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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13199 (SL Green Realty Corp.)

Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)

______________________________________________________________________

SL GREEN REALTY CORP.

SL GREEN OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

______________________________________________________________________


SL Green Realty Corp.	Maryland	13-3956775
SL Green Operating Partnership, L.P.	Delaware	13-3960938
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Vanderbilt Avenue, New York, NY 10017

(Address of principal executive offices—Zip Code)

(212) 594-2700

(Registrant's telephone number, including area code)

______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

SL Green Realty Corp.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

SL Green Operating Partnership, L.P.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

SL Green Realty Corp. Yes ☐ No x SL Green Operating Partnership, L.P. Yes ☐ No x

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Trading Symbol(s)

Title of Each Class

Name of Each Exchange on Which Registered

SL Green Realty Corp.

SLG

Common Stock, $0.01 par value

New York Stock Exchange

SL Green Realty Corp.

SLG.PRI

6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value

New York Stock Exchange

As of October 30, 2025, 71,025,886 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of October 30, 2025, 301,668 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2025 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.

The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.

As of September 30, 2025, the Company owns 93.61% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of September 30, 2025, noncontrolling investors held, in aggregate, a 6.39% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.

The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.

Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:

•Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and

•Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

•consolidated financial statements; and

•the following notes to the consolidated financial statements:

◦Note 11, Noncontrolling Interests on the Company's Consolidated Financial Statements;

◦Note 12, Stockholders' Equity of the Company; and

◦Note 13, Partners' Capital of the Operating Partnership.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS	5

	FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. (UNAUDITED)
	Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	5
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	7
	Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024	8
	Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024	10
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	11

	FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. (UNAUDITED)
	Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	14
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	16
	Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024	17
	Consolidated Statements of Capital for the three and nine months ended September 30, 2025 and 2024	19
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	20
	Notes to Consolidated Financial Statements	23
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	65
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	82
Item 4.	Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)	83
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	85
Item 3.	Defaults Upon Senior Securities	86
Item 4.	Mine Safety Disclosures	87
Item 5.	Other Information	88
Item 6.	Exhibits	89
	Signatures	90

Table of Contents

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Table of Contents

SL Green Realty Corp.

Consolidated Balance Sheets

(unaudited, in thousands)


	September 30, 2025		December 31, 2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,627,895	$	1,357,041
Building and improvements	4,082,434		3,862,224
Building leasehold and improvements	1,424,907		1,388,476
	7,135,236		6,607,741
Less: accumulated depreciation	(2,266,042)		(2,126,081)
	4,869,194		4,481,660

Cash and cash equivalents	187,039		184,294
Restricted cash	170,004		147,344
Investments in marketable securities	16,099		22,812
Tenant and other receivables	136,787		44,055
Related party receivables	15,287		26,865
Deferred rents receivable	268,770		266,428
Debt and preferred equity investments, net of discounts and deferred origination fees of $209 and $1,618 and allowances of $454 and $13,520 in 2025 and 2024, respectively	171,412		303,726
Investments in unconsolidated joint ventures	2,627,443		2,690,138
Debt fund investments, at fair value	73,402		—
Deferred costs, net of amortization of $180,831 and $308,923, respectively	117,054		117,132

Right-of-use assets - operating leases	869,929		865,639
Real estate loans held by consolidated securitization vehicles (includes $1,013,273 and $584,134 at fair value as of September 30, 2025 and December 31, 2024, respectively)	1,013,273		709,095
Other assets	608,444		610,911
Total assets (1)	$	11,144,137	$	10,470,099
Liabilities
Mortgages and other loans payable, net	$	2,280,095	$	1,944,635
Revolving credit facility, net	387,407		316,240
Unsecured term loans, net	1,147,274		1,146,010
Unsecured notes, net	99,974		99,897
Accrued interest payable	17,803		16,527
Senior obligations of consolidated securitization vehicles (includes $1,013,273 and $567,487 at fair value as of September 30, 2025 and December 31, 2024, respectively)	1,013,273		590,131
Other liabilities	387,641		414,153
Accounts payable and accrued expenses	140,232		122,674
Deferred revenue	164,132		164,887
Lease liability - financing leases	107,846		106,853
Lease liability - operating leases	809,665		810,989
Dividend and distributions payable	21,942		21,816
Security deposits	65,356		60,331

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	6,742,640		5,915,143

Table of Contents

SL Green Realty Corp.

Consolidated Balance Sheets

(unaudited, in thousands)


	September 30, 2025		December 31, 2024
Commitments and contingencies (See Note 19)
Noncontrolling interests in Operating Partnership	280,873		288,941
Preferred units and redeemable equity	194,392		196,064

Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2025 and December 31, 2024	221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized and 71,028 and 71,097 issued and outstanding at September 30, 2025 and December 31, 2024, respectively	710		711
Additional paid-in-capital	4,205,443		4,159,562

Accumulated other comprehensive (loss) income	(19,784)		18,196
Retained deficit	(634,653)		(449,101)
Total SL Green stockholders' equity	3,773,648		3,951,300
Noncontrolling interests in other partnerships	152,584		118,651
Total equity	3,926,232		4,069,951
Total liabilities and equity	$	11,144,137	$	10,470,099

(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $416.1 million and $236.7 million of land, $357.7 million and $159.1 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $11.9 million and $4.1 million of accumulated depreciation, $73.4 million and $— of debt fund investments, $1,013.3 million and $709.1 million of real estate loans held by consolidated securitization vehicles, $879.3 million and $830.3 million of other assets included in other line items, $632.3 million and $357.9 million of real estate debt, net, $1.5 million and $1.1 million of accrued interest payable, $— million and $— million of lease liabilities, $1,013.3 million and $590.1 million of senior obligations of consolidated securitization vehicles and $304.4 million and $324.8 million of other liabilities included in other line items as of September 30, 2025 and December 31, 2024, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Realty Corp.

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues
Rental revenue, net	$	168,536	$	156,933	$	496,792	$	449,069
SUMMIT Operator revenue	32,883		36,437		86,424		94,643
Investment income	4,356		5,344		26,809		18,938
Interest income from real estate loans held by consolidated securitization vehicles	10,838		4,771		47,868		4,771
Other income	28,204		26,206		68,686		72,972
Total revenues	244,817		229,691		726,579		640,393
Expenses
Operating expenses, including related party expenses of $6 and $9 in 2025, and $0 and $2 in 2024	57,673		49,507		164,840		139,448
Real estate taxes	37,627		30,831		112,594		94,495
Operating lease rent	6,106		6,363		18,317		19,136
SUMMIT Operator expenses	35,959		37,901		82,570		82,947
Interest expense, net of interest income	47,235		42,091		138,234		109,067
Amortization of deferred financing costs	1,724		1,669		5,153		4,885
SUMMIT Operator tax expense (benefit)	1,279		(1,779)		2,781		(1,219)
Interest expense on senior obligations of consolidated securitization vehicles	10,838		3,330		45,827		3,330
Depreciation and amortization	63,216		53,176		187,874		154,007
Loan loss and other investment reserves, net of recoveries	—		—		(71,326)		—
Transaction related costs	13,129		171		13,601		263
Marketing, general and administrative	23,701		21,015		67,004		62,360
Total expenses	298,487		244,275		767,469		668,719

Equity in net (loss) income from unconsolidated joint ventures	(9,287)		(15,428)		(30,892)		100,057
Income from debt fund investments, net	1,176		—		1,776		—
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	86,872		371		84,926		19,006
Purchase price and other fair value adjustments	11,138		12,906		(8,090)		(36,321)
(Loss) gain on sale of real estate, net	(1,068)		7,471		(1,717)		4,730
Depreciable real estate reserves and impairment	—		—		(8,546)		(65,839)
Gain on sale of marketable securities	—		—		10,232		—
Gain on early extinguishment of debt	—		—		—		17,777



Net income (loss)	35,161		(9,264)		6,799		11,084
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	(1,737)		914		503		166
Noncontrolling interests in other partnerships	(2,658)		985		3,079		4,150
Preferred units distributions	(2,154)		(2,176)		(6,461)		(6,485)
Net income (loss) attributable to SL Green	28,612		(9,541)		3,920		8,915
Perpetual preferred stock dividends	(3,738)		(3,738)		(11,213)		(11,213)
Net income (loss) attributable to SL Green common stockholders	$	24,874	$	(13,279)	$	(7,293)	$	(2,298)






















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










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

Basic weighted average common shares outstanding	70,443		64,388		70,434		64,355
Diluted weighted average common shares and common share equivalents outstanding	71,148		64,388		70,434		64,355

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Realty Corp.

Consolidated Statements of Comprehensive Income (Loss)

(unaudited, in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	35,161	$	(9,264)	$	6,799	$	11,084
Other comprehensive loss:
Decrease in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	(3,781)		(72,168)		(41,717)		(49,052)
Increase (decrease) in unrealized value of marketable securities	92		(228)		1,091		1,170
Other comprehensive loss	(3,689)		(72,396)		(40,626)		(47,882)
Comprehensive income (loss)	31,472		(81,660)		(33,827)		(36,798)
Net income attributable to noncontrolling interests and preferred units distributions	(6,549)		(277)		(2,879)		(2,169)
Other comprehensive loss attributable to noncontrolling interests	229		4,717		2,646		3,097
Comprehensive income (loss) attributable to SL Green	$	25,152	$	(77,220)	$	(34,060)	$	(35,870)

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)


	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Retained Deficit		Noncontrolling Interests		Total
Balance at June 30, 2025		$	221,932	71,025	$	710	$	4,198,303	$	—	$	(16,324)	$	(613,117)	$	88,599	$	3,880,103
Net income													28,612		2,658		31,270
Acquisition of subsidiary interest from noncontrolling interest															—		—
Other comprehensive loss											(3,460)						(3,460)
Perpetual preferred stock dividends													(3,738)				(3,738)
DRSPP proceeds				1			58										58
Conversion of units in the Operating Partnership for common stock				—													—
Measurement adjustment for redeemable noncontrolling interest													8,081				8,081

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				2			7,082								698		7,780



Distributions from consolidated joint venture interests															(61)		(61)
Contributions to debt fund investments															60,907		60,907




Cash distributions to noncontrolling interests															(217)		(217)

Cash distributions declared ($0.773 per common share, none of which represented a return of capital for federal income tax purposes)													(54,491)				(54,491)
Balance at September 30, 2025		$	221,932	71,028	$	710	$	4,205,443	$	—	$	(19,784)	$	(634,653)	$	152,584	$	3,926,232

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
Balance at June 30, 2024		$	221,932	64,814	$	660	$	3,836,751	$	(128,655)	$	40,371	$	(279,763)	$	66,465	$	3,757,761
Net loss													(9,541)		(985)		(10,526)

Other comprehensive loss											(67,679)						(67,679)
Perpetual preferred stock dividends													(3,738)				(3,738)
DRSPP proceeds				340	3		23,630										23,633
Conversion of units in the Operating Partnership for common stock				77													—

Reallocation of noncontrolling interest in the Operating Partnership													(34,923)				(34,923)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				4			5,707										5,707







Cash distributions to noncontrolling interests															(1,760)		(1,760)

Cash distributions declared ($0.750 per common share, none of which represented a return of capital for federal income tax purposes)													(48,470)				(48,470)
Balance at September 30, 2024		$	221,932	65,235	$	663	$	3,866,088	$	(128,655)	$	(27,308)	$	(376,435)	$	63,720	$	3,620,005

Table of Contents

SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)


	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Retained Deficit		Noncontrolling Interests		Total
Balance at December 31, 2024		$	221,932	71,097	$	711	$	4,159,562	$	—	$	18,196	$	(449,101)	$	118,651	$	4,069,951
Net income													3,920		(3,079)		841
Acquisition of subsidiary interest from noncontrolling interest							36,023								(51,654)		(15,631)
Other comprehensive loss											(37,980)						(37,980)
Perpetual preferred stock dividends													(11,213)				(11,213)
DRSPP proceeds				3			189										189
Conversion of units in the Operating Partnership for common stock				5													—
Measurement adjustment for redeemable noncontrolling interest													(14,814)				(14,814)

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(77)	(1)		10,540								698		11,237
Proceeds from issuance of common stock							(871)										(871)


Contributions to consolidated joint venture interests															4,686		4,686





Contributions to debt fund investments															85,100		85,100
Distributions from debt fund investments																	—
Cash distributions to noncontrolling interests															(1,818)		(1,818)

Cash distributions declared ($2.318 per common share, none of which represented a return of capital for federal income tax purposes)													(163,445)				(163,445)
Balance at September 30, 2025		$	221,932	71,028	$	710	$	4,205,443	$	—	$	(19,784)	$	(634,653)	$	152,584	$	3,926,232

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
Balance at December 31, 2023		$	221,932	64,726	$	660	$	3,826,452	$	(128,655)	$	17,477	$	(151,551)	$	69,610	$	3,855,925
Net income													8,915		(4,150)		4,765
Acquisition of subsidiary interest from noncontrolling interest															(5,674)		(5,674)
Other comprehensive loss											(44,785)						(44,785)
Perpetual preferred stock dividends													(11,213)				(11,213)
DRSPP proceeds				342	3		23,750										23,753
Conversion of units in the Operating Partnership for common stock				77													—

Reallocation of noncontrolling interest in the Operating Partnership													(77,400)				(77,400)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				90			15,886										15,886


Contributions to consolidated joint venture interests															1,823		1,823


Consolidation of joint venture interest															6,678		6,678
Cash distributions to noncontrolling interests															(4,567)		(4,567)

Cash distributions declared ($2.250 per common share, none of which represented a return of capital for federal income tax purposes)													(145,186)				(145,186)
Balance at September 30, 2024		$	221,932	65,235	$	663	$	3,866,088	$	(128,655)	$	(27,308)	$	(376,435)	$	63,720	$	3,620,005

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Nine Months Ended September 30,
	2025		2024
Operating Activities
Net income	$	6,799	$	11,084
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	193,027		158,892
Equity in net loss (income) from unconsolidated joint ventures	30,892		(100,057)

Distributions of cumulative earnings from unconsolidated joint ventures	437		306
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	(84,926)		(19,006)
Purchase price and other fair value adjustments	8,090		36,321
Depreciable real estate reserves and impairment	8,546		65,839
Loss (gain) on sale of real estate, net	1,717		(4,730)
Loan loss reserves and other investment reserves, net of recoveries	(71,326)		—

Gain on sale of investments in marketable securities	(10,232)		—
Gain on early extinguishment of debt	—		(17,777)
Deferred rents receivable	520		(2,166)
Non-cash lease expense	15,879		15,147
Other non-cash adjustments	33,126		31,460

Changes in operating assets and liabilities:
Tenant and other receivables	(4,551)		(12,693)
Related party receivables	11,677		181
Deferred lease costs	(18,649)		(11,920)

Other assets	(27,202)		(11,332)
Accounts payable, accrued expenses, other liabilities and security deposits	(10,940)		(57,291)
Deferred revenue	(6,971)		1,616
Lease liability - operating leases	(21,493)		(12,454)
Net cash provided by operating activities	54,420		71,420
Investing Activities
Acquisitions of real estate property	(110,380)		—
Additions to land, buildings and improvements	(182,952)		(162,691)
Acquisition deposits and deferred purchase price	(10,050)		(12,817)
Investments in unconsolidated joint ventures	(145,583)		(371,948)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	93,722		99,307
Net proceeds from disposition of real estate/joint venture interest	212,168		478,151

Cash and restricted cash assumed from consolidation of real estate investment	4,163		—
Proceeds from sale or redemption of marketable securities	60,107		—
Investments in marketable securities	(41,413)		(5,604)
Investments in real estate loans held by consolidated securitization vehicles	(49,296)		(108,893)
Repayment of real estate loans held by consolidated securitization vehicles	(231,704)		—
Proceeds from sale or redemption of real estate loans held by consolidated securitization vehicles	430,000
Other investments	(36,515)		(7,350)
Origination or purchase of debt fund investments	(49,509)		—
Repayment or redemption of debt fund investments	20,000		—
Origination of debt and preferred equity investments	(13,073)		(9,126)

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Nine Months Ended September 30,
	2025		2024
Repayments or redemption of debt and preferred equity investments	9,214		63,496
Net cash used in investing activities	(41,101)		(37,475)

Financing Activities
Proceeds from mortgages and other loans payable	104,403		900
Repayments of mortgages and other loans payable	(17,046)		(36,488)
Proceeds from revolving credit facility, term loans and unsecured notes	660,000		920,000
Repayments of revolving credit facility, term loans and unsecured notes	(590,000)		(745,000)
Proceeds from stock options exercised and DRSPP issuance	189		14,291
Proceeds from issuance of common stock	(871)		—


Redemption of OP units	(21,558)		(31,491)
Distributions to noncontrolling interests in other partnerships	(1,818)		(4,567)
Contributions from noncontrolling interests in other partnerships	4,635		1,823

Distributions to noncontrolling interests in the Operating Partnership	(11,687)		(10,545)
Contributions from noncontrolling interests to debt fund investments	85,100		—
Dividends paid on common and preferred stock	(180,982)		(162,787)

Tax withholdings related to restricted share awards	(13,744)		—
Deferred loan costs	(4,535)		(475)

Net cash provided by (used in) financing activities	12,086		(54,339)
Net increase (decrease) in cash, cash equivalents, and restricted cash	25,405		(20,394)
Cash, cash equivalents, and restricted cash at beginning of year	331,638		335,519
Cash, cash equivalents, and restricted cash at end of period	$	357,043	$	315,125





Supplemental Disclosure of Non-Cash Investing and Financing Activities:




Exchange of preferred equity investment for real estate	$	138,954	$	—




Measurement adjustment for redeemable noncontrolling interest	14,815		77,400
Conversion of partner loan	15,632		—
Investment in joint venture	—		10,639

Consolidation of a subsidiary	—		6,678
Consolidation of mortgage loan payable	—		205,000
Acquisition of subsidiary interest from noncontrolling interest	51,654		5,674
Transfer of investments to debt fund	38,422		—
Contribution to consolidated joint venture interest	51		—

Extinguishment of debt	—		18,000


Debt and preferred equity investments	—		1,133


Removal of fully depreciated commercial real estate properties	5,157		4,774
Receivable from sale of unconsolidated joint venture assets	86,635		—


Share repurchase or redemption payable	—		9,514
Share issuance receivable	—		9,462


Recognition of lease liabilities arising from obtaining right-of-use assets	20,169		—
Consolidation of securitization vehicle assets	828,143		600,521
Consolidation of securitization vehicle liabilities	828,143		600,521

Table of Contents

SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.


	Nine Months Ended September 30,
	2025		2024
Cash and cash equivalents	$	187,039	$	188,216
Restricted cash	170,004		126,909
Total cash, cash equivalents, and restricted cash	$	357,043	$	315,125

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(unaudited, in thousands)


	September 30, 2025		December 31, 2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,627,895	$	1,357,041
Building and improvements	4,082,434		3,862,224
Building leasehold and improvements	1,424,907		1,388,476
	7,135,236		6,607,741
Less: accumulated depreciation	(2,266,042)		(2,126,081)
	4,869,194		4,481,660

Cash and cash equivalents	187,039		184,294
Restricted cash	170,004		147,344
Investments in marketable securities	16,099		22,812
Tenant and other receivables	136,787		44,055
Related party receivables	15,287		26,865
Deferred rents receivable	268,770		266,428
Debt and preferred equity investments, net of discounts and deferred origination fees of $209 and $1,618 and allowances of $454 and $13,520 in 2025 and 2024, respectively	171,412		303,726
Investments in unconsolidated joint ventures	2,627,443		2,690,138
Debt fund investments, at fair value	73,402		—
Deferred costs, net of amortization of $180,831 and $308,923, respectively	117,054		117,132

Right-of-use assets - operating leases	869,929		865,639
Real estate loans held by consolidated securitization vehicles (includes $1,013,273 and $584,134 at fair value as of September 30, 2025 and December 31, 2024, respectively)	1,013,273		709,095
Other assets	608,444		610,911
Total assets (1)	$	11,144,137	$	10,470,099
Liabilities
Mortgages and other loans payable, net	$	2,280,095	$	1,944,635
Revolving credit facility, net	387,407		316,240
Unsecured term loans, net	1,147,274		1,146,010
Unsecured notes, net	99,974		99,897
Accrued interest payable	17,803		16,527
Senior obligations of consolidated securitization vehicles (includes $1,013,273 and $567,487 at fair value as of September 30, 2025 and December 31, 2024, respectively)	1,013,273		590,131
Other liabilities	387,641		414,153
Accounts payable and accrued expenses	140,232		122,674
Deferred revenue	164,132		164,887
Lease liability - financing leases	107,846		106,853
Lease liability - operating leases	809,665		810,989
Dividend and distributions payable	21,942		21,816
Security deposits	65,356		60,331

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	6,742,640		5,915,143

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(unaudited, in thousands)


	September 30, 2025		December 31, 2024
Commitments and contingencies (See Note 19)
Limited partner interests in SLGOP (4,509 and 4,510 limited partner common units outstanding at September 30, 2025 and December 31, 2024, respectively)	280,873		288,941
Preferred units and redeemable equity	194,392		196,064
Capital
SLGOP partners' capital:
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2025 and December 31, 2024	221,932		221,932
SL Green partners' capital (755 and 756 general partner common units and 70,273 and 70,341 limited partner common units outstanding at September 30, 2025 and December 31, 2024, respectively)	3,571,500		3,711,172
Accumulated other comprehensive (loss) income	(19,784)		18,196
Total SLGOP partners' capital	3,773,648		3,951,300
Noncontrolling interests in other partnerships	152,584		118,651
Total capital	3,926,232		4,069,951
Total liabilities and capital	$	11,144,137	$	10,470,099

(1) The Operating Partnership's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $416.1 million and $236.7 million of land, $357.7 million and $159.1 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $11.9 million and $4.1 million of accumulated depreciation, $73.4 million and $— of debt fund investments, $1,013.3 million and $709.1 million of real estate loans held by consolidated securitization vehicles, $879.3 million and $830.3 million of other assets included in other line items, $632.3 million and $357.9 million of real estate debt, net, $1.5 million and $1.1 million of accrued interest payable, $— million and $— million of lease liabilities, $1,013.3 million and $590.1 million of senior obligations of consolidated securitization vehicles and $304.4 million and $324.8 million of other liabilities included in other line items as of September 30, 2025 and December 31, 2024, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Statements of Operations

(unaudited, in thousands, except per unit data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues
Rental revenue, net	$	168,536	$	156,933	$	496,792	$	449,069
SUMMIT Operator revenue	32,883		36,437		86,424		94,643
Investment income	4,356		5,344		26,809		18,938
Interest income from real estate loans held by consolidated securitization vehicles	10,838		4,771		47,868		4,771
Other income	28,204		26,206		68,686		72,972
Total revenues	244,817		229,691		726,579		640,393
Expenses
Operating expenses, including related party expenses of $6 and $9 in 2025, and $0 and $2 in 2024	57,673		49,507		164,840		139,448
Real estate taxes	37,627		30,831		112,594		94,495
Operating lease rent	6,106		6,363		18,317		19,136
SUMMIT Operator expenses	35,959		37,901		82,570		82,947
Interest expense, net of interest income	47,235		42,091		138,234		109,067
Amortization of deferred financing costs	1,724		1,669		5,153		4,885
SUMMIT Operator tax expense (benefit)	1,279		(1,779)		2,781		(1,219)
Interest expense on senior obligations of consolidated securitization vehicles	10,838		3,330		45,827		3,330
Depreciation and amortization	63,216		53,176		187,874		154,007
Loan loss and other investment reserves, net of recoveries	—		—		(71,326)		—
Transaction related costs	13,129		171		13,601		263
Marketing, general and administrative	23,701		21,015		67,004		62,360
Total expenses	298,487		244,275		767,469		668,719

Equity in net (loss) income from unconsolidated joint ventures	(9,287)		(15,428)		(30,892)		100,057
Income from debt fund investments, net	1,176		—		1,776		—
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	86,872		371		84,926		19,006
Purchase price and other fair value adjustments	11,138		12,906		(8,090)		(36,321)
(Loss) gain on sale of real estate, net	(1,068)		7,471		(1,717)		4,730
Depreciable real estate reserves and impairment	—		—		(8,546)		(65,839)
Gain on sale of investment in marketable securities	—		—		10,232		—
Gain on early extinguishment of debt	—		—		—		17,777

Net income (loss)	35,161		(9,264)		6,799		11,084
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in other partnerships	(2,658)		985		3,079		4,150
Preferred units distributions	(2,154)		(2,176)		(6,461)		(6,485)
Net income (loss) attributable to SLGOP	30,349		(10,455)		3,417		8,749
Perpetual preferred unit dividends	(3,738)		(3,738)		(11,213)		(11,213)
Net income (loss) attributable to SLGOP common unitholders	$	26,611	$	(14,193)	$	(7,796)	$	(2,464)






















Basic earnings (loss) per unit	$	0.34	$	(0.23)	$	(0.15)	$	(0.09)



Diluted earnings (loss) per unit	$	0.34	$	(0.23)	$	(0.15)	$	(0.09)

Basic weighted average common units outstanding	74,318		67,999		74,433		68,092
Diluted weighted average common units and common unit equivalents outstanding	75,635		67,999		74,433		68,092

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Statements of Comprehensive Income (Loss)

(unaudited, in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	35,161	$	(9,264)	$	6,799	$	11,084
Other comprehensive loss:
Decrease in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	(3,781)		(72,168)		(41,717)		(49,052)
Increase (decrease) in unrealized value of marketable securities	92		(228)		1,091		1,170
Other comprehensive loss	(3,689)		(72,396)		(40,626)		(47,882)
Comprehensive income (loss)	31,472		(81,660)		(33,827)		(36,798)
Net (income) loss attributable to noncontrolling interests	(2,658)		985		3,079		4,150
Other comprehensive loss attributable to noncontrolling interests	229		4,717		2,646		3,097
Comprehensive income (loss) attributable to SLGOP	$	29,043	$	(75,958)	$	(28,102)	$	(29,551)

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Statements of Capital

(unaudited, in thousands, except per unit data)


	SL Green Operating Partnership Unitholders
			Partners' Interest
	Series I Preferred Units		Common Units	Common Unitholders		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
Balance at June 30, 2025	$	221,932	71,025	$	3,585,896	$	(16,324)	$	88,599	$	3,880,103
Net income				30,349				2,658		33,007
Net income attributable to partnership units				(1,737)						(1,737)

Other comprehensive loss						(3,460)				(3,460)
Perpetual preferred unit dividends				(3,738)						(3,738)
DRSPP proceeds			1	58						58
Conversion of common units			—							—
Measurement adjustment for redeemable noncontrolling interest				8,081						8,081
Reallocation of noncontrolling interest in the Operating Partnership				—						—
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings			2	7,082				698		7,780



Distributions from consolidated joint venture interests								(61)		(61)
Contributions to debt fund investments								60,907		60,907




Cash distributions to noncontrolling interests								(217)		(217)

Cash distributions declared ($0.773 per common unit, none of which represented a return of capital for federal income tax purposes)				(54,491)						(54,491)
Balance at September 30, 2025	$	221,932	71,028	$	3,571,500	$	(19,784)	$	152,584	$	3,926,232

	SL Green Operating Partnership Unitholders
			Partners' Interest
	Series I Preferred Units		Common Units	Common Unitholders		Accumulated Other Comprehensive Income		Noncontrolling Interests		Total
Balance at June 30, 2024	$	221,932	64,814	$	3,428,993	$	40,371	$	66,465	$	3,757,761
Net loss				(10,455)				(985)		(11,440)
Net loss attributable to partnership units				914						914

Other comprehensive loss						(67,679)				(67,679)
Perpetual preferred unit dividends				(3,738)						(3,738)
DRSPP proceeds			340	23,633						23,633
Conversion of common units			77							—
Reallocation of noncontrolling interest in the Operating Partnership				(34,923)						(34,923)
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings			4	5,707						5,707






Cash distributions to noncontrolling interests								(1,760)		(1,760)

Cash distributions declared ($0.750 per common unit, none of which represented a return of capital for federal income tax purposes)				(48,470)						(48,470)
Balance at September 30, 2024	$	221,932	65,235	$	3,361,661	$	(27,308)	$	63,720	$	3,620,005

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Statements of Capital

(unaudited, in thousands, except per unit data)


	SL Green Operating Partnership Unitholders
			Partners' Interest
	Series I Preferred Units		Common Units	Common Unitholders		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total
Balance at December 31, 2024	$	221,932	71,097	$	3,711,172	$	18,196	$	118,651	$	4,069,951
Net income				3,417				(3,079)		338
Net income attributable to partnership units				503						503
Acquisition of subsidiary interest from noncontrolling interest				36,023				(51,654)		(15,631)
Other comprehensive loss						(37,980)				(37,980)
Perpetual preferred unit dividends				(11,213)						(11,213)
DRSPP proceeds			3	189						189
Conversion of common units			5							—
Measurement adjustment for redeemable noncontrolling interest				(14,814)						(14,814)

Deferred compensation plan and unit awards, net of forfeitures and tax withholdings			(77)	10,539				698		11,237
Proceeds from issuance of common stock			—	(871)						(871)


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



Cash distributions to noncontrolling interests								(1,818)		(1,818)

Cash distributions declared ($2.318 per common unit, none of which represented a return of capital for federal income tax purposes)				(163,445)						(163,445)
Balance at September 30, 2025	$	221,932	71,028	$	3,571,500	$	(19,784)	$	152,584	$	3,926,232

	SL Green Operating Partnership Unitholders
			Partners' Interest
	Series I Preferred Units		Common Units	Common Unitholders		Accumulated Other Comprehensive Income		Noncontrolling Interests		Total
Balance at December 31, 2023	$	221,932	64,726	$	3,546,906	$	17,477	$	69,610	$	3,855,925
Net income				8,749				(4,150)		4,599
Net income attributable to partnership units				166						166
Acquisition of subsidiary interest from noncontrolling interest								(5,674)		(5,674)
Other comprehensive loss						(44,785)				(44,785)
Perpetual preferred unit dividends				(11,213)						(11,213)
DRSPP proceeds			342	23,753						23,753
Conversion of common units			77							—
Reallocation of noncontrolling interest in the Operating Partnership				(77,400)						(77,400)
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings			90	15,886						15,886


Contributions to consolidated joint venture interests								1,823		1,823


Consolidation of joint venture interest								6,678		6,678
Cash distributions to noncontrolling interests								(4,567)		(4,567)

Cash distributions declared ($2.250 per common unit, none of which represented a return of capital for federal income tax purposes)				(145,186)						(145,186)
Balance at September 30, 2024	$	221,932	65,235	$	3,361,661	$	(27,308)	$	63,720	$	3,620,005

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Nine Months Ended September 30,
	2025		2024
Operating Activities
Net income	$	6,799	$	11,084
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	193,027		158,892
Equity in net loss (income) from unconsolidated joint ventures	30,892		(100,057)

Distributions of cumulative earnings from unconsolidated joint ventures	437		306
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	(84,926)		(19,006)
Purchase price and other fair value adjustments	8,090		36,321
Depreciable real estate reserves and impairment	8,546		65,839
Loss (gain) on sale of real estate, net	1,717		(4,730)
Loan loss reserves and other investment reserves, net of recoveries	(71,326)		—

Gain on sale of investments in marketable securities	(10,232)		—
Gain on early extinguishment of debt	—		(17,777)
Deferred rents receivable	520		(2,166)
Non-cash lease expense	15,879		15,147

Other non-cash adjustments	33,126		31,460
Changes in operating assets and liabilities:
Tenant and other receivables	(4,551)		(12,693)
Related party receivables	11,677		181
Deferred lease costs	(18,649)		(11,920)

Other assets	(27,202)		(11,332)
Accounts payable, accrued expenses, other liabilities and security deposits	(10,940)		(57,291)
Deferred revenue	(6,971)		1,616
Lease liability - operating leases	(21,493)		(12,454)
Net cash provided by operating activities	54,420		71,420
Investing Activities
Acquisitions of real estate property	(110,380)		—
Additions to land, buildings and improvements	(182,952)		(162,691)
Acquisition deposits and deferred purchase price	(10,050)		(12,817)
Investments in unconsolidated joint ventures	(145,583)		(371,948)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	93,722		99,307
Net proceeds from disposition of real estate/joint venture interest	212,168		478,151

Cash and restricted cash assumed from consolidation of real estate investment	4,163		—
Proceeds from sale or redemption of marketable securities	60,107		—
Investments in marketable securities	(41,413)		(5,604)
Investments in real estate loans held by consolidated securitization vehicles	(49,296)		(108,893)
Repayment of real estate loans held by consolidated securitization vehicles	(231,704)		—
Proceeds from sale or redemption of real estate loans held by consolidated securitization vehicles	430,000		—
Other investments	(36,515)		(7,350)
Origination or purchase of debt fund investments	(49,509)		—
Repayment or redemption of debt fund investments	20,000		—

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Nine Months Ended September 30,
	2025		2024
Origination of debt and preferred equity investments	(13,073)		(9,126)
Repayments or redemption of debt and preferred equity investments	9,214		63,496
Net cash used in investing activities	(41,101)		(37,475)

Financing Activities
Proceeds from mortgages and other loans payable	104,403		900
Repayments of mortgages and other loans payable	(17,046)		(36,488)
Proceeds from revolving credit facility, term loans and unsecured notes	660,000		920,000
Repayments of revolving credit facility, term loans and unsecured notes	(590,000)		(745,000)
Proceeds from stock options exercised and DRSPP issuance	189		14,291
Proceeds from issuance of common stock	(871)		—


Redemption of OP units	(21,558)		(31,491)
Distributions to noncontrolling interests in other partnerships	(1,818)		(4,567)
Contributions from noncontrolling interests in other partnerships	4,635		1,823

Contributions from noncontrolling interests to debt fund investments	85,100		—
Distributions paid on common and preferred units	(192,669)		(173,332)

Tax withholdings related to restricted share awards	(13,744)		—
Deferred loan costs	(4,535)		(475)

Net cash provided by (used in) financing activities	12,086		(54,339)
Net increase (decrease) in cash, cash equivalents, and restricted cash	25,405		(20,394)
Cash, cash equivalents, and restricted cash at beginning of year	331,638		335,519
Cash, cash equivalents, and restricted cash at end of period	$	357,043	$	315,125





Supplemental Disclosure of Non-Cash Investing and Financing Activities:




Exchange of preferred equity investment for real estate	$	138,954	$	—




Measurement adjustment for redeemable noncontrolling interest	14,815		77,400
Conversion of partner loan	15,632		—
Investment in joint venture	—		10,639

Consolidation of a subsidiary	—		6,678
Consolidation of mortgage loan payable	—		205,000
Acquisition of subsidiary interest from noncontrolling interest	51,654		5,674
Transfer of investments to debt fund	38,422		—
Contribution to consolidated joint venture interest	51		—

Extinguishment of debt	—		18,000


Debt and preferred equity investments	—		1,133


Removal of fully depreciated commercial real estate properties	5,157		4,774
Receivable from sale of unconsolidated joint venture assets	86,635		—


Share repurchase or redemption payable	—		9,514
Share issuance receivable	—		9,462


Recognition of lease liabilities arising from obtaining right-of-use assets	20,169		—
Consolidation of securitization vehicle assets	828,143		600,521
Consolidation of securitization vehicle liabilities	828,143		600,521

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash and cash equivalents	$	187,039	$	188,216
Restricted cash	170,004		126,909
Total cash, cash equivalents, and restricted cash	$	357,043	$	315,125

The accompanying notes are an integral part of these consolidated financial statements.

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements

September 30, 2025

(unaudited)

1. Organization and Basis of Presentation

SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies which are referred to as S.L. Green Management Corp, or the Service Corporation. All of the management, leasing and construction services that are provided to the properties that are wholly-owned by us and that are provided to certain joint ventures are conducted through SL Green Management LLC and S.L. Green Management Corp., respectively, which are 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership.

Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of September 30, 2025, noncontrolling investors held, in the aggregate, a 6.39% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements."

On September 30, 2025, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:


		Consolidated			Unconsolidated		Total
Location	Property Type	Number of Buildings		Approximate Square Feet (unaudited)	Number of Buildings	Approximate Square Feet (unaudited)	Number of Buildings	Approximate Square Feet (unaudited)	Weighted Average Leased Occupancy (1) (unaudited)
Commercial:
Manhattan	Office	16		9,788,852	10	13,560,633	26	23,349,485	91.9	%
	Retail	2		30,496	—	—	2	30,496	100.0	%
	Development/Redevelopment	2	(2)	844,845	—	—	2	844,845	N/A

		20		10,664,193	10	13,560,633	30	24,224,826	91.9	%
Suburban	Office	7		862,800	—	—	7	862,800	68.7	%



Total commercial properties		27		11,526,993	10	13,560,633	37	25,087,626	91.1	%
Residential:
Manhattan	Residential	1	(2)	140,382	1	221,884	2	362,266	99.6	%

Total core portfolio		28		11,667,375	11	13,782,517	39	25,449,892	91.2	%

	Alternative Strategy Portfolio	—		—	7	2,522,026	7	2,522,026	59.5	%

(1)The weighted average leased occupancy for commercial properties represents the total leased square feet divided by the total square footage at acquisition. The weighted average leased occupancy for residential properties represents the total leased units divided by the total available units. Properties under construction are not included in the calculation of weighted average leased occupancy.

(2)As of September 30, 2025, we owned a building at 7 Dey Street / 185 Broadway that was comprised of approximately 140,382 square feet (unaudited) of residential space and approximately 50,206 square feet (unaudited) of office and retail space that is under development. For the purpose of this report, we have included this building in the number of residential properties we own. However, we have included only the residential square footage in the residential approximate square footage, and have listed the balance of the square footage as development square footage.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

As of September 30, 2025, we also managed one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet (unaudited), and held consolidated debt and preferred equity investments with a book value of $171.4 million, excluding debt and preferred equity investments and other financing receivables totaling $130.5 million that are included in balance sheet line items other than the Debt and preferred equity investments line item.

Partnership Agreement

In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage of ownership interests of the respective partners, subject to the priority distributions with respect to preferred units and special provisions that apply to Long Term Incentive Plan ("LTIP") Units. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, shares of SL Green's common stock on a one-for-one basis.

Basis of Quarterly Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company and the Operating Partnership at September 30, 2025 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2024 of the Company and the Operating Partnership.

The consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Subsequent Events

In October 2025, the Company closed on the acquisitions of 346 Madison Avenue and the adjacent site at 11 East 44th Street, which together comprise a single development site. The gross asset valuation for the combined site was $160.0 million.

2. Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we have significant influence, but do not control, through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated.

We consolidate a variable interest entity ("VIE") in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

Investment in Commercial Real Estate Properties

We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from 3 years to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from 1 year to 15 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from 1 year to 15 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. Origination costs are amortized as an expense over the remaining life of the lease and tenant improvements are amortized over the shorter of the remaining life of the lease or useful life of the improvement (or charged against earnings if the lease is terminated prior to its contractual expiration date). When allocating the purchase price of real estate, we assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period.

The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if (i) the lease transfers ownership of the asset at the end of the lease term, (ii) the lease grants an option to purchase the asset that we are reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company's collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the consolidated statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset.

Properties are individually evaluated for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. A consolidated property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) and terminal value to be generated by the property is less than the carrying value of the property taking into account the appropriate capitalization rate in determining the future terminal value. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the property as calculated in accordance with Accounting Standards Codification, or ASC Topic 820, Fair Value Measurement ("ASC 820"). We also evaluate our real estate consolidated properties for impairment when a property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell and depreciation expense is no longer recorded.

During the nine months ended September 30, 2025, the Company recorded a $8.5 million charge to reduce the carrying value of the residential condominium units at 760 Madison Avenue based on the total of the sales contracts that the Company entered into for these units. This charge is included in "Depreciable real estate reserves and impairments" in the consolidated statements of operations.

For the three and nine months ended September 30, 2025, we recognized a reduction of rental revenues of ($1.5 million) and ($4.6 million), respectively, for the amortization of aggregate above-market leases in excess of below-market leases resulting from the allocation of the purchase price of the applicable properties. For the three and nine months ended September 30, 2024, we recognized a reduction of rental revenue of ($0.8 million) and ($1.7 million), respectively, for the amortization of aggregate above-market leases in excess of below-market leases.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025		December 31, 2024
Identified intangible assets (included in other assets):
Gross amount	$	433,336	$	378,277
Accumulated amortization	(225,676)		(197,211)
Net	$	207,660	$	181,066
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	254,210	$	243,703
Accumulated amortization	(208,488)		(204,092)
Net	$	45,722	$	39,611

Cash and Cash Equivalents

We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.

Restricted Cash

Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements.

Fair Value Measurements

See Note 16, "Fair Value Measurements."

Debt Fund Investments

We, through wholly-owned subsidiaries, are the general partner and investment manager of SLG Opportunistic Debt Fund LP and SLG Opportunistic Debt Parallel Fund LP (collectively, the "Fund"). The Fund is accounted for under ASC Topic 946, Financial Services - Investment Companies ("ASC 946") and its investments are reported on our balance sheet at fair value, with changes in value each period recognized on the income statement. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting. See Note 7, "Debt Fund."

Investment in Marketable Securities

At acquisition, we designate a debt security as held-to-maturity, available-for-sale, or trading. As of September 30, 2025, we did not have any debt securities designated as trading. We account for our available-for-sale securities at fair value pursuant to ASC 820, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. We account for held-to-maturity securities at amortized cost basis. Credit losses for our debt securities are recognized in accordance with ASC Topic 326, Financial Instruments — Credit Losses ("ASC 326"). No allowance for loan losses were recognized for the nine months ended September 30, 2025 and 2024. We account for marketable equity securities at fair value pursuant to ASC 820, with the net unrealized gains or losses reported in net income.

As of September 30, 2025 and December 31, 2024, we held the following marketable securities (in thousands):


	September 30, 2025		December 31, 2024
Commercial mortgage-backed securities - available-for-sale	$	16,099	$	17,323
Commercial mortgage-backed securities - held-to-maturity	$	—	$	5,489

Total investment in marketable securities	$	16,099	$	22,812

The cost basis of the available-for-sale commercial mortgage-backed securities ("CMBS") was $16.4 million and $18.3 million as of September 30, 2025 and December 31, 2024, respectively. These securities mature at various times through 2030. As of September 30, 2025, three securities were in an unrealized gain position of $0.1 million with a fair market value of $7.2 million, and three securities were in an unrealized loss position of $0.4 million with a fair market value of $8.9 million. These marketable securities were in a continuous unrealized loss position for less than 12 months. As of December 31, 2024, one security was in an unrealized gain position of $0.2 million with a fair market value of $5.5 million, and two securities were

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

in an unrealized loss position of $1.5 million and fair market value of $11.8 million with one of the securities being in a continuous unrealized loss position for more than 12 months.

During the three and nine months ended September 30, 2025, we received aggregate net proceeds of $7.0 million from the sale of one available-for-sale CMBS and $20.4 million from the sale of three available-for-sale CMBS, respectively. We did not dispose of any CMBS during the nine months ended September 30, 2024.

The cost basis of the held-to-maturity CMBS was $5.5 million as of December 31, 2024 and was purchased at a $0.2 million discount. During the nine months ended September 30, 2025, we received aggregate net proceeds of $5.7 million from the repayment of this security.

During the nine months ended September 30, 2025, we acquired marketable equity securities totaling $25.1 million and received aggregate net proceeds of $34.0 million from the sale of these marketable equity securities.

Investment in CMBS Securitization Trusts

We may be contracted to provide special servicing activities for CMBS securitization trusts and, in certain cases, we may also acquire securities in these trusts either directly or indirectly through the Fund. In certain cases, we may acquire the controlling class of the trust and we may have the right to designate, and remove, the special servicer for these trusts. These circumstances may result in our consolidating of the securitization trusts in our financial statements. We evaluate all of our positions and special servicer appointments for consolidation, which are considered to be VIEs to the Company.

As the special servicer, we provide services on defaulted loans within the trusts as permitted by the underlying contractual agreements. We receive a fee in exchange for these services. The rights provided to us as special servicer give us the ability to direct activities that could significantly impact the trust's economic performance, which requires consolidation of the securitization trust unless a third party has the right to unilaterally remove us as special servicer without cause. In such instances where we can be removed as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust's economic performance and would not consolidate the securitization trust.

For CMBS securitization trusts in which we are determined to be the primary beneficiary, we consolidate the securitization trusts on our consolidated balance sheets. The consolidation of such securitization trusts results in a gross presentation of the underlying collateral loans as assets as well as the senior CMBS positions owned by third parties, which are presented as liabilities on our consolidated balance sheets. The assets of the consolidated securitization trust can only be used to satisfy the liabilities of that securitization and are not available to the Company for any other purpose. Additionally, the senior CMBS securitization trust obligations can only be satisfied through repayment of the underlying collateral loans as they do not have any recourse to the Company or our assets. The Company has not provided any guarantees with respect to the performance or repayment of the senior CMBS obligations.

While consolidation of the securitization trust increases the gross presentation of our consolidated balance sheets, it does not impact the economic exposure or performance of the Company as it is limited to that of the actual investment in the CMBS securitization trust, and not the consolidated senior obligations.

As of September 30, 2025 and December 31, 2024, we consolidated the following CMBS securitization trusts (in thousands):


	September 30, 2025				December 31, 2024			Maturity
Type	Fair Value		Principal Value			Fair Value (2)				Principal Value


Real estate loans held by consolidated securitization vehicles (1)	$	1,013,273	$	1,119,044		$	709,095	$	894,000		2023 - 2025	(3)
Senior obligations of consolidated securitization vehicles	1,013,273		1,119,044			590,131		688,346			2023 - 2025	(3)
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles	$	—	$	—		$	118,964	$	205,654

(1)Excludes real estate loans held by the Fund.

(2)Includes $134.8 million and $34.2 million of assets and liabilities, respectively, for a loan that is accounted for on an amortized cost basis.

(3)The Company is in discussions with the respective borrowers on the resolution of the past maturities.

We have elected to record the associated interest income and interest expense for these investments as separate line items on our consolidated statements of operations. The amounts recorded in "Interest income from real estate loans held by

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

consolidated securitization vehicles" on our consolidated statements of operations include the Company's interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in "Interest expense on senior obligations of consolidated securitization vehicles" on our consolidated statements of operations. As a result, the net impact is limited to the interest income on the CMBS we own directly and not the gross consolidated interest income and interest expense. For CMBS positions held by the Fund the interest income allocated to noncontrolling interests in the Fund is a component of "Net loss (income) attributable to noncontrolling interests in other partnerships" in our consolidated statements of operations.

Investments in Unconsolidated Joint Ventures

We assess our investments in unconsolidated joint ventures for recoverability and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on each joint venture's actual and projected cash flows. Aside from charges noted in Note 6, "Investments in Unconsolidated Joint Ventures," we do not believe that the values of any of our equity investments were impaired at September 30, 2025.

Deferred Lease Costs

Deferred lease costs consist of incremental fees and direct costs that would not have been incurred if the lease had not been obtained and are amortized on a straight-line basis over the related lease term.

Lease Classification

Lease classification for leases under which the Company is the lessor is evaluated at lease commencement and leases not classified as sales-type leases or direct financing leases are classified as operating leases. Leases qualify as sales-type leases if the contract includes either transfer of ownership clauses, certain purchase options, a lease term representing a major part of the economic life of the asset, or the present value of the lease payments and residual guarantees provided by the lessee exceeds substantially all of the fair value of the asset. Additionally, leasing an asset so specialized that it is not deemed to have any value to the Company at the end of the lease term may also result in classification as a sales-type lease. Leases qualify as direct financing leases when the present value of the lease payments and residual value guarantees provided by the lessee and unrelated third parties exceeds substantially all of the fair value of the asset and collection of the payments is probable.

Revenue Recognition

Rental revenue for operating leases is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the leased space is available for its intended use by the lessee.

To determine whether the leased space is available for its intended use by the lessee, management evaluates whether we or the tenant are the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space.

The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets.

In addition to base rent, our tenants also generally will pay variable rent which represents their pro rata share of increases in real estate taxes and certain operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in certain building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

Rental revenue is recognized if collectability is probable. If collectability of substantially all of the lease payments is assessed as not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current-period adjustment to rental revenue. A subsequent change in the assessment of collectability to probable may result in a current-period adjustment to rental revenue for any difference between the rental revenue that would have been recognized if collectability had always been assessed as probable and the rental revenue recognized to date.

The Company provides its tenants with certain customary services for lease contracts such as common area maintenance and general security. We have elected to combine the non-lease components with the lease components of our operating lease agreements and account for them as a single lease component in accordance with ASC Topic 842, Leases ("ASC 842").

We record a gain or loss on sale of real estate assets when we no longer have a controlling financial interest in the entity owning the real estate, a contract exists with a third party and that third party has control of the assets acquired.

Investment income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is collectible. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.

Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cash flows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield.

We consider a debt and preferred equity investment to be past due when amounts contractually due have not been paid. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any debt or preferred equity investment that is on non-accrual status when such debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed.

We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income.

Asset management fees are recognized on a straight-line basis over the term of the asset management agreement.

Revenues from the sale of SUMMIT tickets are recognized upon admission or ticket expirations. Deferred revenue related to unused and unexpired tickets as of September 30, 2025 and December 31, 2024 was $3.9 million and $3.1 million, respectively, and is included in Deferred revenue on the consolidated balance sheets.

Debt and Preferred Equity Investments

Debt and preferred equity investments are presented at the net amount expected to be collected in accordance with ASC 326. An allowance for loan losses is deducted from the amortized cost basis of the financial assets to present the net carrying value at the amount expected to be collected through the expected maturity date of such investments. The expense for loan loss and other investment reserves is the charge to earnings to adjust the allowance for loan losses to the appropriate level. Amounts are written off from the allowance when we de-recognize the related investment either as a result of a sale of the investment or acquisition of equity interests in the collateral.

The Company evaluates the amount expected to be collected based on current market and economic conditions, historical loss information, and reasonable and supportable forecasts. The Company's assumptions are derived from both internal data and

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

external data which may include, among others, governmental economic projections for the New York City Metropolitan area, public data on recent transactions and filings for securitized debt instruments. This information is aggregated by asset class and adjusted for duration. Based on these inputs, loans are evaluated at the individual asset level. In certain instances, we may also use a probability-weighted model that considers the likelihood of multiple outcomes and the amount expected to be collected for each outcome.

The evaluation of the possible credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor requires significant judgment, which include both asset level and market assumptions over the relevant time period.

In addition, quarterly, the Company assigns each loan a risk rating. Based on a 3-point scale, loans are rated “1” through “3,” from lower risk to higher risk, which ratings are defined as follows: 1 - Low Risk Assets - Low probability of loss, 2 - Watch List Assets - Higher potential for loss, 3 - High Risk Assets - Loss more likely than not. Loans with risk ratings of 2 or above are evaluated to determine whether the expected risk of loss is appropriately captured through the combination of our expectations of current conditions, historical loss information and supportable forecasts described above or whether risk characteristics specific to the loan warrant the use of a probability-weighted model.

Financing investments that are classified as held for sale are carried at the expected amount to be collected or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its expected amount to be collected.

Other financing receivables that are included in balance sheet line items other than the Debt and preferred equity investments line are also measured at the net amount expected to be collected.

Accrued interest receivable amounts related to these debt and preferred equity investment and other financing receivables are recorded at the net amount expected to be collected within Other assets in the consolidated balance sheets. Accrued interest receivables that are written off are recognized as an expense in loan loss and other investment reserves.

Income Taxes

SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green will be subject to Federal income tax on its taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on its undistributed taxable income.

The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of operations relates to the Operating Partnership's consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes.

We have elected, and may elect in the future, to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal, state and local corporate tax liability for these entities. During the three months ended September 30, 2025, we recorded Federal, state, and local tax benefits totaling $0.1 million and during the nine months ended September 30, 2025, we recorded Federal, state, and local tax provisions totaling $1.6 million, for these entities. During the three and nine months ended September 30, 2024, we recorded Federal, state, and local tax provisions totaling $1.1 million and $2.7 million, respectively, for these entities.

SUMMIT is held in a TRS and pays Federal, state and local taxes. During the three and nine months ended September 30, 2025, we recorded Federal, state and local tax expense for SUMMIT of $1.3 million and $2.8 million, respectively. During the three and nine months ended September 30, 2024, we recorded Federal, state and local tax benefit for SUMMIT of $1.8 million and $1.2 million, respectively

We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments."

We perform initial and ongoing evaluations of the credit quality of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a potential source of funds to offset the economic costs associated with lost revenue from that tenant and the costs associated with re-tenanting a space. The properties in our real estate portfolio are located in the New York metropolitan area, principally in Manhattan. Our tenants operate in various industries. Other than one tenant, Paramount Global, which accounted for 5.3% of our share of annualized cash rent as of September 30, 2025, no other tenant in our portfolio accounted for more than 5.0% of our share of annualized cash rent, including our share of joint venture annualized cash rent, for the three months ended September 30, 2025.

For the three months ended September 30, 2025, the following properties contributed more than 5.0% of our annualized cash rent from office properties, including our share of annualized cash rent from joint venture office properties:


Property			Three months ended September 30, 2025
One Vanderbilt Avenue			12.5%
11 Madison Avenue			7.9%
420 Lexington Ave			6.9%
245 Park Avenue			6.8%
1515 Broadway			6.3%
1185 Avenue of the Americas			6.2%

Accounting Standards Updates

In May 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("ASU 2025-03"). The objective of this amendment is to improve the requirements for identifying the accounting acquirer in a transaction where the legal acquiree is a VIE and improve comparability between business combinations that involve VIEs and those that do not. The amendment replaces the prior GAAP requirement that the primary beneficiary of the legal acquiree is always the accounting acquirer with an assessment to determine the accounting acquirer in business combinations effected primarily by the exchange of equity interests. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-03 must be applied prospectively to any business combination that occurs after the initial adoption date. We are currently evaluating the impact of ASU 2025-03 on our consolidated financial statements and do not believe it will have a material impact.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). The objective of this amendment is to help investors better understand a public entity's performance, better assess the entity's prospect for future cash flows, and compare the entity's performance over time and with that of other entities. The amendment will require public business entities to include a footnote disclosure about specific expenses by requiring them to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization. For any remaining items within each relevant expense caption, a

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

qualitative disclosure is required for the amounts that are not separately disaggregated quantitatively. Additionally, the amendment provides guidance on the definition of selling expenses along with a requirement to disclose the total amount of selling expenses. The amendment does not change the requirements for the presentation of expenses on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of ASU 2024-03 on our consolidated financial statements and will adopt this standard for the year ended December 31, 2027.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The objective of the amendments in ASU 2023-09 related to the rate reconciliation and income taxes paid disclosures are to improve transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. The amendment will require that public entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment will require that all entities disclose on an annual basis the amount of taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes as well as disaggregated by individual jurisdictions that meet a quantitative threshold. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024. We adopted this guidance on January 1, 2025 and do not believe it will have a material impact on our consolidated financial statements.

In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement ("ASU 2023-05"). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The objectives of the amendments are to provide decision-useful information to investors and other allocators of capital in a joint venture's financial statements and reduce diversity in practice. The amendments require that a joint venture apply the following key adaptations from the business combinations guidance upon formation: (i) a joint venture is the formation of a new entity without an accounting acquirer, (ii) a joint venture measures its identifiable net assets and goodwill, if any, at the formation date, (iii) initial measurement of a joint venture's total net assets is equal to the fair value of 100 percent of the joint venture's equity, and (iv) a joint venture provides relevant disclosures. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. We adopted this guidance on January 1, 2025 and do not believe it will have a material impact on our consolidated financial statements.

3. Property Acquisitions and Consolidations

Property Acquisitions

The following table summarizes the properties acquired during the nine months ended September 30, 2025:

Property

Acquisition Date

Property Type

Approximate Square Feet

Gross Asset Valuation

(in millions) (1)

500 Park Avenue

January 2025

Fee Interest

201,411

127.0

(1)Represents the gross asset valuation of the property net of closing costs and adjustments.

Property Consolidations

The following table summarizes the properties consolidated during the nine months ended September 30, 2025:

Property

Consolidation Date

Property Type

Approximate Square Feet

Gross Asset Valuation

(in millions) (2)

315 West 33rd Street (1)

September 2025

Fee Interest

435,349

384.5

(1)In September 2025, the Company, as the holder of the preferred equity interest in the entity, took control over the management of the underlying property. As a result, it was concluded that the entity is a VIE in which the Company is the primary beneficiary, and the entity was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. See Note 16, "Fair Value Measurements". Prior to September 2025, the preferred equity interest was included in "Debt and preferred equity investments" in our consolidated balance sheet.

(2)Represents the gross asset valuation of the property net of closing costs and adjustments.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

Acquisition of Subsidiary Interest from Noncontrolling Interest

In December 2024, the Company amended the 100 Park Avenue joint venture agreement with its partner. As a result of the amended terms, it was concluded that the joint venture is a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. In April 2025, pursuant to a purchase option in the amended joint venture agreement, the Company closed on the acquisition of its joint venture partner's 49.9% interest, primarily through the conversion of the joint venture partner's outstanding loan with us.

4. Properties Held for Sale and Property Dispositions

Properties Held for Sale

As of September 30, 2025, no properties were classified as held for sale.

Property Dispositions

The following table summarizes the properties sold during the nine months ended September 30, 2025:

Property

Disposition Date

Property Type

Unaudited Approximate Usable Square Feet

Sales Price (1)

(in millions)

Gain on Sale
(in millions)

Giorgio Armani Residences at 760 Madison Avenue (6 Condominium Units)

Multiple During Q1 2025

Fee Interest

19,185

99.3

0.2

(1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

5. Debt and Preferred Equity Investments

Below is a summary of the activity in our consolidated debt and preferred equity investments for the nine months ended September 30, 2025 and the twelve months ended December 31, 2024 (in thousands):


	September 30, 2025		December 31, 2024
Balance at beginning of year (1)	$	303,726	$	346,745
Debt investment originations/fundings/accretion (2)	13,921		12,890
Preferred equity investment originations/accretion (2) (3)	2,233		8,720
Redemptions/sales/syndications/equity ownership/amortization	(148,168)		(64,629)
Net change in loan loss reserves	(300)		—
Balance at end of period (1) (4)	$	171,412	$	303,726

(1)Net of unamortized fees, discounts, and premiums.

(2)Accretion includes amortization of fees and discounts and paid-in-kind investment income.

(3)Excludes a $118.3 million preferred equity investment that is included in "Investment in unconsolidated joint ventures" in our consolidated balance sheet. See Note 6, "Investments in Unconsolidated Joint Ventures". Also excludes a preferred equity investment in an entity in which the Company is the primary beneficiary, and the underlying property is consolidated in our financial statements. See Note 3, "Property Acquisitions and Consolidations".

(4)Includes one investment with a total carrying value of $53.5 million that is included in the Company's alternative strategy portfolio.

Below is a summary of our consolidated debt and preferred equity investments as of September 30, 2025 (dollars in thousands):


	Floating Rate					Fixed Rate					Total Carrying Value			Senior Financing		Maturity (2)
Type (4)	Carrying Value		Face Value		Interest Rate (1)	Carrying Value		Face Value		Interest Rate


Mezzanine Debt	$	130,926	$	131,290	S + 5.06% - 11.63%	$	40,486	$	40,786	0.00% - 11.63%	$	171,412	(3)	$	713,528	2025 - 2029

Balance at end of period	$	130,926	$	131,290		$	40,486	$	40,786		$	171,412		$	713,528

(1)Floating interest rates are presented with the stated spread over Term SOFR ("S").

(2)Excludes available extension options to the extent they have not been exercised as of the date of this filing.

(3)Includes one investment with a total carrying value of $53.5 million that is included in the Company's alternative strategy portfolio.

(4)Excludes a $118.3 million preferred equity investment that is included in "Investment in unconsolidated joint ventures" in our consolidated balance

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2025

(unaudited)

sheet. See Note 6, "Investments in Unconsolidated Joint Ventures." Also excludes a preferred equity investment in an entity in which the Company is the primary beneficiary, and the underlying property is consolidated in our financial statements. See Note 3, "Property Acquisitions and Consolidations".

The following table is a roll forward of our total allowance for loan losses for the nine months ended September 30, 2025 and the twelve months ended December 31, 2024 (in thousands):


	September 30, 2025		December 31, 2024
Balance at beginning of year	$	13,520	$	13,520



Current period provision for loan loss	300		—
Initial allowance for credit losses on loans purchased with credit deterioration ("PCD") (1)	99,039		—
Writeoffs (1)(2)	(40,779)		—
Current period recoveries (1)	(71,626)		—

Balance at end of period (3)	$	454	$	13,520

(1)During the first quarter of 2025, we completed a series of transactions to acquire 100% of a commercial mortgage investment that was in maturity default. These transactions were consummated at various discounts. Once the commercial mortgage investment was wholly-owned, an initial allowance of $99.0 million was established. Subsequent to the final transaction, we entered into a modification with the borrower to reduce the loan principal by $24.0 million with the remaining principal to be repaid by a specified date. As a result of the modification and the collection of $10.0 million, we recognized a $25.0 million reversal of the established allowance during the three months ended March 31, 2025. In May 2025, the commercial mortgage investment was repaid, which resulted in an additional $46.6 million reversal of the established allowance during the three months ended June 30, 2025.

(2)The Company held a debt investment which was on non-accrual status and fully reserved. During the nine months ended September 30, 2025, the Company wrote off the balance of $13.4 million.

(3)As of September 30, 2025, all financing receivables on non-accrual had an allowance for loan loss except for one debt investment with a carrying value of $53.5 million, which is included in the Company's alternative strategy portfolio.

As of September 30, 2025 and December 31, 2024, one investment, which is fully reserved, was not performing in accordance with its respective terms. This is further discussed in the Debt Investments table below.

No other financing receivables were 90 days past due as of September 30, 2025 and December 31, 2024.

The following table sets forth the carrying value of our consolidated debt and preferred equity investment portfolio by risk rating as of September 30, 2025 and December 31, 2024 (dollars in thousands):

Risk Rating

September 30, 2025

SL GREEN REALTY CORP 10-Q