Core Insights - SL Green is Manhattan's largest office owner and has been a public company since 1997 [2] - The company primarily focuses on core Midtown properties, especially around Grand Central, with One Vanderbilt being a hallmark project [2] - SL Green has a management team with an average tenure of over 20 years, indicating stability and experience [2] Business Activities - The company engages in debt investing, recently through a fund, which is a significant aspect of its business strategy [2] - There is a noted momentum in the market, suggesting positive trends for SL Green's operations and investments [2][3]

Core Insights - SL Green is Manhattan's largest office owner and has been a public company since 1997 [2] - The company primarily focuses on core Midtown properties, especially around Grand Central, with One Vanderbilt being a hallmark project [2] - SL Green has a management team with an average tenure of over 20 years, indicating stability and experience [2] Business Highlights - The summer has been particularly busy for SL Green, suggesting active engagement in the market [2] - The company is also involved in debt investing, recently through a fund, which may indicate diversification in its investment strategy [2] - There is a noted momentum in the market, which could present opportunities for growth and expansion [2][3]

Summary of SL Green Realty Conference Call Company Overview - **Company**: SL Green Realty Corp (NYSE:SLG) - **Industry**: Real Estate, specifically focused on office leasing in Manhattan - **Key Projects**: One Vanderbilt, 346 Madison Avenue development site - **Market Position**: Largest office owner in Manhattan, public since 1997 [2][5] Core Points and Arguments Leasing Activity - **Leasing Volume**: Over 1.5 million square feet leased to date, with an expectation of 500,000 square feet in Q3 [5] - **Pipeline**: More than 1.1 million square feet in the pipeline, with 700,000 square feet in active negotiations [5] - **Market Recovery**: Notable recovery in the Midtown South market, particularly driven by tech and AI tenant requirements [5][6] - **Rising Rents**: Increased demand leading to rising rents, especially in upper mid-price point buildings [6][15] Investment and Transactions - **Investment Strategy**: Focused on acquiring stakes in key buildings and new development sites, including 346 Madison Avenue [7][9] - **Transaction Market**: Recovery in the CMBS market and increased investor interest, driven by fundamentals rather than speculative capital [8][21] - **Debt Fund Opportunities**: Identifying opportunities in purchasing loans and portfolios, with a focus on newly capitalized deals [27][31] Market Dynamics - **Availability Rates**: Decreasing availability rates across Manhattan, with Park Avenue at approximately 5% and total Midtown at 11% [49][50] - **Tenant Demand**: Significant increase in tenant searches, with 5 million square feet more than the previous year [51] - **Concessions**: Some ability to reduce tenant incentives (TIs) and free rent in select cases, indicating a tightening market [12][82] Future Outlook - **Rent Increases**: Anticipation of material rent increases due to supply-demand dynamics, with a potential spike expected [15][50] - **Development Timeline**: New development at 346 Madison Avenue expected to follow a similar timeline to One Vanderbilt, approximately two years before moving forward [11][9] - **Occupancy Goals**: Targeting over 93% leased occupancy by year-end, currently at 91.7% [68] Additional Important Insights - **International Capital Return**: Notable return of international capital to the office market, particularly from Asian investors [19][20] - **Impact of Conversions**: Ongoing office-to-residential conversions could remove up to 40-50 million square feet from the office market [17][50] - **Market Sentiment**: General bullish sentiment regarding the Manhattan office market, with confidence in rising rents and decreasing vacancies [48][56] Conclusion SL Green Realty Corp is experiencing a robust recovery in the Manhattan office market, characterized by strong leasing activity, rising rents, and a favorable investment environment. The company is strategically positioned to capitalize on these trends through targeted acquisitions and developments.

Core Insights - The company is focused on the development of transcript-related projects, indicating a commitment to enhancing their offerings in this area [1] Group 1 - The company publishes thousands of quarterly earnings calls each quarter, showcasing significant growth and expansion in their coverage [1]

BANK OF AMERICA SECURITIES GLOBAL REAL ESTATE CONFERENCE September 10, 2025 DISCLAIMER This presentation 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 presentation that address activities, events or developments that we expect, believe or anticipate will ...

Core Insights - SL Green (SLG) has entered into a contract to acquire 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160 million, with the deal expected to close in Q4 of this year [1][7] - The acquisition presents a strategic opportunity to develop approximately 800,000 rentable square feet in line with East Midtown rezoning, catering to strong tenant demand for new construction with advanced amenities [2][7] - The properties are located near One Vanderbilt, positioning SL Green to pursue a world-class office development in a prime market [3] Company Strategy - This acquisition underscores SL Green's commitment to acquiring assets in key markets to capture profitable growth opportunities and meet tenant needs [4] - Despite market challenges, SL Green's leasing successes have positioned it as a standout in the office real estate sector, although its shares have dropped 7.1% in the past three months compared to the industry's growth of 0.3% [4]

Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [5] - As of June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet, including 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments [5] Acquisition Details - SL Green has entered into a contract to purchase 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million, with the transaction expected to close in the fourth quarter of 2025 [1][2] - The acquisition represents a strategic opportunity to create a new office building on a prominent development site in Midtown East, accommodating approximately 800,000 rentable square feet due to East Midtown rezoning [3] Market Positioning - The properties are located near One Vanderbilt, in a strong office market, allowing SL Green to pursue a world-class new office development [2] - There is robust tenant demand for new construction that features modern amenities, column-free floors, and healthy workplace infrastructure, making this site a prime opportunity to meet that demand [3]

Group 1 - Paramount Group's stock price rose by 3.7% after reports of multiple bidders in the second round of sales [1] - Bidders include Vornado Realty (VNO.US), SL Green Realty (SLG.US), Empire State Realty Trust (ESRT.US), Blackstone (BX.US), DivcoWest, and Rithm Capital (RITM.US) [1] - Paramount Group initiated a strategic review in May to maximize shareholder value [1] Group 2 - Paramount Group is a real estate investment trust focused on owning, operating, managing, acquiring, and redeveloping high-quality Class A office properties in central business districts of New York City and San Francisco [1] - The company's stock has increased by 40% year-to-date [1]

Core Insights - SL Green Realty Corp. will participate in a roundtable discussion at the BofA Securities 2025 Global Real Estate Conference on September 10, 2025 [1] - The discussion will feature key executives including the CFO, CIO, and Executive Vice President [1] - The event will be webcasted, and presentation materials will be available on the company's website [2] Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) [3] - As of June 30, 2025, the company held interests in 53 buildings totaling 30.7 million square feet, including 27.2 million square feet of Manhattan properties [3] - The company also has 2.7 million square feet securing debt and preferred equity investments [3]

PART I. FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements for SL Green Realty Corp. and SL Green Operating Partnership, L.P., including Balance Sheets, Statements of Operations, and Cash Flows for periods ended June 30, 2025 and 2024 [SL Green Realty Corp. Financial Statements](index=5&type=section&id=FINANCIAL%20STATEMENTS%20OF%20SL%20GREEN%20REALTY%20CORP.%20(UNAUDITED)) SL Green Realty Corp. reported total assets of **$11.25 billion** as of June 30, 2025, with a net loss of **$32.17 million** for the six months ended June 30, 2025 Consolidated Balance Sheet Highlights (SL Green Realty Corp.) | Account | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Total commercial real estate properties, net | $4,511.09 | $4,481.66 | | Total assets | $11,252.33 | $10,470.10 | | Total liabilities | $6,889.93 | $5,915.14 | | Total SL Green stockholders' equity | $3,791.50 | $3,951.30 | | Total liabilities and equity | $11,252.33 | $10,470.10 | Consolidated Statement of Operations Highlights (SL Green Realty Corp.) | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $241.92 | $222.82 | $481.76 | $410.70 | | Total expenses | $225.06 | $219.64 | $468.98 | $424.44 | | Net (loss) income | $(6.82) | $1.96 | $(28.36) | $20.35 | | Net (loss) income attributable to SL Green common stockholders | $(11.09) | $(2.16) | $(32.17) | $10.98 | | Diluted (loss) earnings per share | $(0.16) | $(0.04) | $(0.47) | $0.16 | Consolidated Statement of Cash Flows Highlights (SL Green Realty Corp.) | Cash Flow Activity | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $61.20 | $54.70 | | Net cash (used in) provided by investing activities | $(44.49) | $121.80 | | Net cash used in financing activities | $(5.53) | $(196.21) | | Net decrease in cash, cash equivalents, and restricted cash | $11.18 | $(19.71) | [SL Green Operating Partnership, L.P. Financial Statements](index=15&type=section&id=FINANCIAL%20STATEMENTS%20OF%20SL%20GREEN%20OPERATING%20PARTNERSHIP%2C%20L.P.%20(UNAUDITED)) SL Green Operating Partnership, L.P. financial statements are largely consistent with SL Green Realty Corp., reporting **$11.25 billion** in total assets and a **$34.41 million** net loss for the six months ended June 30, 2025 - The assets and liabilities of the Operating Partnership are substantially the same as those of SL Green Realty Corp. The primary differences are in the equity section, with the Operating Partnership reporting Partners' Capital instead of Stockholders' Equity[14](index=14&type=chunk)[15](index=15&type=chunk) Consolidated Statement of Operations Highlights (SLGOP) | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $241.92 | $222.82 | $481.76 | $410.70 | | Net (loss) income | $(6.82) | $1.96 | $(28.36) | $20.35 | | Net (loss) income attributable to SLGOP common unitholders | $(11.87) | $(2.31) | $(34.41) | $11.73 | | Diluted (loss) earnings per unit | $(0.18) | $(0.04) | $(0.50) | $0.16 | [Notes to Consolidated Financial Statements](index=23&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the company's organization, accounting policies, property portfolio of **25.4 million square feet**, debt structure, and segment performance across Real Estate, Debt and Preferred Equity Investments, and SUMMIT Property Portfolio Summary (as of June 30, 2025) | Property Type | Number of Buildings | Approximate Square Feet | Weighted Average Leased Occupancy | | :--- | :--- | :--- | :--- | | **Manhattan Commercial** | 30 | 24,224,826 | 90.4% | | **Suburban Office** | 7 | 862,800 | 71.4% | | **Manhattan Residential** | 2 | 362,266 | 99.8% | | **Total Core Portfolio** | **39** | **25,449,892** | **89.9%** | - In January 2025, the company acquired the fee interest in 500 Park Avenue, a 201,411 square foot property, for a gross asset valuation of **$127.0 million**[139](index=139&type=chunk) - During the first quarter of 2025, the company sold 6 condominium units at the Giorgio Armani Residences at 760 Madison Avenue for a total of **$99.3 million**, recognizing a gain of **$0.2 million**[144](index=144&type=chunk) - The company operates through three reportable segments: Real Estate, Debt and Preferred Equity Investments (DPE), and SUMMIT, with performance evaluated by Net Operating Income (NOI) for Real Estate and Net Income for SUMMIT and DPE segments[293](index=293&type=chunk)[295](index=295&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=65&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting a **$1.1 billion** liquidity position and a decrease in Funds from Operations (FFO) to **$231.1 million** for the six months ended June 30, 2025 Comparison of Results (Six Months Ended June 30) | Metric (in millions) | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $481.8 | $410.7 | $71.1 | 17.3% | | Net (loss) income | $(28.4) | $20.3 | $(48.7) | (239.9)% | - The increase in rental revenue for H1 2025 was primarily due to the consolidation of **100 Park Avenue** (**$20.1 million**) and **10 East 53rd Street** (**$7.6 million**), and the acquisition of **500 Park Avenue** (**$8.1 million**)[336](index=336&type=chunk) - Equity in net income from unconsolidated joint ventures decreased significantly due to non-recurring large gains on discounted debt extinguishments in the prior year at **2 Herald Square** (**$126.6 million**) and **280 Park Avenue** (**$22.9 million**)[351](index=351&type=chunk) - As of June 30, 2025, the company had total liquidity of **$1.1 billion**, comprising **$882.5 million** available under its revolving credit facility and **$200.1 million** of consolidated cash and marketable securities[361](index=361&type=chunk) Funds from Operations (FFO) Reconciliation | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) income attributable to SL Green common stockholders | $(32.17) | $10.98 | | Adjustments (Depreciation, JVs, etc.) | $263.23 | $348.40 | | **FFO attributable to SL Green common stockholders and unit holders** | **$231.06** | **$359.39** | [Quantitative and Qualitative Disclosures about Market Risk](index=82&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on variable rate debt, with a **100 basis point increase** potentially raising annual interest costs by **$2.4 million** - The company's net exposure to variable rate debt was **7.1%** of total consolidated debt as of June 30, 2025, inclusive of the mitigating effect of variable rate investments[377](index=377&type=chunk)[379](index=379&type=chunk) - A hypothetical **100 basis point increase** in the applicable floating interest rate would increase the company's share of consolidated annual interest cost by **$2.4 million** and its share of joint venture annual interest cost by **$1.9 million**[387](index=387&type=chunk) [Controls and Procedures](index=83&type=section&id=Item%204.%20Controls%20and%20Procedures%20(SL%20Green%20Realty%20Corp.%20and%20SL%20Green%20Operating%20Partnership%2C%20L.P.)) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the disclosure controls and procedures for both SL Green Realty Corp. and SL Green Operating Partnership, L.P. were effective as of June 30, 2025[406](index=406&type=chunk)[409](index=409&type=chunk) - No material changes occurred in internal control over financial reporting during the quarter ended June 30, 2025[407](index=407&type=chunk)[410](index=410&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=84&type=section&id=Item%201.%20Legal%20Proceedings) As of June 30, 2025, neither the Company nor the Operating Partnership was involved in any material litigation or threatened litigation - The company reports no material litigation as of June 30, 2025[411](index=411&type=chunk) [Risk Factors](index=84&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the previously disclosed risk factors were reported for the period ended June 30, 2025 - No material changes to risk factors were reported for the period ended June 30, 2025[412](index=412&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=85&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the company's **$3.5 billion** share repurchase program during the three months ended June 30, 2025 - No shares were repurchased under the company's **$3.5 billion** share repurchase program during the second quarter of 2025[414](index=414&type=chunk) [Defaults Upon Senior Securities](index=86&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[415](index=415&type=chunk) [Other Information](index=88&type=section&id=Item%205.%20Other%20Information) The company reported no other information for the period - None[417](index=417&type=chunk) [Exhibits](index=89&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL financial statements