Document

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

As of September 30, 2025, the Company held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.1 million square feet in Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.

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

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

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

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

Forward-looking Statements

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

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

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

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

ASP - Alternative strategy portfolio.

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

CMBS Investments - Investments in commercial mortgage-backed securities.

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

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

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

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

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

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

Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second 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 GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Junior Mortgage Participations - Subordinate interests in first mortgages.

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

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

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

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

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

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

NEW YORK, October 15, 2025 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net income attributable to common stockholders for the quarter ended September 30, 2025 of $24.9 million, or $0.34 per share, as compared to a net loss of $13.3 million, or $0.21 per share, for the same period in 2024.

The Company reported a net loss attributable to common stockholders for the nine months ended September 30, 2025 of $7.3 million, or $0.12 per share as compared to net loss of $2.3 million, or $0.06 per share for the same period in 2024.

The Company reported FFO for the quarter ended September 30, 2025 of $120.4 million or $1.58 per share, net of transaction costs of $13.1 million, or $0.17 per share, primarily related to the Company's pursuit of a gaming license. The Company reported FFO of $78.6 million, or $1.13 per share, or $87.6 million and $1.26 per share, net of $9.0 million, or $0.13 per share, of negative non-cash fair value adjustments on mark-to-market derivatives, for the same period in 2024.

The Company reported FFO for the nine months ended September 30, 2025 of $351.4 million or $4.60 per share, inclusive of $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue and $57.2 million, or $0.75 per share, of net gain on discounted debt extinguishment at 1552-1560 Broadway, and net of $14.5 million, or $0.19 per share, of investment reserves, transaction costs of $13.6 million, or $0.18 per share, and $3.9 million, or $0.05 per share, of negative non-cash fair value adjustments on mark-to-market derivatives.

The Company reported FFO of $437.9 million, or $6.30 per share, for the same period in 2024, inclusive of $190.1 million, or $2.74 per share, of gains on discounted debt extinguishments at 2 Herald Square, 280 Park Avenue, and 719 Seventh Avenue and net of negative $2.5 million, or $0.04 per share, of negative non-cash fair value adjustments on mark-to-market derivatives.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 4.2% for the third quarter of 2025, or 5.5% excluding lease termination income, as compared to the same period in 2024.

Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 0.8% for the nine months ended September 30, 2025, or 1.6% excluding lease termination income, as compared to the same period in 2024, due, in part, to lower percentage rent received by One Vanderbilt from SUMMIT due to the Ascent feature being temporarily taken out of service for maintenance. It is expected to be returned to service in the fourth quarter of 2025.

During the third quarter of 2025, the Company signed 52 office leases in its Manhattan office portfolio totaling 657,942 square feet. The average rent on the Manhattan office leases signed in the third quarter of 2025 was $92.81 per rentable square foot with an average lease term of 8.9 years and average tenant concessions of 9.1 months of free rent with a tenant improvement allowance of $99.09 per rentable square foot. Thirty-three leases comprising 319,256 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $90.65 per rentable square foot, representing a 2.7% decrease over the previous fully escalated rents on the same office spaces.

During the nine months ended September 30, 2025, the Company signed 143 office leases in its Manhattan office portfolio totaling 1,801,768 square feet. The average rent on the Manhattan office leases signed in 2025 was $88.91 per rentable square foot with an average lease term of 8.9 years and average tenant concessions of 8.5 months of free rent with a tenant improvement allowance of $91.89 per rentable square foot. Ninety-three leases comprising 989,633 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 $89.25 per rentable square foot, representing a 1.1% decrease over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio was 92.4% as of September 30, 2025, inclusive of 361,924 square feet of leases signed but not yet commenced, as compared to 91.5% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 93.2% by December 31, 2025.

Significant leasing activity in the third quarter and to date in the fourth quarter includes:

•New lease with Harvey AI Corporation for 96,781 square feet at One Madison Avenue;

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

•New expansion lease with New York State Office of General Services for 66,106 square feet at 919 Third Avenue;

•New lease with Sigma Computing, Inc. for 64,077 square feet at One Madison Avenue;

•Early renewal with Teneo Holdings LLC for 46,551 square feet at 280 Park Avenue;

•New expansion lease with Sagard Holdings Management Corp for 40,516 square feet at 280 Park Avenue;

•New lease with Tempus AI, Inc. for 39,565 square feet at 11 Madison Avenue;

•Early renewal with Ares Management LLC for 36,316 square feet at 245 Park Avenue;

•New lease with Geico for 25,854 square feet at 1350 Avenue of the Americas.

Investment Activity

In October, the Company entered into a contract to purchase Park Avenue Tower, located at 65 East 55th Street, for $730.0 million. The acquisition will deliver sustainable cash flow and provide long-term value creation while further solidifying the Company’s commitment to being the leading owner of premier properties along Park Avenue. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions.

In September, the Company closed on the sale of a 5.0% interest in One Vanderbilt Avenue to Mori Building Co., Ltd, Japan's leading urban landscape developer. The sale follows Mori's acquisition of an 11.0% interest in the trophy office tower in November 2024. Both investments were completed at a gross asset valuation of $4.7 billion. After completion of the transaction, SLG maintains a 55.0% stake in One Vanderbilt Avenue. The transaction generated proceeds to the Company of $86.6 million.

In August, the Company entered into a contract to purchase 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million, providing the Company the opportunity to pursue a world-class, ground-up new office development. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity portfolio, excluding the Company's investment in the SLG Opportunistic Debt Fund, was $289.7 million at September 30, 2025. The portfolio had a weighted average current yield of 8.8% as of September 30, 2025, or 11.2% excluding the effect of $63.0 million of investments that are on non-accrual.

Financing Activity

In September, the Company, together with its joint venture partner, completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue. The mortgage carries a stated coupon of 5.625%, which the Company hedged to an effective rate of 5.592% for its portion. The new mortgage replaces the previous $1.4 billion of debt on the property, which was comprised of a $1.075 billion senior mortgage and two mezzanine loans totaling $325.0 million.

In September, the Company closed on a modification and extension of the mortgage on 100 Church Street. The modification included a paydown of the principal balance by $5.0 million to $365.0 million and extended the maturity date to June 2028, inclusive of extension options. The interest rate was maintained at 5.887% through June 2027, after which the interest rate is fixed at 4.982% through final maturity.

In September, an affiliate of the Company and a joint venture partner extinguished the debt encumbering 1552-1560 Broadway, which had a total debt claim of $219.5 million, inclusive of $26.4 million of accrued and unpaid interest, for $63.0 million, which resulted in the Company recording a net gain on discounted debt extinguishment of $57.2 million in the third quarter of 2025.

Special Servicing and Asset Management Activity

The Company's special servicing business increased by $1.6 billion in active assignments, which now totals $7.7 billion, with an additional $9.9 billion for which the Company has been designated as special servicer on assets that are not currently in active special servicing.

Institutional Investor Conference

The Company will host its Annual Institutional Investor Conference on Friday, December 5, 2025 beginning at 10:00 AM 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 SLG2025@slgreen.com.

Dividends

In the third quarter of 2025, the Company declared:

•Three monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on August 15, September 15 and October 15, 2025;

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

Conference Call and Audio Webcast

The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 16, 2025, at 2:00 p.m. ET to discuss the financial results.

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

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

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BI14747a2af004467d82df7aef9d331f21.


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

Earnings Per Share
Net income (loss) available to common stockholders (EPS) - diluted	$	0.34	$	(0.16)	$	(0.30)	$	0.13	$	(0.21)
Funds from operations (FFO) available to common stockholders - diluted	$	1.58	$	1.63	$	1.40	$	1.81	$	1.13


Common Share Price & Dividends
Closing price at the end of the period	$	59.81	$	61.90	$	57.70	$	67.92	$	69.61
Closing high price during period	$	65.67	$	65.94	$	68.38	$	81.13	$	72.21
Closing low price during period	$	52.04	$	47.90	$	55.58	$	66.24	$	54.99
Annual dividend per common share	$	3.09	$	3.09	$	3.09	$	3.09	$	3.00

FFO dividend payout ratio (trailing 12 months)	47.9%		51.1%		47.4%		37.3%		43.6%
Funds available for distribution (FAD) dividend payout ratio (trailing 12 months)	92.1%		95.0%		75.6%		52.3%		53.1%

Common Shares & Units
Common shares outstanding	71,028		71,025		71,016		71,097		65,235
Units outstanding	4,850		4,853		5,010		4,510		4,474
Total common shares and units outstanding	75,878		75,878		76,026		75,607		69,709

Weighted average common shares and units outstanding - basic	74,318		74,455		74,527		70,654		67,999
Weighted average common shares and units outstanding - diluted	76,428		76,278		76,333		72,915		69,733


Market Capitalization
Market value of common equity	$	4,538,263	$	4,696,848	$	4,386,700	$	5,135,227	$	4,852,443
Liquidation value of preferred equity/units and redeemable equity	424,393		425,141		426,016		426,064		396,730
Consolidated debt	4,028,382		3,753,402		3,876,727		3,621,024		3,833,798
Consolidated market capitalization	$	8,991,038	$	8,875,391	$	8,689,443	$	9,182,315	$	9,082,971
SLG share of unconsolidated JV debt	5,805,174		6,043,432		6,033,918		6,027,862		6,876,416
Market capitalization including SLG share of unconsolidated JVs	$	14,796,212	$	14,918,823	$	14,723,361	$	15,210,177	$	15,959,387



Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.86x		1.85x		1.83x		1.91x		1.73x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.69x		1.67x		1.66x		1.74x		1.58x


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

Selected Balance Sheet Data
Real estate assets before depreciation	$	7,135,236	$	6,731,336	$	6,678,906	$	6,607,741	$	6,289,894
Debt and preferred equity investments	171,412		315,684		318,189		303,726		293,924
Investments in unconsolidated joint ventures	2,627,443		2,701,382		2,712,582		2,690,138		2,871,683
Debt fund investments	73,402		41,356		—		—		—
Cash and cash equivalents	187,039		182,912		180,133		184,294		188,216
Investment in marketable securities	16,099		17,151		12,295		22,812		16,522

Total assets	11,144,137		11,252,329		11,410,623		10,470,099		10,216,072

Consolidated fixed rate & hedged debt	3,603,866		3,367,249		3,367,361		3,257,474		3,287,898
Consolidated variable rate debt	424,516		386,153		509,366		363,550		485,000
Consolidated ASP debt	—		—		—		—		60,900
Total consolidated debt	4,028,382		3,753,402		3,876,727		3,621,024		3,833,798
Deferred financing costs, net of amortization	(13,632)		(13,788)		(15,275)		(14,242)		(12,903)
Total consolidated debt, net	4,014,750		3,739,614		3,861,452		3,606,782		3,820,895

Total liabilities	6,742,640		6,889,934		6,972,478		5,915,143		6,135,743

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	8,930,609		8,836,884		8,827,482		8,711,539		8,975,687
Variable rate debt, including SLG share of unconsolidated JV debt (1)	424,516		386,153		509,366		363,550		732,761
ASP debt, including SLG share of unconsolidated ASP JV debt	478,431		573,797		573,797		573,797		1,001,766
Total debt, including SLG share of unconsolidated JV debt	$	9,833,556	$	9,796,834	$	9,910,645	$	9,648,886	$	10,710,214

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


	As of or for the three months ended
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024
Selected Operating Data
Property operating revenues	$	168,536	$	165,237	$	163,019	$	156,930	$	156,933
Property operating expenses	(101,406)		(94,960)		(99,385)		(89,129)		(86,701)
Property NOI	$	67,130	$	70,277	$	63,634	$	67,801	$	70,232
SLG share of unconsolidated JV Property NOI	124,776		119,115		113,876		118,072		122,936
Property NOI, including SLG share of unconsolidated JV Property NOI	$	191,906	$	189,392	$	177,510	$	185,873	$	193,168
SUMMIT Operator revenue	32,883		31,007		22,534		38,571		36,437
Investment income, including SLG share of unconsolidated JV	8,319		11,398		21,032		10,463		10,089
Income (loss) from debt fund investments, net	1,176		600		—		—		—
Interest income from real estate loans held by consolidated securitization vehicles, net	—		32		2,009		2,905		1,441
Other income, including SLG share of unconsolidated JV	33,471		22,977		23,518		31,805		26,894

Gain on early extinguishment of debt, including SLG share of unconsolidated JV	57,187		—		—		25,985		—
SUMMIT Operator expenses	(35,959)		(24,847)		(21,764)		(28,792)		(37,901)
Loan loss and other investment reserves, net of recoveries	—		46,287		25,039		—		—
Transaction costs, including SLG share of unconsolidated JVs	(13,524)		(177)		(295)		(138)		(171)
Marketing general & administrative expenses	(23,701)		(21,579)		(21,724)		(22,827)		(21,015)
Income taxes	137		1,296		653		2,324		1,406
EBITDAre	$	251,895	$	256,386	$	228,512	$	246,169	$	210,348

Manhattan Properties
Property operating revenues	$	164,342	$	160,095	$	158,037	$	151,614	$	151,886
Property operating expenses	88,987		82,287		87,410		77,371		73,841
Property NOI	$	75,355	$	77,808	$	70,627	$	74,243	$	78,045

Other income - consolidated	$	1,665	$	2,013	$	5,551	$	4,157	$	2,967

SLG share of property NOI from unconsolidated JVs	$	124,737	$	118,869	$	113,627	$	117,958	$	123,401

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

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


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

Signed Leasing

Same-Store office occupancy inclusive of leases signed not yet commenced	92.4%		91.5%		91.9%		92.5%		89.9%


New leases signed	34		29		35		38		24
Renewal leases signed	18		17		10		10		18
Total office leases signed	52		46		45		48		42

Signed office square footage filling vacancy	338,686		232,475		240,974		663,370		197,617
Signed office square footage on previously occupied space (M-T-M leasing) (1)	319,256		309,246		361,131		1,126,626		566,138
Total office square footage signed	657,942		541,721		602,105		1,789,996		763,755

Average starting cash rent psf - office leases signed	$	90.65	$	95.93	$	82.29	$	76.24	$	107.13
Previous escalated cash rent psf - office leases signed (2)	$	93.13	$	93.65	$	84.89	$	69.97	$	96.69
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	(2.7)%		2.4%		(3.1)%		9.0%		10.8%
Average lease term	8.9		7.8		9.8		10.6		11.4
Tenant concession packages psf	$	99.09	$	78.81	$	94.35	$	116.36	$	114.90
Free rent months	9.1		6.3		9.4		12.5		12.2




Commenced Leasing

Same-Store office occupancy based on commenced leases	90.9%		89.2%		88.6%		88.0%		87.7%


New leases commenced	33		34		27		24		29
Renewal leases commenced	18		16		9		10		17
Total office leases commenced	51		50		36		34		46

Commenced office square footage filling vacancy	390,460		372,611		388,305		133,978		179,200
Commenced office square footage on previously occupied space (M-T-M leasing) (1)	384,800		334,144		283,236		1,015,833		540,288
Total office square footage commenced	775,260		706,755		671,541		1,149,811		719,488

Average starting cash rent psf - office leases commenced	$	95.42	$	79.27	$	84.80	$	80.72	$	106.76
Previous escalated cash rent psf - office leases commenced (2)	$	90.77	$	88.68	$	88.34	$	71.18	$	95.44
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	5.1%		(10.6)%		(4.0)%		13.4%		11.9%
Average lease term	10.5		10.1		9.1		10.5		10.5
Tenant concession packages psf	$	108.39	$	111.53	$	109.37	$	102.30	$	103.37
Free rent months	9.1		11.4		9.5		11.8		11.5



(1) Calculated on space that was occupied within the previous 12 months.
(2) Previously escalated cash rent includes base rent plus all additional amounts paid by the previous tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.


	As of
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,627,895	$	1,448,504	$	1,450,892	$	1,357,041	$	1,134,432
Building and improvements	4,082,434		3,867,078		3,828,638		3,862,224		3,781,403
Building leasehold and improvements	1,424,907		1,415,754		1,399,376		1,388,476		1,374,059
	7,135,236		6,731,336		6,678,906		6,607,741		6,289,894
Less: accumulated depreciation	(2,266,042)		(2,220,242)		(2,174,667)		(2,126,081)		(2,084,755)
Net real estate	4,869,194		4,511,094		4,504,239		4,481,660		4,205,139

Other real estate investments:
Debt and preferred equity investments, net (1)	171,412		315,684		318,189		303,726		293,924
Investment in unconsolidated joint ventures	2,627,443		2,701,382		2,712,582		2,690,138		2,871,683
Debt fund investments	73,402		41,356		—		—		—



Cash and cash equivalents	187,039		182,912		180,133		184,294		188,216
Restricted cash	170,004		159,905		156,895		147,344		126,909
Investment in marketable securities	16,099		17,151		12,295		22,812		16,522
Tenant and other receivables	136,787		44,444		48,074		44,055		53,628
Related party receivables	15,287		12,030		18,630		26,865		13,077

Deferred rents receivable	268,770		267,046		264,982		266,428		266,606

Deferred costs, net	117,054		117,964		114,317		117,132		105,646

Right-of-use assets - operating leases	869,929		875,379		860,449		865,639		870,782
Real estate loans held by consolidated securitization vehicles	1,013,273		1,431,362		1,599,291		709,095		713,218
Other assets	608,444		574,620		620,547		610,911		490,722

Total Assets	$	11,144,137	$	11,252,329	$	11,410,623	$	10,470,099	$	10,216,072

(1) This balance excludes a $118.3 million preferred equity investment included in the Investment in unconsolidated joint ventures line item.


	As of
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024
Liabilities
Mortgages and other loans payable	$	2,288,382	$	2,043,402	$	2,036,727	$	1,951,024	$	1,648,798
Unsecured term loans	1,150,000		1,150,000		1,150,000		1,150,000		1,250,000
Unsecured notes	100,000		100,000		100,000		100,000		100,000
Revolving credit facility	390,000		360,000		490,000		320,000		735,000
Deferred financing costs	(13,632)		(13,788)		(15,275)		(14,242)		(12,903)
Total debt, net of deferred financing costs	3,914,750		3,639,614		3,761,452		3,506,782		3,720,895
Accrued interest payable	17,803		16,066		18,473		16,527		22,825
Accounts payable and accrued expenses	140,232		130,656		123,256		122,674		125,377
Deferred revenue	164,132		158,111		166,240		164,887		154,700
Lease liability - financing leases	107,846		107,513		107,183		106,853		106,518
Lease liability - operating leases	809,665		814,088		806,669		810,989		815,238
Dividends and distributions payable	21,942		22,150		21,978		21,816		20,147
Security deposits	65,356		60,825		62,210		60,331		56,297

Junior subordinated deferrable interest debentures	100,000		100,000		100,000		100,000		100,000
Senior obligations of consolidated securitization vehicles	1,013,273		1,431,362		1,409,185		590,131		603,902
Other liabilities	387,641		409,549		395,832		414,153		409,844
Total Liabilities	6,742,640		6,889,934		6,972,478		5,915,143		6,135,743

Noncontrolling interests in Operating Partnership
(4,850 units outstanding at 9/30/2025)	280,873		287,151		288,702		288,941		293,593
Preferred units and redeemable equity	194,392		195,141		196,016		196,064		166,731

Equity
SL Green stockholders' equity:
Series I Preferred Stock	221,932		221,932		221,932		221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized, 71,028
issued and outstanding at 9/30/2025	710		710		710		711		663
Additional paid–in capital	4,205,443		4,198,303		4,156,242		4,159,562		3,866,088
Treasury stock at cost	—		—		—		—		(128,655)
Accumulated other comprehensive earnings (loss)	(19,784)		(16,324)		(4,842)		18,196		(27,308)
Retained deficit	(634,653)		(613,117)		(537,585)		(449,101)		(376,435)
Total SL Green Realty Corp. stockholders' equity	3,773,648		3,791,504		3,836,457		3,951,300		3,556,285

Noncontrolling interests in other partnerships	152,584		88,599		116,970		118,651		63,720

Total Equity	3,926,232		3,880,103		3,953,427		4,069,951		3,620,005

Total Liabilities and Equity	$	11,144,137	$	11,252,329	$	11,410,623	$	10,470,099	$	10,216,072



	Three Months Ended						Nine Months Ended
	September 30,		September 30,		June 30,			September 30,		September 30,
	2025		2024		2025			2025		2024
Revenues
Rental revenue, net	$	149,672	$	139,616	$	147,535		$	441,725	$	403,382
Escalation and reimbursement revenues	18,864		17,317		17,702			55,067		45,687
SUMMIT Operator revenue	32,883		36,437		31,007			86,424		94,643
Investment income	4,356		5,344		6,339			26,809		18,938
Interest income from real estate loans held by consolidated securitization vehicles	10,838		4,771		21,049			47,868		4,771
Other income	28,204		26,206		18,284			68,686		72,972
Total Revenues	244,817		229,691		241,916			726,579		640,393

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

Expenses
Operating expenses (1)	57,673		49,507		51,105			164,840		139,448
Real estate taxes	37,627		30,831		37,750			112,594		94,495
Operating lease rent	6,106		6,363		6,105			18,317		19,136
SUMMIT Operator expenses	35,959		37,901		24,847			82,570		82,947
Loan loss and other investment reserves, net of recoveries	—		—		(46,287)			(71,326)		—
Transaction related costs	13,129		171		177			13,601		263
Marketing, general and administrative	23,701		21,015		21,579			67,004		62,360
Total Operating Expenses	174,195		145,788		95,276			387,600		398,649

Equity in net (loss) income from unconsolidated joint ventures (2)	(9,287)		(15,428)		(22,775)			(29,112)		100,057
Income from debt fund investments, net (3)	1,176		—		600			1,776		—

Operating Income	62,511		68,475		124,465			311,643		359,578

Interest expense, net of interest income	47,235		42,091		45,318			138,234		109,067
Amortization of deferred financing costs	1,724		1,669		1,742			5,153		4,885
SUMMIT Operator tax expense (benefit)	1,279		(1,779)		1,547			2,781		(1,219)
Interest expense on senior obligations of consolidated securitization vehicles	10,838		3,330		21,017			45,827		3,330
Depreciation and amortization	63,216		53,176		60,160			187,874		154,007
(Loss) Income from Continuing Operations (4)	(61,781)		(30,012)		(5,319)			(68,226)		89,508



Gain on sale of marketable securities	—		—		10,232			10,232		—
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	86,872		371		(1,946)			84,926		19,006
Purchase price and other fair value adjustments	11,138		12,906		(9,617)			(8,090)		(36,321)
(Loss) gain on sale of real estate, net	(1,068)		7,471		(167)			(1,717)		4,730
Depreciable real estate reserves	—		—		—			(8,546)		(65,839)
Depreciable real estate reserves in unconsolidated joint venture	—		—		—			(1,780)		—
Net Income (Loss)	35,161		(9,264)		(6,817)			6,799		11,084

Net (income) loss attributable to noncontrolling interests	(4,395)		1,899		1,615			3,582		4,316
Preferred units distributions	(2,154)		(2,176)		(2,153)			(6,461)		(6,485)
Net Income (Loss) attributable to SL Green	28,612		(9,541)		(7,355)			3,920		8,915

Perpetual preferred stock dividends	(3,738)		(3,738)		(3,737)			(11,213)		(11,213)
Net Income (Loss) attributable to SL Green common stockholders	$	24,874	$	(13,279)	$	(11,092)		$	(7,293)	$	(2,298)







Basic earnings (loss) per share	$	0.35	$	(0.21)	$	(0.16)		$	(0.12)	$	(0.06)
Diluted earnings (loss) per share	$	0.34	$	(0.21)	$	(0.16)		$	(0.12)	$	(0.06)

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



		Three Months Ended						Nine Months Ended
		September 30,		September 30,		June 30,			September 30,		September 30,
		2025		2024		2025			2025		2024
Funds from Operations
Net Income (Loss) attributable to SL Green common stockholders		$	24,874	$	(13,279)	$	(11,092)		$	(7,293)	$	(2,298)

	Depreciation and amortization	63,216		53,176		60,160			187,874		154,007
	Joint ventures depreciation and noncontrolling interests adjustments	124,984		71,539		68,003			246,348		218,035
	Net income (loss) attributable to noncontrolling interests	4,395		(1,899)		(1,615)			(3,582)		(4,316)
	Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	(86,872)		(371)		1,946			(84,926)		(19,006)
	Purchase price and other fair value adjustments	(9,652)		(21,937)		8,399			5,291		33,765
	Loss (gain) on sale of real estate, net	1,068		(7,471)		167			1,717		(4,730)
	Depreciable real estate reserves	—		—		—			8,546		65,839
	Depreciable real estate reserves in unconsolidated joint venture	—		—		—			1,780		—
	Depreciation on non-rental real estate assets	(1,628)		(1,204)		(1,421)			(4,312)		(3,357)
	Funds From Operations	$	120,385	$	78,554	$	124,547		$	351,443	$	437,939

	Funds From Operations - Basic per Share	$	1.62	$	1.16	$	1.67		$	4.72	$	6.43

	Funds From Operations - Diluted per Share	$	1.58	$	1.13	$	1.63		$	4.60	$	6.30



Funds Available for Distribution
FFO		$	120,385	$	78,554	$	124,547		$	351,443	$	437,939

	Non real estate depreciation and amortization	1,628		1,204		1,421			4,312		3,357
	Amortization of deferred financing costs	1,724		1,669		1,742			5,153		4,885
	Non-cash deferred compensation	10,927		9,392		10,518			31,982		29,626
	FAD adjustment for joint ventures	(27,723)		(13,960)		(25,310)			(78,906)		(40,507)
	Straight-line rental income and other non-cash adjustments	50		1,094		(402)			2,855		530
	Non-cash fair value adjustments on mark-to-market derivatives	(369)		9,030		1,218			3,917		2,555
	Second cycle tenant improvements	(21,318)		(17,401)		(33,736)			(72,912)		(50,185)
	Second cycle leasing commissions	(3,835)		(4,292)		(8,551)			(16,632)		(11,570)

	Recurring CAPEX	(5,980)		(5,157)		(7,914)			(18,661)		(12,321)
Reported Funds Available for Distribution		$	75,489	$	60,133	$	63,533		$	212,551	$	364,309

	First cycle tenant improvements	$	467	$	439	$	758		$	1,289	$	2,028
	First cycle leasing commissions	$	552	$	11	$	806		$	1,486	$	51
	Development costs	$	6,631	$	10,742	$	8,830		$	26,099	$	39,861
	Redevelopment costs	$	8,475	$	1,165	$	5,123		$	16,308	$	5,689
	Capitalized interest	$	6,842	$	9,493	$	6,636		$	19,948	$	41,226


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

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

Net income									3,920		(3,079)				841
Acquisition of subsidiary interest from noncontrolling interest					36,023						(51,654)				(15,631)
Other comprehensive loss - net unrealized loss on derivative instruments													(28,236)		(28,236)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments													(10,763)		(10,763)
Other comprehensive income - net unrealized gain on marketable securities													1,019		1,019
Perpetual preferred stock dividends									(11,213)						(11,213)
DRSPP proceeds			—		189										189

Measurement adjustment for redeemable noncontrolling interest									(14,814)						(14,814)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			(1)		10,584						698				11,281
Proceeds from issuance of common stock			—		(871)										(871)
Repurchases of common stock			—		(44)		—		—						(44)

Contributions to consolidated joint venture interests											4,686				4,686
Contributions to debt fund investments											85,100				85,100



Cash distributions to noncontrolling interests											(1,818)				(1,818)
Distributions from debt fund investments															—

Cash distributions declared ($2.32 per common share, none of which represented a return of capital for federal income tax purposes)									(163,445)						(163,445)

Balance at September 30, 2025	$	221,932	$	710	$	4,205,443	$	—	$	(634,653)	$	152,584	$	(19,784)	$	3,926,232




RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


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

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

YTD share activity	(68,577)		339,818		—		—		271,241
Share Count at September 30, 2025	71,028,166		4,849,771		—		—		75,877,937

Weighted Average Share Count at September 30, 2025 - Basic	70,434,395		3,998,155		—		—		74,432,550

Dilution	—		—		1,484,797		523,026		2,007,823
Weighted Average Share Count at September 30, 2025 - Diluted	70,434,395		3,998,155		1,484,797		523,026		76,440,373


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

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,137,556	$	1,978,678	$	4,137,556	$	2,006,502	$	4,146,384	$	2,009,704
Building and improvements	13,535,671		6,423,255		13,448,889		6,515,711		13,399,570		6,495,268
Building leasehold and improvements	281,413		187,793		279,168		185,660		276,725		183,339


	17,954,640		8,589,726		17,865,613		8,707,873		17,822,679		8,688,311
Less: accumulated depreciation	(2,702,777)		(1,394,565)		(2,608,565)		(1,363,418)		(2,517,805)		(1,316,797)
Net real estate	15,251,863		7,195,161		15,257,048		7,344,455		15,304,874		7,371,514

Other real estate investments:
Debt and preferred equity investments, net	239,441		119,718		231,514		210,509		241,921		219,979

Cash and cash equivalents	246,097		94,571		267,706		111,927		290,158		129,516
Restricted cash	355,651		185,257		301,336		161,109		343,567		180,467
Tenant and other receivables	39,889		26,184		32,304		19,556		16,238		9,186
Deferred rents receivable	695,615		351,082		670,118		351,307		636,171		338,392

Deferred costs, net	394,218		191,250		381,669		192,193		390,069		196,208
Right-of-use assets - financing leases	744,203		520,033		723,370		510,202		725,760		511,774
Right-of-use assets - operating leases	83,979		44,378		184,213		94,644		187,879		96,626

Other assets	1,217,177		561,239		1,257,290		583,482		1,293,982		601,318

Total Assets	$	19,268,133	$	9,288,873	$	19,306,568	$	9,579,384	$	19,430,619	$	9,654,980

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $102,961 at 9/30/2025, of which $51,791 is SLG share	$	12,145,070	$	5,753,383	$	12,318,975	$	5,999,785	$	12,270,945	$	5,987,821
Accrued interest payable	57,281		22,642		79,380		35,216		71,044		31,899
Accounts payable and accrued expenses	246,095		131,572		227,238		125,167		238,923		127,943
Deferred revenue	879,137		398,071		897,575		404,613		945,454		428,079
Lease liability - financing leases	813,101		556,224		789,989		545,622		790,165		546,404
Lease liability - operating leases	97,060		49,779		211,493		107,066		214,681		108,729

Security deposits	45,429		19,903		42,441		18,995		43,134		19,681

Other liabilities	85,956		44,399		73,527		39,974		80,937		43,762
Equity	4,899,004		2,312,900		4,665,950		2,302,946		4,775,336		2,360,662

Total Liabilities and Equity	$	19,268,133	$	9,288,873	$	19,306,568	$	9,579,384	$	19,430,619	$	9,654,980


	Three Months Ended
	September 30, 2025				September 30, 2024				June 30, 2025

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	324,877	$	167,923	$	308,567	$	162,987	$	308,376	$	158,320
Escalation and reimbursement revenues	61,497		33,662		61,545		35,753		58,677		31,960
Investment income	7,927		3,963		4,904		4,745		5,563		5,059

Other income	11,335		5,267		1,933		688		9,560		4,693
Total Revenues	405,636		210,815		376,949		204,173		382,176		200,032

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

Expenses
Operating expenses	71,447		37,360		67,104		35,732		63,197		32,693
Real estate taxes	71,117		37,794		73,686		38,119		71,658		36,816
Operating lease rent	(3,065)		1,655		8,487		1,953		5,942		1,656
Loan loss and other investment reserves, net of recoveries	—		—		—		—		15,980		14,531
Transaction related costs	695		395		—		—		—		—
Total Operating Expenses	140,194		77,204		149,277		75,804		156,777		85,696

Operating Income	394,510		190,798		227,672		128,369		225,399		114,336

Interest expense, net of interest income	111,539		67,628		141,067		67,670		130,336		64,290
Amortization of deferred financing costs	6,693		3,558		4,487		2,413		5,878		3,107

Depreciation and amortization	128,565		66,616		137,640		67,954		125,535		65,153
Net Income (Loss)	147,713		52,996		(55,522)		(9,668)		(36,350)		(18,214)

Real estate depreciation	128,564		66,615		137,639		67,953		125,534		65,153
FFO Contribution	$	276,277	$	119,611	$	82,117	$	58,285	$	89,184	$	46,939

FAD Adjustments:
Non real estate depreciation and amortization	$	1	$	1	$	1	$	1	$	1	$	—
Amortization of deferred financing costs	6,693		3,558		4,487		2,413		5,878		3,107
Straight-line rental income and other non-cash adjustments	(42,118)		(20,609)		(20,159)		(11,043)		(48,487)		(24,333)
Second cycle tenant improvements	(7,420)		(3,795)		(4,891)		(2,695)		(6,058)		(3,164)
Second cycle leasing commissions	(9,281)		(4,943)		(5,487)		(2,763)		(159)		(399)
Revenue enhancing recurring CAPEX	—		—		(18)		(9)		—		—
Non-revenue enhancing recurring CAPEX	(3,480)		(1,935)		(174)		136		(247)		(521)
Total FAD Adjustments	$	(55,605)	$	(27,723)	$	(26,241)	$	(13,960)	$	(49,072)	$	(25,310)

First cycle tenant improvements	$	18,111	$	9,038	$	2,669	$	1,104	$	6,751	$	3,310
First cycle leasing commissions	$	5,278	$	2,270	$	37,231	$	18,388	$	713	$	224
Development costs	$	28,630	$	7,841	$	28,703	$	8,767	$	23,235	$	6,941
Redevelopment costs	$	17,953	$	8,858	$	14,297	$	6,180	$	20,263	$	9,787
Capitalized interest	$	18,773	$	9,031	$	44,290	$	15,003	$	22,623	$	9,830


	Nine Months Ended
	September 30, 2025				September 30, 2024

	Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	934,376	$	479,448	$	911,667	$	477,829
Escalation and reimbursement revenues	183,112		99,481		178,217		101,233
Investment income	18,899		13,940		6,828		6,465

Other income	23,351		11,280		10,583		6,161
Total Revenues	1,159,738		604,149		1,107,295		591,688

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

Expenses
Operating expenses	202,659		104,867		192,587		101,253
Real estate taxes	214,279		111,328		222,797		114,611
Operating lease rent	9,458		4,967		25,990		6,015
Loan loss and other investment reserves, net of recoveries	15,980		14,531		—		—
Transaction related costs	695		395		—		—
Total Operating Expenses	443,071		236,088		441,374		221,879

Operating Income	845,735		425,248		899,625		542,178

Interest expense, net of interest income	370,771		194,883		433,117		209,753
Amortization of deferred financing costs	18,590		9,856		14,718		7,875

Depreciation and amortization	375,405		194,844		407,429		208,052
Net Income	80,969		25,665		44,361		116,498

Real estate depreciation	375,402		194,842		407,419		208,045
FFO Contribution	$	456,371	$	220,507	$	451,780	$	324,543

FAD Adjustments:
Non real estate depreciation and amortization	$	3	$	2	$	10	$	7
Amortization of deferred financing costs	18,590		9,856		14,718		7,875
Straight-line rental income and other non-cash adjustments	(136,357)		(67,868)		(48,448)		(32,307)
Second cycle tenant improvements	(19,826)		(10,185)		(16,564)		(8,960)
Second cycle leasing commissions	(14,506)		(7,948)		(11,824)		(6,176)
Revenue enhancing recurring CAPEX	—		—		(114)		(59)
Non-revenue enhancing recurring CAPEX	(4,136)		(2,763)		(2,148)		(887)
Total FAD Adjustments	$	(156,232)	$	(78,906)	$	(64,370)	$	(40,507)

First cycle tenant improvements	$	28,560	$	14,130	$	10,173	$	3,391
First cycle leasing commissions	$	6,802	$	2,713	$	39,015	$	18,901
Development costs	$	62,870	$	18,040	$	116,877	$	35,684
Redevelopment costs	$	52,835	$	25,747	$	38,601	$	14,298
Capitalized interest	$	60,960	$	28,291	$	119,807	$	43,268



	Three Months Ended						Nine Months Ended
	September 30,		September 30,		June 30,			September 30,		September 30,
	2025		2024		2025			2025		2024

Net Operating Income (1)	$	79,765	$	88,718	$	79,637		$	231,415	$	234,468
SLG share of NOI from unconsolidated JVs	129,798		122,317		118,743			363,159		353,382
NOI, including SLG share of unconsolidated JVs	209,563		211,035		198,380			594,574		587,850
Partners' share of NOI - consolidated JVs	(47)		(1,970)		2			(1,709)		(4,167)
NOI - SLG share	$	209,516	$	209,065	$	198,382		$	592,865	$	583,683

NOI, including SLG share of unconsolidated JVs	$	209,563	$	211,035	$	198,380		$	594,574	$	587,850
Free rent (net of amortization)	(3,660)		932		(7,530)			(16,819)		(2,966)
Straight-line revenue adjustment	(10,455)		(7,008)		(11,482)			(30,250)		(17,141)
Amortization of acquired above and below-market leases, net	(5,702)		(4,680)		(5,676)			(16,818)		(16,487)
Operating lease straight-line adjustment	597		823		542			1,666		2,713
Straight-line tenant credit loss	36		157		(56)			(458)		6,632
Cash NOI, including SLG share of unconsolidated JVs	190,379		201,259		174,178			531,895		560,601
Partners' share of cash NOI - consolidated JVs	6		(2,190)		2			(1,206)		(4,663)
Cash NOI - SLG share	$	190,385	$	199,069	$	174,180		$	530,689	$	555,938

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


		Three Months Ended								Three Months Ended				Nine Months Ended

		September 30,			September 30,						June 30,			September 30,			September 30,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	140,565		$	142,720					$	140,429		$	420,491		$	419,800
	Escalation & reimbursement revenues	18,047			18,361						17,030			52,883			48,486
	Other income	657			2,090						1,004			6,303			4,967
	Total Revenues	$	159,269		$	163,171					$	158,463		$	479,677		$	473,253


Expenses
	Operating expenses	$	45,727		$	43,474					$	39,946		$	131,233		$	123,986
	Real estate taxes	35,138			33,729						36,009			107,159			103,646
	Operating lease rent	6,106			6,106						6,106			18,317			18,317
	Total Operating Expenses	$	86,971		$	83,309					$	82,061		$	256,709		$	245,949

	Operating Income	$	72,298		$	79,862					$	76,402		$	222,968		$	227,304

	Interest expense & amortization of financing costs	$	30,287		$	29,301					$	29,083		$	88,233		$	87,688
	Depreciation & amortization	54,966			51,940						53,671			164,631			153,401

	Loss before noncontrolling interest	$	(12,955)		$	(1,379)					$	(6,352)		$	(29,896)		$	(13,785)
	Real estate depreciation & amortization	54,966			51,940						53,671			164,631			153,401
	FFO Contribution	$	42,011		$	50,561					$	47,319		$	134,735		$	139,616

	Non–building revenue	(350)			(675)						(589)			(1,197)			(1,047)

	Interest expense & amortization of financing costs	30,287			29,301						29,083			88,233			87,688
	Non-real estate depreciation	—			—						—			—			—
	NOI	$	71,948		$	79,187		(9.1)	%		$	75,813		$	221,771		$	226,257		(2.0)	%

Cash Adjustments
	Free rent (net of amortization)	$	(2,263)		$	(1,312)					$	(1,887)		$	(5,982)		$	(7,445)
	Straight-line revenue adjustment	1,482			1,340						1,264			6,817			4,737
	Amortization of acquired above and below-market leases, net	1,508			834						1,422			4,477			1,748
	Operating lease straight-line adjustment	204			204						204			611			611
	Straight-line tenant credit loss	3			122						(104)			(2,051)			1,650
	Cash NOI	$	72,882		$	80,375		(9.3)	%		$	76,712		$	225,643		$	227,558		(0.8)	%

	Lease termination income	(274)			(1,369)						(395)			(5,024)			(3,831)
	Cash NOI excluding lease termination income	$	72,608		$	79,006		(8.1)	%		$	76,317		$	220,619		$	223,727		(1.4)	%

Operating Margins
	NOI to real estate revenue, net	45.3		%	48.7		%				48.0		%	46.3		%	47.9		%
	Cash NOI to real estate revenue, net	45.9		%	49.5		%				48.6		%	47.2		%	48.2		%

	NOI before operating lease rent/real estate revenue, net	49.1		%	52.5		%				51.9		%	50.2		%	51.8		%
	Cash NOI before operating lease rent/real estate revenue, net	49.6		%	53.1		%				52.3		%	50.9		%	51.9		%


		Three Months Ended								Three Months Ended				Nine Months Ended

		September 30,			September 30,						June 30,			September 30,			September 30,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	137,990		$	132,128					$	130,244		$	395,383		$	379,490
	Escalation & reimbursement revenues	31,343			31,483						29,801			92,478			87,467
	Other income	3,557			145						2,509			6,328			3,439
	Total Revenues	$	172,890		$	163,756					$	162,554		$	494,189		$	470,396


Expenses
	Operating expenses	$	32,902		$	30,541					$	29,329		$	93,690		$	86,000
	Real estate taxes	34,156			33,024						33,556			101,273			98,075
	Operating lease rent	108			108						108			325			325
	Total Operating Expenses	$	67,166		$	63,673					$	62,993		$	195,288		$	184,400

	Operating Income	$	105,724		$	100,083					$	99,561		$	298,901		$	285,996

	Interest expense & amortization of financing costs	$	58,830		$	56,121					$	56,140		$	170,817		$	172,729
	Depreciation & amortization	56,358			55,589						55,449			166,430			168,378

	Loss before noncontrolling interest	$	(9,464)		$	(11,627)					$	(12,028)		$	(38,346)		$	(55,111)
	Real estate depreciation & amortization	56,358			55,589						55,449			166,430			168,372
	FFO Contribution	$	46,894		$	43,962					$	43,421		$	128,084		$	113,261

	Non–building revenue	(357)			(231)						(300)			(894)			(804)

	Interest expense & amortization of financing costs	58,830			56,121						56,140			170,817			172,729
	Non-real estate depreciation	—			—						—			—			6
	NOI	$	105,367		$	99,852		5.5	%		$	99,261		$	298,007		$	285,192		4.5	%

Cash Adjustments
	Free rent (net of amortization)	$	3,051		$	1,946					$	1,768		$	9,115		$	3,430
	Straight-line revenue adjustment	(10,238)			(5,041)						(10,544)			(29,801)			(11,699)
	Amortization of acquired above and below-market leases, net	(6,595)			(5,440)						(6,516)			(19,505)			(18,012)
	Operating lease straight-line adjustment	—			—						—			—			—
	Straight-line tenant credit loss	—			10						—			(395)			268
	Cash NOI	$	91,585		$	91,327		0.3	%		$	83,969		$	257,421		$	259,179		(0.7)	%

	Lease termination income	(3,199)			87						(2,204)			(5,426)			(2,630)
	Cash NOI excluding lease termination income	$	88,386		$	91,414		(3.3)	%		$	81,765		$	251,995		$	256,549		(1.8)	%

Operating Margins
	NOI to real estate revenue, net	61.1		%	61.1		%				61.2		%	60.4		%	60.7		%
	Cash NOI to real estate revenue, net	53.1		%	55.8		%				51.8		%	52.2		%	55.2		%

	NOI before operating lease rent/real estate revenue, net	61.1		%	61.1		%				61.2		%	60.5		%	60.8		%
	Cash NOI before operating lease rent/real estate revenue, net	53.1		%	55.9		%				51.8		%	52.2		%	55.3		%


		Three Months Ended								Three Months Ended				Nine Months Ended

		September 30,			September 30,						June 30,			September 30,			September 30,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	140,565		$	142,720					$	140,429		$	420,491		$	419,800
	Escalation & reimbursement revenues	18,047			18,361						17,030			52,883			48,486
	Other income	657			2,090						1,004			6,303			4,967
	Total Revenues	$	159,269		$	163,171					$	158,463		$	479,677		$	473,253

	Equity in net income (loss) from unconsolidated joint ventures (1)	$	(9,464)		$	(11,627)					$	(12,028)		$	(38,346)		$	(55,111)
Expenses
	Operating expenses	$	45,727		$	43,474					$	39,946		$	131,233		$	123,986
	Real estate taxes	35,138			33,729						36,009			107,159			103,646
	Operating lease rent	6,106			6,106						6,106			18,317			18,317
	Total Operating Expenses	$	86,971		$	83,309					$	82,061		$	256,709		$	245,949

	Operating Income	$	62,834		$	68,235					$	64,374		$	184,622		$	172,193

	Interest expense & amortization of financing costs	$	30,287		$	29,301					$	29,083		$	88,233		$	87,688
	Depreciation & amortization	54,966			51,940						53,671			164,631			153,401

	Loss before noncontrolling interest	$	(22,419)		$	(13,006)					$	(18,380)		$	(68,242)		$	(68,896)
	Real estate depreciation & amortization	54,966			51,940						53,671			164,631			153,401
	Joint Ventures Real estate depreciation & amortization (1)	56,358			55,589						55,449			166,430			168,372
	FFO Contribution	$	88,905		$	94,523					$	90,740		$	262,819		$	252,877

	Non–building revenue	(350)			(675)						(589)			(1,197)			(1,047)
	Joint Ventures Non–building revenue (1)	(357)			(231)						(300)			(894)			(804)

	Interest expense & amortization of financing costs	30,287			29,301						29,083			88,233			87,688
	Joint Ventures Interest expense & amortization of financing costs (1)	58,830			56,121						56,140			170,817			172,729
	Non-real estate depreciation	—			—						—			—			—
	Joint Ventures Non-real estate depreciation (1)	—			—						—			—			6
	NOI	$	177,315		$	179,039		(1.0)	%		$	175,074		$	519,778		$	511,449		1.6	%

Cash Adjustments
	Non-cash adjustments	$	934		$	1,188					$	899		$	3,872		$	1,301
	Joint Ventures non-cash adjustments (1)	(13,782)			(8,525)						(15,292)			(40,586)			(26,013)
	Cash NOI	$	164,467		$	171,702		(4.2)	%		$	160,681		$	483,064		$	486,737		(0.8)	%

	Lease termination income	$	(274)		$	(1,369)					$	(395)		$	(5,024)		$	(3,831)
	Joint Ventures lease termination income (1)	(3,199)			87						(2,204)			(5,426)			(2,630)
	Cash NOI excluding lease termination income	$	160,994		$	170,420		(5.5)	%		$	158,082		$	472,614		$	480,276		(1.6)	%

Operating Margins
	NOI to real estate revenue, net	53.5		%	54.9		%				54.7		%	53.5		%	54.3		%
	Cash NOI to real estate revenue, net	49.6		%	52.7		%				50.2		%	49.7		%	51.7		%

	NOI before operating lease rent/real estate revenue, net	55.4		%	56.8		%				56.6		%	55.4		%	56.3		%
	Cash NOI before operating lease rent/real estate revenue, net	51.4		%	54.5		%				52.1		%	51.6		%	53.6		%


(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.


					Principal					2025		Current	Final		Principal
			Ownership		Outstanding					Principal		Maturity	Maturity		Due at
Fixed rate debt			Interest (%)		9/30/2025		Coupon (1)			Amortization		Date	Date (2)		Final Maturity
Secured fixed rate debt
	185 Broadway / 7 Dey Street			100.0	$	190,148		6.65%		$	—	Nov-25	Nov-26		$	190,148
	10 East 53rd Street (swapped)			100.0	204,663			5.37%		—		May-26	May-28	(3)	204,663
	100 Church Street (swapped)			100.0	365,000			5.89%		—		Dec-26	Jun-28		365,000
	Landmark Square			100.0	100,000			4.90%		—		Jan-27	Jan-27		100,000
	485 Lexington Avenue			100.0	450,000			4.25%		—		Feb-27	Feb-27		450,000
	315 W 33rd St (The Olivia) (4)			100.0	250,000			4.24%		—		Feb-27	Feb-27		250,000
	500 Park Avenue (swapped)			100.0	80,000			6.57%		—		Jan-28	Jan-30		80,000
	420 Lexington Avenue			100.0	264,055			8.24%		—		Oct-40	Oct-40		264,055







					$	1,903,866		5.61%		$	—				$	1,903,866
Unsecured fixed rate debt
	Term Loan B (swapped)				$	100,000		4.56%		$	—	Nov-25	Nov-26	(3)	$	100,000
	Unsecured notes				100,000			4.27%		—		Dec-25	Dec-25		100,000
	Revolving credit facility (swapped)				350,000			5.12%	(5)	—		May-26	May-27	(3)	350,000
	Term Loan A (swapped)				1,050,000			4.54%		—		May-27	May-27		1,050,000
	Junior subordinated deferrable interest debentures (swapped)				100,000			5.27%		—		Jul-35	Jul-35		100,000










					$	1,700,000		4.69%		$	—				$	1,700,000

		Total Fixed Rate Debt			$	3,603,866		5.17%		$	—				$	3,603,866
Floating rate debt
Secured floating rate debt
	100 Park Avenue (SOFR + 241 bps)			99.8	$	382,872		6.54%		$	—	Dec-25	Dec-27	(3)	$	382,872









					$	382,872		6.54%		$	—				$	382,872













Unsecured floating rate debt
	Revolving credit facility (SOFR + 148 bps)			100.0	$	40,000		5.61%				May-26	May-27	(3)	$	40,000
	Debt fund subscription line (SOFR + 220 bps)			100.0	1,644			6.44%				Aug-27	Aug-28		1,644









					$	41,644		5.64%		$	—				$	41,644

		Total Floating Rate Debt			$	424,516		6.45%		$	—				$	424,516

		Consolidated Debt			$	4,028,382		5.31%

		Total Debt - Consolidated			$	4,028,382		5.31%		$	—				$	4,028,382


		Deferred financing costs			(13,632)
		Total Debt - Consolidated, net			$	4,014,750		5.31%

		Total Debt - Unconsolidated JV, net			$	5,753,383		4.61%

Debt including SLG share of JV Debt					$	9,355,125		4.90%
Alternative Strategy Portfolio Debt including SLG share of JV Debt					$	478,431		4.75%
Total Debt including SLG share of JV Debt					$	9,833,556		4.90%

Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt					$	9,651,340		4.79%

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 4.13%. Coupon for loans that are subject to alternative SOFR rates, SOFR floors, interest rate caps or interest rate swaps were determined using the alternative SOFR rates, SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) As-of-right extension.
(4) The Company has a preferred equity investment in this property. The debt is consolidated for accounting purposes.
(5) Represents a blended swapped rate inclusive of multiple swaps.


				Principal Outstanding								2025 Principal		Current		Final		Principal Due at
			Ownership	9/30/2025							Amortization			Maturity		Maturity		Final Maturity
Fixed rate debt			Interest (%)	Gross Principal			SLG Share		Coupon (1)			(SLG Share)		Date		Date (2)		(SLG Share)
	15 Beekman		20.0	$	120,000		$	24,000		5.99%		$	—	Jan-26		Jan-28		$	24,000
	800 Third Avenue (swapped)		60.5	177,000			107,120			3.37%		—		Feb-26		Feb-26		107,120
	1515 Broadway		56.9	724,550			412,044			3.93%		11,975		Mar-26		Mar-28		380,032
	919 Third Avenue (swapped)		51.0	500,000			255,000			6.11%		—		Apr-26		Apr-28		255,000
	450 Park Avenue (hedged)		25.1	289,256			72,603			6.57%	(3)	—		Jun-26		Jun-27		72,603
	280 Park Avenue (swapped)		50.0	1,075,000			537,500			5.84%		—		Sep-26		Sep-28		537,500
	245 Park Avenue		50.1	1,768,000			885,769			4.30%		—		Jun-27		Jun-27		885,769
	One Madison Avenue (hedged)		25.5	1,134,263		(4)	289,237			7.29%	(3)	—		Nov-27		Nov-27		289,237
	220 East 42nd		51.0	496,412			253,170			6.77%		—		Dec-27		Dec-27		253,170
	11 Madison Avenue		60.0	1,400,000			840,000			5.59%	(5)	—		Oct-30		Oct-30		840,000
	One Vanderbilt Avenue		55.0	3,000,000			1,650,300			2.95%		—		Jul-31		Jul-31		1,650,300










				$	10,684,481		$	5,326,743		4.60%	(6)	$	11,975					$	5,294,731
	Alternative strategy portfolio
	650 Fifth Avenue		50.0	$	65,000		$	32,500		5.45%		$	—	Jan-26		Jul-26		$	32,500
	115 Spring Street		51.0	65,550			33,431			5.50%		—		Mar-26		Mar-26		33,431
	Worldwide Plaza		25.1	1,200,000			300,600			3.98%		—		Nov-27		Nov-27		300,600












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

	Total Fixed Rate Debt			$	12,015,031		$	5,693,274		4.58%	(6)	$	11,975					$	5,661,262
Floating rate debt














	Alternative strategy portfolio
	11 West 34th Street (LIBOR + 145 bps)		30.0	$	23,000		$	6,900		6.67%	(7)	—		Feb-23	(8)	Feb-23	(8)	$	6,900
	650 Fifth Avenue (SOFR + 225 bps)		50.0	210,000			105,000			6.38%		—		Jul-26		Jul-26		105,000













				$	233,000		$	111,900		6.40%	(6)	$	—					$	111,900

	Total Floating Rate Debt			$	233,000		$	111,900		6.40%	(6)	$	—					$	111,900

	Unconsolidated JV Debt			$	10,684,481		$	5,326,743		4.60%	(6)
	Alternative Strategy Portfolio Debt			$	1,563,550		$	478,431		4.75%	(6)
	Total Debt - Unconsolidated JV			$	12,248,031		$	5,805,174		4.61%	(6)	$	11,975					$	5,773,162
		Deferred financing costs		(102,961)			(51,791)
	Total Debt - Unconsolidated JV, net			$	12,145,070		$	5,753,383		4.61%	(6)

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 4.13%. 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) Debt is hedged via a $448.8 million swap executed at the corporate level and a $685.5 million cap executed at the joint venture.
(5) Coupon reflects interest rate lock executed at the corporate level for SLG’s share of the outstanding debt.
(6) Calculated based on SL Green's share of the outstanding debt.
(7) The coupon rate is based on the last available LIBOR on June 30, 2023.
(8) The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.



Consolidated Interest Rate Derivatives
			Ownership	Notional Value	Fair Value
Secured Debt			Interest (%)	9/30/2025	9/30/2025		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
100 Church Street			100.0	$370,000	$(3,068)		Swap	3.89	%	November 2022	June 2027

SLGOP – 450 Park Avenue			100.0	$68,678	(1,259)	(2)	Swap	4.47	%	August 2024	June 2027

SLGOP – One Madison Avenue			100.0	$300,000	(6,974)	(2)	Swap	4.49	%	November 2024	November 2027

500 Park Avenue			100.0	$80,000	(1,497)		Swap	4.17	%	February 2025	February 2028

10 East 53rd Street			55.0	$204,663	(2,961)		Swap	3.92	%	February 2025	May 2028

	Subtotal				$(15,759)

Unsecured Debt
Term Loan A			100.0	$150,000	$514		Swap	2.62	%	December 2021	January 2026
Term Loan A			100.0	200,000	2,307		Swap	2.59	%	February 2023	February 2027
Term Loan A			100.0	100,000	741		Swap	2.90	%	February 2023	February 2027
Term Loan A			100.0	100,000	965		Swap	2.73	%	February 2023	February 2027
Term Loan A			100.0	50,000	661		Swap	2.46	%	February 2023	February 2027
Term Loan A			100.0	300,000	2,526		Swap	2.87	%	July 2023	May 2027
Term Loan A			100.0	150,000	(288)		Swap	3.52	%	January 2024	May 2027

Term Loan B & Revolving Credit Facility			100.0	$200,000	665		Swap	2.66	%	December 2021	January 2026

Revolving Credit Facility			100.0	$125,000	(265)		Swap	3.67	%	August 2024	December 2026
Revolving Credit Facility			100.0	125,000	(273)		Swap	3.67	%	August 2024	December 2026

Junior subordinated deferrable interest debentures			100.0	$100,000	(940)		Swap	3.76	%	January 2023	January 2028

Forward-starting Derivatives
SLGOP – 100 Church Street			100.0	$357,500	$585		Swap	2.98	%	June 2027	June 2028


	Subtotal				$7,198

Unconsolidated JV Interest Rate Derivatives
		Notional Value		Fair Value
	Ownership	9/30/2025		9/30/2025
Secured Debt	Interest (%)	Gross	SLG Share	Gross	SLG Share		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
One Madison Avenue	25.5	$685,455	$174,791	$87	$22		Cap	4.00	%	May 2025	November 2025

800 Third Avenue	60.5	$177,000	$107,120	$1,562	$945		Swap	1.55	%	December 2022	February 2026

919 Third Avenue	51.0	$250,000	$127,500	$245	$125		Swap	3.61	%	April 2023	February 2026
919 Third Avenue	51.0	250,000	127,500	245	125		Swap	3.61	%	April 2023	February 2026

280 Park Avenue	50.0	$537,500	$268,750	$(11,681)	$(5,840)		Swap	4.07	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(5,579)	(2,790)		Swap	4.04	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(5,722)	(2,861)		Swap	4.06	%	July 2024	September 2028

Subtotal				$(20,843)	$(10,274)

Total, SLG Share					$(18,835)

(1) Certain financings require the purchase of a cap at a specified strike rate.
(2) Quarterly changes in fair value recognized in the calculation of FFO.


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

Consolidated Lease Liabilities (SLG Share)

Operating Leases
1185 Avenue of the Americas			$	1,727		$	6,909		$	6,909		$	6,909		$	81,386		2043
SL Green Headquarters at One Vanderbilt			675		(4)	2,756		(4)	2,762		(4)	2,971		(4)	86,995			2048
SUMMIT One Vanderbilt			2,849		(4)	11,203		(4)	11,270		(4)	11,293		(4)	436,155			2070
420 Lexington Avenue			2,800			11,199			11,199			11,199			168,980			2080
711 Third Avenue			1,375		(5)	5,500		(5)	5,500		(5)	5,500		(5)	36,149		(5)	2083
Total			$	9,426		$	37,567		$	37,640		$	37,872		$	809,665

Financing Leases
15 Beekman			$	808		$	3,276		$	3,325		$	3,375		$	107,846		2119	(6)
Total			$	808		$	3,276		$	3,325		$	3,375		$	107,846

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

Unconsolidated Joint Venture Lease Liabilities (SLG Share)

Operating Leases
Equinox Studio City (7)		66.7	$	307		$	1,227		$	1,387		$	1,387		$	4,998		2029

Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6)		50.0	$	448		$	1,802		$	1,935		$	1,935		$	12,776		2053
650 Fifth Avenue (Floors b-3)		50.0	393			1,571			1,585			1,605			32,005			2062

Total			$	1,148		$	4,600		$	4,907		$	4,927		$	49,779

Financing Leases
One Vanderbilt Avenue Garage		55.0	$	41		$	165		$	167		$	168		$	2,683		2069
885 Third Avenue		34.1	204			817			817			817			15,800			2119
1560 Broadway Signage		50.0	206			825			825			825			11,663			2073

Alternative strategy portfolio
650 Fifth Avenue (Floors b-3)		50.0	$	1,841		$	7,364		$	7,364		$	7,464		$	105,053		2062
2 Herald Square		95.0	3,683			14,978			15,353			—			399,436			2077	(6)

Total			$	5,975		$	24,149		$	24,526		$	9,274		$	534,635

(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, 2025.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 55.0% ownership interest in One Vanderbilt.
(5) Reflects scheduled cash payments net of the Company's 50.0% ownership of the fee interest in the property.
(6) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
(7) The Company has a JV interest in the sublandlord for the premises. Amounts reflect the sublandlord's lease obligation to the fee owner and have not been reduced by rents owed to the sublandlord under a sublease covering 100% of the premises.


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

9/30/2024			$	503,816		$	500,825		7.35%		7.43%

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

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

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

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

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


	Book Value (1)			Property		Senior						Yield At End
Investment Type	9/30/2025			Type	Location	Financing		Last $ PSF (2)			Fixed/Floating	Of Quarter (3)


Preferred Equity (4)	$	118,253	(4)	Office	Manhattan	$	221,206		$	776	Fixed	14.07%

Mezzanine Loan	68,125			Office	Manhattan	196,528			$	811	Floating	10.55%

Mezzanine Loan	53,534			Office	Manhattan	283,000			$	428	Floating	—%

Mezzanine Loan (5)	20,486		(5)	Office	Manhattan	95,000			$	529	Fixed	(6)

Mezzanine Loan	20,000			Multi-Family Rental	Brooklyn	85,000			$	696	Fixed	(6)

Mezzanine Loan	9,268			Office	Manhattan	54,000			$	457	Floating	(7)



Total	$	289,666

(1) Net of unamortized fees, discounts, premiums and loan loss reserves.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter excluding loan loss reserves.
(4) Investment is included in the Investment in unconsolidated joint ventures line item in our consolidated balance sheet.
(5) Alternative Strategy Portfolio asset.
(6) Loan is on non-accrual as of September 30, 2025.
(7) Loan is in default as of as of September 30, 2025.


	Ownership				% of Total		September 30, 2025				June 30, 2025				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	100.0	Plaza District	Fee Interest	354,300	1.5		96.1		97.5		95.8		96.7		$33,861	$33,861	38
100 Church Street	100.0	Downtown	Fee Interest	1,047,500	4.5		93.1		93.1		93.1		93.1		47,342	47,342	18
100 Park Avenue	99.8	Grand Central South	Fee Interest	834,000	3.6		95.5		96.7		93.1		96.7		61,549	61,426	38
110 Greene Street	100.0	Soho	Fee Interest	223,600	1.0		90.2		94.2		91.0		95.2		18,736	18,736	53
125 Park Avenue	100.0	Grand Central	Fee Interest	604,245	2.6		98.3		98.7		98.3		98.7		48,725	48,725	24
304 Park Avenue South	100.0	Midtown South	Fee Interest	215,000	0.9		91.9		91.9		91.9		91.9		18,066	18,066	6
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1,188,000	5.2		90.5		91.6		89.7		90.4		88,159	88,159	178
461 Fifth Avenue	100.0	Midtown	Fee Interest	200,000	0.9		81.7		90.2		94.7		97.9		14,468	14,468	18
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	921,000	3.9		77.8		79.7		72.8		79.1		48,089	48,089	37
555 West 57th Street	100.0	Midtown West	Fee Interest	941,000	4.0		77.2		77.2		77.2		77.2		47,446	47,446	11
711 Third Avenue	100.0 (4)	Grand Central North	Leasehold Interest (4)	524,000	2.2		70.8		72.6		70.8		70.8		25,755	25,755	17
810 Seventh Avenue	100.0	Times Square	Fee Interest	692,000	3.0		84.8		89.6		83.5		90.9		42,744	42,744	45
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	218,796	0.9		78.3		81.2		76.5		79.5		11,063	11,063	14
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1,062,000	4.5		88.4		91.6		79.7		89.0		78,628	78,628	19
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	562,000	2.4		75.5		80.1		78.0		78.0		34,246	34,246	43



















Subtotal / Weighted Average				9,587,441	41.1	%	86.3	%	88.3	%	84.9	%	87.8	%	$618,877	$618,754	559

"Non Same Store"
500 Park Avenue	100.0	Park Avenue	Fee Interest	201,411	0.8		90.7		90.7		90.7		90.7		$17,106	$17,106	12












Subtotal / Weighted Average				201,411	0.8	%	90.7	%	90.7	%	90.7	%	90.7	%	$17,106	$17,106	12

Total / Weighted Average Consolidated Properties				9,788,852	41.9	%	86.4	%	88.3	%	85.0	%	87.8	%	$635,983	$635,860	571


UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue	55.0	Grand Central	Fee Interest	1,657,198	7.1		100.0		100.0		99.4		100.0		$290,625	$159,845	41
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	2,314,000	9.9		93.0		93.0		87.9		91.4		167,375	100,425	8
220 East 42nd Street	51.0	Grand Central	Fee Interest	1,135,000	4.9		93.1		94.1		92.0		94.1		72,166	36,804	34
280 Park Avenue	50.0	Park Avenue	Fee Interest	1,219,158	5.2		90.3		93.5		89.6		90.5		125,381	62,690	35
450 Park Avenue	25.1	Park Avenue	Fee Interest	337,000	1.4		96.8		100.0		95.6		98.8		41,379	10,386	26
800 Third Avenue	60.5	Grand Central North	Fee Interest	526,000	2.3		83.8		86.4		83.8		84.6		31,745	19,206	42
919 Third Avenue	51.0	Grand Central North	Fee Interest	1,454,000	6.2		95.5		99.7		95.5		95.5		101,129	51,576	11
1515 Broadway	56.9	Times Square	Fee Interest	1,750,000	7.5		99.7		99.7		99.7		99.7		142,095	80,852	7










Added to Same Store in 2025
245 Park Avenue	50.1	Park Avenue	Fee Interest	1,782,793	7.6		91.5		92.2		87.3		92.2		172,128	86,236	14












Subtotal / Weighted Average				12,175,149	52.1	%	94.4	%	95.7	%	92.5	%	94.4	%	$1,144,023	$608,020	218

"Non Same Store"
One Madison Avenue	25.5	Park Avenue South	Fee Interest	1,385,484	6.0		79.8		84.5		71.7		73.5		$129,960	$33,140	14












Subtotal / Weighted Average				1,385,484	6.0	%	79.8	%	84.5	%	71.7	%	73.5	%	$129,960	$33,140	14

Total / Weighted Average Unconsolidated Properties				13,560,633	58.1	%	92.9	%	94.5	%	90.4	%	92.3	%	$1,273,983	$641,160	232

Manhattan Operating Properties Grand Total / Weighted Average				23,349,485	100.0	%	90.2	%	91.9	%	88.2	%	90.4	%	$1,909,966	$1,277,020	803

Manhattan Operating Properties Same Store Occupancy %				21,762,590	93.2	%	90.9	%	92.4	%	89.2	%	91.5	%

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


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

RETAIL PROPERTIES
"Same Store" Retail


















Added to Same Store in 2025
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	74.3			100.0		100.0		100.0		100.0		18,245	18,245	1










Subtotal/Weighted Average				22,648	74.3	%		100.0	%	100.0	%	100.0	%	100.0	%	$18,245	$18,245	1

"Non Same Store" Retail
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,848	25.7			100.0		100.0		100.0		100.0		$1,504	$1,353	1












Subtotal/Weighted Average				7,848	25.7	%		100.0	%	100.0	%	100.0	%	100.0	%	$1,504	$1,353	1

Total / Weighted Average Retail Properties				30,496	100.0	%		100.0	%	100.0	%	100.0	%	100.0	%	$19,749	$19,598	2



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

RESIDENTIAL PROPERTIES

"Same Store" Residential










Added to Same Store in 2025
7 Dey Street	100.0	Lower Manhattan	Fee Interest	140,382	209			98.1		98.6		98.6		99.5		$12,412	$12,412	$5,045
15 Beekman Street	20.0	Downtown	Leasehold Interest	221,884	484		(4)	100.0		100.0		100.0		100.0		14,155	2,831	N/A









Subtotal/Weighted Average				362,266	693			99.4	%	99.6	%	99.6	%	99.8	%	$26,567	$15,243	$5,045
















Total / Weighted Average Residential Properties				362,266	693			99.4	%	99.6	%	99.6	%	99.8	%	$26,567	$15,243	$5,045



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


"Same Store" Suburban
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	862,800	100.0			68.1		68.7		70.8		71.4		$17,283	$17,283	85






















Subtotal/Weighted Average				862,800	100.0	%		68.1	%	68.7	%	70.8	%	71.4	%	$17,283	$17,283	85

Total / Weighted Average Suburban Properties				862,800	100.0	%		68.1	%	68.7	%	70.8	%	71.4	%	$17,283	$17,283	85

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


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

Development / Redevelopment
19 East 65th Street	100.0	Plaza District	Fee Interest	14,639	1.7		—		—		—		—		$—	$—	$21,103	—
185 Broadway	100.0	Lower Manhattan	Fee Interest	50,206	5.9		34.5		34.5		34.5		34.5		3,506	3,506	47,179	4
750 Third Avenue	100.0	Grand Central North	Fee Interest	780,000	92.4		4.9		4.9		4.9		4.9		4,040	4,040	334,609	17












Total / Weighted Average Development / Redevelopment Properties				844,845	100.0	%	6.5	%	6.5	%	6.5	%	6.5	%	$7,546	$7,546	$402,891	21
















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

Alternative Strategy Portfolio
2 Herald Square	95.0	Herald Square	Leasehold Interest	369,000	14.6		34.5		34.5		34.5		34.5		$25,836	$24,545	$110,865	8
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	17,150	0.7		100.0		100.0		100.0		100.0		3,680	1,104	—	1
115 Spring Street	51.0	Soho	Fee Interest	5,218	0.2		100.0		100.0		100.0		100.0		4,202	2,143	—	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214	2.7		100.0		100.0		100.0		100.0		42,574	21,287	(89,866)	1
1552 Broadway / 1560 Broadway Signage	50.0	Times Square	Fee / Leasehold Interest	12,719	0.5		100.0		100.0		—		—		4,200	2,100	35,077	1
Worldwide Plaza	25.1	Westside	Fee Interest	2,048,725	81.3		61.7		61.9		63.3		63.3		76,209	19,090	20,828	55











Total / Weighted Average Alternative Strategy Portfolio Properties				2,522,026	100.0	%	59.3	%	59.5	%	60.1	%	60.1	%	$156,701	$70,269	$76,904	67

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


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

HIGH STREET RETAIL - Consolidated Properties
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,944	0.6		100.0		100.0		100.0		100.0		$1,504	$1,353	1
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	1.7		100.0		100.0		100.0		100.0		18,245	18,245	1











Subtotal / Weighted Average				30,592	2.3	%	100.0	%	100.0	%	100.0	%	100.0	%	$19,749	$19,598	2






















Total / Weighted Average High Street Retail				30,592	2.3	%	100.0	%	100.0	%	100.0	%	100.0	%	$19,749	$19,598	2

OTHER RETAIL - Consolidated Properties
10 East 53rd Street	100.0	Plaza District	Fee Interest	38,657	3.0		100.0		100.0		100.0		100.0		$4,201	$4,201	3
100 Church Street	100.0	Downtown	Fee Interest	61,708	4.5		100.0		100.0		100.0		100.0		4,445	4,445	10
100 Park Avenue	99.8	Grand Central South	Fee Interest	40,022	3.1		97.1		97.1		97.1		97.1		3,296	3,289	7
110 Greene Street	100.0	Soho	Fee Interest	16,121	1.2		100.0		100.0		100.0		100.0		4,633	4,633	3
125 Park Avenue	100.0	Grand Central	Fee Interest	32,124	2.5		47.0		47.0		47.0		47.0		3,622	3,622	6
185 Broadway	100.0	Lower Manhattan	Fee Interest	16,413	1.3		100.0		100.0		100.0		100.0		3,506	3,506	4
304 Park Avenue South	100.0	Midtown South	Fee Interest	25,330	1.9		100.0		100.0		100.0		100.0		3,847	3,847	5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	54,026	4.1		100.0		100.0		100.0		100.0		5,381	5,382	6
461 Fifth Avenue	100.0	Midtown	Fee Interest	16,149	1.2		100.0		100.0		100.0		100.0		1,104	1,104	2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	41,701	3.2		68.5		68.5		68.5		68.5		4,448	4,448	7
500 Park Avenue	100.0	Park Avenue	Fee Interest	11,976	0.9		100.0		100.0		100.0		100.0		1,257	1,257	3
555 West 57th Street	100.0	Midtown West	Fee Interest	53,186	4.1		100.0		100.0		100.0		100.0		3,174	3,174	2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	25,639	2.0		83.5		83.5		83.5		83.5		2,365	2,365	2
750 Third Avenue (4)	100.0	Grand Central North	Fee Interest	24,827	1.9		47.5		47.5		47.5		47.5		1,964	1,964	4
810 Seventh Avenue	100.0	Times Square	Fee Interest	18,207	1.4		98.6		98.6		98.6		98.6		4,414	4,414	3
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	9,140	0.7		100.0		100.0		100.0		100.0		557	557	2
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	58,271	4.5		88.1		89.5		84.1		88.1		3,406	3,406	4
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	17,797	1.4		100.0		100.0		100.0		100.0		2,788	2,788	6









Subtotal / Weighted Average				561,294	42.9	%	90.1	%	90.2	%	89.6	%	90.1	%	$58,408	$58,402	79

OTHER RETAIL - Unconsolidated Properties
One Madison Avenue	25.5	Park Avenue South	Fee Interest	109,893	8.4		98.2		100.0		85.9		100.0		$5,760	$1,469	7
One Vanderbilt Avenue	55.0	Grand Central	Fee Interest	34,885	2.7		100.0		100.0		100.0		100.0		5,937	3,265	7
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	38,800	3.0		95.7		95.7		95.7		95.7		3,878	2,327	3
220 East 42nd Street	51.0	Grand Central	Fee Interest	33,866	2.6		81.0		81.0		81.0		81.0		1,957	998	4
245 Park Avenue	50.1	Park Avenue	Fee Interest	32,905	2.5		53.8		88.2		53.8		88.2		1,155	578	2
280 Park Avenue	50.0	Park Avenue	Fee Interest	28,219	2.2		100.0		100.0		93.9		93.9		1,673	837	3
450 Park Avenue	25.1	Park Avenue	Fee Interest	6,317	0.5		100.0		100.0		100.0		100.0		1,845	463	1
800 Third Avenue	60.5	Grand Central North	Fee Interest	9,900	0.8		100.0		100.0		100.0		100.0		987	597	2
919 Third Avenue	51.0	Grand Central North	Fee Interest	31,004	2.4		98.9		98.9		98.9		98.9		3,936	2,007	4
1515 Broadway	56.9	Times Square	Fee Interest	182,011	13.7		99.8		99.8		99.8		99.8		32,656	18,582	7















Subtotal / Weighted Average				507,800	38.8	%	94.9	%	97.5	%	91.9	%	97.2	%	$59,784	$31,123	40

Total / Weighted Average Other Retail				1,069,094	81.7	%	92.4	%	93.7	%	90.7	%	93.4	%	$118,192	$89,525	119

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


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


















ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square	95.0	Herald Square	Leasehold Interest	94,531		7.2		40.6		40.6		40.6		40.6		$14,935	$14,189	3
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	17,150		1.3		100.0		100.0		100.0		100.0		3,680	1,104	1
115 Spring Street	51.0	Soho	Fee Interest	5,218		0.4		100.0		100.0		100.0		100.0		4,202	2,143	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214		5.3		100.0		100.0		100.0		100.0		42,574	21,287	1
1552 Broadway / 1560 Broadway Signage	50.0	Times Square	Fee / Leasehold Interest	12,719		1.0		100.0		100.0		—		—		4,200	2,100	1
Worldwide Plaza	25.1	Westside	Fee Interest	10,592	(4)	0.8		84.9		84.9		84.9		84.9		1,242	311	7













Subtotal / Weighted Average				209,424		16.0	%	72.4	%	72.4	%	66.3	%	66.3	%	$70,833	$41,134	14

Total / Weighted Average Alternative Strategy Portfolio				209,424		16.0	%	72.4	%	72.4	%	66.3	%	66.3	%	$70,833	$41,134	14


Retail Grand Total / Weighted Average				1,309,110		100.0	%	89.3	%	90.4	%	87.0	%	89.3	%	$208,774	$150,257	135


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


		Ownership Interest %	Lease Expiration (2)	Total Rentable Square Feet	Annualized Contractual Cash Rent ($)	SLG Share of Annualized Contractual Cash Rent ($)	% of SLG Share of Annualized Contractual Cash Rent (3)	Annualized Contractual Rent PSF		Investment Grade Credit Rating (4)
Tenant Name	Property
Paramount Global	1515 Broadway	56.9	Jun 2031	1,603,121	$109,413	$62,256	4.4%	$68.25
	555 West 57th Street	100.0	Apr 2029	186,266	10,998	10,998	0.8%	59.04
	1515 Broadway	56.9	Mar 2028	9,106	2,219	1,263	0.1%	243.73
				1,798,493	$122,630	$74,517	5.3%	$68.19		BBB-

UBS Americas, Inc.	11 Madison Avenue	60.0	May 2037	1,184,489	$80,929	$48,558	3.5%	$68.32		A+
Bloomberg L.P.	919 Third Avenue	51.0	Feb 2040	926,156	$63,990	$32,635	2.3%	$69.09
Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791	$53,094	$31,857	2.3%	$91.73		A

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

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

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	344,873	$21,822	$21,822	1.6%	$63.27
	420 Lexington Avenue	100.0	Jan 2027	7,537	454	454	—	60.20
				352,410	$22,276	$22,276	1.6%	$63.21	(5)	A1

TD Bank US Holding Company	One Vanderbilt Avenue	55.0	Jul 2041	193,159	$26,197	$14,408	1.0%	$135.62	(5)
	One Vanderbilt Avenue	55.0	Aug 2041	6,843	3,240	1,782	0.1%	473.51
	125 Park Avenue	100.0	Oct 2025	6,234	2,133	2,133	0.2%	342.11
	125 Park Avenue	100.0	Oct 2030	26,536	1,826	1,826	0.1%	68.81
	125 Park Avenue	100.0	Mar 2034	25,171	1,652	1,652	0.1%	65.64
				257,943	$35,048	$21,801	1.5%	$135.87		A+


Nike Retail Services, Inc.	650 Fifth Avenue	50.0	Jan 2033	69,214	$42,574	$21,287	1.5%	$615.10		A+
King & Spalding	1185 Avenue of the Americas	100.0	Oct 2025	219,886	$21,090	$21,090	1.5%	$95.91

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	174,069	$14,219	$14,219	1.0%	$81.69
	11 Madison Avenue	60.0	Sep 2030	104,618	11,368	6,821	0.5%	$108.66
				278,687	$25,587	$21,040	1.5%	$91.81


Franklin Templeton Companies LLC	One Madison Avenue	25.5	May 2040	354,976	$48,970	$12,487	0.9%	$137.95
	280 Park Avenue	50.0	Nov 2031	128,993	13,714	6,857	0.5%	$106.31
				483,969	$62,684	$19,344	1.4%	$129.52		A

Carlyle Investment Management LLC	One Vanderbilt Avenue	55.0	Sep 2036	194,702	$34,744	$19,109	1.4%	$178.45	(5)	A-
Giorgio Armani Corporation	760 Madison Avenue	100.0	Oct 2038	22,648	$18,245	$18,245	1.3%	$805.58

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

Hess Corp	1185 Avenue of the Americas	100.0	Dec 2027	167,169	$16,156	$16,156	1.1%	$96.64		AA-
PJT Partners Holdings LP	280 Park Avenue	50.0	Jun 2041	269,821	$32,002	$16,001	1.1%	$118.61

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

Alvarez & Marsal Holdings, LLC	100 Park Avenue	99.8	Jan 2042	221,332	$14,342	$14,313	1.0%	$64.80

Total				9,000,661	$830,082	$507,100	36.0%




(1) Based on commenced leases.
(2) Expiration of current lease term and does not reflect extension options.
(3) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Alternative Strategy Portfolio properties.
(4) Corporate or bond rating from S&P, Fitch or Moody's.
(5) Tenant pays rent on a net basis. Rent PSF reflects gross rent equivalent.


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

Available Space at 6/30/25			2,777,676


















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


	10 East 53rd Street	1	4,940	5,407	90.12


	100 Park Avenue	1	9,962	10,889	93.63
	110 Greene Street	2	5,105	5,114	93.34


	245 Park Avenue	1	38,297	38,358	130.00


	420 Lexington Avenue	8	13,431	18,545	69.34

	461 Fifth Avenue	3	26,961	28,571	94.19




	800 Third Avenue	1	1,392	1,397	61.20
	810 Seventh Avenue	3	23,736	28,745	65.74



	1350 Avenue of the Americas	4	23,787	24,345	86.31

























	Total/Weighted Average	24	147,611	161,371	$93.10

Retail














	461 Fifth Avenue	1	1,850	1,751	188.46

































	Total/Weighted Average	1	1,850	1,751	$188.46

Storage


	10 East 53rd Street	1	2,088	2,088	29.85









	420 Lexington Avenue	1	333	699	22.73







	810 Seventh Avenue	1	536	619	19.39





























	Total/Weighted Average	3	2,955	3,408	$26.49


	Total Space which became available during the Quarter
	Office	24	147,611	161,371	$93.10
	Retail	1	1,850	1,751	$188.46
	Storage	3	2,955	3,408	$26.49
		28	152,416	166,530	$92.74

	Total Available Space		2,930,092

(1) Represents the rentable square footage at the time the property was acquired.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.


Activity	Building Address	# of Leases	Term (Yrs)	Square Feet (1)	Rentable SF	New Cash Rent / Rentable SF(2)	Prev. Escalated Rent/ Rentable SF(3)	TI / Rentable SF	Free Rent # of Months

Available Space				2,930,092

Office
	One Madison Avenue	1	11.3	92,663	92,663	$108.00	$—	$150.00	4.0
	One Vanderbilt Avenue	1	22.0	10,555	10,790	74.14	—	139.02	—
	10 East 53rd Street	1	11.0	8,129	8,925	90.00	109.15	107.00	12.5
	11 Madison Avenue	2	11.2	119,508	122,377	82.29	102.85	117.82	15.0

	100 Park Avenue	2	10.1	29,656	30,336	63.57	84.87	112.37	12.3
	110 Greene Street	1	7.6	3,374	3,364	90.00	—	85.42	9.0

	220 East 42nd Street	1	12.8	12,077	13,235	58.00	—	159.66	12.0
	245 Park Avenue	3	15.6	114,000	114,183	139.07	106.60	154.06	11.4
	280 Park Avenue	1	5.6	6,100	6,179	125.00	112.47	—	6.0

	420 Lexington Avenue	9	6.8	22,173	36,004	62.21	69.88	94.67	6.3
	450 Park Avenue	1	5.4	4,215	4,214	139.00	—	7.12	5.0

	485 Lexington Avenue	2	10.7	45,573	46,822	61.00	66.14	137.79	13.6



	800 Third Avenue	1	1.5	1,392	1,397	65.00	61.20	5.00	—
	810 Seventh Avenue	4	11.6	33,498	38,069	59.63	61.37	118.40	6.0
	885 Third Avenue	1	5.4	3,826	3,847	71.00	—	4.77	5.0

	1185 Avenue of the Americas	3	11.9	62,615	66,865	64.68	—	136.66	11.9
	1350 Avenue of the Americas	1	5.4	9,729	11,300	62.00	—	—	5.0

























	Total/Weighted Average	35	11.7	579,083	610,570	$89.54	$92.34	$127.31	10.2

Retail
	One Madison Avenue	1	15.0	14,826	13,558	$81.13	$—	$25.82	12.0









	280 Park Avenue	1	10.8	1,724	2,178	95.41	—	114.79	10.0



	461 Fifth Avenue	1	15.5	2,566	2,618	114.59	126.05	—	7.0








	1185 Avenue of the Americas	1	10.6	2,466	2,370	263.71	307.06	122.36	7.0


























	Total/Weighted Average	4	14.1	21,582	20,724	$107.74	$212.05	$42.95	10.6

Storage
	One Madison Avenue	1	11.3	4,239	4,118	$54.00	$—	$75.00	4.0







	220 East 42nd Street	1	3.4	337	299	30.00	—	—	—



	420 Lexington Avenue	1	4.0	932	1,229	22.50	—	4.56	—





































	Total/Weighted Average	3	9.3	5,508	5,646	$45.87	$—	$55.70	2.9

Leased Space
	Office (4)	35	11.7	579,083	610,570	$89.54	$92.34	$127.31	10.2
	Retail	4	14.1	21,582	20,724	$107.74	$212.05	$42.95	10.6
	Storage	3	9.3	5,508	5,646	$45.87	$—	$55.70	2.9
	Total	42	11.8	606,173	636,940	$89.75	$94.99	$123.93	10.1


Total Available Space as of 9/30/25				2,323,919
Early Renewals
Office


	10 East 53rd Street	1	5.3	4,085	4,481	$100.00	$92.12	$—	4.0


	100 Park Avenue	2	3.2	4,973	5,364	95.81	95.33	—	2.2
	110 Greene Street	2	1.0	2,044	2,059	100.61	99.85	—	—


	245 Park Avenue	1	2.5	35,336	36,316	103.00	103.00	—	—
	280 Park Avenue	1	11.0	43,351	46,551	119.00	104.48	110.00	12.0

	420 Lexington Avenue	2	5.2	2,667	3,216	65.93	64.03	5.53	1.9
	450 Park Avenue	1	6.3	4,193	4,246	137.00	116.70	29.96	4.0



	555 West 57th Street	1	1.0	15,543	19,820	65.25	67.85	—	1.0
	711 Third Avenue	1	7.7	18,390	19,587	57.00	57.33	35.00	8.0
	800 Third Avenue	1	3.3	2,316	2,316	64.00	61.20	—	2.5
	810 Seventh Avenue	1	1.0	3,288	3,599	55.00	54.50	—	—



	1350 Avenue of the Americas	2	4.4	15,983	17,135	77.16	79.46	19.64	3.1

























	Total/Weighted Average	16	5.7	152,169	164,690	$93.03	$88.67	$38.18	5.1













































































































Renewals
	Early Renewals Office	16	5.7	152,169	164,690	$93.03	$88.67	$38.18	5.1


	Total	16	5.7	152,169	164,690	$93.03	$88.67	$38.18	5.1

(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 $97.21/rsf for 220,110 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $95.42/rsf for 384,800 rentable SF.


Year of Lease Expiration	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	SLG Share Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Contractual Cash Rent of Expiring Leases	SLG Share Annualized Contractual Cash Rent of Expiring Leases	Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
Wholly-Owned and Consolidated JV Properties


3rd Quarter 2025 (3)	10	18,816	18,816	0.2	%	963,470	963,470	51.20
4th Quarter 2025	22	318,952	318,948	3.6	%	30,317,344	30,316,989	95.05

Total 2025	32	337,768	337,764	3.8	%	$31,280,814	$31,280,459	$92.61






2026	79	750,747	750,644	8.4	%	$52,483,063	$52,475,039	$69.91


2027	82	776,181	776,018	8.7	%	63,876,455	63,862,159	82.30
2028	75	696,676	696,642	7.8	%	53,698,588	53,695,504	77.08
2029	62	743,839	743,828	8.4	%	52,771,007	52,769,984	70.94
2030	60	932,630	932,488	10.5	%	67,490,018	67,478,004	72.37
2031	36	364,733	364,563	4.1	%	28,402,658	28,389,626	77.87
2032	30	810,254	810,232	9.1	%	53,006,375	53,004,398	65.42
2033	24	435,083	434,989	4.9	%	34,320,247	34,314,167	78.88
2034	32	1,290,180	1,290,180	14.5	%	75,201,418	75,201,418	58.29
Thereafter	71	1,768,666	1,767,718	19.8	%	123,452,432	123,389,219	69.80
Grand Total	583	8,906,757	8,905,066	100.0	%	$635,983,075	$635,859,977	$71.40


Unconsolidated JV Properties


3rd Quarter 2025 (3)	2	11,815	3,418	0.1	%	1,123,567	289,647	95.10
4th Quarter 2025	6	76,492	33,319	0.6	%	6,853,602	2,807,736	89.60

Total 2025	8	88,307	36,737	0.7	%	$7,977,169	$3,097,383	$90.33






2026	20	264,381	135,442	2.0	%	$36,467,955	$18,749,190	$137.94


2027	17	187,353	84,176	1.5	%	27,971,724	13,168,728	149.30
2028	26	306,943	154,387	2.4	%	36,778,949	18,476,039	119.82
2029	18	147,920	75,539	1.2	%	15,734,469	7,578,173	106.37
2030	16	334,361	190,370	2.6	%	39,005,219	21,779,196	116.66
2031	19	2,766,261	1,547,535	21.7	%	215,148,963	119,608,783	77.78
2032	15	996,918	507,279	7.8	%	90,203,699	45,762,654	90.48
2033	11	224,560	117,154	1.8	%	26,307,830	13,848,185	117.15
2034	8	325,606	161,426	2.5	%	28,252,883	14,007,226	86.77
Thereafter	86	7,126,594	3,519,511	55.8	%	750,134,312	365,084,002	105.26
Grand Total	244	12,769,204	6,529,556	100.0	%	$1,273,983,172	$641,159,559	$99.77


(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, 2025.


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





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	—	—	—	—	%	—	—	—
2027	—	—	—	—	%	—	—	—
2028	—	—	—	—	%	—	—	—
2029	—	—	—	—	%	—	—	—
2030	—	—	—	—	%	—	—	—
2031	—	—	—	—	%	—	—	—
2032	—	—	—	—	%	—	—	—
2033	1	7,944	7,150	26.0	%	1,504,008	1,353,607	189.33
2034	—	—	—	—	%	—	—	—
Thereafter	1	22,648	22,648	74.0	%	18,244,712	18,244,712	805.58
	2	30,592	29,798	100.0	%	$19,748,720	$19,598,319	$645.55
Vacancy (4)		—
Grand Total		30,592

Other Retail





2025 (3)	3	10,479	10,479	2.1	%	$2,582,380	$2,582,380	$246.43






2026	4	10,104	10,104	1.9	%	1,165,489	1,165,489	115.35
2027	6	37,990	37,967	7.4	%	5,289,612	5,287,857	139.24
2028	7	29,800	29,772	5.8	%	4,364,945	4,362,472	146.47
2029	4	27,702	27,702	5.4	%	2,610,517	2,610,517	94.24
2030	5	44,135	44,135	8.6	%	6,540,064	6,540,064	148.18
2031	4	16,050	16,033	3.1	%	1,830,082	1,828,754	114.02
2032	9	77,963	77,963	15.2	%	6,874,377	6,874,377	88.17
2033	6	61,578	61,578	12.0	%	7,970,826	7,970,826	129.44
2034	9	30,912	30,912	6.0	%	1,700,473	1,700,473	55.01
Thereafter	22	164,616	164,607	32.5	%	17,479,348	17,478,313	106.18
	79	511,329	511,252	100.0	%	$58,408,113	$58,401,522	$114.23
Vacancy (4)		55,191
Grand Total		566,520




























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


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





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	—	—	—	—	%	—	—	—

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

Other Retail





2025 (3)	—	—	—	—	%	$—	$—	$—






2026	2	9,820	5,688	2.1	%	9,309,945	5,312,491	948.06

2027	1	7,711	4,388	1.6	%	10,957,561	6,234,852	1,421.03
2028	1	9,106	5,181	1.9	%	2,219,369	1,262,821	243.73
2029	3	52,886	27,070	11.1	%	5,516,923	2,531,958	104.32
2030	2	11,970	6,811	2.5	%	7,119,628	4,051,069	594.79
2031	3	14,058	7,433	2.9	%	2,393,631	1,293,141	170.27
2032	2	18,864	9,499	4.0	%	1,359,810	686,176	72.08
2033	2	4,721	2,412	1.0	%	589,969	301,198	124.97
2034	2	8,414	4,867	1.8	%	687,664	403,314	81.73
Thereafter	22	339,544	156,488	71.1	%	19,629,342	9,046,143	57.81
	40	477,094	229,837	100.0	%	$59,783,842	$31,123,163	$125.31
Vacancy (4)		30,016
Grand Total		507,110

Alternative Strategy Portfolio





2025 (3)	1	1,277	320	0.9	%	$108,000	$27,054	$84.57






2026	3	17,869	6,382	12.2	%	7,956,860	3,265,722	445.29

2027	1	1,685	422	1.2	%	457,341	114,564	271.42
2028	1	1,819	456	1.2	%	214,774	53,801	118.07
2029	2	1,425	938	1.0	%	632,536	524,663	443.88
2030	—	—	—	—	%	—	—	—
2031	2	23,536	21,079	16.1	%	7,547,569	7,034,814	320.68
2032	—	—	—	—	%	—	—	—
2033	2	85,557	50,132	58.4	%	49,631,447	27,991,771	580.10
2034	1	12,520	6,260	8.6	%	4,200,000	2,100,000	335.46
Thereafter	1	647	162	0.4	%	84,792	21,240	131.05
	14	146,335	86,151	100.0	%	$70,833,319	$41,133,629	$484.05
Vacancy (4)		56,625
Grand Total		202,960

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


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	9/30/2025
2001 - 2024 Acquisitions
Jun-01	317 Madison Avenue	Grand Central	100.0%	Fee Interest	450,000	$	105,600	95.0	N/A
Sep-01	1250 Broadway	Penn Station	49.9	Fee Interest	670,000	126,500		97.7	N/A
May-02	1515 Broadway	Times Square	55.0	Fee Interest	1,750,000	483,500		98.0	99.7
Feb-03	220 East 42nd Street	Grand Central	100.0	Fee Interest	1,135,000	265,000		91.9	93.1
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	81.7
Dec-03	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,000,000		98.8	N/A
Mar-04	19 West 44th Street	Midtown	35.0	Fee Interest	292,000	67,000		86.0	N/A
Jul-04	750 Third Avenue	Grand Central	100.0	Fee Interest	779,000	255,000		100.0	4.9
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	77.8
Oct-04	625 Madison Avenue	Plaza District	100.0	Leasehold Interest	563,000	231,500		68.0	N/A
Feb-05	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	105,000		87.0	N/A
Apr-05	1 Madison Avenue	Park Avenue South	55.0	Fee Interest	1,177,000	803,000		96.0	N/A
Apr-05	5 Madison Avenue Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	115,000		N/A	N/A
Jun-05	19 West 44th Street	Midtown	65.0	Fee Interest	—	91,200		92.2	N/A
Mar-06	521 Fifth Avenue	Midtown	100.0	Leasehold Interest	460,000	210,000		97.0	N/A
Jun-06	609 Fifth Avenue	Midtown	100.0	Fee Interest	160,000	182,000		98.5	N/A
Dec-06	485 Lexington Avenue	Grand Central	70.0	Fee Interest	—	578,000		90.5	77.8
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	83.8
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	88.6
Apr-07	331 Madison Avenue	Grand Central	100.0	Fee Interest	114,900	73,000		97.6	N/A
Apr-07	1745 Broadway	Midtown	32.3	Leasehold Interest	674,000	520,000		100.0	N/A
Jun-07	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	183,000		100.0	N/A
Aug-07	1 Madison Avenue	Park Avenue South	45.0	Fee Interest	1,177,000	1,000,000		99.8	N/A
Dec-07	388 & 390 Greenwich Street	Downtown	50.6	Fee Interest	2,635,000	1,575,000		100.0	N/A
Jan-10	100 Church Street	Downtown	100.0	Fee Interest	1,047,500	181,600		41.3	93.1
May-10	600 Lexington Avenue	Grand Central North	55.0	Fee Interest	303,515	193,000		93.6	N/A
Aug-10	125 Park Avenue	Grand Central	100.0	Fee Interest	604,245	330,000		99.1	98.3
Jan-11	521 Fifth Avenue	Midtown	49.9	Leasehold Interest	460,000	245,700		80.7	N/A
Apr-11	1515 Broadway	Times Square	45.0	Fee Interest	1,750,000	1,210,000		98.5	99.7
May-11	110 East 42nd Street	Grand Central	100.0	Fee Interest	205,000	85,570		72.6	N/A
May-11	280 Park Avenue	Park Avenue	49.5	Fee Interest	1,219,158	1,110,000		78.2	90.3
Nov-11	180 Maiden Lane	Financial East	49.9	Fee Interest	1,090,000	425,680		97.7	N/A
Nov-11	51 East 42nd Street	Grand Central	100.0	Fee Interest	142,000	80,000		95.5	N/A
Feb-12	10 East 53rd Street	Plaza District	55.0	Fee Interest	354,300	252,500		91.9	96.1
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	91.9
Sep-12	641 Sixth Avenue	Midtown South	100.0	Fee Interest	163,000	90,000		92.1	N/A
Dec-12	315 West 36th Street	Times Square South	35.5	Fee Interest	147,619	46,000		99.2	N/A
May-14	388 & 390 Greenwich Street	Downtown	49.4	Fee Interest	2,635,000	1,585,000		100.0	N/A
Jul-15	110 Greene Street	Soho	90.0	Fee Interest	223,600	255,000		84.0	90.2
Aug-15	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	4,650		100.0	N/A
Aug-15	11 Madison Avenue	Park Avenue South	100.0	Fee Interest	2,314,000	2,285,000		71.6	93.0
Dec-15	600 Lexington Avenue	Grand Central North	45.0	Fee Interest	303,515	284,000		95.5	N/A
Oct-17	Worldwide Plaza	Westside	24.4	Fee Interest	2,048,725	1,725,000		100.0	61.7
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	266,000		81.6	34.5
May-19	110 Greene Street	Soho	10.0	Fee Interest	223,600	256,500		93.3	90.2
Jul-20	885 Third Avenue	Midtown / Plaza District	100.0	Fee / Leasehold Interest	625,300	387,932		94.8	78.3
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	96.8
Sep-22	245 Park Avenue	Park Avenue	100.0	Fee Interest	1,782,793	1,960,000		91.8	91.5
Dec-24	10 East 53rd Street	Plaza District	45.0	Fee Interest	354,300	236,000		97.6	96.1
					42,433,216	$	26,494,062
2025 Acquisitions
Jan-25	500 Park Avenue	Park Avenue	100.0	Fee Interest	201,411	$	130,000	94.5	90.7






					201,411	$	130,000


						Gross Asset Valuation
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF	($'s)		($'s/SF)
2001 - 2024 Dispositions
Jan-01	633 Third Ave	Grand Central North	100.0%	Fee Interest	40,623	$	13,250	$	326
May-01	1 Park Ave	Grand Central South	45.0	Fee Interest	913,000	233,900		256
Jun-01	1412 Broadway	Times Square South	100.0	Fee Interest	389,000	90,700		233
Jul-01	110 East 42nd Street	Grand Central	100.0	Fee Interest	69,700	14,500		208
Sep-01	1250 Broadway	Penn Station	45.0	Fee Interest	670,000	126,500		189
Jun-02	469 Seventh Avenue	Penn Station	100.0	Fee Interest	253,000	53,100		210
Mar-03	50 West 23rd Street	Chelsea	100.0	Fee Interest	333,000	66,000		198
Jul-03	1370 Broadway	Times Square South	100.0	Fee Interest	255,000	58,500		229
Dec-03	321 West 44th Street	Times Square	100.0	Fee Interest	203,000	35,000		172
May-04	1 Park Avenue	Grand Central South	75.0	Fee Interest	913,000	318,500		349
Oct-04	17 Battery Place North	Financial	100.0	Fee Interest	419,000	70,000		167
Nov-04	1466 Broadway	Times Square	100.0	Fee Interest	289,000	160,000		554
Apr-05	1414 Avenue of the Americas	Plaza District	100.0	Fee Interest	111,000	60,500		545
Aug-05	180 Madison Avenue	Grand Central	100.0	Fee Interest	265,000	92,700		350
Jul-06	286 & 290 Madison Avenue	Grand Central	100.0	Fee Interest	149,000	63,000		423
Aug-06	1140 Avenue of the Americas	Rockefeller Center	100.0	Leasehold Interest	191,000	97,500		510
Dec-06	521 Fifth Avenue	Grand Central	50.0	Leasehold Interest	460,000	240,000		522
Mar-07	1 Park Avenue	Grand Central South	100.0	Fee Interest	913,000	550,000		602
Mar-07	70 West 36th Street	Garment	100.0	Fee Interest	151,000	61,500		407
Jun-07	110 East 42nd Street	Grand Central North	100.0	Fee Interest	181,000	111,500		616
Jun-07	125 Broad Street	Downtown	100.0	Fee Interest	525,000	273,000		520
Jun-07	5 Madison Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	200,000		749
Jul-07	292 Madison Avenue	Grand Central South	100.0	Fee Interest	187,000	140,000		749
Jul-07	1372 Broadway	Penn Station/Garment	85.0	Fee Interest	508,000	335,000		659
Nov-07	470 Park Avenue South	Park Avenue South/Flatiron	100.0	Fee Interest	260,000	157,000		604
Jan-08	440 Ninth Avenue	Penn Station	100.0	Fee Interest	339,000	160,000		472
May-08	1250 Broadway	Penn Station	100.0	Fee Interest	670,000	310,000		463
Oct-08	1372 Broadway	Penn Station/Garment	15.0	Fee Interest	508,000	274,000		539
May-10	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,280,000		502
Sep-10	19 West 44th Street	Midtown	100.0	Fee Interest	292,000	123,150		422
May-11	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	161,000		448
Aug-13	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	220,250		638
May-14	673 First Avenue	Grand Central South	100.0	Leasehold Interest	422,000	145,000		344
Sep-15	120 West 45th Street	Midtown	100.0	Fee Interest	440,000	365,000		830
Sep-15	315 West 36th Street	Times Square South	100.0	Fee Interest	148,000	115,000		777
Jun-16	388 & 390 Greenwich Street	Downtown	100.0	Fee Interest	2,635,000	2,000,000		759
Aug-16	11 Madison Avenue	Park Avenue South	40.0	Fee Interest	2,314,000	2,600,000		1,124
Nov-17	1515 Broadway	Times Square	30.0	Fee Interest	1,750,000	1,950,000		1,114
Jan-18	600 Lexington Avenue	Grand Central North	100.0	Fee Interest	303,515	305,000		1,005
Feb-18	1515 Broadway	Times Square	13.0	Fee Interest	1,750,000	1,950,000		1,114
May-18	1745 Broadway	Midtown	56.9	Leasehold Interest	674,000	633,000		939
Nov-18	3 Columbus Circle	Columbus Circle	48.9	Fee Interest	530,981	851,000		1,603
Nov-18	2 Herald Square	Herald Square	49.0	Leasehold Interest	369,000	265,000		718
May-19	521 Fifth Avenue	Grand Central	50.5	Fee Interest	460,000	381,000		828
Dec-20	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	5,200		75
Mar-21	55 West 46th Street - Tower 46	Midtown	25.0	Fee Interest	347,000	275,000		793
Jun-21	635 - 641 Sixth Avenue	Midtown South	100.0	Fee Interest	267,000	325,000		1,217
Jul-21	220 East 42nd Street	Grand Central	49.0	Fee Interest	1,135,000	783,500		690
Oct-21	590 Fifth Avenue	Midtown	100.0	Fee Interest	103,300	103,000		997
Dec-21	110 East 42nd Street	Grand Central	100.0	Fee Interest	215,400	117,075		544
Jun-23	245 Park Avenue	Park Avenue	49.9	Fee Interest	1,782,793	1,995,000		1,119
Nov-24	One Vanderbilt Avenue	Grand Central	11.0	Fee Interest	1,657,198	4,700,000		2,836









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

Interest

Gross Asset

Occupancy (%)

Property

Type of Property

Submarket

Acquired

Type of Ownership

Net Rentable SF

Valuation ($'s)

at acquisition

9/30/2025

2005 - 2025 Acquisitions

Jul-05

1551-1555 Broadway

Retail

Times Square

10.0%

Fee Interest

25,600

85,000

N/A

Jul-05

21 West 34th Street

Retail

Herald Square

50.0

Fee Interest

30,100

17,500

N/A

Sep-05

141 Fifth Avenue

Retail

Flatiron

50.0

Fee Interest

21,500

13,250

N/A

Nov-05

1604 Broadway

Retail

Times Square

63.0

Leasehold Interest

29,876

4,400

17.2

N/A

Dec-05

379 West Broadway

Retail

Cast Iron/Soho

45.0

Leasehold Interest

62,006

19,750

100.0

N/A

Jan-06

25-29 West 34th Street

Retail

Herald Square/Penn Station

50.0

Fee Interest

41,000

30,000

55.8

N/A

Sep-06

717 Fifth Avenue

Retail

Midtown/Plaza District

32.8

Fee Interest

119,550

251,900

63.1

N/A

Aug-07

180 Broadway

Development

Lower Manhattan

50.0

Fee Interest

24,300

13,600

85.2

N/A

Apr-07

Two Herald Square

Land

Herald Square

55.0

Fee Interest

N/A

225,000

N/A

Jul-07

885 Third Avenue

Land

Midtown / Plaza District

55.0

Fee Interest

N/A

317,000

N/A

Feb-08

182 Broadway

Development

Lower Manhattan

50.0

Fee Interest

46,280

30,000

83.8

N/A

Nov-10

Williamsburg Terrace

Retail

Brooklyn, New York

100.0

Fee Interest

52,000

18,000

100.0

N/A

Dec-10

11 West 34th Street

Retail

Herald Square/Penn Station

30.0

Fee Interest

17,150

10,800

100.0

Dec-10

Two Herald Square

Land

Herald Square

45.0

Fee Interest

354,400

247,500

N/A

Dec-10

885 Third Avenue

Land

Midtown / Plaza District

45.0

Fee Interest

607,000

352,000

N/A

Dec-10

292 Madison Avenue

Land

Grand Central South

100.0

Fee Interest

203,800

78,300

N/A

Jan-11

3 Columbus Circle

Redevelopment

Columbus Circle

48.9

Fee Interest

741,500

500,000

20.1

N/A

Aug-11

1552-1560 Broadway

Retail

Times Square

50.0

Fee Interest

35,897

136,550

59.7

100.0

Sep-11

747 Madison Avenue

Retail

Plaza District

33.3

Fee Interest

10,000

66,250

100.0

N/A

Jan-12

DFR Residential and Retail Portfolio

Residential

Plaza District, Upper East Side

80.0

Fee Interests / Leasehold Interest

489,882

193,000

95.1

N/A

Jan-12

724 Fifth Avenue

Retail

Plaza District

50.0

Fee Interest

65,010

223,000

92.9

N/A

Jul-12

West Coast Office Portfolio

West Coast

27.6

Fee Interest

4,473,603

880,104

76.3

N/A

Aug-12

33 Beekman Street

Development

Downtown

45.9

Fee Interest

163,500

31,160

—

N/A

Sep-12

635 Sixth Avenue

Redevelopment

Midtown South

100.0

Fee Interest

104,000

83,000

—

N/A

Oct-12

1080 Amsterdam

Redevelopment

Upper West Side

87.5

Leasehold Interest

82,250

—

2.2

N/A

Dec-12

21 East 66th Street

Retail

Plaza District

32.3

Fee Interest

16,736

75,000

100.0

N/A

Dec-12

985-987 Third Avenue

Redevelopment

Upper East Side

100.0

Fee Interest

13,678

18,000

—

N/A

Dec-12

131-137 Spring Street

Retail

Soho

100.0

Fee Interest

68,342

122,300

100.0

N/A

Mar-13

248-252 Bedford Avenue

Residential

Brooklyn, New York

90.0

Fee Interest

66,611

54,900

—

N/A

Nov-13

650 Fifth Avenue

Retail

Plaza District

50.0

Leasehold Interest

32,324

—

63.6

100.0

Nov-13

315 West 33rd Street - The Olivia

Retail / Residential

Penn Station

100.0

Fee Interest

492,987

386,775

96.6

N/A

Nov-13

562, 570 & 574 Fifth Avenue

Redevelopment

Plaza District

100.0

Fee Interest

66,962

146,222

74.6

N/A

Jul-14

719 Seventh Avenue

Retail

Times Square

75.0

Fee Interest

6,000

41,149

100.0

N/A

Jul-14

115 Spring Street

Retail

Soho

100.0

Fee Interest

5,218

52,000

100.0

Jul-14

752-760 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

21,124

282,415

100.0

Sep-14

121 Greene Street

Retail

Soho

50.0

Fee Interest

7,131

27,400

100.0

N/A

Sep-14

635 Madison Avenue

Land

Plaza District

100.0

Fee Interest

176,530

145,000

N/A

Oct-14

102 Greene Street

Retail

Soho

100.0

Fee Interest

9,200

32,250

100.0

N/A

Oct-14

175-225 Third Street

Redevelopment

Brooklyn, New York

95.0

Fee Interest

—

72,500

—

N/A

Nov-14

55 West 46th Street - Tower 46

Redevelopment

Midtown

100.0

Fee Interest

347,000

295,000

—

N/A

Feb-15

Stonehenge Portfolio

Residential

Various

Fee Interest

2,589,184

40,000

96.5

N/A

Mar-15

1640 Flatbush Avenue

Redevelopment

Brooklyn, New York

100.0

Fee Interest

1,000

6,799

100.0

N/A

Jun-15

Upper East Side Residential

Residential

Upper East Side Residential

90.0

Fee Interest

27,000

50,074

96.4

N/A

Aug-15

187 Broadway & 5-7 Dey Street

Retail

Lower Manhattan

100.0

Fee Interest

73,600

63,690

90.5

N/A

Mar-16

183 Broadway

Retail

Lower Manhattan

100.0

Fee Interest

9,100

28,500

58.3

N/A

Apr-16

605 West 42nd Street - Sky

Residential

Midtown West

20.0

Fee Interest

927,358

759,046

—

N/A

Jul-18

1231 Third Avenue

Residential

Upper East Side

100.0

Fee Interest

38,992

55,355

100.0

N/A

Oct-18

133 Greene Street

Retail

Soho

100.0

Fee Interest

6,425

30,999

100.0

N/A

Dec-18

712 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

6,600

57,996

100.0

N/A

Apr-19

106 Spring Street

Redevelopment

Soho

100.0

Fee Interest

5,928

80,150

—

N/A

May-19

410 Tenth Avenue

Redevelopment

Hudson Yards

70.9

Fee Interest

638,000

440,000

76.3

N/A

Jan-20

762 Madison Avenue

Redevelopment

Plaza District

10.0

Fee Interest

6,109

29,250

55.1

N/A

Jan-20

707 Eleventh Avenue

Redevelopment

Midtown West

100.0

Fee Interest

159,720

90,000

54.3

N/A

Jan-20

126 Nassau Street

Development

Lower Manhattan

100.0

Leasehold Interest

98,412

—

87.3

100.0

Oct-20

85 Fifth Avenue

Retail

Midtown South

36.3

Fee Interest

12,946

59,000

100.0

N/A

Sep-21

1591-1597 Broadway

Land

Times Square

100.0

Fee Interest

7,684

121,000

N/A

Sep-21

690 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

7,848

72,221

100.0

Sep-22

5 Times Square

Redevelopment

Times Square

31.6

Leasehold Interest

1,127,931

1,096,714

22.5

N/A

Sep-23

625 Madison Avenue

Land

Plaza District

90.4

Fee Interest

563,000

620,245

N/A

Jan-24

2 Herald Square

Redevelopment

Herald Square

44.0

Leasehold Interest

369,000

120,000

43.9

34.5

Mar-24

719 Seventh Avenue

Retail

Times Square

25.0

Fee Interest

10,040

76,500

0.0

N/A

15,815,924

9,475,514


				Interest			Gross Asset Valuation
	Property	Type of Property	Submarket	Sold	Type of Ownership	Net Rentable SF	($'s)		($'s/SF)
2011 - 2024 Dispositions
Sep-11	1551-1555 Broadway	Retail	Times Square	10.0%	Fee Interest	25,600	$	276,757	$	10,811
Feb-12	141 Fifth Avenue	Retail	Flatiron	100.0	Fee Interest	13,000	46,000		3,538
Feb-12	292 Madison Avenue	Land	Grand Central South	100.0	Fee Interest	203,800	85,000		417
Apr-12	379 West Broadway	Retail	Cast Iron/Soho	100.0	Leasehold Interest	62,006	48,500		782
Jun-12	717 Fifth Avenue	Retail	Midtown/Plaza District	50.0	Fee Interest	119,550	617,584		5,166
Sep-12	3 Columbus Circle	Redevelopment	Columbus Circle	29.0	Fee Interest	214,372	143,600		670
Feb-13	44 West 55th Street	Retail	Plaza District	100.0	Fee Interest	8,557	6,250		730
Jun-13	West Coast Office Portfolio	West Coast	Los Angeles, California	100.0	Fee Interest	406,740	111,925		275
Aug-13	West Coast Office Portfolio	West Coast	Fountain Valley, California	100.0	Fee Interest	302,037	66,994		222
Sep-13	West Coast Office Portfolio	West Coast	San Diego, California	100.0	Fee Interest	110,511	45,400		411
Dec-13	27-29 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	15,600	70,052		4,491
Jan-14	21-25 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	30,100	114,948		3,819
Mar-14	West Coast Office Portfolio	West Coast		100.0	Fee Interest	3,654,315	756,000		207
May-14	747 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	10,000	160,000		16,000
Jul-14	985-987 Third Avenue	Redevelopment	Upper East Side	100.0	Fee Interest	13,678	68,700		5,023
Sep-14	180-182 Broadway	Redevelopment	Lower Manhattan	100.0	Fee Interest	156,086	222,500		1,425
Nov-14	2 Herald Square	Land	Herald Square/Penn Station	100.0	Fee Interest	354,400	365,000		1,030
Nov-14	55 West 46th Street - Tower 46	Redevelopment	Midtown	75.0	Fee Interest	347,000	295,000		850
Jan-15	180 Maiden Lane	Redevelopment	Financial East	100.0	Fee Interest	1,090,000	470,000		431
Aug-15	131-137 Spring Street	Retail	Soho	80.0	Fee Interest	68,342	277,750		4,064
Dec-15	570 & 574 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	24,327	125,400		5,155
Feb-16	248-252 Bedford Avenue	Residential	Brooklyn, New York	90.0	Fee Interest	66,611	55,000		826
Feb-16	885 Third Avenue	Land	Midtown / Plaza District	100.0	Fee Interest	607,000	453,000		746
May-16	33 Beekman Street	Redevelopment	Downtown	100.0	Fee Interest	163,500	196,000		1,199
Oct-16	400 East 57th Street	Residential	Upper East Side	49.0	Fee Interest	290,482	170,000		585
Apr-17	102 Greene Street	Retail	Soho	90.0	Fee Interest	9,200	43,500		4,728
Sep-17	102 Greene Street	Retail	Soho	10.0	Fee Interest	9,200	43,500		4,728
Apr-18	175-225 Third Street	Redevelopment	Brooklyn, New York	95.0	Fee Interest	—	115,000		—
Jun-18	635 Madison Avenue	Land	Plaza District	100.0	Fee Interest	176,530	153,000		867
Jul-18	724 Fifth Avenue	Retail	Plaza District	50.0	Fee Interest	65,010	365,000		5,615
Oct-18	72nd Street Assemblage & 1231 Third Avenue	Residential	Upper East Side	Various	Fee Interest	—	143,800		—
Jan-19	131-137 Spring Street	Retail	Soho	20.0	Fee Interest	68,342	216,000		3,161
Aug-19	115 Spring Street	Retail	Soho	49.0	Fee Interest	5,218	66,050		12,658
Dec-19	562 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	42,635	52,393		1,229
Dec-19	1640 Flatbush Avenue	Redevelopment	Brooklyn, New York	100.0	Fee Interest	1,000	16,150		16,150
Mar-20	315 West 33rd Street - The Olivia	Retail / Residential	Penn Station	100.0	Fee Interest	492,987	446,500		906
May-20	609 Fifth Avenue - Retail Condominium	Retail	Rockefeller Center	100.0	Fee Interest	21,437	168,000		7,837
Sep-20	400 East 58th Street	Residential	Upper East Side	90.0	Fee Interest	140,000	62,000		443
Dec-20	410 Tenth Avenue	Redevelopment	Hudson Yards	70.9	Fee Interest	638,000	952,500		1,493
Dec-20	Williamsburg Terrace	Retail	Brooklyn, New York	100.0	Fee Interest	52,000	32,000		615
Jan-21	712 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	6,600	43,000		6,515
Feb-21	133 Greene Street	Retail	Soho	100.0	Fee Interest	6,425	15,796		2,459
Mar-21	106 Spring Street	Redevelopment	Soho	100.0	Fee Interest	5,928	34,024		5,740
Jun-21	605 West 42nd Street - Sky	Residential	Westside	20.0	Fee Interest	927,358	858,100		925
Sep-21	400 East 57th Street	Residential	Upper East Side	41.0	Fee Interest	290,482	133,500		460
Feb-22	707 Eleventh Avenue	Redevelopment	Midtown West	100.0	Fee Interest	159,720	95,000		595
Apr-22	1080 Amsterdam	Residential	Upper West Side	92.5	Leasehold Interest	82,250	42,650		519
May-22	1591-1597 Broadway	Land	Times Square	100.0	Fee Interest	7,684	121,000		15,747
Jun-22	609 Fifth Avenue	Redevelopment	Rockefeller Center	100.0	Fee Interest	138,563	100,500		725
Dec-22	885 Third Avenue - Condominium	Redevelopment	Midtown / Plaza District	100.0	Fee / Leasehold Interest	414,317	300,400		725
Feb-23	121 Greene Street	Retail	Soho	50.0	Fee Interest	7,131	14,000		1,963
Dec-23	21 East 66th Street	Retail	Plaza District	32.3	Fee Interest	13,069	40,575		3,105
Jan-24	717 Fifth Avenue	Retail	Midtown / Plaza District	10.9	Fee Interest	119,550	963,000		8,055
May-24	625 Madison Avenue	Redevelopment	Plaza District	90.4	Fee Interest	563,000	634,600		1,127
Jun-24	719 Seventh Avenue	Retail	Times Square	100.0	Fee Interest	10,040	30,500		3,038
Oct-24	5 Times Square	Redevelopment	Times Square	31.6	Leasehold Interest	1,127,931	1,165,586		1,033




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










						12,946	$	46,800	$	3,615


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	9/30/2025
2007 - 2025 Acquisitions
Jan-07	300 Main Street	Stamford, Connecticut	100.0%	Fee Interest	130,000	$	15,000	92.5	N/A
Jan-07	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	31,600		96.6	N/A
Jan-07	Reckson - Connecticut Portfolio	Stamford, Connecticut	100.0	Fee Interests / Leasehold Interest	1,369,800	490,750		88.9	68.1
Jan-07	Reckson - Westchester Portfolio	Westchester	100.0	Fee Interests / Leasehold Interest	2,346,100	570,190		90.6	N/A
Apr-07	Jericho Plaza	Jericho, New York	20.3	Fee Interest	640,000	210,000		98.4	N/A
Jun-07	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	38,000		95.6	N/A
Jun-07	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	56,000		94.4	N/A
Jul-07	16 Court Street	Brooklyn, New York	35.0	Fee Interest	317,600	107,500		80.6	N/A
Aug-07	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	6,700		52.9	N/A
Sep-07	The Meadows	Rutherford, New Jersey	25.0	Fee Interest	582,100	111,500		81.3	N/A
Jan-08	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,364		—	N/A
Dec-10	7 Renaissance Square	White Plains, New York	50.0	Fee Interest	65,641	4,000		—	N/A
Apr-13	16 Court Street	Brooklyn, New York	49.0	Fee Interest	317,600	96,200		84.9	N/A





















					6,541,741	$	1,766,804

						Gross Asset
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF	Valuation ($'s)			Price ($'s/SF)
2008 - 2025 Dispositions
Oct-08	100 & 120 White Plains Road	Tarrytown, New York	100.0	Fee Interest	211,000	$	48,000		$	227
Jan-09	55 Corporate Drive	Bridgewater, New Jersey	100.0	Fee Interest	670,000	230,000			343
Aug-09	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	20,767			143
Jul-12	One Court Square	Long Island City, New York	100.0	Fee Interest	1,402,000	481,099			343
Sep-13	300 Main Street	Stamford, Connecticut	100.0	Fee Interest	130,000	13,500			104
Aug-15	The Meadows	Rutherford, New Jersey	100.0	Fee Interest	582,100	121,100			208
Dec-15	140 Grand Street	White Plains, New York	100.0	Fee Interest	130,100	22,400			172
Dec-15	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	9,600			113
Mar-16	7 Renaissance Square	White Plains, New York	100.0	Fee Interest	65,641	21,000			320
Jul-16	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	41,000			337
Apr-17	520 White Plains Road	Tarrytown, New York	100.0	Fee Interest	180,000	21,000			117
Jul-17	680 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest	133,000	42,011			316
Jul-17	750 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest	192,000	53,745			280
Oct-17	16 Court Street	Brooklyn, New York	100.0	Fee Interest	317,600	171,000			538
Oct-17	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,500			106
May-18	115-117 Stevens Avenue	Valhalla, New York	100.0	Fee Interest	178,000	12,000			67
Jun-18	Jericho Plaza	Jericho, New York	11.7	Fee Interest	640,000	117,400			183
Jul-18	1-6 International Drive	Rye Brook, New York	100.0	Fee Interest	540,000	55,000			102
Nov-19	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	23,100			161
Dec-19	100 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	250,000	41,581			166
Dec-19	200 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	245,000	37,943			155
Dec-19	500 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	228,000	34,185			150
Dec-19	360 Hamilton Avenue	White Plains, New York	100.0	Fee Interest	384,000	115,452			301
Dec-20	1055 Washington Boulevard	Stamford, Connecticut	100.0	Leasehold Interest	182,000	23,750			130
Jul-24	Palisades Premier Conference Center	Orangetown, New York	100.0	Fee Interest	450,000	26,250			58




















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


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

Net income (loss)	$	35,161	$	(9,264)	$	6,799	$	11,084

Depreciable real estate reserves	—		—		8,546		65,839
Depreciable real estate reserves in unconsolidated joint venture	—		—		1,780		—
Loss (gain) on sale of real estate, net	1,068		(7,471)		1,717		(4,730)
Purchase price and other fair value adjustments	(11,138)		(12,906)		8,090		36,321
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	(86,872)		(371)		(84,926)		(19,006)
Gain on sale of marketable securities	—		—		(10,232)		—
Depreciation and amortization	63,216		53,176		187,874		154,007
SUMMIT Operator tax expense (benefit)	1,279		(1,779)		2,781		(1,219)
Amortization of deferred financing costs	1,724		1,669		5,153		4,885
Interest expense, net of interest income	47,235		42,091		138,234		109,067
Interest expense on senior obligations of consolidated securitization vehicles	10,838		3,330		45,827		3,330
Operating Income	62,511		68,475		311,643		359,578

Equity in net loss (income) from unconsolidated joint ventures	9,287		15,428		29,112		(100,057)
Income from debt fund investments, net	(1,176)		—		(1,776)		—
Marketing, general and administrative expense	23,701		21,015		67,004		62,360

Transaction related costs	13,129		171		13,601		263
Loan loss and other investment reserves, net of recoveries	—		—		(71,326)		—
SUMMIT Operator expenses	35,959		37,901		82,570		82,947
Gain on early extinguishment of debt	—		—		—		(17,777)
Investment income	(4,356)		(5,344)		(26,809)		(18,938)
Interest income from real estate loans held by consolidated securitization vehicles	(10,838)		(4,771)		(47,868)		(4,771)
SUMMIT Operator revenue	(32,883)		(36,437)		(86,424)		(94,643)
Non-building revenue	(20,271)		(17,414)		(40,406)		(48,177)
Net operating income (NOI)	75,063		79,024		229,321		220,785

Equity in net (loss) income from unconsolidated joint ventures	(9,287)		(15,428)		(29,112)		100,057
SLG share of unconsolidated JV depreciation and amortization	66,616		67,954		194,844		208,052
SLG share of unconsolidated JV amortization of deferred financing costs	3,558		2,413		9,856		7,875
SLG share of unconsolidated JV interest expense, net of interest income	67,628		67,670		194,883		209,753
SLG share of unconsolidated JV transaction related costs	395		—		395		—
SLG share of unconsolidated JV gain on early extinguishment of debt	(57,187)		—		(57,187)		(172,369)
SLG share of unconsolidated JV investment income	(3,963)		(4,745)		(13,940)		(6,465)
SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries	—		—		14,531		—
SLG share of unconsolidated JV non-building revenue	(1,645)		(776)		(5,219)		(2,899)
NOI including SLG share of unconsolidated JVs	141,178		196,112		538,372		564,789

NOI from other properties/affiliates	36,137		(17,073)		(18,594)		(53,340)
Same-Store NOI	177,315		179,039		519,778		511,449

Straight-line and free rent	(778)		150		(1,216)		(1,058)
Amortization of acquired above and below-market leases, net	1,508		834		4,477		1,748
Operating lease straight-line adjustment	204		204		611		611
SLG share of unconsolidated JV straight-line and free rent	(7,187)		(3,085)		(21,081)		(8,001)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(6,595)		(5,440)		(19,505)		(18,012)
SLG share of unconsolidated JV operating lease straight-line adjustment	—		—		—		—
Same-store cash NOI	$	164,467	$	171,702	$	483,064	$	486,737

Lease termination income	(274)		(1,369)		(5,024)		(3,831)
SLG share of unconsolidated JV lease termination income	(3,199)		87		(5,426)		(2,630)
Same-store cash NOI excluding lease termination income	$	160,994	$	170,420	$	472,614	$	480,276


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



NOI Summary by Portfolio (1) - SLG Share

	Three Months Ended				Nine Months Ended
	September 30, 2025				September 30, 2025
	NOI		Cash NOI		NOI		Cash NOI

Manhattan Office	$	176,949	$	159,411	$	516,759	$	459,179
Development / Redevelopment	992		1,379		2,410		4,807
High Street Retail	5,502		4,506		16,509		13,522
Suburban & Residential	4,186		3,809		13,304		12,671
Total Operating and Development	187,629		169,105		548,982		490,179
Alternative Strategy Portfolio	17,512		16,678		39,221		35,167
Property Dispositions (2)	(22)		(22)		531		531
Other (3)	4,397		4,624		4,131		4,812
Total	$	209,516	$	190,385	$	592,865	$	530,689

(1) Portfolio composition consistent with the Selected Property Data tables.
(2) Includes properties sold or otherwise disposed of during the respective period.
(3) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.


EQUITY COVERAGE

Firm	Analyst	Phone	Email
B of A Securities	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	Omotayo Okusanya	(212) 250-9284	omotayo.okusanya@db.com
Goldman Sachs & Co.	Caitlin Burrows	(212) 902-4736	caitlin.burrows@gs.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Jefferies	Joe Dickstein	(212) 778-8771	jdickstein1@jefferies.com
JP Morgan Securities	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
Mizuho Securities USA	Vikram Malhotra	(212) 282-3827	vikram.malhotra@mizuhogroup.com
Morgan Stanley & Co.	Ronald Kamdem	(212) 296-8319	ronald.kamdem@morganstanley.com
Piper Sandler	Alexander Goldfarb	(212) 466-7937	alexander.goldfarb@psc.com
Scotiabank	Nicholas Yulico	(212) 225-6904	nicholas.yulico@scotiabank.com
Truist Securities	Michael Lewis	(212) 319-5659	michael.r.lewis@truist.com
Wells Fargo	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com


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

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

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

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



Definitions	4

Highlights	6

Key Financial Data	9	-	11

Office Leasing Statistics	12

Comparative Balance Sheets	13

Comparative Statements of Operations	15

Comparative Computation of FFO and FAD	16

Consolidated Statement of Equity	17

Joint Venture Statements	18	-	20

Selected Financial Data	21	-	24

Debt Summary Schedule	25	-	27

Derivative Summary Schedule	28

Lease Liability Schedule	29

Debt and Preferred Equity Investments	30	-	32

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

Summary of Real Estate Acquisition/Disposition Activity	45	-	50

Non-GAAP Disclosures and Reconciliations	51

Analyst Coverage	54

Executive Management	55



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



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



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



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



CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)



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



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



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



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



TABLE OF CONTENTS



DEFINITIONS



DEFINITIONS



THIRD QUARTER 2025 HIGHLIGHTS Unaudited



DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)



DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



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



Composition of Debt

		Core Portfolio			Alternative Strategy Portfolio			Total
Fixed Rate Debt
	Consolidated	$	3,603,866		$	—		$	3,603,866
	SLG Share of JV	5,326,743			366,531			5,693,274
	Total Fixed Rate Debt	$	8,930,609	95.5%	$	366,531	76.6%	$	9,297,140	94.5%

Floating Rate Debt
	Consolidated	$	424,516		$	—		$	424,516
	SLG Share of JV	—			111,900			111,900
		424,516		4.5%	111,900		23.4%	536,416		5.5%
	Debt & Preferred Equity and CMBS Investments	(131,653)		(1.4)%	—		—%	(131,653)		(1.3)%
	Total Floating Rate Debt	$	292,863	3.1%	$	111,900	23.4%	$	404,763	4.1%

	Total Debt	$	9,355,125		$	478,431		$	9,833,556



DERIVATIVE SUMMARY SCHEDULE Unaudited (Dollars in Thousands)



SUMMARY OF LEASE LIABILITIES Unaudited (Dollars in Thousands)



DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)


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





Mezzanine Debt	$	130,927	$	40,486	$	171,413	$	713,528		$	625		5.11%		5.13%

Preferred Equity	—		—		—		—			$	—		6.50%		—%

Joint Venture Preferred Equity	—		118,253		118,253		211,206			$	776		12.93%		14.07%

Balance as of 9/30/2025	$	130,927	$	158,739	$	289,666				$	687		8.02%		8.77%


	Debt and Preferred Equity Maturity Profile (4)
	2025		2026		2027		2028		2029 & Thereafter
Floating Rate	$	62,801	$	68,126	$	—	$	—	$	—
Fixed Rate	—		118,253		20,486		—		20,000
Sub-total	$	62,801	$	186,379	$	20,486	$	—	$	20,000



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



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



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



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



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



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



LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited



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



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



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



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