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

As of December 31, 2025, the Company held interests in 56 buildings totaling 31.4 million square feet. This included ownership interests in 28.0 million square feet in Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments, excluding fund investments.

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

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

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

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

Forward-looking Statements

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

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

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended December 31, 2025 that will be included on Form 10-K to be filed on or before March 3, 2026.


Supplemental Information			2			Fourth Quarter 2025



TABLE OF CONTENTS



Definitions	4

Highlights	6

Key Financial Data	8	-	10

Office Leasing Statistics	11

Comparative Balance Sheets	12

Comparative Statements of Operations	14

Comparative Computation of FFO and FAD	15

Consolidated Statement of Equity	16

Joint Venture Statements	17	-	19

Selected Financial Data	20	-	23

Debt Summary Schedule	24	-	26

Derivative Summary Schedule	27

Lease Liability Schedule	28

Debt and Preferred Equity Investments	29

Selected Property Data
Property Portfolio	31	-	35
Largest Tenants	36
Tenant Diversification	37
Leasing Activity	38	-	39
Lease Expirations	40	-	42

Summary of Real Estate Acquisition/Disposition Activity	43	-	49

Non-GAAP Disclosures and Reconciliations	50

Analyst Coverage	53

Executive Management	54


Supplemental Information			3			Fourth Quarter 2025



DEFINITIONS

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

ASP - Alternative strategy portfolio.

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

CMBS Investments - Investments in commercial mortgage-backed securities.

Commenced Occupancy - The percentage of square footage for which lease terms have commenced. For GAAP purposes revenue may not yet be recognized for certain commenced leases.

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

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

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

Economic Occupancy - The percentage of square footage for which revenue is being recognized for GAAP purposes.

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

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

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

Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.

Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Junior Mortgage Participations - Subordinate interests in first mortgages.

Leased Occupancy - The percentage of square footage leased under executed leases as of the reporting date, regardless of whether the leases have commenced or the tenants have taken possession.

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

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

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

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

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

Rentable Square Footage - The total space designated as rentable under the in-place lease agreements and vacant rentable space available to be leased.

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


Supplemental Information			4			Fourth Quarter 2025



DEFINITIONS

Same-Store Properties (Same-Store) - Properties in service and operating during both the current and prior year reporting periods. Same-Store excludes development and redevelopment properties that are not stabilized for both the current and prior year and excludes properties sold. Changes to Same-Store properties in 2025 are as follows:


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

Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.

SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership or economic interest in the respective joint ventures and may not accurately depict the legal and/or economic implications of holding a non-controlling interest in the respective joint ventures.

Total square feet owned - The total square footage of properties either wholly owned by the Company or in which the Company has a joint venture interest.


Supplemental Information			5			Fourth Quarter 2025



FOURTH QUARTER 2025 HIGHLIGHTS Unaudited

NEW YORK, January 28, 2026 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended December 31, 2025 of $104.6 million, or $1.49 per share, as compared to a net income of $9.4 million, or $0.13 per share, for the same period in 2024.

The Company reported a net loss attributable to common stockholders for the year ended December 31, 2025 of $111.9 million, or $1.61 per share as compared to net income of $7.1 million, or $0.08 per share for the same period in 2024.

The Company reported FFO for the quarter ended December 31, 2025 of $86.2 million or $1.13 per share. The Company reported FFO of $131.9 million, or $1.81 per share, for the same period in 2024, which included $26.0 million, or $0.36 per share, of gains on discounted debt extinguishments and $7.7 million, or $0.10 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

The Company reported FFO for the year ended December 31, 2025 of $437.7 million or $5.72 per share, inclusive of $57.2 million, or $0.75 per share, of net gain on discounted debt extinguishment at 1552-1560 Broadway, and net of $14.5 million, or $0.19 per share, of investment reserves, $13.9 million, or $0.18 per share of transaction costs primarily attributable to the Company's pursuit of a casino license, and $3.8 million, or $0.05 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $569.8 million, or $8.11 per share, for the same period in 2024, which included $216.1 million, or $3.08 per share, of gains on discounted debt extinguishments and $5.3 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 3.4% for the fourth quarter of 2025 and 2.0% for the year ended December 31, 2025, excluding lease termination income, as compared to the same period in 2024.

During the fourth quarter of 2025, the Company signed 56 office leases in its Manhattan office portfolio totaling 766,783 square feet. The average rent on the Manhattan office leases signed in the fourth quarter of 2025 was $98.26 per rentable square foot with an average lease term of 8.5 years and average tenant concessions of 8.8 months of free rent with a tenant improvement allowance of $97.54 per rentable square foot. Thirty-six leases comprising 462,805 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $91.74 per rentable square foot, representing a 6.4% increase over the previous fully escalated rents on the same office spaces.

During the year ended December 31, 2025, the Company signed 199 office leases in its Manhattan office portfolio totaling 2,568,551 square feet. The average rent on the Manhattan office leases signed in 2025 was $91.77 per rentable square foot with an average lease term of 8.8 years and average tenant concessions of 8.6 months of free rent with a tenant improvement allowance of $93.62 per rentable square foot. One hundred twenty-nine leases comprising 1,452,438 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $90.04 per rentable square foot, representing a 1.2% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio increased to 93.0% as of December 31, 2025, inclusive of leases signed but not yet commenced, as compared to 92.4% as of September 30, 2025 and 92.5% as of December 31, 2024.

Significant leasing activity in the fourth quarter includes:

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

•New lease with Moroccan Oil for 68,965 square feet at 1185 Avenue of the Americas;

•Early renewal and new expansion lease with Wells Fargo Clearing Services, Inc. for 49,865 square feet at 280 Park Avenue;

•New lease with Groombridge, Wu, Baughman & Stone LLP for 42,866 square feet at 1185 Avenue of the Americas;


Supplemental Information			6			Fourth Quarter 2025



FOURTH QUARTER 2025 HIGHLIGHTS Unaudited

•New expansion lease with Elliot Management Corporation for 39,850 square feet at 280 Park Avenue;

•New expansion lease with Ares Management LLC for 38,358 square feet at 245 Park Avenue;

•New lease with Cliffwater LLC for 37,987 square feet at 245 Park Avenue;

•New expansion lease with Houlihan Lokey Inc. for 37,224 square feet at 245 Park Avenue.

Investment Activity

In January 2026, the Company closed on the purchase of Park Avenue Tower, located at 65 East 55th Street, for $730.0 million, fortifying the Company's substantial presence on Park Avenue. The acquisition was financed with a new, five-year, fixed rate $480.0 million mortgage that carries a stated coupon of 5.30%, which the Company hedged to an effective rate of 5.25%.

In December, the Company closed on the sale of a 49.0% joint venture interest in 100 Park Avenue for a gross asset valuation of $425.0 million. The transaction generated cash proceeds to the Company of $34.9 million.

In October, the Company closed on the acquisition of our joint venture partners' combined 39.5% interest in 800 Third Avenue for total consideration of $5.1 million.

In October, the Company closed on the purchase of 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million, providing the Company the opportunity to pursue a world-class, ground-up new office development.

Financing Activity

In December, the Company closed on a modification and extension of the mortgage on 100 Park Avenue. The modification extended the final maturity date to January 2029, inclusive of all available extension options, at a floating rate of 2.42% over Term SOFR, which the Company hedged to a fixed rate of 5.73% through the initial maturity date in January 2028.

In October, the Company closed on a modification and extension of the mortgage on 800 Third Avenue. The modification extended the final maturity date to February 2031, inclusive of all available extension options. The floating rate was maintained at 1.70% over Term SOFR, which the Company hedged to a fixed rate of 5.03% from February 2026 through the initial

maturity date in February 2029.

Special Servicing and Asset Management Activity

The Company's special servicing business increased by $0.7 billion in active assignments, which now totals $8.4 billion, with an additional $9.9 billion for which the Company has been designated as special servicer on assets that are not currently in active special servicing.

Dividends

In the fourth quarter of 2025, the Company declared:

•Two monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on November 17 and December 15, 2025;

•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period October 15, 2025 through and including January 14, 2026, which was paid in cash on January 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.

On December 5, 2025, the Company announced a modification to its dividend policy. Beginning in fiscal year 2026, ordinary dividends will be declared and paid quarterly rather than monthly. The ordinary dividend will continue to be paid in cash.

Conference Call and Audio Webcast

The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, January 29, 2026, at 2:00 p.m. ET to discuss the financial results.

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

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

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIdf54cb0f07f14525b86bd3b1dcc871fd.


Supplemental Information			7			Fourth Quarter 2025



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


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

Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted	$	(1.49)	$	0.34	$	(0.16)	$	(0.30)	$	0.13
Funds from operations (FFO) available to common stockholders - diluted	$	1.13	$	1.58	$	1.63	$	1.40	$	1.81


Common Share Price & Dividends
Closing price at the end of the period	$	45.87	$	59.81	$	61.90	$	57.70	$	67.92
Closing high price during period	$	60.52	$	65.67	$	65.94	$	68.38	$	81.13
Closing low price during period	$	41.53	$	52.04	$	47.90	$	55.58	$	66.24
Annual dividend per common share	$	3.09	$	3.09	$	3.09	$	3.09	$	3.09

FFO dividend payout ratio (trailing 12 months)	53.8%		47.9%		51.1%		47.4%		37.3%
Funds available for distribution (FAD) dividend payout ratio (trailing 12 months)	99.5%		92.1%		95.0%		75.6%		52.3%

Common Shares & Units
Common shares outstanding	71,159		71,028		71,025		71,016		71,097
Units outstanding	4,878		4,850		4,853		5,010		4,510
Total common shares and units outstanding	76,037		75,878		75,878		76,026		75,607

Weighted average common shares and units outstanding - basic	74,331		74,318		74,455		74,527		70,654
Weighted average common shares and units outstanding - diluted	76,594		76,428		76,278		76,333		72,915


Market Capitalization
Market value of common equity	$	3,487,817	$	4,538,263	$	4,696,848	$	4,386,700	$	5,135,227
Liquidation value of preferred equity/units and redeemable equity	429,271		424,393		425,141		426,016		426,064
Consolidated debt	4,044,499		4,028,382		3,753,402		3,876,727		3,621,024
Consolidated market capitalization	$	7,961,587	$	8,991,038	$	8,875,391	$	8,689,443	$	9,182,315
SLG share of unconsolidated JV debt	5,897,198		5,805,174		6,043,432		6,033,918		6,027,862
Market capitalization including SLG share of unconsolidated JVs	$	13,858,785	$	14,796,212	$	14,918,823	$	14,723,361	$	15,210,177



Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.81x		1.86x		1.85x		1.83x		1.91x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.65x		1.69x		1.67x		1.66x		1.74x


Supplemental Information			8			Fourth Quarter 2025



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


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

Selected Balance Sheet Data
Real estate assets before depreciation	$	7,159,632	$	7,135,236	$	6,731,336	$	6,678,906	$	6,607,741
Debt and preferred equity investments	168,358		171,412		315,684		318,189		303,726
Investments in unconsolidated joint ventures	2,624,755		2,627,443		2,701,382		2,712,582		2,690,138
Debt fund investments	152,958		73,402		41,356		—		—
Cash and cash equivalents	155,747		187,039		182,912		180,133		184,294
Investment in marketable securities	23,666		16,099		17,151		12,295		22,812

Total assets	11,082,607		11,144,137		11,252,329		11,410,623		10,470,099

Consolidated fixed rate & hedged debt	3,678,450		3,603,866		3,367,249		3,367,361		3,257,474
Consolidated variable rate debt	366,049		424,516		386,153		509,366		363,550

Total consolidated debt	4,044,499		4,028,382		3,753,402		3,876,727		3,621,024
Deferred financing costs, net of amortization	(13,063)		(13,632)		(13,788)		(15,275)		(14,242)
Total consolidated debt, net	4,031,436		4,014,750		3,739,614		3,861,452		3,606,782

Total liabilities	6,729,517		6,742,640		6,889,934		6,972,478		5,915,143

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	9,092,996		8,930,609		8,836,884		8,827,482		8,711,539
Variable rate debt, including SLG share of unconsolidated JV debt (1)	370,270		424,516		386,153		509,366		363,550
ASP debt, including SLG share of unconsolidated ASP JV debt	478,431		478,431		573,797		573,797		573,797
Total debt, including SLG share of unconsolidated JV debt	$	9,941,697	$	9,833,556	$	9,796,834	$	9,910,645	$	9,648,886

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


Supplemental Information			9			Fourth Quarter 2025



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


	As of or for the three months ended
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Selected Operating Data
Property operating revenues	$	183,313	$	168,536	$	165,237	$	163,019	$	156,930
Property operating expenses	(109,794)		(101,406)		(94,960)		(99,385)		(89,129)
Property NOI	$	73,519	$	67,130	$	70,277	$	63,634	$	67,801
SLG share of unconsolidated JV Property NOI	119,852		124,381		119,115		113,876		118,072
Property NOI, including SLG share of unconsolidated JV Property NOI	$	193,371	$	191,511	$	189,392	$	177,510	$	185,873
SUMMIT Operator revenue	35,920		32,883		31,007		22,534		38,571
Investment income, including SLG share of unconsolidated JVs	2,994		8,319		11,398		21,032		10,463
Income (loss) from debt fund investments, net	(3,222)		1,176		600		—		—
Interest income from real estate loans held by consolidated securitization vehicles, net	—		—		32		2,009		2,905
Other income, including SLG share of unconsolidated JVs	46,301		33,471		22,977		23,518		31,805

Gain on early extinguishment of debt, including SLG share of unconsolidated JVs	—		57,187		—		—		25,985
SUMMIT Operator expenses	(33,794)		(35,959)		(24,847)		(21,764)		(28,792)
Loan loss and other investment reserves, net of recoveries	—		—		46,287		25,039		—
Transaction costs, including SLG share of unconsolidated JVs	(341)		(13,129)		(177)		(295)		(138)
Marketing general & administrative expenses	(22,306)		(23,701)		(21,579)		(21,724)		(22,827)
Income taxes, including SLG share of unconsolidated JVs	2,305		137		1,296		653		2,324
EBITDAre	$	221,228	$	251,895	$	256,386	$	228,512	$	246,169

Manhattan Properties
Property operating revenues	$	178,189	$	164,342	$	160,095	$	158,037	$	151,614
Property operating expenses	98,034		88,987		82,287		87,410		77,371
Property NOI	$	80,155	$	75,355	$	77,808	$	70,627	$	74,243

Other income - consolidated	$	2,610	$	1,665	$	2,013	$	5,551	$	4,157

SLG share of property NOI from unconsolidated JVs	$	127,442	$	124,737	$	118,869	$	113,627	$	117,958

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

Consolidated office buildings in service - square footage	9,480,852		9,788,852		9,788,852		9,788,852		9,587,441
Unconsolidated office buildings in service - square footage	13,868,633		13,560,633		13,560,633		12,175,149		12,175,149
	23,349,485		23,349,485		23,349,485		21,964,001		21,762,590


Supplemental Information			10			Fourth Quarter 2025



OFFICE LEASING STATISTICS Manhattan Operating Properties


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

Signed Leasing

Same-Store office occupancy inclusive of leases signed not yet commenced	93.0%		92.4%		91.5%		91.9%		92.5%


New leases signed	44		34		29		35		38
Renewal leases signed	12		18		17		10		10
Total office leases signed	56		52		46		45		48

Signed office square footage filling vacancy	303,978		338,686		232,475		240,974		663,370
Signed office square footage on previously occupied space (M-T-M leasing) (1)	462,805		319,256		309,246		361,131		1,126,626
Total office square footage signed	766,783		657,942		541,721		602,105		1,789,996

Average starting cash rent psf - office leases signed	$	91.74	$	90.65	$	95.93	$	82.29	$	76.24
Previous escalated cash rent psf - office leases signed (2)	$	86.22	$	93.13	$	93.65	$	84.89	$	69.97
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	6.4%		(2.7)%		2.4%		(3.1)%		9.0%
Average lease term	8.5		8.9		7.8		9.8		10.6
Tenant concession packages psf	$	97.54	$	99.09	$	78.81	$	94.35	$	116.36
Free rent months	8.8		9.1		6.3		9.4		12.5




Commenced Leasing

Same-Store office occupancy based on commenced leases	90.6%		90.9%		89.2%		88.6%		88.0%


New leases commenced	29		33		34		27		24
Renewal leases commenced	12		18		16		9		10
Total office leases commenced	41		51		50		36		34

Commenced office square footage filling vacancy	146,707		390,460		372,611		388,305		133,978
Commenced office square footage on previously occupied space (M-T-M leasing) (1)	244,368		384,800		334,144		283,236		1,015,833
Total office square footage commenced	391,075		775,260		706,755		671,541		1,149,811

Average starting cash rent psf - office leases commenced	$	84.32	$	95.42	$	79.27	$	84.80	$	80.72
Previous escalated cash rent psf - office leases commenced (2)	$	83.28	$	90.77	$	88.68	$	88.34	$	71.18
Increase (decrease) in new cash rent over previously escalated cash rent (1) (2)	1.3%		5.1%		(10.6)%		(4.0)%		13.4%
Average lease term	5.7		10.5		10.1		9.1		10.5
Tenant concession packages psf	$	49.69	$	108.39	$	111.53	$	109.37	$	102.30
Free rent months	4.2		9.1		11.4		9.5		11.8



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


Supplemental Information			11			Fourth Quarter 2025



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)


	As of
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,699,215	$	1,627,895	$	1,448,504	$	1,450,892	$	1,357,041
Building and improvements	4,012,305		4,082,434		3,867,078		3,828,638		3,862,224
Building leasehold and improvements	1,448,112		1,424,907		1,415,754		1,399,376		1,388,476
	7,159,632		7,135,236		6,731,336		6,678,906		6,607,741
Less: accumulated depreciation	(2,306,377)		(2,266,042)		(2,220,242)		(2,174,667)		(2,126,081)
Net real estate	4,853,255		4,869,194		4,511,094		4,504,239		4,481,660

Other real estate investments:
Debt and preferred equity investments, net	168,358		171,412		315,684		318,189		303,726
Investment in unconsolidated joint ventures	2,624,755		2,627,443		2,701,382		2,712,582		2,690,138
Debt fund investments	152,958		73,402		41,356		—		—



Cash and cash equivalents	155,747		187,039		182,912		180,133		184,294
Restricted cash	180,748		170,004		159,905		156,895		147,344
Investment in marketable securities	23,666		16,099		17,151		12,295		22,812
Tenant and other receivables	45,524		136,787		44,444		48,074		44,055
Related party receivables	16,293		15,287		12,030		18,630		26,865

Deferred rents receivable	266,678		268,770		267,046		264,982		266,428

Deferred costs, net	129,019		117,054		117,964		114,317		117,132

Right-of-use assets - operating leases	864,430		869,929		875,379		860,449		865,639
Real estate loans held by consolidated securitization vehicles	1,023,877		1,013,273		1,431,362		1,599,291		709,095
Other assets	577,299		608,444		574,620		620,547		610,911

Total Assets	$	11,082,607	$	11,144,137	$	11,252,329	$	11,410,623	$	10,470,099


Supplemental Information			12			Fourth Quarter 2025



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)


	As of
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024
Liabilities
Mortgages and other loans payable	$	2,154,499	$	2,288,382	$	2,043,402	$	2,036,727	$	1,951,024
Unsecured term loans	1,150,000		1,150,000		1,150,000		1,150,000		1,150,000
Unsecured notes	—		100,000		100,000		100,000		100,000
Revolving credit facility	640,000		390,000		360,000		490,000		320,000
Deferred financing costs	(13,063)		(13,632)		(13,788)		(15,275)		(14,242)
Total debt, net of deferred financing costs	3,931,436		3,914,750		3,639,614		3,761,452		3,506,782
Accrued interest payable	15,221		17,803		16,066		18,473		16,527
Accounts payable and accrued expenses	134,621		140,232		130,656		123,256		122,674
Deferred revenue	147,419		164,132		158,111		166,240		164,887
Lease liability - financing leases	108,183		107,846		107,513		107,183		106,853
Lease liability - operating leases	805,192		809,665		814,088		806,669		810,989
Dividends and distributions payable	2,536		21,942		22,150		21,978		21,816
Security deposits	68,276		65,356		60,825		62,210		60,331

Junior subordinated deferrable interest debentures	100,000		100,000		100,000		100,000		100,000
Senior obligations of consolidated securitization vehicles	1,023,877		1,013,273		1,431,362		1,409,185		590,131
Other liabilities	392,756		387,641		409,549		395,832		414,153
Total Liabilities	6,729,517		6,742,640		6,889,934		6,972,478		5,915,143

Noncontrolling interests in Operating Partnership
(4,878 units outstanding at 12/31/2025)	241,371		280,873		287,151		288,702		288,941
Preferred units and redeemable equity	199,271		194,392		195,141		196,016		196,064

Equity
SL Green stockholders' equity:
Series I Preferred Stock	221,932		221,932		221,932		221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized, 71,159
issued and outstanding at 12/31/2025	711		710		710		710		711
Additional paid–in capital	4,212,590		4,205,443		4,198,303		4,156,242		4,159,562

Accumulated other comprehensive earnings (loss)	(22,198)		(19,784)		(16,324)		(4,842)		18,196
Retained deficit	(741,880)		(634,653)		(613,117)		(537,585)		(449,101)
Total SL Green Realty Corp. stockholders' equity	3,671,155		3,773,648		3,791,504		3,836,457		3,951,300

Noncontrolling interests in other partnerships	241,293		152,584		88,599		116,970		118,651

Total Equity	3,912,448		3,926,232		3,880,103		3,953,427		4,069,951

Total Liabilities and Equity	$	11,082,607	$	11,144,137	$	11,252,329	$	11,410,623	$	10,470,099


Supplemental Information			13			Fourth Quarter 2025



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



	Three Months Ended						Twelve Months Ended
	December 31,		December 31,		September 30,			December 31,		December 31,
	2025		2024		2025			2025		2024
Revenues
Rental revenue, net	$	159,816	$	139,613	$	149,672		$	601,541	$	542,995
Escalation and reimbursement revenues	23,497		17,317		18,864			78,564		63,004
SUMMIT Operator revenue	35,920		38,571		32,883			122,344		133,214
Investment income	2,568		5,415		4,356			29,377		24,353
Interest income from real estate loans held by consolidated securitization vehicles	14,866		14,209		10,838			62,734		18,980
Other income	39,800		30,754		28,204			108,486		103,726
Total Revenues	276,467		245,879		244,817			1,003,046		886,272

Gain on early extinguishment of debt	—		25,985		—			—		43,762

Expenses
Operating expenses (1)	61,259		50,150		57,673			226,099		189,598
Real estate taxes	42,429		33,692		37,627			155,023		128,187
Operating lease rent	6,106		5,287		6,106			24,423		24,423
SUMMIT Operator expenses	33,794		28,792		35,959			116,364		111,739
Loan loss and other investment reserves, net of recoveries	—		—		—			(71,326)		—
Transaction related costs	341		138		13,129			13,942		401
Marketing, general and administrative	22,306		22,827		23,701			89,310		85,187
Total Operating Expenses	166,235		140,886		174,195			553,835		539,535

Equity in net income (loss) from unconsolidated joint ventures (2)	(12,439)		(16,562)		(9,287)			(41,551)		83,495
(Loss) income from debt fund investments, net (3)	(3,222)		—		1,176			(1,446)		—

Operating Income	94,571		114,416		62,511			406,214		473,994

Interest expense, net of interest income	49,422		38,153		47,235			187,656		147,220
Amortization of deferred financing costs	1,901		1,734		1,724			7,054		6,619
SUMMIT Operator tax expense	478		1,949		1,279			3,259		730
Interest expense on senior obligations of consolidated securitization vehicles	14,866		11,304		10,838			60,693		14,634
Depreciation and amortization	67,839		53,436		63,216			255,713		207,443
(Loss) Income from Continuing Operations (4)	(39,935)		7,840		(61,781)			(108,161)		97,348



Gain on sale of marketable securities	—		—		—			10,232		—
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	1,142		189,138		86,872			86,068		208,144
Purchase price and other fair value adjustments	(28,143)		125,287		11,138			(36,233)		88,966
(Loss) gain on sale of real estate, net	(426)		(1,705)		(1,068)			(2,143)		3,025
Depreciable real estate reserves	(23,546)		(38,232)		—			(32,092)		(104,071)
Depreciable real estate reserves in unconsolidated joint venture	(12,812)		(263,190)		—			(14,592)		(263,190)
Net (Loss) Income	(103,720)		19,138		35,161			(96,921)		30,222

Net loss (income) attributable to noncontrolling interests	5,062		(3,885)		(4,395)			8,644		431
Preferred units distributions	(2,172)		(2,158)		(2,154)			(8,633)		(8,643)
Net (Loss) Income attributable to SL Green	(100,830)		13,095		28,612			(96,910)		22,010

Perpetual preferred stock dividends	(3,737)		(3,737)		(3,738)			(14,950)		(14,950)
Net (Loss) Income attributable to SL Green common stockholders	$	(104,567)	$	9,358	$	24,874		$	(111,860)	$	7,060







Basic (loss) earnings per share	$	(1.49)	$	0.13	$	0.35		$	(1.61)	$	0.08
Diluted (loss) earnings per share	$	(1.49)	$	0.13	$	0.34		$	(1.61)	$	0.08

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


Supplemental Information			14			Fourth Quarter 2025



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



		Three Months Ended						Twelve Months Ended
		December 31,		December 31,		September 30,			December 31,		December 31,
		2025		2024		2025			2025		2024
Funds from Operations
Net (Loss) Income attributable to SL Green common stockholders		$	(104,567)	$	9,358	$	24,874		$	(111,860)	$	7,060

	Depreciation and amortization	67,839		53,436		63,216			255,713		207,443
	Joint ventures depreciation and noncontrolling interests adjustments	65,677		69,636		124,984			312,025		287,671
	Net (loss) income attributable to noncontrolling interests	(5,062)		3,885		4,395			(8,644)		(431)
	Equity in net gain on sale of interest in unconsolidated joint venture/real estate	(1,142)		(189,138)		(86,872)			(86,068)		(208,144)
	Purchase price and other fair value adjustments	28,226		(117,195)		(9,652)			33,517		(83,430)
	Loss (gain) on sale of real estate, net	426		1,705		1,068			2,143		(3,025)
	Depreciable real estate reserves	23,546		38,232		—			32,092		104,071
	Depreciable real estate reserves in unconsolidated joint venture	12,812		263,190		—			14,592		263,190
	Depreciation on non-rental real estate assets	(1,526)		(1,226)		(1,628)			(5,838)		(4,583)
	Funds From Operations	$	86,229	$	131,883	$	120,385		$	437,672	$	569,822

	Funds From Operations - Basic per Share	$	1.16	$	1.87	$	1.62		$	5.88	$	8.29

	Funds From Operations - Diluted per Share	$	1.13	$	1.81	$	1.58		$	5.72	$	8.11



Funds Available for Distribution
FFO		$	86,229	$	131,883	$	120,385		$	437,672	$	569,822

	Non real estate depreciation and amortization	1,526		1,226		1,628			5,838		4,583
	Amortization of deferred financing costs	1,901		1,734		1,724			7,054		6,619
	Non-cash deferred compensation	19,394		15,936		10,927			51,376		45,562
	FAD adjustment for joint ventures	(21,662)		(60,733)		(27,723)			(100,568)		(101,240)
	Straight-line rental income and other non-cash adjustments	(2,194)		129		50			661		659
	Non-cash fair value adjustments on mark-to-market derivatives	(83)		(8,092)		(369)			3,834		(5,537)
	Second cycle tenant improvements	(32,522)		(21,826)		(21,318)			(105,434)		(72,011)
	Second cycle leasing commissions	(9,926)		(8,545)		(3,835)			(26,558)		(20,115)

	Recurring capital expenditures	(17,971)		(11,188)		(5,980)			(36,632)		(23,509)
Reported Funds Available for Distribution		$	24,692	$	40,524	$	75,489		$	237,243	$	404,833

	First cycle tenant improvements	$	1,663	$	285	$	467		$	2,952	$	2,313
	First cycle leasing commissions	$	1,591	$	2,686	$	552		$	3,077	$	2,737
	Development costs	$	10,281	$	9,904	$	6,631		$	36,380	$	49,765
	Redevelopment costs	$	4,822	$	2,800	$	8,475		$	21,130	$	8,489
	Capitalized interest	$	8,244	$	8,922	$	6,842		28,192		$	50,148


Supplemental Information			15			Fourth Quarter 2025



CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)


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

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

Net loss									(96,910)		(971)				(97,881)
Acquisition of subsidiary interest from noncontrolling interest					36,023						(51,654)				(15,631)
Other comprehensive loss - net unrealized loss on derivative instruments													(30,266)		(30,266)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments													(10,716)		(10,716)
Other comprehensive income - net unrealized gain on marketable securities													588		588
Perpetual preferred stock dividends									(14,950)						(14,950)
DRSPP proceeds			—		251										251

Measurement adjustment for redeemable noncontrolling interest									18,863						18,863
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			—		17,848						698				18,546
Proceeds from issuance of common stock			—		(1,094)										(1,094)
Repurchases of common stock			—		—		—		—						—

Contributions to consolidated joint venture interests											4,757				4,757
Contributions to debt fund investments											194,292				194,292



Cash distributions to noncontrolling interests											(3,126)				(3,126)
Distributions from debt fund investments											(21,354)				(21,354)

Cash distributions ($3.09 per common share, none of which represented a return of capital for federal income tax purposes)									(199,782)						(199,782)

Balance at December 31, 2025	$	221,932	$	711	$	4,212,590	$	—	$	(741,880)	$	241,293	$	(22,198)	$	3,912,448




RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


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

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

YTD share activity	61,787		367,938		—		—		429,725
Share Count at December 31, 2025	71,158,530		4,877,891		—		—		76,036,421

Weighted Average Share Count at December 31, 2025 - Basic	70,442,667		3,964,205		—		—		74,406,872

Dilution	—		—		1,486,002		574,560		2,060,562
Weighted Average Share Count at December 31, 2025 - Diluted	70,442,667		3,964,205		1,486,002		574,560		76,467,434


Supplemental Information			16			Fourth Quarter 2025



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


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

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,302,573	$	2,057,636	$	4,137,556	$	1,978,678	$	4,137,556	$	2,006,502
Building and improvements	13,507,121		6,373,604		13,535,671		6,423,255		13,448,889		6,515,711
Building leasehold and improvements	283,579		189,850		281,413		187,793		279,168		185,660


	18,093,273		8,621,090		17,954,640		8,589,726		17,865,613		8,707,873
Less: accumulated depreciation	(2,659,031)		(1,355,798)		(2,702,777)		(1,394,565)		(2,608,565)		(1,363,418)
Net real estate	15,434,242		7,265,292		15,251,863		7,195,161		15,257,048		7,344,455

Other real estate investments:
Debt and preferred equity investments, net	247,964		12,400		239,441		119,718		231,514		210,509

Cash and cash equivalents	295,847		124,021		246,097		94,571		267,706		111,927
Restricted cash	351,566		182,893		355,651		185,257		301,336		161,109
Tenant and other receivables	58,588		36,256		39,889		26,184		32,304		19,556
Deferred rents receivable	712,535		356,519		695,615		351,082		670,118		351,307

Deferred costs, net	402,783		193,650		394,218		191,250		381,669		192,193
Right-of-use assets - financing leases	741,693		518,403		744,203		520,033		723,370		510,202
Right-of-use assets - operating leases	82,395		43,436		83,979		44,378		184,213		94,644

Other assets	1,282,576		594,434		1,217,177		561,239		1,257,290		583,482

Total Assets	$	19,610,189	$	9,327,304	$	19,268,133	$	9,288,873	$	19,306,568	$	9,579,384

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $100,882 at 12/31/2025, of which $50,476 is SLG share	$	12,378,150	$	5,846,722	$	12,145,070	$	5,753,383	$	12,318,975	$	5,999,785
Accrued interest payable	62,978		24,356		57,281		22,642		79,380		35,216
Accounts payable and accrued expenses	283,909		157,467		246,095		131,572		227,238		125,167
Deferred revenue	852,035		383,414		879,137		398,071		897,575		404,613
Lease liability - financing leases	812,881		555,399		813,101		556,224		789,989		545,622
Lease liability - operating leases	96,107		49,233		97,060		49,779		211,493		107,066

Security deposits	48,190		20,383		45,429		19,903		42,441		18,995

Other liabilities	89,722		45,366		85,956		44,399		73,527		39,974
Equity	4,986,217		2,244,964		4,899,004		2,312,900		4,665,950		2,302,946

Total Liabilities and Equity	$	19,610,189	$	9,327,304	$	19,268,133	$	9,288,873	$	19,306,568	$	9,579,384


Supplemental Information			17			Fourth Quarter 2025



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


	Three Months Ended
	December 31, 2025				December 31, 2024				September 30, 2025

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	313,352	$	159,254	$	304,267	$	157,190	$	324,877	$	167,923
Escalation and reimbursement revenues	66,475		34,908		64,234		35,069		61,497		33,662
Investment income	8,523		426		5,865		5,048		7,927		3,963

Other income	13,581		6,501		2,798		1,051		11,335		5,267
Total Revenues	401,931		201,089		377,164		198,358		405,636		210,815

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

Expenses
Operating expenses	68,389		34,697		66,971		34,568		72,142		37,755
Real estate taxes	74,624		37,957		74,723		37,826		71,117		37,794
Operating lease rent	2,995		1,656		7,217		1,793		(3,065)		1,655
Loan loss and other investment reserves, net of recoveries	—		—		—		—		—		—
Transaction related costs	—		—		—		—		—		—
Total Operating Expenses	146,008		74,310		148,911		74,187		140,194		77,204

Operating Income	255,923		126,779		228,253		124,171		394,510		190,798

Interest expense, net of interest income	137,444		68,827		140,031		67,099		111,539		67,628
Amortization of deferred financing costs	11,365		5,882		6,571		3,459		6,693		3,558

Depreciation and amortization	126,599		64,654		130,961		67,046		128,565		66,616
Net (Loss) Income	(19,485)		(12,584)		(49,310)		(13,433)		147,713		52,996

Real estate depreciation	126,597		64,654		130,959		67,046		128,564		66,615
FFO Contribution	$	107,112	$	52,070	$	81,649	$	53,613	$	276,277	$	119,611

FAD Adjustments:
Non real estate depreciation and amortization	$	2	$	—	$	2	$	—	$	1	$	1
Amortization of deferred financing costs	11,365		5,882		6,571		3,459		6,693		3,558
Straight-line rental income and other non-cash adjustments	(39,619)		(14,675)		(41,700)		(21,369)		(42,118)		(20,609)
Second cycle tenant improvements	(9,618)		(4,933)		(27,204)		(13,939)		(7,420)		(3,795)
Second cycle leasing commissions	(6,293)		(3,173)		(46,837)		(23,832)		(9,281)		(4,943)
Recurring capital expenditures	(5,618)		(4,763)		(10,159)		(5,052)		(3,480)		(1,935)

Total FAD Adjustments	$	(49,781)	$	(21,662)	$	(119,327)	$	(60,733)	$	(55,605)	$	(27,723)

First cycle tenant improvements	$	14,177	$	6,896	$	2,215	$	911	$	18,111	$	9,038
First cycle leasing commissions	$	9,596	$	4,763	$	6,881	$	3,446	$	5,278	$	2,270
Development costs	$	15,221	$	3,985	$	112,422	$	30,121	$	28,630	$	7,841
Redevelopment costs	$	29,843	$	14,802	$	29,541	$	14,151	$	17,953	$	8,858
Capitalized interest	$	16,079	$	7,212	$	36,726	$	15,407	$	18,773	$	9,031


Supplemental Information			18			Fourth Quarter 2025



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


	Twelve Months Ended
	December 31, 2025				December 31, 2024

	Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	1,247,728	$	638,702	$	1,215,934	$	635,019
Escalation and reimbursement revenues	249,587		134,389		242,451		136,302
Investment income	27,422		14,366		12,693		11,513

Other income	36,932		17,781		13,381		7,212
Total Revenues	1,561,669		805,238		1,484,459		790,046

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

Expenses
Operating expenses	271,743		139,959		259,558		135,821
Real estate taxes	288,903		149,285		297,520		152,437
Operating lease rent	12,453		6,623		33,207		7,808
Loan loss and other investment reserves, net of recoveries	15,980		14,531		—		—
Transaction related costs	—		—		—		—
Total Operating Expenses	589,079		310,398		590,285		296,066

Operating Income	1,101,658		552,027		1,127,878		666,349

Interest expense, net of interest income	508,215		263,710		573,148		276,852
Amortization of deferred financing costs	29,955		15,738		21,289		11,334

Depreciation and amortization	502,004		259,498		538,390		275,098
Net Income (Loss)	61,484		13,081		(4,949)		103,065

Real estate depreciation	501,999		259,496		538,378		275,091
FFO Contribution	$	563,483	$	272,577	$	533,429	$	378,156

FAD Adjustments:
Non real estate depreciation and amortization	$	5	$	2	$	12	$	7
Amortization of deferred financing costs	29,955		15,738		21,289		11,334
Straight-line rental income and other non-cash adjustments	(175,976)		(82,543)		(90,148)		(53,676)
Second cycle tenant improvements	(29,444)		(15,118)		(43,768)		(22,899)
Second cycle leasing commissions	(20,799)		(11,121)		(58,661)		(30,008)
Recurring capital expenditures	(9,754)		(7,526)		(12,421)		(5,998)

Total FAD Adjustments	$	(206,013)	$	(100,568)	$	(183,697)	$	(101,240)

First cycle tenant improvements	$	42,737	$	21,026	$	12,388	$	4,302
First cycle leasing commissions	$	16,398	$	7,476	$	45,896	$	22,347
Development costs	$	78,091	$	22,025	$	229,299	$	65,805
Redevelopment costs	$	82,678	$	40,549	$	68,142	$	28,449
Capitalized interest	$	77,039	$	35,503	$	156,533	$	58,675


Supplemental Information			19			Fourth Quarter 2025



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



	Three Months Ended						Twelve Months Ended
	December 31,		December 31,		September 30,			December 31,		December 31,
	2025		2024		2025			2025		2024

Net Operating Income (1)	$	88,299	$	91,459	$	80,784		$	320,732	$	325,927
SLG share of NOI from unconsolidated JVs	119,635		117,761		129,798			482,794		471,403
NOI, including SLG share of unconsolidated JVs	207,934		209,220		210,582			803,526		797,330
Partners' share of NOI - consolidated JVs	(32)		(2,112)		(47)			(1,741)		(6,279)
NOI - SLG share	$	207,902	$	207,108	$	210,535		$	801,785	$	791,051

NOI, including SLG share of unconsolidated JVs	$	207,934	$	209,220	$	210,582		$	803,526	$	797,330
Free rent (net of amortization)	(7,856)		(4,687)		(3,660)			(24,884)		(7,653)
Straight-line revenue adjustment	(7,775)		(8,677)		(10,499)			(37,436)		(25,883)
Amortization of acquired above and below-market leases, net	(5,820)		(6,220)		(5,783)			(22,717)		(22,707)
Operating lease straight-line adjustment	605		(374)		597			2,271		2,328
Straight-line tenant credit loss	272		(1,004)		36			(185)		5,628
Cash NOI, including SLG share of unconsolidated JVs	187,360		188,258		191,273			720,575		749,043
Partners' share of cash NOI - consolidated JVs	(43)		(2,120)		6			(1,249)		(6,782)
Cash NOI - SLG share	$	187,317	$	186,138	$	191,279		$	719,326	$	742,261

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



NOI Summary by Portfolio (1) - SLG Share

	Three Months Ended				Twelve Months Ended
	December 31, 2025				December 31, 2025
	NOI		Cash NOI		NOI		Cash NOI

Manhattan Office	$	176,880	$	156,970	$	694,263	$	617,074
Development / Redevelopment	1,111		1,458		3,551		6,347
High Street Retail	5,488		5,118		21,998		18,640
Suburban	1,358		1,447		6,009		6,291
Residential	4,322		4,045		13,337		12,183
Total Operating and Development	189,159		169,038		739,158		660,535
Alternative Strategy Portfolio	12,039		11,348		51,260		46,516
Property Dispositions (2)	1		1		533		533
Other (3)	6,703		6,930		10,834		11,742
Total	$	207,902	$	187,317	$	801,785	$	719,326

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


Supplemental Information			20			Fourth Quarter 2025



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


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	136,021		$	141,561					$	137,907		$	550,317		$	557,422
	Escalation & reimbursement revenues	20,468			17,599						17,640			72,274			65,781
	Other income	1,385			3,276						620			7,505			7,976
	Total Revenues	$	157,874		$	162,436					$	156,167		$	630,096		$	631,179


Expenses
	Operating expenses	$	45,226		$	43,293					$	45,556		$	175,104		$	165,466
	Real estate taxes	35,284			35,234						33,735			138,803			135,572
	Operating lease rent	6,106			6,106						6,106			24,423			24,423
	Total Operating Expenses	$	86,616		$	84,633					$	85,397		$	338,330		$	325,461

	Operating Income	$	71,258		$	77,803					$	70,770		$	291,766		$	305,718

	Interest expense & amortization of financing costs	$	25,242		$	27,147					$	25,212		$	99,276		$	98,978
	Depreciation & amortization	51,800			52,940						52,830			210,478			203,029

	(Loss) income before noncontrolling interest	$	(5,784)		$	(2,284)					$	(7,272)		$	(17,988)		$	3,711
	Real estate depreciation & amortization	51,800			52,940						52,830			210,478			203,029
	FFO Contribution	$	46,016		$	50,656					$	45,558		$	192,490		$	206,740

	Non–building revenue	(656)			(500)						(296)			(1,773)			(1,514)

	Interest expense & amortization of financing costs	25,242			27,147						25,212			99,276			98,978
	Non-real estate depreciation	—			—						—			—			—
	NOI	$	70,602		$	77,303		(8.7)	%		$	70,474		$	289,993		$	304,204		(4.7)	%

Cash Adjustments
	Free rent (net of amortization)	$	(4,087)		$	(1,469)					$	(1,114)		$	(7,297)		$	(11,138)
	Straight-line revenue adjustment	2,158			2,471						2,069			10,508			7,654
	Amortization of acquired above and below-market leases, net	1,021			830						864			3,516			2,578
	Operating lease straight-line adjustment	204			204						204			815			815
	Straight-line tenant credit loss	272			(1,405)						3			(1,778)			684
	Cash NOI	$	70,170		$	77,934		(10.0)	%		$	72,500		$	295,757		$	304,797		(3.0)	%

	Lease termination income	(704)			(2,743)						(290)			(5,629)			(6,344)
	Cash NOI excluding lease termination income	$	69,466		$	75,191		(7.6)	%		$	72,210		$	290,128		$	298,453		(2.8)	%

Operating Margins
	NOI to real estate revenue, net	44.9		%	47.7		%				45.2		%	46.2		%	48.3		%
	Cash NOI to real estate revenue, net	44.6		%	48.1		%				46.5		%	47.1		%	48.4		%

	NOI before operating lease rent/real estate revenue, net	48.8		%	51.5		%				49.1		%	50.0		%	52.2		%
	Cash NOI before operating lease rent/real estate revenue, net	48.4		%	51.8		%				50.3		%	50.8		%	52.2		%


Supplemental Information			21			Fourth Quarter 2025



SELECTED FINANCIAL DATA Same Store Net Operating Income - Unconsolidated JVs Unaudited (Dollars in Thousands, SLG Share)


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	132,845		$	126,989					$	135,203		$	520,397		$	497,656
	Escalation & reimbursement revenues	33,146			31,558						30,367			122,791			115,960
	Other income	2,680			317						3,574			9,042			3,657
	Total Revenues	$	168,671		$	158,864					$	169,144		$	652,230		$	617,273


Expenses
	Operating expenses	$	32,193		$	29,786					$	31,952		$	123,760		$	114,169
	Real estate taxes	34,558			33,659						33,983			134,995			130,783
	Operating lease rent	108			108						108			433			433
	Total Operating Expenses	$	66,859		$	63,553					$	66,043		$	259,188		$	245,385

	Operating Income	$	101,812		$	95,311					$	103,101		$	393,042		$	371,888

	Interest expense & amortization of financing costs	$	64,110		$	57,589					$	60,107		$	238,226		$	234,630
	Depreciation & amortization	54,757			54,072						56,105			220,200			220,057

	Loss before noncontrolling interest	$	(17,055)		$	(16,350)					$	(13,111)		$	(65,384)		$	(82,799)
	Real estate depreciation & amortization	54,756			54,072						56,105			220,198			220,051
	FFO Contribution	$	37,701		$	37,722					$	42,994		$	154,814		$	137,252

	Non–building revenue	(544)			(312)						(384)			(1,478)			(1,130)

	Interest expense & amortization of financing costs	64,110			57,589						60,107			238,226			234,630
	Non-real estate depreciation	1			—						—			2			6
	NOI	$	101,268		$	94,999		6.6	%		$	102,717		$	391,564		$	370,758		5.6	%

Cash Adjustments
	Free rent (net of amortization)	$	(1,261)		$	1,368					$	2,368		$	6,230		$	5,897
	Straight-line revenue adjustment	(8,395)			(7,251)						(10,287)			(38,353)			(18,663)
	Amortization of acquired above and below-market leases, net	(6,328)			(6,393)						(6,268)			(24,826)			(24,405)
	Operating lease straight-line adjustment	—			—						—			—			—
	Straight-line tenant credit loss	—			—						—			(396)			3
	Cash NOI	$	85,284		$	82,723		3.1	%		$	88,530		$	334,219		$	333,590		0.2	%

	Lease termination income	(2,184)			—						(3,189)			(7,602)			(2,515)
	Cash NOI excluding lease termination income	$	83,100		$	82,723		0.5	%		$	85,341		$	326,617		$	331,075		(1.3)	%

Operating Margins
	NOI to real estate revenue, net	60.2		%	59.9		%				60.9		%	60.2		%	60.2		%
	Cash NOI to real estate revenue, net	50.7		%	52.2		%				52.5		%	51.4		%	54.1		%

	NOI before operating lease rent/real estate revenue, net	60.3		%	60.0		%				60.9		%	60.2		%	60.2		%
	Cash NOI before operating lease rent/real estate revenue, net	50.8		%	52.2		%				52.5		%	51.4		%	54.2		%


Supplemental Information			22			Fourth Quarter 2025



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


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2025			2024			%			2025			2025			2024			%
Revenues
	Rental revenue, net	$	136,021		$	141,561					$	137,907		$	550,317		$	557,422
	Escalation & reimbursement revenues	20,468			17,599						17,640			72,274			65,781
	Other income	1,385			3,276						620			7,505			7,976
	Total Revenues	$	157,874		$	162,436					$	156,167		$	630,096		$	631,179

	Equity in net income (loss) from unconsolidated joint ventures (1)	$	(17,055)		$	(16,350)					$	(13,111)		$	(65,384)		$	(82,799)
Expenses
	Operating expenses	$	45,226		$	43,293					$	45,556		$	175,104		$	165,466
	Real estate taxes	35,284			35,234						33,735			138,803			135,572
	Operating lease rent	6,106			6,106						6,106			24,423			24,423
	Total Operating Expenses	$	86,616		$	84,633					$	85,397		$	338,330		$	325,461

	Operating Income	$	54,203		$	61,453					$	57,659		$	226,382		$	222,919

	Interest expense & amortization of financing costs	$	25,242		$	27,147					$	25,212		$	99,276		$	98,978
	Depreciation & amortization	51,800			52,940						52,830			210,478			203,029

	Loss before noncontrolling interest	$	(22,839)		$	(18,634)					$	(20,383)		$	(83,372)		$	(79,088)
	Real estate depreciation & amortization	51,800			52,940						52,830			210,478			203,029
	Joint Ventures Real estate depreciation & amortization (1)	54,756			54,072						56,105			220,198			220,051
	FFO Contribution	$	83,717		$	88,378					$	88,552		$	347,304		$	343,992

	Non–building revenue	(656)			(500)						(296)			(1,773)			(1,514)
	Joint Ventures Non–building revenue (1)	(544)			(312)						(384)			(1,478)			(1,130)

	Interest expense & amortization of financing costs	25,242			27,147						25,212			99,276			98,978
	Joint Ventures Interest expense & amortization of financing costs (1)	64,110			57,589						60,107			238,226			234,630
	Non-real estate depreciation	—			—						—			—			—
	Joint Ventures Non-real estate depreciation (1)	1			—						—			2			6
	NOI	$	171,870		$	172,302		(0.3)	%		$	173,191		$	681,557		$	674,962		1.0	%

Cash Adjustments
	Non-cash adjustments	$	(432)		$	631					$	2,026		$	5,764		$	593
	Joint Ventures non-cash adjustments (1)	(15,984)			(12,276)						(14,187)			(57,345)			(37,168)
	Cash NOI	$	155,454		$	160,657		(3.2)	%		$	161,030		$	629,976		$	638,387		(1.3)	%

	Lease termination income	$	(704)		$	(2,743)					$	(290)		$	(5,629)		$	(6,344)
	Joint Ventures lease termination income (1)	(2,184)			—						(3,189)			(7,602)			(2,515)
	Cash NOI excluding lease termination income	$	152,566		$	157,914		(3.4)	%		$	157,551		$	616,745		$	629,528		(2.0)	%

Operating Margins
	NOI to real estate revenue, net	52.8		%	53.8		%				53.4		%	53.3		%	54.2		%
	Cash NOI to real estate revenue, net	47.8		%	50.1		%				49.6		%	49.3		%	51.2		%

	NOI before operating lease rent/real estate revenue, net	54.7		%	55.7		%				55.3		%	55.2		%	56.2		%
	Cash NOI before operating lease rent/real estate revenue, net	49.6		%	52.0		%				51.5		%	51.1		%	53.2		%


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


Supplemental Information			23			Fourth Quarter 2025



DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)


				Principal				2026		Current	Final		Principal
		Ownership		Outstanding				Principal		Maturity	Maturity		Due at
Fixed rate debt		Interest (%)		12/31/2025		Coupon (1)		Amortization		Date	Date (2)		Final Maturity
Secured fixed rate debt
	10 East 53rd Street (swapped)		100.0	$	204,550		5.37%	$	—	May-26	May-28	(3)	$	204,550
	185 Broadway / 7 Dey Street		100.0	190,149			6.35%	—		Nov-26	Nov-26		190,149
	100 Church Street (swapped)		100.0	365,000			5.89%	—		Dec-26	Jun-28		365,000
	Landmark Square		100.0	100,000			4.90%	—		Jan-27	Jan-27		100,000
	485 Lexington Avenue		100.0	450,000			4.25%	—		Feb-27	Feb-27		450,000
	315 W 33rd St (The Olivia) (4)		100.0	250,000			4.24%	—		Feb-27	Feb-27		250,000
	500 Park Avenue (swapped)		100.0	80,000			6.57%	—		Jan-28	Jan-30		80,000
	800 Third Avenue (swapped)		100.0	177,000			3.37%	—		Feb-29	Feb-31		177,000
	420 Lexington Avenue		100.0	258,523			8.24%	—		Oct-40	Oct-40		258,523

SL GREEN REALTY CORP 8-K