Document

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

As of December 31, 2024, the Company held interests in 54 buildings totaling 30.6 million square feet. This included ownership interests in 27.0 million square feet in Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

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

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

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

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

Forward-looking Statements

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

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

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended December 31, 2024 that will be included on Form 10-K to be filed on or before March 3, 2025.

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

ASP - Alternative strategy portfolio.

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

CMBS Investments - Investments in commercial mortgage-backed securities.

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

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

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

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

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

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

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

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

Junior Mortgage Participations - Subordinate interests in first mortgages.

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

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

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

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

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

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

NEW YORK, January 22, 2025 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net income attributable to common stockholders for the quarter ended December 31, 2024 of $9.4 million, or $0.13 per share, as compared to a net loss of $155.6 million, or $2.45 per share, for the same quarter in 2023.

The Company reported net income attributable to common stockholders for the year ended December 31, 2024 of $7.1 million, or $0.08 per share, as compared to a net loss of $579.5 million, or $9.12 per share, for the same period in 2023.

The Company reported FFO for the quarter ended December 31, 2024 of $131.9 million or $1.81 per share, inclusive of $26.0 million, or $0.36 per share, of gain on discounted debt extinguishment at 690 Madison Avenue and $7.7 million, or $0.10 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $49.7 million, or $0.72 per share, for the same period in 2023.

The Company reported FFO for the year ended December 31, 2024 of $569.8 million, or $8.11 per share, inclusive of $216.1 million, or $3.08 per share, of gains on discounted debt extinguishments at 2 Herald Square, 280 Park Avenue, 719 Seventh Avenue and 690 Madison Avenue and $5.3 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $341.3 million, or $4.94 per share, for the same period in 2023.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 1.9% for the fourth quarter of 2024, or 2.7% excluding lease termination income, as compared to the same period in 2023.

Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 0.7% for the year ended December 31, 2024, and decreased 1.2% excluding lease termination income, as compared to the same period in 2023.

During the fourth quarter of 2024, the Company signed 48 office leases in its Manhattan office portfolio totaling 1,789,996 square feet. The average rent on the Manhattan office leases signed in the fourth quarter of 2024 was $74.38 per rentable square foot with an average lease term of 10.6 years and average tenant concessions of 12.5 months of free rent with a tenant improvement allowance of $116.36 per rentable square foot. Twenty-seven leases comprising 1,126,626 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $76.24 per rentable square foot, representing a 9.0% increase over the previous fully escalated rents on the same office spaces.

During the year ended December 31, 2024, the Company signed 188 office leases in its Manhattan office portfolio totaling 3,607,924 square feet. The average rent on the Manhattan office leases signed in 2024 was $87.91 per rentable square foot with an average lease term of 10 years and average tenant concessions of 10.8 months of free rent with a tenant improvement allowance of $102.74 per rentable square foot. One hundred six leases comprising 2,260,684 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $89.09 per rentable square foot, representing a 8.5% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio increased to 92.5% as of December 31, 2024, inclusive of 946,927 square feet of leases signed but not yet commenced, as compared to 90.1% at the end of the previous quarter.

Significant leasing activity in the fourth quarter and to date in January includes:

•Early renewal and expansion with Bloomberg, L.P. for 924,876 square feet at 919 Third Avenue;

•New lease with Alvarez & Marsal Holdings, LLC for 220,221 square feet at 100 Park Avenue;

•Early renewal and expansion with The Travelers Indemnity Company for 122,788 square feet at 485 Lexington Avenue;

•Expansion lease with IBM for 92,663 square feet at One Madison Avenue;

•Expansion lease with Verition Group NY, Inc. for 72,515 square feet at 245 Park Avenue;

•Early renewal and expansion with the Brazilian Government for 66,331 square feet at 220 East 42nd Street;

•New lease with Hartree Partners, LP for 54,250 square feet at 1185 Avenue of the Americas;

•New lease with New York State Office of General Services for 51,284 square feet at 919 Third Avenue; and

•Expansion lease with Ares Management LLC for 38,074 square feet at 245 Park Avenue.

Investment Activity

In November, the Company closed on the sale of an 11.0% interest in One Vanderbilt Avenue for a gross asset valuation of $4.7 billion. The Company now holds a 60.0% interest in the property. The transaction generated net proceeds to the Company of $189.5 million.

In December, the Company closed on three of the Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $61.5 million. Sales of the remaining units, which are all under contract, are expected to close in the first quarter of 2025.

In January, the Company closed on the previously announced acquisition of 500 Park Avenue for $130.0 million. The Company financed the acquisition with a new $80.0 million mortgage. The mortgage has a term of up to 5 years, as fully extended, and bears interest at a floating rate of 2.40% over Term SOFR, which the Company has swapped to a fixed rate of 6.57% through February 2028.

In December, the Company closed on the previously announced acquisition of our partner's 45.0% interest in 10 East 53rd Street for cash consideration of $7.2 million, net of those debt obligations in place prior to the loan modification which closed in the first quarter of 2024.

The Company continues to close commitments for the SLG Opportunistic Debt Fund, following the $250.0 million closing with a Canadian institutional investor to anchor the Fund.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity portfolio was $518.4 million at December 31, 2024, including $214.7 million representing the Company's share of the preferred equity investment in 625 Madison Avenue that is accounted for as an unconsolidated joint venture. The portfolio had a weighted average current yield of 7.3% as of December 31, 2024, or 8.4% excluding the effect of a $53.7 million investment that is on non-accrual.

In December, the Company closed on a one-year extension of an existing $50.0 million investment that was previously in maturity default.

During the fourth quarter of 2024, the Company invested $15.5 million in real estate debt and commercial mortgage-backed securities ("CMBS").

Financing Activity

In December, the Company repaid the previous $60.9 million mortgage on 690 Madison Avenue for a net payment of $32.1 million.

In December, together with our joint venture partner, closed on a modification, extension and upsize of the $360.0 million mortgage on 100 Park Avenue. The modification extended the maturity date to December 2027, as fully extended, while maintaining the interest rate at 2.25% over Term SOFR. In addition, the lenders provided a new $70.0 million future funding facility for leasing costs at the property. The Company also closed on a modification to the joint venture, which provides the Company with a purchase option to acquire the partner's 49.9% interest in the property.

In November, together with our joint venture partners, closed on a modification and extension of the $1.3 billion mortgage facility on One Madison Avenue. The modification extended the final maturity date to November 2027, while maintaining the interest rate at 3.10% over Term SOFR.

In November, together with our joint venture partner, closed on a modification and extension of the $742.8 million mortgage on 1515 Broadway. The modification extended the maturity date to March 2028, as fully extended, while maintaining the interest rate at 3.93%.

In November, the Company closed on a modification and extension of a $100.0 million funded term loan component of its unsecured corporate credit facility. The modification extended the maturity date to November 2026, as fully extended, at a rate of 1.80% over Term SOFR.

Special Servicing and Asset Management Activity

The Company further expanded its special servicing business with active assignments now totaling $5.0 billion and an additional $8.2 billion for which the Company has been designated as special servicer on assets that are not currently in special servicing. Since inception, the Company's cumulative special servicing and asset management appointments total $21.5 billion.

Dividends

In the fourth quarter of 2024, the Company declared:

•Two monthly ordinary dividends on its outstanding common stock of $0.25 per share, which were paid in cash on November 15 and December 16, 2024;

•One monthly ordinary dividend on its outstanding common stock of $0.2575 per share, which was paid on January 15, 2025, and reflects an increase in the annualized ordinary dividend to $3.09 per share of common stock; and

•A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period October 15, 2024 through and including January 14, 2025, which was paid in cash on January 15, 2025, and is the equivalent of an annualized dividend of $1.625 per share.

Conference Call and Audio Webcast

The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, January 23, 2025, at 2:00 p.m. ET to discuss the financial results.

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

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

Research analysts who wish to participate in the conference call must first register at https://register.vevent.com/register/BI98713c5cf3b747a4b8c7b7969ca7daf4.


	As of or for the three months ended
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023

Earnings Per Share
Net income (loss) available to common stockholders (EPS) - diluted	$	0.13	$	(0.21)	$	(0.04)	$	0.20	$	(2.45)
Funds from operations (FFO) available to common stockholders - diluted	$	1.81	$	1.13	$	2.05	$	3.07	$	0.72


Common Share Price & Dividends
Closing price at the end of the period	$	67.92	$	69.61	$	56.64	$	55.13	$	45.17
Closing high price during period	$	81.13	$	72.21	$	57.38	$	55.13	$	48.00
Closing low price during period	$	66.24	$	54.99	$	48.32	$	42.45	$	29.25
Annual dividend per common share	$	3.09	$	3.00	$	3.00	$	3.00	$	3.00

FFO dividend payout ratio (trailing 12 months)	37.3%		43.6%		43.7%		48.8%		65.2%
Funds available for distribution (FAD) dividend payout ratio (trailing 12 months)	52.3%		53.1%		54.2%		63.8%		97.3%

Common Shares & Units
Common shares outstanding	71,097		65,235		64,814		64,806		64,726
Units outstanding	4,510		4,474		4,299		4,417		3,949
Total common shares and units outstanding	75,607		69,709		69,113		69,223		68,675

Weighted average common shares and units outstanding - basic	70,654		67,999		68,740		68,767		68,014
Weighted average common shares and units outstanding - diluted	72,915		69,733		70,180		70,095		69,300


Market Capitalization
Market value of common equity	$	5,135,227	$	4,852,443	$	3,914,560	$	3,816,264	$	3,102,050
Liquidation value of preferred equity/units and redeemable equity	426,064		396,730		396,730		396,500		396,500
Consolidated debt	3,621,024		3,833,798		3,639,892		3,801,378		3,507,386
Consolidated market capitalization	$	9,182,315	$	9,082,971	$	7,951,182	$	8,014,142	$	7,005,936
SLG share of unconsolidated JV debt	6,027,862		6,876,416		6,866,190		7,087,348		7,352,275
Market capitalization including SLG share of unconsolidated JVs	$	15,210,177	$	15,959,387	$	14,817,372	$	15,101,490	$	14,358,211

Consolidated debt service coverage (trailing 12 months)	3.80x		3.36x		3.26x		2.82x		2.27x
Consolidated fixed charge coverage (trailing 12 months)	3.08x		2.72x		2.63x		2.32x		1.88x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.91x		1.73x		1.69x		1.59x		1.41x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	1.74x		1.58x		1.54x		1.44x		1.28x


	As of or for the three months ended
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023

Selected Balance Sheet Data
Real estate assets before depreciation	$	6,607,741	$	6,289,894	$	6,264,757	$	6,260,955	$	6,102,864
Investments in unconsolidated joint ventures	$	2,690,138	$	2,871,683	$	2,895,399	$	2,984,786	$	2,983,313
Debt and preferred equity investments	$	303,726	$	293,924	$	290,487	$	352,347	$	346,745
Cash and cash equivalents	$	184,294	$	188,216	$	199,501	$	196,035	$	221,823
Investment in marketable securities	$	22,812	$	16,522	$	16,593	$	10,673	$	9,591

Total assets	$	10,457,940	$	10,216,072	$	9,548,652	$	9,764,292	$	9,531,181

Consolidated fixed rate & hedged debt	$	3,257,474	$	3,287,898	$	3,039,399	$	3,040,885	$	3,237,386
Consolidated variable rate debt	363,550		485,000		540,000		650,000		160,000
Consolidated ASP debt	—		60,900		60,493		110,493		110,000
Total consolidated debt	$	3,621,024	$	3,833,798	$	3,639,892	$	3,801,378	$	3,507,386
Deferred financing costs, net of amortization	(14,242)		(12,903)		(14,304)		(15,875)		(16,639)
Total consolidated debt, net	$	3,606,782	$	3,820,895	$	3,625,588	$	3,785,503	$	3,490,747

Total liabilities	$	5,902,984	$	6,135,743	$	5,358,337	$	5,521,908	$	5,270,704

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	8,711,539	$	8,975,687	$	8,720,916	$	8,418,284	$	8,703,587
Variable rate debt, including SLG share of unconsolidated JV debt (1)	363,550		732,761		785,013		1,429,640		964,467
ASP debt, including SLG share of unconsolidated ASP JV debt	573,797		1,001,766		1,000,153		1,040,802		1,191,607
Total debt, including SLG share of unconsolidated JV debt	$	9,648,886	$	10,710,214	$	10,506,082	$	10,888,726	$	10,859,661

Selected Operating Data
Property operating revenues	$	156,930	$	156,933	$	150,632	$	141,504	$	151,357
Property operating expenses	(89,129)		(86,701)		(84,759)		(81,619)		(86,467)
Property NOI	$	67,801	$	70,232	$	65,873	$	59,885	$	64,890
SLG share of unconsolidated JV Property NOI	118,072		122,936		117,506		116,741		119,506
Property NOI, including SLG share of unconsolidated JV Property NOI	$	185,873	$	193,168	$	183,379	$	176,626	$	184,396
SUMMIT Operator revenue	38,571		36,437		32,602		25,604		35,240
Investment income, including SLG share of unconsolidated JV	10,463		10,089		7,911		7,403		7,176
Interest income from real estate loans held by consolidated securitization vehicles, net	2,905		1,441		—		—		—
Other income, including SLG share of unconsolidated JV	31,805		26,894		35,077		17,162		17,983

Gain (loss) on early extinguishment of debt, including SLG share of unconsolidated JV	25,985		—		48,482		141,664		(870)
SUMMIT Operator expenses	(28,792)		(37,901)		(23,188)		(21,858)		(24,887)

Transaction costs, including SLG share of unconsolidated JVs	(138)		(171)		(76)		(16)		(16)
Marketing general & administrative expenses	(22,827)		(21,015)		(20,032)		(21,313)		(42,257)
Income taxes	2,324		1,406		1,230		606		737
EBITDAre	$	246,169	$	210,348	$	265,385	$	325,878	$	177,502

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


	As of or for the three months ended
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023

Selected Operating Data
Property operating revenues	$	151,614	$	151,886	$	145,369	$	136,869	$	145,542
Property operating expenses	77,371		73,841		73,436		70,223		73,799
Property NOI	$	74,243	$	78,045	$	71,933	$	66,646	$	71,743

Other income - consolidated	$	4,157	$	2,967	$	2,270	$	2,136	$	2,190

SLG share of property NOI from unconsolidated JVs	$	117,958	$	123,401	$	117,384	$	116,617	$	120,572

Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service	15		14		14		14		13
Unconsolidated office buildings in service	9		10		10		10		12
	24		24		24		24		25

Consolidated office buildings in service - square footage	9,587,441		8,753,441		8,753,441		8,753,441		8,399,141
Unconsolidated office buildings in service - square footage	12,175,149		13,009,149		13,009,149		13,009,149		15,412,174
	21,762,590		21,762,590		21,762,590		21,762,590		23,811,315

Same-Store office occupancy inclusive of leases signed not yet commenced	92.5%		90.1%		89.6%		89.2%		89.8%

Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced	24		29		30		31		20
Renewal leases commenced	10		17		12		19		6
Total office leases commenced	34		46		42		50		26

Commenced office square footage filling vacancy	133,978		179,200		195,953		109,576		37,718
Commenced office square footage on previously occupied space (M-T-M leasing) (2)	1,015,833		540,288		211,251		280,879		235,703
Total office square footage commenced	1,149,811		719,488		407,204		390,455		273,421

Average starting cash rent psf - office leases commenced	$	80.72	$	106.76	$	96.79	$	75.11	$	107.62
Previous escalated cash rent psf - office leases commenced (3)	$	71.18	$	95.44	$	100.86	$	76.02	$	102.55
Increase (decrease) in new cash rent over previously escalated cash rent (2) (3)	13.4%		11.9%		(4.0)%		(1.2)%		4.9%
Average lease term	10.5		10.5		11.9		7.0		11.5
Tenant concession packages psf	$	102.30	$	103.37	$	105.17	$	52.48	$	102.43
Free rent months	11.8		11.5		10.0		7.3		10.3

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


	As of
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,357,041	$	1,134,432	$	1,134,432	$	1,150,681	$	1,092,671
Building and improvements	3,862,224		3,781,403		3,743,316		3,729,884		3,655,624
Building leasehold and improvements	1,388,476		1,374,059		1,365,423		1,358,851		1,354,569
	6,607,741		6,289,894		6,243,171		6,239,416		6,102,864
Less: accumulated depreciation	(2,126,081)		(2,084,755)		(2,041,102)		(2,005,893)		(1,968,004)
Net real estate	4,481,660		4,205,139		4,202,069		4,233,523		4,134,860

Other real estate investments:
Debt and preferred equity investments, net (1)	303,726		293,924		290,487		352,347		346,745
Investment in unconsolidated joint ventures	2,690,138		2,871,683		2,895,399		2,984,786		2,983,313


Assets held for sale, net	—		—		21,615		21,586		—
Cash and cash equivalents	184,294		188,216		199,501		196,035		221,823
Restricted cash	147,344		126,909		116,310		122,461		113,696
Investment in marketable securities	22,812		16,522		16,593		10,673		9,591
Tenant and other receivables	44,055		53,628		41,202		38,659		33,270
Related party receivables	26,865		13,077		8,127		12,229		12,168

Deferred rents receivable	266,428		266,606		266,596		267,969		264,653

Deferred costs, net	117,132		105,646		107,163		109,296		111,463

Right-of-use assets - operating leases	865,639		870,782		875,878		880,926		885,929
Real estate loans held by consolidated securitization vehicles	709,095		713,218		—		—		—
Other assets	598,752		490,722		507,712		533,802		413,670

Total Assets	$	10,457,940	$	10,216,072	$	9,548,652	$	9,764,292	$	9,531,181

(1) This balance excludes a $214.7 million preferred equity investment included in the Investment in unconsolidated joint ventures line item.


	As of
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
Liabilities
Mortgages and other loans payable	$	1,951,024	$	1,648,798	$	1,649,892	$	1,701,378	$	1,497,386
Unsecured term loans	1,150,000		1,250,000		1,250,000		1,250,000		1,250,000
Unsecured notes	100,000		100,000		100,000		100,000		100,000
Revolving credit facility	320,000		735,000		540,000		650,000		560,000
Deferred financing costs	(14,242)		(12,903)		(14,304)		(15,875)		(16,639)
Total debt, net of deferred financing costs	3,506,782		3,720,895		3,525,588		3,685,503		3,390,747
Accrued interest payable	2,727		22,825		20,083		23,217		17,930
Accounts payable and accrued expenses	122,674		125,377		121,050		101,495		153,164
Deferred revenue	164,887		154,700		153,660		157,756		134,053
Lease liability - financing leases	106,853		106,518		106,187		105,859		105,531
Lease liability - operating leases	810,989		815,238		819,439		823,594		827,692
Dividends and distributions payable	21,816		20,147		20,088		20,135		20,280
Security deposits	60,331		56,297		58,002		56,398		49,906
Liabilities related to assets held for sale	—		—		10,424		10,649		—
Junior subordinated deferrable interest debentures	100,000		100,000		100,000		100,000		100,000
Senior obligations of consolidated securitization vehicles	590,131		603,902		—		—		—
Other liabilities	415,794		409,844		423,816		437,302		471,401
Total Liabilities	5,902,984		6,135,743		5,358,337		5,521,908		5,270,704

Noncontrolling interests in Operating Partnership
(4,510 units outstanding at 12/31/2024)	288,941		293,593		265,823		272,235		238,051
Preferred units and redeemable equity	196,064		166,731		166,731		166,501		166,501

Equity
SL Green stockholders' equity:
Series I Preferred Stock	221,932		221,932		221,932		221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized, 71,097
issued and outstanding at 12/31/2024	711		663		660		660		660
Additional paid–in capital	4,159,562		3,866,088		3,836,751		3,831,130		3,826,452
Treasury stock at cost	—		(128,655)		(128,655)		(128,655)		(128,655)
Accumulated other comprehensive earnings (loss)	18,196		(27,308)		40,371		40,151		17,477
Retained deficit	(449,101)		(376,435)		(279,763)		(229,607)		(151,551)
Total SL Green Realty Corp. stockholders' equity	3,951,300		3,556,285		3,691,296		3,735,611		3,786,315

Noncontrolling interests in other partnerships	118,651		63,720		66,465		68,037		69,610

Total Equity	4,069,951		3,620,005		3,757,761		3,803,648		3,855,925

Total Liabilities and Equity	$	10,457,940	$	10,216,072	$	9,548,652	$	9,764,292	$	9,531,181



	Three Months Ended						Twelve Months Ended
	December 31,		December 31,		September 30,			December 31,		December 31,
	2024		2023		2024			2024		2023
Revenues
Rental revenue, net	$	139,613	$	131,927	$	139,616		$	542,995	$	603,694
Escalation and reimbursement revenues	17,317		19,430		17,317			63,004		79,641
SUMMIT Operator revenue	38,571		35,240		36,437			133,214		118,260
Investment income	5,415		6,856		5,344			24,353		34,705
Interest income from real estate loans held by consolidated securitization vehicles	14,209		—		4,771			18,980		—
Other income	30,754		18,271		26,206			103,726		77,410
Total Revenues	245,879		211,724		229,691			886,272		913,710

Gain (Loss) on early extinguishment of debt	25,985		(870)		—			43,762		(870)

Expenses
Operating expenses ⁽¹⁾	50,150		48,090		49,507			189,598		196,696
Real estate taxes	33,692		31,294		30,831			128,187		143,757
Operating lease rent	5,287		7,083		6,363			24,423		27,292
SUMMIT Operator expenses	28,792		24,887		37,901			111,739		101,211
Loan loss and other investment reserves, net of recoveries	—		—		—			—		6,890
Transaction related costs	138		16		171			401		1,099
Marketing, general and administrative	22,827		42,257		21,015			85,187		111,389
Total Operating Expenses	140,886		153,627		145,788			539,535		588,334

Equity in net income (loss) from unconsolidated joint ventures ⁽²⁾	(16,562)		(32,039)		(15,428)			83,495		(76,509)

Operating Income	114,416		25,188		68,475			473,994		247,997

Interest expense, net of interest income	38,153		27,400		42,091			147,220		137,114
Amortization of deferred financing costs	1,734		1,510		1,669			6,619		7,837
SUMMIT Operator tax expense	1,949		2,320		(1,779)			730		9,201
Interest expense on senior obligations of consolidated securitization vehicles	11,304		—		3,330			14,634		—
Depreciation and amortization	53,436		49,050		53,176			207,443		247,810
Income (Loss) from Continuing Operations ⁽³⁾	7,840		(55,092)		(30,012)			97,348		(153,965)




Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	189,138		(13,289)		371			208,144		(13,368)
Purchase price and other fair value adjustments	125,287		(10,273)		12,906			88,966		(17,260)
(Loss) gain on sale of real estate, net	(1,705)		(4,557)		7,471			3,025		(32,370)
Depreciable real estate reserves	(38,232)		(76,847)		—			(104,071)		(382,374)
Depreciable real estate reserves in unconsolidated joint venture	(263,190)		—		—			(263,190)		—
Net Income (Loss)	19,138		(160,058)		(9,264)			30,222		(599,337)

Net (income) loss attributable to noncontrolling interests	(3,885)		10,081		1,899			431		42,033
Preferred units distributions	(2,158)		(1,903)		(2,176)			(8,643)		(7,255)
Net Income (Loss) attributable to SL Green	13,095		(151,880)		(9,541)			22,010		(564,559)

Perpetual preferred stock dividends	(3,737)		(3,737)		(3,738)			(14,950)		(14,950)
Net Income (Loss) attributable to SL Green common stockholders	$	9,358	$	(155,617)	$	(13,279)		$	7,060	$	(579,509)

Basic earnings (loss) per share	$	0.13	$	(2.45)	$	(0.21)		$	0.08	$	(9.12)
Diluted earnings (loss) per share	$	0.13	$	(2.45)	$	(0.21)		$	0.08	$	(9.12)

(1) Includes property operating expenses and expenses of SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
(2) Excludes Depreciable real estate reserves in unconsolidated joint venture.
(3) Before equity in net gain (loss), purchase price and other fair value adjustments, (loss) gain on sale and depreciable real estate reserves shown below.



		Three Months Ended						Twelve Months Ended
		December 31,		December 31,		September 30,			December 31,		December 31,
		2024		2023		2024			2024		2023
Funds from Operations
Net Income (Loss) attributable to SL Green common stockholders		$	9,358	$	(155,617)	$	(13,279)		$	7,060	$	(579,509)

	Depreciation and amortization	53,436		49,050		53,176			207,443		247,810
	Joint ventures depreciation and noncontrolling interests adjustments	69,636		73,062		71,539			287,671		284,284
	Net income (loss) attributable to noncontrolling interests	3,885		(10,081)		(1,899)			(431)		(42,033)
	Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	(189,138)		13,289		(371)			(208,144)		13,368
	Purchase price and other fair value adjustments	(117,195)		—		(21,937)			(83,430)		6,813
	Loss (Gain) on sale of real estate, net	1,705		4,557		(7,471)			(3,025)		32,370
	Depreciable real estate reserves	38,232		76,847		—			104,071		382,374
	Depreciable real estate reserves in unconsolidated joint venture	263,190		—		—			263,190		—
	Depreciation on non-rental real estate assets	(1,226)		(1,414)		(1,204)			(4,583)		(4,136)
	Funds From Operations	$	131,883	$	49,693	$	78,554		$	569,822	$	341,341

	Funds From Operations - Basic per Share	$	1.87	$	0.72	$	1.16		$	8.29	$	4.98

	Funds From Operations - Diluted per Share	$	1.81	$	0.72	$	1.13		$	8.11	$	4.94



Funds Available for Distribution
FFO		$	131,883	$	49,693	$	78,554		$	569,822	$	341,341

	Non real estate depreciation and amortization	1,226		1,414		1,204			4,583		4,136
	Amortization of deferred financing costs	1,734		1,510		1,669			6,619		7,837
	Non-cash deferred compensation	15,936		23,398		9,392			45,562		62,352
	FAD adjustment for joint ventures	(60,733)		(20,641)		(13,960)			(101,240)		(81,112)
	Straight-line rental income and other non-cash adjustments	129		(1,484)		1,094			659		(20,188)
	Non-cash fair value adjustments on mark-to-market derivatives	(8,092)		10,273		9,030			(5,537)		—
	Second cycle tenant improvements	(21,826)		(15,355)		(17,401)			(72,011)		(52,300)
	Second cycle leasing commissions	(8,545)		(2,705)		(4,292)			(20,115)		(9,335)
	Revenue enhancing recurring CAPEX	(204)		(841)		(19)			(275)		(1,458)
	Non-revenue enhancing recurring CAPEX	(10,984)		(8,326)		(5,138)			(23,234)		(21,530)
Reported Funds Available for Distribution		$	40,524	$	36,936	$	60,133		$	404,833	$	229,743

	First cycle tenant improvements	$	285	$	516	$	439		$	2,313	$	1,960
	First cycle leasing commissions	$	2,686	$	9	$	11		$	2,737	$	388
	Development costs	$	9,904	$	19,361	$	10,742		$	49,765	$	56,529
	Redevelopment costs	$	2,800	$	6,372	$	1,165		$	8,489	$	16,320
	Capitalized interest	$	8,922	$	18,064	$	9,493		$	50,148	$	95,980


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

Balance at December 31, 2023	$	221,932	$	660	$	3,826,452	$	(128,655)	$	(151,551)	$	69,610	$	17,477	$	3,855,925

Net income									22,010		(928)				21,082
Acquisition of subsidiary interest from noncontrolling interest					(4,130)						(1,926)				(6,056)
Other comprehensive income - net unrealized gain on derivative instruments													3,978		3,978
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments													(3,784)		(3,784)
Other comprehensive income - net unrealized gain on marketable securities													525		525
Perpetual preferred stock dividends									(14,950)						(14,950)
DRSPP proceeds			7		52,301										52,308

Measurement adjustment for redeemable noncontrolling interest									(107,631)						(107,631)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			4		26,844										26,848
Proceeds from issuance of common stock			51		386,739										386,790
Repurchases of common stock			(11)		(128,644)		128,655								—

Contributions to consolidated joint venture interests											6,656				6,656


Consolidation of partially owned entity											59,452				59,452
Cash distributions to noncontrolling interests											(14,213)				(14,213)

Cash distributions declared ($3.01 per common share, none of which represented a return of capital for federal income tax purposes)									(196,979)						(196,979)

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




RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


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

Share Count at December 31, 2023	64,726,253		3,949,448		—		—		68,675,701

YTD share activity	6,370,490		560,505		—		—		6,930,995
Share Count at December 31, 2024	71,096,743		4,509,953		—		—		75,606,696

Weighting factor	(6,034,833)		(835,643)		1,419,634		111,655		(5,339,187)
Weighted Average Share Count at December 31, 2024 - Diluted	65,061,910		3,674,310		1,419,634		111,655		70,267,509


	As of
	December 31, 2024				September 30, 2024				June 30, 2024

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,146,384	$	2,009,704	$	4,222,970	$	2,110,135	$	4,222,970	$	2,110,135
Building and improvements	13,341,755		6,474,343		14,209,648		7,119,004		14,103,745		7,082,454
Building leasehold and improvements	274,456		181,184		1,023,401		415,555		1,008,186		408,457


	17,762,595		8,665,231		19,456,019		9,644,694		19,334,901		9,601,046
Less: accumulated depreciation	(2,435,053)		(1,274,525)		(2,921,620)		(1,483,770)		(2,820,658)		(1,430,518)
Net real estate	15,327,542		7,390,706		16,534,399		8,160,924		16,514,243		8,170,528

Other real estate investments:
Debt and preferred equity investments, net	236,512		215,061		231,080		210,121		225,743		205,268

Cash and cash equivalents	330,348		131,568		312,785		156,150		311,324		155,441
Restricted cash	319,078		164,682		383,225		208,895		361,579		201,126
Tenant and other receivables	17,509		9,620		36,225		22,928		22,346		15,333
Deferred rents receivable	604,239		325,897		607,085		349,136		597,063		344,123

Deferred costs, net	390,646		196,818		367,001		196,994		330,642		179,972
Right-of-use assets - financing leases	728,149		513,345		730,386		515,245		732,548		516,603
Right-of-use assets - operating leases	191,509		92,920		195,075		94,555		198,611		96,176

Other assets	1,348,903		625,717		2,085,063		875,529		2,145,709		897,768

Total Assets	$	19,494,435	$	9,666,334	$	21,482,324	$	10,790,477	$	21,439,808	$	10,782,338

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $97,729 at 12/31/2024, of which $49,058 is SLG share	$	12,234,261	$	5,978,804	$	13,653,311	$	6,829,019	$	13,593,682	$	6,816,499
Accrued interest payable	56,299		25,445		99,785		40,179		64,401		28,380
Accounts payable and accrued expenses	346,726		162,633		223,087		114,935		241,413		121,004
Deferred revenue	956,217		431,127		1,011,333		459,505		1,022,793		462,077
Lease liability - financing leases	790,252		547,115		790,341		548,358		790,442		549,067
Lease liability - operating leases	217,833		107,460		220,920		108,935		223,978		110,396

Security deposits	43,544		19,690		46,854		21,672		46,383		21,702

Other liabilities	73,013		40,197		129,683		76,074		78,344		51,570
Equity	4,776,290		2,353,863		5,307,010		2,591,800		5,378,372		2,621,643

Total Liabilities and Equity	$	19,494,435	$	9,666,334	$	21,482,324	$	10,790,477	$	21,439,808	$	10,782,338


	Three Months Ended
	December 31, 2024				December 31, 2023				September 30, 2024

	Total		SLG Share		Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	304,267	$	157,190	$	321,457	$	164,315	$	308,567	$	162,987
Escalation and reimbursement revenues	64,234		35,069		61,423		33,680		61,545		35,753
Investment income	5,865		5,048		1,262		320		4,904		4,745

Other income	2,798		1,051		13		(288)		1,933		688
Total Revenues	377,164		198,358		384,155		198,027		376,949		204,173

Gain on early extinguishment of debt	—		—		—		—		—		—

Expenses
Operating expenses	66,971		34,568		69,805		36,463		67,104		35,732
Real estate taxes	74,723		37,826		77,034		38,649		73,686		38,119
Operating lease rent	7,217		1,793		7,302		3,377		8,487		1,953

Total Operating Expenses	148,911		74,187		154,141		78,489		149,277		75,804

Operating Income	228,253		124,171		230,014		119,538		227,672		128,369

Interest expense, net of interest income	140,031		67,099		152,504		73,012		141,067		67,670
Amortization of deferred financing costs	6,571		3,459		7,017		2,876		4,487		2,413

Depreciation and amortization	130,961		67,046		135,599		69,588		137,640		67,954
Net Loss	(49,310)		(13,433)		(65,106)		(25,938)		(55,522)		(9,668)

Real estate depreciation	130,959		67,046		135,593		69,583		137,639		67,953
FFO Contribution	$	81,649	$	53,613	$	70,487	$	43,645	$	82,117	$	58,285

FAD Adjustments:
Non real estate depreciation and amortization	$	2	$	—	$	6	$	5	$	1	$	1
Amortization of deferred financing costs	6,571		3,459		7,017		2,876		4,487		2,413
Straight-line rental income and other non-cash adjustments	(41,700)		(21,369)		(17,634)		(10,027)		(20,159)		(11,043)
Second cycle tenant improvements	(27,204)		(13,939)		(8,914)		(4,662)		(4,891)		(2,695)
Second cycle leasing commissions	(46,837)		(23,832)		(14,263)		(7,133)		(5,487)		(2,763)
Revenue enhancing recurring CAPEX	(72)		(36)		(195)		(99)		(18)		(9)
Non-revenue enhancing recurring CAPEX	(10,087)		(5,016)		(2,965)		(1,601)		(174)		136
Total FAD Adjustments	$	(119,327)	$	(60,733)	$	(36,948)	$	(20,641)	$	(26,241)	$	(13,960)

First cycle tenant improvements	$	2,215	$	911	$	8,536	$	2,691	$	2,669	$	1,104
First cycle leasing commissions	$	6,881	$	3,446	$	11,756	$	4,953	$	37,231	$	18,388
Development costs	$	112,422	$	30,121	$	56,568	$	16,851	$	28,703	$	8,767
Redevelopment costs	$	29,541	$	14,151	$	22,560	$	7,287	$	14,297	$	6,180
Capitalized interest	$	36,726	$	15,407	$	43,947	$	17,005	$	44,290	$	15,003


	Twelve Months Ended
	December 31, 2024				December 31, 2023

	Total		SLG Share		Total		SLG Share
Revenues
Rental revenue, net	$	1,215,934	$	635,019	$	1,258,033	$	645,147
Escalation and reimbursement revenues	242,451		136,302		232,353		126,836
Investment income	12,693		11,513		5,010		1,271

Other income	13,381		7,212		29,648		18,965
Total Revenues	1,484,459		790,046		1,525,044		792,219

Gain on early extinguishment of debt	233,704		172,369		—		—

Expenses
Operating expenses	259,558		135,821		253,630		131,958
Real estate taxes	297,520		152,437		287,462		144,095
Operating lease rent	33,207		7,808		29,048		13,458

Total Operating Expenses	590,285		296,066		570,140		289,511

Operating Income	1,127,878		666,349		954,904		502,708

Interest expense, net of interest income	573,148		276,852		574,032		272,217
Amortization of deferred financing costs	21,289		11,334		28,157		12,005

Depreciation and amortization	538,390		275,098		516,466		266,340
Net (Loss) Income	(4,949)		103,065		(163,751)		(47,854)

Real estate depreciation	538,378		275,091		516,441		266,322
FFO Contribution	$	533,429	$	378,156	$	352,690	$	218,468

FAD Adjustments:
Non real estate depreciation and amortization	$	12	$	7	$	25	$	18
Amortization of deferred financing costs	21,289		11,334		28,157		12,005
Straight-line rental income and other non-cash adjustments	(90,148)		(53,676)		(77,224)		(46,255)
Second cycle tenant improvements	(43,768)		(22,899)		(59,137)		(30,493)
Second cycle leasing commissions	(58,661)		(30,008)		(20,296)		(10,288)
Revenue enhancing recurring CAPEX	(186)		(95)		(1,077)		(554)
Non-revenue enhancing recurring CAPEX	(12,235)		(5,903)		(10,876)		(5,545)
Total FAD Adjustments	$	(183,697)	$	(101,240)	$	(140,428)	$	(81,112)

First cycle tenant improvements	$	12,388	$	4,302	$	20,390	$	8,039
First cycle leasing commissions	$	45,896	$	22,347	$	20,196	$	8,588
Development costs	$	229,299	$	65,805	$	270,102	$	77,250
Redevelopment costs	$	68,142	$	28,449	$	86,685	$	29,621
Capitalized interest	$	156,533	$	58,675	$	149,268	$	51,979



	Three Months Ended						Twelve Months Ended
	December 31,		December 31,		September 30,			December 31,		December 31,
	2024		2023		2024			2024		2023

Net Operating Income (1)	$	91,459	$	74,124	$	88,718		$	325,927	$	352,043
SLG share of NOI from unconsolidated JVs	117,761		119,999		122,317			471,403		485,034
NOI, including SLG share of unconsolidated JVs	209,220		194,123		211,035			797,330		837,077
Partners' share of NOI - consolidated JVs	(2,112)		96		(1,970)			(6,279)		390
NOI - SLG share	$	207,108	$	194,219	$	209,065		$	791,051	$	837,467

NOI, including SLG share of unconsolidated JVs	$	209,220	$	194,123	$	211,035		$	797,330	$	837,077
Free rent (net of amortization)	(4,687)		(4,549)		932			(7,653)		(27,581)
Straight-line revenue adjustment	(8,677)		(1,622)		(7,008)			(25,883)		(17,805)
Amortization of acquired above and below-market leases, net	(6,220)		(6,227)		(4,680)			(22,707)		(36,115)
Operating lease straight-line adjustment	(374)		732		823			2,328		2,867
Straight-line tenant credit loss	(1,004)		(320)		157			5,628		(1,265)
Cash NOI, including SLG share of unconsolidated JVs	188,258		182,137		201,259			749,043		757,178
Partners' share of cash NOI - consolidated JVs	(2,120)		52		(2,190)			(6,782)		244
Cash NOI - SLG share	$	186,138	$	182,189	$	199,069		$	742,261	$	757,422

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


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2024			2023			%			2024			2024			2023			%
Revenues
	Rental revenue, net	$	126,302		$	128,758					$	126,272		$	503,877		$	518,991
	Escalation & reimbursement revenues	16,767			18,885						17,056			62,343			71,965
	Other income	3,264			1,177						2,069			7,950			4,510
	Total Revenues	$	146,333		$	148,820					$	145,397		$	574,170		$	595,466


Expenses
	Operating expenses	$	39,759		$	39,110					$	39,332		$	152,145		$	151,569
	Real estate taxes	32,527			31,294						31,230			126,010			124,788
	Operating lease rent	6,106			6,106						6,106			24,423			24,423
	Total Operating Expenses	$	78,392		$	76,510					$	76,668		$	302,578		$	300,780

	Operating Income	$	67,941		$	72,310					$	68,729		$	271,592		$	294,686

	Interest expense & amortization of financing costs	$	22,421		$	18,931					$	19,396		$	80,692		$	75,032
	Depreciation & amortization	46,166			44,718						45,966			181,435			177,696

	(Loss) income before noncontrolling interest	$	(646)		$	8,661					$	3,367		$	9,465		$	41,958
	Real estate depreciation & amortization	46,166			44,718						45,966			181,435			177,696
	FFO Contribution	$	45,520		$	53,379					$	49,333		$	190,900		$	219,654

	Non–building revenue	(498)			(58)						(662)			(1,510)			(402)

	Interest expense & amortization of financing costs	22,421			18,931						19,396			80,692			75,032
	Non-real estate depreciation	—			—						—			—			—
	NOI	$	67,443		$	72,252		(6.7)	%		$	68,067		$	270,082		$	294,284		(8.2)	%

Cash Adjustments
	Free rent (net of amortization)	$	(1,055)		$	(1,023)					$	(1,344)		$	(8,815)		$	(11,271)
	Straight-line revenue adjustment	2,293			(119)						1,896			7,907			(10)
	Amortization of acquired above and below-market leases, net	830			88						834			2,578			560
	Operating lease straight-line adjustment	204			204						204			815			815
	Straight-line tenant credit loss	(428)			(43)						122			1,231			(708)
	Cash NOI	$	69,287		$	71,359		(2.9)	%		$	69,779		$	273,798		$	283,670		(3.5)	%

	Lease termination income	(2,737)			(1,102)						(1,369)			(6,338)			(4,054)
	Cash NOI excluding lease termination income	$	66,550		$	70,257		(5.3)	%		$	68,410		$	267,460		$	279,616		(4.3)	%

Operating Margins
	NOI to real estate revenue, net	46.2		%	48.6		%				47.0		%	47.2		%	49.5		%
	Cash NOI to real estate revenue, net	47.5		%	48.0		%				48.2		%	47.8		%	47.7		%

	NOI before operating lease rent/real estate revenue, net	50.4		%	52.7		%				51.2		%	51.4		%	53.6		%
	Cash NOI before operating lease rent/real estate revenue, net	51.6		%	51.9		%				52.3		%	51.9		%	51.6		%


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2024			2023			%			2024			2024			2023			%
Revenues
	Rental revenue, net	$	115,769		$	115,237					$	119,474		$	456,242		$	462,710
	Escalation & reimbursement revenues	31,096			27,497						30,726			115,140			105,334
	Other income	123			(301)						264			3,426			2,892
	Total Revenues	$	146,988		$	142,433					$	150,464		$	574,808		$	570,936


Expenses
	Operating expenses	$	28,582		$	28,128					$	29,177		$	110,333		$	109,058
	Real estate taxes	29,842			28,542						29,069			116,210			111,625
	Operating lease rent	108			108						108			433			433
	Total Operating Expenses	$	58,532		$	56,778					$	58,354		$	226,976		$	221,116

	Operating Income	$	88,456		$	85,655					$	92,110		$	347,832		$	349,820

	Interest expense & amortization of financing costs	$	48,539		$	51,568					$	48,424		$	198,117		$	200,295
	Depreciation & amortization	48,690			47,899						47,765			195,632			192,700

	Loss before noncontrolling interest	$	(8,773)		$	(13,812)					$	(4,079)		$	(45,917)		$	(43,175)
	Real estate depreciation & amortization	48,689			47,895						47,764			195,625			192,685
	FFO Contribution	$	39,916		$	34,083					$	43,685		$	149,708		$	149,510

	Non–building revenue	(118)			672						(38)			(355)			(625)

	Interest expense & amortization of financing costs	48,539			51,568						48,424			198,117			200,295
	Non-real estate depreciation	1			4						1			7			15
	NOI	$	88,338		$	86,327		2.3	%		$	92,072		$	347,477		$	349,195		(0.5)	%

Cash Adjustments
	Free rent (net of amortization)	$	842		$	(3,127)					$	1,441		$	4,892		$	(8,200)
	Straight-line revenue adjustment	(5,275)			1,139						(3,413)			(14,251)			(8,827)
	Amortization of acquired above and below-market leases, net	(4,409)			(4,407)						(4,409)			(17,635)			(17,161)
	Operating lease straight-line adjustment	—			—						—			—			—
	Straight-line tenant credit loss	(591)			(277)						10			(328)			(454)
	Cash NOI	$	78,905		$	79,655		(0.9)	%		$	85,701		$	320,155		$	314,553		1.8	%

	Lease termination income	—			(369)						(223)			(3,055)			(2,251)
	Cash NOI excluding lease termination income	$	78,905		$	79,286		(0.5)	%		$	85,478		$	317,100		$	312,302		1.5	%

Operating Margins
	NOI to real estate revenue, net	60.1		%	60.3		%				61.2		%	60.5		%	61.2		%
	Cash NOI to real estate revenue, net	53.7		%	55.7		%				57.0		%	55.7		%	55.2		%

	NOI before operating lease rent/real estate revenue, net	60.2		%	60.4		%				61.3		%	60.6		%	61.3		%
	Cash NOI before operating lease rent/real estate revenue, net	53.8		%	55.7		%				57.0		%	55.8		%	55.2		%


		Three Months Ended								Three Months Ended				Twelve Months Ended

		December 31,			December 31,						September 30,			December 31,			December 31,
		2024			2023			%			2024			2024			2023			%
Revenues
	Rental revenue, net	$	126,302		$	128,758					$	126,272		$	503,877		$	518,991
	Escalation & reimbursement revenues	16,767			18,885						17,056			62,343			71,965
	Other income	3,264			1,177						2,069			7,950			4,510
	Total Revenues	$	146,333		$	148,820					$	145,397		$	574,170		$	595,466

	Equity in net income (loss) from unconsolidated joint ventures (1)	$	(8,773)		$	(13,812)					$	(4,079)		$	(45,917)		$	(43,175)
Expenses
	Operating expenses	$	39,759		$	39,110					$	39,332		$	152,145		$	151,569
	Real estate taxes	32,527			31,294						31,230			126,010			124,788
	Operating lease rent	6,106			6,106						6,106			24,423			24,423
	Total Operating Expenses	$	78,392		$	76,510					$	76,668		$	302,578		$	300,780

	Operating Income	$	59,168		$	58,498					$	64,650		$	225,675		$	251,511

	Interest expense & amortization of financing costs	$	22,421		$	18,931					$	19,396		$	80,692		$	75,032
	Depreciation & amortization	46,166			44,718						45,966			181,435			177,696

	Loss before noncontrolling interest	$	(9,419)		$	(5,151)					$	(712)		$	(36,452)		$	(1,217)
	Real estate depreciation & amortization	46,166			44,718						45,966			181,435			177,696
	Joint Ventures Real estate depreciation & amortization (1)	48,689			47,895						47,764			195,625			192,685
	FFO Contribution	$	85,436		$	87,462					$	93,018		$	340,608		$	369,164

	Non–building revenue	(498)			(58)						(662)			(1,510)			(402)
	Joint Ventures Non–building revenue (1)	(118)			672						(38)			(355)			(625)

	Interest expense & amortization of financing costs	22,421			18,931						19,396			80,692			75,032
	Joint Ventures Interest expense & amortization of financing costs (1)	48,539			51,568						48,424			198,117			200,295
	Non-real estate depreciation	—			—						—			—			—
	Joint Ventures Non-real estate depreciation (1)	1			4						1			7			15
	NOI	$	155,781		$	158,579		(1.8)	%		$	160,139		$	617,559		$	643,479		(4.0)	%

Cash Adjustments
	Non-cash adjustments	$	1,844		$	(893)					$	1,712		$	3,716		$	(10,614)
	Joint Ventures non-cash adjustments (1)	(9,433)			(6,672)						(6,371)			(27,322)			(34,642)
	Cash NOI	$	148,192		$	151,014		(1.9)	%		$	155,480		$	593,953		$	598,223		(0.7)	%

	Lease termination income	$	(2,737)		$	(1,102)					$	(1,369)		$	(6,338)		$	(4,054)
	Joint Ventures lease termination income (1)	—			(369)						(223)			(3,055)			(2,251)
	Cash NOI excluding lease termination income	$	145,455		$	149,543		(2.7)	%		$	153,888		$	584,560		$	591,918		(1.2)	%

Operating Margins
	NOI to real estate revenue, net	53.2		%	54.3		%				54.3		%	53.8		%	55.2		%
	Cash NOI to real estate revenue, net	50.6		%	51.7		%				52.7		%	51.8		%	51.3		%

	NOI before operating lease rent/real estate revenue, net	55.3		%	56.5		%				56.4		%	56.0		%	57.3		%
	Cash NOI before operating lease rent/real estate revenue, net	52.7		%	53.8		%				54.7		%	53.9		%	53.4		%


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


					Principal					2025		Current	Final		Principal
			Ownership		Outstanding					Principal		Maturity	Maturity		Due at
Fixed rate debt			Interest (%)		12/31/2024		Coupon (1)			Amortization		Date	Date (2)		Final Maturity
Secured fixed rate debt
	10 East 53rd Street (capped)			100.0	$	205,000		5.45%		$	—	May-25	May-28	(3)	$	205,000
	100 Church Street (swapped)			100.0	370,000			5.89%		—		Jun-25	Jun-27		370,000
	185 Broadway / 7 Dey			100.0	190,148			6.65%		—		Nov-25	Nov-26	(3)	190,148
	Landmark Square			100.0	100,000			4.90%		—		Jan-27	Jan-27		100,000
	485 Lexington Avenue			100.0	450,000			4.25%		—		Feb-27	Feb-27		450,000
	420 Lexington Avenue			100.0	272,326			8.24%		—		Oct-40	Oct-40		272,326









					$	1,587,474		5.80%		$	—				$	1,587,474
Unsecured fixed rate debt
	Term Loan B (swapped)				$	100,000		4.56%		$	—	Nov-25	Nov-26	(3)	$	100,000
	Unsecured notes				100,000			4.27%		—		Dec-25	Dec-25		100,000
	Revolving credit facility (swapped)				320,000			4.93%	(4)	—		May-26	May-27	(3)	320,000
	Term Loan A (swapped)				1,050,000			4.54%		—		May-27	May-27		1,050,000
	Junior subordinated deferrable interest debentures (swapped)				100,000			5.27%		—		Jul-35	Jul-35		100,000










					$	1,670,000		4.65%		$	—				$	1,670,000

		Total Fixed Rate Debt			$	3,257,474		5.21%		$	—				$	3,257,474
Floating rate debt
Secured floating rate debt
	CMBS Repurchase Facility (SOFR+ 175 bps)			100.0	$	3,550		6.00%		$	—	Jun-25	Jun-25		$	3,550
	100 Park Avenue (SOFR + 225 bps)			49.9	360,000			6.58%		—		Jun-25	Dec-27	(3)	360,000








					$	363,550		6.58%		$	—				$	363,550



























		Total Floating Rate Debt			$	363,550		6.58%		$	—				$	363,550

		Consolidated Debt			$	3,621,024		5.35%
		Alternative Strategy Portfolio Debt			$	—		—%
		Total Debt - Consolidated			$	3,621,024		5.35%		$	—				$	3,621,024


		Deferred financing costs			(14,242)
		Total Debt - Consolidated, net			$	3,606,782		5.35%

		Total Debt - Unconsolidated JV, net			$	5,978,804		4.35%

Debt including SLG share of JV Debt					$	9,075,089		4.70%
Alternative Strategy Portfolio Debt including SLG share of JV Debt					$	573,797		5.18%
Total Debt including SLG share of JV Debt					$	9,648,886		4.73%

Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt					$	9,896,995		4.77%

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 4.85%. Coupon for loans that are subject to SOFR floors, interest rate caps or interest rate swaps were determined using the SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) As-of-right extension.
(4) Represents a blended swapped rate inclusive of the effect of multiple swaps.


				Principal Outstanding								2025 Principal		Current		Final		Principal Due at
			Ownership	12/31/2024							Amortization			Maturity		Maturity		Final Maturity
Fixed rate debt			Interest (%)	Gross Principal			SLG Share		Coupon (1)			(SLG Share)		Date		Date (2)		(SLG Share)
	450 Park Avenue (swapped)		25.1	$	284,835		$	71,494		6.57%	(3)	$	—	Jun-25		Jun-27		$	71,494
	11 Madison Avenue		60.0	1,400,000			840,000			3.84%		—		Sep-25		Sep-25		840,000
	15 Beekman		20.0	120,000			24,000			5.99%		—		Jan-26		Jan-28		24,000
	800 Third Avenue (swapped)		60.5	177,000			107,120			3.37%		—		Feb-26		Feb-26		107,120
	1515 Broadway		56.9	740,947			421,369			3.93%		11,975		Mar-26		Mar-28		380,032
	919 Third Avenue (swapped)		51.0	500,000			255,000			6.11%		—		Apr-26		Apr-28		255,000
	280 Park Avenue (swapped)		50.0	1,075,000			537,500			5.84%		—		Sep-26		Sep-28		537,500
	245 Park Avenue		50.1	1,768,000			885,768			4.30%		—		Jun-27		Jun-27		885,768
	One Madison Avenue (hedged)		25.5	1,013,114		(4)	258,344			7.27%	(3)	—		Nov-27		Nov-27		258,344
	220 East 42nd		51.0	496,412			253,170			6.77%		—		Dec-27		Dec-27		253,170
	One Vanderbilt Avenue		60.0	3,000,000			1,800,300			2.95%		—		Jul-31		Jul-31		1,800,300










				$	10,575,308		$	5,454,065		4.26%	(5)	$	11,975					$	5,412,728
	Alternative strategy portfolio
	650 Fifth Avenue		50.0	$	65,000		$	32,500		5.45%		$	—	Feb-25		Jul-25		$	32,500
	115 Spring Street		51.0	65,550			33,431			5.50%		—		Mar-25		Mar-25		33,431
	Worldwide Plaza		25.0	1,200,000			299,400			3.98%		—		Nov-27		Nov-27		299,400












				$	1,330,550		$	365,331		4.25%	(5)	$	—					$	365,331

	Total Fixed Rate Debt			$	11,905,858		$	5,819,396		4.26%	(5)	$	11,975					$	5,778,059
Floating rate debt














	Alternative strategy portfolio
	11 West 34th Street (LIBOR + 145 bps)		30.0	$	23,000		$	6,900		6.67%	(7)	—		Feb-23	(8)	Feb-23	(8)	$	6,900
	1552 Broadway (SOFR + 275 bps) (6)		50.0	193,132			96,566			7.08%		—		Feb-24	(9)	Feb-24	(9)	96,566
	650 Fifth Avenue (SOFR + 225 bps)		50.0	210,000			105,000			6.58%		—		Feb-25		Jul-25		105,000












				$	426,132		$	208,466		6.82%	(5)	$	—					$	208,466

	Total Floating Rate Debt			$	426,132		$	208,466		6.82%	(5)	$	—					$	208,466

	Unconsolidated JV Debt			$	10,575,308		$	5,454,065		4.26%	(5)
	Alternative Strategy Portfolio Debt			$	1,756,682		$	573,797		5.18%	(5)
	Total Debt - Unconsolidated JV			$	12,331,990		$	6,027,862		4.35%	(5)	$	11,975					$	5,986,525
		Deferred financing costs		(97,729)			(49,058)
	Total Debt - Unconsolidated JV, net			$	12,234,261		$	5,978,804		4.35%	(5)

(1) Coupon for floating rate debt determined using the effective Term SOFR rate at the end of the quarter of 4.85%. Coupon for loans that are subject to SOFR floors, interest rate caps or interest rate swaps were determined using the SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions and/or result in adjusted terms.
(3) Coupon reflects interest rate swaps executed at the corporate level for SLG’s share of the outstanding debt.
(4) Debt is hedged via a $354.8 million swap executed at the corporate level and a $658.4 million cap executed at the joint venture.
(5) Calculated based on SL Green's share of the outstanding debt.
(6) Spread includes applicable Term SOFR adjustment.
(7) The coupon rate is based on the last available LIBOR on June 30, 2023.
(8) The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
(9) The Company is in discussions with the lender on resolution of the past maturity.



Consolidated Interest Rate Derivatives
			Ownership	Notional Value	Fair Value
Secured Debt			Interest (%)	12/31/2024	12/31/2024		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
10 East 53rd Street			55.0	$205,000	$75		Cap	4.00	%	February 2024	February 2025

100 Church Street			100.0	$370,000	$970		Swap	3.89	%	November 2022	June 2027

SLGOP – 450 Park Avenue			100.0	$68,678	$(765)	(2)	Swap	4.47	%	August 2024	June 2027

SLGOP – One Madison Avenue			100.0	$300,000	$(3,953)	(2)	Swap	4.49	%	November 2024	November 2027

Unsecured Debt
Term Loan A			100.0	$150,000	$2,196		Swap	2.62	%	December 2021	January 2026
Term Loan A			100.0	200,000	5,711		Swap	2.59	%	February 2023	February 2027
Term Loan A			100.0	100,000	2,225		Swap	2.90	%	February 2023	February 2027
Term Loan A			100.0	100,000	2,568		Swap	2.73	%	February 2023	February 2027
Term Loan A			100.0	50,000	1,557		Swap	2.46	%	February 2023	February 2027
Term Loan A			100.0	300,000	7,637		Swap	2.87	%	July 2023	May 2027
Term Loan A			100.0	150,000	1,618		Swap	3.52	%	January 2024	May 2027

Term Loan B & Revolving Credit Facility			100.0	$200,000	$2,849		Swap	2.66	%	December 2021	January 2026

Revolving Credit Facility			100.0	$125,000	$828		Swap	3.67	%	August 2024	December 2026
Revolving Credit Facility			100.0	125,000	820		Swap	3.67	%	August 2024	December 2026

Junior subordinated deferrable interest debentures			100.0	$100,000	$722		Swap	3.76	%	January 2023	January 2028

Forward-starting Derivatives
10 East 53rd Street			55.0	$204,963	$431		Swap	3.92	%	February 2025	May 2028


Unconsolidated JV Interest Rate Derivatives
		Notional Value		Fair Value
	Ownership	12/31/2024		12/31/2024
Secured Debt	Interest (%)	Gross	SLG Share	Gross	SLG Share		Instrument (1)	Strike Rate (1)		Effective Date	Maturity Date
One Madison Avenue	25.5	$658,357	$332,470	$727	$367		Cap	4.00	%	November 2024	May 2025

800 Third Avenue	60.5	$177,000	$107,120	$4,964	$3,004		Swap	1.55	%	December 2022	February 2026

919 Third Avenue	51.0	$250,000	$127,500	$1,309	$668		Swap	3.61	%	April 2023	February 2026
919 Third Avenue	51.0	250,000	127,500	$1,309	$668		Swap	3.61	%	April 2023	February 2026

280 Park Avenue	50.0	$537,500	$268,750	$(1,628)	$(814)		Swap	4.07	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(534)	(267)		Swap	4.04	%	July 2024	September 2028
280 Park Avenue	50.0	268,750	134,375	(711)	(356)		Swap	4.06	%	July 2024	September 2028

(1) Certain financings require the purchase of a cap at a specified strike rate.
(2) Quarterly changes in fair value recognized in the calculation of FFO.


			Scheduled Cash Payment (1)												Lease			Year of Final
Property			2025			2026			2027			2028			Liabilities (2)			Expiration (3)

Consolidated Lease Liabilities (SLG Share)

Operating Leases
1185 Avenue of the Americas			$	6,909		$	6,909		$	6,909		$	6,909		$	83,492		2043
SL Green Headquarters at One Vanderbilt			2,394		(4)	2,450		(4)	2,455		(4)	2,641		(4)	89,083			2048
SUMMIT One Vanderbilt			9,598		(4)	9,598		(4)	9,598		(4)	9,598		(4)	428,652			2070
420 Lexington Avenue			11,199			11,199			11,199			11,199			170,784			2080
711 Third Avenue			5,500		(5)	5,500		(5)	5,500		(5)	5,500		(5)	38,978		(5)	2083
Total			$	35,600		$	35,656		$	35,661		$	35,847		$	810,989

Financing Leases
15 Beekman			$	3,228		$	3,276		$	3,325		$	3,375		$	106,853		2119	(6)
Total			$	3,228		$	3,276		$	3,325		$	3,375		$	106,853

	SLG		Scheduled Cash Payment (1)												Lease			Year of Final
Property	Interest (%)		2025			2026			2027			2028			Liabilities (2)			Expiration (3)

Unconsolidated Joint Venture Lease Liabilities (SLG Share)

Operating Leases
Equinox Studio City (7)		33.3	$	614		$	614		$	693		$	693		$	2,914		2029

Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6)		50.0	$	1,790		$	1,802		$	1,935		$	1,935		$	13,663		2053
650 Fifth Avenue (Floors b-3)		50.0	1,569			1,571			1,585			1,605			31,900			2062
1560 Broadway		50.0	7,476			7,554			7,610			7,610			58,983			2114

Total			$	11,449		$	11,541		$	11,823		$	11,843		$	107,460

Financing Leases
One Vanderbilt Avenue Garage		60.0	$	178		$	180		$	182		$	184		$	2,916		2069
885 Third Avenue		34.1	795			817			817			817			15,617			2119

Alternative strategy portfolio
650 Fifth Avenue (Floors b-3)		50.0	$	7,364		$	7,364		$	7,364		$	7,464		$	104,185		2062
2 Herald Square		95.0	14,613			14,978			15,353			—			403,006			2077	(6)

Total			$	22,950		$	23,339		$	23,716		$	8,465		$	525,724

(1) Reflects SLG's share of remaining contractual base rent for each year presented. Leases may provide for additional rent payments based on exceeding specified thresholds.
(2) Per the balance sheet as of December 31, 2024.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 60.01% ownership interest in One Vanderbilt.
(5) Reflects scheduled cash payments net of the Company's 50.0% ownership of the fee interest in the property.
(6) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
(7) The Company has a JV interest in the sublandlord for the premises. Amounts reflect the sublandlord's lease obligation to the fee owner and have not been reduced by rents owed to the sublandlord under a sublease covering 100% of the premises.


					Weighted Average Book			Weighted Average		Weighted Average Yield
		Book Value (1)			Value During Quarter			Yield During Quarter (2)		At End Of Quarter (3)

12/31/2023			$	346,745		$	358,011		7.79%		7.92%

Debt investment originations/fundings/accretion	(4)		3,487
Preferred Equity investment originations/accretion	(4)		2,115
Joint venture investment originations/accretion/amortization	(4)		—
Redemptions/Sales/Syndications/Equity Ownership/Amortization			—
Reserves/Realized Losses			—
3/31/2024			$	352,347		$	362,794		7.82%		7.95%

Debt investment originations/fundings/accretion	(4)		619
Preferred Equity investment originations/accretion	(4)		2,150
Joint venture investment originations/accretion/amortization	(4)		205,208
Redemptions/Sales/Syndications/Equity Ownership/Amortization			(64,629)
Reserves/Realized Losses			—
6/30/2024			$	495,695		$	405,571		7.41%		7.46%

Debt investment originations/fundings/accretion	(4)		1,228
Preferred Equity investment originations/accretion	(4)		2,209
Joint venture investment originations/accretion/amortization	(4)		4,684
Redemptions/Sales/Syndications/Equity Ownership/Amortization			—
Reserves/Realized Losses			—
9/30/2024			$	503,816		$	514,192		7.35%		7.43%

Debt investment originations/fundings/accretion	(4)		7,556
Preferred Equity investment originations/accretion	(4)		2,246
Joint venture investment originations/accretion/amortization	(4)		4,765
Redemptions/Sales/Syndications/Equity Ownership/Amortization			—
Reserves/Realized Losses			—
12/31/2024			$	518,383		$	524,757		7.26%		7.30%

(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes loan loss reserves and accelerated fee income resulting from early repayment.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter. Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(4) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.


	Book Value (1)			Property		Senior						Yield At End
Investment Type	12/31/2024			Type	Location	Financing		Last $ PSF (2)			Fixed/Floating	Of Quarter (3)


Preferred Equity (4)	$	214,657	(4)	Office	Manhattan	$	206,321		$	764	Fixed	8.86%

Preferred Equity	136,720			Multi-Family Rental	Manhattan	250,000			$	785	Fixed	6.55%

Mezzanine Loan	54,482			Office	Manhattan	190,021			$	749	Floating	9.59%

Mezzanine Loan (5)	53,533		(5)	Office	Manhattan	283,000			$	428	Floating	(6)

Mezzanine Loan	30,000			Office	Manhattan	95,000			$	573	Fixed	8.52%

Mezzanine Loan	20,000			Multi-Family Rental	Brooklyn	85,000			$	696	Fixed	8.11%

Mezzanine Loan	8,991			Office	Manhattan	54,000			$	455	Floating	16.34%



Total	$	518,383

(1) Net of unamortized fees, discounts, premiums and loan loss reserves.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter excluding loan loss reserves.
(4) Investment is included in the Investment in unconsolidated joint ventures line item in our consolidated balance sheet.
(5) Alternative Strategy Portfolio asset.
(6) Loan was put on non-accrual in the first quarter of 2023 and continues to be on non-accrual as of December 31, 2024.


	Ownership				% of Total		December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	100.0	Plaza District	Fee Interest	354,300	1.6		97.6		98.1		98.1		98.1		$33,872	$33,872	39
100 Church Street	100.0	Downtown	Fee Interest	1,047,500	4.8		86.9		86.9		93.1		93.1		46,125	46,125	19
100 Park Avenue	50.0	Grand Central South	Fee Interest	834,000	3.8		60.8		95.8		57.5		66.2		40,294	20,147	33
110 Greene Street	100.0	Soho	Fee Interest	223,600	1.0		89.3		92.2		91.3		91.4		18,145	18,145	55
125 Park Avenue	100.0	Grand Central	Fee Interest	604,245	2.8		95.7		99.5		100.0		100.0		46,465	46,465	23
304 Park Avenue South	100.0	Midtown South	Fee Interest	215,000	1.0		100.0		100.0		100.0		100.0		18,741	18,741	7
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1,188,000	5.6		86.9		90.1		87.0		90.3		82,350	82,350	170
461 Fifth Avenue	100.0	Midtown	Fee Interest	200,000	0.9		98.2		98.2		92.9		98.2		17,673	17,673	18
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	921,000	4.2		78.9		83.2		77.0		82.4		48,211	48,211	33
555 West 57th Street	100.0	Midtown West	Fee Interest	941,000	4.3		88.1		88.1		88.1		88.1		51,890	51,890	12
711 Third Avenue	100.0 (4)	Grand Central North	Leasehold Interest (4)	524,000	2.4		93.7		93.7		93.7		93.7		33,735	33,735	20
810 Seventh Avenue	100.0	Times Square	Fee Interest	692,000	3.2		80.6		85.4		81.3		86.1		41,795	41,795	44
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1,062,000	4.9		75.0		85.9		76.8		79.7		68,903	68,903	15
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	562,000	2.6		78.5		80.7		76.2		78.5		35,732	35,732	45








Added to Same Store in 2024
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	218,796	1.0		74.5		74.5		73.1		73.1		10,081	10,081	11










Subtotal / Weighted Average				9,587,441	44.1	%	83.3	%	89.2	%	83.9	%	86.5	%	$594,012	$573,865	544
















Total / Weighted Average Consolidated Properties				9,587,441	44.1	%	83.3	%	89.2	%	83.9	%	86.5	%	$594,012	$573,865	544


UNCONSOLIDATED PROPERTIES
"Same Store"
One Vanderbilt Avenue	60.0	Grand Central	Fee Interest	1,657,198	7.6		99.4		100.0		99.4		100.0		$287,129	$172,277	40
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	2,314,000	10.8		96.1		96.1		96.1		96.1		172,839	103,704	7
220 East 42nd Street	51.0	Grand Central	Fee Interest	1,135,000	5.2		89.0		93.7		89.5		92.0		69,332	35,359	31
280 Park Avenue	50.0	Park Avenue	Fee Interest	1,219,158	5.6		89.0		91.1		87.9		89.5		121,544	60,772	33
800 Third Avenue	60.5	Grand Central North	Fee Interest	526,000	2.4		84.6		84.6		89.2		89.2		32,995	19,962	43
919 Third Avenue	51.0	Grand Central North	Fee Interest	1,454,000	6.7		80.9		95.6		80.0		80.9		82,200	41,922	10
1515 Broadway	56.9	Times Square	Fee Interest	1,750,000	8.0		99.7		99.7		99.7		99.7		139,119	79,159	7











Added to Same Store in 2024
450 Park Avenue	25.1	Park Avenue	Fee Interest	337,000	1.5		89.3		89.3		89.3		89.3		37,886	9,509	23












Subtotal / Weighted Average				10,392,356	47.8	%	92.7	%	95.6	%	92.7	%	93.4	%	$943,044	$522,664	194

"Non Same Store"
245 Park Avenue	50.1	Park Avenue	Fee Interest	1,782,793	8.2		85.4		91.7		79.0		87.7		$157,384	$78,849	14












Subtotal / Weighted Average				1,782,793	8.2	%	85.4	%	91.7	%	79.0	%	87.7	%	$157,384	$78,849	14

Total / Weighted Average Unconsolidated Properties				12,175,149	55.9	%	91.6	%	95.0	%	90.7	%	92.6	%	$1,100,428	$601,513	208

Manhattan Operating Properties Grand Total / Weighted Average				21,762,590	100.0	%	88.0	%	92.5	%	87.7	%	89.9	%	$1,694,440	$1,175,379	752

Manhattan Operating Properties Same Store Occupancy %				19,979,797	91.8	%	88.2	%	92.5	%	88.5	%	90.1	%

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) The Company also owns 50% of the fee interest.


	Ownership				% of Total			December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet			% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

RETAIL PROPERTIES
"Same Store" Retail
85 Fifth Avenue	36.3	Midtown South	Fee Interest	12,946	29.8			100.0		100.0		100.0		100.0		$2,800	$1,016	1





























Subtotal/Weighted Average				12,946	29.8	%		100.0	%	100.0	%	100.0	%	100.0	%	$2,800	$1,016	1

"Non Same Store" Retail
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,848	18.1			100.0		100.0		100.0		100.0		$1,505	$1,355	1
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	52.1			100.0		100.0		100.0		100.0		18,046	18,046	1











Subtotal/Weighted Average				30,496	70.2	%		100.0	%	100.0	%	100.0	%	100.0	%	$19,551	$19,401	2

Total / Weighted Average Retail Properties				43,442	100.0	%		100.0	%	100.0	%	100.0	%	100.0	%	$22,351	$20,416	3



	Ownership				Total			December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Average Monthly Rent Per Unit (4)
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Units			% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)	($'s)

RESIDENTIAL PROPERTIES
























"Non Same Store" Residential
7 Dey Street	100.0	Lower Manhattan	Fee Interest	140,382	209			94.3		97.1		96.2		96.7		$11,707	$11,707	$4,952
15 Beekman Street	20.0	Downtown	Leasehold Interest	221,884	484		(5)	100.0		100.0		100.0		100.0		13,810	2,762	N/A










Subtotal/Weighted Average				362,266	693			98.3	%	99.1	%	98.8	%	99.0	%	$25,517	$14,469	$4,952

Total / Weighted Average Residential Properties				362,266	693			98.3	%	99.1	%	98.8	%	99.0	%	$25,517	$14,469	$4,952



	Ownership				% of Total			December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet			% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

SUBURBAN PROPERTIES
"Same Store" Suburban
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	862,800	100.0			72.6		73.5		72.3		73.6		$18,080	$18,080	92






















Subtotal/Weighted Average				862,800	100.0	%		72.6	%	73.5	%	72.3	%	73.6	%	$18,080	$18,080	92

Total / Weighted Average Suburban Properties				862,800	100.0	%		72.6	%	73.5	%	72.3	%	73.6	%	$18,080	$18,080	92

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) Calculated based on occupied units. Amount in dollars.
(5) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.


	Ownership				% of Total		December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Real Estate Book Value, Net	Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

Development / Redevelopment
One Madison Avenue	25.5	Park Avenue South	Fee Interest	1,385,484	62.0		62.9		66.6		62.8		66.6		$105,999	$27,030	$1,676,349	10
19 East 65th Street	100.0	Plaza District	Fee Interest	14,639	0.7		5.5		5.5		5.5		5.5		32	32	15,658	1
185 Broadway	100.0	Lower Manhattan	Fee Interest	50,206	2.3		34.5		34.5		34.5		34.5		3,454	3,454	48,572	4
750 Third Avenue	100.0	Grand Central North	Fee Interest	780,000	35.0		9.5		9.5		10.3		10.3		6,299	6,300	301,397	9











Total / Weighted Average Development / Redevelopment Properties				2,230,329	100.0	%	43.2	%	45.5	%	43.4	%	45.8	%	$115,784	$36,816	$2,041,976	24
















	Ownership				% of Total		December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Investment Carrying Value, Net	Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

Alternative Strategy Portfolio
2 Herald Square	95.0	Herald Square	Leasehold Interest	369,000	14.4		60.3		60.3		43.9		43.9		$20,291	$19,276	$107,888	5
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	17,150	0.7		100.0		100.0		100.0		100.0		3,561	1,068	0	1
115 Spring Street	51.0	Soho	Fee Interest	5,218	0.2		100.0		100.0		100.0		100.0		4,098	2,090	(18,338)	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214	2.7		100.0		100.0		100.0		100.0		41,308	20,655	(79,515)	1
1552-1560 Broadway	50.0	Times Square	Fee / Leasehold Interest	57,718	2.2		12.6		12.6		12.6		12.6		2,000	1,000	0	1
Worldwide Plaza	25.0	Westside	Fee Interest	2,048,725	79.8		63.3		63.3		63.3		63.3		77,129	19,244	19,338	22











Total / Weighted Average Alternative Strategy Portfolio Properties				2,567,025	100.0	%	63.0	%	63.0	%	60.7	%	60.7	%	$148,387	$63,333	$29,373	31

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases.
(3) Inclusive of leases signed but not yet commenced.


	Ownership				% of Total		December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)	Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)

HIGH STREET RETAIL - Consolidated Properties
690 Madison Avenue	90.0	Plaza District	Fee Interest	7,944	0.6		100.0		100.0		100.0		100.0		$1,505	$1,354	1
760 Madison Avenue	100.0	Plaza District	Fee Interest	22,648	1.8		100.0		100.0		100.0		100.0		18,046	18,047	1











Subtotal / Weighted Average				30,592	2.4	%	100.0	%	100.0	%	100.0	%	100.0	%	$19,551	$19,401	2

HIGH STREET RETAIL - Unconsolidated Properties
85 Fifth Avenue	36.3	Midtown South	Fee Interest	12,946	1.0		100.0		100.0		100.0		100.0		$2,800	$1,016	1

















Subtotal / Weighted Average				12,946	1.0	%	100.0	%	100.0	%	100.0	%	100.0	%	$2,800	$1,016	1

Total / Weighted Average High Street Retail				43,538	3.5	%	100.0	%	100.0	%	100.0	%	100.0	%	$22,351	$20,416	3

OTHER RETAIL - Consolidated Properties
10 East 53rd Street	100.0	Plaza District	Fee Interest	38,657	3.1		100.0		100.0		100.0		100.0		$4,099	$4,099	3
100 Church Street	100.0	Downtown	Fee Interest	61,708	4.9		100.0		100.0		100.0		100.0		4,306	4,306	10
100 Park Avenue	50.0	Grand Central South	Fee Interest	40,022	3.2		97.1		97.1		91.7		91.7		3,243	1,621	7
110 Greene Street	100.0	Soho	Fee Interest	16,121	1.3		100.0		100.0		100.0		100.0		4,615	4,615	3
125 Park Avenue	100.0	Grand Central	Fee Interest	32,124	2.6		100.0		100.0		100.0		100.0		4,184	4,185	7
185 Broadway	100.0	Lower Manhattan	Fee Interest	16,413	1.3		100.0		100.0		100.0		100.0		3,454	3,454	4
304 Park Avenue South	100.0	Midtown South	Fee Interest	25,330	2.0		100.0		100.0		100.0		100.0		3,666	3,666	5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	54,026	4.3		100.0		100.0		100.0		100.0		5,380	5,380	6
461 Fifth Avenue	100.0	Midtown	Fee Interest	16,149	1.3		100.0		100.0		100.0		100.0		1,130	1,130	2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	41,701	3.3		64.7		64.7		64.7		64.7		4,019	4,019	6
555 West 57th Street	100.0	Midtown West	Fee Interest	53,186	4.3		100.0		100.0		100.0		100.0		3,089	3,089	2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	25,639	2.1		83.5		83.5		83.5		83.5		2,321	2,321	2
750 Third Avenue (4)	100.0	Grand Central North	Fee Interest	24,827	2.0		47.5		47.5		47.5		47.5		1,764	1,764	4
810 Seventh Avenue	100.0	Times Square	Fee Interest	18,207	1.5		98.6		98.6		98.6		98.6		4,723	4,723	3
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	9,140	0.7		100.0		100.0		100.0		100.0		511	511	2
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	58,271	4.7		84.1		84.1		84.1		84.1		2,755	2,755	3
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	17,797	1.4		100.0		100.0		100.0		100.0		2,763	2,763	6










Subtotal / Weighted Average				549,318	44.0	%	92.2	%	92.2	%	91.8	%	91.8	%	$56,022	$54,401	75

OTHER RETAIL - Unconsolidated Properties
One Vanderbilt Avenue	60.0	Grand Central	Fee Interest	34,885	2.8		100.0		100.0		100.0		100.0		$5,850	$3,510	7
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	38,800	3.1		95.7		95.7		95.7		95.7		3,779	2,267	3
220 East 42nd Street	51.0	Grand Central	Fee Interest	33,866	2.7		67.1		67.1		67.1		67.1		1,597	815	3
245 Park Avenue	50.1	Park Avenue	Fee Interest	37,220	3.0		50.7		50.7		50.7		50.7		1,166	584	3
280 Park Avenue	50.0	Park Avenue	Fee Interest	28,219	2.3		93.9		93.9		93.9		93.9		1,437	719	2
450 Park Avenue	25.1	Park Avenue	Fee Interest	6,317	0.5		100.0		100.0		100.0		100.0		1,697	426	1
800 Third Avenue	60.5	Grand Central North	Fee Interest	9,900	0.8		100.0		100.0		100.0		100.0		949	574	2
919 Third Avenue	51.0	Grand Central North	Fee Interest	31,004	2.5		98.9		98.9		98.9		98.9		3,895	1,987	4
1515 Broadway	56.9	Times Square	Fee Interest	182,011	14.5		99.8		99.8		99.8		99.8		31,782	18,083	7
















Subtotal / Weighted Average				402,222	32.2	%	91.7	%	91.7	%	91.7	%	91.7	%	$52,152	$28,965	32

Total / Weighted Average Other Retail				951,540	76.2	%	92.0	%	92.0	%	91.8	%	91.8	%	$108,174	$83,366	107

(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) Redevelopment properties.


	Ownership					% of Total		December 31, 2024				September 30, 2024				Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Square Feet (1)		Sq. Feet		% Occupied (2)		% Leased (3)		% Occupied (2)		% Leased (3)		($'s)	SLG Share ($'s)


















ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square	95.0	Herald Square	Leasehold Interest	94,531		7.6		40.6		40.6		40.6		40.6		$9,858	$9,365	3
11 West 34th Street	30.00	Herald Square/Penn Station	Fee Interest	17,150		1.4		100.0		100.0		100.0		100.0		3,561	1,068	1
115 Spring Street	51.0	Soho	Fee Interest	5,218		0.4		100.0		100.0		100.0		100.0		4,098	2,090	1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	69,214		5.6		100.0		100.0		100.0		100.0		41,308	20,654	1
1552-1560 Broadway	50.0	Times Square	Fee / Leasehold Interest	57,718		4.6		12.6		12.6		12.6		12.6		2,000	1,000	1
Worldwide Plaza	25.0	Westside	Fee Interest	10,592	(4)	0.8		84.9		84.9		84.9		84.9		1,233	308	7













Subtotal / Weighted Average				254,423		20.4	%	57.5	%	57.5	%	57.5	%	57.5	%	$62,058	$34,485	14

Total / Weighted Average Alternative Strategy Portfolio				254,423		20.4	%	57.5	%	57.5	%	57.5	%	57.5	%	$62,058	$34,485	14


Retail Grand Total / Weighted Average				1,249,501		100.0	%	85.2	%	85.2	%	85.1	%	85.1	%	$192,583	$138,267	124


(1) Represents the rentable square footage at the time the property was acquired.
(2) Based on commenced leases.
(3) Inclusive of leases signed but not yet commenced.
(4) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.


		Ownership Interest %	Lease Expiration (2)	Total Rentable Square Feet	Annualized Contractual Cash Rent ($)	SLG Share of Annualized Contractual Cash Rent ($)	% of SLG Share of Annualized Contractual Cash Rent (3)	Annualized Contractual Rent PSF		Investment Grade Credit Rating (4)
Tenant Name	Property
Paramount Global	1515 Broadway	56.9	Jun 2031	1,603,121	$107,314	$61,062	4.6%	$66.94
	555 West 57th Street	100.0	Apr 2029	186,266	10,790	10,790	0.8	57.93
	1515 Broadway	56.9	Mar 2028	9,106	2,166	1,232	0.1	237.84
	Worldwide Plaza	25.0	Jan 2027	32,598	2,488	621	—	76.34
				1,831,091	$122,758	$73,705	5.5%	$67.04		BBB-

UBS Americas, Inc.	11 Madison Avenue	60.0	May 2037	1,184,762	$78,221	$46,933	3.5%	$66.02		A+
Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791	$52,130	$31,278	2.3%	$90.07		A
Bloomberg L.P.	919 Third Avenue	51.0	Feb 2040	749,216	$49,782	$25,389	1.9%	$66.45
Societe Generale	245 Park Avenue	50.1	Oct 2032	520,831	$50,328	$25,215	1.9%	$96.63		A

TD Bank US Holding Company	One Vanderbilt Avenue	60.0	Jul 2041	193,159	$26,065	$15,639	1.2%	$134.94	(5)
	One Vanderbilt Avenue	60.0	Aug 2041	6,843	3,234	1,940	0.1	472.58
	125 Park Avenue	100.0	Oct 2025	6,234	2,129	2,129	0.2	341.56
	125 Park Avenue	100.0	Oct 2030	26,536	1,842	1,842	0.1	69.40
	125 Park Avenue	100.0	Mar 2034	25,171	1,612	1,612	0.1	64.06
				257,943	$34,882	$23,162	1.7%	$135.23		A+

The City of New York	100 Church Street	100.0	Mar 2034	510,007	$22,709	$22,709	1.7%	$44.53		Aa2
King & Spalding	1185 Avenue of the Americas	100.0	Oct 2025	218,275	$21,010	$21,010	1.6%	$96.25
Carlyle Investment Management LLC	One Vanderbilt Avenue	60.0	Sep 2036	194,702	$34,586	$20,752	1.6%	$177.64	(5)	A-
Nike Retail Services, Inc.	650 Fifth Avenue	50.0	Jan 2033	69,214	$41,308	$20,654	1.5%	$596.82		AA-

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	344,873	$20,113	$20,113	1.5%	$58.32
	420 Lexington Avenue	100.0	Jan 2027	7,537	448	448	—	59.48
				352,410	$20,561	$20,561	1.5%	$58.34	(5)	A1

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	174,069	$13,775	$13,775	1.0%	$79.13
	11 Madison Avenue	60.0	Sep 2030	104,618	10,717	6,430	0.5%	102.44
				278,687	$24,492	$20,205	1.5%	$87.88

McDermott Will & Emery LLP	One Vanderbilt Avenue	60.0	Dec 2042	169,586	$31,475	$18,885	1.4%	$185.60
	420 Lexington Avenue	100.0	Oct 2026	10,043	621	621	—	61.82
				179,629	$32,096	$19,506	1.4%	$178.68

Franklin Templeton Companies LLC	One Madison Avenue	25.5	May 2040	354,976	$48,439	$12,351	0.9%	$136.45
	280 Park Avenue	50.0	Nov 2031	128,993	13,565	6,783	0.5%	105.16
				483,969	$62,004	$19,134	1.4%	$128.12		A

Giorgio Armani Corporation	760 Madison Avenue	100.0	Oct 2038	22,648	$18,046	$18,046	1.4%	$796.82

Ares Management LLC	245 Park Avenue	50.1	May 2026	36,316	$3,741	$1,874	0.1%	$103.00
	245 Park Avenue	50.1	Jun 2043	251,175	29,869	14,964	1.1%	118.92
				287,491	$33,609	$16,838	1.2%	$116.90		A-


The Toronto Dominion Bank	One Vanderbilt Avenue	60.0	Apr 2042	142,892	$21,302	$12,781	1.0%	$149.08	(5)
	125 Park Avenue	100.0	Apr 2042	52,450	3,603	3,603	0.3%	68.69
				195,342	$24,905	$16,384	1.3%	$127.49		A+

Hess Corp	1185 Avenue of the Americas	100.0	Dec 2027	167,169	$15,439	$15,439	1.2%	$92.36		BBB-
Stone Ridge Holdings Group LP	One Vanderbilt Avenue	60.0	Dec 2037	97,652	$23,013	$13,808	1.0%	$235.67	(5)
BMW of Manhattan, Inc.	555 West 57th Street	100.0	Jul 2032	226,556	$13,116	$13,116	1.0%	$57.89		A

Total				8,406,385	$774,997	$483,845	36.2%	$92.19




(1) Based on commenced leases.
(2) Expiration of current lease term and does not reflect extension options.
(3) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Alternative Strategy Portfolio properties.
(4) Corporate or bond rating from S&P, Fitch or Moody's.
(5) Tenant pays rent on a net basis. Rent PSF reflects gross equivalent.


Activity	Building Address	# of Leases	Square Feet (1)	Rentable SF	Escalated Rent/Rentable SF ($'s)(2)

Available Space at 9/30/24			2,686,939

















Space which became available during the Quarter (3):
Office

	10 East 53rd Street	1	1,870	2,055	$93.83

	100 Church Street	1	64,529	64,529	56.88
	100 Park Avenue	2	7,334	8,625	92.98
	110 Greene Street	1	9,209	9,397	93.00
	125 Park Avenue	1	23,640	26,225	72.83
	220 East 42nd Street	1	5,311	6,015	66.94

	280 Park Avenue	1	6,100	6,179	112.47

	420 Lexington Avenue	7	20,748	27,404	63.54





	800 Third Avenue	2	23,953	25,634	69.88
	810 Seventh Avenue	1	20,500	20,500	61.37


	1185 Avenue of the Americas	1	25,000	25,000	88.40




























	Total/Weighted Average	19	208,194	221,563	$70.17




















































Storage






	125 Park Avenue	1	2,172	2,302	$22.27




	420 Lexington Avenue	2	886	992	29.76






































	Total/Weighted Average	3	3,058	3,294	$24.53

	Total Space which became available during the Quarter
	Office	19	208,194	221,563	$70.17

	Storage	3	3,058	3,294	$24.53
		22	211,252	224,857	$69.50

	Total Available Space		2,898,191

(1) Represents the rentable square footage at the time the property was acquired.
(2) Escalated cash 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, excluding concessions.
(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.


Activity	Building Address	# of Leases	Term (Yrs)	Square Feet (1)	Rentable SF	New Cash Rent / Rentable SF(2)	Prev. Escalated Rent/ Rentable SF(3)	TI / Rentable SF	Free Rent # of Months

Available Space				2,898,191

Office




	100 Park Avenue	1	11.3	33,362	36,541	$65.00	$86.59	$145.32	16.0
	110 Greene Street	4	2.8	4,777	4,807	86.21	95.17	—	0.9


	245 Park Avenue	3	12.6	112,580	110,420	128.09	141.52	134.42	13.8
	280 Park Avenue	1	10.0	18,541	19,018	101.00	129.12	145.00	17.2

	420 Lexington Avenue	10	6.2	20,106	24,840	59.89	64.70	71.09	6.5

	461 Fifth Avenue	1	16.4	10,595	11,232	77.00	81.50	136.01	17.0
	485 Lexington Avenue	2	6.9	17,309	17,389	59.91	—	52.92	8.4



	810 Seventh Avenue	1	9.2	15,500	17,320	72.00	76.15	110.00	12.0
	885 Third Avenue	1	2.8	3,065	2,716	75.00	—	21.76	2.0
	919 Third Avenue	1	6.8	12,995	14,085	76.00	—	165.37	7.0
	1185 Avenue of the Americas	1	3.3	6,484	6,668	65.26	—	48.30	2.0
	1350 Avenue of the Americas	1	11.0	12,964	13,284	72.00	93.65	137.33	12.0



























	Total/Weighted Average	27	10.4	268,278	278,320	$94.00	$105.04	$120.60	12.3

Retail




	100 Park Avenue	1	10.4	1,611	2,097	$100.14	$80.85	$40.53	6.0













































	Total/Weighted Average	1	10.4	1,611	2,097	$100.14	$80.85	$40.53	6.0






















































Leased Space
	Office (4)	27	10.4	268,278	278,320	$94.00	$105.04	$120.60	12.3
	Retail	1	10.4	1,611	2,097	$100.14	$80.85	$40.53	6.0

	Total	28	10.4	269,889	280,417	$94.04	$104.69	$120.00	12.2


Total Available Space as of 12/31/24				2,628,302
Early Renewals
Office







	220 East 42nd Street	1	4.2	29,787	30,030	$65.00	$60.29	$—	—



	420 Lexington Avenue	1	5.2	1,843	2,117	71.25	75.41	—	2.0


	485 Lexington Avenue	1	10.0	76,207	78,295	61.00	58.00	116.94	14.0


	800 Third Avenue	3	5.5	11,308	12,014	62.83	74.97	0.62	3.1


	919 Third Avenue	1	11.0	749,216	749,035	81.00	66.40	100.00	12.0





























	Total/Weighted Average	7	10.6	868,361	871,491	$78.38	$65.57	$96.46	11.6

Retail					—




















	919 Third Avenue	1	5.0	10,658	10,740	$128.03	$142.88	$—	—





























	Total/Weighted Average	1	5.0	10,658	10,740	$128.03	$142.88	$—	—

Storage







	220 East 42nd Street	1	4.2	283	299	$51.58	$39.83	$—	—










































	Total/Weighted Average	1	4.2	283	299	$51.58	$39.83	$—	—


Renewals
	Early Renewals Office	7	10.6	868,361	871,491	$78.38	$65.57	$96.46	11.6
	Early Renewals Retail	1	5.0	10,658	10,740	$128.03	$142.88	—	—
	Early Renewals Storage	1	4.2	283	299	$51.58	$39.83	$—	—
	Total	9	10.5	879,302	882,530	$78.97	$66.50	$95.26	11.5

(1) Represents the rentable square footage at the time the property was acquired.
(2) Annual initial base rent.
(3) Escalated cash 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, excluding concessions.
(4) Average starting office rent excluding new tenants replacing vacancies is $94.87/rsf for 144,342 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $80.72/rsf for 1,015,833 rentable SF.


Year of Lease Expiration	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	SLG Share Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Contractual Cash Rent of Expiring Leases	SLG Share Annualized Contractual Cash Rent of Expiring Leases	Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
Wholly-Owned and Consolidated JV Properties





2024 (3)	9	126,384	126,384	1.5	%	$7,390,300	$7,390,300	$58.47

1st Quarter 2025	13	235,307	235,307	2.8	%	$14,979,840	$14,979,840	$63.66
2nd Quarter 2025	16	99,894	99,894	1.2	%	8,184,444	8,184,444	81.93
3rd Quarter 2025	19	60,714	55,269.5	0.7	%	4,544,320	4,038,113	74.85
4th Quarter 2025	34	359,429	358,418.5	4.2	%	33,001,617	32,913,812	91.82

Total 2025	82	755,344	748,889	8.9	%	$60,710,221	$60,116,209	$80.37


2026	78	847,874	813,988	10.0	%	$58,604,929	$55,864,520	$69.12
2027	80	808,055	758,080	9.5	%	65,504,055	61,335,962	81.06
2028	64	675,774	668,891	8.0	%	49,898,756	49,287,540	73.84
2029	57	705,732	705,732	8.3	%	48,572,940	48,572,940	68.83
2030	45	848,373	825,026	10.0	%	59,570,712	57,505,412	70.22
2031	26	423,086	380,691	5.0	%	31,467,856	28,222,800	74.38
2032	20	731,991	731,991	8.6	%	45,177,103	45,177,103	61.72
2033	20	348,403	324,878	4.1	%	27,643,595	26,137,339	79.34
Thereafter	76	2,225,853	2,148,950	26.1	%	139,472,015	134,255,251	62.66
Grand Total	557	8,496,869	8,233,500	100.0	%	$594,012,482	$573,865,376	$69.91


Unconsolidated JV Properties





2024 (3)	1	1,423	810	—	%	$24,000	$13,656	$16.87

1st Quarter 2025	6	33,399	19,115	0.3	%	$2,762,921	$1,571,872	$82.72
2nd Quarter 2025	3	196,196	117,740	1.8	%	20,404,766	12,244,468	104.00
3rd Quarter 2025	1	4,576	2,768	—	%	302,623	183,087	66.13
4th Quarter 2025	7	78,808	34,720	0.7	%	6,982,782	2,885,987	88.60

Total 2025	17	312,979	174,343	2.8	%	$30,453,092	$16,885,414	$97.30


2026	21	350,768	175,291	3.1	%	$47,036,241	$23,701,599	$134.10
2027	17	222,604	100,615	2.0	%	31,852,679	15,030,602	143.09
2028	21	250,810	134,617	2.2	%	30,428,097	16,447,869	121.32
2029	18	147,621	75,743	1.3	%	15,378,083	7,525,949	104.17
2030	15	329,755	189,044	2.9	%	38,410,279	21,745,127	116.48
2031	15	2,688,738	1,509,472	23.8	%	205,643,360	114,780,458	76.48
2032	14	992,725	507,649	8.8	%	89,598,105	45,780,088	90.25
2033	11	250,685	137,674	2.2	%	28,051,255	15,782,149	111.90
Thereafter	65	5,740,480	3,144,862	50.9	%	583,552,330	323,820,416	101.66
Grand Total	215	11,288,588	6,150,120	100.0	%	$1,100,427,521	$601,513,327	$97.48


(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to December 31, 2024.


Year of Lease Expiration	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	SLG Share Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Contractual Cash Rent of Expiring Leases	SLG Share Annualized Contractual Cash Rent of Expiring Leases	Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail





2024 (3)	—	—	—	—	%	$—	$—	$—






2025	—	—	—	—	%	—	—	—
2026	—	—	—	—	%	—	—	—
2027	—	—	—	—	%	—	—	—
2028	—	—	—	—	%	—	—	—
2029	—	—	—	—	%	—	—	—
2030	—	—	—	—	%	—	—	—
2031	—	—	—	—	%	—	—	—
2032	—	—	—	—	%	—	—	—
2033	1	7,944	7,150	26.0	%	1,504,752	1,354,277	189.42
Thereafter	1	22,648	22,648	74.0	%	18,046,460	18,046,460	796.82
	2	30,592	29,798	100.0	%	$19,551,212	$19,400,737	$639.10
Vacancy (4)		—
Grand Total		30,592

Other Retail





2024 (3)	—	—	—	—	%	$—	$—	$—






2025	2	14,197	14,197	2.8	%	2,604,041	2,604,041	183.42
2026	4	10,104	10,104	2.0	%	1,131,476	1,131,476	111.98
2027	7	40,336	34,579	7.9	%	5,645,958	5,211,856	139.97
2028	6	25,159	18,276	4.9	%	3,195,319	2,584,103	127.01
2029	4	27,702	27,702	5.4	%	2,578,245	2,578,245	93.07
2030	5	44,135	44,135	8.6	%	6,450,497	6,450,497	146.15
2031	4	16,050	11,697	3.1	%	1,801,777	1,479,407	112.26
2032	7	71,237	71,237	13.9	%	6,036,471	6,036,471	84.74
2033	7	63,848	63,848	12.5	%	8,435,344	8,435,344	132.12
Thereafter	29	198,868	196,583	38.9	%	18,142,975	17,889,282	91.23
	75	511,636	492,358	100.0	%	$56,022,103	$54,400,722	$109.50
Vacancy (4)		43,865
Grand Total		555,501




























(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to December 31, 2024.
(4) Includes square footage of leases signed but not yet commenced.


Year of Lease Expiration	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	SLG Share Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Contractual Cash Rent of Expiring Leases	SLG Share Annualized Contractual Cash Rent of Expiring Leases	Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)
High Street Retail





2024 (3)	—	—	—	—	%	$—	$—	$—






2025	—	—	—	—	%	—	—	—

2026	—	—	—	—	%	—	—	—
2027	—	—	—	—	%	—	—	—
2028	—	—	—	—	%	—	—	—
2029	—	—	—	—	%	—	—	—
2030	—	—	—	—	%	—	—	—
2031	—	—	—	—	%	—	—	—
2032	—	—	—	—	%	—	—	—
2033	—	—	—	—	%	—	—	—
Thereafter	1	13,092	4,748	100.0	%	2,799,996	1,015,559	213.87
	1	13,092	4,748	100.0	%	$2,799,996	$1,015,559	$213.87
Vacancy (4)		—
Grand Total		13,092

Other Retail





2024 (3)	—	—	—	—	%	$—	$—	$—






2025	1	1,190	596	0.3	%	50,923	25,513	42.79

2026	2	9,820	5,688	2.7	%	9,072,540	5,176,645	923.88
2027	1	7,711	4,388	2.1	%	10,638,409	6,053,255	1,379.64
2028	1	9,106	5,181	2.5	%	2,165,733	1,232,302	237.84
2029	3	52,886	27,070	14.5	%	5,302,067	2,457,384	100.25
2030	2	11,970	6,811	3.3	%	6,927,611	3,941,811	578.75
2031	3	14,058	7,433	3.9	%	2,370,973	1,279,993	168.66
2032	2	18,864	9,499	5.2	%	1,303,659	657,900	69.11
2033	2	4,721	2,417	1.3	%	571,900	292,337	121.14
Thereafter	15	233,154	132,103	64.2	%	13,747,806	7,847,784	58.96
	32	363,480	201,186	100.0	%	$52,151,621	$28,964,924	$143.48
Vacancy (4)		37,619
Grand Total		401,099

Alternative Strategy Portfolio





2024 (3)	1	1,277	319	0.9	%	$119,574	$29,834	$93.64






2025	—	—	—	—	%	—	—	—

2026	3	17,869	6,381	12.6	%	7,730,567	3,176,104	432.62
2027	1	1,685	420	1.2	%	445,771	111,220	264.55
2028	1	1,819	454	1.3	%	213,982	53,388	117.64
2029	2	1,425	937	1.0	%	613,621	508,937	430.61
2030	—	—	—	—	%	—	—	—
2031	2	23,536	21,077	16.6	%	7,538,007	7,026,603	320.28
2032	—	—	—	—	%	—	—	—
2033	1	16,343	15,526	11.5	%	2,003,864	1,903,671	122.61
Thereafter	3	77,801	38,738	54.9	%	43,392,607	21,675,216	557.74
	14	141,755	83,852	100.0	%	$62,057,993	$34,484,973	$437.78
Vacancy (4)		95,592
Grand Total		237,347

(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Includes month to month holdover tenants that expired prior to December 31, 2024.
(4) Includes square footage of leases signed but not yet commenced.


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	12/31/2024
2001 - 2023 Acquisitions
Jun-01	317 Madison Avenue	Grand Central	100.0%	Fee Interest	450,000	$	105,600	95.0	N/A
Sep-01	1250 Broadway	Penn Station	49.9	Fee Interest	670,000	126,500		97.7	N/A
May-02	1515 Broadway	Times Square	55.0	Fee Interest	1,750,000	483,500		98.0	99.7
Feb-03	220 East 42nd Street	Grand Central	100.0	Fee Interest	1,135,000	265,000		91.9	89.0
Mar-03	125 Broad Street	Downtown	100.0	Fee Interest	525,000	92,000		100.0	N/A
Oct-03	461 Fifth Avenue	Midtown	100.0	Leasehold Interest	200,000	60,900		93.9	98.2
Dec-03	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,000,000		98.8	N/A
Mar-04	19 West 44th Street	Midtown	35.0	Fee Interest	292,000	67,000		86.0	N/A
Jul-04	750 Third Avenue	Grand Central	100.0	Fee Interest	779,000	255,000		100.0	9.5
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	78.9
Oct-04	625 Madison Avenue	Plaza District	100.0	Leasehold Interest	563,000	231,500		68.0	N/A
Feb-05	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	105,000		87.0	N/A
Apr-05	1 Madison Avenue	Park Avenue South	55.0	Fee Interest	1,177,000	803,000		96.0	N/A
Apr-05	5 Madison Avenue Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	115,000		N/A	N/A
Jun-05	19 West 44th Street	Midtown	65.0	Fee Interest	—	91,200		92.2	N/A
Mar-06	521 Fifth Avenue	Midtown	100.0	Leasehold Interest	460,000	210,000		97.0	N/A
Jun-06	609 Fifth Avenue	Midtown	100.0	Fee Interest	160,000	182,000		98.5	N/A
Dec-06	485 Lexington Avenue	Grand Central	70.0	Fee Interest	—	578,000		90.5	78.9
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	84.6
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	78.8
Apr-07	331 Madison Avenue	Grand Central	100.0	Fee Interest	114,900	73,000		97.6	N/A
Apr-07	1745 Broadway	Midtown	32.3	Leasehold Interest	674,000	520,000		100.0	N/A
Jun-07	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	183,000		100.0	N/A
Aug-07	1 Madison Avenue	Park Avenue South	45.0	Fee Interest	1,177,000	1,000,000		99.8	N/A
Dec-07	388 & 390 Greenwich Street	Downtown	50.6	Fee Interest	2,635,000	1,575,000		100.0	N/A
Jan-10	100 Church Street	Downtown	100.0	Fee Interest	1,047,500	181,600		41.3	86.9
May-10	600 Lexington Avenue	Grand Central North	55.0	Fee Interest	303,515	193,000		93.6	N/A
Aug-10	125 Park Avenue	Grand Central	100.0	Fee Interest	604,245	330,000		99.1	95.7
Jan-11	521 Fifth Avenue	Midtown	49.9	Leasehold Interest	460,000	245,700		80.7	N/A
Apr-11	1515 Broadway	Times Square	45.0	Fee Interest	1,750,000	1,210,000		98.5	99.7
May-11	110 East 42nd Street	Grand Central	100.0	Fee Interest	205,000	85,570		72.6	N/A
May-11	280 Park Avenue	Park Avenue	49.5	Fee Interest	1,219,158	1,110,000		78.2	89.0
Nov-11	180 Maiden Lane	Financial East	49.9	Fee Interest	1,090,000	425,680		97.7	N/A
Nov-11	51 East 42nd Street	Grand Central	100.0	Fee Interest	142,000	80,000		95.5	N/A
Feb-12	10 East 53rd Street	Plaza District	55.0	Fee Interest	354,300	252,500		91.9	97.6
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	100.0
Sep-12	641 Sixth Avenue	Midtown South	100.0	Fee Interest	163,000	90,000		92.1	N/A
Dec-12	315 West 36th Street	Times Square South	35.5	Fee Interest	147,619	46,000		99.2	N/A
May-14	388 & 390 Greenwich Street	Downtown	49.4	Fee Interest	2,635,000	1,585,000		100.0	N/A
Jul-15	110 Greene Street	Soho	90.0	Fee Interest	223,600	255,000		84.0	89.3
Aug-15	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	4,650		100.0	N/A
Aug-15	11 Madison Avenue	Park Avenue South	100.0	Fee Interest	2,314,000	2,285,000		71.6	96.1
Dec-15	600 Lexington Avenue	Grand Central North	45.0	Fee Interest	303,515	284,000		95.5	N/A
Oct-17	Worldwide Plaza	Westside	24.4	Fee Interest	2,048,725	1,725,000		100.0	63.3
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	266,000		81.6	60.3
May-19	110 Greene Street	Soho	10.0	Fee Interest	223,600	256,500		93.3	89.3
Jul-20	885 Third Avenue	Midtown / Plaza District	100.0	Fee / Leasehold Interest	625,300	387,932		94.8	74.5
Oct-20	590 Fifth Avenue	Midtown	100.0	Fee Interest	103,300	107,200		90.0	N/A
Jun-22	450 Park Avenue	Park Avenue	25.1	Fee Interest	337,000	445,000		79.8	89.3
Sep-22	245 Park Avenue	Park Avenue	100.0	Fee Interest	1,782,793	1,960,000		91.8	85.4
					42,078,916	$	26,258,062
2024 Acquisitions
Dec-24	10 East 53rd Street	Plaza District	45.0	Fee Interest	354,300	$	236,000	97.6	97.6






					354,300	$	236,000


						Gross Asset Valuation
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF	($'s)		($'s/SF)
2001 - 2023 Dispositions
Jan-01	633 Third Ave	Grand Central North	100.0%	Fee Interest	40,623	$	13,250	$	326
May-01	1 Park Ave	Grand Central South	45.0	Fee Interest	913,000	233,900		256
Jun-01	1412 Broadway	Times Square South	100.0	Fee Interest	389,000	90,700		233
Jul-01	110 East 42nd Street	Grand Central	100.0	Fee Interest	69,700	14,500		208
Sep-01	1250 Broadway	Penn Station	45.0	Fee Interest	670,000	126,500		189
Jun-02	469 Seventh Avenue	Penn Station	100.0	Fee Interest	253,000	53,100		210
Mar-03	50 West 23rd Street	Chelsea	100.0	Fee Interest	333,000	66,000		198
Jul-03	1370 Broadway	Times Square South	100.0	Fee Interest	255,000	58,500		229
Dec-03	321 West 44th Street	Times Square	100.0	Fee Interest	203,000	35,000		172
May-04	1 Park Avenue	Grand Central South	75.0	Fee Interest	913,000	318,500		349
Oct-04	17 Battery Place North	Financial	100.0	Fee Interest	419,000	70,000		167
Nov-04	1466 Broadway	Times Square	100.0	Fee Interest	289,000	160,000		554
Apr-05	1414 Avenue of the Americas	Plaza District	100.0	Fee Interest	111,000	60,500		545
Aug-05	180 Madison Avenue	Grand Central	100.0	Fee Interest	265,000	92,700		350
Jul-06	286 & 290 Madison Avenue	Grand Central	100.0	Fee Interest	149,000	63,000		423
Aug-06	1140 Avenue of the Americas	Rockefeller Center	100.0	Leasehold Interest	191,000	97,500		510
Dec-06	521 Fifth Avenue	Grand Central	50.0	Leasehold Interest	460,000	240,000		522
Mar-07	1 Park Avenue	Grand Central South	100.0	Fee Interest	913,000	550,000		602
Mar-07	70 West 36th Street	Garment	100.0	Fee Interest	151,000	61,500		407
Jun-07	110 East 42nd Street	Grand Central North	100.0	Fee Interest	181,000	111,500		616
Jun-07	125 Broad Street	Downtown	100.0	Fee Interest	525,000	273,000		520
Jun-07	5 Madison Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	200,000		749
Jul-07	292 Madison Avenue	Grand Central South	100.0	Fee Interest	187,000	140,000		749
Jul-07	1372 Broadway	Penn Station/Garment	85.0	Fee Interest	508,000	335,000		659
Nov-07	470 Park Avenue South	Park Avenue South/Flatiron	100.0	Fee Interest	260,000	157,000		604
Jan-08	440 Ninth Avenue	Penn Station	100.0	Fee Interest	339,000	160,000		472
May-08	1250 Broadway	Penn Station	100.0	Fee Interest	670,000	310,000		463
Oct-08	1372 Broadway	Penn Station/Garment	15.0	Fee Interest	508,000	274,000		539
May-10	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,280,000		502
Sep-10	19 West 44th Street	Midtown	100.0	Fee Interest	292,000	123,150		422
May-11	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	161,000		448
Aug-13	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	220,250		638
May-14	673 First Avenue	Grand Central South	100.0	Leasehold Interest	422,000	145,000		344
Sep-15	120 West 45th Street	Midtown	100.0	Fee Interest	440,000	365,000		830
Sep-15	315 West 36th Street	Times Square South	100.0	Fee Interest	148,000	115,000		777
Jun-16	388 & 390 Greenwich Street	Downtown	100.0	Fee Interest	2,635,000	2,000,000		759
Aug-16	11 Madison Avenue	Park Avenue South	40.0	Fee Interest	2,314,000	2,600,000		1,124
Nov-17	1515 Broadway	Times Square	30.0	Fee Interest	1,750,000	1,950,000		1,114
Jan-18	600 Lexington Avenue	Grand Central North	100.0	Fee Interest	303,515	305,000		1,005
Feb-18	1515 Broadway	Times Square	13.0	Fee Interest	1,750,000	1,950,000		1,114
May-18	1745 Broadway	Midtown	56.9	Leasehold Interest	674,000	633,000		939
Nov-18	3 Columbus Circle	Columbus Circle	48.9	Fee Interest	530,981	851,000		1,603
Nov-18	2 Herald Square	Herald Square	49.0	Leasehold Interest	369,000	265,000		718
May-19	521 Fifth Avenue	Grand Central	50.5	Fee Interest	460,000	381,000		828
Dec-20	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	5,200		75
Mar-21	55 West 46th Street - Tower 46	Midtown	25.0	Fee Interest	347,000	275,000		793
Jun-21	635 - 641 Sixth Avenue	Midtown South	100.0	Fee Interest	267,000	325,000		1,217
Jul-21	220 East 42nd Street	Grand Central	49.0	Fee Interest	1,135,000	783,500		690
Oct-21	590 Fifth Avenue	Midtown	100.0	Fee Interest	103,300	103,000		997
Dec-21	110 East 42nd Street	Grand Central	100.0	Fee Interest	215,400	117,075		544
Jun-23	245 Park Avenue	Park Avenue	49.9	Fee Interest	1,782,793	1,995,000		1,119










					29,695,158	$	21,313,825	$	718

2024 Dispositions
Nov-24	One Vanderbilt Avenue	Grand Central	11.0	Fee Interest	1,657,198	$	4,700,000	$	2,836





					1,657,198	$	4,700,000	$	2,836

Interest

Gross Asset

Occupancy (%)

Property

Type of Property

Submarket

Acquired

Type of Ownership

Net Rentable SF

Valuation ($'s)

at acquisition

12/31/2024

2005 - 2023 Acquisitions

Jul-05

1551-1555 Broadway

Retail

Times Square

10.0%

Fee Interest

25,600

85,000

N/A

Jul-05

21 West 34th Street

Retail

Herald Square

50.0

Fee Interest

30,100

17,500

N/A

Sep-05

141 Fifth Avenue

Retail

Flatiron

50.0

Fee Interest

21,500

13,250

N/A

Nov-05

1604 Broadway

Retail

Times Square

63.0

Leasehold Interest

29,876

4,400

17.2

N/A

Dec-05

379 West Broadway

Retail

Cast Iron/Soho

45.0

Leasehold Interest

62,006

19,750

100.0

N/A

Jan-06

25-29 West 34th Street

Retail

Herald Square/Penn Station

50.0

Fee Interest

41,000

30,000

55.8

N/A

Sep-06

717 Fifth Avenue

Retail

Midtown/Plaza District

32.8

Fee Interest

119,550

251,900

63.1

N/A

Aug-07

180 Broadway

Development

Lower Manhattan

50.0

Fee Interest

24,300

13,600

85.2

N/A

Apr-07

Two Herald Square

Land

Herald Square

55.0

Fee Interest

N/A

225,000

N/A

Jul-07

885 Third Avenue

Land

Midtown / Plaza District

55.0

Fee Interest

N/A

317,000

N/A

Feb-08

182 Broadway

Development

Lower Manhattan

50.0

Fee Interest

46,280

30,000

83.8

N/A

Nov-10

Williamsburg Terrace

Retail

Brooklyn, New York

100.0

Fee Interest

52,000

18,000

100.0

N/A

Dec-10

11 West 34th Street

Retail

Herald Square/Penn Station

30.0

Fee Interest

17,150

10,800

100.0

Dec-10

Two Herald Square

Land

Herald Square

45.0

Fee Interest

354,400

247,500

N/A

Dec-10

885 Third Avenue

Land

Midtown / Plaza District

45.0

Fee Interest

607,000

352,000

N/A

Dec-10

292 Madison Avenue

Land

Grand Central South

100.0

Fee Interest

203,800

78,300

N/A

Jan-11

3 Columbus Circle

Redevelopment

Columbus Circle

48.9

Fee Interest

741,500

500,000

20.1

N/A

Aug-11

1552-1560 Broadway

Retail

Times Square

50.0

Fee Interest

35,897

136,550

59.7

12.6

Sep-11

747 Madison Avenue

Retail

Plaza District

33.3

Fee Interest

10,000

66,250

100.0

N/A

Jan-12

DFR Residential and Retail Portfolio

Residential

Plaza District, Upper East Side

80.0

Fee Interests / Leasehold Interest

489,882

193,000

95.1

N/A

Jan-12

724 Fifth Avenue

Retail

Plaza District

50.0

Fee Interest

65,010

223,000

92.9

N/A

Jul-12

West Coast Office Portfolio

West Coast

27.6

Fee Interest

4,473,603

880,104

76.3

N/A

Aug-12

33 Beekman Street

Development

Downtown

45.9

Fee Interest

163,500

31,160

—

N/A

Sep-12

635 Sixth Avenue

Redevelopment

Midtown South

100.0

Fee Interest

104,000

83,000

—

N/A

Oct-12

1080 Amsterdam

Redevelopment

Upper West Side

87.5

Leasehold Interest

82,250

—

2.2

N/A

Dec-12

21 East 66th Street

Retail

Plaza District

32.3

Fee Interest

16,736

75,000

100.0

N/A

Dec-12

985-987 Third Avenue

Redevelopment

Upper East Side

100.0

Fee Interest

13,678

18,000

—

N/A

Dec-12

131-137 Spring Street

Retail

Soho

100.0

Fee Interest

68,342

122,300

100.0

N/A

Mar-13

248-252 Bedford Avenue

Residential

Brooklyn, New York

90.0

Fee Interest

66,611

54,900

—

N/A

Nov-13

650 Fifth Avenue

Retail

Plaza District

50.0

Leasehold Interest

32,324

—

63.6

100.0

Nov-13

315 West 33rd Street - The Olivia

Retail / Residential

Penn Station

100.0

Fee Interest

492,987

386,775

96.6

N/A

Nov-13

562, 570 & 574 Fifth Avenue

Redevelopment

Plaza District

100.0

Fee Interest

66,962

146,222

74.6

N/A

Jul-14

719 Seventh Avenue

Retail

Times Square

75.0

Fee Interest

6,000

41,149

100.0

N/A

Jul-14

115 Spring Street

Retail

Soho

100.0

Fee Interest

5,218

52,000

100.0

Jul-14

752-760 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

21,124

282,415

100.0

Sep-14

121 Greene Street

Retail

Soho

50.0

Fee Interest

7,131

27,400

100.0

N/A

Sep-14

635 Madison Avenue

Land

Plaza District

100.0

Fee Interest

176,530

145,000

N/A

Oct-14

102 Greene Street

Retail

Soho

100.0

Fee Interest

9,200

32,250

100.0

N/A

Oct-14

175-225 Third Street

Redevelopment

Brooklyn, New York

95.0

Fee Interest

—

72,500

—

N/A

Nov-14

55 West 46th Street - Tower 46

Redevelopment

Midtown

100.0

Fee Interest

347,000

295,000

—

N/A

Feb-15

Stonehenge Portfolio

Residential

Various

Fee Interest

2,589,184

40,000

96.5

N/A

Mar-15

1640 Flatbush Avenue

Redevelopment

Brooklyn, New York

100.0

Fee Interest

1,000

6,799

100.0

N/A

Jun-15

Upper East Side Residential

Residential

Upper East Side Residential

90.0

Fee Interest

27,000

50,074

96.4

N/A

Aug-15

187 Broadway & 5-7 Dey Street

Retail

Lower Manhattan

100.0

Fee Interest

73,600

63,690

90.5

N/A

Mar-16

183 Broadway

Retail

Lower Manhattan

100.0

Fee Interest

9,100

28,500

58.3

N/A

Apr-16

605 West 42nd Street - Sky

Residential

Midtown West

20.0

Fee Interest

927,358

759,046

—

N/A

Jul-18

1231 Third Avenue

Residential

Upper East Side

100.0

Fee Interest

38,992

55,355

100.0

N/A

Oct-18

133 Greene Street

Retail

Soho

100.0

Fee Interest

6,425

30,999

100.0

N/A

Dec-18

712 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

6,600

57,996

100.0

N/A

Apr-19

106 Spring Street

Redevelopment

Soho

100.0

Fee Interest

5,928

80,150

—

N/A

May-19

410 Tenth Avenue

Redevelopment

Hudson Yards

70.9

Fee Interest

638,000

440,000

76.3

N/A

Jan-20

762 Madison Avenue

Redevelopment

Plaza District

10.0

Fee Interest

6,109

29,250

55.1

N/A

Jan-20

707 Eleventh Avenue

Redevelopment

Midtown West

100.0

Fee Interest

159,720

90,000

54.3

N/A

Jan-20

126 Nassau Street

Development

Lower Manhattan

100.0

Leasehold Interest

98,412

—

87.3

100.0

Oct-20

85 Fifth Avenue

Retail

Midtown South

36.3

Fee Interest

12,946

59,000

100.0

Sep-21

1591-1597 Broadway

Land

Times Square

100.0

Fee Interest

7,684

121,000

N/A

Sep-21

690 Madison Avenue

Retail

Plaza District

100.0

Fee Interest

7,848

72,221

100.0

Sep-22

5 Times Square

Redevelopment

Times Square

31.6

Leasehold Interest

1,127,931

1,096,714

22.5

N/A

Sep-23

625 Madison Avenue

Land

Plaza District

90.4

Fee Interest

563,000

620,245

N/A

15,436,884

9,279,014

2024 Acquisitions

Jan-24

2 Herald Square

Redevelopment

Herald Square

44.0%

Leasehold Interest

369,000

120,000

43.9

60.3

Mar-24

719 Seventh Avenue

Retail

Times Square

25.0

Fee Interest

10,040

76,500

—

N/A

379,040

196,500


				Interest			Gross Asset Valuation
	Property	Type of Property	Submarket	Sold	Type of Ownership	Net Rentable SF	($'s)		($'s/SF)
2011 - 2023 Dispositions
Sep-11	1551-1555 Broadway	Retail	Times Square	10.0%	Fee Interest	25,600	$	276,757	$	10,811
Feb-12	141 Fifth Avenue	Retail	Flatiron	100.0	Fee Interest	13,000	46,000		3,538
Feb-12	292 Madison Avenue	Land	Grand Central South	100.0	Fee Interest	203,800	85,000		417
Apr-12	379 West Broadway	Retail	Cast Iron/Soho	100.0	Leasehold Interest	62,006	48,500		782
Jun-12	717 Fifth Avenue	Retail	Midtown/Plaza District	50.0	Fee Interest	119,550	617,584		5,166
Sep-12	3 Columbus Circle	Redevelopment	Columbus Circle	29.0	Fee Interest	214,372	143,600		670
Feb-13	44 West 55th Street	Retail	Plaza District	100.0	Fee Interest	8,557	6,250		730
Jun-13	West Coast Office Portfolio	West Coast	Los Angeles, California	100.0	Fee Interest	406,740	111,925		275
Aug-13	West Coast Office Portfolio	West Coast	Fountain Valley, California	100.0	Fee Interest	302,037	66,994		222
Sep-13	West Coast Office Portfolio	West Coast	San Diego, California	100.0	Fee Interest	110,511	45,400		411
Dec-13	27-29 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	15,600	70,052		4,491
Jan-14	21-25 West 34th Street	Retail	Herald Square/Penn Station	100.0	Fee Interest	30,100	114,948		3,819
Mar-14	West Coast Office Portfolio	West Coast		100.0	Fee Interest	3,654,315	756,000		207
May-14	747 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	10,000	160,000		16,000
Jul-14	985-987 Third Avenue	Redevelopment	Upper East Side	100.0	Fee Interest	13,678	68,700		5,023
Sep-14	180-182 Broadway	Redevelopment	Lower Manhattan	100.0	Fee Interest	156,086	222,500		1,425
Nov-14	2 Herald Square	Land	Herald Square/Penn Station	100.0	Fee Interest	354,400	365,000		1,030
Nov-14	55 West 46th Street - Tower 46	Redevelopment	Midtown	75.0	Fee Interest	347,000	295,000		850
Jan-15	180 Maiden Lane	Redevelopment	Financial East	100.0	Fee Interest	1,090,000	470,000		431
Aug-15	131-137 Spring Street	Retail	Soho	80.0	Fee Interest	68,342	277,750		4,064
Dec-15	570 & 574 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	24,327	125,400		5,155
Feb-16	248-252 Bedford Avenue	Residential	Brooklyn, New York	90.0	Fee Interest	66,611	55,000		826
Feb-16	885 Third Avenue	Land	Midtown / Plaza District	100.0	Fee Interest	607,000	453,000		746
May-16	33 Beekman Street	Redevelopment	Downtown	100.0	Fee Interest	163,500	196,000		1,199
Oct-16	400 East 57th Street	Residential	Upper East Side	49.0	Fee Interest	290,482	170,000		585
Apr-17	102 Greene Street	Retail	Soho	90.0	Fee Interest	9,200	43,500		4,728
Sep-17	102 Greene Street	Retail	Soho	10.0	Fee Interest	9,200	43,500		4,728
Apr-18	175-225 Third Street	Redevelopment	Brooklyn, New York	95.0	Fee Interest	—	115,000		—
Jun-18	635 Madison Avenue	Land	Plaza District	100.0	Fee Interest	176,530	153,000		867
Jul-18	724 Fifth Avenue	Retail	Plaza District	50.0	Fee Interest	65,010	365,000		5,615
Oct-18	72nd Street Assemblage & 1231 Third Avenue	Residential	Upper East Side	Various	Fee Interest	—	143,800		—
Jan-19	131-137 Spring Street	Retail	Soho	20.0	Fee Interest	68,342	216,000		3,161
Aug-19	115 Spring Street	Retail	Soho	49.0	Fee Interest	5,218	66,050		12,658
Dec-19	562 Fifth Avenue	Redevelopment	Plaza District	100.0	Fee Interest	42,635	52,393		1,229
Dec-19	1640 Flatbush Avenue	Redevelopment	Brooklyn, New York	100.0	Fee Interest	1,000	16,150		16,150
Mar-20	315 West 33rd Street - The Olivia	Retail / Residential	Penn Station	100.0	Fee Interest	492,987	446,500		906
May-20	609 Fifth Avenue - Retail Condominium	Retail	Rockefeller Center	100.0	Fee Interest	21,437	168,000		7,837
Sep-20	400 East 58th Street	Residential	Upper East Side	90.0	Fee Interest	140,000	62,000		443
Dec-20	410 Tenth Avenue	Redevelopment	Hudson Yards	70.9	Fee Interest	638,000	952,500		1,493
Dec-20	Williamsburg Terrace	Retail	Brooklyn, New York	100.0	Fee Interest	52,000	32,000		615
Jan-21	712 Madison Avenue	Retail	Plaza District	100.0	Fee Interest	6,600	43,000		6,515
Feb-21	133 Greene Street	Retail	Soho	100.0	Fee Interest	6,425	15,796		2,459
Mar-21	106 Spring Street	Redevelopment	Soho	100.0	Fee Interest	5,928	34,024		5,740
Jun-21	605 West 42nd Street - Sky	Residential	Westside	20.0	Fee Interest	927,358	858,100		925
Sep-21	400 East 57th Street	Residential	Upper East Side	41.0	Fee Interest	290,482	133,500		460
Feb-22	707 Eleventh Avenue	Redevelopment	Midtown West	100.0	Fee Interest	159,720	95,000		595
Apr-22	1080 Amsterdam	Residential	Upper West Side	92.5	Leasehold Interest	82,250	42,650		519
May-22	1591-1597 Broadway	Land	Times Square	100.0	Fee Interest	7,684	121,000		15,747
Jun-22	609 Fifth Avenue	Redevelopment	Rockefeller Center	100.0	Fee Interest	138,563	100,500		725
Dec-22	885 Third Avenue - Condominium	Redevelopment	Midtown / Plaza District	100.0	Fee / Leasehold Interest	414,317	300,400		725
Feb-23	121 Greene Street	Retail	Soho	50.0	Fee Interest	7,131	14,000		1,963
Dec-23	21 East 66th Street	Retail	Plaza District	32.3	Fee Interest	13,069	40,574		3,105








						12,138,700	$	9,921,297	$	817
2024 Dispositions
Jan-24	717 Fifth Avenue	Retail	Midtown / Plaza District	10.9%	Fee Interest	119,550	$	963,000	$	8,055
May-24	625 Madison Avenue	Redevelopment	Plaza District	90.4	Fee Interest	563,000	634,600		1,127
Jun-24	719 Seventh Avenue	Retail	Times Square	100.0	Fee Interest	10,040	30,500		3,038
Oct-24	5 Times Square	Redevelopment	Times Square	31.6	Leasehold Interest	1,127,931	1,165,587		1,033







						1,820,521	$	2,793,687	$	1,535


						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s)		at acquisition	12/31/2024
2007 - 2024 Acquisitions
Jan-07	300 Main Street	Stamford, Connecticut	100.0%	Fee Interest	130,000	$	15,000	92.5	N/A
Jan-07	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	31,600		96.6	N/A
Jan-07	Reckson - Connecticut Portfolio	Stamford, Connecticut	100.0	Fee Interests / Leasehold Interest	1,369,800	490,750		88.9	72.6
Jan-07	Reckson - Westchester Portfolio	Westchester	100.0	Fee Interests / Leasehold Interest	2,346,100	570,190		90.6	N/A
Apr-07	Jericho Plaza	Jericho, New York	20.3	Fee Interest	640,000	210,000		98.4	N/A
Jun-07	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	38,000		95.6	N/A
Jun-07	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	56,000		94.4	N/A
Jul-07	16 Court Street	Brooklyn, New York	35.0	Fee Interest	317,600	107,500		80.6	N/A
Aug-07	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	6,700		52.9	N/A
Sep-07	The Meadows	Rutherford, New Jersey	25.0	Fee Interest	582,100	111,500		81.3	N/A
Jan-08	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,364		—	N/A
Dec-10	7 Renaissance Square	White Plains, New York	50.0	Fee Interest	65,641	4,000		—	N/A
Apr-13	16 Court Street	Brooklyn, New York	49.0	Fee Interest	317,600	96,200		84.9	N/A





















					6,541,741	$	1,766,804

						Gross Asset
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF	Valuation ($'s)			Price ($'s/SF)
2008 - 2023 Dispositions
Oct-08	100 & 120 White Plains Road	Tarrytown, New York	100.0%	Fee Interest	211,000	$	48,000		$	227
Jan-09	55 Corporate Drive	Bridgewater, New Jersey	100.0	Fee Interest	670,000	230,000			343
Aug-09	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	20,767			143
Jul-12	One Court Square	Long Island City, New York	100.0	Fee Interest	1,402,000	481,100			343
Sep-13	300 Main Street	Stamford, Connecticut	100.0	Fee Interest	130,000	13,500			104
Aug-15	The Meadows	Rutherford, New Jersey	100.0	Fee Interest	582,100	121,100			208
Dec-15	140 Grand Street	White Plains, New York	100.0	Fee Interest	130,100	22,400			172
Dec-15	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	9,600			113
Mar-16	7 Renaissance Square	White Plains, New York	100.0	Fee Interest	65,641	21,000			320
Jul-16	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	41,000			337
Apr-17	520 White Plains Road	Tarrytown, New York	100.0	Fee Interest	180,000	21,000			117
Jul-17	680 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest	133,000	42,011			316
Jul-17	750 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest	192,000	53,745			280
Oct-17	16 Court Street	Brooklyn, New York	100.0	Fee Interest	317,600	171,000			538
Oct-17	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,500			106
May-18	115-117 Stevens Avenue	Valhalla, New York	100.0	Fee Interest	178,000	12,000			67
Jun-18	Jericho Plaza	Jericho, New York	11.7	Fee Interest	640,000	117,400			183
Jul-18	1-6 International Drive	Rye Brook, New York	100.0	Fee Interest	540,000	55,000			102
Nov-19	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	23,100			161
Dec-19	100 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	250,000	41,580			166
Dec-19	200 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	245,000	37,943			155
Dec-19	500 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest	228,000	34,185			150
Dec-19	360 Hamilton Avenue	White Plains, New York	100.0	Fee Interest	384,000	115,452			301
Dec-20	1055 Washington Boulevard	Stamford, Connecticut	100.0	Leasehold Interest	182,000	23,750			130





















					7,433,341	$	1,786,133		$	240

2024 Dispositions
Jul-24	Palisades Premier Conference Center	Orangetown, New York	100.0	Fee Interest	450,000	$	26,250		$	58
					450,000	$	26,250		$	58


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES	Three Months Ended				Twelve Months Ended
Operating income and Same-store NOI Reconciliation	December 31,				December 31,
	2024		2023		2024		2023

Net income (loss)	$	19,138	$	(160,058)	$	30,222	$	(599,337)

Depreciable real estate reserves	38,232		76,847		104,071		382,374
Depreciable real estate reserves in unconsolidated joint venture	263,190		—		263,190		—
Loss (Gain) on sale of real estate, net	1,705		4,557		(3,025)		32,370
Purchase price and other fair value adjustments	(125,287)		10,273		(88,966)		17,260
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	(189,138)		13,289		(208,144)		13,368

Depreciation and amortization	53,436		49,050		207,443		247,810
SUMMIT Operator tax expense	1,949		2,320		730		9,201
Amortization of deferred financing costs	1,734		1,510		6,619		7,837
Interest expense, net of interest income	38,153		27,400		147,220		137,114
Interest expense on senior obligations of consolidated securitization vehicles	11,304		—		14,634		—
Operating income	114,416		25,188		473,994		247,997

Equity in net loss (income) from unconsolidated joint ventures	16,562		32,039		(83,495)		76,509
Marketing, general and administrative expense	22,827		42,257		85,187		111,389

Transaction related costs	138		16		401		1,099
Loan loss and other investment reserves, net of recoveries	—		—		—		6,890
SUMMIT Operator expenses	28,792		24,887		111,739		101,211
(Gain) Loss on early extinguishment of debt	(25,985)		870		(43,762)		870
Investment income	(5,415)		(6,856)		(24,353)		(34,705)
Interest income from real estate loans held by consolidated securitization vehicles	(14,209)		—		(18,980)		—
SUMMIT Operator revenue	(38,571)		(35,240)		(133,214)		(118,260)
Non-building revenue	(20,704)		(10,935)		(68,881)		(44,568)
Net operating income (NOI)	77,851		72,226		298,636		348,432

Equity in net (loss) income from unconsolidated joint ventures	(16,562)		(32,039)		83,495		(76,509)
SLG share of unconsolidated JV depreciation and amortization	67,046		69,588		275,098		266,340
SLG share of unconsolidated JV amortization of deferred financing costs	3,459		2,876		11,334		12,005
SLG share of unconsolidated JV interest expense, net of interest income	67,099		73,012		276,852		272,217

SLG share of unconsolidated JV gain on early extinguishment of debt	—		—		(172,369)		—
SLG share of unconsolidated JV investment income	(5,048)		(320)		(11,513)		(1,271)
SLG share of unconsolidated JV non-building revenue	147		106		(3,051)		(14,336)
NOI including SLG share of unconsolidated JVs	193,992		185,449		758,482		806,878

NOI from other properties/affiliates	(38,211)		(26,870)		(140,923)		(163,399)
Same-Store NOI	155,781		158,579		617,559		643,479

Straight-line and free rent	810		(1,185)		323		(11,989)
Amortization of acquired above and below-market leases, net	830		88		2,578		560
Operating lease straight-line adjustment	204		204		815		815
SLG share of unconsolidated JV straight-line and free rent	(5,024)		(2,265)		(9,687)		(17,481)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net	(4,409)		(4,407)		(17,635)		(17,161)
SLG share of unconsolidated JV operating lease straight-line adjustment	—		—		—		—
Same-store cash NOI	$	148,192	$	151,014	$	593,953	$	598,223

Lease termination income	(2,737)		(1,102)		(6,338)		(4,054)
SLG share of unconsolidated JV lease termination income	—		(369)		(3,055)		(2,251)
Same-store cash NOI excluding lease termination income	$	145,455	$	149,543	$	584,560	$	591,918


EQUITY COVERAGE

Firm	Analyst	Phone	Email
B of A Securities	Jeff Spector	(646) 855-1363	jeff.spector@bofa.com
Barclays	Brendan Lynch	(212) 526-9428	brendan.lynch@barclays.com
BMO Capital Markets Corp.	John P. Kim	(212) 885-4115	JohnP.Kim@bmo.com
BTIG	Thomas Catherwood	(212) 738-6140	tcatherwood@btig.com
Citi	Michael Griffin	(212) 816-5871	michael.a.griffin@citi.com
Deutsche Bank	Omotayo Okusanya	(212) 250-9284	omotayo.okusanya@db.com
Goldman Sachs & Co.	Caitlin Burrows	(212) 902-4736	caitlin.burrows@gs.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
Jefferies	Peter Abramowitz	(212) 336-7241	pabramowitz@jefferies.com
JP Morgan Securities	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
Mizuho Securities USA	Vikram Malhotra	(212) 282-3827	vikram.malhotra@mizuhogroup.com
Morgan Stanley & Co.	Ronald Kamdem	(212) 296-8319	ronald.kamdem@morganstanley.com
Piper Sandler	Alexander Goldfarb	(212) 466-7937	alexander.goldfarb@psc.com
Scotiabank	Nicholas Yulico	(212) 225-6904	nicholas.yulico@scotiabank.com
Truist Securities	Michael Lewis	(212) 319-5659	michael.r.lewis@truist.com
Wells Fargo	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	(646) 582-9250	arosivach@wolferesearch.com


Added to Same-Store in 2024:			Removed from Same-Store in 2024:
885 Third Avenue			717 Fifth Avenue (disposed)
450 Park Avenue			719 Seventh Avenue (ASP)
			Worldwide Plaza (ASP)
			115 Spring Street (ASP)
			11 West 34th Street (ASP)
			650 Fifth Avenue (ASP)
			1552-1560 Broadway (ASP)



NOI Summary by Portfolio (1) - SLG Share

	Three Months Ended				Twelve Months Ended
	December 31, 2024				December 31, 2024
	NOI		Cash NOI		NOI		Cash NOI

Manhattan Office	$	165,675	$	154,648	$	667,747	$	632,032
Development / Redevelopment	6,090		416		12,389		6,898
High Street Retail	5,212		4,138		15,660		11,852
Suburban & Residential	4,079		3,915		19,273		18,643
Total Operating and Development	181,056		163,117		715,069		669,425
Alternative Strategy Portfolio	9,816		7,405		44,066		42,006
Property Dispositions (2)	863		754		4,710		3,122
Other (3)	15,373		14,862		27,206		27,708
Total	$	207,108	$	186,138	$	791,051	$	742,261

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


Marc Holliday			Neil H. Kessner
Chairman, Chief Executive Officer and			Executive Vice President, General
Interim President			Counsel - Real Property

Matthew J. DiLiberto			Maggie Hui
Chief Financial Officer			Chief Accounting Officer

Andrew S. Levine			Harrison Sitomer
Chief Legal Officer - General Counsel, EVP			Chief Investment Officer

Steven M. Durels			Robert Schiffer
Executive Vice President, Director of			Executive Vice President, Development
Leasing and Real Property
			Brett Herschenfeld
Edward V. Piccinich			Executive Vice President, Retail and Opportunistic
Chief Operating Officer			Investment





Definitions	4

Highlights	6	-	11

Comparative Balance Sheets	12

Comparative Statements of Operations	14

Comparative Computation of FFO and FAD	15

Consolidated Statement of Equity	16

Joint Venture Statements	17	-	18

Selected Financial Data	20	-	23

Debt Summary Schedule	24	-	26

Derivative Summary Schedule	27

Lease Liability Schedule	28

Debt and Preferred Equity Investments	29	-	31

Selected Property Data
Property Portfolio	32	-	36
Largest Tenants	37
Tenant Diversification	38
Leasing Activity	39	-	40
Lease Expirations	41	-	43

Summary of Real Estate Acquisition/Disposition Activity	44	-	48

Non-GAAP Disclosures and Reconciliations	49

Analyst Coverage	52

Executive Management	53



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



KEY FINANCIAL DATA Manhattan Properties (1) Unaudited (Dollars in Thousands Except Per Share)



COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



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



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



CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)



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



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



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



TABLE OF CONTENTS



DEFINITIONS



DEFINITIONS



FOURTH QUARTER 2024 HIGHLIGHTS Unaudited



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



DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)



DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



DEBT COMPOSITION AND CORPORATE DEBT COVENANTS Unaudited (Dollars in Thousands)



Composition of Debt

		Core Portfolio			Alternative Strategy Portfolio			Total
Fixed Rate Debt
	Consolidated	$	3,257,474		$	—		$	3,257,474
	SLG Share of JV	5,454,065			365,331			5,819,396
	Total Fixed Rate Debt	$	8,711,539	96.0%	$	365,331	63.7%	$	9,076,870	94.1%

Floating Rate Debt
	Consolidated	$	363,550		$	—		$	363,550
	SLG Share of JV	—			208,466			208,466
		363,550		4.0%	208,466		36.3%	572,016		5.9%
	Debt & Preferred Equity and CMBS Investments	(187,250)		(2.1)%	(53,533)		(9.3)%	(240,783)		(2.5)%
	Total Floating Rate Debt	$	176,300	1.9%	$	154,933	27.0%	$	331,233	3.4%

	Total Debt	$	9,075,089		$	573,797		$	9,648,886



DERIVATIVE SUMMARY SCHEDULE Unaudited (Dollars in Thousands)



SUMMARY OF LEASE LIABILITIES Unaudited (Dollars in Thousands)



DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)


	Book Value						Senior		Weighted Average			Weighted Average		Weighted Average Yield
Type of Investment	Floating rate		Fixed rate		Total		Financing		Exposure PSF (1)			Yield During Quarter (2)		At End Of Quarter (2) (3)





Mezzanine Debt	$	117,006	$	50,000	$	167,006	$	812,021		$	592		6.05%		6.02%

Preferred Equity	—		136,720		136,720		250,000			$	785		6.46%		6.55%

Joint Venture Preferred Equity	—		214,657		214,657		206,321			$	764		8.76%		8.86%

Balance as of 12/31/2024	$	117,006	$	401,377	$	518,383				$	713		7.26%		7.30%


	Debt and Preferred Equity Maturity Profile
	2025		2026		2027		2028		2029 & Thereafter
Floating Rate	$	62,525	$	54,481	$	—	$	—	$	—
Fixed Rate	30,000		214,657		136,720		—		20,000
Sub-total	$	92,525	$	269,138	$	136,720	$	—	$	20,000



SELECTED PROPERTY DATA Manhattan Operating Properties Unaudited (Dollars in Thousands)



SELECTED PROPERTY DATA Retail, Residential and Suburban Operating Properties Unaudited (Dollars in Thousands)



SELECTED PROPERTY DATA Development / Redevelopment & Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands)



SELECTED PROPERTY DATA Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands)



SELECTED PROPERTY DATA - CONTINUED Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands)



LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT (1) Unaudited (Dollars in Thousands Except Per SF)



LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited



LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited



LEASE EXPIRATIONS Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Wholly-Owned and Consolidated JV's Unaudited



SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan Office Unaudited (Dollars in Thousands)