NYSE: SLG-PI

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

(2)As of December 31, 2025, we owned a building at 7 Dey Street / 185 Broadway that was comprised of approximately 140,382 square feet of residential space and approximately 50,206 square feet of office and retail space. For the purpose of this report, we have included this building in the number of residential properties we own. However, we have included only the residential square footage in the residential approximate square footage, and have listed the balance of the square footage as development square footage.

As of December 31, 2025, we also managed one office building and one retail building owned by third parties encompassing approximately 0.4 million square feet.

Our corporate offices are located in midtown Manhattan at One Vanderbilt Avenue, New York, New York 10017. As of December 31, 2025, we employed 1,289 employees, 337 of whom were employed in our corporate offices. We maintain a website at www.slgreen.com and can be contacted by email at investor.relations@slgreen.com. On our website, you can obtain, free of charge, a copy of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we file such material electronically with, or furnish it to, the Securities and Exchange Commission, or the SEC. We have also made available on our website our audit committee charter, compensation committee charter, nominating and corporate governance committee charter, code of business conduct and ethics and corporate governance principles. We do not intend for information contained on our website to be part of this annual report on Form 10-K. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

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Unless the context requires otherwise, all references to the "Company," "SL Green," "we," "our" and "us" in this annual report means SL Green Realty Corp., a Maryland corporation, and one or more of its subsidiaries, including the Operating Partnership, or, as the context may require, SL Green only or the Operating Partnership only, and "S.L. Green Properties" means S.L. Green Properties, Inc., a New York corporation, as well as the affiliated partnerships and other entities through which Stephen L. Green historically conducted commercial real estate activities.

Corporate Structure

In connection with the Company's initial public offering, or IPO, in August 1997, the Operating Partnership received a contribution of interests in real estate properties as well as a 95% economic, non-voting interest in the management, leasing and construction companies affiliated with S.L. Green Properties. We refer to these management, leasing and construction entities, which are owned by S.L. Green Management Corp, as the "Service Corporation." The Company is organized to qualify, and has elected to qualify, as a REIT, under the Internal Revenue Code of 1986, as amended, or the Code.

Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. We are the sole managing general partner of the Operating Partnership, and as of December 31, 2025, we owned 93.58% of its economic interests. All of the management and leasing operations with respect to our wholly owned properties are conducted through SL Green Management LLC, or Management LLC. The Operating Partnership owns 100% of Management LLC.

In order to maintain the Company's qualification as a REIT while realizing income from management, leasing and construction contracts with third parties and joint venture properties, all of these service operations are conducted through the S.L. Green Management Corp, or the Service Corporation, a consolidated variable interest entity. We, through our Operating Partnership, receive substantially all of the cash flow from the Service Corporation's operations. All of the voting common stock of the Service Corporation is held by an entity owned and controlled by Stephen L. Green, who serves as a member and as the chairman emeritus of the Company's Board of Directors.

Business and Growth Strategies

SL Green, Manhattan's largest owner of office real estate, is focused primarily on the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of Manhattan commercial properties, principally office properties.

Our primary business objective is to maximize the total return to stockholders. The commercial real estate expertise resulting from owning, operating, investing, developing, redeveloping and lending on real estate in Manhattan for many decades has enabled us to invest in premier office properties, selected retail and residential assets, and high-quality debt and preferred equity investments.

We are led by a strong, experienced management team that provides a foundation of skills in all aspects of real estate. It is with this team that we have achieved a market leading position in our targeted submarkets.

We seek to enhance the value of our company by executing strategies that include the following:

•Leasing and property management, which capitalizes on our extensive presence and knowledge of the marketplaces in which we operate;

•Acquiring properties and employing our local market skills to reposition these assets to create incremental cash flow and value appreciation;

•Identifying properties well suited for development/redevelopment in order to maximize the value of those properties through development/redevelopment or reconfiguration to match current workplace, retail and housing trends;

•Investing in CMBS and debt and preferred equity positions that generate consistently strong risk-adjusted returns, increase the breadth of our market insight, foster key market relationships and source potential future investment and special servicing opportunities;

•Executing dispositions through sales or joint ventures that harvest embedded equity which has been generated through management's value enhancing activities; and

•Maintaining a prudently levered, liquid balance sheet with consistent access to diversified sources of property level and corporate capital.

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Leasing and Property Management

We seek to capitalize on our management's extensive knowledge of Manhattan and the New York metropolitan area and the needs of our tenants through proactive leasing and management programs, which include: (i) use of in-depth market experience resulting from managing and leasing tens of millions of square feet of office, retail and residential space since the Company was founded; (ii) careful tenant management, which results in a high tenant retention rate, long average lease terms and a manageable lease expiration schedule; (iii) utilization of an extensive network of third-party brokers to supplement our in-house leasing team; (iv) use of comprehensive building management analysis and planning; and (v) a commitment to tenant satisfaction by understanding and appreciating our tenant's businesses and the environment in which they are operating, while providing high quality tenant services at competitive rental rates.

Property Acquisitions

We acquire properties for long-term value appreciation and cash flow growth. This strategy has resulted in capital gains that increase our investment capital base. In implementing this strategy, we continually evaluate potential acquisition opportunities. These opportunities may come from new properties as well as the acquisition of properties in which we already hold a joint venture interest or, from time to time, from our debt and preferred equity investments.

Through intimate knowledge of our market, we have developed an ability to source transactions with superior risk-adjusted returns by capturing off-market opportunities. In rising markets, we primarily seek to acquire strategic vacancies that provide the opportunity to take advantage of our exceptional leasing and repositioning capabilities to increase cash flow and property value. In stable or falling markets, we primarily target assets featuring credit tenancies with fully escalated in-place rents to provide cash flow stability near-term and the opportunity for increases over time.

We believe that we have many advantages over our competitors in acquiring core and non-core properties, both directly and through our joint venture program that includes a predominance of high-quality institutional investors. Those advantages include: (i) senior management's long-tenured experience leading a full-service, fully integrated real estate company focused, principally, on the Manhattan market; (ii) the ability to offer tax-efficient structures to sellers through the exchange of ownership interests, including units in our Operating Partnership; and (iii) the ability to underwrite and close transactions on an expedited basis even when the transaction involves a complicated structure.

Property Dispositions

We continually evaluate our portfolio to identify those properties that are most likely to meet our long-term cash flow growth objectives and contribute to increasing portfolio value. Properties that no longer meet our objectives are evaluated for sale or joint venture, to release equity created through management's value enhancement programs or to take advantage of attractive market valuations.

We seek to efficiently deploy the capital proceeds generated from these dispositions into other property acquisitions, development or redevelopment projects or debt and preferred equity investments that we expect will provide future value appreciation and cash flow growth opportunities. Management may also elect to utilize the capital proceeds from these dispositions to repurchase shares of our common stock, repay existing indebtedness of the Company or its subsidiaries, or increase cash liquidity.

Property Repositioning

Our extensive knowledge of the market in which we operate and our ability to efficiently plan and execute capital projects provide the expertise to enhance returns by repositioning properties that are underperforming. Many of the properties we own or seek to acquire feature unique architectural design elements or other amenities and characteristics that can be appealing to tenants when fully exploited. Our strategic investment in these properties, combined with our active management and pro-active leasing, provide the opportunity to creatively meet market needs and generate favorable returns.

Development / Redevelopment

Our interactions with tenants and other market participants keep us abreast of innovations in workplace layout, amenitization, store design and smart living. We leverage this information to identify properties primed for development or redevelopment to meet these demands and unlock value. The expertise and relationships that we have built from managing complex construction projects in New York City and its surrounding areas allow us to cost efficiently add new and renovated assets of the highest quality and desirability to our operating portfolio.

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Debt and Preferred Equity Investments

We invest in well-collateralized debt and preferred equity investments in the markets in which we operate, principally New York City, that generate attractive yields. See Note 5, "Debt and Preferred Equity Investments," in the accompanying consolidated financial statements. Knowledge of our markets and our leasing and asset management expertise provide underwriting capabilities that enable a highly educated assessment of risk and return. The benefits of this investment program, which has a carefully managed aggregate size, include the following:

•Our typical investments provide high current returns at conservative exposure levels and, in certain cases, the potential for future capital gains. Our expertise and operating capabilities provide both insight and operating skills that mitigate risk.

•In certain instances, these investments may serve as a potential source of real estate acquisitions for us. Property owners may also provide us the opportunity to consider off-market transactions involving other properties because we have previously provided debt or preferred equity financing to them.

•Our debt and preferred equity investment strategy is concentrated in Manhattan, which helps us gain market insight, awareness of upcoming investment opportunities and foster key relationships that may provide access to future investment opportunities.

Debt Fund Investments

Through wholly-owned subsidiaries, we are the general partner and investment manager of SLG Opportunistic Debt Fund LP and SLG Opportunistic Debt Parallel Fund LP (collectively, the "Fund"). During the Fund's investment period, the Fund is our primary investment vehicle for debt investments that fit within the Fund's investment parameters, as set forth in the Fund's operating agreements. See Note 7, "Debt Fund," in the accompanying consolidated financial statements.

Capital Resources

Our objective is to maintain multiple sources of efficient corporate and property level capital. This objective is supported by:

•Property operations that generally provide stable cash flows through market cycles, long average lease terms, high credit quality tenants and superior leasing, operating and asset management skills;

•Concentration of our activities in a Manhattan market that is consistently attractive to property investors and lenders through market cycles relative to other markets;

•Maintaining strong corporate liquidity and careful management of future debt maturities; and

•Maintaining access to corporate capital markets through balanced financing and investment activities that result in strong balance sheet and cash flow metrics.

SUMMIT

SUMMIT One Vanderbilt is an observation deck that offers panoramic views of New York while immersing its visitors in an art experience. SUMMIT opened in October 2021 and welcomed approximately 2.2 million in 2025. Our constant focus and assessment of customer experience includes monitoring crowd volume and wait times for our attractions and services at SUMMIT, allowing us to maximize revenue per customer and adjust operating hours to meet the demand of peak reservation times during the week. In 2024, the Company announced its intention to expand the SUMMIT experience to a location in Paris, France, which is expected to open in 2027. The Company is also evaluating several opportunities to expand SUMMIT to other international and domestic locations.

Manhattan Office Market Overview

Manhattan is the largest office market in the United States containing more rentable square feet than the next four largest central business district office markets combined. According to Cushman and Wakefield Research Services, as of December 31, 2025, Manhattan has a total office inventory of approximately 417.1 million square feet, including 261.0 million square feet in midtown. The properties in our portfolio are primarily concentrated in some of Manhattan's most prominent midtown locations.

While the near-term addition of new supply to the Manhattan office inventory is expected to be nominal relative to the size of the overall market, we view new supply in locations near a variety of transportation options would be a positive to the Manhattan office market given the older vintage of the majority of Manhattan's office inventory and the desire of tenants to occupy new, high quality, efficient office space that provides for easy commutability for their employees.

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According to Cushman and Wakefield Research Services, the total volume of leases signed in Manhattan for the year ended December 31, 2025 grew to 31.0 million as compared to 23.4 million square feet for the year ended December 31, 2024. Overall average asking rents in Manhattan increased in 2025 by 0.6% from $72.73 per square foot as of December 31, 2024 to $73.19 per square foot as of December 31, 2025, while Manhattan Class A asking rents increased to $82.72 per square foot, up 1.8% from $81.19 as of December 31, 2024. Manhattan's diverse tenant base is exemplified by the following tables, which show the percentage of leasing volume attributable to each industry:

Percent of Manhattan Leasing Volume (1)

Industry20252024

Financial Services33.6 %31.1 %

Technology, Advertising, Media, and Information ("TAMI")23.0 %15.5 %

Public Sector10.7 %6.7 %

Legal Services10.3 %14.8 %

Professional Services8.8 %8.0 %

Real Estate4.9 %9.4 %

Amusement, Arts, Entertainment3.5 %2.8 %

Other3.0 %2.5 %

Health Services2.1 %— %

Retail/Wholesale— %9.2 %

(1)Source: Cushman and Wakefield Research Services

General Terms of Leases in the Manhattan Market

Leases in Manhattan typically contain terms that may not be contained in leases in other U.S. office markets. The initial term of leases entered into for space in Manhattan is generally seven to fifteen years. Tenants leasing space in excess of 10,000 square feet for an initial term of 10 years or longer often will negotiate an option to extend the term of the lease for one or two renewal periods, typically for a term of five years each. The base rent during the initial term often will provide for agreed-upon periodic increases over the term of the lease. Base rent for renewal terms is most often based upon the then fair market rental value of the premises as of the commencement date of the applicable renewal term (generally determined by binding arbitration in the event the landlord and the tenant are unable to mutually agree upon the fair market value), though base rent for a renewal period may be set at 95% of the then fair market rent. Very infrequently, leases may contain termination options whereby a tenant can terminate the lease obligation before the lease expiration date with payment of a penalty together with repayment of the unamortized portion of the landlord's transaction costs (e.g., brokerage commissions, free rent periods, tenant improvement allowances, etc.).

In addition to base rent, a tenant will generally also pay its pro rata share of increases in real estate taxes and operating expenses for the building over a base year, which is typically the year during which the term of the lease commences, based upon the tenant's proportionate occupancy of the building. In some smaller leases (generally less than 10,000 square feet), in lieu of paying additional rent based upon increases in building operating expenses, base rent will be increased each year during the lease term by a set percentage on a compounding basis (though the tenant will still pay its pro rata share of increases in real estate taxes over a base year).

Tenants typically receive a free rent period following commencement of the lease term, which in some cases may coincide with the tenant's construction period.

The landlord most often supplies electricity either on a sub-metered basis at the landlord's cost plus a fixed percentage or on a rent inclusion basis (i.e., a fixed fee is added to the base rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services, other than electricity, such as heat, air conditioning, freight elevator service during business hours and base building cleaning typically are provided at no additional cost, but are included in the building's operating expenses. The tenant will typically pay additional amounts only for services that exceed base building services or for services that are provided other than during normal business hours.

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In a typical lease for a new tenant renting in excess of 10,000 square feet, the landlord will deliver the premises with existing improvements demolished. In such instances, the landlord will typically provide a tenant improvement allowance, which is a fixed sum that the landlord makes available to the tenant to reimburse the tenant for all or a portion of the tenant's initial construction of its premises. Such sum typically is payable as work progresses, upon submission by the tenant of invoices for the cost of construction and lien waivers. However, in certain leases (most often for relatively small amounts of space), the landlord will construct the premises for the tenant at a cost to the landlord not to exceed an agreed upon amount with the tenant paying any amount in excess of the agreed upon amount. In addition, landlords may rent space to a tenant that is "pre-built" (i.e., space that was constructed by the landlord in advance of lease signing and is ready for the tenant to move in with the tenant selecting paint and carpet colors).

Occupancy

The following table sets forth the weighted average occupancy rates at our office properties based on space leased as of December 31, 2025:

Leased Occupancy as of December 31,

Property20252024

Same-Store office properties - Manhattan (1)
93.0%92.5%

Manhattan office properties93.0%92.5%

Suburban office properties79.4%73.5%

Unconsolidated joint venture office properties96.5%95.0%

Portfolio (2)
89.7%89.2%

(1)All office properties in service and operating during both the current and prior year reporting periods located in Manhattan. Same-Store excludes development and redevelopment properties that are not stabilized for both the current and prior year and excludes properties sold. Percent Occupied includes leases signed but not yet commenced.

(2)Excludes properties under development or redevelopment.

Lease Expirations

We are constantly evaluating our schedule of future lease expirations to mitigate occupancy risk while maximizing net effective rents. We proactively manage future lease expirations based on our view of estimated current and future market conditions and asking rents. The following table sets forth our future lease expirations, excluding triple net leases.

ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES

Consolidated PropertiesJoint Venture Properties

Year of Lease Expiration
Number of Expiring Leases (1)
Rentable Square Footage of Expiring LeasesPercentage of Total

Sq. Ft. Annualized Cash Rent of Expiring Leases
Annualized Cash Rent Per Square Foot of Expiring Leases

$/psf (2)

Number of Expiring Leases (1)
Rentable Square Footage of Expiring LeasesPercentage of Total

Sq. Ft. Annualized Cash Rent of Expiring Leases
Annualized Cash Rent Per Square Foot of Expiring Leases

$/psf (2)

202511 45,517 0.5 %$3,353,483 $73.68 3 37,509 0.3 %$2,915,466 $77.73

1st Quarter 202617 100,528 1.2 %$8,370,914 $83.27 1 31,164 0.2 %$3,998,665 $128.31

2nd Quarter 202623 132,201 1.6 %9,925,904 75.08 4 28,869 0.2 %2,764,194 95.75

3rd Quarter 202620 251,020 3.0 %13,673,716 54.47 4 57,738 0.4 %8,930,962 154.68

4th Quarter 202625 326,307 3.8 %23,720,827 72.69 6 68,148 0.6 %6,668,937 97.86

Total 202685 810,056 9.6 %$55,691,361$68.75 15 185,919 1.4 %$22,362,758 $120.28

202779 722,097 8.6 %$58,250,447$80.6722 281,047 2.1 %$36,883,021 $131.23

202877 689,431 8.2 %51,965,011 75.37 24 265,713 2.0 %41,948,216 157.87

202969 773,834 9.2 %54,798,643 70.81 12 118,185 0.9 %14,135,688 119.61

203063 994,055 11.8 %71,101,131 71.53 15 262,767 2.0 %34,983,745 133.14

203137 324,063 3.9 %25,158,396 77.63 24 2,853,460 21.6 %222,963,801 78.14

203231 814,040 9.7 %53,029,491 65.14 13 991,547 7.5 %89,930,850 90.70

203327 423,786 5.0 %33,888,479 79.97 11 267,630 2.0 %29,005,780 108.38

203434 1,314,808 15.6 %77,371,038 58.85 7 390,369 3.0 %38,860,134 99.55

Thereafter79 1,491,915 17.9 %106,409,659 71.32 91 7,539,270 57.2 %780,636,723 103.54

592 8,403,602 100.0 %$591,017,139$70.33 237 13,193,416 100.0 %$1,314,626,182 $99.64

NOTE: Data excludes space currently occupied by SL Green's corporate offices

(1)Tenants may have multiple leases.

(2)Represents in place annualized rent allocated by year of expiration.

(3)Includes month to month holdover tenants that expired prior to December 31, 2025.

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Industry Segments

The Company is a REIT that is engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial properties, principally office properties, located in the New York metropolitan area, principally Manhattan, and has three reportable segments: real estate, debt and preferred equity investments, and SUMMIT. Our industry segments are discussed in Note 21, "Segment Information," in the accompanying consolidated financial statements.

As of December 31, 2025, our real estate portfolio was principally located in one geographical market, Manhattan, a borough of New York City. The Company's primary sources of real estate revenue are tenant rents, escalations and reimbursement revenue. Real estate property operating expenses consist primarily of cleaning, security, maintenance, utility costs, real estate taxes and, at certain properties, ground rent expense. As of December 31, 2025, one tenant in our office portfolio, Paramount Global, contributed 5.3% of our share of annualized cash rent. No other tenant contributed more than 5.0% of our share of annualized cash rent. No property contributed in excess of 10.0% of our consolidated total revenue for 2025.

As of December 31, 2025, we held debt and preferred equity investments with a book value of $168.4 million, excluding debt and preferred equity investments and other financing receivables totaling $12.2 million that are included in balance sheet line items other than the Debt and preferred equity investments line item. As of December 31, 2025, all of the assets underlying our debt and preferred equity investments were located in New York City. The primary sources of debt and preferred equity revenue are interest and fee income. As of December 31, 2025, the Fund held investments with an aggregate fair value of $153.0 million. All of the assets underlying the Fund's investments were located in New York City.

As of December 31, 2025, SUMMIT operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales.

Human Capital

Our employees are our most important asset. We are focused on fostering an inclusive workforce that attracts and retains highly talented individuals. We are dedicated to creating an inclusive workplace where employees feel valued and accepted. We have a dual-track performance management program, which includes both ongoing goal setting and annual performance reviews for all employees. Communication, teamwork, and collaboration are the fundamental attributes that are the foundation of our company culture. We promote the professional development of our employees by offering opportunities to participate in trainings and continuing education programs. We also offer a leading benefits package that includes extensive medical coverage, mental health and wellness services, paternal benefits, and financial resources.

In 2025, 83% of employees agreed that the Company is a great place to work, exceeding the benchmark for U.S. companies with 200-500 employees by three percentage points. In addition, the Company achieved an Employee Net Promoter Score (eNPS) of 25 in its annual Employee Engagement Survey, compared to a median eNPS score of 18 for organizations within the same benchmark group.

Our compensation program is designed to incentivize employees by offering competitive compensation comprised of fixed and variable pay including base salaries and cash bonuses. Many of our employees also receive equity awards that are subject to vesting over a multi-year period based on continued service. We believe these equity awards serve as an additional retention tool for our employees and align our employees with our shareholders. By cultivating a work culture that prioritizes our people through training, inclusion, education, and volunteerism, we have been able to retain a long-tenured staff with 46% of current employees having a tenure of five years or more and an executive management team that has an average tenure of 22.9 years.

As of December 31, 2025, we employed 1,289 employees, 337 of whom were employed in our corporate offices. There are currently five collective bargaining agreements which cover the union workforce that services substantially all of our properties.

Sustainability

We believe our sustained focus on sustainability issues has led to effective risk-management practices that influence strategic decisions. This includes a comprehensive assessment of climate-related physical and transition risks, as well as the opportunities they present. The Board of Directors' Nominating and Corporate Governance Committee (NCGC) oversees the Company's sustainability program, which includes assessing climate-related issues such as physical risks, transition risks, and associated opportunities.

Climate regulation in New York City is among the most stringent and requires building owners to comply with ambitious emissions limits. New York City enacted Local Law 97 (LL97) in 2019 under the Climate Mobilization Act, setting carbon caps for large buildings as part of a broader commitment to reducing greenhouse gas emissions by 40% by 2030, and by 80% by 2050. We expect to be compliant in the first compliance period through 2029, with no material financial impact on our

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portfolio. The Company’s near-term absolute Scope 1 and Scope 2 emissions reduction targets have been approved by the SBTi; however, we are shifting away from using the SBTi-validated targets to focus on a more locally tailored decarbonization strategy. In 2026, the Company will measure performance towards a Net-Zero Operations goal (Scope 1 & 2) by 2050, which is aligned with Urban Land Institute’s (ULI) Greenprint Framework.

The Company has demonstrated a commitment to transparency on climate and sustainability issues via annual public reporting informed by widely adopted frameworks, including Global Reporting Initiative ("GRI") since 2013, GRESB (formerly known as the Global Real Estate Sustainability Benchmark) since 2019, Sustainability Accounting Standards Board ("SASB") since 2021, and the CDP (formerly the Carbon Disclosure Project) since 2018. In 2024, the Company released a revised Task Force on Climate related Financial Disclosures ("TCFD") report, which expanded the physical and transition risks and opportunities and progress related to TCFD disclosure originally released in 2021. This report, along with the Company's most recent Sustainability Report, is available under "Reports & Resources" in the "Sustainability" section on our website.

Highlights from 2025

Our significant achievements from 2025 included:

Leasing

•Signed 199 Manhattan office leases covering 2,568,551 square feet.

•Increased same-store Manhattan office occupancy to 93.0%, inclusive of leases signed but not yet commenced, as compared to 92.5% as of December 31, 2024.

•Early renewal and expansion with Newmark & Company Real Estate for 144,418 square feet at 125 Park Avenue.

•New lease with Harvey AI Corporation for 96,781 square feet at One Madison Avenue.

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

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

•New lease with Pinterest, Inc. for 82,812 square feet at Eleven Madison Avenue.

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

•New expansion lease with New York State Office of General Services for 66,106 square feet at 919 Third Avenue.

•New lease with Sigma Computing, Inc. for 64,077 square feet at One Madison Avenue.

Acquisitions

•Closed on the acquisition of 346 Madison Avenue and the adjacent site at 11 East 44th Street for $160.0 million.

•Closed on the acquisition of 500 Park Avenue for $127.0 million, financed with a new, five-year, $80.0 million mortgage, with a floating rate of 2.40% over Term SOFR, which the Company fixed to 6.57% through February 2028.

•Closed on the acquisition of our partner's 49.9% interest in 100 Park Avenue for total consideration of $14.9 million.

•Closed on the acquisition of our partners' combined 39.5% interest in 800 Third Avenue for total consideration of $5.1 million.

Dispositions

•Closed on the sale of a 5.0% interest in One Vanderbilt Avenue to Mori Building Co., Ltd. at a gross asset valuation of $4.7 billion. The transaction generated proceeds to the Company of $86.6 million.

•Closed on the sale of a 49.0% joint venture interest in 100 Park Avenue at a gross asset valuation of $425.0 million. The Company retained a 50.8% interest in the property. The transaction generated proceeds to the Company of $34.9 million.

•Closed on the sale of six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $93.3 million.

•Together with our joint venture partner, closed on the sale of 85 Fifth Avenue at a gross asset valuation of $46.8 million. The transaction generated net proceeds to the Company of $3.2 million.

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Finance

•Together with our joint venture partner, completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue. The mortgage carries a stated coupon of 5.625%, which the Company hedged to an effective rate of 5.592% for its portion.

•An affiliate of the Company and a joint venture partner extinguished the debt encumbering 1552-1560 Broadway, which resulted in the Company recording a net gain on discounted debt extinguishment of $57.2 million.

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

•Closed on a modification and extension of the mortgage on 800 Third Avenue. The modification extended the final maturity date to June 2031, inclusive of all available extension options. The floating interest rate was maintained at 1.70% over Term SOFR, which the Company hedged to a fixed rate of 5.03% from February 2026 through the initial maturity date in February 2029.

•Closed on a modification and extension of the mortgage on 100 Church Street. The modification included a paydown of the principal balance by $5.0 million to $365.0 million and extended the final maturity date to June 2028, inclusive of extension options. The interest rate was maintained at 5.887% through June 2027, after which the interest rate is fixed at 4.982% through final maturity.

SLG Opportunistic Debt Fund

•Acquired CMBS investments with an aggregate fair value of $165.3 million, excluding the Fund's purchase of the Company's interest in the joint venture that owns the preferred equity investment in 625 Madison Avenue which did not meet the conditions to be accounted for as a purchase.

•Closed on over $1.3 billion of capital commitments for the Fund, of which $213.6 million had been funded as of December 31, 2025.

Debt and Preferred Equity Investments

•The commercial mortgage investment in 522 Fifth Avenue, which had a carrying value of $125.0 million, was repaid for $200.0 million, in addition to interest income recognized on the investment. The repayment generated net proceeds to the Company of $196.6 million.

•Sold 50.0% of the joint venture entity that originated the preferred equity investment in 625 Madison for $104.9 million. In conjunction with this transaction, we acquired the remaining interest in the joint venture for $23.7 million and sold 50.0% of that interest for $10.9 million. The transactions generated net proceeds to the Company of $92.2 million.

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