Form 8-K
8-K — SL GREEN REALTY CORP
Accession: 0001628280-26-066842
Filed: 2026-10-22
Period: 2026-10-21
CIK: 0001040971
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — slg-20261021.htm (Primary)
EX-99.1 (a26q3earningsrelease.htm)
EX-99.2 (a26q3supplemental.htm)
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8-K
8-K (Primary)
Filename: slg-20261021.htm · Sequence: 1
slg-20261021
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 21, 2026
SL GREEN REALTY CORP.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of incorporation or organization)
1-13199 13-3956775
(Commission File Number) (I.R.S. Employer Identification No.)
One Vanderbilt Avenue 10017
New York, New York (Zip Code)
(Address of principal executive offices)
(212) 594-2700
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Registrant Trading Symbol Title of Each Class Name of Each Exchange on Which Registered
SL Green Realty Corp. SLG Common Stock, $0.01 par value New York Stock Exchange
SL Green Realty Corp. SLG.PRI 6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [☐]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]
Item 2.02. Results of Operations and Financial Condition
Following the issuance of a press release on October 21, 2026 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended September 30, 2026, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.
The information (including Exhibits 99.1 and 99.2) being furnished pursuant to this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.
Item 7.01. Regulation FD Disclosure
As discussed in Item 2.02 above, on October 21, 2026, the Company issued a press release announcing its results for the quarter ended September 30, 2026, and that it is revising its previously announced net income guidance range of $0.20 to $0.50 per share (diluted) for the year ending December 31, 2026 to $0.40 to $0.60 of net income per share (diluted), and revising its previously announced Nareit defined Funds From Operations ("FFO") guidance range of $5.60 to $5.90 per share (diluted) for the year ending December 31, 2026 to $6.50 to $6.70 of FFO per share (diluted).
The following table reconciles the estimated earnings per share (diluted) to FFO per share (diluted) range for the year ending December 31, 2026:
Year Ending
December 31,
2026 2026
Net income per share attributable to SL Green common stockholders (diluted) $ 0.40 $ 0.60
Add:
Depreciation and amortization 3.48 3.48
SLG's share of unconsolidated joint ventures depreciation and amortization 3.77 3.77
Net income attributable to noncontrolling interests 0.38 0.38
Depreciable real estate reserves and impairments 0.49 0.49
Less:
Gain on sale of real estate, net 1.35 1.35
Equity in net loss on sale of interest in unconsolidated joint venture / real estate (0.01) (0.01)
Purchase price and other fair value adjustments 0.10 0.10
Depreciation on non-real estate assets 0.08 0.08
Noncontrolling interests in consolidated joint ventures 0.50 0.50
Funds From Operations per share attributable to SL Green common stockholders and unit holders (diluted) $ 6.50 $ 6.70
The information being furnished pursuant to this “Item 7.01. Regulation FD Disclosure” shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press release regarding results for the quarter ended September 30, 2026.
99.2 Supplemental package.
Non-GAAP Supplemental Financial Measures
Funds from Operations (FFO)
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SL GREEN REALTY CORP.
/s/ Matthew J. DiLiberto
Matthew J. DiLiberto
Chief Financial Officer
Date: October 22, 2026
EX-99.1
EX-99.1
Filename: a26q3earningsrelease.htm · Sequence: 2
Document
Exhibit 99.1
SL GREEN REALTY CORP. REPORTS
THIRD QUARTER 2026 EPS OF $1.01 PER SHARE;
AND FFO OF $1.59 PER SHARE
INCREASES 2026 EARNINGS GUIDANCE
Financial and Operating Highlights
•Net income attributable to common stockholders of $1.01 per share for the third quarter of 2026 as compared to net income of $0.34 per share for the same period in 2025.
•Funds from operations ("FFO") of $1.59 per share for the third quarter of 2026 as compared to FFO of $1.58 per share for the same period in 2025.
•The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60-$5.90 per share to $6.50-$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20-$0.50 per share to $0.40-$0.60 per share.
•Signed 38 Manhattan office leases totaling 591,108 square feet in the third quarter of 2026 and 142 Manhattan office leases totaling 1,965,533 square feet for the first nine months of 2026. The mark-to-market on signed Manhattan office leases was 13.6% higher for the third quarter and 15.7% higher for the first nine months than the previous fully escalated rents on the same spaces.
•Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.
•Manhattan same-store office occupancy increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced.
Investing Highlights
•Entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, and generate approximately $216.0 million of net cash proceeds.
•Closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.
•Deployed $100.7 million of the $1.3 billion SLG Opportunistic Debt Fund (the "Fund") during the third quarter and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and $18.9 million of which has since been repaid.
•In October, closed on the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.
•In October, closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.
Financing Highlights
•In October, together with our joint venture partner, closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S. Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%.
NEW YORK, October 21, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2026 of $72.2 million, or $1.01 per share, as compared to net income of $24.9 million, or $0.34 per share, for the same period in 2025.
The Company reported net loss attributable to common stockholders for the nine months ended September 30, 2026 of $38.7 million, or $0.56 per share, as compared to net loss of $7.3 million, or $0.12 per share, for the same period in 2025.
The Company reported FFO for the quarter ended September 30, 2026 of $122.1 million, or $1.59 per share, as compared to FFO of $120.4 million, or $1.58 per share, for the same period in 2025.
The Company reported FFO for the nine months ended September 30, 2026 of $296.3 million or $3.85 per share as compared to FFO of $351.4 million, or $4.60 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.
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 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.
During the third quarter of 2026, the Company signed 38 office leases in its Manhattan office portfolio totaling 591,108 square feet. The average rent on the Manhattan office leases signed in the third quarter of 2026 was $105.75 per rentable square foot, with an average lease term of 10.7 years and average tenant concessions of 8.2 months of free rent with a tenant improvement allowance of $85.20 per rentable square foot. Twenty-eight leases comprising 449,076 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 $110.88 per rentable square foot, representing a 13.6% increase over the previous fully escalated rents on the same office spaces.
During the nine months ended September 30, 2026, the Company signed 142 office leases in its Manhattan office portfolio totaling 1,965,533 square feet. The average rent on the Manhattan office leases signed in 2026 was $102.61 per rentable square foot with an average lease term of 9.1 years and average tenant concessions of 8.6 months of free rent with a tenant improvement allowance of $89.88 per rentable square foot. Ninety-four leases comprising 1,424,546 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $109.99 per rentable square foot, representing a 15.7% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced, as compared to 92.9% at the end of 2025.
Significant leasing activity in the third quarter includes:
•New lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
•Early renewal with IMG Worldwide LLC for 90,202 square feet at 304 Park Avenue South;
•New lease with Landesbank Baden-Württemberg for 58,332 square feet at 1185 Avenue of the Americas;
•New lease with Nearwater Management, LLC for 37,563 square feet at 245 Park Avenue;
•New expansion lease with Greenberg Traurig LLP for 33,477 square feet at One Vanderbilt Avenue;
•New lease with OceanSound Partners, LP for 32,032 square feet at 450 Park Avenue;
•Early renewal with Haworth, Inc. for 30,365 square feet at 125 Park Avenue.
Earnings Guidance
The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60-$5.90 per share to $6.50-$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20-$0.50 per share to $0.40-$0.60 per share.
Investment Activity
In September, the Company entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction, which is expected to close in the fourth quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $216.0 million that will be used for corporate debt repayment.
In August, the Company closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.
During the third quarter, the Company deployed $100.7 million of the $1.3 billion Fund and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and $18.9 million of which has since been repaid.
In October, the Company closed on the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.
In October, the Company closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.
Financing Activity
In October, the Company and its joint venture partner closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%. The single-asset, single-borrower (SASB) CMBS execution was agented by world-class institutions led by JPMorgan Chase Bank, N.A., with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale and Citibank. The new financing replaces the property's previous $1.768 billion of mortgage and mezzanine financing.
Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on Monday, December 7, 2026 beginning at 9:00 a.m. ET. The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen-only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at www.slgreen.com on the day of the conference. An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.
For more information about the event, please email SLG2026@slgreen.com.
Dividends
In the third 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 October 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;
•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period July 15, 2026 through and including October 14, 2026, which was paid in cash on October 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, October 22, 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/BI6e8d3796e9b044fbb7f0dca147720564.
Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2026, SL Green held interests in 53 buildings totaling 30.3 million square feet, which included ownership interests in 28.9 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 5 buildings totaling 1.3 million square feet owned by third parties.
To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com.
Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.
Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as our earnings guidance, future capital expenditures, dividends, acquisitions and dispositions (including the amount and nature thereof and the expected timing, closing and use of proceeds of pending dispositions), financing and refinancing transactions and hedging activities, 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," “target,” “plan,” “guidance,” “outlook,” or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
Revenues: 2026 2025 2026 2025
Rental revenue, net $ 165,552 $ 149,672 $ 503,393 $ 441,725
Escalation and reimbursement revenues 20,381 18,864 61,298 55,067
SUMMIT Operator revenue 34,655 32,883 90,306 86,424
Investment income 2,615 4,356 7,618 26,809
Interest income from real estate loans held by consolidated securitization vehicles 14,687 10,838 44,079 47,868
Fee income 30,596 23,296 70,037 47,787
Other income 4,539 4,908 13,375 20,899
Total revenues 273,025 244,817 790,106 726,579
Expenses:
Operating expenses, including related party expenses of $0 and $6 in 2026 and $6 and $9 in 2025
58,700 57,673 180,407 164,840
Real estate taxes 42,190 37,627 126,537 112,594
Operating lease rent 6,898 6,106 20,740 18,317
SUMMIT Operator expenses 42,936 35,959 93,398 82,570
Interest expense, net of interest income 50,026 47,235 154,946 138,234
Amortization of deferred financing costs 2,480 1,724 7,438 5,153
SUMMIT Operator tax expense 616 1,279 2,424 2,781
Interest expense on senior obligations of consolidated securitization vehicles 14,687 10,838 44,079 45,827
Depreciation and amortization 63,629 63,216 200,659 187,874
Loan loss and other investment reserves, net of recoveries — — — (71,326)
Transaction related costs 228 13,129 529 13,601
Marketing, general and administrative 23,253 23,701 68,820 67,004
Total expenses 305,643 298,487 899,977 767,469
Equity in net income (loss) from unconsolidated joint ventures 26,692 (9,287) 20,860 (30,892)
Income from debt fund investments, net 2,166 1,176 10,634 1,776
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate — 86,872 (814) 84,926
Purchase price and other fair value adjustments 4,261 11,138 14,106 (8,090)
Gain (loss) on sale of real estate, net 91,445 (1,068) 103,902 (1,717)
Depreciable real estate reserves (2,275) — (37,435) (8,546)
Gain on sale of marketable securities — — — 10,232
Net income 89,671 35,161 1,382 6,799
Net income (loss) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership (5,797) (1,737) 3,036 503
Noncontrolling interests in other partnerships (5,688) (2,658) (25,194) 3,079
Preferred units distributions (2,256) (2,154) (6,713) (6,461)
Net income (loss) attributable to SL Green 75,930 28,612 (27,489) 3,920
Perpetual preferred stock dividends (3,738) (3,738) (11,213) (11,213)
Net income (loss) attributable to SL Green common stockholders $ 72,192 $ 24,874 $ (38,702) $ (7,293)
Earnings Per Share (EPS)
Basic earnings (loss) per share $ 1.01 $ 0.35 $ (0.56) $ (0.12)
Diluted earnings (loss) per share $ 1.01 $ 0.34 $ (0.56) $ (0.12)
Funds From Operations (FFO)
Basic FFO per share $ 1.63 $ 1.62 $ 3.93 $ 4.72
Diluted FFO per share $ 1.59 $ 1.58 $ 3.85 $ 4.60
Basic ownership interest
Weighted average REIT common shares for net income per share 70,441 70,443 70,598 70,435
Weighted average partnership units held by noncontrolling interests 4,610 3,875 4,814 3,998
Basic weighted average shares and units outstanding 75,051 74,318 75,412 74,433
Diluted ownership interest
Weighted average REIT common share and common share equivalents 71,967 72,553 72,189 72,442
Weighted average partnership units held by noncontrolling interests 4,610 3,875 4,814 3,998
Diluted weighted average shares and units outstanding 76,577 76,428 77,003 76,440
SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except per share data)
September 30, December 31,
2026 2025
Assets
Commercial real estate properties, at cost:
Land and land interests $ 1,534,127 $ 1,699,215
Building and improvements 4,068,129 4,012,305
Building leasehold and improvements 1,496,428 1,448,112
7,098,684 7,159,632
Less: accumulated depreciation (2,333,095) (2,306,377)
4,765,589 4,853,255
Assets held for sale 224,249 —
Cash and cash equivalents 186,439 155,747
Restricted cash 199,507 180,748
Investment in marketable securities 21,166 23,666
Tenant and other receivables 64,072 45,524
Related party receivables 17,195 16,293
Deferred rents receivable 255,497 266,678
Debt and preferred equity investments, net of discounts and deferred origination fees of $2 and $14 in 2026 and 2025, respectively, and allowances of $300 and $454 in 2026 and 2025, respectively
113,087 168,358
Investments in unconsolidated joint ventures 2,886,984 2,819,778
Debt fund investments, at fair value 434,219 152,958
Deferred costs, net 121,668 129,019
Right-of-use assets - operating leases 940,495 864,430
Real estate loans held by consolidated securitization vehicles, at fair value 1,003,918 1,023,877
Other assets 551,576 577,299
Total assets $ 11,785,661 $ 11,277,630
Liabilities
Mortgages and other loans payable $ 2,216,799 $ 2,154,499
Revolving credit facility 930,000 640,000
Unsecured term loan 1,150,000 1,150,000
Deferred financing costs, net (29,965) (13,063)
Total debt, net of deferred financing costs 4,266,834 3,931,436
Accrued interest payable 17,016 15,221
Accounts payable and accrued expenses 142,846 134,621
Deferred revenue 158,252 147,419
Lease liability - financing leases 109,182 108,183
Lease liability - operating leases 886,515 805,192
Dividend and distributions payable 48,910 2,536
Security deposits 66,859 68,276
Liabilities related to assets held for sale 866 —
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000 100,000
Senior obligations of consolidated securitization vehicles, at fair value 1,003,918 1,023,877
Other liabilities (includes $166,736 and $244,941 at fair value as of September 30, 2026 and December 31, 2025, respectively)
513,358 587,779
Total liabilities 7,314,556 6,924,540
Commitments and contingencies
Noncontrolling interests in Operating Partnership 273,718 241,371
Preferred units and redeemable equity 203,508 199,271
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both September 30, 2026 and December 31, 2025
221,932 221,932
Common stock, $0.01 par value 160,000 shares authorized, 70,945 and 71,159 issued and outstanding at September 30, 2026 and December 31, 2025, respectively
708 711
Additional paid-in capital 4,213,109 4,212,590
Accumulated other comprehensive income (loss) 28,201 (22,198)
Retained deficit (964,016) (741,880)
Total SL Green Realty Corp. stockholders’ equity 3,499,934 3,671,155
Noncontrolling interests in other partnerships 493,945 241,293
Total equity 3,993,879 3,912,448
Total liabilities and equity $ 11,785,661 $ 11,277,630
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
Funds From Operations (FFO) Reconciliation: 2026 2025 2026 2025
Net income (loss) attributable to SL Green common stockholders $ 72,192 $ 24,874 $ (38,702) $ (7,293)
Add:
Depreciation and amortization 63,629 63,216 200,659 187,874
SLG's share of unconsolidated joint ventures depreciation and amortization 72,964 127,170 217,701 247,874
Net income (loss) attributable to noncontrolling interests 11,485 4,395 22,158 (3,582)
Less:
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate — 86,872 (814) 84,926
Purchase price and other fair value adjustments 477 9,652 7,953 (5,291)
Gain (loss) on sale of real estate, net 91,445 (1,068) 103,902 (1,717)
Depreciable real estate reserves (2,275) — (37,435) (8,546)
Depreciable real estate reserves in unconsolidated joint venture — — — (1,780)
Depreciation on non-rental real estate assets 1,478 1,628 4,483 4,312
Noncontrolling interests in consolidated joint ventures 7,071 2,186 27,451 1,526
FFO attributable to SL Green common stockholders and unit holders $ 122,074 $ 120,385 $ 296,276 $ 351,443
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
Operating income and Same-store NOI Reconciliation: 2026 2025 2026 2025
Net income $ 89,671 $ 35,161 $ 1,382 $ 6,799
Depreciable real estate reserves 2,275 — 37,435 8,546
(Gain) Loss on sale of real estate, net (91,445) 1,068 (103,902) 1,717
Purchase price and other fair value adjustments (4,261) (11,138) (14,106) 8,090
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate — (86,872) 814 (84,926)
Gain on sale of marketable securities — — — (10,232)
Depreciation and amortization 63,629 63,216 200,659 187,874
SUMMIT Operator tax expense 616 1,279 2,424 2,781
Amortization of deferred financing costs 2,480 1,724 7,438 5,153
Interest expense, net of interest income 50,026 47,235 154,946 138,234
Interest expense on senior obligations of consolidated securitization vehicles 14,687 10,838 44,079 45,827
Operating income 127,678 62,511 331,169 309,863
Equity in net (income) loss from unconsolidated joint ventures (26,692) 9,287 (20,860) 30,892
Income from debt fund investments, net (2,166) (1,176) (10,634) (1,776)
Marketing, general and administrative expense 23,253 23,701 68,820 67,004
Transaction related costs 228 13,129 529 13,601
Loan loss and other investment reserves, net of recoveries — — — (71,326)
SUMMIT Operator expenses 42,936 35,959 93,398 82,570
Investment income (2,615) (4,356) (7,618) (26,809)
Interest income from real estate loans held by consolidated securitization vehicles (14,687) (10,838) (44,079) (47,868)
SUMMIT Operator revenue (34,655) (32,883) (90,306) (86,424)
Non-building revenue (26,955) (20,271) (59,524) (40,406)
Net operating income (NOI) 86,325 75,063 260,895 229,321
Equity in net income (loss) from unconsolidated joint ventures 26,692 (9,287) 20,860 (30,892)
SLG's share of unconsolidated JV depreciable real estate reserves — — — 1,780
SLG's share of unconsolidated JV depreciation and amortization 68,880 66,616 207,074 194,844
SLG's share of unconsolidated JV amortization of deferred financing costs 4,101 3,558 12,519 9,856
SLG's share of unconsolidated JV interest expense, net of interest income 74,059 67,628 216,017 194,883
SLG's share of unconsolidated JV gain on early extinguishment of debt — (57,187) 4,796 (57,187)
SLG's share of unconsolidated JV investment income (554) (3,963) (1,759) (13,940)
SLG's share of unconsolidated JV loan loss and other investment reserves, net of recoveries — — — 14,531
SLG's share of unconsolidated JV non-building revenue (2,153) (1,645) (5,599) (5,219)
NOI including SLG share of unconsolidated JVs 257,350 140,783 714,803 537,977
NOI from other properties/affiliates (73,925) 30,394 (185,804) (36,758)
Same-Store NOI 183,425 171,177 528,999 501,219
Straight-line and free rent (3,462) 693 (10,052) 1,844
Amortization of acquired above and below-market leases, net 266 146 1,082 389
Operating lease straight-line adjustment 1,532 204 1,893 611
SLG's share of unconsolidated JV straight-line and free rent (14,003) (10,396) (32,949) (33,788)
SLG's share of unconsolidated JV amortization of acquired above and below-market leases, net (6,718) (6,268) (20,394) (18,498)
Same-store cash NOI $ 161,040 $ 155,556 $ 468,579 $ 451,777
Lease termination income (387) (270) (1,128) (4,875)
SLG's share of unconsolidated JV lease termination income (1,001) (3,189) (7,333) (5,421)
Same-store cash NOI excluding lease termination income $ 159,652 $ 152,097 $ 460,118 $ 441,481
SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES
Funds from Operations (FFO)
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
SLG-EARN
EX-99.2
EX-99.2
Filename: a26q3supplemental.htm · Sequence: 3
Document
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties.
As of September 30, 2026, the Company held interests in 53 buildings totaling 30.3 million square feet, which included ownership interests in 28.9 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 5 buildings totaling 1.3 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 our earnings guidance, future capital expenditures, dividends, acquisitions and dispositions (including the amount and nature thereof and the expected timing, closing and use of proceeds of pending dispositions), financing and refinancing transactions and hedging activities, 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," “target,” “plan,” “guidance,” “outlook,” 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 September 30, 2026 that will be included on Form 10-Q to be filed on or before November 9, 2026.
Supplemental Information
2
Third Quarter 2026
TABLE OF CONTENTS
Definitions
4
Highlights
6
Key Financial Data
9
-
11
Office Leasing Statistics
12
Comparative Balance Sheets
13
Comparative Statements of Operations
15
Comparative Computation of FFO and FAD
16
Consolidated Statement of Equity
17
Joint Venture Statements
18
-
19
Selected Financial Data
21
-
24
Debt Summary Schedule
25
-
27
Derivative Summary Schedule
28
Lease Liability Schedule
29
Debt and Preferred Equity Investments
30
Selected Property Data
Property Portfolio
31
-
35
Largest Tenants
36
Tenant Diversification
37
Leasing Activity
38
-
39
Lease Expirations
40
-
42
Summary of Real Estate Acquisition/Disposition Activity
43
-
47
Non-GAAP Disclosures and Reconciliations
48
Analyst Coverage
51
Executive Management
52
Supplemental Information
3
Third Quarter 2026
DEFINITIONS
Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, deferrals, and abatements as of the last day of the quarter, multiplied by 12.
ASP - Alternative strategy portfolio.
Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment, based on the property’s vacancy rate, plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company’s equity investment in those properties and the property’s vacancy rate multiplied by the Company’s consolidated weighted average borrowing rate. Capitalized Interest is a component of the carrying value of a development or redevelopment property.
CMBS Investments - Investments in commercial mortgage-backed securities.
Commenced Occupancy - Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
Consolidated securitization vehicle - CMBS securitization trusts for which the terms of our investment and special servicing assignment give us the ability to direct the activities that could significantly impact the trust's economic performance.
Debt service coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by total interest and principal payments.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
Economic Occupancy - Calculated based on the square footage on which revenue is being recognized for GAAP purposes as of the reporting date, which may differ from the square footage on which cash rent is being collected.
First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs, which are generally incurred during the first 4-5 years following acquisition of a property, to bring a property up to the Company's operating standards.
Fixed charge - Total payments for interest, loan principal amortization, ground rent and preferred stock dividends.
Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and the Company's share of joint venture depreciation and amortization, divided by Fixed Charge. The calculation of fixed charge coverage for purposes of our credit facility covenants is governed by the terms of the credit facility.
Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Junior Mortgage Participations - Subordinate interests in first mortgages.
Leased Occupancy - Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession of the leased space.
Mezzanine Debt - Loans secured by ownership interests in real estate.
Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns.
Recurring capital expenditures - Capital expenditure required to maintain a property at the Company’s operating standards.
Redevelopment costs - Non-recurring capital expenditures incurred to improve properties to the Company’s operating standards.
Rentable Square Footage - The total space designated as rentable under the in-place lease agreements and vacant rentable space available to be leased.
Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured at inception as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense.
Supplemental Information
4
Third Quarter 2026
DEFINITIONS
Same-Store Properties (Same-Store) - Properties in service and operating during both the current and prior year reporting periods that are located in Manhattan. Same-Store excludes development and redevelopment properties that are not stabilized for both the current and prior year and excludes properties sold and ASP assets. Changes to Same-Store properties in 2026 are as follows:
Added to Same-Store in 2026:
Removed from Same-Store in 2026:
500 Park Avenue 7 Dey Street (sold)
One Madison Avenue
10 East 53rd Street (sold)
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
Third Quarter 2026
THIRD QUARTER 2026 HIGHLIGHTS
Unaudited
NEW YORK, October 21, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2026 of $72.2 million, or $1.01 per share, as compared to net income of $24.9 million, or $0.34 per share, for the same period in 2025.
The Company reported net loss attributable to common stockholders for the nine months ended September 30, 2026 of $38.7 million, or $0.56 per share, as compared to net loss of $7.3 million, or $0.12 per share, for the same period in 2025.
The Company reported FFO for the quarter ended September 30, 2026 of $122.1 million, or $1.59 per share, as compared to FFO of $120.4 million, or $1.58 per share, for the same period in 2025.
The Company reported FFO for the nine months ended September 30, 2026 of $296.3 million or $3.85 per share as compared to FFO of $351.4 million, or $4.60 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.
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 5.0% for the third quarter of 2026 and 4.2% for the first nine months of 2026, excluding lease termination income, as compared to the same periods in 2025.
During the third quarter of 2026, the Company signed 38 office leases in its Manhattan office portfolio totaling 591,108 square feet. The average rent on the Manhattan office leases signed in the third quarter of 2026 was $105.75 per rentable square foot, with an average lease term of 10.7 years and average tenant concessions of 8.2 months of free rent with a tenant improvement allowance of $85.20 per rentable square foot. Twenty-eight leases comprising 449,076 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 $110.88 per rentable square foot, representing a 13.6% increase over the previous fully escalated rents on the same office spaces.
During the nine months ended September 30, 2026, the Company signed 142 office leases in its Manhattan office portfolio totaling 1,965,533 square feet. The average rent on the Manhattan office leases signed in 2026 was $102.61 per rentable square foot with an average lease term of 9.1 years and average tenant concessions of 8.6 months of free rent with a tenant improvement allowance of $89.88 per rentable square foot. Ninety-four leases comprising 1,424,546 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $109.99 per rentable square foot, representing a 15.7% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 95.0% as of September 30, 2026, inclusive of leases signed but not yet commenced, as compared to 92.9% at the end of 2025.
Supplemental Information
6
Third Quarter 2026
THIRD QUARTER 2026 HIGHLIGHTS
Unaudited
Significant leasing activity in the third quarter includes:
•New lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;
•Early renewal with IMG Worldwide LLC for 90,202 square feet at 304 Park Avenue South;
•New lease with Landesbank Baden-Württemberg for 58,332 square feet at 1185 Avenue of the Americas;
•New lease with Nearwater Management, LLC for 37,563 square feet at 245 Park Avenue;
•New expansion lease with Greenberg Traurig LLP for 33,477 square feet at One Vanderbilt Avenue;
•New lease with OceanSound Partners, LP for 32,032 square feet at 450 Park Avenue;
•Early renewal with Haworth, Inc. for 30,365 square feet at 125 Park Avenue.
Earnings Guidance
The Company is increasing its previously announced 2026 FFO guidance range for the year ending December 31, 2026 from $5.60-$5.90 per share to $6.50-$6.70 per share, which reflects $1.10 per share of incremental income from the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, offset by $0.25 per share attributable to the higher interest rate environment. The Company is also increasing its previously announced 2026 net income guidance range from $0.20-$0.50 per share to $0.40-$0.60 per share.
Investment Activity
In September, the Company entered into a contract to sell 110 Greene Street for total consideration of $226.0 million. The transaction, which is expected to close in the fourth quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $216.0 million that will be used for corporate debt repayment.
In August, the Company closed on the previously announced sale of 10 East 53rd Street for total consideration of $312.2 million. The Company received net cash proceeds of $99.0 million.
During the third quarter, the Company deployed $100.7 million of the $1.3 billion Fund and $359.0 million to date in 2026, bringing total Fund deployment to $643.1 million, of which $528.8 million has been funded, and $18.9 million of which has since been repaid.
In October, the Company closed on the sale of a 20% joint venture interest in an entity related to the Company's food and beverage hospitality operations, at a gross valuation of $200.0 million. The transaction generated proceeds to the Company of $40.0 million.
In October, the Company closed on the sale of the 26,000 square foot office condominium at 185 Broadway for $9.0 million. The Company received net cash proceeds of $8.7 million.
Financing Activity
In October, the Company and its joint venture partner closed on a $2.0 billion refinancing of 245 Park Avenue. The five-year, fixed-rate financing was priced at a spread of 147 basis points above the U.S Treasury index, resulting in an interest rate of 6.52%. SL Green hedged its share of the financing to an effective interest rate of 6.37%. The single-asset, single-borrower (SASB) CMBS execution was agented by world-class institutions led by JPMorgan Chase Bank, N.A., with participation from Bank of America, Deutsche Bank, Bank of Montreal, Goldman Sachs, Société Générale and Citibank. The new financing replaces the property's previous $1.768 billion of mortgage and mezzanine financing.
Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on Monday, December 7, 2026 beginning at 9:00 a.m. ET. The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen-only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at www.slgreen.com on the day of the conference. An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.
For more information about the event, please email SLG2026@slgreen.com.
Supplemental Information
7
Third Quarter 2026
THIRD QUARTER 2026 HIGHLIGHTS
Unaudited
Dividends
In the third 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 October 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;
•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period July 15, 2026 through and including October 14, 2026, which was paid in cash on October 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, October 22, 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/BI6e8d3796e9b044fbb7f0dca147720564.
Supplemental Information
8
Third Quarter 2026
KEY FINANCIAL DATA
Unaudited
(Dollars in Thousands Except Per Share)
As of or for the three months ended
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Earnings Per Share
Net income (loss) available to common stockholders (EPS) - diluted $ 1.01 $ (0.38) $ (1.20) $ (1.49) $ 0.34
Funds from operations (FFO) available to common stockholders - diluted $ 1.59 $ 1.43 $ 0.84 $ 1.13 $ 1.58
Common Share Price & Dividends
Closing price at the end of the period $ 48.92 $ 51.77 $ 36.94 $ 45.87 $ 59.81
Closing high price during period $ 59.83 $ 52.93 $ 49.39 $ 60.52 $ 65.67
Closing low price during period $ 48.33 $ 36.06 $ 35.33 $ 41.53 $ 52.04
Annual dividend per common share $ 2.47 $ 2.47 $ 2.47 $ 3.09 $ 3.09
Common Shares & Units
Common shares outstanding 70,945 70,853 71,124 71,159 71,028
Units outstanding 5,298 5,547 5,878 4,878 4,850
Total common shares and units outstanding 76,243 76,400 77,002 76,037 75,878
Weighted average common shares and units outstanding - basic 75,051 75,525 75,667 74,331 74,318
Weighted average common shares and units outstanding - diluted 76,577 76,874 77,250 76,594 76,428
Market Capitalization
Market value of common equity $ 3,729,808 $ 3,955,228 $ 2,844,454 $ 3,487,817 $ 4,538,263
Liquidation value of preferred equity/units and redeemable equity 433,507 434,344 434,318 429,271 424,393
Consolidated debt 4,396,799 4,549,130 4,774,283 4,044,499 4,028,382
Consolidated market capitalization $ 8,560,114 $ 8,938,702 $ 8,053,055 $ 7,961,587 $ 8,991,038
SLG share of unconsolidated JV debt 5,984,210 5,987,615 5,997,411 5,897,198 5,805,174
Market capitalization including SLG share of unconsolidated JVs $ 14,544,324 $ 14,926,317 $ 14,050,466 $ 13,858,785 $ 14,796,212
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.80x 1.70x 1.71x 1.81x 1.86x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.64x 1.55x 1.56x 1.65x 1.69x
Supplemental Information
9
Third Quarter 2026
KEY FINANCIAL DATA
Unaudited
(Dollars in Thousands Except Per Share)
As of or for the three months ended
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Selected Balance Sheet Data
Real estate assets before depreciation $ 7,098,684 $ 7,331,106 $ 7,612,191 $ 7,159,632 $ 7,135,236
Debt and preferred equity investments 113,087 113,085 118,083 168,358 171,412
Investments in unconsolidated joint ventures 2,886,984 2,849,912 2,723,563 2,819,778 2,818,685
Consolidated debt fund investments 434,219 379,004 293,243 152,958 73,402
Cash and cash equivalents 186,439 180,788 143,867 155,747 187,039
Investment in marketable securities 21,166 21,273 25,330 23,666 16,099
Total assets 11,785,661 11,809,001 11,981,740 11,277,630 11,335,379
Consolidated fixed rate & hedged debt 3,409,386 3,619,708 4,108,672 3,678,450 3,603,866
Consolidated variable rate debt 987,413 929,422 665,611 366,049 424,516
Total consolidated debt 4,396,799 4,549,130 4,774,283 4,044,499 4,028,382
Deferred financing costs, net of amortization (29,965) (32,386) (35,673) (13,063) (13,632)
Total consolidated debt, net 4,366,834 4,516,744 4,738,610 4,031,436 4,014,750
Total liabilities 7,314,556 7,390,991 7,620,208 6,924,540 6,933,882
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt 8,662,298 8,876,061 9,372,652 9,092,996 8,930,609
Variable rate debt, including SLG share of unconsolidated JV debt (1)
1,246,634 1,188,643 920,611 370,270 424,516
ASP debt, including SLG share of unconsolidated ASP JV debt 472,077 472,041 478,431 478,431 478,431
Total debt, including SLG share of unconsolidated JV debt $ 10,381,009 $ 10,536,745 $ 10,771,694 $ 9,941,697 $ 9,833,556
(1) Does not reflect floating rate debt and preferred equity investments that provide a hedge against floating rate debt.
Supplemental Information
10
Third Quarter 2026
KEY FINANCIAL DATA
Unaudited
(Dollars in Thousands Except Per Share)
As of or for the three months ended
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Selected Operating Data
Property operating revenues $ 185,933 $ 191,882 $ 186,876 $ 183,313 $ 168,536
Property operating expenses (107,788) (109,583) (110,313) (109,794) (101,406)
Property NOI $ 78,145 $ 82,299 $ 76,563 $ 73,519 $ 67,130
SLG share of unconsolidated JV Property NOI 137,100 126,175 119,941 119,852 124,381
Property NOI, including SLG share of unconsolidated JV Property NOI $ 215,245 $ 208,474 $ 196,504 $ 193,371 $ 191,511
SUMMIT Operator revenue 34,655 31,509 24,142 35,920 32,883
Investment income, including SLG share of unconsolidated JVs 3,169 3,438 2,770 2,994 8,319
Income (loss) from consolidated debt fund investments, net 2,166 5,990 2,478 (3,222) 1,176
Fee & other income, including SLG share of unconsolidated JVs 38,638 28,341 30,449 46,301 33,471
Loss (gain) on early extinguishment of debt, including SLG share of unconsolidated JVs — — (4,796) — 57,187
SUMMIT Operator expenses (42,936) (25,520) (24,942) (33,794) (35,959)
Loan loss and other investment reserves, net of recoveries — — — — —
Transaction costs, including SLG share of unconsolidated JVs (228) (17) (284) (341) (13,129)
Marketing general & administrative expenses (23,253) (22,781) (22,786) (22,306) (23,701)
Income taxes, including SLG share of unconsolidated JVs (1,757) 1,693 (1,045) 2,305 137
EBITDAre $ 225,699 $ 231,127 $ 202,490 $ 221,228 $ 251,895
Manhattan Properties
Property operating revenues $ 179,980 $ 187,399 $ 182,083 $ 178,189 $ 164,342
Property operating expenses 96,262 96,896 97,548 98,034 88,987
Property NOI $ 83,718 $ 90,503 $ 84,535 $ 80,155 $ 75,355
Other income - consolidated $ 1,811 $ 2,429 $ 964 $ 2,610 $ 1,665
SLG share of property NOI from unconsolidated JVs $ 137,214 $ 126,298 $ 120,056 $ 127,442 $ 124,737
Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service 16 17 17 16 16
Unconsolidated office buildings in service 10 10 10 10 10
26 27 27 26 26
Consolidated office buildings in service - square footage 9,748,552 10,102,852 10,102,852 9,480,852 9,788,852
Unconsolidated office buildings in service - square footage 13,868,633 13,868,633 13,868,633 13,868,633 13,560,633
23,617,185 23,971,485 23,971,485 23,349,485 23,349,485
Supplemental Information
11
Third Quarter 2026
OFFICE LEASING STATISTICS
Manhattan Operating Properties
As of or for the three months ended
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Signed Leasing
Same-Store office occupancy inclusive of leases signed not yet commenced 95.0% 94.8% 94.3% 92.9% 91.8%
New leases signed 26 40 44 44 34
Renewal leases signed 12 13 7 12 18
Total office leases signed 38 53 51 56 52
Signed office square footage filling vacancy 142,032 136,481 262,474 303,978 338,686
Signed office square footage on previously occupied space (M-T-M leasing) (1)
449,076 308,680 666,790 462,805 319,256
Total office square footage signed 591,108 445,161 929,264 766,783 657,942
Average starting cash rent psf - office leases signed $ 110.88 $ 98.42 $ 114.75 $ 91.74 $ 90.65
Previous escalated cash rent psf - office leases signed (2)
$ 97.58 $ 83.42 $ 98.85 $ 86.22 $ 93.13
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)
13.6% 18.0% 16.1% 6.4% (2.7)%
Average lease term 10.7 5.8 9.8 8.5 8.9
Tenant concession packages psf $ 85.20 $ 58.77 $ 107.76 $ 97.54 $ 99.09
Free rent months 8.2 4.5 10.9 8.8 9.1
Commenced Leasing
Same-Store office occupancy based on commenced leases 92.8% 92.2% 91.1% 89.9% 90.1%
New leases commenced 34 49 43 29 33
Renewal leases commenced 12 13 7 12 18
Total office leases commenced 46 62 50 41 51
Commenced office square footage filling vacancy 101,742 361,975 277,335 146,707 390,460
Commenced office square footage on previously occupied space (M-T-M leasing) (1)
436,131 339,798 262,692 244,368 384,800
Total office square footage commenced 537,873 701,773 540,027 391,075 775,260
Average starting cash rent psf - office leases commenced $ 96.59 $ 99.04 $ 104.74 $ 84.32 $ 95.42
Previous escalated cash rent psf - office leases commenced (2)
$ 96.16 $ 93.76 $ 99.44 $ 83.28 $ 90.77
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)
0.5% 5.6% 5.3% 1.3% 5.1%
Average lease term 8.1 7.6 10.2 5.7 10.5
Tenant concession packages psf $ 81.16 $ 86.99 $ 112.51 $ 49.69 $ 108.39
Free rent months 7.9 6.7 11.0 4.2 9.1
(1) Calculated on space that was occupied within the previous 12 months.
(2) Previously escalated cash rent includes base rent plus all additional amounts paid by the previous tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
Supplemental Information
12
Third Quarter 2026
COMPARATIVE BALANCE SHEETS
Unaudited
(Dollars in Thousands)
As of
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Assets
Commercial real estate properties, at cost:
Land and land interests $ 1,534,127 $ 1,579,973 $ 1,848,531 $ 1,699,215 $ 1,627,895
Building and improvements 4,068,129 4,272,142 4,298,249 4,012,305 4,082,434
Building leasehold and improvements 1,496,428 1,478,991 1,465,411 1,448,112 1,424,907
7,098,684 7,331,106 7,612,191 7,159,632 7,135,236
Less: accumulated depreciation (2,333,095) (2,359,905) (2,321,290) (2,306,377) (2,266,042)
Net real estate 4,765,589 4,971,201 5,290,901 4,853,255 4,869,194
Other real estate investments:
Debt and preferred equity investments, net
113,087
113,085 118,083 168,358 171,412
Investment in unconsolidated joint ventures 2,886,984 2,849,912 2,723,563 2,819,778 2,818,685
Consolidated debt fund investments 434,219 379,004 293,243 152,958 73,402
Assets held for sale 224,249 214,586 211,222 — —
Cash and cash equivalents 186,439 180,788 143,867 155,747 187,039
Restricted cash 199,507 200,961 194,772 180,748 170,004
Investment in marketable securities 21,166 21,273 25,330 23,666 16,099
Tenant and other receivables 64,072 60,180 56,724 45,524 136,787
Related party receivables 17,195 13,867 25,161 16,293 15,287
Deferred rents receivable 255,497 262,008 262,730 266,678 268,770
Deferred costs, net 121,668 126,621 129,428 129,019 117,054
Right-of-use assets - operating leases 940,495 902,113 909,377 864,430 869,929
Real estate loans held by consolidated securitization vehicles 1,003,918 1,031,212 1,027,164 1,023,877 1,013,273
Other assets 551,576 482,190 570,175 577,299 608,444
Total Assets $ 11,785,661 $ 11,809,001 $ 11,981,740 $ 11,277,630 $ 11,335,379
Supplemental Information
13
Third Quarter 2026
COMPARATIVE BALANCE SHEETS
Unaudited
(Dollars in Thousands)
As of
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Liabilities
Mortgages and other loans payable $ 2,216,799 $ 2,244,805 $ 2,509,135 $ 2,154,499 $ 2,288,382
Unsecured term loans 1,150,000 1,150,000 1,150,000 1,150,000 1,150,000
Unsecured notes — — — — 100,000
Revolving credit facility 930,000 850,000 825,000 640,000 390,000
Deferred financing costs (29,965) (32,386) (35,673) (13,063) (13,632)
Total debt, net of deferred financing costs 4,266,834 4,212,419 4,448,462 3,931,436 3,914,750
Accrued interest payable 17,016 17,637 19,791 15,221 17,803
Accounts payable and accrued expenses 142,846 129,346 118,912 134,621 140,232
Deferred revenue 158,252 154,999 168,980 147,419 164,132
Lease liability - financing leases 109,182 108,847 108,515 108,183 107,846
Lease liability - operating leases 886,515 844,823 851,142 805,192 809,665
Dividends and distributions payable 48,910 49,009 49,380 2,536 21,942
Security deposits 66,859 70,515 73,638 68,276 65,356
Liabilities related to assets held for sale 866 218,333 189,842 — —
Junior subordinated deferrable interest debentures 100,000 100,000 100,000 100,000 100,000
Senior obligations of consolidated securitization vehicles 1,003,918 1,031,212 1,027,164 1,023,877 1,013,273
Other liabilities 513,358 453,851 464,382 587,779 578,883
Total Liabilities 7,314,556 7,390,991 7,620,208 6,924,540 6,933,882
Noncontrolling interests in Operating Partnership
(5,298 units outstanding at 9/30/2026)
273,718 297,076 259,415 241,371 280,873
Preferred units and redeemable equity 203,508 204,344 204,319 199,271 194,392
Equity
SL Green stockholders' equity:
Series I Preferred Stock 221,932 221,932 221,932 221,932 221,932
Common stock, $0.01 par value, 160,000 shares authorized, 70,945
issued and outstanding at 9/30/2026
708 705 711 711 710
Additional paid–in capital 4,213,109 4,206,490 4,213,856 4,212,590 4,205,443
Accumulated other comprehensive earnings (loss) 28,201 5,353 (7,287) (22,198) (19,784)
Retained deficit (964,016) (1,016,905) (892,890) (741,880) (634,653)
Total SL Green Realty Corp. stockholders' equity 3,499,934 3,417,575 3,536,322 3,671,155 3,773,648
Noncontrolling interests in other partnerships 493,945 499,015 361,476 241,293 152,584
Total Equity 3,993,879 3,916,590 3,897,798 3,912,448 3,926,232
Total Liabilities and Equity $ 11,785,661 $ 11,809,001 $ 11,981,740 $ 11,277,630 $ 11,335,379
Supplemental Information
14
Third Quarter 2026
COMPARATIVE STATEMENT OF OPERATIONS
Unaudited
(Dollars in Thousands Except Per Share)
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30, September 30,
2026 2026 2025 2026 2025
Revenues
Rental revenue, net $ 165,552 $ 171,846 $ 149,672 $ 503,393 $ 441,725
Escalation and reimbursement revenues 20,381 20,036 18,864 61,298 55,067
SUMMIT Operator revenue 34,655 31,509 32,883 90,306 86,424
Investment income 2,615 2,657 4,356 7,618 26,809
Interest income from real estate loans held by consolidated securitization vehicles 14,687 14,743 10,838 44,079 47,868
Fee income 30,596 19,435 23,296 70,037 47,787
Other income 4,539 3,775 4,908 13,375 20,899
Total Revenues 273,025 264,001 244,817 790,106 726,579
Expenses
Operating expenses (1)
58,700 60,250 57,673 180,407 164,840
Real estate taxes 42,190 42,435 37,627 126,537 112,594
Operating lease rent 6,898 6,898 6,106 20,740 18,317
SUMMIT Operator expenses 42,936 25,520 35,959 93,398 82,570
Loan loss and other investment reserves, net of recoveries — — — — (71,326)
Transaction related costs 228 17 13,129 529 13,601
Marketing, general and administrative 23,253 22,781 23,701 68,820 67,004
Total Operating Expenses 174,205 157,901 174,195 490,431 387,600
Equity in net income (loss) from unconsolidated joint ventures (2)
26,692 14,948 (9,287) 20,860 (29,112)
Income from debt fund investments, net (3)
2,166 5,990 1,176 10,634 1,776
Operating Income 127,678 127,038 62,511 331,169 311,643
Interest expense, net of interest income 50,026 54,011 47,235 154,946 138,234
Amortization of deferred financing costs 2,480 2,156 1,724 7,438 5,153
SUMMIT Operator tax expense 616 1,223 1,279 2,424 2,781
Interest expense on senior obligations of consolidated securitization vehicles 14,687 14,743 10,838 44,079 45,827
Depreciation and amortization 63,629 67,279 63,216 200,659 187,874
(Loss) Income from Continuing Operations (4)
(3,760) (12,374) (61,781) (78,377) (68,226)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate — — 86,872 (814) 84,926
Purchase price and other fair value adjustments 4,261 5,662 11,138 14,106 (8,090)
Gain (loss) on sale of real estate, net 91,445 (4,179) (1,068) 103,902 (1,717)
Depreciable real estate reserves (2,275) — — (37,435) (8,546)
Depreciable real estate reserves in unconsolidated joint ventures — — — — (1,780)
Net Income (Loss) 89,671 (10,891) 35,161 1,382 6,799
Net (income) loss attributable to noncontrolling interests (11,485) (9,617) (4,395) (22,158) 3,582
Preferred units distributions (2,256) (2,258) (2,154) (6,713) (6,461)
Net Income (Loss) attributable to SL Green 75,930 (22,766) 28,612 (27,489) 3,920
Perpetual preferred stock dividends (3,738) (3,737) (3,738) (11,213) (11,213)
Net Income (Loss) attributable to SL Green common stockholders $ 72,192 $ (26,503) $ 24,874 $ (38,702) $ (7,293)
Basic earnings (loss) per share $ 1.01 $ (0.38) $ 0.35 $ (0.56) $ (0.12)
Diluted earnings (loss) per share $ 1.01 $ (0.38) $ 0.34 $ (0.56) $ (0.12)
(1) Includes property operating expenses and expenses of SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
(2) Excludes Depreciable real estate reserves in unconsolidated joint ventures.
(3) Includes interest income and realized/unrealized gains/losses from debt fund investments, net of expenses. Excludes fees recognized by SL Green as the debt fund's manager, which are included in Fee income.
(4) Before equity in net (loss) gain, purchase price and other fair value adjustments, gain (loss) on sale and depreciable real estate reserves, and gain on sale of marketable securities shown below.
Supplemental Information
15
Third Quarter 2026
COMPARATIVE COMPUTATION OF FFO AND FAD
Unaudited
(Dollars in Thousands Except Per Share)
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30, September 30,
2026 2026 2025 2026 2025
Funds from Operations
Net Income (Loss) attributable to SL Green common stockholders $ 72,192 $ (26,503) $ 24,874 $ (38,702) $ (7,293)
Depreciation and amortization 63,629 67,279 63,216 200,659 187,874
SLG's share of unconsolidated joint ventures depreciation and amortization 72,964 75,181 127,170 217,701 247,874
Noncontrolling interests adjustments (debt fund) (7,206) (12,899) (1,882) (26,552) (1,149)
Noncontrolling interests adjustments (consolidated joint ventures) 135 (521) (304) (899) (377)
Net income (loss) attributable to noncontrolling interests 11,485 9,617 4,395 22,158 (3,582)
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate — — (86,872) 814 (84,926)
Purchase price and other fair value adjustments (477) (5,252) (9,652) (7,953) 5,291
(Gain) Loss on sale of real estate, net (91,445) 4,179 1,068 (103,902) 1,717
Depreciable real estate reserves 2,275 — — 37,435 8,546
Depreciable real estate reserves in unconsolidated joint ventures — — — — 1,780
Depreciation on non-rental real estate assets (1,478) (1,502) (1,628) (4,483) (4,312)
Funds From Operations $ 122,074 $ 109,579 $ 120,385 $ 296,276 $ 351,443
Funds From Operations - Basic per Share $ 1.63 $ 1.45 $ 1.62 $ 3.93 $ 4.72
Funds From Operations - Diluted per Share $ 1.59 $ 1.43 $ 1.58 $ 3.85 $ 4.60
Funds Available for Distribution
FFO $ 122,074 $ 109,579 $ 120,385 $ 296,276 $ 351,443
Non real estate depreciation and amortization 1,478 1,502 1,628 4,483 4,312
Amortization of deferred financing costs 2,480 2,156 1,724 7,438 5,153
Non-cash deferred compensation 8,139 9,754 10,927 28,106 31,982
FAD adjustment for joint ventures (32,004) (34,157) (27,723) (95,629) (78,906)
Straight-line rental income and other non-cash adjustments (33,641) (30,894) 50 (67,678) 2,855
Non-cash fair value adjustments on mark-to-market derivatives (3,784) (409) (369) (6,153) 3,917
Second cycle tenant improvements (20,262) (20,440) (21,318) (59,228) (72,912)
Second cycle leasing commissions (3,828) (3,839) (3,835) (17,245) (16,632)
Recurring capital expenditures (11,105) (10,436) (5,980) (27,159) (18,661)
Reported Funds Available for Distribution $ 29,547 $ 22,816 $ 75,489 $ 63,211 $ 212,551
First cycle tenant improvements $ 1,417 $ 1,575 $ 467 $ 5,152 $ 1,289
First cycle leasing commissions $ 664 $ 600 $ 552 $ 1,281 $ 1,486
Development costs $ — $ 147 $ 6,631 $ 472 $ 26,099
Redevelopment costs $ 12,752 $ 15,697 $ 8,475 $ 37,532 $ 16,308
Capitalized interest $ 7,854 $ 8,210 $ 6,842 $ 24,733 $ 19,948
Supplemental Information
16
Third Quarter 2026
CONSOLIDATED STATEMENT OF EQUITY
Unaudited
(Dollars in Thousands)
Accumulated
Series I Other
Preferred Common Additional Retained Noncontrolling Comprehensive
Stock Stock Paid-In Capital Deficit Interests Income Total
Balance at December 31, 2025 $ 221,932 $ 711 $ 4,212,590 $ (741,880) $ 241,293 $ (22,198) $ 3,912,448
Net loss (27,489) 25,194 (2,295)
Other comprehensive income 50,399 50,399
Perpetual preferred stock dividends (11,213) (11,213)
DRSPP proceeds 195 195
Conversion of units in the Operating Partnership for common stock 1 1
Measurement adjustment for redeemable noncontrolling interest (52,555) (52,555)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (1) 14,388 1,242 15,629
Repurchases of common stock (3) (14,064) (14,067)
Contributions to consolidated joint venture interests 3,156 3,156
Contributions to debt fund investments 237,221 237,221
Consolidation of partially owned entity 38,421 38,421
Cash distributions to noncontrolling interests (8,626) (8,626)
Distributions from debt fund investments (10,976) (10,976)
Reclassification from noncontrolling interest to other liabilities (32,980) (32,980)
Cash distributions ($1.85 per common share, none of which represented a return of capital for federal income tax purposes)
(130,879) (130,879)
Balance at September 30, 2026 $ 221,932 $ 708 $ 4,213,109 $ (964,016) $ 493,945 $ 28,201 $ 3,993,879
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
Common Stock OP Units Stock-Based Compensation Contingently Issuable Shares Diluted Shares
Share and Unit Count at December 31, 2025 71,158,530 4,877,891 76,036,421
YTD activity (213,545) 419,776 — — 206,231
Share and Unit Count at September 30, 2026 70,944,985 5,297,667 — — 76,242,652
Weighted Average Share and Unit Count at September 30, 2026 - Basic 70,598,322 4,813,965 — — 75,412,287
Dilution — — 886,705 704,226 1,590,931
Weighted Average Share and Unit Count at September 30, 2026 - Diluted 70,598,322 4,813,965 886,705 704,226 77,003,218
Supplemental Information
17
Third Quarter 2026
JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
As of
September 30, 2026 June 30, 2026 March 31, 2026
Total SLG Share Total SLG Share Total SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests $ 4,489,335 $ 2,155,951 $ 4,470,880 $ 2,146,539 $ 4,302,573 $ 2,057,636
Building and improvements 13,782,844 6,486,522 13,704,421 6,452,778 13,597,440 6,408,880
Building leasehold and improvements 293,597 199,367 289,849 195,807 286,233 192,372
18,565,776 8,841,840 18,465,150 8,795,124 18,186,246 8,658,888
Less: accumulated depreciation (2,962,189) (1,503,833) (2,860,667) (1,454,608) (2,757,938) (1,404,182)
Net real estate 15,603,587 7,338,007 15,604,483 7,340,516 15,428,308 7,254,706
Other real estate investments:
Debt and preferred equity investments, net 279,270 13,966 268,187 13,411 256,444 12,824
Cash and cash equivalents 276,943 118,034 274,541 115,710 274,721 111,394
Restricted cash 458,172 209,303 489,957 217,399 502,645 223,541
Tenant and other receivables 91,951 59,372 86,909 56,093 78,298 48,917
Deferred rents receivable 783,575 387,372 754,149 374,081 734,859 365,624
Deferred costs, net 421,823 202,923 416,313 199,918 415,094 200,549
Right-of-use assets - financing leases 734,988 514,294 737,145 515,589 739,301 516,884
Right-of-use assets - operating leases 77,593 40,584 79,202 41,540 80,803 42,490
Other assets 1,118,760 516,862 1,152,997 535,789 1,221,296 568,209
Total Assets $ 19,846,662 $ 9,400,717 $ 19,863,883 $ 9,410,046 $ 19,731,769 $ 9,345,138
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$98,473 at 9/30/2026, of which $47,305 is SLG share
$ 12,789,042 $ 5,936,905 $ 12,789,062 $ 5,937,497 $ 12,810,512 $ 5,944,078
Accrued interest payable 99,093 35,541 93,773 33,772 77,149 29,667
Accounts payable and accrued expenses 267,485 157,972 263,231 153,418 273,811 156,662
Deferred revenue 768,233 347,057 781,877 351,507 841,807 380,817
Lease liability - financing leases 812,089 552,762 812,387 553,682 812,663 554,571
Lease liability - operating leases 93,197 47,565 94,176 48,126 95,145 48,681
Security deposits 56,917 25,810 49,721 21,489 47,017 20,127
Other liabilities 44,668 23,542 51,850 27,073 73,390 37,069
Equity 4,915,938 2,273,563 4,927,806 2,283,482 4,700,275 2,173,466
Total Liabilities and Equity $ 19,846,662 $ 9,400,717 $ 19,863,883 $ 9,410,046 $ 19,731,769 $ 9,345,138
Supplemental Information
18
Third Quarter 2026
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
Three Months Ended
September 30, 2026 June 30, 2026 September 30, 2025
Total SLG Share Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 353,380 $ 180,021 $ 330,612 $ 168,318 $ 324,877 $ 167,923
Escalation and reimbursement revenues 69,139 36,674 65,174 34,301 61,497 33,662
Investment income 11,083 554 15,626 781 7,927 3,963
Other income 7,558 3,503 10,676 5,131 11,335 5,267
Total Revenues 441,160 220,752 422,088 208,531 405,636 210,815
Gain on early extinguishment of debt(1)
— — — — 129,068 57,187
Expenses
Operating expenses 72,070 37,206 72,588 36,607 72,142 37,755
Real estate taxes 80,099 40,734 75,349 38,181 71,117 37,794
Operating lease rent 2,995 1,655 2,995 1,656 (3,065) 1,655
Total Operating Expenses 155,164 79,595 150,932 76,444 140,194 77,204
Operating Income 285,996 141,157 271,156 132,087 394,510 190,798
Interest expense, net of interest income 148,129 74,059 143,013 71,826 111,539 67,628
Amortization of deferred financing costs 8,012 4,101 7,518 3,962 6,693 3,558
Depreciation and amortization 135,148 68,880 138,185 70,555 128,565 66,616
Basis difference and other adjustments — (32,575) — (29,204) — 62,283
Net (Loss) Income (5,293) 26,692 (17,560) 14,948 147,713 (9,287)
Basis difference and other adjustments — 4,086 — 4,625 — 62,283
Real estate depreciation 135,147 68,879 138,184 70,555 128,564 66,615
FFO Contribution $ 129,854 $ 99,657 $ 120,624 $ 90,128 $ 276,277 $ 119,611
FAD Adjustments:
Non real estate depreciation and amortization $ 1 $ 1 $ 1 $ — $ 1 $ 1
Amortization of deferred financing costs 8,012 4,101 7,518 3,962 6,693 3,558
Straight-line rental income and other non-cash adjustments (48,336) (21,574) (41,866) (17,214) (42,118) (20,609)
Second cycle tenant improvements (13,933) (7,126) (34,074) (17,101) (7,420) (3,795)
Second cycle leasing commissions (9,133) (5,135) (5,066) (2,567) (9,281) (4,943)
Recurring capital expenditures (4,225) (2,271) (2,339) (1,237) (3,480) (1,935)
Total FAD Adjustments $ (67,614) $ (32,004) $ (75,826) $ (34,157) $ (55,605) $ (27,723)
First cycle tenant improvements $ 26,031 $ 12,909 $ 10,265 $ 5,083 $ 18,111 $ 9,038
First cycle leasing commissions $ 3,940 $ 1,598 $ 1,300 $ 412 $ 5,278 $ 2,270
Development costs $ 8,883 $ 2,265 $ 27,917 $ 7,119 $ 28,630 $ 7,841
Redevelopment costs $ 8,337 $ 4,044 $ 15,117 $ 7,464 $ 17,953 $ 8,858
Capitalized interest $ 19,942 $ 9,787 $ 12,266 $ 5,574 $ 18,773 $ 9,031
(1) Includes the write-off of unamortized deferred financing costs.
Supplemental Information
19
Third Quarter 2026
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
Nine Months Ended
September 30, 2026 September 30, 2025
Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 1,005,750 $ 511,401 $ 934,376 $ 479,448
Escalation and reimbursement revenues 202,852 106,832 183,112 99,481
Investment income 35,189 1,759 18,899 13,940
Other income 29,835 14,016 23,351 11,280
Total Revenues 1,273,626 634,008 1,159,738 604,149
(Loss) gain on early extinguishment of debt(1)
(9,497) (4,796) 129,068 57,187
Expenses
Operating expenses 220,494 112,169 203,354 105,262
Real estate taxes 232,203 117,881 214,279 111,328
Operating lease rent 8,985 4,967 9,458 4,967
Loan loss and other investment reserves, net of recoveries — — 15,980 14,531
Total Operating Expenses 461,682 235,017 443,071 236,088
Operating Income 802,447 394,195 845,735 425,248
Interest expense, net of interest income 431,040 216,017 370,771 194,883
Amortization of deferred financing costs 24,021 12,519 18,590 9,856
Depreciation and amortization 405,945 207,074 375,405 194,844
Basis difference and other adjustments — (62,275) — 54,777
Net (Loss) Income (58,559) 20,860 80,969 (29,112)
Basis difference and other adjustments — 10,629 — 54,777
Real estate depreciation 405,942 207,072 375,402 194,842
FFO Contribution $ 347,383 $ 238,561 $ 456,371 $ 220,507
FAD Adjustments:
Non real estate depreciation and amortization $ 3 $ 2 $ 3 $ 2
Amortization of deferred financing costs 24,021 12,519 18,590 9,856
Straight-line rental income and other non-cash adjustments (129,716) (56,098) (136,357) (67,868)
Second cycle tenant improvements (67,371) (33,968) (19,826) (10,185)
Second cycle leasing commissions (24,082) (13,303) (14,506) (7,948)
Recurring capital expenditures (8,763) (4,781) (4,136) (2,763)
Total FAD Adjustments $ (205,908) $ (95,629) $ (156,232) $ (78,906)
First cycle tenant improvements $ 49,004 $ 24,118 $ 28,560 $ 14,130
First cycle leasing commissions $ 17,179 $ 7,991 $ 6,802 $ 2,713
Development costs $ 55,118 $ 14,055 $ 62,870 $ 18,040
Redevelopment costs $ 34,274 $ 16,823 $ 52,835 $ 25,747
Capitalized interest $ 48,186 $ 22,640 $ 60,960 $ 28,291
(1) Includes the write-off of unamortized deferred financing costs.
Supplemental Information
20
Third Quarter 2026
NET OPERATING INCOME(1)
Unaudited
(Dollars in Thousands)
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30, September 30,
2026 2026 2025 2026 2025
Net Operating Income (1)
$ 92,936 $ 91,270 $ 80,784 $ 276,069 $ 232,434
SLG share of NOI from unconsolidated JVs 137,100 126,150 129,798 383,345 363,159
NOI, including SLG share of unconsolidated JVs 230,036 217,420 210,582 659,414 595,593
Partners' share of NOI - consolidated JVs 7 9 (47) 3 (1,709)
NOI - SLG share $ 230,043 $ 217,429 $ 210,535 $ 659,417 $ 593,884
NOI, including SLG share of unconsolidated JVs $ 230,036 $ 217,420 $ 210,582 $ 659,414 $ 595,593
Free rent (net of amortization) (10,759) (8,617) (3,660) (25,147) (16,819)
Straight-line revenue adjustment (9,796) (6,710) (10,499) (26,144) (30,294)
Amortization of acquired above and below-market leases, net (7,213) (7,133) (5,783) (20,909) (16,899)
Operating lease straight-line adjustment 1,933 558 597 3,095 1,666
Straight-line tenant credit loss 8 (574) 36 (754) (458)
Cash NOI, including SLG share of unconsolidated JVs 204,209 194,944 191,273 589,555 532,789
Partners' share of cash NOI - consolidated JVs 7 9 6 (12) (1,206)
Cash NOI - SLG share $ 204,216 $ 194,953 $ 191,279 $ 589,543 $ 531,583
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended Nine Months Ended
September 30, 2026 September 30, 2026
NOI Cash NOI NOI Cash NOI
Manhattan Office $ 197,898 $ 173,472 $ 564,018 $ 496,652
Development / Redevelopment 314 377 264 1,143
High Street Retail 5,077 4,503 15,149 13,505
Suburban 1,489 1,037 3,637 2,978
Residential 4,573 4,302 13,203 12,378
Total Operating and Development/Redevelopment 209,351 183,691 596,271 526,656
Alternative Strategy Portfolio 11,794 11,362 34,394 32,969
Property Dispositions (2)
924 962 14,605 15,090
Other (3)
7,974 8,201 14,147 14,828
Total $ 230,043 $ 204,216 $ 659,417 $ 589,543
(1) Portfolio composition consistent with the Selected Property Data tables.
(2) Includes properties sold or otherwise disposed of during the respective period.
(3) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
Supplemental Information
21
Third Quarter 2026
SAME STORE NET OPERATING INCOME
Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
Three Months Ended Three Months Ended Nine Months Ended
September 30, September 30, June 30, September 30, September 30,
2026 2025 % 2026 2026 2025 %
Revenues
Rental revenue, net $ 130,281 $ 128,452 $ 131,264 $ 388,559 $ 384,110
Escalation & reimbursement revenues 17,359 16,736 16,618 51,268 48,736
Other income 757 545 1,328 1,832 5,763
Total Revenues $ 148,397 $ 145,733 $ 149,210 $ 441,659 $ 438,609
Expenses
Operating expenses $ 41,937 $ 40,977 $ 39,923 $ 122,662 $ 116,773
Real estate taxes 34,440 32,808 33,759 101,658 99,669
Operating lease rent 6,059 6,106 6,059 18,223 18,317
Total Operating Expenses $ 82,436 $ 79,891 $ 79,741 $ 242,543 $ 234,759
Operating Income $ 65,961 $ 65,842 $ 69,469 $ 199,116 $ 203,850
Interest expense & amortization of financing costs $ 19,660 $ 19,348 $ 19,870 $ 59,795 $ 56,229
Depreciation & amortization 46,691 46,830 48,711 141,880 140,385
(Loss) income before noncontrolling interest $ (390) $ (336) $ 888 $ (2,559) $ 7,236
Real estate depreciation & amortization 46,691 46,830 48,711 141,880 140,385
FFO Contribution $ 46,301 $ 46,494 $ 49,599 $ 139,321 $ 147,621
Non–building revenue (364) (258) (176) (628) (848)
Interest expense & amortization of financing costs 19,660 19,348 19,870 59,795 56,229
Non-real estate depreciation — — — — —
NOI $ 65,597 $ 65,584 — % $ 69,293 $ 198,488 $ 203,002 (2.2) %
Non-cash adjustments $ (1,664) 1,043 (3,208) (7,077) 2,844
Cash NOI $ 63,933 $ 66,627 (4.0) % $ 66,085 $ 191,411 $ 205,846 (7.0) %
Lease termination income (387) (270) (1,097) (1,128) (4,875)
Cash NOI excluding lease termination income $ 63,546 $ 66,357 (4.2) % $ 64,988 $ 190,283 $ 200,971 (5.3) %
Operating Margins
NOI to real estate revenue, net 44.3 % 45.1 % 46.5 % 45.0 % 46.4 %
Cash NOI to real estate revenue, net 43.2 % 45.8 % 44.3 % 43.4 % 47.0 %
NOI before operating lease rent/real estate revenue, net 48.4 % 49.3 % 50.6 % 49.1 % 50.6 %
Cash NOI before operating lease rent/real estate revenue, net 46.2 % 49.9 % 48.3 % 47.1 % 51.1 %
Supplemental Information
22
Third Quarter 2026
SAME STORE NET OPERATING INCOME
Unconsolidated JVs
Unaudited
(Dollars in Thousands, SLG Share)
Three Months Ended Three Months Ended Nine Months Ended
September 30, September 30, June 30, September 30, September 30,
2026 2025 % 2026 2026 2025 %
Revenues
Rental revenue, net $ 154,510 $ 141,966 $ 143,600 $ 436,015 $ 405,525
Escalation & reimbursement revenues 34,882 30,881 32,329 101,366 91,052
Other income 1,724 3,574 2,431 9,197 6,375
Total Revenues $ 191,116 $ 176,421 $ 178,360 $ 546,578 $ 502,952
Expenses
Operating expenses $ 34,934 $ 34,397 $ 33,818 $ 104,570 $ 97,729
Real estate taxes 37,522 35,939 35,555 109,340 105,737
Operating lease rent 108 108 108 325 325
Total Operating Expenses $ 72,564 $ 70,444 $ 69,481 $ 214,235 $ 203,791
Operating Income $ 118,552 $ 105,977 $ 108,879 $ 332,343 $ 299,161
Interest expense & amortization of financing costs $ 68,085 $ 65,995 $ 67,410 $ 202,000 $ 190,951
Depreciation & amortization 59,863 58,720 62,184 181,187 172,917
Loss before noncontrolling interest $ (9,396) $ (18,738) $ (20,715) $ (50,844) $ (64,707)
Real estate depreciation & amortization 59,862 58,719 62,183 181,185 172,915
FFO Contribution $ 50,466 $ 39,981 $ 41,468 $ 130,341 $ 108,208
Non–building revenue (724) (384) (695) (1,832) (944)
Interest expense & amortization of financing costs 68,085 65,995 67,410 202,000 190,951
Non-real estate depreciation 1 1 1 2 2
NOI $ 117,828 $ 105,593 11.6 % $ 108,184 $ 330,511 $ 298,217 10.8 %
Non-cash adjustments $ (20,721) $ (16,664) $ (16,640) $ (53,343) $ (52,286)
Cash NOI $ 97,107 $ 88,929 9.2 % $ 91,544 $ 277,168 $ 245,931 12.7 %
Lease termination income (1,001) (3,189) (1,706) (7,333) (5,421)
Cash NOI excluding lease termination income $ 96,106 $ 85,740 12.1 % $ 89,838 $ 269,835 $ 240,510 12.2 %
Operating Margins
NOI to real estate revenue, net 61.9 % 60.0 % 60.9 % 60.7 % 59.4 %
Cash NOI to real estate revenue, net 51.0 % 50.5 % 51.5 % 50.9 % 49.0 %
NOI before operating lease rent/real estate revenue, net 61.9 % 60.0 % 61.0 % 60.7 % 59.5 %
Cash NOI before operating lease rent/real estate revenue, net 51.1 % 50.6 % 51.6 % 50.9 % 49.1 %
Supplemental Information
23
Third Quarter 2026
SAME STORE NET OPERATING INCOME
Consolidated and Share of Unconsolidated JVs
Unaudited
(Dollars in Thousands)
Three Months Ended Three Months Ended Nine Months Ended
September 30, September 30, June 30, September 30, September 30,
2026 2025 % 2026 2026 2025 %
Revenues
Rental revenue, net $ 130,281 $ 128,452 $ 131,264 $ 388,559 $ 384,110
Escalation & reimbursement revenues 17,359 16,736 16,618 51,268 48,736
Other income 757 545 1,328 1,832 5,763
Total Revenues $ 148,397 $ 145,733 $ 149,210 $ 441,659 $ 438,609
Equity in net income (loss) from unconsolidated joint ventures (1)
$ (9,396) $ (18,738) $ (20,715) $ (50,844) $ (64,707)
Expenses
Operating expenses $ 41,937 $ 40,977 $ 39,923 $ 122,662 $ 116,773
Real estate taxes 34,440 32,808 33,759 101,658 99,669
Operating lease rent 6,059 6,106 6,059 18,223 18,317
Total Operating Expenses $ 82,436 $ 79,891 $ 79,741 $ 242,543 $ 234,759
Operating Income $ 56,565 $ 47,104 $ 48,754 $ 148,272 $ 139,143
Interest expense & amortization of financing costs $ 19,660 $ 19,348 $ 19,870 $ 59,795 $ 56,229
Depreciation & amortization 46,691 46,830 48,711 141,880 140,385
Loss before noncontrolling interest $ (9,786) $ (19,074) $ (19,827) $ (53,403) $ (57,471)
Real estate depreciation & amortization 46,691 46,830 48,711 141,880 140,385
Joint Ventures Real estate depreciation & amortization (1)
59,862 58,719 62,183 181,185 172,915
FFO Contribution $ 96,767 $ 86,475 $ 91,067 $ 269,662 $ 255,829
Non–building revenue (364) (258) (176) (628) (848)
Joint Ventures Non–building revenue (1)
(724) (384) (695) (1,832) (944)
Interest expense & amortization of financing costs 19,660 19,348 19,870 59,795 56,229
Joint Ventures interest expense & amortization of financing costs (1)
68,085 65,995 67,410 202,000 190,951
Non-real estate depreciation — — — — —
Joint Ventures Non-real estate depreciation (1)
1 1 1 2 2
NOI $ 183,425 $ 171,177 7.2 % $ 177,477 $ 528,999 $ 501,219 5.5 %
Non-cash adjustments $ (1,664) $ 1,043 $ (3,208) $ (7,077) $ 2,844
Joint Ventures non-cash adjustments (1)
(20,721) (16,664) (16,640) (53,343) (52,286)
Cash NOI $ 161,040 $ 155,556 3.5 % $ 157,629 $ 468,579 $ 451,777 3.7 %
Lease termination income $ (387) $ (270) $ (1,097) $ (1,128) $ (4,875)
Joint Ventures lease termination income (1)
(1,001) (3,189) (1,706) (7,333) (5,421)
Cash NOI excluding lease termination income $ 159,652 $ 152,097 5.0 % $ 154,826 $ 460,118 $ 441,481 4.2 %
Operating Margins
NOI to real estate revenue, net 54.2 % 53.2 % 54.3 % 53.7 % 53.3 %
Cash NOI to real estate revenue, net 47.6 % 48.4 % 48.2 % 47.5 % 48.1 %
NOI before operating lease rent/real estate revenue, net 56.0 % 55.2 % 56.2 % 55.5 % 55.3 %
Cash NOI before operating lease rent/real estate revenue, net 49.0 % 50.3 % 50.1 % 49.2 % 50.0 %
(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.
Supplemental Information
24
Third Quarter 2026
DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
Principal 2026 Current Final Principal
Ownership Outstanding Principal Maturity Maturity Due at
Fixed rate debt Interest (%) 9/30/2026 Coupon (1) Amortization Date Date (2) Final Maturity
Secured fixed rate debt
100 Church Street (swapped) 100.0 $ 365,000 5.89% $ — Dec-26 Jun-28 $ 365,000
Landmark Square 100.0 100,000 4.90% — Jan-27 Jan-27 100,000
485 Lexington Avenue 100.0 450,000 4.25% — Feb-27 Feb-27 450,000
315 West 33rd St (The Olivia) (3) 100.0 250,000 4.24% — Feb-27 Feb-27 250,000
500 Park Avenue (swapped) 100.0 80,000 6.57% — Jan-28 Jan-30 80,000
800 Third Avenue (swapped) 100.0 177,000 5.15% — Feb-29 Feb-31 177,000
610 Park Avenue 100.0 12,200 4.65% — Nov-29 Nov-29 12,200
65 East 55th Street (Park Avenue Tower) 95.0 480,000 5.25% — Feb-31 Feb-31 480,000
420 Lexington Avenue (Graybar) 100.0 245,186 8.24% — Oct-40 Oct-40 245,186
$ 2,159,386 5.39% $ — $ 2,159,386
Unsecured fixed rate debt
Revolving credit facility (swapped) 100.0 $ 400,000 4.62% (5) $ — Jun-30 Jun-31 (4) $ 400,000
Term Loan C (swapped) 100.0 750,000 4.33% (5) — Jun-31 Jun-31 750,000
Junior subordinated deferrable interest debentures (swapped) 100.0 100,000 5.27% — Jul-35 Jul-35 100,000
$ 1,250,000 4.50% $ — $ 1,250,000
Total Fixed Rate Debt $ 3,409,386 5.07% $ — $ 3,409,386
Floating rate debt
Unsecured floating rate debt
Term Loan B (SOFR + 180 bps) 100.0 $ 100,000 5.71% — Nov-26 Nov-26 $ 100,000
Term Loan A (SOFR + 170 bps) 100.0 300,000 5.61% $ — May-27 May-27 300,000
Debt fund subscription line (SOFR + 220 bps) 9.1 57,413 (6) 6.10% $ — Aug-27 Aug-28 57,413
Revolving credit facility (SOFR + 125 bps) 100.0 530,000 5.16% $ — Jun-30 Jun-31 (4) 530,000
$ 987,413 5.41% $ — $ 987,413
Total Floating Rate Debt $ 987,413 5.41% $ — $ 987,413
Total Debt - Consolidated $ 4,396,799 5.14% $ — $ 4,396,799
Deferred financing costs (29,965)
Total Debt - Consolidated, net $ 4,366,834 5.14%
Total Debt - Unconsolidated JV, net $ 5,936,905 4.63%
Debt including SLG share of JV Debt $ 9,908,932 4.86%
Alternative Strategy Portfolio Debt including SLG share of JV Debt $ 472,077 4.68%
Total Debt including SLG share of JV Debt $ 10,381,009 4.85%
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt $ 10,509,841 4.81%
(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.91%. Coupon for loans that are subject to alternative SOFR rates, SOFR floors, interest rate caps or interest rate swaps were determined using the alternative SOFR rates, SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) The Company has a preferred equity investment in this property.
(4) As-of-right extension.
(5) Represents a blended swapped rate inclusive of multiple swaps.
(6) The Fund has access to a subscription line with a maximum commitment of $200 million as of September 30, 2026, secured by investor capital commitments. The facility is used to fund investments prior to capital calls and is repaid through capital contributions. The subscription line is non-recourse to the Company.
Supplemental Information
25
Third Quarter 2026
DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
Principal Outstanding
2026 Principal
Current Final Principal Due at
Ownership 9/30/2026 Amortization Maturity Maturity Final Maturity
Fixed rate debt Interest (%) Gross Principal SLG Share Coupon (1) (SLG Share) Date Date (2) (SLG Share)
1515 Broadway 56.9 $ 666,175 $ 378,847 3.93% $ 3,517 Mar-27 Mar-28 $ 358,544
450 Park Avenue (swapped) 25.1 273,616 68,678 6.57% (3) — Jun-27 Jun-27 68,678
245 Park Avenue 50.1 1,768,000 (4) 885,768 4.30% — Jun-27 (4) Jun-27 (4) 885,768
280 Park Avenue (swapped) 50.0 1,075,000 537,500 5.84% — Sep-27 Sep-28 537,500
220 East 42nd 51.0 496,412 253,170 6.77% — Dec-27 Dec-27 253,170
15 Beekman 20.0 117,000 23,400 4.83% — Jan-28 Jan-28 23,400
100 Park Avenue 50.8 382,872 194,499 5.73% — Jan-28 Jan-29 194,499
11 Madison Avenue 60.0 1,400,000 840,000 5.63% — Oct-30 Oct-30 840,000
One Madison Avenue 25.5 1,650,000 420,750 5.81% — Apr-31 Apr-31 420,750
One Vanderbilt Avenue 55.0 3,000,000 1,650,300 2.95% — Jul-31 Jul-31 1,650,300
$ 10,829,075 $ 5,252,912 4.54% (5) $ 3,517 $ 5,232,609
Alternative strategy portfolio
650 Fifth Avenue 50.0 $ 65,000 (6) $ 32,500 5.45% $ — Jul-26 (6) Jul-26 (6) $ 32,500
115 Spring Street 51.0 66,621 33,977 5.50% — Sep-27 Sep-27 33,977
Worldwide Plaza 25.1 1,200,000 300,600 3.98% — Nov-27 Nov-27 300,600
$ 1,331,621 $ 367,077 4.25% (5) $ — $ 367,077
Total Fixed Rate Debt $ 12,160,696 $ 5,619,989 4.52% (5) $ 3,517 $ 5,599,686
Floating rate debt
919 Third Avenue (SOFR + 250 bps) 51.0 $ 500,000 $ 255,000 6.41% $ — Apr-27 Apr-28 $ 255,000
450 Park Avenue (SOFR + 210 bps) 25.1 16,819 4,221 6.01% — Jun-27 Jun-27 4,221
$ 516,819 $ 259,221 6.41% (5) $ — $ 259,221
Alternative strategy portfolio
650 Fifth Avenue (SOFR + 225 bps) 50.0 $ 210,000 $ 105,000 6.16% — Jul-26 (6) Jul-26 (6) $ 105,000
$ 210,000 $ 105,000 6.16% (5) $ — $ 105,000
Total Floating Rate Debt $ 726,819 $ 364,221 6.34% (5) $ — $ 364,221
Unconsolidated JV Debt $ 11,345,894 $ 5,512,133 4.63% (5)
Alternative Strategy Portfolio Debt $ 1,541,621 $ 472,077 4.68% (5)
Total Debt - Unconsolidated JV $ 12,887,515 $ 5,984,210 4.63% (5) $ 3,517 $ 5,963,907
Deferred financing costs (98,473) (47,305)
Total Debt - Unconsolidated JV, net $ 12,789,042 $ 5,936,905 4.63% (5)
(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 3.91%. 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) In October, together with our joint venture partner, completed a $2.0 billion, five-year, fixed-rate refinancing of the $1.768 billion loan.
(5) Calculated based on SL Green's share of the outstanding debt.
(6) The Company is in discussions with the lender on resolution of the past maturity.
Supplemental Information
26
Third Quarter 2026
DEBT COMPOSITION AND CORPORATE DEBT COVENANTS
Unaudited
(Dollars in Thousands)
Composition of Debt
Core Portfolio Alternative Strategy Portfolio Total
Fixed Rate Debt
Consolidated $ 3,409,386 $ — $ 3,409,386
SLG Share of JV 5,252,912 367,077 5,619,989
Total Fixed Rate Debt $ 8,662,298 87.4% $ 367,077 77.8% $ 9,029,375 87.0%
Floating Rate Debt
Consolidated $ 987,413 $ — $ 987,413
SLG Share of JV 259,221 105,000 364,221
1,246,634 12.6% 105,000 22.2% 1,351,634 13.0%
Debt & Preferred Equity and CMBS Investments (78,553) (0.8)% — —% (78,553) (0.8)%
Total Floating Rate Debt $ 1,168,081 11.8% $ 105,000 22.2% $ 1,273,081 12.3%
Total Debt $ 9,908,932 $ 472,077 $ 10,381,009
Revolving Credit Facility Covenants (1)
Actual Required
Total Debt / Total Assets 44.7% Less than 60%
Consolidated Fixed Charge Coverage 1.81x Greater than 1.50x
Maximum Secured Indebtedness 24.0% Less than 50%
Maximum Unencumbered Leverage Ratio 47.0% Less than 60%
(1) Covenants calculated pursuant to the terms of the Company’s unsecured credit facility.
Supplemental Information
27
Third Quarter 2026
DERIVATIVE SUMMARY SCHEDULE
Unaudited
(Dollars in Thousands)
Consolidated Interest Rate Derivatives Notional Value Fair Value
Ownership 9/30/2026 9/30/2026
Secured Debt Interest (%) Gross SLG Share Gross SLG Share
Instrument (1)
Strike Rate (1)
Effective Date Maturity Date
100 Church Street 100.0 $370,000 $370,000 $1,051 $1,051 Swap 3.89 % November 2022 June 2027
SLGOP - 450 Park Avenue 100.0 68,678 68,678 (80) (80) (2) Swap 4.47 % August 2024 June 2027
500 Park Avenue 100.0 80,000 80,000 388 388 Swap 4.17 % February 2025 February 2028
800 Third Avenue 100.0 177,000 177,000 5,281 5,281 Swap 3.33 % February 2026 February 2029
Subtotal $6,640 $6,640
Unsecured Debt
Revolving Credit Facility 100.0 $125,000 $125,000 $108 $108 Swap 3.67 % August 2024 December 2026
Revolving Credit Facility 100.0 125,000 125,000 107 107 Swap 3.67 % August 2024 December 2026
Term Loan C 100.0 200,000 200,000 1,008 1,008 Swap 2.59 % February 2023 February 2027
Term Loan C 100.0 100,000 100,000 398 398 Swap 2.90 % February 2023 February 2027
Term Loan C 100.0 100,000 100,000 456 456 Swap 2.73 % February 2023 February 2027
Term Loan C 100.0 50,000 50,000 274 274 Swap 2.46 % February 2023 February 2027
Term Loan C & Revolving Credit Facility 100.0 300,000 300,000 2,391 2,391 Swap 2.87 % July 2023 May 2027
Term Loan C 100.0 150,000 150,000 671 671 Swap 3.52 % January 2024 May 2027
Junior subordinated deferrable interest debentures 100.0 100,000 100,000 1,016 1,016 Swap 3.76 % January 2023 January 2028
Subtotal $6,429 $6,429
Unconsolidated JV Interest Rate Derivatives
919 Third Avenue 51.0 $500,000 $255,000 $52 $27 Cap 5.25 % February 2026 April 2027
280 Park Avenue 50.0 537,500 268,750 5,659 2,830 Swap 4.07 % July 2024 September 2028
280 Park Avenue 50.0 268,750 134,375 2,962 1,481 Swap 4.04 % July 2024 September 2028
280 Park Avenue 50.0 268,750 134,375 2,864 1,432 Swap 4.06 % July 2024 September 2028
Subtotal $11,537 $5,770
Foreign Currency Derivatives
Summit Paris 85.0 $31,207 $26,526 $(736) $ (626) (2) FX Forward Contracts N/A March 2026 October 2026 - June 2027
Summit Paris 85.0 30,492 25,918 8 7 (2) FX Forward Contracts N/A March 2026 October 2027 - June 2032
Subtotal $(728) $(619)
Forward-starting Derivatives
SLGOP – 100 Church Street 100.0 $357,500 $357,500 $6,547 $6,547 Swap 2.98 % June 2027 June 2028
Term Loan C 100.0 225,000 225,000 3,387 3,387 Swap 3.92 % February 2027 January 2029
Term Loan C 100.0 225,000 225,000 5,370 5,370 Swap 3.86 % February 2027 January 2030
Subtotal $15,304 $15,304
Total, SLG Share $39,182 $33,524
(1) Certain financings require the purchase of a cap at a specified strike rate.
(2) Quarterly changes in fair value recognized in the calculation of FFO.
Supplemental Information
28
Third Quarter 2026
SUMMARY OF LEASE LIABILITIES
Unaudited
(Dollars in Thousands)
Consolidated Lease Liabilities (SLG Share)
Scheduled Cash Payment (1)
Lease Year of Final
Property 2026 2027 2028 2029
Liabilities (2)
Expiration (3)
Operating Leases
1185 Avenue of the Americas $ 1,727 $ 6,909 $ 6,909 $ 6,909 $ 78,454 2043
SL Green Headquarters at One Vanderbilt 690 (4) 2,762 (4) 2,971 (4) 3,075 (4) 84,011 2048
800 Seventh Avenue 839 3,355 3,355 3,355 49,800 2048
Summit One Vanderbilt 3,254 (4) 11,270 (4) 11,293 (4) 11,293 (4) 430,174 2070
Summit Paris — (5) 1,092 (5) 2,731 (5) 3,822 (5) 45,388 (5) 2077 (5)
420 Lexington Avenue (Graybar) 2,800 11,199 11,199 11,199 166,467 2080
711 Third Avenue 1,375 (6) 5,500 (6) 5,500 (6) 5,500 (6) 32,221 (6) 2083
Total $ 10,685 $ 42,087 $ 43,958 $ 45,153 $ 886,515
Financing Leases
15 Beekman $ 820 $ 3,325 $ 3,375 $ 3,426 $ 109,182 2119 (7)
Total $ 820 $ 3,325 $ 3,375 $ 3,426 $ 109,182
Unconsolidated Joint Venture Lease Liabilities (SLG Share)
SLG
Scheduled Cash Payment (1)
Lease Year of Final
Property Interest (%) 2026 2027 2028 2029
Liabilities (2)
Expiration (3)
Operating Leases
Equinox Studio City (8)
66.7 $ 307 $ 1,387 $ 1,387 $ 925 $ 3,872 2029
Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6) 50.0 $ 460 $ 1,935 $ 1,935 $ 1,935 $ 11,546 2053
650 Fifth Avenue (Floors b-3) 50.0 394 1,585 1,605 1,726 32,147 2062
Total $ 1,161 $ 4,907 $ 4,927 $ 4,586 $ 47,565
Financing Leases
One Vanderbilt Avenue Garage 55.0 $ 41 $ 167 $ 168 $ 170 $ 2,695 2069
1560 Broadway Signage 50.0 206 825 825 825 11,631 2073
885 Third Avenue 34.1 204 817 817 817 16,025 2119
Alternative strategy portfolio
650 Fifth Avenue (Floors b-3) 50.0 $ 1,841 $ 7,364 $ 7,464 $ 8,101 $ 106,295 2062
2 Herald Square 95.0 3,775 3,775 — — 394,260 2077
Total $ 6,067 $ 12,948 $ 9,274 $ 9,913 $ 530,906
(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 September 30, 2026.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 55.0% ownership interest in One Vanderbilt.
(5) Lease obligation is denominated in Euros and has been presented in US Dollars using the exchange rate as of September 30, 2026.
(6) Reflects scheduled cash payments net of the Company's 50.0% ownership of the fee interest in the property.
(7) 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.
(8) The Company has a JV interest in the sublandlord for the premises. Amounts reflect the sublandlord's lease obligation to the fee owner and have not been reduced by rents owed to the sublandlord under a sublease covering 100% of the premises.
Supplemental Information
29
Third Quarter 2026
DEBT AND PREFERRED EQUITY INVESTMENTS
Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
Weighted Average:
Floating Fixed
Total Book Value (1)
Senior Financing Exposure PSF Book Value During Quarter
Yield During Quarter (2)
Yield At End Of Quarter (3)
6/30/2026 $ 77,599 $ 35,486 $ 113,085 $ 430,528 $ 741 $ 113,054 7.51% 7.60%
Debt investment originations/fundings/accretion
(4)
2 — 2
Preferred Equity investment originations/accretion
(4)
— — —
Joint venture investment originations/accretion/amortization
(4)
— — —
Repayment/Sales/Syndications/Equity Ownership/Amortization — — —
Reserves/Realized Losses — — —
9/30/2026 $ 77,601 $ 35,486 $ 113,087 $ 444,245 $ 757 $ 113,385 7.55% 7.73%
Debt and Preferred Equity Maturity Profile
2026
2027
2028
2029
2030 & Thereafter
Floating Rate $ 9,268 $ 68,333 $ — $ — $ —
Fixed Rate — 15,486 — 20,000 —
$ 9,268 $ 83,819 $ — $ 20,000 $ —
(1) Net of unamortized fees, discounts, premiums.
(2) Excludes loan loss reserves and accelerated fee income resulting from early repayment, if any.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter. Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(4) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.
Supplemental Information
30
Third Quarter 2026
SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Economic (4) Leased (2) Occupied (3) Economic (4) ($'s) SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street 100.0 Downtown Fee Interest 1,047,500 4.4 94.0 93.7 93.7 94.0 94.0 94.0 $48,477 $48,477 17
110 Greene Street 100.0 Soho Fee Interest 223,600 0.9 97.2 93.0 93.0 95.1 93.1 93.1 19,784 19,784 52
125 Park Avenue 100.0 Grand Central Fee Interest 604,245 2.6 98.8 94.0 89.0 98.8 92.8 89.0 48,221 48,221 23
304 Park Avenue South 100.0 Midtown South Fee Interest 215,000 0.9 91.9 91.9 91.9 91.9 91.9 91.9 18,810 18,810 6
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 1,188,000 5.2 95.0 94.2 94.2 94.9 92.3 92.3 95,021 95,021 193
461 Fifth Avenue 100.0 Midtown Fee Interest 200,000 0.8 92.2 83.8 83.8 92.3 87.0 87.0 14,985 14,985 19
485 Lexington Avenue 100.0 Grand Central North Fee Interest 921,000 3.9 87.0 79.7 79.7 78.2 78.2 78.2 49,031 49,031 36
555 West 57th Street 100.0 Midtown West Fee Interest 941,000 4.0 77.2 77.2 77.2 77.2 77.2 77.2 49,317 49,317 11
711 Third Avenue 100.0 (5) Grand Central North Leasehold Interest (5) 524,000 2.2 85.5 84.7 84.7 84.7 84.0 84.0 29,288 29,288 20
800 Third Avenue 100.0 Grand Central North Fee Interest 526,000 2.2 77.7 77.1 77.1 89.7 89.4 88.7 28,736 28,736 45
810 Seventh Avenue 100.0 Times Square Fee Interest 692,000 2.9 86.9 86.3 86.3 86.9 84.0 84.0 44,586 44,586 48
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 218,796 0.9 90.1 85.6 85.6 89.6 84.5 84.5 12,600 12,600 16
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 1,062,000 4.5 87.9 82.1 79.7 92.8 81.8 81.8 71,063 71,063 29
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 562,000 2.4 81.1 78.9 78.9 81.4 74.7 74.7 36,237 36,237 44
Added to Same Store in 2026
500 Park Avenue 100.0 Park Avenue Fee Interest 201,411 0.9 100.0 100.0 100.0 100.0 90.7 90.7 19,285 19,285 13
Subtotal / Weighted Average 9,126,552 38.7 % 88.6 % 86.0 % 85.4 % 88.8 % 85.6 % 85.3 % $585,441 $585,441 572
"Non Same Store"
65 East 55th Street (Park Avenue Tower) 95.0 Plaza District Fee Interest 622,000 2.6 96.6 96.6 96.6 96.6 94.8 94.8 $70,011 $70,011 31
Subtotal / Weighted Average 622,000 2.6 % 96.6 % 96.6 % 96.6 % 96.6 % 94.8 % 94.8 % $70,011 $70,011 31
Total / Weighted Average Consolidated Properties 9,748,552 41.3 % 89.1 % 86.7 % 86.2 % 89.3 % 86.2 % 85.9 % $655,452 $655,452 603
UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue 55.0 Grand Central Fee Interest 1,657,198 7.0 100.0 100.0 100.0 100.0 100.0 100.0 $300,318 $165,175 39
11 Madison Avenue 60.0 Park Avenue South Fee Interest 2,314,000 9.8 100.0 100.0 93.0 99.9 96.5 93.0 191,915 115,149 9
100 Park Avenue 50.8 Grand Central South Fee Interest 834,000 3.5 99.4 95.4 95.4 99.4 95.7 95.7 62,128 31,561 37
220 East 42nd Street 51.0 Grand Central Fee Interest 1,135,000 4.8 95.7 95.1 95.1 95.5 95.5 95.1 75,777 38,647 37
245 Park Avenue 50.1 Park Avenue Fee Interest 1,782,793 7.5 100.0 97.8 88.2 97.8 96.7 85.5 198,807 99,602 13
280 Park Avenue 50.0 Park Avenue Fee Interest 1,219,158 5.2 98.9 98.1 92.5 98.4 97.3 92.4 142,798 71,399 36
450 Park Avenue 25.1 Park Avenue Fee Interest 337,000 1.4 93.8 87.7 87.7 87.7 87.7 87.7 38,942 9,774 27
919 Third Avenue 51.0 Grand Central North Fee Interest 1,454,000 6.2 99.8 95.5 95.5 99.8 95.5 84.3 103,333 52,700 11
1515 Broadway 56.9 Times Square Fee Interest 1,750,000 7.4 99.9 99.9 99.9 99.9 99.8 99.8 152,225 86,616 9
Added to Same Store in 2026
One Madison Avenue 25.5 Park Avenue South Fee Interest 1,385,484 5.9 98.9 92.2 78.5 98.9 92.2 78.5 151,066 38,522 16
Subtotal / Weighted Average 13,868,633 58.7 % 99.2 % 97.3 % 93.1 % 98.7 % 96.6 % 91.5 % $1,417,309 $709,145 234
Total / Weighted Average Unconsolidated Properties 13,868,633 58.7 % 99.2 % 97.3 % 93.1 % 98.7 % 96.6 % 91.5 % $1,417,309 $709,145 234
Manhattan Operating Properties Grand Total / Weighted Average 23,617,185 100.0 % 95.0 % 92.9 % 90.2 % 94.8 % 92.3 % 89.2 % $2,072,761 $1,364,597 837
Manhattan Operating Properties Same Store Occupancy % 22,995,185 97.4 % 95.0 % 92.8 % 90.0 % 94.8 % 92.2 % 89.1 %
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Calculated based on the square footage on which revenue is being recognized for GAAP purposes as of the reporting date, which may differ from the square footage on which cash rent is being collected.
(5) The Company also owns 50% of the fee interest.
Supplemental Information
31
Third Quarter 2026
SELECTED PROPERTY DATA
Retail, Residential and Suburban Operating Properties
Unaudited
(Dollars in Thousands)
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
RETAIL PROPERTIES
"Same Store" Retail
760 Madison Avenue 100.0 Plaza District Fee Interest 22,648 6.4 100.0 100.0 100.0 100.0 $18,718 $18,718 1
Subtotal/Weighted Average 22,648 6.4 % 100.0 % 100.0 % 100.0 % 100.0 % $18,718 $18,718 1
"Non Same Store" Retail
315 West 33rd Street - The Olivia 100.0 Penn Station Fee Interest 270,132 76.9 81.5 81.5 82.4 82.4 $12,970 $12,969 7
610 Park Avenue 100.0 Plaza District Fee Interest 17,765 5.1 100.0 100.0 100.0 100.0 1,768 1,768 1
800 Seventh Avenue 100.0 Times Square Fee Interest 28,000 8.0 100.0 100.0 100.0 100.0 1,100 1,100 1
1552 Broadway/1560 Broadway Signage 50.0 Times Square Fee / Leasehold Interest 12,719 3.6 100.0 100.0 100.0 100.0 $4,429 $2,215 (4) 1
Subtotal/Weighted Average 328,616 93.6 % 84.8 % 84.8 % 85.5 % 85.5 % $20,267 $18,052 10
Total / Weighted Average Retail Properties 351,264 100.0 % 85.8 % 85.8 % 86.5 % 86.5 % $38,985 $36,770 11
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Average Monthly Rent Per Occupied Unit
Ownership Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Units Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s) ($'s)
RESIDENTIAL PROPERTIES
"Same Store" Residential
15 Beekman Street 20.0 Downtown Leasehold Interest 221,884 484 (5) 100.0 100.0 100.0 100.0 $14,509 $2,902 N/A
Subtotal/Weighted Average 221,884 484 100.0 % 100.0 % 100.0 % 100.0 % $14,509 $2,902 $—
"Non Same Store" Residential
315 West 33rd Street - The Olivia 100.0 Penn Station Fee Interest 222,855 333 99.1 98.2 98.5 98.2 $20,265 $20,265 $5,164
Subtotal/Weighted Average 222,855 333 99.1 % 98.2 % 98.5 % 98.2 % $20,265 $20,265 $5,164
Total / Weighted Average Residential Properties 444,739 817 99.6 % 99.3 % 99.4 % 99.3 % $34,774 $23,167 $5,164
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
SUBURBAN PROPERTIES
"Non Same Store" Suburban
Landmark Square 100.0 Stamford, Connecticut Fee Interest 732,800 100.0 78.6 78.3 79.9 79.9 $15,554 $15,554 86
Subtotal/Weighted Average 732,800 100.0 % 78.6 % 78.3 % 79.9 % 79.9 % $15,554 $15,554 86
Total / Weighted Average Suburban Properties 732,800 100.0 % 78.6 % 78.3 % 79.9 % 79.9 % $15,554 $15,554 86
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Reflects the contractual rent for 1552 Broadway.
(5) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.
Supplemental Information
32
Third Quarter 2026
SELECTED PROPERTY DATA
Development / Redevelopment & Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Real Estate Book Value, Net Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
Development / Redevelopment
3 Landmark Square 100.0 Stamford, Connecticut Fee Interest 130,000 10.6 3.0 3.0 3.0 3.0 $144 $144 $20,879 3
19 East 65th Street 100.0 Plaza District Fee Interest 14,639 1.2 — — — — — — 23,189 —
185 Broadway 100.0 Lower Manhattan Fee Interest 21,174 1.7 — — — — — — 7,177 —
346 Madison Avenue 51.0 Grand Central Fee Interest 275,138 22.5 — — 15.1 15.1 — — 201,363 —
750 Third Avenue 100.0 Grand Central North Fee Interest 780,000 64.0 1.2 1.2 1.2 1.2 1,646 1,646 401,654 3
Total / Weighted Average Development / Redevelopment Properties 1,220,951 100.0 % 1.1 % 1.1 % 4.5 % 4.5 % $1,790 $1,790 $654,262 6
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Investment Carrying Value, Net Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
Alternative Strategy Portfolio
2 Herald Square 95.0 Herald Square Leasehold Interest 369,000 14.8 34.3 34.3 34.3 34.3 $25,914 $24,618 $110,779 3
115 Spring Street 51.0 Soho Fee Interest 5,218 0.2 100.0 100.0 — — 1,008 514 — 1
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214 2.8 100.0 100.0 100.0 100.0 44,044 22,022 (103,121) 1
Worldwide Plaza 25.1 Westside Fee Interest 2,048,725 82.2 56.9 56.9 61.9 61.9 72,099 18,061 17,575 20
Total / Weighted Average Alternative Strategy Portfolio Properties 2,492,157 100.0 % 54.8 % 54.8 % 58.7 % 58.7 % $143,065 $65,215 $25,233 25
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
Supplemental Information
33
Third Quarter 2026
SELECTED PROPERTY DATA
Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
HIGH STREET RETAIL - Consolidated Properties
315 West 33rd Street - The Olivia 100.0 Penn Station Fee Interest 159,343 11.2 68.0 68.0 69.5 69.5 $8,855 $8,855 6
610 Park Avenue 100.0 Plaza District Fee Interest 17,765 1.2 100.0 100.0 100.0 100.0 1,768 1,768 1
760 Madison Avenue 100.0 Plaza District Fee Interest 22,648 1.6 100.0 100.0 100.0 100.0 18,718 18,718 1
800 Seventh Avenue 100.0 Times Square Fee Interest 28,000 1.9 100.0 100.0 100.0 100.0 1,100 1,100 1
Subtotal / Weighted Average 227,756 15.9 % 77.6 % 77.6 % 78.7 % 78.7 % $30,441 $30,441 9
HIGH STREET RETAIL - Unconsolidated Properties
1552 Broadway/1560 Broadway Signage 50.0 Times Square Fee / Leasehold Interest 12,520 0.8 100.0 100.0 100.0 100.0 $4,429 $2,215 1
Subtotal / Weighted Average 12,520 0.8 % 100.0 % 100.0 % 100.0 % 100.0 % $4,429 $2,215 1
Total / Weighted Average High Street Retail 240,276 16.7 % 78.8 % 78.8 % 79.8 % 79.8 % $34,870 $32,656 10
OTHER RETAIL - Consolidated Properties
65 East 55th Street (Park Avenue Tower) 95.0 Plaza District Fee Interest 12,705 0.9 100.0 100.0 100.0 100.0 $896 $896 1
100 Church Street 100.0 Downtown Fee Interest 61,708 4.4 95.9 91.8 95.9 95.9 3,952 3,952 8
110 Greene Street 100.0 Soho Fee Interest 16,121 1.1 100.0 100.0 100.0 100.0 4,788 4,788 3
125 Park Avenue 100.0 Grand Central Fee Interest 32,124 2.2 100.0 100.0 100.0 80.6 4,217 4,217 7
304 Park Avenue South 100.0 Midtown South Fee Interest 25,330 1.8 100.0 100.0 100.0 100.0 3,924 3,924 5
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 54,026 3.8 100.0 100.0 100.0 100.0 5,457 5,457 6
461 Fifth Avenue 100.0 Midtown Fee Interest 16,149 1.1 100.0 100.0 100.0 100.0 1,114 1,114 2
485 Lexington Avenue 100.0 Grand Central North Fee Interest 41,701 2.9 68.5 68.5 68.5 68.5 4,511 4,511 7
500 Park Avenue 100.0 Park Avenue Fee Interest 11,976 0.8 100.0 100.0 100.0 100.0 1,297 1,297 3
555 West 57th Street 100.0 Midtown West Fee Interest 53,186 3.7 100.0 100.0 100.0 100.0 3,260 3,260 2
711 Third Avenue 100.0 Grand Central North Leasehold Interest 25,639 1.8 100.0 83.5 83.5 83.5 2,389 2,389 2
750 Third Avenue (4) 100.0 Grand Central North Fee Interest 24,827 1.7 42.3 42.3 42.3 42.3 1,646 1,646 3
800 Third Avenue 100.0 Grand Central North Fee Interest 9,900 0.7 100.0 100.0 100.0 100.0 1,002 1,002 2
810 Seventh Avenue 100.0 Times Square Fee Interest 18,207 1.3 98.6 98.6 98.6 98.6 4,691 4,691 3
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 9,140 0.6 100.0 100.0 100.0 100.0 558 558 2
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 54,273 3.8 100.0 96.1 100.0 96.1 2,999 2,999 5
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 17,797 1.2 100.0 100.0 100.0 100.0 2,870 2,870 6
Subtotal / Weighted Average 484,809 33.8 % 93.8 % 91.9 % 92.9 % 91.2 % $49,571 $49,571 67
OTHER RETAIL - Unconsolidated Properties
One Madison Avenue 25.5 Park Avenue South Fee Interest 109,893 7.7 87.7 87.7 87.7 87.7 $5,759 $1,468 7
One Vanderbilt Avenue 55.0 Grand Central Fee Interest 34,885 2.4 100.0 100.0 100.0 100.0 6,381 3,509 7
11 Madison Avenue 60.0 Park Avenue South Fee Interest 37,325 2.6 100.0 100.0 100.0 100.0 4,006 2,404 3
100 Park Avenue 50.8 Grand Central South Fee Interest 38,556 2.7 100.0 100.0 100.0 100.0 3,444 1,750 7
220 East 42nd Street 51.0 Grand Central Fee Interest 33,866 2.4 67.1 67.1 81.0 81.0 1,681 857 3
245 Park Avenue 50.1 Park Avenue Fee Interest 31,014 2.2 100.0 93.5 100.0 93.5 2,470 1,238 3
280 Park Avenue 50.0 Park Avenue Fee Interest 28,219 2.0 100.0 100.0 100.0 100.0 1,673 836 3
450 Park Avenue 25.1 Park Avenue Fee Interest 6,317 0.4 100.0 100.0 100.0 100.0 1,848 464 1
919 Third Avenue 51.0 Grand Central North Fee Interest 29,441 2.0 100.0 100.0 100.0 100.0 3,908 1,993 4
1515 Broadway 56.9 Times Square Fee Interest 182,011 12.6 100.0 100.0 100.0 99.8 30,053 17,101 9
Subtotal / Weighted Average 531,527 37.0 % 95.4 % 95.0 % 96.2 % 95.8 % $61,223 $31,620 47
Total / Weighted Average Other Retail 1,016,336 70.8 % 94.6 % 93.5 % 94.6 % 93.6 % $110,794 $81,191 114
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Redevelopment properties.
Supplemental Information
34
Third Quarter 2026
SELECTED PROPERTY DATA - CONTINUED
Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
September 30, 2026 June 30, 2026 Annualized Contractual
Cash Rent Total Tenants
Ownership % of Total Occupancy % Occupancy %
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet Leased (2) Occupied (3) Leased (2) Occupied (3) ($'s) SLG Share ($'s)
ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square 95.0 Herald Square Leasehold Interest 94,531 6.6 39.7 39.7 39.7 39.7 $14,807 $14,067 2
115 Spring Street 51.0 Soho Fee Interest 5,218 0.4 100.0 100.0 — — 1,008 514 1
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214 4.8 100.0 100.0 100.0 100.0 44,044 22,022 1
Worldwide Plaza 25.1 Westside Fee Interest 10,592 (4) 0.7 84.9 84.9 84.9 84.9 1,280 321 7
Subtotal / Weighted Average 179,555 12.5 % 67.4 % 67.4 % 64.5 % 64.5 % $61,139 $36,924 11
Total / Weighted Average Alternative Strategy Portfolio 179,555 12.5 % 67.4 % 67.4 % 64.5 % 64.5 % $61,139 $36,924 11
Retail Grand Total / Weighted Average 1,436,167 100.0 % 88.6 % 87.8 % 88.4 % 87.6 % $206,803 $150,770 135
(1) Represents the rentable square footage at the time the property was acquired.
(2) Calculated based on the square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.
(3) Calculated based on the square footage for which lease terms have commenced per the underlying lease. For GAAP purposes revenue may not yet be recognized for certain commenced leases as of the reporting date.
(4) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.
Supplemental Information
35
Third Quarter 2026
LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT (1)
Unaudited
(Dollars in Thousands Except Per SF)
Ownership Interest % Lease Expiration (2) Total Rentable Square Feet Annualized Contractual Cash Rent ($) SLG Share of Annualized Contractual Cash Rent ($)
% of SLG Share of Annualized Contractual Cash Rent (3)
Annualized Contractual Rent PSF
Investment Grade Credit Rating (4)
Tenant Name Property
SkyDance Corporation 1515 Broadway 56.9 Jun 2031 1,604,544 $122,165 $69,510 4.7% $76.14
555 West 57th Street 100.0 Oct 2026 36,117 2,238 2,238 0.1% 61.96
555 West 57th Street 100.0 Apr 2027 150,765 9,292 9,292 0.6% 61.63
1515 Broadway 56.9 Mar 2028 9,106 2,275 1,295 0.1% 249.86
1,800,532 $135,970 $82,335 5.5% $75.52
UBS Americas, Inc. 11 Madison Avenue 60.0 May 2037 1,184,489 $82,851 $49,711 3.3% $69.95 A+
Sony Corporation 11 Madison Avenue 60.0 Jan 2031 578,791 $57,643 $34,586 2.3% $99.59 A+
Bloomberg L.P. 919 Third Avenue 51.0 Feb 2040 926,156 $64,495 $32,893 2.2% $69.64
McDermott Will & Schulte LLP One Vanderbilt Avenue 55.0 Dec 2042 199,320 $37,442 $20,593 1.4% $187.85
919 Third Avenue 51.0 Jun 2036 283,894 22,652 11,552 0.8% 79.79
420 Lexington Avenue 100.0 Oct 2026 10,043 651 651 —% 64.82
493,257 $60,745 $32,796 2.2% $123.15
Ares Management LLC 245 Park Avenue 50.1 Jun 2043 344,840 $53,150 $26,628 1.8% $154.13
245 Park Avenue 50.1 Dec 2028 36,316 $3,764 $1,886 0.1% $103.63
381,156 $56,914 $28,514 1.9% $149.32 A-
Societe Generale 245 Park Avenue 50.1 Oct 2032 520,831 $50,596 $25,349 1.7% $97.15 A
The City of New York 100 Church Street 100.0 Mar 2034 510,007 $23,327 $23,327 1.6% $45.74 Aa2
420 Lexington Avenue 100.0 Dec 2033 2,560 $97 $97 —% $38.01
512,567 $23,424 $23,424 1.6% $45.70
Metro-North Commuter Railroad Company 420 Lexington Avenue 100.0 Nov 2034 344,873 $22,339 $22,339 1.5% $64.77
420 Lexington Avenue 100.0 Jan 2027 7,537 458 458 — 60.81
352,410 $22,797 $22,797 1.5% $64.69 (5) A1
Nike Retail Services, Inc. 650 Fifth Avenue 50.0 Jan 2033 69,214 $44,044 $22,022 1.5% $636.35 A
WME IMG, LLC 304 Park Avenue 100.0 Dec 2027 72,077 $5,739 $5,739 0.4% $79.62
304 Park Avenue 100.0 Apr 2028 12,372 1,058 1,058 0.1% $85.49
304 Park Avenue 100.0 Aug 2033 90,202 8,089 8,089 0.5% $89.68
11 Madison Avenue 60.0 Sep 2030 104,618 11,480 6,888 0.4% $109.73
279,269 $26,366 $21,774 1.4% $94.41
TD Bank US Holding Company One Vanderbilt Avenue 55.0 Jul 2041 193,159 $28,480 $15,664 1.1% $147.44 (5)
One Vanderbilt Avenue 55.0 Aug 2041 6,843 3,605 1,983 0.1% 526.79
125 Park Avenue 100.0 Oct 2030 26,536 2,007 2,007 0.1% 75.63
125 Park Avenue 100.0 Mar 2034 25,171 1,698 1,698 0.1% 67.45
251,709 $35,790 $21,352 1.4% $142.18 A+
Franklin Templeton Companies LLC One Madison Avenue 25.5 May 2040 354,976 $49,502 $12,623 0.8% $139.45
280 Park Avenue 50.0 Nov 2031 128,993 14,101 7,051 0.5% $109.32
483,969 $63,603 $19,674 1.3% $131.42 A
Carlyle Investment Management LLC One Vanderbilt Avenue 55.0 Sep 2036 194,702 $35,595 $19,577 1.3% $182.82 (5) A-
Giorgio Armani Corporation 760 Madison Avenue 100.0 Oct 2038 22,648 $18,718 $18,718 1.2% $826.49
PJT Partners Holdings LP 280 Park Avenue 50.0 Jun 2041 290,548 $36,168 $18,084 1.2% $124.48
Hess Corp 1185 Avenue of the Americas 100.0 Dec 2027 167,169 $16,236 $16,236 1.1% $97.12 AA-
The Toronto Dominion Bank One Vanderbilt Avenue 55.0 Apr 2042 142,892 $21,870 $12,028 0.8% $153.05 (5)
125 Park Avenue 100.0 Apr 2042 52,450 3,943 3,943 0.3% $75.17
195,342 $25,813 $15,971 1.1% $132.14 A+
BMW of Manhattan, Inc. 555 West 57th Street 100.0 Jul 2032 226,556 $13,897 $13,897 0.9% $61.34 A
Stone Ridge Holdings One Vanderbilt Avenue 55.0 Dec 2037 97,652 $23,757 $13,067 0.9% $243.29
Total 9,028,967 895,422 532,777 35.5%
(1) Based on commenced leases.
(2) Expiration of current lease term and does not reflect extension options.
(3) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Alternative Strategy Portfolio properties.
(4) Corporate or bond rating from S&P, Fitch or Moody's.
(5) Tenant pays rent on a net basis. Rent PSF reflects gross rent equivalent.
Supplemental Information
36
Third Quarter 2026
TENANT DIVERSIFICATION - MANHATTAN COMMERCIAL
Unaudited
Supplemental Information
37
Third Quarter 2026
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited
Activity Building Address # of Leases Square Feet (1) Rentable SF Escalated
Rent/Rentable SF ($'s)(2)
Available Space at 6/30/26 1,915,147
Less: Sold Vacancies 10 East 53rd Street (33,025)
Space which became available during the Quarter (3):
Office
One Vanderbilt Avenue 1 6,896 7,204 $268.31
100 Park Avenue 1 4,769 5,205 95.16
280 Park Avenue 2 17,260 17,878 106.25
420 Lexington Avenue 5 7,924 9,601 66.21
461 Fifth Avenue 1 6,516 6,933 118.75
800 Third Avenue 4 78,416 77,440 78.18
885 Third Avenue 1 18,984 19,270 83.20
1185 Avenue of the Americas 2 32,804 35,834 44.74
1350 Avenue of the Americas 1 1,798 1,555 82.69
Total/Weighted Average 18 175,367 180,920 $83.88
Retail
100 Church Street 1 2,552 2,548 $120.50
220 East 42nd Street 1 5,300 4,722 71.54
Total/Weighted Average 2 7,852 7,270 $88.70
Storage
110 Greene Street 1 210 130 $25.38
885 Third Avenue 1 2,165 2,165 38.48
Total/Weighted Average 2 2,375 2,295 $37.74
Total Space which became available during the Quarter
Office 18 175,367 180,920 $83.88
Retail 2 7,852 7,270 $88.70
Storage 2 2,375 2,295 $37.74
22 185,594 190,485 $83.51
Total Available Space 2,067,716
(1) Represents the rentable square footage at the time the property was acquired.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
Supplemental Information
38
Third Quarter 2026
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited
Activity Building Address # of Leases Term (Yrs) Square Feet (1) Rentable SF New Cash Rent / Rentable SF(2) Prev. Escalated Rent/ Rentable SF(3) TI / Rentable SF Free Rent
# of Months
Available Space 2,067,716
Office
One Vanderbilt Avenue 1 5.3 6,896 7,204 320.00 265.00 — 3.0
11 Madison Avenue 2 11.2 79,129 80,705 102.80 101.91 145.00 15.0
65 East 55th Street (Park Avenue Tower) 2 5.2 11,208 11,243 140.91 — 47.96 5.4
100 Park Avenue 1 7.8 2,532 2,021 96.00 87.76 28.32 4.0
245 Park Avenue 1 17.1 19,366 17,233 150.00 144.59 194.96 20.0
280 Park Avenue 3 7.8 27,538 28,718 112.14 97.33 47.84 8.4
420 Lexington Avenue 10 5.3 30,812 39,654 68.14 69.35 128.15 3.7
485 Lexington Avenue 1 3.0 13,827 14,206 15.00 — — —
500 Park Avenue 1 8.8 18,795 18,820 118.00 — 6.91 8.0
711 Third Avenue 1 10.8 3,844 4,089 62.00 — 129.93 9.0
800 Third Avenue 4 4.5 13,048 14,731 70.43 81.26 129.71 3.6
810 Seventh Avenue 3 5.3 16,060 17,816 71.67 72.26 3.64 3.2
885 Third Avenue 2 10.3 23,512 23,964 70.59 80.77 48.25 5.8
1185 Avenue of the Americas 2 11.7 62,393 68,965 80.96 93.81 147.17 15.7
1350 Avenue of the Americas 1 7.7 25,405 25,854 78.00 96.43 140.04 8.0
Total/Weighted Average 35 9.1 354,365 375,223 $93.76 $99.74 $105.74 10.0
Retail
125 Park Avenue 1 15.0 7,201 6,234 $312.80 342.11 247.03 8.0
1515 Broadway 1 1.6 1,785 1,092 892.86 — — 1.0
Total/Weighted Average 2 13.0 8,986 7,326 $399.26 $342.11 $210.21 7.0
Storage
420 Lexington Avenue 1 0.5 70 114 40.00 28.33 — —
800 Third Avenue 2 4.0 515 515 35.00 — — —
Total/Weighted Average 3 3.4 585 629 $35.91 $28.33 $— —
Leased Space
Office (4) 35 9.1 354,365 375,223 $93.76 $99.74 $105.74 10.0
Retail 2 13.0 8,986 7,326 $399.26 $342.11 $210.21 7.0
Storage 3 3.4 585 629 $35.91 $28.33 $— —
Total 40 9.1 363,936 383,178 $99.51 $105.11 $107.57 9.9
Total Available Space as of 9/30/26 1,703,780
Early Renewals
Office
110 Greene Street 3 3.1 5,993 5,993 90.61 85.08 — 1.3
125 Park Avenue 1 10.7 30,365 30,365 98.00 94.76 65.00 8.0
304 Park Avenue South 1 5.3 83,479 90,202 91.68 91.68 12.22 2.0
420 Lexington Avenue 2 1.7 5,184 7,589 76.09 $66.71 — 0.4
450 Park Avenue 2 3.0 18,310 18,316 110.62 85.89 1.01 0.4
1350 Avenue of the Americas 2 8.1 9,708 10,185 99.45 90.79 86.73 2.9
Total/Weighted Average 11 6.0 153,039 162,650 $94.71 $90.14 $24.46 2.9
Renewals
Early Renewals Office 11 6.0 153,039 162,650 $94.71 $90.14 $24.46 2.9
Total 11 6.0 153,039 162,650 $94.71 $90.14 $24.46 2.9
(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 $97.71/rsf for 273,481 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $96.59/rsf for 436,131 rentable SF.
Supplemental Information
39
Third Quarter 2026
LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES
Office, Retail and Storage Leases
Unaudited
Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases SLG Share
Rentable Square Footage of Expiring Leases Percentage of Total
Sq. Ft. Annualized Contractual Cash Rent of Expiring Leases SLG Share
Annualized Contractual Cash Rent of Expiring Leases Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
Wholly-Owned and Consolidated JV Properties
3rd Quarter 2026 (3) 12 127,004 127,004 1.4 % 5,010,621 5,010,621 39.45
4th Quarter 2026 22 281,582 281,582 3.2 % 20,613,757 20,613,757 73.21
Total 2026 34 408,586 408,586 4.6 % $25,624,378 $25,624,378 $62.71
2027 73 709,149 709,149 8.0 % $48,453,286 $48,453,286 $68.33
2028 75 579,807 579,807 6.5 % 43,976,655 43,976,655 75.85
2029 82 646,142 646,142 7.3 % 48,999,376 48,999,376 75.83
2030 64 978,524 978,524 11.0 % 73,632,393 73,632,393 75.25
2031 73 521,935 521,935 5.9 % 43,337,018 43,337,018 83.03
2032 39 853,641 853,641 9.6 % 57,650,236 57,650,236 67.53
2033 33 606,281 606,281 6.8 % 54,373,920 54,373,920 89.68
2034 41 1,459,427 1,459,427 16.4 % 95,170,085 95,170,085 65.21
2035 22 557,459 557,459 6.3 % 48,345,631 48,345,631 86.72
Thereafter 83 1,556,486 1,556,486 17.6 % 115,888,822 115,888,822 74.46
Grand Total 619 8,877,437 8,877,437 100.0 % $655,451,800 $655,451,800 $73.83
Unconsolidated JV Properties
3rd Quarter 2026 (3) 1 495 282 — % 8,352 4,752 16.87
4th Quarter 2026 4 31,943 16,158 0.2 % 2,346,082 1,188,081 73.45
Total 2026 5 32,438 16,440 0.2 % $2,354,434 $1,192,833 $72.58
2027 17 184,035 86,684 1.3 % $29,076,268 $14,565,699 $157.99
2028 26 269,534 133,982 2.0 % 39,152,006 19,922,075 145.26
2029 14 127,805 61,568 0.9 % 13,693,473 6,230,313 107.14
2030 17 270,341 142,843 2.0 % 36,404,765 19,384,184 134.66
2031 24 2,706,594 1,517,245 19.8 % 227,461,026 127,065,845 84.04
2032 15 1,003,627 505,167 7.3 % 93,987,599 47,102,643 93.65
2033 13 291,208 143,725 2.1 % 33,216,167 16,385,074 114.06
2034 9 464,076 228,434 3.4 % 46,999,503 23,209,957 101.28
2035 7 370,189 162,145 2.7 % 39,977,914 15,876,741 107.99
Thereafter 93 7,950,558 3,924,954 58.3 % 854,986,335 418,209,598 107.54
Grand Total 240 13,670,405 6,923,187 100.0 % $1,417,309,490 $709,144,962 $103.68
(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 September 30, 2026.
Supplemental Information
40
Third Quarter 2026
LEASE EXPIRATIONS
Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Wholly-Owned and Consolidated JV's
Unaudited
Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases SLG Share
Rentable Square Footage of Expiring Leases Percentage of Total
Sq. Ft. Annualized Contractual Cash Rent of Expiring Leases SLG Share
Annualized Contractual Cash Rent of Expiring Leases Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail
3rd Quarter 2026 — — — — % $— $— $—
4th Quarter 2026 — — — — % $— $— $—
2026 (3) — — — — % $— $— $—
2027 — — — — % — — —
2028 — — — — % — — —
2029 2 2,238 2,238 1.3 % 558,108 558,108 249.38
2030 — — — — % — — —
2031 — — — — % — — —
2032 1 1,445 1,445 0.8 % 258,757 258,757 179.07
2033 1 2,900 2,900 1.6 % 424,456 424,456 146.36
2034 — — — — % — — —
2035 — — — — % — — —
Thereafter 5 170,792 170,792 96.3 % 29,199,619 29,199,619 170.97
9 177,375 177,375 100.0 % $30,440,940 $30,440,940 $171.62
Vacancy (4) 50,947
Grand Total 228,322
Other Retail
3rd Quarter 2026 1 210 210 — % $10,152 $10,152 $48.34
4th Quarter 2026 — — — — % $— $— $—
2026 (3) 1 210 210 — % $10,152 $10,152 $48.34
2027 4 23,670 23,670 5.3 % 4,075,752 4,075,752 172.19
2028 4 11,885 11,885 2.6 % 2,497,455 2,497,455 210.14
2029 4 27,702 27,702 6.2 % 2,654,128 2,654,128 95.81
2030 3 35,231 35,231 7.8 % 5,285,539 5,285,539 150.03
2031 7 19,252 19,252 4.3 % 3,106,266 3,106,266 161.35
2032 6 20,781 20,781 4.6 % 3,164,323 3,164,323 152.27
2033 5 92,949 92,949 20.6 % 6,856,883 6,856,883 73.77
2034 12 68,207 68,207 15.1 % 5,203,131 5,203,131 76.28
2035 1 2,551 2,551 0.6 % 475,357 475,357 186.34
Thereafter 20 147,963 147,963 32.9 % 16,241,627 16,241,627 109.77
67 450,401 450,401 100.0 % $49,570,613 $49,570,613 $110.06
Vacancy (4) 38,755
Grand Total 489,156
(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 September 30, 2026.
(4) Includes square footage of leases signed but not yet commenced.
Supplemental Information
41
Third Quarter 2026
LEASE EXPIRATIONS
Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unconsolidated JV's
Unaudited
Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases SLG Share
Rentable Square Footage of Expiring Leases Percentage of Total
Sq. Ft. Annualized Contractual Cash Rent of Expiring Leases SLG Share
Annualized Contractual Cash Rent of Expiring Leases Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail
2026 (3) — — — — % $— $— $—
2027 — — — — % — — —
2028 — — — — % — — —
2029 — — — — % — — —
2030 — — — — % — — —
2031 — — — — % — — —
2032 — — — — % — — —
2033 — — — — % — — —
2034 — — — — % — — —
2035 1 12,520 6,260 100.0 % 4,429,284 2,214,642 353.78
Thereafter — — — — % — — —
1 12,520 6,260 100.0 % $4,429,284 $2,214,642 $353.78
Vacancy (4) —
Grand Total 12,520
Other Retail
2026 (3) 1 13,465 6,746 2.7 % $812,558 $407,091 $60.35
2027 3 19,225 10,237 3.8 % 12,184,625 6,878,254 633.79
2028 6 33,713 18,343 6.7 % 9,219,261 5,164,105 273.46
2029 2 28,316 14,785 5.6 % 4,202,373 1,876,535 148.41
2030 2 11,970 6,811 2.4 % 7,318,193 4,164,052 611.38
2031 5 47,335 24,141 9.4 % 4,269,161 2,236,510 90.19
2032 1 5,399 2,753 1.1 % 566,129 288,726 104.86
2033 2 4,721 2,412 0.9 % 602,349 307,534 127.59
2034 1 2,133 1,067 0.4 % 120,792 60,396 56.63
2035 2 6,014 2,064 1.2 % 682,596 228,901 113.50
Thereafter 22 333,125 157,056 65.8 % 21,245,338 10,007,927 63.78
47 505,416 246,415 100.0 % $61,223,375 $31,620,031 $121.13
Vacancy (4) 26,682
Grand Total 532,098
Alternative Strategy Portfolio
2026 (3) 1 1,277 320 1.1 % $108,000 $27,054 $84.57
2027 3 8,050 3,279 6.6 % 1,559,793 652,304 193.76
2028 1 1,819 456 1.5 % 221,990 55,608 122.04
2029 1 595 149 0.5 % 112,597 28,205 189.24
2030 — — — — % — — —
2031 1 1,830 458 1.5 % 198,016 49,603 108.21
2032 1 21,706 20,621 17.9 % 7,537,545 7,160,667 347.26
2033 1 69,214 34,606 56.9 % 44,044,099 22,022,051 636.35
2034 1 16,343 15,526 13.5 % 7,269,384 6,905,915 444.80
2035 — — — — % — — —
Thereafter 1 647 162 0.5 % 87,816 21,998 135.73
11 121,481 75,577 100.0 % $61,139,240 $36,923,405 $503.28
Vacancy (4) 57,455
Grand Total 178,936
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to September 30, 2026.
(4) Includes square footage of leases signed but not yet commenced.
Supplemental Information
42
Third Quarter 2026
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
Gross Asset Occupancy (%)
Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 9/30/2026
2001 - 2025 Acquisitions
Jun-01 317 Madison Avenue Grand Central 100.0% Fee Interest 450,000 $ 105,600 95.0 N/A
Sep-01 1250 Broadway Penn Station 49.9 Fee Interest 670,000 126,500 97.7 N/A
May-02 1515 Broadway Times Square 55.0 Fee Interest 1,750,000 483,500 98.0 99.9
Feb-03 220 East 42nd Street Grand Central 100.0 Fee Interest 1,135,000 265,000 91.9 95.1
Mar-03 125 Broad Street Downtown 100.0 Fee Interest 525,000 92,000 100.0 N/A
Oct-03 461 Fifth Avenue Midtown 100.0 Leasehold Interest 200,000 60,900 93.9 83.8
Dec-03 1221 Avenue of the Americas Rockefeller Center 45.0 Fee Interest 2,550,000 1,000,000 98.8 N/A
Mar-04 19 West 44th Street Midtown 35.0 Fee Interest 292,000 67,000 86.0 N/A
Jul-04 750 Third Avenue Grand Central 100.0 Fee Interest 779,000 255,000 100.0 1.2
Jul-04 485 Lexington Avenue Grand Central 30.0 Fee Interest 921,000 225,000 100.0 79.7
Oct-04 625 Madison Avenue Plaza District 100.0 Leasehold Interest 563,000 231,500 68.0 N/A
Feb-05 28 West 44th Street Midtown 100.0 Fee Interest 359,000 105,000 87.0 N/A
Apr-05 1 Madison Avenue Park Avenue South 55.0 Fee Interest 1,177,000 803,000 96.0 N/A
Apr-05 5 Madison Avenue Clock Tower Park Avenue South 100.0 Fee Interest 267,000 115,000 N/A N/A
Jun-05 19 West 44th Street Midtown 65.0 Fee Interest — 91,200 92.2 N/A
Mar-06 521 Fifth Avenue Midtown 100.0 Leasehold Interest 460,000 210,000 97.0 N/A
Jun-06 609 Fifth Avenue Midtown 100.0 Fee Interest 160,000 182,000 98.5 N/A
Dec-06 485 Lexington Avenue Grand Central 70.0 Fee Interest — 578,000 90.5 79.7
Dec-06 800 Third Avenue Grand Central North 43.0 Fee Interest 526,000 285,000 96.9 77.1
Jan-07 Reckson - NYC Portfolio Various 100.0 Fee Interests / Leasehold Interest 5,612,000 3,679,530 98.3 87.5
Apr-07 331 Madison Avenue Grand Central 100.0 Fee Interest 114,900 73,000 97.6 N/A
Apr-07 1745 Broadway Midtown 32.3 Leasehold Interest 674,000 520,000 100.0 N/A
Jun-07 333 West 34th Street Penn Station 100.0 Fee Interest 345,400 183,000 100.0 N/A
Aug-07 1 Madison Avenue Park Avenue South 45.0 Fee Interest 1,177,000 1,000,000 99.8 N/A
Dec-07 388 & 390 Greenwich Street Downtown 50.6 Fee Interest 2,635,000 1,575,000 100.0 N/A
Jan-10 100 Church Street Downtown 100.0 Fee Interest 1,047,500 181,600 41.3 93.7
May-10 600 Lexington Avenue Grand Central North 55.0 Fee Interest 303,515 193,000 93.6 N/A
Aug-10 125 Park Avenue Grand Central 100.0 Fee Interest 604,245 330,000 99.1 94.0
Jan-11 521 Fifth Avenue Midtown 49.9 Leasehold Interest 460,000 245,700 80.7 N/A
Apr-11 1515 Broadway Times Square 45.0 Fee Interest 1,750,000 1,210,000 98.5 99.9
May-11 110 East 42nd Street Grand Central 100.0 Fee Interest 205,000 85,570 72.6 N/A
May-11 280 Park Avenue Park Avenue 49.5 Fee Interest 1,219,158 1,110,000 78.2 98.1
Nov-11 180 Maiden Lane Financial East 49.9 Fee Interest 1,090,000 425,680 97.7 N/A
Nov-11 51 East 42nd Street Grand Central 100.0 Fee Interest 142,000 80,000 95.5 N/A
Feb-12 10 East 53rd Street Plaza District 55.0 Fee Interest 354,300 252,500 91.9 90.7
Jun-12 304 Park Avenue South Midtown South 100.0 Fee Interest 215,000 135,000 95.8 91.9
Sep-12 641 Sixth Avenue Midtown South 100.0 Fee Interest 163,000 90,000 92.1 N/A
Dec-12 315 West 36th Street Times Square South 35.5 Fee Interest 147,619 46,000 99.2 N/A
May-14 388 & 390 Greenwich Street Downtown 49.4 Fee Interest 2,635,000 1,585,000 100.0 N/A
Jul-15 110 Greene Street Soho 90.0 Fee Interest 223,600 255,000 84.0 93.0
Aug-15 30 East 40th Street Grand Central South 60.0 Leasehold Interest 69,446 4,650 100.0 N/A
Aug-15 11 Madison Avenue Park Avenue South 100.0 Fee Interest 2,314,000 2,285,000 71.6 100.0
Dec-15 600 Lexington Avenue Grand Central North 45.0 Fee Interest 303,515 284,000 95.5 N/A
Oct-17 Worldwide Plaza Westside 24.4 Fee Interest 2,048,725 1,725,000 100.0 56.9
May-18 2 Herald Square Herald Square 100.0 Leasehold Interest 369,000 266,000 81.6 34.3
May-19 110 Greene Street Soho 10.0 Fee Interest 223,600 256,500 93.3 93.0
Jul-20 885 Third Avenue Midtown / Plaza District 100.0 Fee / Leasehold Interest 625,300 387,932 94.8 85.6
Oct-20 590 Fifth Avenue Midtown 100.0 Fee Interest 103,300 107,200 90.0 N/A
Jun-22 450 Park Avenue Park Avenue 25.1 Fee Interest 337,000 445,000 79.8 87.7
Sep-22 245 Park Avenue Park Avenue 100.0 Fee Interest 1,782,793 1,960,000 91.8 97.8
Dec-24 10 East 53rd Street Plaza District 45.0 Fee Interest 354,300 236,000 97.6 90.7
Jan-25 500 Park Avenue Park Avenue 100.0 Fee Interest 201,411 130,000 94.5 100.0
Apr-25 100 Park Avenue Grand Central South 49.9 Fee Interest 834,000 360,000 93.1 95.4
Oct-25 800 Third Avenue Grand Central North 39.5 Fee Interest 526,000 205,000 83.8 77.1
43,994,627 $ 27,189,062
2026 Acquisitions
Jan-26 65 East 55th Street (Park Avenue Tower) Plaza District 95.0 Fee Interest 622,000 730,000 94.8 96.6
622,000 $ 730,000
Supplemental Information
43
Third Quarter 2026
SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
Gross Asset Valuation
Property Submarket Interest Sold Type of Ownership Net Rentable SF ($'s) ($'s/SF)
2001 - 2026 Dispositions
Jan-01 633 Third Ave Grand Central North 100.0% Fee Interest 40,623 $ 13,250 $ 326
May-01 1 Park Ave Grand Central South 45.0 Fee Interest 913,000 233,900 256
Jun-01 1412 Broadway Times Square South 100.0 Fee Interest 389,000 90,700 233
Jul-01 110 East 42nd Street Grand Central 100.0 Fee Interest 69,700 14,500 208
Sep-01 1250 Broadway Penn Station 45.0 Fee Interest 670,000 126,500 189
Jun-02 469 Seventh Avenue Penn Station 100.0 Fee Interest 253,000 53,100 210
Mar-03 50 West 23rd Street Chelsea 100.0 Fee Interest 333,000 66,000 198
Jul-03 1370 Broadway Times Square South 100.0 Fee Interest 255,000 58,500 229
Dec-03 321 West 44th Street Times Square 100.0 Fee Interest 203,000 35,000 172
May-04 1 Park Avenue Grand Central South 75.0 Fee Interest 913,000 318,500 349
Oct-04 17 Battery Place North Financial 100.0 Fee Interest 419,000 70,000 167
Nov-04 1466 Broadway Times Square 100.0 Fee Interest 289,000 160,000 554
Apr-05 1414 Avenue of the Americas Plaza District 100.0 Fee Interest 111,000 60,500 545
Aug-05 180 Madison Avenue Grand Central 100.0 Fee Interest 265,000 92,700 350
Jul-06 286 & 290 Madison Avenue Grand Central 100.0 Fee Interest 149,000 63,000 423
Aug-06 1140 Avenue of the Americas Rockefeller Center 100.0 Leasehold Interest 191,000 97,500 510
Dec-06 521 Fifth Avenue Grand Central 50.0 Leasehold Interest 460,000 240,000 522
Mar-07 1 Park Avenue Grand Central South 100.0 Fee Interest 913,000 550,000 602
Mar-07 70 West 36th Street Garment 100.0 Fee Interest 151,000 61,500 407
Jun-07 110 East 42nd Street Grand Central North 100.0 Fee Interest 181,000 111,500 616
Jun-07 125 Broad Street Downtown 100.0 Fee Interest 525,000 273,000 520
Jun-07 5 Madison Clock Tower Park Avenue South 100.0 Fee Interest 267,000 200,000 749
Jul-07 292 Madison Avenue Grand Central South 100.0 Fee Interest 187,000 140,000 749
Jul-07 1372 Broadway Penn Station/Garment 85.0 Fee Interest 508,000 335,000 659
Nov-07 470 Park Avenue South Park Avenue South/Flatiron 100.0 Fee Interest 260,000 157,000 604
Jan-08 440 Ninth Avenue Penn Station 100.0 Fee Interest 339,000 160,000 472
May-08 1250 Broadway Penn Station 100.0 Fee Interest 670,000 310,000 463
Oct-08 1372 Broadway Penn Station/Garment 15.0 Fee Interest 508,000 274,000 539
May-10 1221 Avenue of the Americas Rockefeller Center 45.0 Fee Interest 2,550,000 1,280,000 502
Sep-10 19 West 44th Street Midtown 100.0 Fee Interest 292,000 123,150 422
May-11 28 West 44th Street Midtown 100.0 Fee Interest 359,000 161,000 448
Aug-13 333 West 34th Street Penn Station 100.0 Fee Interest 345,400 220,250 638
May-14 673 First Avenue Grand Central South 100.0 Leasehold Interest 422,000 145,000 344
Sep-15 120 West 45th Street Midtown 100.0 Fee Interest 440,000 365,000 830
Sep-15 315 West 36th Street Times Square South 100.0 Fee Interest 148,000 115,000 777
Jun-16 388 & 390 Greenwich Street Downtown 100.0 Fee Interest 2,635,000 2,000,000 759
Aug-16 11 Madison Avenue Park Avenue South 40.0 Fee Interest 2,314,000 2,600,000 1,124
Nov-17 1515 Broadway Times Square 30.0 Fee Interest 1,750,000 1,950,000 1,114
Jan-18 600 Lexington Avenue Grand Central North 100.0 Fee Interest 303,515 305,000 1,005
Feb-18 1515 Broadway Times Square 13.0 Fee Interest 1,750,000 1,950,000 1,114
May-18 1745 Broadway Midtown 56.9 Leasehold Interest 674,000 633,000 939
Nov-18 3 Columbus Circle Columbus Circle 48.9 Fee Interest 530,981 851,000 1,603
Nov-18 2 Herald Square Herald Square 49.0 Leasehold Interest 369,000 265,000 718
May-19 521 Fifth Avenue Grand Central 50.5 Fee Interest 460,000 381,000 828
Dec-20 30 East 40th Street Grand Central South 60.0 Leasehold Interest 69,446 5,200 75
Mar-21 55 West 46th Street - Tower 46 Midtown 25.0 Fee Interest 347,000 275,000 793
Jun-21 635 - 641 Sixth Avenue Midtown South 100.0 Fee Interest 267,000 325,000 1,217
Jul-21 220 East 42nd Street Grand Central 49.0 Fee Interest 1,135,000 783,500 690
Oct-21 590 Fifth Avenue Midtown 100.0 Fee Interest 103,300 103,000 997
Dec-21 110 East 42nd Street Grand Central 100.0 Fee Interest 215,400 117,075 544
Jun-23 245 Park Avenue Park Avenue 49.9 Fee Interest 1,782,793 1,995,000 1,119
Nov-24 One Vanderbilt Avenue Grand Central 11.0 Fee Interest 1,657,198 4,700,000 2,836
Sep-25 One Vanderbilt Avenue Grand Central 5.0 Fee Interest 1,657,198 4,700,000 2,836
Dec-25 100 Park Avenue Grand Central South 49.0 Fee Interest 834,000 425,000 510
33,843,554 $ 31,138,825 $ 920
2026 Dispositions
Aug-26 10 East 53rd Street Plaza District 100.0 Fee Interest 354,300 $ 310,000 $ 875
354,300 $ 310,000 $ 875
Supplemental Information
44
Third Quarter 2026
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Retail, Residential, Development / Redevelopment and Land
Unaudited
(Dollars in Thousands)
Interest Gross Asset Occupancy (%)
Property Type of Property Submarket Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 9/30/2026
2005 - 2025 Acquisitions
Jul-05 1551-1555 Broadway Retail Times Square 10.0% Fee Interest 25,600 $ 85,000 N/A N/A
Jul-05 21 West 34th Street Retail Herald Square 50.0 Fee Interest 30,100 17,500 N/A N/A
Sep-05 141 Fifth Avenue Retail Flatiron 50.0 Fee Interest 21,500 13,250 N/A N/A
Nov-05 1604 Broadway Retail Times Square 63.0 Leasehold Interest 29,876 4,400 17.2 N/A
Dec-05 379 West Broadway Retail Cast Iron/Soho 45.0 Leasehold Interest 62,006 19,750 100.0 N/A
Jan-06 25-29 West 34th Street Retail Herald Square/Penn Station 50.0 Fee Interest 41,000 30,000 55.8 N/A
Sep-06 717 Fifth Avenue Retail Midtown/Plaza District 32.8 Fee Interest 119,550 251,900 63.1 N/A
Aug-07 180 Broadway Development Lower Manhattan 50.0 Fee Interest 24,300 13,600 85.2 N/A
Apr-07 Two Herald Square Land Herald Square 55.0 Fee Interest N/A 225,000 N/A N/A
Jul-07 885 Third Avenue Land Midtown / Plaza District 55.0 Fee Interest N/A 317,000 N/A N/A
Feb-08 182 Broadway Development Lower Manhattan 50.0 Fee Interest 46,280 30,000 83.8 N/A
Nov-10 Williamsburg Terrace Retail Brooklyn, New York 100.0 Fee Interest 52,000 18,000 100.0 N/A
Dec-10 11 West 34th Street Retail Herald Square/Penn Station 30.0 Fee Interest 17,150 10,800 100.0 N/A
Dec-10 Two Herald Square Land Herald Square 45.0 Fee Interest 354,400 247,500 N/A N/A
Dec-10 885 Third Avenue Land Midtown / Plaza District 45.0 Fee Interest 607,000 352,000 N/A N/A
Dec-10 292 Madison Avenue Land Grand Central South 100.0 Fee Interest 203,800 78,300 N/A N/A
Jan-11 3 Columbus Circle Redevelopment Columbus Circle 48.9 Fee Interest 741,500 500,000 20.1 N/A
Aug-11 1552-1560 Broadway Retail Times Square 50.0 Fee Interest 35,897 136,550 59.7 N/A
Sep-11 747 Madison Avenue Retail Plaza District 33.3 Fee Interest 10,000 66,250 100.0 N/A
Jan-12 DFR Residential and Retail Portfolio Residential Plaza District, Upper East Side 80.0 Fee Interests / Leasehold Interest 489,882 193,000 95.1 N/A
Jan-12 724 Fifth Avenue Retail Plaza District 50.0 Fee Interest 65,010 223,000 92.9 N/A
Jul-12 West Coast Office Portfolio West Coast 27.6 Fee Interest 4,473,603 880,104 76.3 N/A
Aug-12 33 Beekman Street Development Downtown 45.9 Fee Interest 163,500 31,160 — N/A
Sep-12 635 Sixth Avenue Redevelopment Midtown South 100.0 Fee Interest 104,000 83,000 — N/A
Oct-12 1080 Amsterdam Redevelopment Upper West Side 87.5 Leasehold Interest 82,250 — 2.2 N/A
Dec-12 21 East 66th Street Retail Plaza District 32.3 Fee Interest 16,736 75,000 100.0 N/A
Dec-12 985-987 Third Avenue Redevelopment Upper East Side 100.0 Fee Interest 13,678 18,000 — N/A
Dec-12 131-137 Spring Street Retail Soho 100.0 Fee Interest 68,342 122,300 100.0 N/A
Mar-13 248-252 Bedford Avenue Residential Brooklyn, New York 90.0 Fee Interest 66,611 54,900 — N/A
Nov-13 650 Fifth Avenue Retail Plaza District 50.0 Leasehold Interest 32,324 — 63.6 100.0
Nov-13 315 West 33rd Street - The Olivia Retail / Residential Penn Station 100.0 Fee Interest 492,987 386,775 96.6 N/A
Nov-13 562, 570 & 574 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 66,962 146,222 74.6 N/A
Jul-14 719 Seventh Avenue Retail Times Square 75.0 Fee Interest 6,000 41,149 100.0 N/A
Jul-14 115 Spring Street Retail Soho 100.0 Fee Interest 5,218 52,000 100.0 100.0
Jul-14 752-760 Madison Avenue Retail Plaza District 100.0 Fee Interest 21,124 282,415 100.0 N/A
Sep-14 121 Greene Street Retail Soho 50.0 Fee Interest 7,131 27,400 100.0 N/A
Sep-14 635 Madison Avenue Land Plaza District 100.0 Fee Interest 176,530 145,000 N/A N/A
Oct-14 102 Greene Street Retail Soho 100.0 Fee Interest 9,200 32,250 100.0 N/A
Oct-14 175-225 Third Street Redevelopment Brooklyn, New York 95.0 Fee Interest — 72,500 — N/A
Nov-14 55 West 46th Street - Tower 46 Redevelopment Midtown 100.0 Fee Interest 347,000 295,000 — N/A
Feb-15 Stonehenge Portfolio Residential Various Various Fee Interest 2,589,184 40,000 96.5 N/A
Mar-15 1640 Flatbush Avenue Redevelopment Brooklyn, New York 100.0 Fee Interest 1,000 6,799 100.0 N/A
Jun-15 Upper East Side Residential Residential Upper East Side Residential 90.0 Fee Interest 27,000 50,074 96.4 N/A
Aug-15 187 Broadway & 5-7 Dey Street Retail Lower Manhattan 100.0 Fee Interest 73,600 63,690 90.5 N/A
Mar-16 183 Broadway Retail Lower Manhattan 100.0 Fee Interest 9,100 28,500 58.3 N/A
Apr-16 605 West 42nd Street - Sky Residential Midtown West 20.0 Fee Interest 927,358 759,046 — N/A
Jul-18 1231 Third Avenue Residential Upper East Side 100.0 Fee Interest 38,992 55,355 100.0 N/A
Oct-18 133 Greene Street Retail Soho 100.0 Fee Interest 6,425 30,999 100.0 N/A
Dec-18 712 Madison Avenue Retail Plaza District 100.0 Fee Interest 6,600 57,996 100.0 N/A
Apr-19 106 Spring Street Redevelopment Soho 100.0 Fee Interest 5,928 80,150 — N/A
May-19 410 Tenth Avenue Redevelopment Hudson Yards 70.9 Fee Interest 638,000 440,000 76.3 N/A
Jan-20 762 Madison Avenue Redevelopment Plaza District 10.0 Fee Interest 6,109 29,250 55.1 N/A
Jan-20 707 Eleventh Avenue Redevelopment Midtown West 100.0 Fee Interest 159,720 90,000 54.3 N/A
Jan-20 126 Nassau Street Development Lower Manhattan 100.0 Leasehold Interest 98,412 — 87.3 N/A
Oct-20 85 Fifth Avenue Retail Midtown South 36.3 Fee Interest 12,946 59,000 100.0 N/A
Sep-21 1591-1597 Broadway Land Times Square 100.0 Fee Interest 7,684 121,000 N/A N/A
Sep-21 690 Madison Avenue Retail Plaza District 100.0 Fee Interest 7,848 72,221 100.0 N/A
Sep-22 5 Times Square Redevelopment Times Square 31.6 Leasehold Interest 1,127,931 1,096,714 22.5 N/A
Sep-23 625 Madison Avenue Land Plaza District 90.4 Fee Interest 563,000 620,245 N/A N/A
Jan-24 2 Herald Square Redevelopment Herald Square 44.0 Leasehold Interest 369,000 120,000 43.9 34.3
Mar-24 719 Seventh Avenue Retail Times Square 25.0 Fee Interest 10,040 76,500 0.0 N/A
Oct-25 346 Madison Avenue Development Grand Central 100.0 Fee Interest 275,138 160,000 40.4 0.0
16,091,062 $ 9,635,514
2026 Acquisitions
Mar-26 610 Park Avenue Retail Plaza District 100.0 Fee Interest 17,765 $ 18,500 100.0 100.0
17,765 $ 18,500
Supplemental Information
45
Third Quarter 2026
SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Retail, Residential, Development / Redevelopment, Land and Alternative Strategy Portfolio
Unaudited
(Dollars in Thousands)
Interest Gross Asset Valuation
Property Type of Property Submarket Sold Type of Ownership Net Rentable SF ($'s) ($'s/SF)
2011 - 2025 Dispositions
Sep-11 1551-1555 Broadway Retail Times Square 10.0% Fee Interest 25,600 $ 276,757 $ 10,811
Feb-12 141 Fifth Avenue Retail Flatiron 100.0 Fee Interest 13,000 46,000 3,538
Feb-12 292 Madison Avenue Land Grand Central South 100.0 Fee Interest 203,800 85,000 417
Apr-12 379 West Broadway Retail Cast Iron/Soho 100.0 Leasehold Interest 62,006 48,500 782
Jun-12 717 Fifth Avenue Retail Midtown/Plaza District 50.0 Fee Interest 119,550 617,584 5,166
Sep-12 3 Columbus Circle Redevelopment Columbus Circle 29.0 Fee Interest 214,372 143,600 670
Feb-13 44 West 55th Street Retail Plaza District 100.0 Fee Interest 8,557 6,250 730
Jun-13 West Coast Office Portfolio West Coast Los Angeles, California 100.0 Fee Interest 406,740 111,925 275
Aug-13 West Coast Office Portfolio West Coast Fountain Valley, California 100.0 Fee Interest 302,037 66,994 222
Sep-13 West Coast Office Portfolio West Coast San Diego, California 100.0 Fee Interest 110,511 45,400 411
Dec-13 27-29 West 34th Street Retail Herald Square/Penn Station 100.0 Fee Interest 15,600 70,052 4,491
Jan-14 21-25 West 34th Street Retail Herald Square/Penn Station 100.0 Fee Interest 30,100 114,948 3,819
Mar-14 West Coast Office Portfolio West Coast 100.0 Fee Interest 3,654,315 756,000 207
May-14 747 Madison Avenue Retail Plaza District 100.0 Fee Interest 10,000 160,000 16,000
Jul-14 985-987 Third Avenue Redevelopment Upper East Side 100.0 Fee Interest 13,678 68,700 5,023
Sep-14 180-182 Broadway Redevelopment Lower Manhattan 100.0 Fee Interest 156,086 222,500 1,425
Nov-14 2 Herald Square Land Herald Square/Penn Station 100.0 Fee Interest 354,400 365,000 1,030
Nov-14 55 West 46th Street - Tower 46 Redevelopment Midtown 75.0 Fee Interest 347,000 295,000 850
Jan-15 180 Maiden Lane Redevelopment Financial East 100.0 Fee Interest 1,090,000 470,000 431
Aug-15 131-137 Spring Street Retail Soho 80.0 Fee Interest 68,342 277,750 4,064
Dec-15 570 & 574 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 24,327 125,400 5,155
Feb-16 248-252 Bedford Avenue Residential Brooklyn, New York 90.0 Fee Interest 66,611 55,000 826
Feb-16 885 Third Avenue Land Midtown / Plaza District 100.0 Fee Interest 607,000 453,000 746
May-16 33 Beekman Street Redevelopment Downtown 100.0 Fee Interest 163,500 196,000 1,199
Oct-16 400 East 57th Street Residential Upper East Side 49.0 Fee Interest 290,482 170,000 585
Apr-17 102 Greene Street Retail Soho 90.0 Fee Interest 9,200 43,500 4,728
Sep-17 102 Greene Street Retail Soho 10.0 Fee Interest 9,200 43,500 4,728
Apr-18 175-225 Third Street Redevelopment Brooklyn, New York 95.0 Fee Interest — 115,000 —
Jun-18 635 Madison Avenue Land Plaza District 100.0 Fee Interest 176,530 153,000 867
Jul-18 724 Fifth Avenue Retail Plaza District 50.0 Fee Interest 65,010 365,000 5,615
Oct-18 72nd Street Assemblage & 1231 Third Avenue Residential Upper East Side Various Fee Interest — 143,800 —
Jan-19 131-137 Spring Street Retail Soho 20.0 Fee Interest 68,342 216,000 3,161
Aug-19 115 Spring Street Retail Soho 49.0 Fee Interest 5,218 66,050 12,658
Dec-19 562 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 42,635 52,393 1,229
Dec-19 1640 Flatbush Avenue Redevelopment Brooklyn, New York 100.0 Fee Interest 1,000 16,150 16,150
Mar-20 315 West 33rd Street - The Olivia Retail / Residential Penn Station 100.0 Fee Interest 492,987 446,500 906
May-20 609 Fifth Avenue - Retail Condominium Retail Rockefeller Center 100.0 Fee Interest 21,437 168,000 7,837
Sep-20 400 East 58th Street Residential Upper East Side 90.0 Fee Interest 140,000 62,000 443
Dec-20 410 Tenth Avenue Redevelopment Hudson Yards 70.9 Fee Interest 638,000 952,500 1,493
Dec-20 Williamsburg Terrace Retail Brooklyn, New York 100.0 Fee Interest 52,000 32,000 615
Jan-21 712 Madison Avenue Retail Plaza District 100.0 Fee Interest 6,600 43,000 6,515
Feb-21 133 Greene Street Retail Soho 100.0 Fee Interest 6,425 15,796 2,459
Mar-21 106 Spring Street Redevelopment Soho 100.0 Fee Interest 5,928 34,024 5,740
Jun-21 605 West 42nd Street - Sky Residential Westside 20.0 Fee Interest 927,358 858,100 925
Sep-21 400 East 57th Street Residential Upper East Side 41.0 Fee Interest 290,482 133,500 460
Feb-22 707 Eleventh Avenue Redevelopment Midtown West 100.0 Fee Interest 159,720 95,000 595
Apr-22 1080 Amsterdam Residential Upper West Side 92.5 Leasehold Interest 82,250 42,650 519
May-22 1591-1597 Broadway Land Times Square 100.0 Fee Interest 7,684 121,000 15,747
Jun-22 609 Fifth Avenue Redevelopment Rockefeller Center 100.0 Fee Interest 138,563 100,500 725
Dec-22 885 Third Avenue - Condominium Redevelopment Midtown / Plaza District 100.0 Fee / Leasehold Interest 414,317 300,400 725
Feb-23 121 Greene Street Retail Soho 50.0 Fee Interest 7,131 14,000 1,963
Dec-23 21 East 66th Street Retail Plaza District 32.3 Fee Interest 13,069 40,575 3,105
Jan-24 717 Fifth Avenue Retail Midtown / Plaza District 10.9 Fee Interest 119,550 963,000 8,055
May-24 625 Madison Avenue Redevelopment Plaza District 90.4 Fee Interest 563,000 634,600 1,127
Jun-24 719 Seventh Avenue Retail Times Square 100.0 Fee Interest 10,040 30,500 3,038
Oct-24 5 Times Square Redevelopment Times Square 31.6 Leasehold Interest 1,127,931 1,165,587 1,033
Apr-25 85 Fifth Avenue Retail Midtown South 36.3 Fee Interest 12,946 46,800 3,615
13,972,167 $ 12,761,785 $ 913
2026 Dispositions
Feb-26 690 Madison Avenue Retail Plaza District 90.0 Fee Interest 7,848 $ 54,500 $ 6,944
May-26 7 Dey Street & 185 Broadway - Residential and Retail Condominium Retail / Residential Lower Manhattan 100.0 Fee Interest 199,521 220,500 1,105
May-26 346 Madison Avenue Redevelopment Grand Central 49.0 Fee Interest 275,138 175,000 636
482,507 $ 450,000 $ 933
Supplemental Information
46
Third Quarter 2026
SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)
Gross Asset Occupancy (%)
Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 9/30/2026
2007 - 2026 Acquisitions
Jan-07 300 Main Street Stamford, Connecticut 100.0% Fee Interest 130,000 $ 15,000 92.5 N/A
Jan-07 399 Knollwood Road White Plains, New York 100.0 Fee Interest 145,000 31,600 96.6 N/A
Jan-07 Reckson - Connecticut Portfolio Stamford, Connecticut 100.0 Fee Interests / Leasehold Interest 1,369,800 490,750 88.9 66.9
Jan-07 Reckson - Westchester Portfolio Westchester 100.0 Fee Interests / Leasehold Interest 2,346,100 570,190 90.6 N/A
Apr-07 Jericho Plaza Jericho, New York 20.3 Fee Interest 640,000 210,000 98.4 N/A
Jun-07 1010 Washington Boulevard Stamford, Connecticut 100.0 Fee Interest 143,400 38,000 95.6 N/A
Jun-07 500 West Putnam Avenue Greenwich, Connecticut 100.0 Fee Interest 121,500 56,000 94.4 N/A
Jul-07 16 Court Street Brooklyn, New York 35.0 Fee Interest 317,600 107,500 80.6 N/A
Aug-07 150 Grand Street White Plains, New York 100.0 Fee Interest 85,000 6,700 52.9 N/A
Sep-07 The Meadows Rutherford, New Jersey 25.0 Fee Interest 582,100 111,500 81.3 N/A
Jan-08 125 Chubb Way Lyndhurst, New Jersey 100.0 Fee Interest 278,000 29,364 — N/A
Dec-10 7 Renaissance Square White Plains, New York 50.0 Fee Interest 65,641 4,000 — N/A
Apr-13 16 Court Street Brooklyn, New York 49.0 Fee Interest 317,600 96,200 84.9 N/A
6,541,741 $ 1,766,804
Gross Asset
Property Submarket Interest Sold Type of Ownership Net Rentable SF Valuation ($'s) Price ($'s/SF)
2008 - 2026 Dispositions
Oct-08 100 & 120 White Plains Road Tarrytown, New York 100.0 Fee Interest 211,000 $ 48,000 $ 227
Jan-09 55 Corporate Drive Bridgewater, New Jersey 100.0 Fee Interest 670,000 230,000 343
Aug-09 399 Knollwood Road White Plains, New York 100.0 Fee Interest 145,000 20,767 143
Jul-12 One Court Square Long Island City, New York 100.0 Fee Interest 1,402,000 481,100 343
Sep-13 300 Main Street Stamford, Connecticut 100.0 Fee Interest 130,000 13,500 104
Aug-15 The Meadows Rutherford, New Jersey 100.0 Fee Interest 582,100 121,100 208
Dec-15 140 Grand Street White Plains, New York 100.0 Fee Interest 130,100 22,400 172
Dec-15 150 Grand Street White Plains, New York 100.0 Fee Interest 85,000 9,600 113
Mar-16 7 Renaissance Square White Plains, New York 100.0 Fee Interest 65,641 21,000 320
Jul-16 500 West Putnam Avenue Greenwich, Connecticut 100.0 Fee Interest 121,500 41,000 337
Apr-17 520 White Plains Road Tarrytown, New York 100.0 Fee Interest 180,000 21,000 117
Jul-17 680 Washington Avenue Stamford, Connecticut 51.0 Fee Interest 133,000 42,011 316
Jul-17 750 Washington Avenue Stamford, Connecticut 51.0 Fee Interest 192,000 53,745 280
Oct-17 16 Court Street Brooklyn, New York 100.0 Fee Interest 317,600 171,000 538
Oct-17 125 Chubb Way Lyndhurst, New Jersey 100.0 Fee Interest 278,000 29,500 106
May-18 115-117 Stevens Avenue Valhalla, New York 100.0 Fee Interest 178,000 12,000 67
Jun-18 Jericho Plaza Jericho, New York 11.7 Fee Interest 640,000 117,400 183
Jul-18 1-6 International Drive Rye Brook, New York 100.0 Fee Interest 540,000 55,000 102
Nov-19 1010 Washington Boulevard Stamford, Connecticut 100.0 Fee Interest 143,400 23,100 161
Dec-19 100 Summit Lake Drive Valhalla, New York 100.0 Fee Interest 250,000 41,580 166
Dec-19 200 Summit Lake Drive Valhalla, New York 100.0 Fee Interest 245,000 37,943 155
Dec-19 500 Summit Lake Drive Valhalla, New York 100.0 Fee Interest 228,000 34,185 150
Dec-19 360 Hamilton Avenue White Plains, New York 100.0 Fee Interest 384,000 115,452 301
Dec-20 1055 Washington Boulevard Stamford, Connecticut 100.0 Leasehold Interest 182,000 23,750 130
Jul-24 Palisades Premier Conference Center Orangetown, New York 100.0 Fee Interest 450,000 26,250 58
7,883,341 $ 1,812,383 $ 230
Supplemental Information
47
Third Quarter 2026
Non-GAAP Disclosures and Reconciliations
Unaudited
(Dollars in Thousands, except per share data)
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Supplemental Information
48
Third Quarter 2026
Non-GAAP Disclosures and Reconciliations
Unaudited
(Dollars in Thousands, except per share data)
Funds From Operations (FFO) Reconciliation
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Net income (loss) attributable to SL Green common stockholders $ 72,192 $ 24,874 $ (38,702) $ (7,293)
Add:
Depreciation and amortization 63,629 63,216 200,659 187,874
SLG's share of unconsolidated joint ventures depreciation and amortization 72,964 127,170 217,701 247,874
Net income (loss) attributable to noncontrolling interests 11,485 4,395 22,158 (3,582)
Less:
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate — 86,872 (814) 84,926
Purchase price and other fair value adjustments 477 9,652 7,953 (5,291)
Gain (loss) on sale of real estate, net 91,445 (1,068) 103,902 (1,717)
Depreciable real estate reserves (2,275) — (37,435) (8,546)
Depreciable real estate reserves in unconsolidated joint venture — — — (1,780)
Depreciation on non-rental real estate assets 1,478 1,628 4,483 4,312
Noncontrolling interests in consolidated joint ventures 7,071 2,186 27,451 1,526
FFO attributable to SL Green common stockholders and unit holders $ 122,074 $ 120,385 $ 296,276 $ 351,443
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
For the three months ended
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025
Net Income (loss) $ 89,671 $ (10,891) $ (77,398) $ (103,720) $ 35,161
Depreciable real estate reserves 2,275 — 35,160 23,546 —
Depreciable real estate reserves in unconsolidated joint venture — — — 12,812 —
(Gain) loss on sale of real estate, net (91,445) 4,179 (16,636) 426 1,068
Purchase price and other fair value adjustments (4,261) (5,662) (4,183) 28,143 (11,138)
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate — — 814 (1,142) (86,872)
Gain on sale of marketable securities — — — — —
Depreciation and amortization 63,629 67,279 69,751 67,839 63,216
Income taxes (1,757) 1,693 (1,045) 2,305 137
SUMMIT Operator tax expense 616 1,223 585 478 1,279
Amortization of deferred financing costs 2,480 2,156 2,802 1,901 1,724
Interest expense, net of interest income 50,026 54,011 50,909 49,422 47,235
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates 114,465 117,139 141,731 139,218 200,085
EBITDAre $ 225,699 $ 231,127 $ 202,490 $ 221,228 $ 251,895
Supplemental Information
49
Third Quarter 2026
Non-GAAP Disclosures and Reconciliations
Unaudited
(Dollars in Thousands, except per share data)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Three Months Ended Nine Months Ended
Operating income and Same-store NOI Reconciliation
September 30, September 30,
2026 2025 2026 2025
Net income $ 89,671 $ 35,161 $ 1,382 $ 6,799
Depreciable real estate reserves 2,275 — 37,435 8,546
Depreciable real estate reserves in unconsolidated joint venture — — — 1,780
(Gain) Loss on sale of real estate, net (91,445) 1,068 (103,902) 1,717
Purchase price and other fair value adjustments (4,261) (11,138) (14,106) 8,090
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate — (86,872) 814 (84,926)
Gain on sale of marketable securities — — — (10,232)
Depreciation and amortization 63,629 63,216 200,659 187,874
SUMMIT Operator tax expense 616 1,279 2,424 2,781
Amortization of deferred financing costs 2,480 1,724 7,438 5,153
Interest expense, net of interest income 50,026 47,235 154,946 138,234
Interest expense on senior obligations of consolidated securitization vehicles 14,687 10,838 44,079 45,827
Operating Income 127,678 62,511 331,169 311,643
Equity in net (income) loss from unconsolidated joint ventures (26,692) 9,287 (20,860) 29,112
Income from debt fund investments, net (2,166) (1,176) (10,634) (1,776)
Marketing, general and administrative expense 23,253 23,701 68,820 67,004
Transaction related costs 228 13,129 529 13,601
Loan loss and other investment reserves, net of recoveries — — — (71,326)
SUMMIT Operator expenses 42,936 35,959 93,398 82,570
Gain on early extinguishment of debt — — — —
Investment income (2,615) (4,356) (7,618) (26,809)
Interest income from real estate loans held by consolidated securitization vehicles (14,687) (10,838) (44,079) (47,868)
SUMMIT Operator revenue (34,655) (32,883) (90,306) (86,424)
Non-building revenue (26,955) (20,271) (59,524) (40,406)
Net operating income (NOI) 86,325 75,063 260,895 229,321
Equity in net income (loss) from unconsolidated joint ventures 26,692 (9,287) 20,860 (29,112)
SLG's share of unconsolidated JV depreciation and amortization 68,880 66,616 207,074 194,844
SLG's share of unconsolidated JV amortization of deferred financing costs 4,101 3,558 12,519 9,856
SLG's share of unconsolidated JV interest expense, net of interest income 74,059 67,628 216,017 194,883
SLG share of unconsolidated JV transaction related costs — — — —
SLG's share of unconsolidated JV gain on early extinguishment of debt — (57,187) 4,796 (57,187)
SLG's share of unconsolidated JV investment income (554) (3,963) (1,759) (13,940)
SLG's share of unconsolidated JV loan loss and other investment reserves, net of recoveries — — — 14,531
SLG's share of unconsolidated JV non-building revenue (2,153) (1,645) (5,599) (5,219)
NOI including SLG share of unconsolidated JVs 257,350 140,783 714,803 537,977
NOI from other properties/affiliates (73,925) 30,394 (185,804) (36,758)
Same-Store NOI 183,425 171,177 528,999 501,219
Straight-line and free rent (3,462) 693 (10,052) 1,844
Amortization of acquired above and below-market leases, net 266 146 1,082 389
Operating lease straight-line adjustment 1,532 204 1,893 611
SLG's share of unconsolidated JV straight-line and free rent (14,003) (10,396) (32,949) (33,788)
SLG's share of unconsolidated JV amortization of acquired above and below-market leases, net (6,718) (6,268) (20,394) (18,498)
SLG share of unconsolidated JV operating lease straight-line adjustment — — — —
Same-store cash NOI $ 161,040 $ 155,556 $ 468,579 $ 451,777
Lease termination income (387) (270) (1,128) (4,875)
SLG's share of unconsolidated JV lease termination income (1,001) (3,189) (7,333) (5,421)
Same-store cash NOI excluding lease termination income $ 159,652 $ 152,097 $ 460,118 $ 441,481
Supplemental Information
50
Third Quarter 2026
RESEARCH ANALYST COVERAGE
EQUITY COVERAGE
Firm Analyst Phone Email
B of A Securities Jana Galan (646) 855-5042 jana.galan@bofa.com
Barclays Brendan Lynch (212) 526-9428 brendan.lynch@barclays.com
BMO Capital Markets Corp. John P. Kim (212) 885-4115 JohnP.Kim@bmo.com
BTIG Thomas Catherwood (212) 738-6140 tcatherwood@btig.com
Citi Seth Bergey (212) 816-2066 seth.bergey@citi.com
Deutsche Bank Peter Abramowitz (212) 250-9504 peter.abramowitz@db.com
Evercore ISI Steve Sakwa (212) 446-9462 steve.sakwa@evercoreisi.com
Goldman Sachs & Co. Caitlin Burrows (212) 902-4736 caitlin.burrows@gs.com
JP Morgan Securities Anthony Paolone (212) 622-6682 anthony.paolone@jpmorgan.com
Mizuho Securities USA Vikram Malhotra (212) 282-3827 vikram.malhotra@mizuhogroup.com
Morgan Stanley & Co. Ronald Kamdem (212) 296-8319 ronald.kamdem@morganstanley.com
Piper Sandler Alexander Goldfarb (212) 466-7937 alexander.goldfarb@psc.com
Scotiabank Nicholas Yulico (212) 225-6904 nicholas.yulico@scotiabank.com
Truist Securities Michael Lewis (212) 319-5659 michael.r.lewis@truist.com
Wells Fargo Blaine Heck (443) 263-6529 blaine.heck@wellsfargo.com
SL Green Realty Corp. is covered by the research analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not, by its reference above or distribution, imply its endorsement of or concurrence with such information, conclusions or recommendations.
Supplemental Information
51
Third Quarter 2026
EXECUTIVE MANAGEMENT
Marc Holliday Edward V. Piccinich
Chairman and Chief Executive Officer
Chief Operating Officer
Harrison Sitomer Neil H. Kessner
President and Chief Investment Officer Executive Vice President, General
Counsel - Real Property
Matthew J. DiLiberto
Chief Financial Officer
Maggie Hui
Chief Accounting Officer
Andrew S. Levine
Chief Legal Officer - General Counsel, EVP Robert Schiffer
Executive Vice President, Development
Steven M. Durels
Executive Vice President, Director of
Leasing and Real Property
Supplemental Information
52
Third Quarter 2026
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SL GREEN REALTY CORP
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MD
Entity File Number
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Entity Tax Identification Number
13-3956775
Entity Address, Address Line One
One Vanderbilt Avenue
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Security Exchange Name
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Title of 12(b) Security
6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value
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NYSE
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
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Namespace Prefix:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
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Data Type:
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Balance Type:
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X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
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- Details
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- Details
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