8-K - SLG - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

January 22, 2025

SL GREEN REALTY CORP.

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation or organization)

1-13199	13-3956775
(Commission File Number)	(I.R.S. Employer Identification No.)
One Vanderbilt Avenue		10017
---	---	---
New York,	New York	(Zip Code)
(Address of principal executive offices)

(212) 594-2700

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Registrant	Trading Symbol	Title of Each Class	Name of Each Exchange on Which Registered
SL Green Realty Corp.	SLG	Common Stock, $0.01 par value	New York Stock Exchange
SL Green Realty Corp.	SLG.PRI	6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [☐]

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

Item 2.02. Results of Operations and Financial Condition

Following the issuance of a press release on January 22, 2025 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended December 31, 2024, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

The information (including Exhibits 99.1 and 99.2) being furnished pursuant to this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01. Regulation FD Disclosure

As discussed in Item 2.02 above, on January 22, 2025, the Company issued a press release announcing its results for the quarter ended December 31, 2024.

The information being furnished pursuant to this “Item 7.01. Regulation FD Disclosure” shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Press release regarding results for the quarter ended December 31, 2024.

99.2 Supplemental package.

Non-GAAP Supplemental Financial Measures

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.

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

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.

FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

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.

The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

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.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Coverage Ratios

The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SL GREEN REALTY CORP.
	/s/ Matthew J. DiLiberto
	Matthew J. DiLiberto
	Chief Financial Officer
Date: January 23, 2025

Document

Exhibit 99.1

SL GREEN REALTY CORP. REPORTS

FOURTH QUARTER 2024 EPS OF $0.13 PER SHARE;

AND FFO OF $1.81 PER SHARE

Financial and Operating Highlights

•Net income attributable to common stockholders of $0.13 per share for the fourth quarter of 2024 as compared to net loss of $2.45 per share for the same period in 2023.

•Funds from operations ("FFO") of $1.81 per share for the fourth quarter of 2024, 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 $0.72 per share for the same period in 2023.

•FFO of $8.11 per share for the full year, inclusive of $216.1 million, or $3.08 per share, of gains on discounted debt extinguishments and $5.3 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives, as compared to $4.94 for the same period in 2023.

•Signed 48 Manhattan office leases covering 1,789,996 square feet in the fourth quarter of 2024 and 188 Manhattan office leases covering 3,607,924 square feet for the full year. The mark-to-market on signed Manhattan office leases was 9.0% higher for the fourth quarter and 8.5% higher for the full year than the previous fully escalated rents on the same spaces.

•Same-store cash net operating income ("NOI"), including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased 2.7% for the fourth quarter and 1.2% for the full year, excluding lease termination income, as compared to the same periods in 2023.

•Manhattan same-store office occupancy increased to 92.5% as of December 31, 2024, inclusive of leases signed but not yet commenced.

Investing Highlights

•Closed on the sale of an 11.0% interest in One Vanderbilt Avenue for a gross asset valuation of $4.7 billion. The transaction generated net proceeds to the Company of $189.5 million.

•Closed on the sale of 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.

•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.

•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 all outstanding debt obligations.

•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.

Financing Highlights

•The Company repaid the previous $60.9 million mortgage on 690 Madison Avenue for a net payment of $32.1 million.

•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. The lenders also provided a new $70.0 million future funding facility for leasing costs at the property.

•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.

•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%.

•Closed on a modification and extension of a $100.0 million funded term loan component of the Company's 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.

•Inclusive of the above, the Company completed $5.3 billion of strategic debt refinancings, modifications and extensions in 2024.

Special Servicing and Asset Management Highlights

•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.

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.

Company Profile

SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2024, SL Green held interests in 54 buildings totaling 30.6 million square feet. This included ownership interests in 27.0 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com.

Disclaimers

Non-GAAP Financial Measures

During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.

Forward-looking Statements

This press release 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 press release 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 press release 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.

SL GREEN REALTY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
Revenues:	2024		2023		2024		2023
Rental revenue, net	$	139,613	$	131,927	$	542,995	$	603,694
Escalation and reimbursement revenues	17,317		19,430		63,004		79,641
SUMMIT Operator revenue	38,571		35,240		133,214		118,260
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		—
Other income	30,754		18,271		103,726		77,410
Total revenues	245,879		211,724		886,272		913,710
Expenses:
Operating expenses, including related party expenses of $5 and $7 in 2024 and $2 and $5 in 2023	50,150		48,090		189,598		196,696
Real estate taxes	33,692		31,294		128,187		143,757
Operating lease rent	5,287		7,083		24,423		27,292
SUMMIT Operator expenses	28,792		24,887		111,739		101,211
Interest expense, net of interest income	38,153		27,400		147,220		137,114
Amortization of deferred financing costs	1,734		1,510		6,619		7,837
SUMMIT Operator tax expense	1,949		2,320		730		9,201
Interest expense on senior obligations of consolidated securitization vehicles	11,304		—		14,634		—
Depreciation and amortization	53,436		49,050		207,443		247,810
Loan loss and other investment reserves, net of recoveries	—		—		—		6,890
Transaction related costs	138		16		401		1,099
Marketing, general and administrative	22,827		42,257		85,187		111,389
Total expenses	247,462		233,907		916,181		990,296
Equity in net loss from unconsolidated joint ventures	(279,752)		(32,039)		(179,695)		(76,509)
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	189,138		(13,289)		208,144		(13,368)
Purchase price and other fair value adjustments	125,287		(10,273)		88,966		(17,260)
(Loss) Gain on sale of real estate, net	(1,705)		(4,557)		3,025		(32,370)
Depreciable real estate reserves	(38,232)		(76,847)		(104,071)		(382,374)
Gain (Loss) on early extinguishment of debt	25,985		(870)		43,762		(870)
Net income (loss)	19,138		(160,058)		30,222		(599,337)
Net income (loss) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	(663)		9,972		(497)		37,465
Noncontrolling interests in other partnerships	(3,222)		109		928		4,568
Preferred units distributions	(2,158)		(1,903)		(8,643)		(7,255)
Net income (loss) attributable to SL Green	13,095		(151,880)		22,010		(564,559)
Perpetual preferred stock dividends	(3,737)		(3,737)		(14,950)		(14,950)
Net income (loss) attributable to SL Green common stockholders	$	9,358	$	(155,617)	$	7,060	$	(579,509)
Earnings Per Share (EPS)
Basic earnings (loss) per share	$	0.13	$	(2.45)	$	0.08	$	(9.12)
Diluted earnings (loss) per share	$	0.13	$	(2.45)	$	0.08	$	(9.12)
Funds From Operations (FFO)
Basic FFO per share	$	1.87	$	0.72	$	8.29	$	4.98
Diluted FFO per share	$	1.81	$	0.72	$	8.11	$	4.94
Basic ownership interest
Weighted average REIT common shares for net income per share	67,167		63,885		65,062		63,809
Weighted average partnership units held by noncontrolling interests	3,487		4,129		3,674		4,163
Basic weighted average shares and units outstanding	70,654		68,014		68,736		67,972
Diluted ownership interest
Weighted average REIT common share and common share equivalents	69,428		65,171		66,594		64,869
Weighted average partnership units held by noncontrolling interests	3,487		4,129		3,674		4,163
Diluted weighted average shares and units outstanding	72,915		69,300		70,268		69,032

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except per share data)

	December 31,		December 31,
	2024		2023
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,357,041	$	1,092,671
Building and improvements	3,862,224		3,655,624
Building leasehold and improvements	1,388,476		1,354,569
	6,607,741		6,102,864
Less: accumulated depreciation	(2,126,081)		(1,968,004)
	4,481,660		4,134,860
Cash and cash equivalents	184,294		221,823
Restricted cash	147,344		113,696
Investment in marketable securities	22,812		9,591
Tenant and other receivables	44,055		33,270
Related party receivables	26,865		12,168
Deferred rents receivable	266,428		264,653
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,618 and $1,630 in 2024 and 2023, respectively, and allowances of $13,520 and $13,520 in 2024 and 2023, respectively	303,726		346,745
Investments in unconsolidated joint ventures	2,690,138		2,983,313
Deferred costs, net	117,132		111,463
Right-of-use assets - operating leases	865,639		885,929
Real estate loans held by consolidated securitization vehicles (includes $584,134 and $— at fair value as of December 31, 2024 and December 31, 2023, respectively)	709,095		—
Other assets	598,752		413,670
Total assets	$	10,457,940	$	9,531,181
Liabilities
Mortgages and other loans payable	$	1,951,024	$	1,497,386
Revolving credit facility	320,000		560,000
Unsecured term loan	1,150,000		1,250,000
Unsecured notes	100,000		100,000
Deferred financing costs, net	(14,242)		(16,639)
Total debt, net of deferred financing costs	3,506,782		3,390,747
Accrued interest payable	2,727		17,930
Accounts payable and accrued expenses	122,674		153,164
Deferred revenue	164,887		134,053
Lease liability - financing leases	106,853		105,531
Lease liability - operating leases	810,989		827,692
Dividend and distributions payable	21,816		20,280
Security deposits	60,331		49,906
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Senior obligations of consolidated securitization vehicles (includes $567,487 and $— at fair value as of December 31, 2024 and December 31, 2023, respectively)	590,131		—
Other liabilities (includes $251,096 and $— at fair value as of December 31, 2024 and December 31, 2023, respectively)	415,794		471,401
Total liabilities	5,902,984		5,270,704
Commitments and contingencies
Noncontrolling interests in Operating Partnership	288,941		238,051
Preferred units and redeemable equity	196,064		166,501
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both December 31, 2024 and December 31, 2023	221,932		221,932
Common stock, $0.01 par value 160,000 shares authorized, 71,097 and 65,786 issued and outstanding (including — and 1,060 held in Treasury) at December 31, 2024 and December 31, 2023, respectively	711		660
Additional paid-in capital	4,159,562		3,826,452
Treasury stock at cost	—		(128,655)
Accumulated other comprehensive income	18,196		17,477
Retained deficit	(449,101)		(151,551)
Total SL Green Realty Corp. stockholders’ equity	3,951,300		3,786,315
Noncontrolling interests in other partnerships	118,651		69,610
Total equity	4,069,951		3,855,925
Total liabilities and equity	$	10,457,940	$	9,531,181

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
Funds From Operations (FFO) Reconciliation:	2024		2023		2024		2023
Net income (loss) attributable to SL Green common stockholders	$	9,358	$	(155,617)	$	7,060	$	(579,509)
Add:
Depreciation and amortization	53,436		49,050		207,443		247,810
Joint venture depreciation and noncontrolling interest adjustments	69,636		73,062		287,671		284,284
Net income (loss) attributable to noncontrolling interests	3,885		(10,081)		(431)		(42,033)
Less:
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	189,138		(13,289)		208,144		(13,368)
Purchase price and other fair value adjustments	117,195		—		83,430		(6,813)
(Loss) Gain on sale of real estate, net	(1,705)		(4,557)		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		4,583		4,136
FFO attributable to SL Green common stockholders and unit holders	$	131,883	$	49,693	$	569,822	$	341,341

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
Operating income and Same-store NOI Reconciliation:	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
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 (loss) income	(148,774)		25,188		210,804		247,997
Equity in net loss from unconsolidated joint ventures	279,752		32,039		179,695		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 from unconsolidated joint ventures	(279,752)		(32,039)		(179,695)		(76,509)
SLG share of unconsolidated JV depreciable real estate reserves	263,190		—		263,190		—
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

SL GREEN REALTY CORP.

NON-GAAP FINANCIAL MEASURES - DISCLOSURES

Funds from Operations (FFO)

Funds Available for Distribution (FAD)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Net Operating Income (NOI) and Cash NOI

Coverage Ratios

SLG-EARN

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.

Supplemental Information	2	Fourth Quarter 2024
TABLE OF CONTENTS
---		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			Supplemental Information	3	Fourth Quarter 2024
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DEFINITIONS
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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.

Supplemental Information	4	Fourth Quarter 2024
DEFINITIONS
---

Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development and redevelopment properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2024 are as follows:

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)

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

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

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

Supplemental Information	5	Fourth Quarter 2024
FOURTH QUARTER 2024 HIGHLIGHTS<br><br><br><br>Unaudited
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All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Supplemental Information	6	Fourth Quarter 2024
FOURTH QUARTER 2024 HIGHLIGHTS<br><br><br><br>Unaudited
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