SL Green(US:SLG)2025-10-16 17:44Company Overview & Disclaimers This section introduces SL Green Realty Corp., outlines forward-looking statements, and clarifies supplemental information notes Company Profile SL Green Realty Corp. is a self-managed REIT with comprehensive real estate capabilities, holding interests in 53 buildings totaling 30.7 million square feet as of September 30, 2025 - SL Green Realty Corp. is a self-managed real estate investment trust (REIT) with comprehensive real estate business capabilities3 Company Asset Overview (As of September 30, 2025) | Metric | Data | | :--- | :--- | | Number of Buildings Held | 53 buildings | | Total Area | 30.7 million square feet | | Manhattan Building Area | 27.1 million square feet | | Secured Debt and Preferred Equity Investment Area | 2.7 million square feet | Forward-Looking Statements This supplemental report contains forward-looking statements regarding future capital expenditures, dividends, acquisitions, and industry trends, noting that actual results may differ significantly due to risks and uncertainties - The report's forward-looking statements cover future capital expenditures, dividends, acquisitions, real estate trends, occupancy, and business strategies, cautioning that actual results may differ significantly due to risks and uncertainties56 Supplemental Information Notes SL Green's common stock is listed on the NYSE under ticker SLG, and this unaudited report supplements, but does not supersede, regulatory filings, with data subject to future restatement - SL Green common stock is listed on the NYSE under ticker SLG; this unaudited report is supplemental, not a replacement for regulatory filings, and data may be restated in the future8 Definitions This section defines key financial and operational terms used throughout the report Key Financial and Operational Terms This section defines key financial and operational terms, including non-GAAP metrics like annualized cash rent, capitalized interest, EBITDAre, FFO, FAD, NOI, and Cash NOI, along with real estate-specific terms - The report defines key financial and operational terms such as annualized cash rent, capitalized interest, EBITDAre, FAD, FFO, NOI, and Cash NOI111214171820 - Same-Store Properties refer to properties operational in both current and prior reporting periods, excluding unstabilized development/redevelopment properties and those sold23 Highlights This section summarizes the company's financial, operational, investment, and debt management highlights Financial Highlights The company achieved significant financial improvement in Q3 2025 with year-over-year growth in net income and FFO, despite a decline in net loss and FFO for the first nine months Key Financial Metrics (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 | September 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income (Loss) Attributable to Common Stockholders (in millions USD) | 24.9 | (13.3) | Swung to profit | | Net Income (Loss) Per Share (in USD) | 0.34 | (0.21) | Swung to profit | | FFO (in millions USD) | 120.4 | 78.6 | Increased by 53.2% | | FFO Per Share (in USD) | 1.58 | 1.13 | Increased by 39.8% | Key Financial Metrics (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 | September 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Loss Attributable to Common Stockholders (in millions USD) | (7.3) | (2.3) | Loss widened | | Net Loss Per Share (in USD) | (0.12) | (0.06) | Loss widened | | FFO (in millions USD) | 351.4 | 437.9 | Decreased by 19.8% | | FFO Per Share (in USD) | 4.60 | 6.30 | Decreased by 27.0% | Operating and Leasing Activity In Q3 2025, same-store cash NOI decreased year-over-year, but Manhattan same-store office occupancy rose quarter-over-quarter with further improvement expected by year-end, despite a slight decline in average initial rent for replacement leases Same-Store Cash NOI Change (Q3 2025 vs Q3 2024) | Metric | Change | | :--- | :--- | | Same-Store Cash NOI (Including JV Share) | Decreased by 4.2% | | Same-Store Cash NOI (Excluding Lease Termination Income) | Decreased by 5.5% | Manhattan Office Property Leasing Activity (Q3 2025) | Metric | Data | | :--- | :--- | | Number of Office Leases Signed | 52 | | Total Office Leased Area (in square feet) | 657,942 | | Average Rent (per square foot) | $92.81 | | Average Lease Term (in years) | 8.9 | | Average Tenant Concessions (Free Rent Period) (in months) | 9.1 | | Average Tenant Improvement Allowance (per square foot) | $99.09 | | Change in Average Initial Rent for Replacement Leases vs Prior Rent | Decreased by 2.7% | Manhattan Same-Store Office Property Occupancy | Date | Occupancy Rate (Including Signed, Not Yet Commenced Leases) | | :--- | :--- | | September 30, 2025 | 92.4% | | End of Previous Quarter | 91.5% | | Projected December 31, 2025 | 93.2% | Investment Activity The company engaged in multiple investment activities in Q3 and early Q4 2025, including signing two significant property acquisition contracts and selling a partial stake in One Vanderbilt Avenue for gain - The company signed a contract to acquire Park Avenue Tower for $730 million, expected to close in Q1 2026, aiming for sustainable cash flow and long-term value36 - The company signed a contract to acquire 346 Madison Avenue and an adjacent parcel for $160 million, planning a world-class new office development expected to complete in Q4 202538 One Vanderbilt Avenue Equity Sale | Transaction Date | September 2025 | | :--- | :--- | | Equity Sold Percentage | 5.0% | | Counterparty | Mori Building Co., Ltd | | Total Asset Valuation (in millions USD) | 4,700 | | Company Proceeds (in millions USD) | 86.6 | | Company Ownership Post-Transaction | 55.0% | Debt and Financing Activity The company actively managed debt and financing in Q3 2025, refinancing key properties, modifying existing mortgage terms, and realizing gains through debt extinguishment - The company and its joint venture partner completed a $1.4 billion five-year fixed-rate refinancing for 11 Madison Avenue, with an effective interest rate of 5.592%40 - The company modified and extended the 100 Church Street mortgage, reducing principal by $5 million to $365 million and extending the maturity to June 202841 - The company and its joint venture partner extinguished $219.5 million in debt for 1552-1560 Broadway for $63 million, realizing a net gain of $57.2 million from discounted debt extinguishment42 Debt and Preferred Equity Investment Portfolio (As of September 30, 2025) | Metric | Data | | :--- | :--- | | Portfolio Book Value (Excluding SLG Opportunity Debt Fund) (in millions USD) | 289.7 | | Weighted Average Current Yield | 8.8% | | Weighted Average Current Yield (Excluding Non-Accrual Investments) | 11.2% | Special Servicing and Asset Management Activity The company's special servicing business grew significantly in Q3 2025, with active assignments increasing by $1.6 billion to a total of $7.7 billion, and an additional $9.9 billion in assets designated for special servicing - Company's special servicing active assignments increased by $1.6 billion, totaling $7.7 billion43 - An additional $9.9 billion in company assets are designated for special servicing but are not yet in active special servicing status43 Significant Leasing Activity In Q3 and Q4 2025 to date, the company signed several significant new and expansion leases across multiple Manhattan properties with major tenants including Harvey AI Corporation, financial services firms, and the New York State Office of General Services - Harvey AI Corporation signed a 96,781 square foot new lease at One Madison Avenue44 - A financial services firm expanded its lease by 92,663 square feet at One Madison Avenue44 - The New York State Office of General Services expanded its lease by 66,106 square feet at 919 Third Avenue44 - Sigma Computing, Inc. signed a 64,077 square foot new lease at One Madison Avenue44 Investor Relations and Dividends The company declared common and preferred stock dividends in Q3 2025 and plans to host its annual institutional investor conference on December 5, 2025 - The company will host its annual institutional investor conference on December 5, 2025, offering an audio webcast and presentation materials45 Q3 2025 Dividend Declaration | Dividend Type | Amount Per Share (in USD) | Payment Date | | :--- | :--- | :--- | | Common Stock Monthly Dividend | 0.2575 | August 15, September 15, October 15, 2025 | | 6.50% Series I Cumulative Redeemable Preferred Stock Quarterly Dividend | 0.40625 | October 15, 2025 | Key Financial Data This section presents key financial data including earnings per share, FFO, common share price, dividends, shares outstanding, market capitalization, and selected balance sheet and operating data Earnings Per Share & FFO In Q3 2025, the company's diluted net income per share was $0.34 and FFO was $1.58, both showing significant improvement from the prior year period Earnings Per Share & FFO (As of September 30, 2025) | Metric | September 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Diluted Net Income (Loss) Per Share (in USD) | 0.34 | (0.21) | | Diluted FFO Per Share (in USD) | 1.58 | 1.13 | Common Share Price & Dividends As of September 30, 2025, the company's common stock closed at $59.81 with an annualized dividend of $3.09, and payout ratios for FFO and FAD were 47.9% and 92.1%, respectively Common Share Price & Dividends (As of September 30, 2025) | Metric | Data | | :--- | :--- | | Period-End Closing Price (in USD) | 59.81 | | Annualized Common Stock Dividend (in USD) | 3.09 | | FFO Payout Ratio (Last 12 Months) | 47.9% | | FAD Payout Ratio (Last 12 Months) | 92.1% | Common Shares & Units As of September 30, 2025, the company's total common shares and units outstanding were 75,878 thousand, with a diluted weighted average of 76,428 thousand Common Shares & Units Outstanding (As of September 30, 2025) | Metric | Quantity (in thousands) | | :--- | :--- | | Common Shares Outstanding | 71,028 | | Units Outstanding | 4,850 | | Total Common Shares and Units | 75,878 | | Diluted Weighted Average Common Shares and Units | 76,428 | Market Capitalization As of September 30, 2025, the company's combined market capitalization was approximately $8.991 billion, with total debt including joint venture share at $9.834 billion, maintaining healthy debt service and fixed charge coverage ratios Market Capitalization & Debt Coverage Ratios (As of September 30, 2025) | Metric | Amount (in thousands USD) / Ratio | | :--- | :--- | | Common Stock Market Value | 4,538,263 | | Combined Market Capitalization | 8,991,038 | | Total Debt Including Joint Venture Share | 9,833,556 | | Debt Service Coverage Ratio (Last 12 Months) | 1.86x | | Fixed Charge Coverage Ratio (Last 12 Months) | 1.69x | Selected Balance Sheet Data As of September 30, 2025, total assets were $11.144 billion, with real estate assets (undepreciated) at $7.135 billion; total liabilities were $6.743 billion, and total debt including JV share was $9.834 billion Selected Balance Sheet Data (As of September 30, 2025) | Metric | Amount (in thousands USD) | | :--- | :--- | | Real Estate Assets (Undepreciated) | 7,135,236 | | Investments in Unconsolidated Joint Ventures | 2,627,443 | | Cash and Cash Equivalents | 187,039 | | Total Assets | 11,144,137 | | Consolidated Fixed Rate and Hedged Debt | 3,603,866 | | Consolidated Floating Rate Debt | 424,516 | | Total Consolidated Debt | 4,028,382 | | Total Liabilities | 6,742,640 | | Unconsolidated Joint Venture Debt Including SLG Share | 5,805,174 | | Total Unconsolidated Joint Venture Debt Including SLG Share | 9,833,556 | Selected Operating Data In Q3 2025, the company's property operating revenue and EBITDAre both increased, while property NOI including joint venture share slightly decreased Selected Operating Data (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Property Operating Revenue | 168,536 | 156,933 | Increased by 7.4% | | Property NOI | 67,130 | 70,232 | Decreased by 4.4% | | Unconsolidated Joint Venture Property NOI Including SLG Share | 124,776 | 122,936 | Increased by 1.5% | | Total Unconsolidated Joint Venture Property NOI Including SLG Share | 191,906 | 193,168 | Decreased by 0.7% | | EBITDAre | 251,895 | 210,348 | Increased by 19.8% | Office Leasing Statistics This section provides statistics on signed and commenced office leases, including occupancy rates and rent changes Signed Leasing As of September 30, 2025, Manhattan same-store office occupancy (including signed, not yet commenced leases) was 92.4%, up from the prior year, with 657,942 square feet of office leases signed in Q3, though average initial cash rent for replacement leases decreased by 2.7% Manhattan Office Property Signed Leasing Statistics (As of September 30, 2025) | Metric | September 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Same-Store Office Occupancy (Including Signed, Not Yet Commenced Leases) (%) | 92.4 | 89.9 | | Total Office Leased Area Signed (in square feet) | 657,942 | 763,755 | | Change in Average Initial Cash Rent for Replacement Leases vs Prior Rent (%) | (2.7) | 10.8 | | Average Lease Term (in years) | 8.9 | 11.4 | | Tenant Concession Package (per square foot) (in USD) | 99.09 | 114.90 | | Months of Free Rent | 9.1 | 12.2 | Commenced Leasing As of September 30, 2025, Manhattan same-store office occupancy (based on commenced leases) was 90.9%, an increase from the prior year, with 775,260 square feet of office leases commenced in Q3, and average initial cash rent for replacement leases increased by 5.1% Manhattan Office Property Commenced Leasing Statistics (As of September 30, 2025) | Metric | September 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Same-Store Office Occupancy (Based on Commenced Leases) (%) | 90.9 | 87.7 | | Total Office Leased Area Commenced (in square feet) | 775,260 | 719,488 | | Change in Average Initial Cash Rent for Replacement Leases vs Prior Rent (%) | 5.1 | 11.9 | | Average Lease Term (in years) | 10.5 | 10.5 | | Tenant Concession Package (per square foot) (in USD) | 108.39 | 103.37 | | Months of Free Rent | 9.1 | 11.5 | Comparative Balance Sheets This section provides a comparative overview of the company's assets, liabilities, and equity Assets As of September 30, 2025, total assets were $11.144 billion, an increase of $908 million from September 30, 2024, primarily driven by net real estate assets and real estate loans held Asset Composition (As of September 30, 2025 vs September 30, 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Net Real Estate | 4,869,194 | 4,205,139 | Increased by 15.8% | | Investments in Unconsolidated Joint Ventures | 2,627,443 | 2,871,683 | Decreased by 8.4% | | Real Estate Loans (Held by Consolidated Securitization Vehicles) | 1,013,273 | 713,218 | Increased by 42.1% | | Total Assets | 11,144,137 | 10,216,072 | Increased by 9.1% | Liabilities and Equity As of September 30, 2025, total liabilities were $6.743 billion, a 9.9% increase from September 30, 2024, while SL Green stockholders' equity grew 6.1% to $3.774 billion year-over-year Liabilities and Equity Composition (As of September 30, 2025 vs September 30, 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Mortgages and Other Loans Payable | 2,288,382 | 1,648,798 | Increased by 38.8% | | Revolving Credit Facility | 390,000 | 735,000 | Decreased by 47.0% | | Total Debt (Net of Deferred Financing Costs) | 3,914,750 | 3,720,895 | Increased by 5.2% | | Total Liabilities | 6,742,640 | 6,135,743 | Increased by 9.9% | | Total SL Green Realty Corp. Stockholders' Equity | 3,773,648 | 3,556,285 | Increased by 6.1% | | Total Equity | 3,926,232 | 3,620,005 | Increased by 8.5% | Comparative Statements of Operations This section provides a comparative analysis of the company's revenues, expenses, and net income (loss) for the reported periods Revenues In Q3 2025, total revenue grew 6.6% year-over-year, primarily due to increased rental income and interest income from real estate loans held by securitization vehicles, with total revenue for the first nine months increasing by 13.5% Revenue Composition (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Net Rental Revenue | 149,672 | 139,616 | Increased by 7.2% | | Interest Income from Real Estate Loans Held by Securitization Vehicles | 10,838 | 4,771 | Increased by 127.2% | | SUMMIT Operating Revenue | 32,883 | 36,437 | Decreased by 9.7% | | Total Revenue | 244,817 | 229,691 | Increased by 6.6% | Revenue Composition (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Net Rental Revenue | 441,725 | 403,382 | Increased by 9.5% | | Interest Income from Real Estate Loans Held by Securitization Vehicles | 47,868 | 4,771 | Increased by 903.3% | | SUMMIT Operating Revenue | 86,424 | 94,643 | Decreased by 8.7% | | Total Revenue | 726,579 | 640,393 | Increased by 13.5% | Expenses In Q3 2025, total operating expenses increased by 19.5% year-over-year, driven by higher operating expenses and transaction-related costs, while total operating expenses for the first nine months decreased by 2.8% due to reduced loan loss provisions Expense Composition (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Operating Expenses | 57,673 | 49,507 | Increased by 16.5% | | Real Estate Taxes | 37,627 | 30,831 | Increased by 22.0% | | Transaction-Related Costs | 13,129 | 171 | Increased by 7589.5% | | Total Operating Expenses | 174,195 | 145,788 | Increased by 19.5% | Expense Composition (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Provision for Loan Losses and Other Investments (Net) | (71,326) | — | Significantly decreased | | Transaction-Related Costs | 13,601 | 263 | Increased by 5071.1% | | Total Operating Expenses | 387,600 | 398,649 | Decreased by 2.8% | Net Income (Loss) Attributable to Common Stockholders In Q3 2025, the company reported $24.9 million in net income attributable to common stockholders, a significant improvement from a $13.3 million net loss in the prior year, while the first nine months saw a widened net loss of $7.3 million Net Income (Loss) Attributable to Common Stockholders | Period | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | | :--- | :--- | :--- | | Three Months | 24,874 | (13,279) | | Nine Months | (7,293) | (2,298) | FFO and FAD Comparative Computation This section provides a comparative calculation of Funds From Operations (FFO) and Funds Available for Distribution (FAD) Funds from Operations (FFO) In Q3 2025, the company's FFO was $120.4 million and diluted FFO per share was $1.58, representing significant year-over-year growth, though FFO and diluted FFO per share for the first nine months decreased from the prior year Funds from Operations (FFO) (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 | September 30, 2024 | Change | | :--- | :--- | :--- | :--- | | FFO (in thousands USD) | 120,385 | 78,554 | Increased by 53.2% | | Diluted FFO Per Share (in USD) | 1.58 | 1.13 | Increased by 39.8% | Funds from Operations (FFO) (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 | September 30, 2024 | Change | | :--- | :--- | :--- | :--- | | FFO (in thousands USD) | 351,443 | 437,939 | Decreased by 19.8% | | Diluted FFO Per Share (in USD) | 4.60 | 6.30 | Decreased by 27.0% | Funds Available for Distribution (FAD) In Q3 2025, the company's Funds Available for Distribution (FAD) was $75.5 million, a 25.5% increase from the prior year, though FAD for the first nine months decreased by 41.7% year-over-year Funds Available for Distribution (FAD) (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 | September 30, 2024 | Change | | :--- | :--- | :--- | :--- | | FAD (in thousands USD) | 75,489 | 60,133 | Increased by 25.5% | Funds Available for Distribution (FAD) (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 | September 30, 2024 | Change | | :--- | :--- | :--- | :--- | | FAD (in thousands USD) | 212,551 | 364,309 | Decreased by 41.7% | Consolidated Statement of Equity This section details changes in the company's consolidated equity balances and reconciliation of shares and units outstanding Equity Balance Changes As of September 30, 2025, total equity was $3.926 billion, a decrease from $4.070 billion on December 31, 2024, primarily due to increased retained deficit and expanded accumulated other comprehensive loss, partially offset by higher non-controlling interests Equity Balance Changes (As of September 30, 2025) | Metric | December 31, 2024 (in thousands USD) | September 30, 2025 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | Series I Preferred Stock | 221,932 | 221,932 | No change | | Additional Paid-in Capital | 4,159,562 | 4,205,443 | Increased by 45,881 | | Retained Deficit | (449,101) | (634,653) | Increased by 185,552 | | Non-Controlling Interests | 118,651 | 152,584 | Increased by 33,933 | | Accumulated Other Comprehensive Loss | 18,196 | (19,784) | Decreased by 37,980 | | Total Equity | 4,069,951 | 3,926,232 | Decreased by 143,719 | Reconciliation of Shares and Units Outstanding As of September 30, 2025, the company's total common shares and Operating Partnership (OP) Units outstanding were 75,877,937, with a diluted weighted average of 76,440,373 shares Shares and Units Outstanding (As of September 30, 2025) | Metric | Quantity | | :--- | :--- | | Common Shares | 71,028,166 | | OP Units | 4,849,771 | | Total Shares | 75,877,937 | | Diluted Weighted Average Shares | 76,440,373 | Joint Venture Statements This section provides financial statements for unconsolidated joint ventures, including balance sheet and statement of operations data Balance Sheet for Unconsolidated Joint Ventures As of September 30, 2025, unconsolidated joint ventures had total assets of $19.268 billion, with SLG's share at $9.289 billion, where net real estate was the largest asset and mortgages/other loans payable were the largest liability Unconsolidated Joint Venture Assets (As of September 30, 2025) | Metric | Total (in thousands USD) | SLG Share (in thousands USD) | | :--- | :--- | :--- | | Net Real Estate | 15,251,863 | 7,195,161 | | Cash and Cash Equivalents | 246,097 | 94,571 | | Total Assets | 19,268,133 | 9,288,873 | Unconsolidated Joint Venture Liabilities and Equity (As of September 30, 2025) | Metric | Total (in thousands USD) | SLG Share (in thousands USD) | | :--- | :--- | :--- | | Mortgages and Other Loans Payable (Net) | 12,145,070 | 5,753,383 | | Equity | 4,899,004 | 2,312,900 | | Total Liabilities and Equity | 19,268,133 | 9,288,873 | Statement of Operations for Unconsolidated Joint Ventures In Q3 2025, unconsolidated joint ventures' total revenue grew 7.6% year-over-year, with SLG's share of net income swinging to profit, though SLG's FFO contribution for the first nine months decreased by 32.0% year-over-year Unconsolidated Joint Venture Revenue and Net Income (Q3 2025 vs Q3 2024) | Metric | Total (in thousands USD) | SLG Share (in thousands USD) | | :--- | :--- | :--- | | Total Revenue | 405,636 | 210,815 | | Gain on Early Extinguishment of Debt | 129,068 | 57,187 | | Net Income (Loss) | 147,713 | 52,996 | | Net Income (Loss) Prior Year Period | (55,522) | (9,668) | Unconsolidated Joint Venture FFO Contribution (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | Total (in thousands USD) | SLG Share (in thousands USD) | | :--- | :--- | :--- | | FFO Contribution | 456,371 | 220,507 | | FFO Contribution Prior Year Period | 451,780 | 324,543 | | Total FAD Adjustments | (156,232) | (78,906) | | Total FAD Adjustments Prior Year Period | (64,370) | (40,507) | Selected Financial Data This section provides selected financial data, focusing on Net Operating Income (NOI) across various property portfolios Net Operating Income (NOI) In Q3 2025, total NOI including SLG's share of unconsolidated joint ventures was $209.6 million, slightly below the prior year, while NOI for the first nine months increased Net Operating Income (NOI) (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | NOI | 79,765 | 88,718 | Decreased by 10.1% | | Unconsolidated Joint Venture NOI - SLG Share | 129,798 | 122,317 | Increased by 6.1% | | Total Unconsolidated Joint Venture NOI Including SLG Share | 209,563 | 211,035 | Decreased by 0.7% | | Cash NOI - SLG Share | 190,385 | 199,069 | Decreased by 4.4% | NOI Summary by Portfolio - SLG Share In Q3 2025, Manhattan office properties were the primary contributors to SLG's share of NOI and Cash NOI, with the alternative strategies portfolio also providing significant revenue NOI and Cash NOI by Portfolio - SLG Share (Q3 2025) | Portfolio | NOI (in thousands USD) | Cash NOI (in thousands USD) | | :--- | :--- | :--- | | Manhattan Office | 176,949 | 159,411 | | Development / Redevelopment | 992 | 1,379 | | High Street Retail | 5,502 | 4,506 | | Suburban & Residential | 4,186 | 3,809 | | Alternative Strategy Portfolio | 17,512 | 16,678 | | Total | 209,516 | 190,385 | Same Store Net Operating Income - Wholly Owned and Consolidated JVs In Q3 2025, same-store NOI and Cash NOI for wholly-owned and consolidated joint ventures both decreased year-over-year, with Cash NOI down 9.3%, and Cash NOI for the first nine months also slightly declined Same-Store NOI and Cash NOI - Wholly Owned and Consolidated JVs (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | NOI | 71,948 | 79,187 | Decreased by 9.1% | | Cash NOI | 72,882 | 80,375 | Decreased by 9.3% | | Cash NOI (Excluding Lease Termination Income) | 72,608 | 79,006 | Decreased by 8.1% | Same-Store NOI and Cash NOI - Wholly Owned and Consolidated JVs (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | NOI | 221,771 | 226,257 | Decreased by 2.0% | | Cash NOI | 225,643 | 227,558 | Decreased by 0.8% | | Cash NOI (Excluding Lease Termination Income) | 220,619 | 223,727 | Decreased by 1.4% | Same Store Net Operating Income - Unconsolidated JVs In Q3 2025, SLG's share of unconsolidated joint venture same-store NOI increased by 5.5% year-over-year, with Cash NOI slightly up 0.3%, and both NOI and Cash NOI grew for the first nine months Same-Store NOI and Cash NOI - Unconsolidated JVs (SLG Share) (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | NOI | 105,367 | 99,852 | Increased by 5.5% | | Cash NOI | 91,585 | 91,327 | Increased by 0.3% | | Cash NOI (Excluding Lease Termination Income) | 88,386 | 91,414 | Decreased by 3.3% | Same-Store NOI and Cash NOI - Unconsolidated JVs (SLG Share) (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | NOI | 298,007 | 285,192 | Increased by 4.5% | | Cash NOI | 257,421 | 259,179 | Decreased by 0.7% | | Cash NOI (Excluding Lease Termination Income) | 251,995 | 256,549 | Decreased by 1.8% | Same Store Net Operating Income (Combined) In Q3 2025, combined same-store NOI decreased by 1.0% year-over-year, with Cash NOI down 4.2%, while combined same-store NOI for the first nine months increased by 1.6%, and Cash NOI slightly decreased by 0.8% Same-Store Net Operating Income (Combined) (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | NOI | 177,315 | 179,039 | Decreased by 1.0% | | Cash NOI | 164,467 | 171,702 | Decreased by 4.2% | | Cash NOI (Excluding Lease Termination Income) | 160,994 | 170,420 | Decreased by 5.5% | Same-Store Net Operating Income (Combined) (Nine Months Ended September 30, 2025 vs Prior Year Period) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | Change | | :--- | :--- | :--- | :--- | | NOI | 519,778 | 511,449 | Increased by 1.6% | | Cash NOI | 483,064 | 486,737 | Decreased by 0.8% | | Cash NOI (Excluding Lease Termination Income) | 472,614 | 480,276 | Decreased by 1.6% | Debt Summary Schedule This section provides a summary of the company's consolidated and unconsolidated joint venture debt, including composition and covenant compliance Consolidated Debt As of September 30, 2025, the company's total consolidated debt was $4.028 billion, predominantly fixed-rate, with a weighted average interest rate of 5.31% Consolidated Debt Composition (As of September 30, 2025) | Debt Type | Amount (in thousands USD) | Percentage | Weighted Average Interest Rate | | :--- | :--- | :--- | :--- | | Fixed Rate Debt | 3,603,866 | 89.5% | 5.17% | | Floating Rate Debt | 424,516 | 10.5% | 6.45% | | Total Consolidated Debt | 4,028,382 | 100.0% | 5.31% | Unconsolidated JVs Debt As of September 30, 2025, SLG's share of unconsolidated joint venture debt totaled $5.805 billion, primarily fixed-rate, with a weighted average interest rate of 4.61% Unconsolidated JVs Debt Composition (SLG Share) (As of September 30, 2025) | Debt Type | Amount (in thousands USD) | Percentage | Weighted Average Interest Rate | | :--- | :--- | :--- | :--- | | Fixed Rate Debt | 5,693,274 | 98.1% | 4.58% | | Floating Rate Debt | 111,900 | 1.9% | 6.40% | | Total Unconsolidated JVs Debt (SLG Share) | 5,805,174 | 100.0% | 4.61% | Composition of Debt As of September 30, 2025, the company's total debt (including SLG's share of JV debt) was $9.834 billion, with fixed-rate debt accounting for 94.5% and floating-rate debt for 5.5% Total Debt Composition (As of September 30, 2025) | Debt Type | Amount (in thousands USD) | Percentage | | :--- | :--- | :--- | | Fixed Rate Debt | 9,297,140 | 94.5% | | Floating Rate Debt | 536,416 | 5.5% | | Total Debt (Including SLG Share of JV Debt) | 9,833,556 | 100.0% | Revolving Credit Facility Covenants As of September 30, 2025, the company's total debt-to-total assets ratio under the revolving credit facility covenant was 42.7% (below 60%), and the consolidated fixed charge coverage ratio was 1.98x (above 1.40x), indicating covenant compliance Revolving Credit Facility Covenants (As of September 30, 2025) | Covenant | Actual Value | Requirement | | :--- | :--- | :--- | | Total Debt / Total Assets | 42.7% | Less than 60% | | Consolidated Fixed Charge Coverage Ratio | 1.98x | Greater than 1.40x | | Maximum Secured Debt | 26.0% | Less than 50% | | Maximum Unsecured Leverage Ratio | 35.0% | Less than 60% | Unsecured Notes Covenants As of September 30, 2025, the company's total debt-to-total assets ratio under unsecured notes covenants was 37.4% (below 60%), and the debt service coverage ratio was 2.04x (above 1.50x), indicating covenant compliance Unsecured Notes Covenants (As of September 30, 2025) | Covenant | Actual Value | Requirement | | :--- | :--- | :--- | | Total Debt / Total Assets | 37.4% | Less than 60% | | Secured Debt / Total Assets | 25.5% | Less than 40% | | Debt Service Coverage Ratio | 2.04x | Greater than 1.50x | | Unencumbered Assets / Unsecured Debt | 423.6% | Greater than 150% | Derivative Summary Schedule This section summarizes the company's consolidated and unconsolidated joint venture interest rate derivatives and their fair values Consolidated Interest Rate Derivatives As of September 30, 2025, the company held various consolidated interest rate derivatives, primarily swaps, to hedge secured and unsecured debt, with fair values of negative $15.759 million for secured debt derivatives and positive $7.198 million for unsecured debt derivatives Consolidated Interest Rate Derivatives Fair Value (As of September 30, 2025) | Debt Type | Fair Value (in thousands USD) | | :--- | :--- | | Secured Debt Derivatives | (15,759) | | Unsecured Debt Derivatives | 7,198 | Unconsolidated JV Interest Rate Derivatives As of September 30, 2025, SLG's share of unconsolidated joint venture interest rate derivatives had a total fair value of negative $10.274 million, primarily comprising interest rate swaps and caps to manage JV debt interest rate risk Unconsolidated JV Interest Rate Derivatives Fair Value (SLG Share) (As of September 30, 2025) | Metric | Fair Value (in thousands USD) | | :--- | :--- | | Total Unconsolidated JV Interest Rate Derivatives (SLG Share) | (10,274) | | Total Derivatives (SLG Share) | (18,835) | Lease Liability Schedule This section outlines the company's consolidated and unconsolidated joint venture lease liabilities, categorized by type and final maturity year Consolidated Lease Liabilities (SLG Share) As of September 30, 2025, the company's consolidated operating lease liabilities were $809.7 million and finance lease liabilities were $107.8 million, with final maturity years ranging from 2043 to 2119 Consolidated Lease Liabilities (SLG Share) (As of September 30, 2025) | Lease Type | Lease Liabilities (in thousands USD) | Final Maturity Year | | :--- | :--- | :--- | | Operating Leases | 809,665 | 2043-2083 | | Finance Leases | 107,846 | 2119 | Unconsolidated Joint Venture Lease Liabilities (SLG Share) As of September 30, 2025, SLG's share of unconsolidated joint venture operating lease liabilities was $49.8 million and finance lease liabilities were $534.6 million, with final maturity years ranging from 2029 to 2119 Unconsolidated Joint Venture Lease Liabilities (SLG Share) (As of September 30, 2025) | Lease Type | Lease Liabilities (in thousands USD) | Final Maturity Year | | :--- | :--- | :--- | | Operating Leases | 49,779 | 2029-2062 | | Finance Leases | 534,635 | 2069-2119 | Debt and Preferred Equity Investments This section provides an overview of the company's debt and preferred equity investment activities, composition, and maturity profile Investment Activity Summary As of September 30, 2025, the book value of the company's debt and preferred equity investments significantly decreased to $289.7 million from $503.8 million on September 30, 2024, primarily due to redemptions, sales, syndications, equity ownership, and amortization, with a weighted average yield of 8.77% at quarter-end Debt and Preferred Equity Investment Book Value Changes | Date | Book Value (in thousands USD) | | :--- | :--- | | September 30, 2024 | 503,816 | | December 31, 2024 | 518,383 | | March 31, 2025 | 537,586 | | June 30, 2025 | 525,423 | | September 30, 2025 | 289,666 | Debt and Preferred Equity Investment Yields (As of September 30, 2025) | Metric | Data | | :--- | :--- | | Weighted Average Yield During Quarter | 8.02% | | Weighted Average Yield at Quarter-End | 8.77% | - In Q3 2025, redemptions, sales, syndications, equity ownership, and amortization resulted in a $254.5 million reduction in investment book value91 Investment Composition and Maturity Profile As of September 30, 2025, the company's debt and preferred equity investments primarily consisted of mezzanine debt and joint venture preferred equity, with most floating-rate investments maturing in 2026 and significant fixed-rate maturities in 2026 and 2027 Investment Type Composition (As of September 30, 2025) | Investment Type | Floating Rate (in thousands USD) | Fixed Rate (in thousands USD) | Total (in thousands USD) | | :--- | :--- | :--- | :--- | | Mezzanine Debt | 130,927 | 40,486 | 171,413 | | Joint Venture Preferred Equity | — | 118,253 | 118,253 | | Total | 130,927 | 158,739 | 289,666 | Debt and Preferred Equity Maturity Profile (in thousands USD) | Debt Type | 2025 | 2026 | 2027 | 2028 | 2029 and Beyond | | :--- | :--- | :--- | :--- | :--- | :--- | | Floating Rate | 62,801 | 68,126 | — | — | — | | Fixed Rate | — | 118,253 | 20,486 | — | 20,000 | | Subtotal | 62,801 | 186,379 | 20,486 | — | 20,000 | Detailed Investment Breakdown The company's preferred equity investments and mezzanine loans are primarily concentrated in Manhattan office properties, with some loans in non-accrual or default status Debt and Preferred Equity Investment Details (As of September 30, 2025) | Investment Type | Book Value (in thousands USD) | Property Type | Location | Interest Rate Type | Quarter-End Yield | | :--- | :--- | :--- | :--- | :--- | :--- | | Preferred Equity | 118,253 | Office | Manhattan | Fixed | 14.07% | | Mezzanine Loan | 68,125 | Office | Manhattan | Floating | 10.55% | | Mezzanine Loan | 53,534 | Office | Manhattan | Floating | —% | | Mezzanine Loan | 20,486 | Office | Manhattan | Fixed | (6) | | Mezzanine Loan | 20,000 | Multifamily | Brooklyn | Fixed | (6) | | Mezzanine Loan | 9,268 | Office | Manhattan | Floating | (7) | - Some mezzanine loans ($20,486 thousand and $20,000 thousand) were in non-accrual status as of September 30, 202597 - One mezzanine loan ($9,268 thousand) was in default status as of September 30, 202598 Selected Property Data This section provides selected operational data for Manhattan, retail, residential, suburban, development/redevelopment, and alternative strategy portfolio properties Manhattan Operating Properties As of September 30, 2025, the company's Manhattan operating properties totaled 23.349 million square feet, with an overall occupancy of 90.2% and leased rate of 91.9%, where wholly-owned properties had slightly lower occupancy than unconsolidated joint venture properties Manhattan Operating Properties Overview (As of September 30, 2025) | Property Type | Total Area (in thousands square feet) | Occupancy Rate (%) | Leased Rate (%) | Annualized Contractual Cash Rent (in thousands USD) | | :--- | :--- | :--- | :--- | :--- | | Consolidated Properties | 9,788.852 | 86.4 | 88.3 | 635,983 | | Unconsolidated Properties | 13,560.633 | 92.9 | 94.5 | 1,273,983 | | Total / Weighted Average | 23,349.485 | 90.2 | 91.9 | 1,909,966 | - Manhattan operating properties' same-store occupancy (including signed, not yet commenced leases) was 92.4%100 Retail, Residential and Suburban Operating Properties As of September 30, 2025, the company's retail properties had 100% occupancy and leased rates, residential properties showed strong performance near 100% occupancy and leased rates, while suburban properties had relatively lower occupancy and leased rates Retail, Residential and Suburban Operating Properties Overview (As of September 30, 2025) | Property Type | Total Area / Units | Occupancy Rate (%) | Leased Rate (%) | Annualized Contractual Cash Rent (in thousands USD) | | :--- | :--- | :--- | :--- | :--- | | Retail Properties | 30,496 square feet | 100.0 | 100.0 | 19,749 | | Residential Properties | 693 units | 99.4 | 99.6 | 26,567 | | Suburban Properties | 862,800 square feet | 68.1 | 68.7 | 17,283 | Development / Redevelopment & Alternative Strategy Portfolio Properties As of September 30, 2025, development/redevelopment properties had low occupancy and leased rates, and alternative strategy portfolio properties also had lower occupancy and leased rates than the company's overall average Development / Redevelopment & Alternative Strategy Portfolio Properties Overview (As of September 30, 2025) | Property Type | Total Area (in square feet) | Occupancy Rate (%) | Leased Rate (%) | Annualized Contractual Cash Rent (in thousands USD) | | :--- | :--- | :--- | :--- | :--- | | Development / Redevelopment Properties | 844,845 | 6.5 | 6.5 | 7,546 | | Alternative Strategy Portfolio Properties | 2,522,026 | 59.3 | 59.5 | 156,701 | Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties As of September 30, 2025, the company's total retail property area was 1.309 million square feet, with an overall occupancy of 89.3% and leased rate of 90.4%, while high street retail properties performed best with 100% occupancy and leased rates Retail Properties Overview (As of September 30, 2025) | Property Type | Total Area (in square feet) | Occupancy Rate (%) | Leased Rate (%) | Annualized Contractual Cash Rent (in thousands USD) | | :--- | :--- | :--- | :--- | :--- | | High Street Retail (Consolidated) | 30,592 | 100.0 | 100.0 | 19,749 | | Other Retail (Consolidated) | 561,294 | 90.1 | 90.2 | 58,408 | | Other Retail (Unconsolidated) | 507,800 | 94.9 | 97.5 | 59,784 | | Alternative Strategy Portfolio Retail (Unconsolidated) | 209,424 | 72.4 | 72.4 | 70,833 | | Total / Weighted Average | 1,309,110 | 89.3 | 90.4 | 208,774 | Largest Tenants This section identifies the company's largest tenants based on SLG's share of annualized cash rent, highlighting their contribution and credit ratings Top Tenants by SLG Share of Annualized Cash Rent Paramount Global is the company's largest tenant, contributing 5.3% of SLG's share of annualized contractual cash rent, with other major tenants including UBS Americas, Inc. and Bloomberg L.P., demonstrating a diversified tenant base Top Tenants by SLG Share of Annualized Cash Rent (As of September 30, 2025) | Tenant Name | SLG Share of Annualized Contractual Cash Rent (in thousands USD) | Percentage of Total SLG Share of Annualized Contractual Cash Rent (%) | Investment Grade Credit Rating | | :--- | :--- | :--- | :--- | | Paramount Global | 74,517 | 5.3 | BBB | | UBS Americas, Inc. | 48,558 | 3.5 | A+ | | Bloomberg L.P. | 32,635 | 2.3 | - | | Sony Corporation | 31,857 | 2.3 | A | | McDermott Will & Emery LLP | 28,669 | 2.0 | - | | Societe Generale | 25,110 | 1.8 | A | | The City of New York | 22,925 | 1.6 | Aa2 | | Metro-North Commuter Railroad Company | 22,276 | 1.6 | A1 | | TD Bank US Holding Company | 21,801 | 1.5 | A+ | | Nike Retail Services, Inc. | 21,287 | 1.5 | A+ | | King & Spalding | 21,090 | 1.5 | - | | WME IMG, LLC | 21,040 | 1.5 | - | | Franklin Templeton Companies LLC | 19,344 | 1.4 | A | | Carlyle Investment Management LLC | 19,109 | 1.4 | A | | Giorgio Armani Corporation | 18,245 | 1.3 | - | | Ares Management LLC | 16,824 | 1.2 | A | | Hess Corp | 16,156 | 1.1 | AA | | PJT Partners Holdings LP | 16,001 | 1.1 | - | | The Toronto Dominion Bank | 15,343 | 1.1 | A+ | | Alvarez & Marsal Holdings, LLC | 14,313 | 1.0 | - | | Total | 507,100 | 36.0 | | Tenant Diversification This section aims to illustrate the diversification of the company's tenant portfolio Tenant Diversification Overview This section aims to showcase the diversification of the company's tenant portfolio, though specific charts or data are not provided in the report content Leasing Activity This section details changes in available space, signed lease specifics, and early renewal activities Space Availability Changes As of September 30, 2025, total available space was 2.3239 million square feet, a decrease from 2.7777 million square feet on June 30, 2025, with 166,530 square feet of new space added in Q3, primarily office Space Availability Changes (Q3 2025) | Metric | Area (in square feet) | | :--- | :--- | | Available Space as of June 30, 2025 | 2,777,676 | | New Space Added During Quarter | 166,530 | | Total Available Space as of September 30, 2025 | 2,930,092 | | Leased Available Space as of September 30, 2025 | 2,323,919 | New Space Added by Type During Quarter (Q3 2025) | Space Type | Area (in square feet) | Average Rent (USD per square foot) | | :--- | :--- | :--- | | Office | 161,371 | 93.10 | | Retail | 1,751 | 188.46 | | Storage | 3,408 | 26.49 | | Total | 166,530 | 92.74 | Leased Space Details In Q3 2025, the company signed 42 leases totaling 606,173 square feet, with an average lease term of 11.8 years, average new cash rent of $89.75 per square foot, and tenant improvement allowance of $123.93 per square foot Leased Space Details (Q3 2025) | Metric | Data | | :--- | :--- | | Number of Leases | 42 | | Total Area (in square feet) | 606,173 | | Average Lease Term (in years) | 11.8 | | Average New Cash Rent (USD per square foot) | 89.75 | | Average Tenant Improvement Allowance (USD per square foot) | 123.93 | | Average Months of Free Rent | 10.1 | Early Renewals In Q3 2025, the company signed 16 early renewal leases for office properties, totaling 164,690 square feet, with average new cash rent of $93.03 per square foot, representing a 5.1% increase over prior rent Early Renewal Details (Q3 2025) | Metric | Data | | :--- | :--- | | Number of Early Renewals | 16 | | Total Area (in square feet) | 164,690 | | Average Lease Term (in years) | 5.7 | | Average New Cash Rent (USD per square foot) | 93.03 | | Change in Average New Cash Rent vs Prior Rent | Increased by 5.1% | | Average Tenant Improvement Allowance (USD per square foot) | 38.18 | | Average Months of Free Rent | 5.1 | Lease Expirations This section provides a detailed schedule of lease expirations for wholly-owned, consolidated, and unconsolidated joint venture properties, including retail leases Wholly-Owned and Consolidated JV Properties As of September 30, 2025, 337,768 square feet of leases, representing 3.8% of total area with an annualized contractual cash rent of $92.61 per square foot, are set to expire in 2025 for wholly-owned and consolidated joint venture properties, with future years showing relatively dispersed maturities Wholly-Owned and Consolidated JV Properties Lease Expiration Profile (As of September 30, 2025) | Expiration Year | Number of Expiring Leases | Expiring Area (in square feet) | Percentage of Total Area (%) | Annualized Contractual Cash Rent (USD per square foot) | | :--- | :--- | :--- | :--- | :--- | | 2025 | 32 | 337,768 | 3.8 | 92.61 | | 2026 | 79 | 750,747 | 8.4 | 69.91 | | 2027 | 82 | 776,181 | 8.7 | 82.30 | | 2028 | 75 | 696,676 | 7.8 | 77.08 | | 2029 | 62 | 743,839 | 8.4 | 70.94 | | 2030 | 60 | 932,630 | 10.5 | 72.37 | | 2031 | 36 | 364,733 | 4.1 | 77.87 | | 2032 | 30 | 810,254 | 9.1 | 65.42 | | 2033 | 24 | 435,083 | 4.9 | 78.88 | | 2034 | 32 | 1,290,180 | 14.5 | 58.29 | | 2035 and Beyond | 71 | 1,768,666 | 19.8 | 69.80 | | Total | 583 | 8,906,757 | 100.0 | 71.40 | Unconsolidated JV Properties As of September 30, 2025, 88,307 square feet of leases, representing 0.7% of total area with an annualized contractual cash rent of $90.33 per square foot, are set to expire in 2025 for SLG's share of unconsolidated joint venture properties, with a significant 21.7% of total area expiring in 2031 Unconsolidated JV Properties Lease Expiration Profile (SLG Share) (As of September 30, 2025) | Expiration Year | Number of Expiring Leases | Expiring Area (in square feet) | Percentage of Total Area (%) | Annualized Contractual Cash Rent (USD per square foot) | | :--- | :--- | :--- | :--- | :--- | | 2025 | 8 | 88,307 | 0.7 | 90.33 | | 2026 | 20 | 264,381 | 2.0 | 137.94 | | 2027 | 17 | 187,353 | 1.5 | 149.30 | | 2028 | 26 | 306,943 | 2.4 | 119.82 | | 2029 | 18 | 147,920 | 1.2 | 106.37 | | 2030 | 16 | 334,361 | 2.6 | 116.66 | | 2031 | 19 | 2,766,261 | 21.7 | 77.78 | | 2032 | 15 | 996,918 | 7.8 | 90.48 | | 2033 | 11 | 224,560 | 1.8 | 117.15 | | 2034 | 8 | 325,606 | 2.5 | 86.77 | | 2035 and Beyond | 86 | 7,126,594 | 55.8 | 105.26 | | Total | 244 | 12,769,204 | 100.0 | 99.77 | Retail Leases - Wholly-Owned and Consolidated JVs As of September 30, 2025, lease expirations for the company's wholly-owned and consolidated joint venture high street retail properties are concentrated in 2033 and beyond, while other retail properties have minor expirations in 2025 High Street Retail Lease Expiration Profile (Wholly-Owned and Consolidated JVs) | Expiration Year | Expiring Area (in square feet) | Percentage of Total Area (%) | | :--- | :--- | :--- | | 2033 | 7,944 | 26.0 | | 2035 and Beyond | 22,648 | 74.0 | | Total | 30,592 | 100.0 | Other Retail Lease Expiration Profile (Wholly-Owned and Consolidated JVs) | Expiration Year | Expiring Area (in square feet) | Percentage of Total Area (%) | | :--- | :--- | :--- | | 2025 | 10,479 | 2.1 | | 2035 and Beyond | 164,616 | 32.5 | | Total | 511,329 | 100.0 | Retail Leases - Unconsolidated JVs As of September 30, 2025, SLG's share of unconsolidated joint venture retail properties shows no high street retail lease expirations, minor other retail expirations in 2026, and some alternative strategy portfolio retail expirations in 2025 Other Retail Lease Expiration Profile (Unconsolidated JVs) | Expiration Year | Expiring Area (in square feet) | Percentage of Total Area (%) | | :--- | :--- | :--- | | 2026 | 9,820 | 2.1 | | 2035 and Beyond | 339,544 | 71.1 | | Total | 477,094 | 100.0 | Alternative Strategy Portfolio Retail Lease Expiration Profile (Unconsolidated JVs) | Expiration Year | Expiring Area (in square feet) | Percentage of Total Area (%) | | :--- | :--- | :--- | | 2025 | 1,277 | 0.9 | | 2033 | 85,557 | 58.4 | | Total | 146,335 | 100.0 | Summary of Real Estate Acquisition/Disposition Activity This section summarizes the company's real estate acquisition and disposition activities across various property types Manhattan Office Acquisitions In January 2025, the company acquired 500 Park Avenue in the Park Avenue submarket for a total asset valuation of $130 million, with a net rentable area of 201,411 square feet and 94.5% occupancy at acquisition Manhattan Office Acquisitions (2025) | Acquisition Date | Property | Submarket | Equity Interest (%) | Net Rentable Area (in square feet) | Total Asset Valuation (in thousands USD) | Occupancy at Acquisition (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | January 2025 | 500 Park Avenue | Park Avenue | 100.0 | 201,411 | 130,000 | 94.5 | Manhattan Office Dispositions In September 2025, the company disposed of a 5.0% equity interest in One Vanderbilt Avenue, with a total asset valuation of $4.7 billion, or $2,836 per square foot Manhattan Office Dispositions (2025) | Disposition Date | Property | Submarket | Equity Sold (%) | Net Rentable Area (in square feet) | Total Asset Valuation (in thousands USD) | Valuation Per Square Foot (USD per square foot) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | September 2025 | One Vanderbilt Avenue | Grand Central | 5.0 | 1,657,198 | 4,700,000 | 2,836 | Retail, Residential, Development / Redevelopment and Land Acquisitions In 2025, the company had no new acquisition activities in the retail, residential, development/redevelopment, and land sectors - In 2025, the company had no new acquisition activities in the retail, residential, development/redevelopment, and land sectors140 Retail, Residential, Development / Redevelopment, Land and Alternative Strategy Portfolio Dispositions In April 2025, the company disposed of the 85 Fifth Avenue retail property in Midtown South, with a total asset valuation of $46.8 million, or $3,615 per square foot Retail, Residential, Development / Redevelopment, Land and Alternative Strategy Portfolio Dispositions (2025) | Disposition Date | Property | Property Type | Submarket | Equity Sold (%) | Net Rentable Area (in square feet) | Total Asset Valuation (in thousands USD) | Valuation Per Square Foot (USD per square foot) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 2025 | 85 Fifth Avenue | Retail | Midtown South | 36.3 | 12,946 | 46,800 | 3,615 | Suburban Acquisitions In 2025, the company had no new acquisition activities in the suburban property sector - In 2025, the company had no new acquisition activities in the suburban property sector143 Suburban Dispositions In 2025, the company had no new disposition activities in the suburban property sector - In 2025, the company had no new disposition activities in the suburban property sector143 Non-GAAP Disclosures and Reconciliations This section provides definitions and reconciliations for non-GAAP financial measures, including FAD, EBITDAre, NOI, Cash NOI, and coverage ratios Funds Available for Distribution (FAD) FAD is a non-GAAP liquidity metric calculated by adjusting FFO for non-real estate depreciation, straight-line credit loss provisions, and non-cash deferred compensation, serving as a supplemental disclosure to GAAP cash flow - FAD is a non-GAAP liquidity metric calculated by adjusting FFO for non-real estate depreciation, straight-line credit loss provisions, and non-cash deferred compensation144 - FAD does not represent cash flow under GAAP and should not be considered an alternative to net income or cash flow from operating activities145 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDAre) EBITDAre is a non-GAAP financial measure, calculated per NAREIT standards, used to assess the company's ability to incur and service debt by adjusting net income for interest, taxes, depreciation, amortization, asset disposition gains/losses, and impairments - EBITDAre is a non-GAAP metric calculated per NAREIT standards, used to assess the company's ability to incur and service debt146147 - EBITDAre calculation includes net income plus interest expense, income tax expense, depreciation and amortization, gains/losses on disposition of depreciated property, impairment of depreciated property and investments in unconsolidated joint ventures, and adjustments for the entity's share of unconsolidated joint venture EBITDAre146 Net Operating Income (NOI) and Cash NOI NOI and Cash NOI are non-GAAP metrics used to measure property operating performance, providing insights into revenue and expense trends unaffected by leverage costs or depreciation/amortization, by excluding transaction-related costs, debt extinguishment gains/losses, and non-real estate income - NOI and Cash NOI are non-GAAP metrics used to measure property operating performance, providing insights into revenue and expense trends unaffected by leverage costs or depreciation/amortization148149 - Cash NOI is calculated by subtracting free rent (net of amortization), straight-line rent, and amortization of acquired above/below market leases from NOI, while adding operating lease straight-line adjustments and straight-line tenant credit loss provisions148 Coverage Ratios The company discloses fixed charge and debt service coverage ratios to measure its financial flexibility in servicing current debt amortization, interest expense, and operating lease rents using current cash net operating income, serving as common indicators of fixed cash payment capacity - The company discloses fixed charge coverage and debt service coverage ratios to measure its financial flexibility in servicing current debt amortization, interest expense, and operating lease rents using current cash net operating income150 - These ratios are common indicators of the company's ability to service fixed cash payments but should not be considered alternatives to GAAP cash flow150 Funds From Operations (FFO) Reconciliation This section provides a detailed reconciliation from net income (loss) attributable to SL Green common stockholders to FFO, illustrating the impact of non-cash items like depreciation, amortization, joint venture adjustments, and asset disposition gains/losses Funds From Operations (FFO) Reconciliation (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | | :--- | :--- | :--- | | Net Income (Loss) Attributable to SL Green Common Stockholders | 24,874 | (13,279) | | Add: Depreciation and Amortization | 63,216 | 53,176 | | Add: Joint Venture Depreciation and Non-Controlling Interest Adjustments | 124,984 | 71,539 | | Less: Net Gain on Disposition of Unconsolidated Joint Venture / Real Estate Interests | 86,872 | 371 | | FFO | 120,385 | 78,554 | EBITDAre Reconciliation This section provides a detailed reconciliation from net income (loss) to EBITDAre, showing the impact of interest, taxes, depreciation, amortization, asset dispositions, and impairments on EBITDAre EBITDAre Reconciliation (Q3 2025 vs Q3 2024) | Metric | September 30, 2025 (in thousands USD) | September 30, 2024 (in thousands USD) | | :--- | :--- | :--- | | Net Income (Loss) | 35,161 | (9,264) | | Add: Depreciation and Amortization | 63,216 | 53,176 | | Add: Interest