0 43,83921,920(96,535)
Worldwide Plaza25.1WestsideFee Interest2,048,725 81.6 61.9 61.9 61.9 61.9 78,94419,77616,38221 
Total / Weighted Average Alternative Strategy Portfolio Properties2,509,307 100.0 %59.2 %59.2 %59.3 %59.3 %$155,438$69,077$25,481 27 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
Supplemental Information
31
First Quarter 2026

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

March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Total Tenants
Ownership% of TotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)Sq. FeetLeased (2)Occupied (3)Leased (2)Occupied (3)($'s)SLG Share ($'s)
HIGH STREET RETAIL - Consolidated Properties
315 West 33rd Street - The Olivia100.0Penn StationFee Interest159,343 10.5 69.5 69.5 69.569.5$9,449$9,449
610 Park Avenue100.0Plaza DistrictFee Interest17,765 1.2 100.0 100.0 N/AN/A1,1701,170
760 Madison Avenue100.0Plaza DistrictFee Interest22,648 1.5 100.0 100.0 100.0 100.0 18,55918,559
800 Seventh Avenue100.0Times SquareFee Interest28,000 1.9 100.0 100.0 100.0 100.0 1,1001,100
Subtotal / Weighted Average227,756 15.1 %78.7 %78.7 %76.9 %76.9 %$30,278$30,27810 
HIGH STREET RETAIL - Unconsolidated Properties
1552 Broadway/1560 Broadway Signage50.0Times SquareFee / Leasehold Interest12,520 0.8 100.0 100.0 100.0 100.0 $4,200$2,100
Subtotal / Weighted Average12,520 0.8 %100.0 %100.0 %100.0 %100.0 %$4,200$2,1001 
Total / Weighted Average High Street Retail240,276 15.9 %79.8 %79.8 %78.2 %78.2 %$34,478$32,37811 
OTHER RETAIL - Consolidated Properties
10 East 53rd Street100.0Plaza DistrictFee Interest38,657 2.6 100.0 100.0 100.0 100.0 $4,210$4,210
65 East 55th Street (Park Avenue Tower)95.0Park AvenueFee Interest12,705 0.8 100.0 100.0 N/AN/A870870
100 Church Street100.0DowntownFee Interest61,708 4.0 95.9 95.9 100.0 100.0 4,1784,178
110 Greene Street100.0SohoFee Interest16,121 1.1 100.0 100.0 100.0 100.0 4,7524,752
125 Park Avenue100.0Grand CentralFee Interest32,124 2.1 100.0 80.6 100.0 80.6 2,1932,193
185 Broadway100.0Lower ManhattanFee Interest16,413 1.1 100.0 100.0 100.0 100.0 3,5293,529
304 Park Avenue South100.0Midtown SouthFee Interest25,330 1.7 100.0 100.0 100.0 100.0 4,0214,021
420 Lexington Ave (Graybar)100.0Grand Central NorthLeasehold Interest 54,026 3.6 100.0 100.0 100.0 100.0 5,4395,439
461 Fifth Avenue 100.0MidtownFee Interest16,149 1.1 100.0 100.0 100.0 100.0 1,1041,104
485 Lexington Avenue 100.0Grand Central NorthFee Interest41,701 2.8 68.5 68.5 68.5 68.5 4,4554,455
500 Park Avenue100.0Park AvenueFee Interest11,976 0.8 100.0 100.0 100.0 100.0 1,2641,264
555 West 57th Street100.0Midtown WestFee Interest53,186 3.5 100.0 100.0 100.0 100.0 3,1673,167
711 Third Avenue100.0Grand Central NorthLeasehold Interest25,639 1.7 83.5 83.5 83.5 83.5 2,3682,368
750 Third Avenue (4)100.0Grand Central NorthFee Interest24,827 1.6 42.3 42.3 42.3 42.3 1,5991,599
800 Third Avenue100.0Grand Central NorthFee Interest 9,900 0.7 100.0 100.0 100.0 100.0 987987
810 Seventh Avenue100.0Times SquareFee Interest18,207 1.2 98.6 98.6 98.6 98.6 4,4194,419
885 Third Avenue100.0Midtown / Plaza DistrictFee / Leasehold Interest9,140 0.6 100.0 100.0 100.0 100.0 557557
1185 Avenue of the Americas100.0Rockefeller CenterLeasehold Interest54,273 3.6 96.1 96.1 96.1 96.1 2,9802,980
1350 Avenue of the Americas100.0Rockefeller CenterFee Interest17,797 1.2 100.0 100.0 100.0 100.0 2,8622,8626
Subtotal / Weighted Average539,879 35.8 %93.2 %92.1 %93.5 %92.4 %$54,954$54,95474 
OTHER RETAIL - Unconsolidated Properties
One Madison Avenue25.5Park Avenue SouthFee Interest109,893 7.2 87.7 87.7 100.0 100.0 $4,960$1,265
One Vanderbilt Avenue55.0Grand CentralFee Interest34,885 2.3 100.0 100.0 100.0 100.0 5,9513,274
11 Madison Avenue60.0Park Avenue SouthFee Interest37,325 2.5 100.0 100.0 100.0 100.0 3,9022,341
100 Park Avenue50.8Grand Central SouthFee Interest38,556 2.4 100.0 100.0 100.0 100.0 3,4591,757
220 East 42nd Street51.0Grand CentralFee Interest33,866 2.3 81.0 81.0 81.0 81.0 1,9611,000
245 Park Avenue50.1Park AvenueFee Interest31,014 2.1 93.5 93.5 93.5 57.0 2,4701,236
280 Park Avenue50.0Park AvenueFee Interest28,219 1.9 100.0 100.0 100.0 100.0 1,679839
450 Park Avenue25.1Park AvenueFee Interest6,317 0.4 100.0 100.0 100.0 100.0 1,845463
919 Third Avenue51.0Grand Central NorthFee Interest 29,441 2.0 100.0 100.0 100.0 100.0 3,7951,935
1515 Broadway56.9Times SquareFee Interest182,011 12.1 99.8 99.8 99.8 99.8 27,27515,521
Subtotal / Weighted Average531,527 35.2 %95.8 %95.8 %98.3 %96.2 %$57,297$29,63146 
Total / Weighted Average Other Retail1,071,406 71.0 %94.5 %93.9 %95.9 %94.3 %$112,251$84,585120 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Redevelopment properties.
Supplemental Information
32
First Quarter 2026

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

March 31, 2026December 31, 2025Annualized Contractual
Cash Rent
Total Tenants
Ownership% of TotalOccupancy %Occupancy %
PropertiesInterest (%)SubMarketOwnershipSquare Feet (1)Sq. FeetLeased (2)Occupied (3)Leased (2)Occupied (3)($'s)SLG Share ($'s)
ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square95.0Herald SquareLeasehold Interest94,531 6.3 39.7 39.7 40.6 40.6 $14,595$13,866
11 West 34th Street30.0Herald Square/Penn StationFee Interest17,150 1.1 100.0 100.0 100.0 100.0 2,761828
115 Spring Street51.0SohoFee Interest5,218 0.3 100.0 100.0 100.0 100.0 4,1952,139
650 Fifth Avenue50.0Plaza DistrictLeasehold Interest69,214 4.6 100.0 100.0 100.0 100.0 43,83921,920
Worldwide Plaza25.1WestsideFee Interest10,592 (4)0.7 84.9 84.9 84.9 84.9 1,275319
Subtotal / Weighted Average196,705 13.0 %70.2 %70.2 %70.6 %70.6 %$66,665$39,07212 
Total / Weighted Average Alternative Strategy Portfolio196,705 13.0 %70.2 %70.2 %70.6 %70.6 %$66,665$39,07212 
Retail Grand Total / Weighted Average1,508,387 100.0 %89.0 %88.6 %89.9 %88.7 %$213,394$156,035143 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.

Supplemental Information
33
First Quarter 2026

LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT (1)

Unaudited
(Dollars in Thousands Except Per SF)
slglogo.jpg

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 NameProperty
Paramount Global1515 Broadway56.9Jun 20311,604,544 $109,914$62,5414.1%$68.50
555 West 57th Street100.0Apr 2027186,882 11,02311,0230.7%58.99 
1515 Broadway56.9Mar 20289,106 2,2741,2940.1%249.76 
1,800,532 $123,211$74,8584.9%$68.43
UBS Americas, Inc.11 Madison Avenue60.0May 20371,184,489 $81,081$48,6493.2%$68.45A+
Sony Corporation11 Madison Avenue 60.0Jan 2031578,791 $57,165$34,2992.2%$98.77A+
Bloomberg L.P.919 Third Avenue51.0Feb 2040926,156 $64,124$32,7032.1%$69.24
McDermott Will & Schulte LLPOne Vanderbilt Avenue55.0Dec 2042169,586 $31,544$17,3491.1%$186.01
919 Third Avenue51.0Jun 2036283,894 20,98410,7020.7%73.91
420 Lexington Avenue100.0Oct 202610,043 64264263.93 
463,523 $53,170$28,6931.8%$114.71
Societe Generale245 Park Avenue50.1Oct 2032520,831 $50,225$25,1631.6%$96.43A
The City of New York100 Church Street100.0Mar 2034510,007 $22,955$22,9551.5%$45.01Aa2
Metro-North Commuter Railroad Company420 Lexington Avenue100.0Nov 2034344,873 $22,098$22,0981.4%$64.07
420 Lexington Avenue100.0Jan 20277,537 45445460.20
352,410 $22,552$22,5521.4%$63.99(5)A1
Nike Retail Services, Inc.650 Fifth Avenue50.0Jan 203369,214 $43,839$21,9201.4%$633.39A+
WME IMG, LLC304 Park Avenue100.0Apr 2028174,069 $14,225$14,2261.0%$81.73
11 Madison Avenue60.0Sep 2030104,618 11,3706,8220.5%$108.68
278,687 $25,595$21,0481.5%$92.60
TD Bank US Holding CompanyOne Vanderbilt Avenue55.0Jul 2041193,159 $26,247$14,4360.9%$135.88(5)
One Vanderbilt Avenue55.0Aug 20416,843 3,2521,7890.1%475.20 
125 Park Avenue100.0Oct 203026,536 1,9621,9620.1%73.94 
125 Park Avenue100.0Mar 203425,171 1,6551,6550.1%65.77 
251,709 $33,116$19,8421.2%$131.56A+
Ares Management LLC245 Park Avenue50.1Jun 2043289,249 $35,578$17,8251.2%$123.00
245 Park Avenue50.1Dec 202836,316 3,7411,8740.1%$103.00
325,565 $39,319$19,6991.3%$120.77A-
Franklin Templeton Companies LLCOne Madison Avenue25.5May 2040354,976 $48,970$12,4870.8%$137.95
280 Park Avenue50.0Nov 2031128,993 14,1387,0690.5%$109.60
483,969 $63,108$19,5561.3%$130.40A
Carlyle Investment Management LLCOne Vanderbilt Avenue55.0Sep 2036194,702 $34,794$19,1371.3%$178.70(5)A-
Giorgio Armani Corporation760 Madison Avenue100.0Oct 203822,648 $18,558$18,5581.2%$819.43
PJT Partners Holdings LP280 Park Avenue50.0Jun 2041281,388 $33,099$16,5491.1%$117.63
Hess Corp1185 Avenue of the Americas100.0Dec 2027167,169 $16,182$16,1821.1%$96.80AA-
The Toronto Dominion BankOne Vanderbilt Avenue55.0Apr 2042142,892 $21,366$11,7510.8%$149.53(5)
125 Park Avenue100.0Apr 204252,450 3,8773,8770.3%$73.91
195,342 $25,243$15,6281.1%$129.22A+
BMW of Manhattan, Inc.555 West 57th Street100.0Jul 2032226,556 $13,502$13,5020.9%$59.60A
Stone Ridge HoldingsOne Vanderbilt Avenue55.0Dec 203797,652 $23,343$12,8390.8%$239.05
Total8,931,340 844,181 504,332 33.0%
(1) Based on commenced leases.
(2) Expiration of current lease term and does not reflect extension options.
(3) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Alternative Strategy Portfolio properties.
(4) Corporate or bond rating from S&P, Fitch or Moody's.
(5) Tenant pays rent on a net basis. Rent PSF reflects gross rent equivalent.
Supplemental Information
34
First Quarter 2026

TENANT DIVERSIFICATION - MANHATTAN COMMERCIAL

Unaudited

slglogo.jpg
chart-3adbe25aa02847c0a2d.jpgchart-1285b9ac1e284b08843.jpg


Supplemental Information
35
First Quarter 2026

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited

slglogo.jpg

ActivityBuilding Address# of LeasesSquare Feet (1)Rentable SFEscalated
Rent/Rentable SF ($'s)(2)
Available Space at 12/31/252,402,166
Add: Acquired Vacancies65 East 55th Street (Park Avenue Tower)32,474 
Space which became available during the Quarter (3):
Office
110 Greene Street1,471 1,470 $90.50 
220 East 42nd Street2,020 2,727 67.25 
245 Park Avenue38,011 36,883 156.58 
280 Park Avenue8,599 9,298 113.59 
420 Lexington Avenue14 28,667 34,209 68.35 
450 Park Avenue31,164 31,164 128.52 
485 Lexington Avenue13,827 14,206 74.40 
711 Third Avenue4,975 5,443 78.88 
800 Third Avenue3,728 3,915 64.50 
810 Seventh Avenue29,628 30,625 68.30 
1185 Avenue of the Americas10,456 9,400 103.56 
1350 Avenue of the Americas12,403 13,065 78.77 
Total/Weighted Average28 184,949 192,405 $100.44 
Retail
One Madison Avenue14,826 13,535 $82.14 
100 Church Street2,500 2,570 125.77 
800 Third Avenue3,100 2,800 150.29 
1185 Avenue of the Americas7,000 7,141 113.04 
Total/Weighted Average4 27,426 26,046 $102.24 
Total Space which became available during the Quarter
Office28 184,949 192,405 $100.44 
Retail4 27,426 26,046 $102.24 
Storage   $— 
32 212,375 218,451 $100.65 
Total Available Space2,647,015 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
Supplemental Information
36
First Quarter 2026

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

slglogo.jpg
ActivityBuilding Address# of LeasesTerm (Yrs)Square Feet (1)Rentable SFNew Cash Rent / Rentable SF(2)Prev. Escalated Rent/ Rentable SF(3)TI / Rentable SFFree Rent
# of Months
Available Space2,647,015 
Office
One Madison Avenue10.992,663 92,663 $108.00 $— $150.00 15.0 
10 East 53rd Street7.54,940 5,407 87.50 90.12 74.00 3.4 
11 Madison Avenue11.680,802 82,390 105.50 102.93 145.00 17.0 
100 Church Street10.84,718 5,147 44.00 — 20.43 10.0 
110 Greene Street2.65,940 5,940 90.63 93.89 5.74 1.6 
220 East 42nd Street11.95,112 6,417 60.00 — 157.60 11.0 
245 Park Avenue14.077,160 76,061 158.49 151.68 172.51 18.5 
280 Park Avenue9.250,650 53,034 123.77 104.61 54.25 7.6 
420 Lexington Avenue17 5.129,603 40,443 66.76 65.65 63.77 4.0 
450 Park Avenue10.910,790 10,820 152.00 — 195.00 11.0 
711 Third Avenue3.019,166 20,862 66.00 65.75 — 9.0 
800 Third Avenue9.716,493 17,527 63.32 78.94 125.03 8.9 
810 Seventh Avenue9.823,991 24,482 65.93 65.51 89.87 5.4 
885 Third Avenue5.06,487 6,957 86.59 — 99.94 5.0 
1185 Avenue of the Americas15.137,330 40,492 61.18 — 138.90 7.2 
Total/Weighted Average46 10.5465,845 488,642 $103.28 $101.67 $120.32 11.9 
Retail
245 Park Avenue19.910,882 11,317 $115.30 $— $579.66 15.1 
800 Third Avenue5.03,100 2,800 142.86 150.29 — — 
1185 Avenue of the Americas1.07,000 7,141 50.41 113.04 — — 
Total/Weighted Average4 11.620,982 21,258 $97.13 $123.53 $308.59 8.1 
Storage
420 Lexington Avenue12.5392 466 $30.00 $— $— 3.0 
800 Third Avenue2.8200 261 35.00 — — — 
Total/Weighted Average2 9.0592 727 $31.80 $— $— 1.9 
 Leased Space
Office (4)46 10.5465,845 488,642 $103.28 $101.67 $120.32 11.9 
Retail4 11.620,982 21,258 $97.13 $123.53 $308.59 8.1 
Storage2 9.0 592 727 $31.80 $— $— 1.9 
Total52 10.6487,419 510,627 $102.92 $102.66 $127.99 11.8 
Total Available Space as of 3/31/262,159,596 
Early Renewals
Office
420 Lexington Avenue5.26,563 10,720 $69.19 $71.05 $33.58 1.9 
450 Park Avenue5.421,447 21,640 152.00 118.48 30.00 5.0 
711 Third Avenue9.914,600 19,025 68.96 68.96 50.00 — 
Total/Weighted Average4 7.042,610 51,385 $103.98 $90.25 $38.15 2.5 
Retail
304 Park Avenue South15.09,848 9,848 $73.61 $68.01 $— 
Total/Weighted Average1 15.09,848 9,848 $73.61 $68.01 $— 3.0 
Renewals
Early Renewals Office4 7.042,610 51,385 $103.98 $90.25 $38.15 2.5 
Early Renewals Retail1 15.09,848 9,848 $73.61$68.01$— 3 
Total5 8.352,458 61,233 $99.09$86.68 $32.02 2.6 
(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 $104.92/rsf for 211,307 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $104.74/rsf for 262,692 rentable SF.
Supplemental Information
37
First Quarter 2026

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

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Year of Lease Expiration Number of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
Annualized Contractual Cash Rent of Expiring LeasesSLG Share
Annualized Contractual Cash Rent of Expiring Leases
Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
Wholly-Owned and Consolidated JV Properties
1st Quarter 2026 (3)40,546 40,546 0.4 %$3,262,855$3,262,855$80.47 
2nd Quarter 202619 125,016 125,016 1.4 %9,712,4839,712,48377.69
3rd Quarter 202617 145,279 145,279 1.6 %6,438,396 6,438,396 44.32 
4th Quarter 202626 370,347 370,347 4.1 %26,634,00126,634,00171.92
Total 202671 681,188 681,188 7.5 %$46,047,735$46,047,735$67.60 
202783 898,352 898,352 9.9 %$68,007,362$68,007,362$75.70
202877 704,237 704,237 7.8 %54,986,806 54,986,806 78.08 
202977 652,829 652,829 7.2 %49,577,708 49,577,708 75.94 
203067 1,039,896 1,039,896 11.5 %77,349,324 77,349,324 74.38 
203149 409,456 409,456 4.5 %34,937,199 34,937,199 85.33 
203233 832,969 832,969 9.2 %55,447,611 55,447,611 66.57 
203334 515,479 515,479 5.7 %45,129,206 45,129,206 87.55 
203439 1,418,867 1,418,867 15.7 %90,519,611 90,519,611 63.80 
203520 524,041 524,041 6.0 %44,851,241 44,851,241 85.59 
Thereafter79 1,353,185 1,353,185 15.0 %96,665,443 96,665,442 71.44 
Grand Total629 9,030,499 9,030,499 100.0 %$663,519,246$663,519,245$73.48 
Unconsolidated JV Properties
1st Quarter 2026 (3)36,811 18,476 0.3 %$2,732,052$1,369,326$74.22 
2nd Quarter 202619,709 9,898 0.1 %1,864,022935,41394.58
3rd Quarter 202621,351 11,077 0.2 %3,258,057 1,728,395 152.60 
4th Quarter 202671,121 35,836 0.5 %6,944,2163,495,09497.64
Total 202615 148,992 75,287 1.1 %$14,798,347$7,528,228$99.32 
202719 228,802 105,564 1.7 %$32,268,708$15,525,627$141.03
202824 265,713 131,808 2.0 %36,377,019 18,368,649 136.90 
202913 126,372 61,122 0.9 %14,956,247 6,954,891 118.35 
203015 262,781 139,499 2.0 %35,344,982 18,903,138 134.50 
203124 2,708,326 1,517,750 20.2 %213,173,907 118,931,173 78.71 
203214 1,012,994 509,831 7.5 %93,263,152 46,763,453 92.07 
203311 267,630 137,287 2.0 %29,049,160 15,129,267 108.54 
2034410,560 201,596 3.0 %41,691,627 20,548,083 101.55 
2035370,189 162,145 2.8 %39,596,597 15,699,203 106.96 
Thereafter92 7,634,438 3,781,308 56.8 %794,264,197 389,202,830 104.04 
Grand Total241 13,436,797 6,823,197 100.0 %$1,344,783,943$673,554,542$100.08 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to March 31, 2026.
Supplemental Information
38
First Quarter 2026

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

Year of Lease Expiration Number of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
Annualized Contractual Cash Rent of Expiring LeasesSLG Share
Annualized Contractual Cash Rent of Expiring Leases
Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail
2026 (3)— — — — %$— $— $— 
2027 — — — — %— — — 
2028 — — — — %— — — 
2029 2,238 2,238 1.2 %558,108 558,108 249.38 
2030 2,418 2,418 1.3 %594,141 594,141 245.72 
2031 — — — — %— — — 
2032 1,445 1,445 0.8 %258,757 258,757 179.07 
2033 2,900 2,900 1.7 %424,456 424,456 146.36 
2034 — — — — %— — — 
2035 — — — — %— — — 
Thereafter170,792 170,792 95.0 %28,442,078 28,442,078 166.53 
10 179,793 179,793 100.0 %$30,277,540 $30,277,540 $168.40 
Vacancy (4)48,529 
Grand Total228,322 
Other Retail
2026 (3)2,681 2,681 0.5 %$94,058 $94,058 $35.08 
2027 21,199 21,199 4.2 %3,766,323 3,766,323 177.67 
2028 16,034 16,034 3.2 %3,140,558 3,140,558 195.87 
2029 27,702 27,702 5.5 %2,616,429 2,616,429 94.45 
2030 35,231 35,231 7.0 %5,210,533 5,210,533 147.90 
2031 19,252 19,252 3.8 %3,060,618 3,060,618 158.98 
2032 23,127 23,127 4.6 %3,515,933 3,515,933 152.03 
2033 98,105 98,105 19.6 %9,453,130 9,453,130 96.36 
2034 11 61,926 61,926 12.3 %4,536,387 4,536,387 73.25 
2035 8,832 8,832 1.8 %1,024,535 1,024,535 116.00 
Thereafter23 187,696 187,696 37.5 %18,535,135 18,535,135 98.75 
74 501,785 501,785 100.0 %$54,953,639 $54,953,639 $109.52 
Vacancy (4)42,441 
Grand Total544,226 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to March 31, 2026.
(4) Includes square footage of leases signed but not yet commenced.

Supplemental Information
39
First Quarter 2026

LEASE EXPIRATIONS
Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unconsolidated JV's
Unaudited
slglogo.jpg
Year of Lease Expiration Number of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
Annualized Contractual Cash Rent of Expiring LeasesSLG Share
Annualized Contractual Cash Rent of Expiring Leases
Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail
2026 (3)— — — — %$— $— $— 
2027 — — — — %— — — 
2028 — — — — %— — — 
2029 — — — — %— — — 
2030 — — — — %— — — 
2031 — — — — %— — — 
2032 — — — — %— — — 
2033 — — — — %— — — 
2034 — — — — %— — — 
2035 12,520 6,260 100.0 %4,200,000 2,100,000 335.46 
Thereafter— — — — %— — — 
1 12,520 6,260 100.0 %$4,200,000 $2,100,000 $335.46 
Vacancy (4)— 
Grand Total12,520 
Other Retail
2026 (3)— — — — %$— $— $— 
2027 19,225 10,237 3.8 %11,859,294 6,692,932 616.87 
2028 29,892 16,169 5.9 %6,891,357 3,839,403 230.54 
2029 28,316 14,785 5.6 %4,175,735 1,861,661 147.47 
2030 11,970 6,811 2.4 %7,297,361 4,152,199 609.64 
2031 47,335 24,141 9.3 %4,282,918 2,243,443 90.48 
2032 18,864 9,499 3.7 %1,360,854 686,709 72.14 
2033 4,721 2,412 0.9 %590,005 301,218 124.97 
2034 — — — — %— — — 
2035 8,147 3,131 1.6 %789,408 285,964 96.90 
Thereafter23 337,847 159,464 66.8 %20,050,324 9,568,230 59.35 
46 506,317 246,649 100.0 %$57,297,256 $29,631,759 $113.16 
Vacancy (4)26,276 
Grand Total532,593 
Alternative Strategy Portfolio
2026 (3)17,645 6,326 13.3 %$7,064,172 $2,994,812 $400.35 
2027 3,186 798 2.4 %548,087 137,295 172.03 
2028 1,819 456 1.4 %221,150 55,398 121.58 
2029 595 149 0.4 %112,357 28,145 188.83 
2030 — — — — %— — — 
2031 1,830 458 1.4 %197,188 49,395 107.75 
2032 21,706 20,621 16.3 %7,537,545 7,160,667 347.26 
2033 69,214 34,607 52.0 %43,839,396 21,919,698 633.39 
2034 16,343 15,526 12.3 %7,057,884 6,704,990 431.86 
2035 — — — — %— — — 
Thereafter647 162 0.5 %87,480 21,914 135.21 
12 132,985 79,103 100.0 %$66,665,259 $39,072,314 $501.30 
Vacancy (4)57,455 
Grand Total190,440 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to March 31, 2026.
(4) Includes square footage of leases signed but not yet commenced.
Supplemental Information
40
First Quarter 2026

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
slglogo.jpg
Gross AssetOccupancy (%)
PropertySubmarketInterest AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition3/31/2026
2001 - 2025 Acquisitions
Jun-01317 Madison AvenueGrand Central 100.0%Fee Interest450,000 $105,600 95.0N/A
Sep-011250 BroadwayPenn Station49.9Fee Interest670,000 126,500 97.7N/A
May-021515 BroadwayTimes Square55.0Fee Interest1,750,000 483,500 98.099.7
Feb-03220 East 42nd StreetGrand Central 100.0Fee Interest1,135,000 265,000 91.993.8
Mar-03125 Broad StreetDowntown100.0Fee Interest525,000 92,000 100.0N/A
Oct-03461 Fifth AvenueMidtown100.0Leasehold Interest200,000 60,900 93.985.0
Dec-031221 Avenue of the AmericasRockefeller Center45.0Fee Interest2,550,000 1,000,000 98.8N/A
Mar-0419 West 44th StreetMidtown35.0Fee Interest292,000 67,000 86.0N/A
Jul-04750 Third AvenueGrand Central100.0Fee Interest779,000 255,000 100.03.5
Jul-04485 Lexington AvenueGrand Central30.0Fee Interest921,000 225,000 100.076.3
Oct-04625 Madison AvenuePlaza District100.0Leasehold Interest563,000 231,500 68.0N/A
Feb-0528 West 44th StreetMidtown100.0Fee Interest359,000 105,000 87.0N/A
Apr-051 Madison AvenuePark Avenue South55.0Fee Interest1,177,000 803,000 96.0N/A
Apr-055 Madison Avenue Clock TowerPark Avenue South100.0Fee Interest267,000 115,000 N/AN/A
Jun-0519 West 44th StreetMidtown65.0Fee Interest— 91,200 92.2N/A
Mar-06521 Fifth AvenueMidtown100.0Leasehold Interest460,000 210,000 97.0N/A
Jun-06609 Fifth AvenueMidtown100.0Fee Interest160,000 182,000 98.5N/A
Dec-06485 Lexington AvenueGrand Central70.0Fee Interest— 578,000 90.576.3
Dec-06800 Third AvenueGrand Central North43.0Fee Interest526,000 285,000 96.986.7
Jan-07Reckson - NYC PortfolioVarious100.0Fee Interests / Leasehold Interest5,612,000 3,679,530 98.385.3
Apr-07331 Madison AvenueGrand Central100.0Fee Interest114,900 73,000 97.6N/A
Apr-071745 BroadwayMidtown32.3Leasehold Interest674,000 520,000 100.0N/A
Jun-07333 West 34th StreetPenn Station100.0Fee Interest345,400 183,000 100.0N/A
Aug-071 Madison AvenuePark Avenue South45.0Fee Interest1,177,000 1,000,000 99.8N/A
Dec-07388 & 390 Greenwich StreetDowntown50.6Fee Interest2,635,000 1,575,000 100.0N/A
Jan-10100 Church StreetDowntown100.0Fee Interest1,047,500 181,600 41.393.3
May-10600 Lexington AvenueGrand Central North55.0Fee Interest303,515 193,000 93.6N/A
Aug-10125 Park AvenueGrand Central100.0Fee Interest604,245 330,000 99.198.0
Jan-11521 Fifth AvenueMidtown49.9Leasehold Interest460,000 245,700 80.7N/A
Apr-111515 BroadwayTimes Square45.0Fee Interest1,750,000 1,210,000 98.599.7
May-11110 East 42nd StreetGrand Central100.0Fee Interest205,000 85,570 72.6N/A
May-11280 Park AvenuePark Avenue49.5Fee Interest1,219,158 1,110,000 78.294.0
Nov-11180 Maiden LaneFinancial East49.9Fee Interest1,090,000 425,680 97.7N/A
Nov-1151 East 42nd StreetGrand Central100.0Fee Interest142,000 80,000 95.5N/A
Feb-1210 East 53rd StreetPlaza District55.0Fee Interest354,300 252,500 91.995.5
Jun-12304 Park Avenue SouthMidtown South100.0Fee Interest215,000 135,000 95.891.9
Sep-12641 Sixth AvenueMidtown South100.0Fee Interest163,000 90,000 92.1N/A
Dec-12315 West 36th StreetTimes Square South35.5Fee Interest147,619 46,000 99.2N/A
May-14388 & 390 Greenwich StreetDowntown49.4Fee Interest2,635,000 1,585,000 100.0N/A
Jul-15110 Greene StreetSoho90.0Fee Interest223,600 255,000 84.094.7
Aug-1530 East 40th StreetGrand Central South60.0Leasehold Interest 69,446 4,650 100.0N/A
Aug-1511 Madison AvenuePark Avenue South100.0Fee Interest2,314,000 2,285,000 71.696.5
Dec-15600 Lexington AvenueGrand Central North45.0Fee Interest303,515 284,000 95.5N/A
Oct-17Worldwide PlazaWestside24.4Fee Interest2,048,725 1,725,000 100.061.9
May-182 Herald SquareHerald Square100.0Leasehold Interest369,000 266,000 81.634.3
May-19110 Greene StreetSoho10.0Fee Interest223,600 256,500 93.394.7
Jul-20885 Third AvenueMidtown / Plaza District100.0Fee / Leasehold Interest625,300 387,932 94.884.5
Oct-20590 Fifth AvenueMidtown100.0Fee Interest103,300 107,200 90.0N/A
Jun-22450 Park AvenuePark Avenue25.1Fee Interest337,000 445,000 79.884.6
Sep-22245 Park AvenuePark Avenue100.0Fee Interest1,782,793 1,960,000 91.897.7
Dec-2410 East 53rd StreetPlaza District45.0Fee Interest354,300 236,000 97.695.5
Jan-25500 Park AvenuePark Avenue100.0Fee Interest201,411 130,000 94.590.7
Apr-25100 Park AvenueGrand Central South49.9Fee Interest834,000 360,000 93.196.8
Oct-25800 Third AvenueGrand Central North39.5Fee Interest526,000 205,000 83.886.7
43,994,627 $27,189,062 
Supplemental Information
41
First Quarter 2026

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
slglogo.jpg
2026 Acquisitions
Jan-2665 East 55th Street (Park Avenue Tower)Park Avenue95.0Fee Interest622,000 730,000 94.894.8
622,000 $730,000 
Supplemental Information
42
First Quarter 2026

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

Gross Asset Valuation
PropertySubmarketInterest SoldType of OwnershipNet Rentable SF($'s)($'s/SF)
2001 - 2026 Dispositions
Jan-01633 Third AveGrand Central North100.0%Fee Interest40,623 $13,250 $326 
May-011 Park AveGrand Central South45.0Fee Interest913,000 233,900 256 
Jun-011412 BroadwayTimes Square South100.0Fee Interest389,000 90,700 233 
Jul-01110 East 42nd StreetGrand Central 100.0Fee Interest69,700 14,500 208 
Sep-011250 Broadway Penn Station45.0Fee Interest670,000 126,500 189 
Jun-02469 Seventh AvenuePenn Station100.0Fee Interest253,000 53,100 210 
Mar-0350 West 23rd StreetChelsea100.0Fee Interest333,000 66,000 198 
Jul-031370 Broadway Times Square South100.0Fee Interest255,000 58,500 229 
Dec-03321 West 44th StreetTimes Square100.0Fee Interest203,000 35,000 172 
May-041 Park Avenue Grand Central South75.0Fee Interest913,000 318,500 349 
Oct-0417 Battery Place NorthFinancial100.0Fee Interest419,000 70,000 167 
Nov-041466 BroadwayTimes Square100.0Fee Interest289,000 160,000 554 
Apr-051414 Avenue of the AmericasPlaza District100.0Fee Interest111,000 60,500 545 
Aug-05180 Madison AvenueGrand Central100.0Fee Interest265,000 92,700 350 
Jul-06286 & 290 Madison AvenueGrand Central100.0Fee Interest149,000 63,000 423 
Aug-061140 Avenue of the AmericasRockefeller Center100.0Leasehold Interest191,000 97,500 510 
Dec-06521 Fifth AvenueGrand Central50.0Leasehold Interest460,000 240,000 522 
Mar-071 Park AvenueGrand Central South100.0Fee Interest913,000 550,000 602 
Mar-0770 West 36th StreetGarment100.0Fee Interest151,000 61,500 407 
Jun-07110 East 42nd StreetGrand Central North100.0Fee Interest181,000 111,500 616 
Jun-07125 Broad StreetDowntown100.0Fee Interest525,000 273,000 520 
Jun-075 Madison Clock TowerPark Avenue South100.0Fee Interest267,000 200,000 749 
Jul-07292 Madison AvenueGrand Central South100.0Fee Interest187,000 140,000 749 
Jul-071372 BroadwayPenn Station/Garment85.0Fee Interest508,000 335,000 659 
Nov-07470 Park Avenue SouthPark Avenue South/Flatiron100.0Fee Interest260,000 157,000 604 
Jan-08440 Ninth AvenuePenn Station100.0Fee Interest339,000 160,000 472 
May-081250 BroadwayPenn Station100.0Fee Interest670,000 310,000 463 
Oct-081372 BroadwayPenn Station/Garment15.0Fee Interest508,000 274,000 539 
May-101221 Avenue of the Americas Rockefeller Center45.0Fee Interest2,550,000 1,280,000 502 
Sep-1019 West 44th StreetMidtown100.0Fee Interest292,000 123,150 422 
May-1128 West 44th StreetMidtown100.0Fee Interest359,000 161,000 448 
Aug-13333 West 34th StreetPenn Station100.0Fee Interest345,400 220,250 638 
May-14673 First AvenueGrand Central South100.0Leasehold Interest422,000 145,000 344 
Sep-15120 West 45th StreetMidtown100.0Fee Interest440,000 365,000 830 
Sep-15315 West 36th StreetTimes Square South100.0Fee Interest148,000 115,000 777 
Jun-16388 & 390 Greenwich StreetDowntown100.0Fee Interest2,635,000 2,000,000 759 
Aug-1611 Madison AvenuePark Avenue South40.0Fee Interest2,314,000 2,600,000 1,124 
Nov-171515 BroadwayTimes Square30.0Fee Interest1,750,000 1,950,000 1,114 
Jan-18600 Lexington AvenueGrand Central North100.0Fee Interest303,515 305,000 1,005 
Feb-181515 BroadwayTimes Square13.0Fee Interest1,750,000 1,950,000 1,114 
May-181745 BroadwayMidtown56.9Leasehold Interest674,000 633,000 939 
Nov-183 Columbus CircleColumbus Circle48.9Fee Interest530,981 851,000 1,603 
Nov-182 Herald SquareHerald Square49.0Leasehold Interest369,000 265,000 718 
May-19521 Fifth AvenueGrand Central50.5Fee Interest460,000 381,000 828 
Dec-2030 East 40th StreetGrand Central South60.0Leasehold Interest 69,446 5,200 75 
Mar-2155 West 46th Street - Tower 46Midtown25.0Fee Interest347,000 275,000 793 
Jun-21635 - 641 Sixth AvenueMidtown South100.0Fee Interest267,000 325,000 1,217 
Jul-21220 East 42nd StreetGrand Central49.0Fee Interest1,135,000 783,500 690 
Oct-21590 Fifth AvenueMidtown100.0Fee Interest103,300 103,000 997 
Dec-21110 East 42nd StreetGrand Central100.0Fee Interest215,400 117,075 544 
Jun-23245 Park Avenue Park Avenue49.9Fee Interest1,782,793 1,995,000 1,119 
Nov-24One Vanderbilt AvenueGrand Central11.0Fee Interest1,657,198 4,700,000 2,836 
Sep-25One Vanderbilt AvenueGrand Central5.0Fee Interest1,657,198 4,700,000 2,836 
Dec-25100 Park AvenueGrand Central South49.0Fee Interest834,000 425,000 
33,843,554 $31,138,825 $2,836 
Supplemental Information
43
First Quarter 2026

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

slglogo.jpg

InterestGross AssetOccupancy (%)
PropertyType of PropertySubmarket AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition3/31/2026
2005 - 2025 Acquisitions
Jul-051551-1555 BroadwayRetailTimes Square10.0%Fee Interest25,600 $85,000 N/AN/A
Jul-0521 West 34th StreetRetailHerald Square50.0Fee Interest30,100 17,500 N/AN/A
Sep-05141 Fifth AvenueRetailFlatiron50.0Fee Interest21,500 13,250 N/AN/A
Nov-051604 BroadwayRetailTimes Square63.0Leasehold Interest29,876 4,400 17.2N/A
Dec-05379 West BroadwayRetailCast Iron/Soho45.0Leasehold Interest62,006 19,750 100.0N/A
Jan-0625-29 West 34th StreetRetailHerald Square/Penn Station50.0Fee Interest41,000 30,000 55.8N/A
Sep-06717 Fifth AvenueRetailMidtown/Plaza District32.8Fee Interest119,550 251,900 63.1N/A
Aug-07180 BroadwayDevelopmentLower Manhattan50.0Fee Interest24,300 13,600 85.2N/A
Apr-07Two Herald SquareLandHerald Square55.0Fee InterestN/A225,000 N/AN/A
Jul-07885 Third AvenueLandMidtown / Plaza District55.0Fee InterestN/A317,000 N/AN/A
Feb-08182 BroadwayDevelopmentLower Manhattan50.0Fee Interest46,280 30,000 83.8N/A
Nov-10Williamsburg TerraceRetailBrooklyn, New York100.0Fee Interest52,000 18,000 100.0N/A
Dec-1011 West 34th StreetRetailHerald Square/Penn Station30.0Fee Interest17,150 10,800 100.0100.0
Dec-10Two Herald Square LandHerald Square45.0Fee Interest354,400 247,500 N/AN/A
Dec-10885 Third Avenue LandMidtown / Plaza District45.0Fee Interest607,000 352,000 N/AN/A
Dec-10292 Madison AvenueLandGrand Central South100.0Fee Interest203,800 78,300 N/AN/A
Jan-113 Columbus CircleRedevelopmentColumbus Circle48.9Fee Interest741,500 500,000 20.1N/A
Aug-111552-1560 BroadwayRetailTimes Square50.0Fee Interest35,897 136,550 59.7N/A
Sep-11747 Madison AvenueRetailPlaza District33.3Fee Interest10,000 66,250 100.0N/A
Jan-12DFR Residential and Retail PortfolioResidentialPlaza District, Upper East Side80.0Fee Interests / Leasehold Interest489,882 193,000 95.1N/A
Jan-12724 Fifth AvenueRetailPlaza District50.0Fee Interest65,010 223,000 92.9N/A
Jul-12West Coast Office PortfolioWest Coast27.6Fee Interest4,473,603 880,104 76.3N/A
Aug-1233 Beekman StreetDevelopmentDowntown45.9Fee Interest163,500 31,160 N/A
Sep-12635 Sixth AvenueRedevelopmentMidtown South100.0Fee Interest104,000 83,000 N/A
Oct-121080 AmsterdamRedevelopmentUpper West Side87.5Leasehold Interest82,250 — 2.2N/A
Dec-1221 East 66th StreetRetailPlaza District32.3Fee Interest16,736 75,000 100.0N/A
Dec-12985-987 Third AvenueRedevelopmentUpper East Side100.0Fee Interest13,678 18,000 N/A
Dec-12131-137 Spring StreetRetailSoho100.0Fee Interest68,342 122,300 100.0N/A
Mar-13248-252 Bedford AvenueResidentialBrooklyn, New York90.0Fee Interest66,611 54,900 N/A
Nov-13650 Fifth AvenueRetailPlaza District50.0Leasehold Interest32,324 — 63.6100.0
Nov-13315 West 33rd Street - The OliviaRetail / ResidentialPenn Station100.0Fee Interest492,987 386,775 96.6N/A
Nov-13562, 570 & 574 Fifth AvenueRedevelopmentPlaza District100.0Fee Interest66,962 146,222 74.6N/A
Jul-14719 Seventh AvenueRetailTimes Square75.0Fee Interest6,000 41,149 100.0N/A
Jul-14115 Spring StreetRetailSoho100.0Fee Interest5,218 52,000 100.0100.0
Jul-14752-760 Madison AvenueRetailPlaza District100.0Fee Interest21,124 282,415 100.0N/A
Sep-14121 Greene StreetRetailSoho50.0Fee Interest7,131 27,400 100.0N/A
Sep-14635 Madison Avenue LandPlaza District100.0Fee Interest176,530 145,000 N/AN/A
Oct-14102 Greene StreetRetailSoho100.0Fee Interest9,200 32,250 100.0N/A
Oct-14175-225 Third StreetRedevelopmentBrooklyn, New York95.0Fee Interest— 72,500 N/A
Nov-1455 West 46th Street - Tower 46RedevelopmentMidtown100.0Fee Interest347,000 295,000 N/A
Feb-15Stonehenge PortfolioResidentialVariousVariousFee Interest2,589,184 40,000 96.5N/A
Mar-151640 Flatbush AvenueRedevelopmentBrooklyn, New York100.0Fee Interest1,000 6,799 100.0N/A
Jun-15Upper East Side ResidentialResidentialUpper East Side Residential90.0Fee Interest27,000 50,074 96.4N/A
Aug-15187 Broadway & 5-7 Dey StreetRetailLower Manhattan100.0Fee Interest73,600 63,690 90.5N/A
Mar-16183 BroadwayRetailLower Manhattan100.0Fee Interest9,100 28,500 58.3N/A
Apr-16605 West 42nd Street - SkyResidentialMidtown West20.0Fee Interest927,358 759,046 N/A
Jul-181231 Third AvenueResidentialUpper East Side100.0Fee Interest38,992 55,355 100.0N/A
Oct-18133 Greene StreetRetailSoho100.0Fee Interest6,425 30,999 100.0N/A
Dec-18712 Madison AvenueRetailPlaza District100.0Fee Interest6,600 57,996 100.0N/A
Apr-19106 Spring StreetRedevelopmentSoho100.0Fee Interest5,928 80,150 N/A
May-19410 Tenth AvenueRedevelopmentHudson Yards70.9Fee Interest638,000 440,000 76.3N/A
Jan-20762 Madison AvenueRedevelopmentPlaza District10.0Fee Interest6,109 29,250 55.1N/A
Jan-20707 Eleventh AvenueRedevelopmentMidtown West100.0Fee Interest159,720 90,000 54.3N/A
Jan-20126 Nassau StreetDevelopmentLower Manhattan100.0Leasehold Interest98,412 — 87.30.0
Oct-2085 Fifth AvenueRetailMidtown South36.3Fee Interest12,946 59,000 100.0N/A
Sep-211591-1597 BroadwayLandTimes Square100.0Fee Interest7,684 121,000 N/AN/A
Sep-21690 Madison AvenueRetailPlaza District100.0Fee Interest7,848 72,221 100.0100.0
Sep-225 Times SquareRedevelopmentTimes Square31.6Leasehold Interest1,127,931 1,096,714 22.5N/A
Sep-23625 Madison Avenue LandPlaza District90.4Fee Interest563,000 620,245 N/AN/A
Jan-242 Herald SquareRedevelopmentHerald Square44.0Leasehold Interest369,000 120,000 43.934.3
Mar-24719 Seventh AvenueRetailTimes Square25.0Fee Interest10,040 76,500 0.0N/A
Oct-25346 Madison AvenueDevelopmentGrand Central100.0Fee Interest275,138 160,000 40.441.1
16,091,062 $9,635,514 
2026 Acquisitions
Mar-26610 Park AvenueRetailPlaza District100.0Fee Interest17,765 $18,500 100.0100.0
17,765 $18,500 
Supplemental Information
44
First Quarter 2026

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

InterestGross Asset Valuation
PropertyType of PropertySubmarketSoldType of OwnershipNet Rentable SF($'s)($'s/SF)
2011 - 2025 Dispositions
Sep-111551-1555 Broadway RetailTimes Square10.0%Fee Interest25,600 $276,757 $10,811 
Feb-12141 Fifth AvenueRetailFlatiron100.0Fee Interest13,000 46,000 3,538 
Feb-12292 Madison AvenueLandGrand Central South100.0Fee Interest203,800 85,000 417 
Apr-12379 West BroadwayRetailCast Iron/Soho100.0Leasehold Interest62,006 48,500 782 
Jun-12717 Fifth Avenue RetailMidtown/Plaza District50.0Fee Interest119,550 617,584 5,166 
Sep-123 Columbus Circle RedevelopmentColumbus Circle29.0Fee Interest214,372 143,600 670 
Feb-1344 West 55th StreetRetailPlaza District100.0Fee Interest8,557 6,250 730 
Jun-13West Coast Office PortfolioWest CoastLos Angeles, California100.0Fee Interest406,740 111,925 275 
Aug-13West Coast Office PortfolioWest CoastFountain Valley, California100.0Fee Interest302,037 66,994 222 
Sep-13West Coast Office PortfolioWest CoastSan Diego, California100.0Fee Interest110,511 45,400 411 
Dec-1327-29 West 34th StreetRetailHerald Square/Penn Station100.0Fee Interest15,600 70,052 4,491 
Jan-1421-25 West 34th StreetRetailHerald Square/Penn Station100.0Fee Interest30,100 114,948 3,819 
Mar-14West Coast Office PortfolioWest Coast100.0Fee Interest3,654,315 756,000 207 
May-14747 Madison AvenueRetailPlaza District100.0Fee Interest10,000 160,000 16,000 
Jul-14985-987 Third AvenueRedevelopmentUpper East Side100.0Fee Interest13,678 68,700 5,023 
Sep-14180-182 BroadwayRedevelopmentLower Manhattan100.0Fee Interest156,086 222,500 1,425 
Nov-142 Herald SquareLandHerald Square/Penn Station100.0Fee Interest354,400 365,000 1,030 
Nov-1455 West 46th Street - Tower 46RedevelopmentMidtown75.0Fee Interest347,000 295,000 850 
Jan-15180 Maiden LaneRedevelopmentFinancial East100.0Fee Interest1,090,000 470,000 431 
Aug-15131-137 Spring Street RetailSoho80.0Fee Interest68,342 277,750 4,064 
Dec-15570 & 574 Fifth AvenueRedevelopmentPlaza District100.0Fee Interest24,327 125,400 5,155 
Feb-16248-252 Bedford AvenueResidentialBrooklyn, New York90.0Fee Interest66,611 55,000 826 
Feb-16885 Third AvenueLandMidtown / Plaza District100.0Fee Interest607,000 453,000 746 
May-1633 Beekman StreetRedevelopmentDowntown100.0Fee Interest163,500 196,000 1,199 
Oct-16400 East 57th Street ResidentialUpper East Side49.0Fee Interest290,482 170,000 585 
Apr-17102 Greene Street RetailSoho90.0Fee Interest9,200 43,500 4,728 
Sep-17102 Greene Street RetailSoho10.0Fee Interest9,200 43,500 4,728 
Apr-18175-225 Third StreetRedevelopmentBrooklyn, New York95.0Fee Interest— 115,000 — 
Jun-18635 Madison AvenueLandPlaza District100.0Fee Interest176,530 153,000 867 
Jul-18724 Fifth AvenueRetailPlaza District50.0Fee Interest65,010 365,000 5,615 
Oct-1872nd Street Assemblage & 1231 Third AvenueResidentialUpper East SideVariousFee Interest— 143,800 — 
Jan-19131-137 Spring StreetRetailSoho20.0Fee Interest68,342 216,000 3,161 
Aug-19115 Spring StreetRetailSoho49.0Fee Interest5,218 66,050 12,658 
Dec-19562 Fifth AvenueRedevelopmentPlaza District100.0Fee Interest42,635 52,393 1,229 
Dec-191640 Flatbush AvenueRedevelopmentBrooklyn, New York100.0Fee Interest1,000 16,150 16,150 
Mar-20315 West 33rd Street - The OliviaRetail / ResidentialPenn Station100.0Fee Interest492,987 446,500 906 
May-20609 Fifth Avenue - Retail CondominiumRetailRockefeller Center100.0Fee Interest21,437 168,000 7,837 
Sep-20400 East 58th StreetResidentialUpper East Side90.0Fee Interest140,000 62,000 443 
Dec-20410 Tenth AvenueRedevelopmentHudson Yards70.9Fee Interest638,000 952,500 1,493 
Dec-20Williamsburg TerraceRetailBrooklyn, New York100.0Fee Interest52,000 32,000 615 
Jan-21712 Madison AvenueRetailPlaza District100.0Fee Interest6,600 43,000 6,515 
Feb-21133 Greene StreetRetailSoho100.0Fee Interest6,425 15,796 2,459 
Mar-21106 Spring StreetRedevelopmentSoho100.0Fee Interest5,928 34,024 5,740 
Jun-21605 West 42nd Street - SkyResidentialWestside20.0Fee Interest927,358 858,100 925 
Sep-21400 East 57th StreetResidentialUpper East Side41.0Fee Interest290,482 133,500 460 
Feb-22707 Eleventh AvenueRedevelopmentMidtown West100.0Fee Interest159,720 95,000 595 
Apr-221080 AmsterdamResidentialUpper West Side92.5Leasehold Interest82,250 42,650 519 
May-221591-1597 BroadwayLandTimes Square100.0Fee Interest7,684 121,000 15,747 
Jun-22609 Fifth AvenueRedevelopmentRockefeller Center100.0Fee Interest138,563 100,500 725 
Dec-22885 Third Avenue - CondominiumRedevelopmentMidtown / Plaza District100.0Fee / Leasehold Interest414,317 300,400 725 
Feb-23121 Greene StreetRetailSoho50.0Fee Interest7,131 14,000 1,963 
Dec-2321 East 66th StreetRetailPlaza District32.3Fee Interest13,069 40,575 3,105 
Jan-24717 Fifth AvenueRetailMidtown / Plaza District10.9Fee Interest119,550 963,000 8,055 
May-24625 Madison AvenueRedevelopmentPlaza District90.4Fee Interest563,000 634,600 1,127 
Jun-24719 Seventh AvenueRetailTimes Square100.0Fee Interest10,040 30,500 3,038 
Oct-245 Times SquareRedevelopmentTimes Square31.6Leasehold Interest1,127,931 1,165,586 1,033 
Apr-2585 Fifth AvenueRetailMidtown South36.3Fee Interest12,946 46,800 3,615 
13,972,167 $12,761,784 $913 
2026 Dispositions
Feb-26690 Madison AvenueRetailPlaza District90.0Fee Interest7,848 $54,500 $6,944 
7,848 $54,500 $6,944 
Supplemental Information
45
First Quarter 2026

SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY
Suburban
Unaudited

(Dollars in Thousands)
slglogo.jpg
Gross AssetOccupancy (%)
PropertySubmarketInterest AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition3/31/2026
2007 - 2026 Acquisitions
Jan-07300 Main StreetStamford, Connecticut100.0%Fee Interest130,000 $15,000 92.5N/A
Jan-07399 Knollwood RoadWhite Plains, New York100.0Fee Interest145,000 31,600 96.6N/A
Jan-07Reckson - Connecticut PortfolioStamford, Connecticut100.0Fee Interests / Leasehold Interest1,369,800 490,750 88.968.1
Jan-07Reckson - Westchester PortfolioWestchester100.0Fee Interests / Leasehold Interest2,346,100 570,190 90.6N/A
Apr-07Jericho PlazaJericho, New York20.3Fee Interest640,000 210,000 98.4N/A
Jun-071010 Washington BoulevardStamford, Connecticut100.0Fee Interest143,400 38,000 95.6N/A
Jun-07500 West Putnam AvenueGreenwich, Connecticut100.0Fee Interest121,500 56,000 94.4N/A
Jul-0716 Court StreetBrooklyn, New York35.0Fee Interest317,600 107,500 80.6N/A
Aug-07150 Grand StreetWhite Plains, New York100.0Fee Interest85,000 6,700 52.9N/A
Sep-07The MeadowsRutherford, New Jersey25.0Fee Interest582,100 111,500 81.3N/A
Jan-08125 Chubb WayLyndhurst, New Jersey100.0Fee Interest 278,000 29,364 N/A
Dec-107 Renaissance SquareWhite Plains, New York50.0Fee Interest65,641 4,000 N/A
Apr-1316 Court StreetBrooklyn, New York49.0Fee Interest317,600 96,200 84.9N/A
6,541,741 $1,766,804 
Gross Asset
PropertySubmarketInterest SoldType of OwnershipNet Rentable SFValuation ($'s)Price ($'s/SF)
2008 - 2026 Dispositions
Oct-08100 & 120 White Plains RoadTarrytown, New York100.0Fee Interest211,000 $48,000 $227
Jan-0955 Corporate DriveBridgewater, New Jersey100.0Fee Interest670,000 230,000 343
Aug-09399 Knollwood RoadWhite Plains, New York100.0Fee Interest145,000 20,767 143
Jul-12One Court SquareLong Island City, New York100.0Fee Interest1,402,000 481,100 343
Sep-13300 Main StreetStamford, Connecticut100.0Fee Interest130,000 13,500 104
Aug-15The Meadows Rutherford, New Jersey100.0Fee Interest582,100 121,100 208
Dec-15140 Grand StreetWhite Plains, New York100.0Fee Interest130,100 22,400 172
Dec-15150 Grand StreetWhite Plains, New York100.0Fee Interest85,000 9,600 113
Mar-167 Renaissance SquareWhite Plains, New York100.0Fee Interest65,641 21,000 320
Jul-16500 West Putnam AvenueGreenwich, Connecticut100.0Fee Interest121,500 41,000 337
Apr-17520 White Plains RoadTarrytown, New York100.0Fee Interest180,000 21,000 117
Jul-17680 Washington AvenueStamford, Connecticut51.0Fee Interest 133,000 42,011 316
Jul-17750 Washington Avenue Stamford, Connecticut51.0Fee Interest 192,000 53,745 280
Oct-1716 Court StreetBrooklyn, New York100.0Fee Interest 317,600 171,000 538
Oct-17125 Chubb WayLyndhurst, New Jersey100.0Fee Interest 278,000 29,500 106
May-18115-117 Stevens AvenueValhalla, New York100.0Fee Interest178,000 12,000 67
Jun-18Jericho PlazaJericho, New York11.7Fee Interest640,000 117,400 183
Jul-181-6 International DriveRye Brook, New York100.0Fee Interest540,000 55,000 102
Nov-191010 Washington BoulevardStamford, Connecticut100.0Fee Interest143,400 23,100 161
Dec-19100 Summit Lake DriveValhalla, New York100.0Fee Interest 250,000 41,581 166
Dec-19200 Summit Lake DriveValhalla, New York100.0Fee Interest 245,000 37,943 155
Dec-19500 Summit Lake DriveValhalla, New York100.0Fee Interest 228,000 34,185 150
Dec-19360 Hamilton AvenueWhite Plains, New York100.0Fee Interest 384,000 115,452 301
Dec-201055 Washington BoulevardStamford, Connecticut100.0Leasehold Interest182,000 23,750 130
Jul-24Palisades Premier Conference CenterOrangetown, New York100.0Fee Interest450,000 26,249 58
7,883,341 $1,812,383 $230
Supplemental Information
46
First Quarter 2026

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
slglogo.jpg
Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).



RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Supplemental Information
47
First Quarter 2026

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
slglogo.jpg
Funds From Operations (FFO) Reconciliation
Three Months Ended
March 31,
20262025
Net loss attributable to SL Green common stockholders$(84,391)$(21,075)
Add:
Depreciation and amortization69,751 64,498 
Joint venture depreciation and noncontrolling interest adjustments62,596 53,361 
Net income (loss) attributable to noncontrolling interests1,056 (6,362)
Less:
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(814)— 
Purchase price and other fair value adjustments2,224 (6,544)
Gain (loss) on sale of real estate, net16,636 (482)
Depreciable real estate reserves(35,160)(8,546)
Depreciable real estate reserves in unconsolidated joint venture— (1,780)
Depreciation on non-rental real estate assets1,503 1,263 
FFO attributable to SL Green common stockholders and unit holders$64,623 $106,511 

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
For the three months ended
3/31/202612/31/20259/30/20256/30/20253/31/2025
Net (Loss) income$(77,398)$(103,720)$35,161 $(6,817)$(21,545)
Depreciable real estate reserves35,160 23,546 — — 8,546 
Depreciable real estate reserves in unconsolidated joint venture— 12,812 — — 1,780 
(Gain) loss on sale of real estate, net(16,636)426 1,068 167 482 
Purchase price and other fair value adjustments(4,183)28,143 (11,138)9,617 9,611 
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate814 (1,142)(86,872)1,946 — 
Gain on sale of marketable securities— — — (10,232)— 
Depreciation and amortization69,751 67,839 63,216 60,160 64,498 
Income taxes(1,045)2,305 137 1,296 653 
SUMMIT Operator tax expense585 478 1,279 1,547 (45)
Amortization of deferred financing costs2,802 1,901 1,724 1,742 1,687 
Interest expense, net of interest income50,909 49,422 47,235 45,318 45,681 
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates141,731 139,218 200,085 151,642 117,164 
EBITDAre$202,490 $221,228 $251,895 $256,386 $228,512 
Supplemental Information
48
First Quarter 2026

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Three Months Ended
Operating income and Same-store NOI Reconciliation
March 31,
20262025
Net loss$(77,398)$(21,545)
Depreciable real estate reserves35,160 8,546 
Depreciable real estate reserves in unconsolidated joint venture— 1,780 
(Gain) loss on sale of real estate, net(16,636)482 
Purchase price and other fair value adjustments(4,183)9,611 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate814 — 
Gain on sale of marketable securities— — 
Depreciation and amortization69,751 64,498 
SUMMIT Operator tax expense (benefit)585 (45)
Amortization of deferred financing costs2,802 1,687 
Interest expense, net of interest income50,909 45,681 
Interest expense on senior obligations of consolidated securitization vehicles14,649 13,972 
Operating Income76,453 124,667 
Equity in net loss (income) from unconsolidated joint ventures20,780 (2,950)
Income from debt fund investments, net(2,478)— 
Marketing, general and administrative expense22,786 21,724 
Transaction related costs284 295 
Loan loss and other investment reserves, net of recoveries— (25,039)
SUMMIT Operator expenses24,942 21,764 
Gain on early extinguishment of debt— — 
Investment income(2,346)(16,114)
Interest income from real estate loans held by consolidated securitization vehicles(14,649)(15,981)
SUMMIT Operator revenue(24,142)(22,534)
Non-building revenue(17,879)(10,486)
Net operating income (NOI)83,751 75,346 
Equity in net (loss) income from unconsolidated joint ventures(20,780)2,950 
SLG share of unconsolidated JV depreciation and amortization67,639 63,075 
SLG share of unconsolidated JV amortization of deferred financing costs4,456 3,191 
SLG share of unconsolidated JV interest expense, net of interest income70,132 62,965 
SLG share of unconsolidated JV transaction related costs— — 
SLG share of unconsolidated JV gain on early extinguishment of debt4,796 — 
SLG share of unconsolidated JV investment income(424)(4,918)
SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries— — 
SLG share of unconsolidated JV non-building revenue(398)(1,291)
NOI including SLG share of unconsolidated JVs209,172 201,318 
NOI from other properties/affiliates(34,623)(34,606)
Same-Store NOI174,549 166,712 
Straight-line and free rent(3,440)1,293 
Amortization of acquired above and below-market leases, net1,147 912 
Operating lease straight-line adjustment204 204 
SLG share of unconsolidated JV straight-line and free rent(9,502)(10,269)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net(6,460)(6,040)
SLG share of unconsolidated JV operating lease straight-line adjustment— — 
Same-store cash NOI$156,498 $152,812 
Lease termination income356 (4,393)
SLG share of unconsolidated JV lease termination income(4,626)— 
Same-store cash NOI excluding lease termination income$152,228 $148,419 
Supplemental Information
49
First Quarter 2026

RESEARCH ANALYST COVERAGE
                               
                          
                         
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EQUITY COVERAGE
FirmAnalystPhoneEmail
B of A SecuritiesJana Galan(646) 855-5042jana.galan@bofa.com
BarclaysBrendan Lynch(212) 526-9428brendan.lynch@barclays.com
BMO Capital Markets Corp.John P. Kim(212) 885-4115JohnP.Kim@bmo.com
BTIGThomas Catherwood(212) 738-6140tcatherwood@btig.com
CitiSeth Bergey(212) 816-2066seth.bergey@citi.com
Deutsche BankPeter Abramowitz(212) 250-9504peter.abramowitz@db.com
Evercore ISISteve Sakwa(212) 446-9462steve.sakwa@evercoreisi.com
Goldman Sachs & Co.Caitlin Burrows(212) 902-4736caitlin.burrows@gs.com
JefferiesJoe Dickstein(212) 778-8771jdickstein1@jefferies.com
JP Morgan SecuritiesAnthony Paolone(212) 622-6682anthony.paolone@jpmorgan.com
Mizuho Securities USAVikram Malhotra(212) 282-3827vikram.malhotra@mizuhogroup.com
Morgan Stanley & Co.Ronald Kamdem(212) 296-8319ronald.kamdem@morganstanley.com
Piper SandlerAlexander Goldfarb(212) 466-7937alexander.goldfarb@psc.com
ScotiabankNicholas Yulico(212) 225-6904nicholas.yulico@scotiabank.com
Truist SecuritiesMichael Lewis(212) 319-5659michael.r.lewis@truist.com
Wells FargoBlaine Heck(443) 263-6529blaine.heck@wellsfargo.com

SL Green Realty Corp. is covered by the research analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not, by its reference above or distribution, imply its endorsement of or concurrence with such information, conclusions or recommendations.
Supplemental Information
50
First Quarter 2026

EXECUTIVE MANAGEMENT
                               
                          
                         
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Marc HollidayEdward V. Piccinich
Chairman and Chief Executive Officer
Chief Operating Officer
Harrison SitomerNeil H. Kessner
President and Chief Investment OfficerExecutive Vice President, General
Counsel - Real Property
Matthew J. DiLiberto
Chief Financial Officer
Maggie Hui
Chief Accounting Officer
Andrew S. Levine
Chief Legal Officer - General Counsel, EVPRobert Schiffer
Executive Vice President, Development
Steven M. Durels
Executive Vice President, Director ofBrett Herschenfeld
Leasing and Real PropertyExecutive Vice President, Retail and Opportunistic
Investment

Supplemental Information
51
First Quarter 2026