SL Green Realty - 10-Q quarterly report FY

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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 March 31, 2026

☐ 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 April 29, 2026, 71,124,483 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of April 29, 2026, 301,545 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 March 31, 2026 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 March 31, 2026, the Company owns 92.37% 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 March 31, 2026, noncontrolling investors held, in aggregate, a 7.63% 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 March 31, 2026 and December 31, 2025	5
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	7
	Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025	8
	Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025	9
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	10

	FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. (UNAUDITED)
	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	12
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	14
	Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025	15
	Consolidated Statements of Capital for the three months ended March 31, 2026 and 2025	16
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	17
	Notes to Consolidated Financial Statements	19
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	57
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	70
Item 4.	Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)	71
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	72
Item 1A.	Risk Factors	72
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	74
Item 4.	Mine Safety Disclosures	75
Item 5.	Other Information	76
Item 6.	Exhibits	77
	Signatures	78

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, except per share data)


	March 31, 2026		December 31, 2025
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,848,531	$	1,699,215
Building and improvements	4,298,249		4,012,305
Building leasehold and improvements	1,465,411		1,448,112
	7,612,191		7,159,632
Less: accumulated depreciation	(2,321,290)		(2,306,377)
	5,290,901		4,853,255
Assets held for sale	211,222		—
Cash and cash equivalents	143,867		155,747
Restricted cash	194,772		180,748
Investments in marketable securities	25,330		23,666
Tenant and other receivables	56,724		45,524
Related party receivables	25,161		16,293
Deferred rents receivable	262,730		266,678
Debt and preferred equity investments, net of discounts and deferred origination fees of $5 and $14 and allowances of $300 and $454 in 2026 and 2025, respectively	118,083		168,358
Investments in unconsolidated joint ventures	2,500,573		2,624,755
Debt fund investments, at fair value	293,243		152,958
Deferred costs, net of amortization of $178,841 and $174,617, respectively	129,428		129,019

Right-of-use assets - operating leases	909,377		864,430
Real estate loans held by consolidated securitization vehicles, at fair value	1,027,164		1,023,877
Other assets	570,175		577,299
Total assets (1)	$	11,758,750	$	11,082,607
Liabilities
Mortgages and other loans payable, net	$	2,491,849	$	2,146,049
Revolving credit facility, net	813,953		637,796
Unsecured term loans, net	1,142,660		1,147,591

Accrued interest payable	19,791		15,221
Senior obligations of consolidated securitization vehicles, at fair value	1,027,164		1,023,877
Other liabilities	241,392		392,756
Accounts payable and accrued expenses	118,912		134,621
Deferred revenue	168,980		147,419
Lease liability - financing leases	108,515		108,183
Lease liability - operating leases	851,142		805,192
Dividend and distributions payable	49,380		2,536
Security deposits	73,638		68,276
Liabilities related to assets held for sale	189,842		—
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	7,397,218		6,729,517

Table of Contents

SL Green Realty Corp.

Consolidated Balance Sheets

(unaudited, in thousands, except per share data)


	March 31, 2026		December 31, 2025
Commitments and contingencies (See Note 19)
Noncontrolling interests in Operating Partnership	259,415		241,371
Preferred units and redeemable equity	204,319		199,271

Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2026 and December 31, 2025	221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized and 71,124 and 71,159 issued and outstanding at March 31, 2026 and December 31, 2025, respectively	711		711
Additional paid-in-capital	4,213,856		4,212,590

Accumulated other comprehensive loss	(7,287)		(22,198)
Retained deficit	(892,890)		(741,880)
Total SL Green stockholders' equity	3,536,322		3,671,155
Noncontrolling interests in other partnerships	361,476		241,293
Total equity	3,897,798		3,912,448
Total liabilities and equity	$	11,758,750	$	11,082,607

(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: $369.9 million and $185.2 million of land, $685.5 million and $207.5 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $8.0 million and $6.3 million of accumulated depreciation, $293.2 million and $153.0 million of debt fund investments, $1,027.2 million and $1,023.9 million of real estate loans held by consolidated securitization vehicles, $628.7 million and $862.5 million of other assets included in other line items, $856.1 million and $328.6 million of real estate debt, net, $2.3 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, $1,027.2 million and $1,023.9 million of senior obligations of consolidated securitization vehicles and $230.5 million and $287.5 million of other liabilities included in other line items as of March 31, 2026 and December 31, 2025, respectively.

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

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SL Green Realty Corp.

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)


	Three Months Ended March 31,
		2026		2025
Revenues
Rental revenue, net		$	186,876	$	163,019
SUMMIT Operator revenue		24,142		22,534
Investment income		2,346		16,114
Interest income from real estate loans held by consolidated securitization vehicles		14,649		15,981
Fee income		20,006		12,275
Other income		5,061		9,923
Total revenues		253,080		239,846
Expenses
Operating expenses, including related party expenses of $2 in 2026 and $3 in 2025		61,457		56,062
Real estate taxes		41,912		37,217
Operating lease rent		6,944		6,106
SUMMIT Operator expenses		24,942		21,764
Interest expense, net of interest income		50,909		45,681
Amortization of deferred financing costs		2,802		1,687
SUMMIT Operator tax expense (benefit)		585		(45)
Interest expense on senior obligations of consolidated securitization vehicles		14,649		13,972
Depreciation and amortization		69,751		64,498
Loan loss and other investment reserves, net of recoveries		—		(25,039)
Transaction related costs		284		295
Marketing, general and administrative		22,786		21,724
Total expenses		297,021		243,922

Equity in net (loss) income from unconsolidated joint ventures		(20,780)		1,170
Income from debt fund investments, net		2,478		—
Equity in net loss on sale of interest in unconsolidated joint venture/real estate		(814)		—
Purchase price and other fair value adjustments		4,183		(9,611)
Gain (loss) on sale of real estate, net		16,636		(482)
Depreciable real estate reserves and impairments		(35,160)		(8,546)





Net loss		(77,398)		(21,545)
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership		6,678		1,465
Noncontrolling interests in other partnerships		(7,734)		4,897
Preferred units distributions		(2,199)		(2,154)
Net loss attributable to SL Green		(80,653)		(17,337)
Perpetual preferred stock dividends		(3,738)		(3,738)
Net loss attributable to SL Green common stockholders		$	(84,391)	$	(21,075)






















Basic loss per share		$	(1.20)	$	(0.30)










Diluted loss per share		$	(1.20)	$	(0.30)

Basic weighted average common shares outstanding		70,687		70,424
Diluted weighted average common shares and common share equivalents outstanding		70,687		70,424

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

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SL Green Realty Corp.

Consolidated Statements of Comprehensive Loss

(unaudited, in thousands)


	Three Months Ended March 31,
		2026		2025
Net loss		$	(77,398)	$	(21,545)
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments		13,833		(25,352)
Increase in unrealized value of marketable securities		1,663		695

Foreign currency translation adjustments		361		—
Other comprehensive income (loss)		15,857		(24,657)
Comprehensive loss		(61,541)		(46,202)
Net (loss) income attributable to noncontrolling interests and preferred units distributions		(3,255)		4,208
Other comprehensive (loss) income attributable to noncontrolling interests		(946)		1,619
Comprehensive loss attributable to SL Green		$	(65,742)	$	(40,375)

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

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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 Loss		Retained Deficit		Noncontrolling Interests		Total
Balance at December 31, 2025		$	221,932	71,159	$	711	$	4,212,590	$	—	$	(22,198)	$	(741,880)	$	241,293	$	3,912,448
Net loss													(80,653)		7,734		(72,919)

Other comprehensive income											14,911						14,911
Perpetual preferred stock dividends													(3,738)				(3,738)
DRSPP proceeds				1			62										62
Conversion of units in the Operating Partnership for common stock				1													—
Measurement adjustment for redeemable noncontrolling interest													(22,901)				(22,901)

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(37)			1,204								466		1,670



Contributions to consolidated joint venture interests															40,399		40,399





Contributions to debt fund investments															81,725		81,725
Distributions from debt fund investments															(1,821)		(1,821)
Cash distributions to noncontrolling interests															(8,320)		(8,320)

Cash distributions declared ($0.618 per common share, none of which represented a return of capital for federal income tax purposes)													(43,718)				(43,718)
Balance at March 31, 2026		$	221,932	71,124	$	711	$	4,213,856	$	—	$	(7,287)	$	(892,890)	$	361,476	$	3,897,798

	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 Earnings		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 loss													(17,337)		(4,897)		(22,234)

Other comprehensive loss											(23,038)						(23,038)
Perpetual preferred stock dividends													(3,738)				(3,738)
DRSPP proceeds				1			75										75
Conversion of units in the Operating Partnership for common stock				4													—
Measurement adjustment for redeemable noncontrolling interest													(12,940)				(12,940)

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(86)	(1)		(2,524)										(2,525)
Repurchases of common stock							(871)										(871)

Contributions to consolidated joint venture interests															3,437		3,437



Cash distributions to noncontrolling interests															(221)		(221)

Cash distributions declared ($0.773 per common share, none of which represented a return of capital for federal income tax purposes)													(54,469)				(54,469)
Balance at March 31, 2025		$	221,932	71,016	$	710	$	4,156,242	$	—	$	(4,842)	$	(537,585)	$	116,970	$	3,953,427

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)


	Three Months Ended March 31,
	2026		2025
Operating Activities
Net loss	$	(77,398)	$	(21,545)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	69,751		64,498
Amortization of deferred financing costs	2,802		1,687
Equity in net loss (income) from unconsolidated joint ventures	20,780		(1,170)

Distributions of cumulative earnings from unconsolidated joint ventures	159		122
Equity in net loss on sale of interest in unconsolidated joint venture/real estate	814		—
Purchase price and other fair value adjustments	(4,183)		9,611
Depreciable real estate reserves and impairments	35,160		8,546
(Gain) loss on sale of real estate, net	(16,636)		482
Loan loss reserves and other investment reserves, net of recoveries	—		(25,039)



Deferred rents receivable	(2,606)		3,586
Non-cash lease expense	5,549		5,191
Other non-cash adjustments	13,588		9,499

Changes in operating assets and liabilities:
Tenant and other receivables	(12,031)		(6,046)
Related party receivables	(9,020)		8,334
Deferred lease costs	(9,629)		(4,469)
Other assets	(37,022)		(28,978)
Accounts payable, accrued expenses, other liabilities and security deposits	476		(8,182)
Deferred revenue	6,404		(5,097)
Lease liability - operating leases	(4,546)		(4,320)
Net cash (used in) provided by operating activities	(17,588)		6,710
Investing Activities
Acquisitions of real estate property	(664,131)		(112,440)
Additions to land, buildings and improvements	(103,614)		(74,239)

Investments in unconsolidated joint ventures	(45,924)		(36,786)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	177,610		9,460
Net proceeds from disposition of real estate/joint venture interest	53,714		93,520


Proceeds from sale or redemption of marketable securities	—		10,973

Investments in real estate loans held by consolidated securitization vehicles	—		(49,296)


Other investments	614		(5,679)
Origination or purchase of debt fund investments	(139,161)		(11,786)


Repayments or redemption of debt and preferred equity investments	28,500		—
Net cash used in investing activities	(692,392)		(176,273)

Financing Activities
Proceeds from mortgages and other loans payable	620,418		89,253
Repayments of mortgages and other loans payable	(87,401)		(3,550)
Proceeds from revolving credit facility, term loans and unsecured notes	670,410		420,000

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Repayments of revolving credit facility, term loans and unsecured notes	(485,410)		(250,000)
Proceeds from stock options exercised and DRSPP issuance	62		75
Proceeds from issuance of common stock	—		(871)


Redemption of OP units	(4,595)		(11,267)
Distributions to noncontrolling interests in other partnerships	(8,320)		(221)
Contributions from noncontrolling interests in other partnerships	40,399		3,386

Distributions to noncontrolling interests in the Operating Partnership	(3,614)		(4,155)
Contributions from noncontrolling interests to debt fund investments	81,725		—
Distributions from debt fund investments	(1,821)		—
Dividends paid on common and preferred stock	(2,811)		(60,196)
Other obligations related to secured borrowing	(75,294)		—
Tax withholdings related to restricted share awards	(6,283)		(6,850)
Deferred loan costs	(25,341)		(651)

Net cash provided by financing activities	712,124		174,953
Net increase in cash, cash equivalents, and restricted cash	2,144		5,390
Cash, cash equivalents, and restricted cash at beginning of year	336,495		331,638
Cash, cash equivalents, and restricted cash at end of period	$	338,639	$	337,028





Supplemental Disclosure of Non-Cash Investing and Financing Activities:



Issuance of preferred units relating to a real estate acquisition	$	5,800	$	—


Assumption of mortgage loans	12,200		—



Measurement adjustment for redeemable noncontrolling interest	22,901		12,940







Contribution to consolidated joint venture interest	—		51





Transfer of assets related to assets held for sale	211,222		—
Transfer of liabilities related to assets held for sale	189,842		—
Removal of fully depreciated commercial real estate properties	—		1,095








Consolidation of securitization vehicle assets	—		828,143
Consolidation of securitization vehicle liabilities	—		828,143

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.


	Three Months Ended March 31,
	2026		2025
Cash and cash equivalents	$	143,867	$	180,133
Restricted cash	194,772		156,895
Total cash, cash equivalents, and restricted cash	$	338,639	$	337,028

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

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SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(unaudited, in thousands, except per share data)


	March 31, 2026		December 31, 2025
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,848,531	$	1,699,215
Building and improvements	4,298,249		4,012,305
Building leasehold and improvements	1,465,411		1,448,112
	7,612,191		7,159,632
Less: accumulated depreciation	(2,321,290)		(2,306,377)
	5,290,901		4,853,255
Assets held for sale	211,222		—
Cash and cash equivalents	143,867		155,747
Restricted cash	194,772		180,748
Investments in marketable securities	25,330		23,666
Tenant and other receivables	56,724		45,524
Related party receivables	25,161		16,293
Deferred rents receivable	262,730		266,678
Debt and preferred equity investments, net of discounts and deferred origination fees of $5 and $14 and allowances of $300 and $454 in 2026 and 2025, respectively	118,083		168,358
Investments in unconsolidated joint ventures	2,500,573		2,624,755
Debt fund investments, at fair value	293,243		152,958
Deferred costs, net of amortization of $178,841 and $174,617, respectively	129,428		129,019

Right-of-use assets - operating leases	909,377		864,430
Real estate loans held by consolidated securitization vehicles, at fair value	1,027,164		1,023,877
Other assets	570,175		577,299
Total assets (1)	$	11,758,750	$	11,082,607
Liabilities
Mortgages and other loans payable, net	$	2,491,849	$	2,146,049
Revolving credit facility, net	813,953		637,796
Unsecured term loans, net	1,142,660		1,147,591

Accrued interest payable	19,791		15,221
Senior obligations of consolidated securitization vehicles, at fair value	1,027,164		1,023,877
Other liabilities	241,392		392,756
Accounts payable and accrued expenses	118,912		134,621
Deferred revenue	168,980		147,419
Lease liability - financing leases	108,515		108,183
Lease liability - operating leases	851,142		805,192
Dividend and distributions payable	49,380		2,536
Security deposits	73,638		68,276
Liabilities related to assets held for sale	189,842		—
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	7,397,218		6,729,517

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(unaudited, in thousands, except per share data)


	March 31, 2026		December 31, 2025
Commitments and contingencies (See Note 19)
Limited partner interests in SLGOP (5,704 and 4,538 limited partner common units outstanding at March 31, 2026 and December 31, 2025, respectively)	259,415		241,371
Preferred units and redeemable equity	204,319		199,271
Capital
SLGOP partners' capital:
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2026 and December 31, 2025	221,932		221,932
SL Green partners' capital (768 and 757 general partner common units and 70,356 and 70,402 limited partner common units outstanding at March 31, 2026 and December 31, 2025, respectively)	3,321,677		3,471,421
Accumulated other comprehensive loss	(7,287)		(22,198)
Total SLGOP partners' capital	3,536,322		3,671,155
Noncontrolling interests in other partnerships	361,476		241,293
Total capital	3,897,798		3,912,448
Total liabilities and capital	$	11,758,750	$	11,082,607

(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: $369.9 million and $185.2 million of land, $685.5 million and $207.5 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $8.0 million and $6.3 million of accumulated depreciation, $293.2 million and $153.0 million of debt fund investments, $1,027.2 million and $1,023.9 million of real estate loans held by consolidated securitization vehicles, $628.7 million and $862.5 million of other assets included in other line items, $856.1 million and $328.6 million of real estate debt, net, $2.3 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, $1,027.2 million and $1,023.9 million of senior obligations of consolidated securitization vehicles and $230.5 million and $287.5 million of other liabilities included in other line items as of March 31, 2026 and December 31, 2025, respectively.

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

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SL Green Operating Partnership, L.P.

Consolidated Statements of Operations

(unaudited, in thousands, except per unit data)


	Three Months Ended March 31,
		2026		2025
Revenues
Rental revenue, net		$	186,876	$	163,019
SUMMIT Operator revenue		24,142		22,534
Investment income		2,346		16,114
Interest income from real estate loans held by consolidated securitization vehicles		14,649		15,981
Fee income		20,006		12,275
Other income		5,061		9,923
Total revenues		253,080		239,846
Expenses
Operating expenses, including related party expenses of $2 in 2026, and $3 in 2025		61,457		56,062
Real estate taxes		41,912		37,217
Operating lease rent		6,944		6,106
SUMMIT Operator expenses		24,942		21,764
Interest expense, net of interest income		50,909		45,681
Amortization of deferred financing costs		2,802		1,687
SUMMIT Operator tax expense (benefit)		585		(45)
Interest expense on senior obligations of consolidated securitization vehicles		14,649		13,972
Depreciation and amortization		69,751		64,498
Loan loss and other investment reserves, net of recoveries		—		(25,039)
Transaction related costs		284		295
Marketing, general and administrative		22,786		21,724
Total expenses		297,021		243,922

Equity in net (loss) income from unconsolidated joint ventures		(20,780)		1,170
Income from debt fund investments, net		2,478		—
Equity in net loss on sale of interest in unconsolidated joint venture/real estate		(814)		—
Purchase price and other fair value adjustments		4,183		(9,611)
Gain (loss) on sale of real estate, net		16,636		(482)
Depreciable real estate reserves and impairments		(35,160)		(8,546)
Gain on sale of marketable securities		—		—
Gain on early extinguishment of debt		—		—

Net loss		(77,398)		(21,545)
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in other partnerships		(7,734)		4,897
Preferred units distributions		(2,199)		(2,154)
Net loss attributable to SLGOP		(87,331)		(18,802)
Perpetual preferred unit dividends		(3,738)		(3,738)
Net loss attributable to SLGOP common unitholders		$	(91,069)	$	(22,540)






















Basic loss per unit		$	(1.21)	$	(0.32)



Diluted loss per unit		$	(1.21)	$	(0.32)

Basic weighted average common units outstanding		75,667		74,527
Diluted weighted average common units and common unit equivalents outstanding		75,667		74,527

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

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SL Green Operating Partnership, L.P.

Consolidated Statements of Comprehensive Loss

(unaudited, in thousands)


	Three Months Ended March 31,
		2026		2025
Net loss		$	(77,398)	$	(21,545)
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments		13,833		(25,352)
Increase in unrealized value of marketable securities		1,663		695

Foreign currency translation adjustments		361		—
Other comprehensive income (loss)		15,857		(24,657)
Comprehensive loss		(61,541)		(46,202)
Net (income) loss attributable to noncontrolling interests		(7,734)		4,897
Other comprehensive (loss) income attributable to noncontrolling interests		(946)		1,619
Comprehensive loss attributable to SLGOP		$	(70,221)	$	(39,686)

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

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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 Loss		Noncontrolling Interests		Total
Balance at December 31, 2025	$	221,932	71,159	$	3,471,421	$	(22,198)	$	241,293	$	3,912,448
Net loss				(87,331)				7,734		(79,597)
Net loss attributable to partnership units				6,678						6,678

Other comprehensive income						14,911				14,911
Perpetual preferred unit dividends				(3,738)						(3,738)
DRSPP proceeds			1	62						62
Conversion of common units			1							—
Measurement adjustment for redeemable noncontrolling interest				(22,901)						(22,901)

Deferred compensation plan and unit awards, net of forfeitures and tax withholdings			(37)	1,204				466		1,670



Contributions to consolidated joint venture interests								40,399		40,399
Contributions to debt fund investments								81,725		81,725
Distributions from debt fund investments								(1,821)		(1,821)



Cash distributions to noncontrolling interests								(8,320)		(8,320)

Cash distributions declared ($0.618 per common unit, none of which represented a return of capital for federal income tax purposes)				(43,718)						(43,718)
Balance at March 31, 2026	$	221,932	71,124	$	3,321,677	$	(7,287)	$	361,476	$	3,897,798

	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 loss				(18,802)				(4,897)		(23,699)
Net income attributable to partnership units				1,465						1,465

Other comprehensive loss						(23,038)				(23,038)
Perpetual preferred unit dividends				(3,738)						(3,738)
DRSPP proceeds			1	75						75
Conversion of common units			4							—
Measurement adjustment for redeemable noncontrolling interest				(12,940)						(12,940)
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings			(86)	(2,525)						(2,525)
Proceeds from issuance of common stock				(871)						(871)


Contributions to consolidated joint venture interests								3,437		3,437



Cash distributions to noncontrolling interests								(221)		(221)

Cash distributions declared ($0.773 per common unit, none of which represented a return of capital for federal income tax purposes)				(54,469)						(54,469)
Balance at March 31, 2025	$	221,932	71,016	$	3,619,367	$	(4,842)	$	116,970	$	3,953,427

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

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SL Green Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Three Months Ended March 31,
	2026		2025
Operating Activities
Net loss	$	(77,398)	$	(21,545)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	69,751		64,498
Amortization of deferred financing costs	2,802		1,687
Equity in net loss (income) from unconsolidated joint ventures	20,780		(1,170)
Distributions of cumulative earnings from unconsolidated joint ventures	159		122
Equity in net loss on sale of interest in unconsolidated joint venture/real estate	814		—
Purchase price and other fair value adjustments	(4,183)		9,611
Depreciable real estate reserves and impairments	35,160		8,546
(Gain) loss on sale of real estate, net	(16,636)		482
Loan loss reserves and other investment reserves, net of recoveries	—		(25,039)



Deferred rents receivable	(2,606)		3,586
Non-cash lease expense	5,549		5,191
Other non-cash adjustments	13,588		9,499
Changes in operating assets and liabilities:
Tenant and other receivables	(12,031)		(6,046)
Related party receivables	(9,020)		8,334
Deferred lease costs	(9,629)		(4,469)
Other assets	(37,022)		(28,978)
Accounts payable, accrued expenses, other liabilities and security deposits	476		(8,182)
Deferred revenue	6,404		(5,097)
Lease liability - operating leases	(4,546)		(4,320)
Net cash (used in) provided by operating activities	(17,588)		6,710
Investing Activities
Acquisitions of real estate property	(664,131)		(112,440)
Additions to land, buildings and improvements	(103,614)		(74,239)

Investments in unconsolidated joint ventures	(45,924)		(36,786)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	177,610		9,460
Net proceeds from disposition of real estate/joint venture interest	53,714		93,520


Proceeds from sale or redemption of marketable securities	—		10,973

Investments in real estate loans held by consolidated securitization vehicles	—		(49,296)


Other investments	614		(5,679)
Origination or purchase of debt fund investments	(139,161)		(11,786)


Repayments or redemption of debt and preferred equity investments	28,500		—
Net cash used in investing activities	(692,392)		(176,273)

Financing Activities
Proceeds from mortgages and other loans payable	620,418		89,253
Repayments of mortgages and other loans payable	(87,401)		(3,550)
Proceeds from revolving credit facility, term loans and unsecured notes	670,410		420,000
Repayments of revolving credit facility, term loans and unsecured notes	(485,410)		(250,000)
Proceeds from stock options exercised and DRSPP issuance	62		75

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SL Green Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Three Months Ended March 31,
	2026		2025
Proceeds from issuance of common stock	—		(871)


Redemption of OP units	(4,595)		(11,267)
Distributions to noncontrolling interests in other partnerships	(8,320)		(221)
Contributions from noncontrolling interests in other partnerships	40,399		3,386
Acquisition of subsidiary interest from noncontrolling interest	—		—
Contributions from noncontrolling interests to debt fund investments	81,725		—
Distributions from debt fund investments	(1,821)		—
Dividends paid on common and preferred stock	(6,425)		(64,351)
Other obligations related to secured borrowing	(75,294)		—
Tax withholdings related to restricted share awards	(6,283)		(6,850)
Deferred loan costs	(25,341)		(651)
Principal payments on financing lease liabilities	—		—
Net cash provided by financing activities	712,124		174,953
Net increase in cash, cash equivalents, and restricted cash	2,144		5,390
Cash, cash equivalents, and restricted cash at beginning of year	336,495		331,638
Cash, cash equivalents, and restricted cash at end of period	$	338,639	$	337,028





Supplemental Disclosure of Non-Cash Investing and Financing Activities:



Issuance of preferred units relating to a real estate acquisition	$	5,800	$	—


Assumption of mortgage loans	12,200		—



Measurement adjustment for redeemable noncontrolling interest	22,901		12,940







Contribution to consolidated joint venture interest	—		51





Transfer of assets related to assets held for sale	211,222		—
Transfer of liabilities related to assets held for sale	189,842		—
Removal of fully depreciated commercial real estate properties	—		1,095








Consolidation of securitization vehicle assets	—		828,143
Consolidation of securitization vehicle liabilities	—		828,143


	Three Months Ended March 31,
	2026		2025
Cash and cash equivalents	$	143,867	$	180,133
Restricted cash	194,772		156,895
Total cash, cash equivalents, and restricted cash	$	338,639	$	337,028

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

March 31, 2026

(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 provides services to properties that are wholly-owned by us, certain joint ventures, and third parties. 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 our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of March 31, 2026, noncontrolling investors held, in the aggregate, a 7.63% 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 March 31, 2026, 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	17		10,102,852	10	13,868,633	27	23,971,485	94.4	%
	Retail	3	(2)	338,545	1	12,719	4	351,264	86.5	%
	Development/Redevelopment	5	(3)	1,249,983	—	—	5	1,249,983	N/A

		25		11,691,380	11	13,881,352	36	25,572,732	94.3	%
Suburban	Office	6		732,800	—	—	6	732,800	79.6	%



Total commercial properties		31		12,424,180	11	13,881,352	42	26,305,532	93.9	%
Residential:
Manhattan	Residential	2	(2) (3)	363,237	1	221,884	3	585,121	99.2	%

Total core portfolio		33		12,787,417	12	14,103,236	45	26,890,653	94.0	%

	Alternative Strategy Portfolio	—		—	5	2,509,307	5	2,509,307	59.2	%

(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 March 31, 2026, we consolidated a building at 315 West 33rd Street that was comprised of approximately 222,855 square feet (unaudited) of residential space and approximately 270,132 square feet (unaudited) of retail space. For the purpose of this report, we have included this building in the number of residential properties we own. We have included only the residential square footage in total residential square footage, and have included the retail square footage in total retail square footage.

(3)As of March 31, 2026, 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, which is under redevelopment, and retail space. For the purpose of this report, we have included this building in the number of residential properties we own. We have included only the residential square footage in total residential square footage and have included the balance of the square footage as development square footage. As of March 31, 2026, the residential and retail condominium units were classified as held for sale following the execution of an agreement to sell those units for $220.5 million. See Note 4, "Property Dispositions and Properties Held for Sale."

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

As of March 31, 2026, we also managed three properties owned by third parties encompassing approximately 0.8 million square feet (unaudited).

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 March 31, 2026 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, 2026. 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, 2025 of the Company and the Operating Partnership.

The consolidated balance sheet at December 31, 2025 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.

Reclassification

In accordance with Accounting Standards Codification ("ASC") Topic 205, Presentation of Financial Statements, certain prior period balances have been reclassified to conform to our current year presentation.

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, "Investments in Unconsolidated Joint Ventures." and Note 7, "Debt and Preferred Equity Investments." 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.)

March 31, 2026

(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 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.

For the three months ended March 31, 2026, and 2025 we recognized a reduction of rental revenues of ($0.5 million) and ($1.6 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.

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(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 March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Identified intangible assets (included in other assets):
Gross amount	$	459,362	$	365,454
Accumulated amortization	(237,276)		(224,360)
Total, net	$	222,086	$	141,094
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	259,386	$	242,136
Accumulated amortization	(209,890)		(207,798)
Total, net	$	49,496	$	34,338

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

Through wholly-owned subsidiaries, we 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 balances of the Fund into our consolidated financial statements because the Fund is a VIE in which we are considered the primary beneficiary, retaining the fair value basis of accounting. See Note 6, "Debt Fund."

Investments in Marketable Securities

At acquisition, we designate a debt security as held-to-maturity, available-for-sale, or trading. As of March 31, 2026, 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 our held-to-maturity securities at amortized cost basis. Credit losses for our held-to-maturity 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 three months ended March 31, 2026 and 2025.

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 March 31, 2026 and December 31, 2025, we held the following commercial mortgage-backed securities ("CMBS") (in thousands):


	March 31, 2026		December 31, 2025
Commercial mortgage-backed securities - available-for-sale	$	25,330	$	23,666
Commercial mortgage-backed securities - held-to-maturity	$	—	$	—

Total investment in marketable securities	$	25,330	$	23,666

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

The cost basis of the available-for-sale CMBS was $24.4 million and $24.4 million as of March 31, 2026 and December 31, 2025, respectively. These securities mature at various times through 2045. As of March 31, 2026, six securities were in an unrealized gain position of $1.0 million with a fair market value of $16.5 million, and two securities were in an unrealized loss position of $0.1 million with a fair market value of $8.9 million. As of December 31, 2025, five securities were in an unrealized gain position of $0.3 million with a fair market value of $12.5 million, and four securities were in an unrealized loss position of $1.0 million and fair market value of $11.2 million.

During the three months ended March 31, 2026 and March 31, 2025, we did not dispose of any CMBS.

During the three months ended March 31, 2026, we did not receive repayments of any CMBS. During the three months ended March 31, 2025, we received aggregate net proceeds of $5.3 million from the repayment of CMBS.

We held no equity marketable securities as of March 31, 2026 and December 31, 2025.

Investment in CMBS Securitization Trusts

We may be contracted as the special servicer 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 March 31, 2026 and December 31, 2025, we consolidated the following CMBS securitization trusts (in thousands):


	March 31, 2026				December 31, 2025			Maturity (2)
Type	Fair Value		Principal Value			Fair Value				Principal Value


Real estate loans held by consolidated securitization vehicles (1)	$	1,027,164	$	1,119,044		$	1,023,877	$	1,119,044		2023 - 2027
Senior obligations of consolidated securitization vehicles	1,027,164		1,119,044			1,023,877		1,119,044			2023 - 2027
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles	$	—	$	—		$	—	$	—

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

(2)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 in 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.)

March 31, 2026

(unaudited)

consolidated securitization vehicles" in 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" in 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.

Through the Fund we hold an investment in a CMBS securitization trust that qualifies as a VIE. We evaluated our involvement with the securitization trust and determined that we are not the primary beneficiary. Accordingly, the securitization trust is not consolidated in our financial statements. The maximum exposure to loss is limited to the carrying amount of the Fund's investment in the trust.

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 5, "Investments in Unconsolidated Joint Ventures," or Note 16, "Fair Value Measurements," we do not believe that the values of any of our equity investments were impaired at March 31, 2026.

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

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

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.

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 March 31, 2026 and December 31, 2025 was $4.2 million and $3.1 million, respectively, and is included in "Deferred revenue" on the consolidated balance sheets.

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

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 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 March 31, 2026 we recorded Federal, state, and local tax benefits of $1.2 million for these entities, excluding SUMMIT. During the three months ended March 31, 2025, we recorded Federal, state, and local tax expense of $0.5 million, for these entities, excluding SUMMIT.

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

SUMMIT is held in a TRS and pays Federal, state and local taxes. During the three months ended March 31, 2026, we recorded Federal, state, and local tax expense for SUMMIT of $0.6 million. During the three months ended March 31, 2025 we recorded Federal, state and local tax benefits for SUMMIT of $0.1 million.

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. 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 and accounts receivable. We place our cash investments with high quality financial institutions.

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. No 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 March 31, 2026.

For the three months ended March 31, 2026, 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 March 31, 2026
One Vanderbilt Avenue			12.0%
11 Madison Avenue			8.1%
245 Park Avenue			7.0%
420 Lexington Avenue			6.7%
1515 Broadway			5.8%

Accounting Standards Updates

In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of ASU 2025-11 on our consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ("ASU 2025-09"), which includes amendments intended to more closely align hedge accounting with the economics of a company's risk management activities. ASU 2025-09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of ASU 2025-09 on our consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans ("ASU 2025-08") which amends the guidance in ASC 326 on the accounting for certain purchased loans. The amendments expand the application of the "gross-up" approach for recognizing expected credit losses at acquisition to a broader

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

category of purchased loans, referred to as purchased seasoned loans. Under this approach, the allowance for credit losses is added to the amortized cost basis of the acquired loans rather than recorded as an immediate provision for credit loss expense. The amendments align the accounting for purchased seasoned loans with the treatment of financial assets purchased with more-than-insignificant credit deterioration since origination. ASU 2025-08 is effective for fiscal years beginning after December 15, 2026, including interim periods within those years, with early adoption permitted. We are currently evaluating the impact of ASU 2025-08 on our consolidated financial statements.

In May 2025, the FASB issued 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 will apply the guidance in this update to evaluate future business combinations involving a VIE.

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 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.

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

3. Property Acquisitions and Consolidations

Property Acquisitions

The following table summarizes the properties acquired during the three months ended March 31, 2026:

Property

Acquisition Date

Property Type

Unaudited Approximate Square Feet

Gross Asset Valuation

(in millions) (1)

65 East 55th Street (Park Avenue Tower)

January 2026

Fee Interest

622,000

768.4

Commercial Condominium at 610 Park Avenue

March 2026

Fee Interest

18,000

18.5

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

Property Consolidations

During the three months ended March 31, 2026, we did not consolidate any unconsolidated joint venture properties.

4. Property Dispositions and Properties Held for Sale

Property Dispositions

The following table summarizes the properties sold during the three months ended March 31, 2026:

Property

Disposition Date

Property Type

Unaudited Approximate Square Feet

Sales Price (1)

(in millions)

Gain on Sale(2)

(in millions)

690 Madison Avenue

February 2026

Fee Interest

7,850

54.5

15.3

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

(2)The gain on sale is net of $3.9 million of employee compensation recognized in connection with the property disposition. Amounts do not include adjustments for expenses recorded in subsequent periods.

Properties Held for Sale

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

5. Investments in Unconsolidated Joint Ventures

We have investments in several real estate joint ventures with various third-party partners. As of March 31, 2026, the book value of these investments was $2.5 billion, net of investments with negative book values totaling $223.0 million for which we have an implicit commitment to fund future capital needs.

As of March 31, 2026, we have one unconsolidated joint venture that is a VIE with a carrying value of $22.3 million. Our maximum loss is limited to the amount of our equity investment in this VIE. As of December 31, 2025, there were no unconsolidated joint ventures that were VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies."

As we have the ability to exercise significant influence over, but do not control, the joint ventures listed below, we account for them under the equity method of accounting.

The table below provides general information on each of our joint ventures as of March 31, 2026:


Property	Partner	Economic Interest (1)	Unaudited Approximate Square Feet
919 Third Avenue	New York State Teacher's Retirement System	51.00%	1,454,000
11 West 34th Street (2)	Private Investor / Wharton Properties	30.00%	17,150
280 Park Avenue	Vornado Realty Trust	50.00%	1,219,158
1552 Broadway	Wharton Properties	50.00%	57,718
650 Fifth Avenue (2) (3)	Wharton Properties	50.00%	69,214
11 Madison Avenue	PGIM Real Estate	60.00%	2,314,000
One Vanderbilt Avenue	National Pension Service of Korea / Hines Interest LP / Mori Building Co., Ltd	55.01%	1,657,198
Worldwide Plaza (2)	RXR Realty / New York REIT	25.05%	2,048,725
1515 Broadway	Allianz Real Estate of America	56.87%	1,750,000
2 Herald Square (2)	Israeli Institutional Investor	95.00%	369,000
115 Spring Street (2)	Private Investor	51.00%	5,218
15 Beekman	A fund managed by Meritz Alternative Investment Management	20.00%	221,884
One Madison Avenue (4)	National Pension Service of Korea / Hines Interest LP / International Investor	25.50%	1,048,700
220 East 42nd Street	A fund managed by Meritz Alternative Investment Management	51.00%	1,135,000
450 Park Avenue (5)	Korean Institutional Investor / Israeli Institutional Investor	25.10%	337,000
245 Park Avenue	U.S. Affiliate of Mori Trust Co., Ltd	50.10%	1,782,793
625 Madison Avenue (6)	Private Investor	50.00%	563,000
100 Park Avenue	Rockpoint Capital	50.80%	834,000

(1)Economic interest represents the Company's interests in the joint venture as of March 31, 2026. Changes in economic interests within the current year are disclosed in the notes below.

(2)Included in the Company's alternative strategy portfolio.

(3)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.

(4)In 2021, the Company admitted an additional partner with the partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC Topic 860, Transfers and Servicing ("ASC 860") and, as a result, was treated as a secured borrowing for accounting purposes and is included in "Other liabilities" on our consolidated balance sheets at March 31, 2026 and December 31, 2025.

(5)The Company's 25.1% economic interest is net of a 25.0% economic interest held by a third party. The third-party's economic interest is held in a joint venture that we consolidate as a 50.1% ownership interest. The third party's 25.0% economic interest is recognized in "Noncontrolling interests in other partnerships" on our consolidated balance sheet. A separate third-party owns the remaining 49.9% economic interest in the property.

(6)In connection with the sale of the fee ownership in the property, which closed in May 2024, the Company, together with its joint venture partner, originated a $235.4 million preferred equity investment in the property with a mandatory redemption date of December 2026. In July 2025, the Company sold 50.0% of the joint venture entity that originated the preferred equity investment for $104.9 million. In conjunction with this transaction, the Company also acquired the remaining interest in the joint venture for $23.7 million and sold 50.0% of that interest for $10.9 million. In October 2025, the Company sold its interest in the joint venture to the Fund. The sale did not meet sale accounting under ASC 860 and, as a result, the investment in the joint venture is still presented within "Investments in unconsolidated joint ventures" on our consolidated balance sheet. The investment has a balance of $127.1 million, net of unamortized discounts and loan loss reserves, with an aggregate weighted average current yield of 15.13% as of March 31, 2026.

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

Disposition of Joint Venture Interests or Properties

We did not dispose of any investments in unconsolidated joint ventures during the three months ended March 31, 2026.

Acquisition of Joint Venture Interests or Properties

We did not acquire any investments in unconsolidated joint ventures during the three months ended March 31, 2026.

Joint Venture Mortgages and Other Loans Payable

We generally finance our joint ventures with non-recourse debt. In certain cases, we may provide guarantees or master leases, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases as of March 31, 2026 and December 31, 2025, respectively, are as follows (dollars in thousands):


							Principal Outstanding				Principal Outstanding
	Economic		Current Maturity	Final Maturity	Interest		March 31, 2026				December 31, 2025
Property	Interest (1)		Date	Date (2)	Rate (3)		Gross		SLG Share		Gross		SLG Share
Fixed Rate Debt:
919 Third Avenue	51.00	%	April 2026 ⁽⁴⁾	April 2028 ⁽⁴⁾		6.16%	$	500,000	$	255,000	$	500,000	$	255,000
650 Fifth Avenue ⁽⁵⁾	50.00	%	July 2026	July 2026		5.45%	65,000		32,500		65,000		32,500
115 Spring Street ⁽⁵⁾	51.00	%	September 2026	September 2026		5.50%	65,550		33,431		65,550		33,431
280 Park Avenue	50.00	%	September 2026	September 2028		5.84%	1,075,000		537,500		1,075,000		537,500
1515 Broadway	56.87	%	March 2027	March 2028		3.93%	678,215		385,694		718,949		408,859
245 Park Avenue	50.10	%	June 2027	June 2027		4.30%	1,768,000		885,768		1,768,000		885,768
Worldwide Plaza ⁽⁵⁾	25.05	%	November 2027	November 2027		3.98%	1,200,000		300,600		1,200,000		300,600
220 East 42nd Street	51.00	%	December 2027	December 2027		6.77%	496,412		253,170		496,412		253,170
100 Park Avenue	50.80	%	January 2028	January 2029		5.73%	382,872		194,499		382,872		194,499
15 Beekman	20.00	%	January 2028	January 2028		4.83%	117,000		23,400		120,000		24,000
11 Madison Avenue	60.00	%	October 2030	October 2030		5.62%	1,400,000		840,000		1,400,000		840,000
One Madison Avenue	25.50	%	April 2031	April 2031		5.81%	1,650,000		420,750		—		—
One Vanderbilt Avenue	55.01	%	July 2031	July 2031		2.95%	3,000,000		1,650,300		3,000,000		1,650,300











Total fixed rate debt							$	12,398,049	$	5,812,612	$	10,791,783	$	5,415,627
Floating Rate Debt:
11 West 34th Street ⁽⁵⁾	30.00	%	February 2023 ⁽⁶⁾	February 2023 ⁽⁶⁾	L+	1.45%	$	23,000	$	6,900	$	23,000	$	6,900
450 Park Avenue	25.10	%	June 2026	June 2027	S+	2.10%	290,435		72,899		290,435		72,899
650 Fifth Avenue ⁽⁵⁾	50.00	%	July 2026	July 2026	S+	2.25%	210,000		105,000		210,000		105,000
One Madison Avenue							—		—		1,163,814		296,772










Total floating rate debt							$	523,435	$	184,799	$	1,687,249	$	481,571
Total joint venture mortgages and other loans payable							$	12,921,484	$	5,997,411	$	12,479,032	$	5,897,198
Deferred financing costs, net							(110,972)		(53,333)		(100,882)		(50,476)
Total joint venture mortgages and other loans payable, net							$	12,810,512	$	5,944,078	$	12,378,150	$	5,846,722

(1)Economic interest represents the Company's interests in the joint venture as of March 31, 2026. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.

(2)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property.

(3)Interest rates as of March 31, 2026, taking into account interest rate hedges at the joint venture. Corporate interest rate hedges are not taken into consideration. Floating rate debt is presented with the stated spread over Term or Alternative SOFR ("S").

(4)In April 2026, the maturity date of the loan was extended to April 2027.

(5)Included in the Company's alternative strategy portfolio.

(6)In April 2026, the lender foreclosed on the property. As a result, the joint venture no longer owns the property.

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

We receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We recognized $4.3 million and $2.6 million from these services, net of our ownership share of the joint ventures, for the three months ended March 31, 2026, and 2025, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties.

The combined balance sheets for the unconsolidated joint ventures, at March 31, 2026 and December 31, 2025 are as follows (in thousands):


	March 31, 2026		December 31, 2025
Assets (1)
Commercial real estate property, net	$	15,428,309	$	15,434,243
Cash and restricted cash	777,366		647,413
Tenant and other receivables, related party receivables, and deferred rents receivable	813,157		771,123
Debt and preferred equity investments, net	270,986		262,506
Right-of-use assets	820,104		824,088
Other assets	1,636,392		1,685,360
Total assets	$	19,746,314	$	19,624,733
Liabilities and equity (1)
Mortgages and other loans payable, net	$	12,810,512	$	12,378,150
Deferred revenue	841,807		852,035
Lease liabilities	907,808		908,988
Other liabilities	471,370		484,801
Equity	4,714,817		5,000,759
Total liabilities and equity	$	19,746,314	$	19,624,733
Company's investments in unconsolidated joint ventures	$	2,500,573	$	2,624,755

(1)At March 31, 2026, $443.4 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.

The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2026 and 2025, are as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Total revenues		$	410,378	$	371,925
Operating expenses		75,836		68,015
Real estate taxes		76,755		71,504
Operating lease rent		2,995		6,581


Interest expense, net of interest income		139,898		128,896
Amortization of deferred financing costs		8,491		6,019
Depreciation and amortization		132,612		121,305
Total expenses		436,587		402,320
Loss on early extinguishment of debt		(9,497)		—
Net loss		$	(35,706)	$	(30,395)
Company's equity in net (loss) income from unconsolidated joint ventures		$	(20,780)	$	1,170

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

6. Debt Fund

As of March 31, 2026, total capital committed to the Fund by all investors was $1.3 billion, of which $303.6 million had been funded. As of March 31, 2026, the Company's share of the total capital committed to the Fund was $118.6 million, of which $26.6 million had been funded.

During the three months ended March 31, 2026, the Fund made additional investments with an aggregate fair value of $139.8 million. During the three months ended March 31, 2026, no investments were repaid.

The Fund has a term of 7 years from its initial closing in November 2024. The term may be extended for up to three consecutive one-year periods. The Fund has an investment period of 3.5 years from its initial closing in November 2024, which may be extended for one year. During the investment period, the Fund is our primary investment vehicle for investments that fit within the Fund's investment parameters, as set forth in the Fund's operating agreements.

7. Debt and Preferred Equity Investments

Below is a summary of the activity in our consolidated debt and preferred equity investments for the three months ended March 31, 2026 and the twelve months ended December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Balance at beginning of year (1)	$	168,358	$	303,726
Debt investment originations/fundings/accretion (2)	8		14,118
Preferred equity investment originations/accretion (2)	—		2,233
Repayment/sales/syndications/equity ownership/amortization (3)	(50,283)		(151,419)
Net change in loan loss reserves	—		(300)
Balance at end of period (1) (4)	$	118,083	$	168,358

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

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

(3)In December 2025, a restructuring agreement was executed for one of our loans, and a $3.25 million partial loan repayment was received, followed by an additional $2.50 million partial loan repayment received in January 2026 which extended the loan to March 2026. Pursuant to the restructuring agreement, a final loan repayment of $26.0 million was received in February 2026, at which point the remaining loan balance was converted into a participation interest in the underlying property, which is included in "Investments in unconsolidated joint ventures" on our consolidated balance sheet.

(4)Excludes a preferred equity investment with a carrying value of $127.1 million as of March 31, 2026 and $122.4 million as of December 31, 2025, which the Company sold to the Fund in October 2025. The sale did not meet sale accounting under ASC 860 and, as a result, the investment is still presented within "Investments in unconsolidated joint ventures" on our consolidated balance sheet. See Note 5, "Investments in Unconsolidated Joint Ventures." Also excludes a preferred equity investment in an entity in which the Company is the primary beneficiary. The underlying property, 315 West 33rd Street, is consolidated in our financial statements.

The table below summarizes our consolidated debt and preferred equity investments, which had an aggregate weighted average current yield of 7.04% as of March 31, 2026 (dollars in thousands):


	Floating Rate					Fixed Rate					Total Carrying Value (1)		Future Funding Obligations		Senior Financing		Maturity (3)
Type	Carrying Value (1)		Face Value		Interest Rate (2)	Carrying Value (1)		Face Value		Interest Rate


Mezzanine Debt	$	77,597	$	77,602	S + 4.95% - 11.63%	$	40,486	$	40,786	0.00% - 8.00%	$	118,083	$	2,999	$	430,528	2025 - 2029

Balance at end of period	$	77,597	$	77,602		$	40,486	$	40,786		$	118,083	$	2,999	$	430,528

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

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

(3)Excludes available extension options to the extent they have not been exercised as of the date of this filing. One loan with a carrying value of $9.27 million as of March 31, 2026 and December 31, 2025 was put on non-accrual in January 2025 and went into default in August 2025. It remains on non-accrual as of March 31, 2026. No investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower on resolution of the past maturity.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

The following table is a roll forward of our total allowance for loan losses for the three months ended March 31, 2026 and the twelve months ended December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Balance at beginning of year	$	454	$	13,520



Current period provision for loan loss	—		300
Initial allowance for credit losses on loans purchased with credit deterioration ("PCD")	—		99,039
Write-offs of the allowance	(154)		(40,779)
Current period recoveries	—		(71,626)

Balance at end of period	$	300	$	454

Aside from the loan described above, no financing receivables were 90 days past due as of March 31, 2026 and December 31, 2025.

The following table sets forth the carrying value of our consolidated debt and preferred equity investment portfolio by year of origination and risk rating as of March 31, 2026 and December 31, 2025 (dollars in thousands):


	As of March 31, 2026
Risk Rating	2026 (1)		2025 (1)		2024 (1)		2023 (1)		2022 (1)		Prior (1)		Total
1 - Low Risk Assets - Low probability of loss	$	—	$	—	$	—	$	—	$	—	$	20,000	$	20,000
2 - Watch List Assets - Higher potential for loss	—		—		—		—		—		98,083		98,083
3 - High Risk Assets - Loss more likely than not	—		—		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—	$	118,083	$	118,083

(1)Year in which the investment was originated or acquired by us or in which a material modification occurred.


	As of December 31, 2025
Risk Rating	2025 (1)		2024 (1)		2023 (1)		2022 (1)		2021 (1)		Prior (1)			Total
1 - Low Risk Assets - Low probability of loss	$	—	$	—	$	—	$	—	$	—	$	20,000		$	20,000
2 - Watch List Assets - Higher potential for loss	—		—		—		—		—		148,358		(2)	148,358
3 - High Risk Assets - Loss more likely than not	—		—		—		—		—		—			—
	$	—	$	—	$	—	$	—	$	—	$	168,358		$	168,358

(1)Year in which the investment was originated or acquired by us or in which a material modification occurred.

(2)Includes one investment with a total carrying value of $50.3 million as of December 31, 2025, that was included in the Company's alternative strategy portfolio.

We have determined that we have one portfolio segment of financing receivables as of March 31, 2026 and December 31, 2025 comprised of commercial real estate in the New York metropolitan area, which is primarily recorded in debt and preferred equity investments.

Included in "Other assets" is an additional amount of financing receivables representing loans to joint venture partners totaling $16.5 million and $15.9 million as of March 31, 2026 and December 31, 2025, respectively. The Company recorded no provisions for loan losses related to these financing receivables for the three months ended March 31, 2026 and 2025. All of the loans with a carrying value as of March 31, 2026 have a risk rating of 2 and were performing in accordance with their respective terms.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

8. Mortgages and Other Loans Payable

The mortgages and other loans payable as of March 31, 2026 and December 31, 2025, respectively, were as follows (dollars in thousands):


Property	Current Maturity Date	Final Maturity Date (1)	Interest Rate (2)		March 31, 2026		December 31, 2025
Fixed Rate Debt:
10 East 53rd Street	May 2026	May 2028		5.37%	$	204,438	$	204,550
7 Dey Street	November 2026	November 2026		6.35%	190,148		190,149
100 Church Street	December 2026	June 2028		5.89%	365,000		365,000
Landmark Square	January 2027	January 2027		4.90%	100,000		100,000
485 Lexington Avenue	February 2027	February 2027		4.25%	450,000		450,000
315 West 33rd Street	February 2027	February 2027		4.24%	250,000		250,000
500 Park Avenue	January 2028	January 2030		6.57%	80,000		80,000
800 Third Avenue	February 2029	February 2031		5.15%	177,000		177,000
610 Park Avenue	November 2029	November 2029		4.65%	12,200		—
Park Avenue Tower	February 2031	February 2031		5.30%	480,000		—
420 Lexington Avenue	October 2040	October 2040		8.24%	254,107		258,523






Total fixed rate debt					$	2,562,893	$	2,075,222
Floating Rate Debt:
Fund subscription line ⁽³⁾	August 2027	August 2028	S+	2.20%	$	136,390	$	79,277











Total floating rate debt					$	136,390	$	79,277
Total fixed rate and floating rate debt					$	2,699,283	$	2,154,499
Mortgages reclassed to liabilities related to assets held for sale					(190,148)		—
Total mortgages and other loans payable					$	2,509,135	$	2,154,499
Deferred financing costs, net of amortization					(17,286)		(8,450)
Total mortgages and other loans payable, net					$	2,491,849	$	2,146,049

(1)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property.

(2)Interest rate as of March 31, 2026, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over Term or Alternative SOFR ("S"), unless otherwise specified.

(3)The Fund has access to a subscription line of credit with a maximum commitment of $200 million as of March 31, 2026, which is secured by investor capital commitments. The facility is used to provide short term funding for acquisitions prior to capital calls and is repaid through capital contributions. The subscription line of credit is non-recourse to the Company.

As of March 31, 2026 and December 31, 2025, the gross book value of the properties collateralizing the mortgages and other loans payable was approximately $3.2 billion and $2.5 billion, respectively.

CMBS Repurchase Facility

In December 2024, the Company entered into a repurchase facility for CMBS (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase facility by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity and are not limited to collateral-specific credit marks. To monitor credit risk associated with our CMBS investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of March 31, 2026, there have been no margin calls on the CMBS Repurchase Facility. At March 31, 2026, there was no outstanding balance on the facility.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

9. Corporate Indebtedness

2026 Credit Facility

On March 18, 2026, the Company entered into an amended and restated credit facility (the "2026 Credit Facility"), which was previously amended in December 2021 and November 2017, and was originally entered into in November 2012. As of March 31, 2026, the 2026 Credit Facility consisted of a:

•$1.25 billion revolving credit facility with a maturity of June 2030 and two six-month, as-of-right extension options to June 2031.

•$300.0 million term loan (or the "Term A Loans") with a maturity of May 2027.

•$100.0 million term loan (or the "Term B Loans") with a maturity of May 2026 and one six-month, as-of right extension option to November 2026.

•$750.0 million term loan (or the "Term C Loans") with a maturity of June 2031.

We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity date of the revolving credit facility without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

As of March 31, 2026, the 2026 Credit Facility bore interest at a spread over Term SOFR with an interest period of one or three months, as we may elect, ranging from (i) 85 basis points to 185 basis points for loans under the revolving credit facility, (ii) 90 basis points to 170 basis points for the Term A Loans, (iii) 100 basis points to 180 basis points for the Term B Loans, and (iv) 95 basis points to 220 basis points for the Term C Loans, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. The revolving credit facility also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to us at a reduced interest rate. The 2026 Credit Facility provide for the ability to amend the 2026 Credit Facility to include a sustainability component whereby the revolving credit facility and Term C Loans pricing may improve by up to 3 basis points (depending on the sustainability rating achieved) upon the Company’s achievement of certain sustainability ratings, determined via an independent third-party evaluation.

As of March 31, 2026, the applicable spread over Term SOFR for the 2026 Credit Facility was 125 basis points for the revolving credit facility, 170 basis points for the Term A Loans, 180 basis points for the Term B Loans and 145 basis points for the Term C loans. We are required to pay quarterly in arrears a 20 to 45 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of March 31, 2026, the facility fee was 30 basis points.

As of March 31, 2026, we had $7.0 million of outstanding letters of credit, $825.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $418.0 million under the 2026 Credit Facility. As of March 31, 2026 and December 31, 2025, the revolving credit facility had a carrying value of $814.0 million and $637.8 million, respectively, net of deferred financing costs. As of March 31, 2026 and December 31, 2025, the term loans had a carrying value of $1.1 billion and $1.1 billion, respectively, net of deferred financing costs.

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2026 Credit Facility.

The 2026 Credit Facility includes certain restrictions and covenants (see Restrictive Covenants below).

Restrictive Covenants

The terms of the 2026 Credit Facility include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of Adjusted EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that we will not, during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 2026 and December 31, 2025, we were in compliance with all such covenants.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

Junior Subordinated Deferrable Interest Debentures

In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 26 basis points over the three-month Term SOFR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense.

Principal Maturities

Combined aggregate principal maturities of mortgages and other loans payable, the 2026 Credit Facility, trust preferred securities and our share of joint venture debt as of March 31, 2026, including as-of-right extension options but excluding other extension options, were as follows (in thousands):


	Principal		Revolving Credit Facility		Unsecured Term Loans		Trust Preferred Securities		Total		Company's Share of Joint Venture Debt
Remaining 2026 (1)	$	555,148	$	—	$	100,000	$	—	$	655,148	$	1,076,993
2027	936,390		—		300,000		—		1,236,390		1,453,918
2028	284,438		—		—		—		284,438		555,449
2029	189,200		—		—		—		189,200		—
2030	—		—		—		—		—		840,000
Thereafter	734,107		825,000		750,000		100,000		2,409,107		2,071,051
	$	2,699,283	$	825,000	$	1,150,000	$	100,000	$	4,774,283	$	5,997,411

(1)Includes $255.0 million representing the Company's share of the mortgage at 919 Third Avenue, which was extended to 2027 in April 2026.

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):


	Three Months Ended March 31,
		2026		2025
Interest expense before capitalized interest		$	58,755	$	52,048
Interest on financing leases		1,148		1,134
Capitalized interest		(8,668)		(6,470)
Amortization of discount on assumed debt		684		160
Interest income		(1,010)		(1,191)
Interest expense, net		$	50,909	$	45,681

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

10. Related Party Transactions

One Vanderbilt Avenue Investment

In December 2016, we entered into agreements with entities owned and controlled by our Chairman and Chief Executive Officer ("CEO"), Marc Holliday, and our former President, Andrew Mathias, pursuant to which they agreed to make an investment in our One Vanderbilt project (inclusive of the property and SUMMIT One Vanderbilt) at the appraised fair market value for the interests acquired. This investment entitles these entities to receive a percentage of any profits realized by the Company from its One Vanderbilt project in excess of the Company's capital contributions, of approximately 1.27% and 0.85%, respectively, on account of the property and 1.92% and 1.28%, respectively, on account of SUMMIT One Vanderbilt. The entities had no right to any return of capital. Accordingly, subject to previously disclosed repurchase rights, these interests had no value and these entities were not entitled to any amounts (other than limited distributions to cover tax liabilities incurred) unless and until the Company received distributions from the One Vanderbilt project in excess of the Company's aggregate investment in the project. The entities owned and controlled by Messrs. Holliday and Mathias paid $1.4 million and $1.0 million, respectively, which equaled the fair market value of the interests acquired as of the date the investment agreements were entered into as determined by an independent third party appraisal that we obtained.

Messrs. Holliday and Mathias have the right to tender their interests in the project upon stabilization (50% within three years after stabilization and 100% three years or more after stabilization). In addition, the agreement calls for us to repurchase these interests in the event of a sale of One Vanderbilt or a transactional change of control of the Company. We also have the right to repurchase these interests on the seven-year anniversary of the stabilization of the project or upon the occurrence of certain separation events prior to the stabilization of the project relating to each of Messrs. Holliday's and Mathias's continued service with us. The price paid upon a tender of the interests will equal the liquidation value of the interests at the time, with the value based on the project's sale price, if applicable, or fair market value as determined by an independent third-party appraiser. In 2022, stabilization of the property (excluding SUMMIT One Vanderbilt) was achieved. Therefore, Messrs. Holliday and Mathias exercised their rights to tender 50% of their interests in the property (excluding SUMMIT One Vanderbilt) in July 2022. In 2023, stabilization of SUMMIT One Vanderbilt was achieved.

Messrs. Holliday's and Mathias's remaining interests in the One Vanderbilt project are included in Preferred units and redeemable equity in the mezzanine equity section of the Company's consolidated financial statements.

One Vanderbilt Avenue Leases

In November 2018, we entered into a lease agreement with the One Vanderbilt Avenue joint venture covering certain floors at the property. In March 2021, the lease commenced and we relocated our corporate headquarters to the leased space. For the three months ended March 31, 2026 and 2025, we recorded $0.9 million and $0.9 million, respectively, of rent expense under the lease.

In June 2021, we, through a consolidated subsidiary, entered into a lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt, which commenced operations in October 2021. In June 2025, we, through a consolidated subsidiary, entered into a second lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt to lease special event space. For the three months ended March 31, 2026 and 2025, we recorded $6.7 million and $6.3 million, respectively, of rent expense under the leases, including percentage rent, of which $3.2 million and $3.5 million, respectively, was recognized as income as a component of "Equity in net income (loss) from unconsolidated joint ventures in our consolidated statements of operations.

Other

We receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures as further described in Note 5, "Investments in Unconsolidated Joint Ventures." Amounts due from joint ventures, inclusive of our ownership share of the joint ventures, and related parties as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Due from joint ventures	$	25,066	$	15,863
Other	95		430
Related party receivables	$	25,161	$	16,293

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

11. Noncontrolling Interests on the Company's Consolidated Financial Statements

Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements.

Common Units of Limited Partnership Interest in the Operating Partnership

As of March 31, 2026 and December 31, 2025, the noncontrolling interest unit holders owned 7.63%, or 5,878,318 units, and 6.42%, or 4,877,891 units, of the Operating Partnership, respectively. As of March 31, 2026, 5,878,318 shares of our common stock were reserved for issuance upon the redemption of units of limited partnership interest of the Operating Partnership.

Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of our common stock at the end of the reporting period.

Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership for the three months ended March 31, 2026 and the twelve months ended December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Balance at beginning of period	$	241,371	$	288,941
Distributions	(3,614)		(14,162)
Issuance of common units	9,084		19,531
Redemption and conversion of common units	(4,595)		(22,302)
Net loss	(6,678)		(7,673)
Accumulated other comprehensive (loss) income allocation	946		(2,804)
Fair value adjustment	22,901		(20,160)
Balance at end of period	$	259,415	$	241,371

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

Preferred Units of Limited Partnership Interest in the Operating Partnership

Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of March 31, 2026:


Issuance	Stated Distribution Rate		Number of Units Authorized	Number of Units Issued	Number of Units Outstanding	Annual Dividend Per Unit(1)		Liquidation Preference Per Unit(2)		Conversion Price Per Unit(3)		Date of Issuance
Series A (4)	6.00	%	109,161	109,161	109,161	$	60.0000	$	1,000.00	$	—	August 2015
Series F	7.00	%	60	60	60	70.0000		1,000.00		29.12		January 2007
Series K	3.50	%	700,000	563,954	341,677	0.8750		25.00		134.67		August 2014
Series L	4.00	%	500,000	378,634	272,783	1.0000		25.00		—		August 2014
Series R	3.50	%	400,000	400,000	400,000	0.8750		25.00		154.89		August 2015
Series S	4.00	%	1,077,280	1,077,280	1,077,280	1.0000		25.00		—		August 2015
Series V (5)	5.00	%	40,000	40,000	40,000	1.2500		25.00		—		May 2019
Series W (6)	(6)		1	1	1	(6)		(6)		(6)		January 2020
Series X	3.00	%	172,809	172,809	172,809	0.7500		25.00		80.00		October 2025
Series Y	5.00	%	252,000	232,000	232,000	1.2500		25.00		—		March 2026

(1)Dividends are cumulative, subject to certain provisions.

(2)Units are redeemable at any time at par for cash at the option of the unit holder unless otherwise specified.

(3)If applicable, units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) the amount shown in the table.

(4)Issued through a consolidated subsidiary. The units are redeemable at any time after December 13, 2024 at par for cash at the option of the unit holder.

(5)The Series V Preferred Units are redeemable at any time after January 1, 2025 at par for cash at the option of the unit holder.

(6)The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W preferred unit is entitled to quarterly dividends in an amount calculated as (i) 1,350 multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series W unit for cash, or convert the Series W unit for Class B units, in each case at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit plus accrued distributions at the time of a liquidation event.

Below is a summary of the activity relating to the preferred units in the Operating Partnership for the three months ended March 31, 2026 and the twelve months ended December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Balance at beginning of period	$	168,560	$	164,210
Issuance of preferred units	5,800		4,320
Redemption of preferred units	—		—
Dividends paid on preferred units	(1,922)		(6,200)
Accrued dividends on preferred units	1,944		6,230
Balance at end of period	$	174,382	$	168,560

12. Stockholders' Equity of the Company

Common Stock

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2026, 71,123,984 shares of common stock and no shares of excess stock were issued and outstanding.

Share Repurchase Program

The Company has in place a share repurchase program of $3.5 billion under which we can buy shares of our common stock.

As of March 31, 2026, 36,107,719 shares have been repurchased under the program. This amount excludes the redemption of OP units. We did not repurchase any shares under the program during the three months ended March 31, 2026.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

Perpetual Preferred Stock

We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.

Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

In February 2024, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three months ended March 31, 2026 and 2025, respectively (dollars in thousands):


	Three Months Ended March 31,
		2026		2025
Shares of common stock issued		1,464		1,221
Dividend reinvestments/stock purchases under the DRSPP		$	62	$	75

Earnings per Share

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

SL Green's earnings per share for the three months ended March 31, 2026 and 2025 are computed as follows (in thousands):


	Three Months Ended March 31,
Numerator		2026		2025
Basic Loss:
Loss attributable to SL Green common stockholders		$	(84,391)	$	(21,075)
Less: distributed earnings allocated to participating securities		(326)		(362)

Net loss attributable to SL Green common stockholders (numerator for basic earnings per share)		$	(84,717)	$	(21,437)
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares		—		—

Add back: effect of dilutive securities (redemption of units to common shares)		—		—
Loss attributable to SL Green common stockholders (numerator for diluted earnings per share)		$	(84,717)	$	(21,437)


	Three Months Ended March 31,
Denominator		2026	2025
Basic Shares:
Weighted average common stock outstanding		70,687	70,424
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares		—	—
Stock-based compensation plans		—	—

Diluted weighted average common stock outstanding		70,687	70,424

The Company has excluded 7,375,635 and 6,262,427 common stock equivalents from the calculation of diluted shares outstanding for the three months ended March 31, 2026, and 2025 respectively, as they were anti-dilutive.

13. Partners' Capital of the Operating Partnership

The Company is the sole managing general partner of the Operating Partnership and, as of March 31, 2026, owned 71,123,984 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.

Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

Limited Partner Units

As of March 31, 2026, limited partners, other than SL Green, owned 7.63%, or 5,878,318 common units, of the Operating Partnership.

Preferred Units

Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company's Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.”

Earnings per Unit

The Operating Partnership's earnings per unit for the three months ended March 31, 2026 and 2025, respectively, are computed as follows (in thousands):


	Three Months Ended March 31,
Numerator		2026		2025
Basic Loss:
Net loss attributable to SLGOP common unitholders		$	(91,069)	$	(22,540)
Less: distributed earnings allocated to participating securities		(861)		(1,243)
Less: undistributed earnings allocated to participating securities		—		—
Net loss attributable to SLGOP common unitholders (numerator for basic earnings per unit)		$	(91,930)	$	(23,783)
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares		—		—
Add back: undistributed earnings allocated to participating securities		—		—
Loss attributable to SLGOP common unitholders (numerator for diluted earnings per unit)		$	(91,930)	$	(23,783)


	Three Months Ended March 31,
Denominator		2026	2025
Basic units:
Weighted average common units outstanding		75,667	74,527
Effect of Dilutive Securities:
Stock-based compensation plans		—	—
Contingently issuable units		—	—
Diluted weighted average common units outstanding		75,667	74,527

The Operating Partnership has excluded 2,395,646 and 2,159,695 common unit equivalents from the diluted units outstanding for the three months ended March 31, 2026, and 2025 respectively, as they were anti-dilutive.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

14. Share-based Compensation

We have share-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company.

The Sixth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's Board of Directors in April 2025 and its stockholders in June 2025 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights, cash-based awards and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 39,890,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as 3.20 Fungible Units per share subject to such awards, (2) stock options, stock appreciation rights, Class O LTIP units and other awards that do not deliver full value of the underlying shares and expire five years from the date of grant counting as 0.87 fungible units per share subject to such awards, and (3) all other awards (e.g., 10-year stock options) counting as 1.0 fungible units per share subject to such awards. Awards granted under the 2005 Plan prior to the approval of the sixth amendment and restatement in June 2025 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 39,890,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of our common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the Company's Board of Directors, new awards may be granted under the 2005 Plan until June 3, 2035, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of March 31, 2026, 6.2 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.

Stock Options and Class O LTIP Units

Options are granted with an exercise price at the fair market value of the Company's common stock on the date of grant and, subject to employment, generally expire five years or ten years from the date of grant, are not transferable other than on death, and generally vest in one year to five years commencing one year from the date of grant. We have also granted Class O LTIP Units, which are a class of LTIP Units in the Operating Partnership structured to provide economics similar to those of stock options. Class O LTIP Units, once vested, may be converted, at the election of the holder, into a number of common units of the Operating Partnership per Class O LTIP Unit determined by the increase in value of a share of the Company's common stock at the time of conversion over a participation threshold, which equals the fair market value of a share of the Company's common stock at the time of grant. Class O LTIP Units are entitled to distributions, subject to vesting, equal per unit to 10% of the per unit distributions paid with respect to the common units of the Operating Partnership.

In December 2024, our Chairman and CEO, Marc Holliday, received a grant of 217,917 Class O LTIP Units in connection with his new employment agreement, that are subject to both time-based vesting conditions and performance-based vesting conditions. The performance-based vesting conditions are satisfied if the average share price of the Company's common stock equals or exceeds $100.00 as of any trailing twenty trading day period between the grant date and the fifth anniversary thereafter. Subject to achievement of the performance hurdle and continued employment, the Class O LTIP Units vest ratably on December 31, 2026, and December 31, 2027, following the tranche that vested on December 31, 2025.

The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the three months ended March 31, 2026 and the year ended December 31, 2025.


	March 31, 2026		December 31, 2025
Dividend yield	6.7	%	7.1	%
Expected life	6.0 years		3.6 years
Risk-free interest rate	3.84	%	3.58	%
Expected stock price volatility	51.0	%	46.0	%

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

A summary of the status of the Company's stock options as of March 31, 2026 and December 31, 2025, and changes during the three months ended March 31, 2026 and year ended December 31, 2025 are as follows:


	March 31, 2026			December 31, 2025
	Options Outstanding	Weighted Average Exercise Price		Options Outstanding	Weighted Average Exercise Price
Balance at beginning of period	740,897	$	61.66	333,897	$	81.63
Granted	100,000	40.49		407,000	44.35

Lapsed or canceled	—	—		—	—
Balance at end of period	840,897	$	59.20	740,897	$	61.66
Options exercisable at end of period	207,639	$	91.12	188,619	$	91.12

The remaining weighted average contractual life of the options outstanding was 5.7 years and the remaining average contractual life of the options exercisable was 3.5 years.

During the three months ended March 31, 2026, we recognized $0.7 million compensation expense related to options. As of March 31, 2026, there was $7.7 million unrecognized compensation cost related to unvested stock options.

Restricted Shares

Shares may be granted to certain employees, including our executives, and vesting occurs upon the completion of a service period or our meeting established financial performance criteria. Vesting occurs at rates ranging from 15% to 35% once performance criteria are reached.

A summary of the Company's restricted stock as of March 31, 2026 and December 31, 2025 and changes during the three months ended March 31, 2026 and the year ended December 31, 2025, are as follows:


	March 31, 2026		December 31, 2025
Balance at beginning of period	4,532,000		4,449,709
Granted	88,292		91,926
Canceled	(10,834)		(9,635)
Balance at end of period	4,609,458		4,532,000
Vested during the period	305,156		236,139
Compensation expense recorded	$	2,782,432	$	15,077,198
Total fair value of restricted stock granted during the period	$	3,256,248	$	4,206,695

The fair value of restricted stock that vested during the three months ended March 31, 2026 and the year ended December 31, 2025 was $18.1 million and $11.3 million, respectively. As of March 31, 2026, there was $18.5 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.0 years.

We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $28.2 million and $27.6 million as of March 31, 2026 and December 31, 2025, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC Topic 718, Compensation - Stock Compensation ("ASC 718"). A third-party consultant determined that the fair value of the LTIP Units has a discount to our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of March 31, 2026, there was $42.9 million of total unrecognized compensation expense related to the time-based and performance-based awards, which is expected to be recognized over a weighted average period of 1.9 years.

During the three months ended March 31, 2026, and 2025, we recorded compensation expense related to bonus, time-based and performance-based awards of $5.0 million and $5.1 million, respectively.

For the three months ended March 31, 2026 and 2025, $0.5 million and $0.5 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

Deferred Compensation Plan for Directors

Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director's account as additional phantom stock units.

During the three months ended March 31, 2026, 20,017 phantom stock units and 15,012 shares of common stock were issued to our Board of Directors. We recorded compensation expense of $1.9 million and $1.9 million during the three months ended March 31, 2026, and 2025, respectively, related to the Deferred Compensation Plan.

As of March 31, 2026, there were 101,237 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

Employee Stock Purchase Plan

In 2007, the Company's Board of Directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to provide equity-based incentives to eligible employees. The ESPP is intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, and has been adopted by the board to enable our eligible employees to purchase the Company's shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of March 31, 2026, 275,249 shares of our common stock had been issued under the ESPP.

15. Accumulated Other Comprehensive Income

The following tables set forth the changes in accumulated other comprehensive income by component as of March 31, 2026 (in thousands):


	Net unrealized gain (loss) on derivative instruments (1)		SL Green’s share of joint venture net unrealized loss on derivative instruments (2)		Net unrealized (loss) gain on marketable securities		Foreign currency translation adjustments		Total
Balance at December 31, 2025	$	(936)	$	(20,585)	$	(677)	$	—	$	(22,198)
Other comprehensive income (loss) before reclassifications	9,628		3,663		1,548		335		15,174
Amounts reclassified from accumulated other comprehensive income (loss)	(1,272)		1,009		—		—		(263)
Balance at March 31, 2026	$	7,420	$	(15,913)	$	871	$	335	$	(7,287)

(1)Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of March 31, 2026 and December 31, 2025, the deferred net gains from these terminated hedges, which is included in accumulated other comprehensive income (loss) relating to net unrealized gain (loss) on derivative instruments, was ($1.1 million) and ($0.1 million), respectively.

(2)Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

16. Fair Value Measurements

We are required to disclose fair value information with regard to certain of our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of certain financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the assets and liabilities that we measure at fair value on a recurring basis by their levels in the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands)


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	25,330	$	—	$	25,330	$	—
Derivative instruments (included in Other assets)	$	9,386	$	—	$	9,386	$	—
Real estate loans held by consolidated securitization vehicles	$	1,027,164	$	—	$	903,859	$	123,305
Debt fund investments(1)	$	293,243	$	—	$	—	$	293,243
Liabilities:
Derivative instruments (included in Other liabilities)	$	8,799	$	—	$	8,799	$	—
Senior obligations of consolidated securitization vehicles	$	1,027,164	$	—	$	903,859	$	123,305
Secured borrowing (included in Other liabilities) (2)	$	167,423	$	—	$	—	$	167,423

(1)During the three months ended March 31, 2026 the Fund invested $139.3 million in investments classified as Level 3 and recognized $0.5 million of unrealized gains on those investments included within "Income from debt fund investments, net" in the consolidated statements of operations.

(2)In 2021, the Company admitted an additional partner to the One Madison Avenue development project with the partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in Other liabilities in our consolidated balance sheets.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities available-for-sale	$	23,666	$	—	$	23,666	$	—
Derivative instruments (included in Other assets)	$	8,000	$	—	$	8,000	$	—
Real estate loans held by consolidated securitization vehicles	$	1,023,877	$	—	$	895,998	$	127,879
Debt fund investments(1)	$	152,958	$	—	$	—	$	152,958
Liabilities:
Derivative instruments (included in Other liabilities)	$	17,360	$	—	$	17,360	$	—
Senior obligations of consolidated securitization vehicles	$	1,023,877	$	—	$	895,998	$	127,879
Secured borrowing (included in Other liabilities) (2)	$	244,941	$	—	$	—	$	244,941

(1)During the year ended December 31, 2025, the Fund purchased $146.9 million of investments classified as Level 3 and recognized $6.0 million of unrealized gains on those investments included within "Income from debt fund investments, net" in the consolidated statements of operations.

(2)In 2021, the Company admitted an additional partner to the One Madison Avenue development project with the partner's indirect ownership in the joint venture totaling 25.0%. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in "Other liabilities" on our consolidated balance sheets.

We evaluate real estate investments and debt and preferred equity investments, including intangibles, for potential impairment primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts, all of which are classified as Level 3 inputs.

Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs.

The senior obligations of consolidated securitization vehicles represent CMBS that are not owned by the Company. A majority of these securities are either traded in the marketplace or are similar to other securities that are traded in the marketplace. As the valuation of these amounts are based upon quoted prices for similar instruments in active markets, we generally utilize third party pricing service providers to determine the fair value. The Company evaluates and assesses the third party pricing by referring to recent trades of similar securities, ratings, subordination levels, current market data and credit issues. The Company maximizes the use of observable inputs over unobservable inputs and uses the value of the senior obligations of consolidated securitization vehicles as an indicator of the fair value of the real estate loans held by consolidated securitization vehicles. Depending on the significance of the fair value inputs used in determining the fair value, these securities are classified in either Level 2 or Level 3 of the fair value hierarchy. As such, these investments may move between Level 2 and Level 3 of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable.

The fair value of our secured borrowing is determined by projecting future cash flows, which takes into consideration various factors including discount rate and exit capitalization rate, as well as related asset performance and local or macro real estate performance. The inputs used in determining the Company's secured borrowing are considered Level 3.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

Nonrecurring Fair Value Measurements

During the three months ended March 31, 2026, the Company acquired Park Avenue Tower and the retail condominium located at 610 Park Avenue. The assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The fair values were determined using third-party valuations which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as the sales comparison approach, which utilizes comparable sales, listings, and sales contracts, all of which are classified as Level 3 inputs.

As of March 31, 2026, the residential and retail condominium units at 7 Dey Street were classified as held for sale following the execution of an agreement to sell the units for $220.5 million. The Company recorded a $35.2 million charge in connection with the classification of 7 Dey Street as held for sale, which is included in "Depreciable real estate reserves and impairments" in the consolidated statements of operations. The fair value of the property was determined by the terms of the purchase and sale agreement.

Financial Assets and Liabilities not Measured at Fair Value

The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist.

The following table provides the carrying value and fair value of these financial instruments as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Assets:
Debt and preferred equity investments	$	118,083	(2)		$	168,358	(2)
Liabilities:
Fixed rate debt	$	4,108,672	$	4,073,706	$	3,675,222	$	3,679,095
Variable rate debt	665,611		665,563		369,277		369,440
Total Debt	$	4,774,283	$	4,739,269	$	4,044,499	$	4,048,535

(1)Amounts exclude net deferred financing costs.

(2)As of March 31, 2026, debt and preferred equity investments had an estimated fair value of approximately $0.1 billion. As of December 31, 2025, debt and preferred equity investments had an estimated fair value of approximately $0.2 billion.

Disclosures regarding fair value of financial instruments was based on pertinent information available to us as of March 31, 2026 and December 31, 2025.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

17. Financial Instruments: Derivatives and Hedging

In the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates and foreign exchange rates. We use a variety of commonly used derivative instruments, including, but not limited to, interest rate swaps, caps, collars and floors, and foreign currency forward contracts, to manage these underlying market risks. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not designated as hedges are adjusted to fair value through earnings. If a derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates, currency exchange rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments.

Interest Rate Derivatives

The following table summarizes the notional value at inception and fair value of our consolidated interest rate derivatives as of March 31, 2026 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).


	Notional Value		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value
Interest Rate Swap	$	300,000	2.866	%	July 2023	May 2027	Other Assets	$	2,491
Interest Rate Swap	100,000		2.903	%	February 2023	February 2027	Other Assets	625
Interest Rate Swap	100,000		2.733	%	February 2023	February 2027	Other Assets	767
Interest Rate Swap	50,000		2.463	%	February 2023	February 2027	Other Assets	496
Interest Rate Swap	200,000		2.591	%	February 2023	February 2027	Other Assets	1,771
Interest Rate Swap	100,000		3.756	%	January 2023	January 2028	Other Liabilities	(291)
Interest Rate Swap	370,000		3.888	%	November 2022	June 2027	Other Liabilities	(1,132)
Interest Rate Swap	150,000		3.524	%	January 2024	May 2027	Other Assets	184
Interest Rate Swap	300,000		4.487	%	November 2024	November 2027	Other Liabilities	(4,169)
Interest Rate Swap	68,678		4.466	%	August 2024	June 2027	Other Liabilities	(701)
Interest Rate Swap	204,438		3.915	%	February 2025	May 2028	Other Liabilities	(1,400)
Interest Rate Swap	125,000		3.667	%	August 2024	December 2026	Other Liabilities	(11)
Interest Rate Swap	125,000		3.670	%	August 2024	December 2026	Other Liabilities	(14)
Interest Rate Swap	80,000		4.174	%	February 2025	February 2028	Other Liabilities	(854)
Interest Rate Sold Cap	72,314		4.000	%	July 2025	June 2026	Other Liabilities	(2)
Interest Rate Swap	357,500		2.982	%	June 2027	June 2028	Other Assets	1,668
Interest Rate Cap	190,148		3.500	%	November 2025	November 2026	Other Assets	289
Interest Rate Swap	177,000		3.331	%	February 2026	February 2029	Other Assets	985
								$	702

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

During the three months ended March 31, 2026, we recorded unrealized gains of $2.1 million based on changes in the fair value of interest rate derivatives not designated as hedges, which are included in "Purchase price and other fair value adjustments" in the consolidated statements of operations. During the three months ended March 31, 2025 we recorded unrealized losses of $3.1 million based on changes in the fair value of interest rate derivatives not designated as hedges, which are included in "Purchase price and other fair value adjustments" in the consolidated statements of operations. During the three months ended March 31, 2026, we recorded realized gains of $5.4 million on settled contracts, which are included in interest expense in the consolidated statements of operations. During the three months ended March 31, 2025, we recorded a loss of $0.1 million on the changes in fair value, which is included in interest expense in the consolidated statements of operations.

Certain agreements the Company has with each of its interest rate derivative counterparties contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its interest rate derivative obligations. As of March 31, 2026, the fair value of interest rate derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was ($8.9 million). As of March 31, 2026, the Company was not required to post any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $9.1 million as of March 31, 2026.

Gains and losses on terminated hedges are included in accumulated other comprehensive income, and are recognized into earnings over the term of the related obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that ($4.8 million) of the current balance held in accumulated other comprehensive income will be reclassified into interest expense and $4.3 million of the portion related to our share of joint venture accumulated other comprehensive income will be reclassified into equity in net (loss) income from unconsolidated joint ventures within the next 12 months.

The following table presents the effect of our interest derivatives and our share of our unconsolidated joint ventures' interest derivatives that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively (in thousands):


	Amount of Gain Recognized in Other Comprehensive (Loss) Income				Location of Gain Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain Reclassified from Accumulated Other Comprehensive Income into Income
	Three Months Ended March 31,					Three Months Ended March 31,
Derivative	2026		2025			2026		2025
Interest Rate Swaps/Caps	$	10,379	$	(12,314)	Interest expense	$	1,371	$	5,718
Share of unconsolidated joint ventures' derivative instruments	3,783		(6,448)		Equity in net income (loss) from unconsolidated joint ventures	(1,042)		872
	$	14,162	$	(18,762)		$	329	$	6,590

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

The following table summarizes the notional value at inception and fair value of our unconsolidated joint ventures' interest derivatives as of March 31, 2026 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).


	Notional Value		Strike Rate		Effective Date	Expiration Date	Classification	Fair Value
Interest Rate Swap	$	268,750	4.039	%	July 2024	September 2028	Liability	$	(3,157)
Interest Rate Swap	268,750		4.058	%	July 2024	September 2028	Liability	(3,279)
Interest Rate Swap	537,500		4.065	%	July 2024	September 2028	Liability	(6,673)
Interest Rate Cap	289,257		4.000	%	July 2025	June 2026	Asset	7
Interest Rate Cap	500,000		5.250	%	February 2026	April 2027	Asset	82



								$	(13,020)

Foreign Exchange Derivatives

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in euro. We use foreign exchange forward contracts to manage our exposure to changes in foreign exchange rates on certain euro-denominated assets and liabilities. Foreign exchange forward contracts involve fixing the U.S. dollar to euro exchange rate for delivery of a specified amount of foreign currency on a specified date. Our foreign exchange forward contracts are settled on a gross basis through the exchange of U.S. dollars and the contracted foreign currency on the settlement date.

The following table summarizes the notional value at inception and fair value of our consolidated foreign exchange derivatives as of March 31, 2026 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, foreign exchange rates or market risks (dollars in thousands).

Notional
Value

Effective
Date

Expiration
Date

Balance Sheet Location

Fair
Value

Foreign Exchange Forward Contracts

44,384

March 2026

April 2026 - June 2027

Other assets

109

Foreign Exchange Forward Contracts

30,492

March 2026

October 2027 - June 2032

Other liabilities

(224)

(115)

During the three months ended March 31, 2026, we recorded an unrealized loss of $0.1 million based on changes in the fair value of foreign exchange derivatives not designated as hedges, which are included in "Purchase price and other fair value adjustments" in the consolidated statements of operations. During the three months ended March 31, 2025, we did not record any unrealized gains or losses on foreign exchange derivatives, as we did not have any outstanding during that period.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

18. Lease Income

The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs.

The components of lease income from operating leases in our consolidated statements of operations during the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Fixed lease payments		$	166,509	$	146,127
Variable lease payments		20,881		18,501
Total lease payments (1)		$	187,390	$	164,628
Amortization of acquired above and below-market leases		(514)		(1,609)
Total rental revenue		$	186,876	$	163,019

(1)Amounts include $43.7 million and $46.1 million of sublease income for the three months ended March 31, 2026, and 2025 respectively.

The components of lease income from sales-type leases during the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three Months Ended March 31,
		2026		2025

Interest income (1)		$	1,148	$	1,134

(1)These amounts are included in "Other income" in our consolidated statements of operations.

19. Commitments and Contingencies

Legal Proceedings

As of March 31, 2026, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.

Environmental Matters

Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

20. Segment Information

The Company has three operating and reportable segments, real estate, debt and preferred equity ("DPE") investments, including the Fund, and SUMMIT. The results of these segments are provided to and reviewed by the CEO, our chief operating decision maker (“CODM”), who uses this information to assess performance and inform key decisions regarding operations, resources and capital allocation.

Our CODM evaluates real estate performance and allocates resources based on net operating income, which serves as the profit or loss measure for the real estate operating segment. For our debt and preferred equity investments and SUMMIT operating segment performance, our CODM evaluates and allocates resources based on net income. The CODM does not review asset information, by segment, as a measure to assess performance.

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)

The reportable segment profit or loss measures for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	March 31, 2026
	Real Estate Segment		SUMMIT Segment		DPE Segment		Total
Total revenues	$	211,943	$	24,142	$	16,995	$	253,080
Expenses:
SUMMIT Operator expenses	—		24,942		—
SUMMIT Operator tax expense	—		585		—
Operating Expenses	61,457		—		—
Real Estate Taxes	41,912		—		—
Operating lease rent	6,944		—		—

Net operating income from unconsolidated joint ventures	43,640



Real Estate segment Net operating income	$	145,270					$	145,270

Equity in net income from unconsolidated joint ventures			—		5,136
Income from debt fund investments, net			—		2,478

Depreciation and amortization			(964)		—
Interest expense, net of interest income			—		(1,520)
Interest expense on senior obligations of consolidated securitization vehicles			—		(14,649)

SUMMIT Net income (loss) and DPE Net income (loss)			$	(2,349)	$	8,440	$	6,091

Non-operating net loss from unconsolidated joint ventures							(69,556)
Marketing, general and administrative expense							(22,786)
Transaction related costs							(284)


Depreciable real estate reserves							(35,160)

Gain on sale of real estate, net							16,636
Purchase price and other fair value adjustments							4,183
Equity in net loss on sale of interest in unconsolidated joint venture/real estate							(814)

Depreciation and amortization							(68,787)
Amortization of deferred financing costs							(2,802)
Interest expense, net of interest income							(49,389)

Net Loss							$	(77,398)

Table of Contents

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

Notes to Consolidated Financial Statements (cont.)

March 31, 2026

(unaudited)


	March 31, 2025
	Real Estate Segment		SUMMIT Segment		DPE Segment		Total
Total revenues	$	185,217	$	22,534	$	32,095	$	239,846
Expenses:
SUMMIT Operator expenses	—		21,764		—
SUMMIT Operator tax benefit	—		(45)		—
Operating Expenses	56,062		—		—
Real Estate Taxes	37,217		—		—
Operating lease rent	6,106		—		—

Net operating income from unconsolidated joint ventures	50,184

Real Estate segment Net operating income	$	136,016					$	136,016

Equity in net income from unconsolidated joint ventures			—		4,918
Loan loss and other investment reserves, net of recoveries			—		25,039
Depreciation and amortization			(760)		—
Interest expense, net of interest income			—		(7,045)
Interest expense on senior obligations of consolidated securitization vehicles			—		(13,972)

SUMMIT Net income and DPE Net income			$	55	$	41,035	$	41,090

Non-operating net loss from unconsolidated joint ventures							(52,152)
Marketing, general and administrative expense							(21,724)
Transaction related costs							(295)


Depreciable real estate reserves							(8,546)
Depreciable real estate reserves in unconsolidated joint venture							(1,780)
Loss on sale of real estate, net							(482)
Purchase price and other fair value adjustments							(9,611)

Depreciation and amortization							(63,738)
Amortization of deferred financing costs							(1,687)
Interest expense, net of interest income							(38,636)

Net Loss							$	(21,545)

For the real estate segment, the primary sources of revenue are tenant rents and escalations and reimbursement revenue. See Note 7, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales.

There were no transactions between the above three segments other than the SUMMIT lease with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

SL Green Realty Corp., which is referred to as SL Green or the Company, 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 Company is a self-managed real estate investment trust, or REIT, engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally Manhattan. 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.

The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in this Quarterly Report on this Form 10-Q and in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025.

As of March 31, 2026, 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	Number of Buildings	Approximate Square Feet	Number of Buildings	Approximate Square Feet	Weighted Average Leased Occupancy (1)
Commercial:
Manhattan	Office	17		10,102,852	10	13,868,633	27	23,971,485	94.4	%
	Retail	3		338,545	1	12,719	4	351,264	86.5	%
	Development/Redevelopment	5	(2)	1,249,983	—	—	5	1,249,983	N/A

		25		11,691,380	11	13,881,352	36	25,572,732	94.3	%
Suburban	Office	6		732,800	—	—	6	732,800	79.6	%



Total commercial properties		31		12,424,180	11	13,881,352	42	26,305,532	93.9	%
Residential:
Manhattan	Residential	2	(2) (3)	363,237	1	221,884	3	585,121	99.2	%

Total core portfolio		33		12,787,417	12	14,103,236	45	26,890,653	94.0	%

	Alternative Strategy Portfolio	—		—	5	2,509,307	5	2,509,307	59.2	%

(3)As of March 31, 2026, 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, which is under redevelopment, and retail space. For the purpose of this report, we have included this building in the number of residential properties we own. We have included only the residential square footage in total residential square footage and have included the balance of the square footage as development square footage. As of March 31, 2026 the residential and retail condominium units were classified as held for sale following the execution of an agreement to sell those units for $220.5 million. See Note 4, "Property Dispositions and Properties Held for Sale."

As of March 31, 2026, we also managed three properties owned by third parties encompassing approximately 0.8 million square feet (unaudited).

Critical Accounting Estimates

Refer to the 2025 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting estimates, which include investment in commercial real estate properties and investment in unconsolidated joint ventures. During the three months ended March 31, 2026, there were no material changes to these estimates.

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Results of Operations

Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025

The following comparison for the three months ended March 31, 2026, or 2026, to the three months ended March 31, 2025, or 2025, makes reference to the effect of the following:

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods that are located in Manhattan (Same-Store Properties totaled 18 of our 33 consolidated operating properties),

ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2026 and 2025 and all non-Same-Store Properties, including properties that are under development, redevelopment or were deconsolidated during the period,

iii."Disposed Properties," which represents all properties or interests in properties sold or partially sold in 2026 and 2025,

iv."Alternative Strategy Portfolio," which represents non-core assets, and

v.“Other,” which represents properties that were partially sold resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.


	Same-Store								Disposed				Other				Consolidated
(in millions)	2026		2025		$ Change		% Change		2026		2025		2026		2025		2026		2025		$ Change		% Change

Rental revenue	$	142.8	$	152.9	$	(10.1)	(6.6)	%	$	—	$	—	$	44.1	$	10.1	$	186.9	$	163.0	$	23.9	14.7	%
SUMMIT Operator revenue	—		—		—		—	%	—		—		24.1		22.5		24.1		22.5		1.6		7.1	%
Investment income	—		—		—		—	%	—		—		2.3		16.1		2.3		16.1		(13.8)		(85.7)	%
Interest income from real estate loans held by consolidated securitization vehicles	—		—		—		—	%	—		—		14.6		16.0		14.6		16.0		(1.4)		(8.8)	%
Fee income	—		—		—		—	%			—		20.0		12.3		20.0		12.3		7.7		62.6	%
Other income	(0.3)		4.5		(4.8)		(106.7)	%	—		—		5.4		5.4		5.1		9.9		(4.8)		(48.5)	%
Total revenues	142.5		157.4		(14.9)		(9.5)	%	—		—		110.5		82.4		253.0		239.8		13.2		5.5	%

Property operating expenses	79.3		85.5		(6.2)		(7.3)	%			—		30.9		13.7		110.2		99.2		11.0		11.1	%
SUMMIT Operator expenses	—		—		—		—	%	—		—		24.9		21.8		24.9		21.8		3.1		14.2	%

Marketing, general and administrative	—		—		—		—	%	—		—		22.8		21.7		22.8		21.7		1.1		5.1	%
	79.3		85.5		(6.2)		(7.3)	%	—		—		78.9		57.5		158.2		143.0		15.2		10.6	%

Operating income (loss) before equity in net income from unconsolidated joint ventures	$	63.2	$	71.9	$	(8.7)	(12.1)	%	$	—	$	—	$	31.6	$	24.9	$	94.8	$	96.8	$	(2.0)	(2.1)	%

Other income (expenses):
Interest expense, net of interest income																	(53.7)		(47.4)		(6.3)		13.3	%
SUMMIT Operator tax (expense) benefit																	(0.6)		—		(0.6)		100.0	%
Interest expense on senior obligations of consolidated securitization vehicles																	(14.6)		(14.0)		(0.6)		4.3	%
Depreciation and amortization																	(69.8)		(64.5)		(5.3)		8.2	%
Equity in net (loss) income from unconsolidated joint ventures																	(20.8)		1.2		(22.0)		(1,833.3)	%

Income from debt fund investments, net																	2.5		—		2.5		100.0	%
Purchase price and other fair value adjustments																	4.2		(9.6)		13.8		(143.8)	%
Gain (loss) on sale of real estate, net																	16.6		(0.5)		17.1		(3,420.0)	%
Depreciable real estate reserves and impairments																	(35.2)		(8.5)		(26.7)		314.1	%

Loan loss and other investment reserves, net of recoveries																	—		25.0		(25.0)		(100.0)	%




Net loss																	(77.4)		(21.5)		(55.9)		260.0	%

Table of Content s

Rental revenue

Rental revenues increased due primarily to the acquisition of Park Avenue Tower ($15.6 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($8.6 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($9.0 million) during the third quarter of 2025. This increase is partially offset by the deconsolidation of 100 Park Avenue ($10.0 million) at the end of the fourth quarter of 2025.

The following table presents a summary of the commenced leasing activity for the three months ended March 31, 2026 in our Manhattan and Suburban portfolio:


	Usable SF	Rentable SF	New Cash Rent (per rentable SF) (1)		Prev. Escalated Rent (per rentable SF) (2)		TI/LC per rentable SF		Free Rent (in months)	Average Lease Term (in years)
Manhattan
Space available at beginning of the period	2,402,166
Property out of redevelopment	—

Acquired vacancies	32,474

Space which became available during the period (3)
• Office	184,949
• Retail	27,426
• Storage	—
	212,375
Total space available	2,647,015
Leased space commenced during the period:
• Office(4)	465,845	488,642	$	103.28	$	101.67	$	120.32	11.9	10.5
• Retail	20,982	21,258	$	97.13	$	123.53	$	308.59	8.1	11.6
• Storage	592	727	$	31.80	$	—	$	—	1.9	9.0
Total leased space commenced	487,419	510,627	$	102.92	$	102.66	$	127.99	11.8	10.6

Total available space at end of period	2,159,596

Early renewals
• Office	42,610	51,385	$	103.98	$	90.25	$	38.15	2.5	7.0
• Retail	9,848	9,848	$	73.61	$	68.01	$	—	3.0	15.0
• Storage	—	—	$	—	$	—	$	—	—	—
Total early renewals	52,458	61,233	$	99.09	$	86.68	$	32.02	2.6	8.3

Total commenced leases, including replaced previous vacancy
• Office		540,027	$	103.35	$	99.44	$	112.51	11.0	10.2
• Retail		31,106	$	89.68	$	95.90	$	210.89	6.5	12.7
• Storage		727	$	31.80	$	—	$	—	1.9	9.0
Total commenced leases		571,860	$	102.51	$	99.19	$	117.71	10.8	10.3

(1)Annual initial base rent.

(2)Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.

(3)Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants held over.

(4)Average starting office rent excluding new tenants replacing vacancies was $104.92 per rentable square foot for 211,307 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $104.74 per rentable square foot for 262,692 rentable square feet.

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SUMMIT Operator revenue

SUMMIT Operator revenues were higher due primarily to the Ascent experience coming back online during the fourth quarter of 2025, which is a premium ticket that generates incremental revenue.

Investment income

Investment income decreased due primarily to interest payments received on one CMBS investment ($10.0 million) during the three months ended March 31, 2025. Investment income also decreased due to a lower weighted average debt and preferred equity investment balance for the three months ended March 31, 2026 as compared to the same period in 2025. For the three months ended March 31, 2026, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $118.3 million and 6.9%, respectively, as compared to $333.3 million and 6.4%, respectively, for the three months ended March 31, 2025.

Interest income from real estate loans held by consolidated securitization vehicles

From time to time we own securities in CMBS securitization trusts that result in the consolidation of the trusts on our financial statements. The amounts recorded include our 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." As a result, the net impact is limited to the interest income on the CMBS we own directly and not the consolidated interest income and interest expense.

Fee income

Fee income increased due primarily to an increase in management fees ($6.5 million) and special servicing fees of ($1.2 million).

Other income

Other income decreased due primarily to lease termination income ($3.8 million) recognized during the three months ended March 31, 2025.

Property operating expenses

Property operating expenses increased due primarily to the acquisition of Park Avenue Tower ($6.3 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($5.1 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($4.1 million) during the third quarter of 2025. This increase is partially offset by the deconsolidation of 100 Park Avenue ($6.7 million) at the end of the fourth quarter of 2025.

SUMMIT Operator expenses

SUMMIT Operator expenses were higher due to increased variable expenses as a result of increased operating hours and the Ascent premium experience coming back online.

Marketing, general and administrative

Marketing, general, and administrative expenses increased due primarily to higher stock based compensation expenses.

Interest expense, net of interest income

Interest expense, net of interest income, increased due primarily to the acquisition of Park Avenue Tower during the first quarter of 2026 ($5.5 million), the consolidation of 800 Third Avenue ($2.7 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($3.1 million) during the third quarter of 2025. These increases were offset by decreased interest expense from the deconsolidation of 100 Park Avenue, ($6.2 million) at the end of the fourth quarter of 2025, and an increase in interest capitalization at properties that are under development or redevelopment ($7.1 million). The weighted average consolidated debt balance outstanding was $4.7 billion for the three months ended March 31, 2026, compared to $3.8 billion for the three months ended March 31, 2025. The consolidated weighted average interest rate was 5.25% for the three months ended March 31, 2026, as compared to 5.38% for the three months ended March 31, 2025.

SUMMIT Operator tax (expense) benefit

SUMMIT Operator tax expense increased for the three months ended March 31, 2026 as compared to the same period in 2025 due primarily to a 2024 tax reduction adjustment that was recorded in the first quarter of 2025.

Table of Content s

Interest expense on senior obligations of consolidated securitization vehicles

From time to time we own securities in CMBS securitization trusts that result in the consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in "Interest income from real estate loans held by consolidated securitization vehicles." As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense.

Depreciation and amortization

Depreciation and amortization increased primarily due to the acquisition of Park Avenue Tower ($8.3 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($2.9 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($4.4 million) during the third quarter of 2025. This increase is partially offset by the deconsolidation of 100 Park Avenue ($4.7 million) at the end of the fourth quarter of 2025 and decrease at our Same-Store Properties ($6.8 million).

Equity in net (loss) income from unconsolidated joint ventures

During the three months ended March 31, 2025, we recognized $18.3 million of income related to the write-off of a negative carrying value associated with an unconsolidated joint venture after we were no longer obligated or otherwise committed to provide additional financial support to the entity.

Purchase price and other fair value adjustments

During the three months ended March 31, 2026, we recorded a $2.2 million positive fair value adjustment related to the previous sale of an interest in One Madison Avenue, which did not meet sale accounting under ASC 860, and a $2.0 million positive fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the three months ended March 31, 2025, we recorded a $5.9 million negative fair value adjustment related to the previous sale of an interest in One Madison Avenue and a $3.1 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes.

Gain (loss) on sale of real estate, net

During the three months ended March 31, 2026, we recognized a $15.3 million gain on the sale of 690 Madison Avenue.

Depreciable real estate reserves and impairments

During the three months ended March 31, 2026, we recognized depreciable real estate reserves and impairments in connection with the classification of 7 Dey Street as held for sale ($35.2 million). During the three months ended March 31, 2025, we recognized depreciable real estate reserves and impairments related to the sale of residential condominium units at 760 Madison Avenue ($8.5 million).

Loan loss and other investment reserves, net of recoveries

During the three months ended March 31, 2026, we did not recognize any loan loss and other investment reserves. During the three months ended March 31, 2025 we recognized a loan loss recovery of $25.0 million related to the resolution of a commercial mortgage investment.

Liquidity and Capital Resources

We currently expect that the principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness or other investments will include:

(1)Cash flow from operations;

(2)Cash on hand;

(3)Net proceeds from divestitures of properties and redemptions, participations, dispositions and repayments of debt and preferred equity investments;

(4)Borrowings under the revolving credit facility;

(5)Other forms of secured or unsecured financing; and

(6)Proceeds from common or preferred equity or debt offerings by the Company or the Operating Partnership (including issuances of units of limited partnership interest in the Operating Partnership and Trust preferred securities).

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Cash flow from operations is primarily dependent upon the collectability of rent, the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs.

The combined aggregate principal maturities of mortgages and other loans payable, the 2026 Credit Facility, trust preferred securities, our share of joint venture debt, including as-of-right extension options, estimated interest expense, and our obligations under our financing and operating leases, as of March 31, 2026 are as follows (in thousands):


	Remaining 2026		2027		2028		2029		2030		Thereafter		Total
Property mortgages and other loans	$	555,148	$	936,390	$	284,438	$	189,200	$	—	$	734,107	$	2,699,283
Revolving credit facility	—		—		—		—		—		825,000		825,000
Unsecured term loans	100,000		300,000		—		—		—		750,000		1,150,000
Trust preferred securities	—		—		—		—		—		100,000		100,000
Financing leases	2,460		3,325		3,375		3,426		3,477		189,891		205,954
Operating leases	44,059		58,151		58,666		58,898		60,000		1,176,592		1,456,366
Estimated interest expense	194,892		172,991		142,140		131,334		111,390		255,844		1,008,591
Joint venture debt	1,076,993		1,453,918		555,449		—		840,000		2,071,051		5,997,411
Total	$	1,973,552	$	2,924,775	$	1,044,068	$	382,858	$	1,014,867	$	6,102,485	$	13,442,605

We estimate that for the remainder of the year ending December 31, 2026, we expect to incur $75.8 million of leasing capital expenditures and $31.7 million of recurring capital expenditures on existing consolidated properties, of which $22.4 million will be funded by construction financing facilities or loan reserves. In addition, we expect to incur $22.5 million of development or redevelopment expenditures on existing consolidated properties, of which $2.8 million will be funded by construction financing facilities or loan reserves. We expect our share of capital expenditures at our joint venture properties will be $131.3 million, of which $33.9 million will be funded by construction financing facilities or loan reserves. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.

As of March 31, 2026, we had liquidity of $0.6 billion, comprised of $418.0 million of availability under our revolving credit facility and $169.2 million of consolidated cash on hand, inclusive of $25.3 million of available-for-sale marketable securities. This liquidity excludes $111.4 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties, or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt and other obligations, as described above, upon maturity, if not before.

We have investments in several real estate joint ventures with various partners, that are generally considered to be financially stable, and most are financed with non-recourse debt. We believe that property level cash flows along with unfunded committed indebtedness and proceeds from the refinancing of outstanding secured indebtedness will be sufficient to fund the capital needs of our joint venture properties.

Cash Flows

The following summary discussion of our cash flows is based on our consolidated statements of cash flows in "Item 1. Financial Statements" and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

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Cash, restricted cash, and cash equivalents were $338.6 million and $337.0 million as of March 31, 2026 and 2025, respectively, representing an increase of $1.6 million. The increase was a result of the following changes in cash flows (in thousands):


	Three Months Ended March 31,
	2026		2025		(Decrease) Increase
Net cash (used in) provided by operating activities	$	(17,588)	$	6,710	$	(24,298)
Net cash used in investing activities	(692,392)		(176,273)		(516,119)
Net cash provided by financing activities	712,124		174,953		537,171

Our principal sources of operating cash flow are the properties in our consolidated and joint venture portfolios, third-party fees and our debt and preferred equity portfolio. These sources generate a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and fund dividend and distribution requirements.

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, we used cash primarily for the following investing activities (in thousands):


Acquisitions of real estate	$	(551,691)
Capital expenditures and capitalized interest	(29,375)
Acquisition deposits and deferred purchase price	—
Joint venture investments	(9,138)
Distributions from joint ventures	168,150
Proceeds from sales of real estate/partial interest in property	(39,806)
Cash and restricted cash assumed from acquisition of real estate investment	—

Debt and preferred equity and other investments	(54,259)
Increase in net cash used in investing activities	$	(516,119)

Capital expenditures, which are comprised of building and tenant improvements, increased from $74.2 million for the three months ended March 31, 2025 to $103.6 million for the three months ended March 31, 2026 due to increased leasing related costs as portfolio occupancy increases.

We generally fund our investment activity through the sale of real estate, property-level financing, corporate credit facilities, the sale or repayment of debt and preferred equity investments, or construction loan facilities. From time to time, the Company may issue common or preferred stock or equity-linked securities, or the Operating Partnership may issue common or preferred units of limited partnership interest.

During the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, we used cash primarily for the following financing activities (in thousands):


Proceeds from our debt obligations	$	781,575
Repayments of our debt obligations	(319,261)
Net distribution to noncontrolling interests	109,359
Other financing activities	(16,593)




Other obligations related to secured borrowing	(75,294)

Dividends and distributions paid	57,385
Increase in net cash provided by financing activities	$	537,171

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Share Repurchase Program

The Company has in place a share repurchase program of $3.5 billion under which we can buy shares of our common stock.

Indebtedness

The table below summarizes our consolidated mortgages and other loans payable, the 2026 Credit Facility, and trust preferred securities outstanding as of March 31, 2026 and December 31, 2025, (amounts in thousands).


Debt Summary:	March 31, 2026			December 31, 2025
Balance
Fixed rate	$	1,992,086		$	1,058,524
Variable rate—hedged	2,116,586			2,616,698
Total fixed rate	4,108,672			3,675,222
Total variable rate	665,611			369,277
Total debt	$	4,774,283		$	4,044,499

Debt, preferred equity, and other investments subject to variable rate	$	78,594		$	128,619
Net exposure to variable rate debt	587,017			240,658

Percent of Total Debt:
Fixed rate	86.1		%	90.9		%
Variable rate (1)	13.9		%	9.1		%
Total	100.0		%	100.0		%
Effective Interest Rate for the Year:
Fixed rate	5.35		%	5.17		%
Variable rate	5.11		%	6.29		%
Effective interest rate	5.25		%	5.34		%

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 12.5% and 6.1% as of March 31, 2026 and December 31, 2025, respectively.

The variable rate debt shown above generally bears interest at an interest rate based on Term SOFR (3.66% and 3.69% as of March 31, 2026 and December 31, 2025, respectively). Our consolidated debt as of March 31, 2026 had a weighted average term to maturity of 3.21 years.

Certain of our debt and equity investments and other investments, with carrying values of $78.6 million as of March 31, 2026 and $128.6 million as of December 31, 2025, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 12.5% and 6.1% as of March 31, 2026 and December 31, 2025, respectively.

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Corporate Indebtedness

2026 Credit Facility

•$1.25 billion revolving credit facility with a maturity of June 2030 and two six-month, as-of-right extension options to June 2031.

•$300.0 million term loan (or the "Term A Loans") with a maturity of May 2027.

•$100.0 million term loan (or the "Term B Loans") with a maturity of May 2026 and one six -month, as-of right extension option to November 2026.

•$750.0 million term loan (or the "Term C Loans") with a maturity of June 2031.

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2026 Credit Facility. The lending group for the Term C Loans consists of Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC, BofA Securities, Inc., BMO Capital Markets Corp. and Manufacturers and Traders Trust Company, as joint lead arrangers, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC and BofA Securities, Inc., as joint bookrunners, JPMorgan Chase Bank, N.A., as syndication agent, TD Bank, N.A., Bank of America, N.A., Bank of Montreal and Manufacturers and Traders Trust Company, as documentation agents, and the other lenders party thereto. The lending group for the Term B Loans consists of Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, BofA Securities, Inc. and BMO Capital Markets Corp., as joint lead arrangers and joint bookrunners, and Bank of America, N.A. and Bank of Montreal, as syndication agents, and the other lenders party thereto. The lending group for the revolving credit facility consists of Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC and BofA Securities, Inc., as joint lead arrangers and joint bookrunners for the revolving credit facility, BMO Capital Markets Corp. and Manufacturers and Traders Trust Company, as joint lead arrangers for the revolving credit facility, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc. and TD Bank, N.A., as joint lead arrangers and joint bookrunners for the Term A Loans, BofA Securities, Inc,. BMO Capital Markets Corp. and The Bank of New York Mellon, as joint lead arrangers for the Term A Loans, JPMorgan Chase Bank, N.A., as syndication agent for the

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revolving credit facility and Term A Loans, TD Bank, N.A., Bank of America, N.A., Bank of Montreal and Manufacturers and Traders Trust Company, as documentation agents for the revolving credit facility, Deutsche Bank Securities Inc., TD Bank, N.A., Bank of America, N.A., Bank of Montreal and The Bank of New York Mellon, as documentation agents for the Term A Loans, Wells Fargo Bank, National Association, as sustainability structuring agent, and the other lenders party thereto.

Members of the lending group and their affiliates have performed commercial banking, investment banking, corporate trust and advisory services for the Company and its affiliates from time to time for which they have received customary fees and expenses. Members of the lending group and their affiliates may, from time to time, engage in transactions with and perform services for the Company in the ordinary course of their business.

The 2026 Credit Facility includes certain restrictions and covenants (see Restrictive Covenants below).

Restrictive Covenants

CMBS Repurchase Facility

Interest Rate Risk

We are exposed to changes in interest rates primarily from our variable rate debt. Our exposure to interest rate fluctuations are managed through the use of interest rate derivative instruments and through our variable rate debt and preferred equity investments. Based on the debt outstanding as of March 31, 2026, a hypothetical 100 basis point increase in the applicable floating interest rate curve would increase our share of consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $5.5 million and would increase our share of joint venture annual interest cost by $4.1 million. As of March 31, 2026, $77.6 million, or 65.7%, of our $118.1 million debt and preferred equity portfolio was indexed to SOFR.

We recognize all derivatives on the balance sheet at fair value. Derivatives that are not designated as hedges for accounting purposes are adjusted to fair value through income. If a derivative is designated as a hedge for accounting purposes, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings.

Off-Balance Sheet Arrangements

We have off-balance sheet investments, including joint ventures and debt and preferred equity investments. These investments all have varying ownership structures. A majority of our joint venture arrangements are accounted for under the equity method of accounting as we have the ability to exercise significant influence over, but not control, the operating and financial decisions of these joint venture arrangements. Our off-balance sheet arrangements are discussed in Note 5, "Investments in Unconsolidated Joint Ventures" and Note 7, "Debt and Preferred Equity Investments" in the accompanying consolidated financial statements.

Dividends/Distributions

We expect to pay dividends to our stockholders based on the distributions we receive from our Operating Partnership.

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To maintain our qualification as a REIT, we must pay annual dividends to our stockholders of at least 90% of our REIT taxable income, determined before taking into consideration the dividends paid deduction and net capital gains.

Any dividend we pay may be in the form of cash, stock or a combination thereof, subject to IRS limitations on the use of stock for dividends. Additionally, if our REIT taxable income in a particular year exceeds the amount of cash dividends we pay in that year, we may pay stock dividends in order to maintain our REIT status and avoid certain REIT-level taxes.

Before we pay any cash dividend, whether for Federal income tax purposes or otherwise, which would only be paid out of available cash to the extent permitted under the 2026 credit facility, we must first meet both our operating requirements and scheduled debt service on our mortgages and loans payable.

Insurance

We maintain “all-risk” property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism, excluding nuclear, biological, chemical, and radiological terrorism ("NBCR")), within two property insurance programs and liability insurance. Separate property and liability coverage may be purchased on a stand-alone basis for certain assets, such as development projects. Additionally, one of our captive insurance companies, Belmont Insurance Company ("Belmont"), provides coverage for NBCR terrorist acts above a specified trigger. Belmont's retention is reinsured by our other captive insurance company, Ticonderoga Insurance Company ("Ticonderoga"). However, there is no assurance that in the future we will be able to procure coverage at a reasonable cost. Further, if we experience losses that are uninsured or that exceed policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. Additionally, our debt instruments contain customary covenants requiring us to maintain insurance and we could default under our debt instruments if the cost and/or availability of certain types of insurance make it impractical or impossible to comply with such covenants relating to insurance. Belmont and Ticonderoga provide coverage solely on properties owned by the Company or its affiliates. If Belmont or Ticonderoga are required to pay a claim under our insurance policies, we would ultimately record the loss to the extent of required payments.

Furthermore, with respect to certain of our properties, including properties held by joint ventures or subject to triple net leases, insurance coverage is obtained by a third-party and we do not control the coverage. While we may have agreements with such third parties to maintain adequate coverage and we monitor these policies, such coverage ultimately may not be maintained or adequately cover our risk of loss.

Funds from Operations

Funds from Operations ("FFO") is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by 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 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.

The Company presents FFO because it considers it an important supplemental measure of the Company's operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is it indicative of funds available to fund the Company's cash needs, including our ability to make cash distributions.

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FFO for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Net loss attributable to SL Green common stockholders		$	(84,391)	$	(21,075)
Add:
Depreciation and amortization		69,751		64,498
Joint venture depreciation and noncontrolling interest adjustments		62,596		53,361
Net income (loss) attributable to noncontrolling interests		1,056		(6,362)
Less:
Equity in net loss on sale of interest in unconsolidated joint venture/real estate		(814)		—
Purchase price and other fair value adjustments		2,224		(6,544)
Gain (loss) on sale of real estate, net		16,636		(482)
Depreciable real estate reserves and impairments		(35,160)		(8,546)
Depreciable real estate reserves in unconsolidated joint venture		—		(1,780)
Depreciation on non-rental real estate assets		1,503		1,263
Funds from Operations attributable to SL Green common stockholders and unit holders		$	64,623	$	106,511

Seasonality

Our business at SUMMIT is subject to, among other things, tourism trends and weather conditions, resulting in seasonal fluctuation. The table below shows SUMMIT's revenue for each quarter during 2025. We do not consider any other components of our business to be subject to material seasonal fluctuations.


												Year Ended December 31, 2025
1st Quarter												18.0%
2nd Quarter												26.0%
3rd Quarter												27.0%
4th Quarter												29.0%
Total												100.0%

Accounting Standards Updates

The Accounting Standards Updates are discussed in Note 2, "Significant Accounting Policies Accounting Standards Updates" in the accompanying consolidated financial statements.

Forward-Looking Information

This report 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 report 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 report are subject to a number of risks and uncertainties 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. These risks and uncertainties include:

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•the effect of general economic, geopolitical, business and financial conditions, and their effect on the New York City real estate market in particular;

•dependence upon the New York City real estate market;

•risks of real estate acquisitions, dispositions, development and redevelopment, including the cost of construction delays and cost overruns;

•risks relating to debt and preferred equity investments;

•availability and creditworthiness of prospective tenants and borrowers;

•bankruptcy or insolvency of a major tenant or a significant number of smaller tenants or borrowers;

•adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space;

•availability of debt and equity capital for our operational needs and investment strategy;

•unanticipated increases in financing and other costs, including a rise in interest rates;

•our ability to comply with financial covenants in our debt instruments;

•our ability to maintain our status as a REIT;

•risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations;

•the threat of terrorist attacks;

•our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination;

•risks related to our asset management business, including our ability to identify suitable investments, manage actual and potential conflicts of interest and comply with regulations on our asset management subsidiary under the Investment Advisers Act of 1940; and

•legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.

Other factors and risks to our business, many of which are beyond our control, are described in other sections of this report and in our other filings with the SEC. 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.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For quantitative and qualitative disclosures about market risk, see Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operation - Interest Rate Risk" in this Quarterly Report on Form 10-Q for the three months ended March 31, 2026 for the Company and the Operating Partnership and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Interest Rate Risk" in the Annual Report on Form 10-K for the year ended December 31, 2025 for the Company and the Operating Partnership. Our exposures to market risk have not changed materially since December 31, 2025.

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ITEM 4. CONTROLS AND PROCEDURES

SL GREEN REALTY CORP.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Also, the Company has investments in certain unconsolidated entities. As the Company does not control these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those the Company maintains with respect to its consolidated subsidiaries.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation as of the end of the period covered by this report, the Company's Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to the Company that would potentially be subject to disclosure under the Exchange Act and the rules and regulations promulgated thereunder.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company's internal control over financial reporting during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

SL GREEN OPERATING PARTNERSHIP, L.P.

Evaluation of Disclosure Controls and Procedures

Changes in Internal Control over Financial Reporting

There have been no changes in the Operating Partnership's internal control over financial reporting during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

As of March 31, 2026, there have been no material changes to the Risk Factors disclosed in "Part I. Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Company has in place a share repurchase program of $3.5 billion under which we can buy shares of our common stock.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

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ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

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ITEM 5. OTHER INFORMATION

The description of the 2026 Credit Facility contained in Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations - Corporate Indebtedness” of this report is incorporated herein by reference and is qualified in its entirety by reference to the complete texts of the 2026 Credit Facility, copies of which are filed as Exhibits 10.2, 10.3 and 10.4 to this report and incorporated herein by reference.

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ITEM 6. EXHIBITS

Exhibits required by Item 601 of Regulation S-K are filed herewith or incorporated herein by reference and are listed in the attached Exhibit Index.


Exhibit No.						Description
10.1						Thirty-Second Amendment, dated March 4, 2026, to the First Amended and Restated Agreement of Limited Partnership of SL Green Operating Partnership, L.P., incorporated by reference to the Company's Form 8-K, dated as of March 4, 2026, filed with the SEC on March 6, 2026.
10.2						Term Loan Agreement, dated as of March 18, 2026, by and among SL Green Realty Corp. and SL Green Operating Partnership, L.P., as Borrowers, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC, BofA Securities, Inc., BMO Capital Markets Corp. and Manufacturers and Traders Trust Company, as joint lead arrangers, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC and BofA Securities, Inc., as joint bookrunners, JPMorgan Chase Bank, N.A., as syndication agent, TD Bank, N.A., Bank of America, N.A., Bank of Montreal and Manufacturers and Traders Trust Company, as documentation agents, and the other lenders party thereto.
10.3						First Amendment to Term Loan Agreement, dated as of March 18, 2026, which amends that certain Term Loan Agreement, dated as of November 19, 2024, by and among SL Green Realty Corp. and SL Green Operating Partnership, L.P., as Borrowers, each of the financial institutions initially a signatory thereto together with their successors and assignees, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, BofA Securities, Inc. and BMO Capital Markets Corp., as joint Lead Arrangers and Joint Bookrunners, and Bank of America, N.A. and Bank of Montreal, as Syndication Agents.
10.4						First Amendment to Third Amended and Restated Credit Agreement, dated as of March 18, 2026, which amends that certain Third Amended and Restated Credit Agreement, dated as of December 6, 2021, by and among SL Green Realty Corp. and SL Green Operating Partnership, L.P., as Borrowers, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC and BofA Securities, Inc., as joint lead arrangers and joint bookrunners for the Revolving Credit Facility, BMO Capital Markets Corp. and Manufacturers and Traders Trust Company, as joint lead arrangers for the Revolving Credit Facility, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc. and TD Bank, N.A., as joint lead arrangers and joint bookrunners for the Term A Loans, BofA Securities, Inc,. BMO Capital Markets Corp. and The Bank of New York Mellon, as joint lead arrangers for the Term A Loans, JPMorgan Chase Bank, N.A., as syndication agent for the Revolving Credit Facility and Term A Loans, TD Bank, N.A., Bank of America, N.A., Bank of Montreal and Manufacturers and Traders Trust Company, as documentation agents for the Revolving Credit Facility, Deutsche Bank Securities Inc., TD Bank, N.A., Bank of America, N.A., Bank of Montreal and The Bank of New York Mellon, as documentation agents for the Term A Loans, Wells Fargo Bank, National Association, as sustainability structuring agent, and the other lenders party thereto.
31.1						Certification by the Chairman and Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2						Certification by the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.3						Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.4						Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1						Certification by the Chairman and Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.2						Certification by the Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.3						Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.4						Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
101						The following financial statements from SL Green Realty Corp. and SL Green Operating Partnership L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Loss (unaudited), (iv) Consolidated Statements of Equity (unaudited), (v) Consolidated Statements of Capital (unaudited) (vi) Consolidated Statements of Cash Flows (unaudited), and (vii) Notes to Consolidated Financial Statements (unaudited), detail tagged and filed herewith.
104						Cover Page Interactive Data File (formatted as Inline XBRL in Exhibit 101)

Table of Content s

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SL GREEN REALTY CORP.

By:

SL Green Realty Corp.

/s/ Matthew J. DiLiberto

Dated: April 30, 2026

By:

Matthew J. DiLiberto

Chief Financial Officer

(Principal Financial and Accounting Officer)

SIGNATURES

SL GREEN OPERATING PARTNERSHIP, L.P.

By:

/s/ Matthew J. DiLiberto

Dated: April 30, 2026

Matthew J. DiLiberto
Chief Financial Officer of SL Green, the sole general partner of the Operating Partnership (Principal Financial and Accounting Officer)

SL Green Realty - 10-Q quarterly report FY

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