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

Core Insights - The concept of "return to the office" is misleading as many returning workers are not the same individuals who left during COVID, indicating a significant shift in the workforce [2] - Major cities are experiencing a resurgence in office attendance, with June being the fourth-best month for in-office visits since COVID, although visits are still down about 27% compared to June 2019 [4] Company Analysis - Many companies that are mandating a return to the office lack sufficient space due to lease cancellations in 2021, such as Pinterest and Meta Platforms [3] - Easterly Government Properties REIT (DEA) is identified as a poor investment choice due to its high long-term debt of $1.6 billion, which exceeds its market cap by approximately $600 million, and a recent 32% dividend cut [6][8] - SL Green Realty (SLG) is a more appealing option, with a 5.1% dividend yield and a well-covered payout at 53% of the forecasted funds from operations for 2025, although its focus on New York and occupancy rate of around 91% raise some concerns [9][11] - Equity Residential (EQR) is highlighted as a top investment choice, yielding 4.1% and managing nearly 85,000 units in major markets, with a strong occupancy rate of 96.2% and rising rental rates expected to increase by 2% to 3% this year [12][15] - EQR has effectively reduced its long-term debt to $7.85 billion, which is only 31% of its market cap, and is strategically upgrading its portfolio by selling older properties and acquiring newer ones [16][17]

Core Insights - SL Green Realty reported a GAAP net loss per share of $0.16 for Q2 2025, which was better than analysts' expectations of a loss of $0.17, while revenue exceeded consensus estimates [1][5] - Funds from operations (FFO) per share decreased by 20.5% year-over-year to $1.63, reflecting operational challenges despite increased revenue [2][5] - The company raised its full-year FFO guidance to a range of $5.65 to $5.95, driven by anticipated income from debt and preferred equity investments [16] Financial Performance - Revenue for Q2 2025 was $241.9 million, an increase of 8.6% from $222.8 million in Q2 2024, and above the estimate of $160.41 million [2][5] - Same-store cash net operating income (NOI) decreased by 1.0% year-over-year to $153.3 million [2][6] - Manhattan same-store office occupancy was reported at 91.4%, showing slight decline but remaining stable [2][6] Leasing Activity - The company signed 46 new office leases totaling over 541,000 square feet during the quarter, with an average lease length of 7.8 years and an average annual rental rate of $90.03 per square foot [6][12] - Mark-to-market rents increased by 2.4% for the quarter, although there was a slight decline of 0.4% over the first half of the year [6][12] - Management aims to achieve 93.2% occupancy in Manhattan properties by year-end, supported by leases already signed [13][16] Investment Strategy - SL Green acquired a 49.9% interest in 100 Park Avenue for $14.9 million and sold its 85 Fifth Avenue property for $3.2 million in net proceeds [7] - The debt and preferred equity portfolio increased to $525.4 million, with a weighted average yield of 7.0% [9] - The company is focusing on alternative revenue sources, including the SUMMIT One Vanderbilt observation deck and special servicing/debt businesses, which have seen increased activity [14] Financial Management - Net debt rose to $3.64 billion, reflecting ongoing capital recycling and refinancing activities [10] - The company maintained its regular dividend payout to shareholders without any increase or cut during the quarter [11] - Cash and available investments exceeded $180 million, providing additional liquidity [10] Future Outlook - Management expects continued leasing success and stability in income from both property and investment portfolios to meet its financial targets [16] - Key metrics to monitor include new lease activity, rent growth on renewals, and the performance of debt and preferred equity investments [17]

Group 1 - SL Green (NYSE: SLG) has underperformed over the past year, losing approximately 1% of its value and missing out on a broader market rally [1] - The office sector is facing significant challenges, yet SL Green reported better performance compared to its peers [1]

Group 1 - The Value Lab focuses on long-only value investment ideas, aiming for a portfolio yield of approximately 4% and has performed well over the last five years by engaging in international markets [1][2] - SL Green Realty (NYSE: SLG) is highlighted as an interesting investment prospect, particularly due to its midtown redevelopment plans [2] - The Valkyrie Trading Society consists of analysts sharing high conviction investment ideas that are expected to yield non-correlated and outsized returns in the current economic environment [3]

Group 1 - The article discusses the analysis of oil and gas companies, focusing on identifying undervalued names within the sector, including a detailed examination of balance sheets, competitive positions, and development prospects [1] - The last report on SL Green (NYSE: SLG) indicated a quieter start to the fiscal year compared to the previous year, where management had multiple positive surprises [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analyst has a beneficial long position in SL Green shares, indicating a personal investment interest in the company [3] - The article emphasizes the importance of conducting thorough research and reviewing company filings and press releases to align with individual investment objectives [4] - Past performance of investments is not indicative of future results, highlighting the need for careful consideration before making investment decisions [5]

Financial Data and Key Metrics Changes - The company raised its earnings guidance by $0.40 per share, reflecting substantial increased profit above previous expectations, marking a 7.4% increase at the midpoint [13][16][32] - The repayment of a mortgage investment generated approximately $0.69 per share of incremental Funds From Operations (FFO) [16][17] - Interest expenses are trending slightly above original expectations by about $0.10 per share, primarily due to decisions around potential asset sales [18] Business Line Data and Key Metrics Changes - The company concluded over 540,000 square feet of leasing in the second quarter, bringing the year-to-date total to 1,300,000 square feet [7] - The leasing pipeline has been refilled to over 1,000,000 square feet, with 80% of those leases being 25,000 square feet and under [8][10] - Half of the leasing pipeline is attributed to financial services, with the other half comprising a diverse range of sectors including legal, professional services, and government [8] Market Data and Key Metrics Changes - The demand for office space is radiating from core areas to peripheral corridors, with significant occupancy gains projected towards a target of 93.2% by year-end [9][10] - The overall attendance at the Summit attraction was higher than projections, indicating strong market interest [19] Company Strategy and Development Direction - The company is focused on opportunistic investments and has raised over $1 billion in fund commitments, enhancing corporate liquidity to over $2 billion [10] - The filing for a casino license bid in Times Square represents a significant strategic initiative aimed at economic development and community upliftment [11][12][63] - The company is actively pursuing development and redevelopment opportunities, with multiple projects in the pipeline [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current volatile economic environment, highlighting the company's adaptability and diverse platform [5][6] - The commentary emphasized that New York City continues to benefit from economic volatility, with strong trading profits reported by major banks [31][32] - Management noted that the return to office trend is gaining momentum, with companies seeking more space per employee [95] Other Important Information - The company is experiencing a tightening in concessions, with face rents increasing across various submarkets [98][104] - The company is optimistic about the potential impact of the casino project on the surrounding area, which could lead to broader investment opportunities [60][63] Q&A Session Summary Question: Concerns about occupancy dip in Q2 - Management acknowledged a slight dip in occupancy but reiterated confidence in reaching the year-end target of 93.2% [24][25] Question: Clarification on investment disclosures - Management explained that certain investments, like CMBS, do not receive the same level of disclosure as preferred equity investments [38][41] Question: Impact of mayoral primary on tenant discussions - Management reported no noticeable impact on tenant negotiations due to the mayoral primary [44][46] Question: Future leasing and occupancy trends - Management indicated that new leases typically take about twelve months to reflect in financials, with expectations for increased occupancy in 2025 [47][48] Question: Other income line item decline - Management noted a decrease in fee income as the reason for the quarter-over-quarter decline in other income [52] Question: Development site acquisition progress - Management confirmed ongoing efforts to secure development sites, emphasizing it as a high priority [72]

Financial Data and Key Metrics Changes - The company raised its earnings guidance by $0.40 per share, reflecting substantial increased profit above previous expectations [12][14] - The repayment of a mortgage investment generated approximately $0.69 per share of incremental FFO, while reserves booked on a preferred equity investment offset this by $0.19 per share [14][15] - Interest expense is trending above original expectations by about $0.10 per share, primarily due to decisions around potential asset sales [15][16] Business Line Data and Key Metrics Changes - In Q2, the company concluded over 540,000 square feet of leasing, bringing the year-to-date total to 1,300,000 square feet [5][6] - The leasing pipeline has been refilled to over 1,000,000 square feet, with 80% of those leases being 25,000 square feet and under [6][9] - Half of the leasing pipeline is from financial services, with the other half coming from a diverse range of sectors including legal, professional services, government, and nonprofit [6][9] Market Data and Key Metrics Changes - The demand for office space is radiating from East to West within the portfolio, indicating a healthy leasing environment across various locations [6][10] - The company anticipates significant occupancy gains, projecting to reach 93.2% occupancy by the end of the year [7][10] - The overall tenant demand in the market has increased, with 28 million square feet of active tenant searches compared to 22 million square feet a year ago [63] Company Strategy and Development Direction - The company is focused on opportunistic investments and has raised over $300 million in fresh cash proceeds to deploy into new opportunities [9][10] - The filing for the casino license bid project represents a significant strategic initiative aimed at enhancing the economic landscape of Times Square [10][11] - The company is actively pursuing development and large-scale redevelopment sites, which remain a high priority [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current volatile economic backdrop and highlighted the company's adaptability in finding investment opportunities [5][29] - The management noted that the current market conditions, including high trading profits in financial services, present opportunities rather than challenges [29] - There is optimism regarding the future demand for office space, particularly from mid-market tenants returning to the market [88][92] Other Important Information - The company has closed over $500 million in fund commitments, bringing total commitments to over $1 billion [9] - The average free rent per lease has decreased to 6.3 months, the lowest in the last five quarters, indicating a tightening market [99][100] Q&A Session Summary Question: Concerns about slight dip in occupancy - Management stated that quarter-to-quarter variations are not a productive focus and reiterated confidence in reaching the occupancy target [21][23] Question: Inquiry about investment monetization timeline - Management indicated that the rapid monetization of investments is within expected ranges and attributed it to the quality of collateral [32][34] Question: Impact of mayoral primary on tenant discussions - Management confirmed that there has been no noticeable impact on tenant negotiations due to the mayoral primary [40][42] Question: Progress on securing development sites - Management confirmed that securing development and redevelopment sites is a high priority and multiple opportunities are being pursued [68] Question: Trends in concessions and rent growth - Management noted that face rents are increasing while concessions have remained flat, indicating a tightening market [95][96]

Core Insights - SL Green Realty Corp. has exceeded its initial fundraising goal of $1.0 billion for the SLG Opportunistic Debt Fund, receiving over $500.0 million in new commitments in just one week [1][2][3] - The fund, launched in 2024, aims to capitalize on the improving leasing fundamentals and the early stages of recovery in debt capital markets, focusing on high-quality assets in New York City [2][3] - The strong demand from both domestic and international investors highlights confidence in SL Green's ability to identify and execute investment opportunities in New York City [2][3] Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT), primarily focused on acquiring and managing Manhattan commercial properties [4] - 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 [4]

Financial Performance - SL Green reported a net loss attributable to common stockholders of $11.1 million, or $0.16 per share, for Q2 2025, compared to a net loss of $2.2 million, or $0.04 per share, in Q2 2024[26]. - For the six months ended June 30, 2025, the net loss attributable to common stockholders was $32.2 million, or $0.47 per share, compared to net income of $11.0 million, or $0.16 per share, for the same period in 2024[27]. - The company reported a net loss of $30,429,000 for the first half of 2025, with a significant increase in the retained deficit to $(613,117,000)[61]. - The company reported a net loss attributable to common stockholders of $11,092,000 for the three months ended June 30, 2025, compared to a loss of $2,160,000 for the same period in 2024[148]. - For the three months ended June 30, 2025, the net loss was $6,817,000 compared to a net income of $1,959,000 for the same period in 2024[150]. Funds from Operations (FFO) - Funds from Operations (FFO) for Q2 2025 was $124.5 million, or $1.63 per share, down from $143.9 million, or $2.05 per share, in Q2 2024[28]. - For the six months ended June 30, 2025, FFO was $231.1 million, or $3.03 per share, compared to $359.4 million, or $5.12 per share, for the same period in 2024[29]. - The company’s total FAD (Funds Available for Distribution) adjustments for the six months ended June 30, 2025, were $(100,627), compared to $(38,129) in the same period of 2024, indicating a significant increase in adjustments[64]. - The company reported total Funds Available for Distribution (FAD) reported was $63,533,000 for the three months ended June 30, 2025, compared to $114,229,000 in the same period last year, a decline of 44.4%[60]. Revenue and Income - Total revenues for the three months ended June 30, 2025, increased to $241,916,000, up from $222,820,000 for the same period in 2024, representing an increase of 8.8%[57]. - Rental revenue, net for the three months ended June 30, 2025, was $147,535,000, compared to $135,563,000 in the prior year, reflecting a growth of 8.8%[57]. - The company reported a gain on early extinguishment of debt of $17,777,000 in the three months ended June 30, 2024, which was not repeated in 2025[57]. - The company reported a loss on the sale of real estate of $167,000 for the second quarter of 2025, compared to a gain of $2,741,000 in the same quarter of 2024[151]. Operating Expenses - Total operating expenses for the three months ended June 30, 2025, were $95,276,000, a decrease from $128,055,000 in the same period last year, representing a reduction of 25.7%[57]. - Total operating expenses for the three months ended June 30, 2025, were $156,777, an increase from $141,690 in the same period of 2024, representing a rise of 10.6%[63]. - The total depreciation and amortization expense for the second quarter of 2025 was $60,160,000, compared to $52,247,000 in the same quarter of 2024, an increase of approximately 15.2%[151]. Leasing Activity - In Q2 2025, SL Green signed 46 office leases in Manhattan totaling 541,721 square feet, with an average rent of $90.03 per rentable square foot[33]. - For the six months ended June 30, 2025, the company signed 91 office leases in Manhattan totaling 1,143,826 square feet, with an average rent of $86.52 per rentable square foot[34]. - The average lease term for Manhattan office leases signed in Q2 2025 was 7.8 years, with average tenant concessions of 6.3 months of free rent[33]. - The average starting cash rent per square foot for office leases signed in Q2 2025 was $95.93, a 2.4% increase from the previous escalated cash rent of $93.65[51]. Occupancy Rates - Manhattan same-store office portfolio occupancy was 91.4% as of June 30, 2025, with an expected increase to 93.2% by December 31, 2025[35]. - Same-store cash NOI decreased by 0.1% in Q2 2025, or 1.0% excluding lease termination income, compared to Q2 2024[31]. - Same-store cash NOI increased by 1.4% for the six months ended June 30, 2025, or 0.7% excluding lease termination income, compared to the same period in 2024[32]. - Same-store net operating income (NOI) for the three months ended June 30, 2025, was $170,773,000, up 5.4% from $162,055,000 in 2024[71]. Debt and Equity - The carrying value of the Company's debt and preferred equity portfolio was $525.4 million, with a weighted average current yield of 7.0%[38]. - Total consolidated debt was $3,753.4 million as of June 30, 2025, down from $3,876.7 million at the end of the previous quarter[48]. - The company reported total debt consolidated as of June 30, 2025, was $3,753,402,000, with a weighted average interest rate of 5.41%[72]. - The company’s total equity decreased to $3,880,103 as of June 30, 2025, from $3,953,427 as of March 31, 2025, a decline of 1.85%[56]. Asset Management - The Company generated net proceeds of $196.6 million from the repayment of a commercial mortgage investment valued at $125.0 million, which was repaid for $200.0 million[36]. - The Company closed the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million, generating net proceeds of $3.2 million[37]. - Real estate assets before depreciation totaled $6,731.3 million as of June 30, 2025, an increase from $6,678.9 million at the end of the previous quarter[48]. - The company has a total of 4,473,603 net rentable square feet in its West Coast Office Portfolio acquired in July 2012, valued at $880.104 million with an occupancy rate of 76.3%[135]. Strategic Acquisitions and Dispositions - The company has engaged in various redevelopment projects, including 625 Madison Avenue, expected to generate $634,600,000 from a net rentable area of 563,000 square feet, averaging $1,127 per square foot[136]. - The company has a strategic focus on high-occupancy areas, with properties like 245 Park Avenue achieving an occupancy rate of 91.8%[133]. - The company has shown a trend of increasing valuations over time, with properties sold in recent years achieving higher price per square foot compared to earlier years[134]. - The company has a significant focus on the Times Square area, with multiple properties disposed of and planned for future transactions, indicating a strategic market expansion[136].