10q10k10q10k.net

What changed in SL GREEN REALTY CORP's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of SL GREEN REALTY CORP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+219 added−274 removedSource: 10-K (2026-02-17) vs 10-K (2025-02-18)

Top changes in SL GREEN REALTY CORP's 2025 10-K

219 paragraphs added · 274 removed · 188 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

46 edited+15 added−21 removed47 unchanged
Biggest changeThe transaction generated net proceeds to the Company of $27.0 million. 11 Table of Contents Finance • 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, repaid the previous $182.5 million mortgage on 2 Herald Square for a net payment of $7.0 million. • Together with our joint venture partner, closed on a modification, extension and upsize of the $360.0 million mortgage on 100 Park Avenue.
Biggest changeThe transaction generated net proceeds to the Company of $3.2 million. 11 Table of Contents Finance • Together with our joint venture partner, completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue.
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 to for the tenant to move in with the tenant selecting paint and carpet colors).
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).
Development / Redevelopment Our constant 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.
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.
(3) Includes month to month holdover tenants that expired prior to December 31, 2024. 9 Table of Contents 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.
(3) Includes month to month holdover tenants that expired prior to December 31, 2025. 9 Table of Contents 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.
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. 7 Table of Contents According to Cushman and Wakefield Research Services, the total volume of leases signed in Manhattan for the year ended December 31, 2024 grew to 23.4 million as compared to 18.0 million square feet for the year ended December 31, 2023.
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. 7 Table of Contents 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.
Our industry segments are discussed in Note 21, "Segment Information," in the accompanying consolidated financial statements. As of December 31, 2024, 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.
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.
New York City enacted Local Law 97 (LL97) in 2019 under the Climate Mobilization Act, setting carbon caps for large buildings starting in 2024 as part of a broader commitment to reducing greenhouse gas emissions by 40% by 2030, and by 80% by 2050.
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.
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 ESG program, which includes assessing climate-related issues such as physical risks, transition risks, and associated opportunities.
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.
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, 2024, one tenant in our office portfolio, Paramount Global, contributed 5.5% of our share of annualized cash rent. No other tenant contributed more than 5.0% of our share of annualized cash rent.
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.
(2) As of December 31, 2024, we owned a building at 7 Dey Street / 185 Broadway that was comprised of approximately 140,382 square feet (unaudited) of residential space and approximately 50,206 square feet (unaudited) of office and retail space. For the purpose of this report, we have included this building in the number of residential properties we own.
(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.
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 a collection of premier office properties, selected retail and residential assets, and high-quality debt and preferred equity investments.
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.
By cultivating a work culture that prioritizes our people through training, diversity, 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 21.9 years.
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.
Property Acquisitions We acquire properties for long-term value appreciation and earnings growth. This strategy has resulted in capital gains that increase our investment capital base. In implementing this strategy, we continually evaluate potential acquisition opportunities.
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.
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 2.3 million in 2024.
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.
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) Industry 2024 2023 Financial Services 31.1 % 39.1 % Technology, Advertising, Media, and Information ("TAMI") 15.5 % 15.2 % Legal Services 14.8 % 17.2 % Real Estate 9.4 % 2.2 % Retail/Wholesale 9.2 % 6.2 % Professional Services 8.0 % 5.6 % Public Sector 6.7 % 12.4 % Amusement, Arts, Entertainment 2.8 % — % Other 2.5 % 2.1 % (1) Source: Cushman and Wakefield Research Services General Terms of Leases in the Manhattan Markets Leases in Manhattan typically contain terms that may not be contained in leases in other U.S. office markets.
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) Industry 2025 2024 Financial Services 33.6 % 31.1 % Technology, Advertising, Media, and Information ("TAMI") 23.0 % 15.5 % Public Sector 10.7 % 6.7 % Legal Services 10.3 % 14.8 % Professional Services 8.8 % 8.0 % Real Estate 4.9 % 9.4 % Amusement, Arts, Entertainment 3.5 % 2.8 % Other 3.0 % 2.5 % Health Services 2.1 % — % 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.
No property contributed in excess of 10.0% of our consolidated total revenue for 2024.
No property contributed in excess of 10.0% of our consolidated total revenue for 2025.
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, through dividends, earnings and asset value appreciation.
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.
According to Cushman and Wakefield Research Services, as of December 31, 2024, Manhattan has a total office inventory of approximately 419.3 million square feet, including 261.4 million square feet in midtown. The properties in our portfolio are primarily concentrated in some of Manhattan's most prominent midtown locations.
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.
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 enhanced future capital gains and earnings growth opportunities.
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.
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, 2024, we owned 94.03% of its economic interests.
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.
As of December 31, 2024, we employed 1,221 employees, 313 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 Environmental, Social and Governance ("ESG") issues has led to effective risk-management practices that influence strategic decisions.
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.
Our corporate offices are located in midtown Manhattan at One Vanderbilt Avenue, New York, New York 10017. As of December 31, 2024, we employed 1,221 employees, 313 of whom were employed in our corporate offices. We maintain a website at www.slgreen.com and can be contacted at (212) 594-2700 or by email at investor.relations@slgreen.com.
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.
In 2023, the Company released its second 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 current ESG Report, is available under "Reports & Resources" in the "Sustainability" section on our website.
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.
As of December 31, 2024, we held debt and preferred equity investments with a book value of $303.7 million, excluding debt and preferred equity investments and other financing receivables totaling $9.7 million that are included in balance sheet line items other than the Debt and preferred equity investments line item.
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.
Overall average asking rents in Manhattan decreased in 2024 by 0.8% from $73.33 per square foot as of December 31, 2023 to $72.73 per square foot as of December 31, 2024, while Manhattan Class A asking rents increased to $81.19 per square foot, up 0.3% from $80.98 as of December 31, 2023.
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.
In 2024, the Company announced its intention to expand the SUMMIT experience to a location in Paris, France in the future. The Company is also evaluating several opportunities to expand SUMMIT to other locations.
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.
As of December 31, 2024, 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, 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.
We expect to be compliant in the first compliance period through 2029, with no material financial impact on our portfolio. 10 Table of Contents The Company has demonstrated a commitment to transparency on climate 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.
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.
Percent Occupied includes leases signed but not yet commenced. (2) Excludes properties under development or redevelopment. Rent Trajectory 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.
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.
Occupancy The following table sets forth the weighted average occupancy rates at our office properties based on space leased for properties owned by us as of December 31, 2024: Leased Occupancy as of December 31, Property 2024 2023 Same-Store office properties - Manhattan (1) 92.5% 90.0% Manhattan office properties 92.5% 89.4% Suburban office properties 73.5% 77.1% Unconsolidated joint venture office properties 95.0% 91.1% Portfolio (2) 89.2% 89.2% (1) All office properties located in Manhattan owned by us as of January 1, 2023 and still owned by us in the same manner as of December 31, 2024.
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, Property 2025 2024 Same-Store office properties - Manhattan (1) 93.0% 92.5% Manhattan office properties 93.0% 92.5% Suburban office properties 79.4% 73.5% Unconsolidated joint venture office properties 96.5% 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.
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.
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.
Capital Resources Our objective is to maintain multiple sources of efficient corporate and property level capital.
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.
We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., our predecessor entity. S.L. Green Properties, Inc., which was founded in 1980 by Stephen L.
We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., our predecessor entity. As of December 31, 2025, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan.
As of December 31, 2024, 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 and diverse individuals.
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.
Dispositions • 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.
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.
There can be no assurances that our estimates of market rents are accurate or that market rents currently prevailing will not erode or outperform in the future. ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Consolidated Properties Joint Venture Properties Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases Percentage of Total Sq. Ft.
ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Consolidated Properties Joint Venture Properties Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases Percentage of Total Sq. Ft.
We are dedicated to creating a diverse workplace where employees feel valued and accepted regardless of race, color, religion, national origin, gender, sexual orientation, age, disability, or veteran status. We have a dual-track performance management program, which includes both ongoing goal setting and annual performance reviews for all employees.
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.
We believe these equity awards serve as an additional retention tool for our employees and align our employees with our shareholders.
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.
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.
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.
The following table sets forth our future lease expirations, excluding triple net leases, and management's estimates of market asking rents. Taking rents are typically lower than asking rents and may vary from building to building.
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.
The modification included a paydown of the principal balance by $4.6 million to $120.0 million, extended the mortgage by four years to January 2028, as fully extended, and the interest rate was maintained at 1.50% over Term SOFR, which the joint venture fixed at 5.99% through January 2026.
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.
The modification extended the maturity date by three years to May 2028, as fully extended, and the interest rate was maintained at 1.45% over Term SOFR, which the joint venture fixed at 5.36% from May 2025 to May 2028. • Together with our joint venture partner, closed on a modification and extension of the mortgage on 15 Beekman Street.
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.
In connection with the sale, the Company, together with its joint venture partner, originated a $235.5 million preferred equity investment in the property. The transaction generated net proceeds to the Company of $199.3 million. • Together with our joint venture partner, closed on the sale of the retail condominium at 717 Fifth Avenue for total consideration of $963.0 million.
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.
Our investments located outside of Manhattan are referred to as the Suburban properties: Consolidated Unconsolidated Total Location Property Type Number of Properties Approximate Square Feet Number of Properties Approximate Square Feet Number of Properties Approximate Square Feet Weighted Average Leased Occupancy (1) Commercial: Manhattan Office 15 9,587,441 9 12,175,149 24 21,762,590 92.5 % Retail 2 30,496 1 12,946 3 43,442 100 % Development/Redevelopment 2 (2) 880,771 1 1,385,484 3 2,266,255 N/A 19 10,498,708 11 13,573,579 30 24,072,287 92.5 % Suburban Office 7 862,800 — — 7 862,800 73.5 % Total commercial properties 26 11,361,508 11 13,573,579 37 24,935,087 91.8 % Residential: Manhattan Residential 1 (2) 140,382 1 221,884 2 362,266 99.1 % Total core portfolio 27 11,501,890 12 13,795,463 39 25,297,353 91.9 % Alternative Strategy Portfolio — — 7 2,567,025 7 2,567,025 63.0 % (1) The weighted average leased occupancy for commercial properties represents the total leased square footage divided by total square footage at acquisition.
Our investments located outside of Manhattan are referred to as the Suburban properties: Consolidated Unconsolidated Total Location Property Type Number of Properties Approximate Square Feet Number of Properties Approximate Square Feet Number of Properties Approximate Square Feet Weighted Average Leased Occupancy (1) Commercial: Manhattan Office 16 9,480,852 10 13,868,633 26 23,349,485 93.0 % Retail 5 313,347 — — 5 313,347 84.8 % Development/Redevelopment 5 (2) 1,249,983 — — 5 1,249,983 N/A 26 11,044,182 10 13,868,633 36 24,912,815 92.9 % Suburban Office 6 732,800 — — 6 732,800 79.4 % Total commercial properties 32 11,776,982 10 13,868,633 42 25,645,615 92.5 % Residential: Manhattan Residential 1 (2) 363,237 1 221,884 2 585,121 98.7 % Total core portfolio 33 12,140,219 11 14,090,517 44 26,230,736 92.6 % Alternative Strategy Portfolio — — 5 2,509,307 5 2,509,307 59.3 % (1) The weighted average leased occupancy for commercial properties represents the total leased square footage divided by total square footage at acquisition.
The interest rate was maintained at 2.75% over Term SOFR, which the joint venture fixed at 6.77% through the extended maturity date. • Together with our joint venture partner, closed on a modification and extension of the $1.075 billion securitized mortgage on 280 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.
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.
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.
Removed
Green, who serves as a member and the chairman emeritus of the Company's board of directors, had been engaged in the business of owning, managing, leasing, and repositioning office properties in Manhattan. As of December 31, 2024, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan.
Added
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.
Removed
As of December 31, 2024, we also managed one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet, and held debt and preferred equity investments with a book value of $303.7 million, excluding debt and preferred equity investments and other financing receivables totaling $9.7 million that are included in balance sheet line items other than the Debt and preferred equity investments line item.
Added
Annualized Cash Rent of Expiring Leases Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (2) 2025 11 45,517 0.5 % $3,353,483 $73.68 3 37,509 0.3 % $2,915,466 $77.73 1st Quarter 2026 17 100,528 1.2 % $8,370,914 $83.27 1 31,164 0.2 % $3,998,665 $128.31 2nd Quarter 2026 23 132,201 1.6 % 9,925,904 75.08 4 28,869 0.2 % 2,764,194 95.75 3rd Quarter 2026 20 251,020 3.0 % 13,673,716 54.47 4 57,738 0.4 % 8,930,962 154.68 4th Quarter 2026 25 326,307 3.8 % 23,720,827 72.69 6 68,148 0.6 % 6,668,937 97.86 Total 2026 85 810,056 9.6 % $55,691,361 $68.75 15 185,919 1.4 % $22,362,758 $120.28 2027 79 722,097 8.6 % $58,250,447 $80.67 22 281,047 2.1 % $36,883,021 $131.23 2028 77 689,431 8.2 % 51,965,011 75.37 24 265,713 2.0 % 41,948,216 157.87 2029 69 773,834 9.2 % 54,798,643 70.81 12 118,185 0.9 % 14,135,688 119.61 2030 63 994,055 11.8 % 71,101,131 71.53 15 262,767 2.0 % 34,983,745 133.14 2031 37 324,063 3.9 % 25,158,396 77.63 24 2,853,460 21.6 % 222,963,801 78.14 2032 31 814,040 9.7 % 53,029,491 65.14 13 991,547 7.5 % 89,930,850 90.70 2033 27 423,786 5.0 % 33,888,479 79.97 11 267,630 2.0 % 29,005,780 108.38 2034 34 1,314,808 15.6 % 77,371,038 58.85 7 390,369 3.0 % 38,860,134 99.55 Thereafter 79 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.
Removed
Property Dispositions We continually evaluate our portfolio to identify those properties that are most likely to meet our long-term earnings and cash flow growth objectives and contribute to increasing portfolio value.
Added
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.
Removed
Annualized Cash Rent of Expiring Leases Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (2) 2024 (3) 9 126,384 1.50 % 7,390,300 $58.47 1 1,423 — % $24,000 $16.87 1st Quarter 2025 13 235,307 2.80 % 14,979,840 $63.66 6 33,399 0.30 % $2,762,921 $82.72 2nd Quarter 2025 16 99,894 1.20 % 8,184,444 81.93 3 196,196 1.80 % 20,404,766 104.00 3rd Quarter 2025 19 60,714 0.70 % 4,544,320 74.85 1 4,576 — % 302,623 66.13 4th Quarter 2025 34 359,429 4.20 % 33,001,617 91.82 7 78,808 0.70 % 6,982,782 88.60 Total 2025 82 755,344 8.90 % $60,710,221 $80.37 17 312,979 2.80 % $30,453,092 $97.30 2026 78 847,874 10.00 % $58,604,929 $69.12 21 350,768 3.10 % $47,036,241 $134.10 2027 80 808,055 9.50 % 65,504,055 81.06 17 222,604 2.00 % 31,852,679 143.09 2028 64 675,774 8.00 % 49,898,756 73.84 21 250,810 2.20 % 30,428,097 121.32 2029 57 705,732 8.30 % 48,572,940 68.83 18 147,621 1.30 % 15,378,083 104.17 2030 45 848,373 10.00 % 59,570,712 70.22 15 329,755 2.90 % 38,410,279 116.48 2031 26 423,086 5.00 % 31,467,856 74.38 15 2,688,738 23.80 % 205,643,360 76.48 2032 20 731,991 8.60 % 45,177,103 61.72 14 992,725 8.80 % 89,598,105 90.25 2033 20 348,403 4.10 % 27,643,595 79.34 11 250,685 2.20 % 28,051,255 111.90 Thereafter 76 2,225,853 26.10 % 139,472,015 62.66 65 5,740,480 50.90 % 583,552,330 101.66 557 8,496,869 100.00 % $594,012,482 $69.91 215 11,288,588 100.00 % $1,100,427,521 $97.48 NOTE: Data excludes space currently occupied by SL Green's corporate offices (1) Tenants may have multiple leases.
Added
We expect to be compliant in the first compliance period through 2029, with no material financial impact on our 10 Table of Contents portfolio.
Removed
We earned our first certification as a Great Place to Work in 2019 and in 2024, 80% of our employees have said the Company is a great place to work as compared to 57% at a typical U.S. based company.
Added
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.
Removed
The Company has approved near-term Scope 1 and Scope 2 science-based emissions reduction targets with the SBTi. Our goal is to reduce emissions for our operationally controlled portfolio to align it with the 1.5 degree Celsius climate scenario.
Added
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.
Removed
Highlights from 2024 Our significant achievements from 2024 included: Leasing • Signed 188 Manhattan office leases covering 3,607,924 square feet. • Increased same-store Manhattan office occupancy to 92.5%. • Early renewal and expansion with Bloomberg, L.P. for 924,876 square feet at 919 Third Avenue. • Early renewal and expansion with Ares Management LLC for 307,336 square feet at 245 Park Avenue. • New lease with Alvarez & Marsal Holdings, LLC for 220,221 square feet at 100 Park Avenue. • New lease with Elliot Management Corporation for 149,437 square feet at 280 Park Avenue. • Early renewal and expansion with Industrial and Commercial Bank of China Limited, New York Branch for 132,938 square feet at 1185 Avenue of the Americas. • Early renewal and expansion with The Travelers Indemnity Company for 122,788 square feet at 485 Lexington Avenue. • New leases of 67,208 square feet and 35,898 square feet with a publicly traded financial services firm and a subsidiary of Flutter Entertainment, respectively, at One Madison Avenue.
Added
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.
Removed
Acquisitions • Closed on the 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. • Acquired equity interests in the joint venture that owns the leasehold at 2 Herald Square for no consideration, increasing the Company's interest in the joint venture to 95%.
Added
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.
Removed
Sales of the remaining units, which are all under contract, are expected to close in the first quarter of 2025. • Closed on the sale of the Palisades Premier Conference Center for $26.3 million plus certain fees payable to the Company. The Company took control of the property in July 2023 in partial satisfaction of a legal judgment.
Added
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.
Removed
The transaction generated net proceeds to the Company of $19.8 million. • Closed on the sale of 719 Seventh Avenue in Times Square for $30.5 million plus certain fees payable to the Company. The transaction generated net proceeds to the Company of $3.6 million after repayment of the mortgage loan.
Added
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.
Removed
In connection with the closing of the sale, the Company repaid the existing $50.0 million mortgage for $32.0 million. • Together with our joint venture partner, closed on the sale of the fee ownership interest in 625 Madison Avenue for a gross sales price of $634.6 million plus certain fees payable to the Company.
Added
The modification extended the final maturity date to June 2031, inclusive of all available extension options.
Removed
The modification extended the maturity date to December 2027, as fully extended, while maintaining the interest rate at 2.25% over Term SOFR.
Added
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.
Removed
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.
Added
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.
Removed
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.
Added
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.
Removed
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.
Added
The transactions generated net proceeds to the Company of $92.2 million. 12 Table of Contents
Removed
The modification extended the maturity date to November 2026, as fully extended, at a rate of 1.80% over Term SOFR. • Together with our joint venture partner, closed on a modification and extension of the mortgage on 220 East 42nd Street.
Removed
The modification included a paydown of the principal balance by $9.0 million to $496.4 million and extended the maturity date to December 2027.
Removed
The modification extended the maturity date to September 2026, with the partnership's option to extend to a fully extended maturity date of September 2028. The interest rate was maintained at 1.78% over Term SOFR, which the partnership subsequently fixed at 5.84% through the fully extended maturity date.
Removed
The partnership separately modified and extended the $125.0 million mezzanine loan on 280 Park Avenue and subsequently repaid the loan for $62.5 million. • Together with our joint venture partner, closed on a modification and extension of the mortgage on 10 East 53rd Street, which included a paydown of the principal balance by $15.0 million to $205.0 million.

… 2 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

27 edited+1 added−0 removed168 unchanged
Biggest changeIf we are unable to meet the required emissions reductions, we may be subject to material fines that will continue to be assessed each year we fail to comply. Based on current emissions data available from 2023, our portfolio is expected to be compliant through 2029, with no material financial impact to our properties.
Biggest changeIf we are unable to meet the required emissions reductions, we may be subject to material fines that will continue to be assessed each year we fail to comply.
As a result, the value of our properties and our results of operations could materially decline. We face possible risks associated with natural disasters and the effects of climate change. We are committed to enhancing the resilience of our properties and we have established comprehensive procedures intended to effectively manage and respond to climate-related risks.
As a result, the value of our properties and our results of operations could materially decline. We face possible risks associated with natural disasters and the effects of climate change. We are committed to enhancing the resilience of our properties and we have established comprehensive procedures intended to effectively identify, manage, and respond to climate-related risks.
Our business has been and may continue to be affected by the ongoing volatility in the U.S. financial and credit markets and higher interest rate environments and other market, economic or political challenges experienced by the U.S. economy or the real estate industry as a whole, including changes in law and policy and uncertainty in connection with any such changes.
Our business has been and may continue to be affected by the ongoing volatility in the U.S. financial and credit markets and higher interest rate environments and other market, economic or geopolitical challenges experienced by the U.S. economy or the real estate industry as a whole, including changes in law and policy and uncertainty in connection with any such changes.
As of December 31, 2024, borrowings under our term loans and junior subordinated deferrable interest debentures totaled $1.2 billion and $100.0 million, respectively. We may incur indebtedness in the future that also bears interest at a variable rate or may be required to refinance our debt at higher rates.
As of December 31, 2025, borrowings under our term loans and junior subordinated deferrable interest debentures totaled $1.2 billion and $100.0 million, respectively. We may incur indebtedness in the future that also bears interest at a variable rate or may be required to refinance our debt at higher rates.
As of December 31, 2024, the expiration dates of these long-term leases range from 2043 to 2119, including the effect of our unilateral extension rights at each of these properties. Pursuant to the leasehold arrangements, we, as tenant under the long-term leasehold or the operating sublease, perform the functions traditionally performed by landlords with respect to our subtenants.
As of December 31, 2025, the expiration dates of these long-term leases range from 2043 to 2119, including the effect of our unilateral extension rights at each of these properties. Pursuant to the leasehold arrangements, we, as tenant under the long-term leasehold or the operating sublease, perform the functions traditionally performed by landlords with respect to our subtenants.
Our procedures encompass a range of potential impacts, including those stemming from natural disasters such as storms, heatwaves, hurricanes, flooding and other severe weather. We recognize, however, that the intensity of weather events and the rise in sea levels have the potential to impact our properties, operations and overall business.
Our procedures encompass a range of potential impacts, including those stemming from natural disasters such as storms, heatwaves, hurricanes, flooding and other severe weather. We recognize, however, that the intensity and severity of extreme weather events and the rise in sea levels have the potential to impact our properties, operations and overall business.
However, any of these direct or indirect effects of climate change may have a material adverse effect on our properties, operations or business. 16 Table of Contents We may incur significant costs to comply with climate change initiatives, and in particular those implemented in New York City.
However, any of these direct or indirect effects of climate change may have a material adverse effect on our properties, operations or business. 16 Table of Contents We may incur significant costs to comply with climate change related regulatory initiatives, and in particular those implemented in New York City.
After giving effect to derivatives, our consolidated variable rate borrowings totaled just $0.4 billion as of December 31, 2024. In addition, we could increase the amount of our outstanding variable rate debt in the future, in part by borrowing additional amounts under our 2021 credit facility.
After giving effect to derivatives, our consolidated variable rate borrowings totaled just $0.4 billion as of December 31, 2025. In addition, we could increase the amount of our outstanding variable rate debt in the future, in part by borrowing additional amounts under our 2021 credit facility.
Borrowings under our revolving credit facility and two term loans bore interest at the adjusted term Secured Overnight Financing Rate ("SOFR") plus 10 basis points, and the applicable spreads of 140 basis points, 160 basis points, and 180 basis points, respectively, as of December 31, 2024.
Borrowings under our revolving credit facility and two term loans bore interest at the adjusted term Secured Overnight Financing Rate ("SOFR") plus 10 basis points, and the applicable spreads of 140 basis points, 160 basis points, and 180 basis points, respectively, as of December 31, 2025.
Foreclosure on mortgaged properties or an inability to make payments under our 2021 credit facility or our senior unsecured notes could trigger defaults under the terms of our other financings, making such financings at risk of being declared immediately payable, and would have a negative impact on our financial condition and results of operations. 17 Table of Contents We may not be able to refinance existing indebtedness, which may require substantial principal payments at maturity. $373.6 million of consolidated mortgage debt and $1.2 billion of unconsolidated joint venture debt is scheduled to mature in 2025 after giving effect to our as-of-right extension options and repayments and refinancing of consolidated and joint venture debt between December 31, 2024 and February 13, 2025 as discussed in the "Financial Statements and Supplementary Data" section.
Foreclosure on mortgaged properties or an inability to make payments under our 2021 credit facility or our senior unsecured notes could trigger defaults under the terms of our other financings, making such financings at risk of being declared immediately payable, and would have a negative impact on our financial condition and results of operations. 17 Table of Contents We may not be able to refinance existing indebtedness, which may require substantial principal payments at maturity. $555.1 million of consolidated mortgage debt and $1.1 billion of unconsolidated joint venture debt is scheduled to mature in 2026 after giving effect to our as-of-right extension options and repayments and refinancing of consolidated and joint venture debt between December 31, 2025 and February 17, 2026 as discussed in the "Financial Statements and Supplementary Data" section.
While only 1.5% of our Portfolio annualized cash rent was generated by retail properties as of December 31, 2024, principally in Manhattan, we are subject to risks that affect the retail environment generally, including the level of consumer spending and preferences, consumer confidence, electronic retail competition and levels of tourism in Manhattan.
While only 2.2% of our Portfolio annualized cash rent was generated by retail properties as of December 31, 2025, principally in Manhattan, we are subject to risks that affect the retail environment generally, including the level of consumer spending and preferences, consumer confidence, electronic retail competition and levels of tourism in Manhattan.
As of December 31, 2024, we had an aggregate carrying value in joint ventures totaling $2.7 billion. Certain of our joint venture agreements contain terms in favor of our partners that could have an adverse effect on the value of our investments in the joint ventures.
As of December 31, 2025, we had an aggregate carrying value in joint ventures totaling $2.6 billion. Certain of our joint venture agreements contain terms in favor of our partners that could have an adverse effect on the value of our investments in the joint ventures.
Giving effect to leases in effect as of December 31, 2024, for consolidated properties and unconsolidated joint venture properties, as of that date, our five largest tenants, based on annualized cash rent, accounted for 15.1% of our share of Portfolio annualized cash rent, with one tenant, Paramount Global, accounting for 5.5% of our share of Portfolio annualized cash rent.
Giving effect to leases in effect as of December 31, 2025, for consolidated properties and unconsolidated joint venture properties, as of that date, our five largest tenants, based on annualized cash rent, accounted for 15.2% of our share of Portfolio annualized cash rent, with one tenant, Paramount Global, accounting for 5.3% of our share of Portfolio annualized cash rent.
Despite system redundancy, the implementation of security measures and the preparation of a disaster data recovery plan, our internal information technology (“IT”) networks and third-party systems on which we rely are vulnerable to a number of risks including energy blackouts, natural disasters, terrorism, war, telecommunication failures and cyber attacks and intrusions, such as phishing attacks, ransomware, data breaches and unauthorized access, including from persons inside our organization or from persons outside our organization with access to our systems.
Despite system redundancy, the implementation of security measures and the preparation of a disaster data recovery plan, our internal information technology (“IT”) networks and third-party systems on which we rely are vulnerable to a number of risks including energy blackouts, natural disasters, terrorism, war, telecommunication failures and cyber attacks and intrusions, such as phishing attacks, ransomware, data breaches and unauthorized access, including from persons inside our organization or from persons outside our organization with access to our systems, any of which could be enhanced or facilitated by artificial intelligence.
As of December 31, 2024, a hypothetical 100 basis point increase in interest rates across each of our variable interest rate instruments, including our variable rate debt and preferred equity investments which mitigate our exposure to interest rate changes, would increase our net annual interest costs by $2.3 million and would increase our share of joint venture annual interest costs by $1.9 million.
As of December 31, 2025, a hypothetical 100 basis point increase in interest rates across each of our variable interest rate instruments, including our variable rate debt and preferred equity investments which mitigate our exposure to interest rate changes, would increase our net annual interest costs by $2.3 million and would increase our share of joint venture annual interest costs by $4.5 million.
Future issuances of common stock, preferred stock or convertible debt could dilute existing stockholders' interests. Our charter authorizes our Board of Directors to issue additional shares of common stock, preferred stock and convertible equity or debt without stockholder approval and without the requirement to offer rights of pre-emption to existing stockholders. Any such issuance could dilute our existing stockholders' interests.
Future issuances of common stock, preferred stock or other equity linked securities could dilute existing stockholders' interests. Our charter authorizes our Board of Directors to issue additional shares of common stock, preferred stock and convertible equity or debt without stockholder approval and without the requirement to offer rights of pre-emption to existing stockholders.
The risk of a security breach or disruption, particularly through cyber attacks and intrusions, including by hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.
The risk of a security breach or disruption, particularly through cyber attacks and intrusions, including by hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased, and artificial intelligence could intensify these risks.
Five of our properties, One Vanderbilt Avenue, 11 Madison Avenue, 420 Lexington Avenue, 1515 Broadway and 245 Park Avenue accounted for 38.9% of our Portfolio annualized cash rent, which includes our share of joint venture annualized cash rent, as of December 31, 2024.
Five of our properties, One Vanderbilt Avenue, 11 Madison Avenue, 420 Lexington Avenue, 1515 Broadway and 245 Park Avenue accounted for 36.6% of our Portfolio annualized cash rent, which includes our share of joint venture annualized cash rent, as of December 31, 2025.
In addition, we could increase the amount of our outstanding consolidated indebtedness in the future, in part by borrowing under the revolving credit facility. As of December 31, 2024, the total principal amount of indebtedness outstanding at the joint venture properties was $12.3 billion, of which our proportionate share was $6.0 billion.
In addition, we could increase the amount of our outstanding consolidated indebtedness in the future, in part by borrowing under the revolving credit facility. As of December 31, 2025, the total principal amount of indebtedness outstanding at the joint venture properties was $12.5 billion, of which our proportionate share was $5.9 billion.
Also, any future series of preferred stock may have voting provisions that could delay or prevent a change of control of our company. Changes in market conditions could adversely affect the market price of our common stock.
Any such issuance could dilute our existing stockholders' interests. Also, any future series of preferred stock may have voting provisions that could delay or prevent a change of control of our company. Changes in market conditions could adversely affect the market price of our common stock.
The total principal amount of our outstanding consolidated indebtedness was $3.6 billion as of December 31, 2024, consisting of $1.2 billion in unsecured bank term loans, $100.0 million under our senior unsecured notes, $100.0 million of junior subordinated deferrable interest debentures, $1.9 billion of non-recourse mortgages and loans payable on certain of our properties and debt and preferred equity investments and $320.0 million drawn under our revolving credit facility.
The total principal amount of our outstanding consolidated indebtedness was $4.0 billion as of December 31, 2025, consisting of $1.2 billion in unsecured bank term loans, $100.0 million of junior subordinated deferrable interest debentures, $2.1 billion of non-recourse mortgages and loans payable on certain of our properties and debt and preferred equity investments and $640.0 million drawn under our revolving credit facility.
GENERAL RISK FACTORS The trading price of our common stock has been and may continue to be subject to wide fluctuations. Between January 1, 2024 and December 31, 2024, the closing sale price of our common stock on the New York Stock Exchange, or the NYSE, ranged from $42.45 to $81.13 per share.
GENERAL RISK FACTORS The trading price of our common stock has been and may continue to be subject to wide fluctuations. Between January 1, 2025 and December 31, 2025, the closing sale price of our common stock on the New York Stock Exchange, or the NYSE, ranged from $41.53 to $68.38 per share.
Annualized cash rents, including our share of joint venture annualized cash rents, from properties held through long-term leases or operating sublease interests as of December 31, 2024 totaled $236.0 million, or 17.8%, of our share of total Portfolio annualized cash rent.
Annualized cash rents, including our share of joint venture annualized cash rents, from properties held through long-term leases or operating sublease interests as of December 31, 2025 totaled $225.2 million, or 15.9%, of our share of total Portfolio annualized cash rent.
Debt and preferred equity investments could cause us to incur expenses, which could adversely affect our results of operations. We held consolidated first mortgages, mezzanine loans, junior participations and preferred equity interests with an aggregate net book value of $303.7 million as of December 31, 2024.
Debt and preferred equity investments could cause us to incur expenses, which could adversely affect our results of operations. We held consolidated first mortgages, mezzanine loans, junior participations and preferred equity interests with an aggregate net book value of $168.4 million as of December 31, 2025. In addition, we may invest in mortgage-backed securities and other marketable securities.
Our debt and preferred equity investments are carried at the net amounts expected to be collected. We maintain and regularly evaluate the need for reserves to protect against potential future credit losses. Our reserves reflect management's judgment of the probability and severity of losses and the value of the underlying collateral.
We maintain and regularly evaluate the need for reserves to protect against potential future credit losses. Our reserves reflect management's judgment of the probability and severity of losses and the value of the underlying collateral.
Declines in the value of the property may prevent us from realizing an amount equal to our investment upon foreclosure or realization even if we make substantial improvements or repairs to the underlying real estate in order to maximize such property's investment potential. In addition, we may invest in mortgage-backed securities and other marketable securities.
Declines in the value of the property may prevent us from realizing an amount equal to our investment upon foreclosure or realization even if we make substantial improvements or repairs to the underlying real estate in order to maximize such property's investment potential. Our debt and preferred equity investments are carried at the net amounts expected to be collected.
As of December 31, 2024, approximately 44.8% of the rentable square feet at our consolidated properties and approximately 11.8% of the rentable square feet at our unconsolidated joint venture properties are scheduled to expire by December 31, 2029. As of December 31, 2024, these leases had annualized escalated rent totaling $308.4 million and $191.7 million, respectively.
As of December 31, 2025, approximately 46.3% of the rentable square feet at our consolidated properties and approximately 9.3% of the rentable square feet at our unconsolidated joint venture properties are scheduled to expire by December 31, 2030. As of December 31, 2025, these leases had annualized escalated rent totaling $316.3 million and $206.3 million, respectively.
Added
Based on current emissions data available from 2024, our portfolio is expected to be compliant through 2029, with no material financial impact to our properties, and were fully compliant for the first reporting year.

Item 2. Properties

Properties — owned and leased real estate

14 edited+5 added−2 removed6 unchanged
Biggest changeIn addition, we manage one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet and held debt and preferred equity investments with a book value of $303.7 million, excluding $9.7 million of investments recorded in balance sheet line items other than the Debt and preferred equity investments line item. 25 Table of Contents The following tables set forth certain information with respect to each of the Manhattan and Suburban office, prime retail, residential, development and redevelopment properties in the portfolio as of December 31, 2024 (dollars in thousands): Properties Ownership Interest (%) SubMarket Square Feet (1) % Occupied (2) % Leased (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants MANHATTAN CONSOLIDATED OFFICE PROPERTIES "Same Store" 10 East 53rd Street 100.0 Plaza District 354,300 97.6 98.1 $ 33,872 $ 33,872 39 100 Church Street 100.0 Downtown 1,047,500 86.9 86.9 46,125 46,125 19 100 Park Avenue 50.0 Grand Central South 834,000 60.8 95.8 40,294 20,147 33 110 Greene Street 100.0 Soho 223,600 89.3 92.2 18,145 18,145 55 125 Park Avenue 100.0 Grand Central 604,245 95.7 99.5 46,465 46,465 23 304 Park Avenue South 100.0 Midtown South 215,000 100.0 100.0 18,741 18,741 7 420 Lexington Ave (Graybar) 100.0 Grand Central North 1,188,000 86.9 90.1 82,350 82,350 170 461 Fifth Avenue 100.0 Midtown 200,000 98.2 98.2 17,673 17,673 18 485 Lexington Avenue 100.0 Grand Central North 921,000 78.9 83.2 48,211 48,211 33 555 West 57th Street 100.0 Midtown West 941,000 88.1 88.1 51,890 51,890 12 711 Third Avenue 100.0 (4) Grand Central North 524,000 93.7 93.7 33,735 33,735 20 810 Seventh Avenue 100.0 Times Square 692,000 80.6 85.4 41,795 41,795 44 1185 Avenue of the Americas 100.0 Rockefeller Center 1,062,000 75.0 85.9 68,903 68,903 15 1350 Avenue of the Americas 100.0 Rockefeller Center 562,000 78.5 80.7 35,732 35,732 45 Added to Same Store in 2024 885 Third Avenue 100.0 Midtown/Plaza District 218,796 74.5 74.5 $ 10,081 $ 10,081 11 Subtotal / Weighted Average 9,587,441 83.3% 89.2% $ 594,012 $ 573,865 544 Total / Weighted Average Manhattan Consolidated Office Properties 9,587,441 83.3% 89.2% $ 594,012 $ 573,865 544 MANHATTAN UNCONSOLIDATED OFFICE PROPERTIES "Same Store" One Vanderbilt Avenue 60.0 Grand Central 1,657,198 99.4 100.0 $ 287,129 $ 172,277 40 11 Madison Avenue 60.0 Park Avenue South 2,314,000 96.1 96.1 172,839 103,704 7 220 East 42nd Street 51.0 Grand Central 1,135,000 89.0 93.7 69,332 35,359 31 280 Park Avenue 50.0 Park Avenue 1,219,158 89.0 91.1 121,544 60,772 33 800 Third Avenue 60.5 Grand Central North 526,000 84.6 84.6 32,995 19,962 43 919 Third Avenue 51.0 Grand Central North 1,454,000 80.9 95.6 82,200 41,922 10 1515 Broadway 56.9 Times Square 1,750,000 99.7 99.7 139,119 79,159 7 Added to Same Store in 2024 450 Park Avenue 25.1 Park Avenue 337,000 89.3 89.3 37,886 9,509 23 Subtotal / Weighted Average 10,392,356 92.7% 95.6% $ 943,044 $ 522,664 194 "Non Same Store" 245 Park Avenue 50.1 Park Avenue 1,782,793 85.4 91.7 $ 157,384 $ 78,849 14 Subtotal / Weighted Average 1,782,793 85.4% 91.7% $ 157,384 $ 78,849 14 Total / Weighted Average Manhattan Unconsolidated Office Properties 12,175,149 91.6% 95.0% $ 1,100,428 $ 601,513 208 Manhattan Office Grand Total / Weighted Average 21,762,590 88.0% 92.5% $ 1,694,440 $ 1,175,378 752 Manhattan Office Same Store Occupancy %—Combined 19,979,797 88.2% 92.5% Properties Ownership Interest (%) SubMarket Square Feet (1) % Occupied (2) % Leased (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants SUBURBAN CONSOLIDATED OFFICE PROPERTIES "Same Store" Suburban Landmark Square 100.0 Stamford, Connecticut 862,800 72.6 73.5 $ 18,080 $ 18,080 92 Subtotal/Weighted Average 862,800 72.6% 73.5% $ 18,080 $ 18,080 92 Total / Weighted Average Suburban Consolidated Office Properties 862,800 72.6% 73.5% $ 18,080 $ 18,080 92 Suburban Office Grand Total / Weighted Average 862,800 72.6% 73.5% $ 18,080 $ 18,080 92 26 Table of Contents Properties Ownership Interest (%) SubMarket Square Feet (1) % Occupied (2) % Leased (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants RETAIL PROPERTIES "Same Store" Retail 85 Fifth Avenue 36.3 Midtown South 12,946 100.0 100.0 $ 2,800 $ 1,016 1 Subtotal/Weighted Average 12,946 100.0% 100.0% $ 2,800 $ 1,016 1 "Non Same Store" Retail 690 Madison Avenue 90.0 Plaza District 7,848 100.0 100.0 $ 1,505 $ 1,355 1 760 Madison Avenue 100.0 Plaza District 22,648 100.0 100.0 $ 18,046 $ 18,046 1 Subtotal/Weighted Average $ 30,496 100.0% 100.0% $ 19,551 $ 19,401 2 Total / Weighted Average Retail Properties 43,442 100.0% 100.0% $ 22,351 $ 20,417 3 Properties Ownership Interest (%) SubMarket Square Feet (1) Total Units % Occupied (2) % Leased (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Average Monthly Rent Per Unit ($'s) (5) RESIDENTIAL "Non Same Store" Residential 7 Dey Street 100.0 Lower Manhattan 140,382 209 94.3 97.1 $ 11,707 $ 11,707 $ 4,952 15 Beekman Street 20.0 Downtown 221,884 484 (6) 100.0 100.0 13,810 2,762 — Subtotal/Weighted Average 362,266 693 98.3% 99.1% $ 25,517 $ 14,469 $ 4,952 Total / Weighted Average Residential Properties 362,266 693 98.3% 99.1% $ 25,517 $ 14,469 $ 4,952 Properties Ownership Interest (%) SubMarket Square Feet (1) % Occupied (2) % Leased (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants DEVELOPMENT/REDEVELOPMENT One Madison Avenue 25.5 Park Avenue South 1,385,484 62.9 66.6 $ 105,999 $ 27,030 10 19 East 65th Street 100.0 Plaza District 14,639 5.5 5.5 32 32 1 185 Broadway 100.0 Lower Manhattan 50,206 34.5 34.5 3,454 3,454 4 750 Third Avenue 100.0 Grand Central North 780,000 9.5 9.5 6,299 6,300 9 Subtotal/Weighted Average 2,230,329 43.2% 45.5% $ 115,784 $ 36,816 24 Total / Weighted Average Development/Redevelopment Properties 2,230,329 43.2% 45.5% $ 115,784 $ 36,816 24 Properties Ownership Interest (%) SubMarket Square Feet (1) % Occupied (2) % Leased (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants ALTERNATIVE STRATEGY PORTFOLIO 2 Herald Square 95.0 Herald Square 369,000 60.3 60.3 $ 20,291 $ 19,276 5 11 West 34th Street 30.0 Herald Square/Penn Station 17,150 100.0 100.0 3,561 1,068 1 115 Spring Street 51.0 Soho 5,218 100.0 100.0 4,098 2,090 1 650 Fifth Avenue 50.0 Plaza District 69,214 100.0 100.0 41,308 20,655 1 1552-1560 Broadway 50.0 Times Square 57,718 12.6 12.6 2,000 1,000 1 Worldwide Plaza 25.0 Westside 2,048,725 63.3 63.3 77,129 19,244 22 Subtotal/Weighted Average 2,567,025 63.0% 63.0% $ 148,387 $ 63,333 31 Total / Weighted Average Alternative Strategy Portfolio Properties 2,567,025 63.0% 63.0% $ 148,387 $ 63,333 31 (1) Represents the rentable square footage at the time the property was acquired.
Biggest changeIn addition, we manage one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet and held debt and preferred equity investments with a book value of $168.4 million, excluding $12.2 million of investments recorded in balance sheet line items other than the Debt and preferred equity investments line item. 25 Table of Contents The following tables set forth certain information with respect to each of the Manhattan and Suburban office, prime retail, residential, development and redevelopment properties in the portfolio as of December 31, 2025 (dollars in thousands): Occupancy Properties Ownership Interest (%) SubMarket Square Feet (1) % Leased (2) % Occupied (3) % Economic (4) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants MANHATTAN CONSOLIDATED OFFICE PROPERTIES "Same Store" 10 East 53rd Street 100.0 Plaza District 354,300 95.5 94.1 91.8 $ 32,962 $ 32,962 36 100 Church Street 100.0 Downtown 1,047,500 93.5 93.1 93.1 47,345 47,345 17 110 Greene Street 100.0 Soho 223,600 94.7 92.7 91.9 19,409 19,409 52 125 Park Avenue 100.0 Grand Central 604,245 99.2 98.0 96.8 47,292 47,292 23 304 Park Avenue South 100.0 Midtown South 215,000 91.9 91.9 91.9 18,083 18,083 6 420 Lexington Ave (Graybar) 100.0 Grand Central North 1,188,000 92.8 90.5 90.4 88,882 88,882 174 461 Fifth Avenue 100.0 Midtown 200,000 90.2 85.0 77.4 15,100 15,100 19 485 Lexington Avenue 100.0 Grand Central North 921,000 79.7 77.8 77.8 48,339 48,339 37 555 West 57th Street 100.0 Midtown West 941,000 77.2 77.2 77.2 47,469 47,469 11 711 Third Avenue 100.0 (5) Grand Central North 524,000 77.0 70.8 70.8 25,770 25,770 17 800 Third Avenue 100.0 Grand Central North 526,000 90.0 84.3 83.8 31,762 31,762 42 810 Seventh Avenue 100.0 Times Square 692,000 89.2 87.2 84.4 43,883 43,883 47 885 Third Avenue 100.0 Midtown / Plaza District 218,796 84.5 81.5 74.6 11,655 11,655 15 1185 Avenue of the Americas 100.0 Rockefeller Center 1,062,000 89.0 74.5 67.2 61,554 61,554 23 1350 Avenue of the Americas 100.0 Rockefeller Center 562,000 80.7 75.5 75.1 34,406 34,406 42 Subtotal / Weighted Average 9,279,441 87.8% 84.1% 82.5% $ 573,911 $ 573,911 561 "Non Same Store" 500 Park Avenue 100.0 Park Avenue 201,411 90.7 90.7 90.7 $ 17,106 $ 17,106 12 Subtotal / Weighted Average 201,411 90.7% 90.7% 90.7% $ 17,106 $ 17,106 12 Total / Weighted Average Manhattan Consolidated Office Properties 9,480,852 87.9% 84.2% 82.7% $ 591,017 $ 591,017 573 MANHATTAN UNCONSOLIDATED OFFICE PROPERTIES "Same Store" One Vanderbilt Avenue 55.0 Grand Central 1,657,198 100.0 100.0 100.0 $ 290,850 $ 159,968 41 11 Madison Avenue 60.0 Park Avenue South 2,314,000 93.0 93.0 87.9 167,376 100,426 8 100 Park Avenue 50.8 Grand Central South 834,000 97.1 96.8 67.2 62,517 31,758 38 220 East 42nd Street 51.0 Grand Central 1,135,000 94.0 93.5 93.1 72,455 36,952 34 280 Park Avenue 50.0 Park Avenue 1,219,158 94.2 90.5 90.4 129,171 64,585 34 450 Park Avenue 25.1 Park Avenue 337,000 93.9 90.7 90.7 39,140 9,824 26 919 Third Avenue 51.0 Grand Central North 1,454,000 99.8 95.5 84.2 101,182 51,603 11 1515 Broadway 56.9 Times Square 1,750,000 99.7 99.7 99.7 142,218 80,922 7 Added to Same Store in 2025 245 Park Avenue 50.1 Park Avenue 1,782,793 97.8 94.8 86.4 179,023 89,691 14 Subtotal / Weighted Average 12,483,149 96.8% 95.4% 89.9% $ 1,183,932 $ 625,729 213 "Non Same Store" One Madison Avenue 25.5 Park Avenue South 1,385,484 93.3 79.9 64.7 $ 130,694 $ 33,327 16 Subtotal / Weighted Average 1,385,484 93.3% 79.9% 64.7% $ 130,694 $ 33,327 16 Total / Weighted Average Manhattan Unconsolidated Office Properties 13,868,633 96.5% 93.9% 87.4% $ 1,314,626 $ 659,056 229 Manhattan Office Grand Total / Weighted Average 23,349,485 93.0% 90.0% 85.5% $ 1,905,643 $ 1,250,073 802 Manhattan Office Same Store Occupancy %—Combined 21,762,590 93.0% 90.6% 86.7% 26 Table of Contents Occupancy Properties Ownership Interest (%) SubMarket Square Feet (1) % Leased (2) % Occupied (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants SUBURBAN CONSOLIDATED OFFICE PROPERTIES "Same Store" Suburban Landmark Square 100.0 Stamford, Connecticut 732,800 79.4 79.0 $ 15,706 $ 15,706 83 Subtotal/Weighted Average 732,800 79.4% 79.0% $ 15,706 $ 15,706 83 Total / Weighted Average Suburban Consolidated Office Properties 732,800 79.4% 79.0% $ 15,706 $ 15,706 83 Suburban Office Grand Total / Weighted Average 732,800 79.4% 79.0% $ 15,706 $ 15,706 83 Occupancy Properties Ownership Interest (%) SubMarket Square Feet (1) % Leased (2) % Occupied (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants RETAIL PROPERTIES "Same Store" Retail 760 Madison Avenue 100.0 Plaza District 22,648 100.0 100.0 $ 18,554 $ 18,554 1 Subtotal/Weighted Average 22,648 100.0% 100.0% $ 18,554 $ 18,554 1 "Non Same Store" Retail 313 West 33rd Street - The Olivia 100.0 Penn Station 270,132 82.4 82.4 $ 13,563 $ 13,563 8 690 Madison Avenue 90.0 Plaza District 7,848 100.0 100.0 4,505 4,054 1 1552 Broadway/1560 Broadway Signage 100.0 Times Square 12,719 100.0 100.0 4,200 2,100 (6) 1 Subtotal/Weighted Average 290,699 83.6% 83.6% $ 22,268 $ 19,717 10 Total / Weighted Average Retail Properties 313,347 84.8% 84.8% $ 40,822 $ 38,271 11 Occupancy Properties Ownership Interest (%) SubMarket Square Feet (1) Total Units % Leased (2) % Occupied (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Average Monthly Rent Per Unit ($'s) (5) RESIDENTIAL "Non Same Store" Residential 7 Dey Street 100.0 Lower Manhattan 140,382 209 99.5 98.6 $ 12,506 $ 12,506 $ 5,059 15 Beekman Street 20.0 Downtown 221,884 484 (7) 100.0 100.0 14,155 2,831 — Subtotal/Weighted Average 362,266 693 99.8% 99.6% $ 26,661 $ 15,337 $ 5,059 "Non Same Store" Residential 313 West 33rd Street - The Olivia 100.0 Penn Station 222,855 333 96.4 92.2 $ 18,676 $ 18,676 $ 5,070 Subtotal/Weighted Average 222,855 333 96.4% 92.2% $ 18,676 $ 18,676 $ 5,070 Total / Weighted Average Residential Properties 585,121 1,026 98.7% 97.2% $ 45,337 $ 34,013 $ 5,065 Occupancy Properties Ownership Interest (%) SubMarket Square Feet (1) % Leased (2) % Occupied (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants DEVELOPMENT/REDEVELOPMENT 3 Landmark Square 100.0 Stamford.
Lease Expirations Leases in our Manhattan portfolio, as at many other Manhattan office properties, typically have an initial term of seven to fifteen years, compared to typical lease terms of five to ten years in other large U.S. office markets.
Lease Expirations Leases in our Manhattan portfolio, as at many other Manhattan office properties, typically have an initial term of five to fifteen years, compared to typical lease terms of five to ten years in other large U.S. office markets.
(2) Represents the monthly contractual rent under existing leases as of December 31, 2024 multiplied by 12. This amount reflects total rent before any rent abatements, deferrals, concessions and includes expense reimbursements, which may be estimated as of such date.
(2) Represents the monthly contractual rent under existing leases as of December 31, 2025 multiplied by 12. This amount reflects total rent before any rent abatements, deferrals, concessions and includes expense reimbursements, which may be estimated as of such date.
(2) Represents the monthly contractual rent under existing leases as of December 31, 2024 multiplied by 12. This amount reflects total rent before any rent abatements, deferrals, concessions and includes expense reimbursements, which may be estimated as of such date.
(2) Represents the monthly contractual rent under existing leases as of December 31, 2025 multiplied by 12. This amount reflects total rent before any rent abatements, deferrals, concessions and includes expense reimbursements, which may be estimated as of such date.
Tenant Diversification As of December 31, 2024, our properties were leased to 902 tenants, which are engaged in a variety of businesses, including, but not limited to, financial services, professional services, technology, advertising, media, information, apparel, business services and government/non-profit.
Tenant Diversification As of December 31, 2025, our properties were leased to 966 tenants, which are engaged in a variety of businesses, including, but not limited to, financial services, professional services, technology, advertising, media, information, apparel, business services and government/non-profit.
For the five years ending December 31, 2029, the average annual lease expirations at our Manhattan consolidated and unconsolidated operating properties is expected to be approximately 0.8 million square feet and approximately 0.3 million square feet, respectively, representing an average annual expiration rate of approximately 8.9% and approximately 2.3%, respectively, per year (assuming no tenants exercise renewal or cancellation options and there are no tenant bankruptcies or other tenant defaults).
For the five years ending December 31, 2030, the average annual lease expirations at our Manhattan consolidated and unconsolidated operating properties is expected to be approximately 0.8 million square feet and approximately 0.2 million square feet, respectively, representing an average annual expiration rate of approximately 9.5% and approximately 1.7%, respectively, per year (assuming no tenants exercise renewal or cancellation options and there are no tenant bankruptcies or other tenant defaults).
Many of these buildings include some amount of retail space on the lower floors, as well as basement/storage space. As of December 31, 2024, our portfolio also included ownership interests in one consolidated property, encompassing seven commercial office buildings totaling approximately 0.9 million rentable square feet, in Stamford Connecticut, which we refer to as our Suburban property.
Many of these buildings include some amount of retail space on the lower floors, as well as basement/storage space. As of December 31, 2025, our portfolio also included ownership interests in one consolidated property, encompassing six commercial office buildings totaling approximately 0.7 million rentable square feet, in Stamford Connecticut, which we refer to as our Suburban property.
ITEM 2. PROPERTIES Our Portfolio General As of December 31, 2024, we owned or held interests in 15 consolidated commercial office buildings encompassing approximately 9.6 million rentable square feet and 9 unconsolidated commercial office buildings encompassing approximately 12.2 million rentable square feet located primarily in midtown Manhattan.
ITEM 2. PROPERTIES Our Portfolio General As of December 31, 2025, we owned or held interests in 16 consolidated commercial office buildings encompassing approximately 9.5 million rentable square feet and 10 unconsolidated commercial office buildings encompassing approximately 13.9 million rentable square feet located primarily in midtown Manhattan.
As of December 31, 2024, we also owned or held interests in three prime retail properties encompassing approximately 43.4 thousand square feet, three buildings in differing stages of development or redevelopment encompassing approximately 2.3 million square feet, and two residential building encompassing 209 residential units and 484 dormitory beds, respectively, encompassing approximately 0.4 million square feet.
As of December 31, 2025, we also owned or held interests in five prime retail properties encompassing approximately 313.3 thousand square feet, five buildings in differing stages of development or redevelopment encompassing approximately 1.2 million square feet, and two residential building encompassing 542 residential units and 484 dormitory beds, respectively, encompassing approximately 0.6 million square feet.
(6) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds. 27 Table of Contents Historical Occupancy Historically, we have achieved materially higher occupancy rates in our Manhattan office portfolio as compared to the overall midtown Manhattan office market, as shown in the following table: Occupancy Rate of Manhattan Operating Portfolio (1) Occupancy Rate of Class A Office Properties in the Midtown Manhattan Markets (2)(3) Occupancy Rate of Class B Office Properties in the Midtown Manhattan Markets (2)(3) December 31, 2024 92.5% 78.0% 73.6% December 31, 2023 89.4% 78.4% 75.5% December 31, 2022 90.7% 78.4% 76.6% December 31, 2021 92.1% 80.6% 77.1% December 31, 2020 92.4% 85.0% 81.1% (1) Includes our consolidated and unconsolidated Manhattan office properties.
Historical Occupancy Historically, we have achieved materially higher occupancy rates in our Manhattan office portfolio as compared to the overall midtown Manhattan office market, as shown in the following table: Leased Occupancy Rate of Manhattan Operating Portfolio (1) Occupancy Rate of Class A Office Properties in the Midtown Manhattan Markets (2)(3) Occupancy Rate of Class B Office Properties in the Midtown Manhattan Markets (2)(3) December 31, 2025 93.0% 80.5% 75.6% December 31, 2024 92.5% 78.0% 73.6% December 31, 2023 89.4% 78.4% 75.5% December 31, 2022 90.7% 78.4% 76.6% December 31, 2021 92.1% 80.6% 77.1% (1) Includes our consolidated and unconsolidated Manhattan office properties, inclusive of leases signed but not yet commenced.
The following table sets forth information regarding the leases with respect to the 20 largest tenants in our properties (based on commenced leases), which are not intended to be representative of our tenants as a whole, based on the amount of our share of annualized cash rent as of December 31, 2024: 29 Table of Contents Tenant Name Property Lease Expiration (1) Total Rentable Square Feet Annualized Cash Rent SLG Share of Annualized Cash Rent ($) % of SLG Share of Annualized Cash Rent (2) Annualized Cash Rent per Square Foot Paramount Global 1515 Broadway June 2031 1,603,121 $ 107,314 $ 61,062 4.6 % $ 66.94 555 West 57th Street April 2029 186,266 10,790 10,790 0.8 % 57.93 1515 Broadway March 2028 9,106 2,166 1,232 0.1 % 237.84 Worldwide Plaza January 2027 32,598 2,488 621 — % 76.34 1,831,091 $ 122,758 $ 73,705 5.5 % $ 67.04 UBS Americas, Inc. 11 Madison Avenue May 2037 1,184,762 $ 78,221 $ 46,933 3.5 % $ 66.02 Sony Corporation 11 Madison Avenue January 2031 578,791 $ 52,130 $ 31,278 2.3 % $ 90.07 Bloomberg L.P. 919 Third Avenue February 2040 749,216 $ 49,782 $ 25,389 1.9 % $ 66.45 Societe Generale 245 Park Avenue October 2032 520,831 $ 50,328 $ 25,215 1.9 % $ 96.63 TD Bank US Holding Company One Vanderbilt Avenue July 2041 193,159 $ 26,065 $ 15,639 1.2 % $ 134.94 (3) One Vanderbilt Avenue August 2041 6,843 3,234 1,940 0.1 % 472.58 125 Park Avenue October 2025 6,234 2,129 2,129 0.2 % 341.56 125 Park Avenue October 2030 26,536 1,842 1,842 0.1 % 69.40 125 Park Avenue March 2034 25,171 1,612 1,612 0.1 % 64.06 257,943 $ 34,882 $ 23,162 1.7 % $ 135.23 The City of New York 100 Church Street March 2034 510,007 $ 22,709 $ 22,709 1.7 % $ 44.53 King & Spalding 1185 Avenue of the Americas October 2025 218,275 $ 21,010 $ 21,010 1.6 % $ 96.25 Carlyle Investment Management LLC One Vanderbilt Avenue September 2036 194,702 $ 34,586 $ 20,752 1.6 % $ 177.64 (3) Nike Retail Services, Inc. 650 Fifth Avenue January 2033 69,214 $ 41,308 $ 20,654 1.5 % $ 596.82 Metro-North Commuter Railroad Company 420 Lexington Avenue November 2034 344,873 $ 20,113 $ 20,113 1.5 % $ 58.32 420 Lexington Avenue January 2027 7,537 448 448 — % 59.48 352,410 $ 20,561 $ 20,561 1.5 % $ 58.34 (3) WME IMG, LLC 304 Park Avenue April 2028 174,069 $ 13,775 $ 13,775 1.0 % $ 79.13 11 Madison Avenue September 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 December 2042 169,586 $ 31,475 $ 18,885 1.4 % $ 185.60 420 Lexington Avenue October 2026 10,043 621 621 — % 61.82 179,629 $ 32,096 $ 19,506 1.4 % $ 178.68 Frank Templeton Companies LLC One Madison Avenue May 2040 354,976 $ 48,439 $ 12,351 0.9 % $ 136.45 280 Park Avenue November 2031 128,993 13,565 6,783 0.5 % 105.16 483,969 $ 62,004 $ 19,134 1.4 % $ 128.12 Giorgio Armani Corporation 760 Madison Avenue October 2038 22,648 $ 18,046 $ 18,046 1.4 % $ 796.82 Ares Management LLC 245 Park Avenue May 2026 36,316 $ 3,740 $ 1,874 0.1 % $ 103.00 245 Park Avenue June 2043 251,175 $ 29,869 $ 14,964 1.1 % $ 118.92 287,491 $ 33,609 $ 16,838 1.2 % $ 116.90 Toronto Dominion Bank One Vanderbilt Avenue April 2042 142,892 $ 21,302 $ 12,781 1.0 % $ 149.08 (3) 125 Park Avenue April 2042 52,450 3,603 3,603 0.3 % 68.69 195,342 $ 24,905 $ 16,384 1.3 % $ 127.49 Hess Corp 1185 Avenue of the Americas December 2027 167,169 $ 15,439 $ 15,439 1.2 % $ 92.36 Stone Ridge Holdings Group LP (3) One Vanderbilt Avenue December 2037 97,652 $ 23,013 $ 13,808 1.0 % 235.67 (3) BMW of Manhattan, Inc. 555 West 57th Street July 2032 226,556 $ 13,116 $ 13,116 1.0 % $ 57.89 Total 8,406,385 774,997 483,844 36.1 % $ 92.19 (1) Expiration of current lease term and does not reflect extension options.
The following table sets forth information regarding the leases with respect to the 20 largest tenants in our properties (based on commenced leases), which are not intended to be representative of our tenants as a whole, based on the amount of our share of annualized cash rent as of December 31, 2025: 29 Table of Contents Tenant Name Property Lease Expiration (1) Total Rentable Square Feet Annualized Cash Rent SLG Share of Annualized Cash Rent ($) % of SLG Share of Annualized Cash Rent (2) Annualized Cash Rent per Square Foot Paramount Global 1515 Broadway June 2031 1,604,544 $ 109,553 $ 62,335 4.4 % $ 68.28 555 West 57th Street April 2029 186,266 10,998 10,998 0.8 % 59.04 1515 Broadway March 2028 9,106 2,219 1,263 0.1 % 243.73 1,799,916 $ 122,770 $ 74,596 5.3 % $ 67.04 UBS Americas, Inc. 11 Madison Avenue May 2037 1,184,489 $ 80,929 $ 48,558 3.4 % $ 68.32 Bloomberg L.P. 919 Third Avenue February 2040 926,156 $ 63,990 $ 32,635 2.3 % $ 69.09 Sony Corporation 11 Madison Avenue January 2031 578,791 $ 53,094 $ 31,857 2.2 % $ 91.73 McDermott Will & Schulte LLP One Vanderbilt Avenue December 2042 169,586 $ 31,538 $ 17,346 1.2 % $ 185.97 919 Third Avenue June 2036 281,651 20,945 10,682 0.8 % 74.36 420 Lexington Avenue October 2026 10,043 641 641 — % 63.82 461,280 $ 53,124 $ 28,669 2.0 % $ 115.17 Societe Generale 245 Park Avenue October 2032 520,831 $ 50,120 $ 25,110 1.8 % $ 96.23 The City of New York 100 Church Street March 2034 510,007 $ 22,925 $ 22,925 1.6 % $ 44.95 Metro-North Commuter Railroad Company 420 Lexington Avenue November 2034 344,873 $ 22,097 $ 22,097 1.6 % $ 64.07 420 Lexington Avenue January 2027 7,537 454 454 — % 60.20 352,410 $ 22,551 $ 22,551 1.6 % $ 63.99 (4) Nike Retail Services, Inc. 650 Fifth Avenue January 2033 69,214 $ 42,574 $ 21,287 1.5 % $ 615.10 WME IMG, LLC 304 Park Avenue April 2028 174,069 $ 14,225 $ 14,226 1.0 % $ 81.73 11 Madison Avenue September 2030 104,618 11,370 6,822 0.5 % 108.68 278,687 $ 25,595 $ 21,048 1.5 % $ 91.84 Franklin Templeton Companies LLC One Madison Avenue May 2040 354,976 $ 48,970 $ 12,977 0.9 % $ 137.95 280 Park Avenue November 2031 128,993 14,165 7,083 0.5 % 109.81 483,969 $ 63,135 $ 20,060 1.4 % $ 130.45 TD Bank US Holding Company One Vanderbilt Avenue July 2041 193,159 $ 26,196 $ 14,408 1.1 % $ 135.62 (4) One Vanderbilt Avenue August 2041 6,843 3,247 1,786 0.1 % 474.45 125 Park Avenue October 2030 26,536 1,959 1,959 0.1 % 73.81 125 Park Avenue March 2034 25,171 1,652 1,652 0.1 % 65.64 251,709 $ 33,054 $ 19,805 1.4 % $ 131.32 Carlyle Investment Management LLC One Vanderbilt Avenue September 2036 194,702 $ 34,744 $ 19,109 1.3 % $ 178.45 (4) Giorgio Armani Corporation 760 Madison Avenue October 2038 22,648 $ 18,554 $ 18,554 1.3 % $ 819.24 Ares Management LLC 245 Park Avenue June 2043 251,175 $ 29,840 $ 14,950 1.1 % $ 118.80 245 Park Avenue December 2028 36,316 3,741 1,874 0.1 % 103.00 287,491 $ 33,581 $ 16,824 1.2 % $ 116.81 PJT Partners Holdings LP 280 Park Avenue June 2041 269,821 $ 32,508 $ 16,254 1.1 % $ 120.48 Hess Corp 1185 Avenue of the Americas December 2027 167,169 $ 16,156 $ 16,156 1.1 % $ 96.64 The Toronto Dominion Bank One Vanderbilt Avenue April 2042 142,892 $ 21,330 $ 11,732 0.8 % $ 149.28 (4) 125 Park Avenue April 2042 52,450 3,611 3,611 0.3 % 68.85 195,342 $ 24,941 $ 15,343 1.1 % $ 127.68 BMW of Manhattan, Inc. 555 West 57th Street July 2032 226,556 $ 13,474 $ 13,474 0.9 % $ 59.47 Stone Ridge Holdings One Vanderbilt Avenue December 2037 97,652 $ 23,319 $ 12,823 0.9 % $ 238.79 Total 8,878,840 $ 831,138 $ 497,638 34.9 % (1) Based on commenced leases.
(2) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Alternative Strategy Portfolio properties. (3) Tenant pays rent on a net basis. Rent PSF reflects gross equivalent. 30 Table of Contents Environmental Matters Phase I environmental site assessments have been prepared on the properties in our portfolio, in order to assess existing environmental conditions.
Rent PSF reflects gross rent equivalent. 30 Table of Contents Environmental Matters Phase I environmental site assessments have been prepared on the properties in our portfolio, in order to assess existing environmental conditions. All of the Phase I assessments met the American Society for Testing and Materials (ASTM) Standard.
(2) Occupancy for commenced leases. (3) Occupancy inclusive of leases signed but not yet commenced. (4) The company also owns 50% of the fee interest. (5) Calculated based on occupied units. Amount in dollars.
(2) Inclusive of leases signed but not yet commenced. (3) Based on commenced leases. For GAAP purposes, revenue may not yet be recognized for certain commenced leases. (4) Based on leases where revenue is being recognized for GAAP purposes. (5) The Company also owns 50% of the fee interest. (6) Reflects the contractual rent for 1552 Broadway.
The following tables set forth a schedule of the annual lease expirations at our Manhattan consolidated and unconsolidated operating properties, respectively, with respect to leases in place as of December 31, 2024 for each of the next ten years and thereafter (assuming that no tenants exercise renewal or cancellation options and that there are no tenant bankruptcies or other tenant defaults): Manhattan Consolidated Operating Properties Year of Lease Expiration Number of Expiring Leases (1) Square Footage of Expiring Leases Percentage of Total Square Feet Annualized Cash Rent of Expiring Leases (2) Percentage of Annualized Cash Rent of Expiring Leases Annualized Cash Rent per Square Foot of Expiring Leases (3) 2025 82 755,344 9.0% 60,710,221 10.3% $ 80.37 2026 78 847,874 10.1 58,604,929 10.0 69.12 2027 80 808,055 9.7 65,504,055 11.2 81.06 2028 64 675,774 8.1 49,898,756 8.5 73.84 2029 57 705,732 8.4 48,572,940 8.3 68.83 2030 45 848,373 10.1 59,570,712 10.1 70.22 2031 26 423,086 5.1 31,467,856 5.4 74.38 2032 20 731,991 8.7 45,177,103 7.7 61.72 2033 20 348,403 4.2 27,643,595 4.7 79.34 2034 & thereafter 76 2,225,853 26.6 139,472,014 23.8 62.66 Total/weighted average 548 8,370,485 100.0% $ 586,622,181 100.0% $ 70.08 (1) Tenants may have multiple leases.
The following tables set forth a schedule of the annual lease expirations at our Manhattan consolidated and unconsolidated operating properties, respectively, with respect to leases in place as of December 31, 2025 for each of the next ten years and thereafter (assuming that no tenants exercise renewal or cancellation options and that there are no tenant bankruptcies or other tenant defaults): 28 Table of Contents Manhattan Consolidated Operating Properties Year of Lease Expiration Number of Expiring Leases (1) Square Footage of Expiring Leases Percentage of Total Square Feet Annualized Cash Rent of Expiring Leases (2) Percentage of Annualized Cash Rent of Expiring Leases Annualized Cash Rent per Square Foot of Expiring Leases (3) 2026 85 810,056 9.7% $ 55,691,361 9.5% $ 68.75 2027 79 722,097 8.6 58,250,447 9.9 80.67 2028 77 689,431 8.2 51,965,011 8.8 75.37 2029 69 773,834 9.3 54,798,643 9.3 70.81 2030 63 994,055 11.9 71,101,131 12.1 71.53 2031 37 324,063 3.9 25,158,396 4.2 77.63 2032 31 814,040 9.7 53,029,491 9.0 65.14 2033 27 423,786 5.1 33,888,479 5.8 79.97 2034 34 1,314,808 15.7 77,371,038 13.2 58.85 2034 & thereafter 79 1,491,915 17.9 106,409,659 18.2 71.32 Total/weighted average 581 8,358,085 100.0% $ 587,663,656 100.0% $ 70.31 (1) Tenants may have multiple leases.
Removed
(3) Represents Annualized Cash Rent of Expiring Leases, as described in footnote (2) above, presented on a per square foot basis. 28 Table of Contents Manhattan Unconsolidated Operating Properties Year of Lease Expiration Number of Expiring Leases (1) Square Footage of Expiring Leases Percentage of Total Square Feet Annualized Cash Rent of Expiring Leases (2) Percentage of Annualized Cash Rent of Expiring Leases Annualized Cash Rent per Square Foot of Expiring Leases (3) 2025 17 312,979 2.8% 30,453,092 2.8% $ 97.30 2026 21 350,768 3.1 47,036,241 4.3 211.30 2027 17 222,604 2.0 31,852,679 2.9 143.09 2028 21 250,810 2.2 30,428,097 2.8 121.32 2029 18 147,621 1.3 15,378,083 1.4 104.17 2030 15 329,755 2.9 38,410,279 3.5 116.48 2031 15 2,688,738 23.8 205,643,360 18.7 76.48 2032 14 992,725 8.8 89,598,105 8.1 90.25 2033 11 250,685 2.2 28,051,255 2.5 111.90 2034 & thereafter 65 5,740,480 50.9 583,552,328 53.0 101.66 Total/weighted average 214 11,287,165 100.0% $ 1,100,403,519 100.0% $ 97.49 (1) Tenants may have multiple leases.
Added
Connecticut 130,000 7.4 7.4 $ 370 $ 370 4 19 East 65th Street 100.0 Plaza District 14,639 — — — — — 185 Broadway 100.0 Lower Manhattan 50,206 34.5 34.5 3,506 3,506 4 346 Madison Avenue 100.0 Grand Central 275,138 40.4 40.4 5,495 5,495 28 750 Third Avenue 100.0 Grand Central North 780,000 4.9 4.8 3,675 3,675 5 Subtotal/Weighted Average 1,249,983 14.1% 14.1% $ 13,046 $ 13,046 41 Total / Weighted Average Development/Redevelopment Properties 1,249,983 14.1% 14.1% $ 13,046 $ 13,046 41 27 Table of Contents Occupancy Properties Ownership Interest (%) SubMarket Square Feet (1) % Leased (2) % Occupied (3) Annualized Contractual Cash Rent ($'s) Annualized Contractual Cash Rent SLG Share ($'s) Total Tenants ALTERNATIVE STRATEGY PORTFOLIO 2 Herald Square 95.0 Herald Square 369,000 34.5 34.5 $ 26,222 $ 24,911 5 11 West 34th Street 30.0 Herald Square/Penn Station 17,150 100.0 100.0 3,680 1,104 1 115 Spring Street 51.0 Soho 5,218 100.0 100.0 4,202 2,143 1 650 Fifth Avenue 50.0 Plaza District 69,214 100.0 100.0 42,574 21,287 1 Worldwide Plaza 25.1 Westside 2,048,725 61.9 61.9 76,538 19,173 21 Subtotal/Weighted Average 2,509,307 59.3% 59.3% $ 153,216 $ 68,618 29 Total / Weighted Average Alternative Strategy Portfolio Properties 2,509,307 59.3% 59.3% $ 153,216 $ 68,618 29 (1) Represents the rentable square footage at the time the property was acquired.
Removed
All of the Phase I assessments met the American Society for Testing and Materials (ASTM) Standard.
Added
(7) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.
Added
Manhattan Unconsolidated Operating Properties Year of Lease Expiration Number of Expiring Leases (1) Square Footage of Expiring Leases Percentage of Total Square Feet Annualized Cash Rent of Expiring Leases (2) Percentage of Annualized Cash Rent of Expiring Leases Annualized Cash Rent per Square Foot of Expiring Leases (3) 2026 15 185,919 1.4% $ 22,362,758 1.7% $ 120.28 2027 22 281,047 2.1 36,883,021 2.8 138.81 2028 24 265,713 2.0 41,948,216 3.2 157.87 2029 12 118,185 0.9 14,135,688 1.1 119.61 2030 15 262,767 2.0 34,983,745 2.7 133.14 2031 24 2,853,460 21.7 222,963,801 17.0 78.14 2032 13 991,547 7.5 89,930,850 6.9 90.70 2033 11 267,630 2.0 29,005,780 2.2 108.38 2034 7 390,369 3.0 38,860,134 3.0 99.55 2034 & thereafter 91 7,539,270 57.4 780,636,723 59.4 103.54 Total/weighted average 234 13,155,907 100.0% $ 1,311,710,716 100.0% $ 99.71 (1) Tenants may have multiple leases.
Added
(3) Represents Annualized Cash Rent of Expiring Leases, as described in footnote (2) above, presented on a per square foot basis.
Added
(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) Tenant pays rent on a net basis.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged
Biggest changeITEM 3. LEGAL PROCEEDINGS As of December 31, 2024, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us. ITEM 4.
Biggest changeITEM 3. LEGAL PROCEEDINGS As of December 31, 2025, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us. ITEM 4.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+1 added−0 removed7 unchanged
Biggest changeThe following table summarizes share repurchases executed under the program, excluding the redemption of OP units, during the three months ended December 31, 2024: Period Shares repurchased Average price paid per share Cumulative number of shares repurchased as part of the repurchase plan or programs October 1-31 — $— 36,107,719 November 1-30 — $— 36,107,719 December 1-31 — $— 36,107,719 SALE OF UNREGISTERED SECURITIES During the year ended December 31, 2024, we issued 124,801 shares of our common stock to holders of units of limited partnership interest in the Operating Partnership upon the redemption of such units pursuant to the partnership agreement of the Operating Partnership.
Biggest changeSALE OF UNREGISTERED SECURITIES During the years ended December 31, 2025 and 2024, we issued 46,823 and 124,801 shares, respectively, of our common stock to holders of units of limited partnership interest in the Operating Partnership upon the redemption of such units pursuant to the partnership agreement of the Operating Partnership.
During the years ended December 31, 2023 and 2022, we did not issue any shares of our common stock to holders of units of limited partnership interest in the Operating Partnership upon the redemption of such units pursuant to the partnership agreement of the Operating Partnership. ITEM 6. [RESERVED] 32 Table of Contents
During the year ended December 31, 2023, we did not issue any shares of our common stock to holders of units of limited partnership interest in the Operating Partnership upon the redemption of such units pursuant to the partnership agreement of the Operating Partnership. ITEM 6. [RESERVED] 32 Table of Contents
As of December 31, 2024, there were 4,509,953 units of limited partnership interest of the Operating Partnership outstanding and held by persons other than the Company, which received distributions per unit of the same amount and in the same manner as dividends per share were distributed to common stockholders.
As of December 31, 2025, there were 4,877,891 units of limited partnership interest of the Operating Partnership outstanding and held by persons other than the Company, which received distributions per unit of the same amount and in the same manner as dividends per share were distributed to common stockholders.
Our common stock trades on the New York Stock Exchange, or the NYSE, under the symbol "SLG." On February 13, 2025, the reported closing sale price per share of common stock on the NYSE was $64.48 and there were 377 holders of record of our common stock. SL GREEN OPERATING PARTNERSHIP, L.P.
Our common stock trades on the New York Stock Exchange, or the NYSE, under the symbol "SLG." On February 13, 2026, the reported closing sale price per share of common stock on the NYSE was $40.55 and there were 352 holders of record of our common stock. SL GREEN OPERATING PARTNERSHIP, L.P.
There is no established public trading market for the common units of the Operating Partnership. On February 13, 2025, there were 48 holders of record and 75,595,939 common units outstanding, 71,004,564 of which were held by SL Green.
There is no established public trading market for the common units of the Operating Partnership. On February 13, 2026, there were 53 holders of record and 76,663,424 common units outstanding, 71,031,183 of which were held by SL Green.
ISSUER PURCHASES OF EQUITY SECURITIES Our Board of Directors has approved a $3.5 billion share repurchase program under which we can buy shares of our common stock.
ISSUER PURCHASES OF EQUITY SECURITIES The Company has in place a share repurchase program of $3.5 billion under which we can buy shares of our common stock. As of December 31, 2025, 36,107,719 shares have been repurchased under the program. This amount excludes the redemption of OP units.
Added
We did not repurchase any shares under the program during the year ended December 31, 2025.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

90 edited+9 added−63 removed74 unchanged
Biggest changeSame-Store Disposed Other Consolidated (in millions) 2024 2023 $ Change % Change 2024 2023 2024 2023 2024 2023 $ Change % Change Rental revenue $ 563.4 $ 549.6 $ 13.8 2.5 % $ 0.8 $ — $ 41.8 $ 133.7 $ 606.0 $ 683.3 $ (77.3) (11.3) % SUMMIT Operator revenue — — — — % — — 133.2 118.3 133.2 118.3 14.9 12.6 % Investment income — — — — % — — 24.4 34.7 24.4 34.7 (10.3) (29.7) % Interest income from real estate loans held by consolidated securitization vehicles — — — — % — — 19.0 — 19.0 — 19.0 100.0 % Other income 8.0 4.1 3.9 95.1 % — — 95.7 73.3 103.7 77.4 26.3 34.0 % Total revenues 571.4 553.7 17.7 3.2 % 0.8 — 314.1 360.0 886.3 913.7 (27.4) (3.0) % Property operating expenses 328.0 277.0 51.0 18.4 % 0.7 0.2 13.7 90.3 342.4 367.5 (25.1) (6.8) % SUMMIT Operator expenses — — — — % — — 111.7 101.2 111.7 101.2 10.5 10.4 % SUMMIT Operator tax expense 0.7 9.2 (8.5) (92.4) % Transaction related costs — — — — % — — 0.4 1.1 0.4 1.1 (0.7) (63.6) % Marketing, general and administrative — — — — % — — 85.2 111.4 85.2 111.4 (26.2) (23.5) % 328.0 277.0 51.0 18.4 % 0.7 0.2 211.0 304.0 540.4 590.4 (50.0) (8.5) % Other income (expenses): Interest expense and amortization of deferred financing costs, net of interest income $ (153.8) $ (145.0) $ (8.8) 6.1 % Interest expense on senior obligations of consolidated securitization vehicles (14.6) — (14.6) 100.0 % Depreciation and amortization (207.4) (247.8) 40.4 (16.3) % Equity in net loss from unconsolidated joint ventures (179.7) (76.5) (103.2) 134.9 % Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate 208.1 (13.4) 221.5 (1,653.0) % Purchase price and other fair value adjustments 89.0 (17.3) 106.3 (614.5) % Gain (loss) on sale of real estate, net 3.0 (32.4) 35.4 (109.3) % Depreciable real estate reserves and impairments (104.1) (382.4) 278.3 (72.8) % Gain (loss) on early extinguishment of debt 43.8 (0.9) 44.7 (4,966.7) % Loan loss and other investment reserves, net of recoveries — (6.9) 6.9 (100.0) % Net income (loss) $ 30.2 $ (599.3) $ 629.5 (105.0) % 36 Table of Contents Rental Revenue Rental revenues decreased due primarily to the deconsolidation of 245 Park Avenue ($77.6 million) as a result of the sale of a joint venture interest during the second quarter of 2023 and increased vacancy at 555 West 57th Street ($10.7 million), 1350 Avenue of the Americas ($4.1 million) and 885 Third Avenue ($3.6 million).
Biggest change“Other,” which represents properties where we sold an interest resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc. 36 Table of Contents Same-Store Disposed Other Consolidated (in millions) 2025 2024 $ Change % Change 2025 2024 2025 2024 2025 2024 $ Change % Change Rental revenue $ 601.3 $ 563.2 $ 38.1 6.8 % $ — $ 0.8 $ 78.8 $ 42.0 $ 680.1 $ 606.0 $ 74.1 12.2 % SUMMIT Operator revenue — — — — % — — 122.3 133.2 122.3 133.2 (10.9) (8.2) % Investment income — — — — % — — 29.4 24.4 29.4 24.4 5.0 20.5 % Interest income from real estate loans held by consolidated securitization vehicles — — — — % — — 62.7 19.0 62.7 19.0 43.7 230.0 % Other income 7.1 7.4 (0.3) (4.1) % — — 101.4 96.3 108.5 103.7 4.8 4.6 % Total revenues 608.4 570.6 37.8 6.6 % — 0.8 394.6 314.9 1,003.0 886.3 116.7 13.2 % Property operating expenses $ 328.4 $ 288.9 $ 39.5 13.7 % $ — $ 0.7 $ 77.2 $ 52.8 $ 405.6 $ 342.4 $ 63.2 18.5 % SUMMIT Operator expenses — — — — % — — 116.4 111.7 116.4 111.7 4.7 4.2 % SUMMIT Operator tax expense 3.3 0.7 2.6 371.4 % Transaction related costs — — — — % — — 13.9 0.4 13.9 0.4 13.5 3,375.0 % Marketing, general and administrative — — — — % — — 89.3 85.2 89.3 85.2 4.1 4.8 % 328.4 288.9 39.5 13.7 % — 0.7 296.8 250.1 628.5 540.4 88.1 16.3 % Operating income before equity in net income from unconsolidated joint ventures $ 280.0 $ 281.7 $ (1.7) (0.6) % $ — $ 0.1 $ 97.8 $ 64.8 $ 374.5 $ 345.9 $ 28.6 8.3 % Other income (expenses): Interest expense and amortization of deferred financing costs, net of interest income $ (194.7) $ (153.8) $ (40.9) 26.6 % Interest expense on senior obligations of consolidated securitization vehicles (60.7) (14.6) (46.1) 315.8 % Depreciation and amortization (255.7) (207.4) (48.3) 23.3 % Equity in net loss from unconsolidated joint ventures (56.1) (179.7) 123.6 (68.8) % Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate 86.1 208.1 (122.0) (58.6) % Loss from debt fund investments, net (1.4) — (1.4) (100.0) % Purchase price and other fair value adjustments (36.2) 89.0 (125.2) (140.7) % (Loss) gain on sale of real estate, net (2.1) 3.0 (5.1) (170.0) % Depreciable real estate reserves and impairments (32.1) (104.1) 72.0 (69.2) % Gain on sale of marketable securities 10.2 — 10.2 100.0 % Gain (loss) on early extinguishment of debt — 43.8 (43.8) (100.0) % Loan loss and other investment reserves, net of recoveries 71.3 — 71.3 100.0 % Income from continuing operation (96.9) 30.2 (127.1) (420.9) % Net income from discontinued operations — — — — % Gain on sale of discontinued operations — — — — % Net (loss) income $ (96.9) $ 30.2 $ (127.1) (420.9) % 37 Table of Contents Rental revenue Rental revenues increased due primarily to the consolidation of 100 Park Avenue ($25.5 million) during the fourth quarter of 2024, 10 East 53rd Street ($1.7 million) at the end of the first quarter of 2024, 315 West 33rd Street ($4.2 million) at the end of the third quarter of 2025 and 800 Third Avenue ($2.0 million) during the fourth quarter 2025 and the acquisition of 500 Park Avenue ($5.5 million) during the first quarter 2025.
Equity in net loss from unconsolidated joint ventures Equity in net loss from unconsolidated joint ventures increased due primarily to impairments recognized during the year ended December 31, 2024 at 5 Times Square ($146.4 million), Worldwide Plaza ($72.6 million), 2 Herald Square ($20.4 million), 85 Fifth Avenue ($12.0 million) and 115 Spring Street ($11.7 million) during the year ended December 31, 2024.
Equity in net loss from unconsolidated joint ventures Equity in net loss from unconsolidated joint ventures increased primarily due to impairments recognized during the year ended December 31, 2024 at 5 Times Square ($146.4 million), Worldwide Plaza ($72.6 million), 2 Herald Square ($20.4 million), 85 Fifth Avenue ($12.0 million) and 115 Spring Street ($11.7 million).
Additionally, we recorded a $5.5 million positive fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. These positive adjustments were partially offset by a $55.7 million negative fair value adjustment relating to the consolidation of 10 East 53rd Street.
Additionally, we recorded a positive fair value adjustment related to derivatives that are not designated as hedges for accounting purposes ($5.5 million). These positive adjustments were partially offset by a negative fair value adjustment relating to the consolidation of 10 East 53rd Street ($55.7 million).
Gain (loss) on sale of real estate, net During the year ended December 31, 2024, we recognized a gain on the sale of Palisades Conference Center ($7.3 million) and losses on the sales of 719 Seventh Avenue ($2.1 million) and the Giorgio Armani Residences at 760 Madison Avenue ($1.5 million).
(Loss) gain on sale of real estate, net During the year ended December 31, 2024, we recognized a gain on the sale of Palisades Conference Center ($7.3 million) and losses on the sales of 719 Seventh Avenue ($2.1 million) and the Giorgio Armani Residences at 760 Madison Avenue ($1.5 million).
Depreciable Real Estate Reserves and Impairments During the year ended December 31, 2024, we recognized depreciable real estate reserves and impairments at 719 Seventh Avenue ($46.3 million), 690 Madison Avenue ($34.3 million) and 760 Madison Avenue ($17.6 million), reflective of $15.1 million of capitalized interest for 760 Madison Avenue, to reduce the carrying value of our investments based on the sales contracts that the Company entered into for these properties.
During the year ended December 31, 2024, we recognized depreciable real estate reserves and impairments at 719 Seventh Avenue ($46.3 million), 690 Madison Avenue ($34.3 million) and 760 Madison Avenue ($17.6 million), reflective of $15.1 million of capitalized interest for 760 Madison Avenue, to reduce the carrying value of our investments based on the sales contracts that the Company entered into for these properties.
Liquidity and Capital Resources We currently expect that the principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness and for debt and preferred equity investments will include: (1) Cash flow from operations; (2) Cash on hand; (3) Net proceeds from divestitures of properties and redemptions, participations, dispositions and repayments of debt and preferred equity investments; (4) Borrowings under the revolving credit facility; (5) Other forms of secured or unsecured financing; and (6) Proceeds from common or preferred equity or debt offerings by the Company or the Operating Partnership (including issuances of units of limited partnership interest in the Operating Partnership and Trust preferred securities).
Liquidity and Capital Resources We currently expect that the principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness or other investments will include: (1) Cash flow from operations; (2) Cash on hand; (3) Net proceeds from divestitures of properties and redemptions, participations, dispositions and repayments of debt and preferred equity investments; (4) Borrowings under the revolving credit facility; (5) Other forms of secured or unsecured financing; and (6) Proceeds from common or preferred equity or debt offerings by the Company or the Operating Partnership (including issuances of units of limited partnership interest in the Operating Partnership and Trust preferred securities).
While we may have agreements with such third parties to maintain adequate coverage and we monitor these policies, such coverage ultimately may not be maintained or adequately cover our risk of loss. Funds from Operations FFO is a widely recognized non-GAAP financial measure of REIT performance.
While we may have agreements with such third parties to maintain adequate coverage and we monitor these policies, such coverage ultimately may not be maintained or adequately cover our risk of loss. Funds from Operations Funds from Operations ("FFO") is a widely recognized non-GAAP financial measure of REIT performance.
These risks and uncertainties include: • the effect of general economic, business and financial conditions, and their effect on the New York City real estate market in particular; • dependence upon the New York City real estate market; • risks of real estate acquisitions, dispositions, development and redevelopment, including the cost of construction delays and cost overruns; • risks relating to debt and preferred equity investments; • availability and creditworthiness of prospective tenants and borrowers; • bankruptcy or insolvency of a major tenant or a significant number of smaller tenants or borrowers; • adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; • availability of debt and equity capital for our operational needs and investment strategy; • unanticipated increases in financing and other costs, including a rise in interest rates; • our ability to comply with financial covenants in our debt instruments; • our ability to maintain our status as a REIT; • risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; • the threat of terrorist attacks; • our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; • risks related to our asset management business, including our ability to identify suitable investments, manage actual and potential conflicts of interest and comply with regulations on our asset management subsidiary under the Investment Advisers Act of 1940; and • legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.
These risks and uncertainties include: • the effect of general economic, geopolitical, business and financial conditions, and their effect on the New York City real estate market in particular; • dependence upon the New York City real estate market; • risks of real estate acquisitions, dispositions, development and redevelopment, including the cost of construction delays and cost overruns; • risks relating to debt and preferred equity investments; • availability and creditworthiness of prospective tenants and borrowers; • bankruptcy or insolvency of a major tenant or a significant number of smaller tenants or borrowers; • adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; • availability of debt and equity capital for our operational needs and investment strategy; • unanticipated increases in financing and other costs, including a rise in interest rates; • our ability to comply with financial covenants in our debt instruments; • our ability to maintain our status as a REIT; • risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; • the threat of terrorist attacks; • our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; • risks related to our asset management business, including our ability to identify suitable investments, manage actual and potential conflicts of interest and comply with regulations on our asset management subsidiary under the Investment Advisers Act of 1940; and • legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.
While SL Green's portfolio has not been substantially affected by climate-related events to New York City real estate, such as Hurricane Sandy in 2012, we have continued to develop our approach to physical climate risk assessment, management, and mitigation in order to manage and minimize the impacts of future events.
While SL Green's portfolio has not been substantially affected by climate-related events to New York City real estate, such as Hurricane Sandy in 2012, we have continued to develop our approach to physical climate risk assessment, management, and mitigation in order to minimize the impacts of future events.
After the determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. The costs of land and building under development include specifically identifiable costs.
After the determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determining when a development project is substantially complete and capitalization must cease involves a degree of judgment. The costs of land and building under development include specifically identifiable costs.
As of December 31, 2024, the 2021 credit facility bore interest at a spread over adjusted Term SOFR plus 10 basis points with an interest period of one or three months, as we may elect, ranging from (i) 72.5 basis points to 140 basis points for loans under the revolving credit facility, (ii) 80 basis points to 160 basis points for loans under Term Loan A, and (iii) 85 basis points 44 Table of Contents to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company.
As of December 31, 2025, the 2021 credit facility bore interest at a spread over adjusted Term SOFR plus 10 basis points with an interest period of one or three months, as we may elect, ranging from (i) 72.5 basis points to 140 basis points for loans under the revolving credit facility, (ii) 80 basis points to 160 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long 44 Table of Contents term indebtedness of the Company.
CMBS Securities Repurchase Facility In December 2024, the Company entered into a repurchase facility for CMBS securities (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand.
CMBS Repurchase Facility In December 2024, the Company entered into a repurchase facility for CMBS (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand.
Aside from charges noted in Note 6, "Investment in Unconsolidated Joint Ventures," we do not believe that the values of any of our equity investments were impaired as of December 31, 2024. We may originate loans for real estate acquisition, development and construction ("ADC loans") where we expect to receive some of the residual profit from such projects.
Aside from charges noted in Note 6, "Investment in Unconsolidated Joint Ventures," we do not believe that the values of any of our equity investments were impaired as of December 31, 2025. We may originate loans for real estate acquisition, development and construction ("ADC loans") where we expect to receive some of the residual profit from such projects.
The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of December 31, 2024, there have been no margin calls on the CMBS Repurchase Facility.
The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of December 31, 2025, there have been no margin calls on the CMBS Repurchase Facility.
We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long-term indebtedness of the Company. As of December 31, 2024, the facility fee was 30 basis points.
We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long-term indebtedness of the Company. As of December 31, 2025, the facility fee was 30 basis points.
Senior Unsecured Notes The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2024 and 2023, respectively, by scheduled maturity date (dollars in thousands): December 31, 2024 December 31, 2023 Issuance Unpaid Principal Balance Accreted Balance Accreted Balance Interest Rate (1) Initial Term (in Years) Maturity Date December 17, 2015 (2) $ 100,000 $ 100,000 $ 100,000 4.27 % 10 December 2025 $ 100,000 $ 100,000 $ 100,000 Deferred financing costs, net — (103) (205) $ 100,000 $ 99,897 $ 99,795 (1) Interest rate as of December 31, 2024.
Senior Unsecured Notes The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2025 and 2024, respectively, by scheduled maturity date (dollars in thousands): December 31, 2025 December 31, 2024 Issuance Unpaid Principal Balance Accreted Balance Accreted Balance Interest Rate (1) Initial Term (in Years) Maturity Date December 17, 2015 (2) $ — $ — $ 100,000 4.27 % 10 December 2025 $ — $ — $ 100,000 Deferred financing costs, net — (103) $ — $ — $ 99,897 (1) Interest rate as of December 31, 2024.
Otherwise, we account for these arrangements consistent with the accounting for our debt and preferred equity investments. 35 Table of Contents Results of Operations Comparison of the year ended December 31, 2024 to the year ended December 31, 2023 The following comparison for the year ended December 31, 2024, or 2024, to the year ended December 31, 2023, or 2023, makes reference to the effect of the following: i.
Otherwise, we account for these arrangements consistent with the accounting for our debt and preferred equity investments. 35 Table of Contents Results of Operations Comparison of the year ended December 31, 2025 to the year ended December 31, 2024 The following comparison for the year ended December 31, 2025, or 2025, to the year ended December 31, 2024, or 2024, makes reference to the effect of the following: i.
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. 50 Table of Contents
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. 49 Table of Contents
As of December 31, 2024, the applicable spread over adjusted Term SOFR plus 10 basis points for the 2021 credit facility was 140 basis points for the revolving credit facility, 160 basis points for Term Loan A, and 180 basis points for Term Loan B.
As of December 31, 2025, the applicable spread over adjusted Term SOFR plus 10 basis points for the 2021 credit facility was 140 basis points for the revolving credit facility, 160 basis points for Term Loan A, and 180 basis points for Term Loan B.
We consider the successful management and mitigation of climate-related risks across our portfolio as an opportunity to raise the financial value of our buildings and pass on these benefits to our stakeholders, tenants, and investors.
We consider the successful management and mitigation of climate-related risks across our portfolio as an opportunity to increase the financial value of our buildings and pass on these benefits to our stakeholders, tenants, and investors.
These sources generate a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service, and fund dividend and distribution requirements. 41 Table of Contents Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures.
These sources generate a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service, and fund dividend and distribution requirements. Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures.
The determined and allocated fair values to the real estate acquired will affect the amount of depreciation and amortization we record over the respective estimated useful lives or term of the lease. The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases.
The determined and allocated fair values to the real estate acquired will affect the amount of depreciation and amortization we record over the respective estimated useful lives or term of the lease. 33 Table of Contents The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases.
Our consolidated long-term debt of $3.3 billion bears interest at fixed rates, and therefore the fair value of these instruments is affected by changes in the market interest rates.
Consolidated long-term debt of $3.7 billion bears interest at fixed rates, and therefore the fair value of these instruments is affected by changes in the market interest rates.
SUMMIT Operator tax expense The decrease in SUMMIT Operator tax expense for the year ended December 31, 2024 as compared to the same period in 2023 was the result of an adjustment made in the third quarter of 2024 related to 2023 projected tax expense being more than 2023 actual tax expense.
SUMMIT Operator tax expense The increase in SUMMIT Operator tax expense for the year ended December 31, 2025 as compared to the same period in 2024 was the result of an adjustment made in the third quarter of 2024 related to 2023 projected tax expense being more than 2023 actual tax expense.
As of December 31, 2024 and 2023, we were in compliance with all such covenants. 45 Table of Contents Junior Subordinated Deferrable Interest Debentures In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly owned subsidiary of the Operating Partnership.
As of December 31, 2025 and 2024, we were in compliance with all such covenants. Junior Subordinated Deferrable Interest Debentures In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly owned subsidiary of the Operating Partnership.
We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills, and invest in existing buildings that meet our investment criteria.
We selectively invest in new projects that enable us to take advantage of our development, 42 Table of Contents leasing, financing and property management skills, and invest in existing buildings that meet our investment criteria.
Interest income from real estate loans held by consolidated securitization vehicles During the year December 31, 2024, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements.
Interest income from real estate loans held by consolidated securitization vehicles During the years December 31, 2024 and December 31, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements.
Purchase price and other fair value adjustments During the year ended December 31, 2024, we recorded a $117.8 million positive fair value adjustment relating to the consolidation of 100 Park Avenue and a $19.6 million positive fair value adjustment for the secured borrowing related to the previous sale of an interest at One Madison Avenue.
During the year ended December 31, 2024, we recorded positive fair value adjustments relating to the consolidation of 100 Park Avenue ($117.8 million) and for the secured borrowing related to the previous sale of an interest at One Madison Avenue ($19.6 million).
Based on the debt outstanding as of December 31, 2024, a hypothetical 100 basis point increase in the applicable floating interest rate curve would increase our consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $2.3 million and would increase our share of joint venture annual interest cost by $1.9 million.
Based on the debt outstanding as of December 31, 2025, a hypothetical 100 basis point increase in the applicable floating interest rate curve would increase our consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $2.3 million and would increase our share of joint venture annual interest cost by $4.5 million.
As of December 31, 2024 and December 31, 2023, the revolving credit facility had a carrying value of $316.2 million and $554.8 million, respectively, net of deferred financing costs. As of December 31, 2024 and December 31, 2023, the term loans had a carrying value of $1.1 billion and $1.2 billion, respectively, net of deferred financing costs.
As of December 31, 2025 and December 31, 2024, the revolving credit facility had a carrying value of $637.8 million and $316.2 million, respectively, net of deferred financing costs. As of December 31, 2025 and December 31, 2024, the term loans had a carrying value of $1.1 billion and $1.1 billion, respectively, net of deferred financing costs.
Our variable rate debt and variable rate joint venture debt as of December 31, 2024 bore interest based on a spread to LIBOR of 145 basis points and Term SOFR of 175 basis points to 275 basis points. Off-Balance Sheet Arrangements We have off-balance sheet investments, including joint ventures and debt and preferred equity investments.
Our variable rate debt and variable rate joint venture debt as of December 31, 2025 bore interest based on a spread to LIBOR of 145 basis points and Term SOFR of 148 basis points to 260 basis points. Off-Balance Sheet Arrangements We have off-balance sheet investments, including joint ventures and debt and preferred equity investments.
Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 7.0% and 3.0% as of December 31, 2024 and 2023, respectively.
Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 6.1% and 7.0% as of December 31, 2025 and 2024, respectively.
Certain of our debt and equity investments and other investments, with carrying values of $117.0 million as of December 31, 2024 and $168.7 million as of December 31, 2023, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt.
Certain of our debt and equity investments and other investments, with carrying values of $128.6 million as of December 31, 2025 and $117.0 million as of December 31, 2024, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt.
As of December 31, 2024, we had $7.5 million of outstanding letters of credit, $320.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $922.5 million under the 2021 credit facility.
As of December 31, 2025, we had $7.5 million of outstanding letters of credit, $640.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $602.5 million under the 2021 credit facility.
Restrictive Covenants The terms of the 2021 credit facility and our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value.
(2) Issued by the Company and the Operating Partnership as co-obligors. 45 Table of Contents Restrictive Covenants The terms of the 2021 credit facility and our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value.
We have investments in several real estate joint ventures with various partners who are generally considered to be financially stable. Most of our joint ventures are financed with non-recourse debt.
We have investments in several real estate joint ventures with various partners, that are generally considered to be financially stable, and most are financed with non-recourse debt.
A discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 is included in Part II, Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024, and is incorporated by reference into this Annual Report on Form 10-K.
A discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025, together with the amendment to such report filed with the SEC on April 17, 2025, and is incorporated by reference into this Annual Report on Form 10-K.
Financial Statements" and is not meant to be an all-inclusive discussion of the changes in our cash flows for the years presented below. Cash, restricted cash, and cash equivalents were $331.6 million and $335.5 million as of December 31, 2024 and 2023, respectively, representing a decrease of $3.9 million.
Financial Statements" and is not meant to be an all-inclusive discussion of the changes in our cash flows for the years presented below. Cash, restricted cash, and cash equivalents were $336.5 million and $331.6 million as of December 31, 2025 and 2024, respectively, representing a increase of $4.9 million.
The consolidated weighted average interest rate was 5.17% for the year ended December 31, 2024 as compared to 4.71% for the year ended December 31, 2023. 38 Table of Contents Interest expense on senior obligations of consolidated securitization vehicles During the year December 31, 2024, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements.
The consolidated weighted average interest rate was 5.34% for the year ended December 31, 2025 as compared to 5.17% for the year ended December 31, 2024. 39 Table of Contents Interest expense on senior obligations of consolidated securitization vehicles During the years ended December 31, 2025 and December 31, 2024 we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements.
The variable rate debt shown above generally bears interest at an interest rate based on adjusted Term SOFR (4.33% and 5.35% as of December 31, 2024 and 2023, respectively). Our consolidated debt as of December 31, 2024 had a weighted average term to maturity of 2.80 years.
The variable rate debt shown above generally bears interest at an interest rate based on adjusted Term SOFR (3.69% and 4.33% as of December 31, 2025 and 2024, respectively). Our consolidated debt as of December 31, 2025 had a weighted average term to maturity of 2.34 years.
As of December 31, 2024, the 2021 credit facility consisted of a $1.25 billion revolving credit facility, a $1.05 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and November 21, 2024, respectively.
As of December 31, 2025, the 2021 credit facility consisted of a $1.25 billion revolving credit facility, a $1.05 billion term loan (or "Term Loan A"), and a $100.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and May 19, 2026, respectively.
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate During the year ended December 31, 2024, we recognized gains on the sale of an 11% interest in One Vanderbilt ($187.6 million) and our interest in 717 Fifth Avenue ($26.4 million), partially offset by a loss on the sale of our interest in 625 Madison Avenue ($7.2 million).
During the year ended December 31, 2024, we recognized gains on the sale of an 11% interest in One Vanderbilt ($187.6 million) and our interest in 717 Fifth Avenue ($26.4 million), partially offset by a loss on the sale of our interests in 625 Madison Avenue ($7.2 million).
Comparison of the year ended December 31, 2023 to the year ended December 31, 2022 For a comparison of the year ended December 31, 2023 to the year ended December 31, 2022, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 23, 2024.
Comparison of the year ended December 31, 2024 to the year ended December 31, 2023 For a comparison of the year ended December 31, 2024 to the year ended December 31, 2023, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 18, 2025, together with the amendment to such Form 10-K filed with the SEC on April 17, 2025.
The weighted average consolidated debt balance outstanding was $3.7 billion for the year ended December 31, 2024 as compared to $4.6 billion for the year ended December 31, 2023.
The weighted average consolidated debt balance outstanding was $3.9 billion for the year ended December 31, 2025 as compared to $3.7 billion for the year ended December 31, 2024.
FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is it indicative of funds available to fund the Company's cash needs, including our ability to make cash distributions. 48 Table of Contents FFO for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Net income (loss) attributable to SL Green common stockholders $ 7,060 $ (579,509) $ (93,024) Add: Depreciation and amortization 207,443 247,810 216,167 Joint venture depreciation and noncontrolling interest adjustments 287,671 284,284 252,893 Net loss attributable to noncontrolling interests (431) (42,033) (4,672) Less: Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate 208,144 (13,368) (131) Purchase price and other fair value adjustments 83,430 (6,813) — Gain (loss) on sale of real estate, net 3,025 (32,370) (84,485) Depreciable real estate reserves and impairments (104,071) (382,374) (6,313) Depreciable real estate reserves in unconsolidated joint venture (263,190) — — Depreciation on non-rental real estate assets 4,583 4,136 3,466 Funds from Operations attributable to SL Green common stockholders and unit holders $ 569,822 $ 341,341 $ 458,827 Seasonality Our business at SUMMIT is subject to tourism trends and weather conditions, resulting in seasonal fluctuation.
FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is it indicative of funds available to fund the Company's cash needs, including our ability to make cash distributions. 47 Table of Contents FFO for the years ended December 31, 2025, 2024, and 2023 are as follows (in thousands): Year Ended December 31, 2025 2024 2023 Net (loss) income attributable to SL Green common stockholders $ (111,860) $ 7,060 $ (579,509) Add: Depreciation and amortization 255,713 207,443 247,810 Joint venture depreciation and noncontrolling interest adjustments 312,025 287,671 284,284 Net loss attributable to noncontrolling interests (8,644) (431) (42,033) Less: Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate 86,068 208,144 (13,368) Purchase price and other fair value adjustments (33,517) 83,430 (6,813) (Loss) gain on sale of real estate, net (2,143) 3,025 (32,370) Depreciable real estate reserves and impairments (32,092) (104,071) (382,374) Depreciable real estate reserves in unconsolidated joint venture (14,592) (263,190) — Depreciation on non-rental real estate assets 5,838 4,583 4,136 Funds from Operations attributable to SL Green common stockholders and unit holders $ 437,672 $ 569,822 $ 341,341 Seasonality Our business at SUMMIT is subject to, among other things, tourism trends and weather conditions, resulting in seasonal fluctuation.
Mortgage Financing As of December 31, 2024, our total mortgage debt (excluding our share of joint venture mortgage debt of $6.0 billion) consisted of $1.6 billion of fixed rate debt, including swapped variable rate debt, with an effective weighted average interest rate of 5.80% and $0.4 billion of variable rate debt with an effective weighted average interest rate of 6.60%.
Mortgage Financing As of December 31, 2025, our total mortgage debt (excluding our share of joint venture mortgage debt of $5.9 billion) consisted of $2.1 billion of fixed rate debt, including swapped variable rate debt, with an effective weighted average interest rate of 5.40% and $0.1 billion of variable rate debt with an effective weighted average interest rate of 6.17%.
For the years ended December 31, 2024 and 2023, the weighted average balance of our debt and preferred equity investment portfolio and the weighted average yield were $328.9 million and 6.9%, respectively, compared to $563.0 million and 6.2%, respectively.
For the years ended December 31, 2025 and 2024, the weighted average balance of our debt and preferred equity investment portfolio and the weighted average yield were $273.6 million and 5.8%, respectively, compared to $328.9 million and 6.9%, respectively.
As of December 31, 2024, $117.0 million, or 38.5%, of our $303.7 million debt and preferred equity portfolio was indexed to SOFR. We recognize most derivatives on the balance sheet at fair value. Derivatives that are not hedges for accounting purposes are adjusted to fair value through income.
As of December 31, 2025, $127.9 million, or 76.0%, of our $168.4 million debt and preferred equity portfolio was indexed to SOFR. We recognize most derivatives on the balance sheet at fair value. Derivatives that are not hedges for accounting purposes are adjusted to fair value through income.
These impairments were partially offset by the $141.7 million and $30.7 million gains on discounted debt extinguishment at 2 Herald Square and 280 Park Avenue, respectively, during the year ended December 31, 2024.
These impairments were partially offset by gains on discounted debt extinguishment at 2 Herald Square ($141.7 million) and 280 Park Avenue ($30.7 million). During the year ended December 31, 2025 we recognized impairments at World Wide Plaza ($4.4 million) and 2 Herald Square ($8.4 million).
As of December 31, 2024, 36,107,719 shares have been repurchased under the program, excluding the redemption of OP units.
As of December 31, 2025, 36,107,719 shares have been repurchased under the program. This amount excludes the redemption of OP units.
We may seek to divest of properties, interests in properties, or debt and preferred equity investments or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all.
This liquidity excludes $124.0 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties, or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all.
Future property acquisitions may require substantial capital investments for refurbishment and leasing costs. As of December 31, 2024, we had liquidity of $1.1 billion, comprised of $922.5 million of availability under our revolving credit facility and $201.6 million of consolidated cash on hand, inclusive of $17.3 million of available-for-sale marketable securities.
Future property acquisitions may require substantial capital investments for refurbishment and leasing costs. As of December 31, 2025, we had liquidity of $781.9 million, comprised of $602.5 million of availability under our revolving credit facility and $179.4 million of consolidated cash on hand, inclusive of $23.7 million of available-for-sale marketable securities.
The decrease was a result of the following changes in cash flows (in thousands): Year Ended December 31, 2024 2023 (Decrease) Increase Net cash provided by operating activities $ 129,595 $ 229,503 $ (99,908) Net cash provided by investing activities $ 118,753 $ 171,345 $ (52,592) Net cash used in financing activities $ (252,229) $ (449,383) $ 197,154 Our principal sources of operating cash flow are the properties in our consolidated and joint venture portfolios, third party fees and our debt and preferred equity portfolio.
The increase was a result of the following changes in cash flows (in thousands): Year Ended December 31, 2025 2024 (Decrease) Increase Net cash provided by operating activities $ 82,906 $ 129,595 $ (46,689) Net cash (used in) provided by investing activities $ (330,799) $ 118,753 $ (449,552) Net cash provided by (used in) financing activities $ 252,750 $ (252,229) $ 504,979 Our principal sources of operating cash flow are the properties in our consolidated and joint venture portfolios, third party fees and our debt and preferred equity portfolio.
Accounting Standards Updates The Accounting Standards Updates are discussed in Note 2, "Significant Accounting Policies Accounting Standards Updates" in the accompanying consolidated financial statements. 49 Table of Contents Forward-Looking Information This report includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof.
Forward-Looking Information This report includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof.
In addition, we recognized depreciable real estate reserves and impairments related to our investment in 625 Madison Avenue ($5.9 million), which remained under contract for sale as of March 31, 2024 prior to the sale closing in the second quarter of 2024.
In addition, we recognized depreciable real estate reserves and impairments related to our investment in 625 Madison Avenue ($5.9 million), which remained under contract for sale as of March 31, 2024 prior to the sale closing in the second quarter of 2024. 40 Table of Contents Gain on sale of marketable securities During the year ended December 31, 2025, we recognized a gain on marketable securities sold during the period ($10.2 million).
We consider a construction project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year after major construction activity ceases.
We consider a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year after major construction activity ceases. We cease capitalization on the portions substantially completed and occupied or held available for occupancy and capitalize only those costs associated with the portions under construction.
(5) Average starting office rent excluding new tenants replacing vacancies was $95.92 per rentable square feet for 514,272 rentable square feet.
(5) Average starting office rent excluding new tenants replacing vacancies was $88.79 per rentable square feet for 703,481 rentable square feet.
As of December 31, 2024, 245,445 shares of our common stock had been issued under the ESPP. 43 Table of Contents Indebtedness The table below summarizes our consolidated mortgages and other loans payable, 2021 credit facility, 2022 term loan, senior unsecured notes and trust preferred securities outstanding as of December 31, 2024 and 2023, (amounts in thousands).
We did not repurchase any shares under the program during the year ended December 31, 2025. 43 Table of Contents Indebtedness The table below summarizes our consolidated mortgages and other loans payable, 2021 credit facility, 2022 term loan, senior unsecured notes and trust preferred securities outstanding as of December 31, 2025 and 2024, (amounts in thousands).
In addition, we expect to incur $22.6 million of development or redevelopment expenditures on existing consolidated properties, of which $8.9 million will be funded by construction financing facilities or loan reserves.
In addition, we expect to incur $39.8 million of development or redevelopment expenditures on existing consolidated properties, of which none will be funded by construction financing facilities or loan reserves. We expect our share of capital expenditures at our joint venture properties will be $172.4 million, of which $28.8 million will be funded by construction financing facilities or loan reserves.
Debt Summary: December 31, 2024 December 31, 2023 Balance Fixed rate $ 1,182,474 $ 1,117,386 Variable rate—hedged 2,075,000 2,120,000 Total fixed rate 3,257,474 3,237,386 Total variable rate 363,550 270,000 Total debt $ 3,621,024 $ 3,507,386 Debt, preferred equity, and other investments subject to variable rate 117,006 168,745 Net exposure to variable rate debt 246,544 101,255 Percent of Total Debt : Fixed rate 90.0 % 92.3 % Variable rate (1) 10.0 % 7.7 % Total 100.0 % 100.0 % Effective Interest Rate for the Year: Fixed rate 5.18 % 4.68 % Variable rate 5.17 % 6.11 % Effective interest rate 5.17 % 4.71 % (1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 7.0% and 3.0% as of December 31, 2024 and December 31, 2023, respectively.
Debt Summary: December 31, 2025 December 31, 2024 Balance Fixed rate $ 1,058,524 $ 1,182,474 Variable rate—hedged 2,616,698 2,075,000 Total fixed rate 3,675,222 3,257,474 Total variable rate 369,277 363,550 Total debt $ 4,044,499 $ 3,621,024 Debt, preferred equity, and other investments subject to variable rate 128,619 117,006 Net exposure to variable rate debt 240,658 246,544 Percent of Total Debt : Fixed rate 90.9 % 90.0 % Variable rate (1) 9.1 % 10.0 % Total 100.0 % 100.0 % Effective Interest Rate for the Year: Fixed rate 5.17 % 5.18 % Variable rate 6.29 % 5.17 % Effective interest rate 5.34 % 5.17 % (1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 6.1% and 7.0% as of December 31, 2025 and December 31, 2024, respectively.
Business - Highlights from 2024." 33 Table of Contents Critical Accounting Estimates Our discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.
For descriptions of significant leasing, investing and financing activities in 2025, refer to "Part I, Item 1. Business - Highlights from 2025." Critical Accounting Estimates Our discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.
We generally fund our investment activity through the sale of real estate, the sale or repayment of debt and preferred equity investments, property-level financing, our corporate credit facilities, or construction loan facilities.
We generally fund our investment activity through the sale of real estate, the sale or repayment of debt and preferred equity investments, property-level financing, corporate credit facilities, or construction loan facilities. From time to time, the Company may issue common or preferred stock or equity-linked securities, or the Operating Partnership may issue common or preferred units of limited partnership interest.
The following table presents a summary of the commenced leasing activity for the year ended December 31, 2024 in our Manhattan portfolio: Usable SF Rentable SF (1) New Cash Rent (per rentable SF) (2) Prev.
The increase is partially offset by lower occupancy at 485 Lexington Avenue ($6.6 million) and 750 Third Avenue ($6.1 million). The following table presents a summary of the commenced leasing activity for the year ended December 31, 2025 in our Manhattan portfolio: Usable SF Rentable SF (1) New Cash Rent (per rentable SF) (2) Prev.
Such participating rights include, among other things, the right to approve/amend the annual budget, leasing of the property to a significant tenant, and approval of tax returns and auditors. If our joint venture partner has substantive participating rights and we are determined not to be the primary beneficiary, we do not consolidate the entity.
Such participating rights include, among other things, the right to approve/amend the annual budget, leasing of the property to a significant tenant, and approval of tax returns and auditors.
“Acquisition Properties,” which represents all properties or interests in properties acquired in 2024 and 2023 and all non-Same-Store Properties, including properties that are under development or redevelopment, iii. "Disposed Properties." which represents all properties or interests in properties sold in 2024 and 2023, iv. "Alternative Strategy Portfolio," which represents non-core assets, and v.
"Disposed Properties," which represents all properties or interests in properties sold in 2025 and 2024, iv. "Alternative Strategy Portfolio," which represents non-core assets, and v.
In November 2024, Term Loan B was paid down to $100 million and the maturity date was extended to November 19, 2025, with two additional six-month as-of-right extension options. The revolving credit facility has two six-month as-of-right extension options to May 15, 2027.
Term Loan B has one six-month, as-of-right extension option to November 19, 2026. The revolving credit facility has two six-month, as-of-right extension options to May 15, 2027.
This increase was offset by a decrease in lease termination income ($6.4 million) and fee income related to the 49.9% interest sale of 245 Park Avenue ($4.7 million) and One Madison Avenue ($2.1 million) recognized during the year ended December 31, 2023.
This increase was offset by a decrease in fee income recognized during the year ended December 31, 2024 related to the sale of 625 Madison Avenue ($11.5 million).
As a result, the impact is limited to interest income on the CMBS securities we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the year ended December 31, 2023.
As a result, the impact is limited to interest income on the CMBS securities we own directly and not the consolidated interest income and interest expense.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $88.48 per rentable square feet for 2,048,251 rentable square feet. 37 Table of Contents SUMMIT Operator revenue SUMMIT Operator revenues were higher for the year ended December 31, 2024, compared to the same period in 2023 due primarily to increased attendance.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $86.50 per rentable square feet for 1,246,548 rentable square feet. 38 Table of Contents SUMMIT Operator revenue SUMMIT Operator revenues were lower for the year ended December 31, 2025, compared to the same period in 2024 due primarily to taking offline the Ascent experience, which requires a premium ticket that generates incremental revenue, for maintenance during most of the year ended December 31, 2025, .
We also utilize recommendations from our portfolio-wide New York State Energy Research and Development Authority ("NYSERDA") emissions reduction study to help lower emissions from tenant spaces and base building operations. Together, these measures are expected to minimize our vulnerability to the physical risks of climate change, as well as transition risks covering policy and legal, market, technology, and reputational factors.
We also utilize recommendations from our portfolio-wide New York State Energy Research and Development Authority ("NYSERDA") emissions reduction study to help lower emissions from tenant spaces and base building operations.
Investment Income Investment income decreased due to a lower weighted average debt and preferred equity investment balance for the period ended December 31, 2024 as compared to the same period in 2023.
Investment income Investment income increased due primarily to interest payments received on one CMBS investment ($10 million) for the year ended December 31, 2025. This was partially offset by lower weighted average debt and preferred equity investment balance for the period ended December 31, 2025 as compared to the same period in 2024.
During the year ended December 31, 2024, when compared to the year ended December 31, 2023, we used cash primarily for the following investing activities (in thousands): Capital expenditures and capitalized interest $ 47,794 Acquisition deposits and deferred purchase price (23,050) Joint venture investments (266,752) Distributions from joint ventures 20,905 Proceeds from disposition of real estate/joint venture interest 171,414 Debt and preferred equity and other investments (21,920) Decrease in net cash provided by investing activities $ (52,592) Funds spent on capital expenditures, which are comprised of building and tenant improvements, decreased from $259.7 million for the year ended December 31, 2023 to $211.9 million for the year ended December 31, 2024 due to lower spending on development and redevelopment properties.
During the year ended December 31, 2025, when compared to the year ended December 31, 2024, we used cash primarily for the following investing activities (in thousands): Acquisitions of real estate $ (271,649) Capital expenditures and capitalized interest (43,762) Acquisition deposits and deferred purchase price (42,250) Joint venture investments 268,496 Distributions from joint ventures (60,569) Proceeds from sales of real estate/partial interest in property (398,588) Cash and restricted cash assumed from consolidation of real estate investment (11,836) Cash and restricted cash derecognized from disposition and deconsolidation of real estate investment (10,340) Debt and preferred equity and other investments 120,946 Decrease in net cash provided by investing activities $ (449,552) Funds spent on capital expenditures, which are comprised of building and tenant improvements, increased from $211.9 million for the year ended December 31, 2024 to $255.6 million for the year ended December 31, 2025 due to increased spending on leasing related costs.
Loan loss and other investment reserves, net of recoveries During the year ended December 31, 2024, we did not recognize any loan loss and other investment reserves. During the year ended December 31, 2023, we recorded $6.9 million of loan loss reserve on one debt and preferred equity investment.
Loan loss and other investment reserves, net of recoveries During the year ended December 31, 2025, we recognized a loan loss recovery of $71.6 million related to the repayment of the mortgage investment at 522 Fifth Avenue. During the year ended December 31, 2024, we did not recognize any loan loss and other investment reserves.
These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions.
If our joint venture partner has substantive participating rights and we are determined not to be the primary beneficiary, we do not consolidate the entity. 34 Table of Contents These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions.
SUMMIT Operator expenses SUMMIT Operator expenses were higher for the year ended December 31, 2024, compared to the same period in 2023 due to increased variable expenses, including percentage rent, as a result of increased attendance.
Operating expenses also increased at our Same-Store Properties ($11.7 million) due primarily to higher real estate taxes. SUMMIT Operator expenses SUMMIT Operator expenses were higher for the year ended December 31, 2025, compared to the same period in 2024, due primarily to increased variable expenses as a result of additional operating days and expanded hours.
We cease capitalization on the portions substantially completed and occupied or held available for occupancy and capitalize only those costs associated with the portions under construction. 34 Table of Contents Properties are individually evaluated for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Properties are individually evaluated for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Marketing, General and Administrative Expenses Marketing, general and administrative expenses decreased to $85.2 million for the year ended December 31, 2024, compared to $111.4 million for the same period in 2023, due primarily to compensation expense related to the non-renewal of the Company's former President ($18.7 million) recorded in the fourth quarter of 2023.
Marketing, General, and Administrative Expenses Marketing, general, and administrative expenses increased for the year ended December 31, 2025 as compared to the same period in 2024 due primarily to higher compensation expense.
In 2023, the Company released its second 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 current ESG Report, is available under "Reports & Resources" in the "Sustainability" section on our website.
In 2024, the Company released a revised TCFD report, which expanded the physical and transition risks and opportunities and progress related to TCFD disclosure originally released in 2021.
Before we pay any cash dividend, whether for Federal income tax purposes or otherwise, which would only be paid out of available cash to the extent permitted under the 2021 credit facility and senior unsecured notes, we must first meet both our operating requirements and scheduled debt service on our mortgages and loans payable. 46 Table of Contents Related Party Transactions One Vanderbilt Avenue Investment In December 2016, we entered into agreements with entities owned and controlled by our Chairman, Chief Executive Officer ("CEO") and Interim President, Marc Holliday, and our former President, Andrew Mathias, pursuant to which they agreed to make an investment in our One Vanderbilt project (inclusive of the property and SUMMIT One Vanderbilt) at the appraised fair market value for the interests acquired.
Before we pay any cash dividend, whether for Federal income tax purposes or otherwise, which would only be paid out of available cash to the extent permitted under the 2021 credit facility and senior unsecured notes, we must first meet both our operating requirements and scheduled debt service on our mortgages and loans payable. 46 Table of Contents Insurance We maintain “all-risk” property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism, excluding nuclear, biological, chemical, and radiological terrorism ("NBCR")), within two property insurance programs and liability insurance.
Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to a decrease in interest capitalization in connection with properties that are under development or redevelopment ($35.1 million), increased interest expense from the revolving credit facility ($11.2 million) due to a higher weighted average interest rate, and the consolidation of 10 East 53rd Street ($10.7 million) as a result of the agreement to acquire the partner's interest in the joint venture during the first quarter of 2024.
Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to a higher weighted average consolidated debt balance and higher weighted average interest rate as well as the consolidation of 100 Park Avenue ($25.5 million) during the fourth quarter of 2024, 10 East 53rd Street ($1.7 million) at the end of the first quarter of 2024, 315 West 33rd Street ($4.2 million) at the end of the third quarter of 2025 and 800 Third Avenue ($2.0 million) during the fourth quarter 2025 and the acquisition of 500 Park Avenue ($5.5 million) during the first quarter 2025.

… 82 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

4 edited+0 added−0 removed1 unchanged
Biggest changeThe table below presents the principal cash flows based upon maturity dates of our share of our joint venture debt obligations and the weighted-average interest rates by expected maturity dates, including as-of-right extension options, as of December 31, 2024 (in thousands): Long Term Debt Debt and Preferred Equity Investments Fixed Rate Average Interest Rate Variable Rate Average Interest Rate Amount Weighted Yield 2025 $ 989,934 4.35 % $ 208,466 7.14 % — — % 2026 936,639 4.27 % — 7.02 % 214,657 8.86 % 2027 1,619,766 3.99 % 90,463 7.03 % — — % 2028 382,294 2.86 % — — % — — % 2029 — 2.86 % — — % — — % Thereafter 1,800,300 2.86 % — — % — — % Total $ 5,728,933 3.97 % $ 298,929 7.07 % $ 214,657 8.86 % Fair Value $ 5,058,674 $ 207,929 51 Table of Contents The table below lists our consolidated derivative instruments, which are hedging variable rate debt, and their related fair values as of December 31, 2024 (in thousands): Asset Hedged Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Interest Rate Cap Mortgage SOFR $ 205,000 4.000 % February 2024 February 2025 $ 75 Interest Rate Cap Mortgage SOFR 370,000 3.250 % June 2024 June 2025 1,653 Interest Rate Cap Credit Facility SOFR 370,000 3.250 % June 2024 June 2025 (1,649) Interest Rate Cap Credit Facility SOFR 68,678 4.000 % August 2024 July 2025 (102) Interest Rate Swap Credit Facility SOFR 150,000 2.621 % December 2021 January 2026 2,196 Interest Rate Swap Credit Facility SOFR 200,000 2.662 % December 2021 January 2026 2,849 Interest Rate Swap Credit Facility SOFR 125,000 3.667 % August 2024 December 2026 828 Interest Rate Swap Credit Facility SOFR 125,000 3.670 % August 2024 December 2026 820 Interest Rate Swap Credit Facility SOFR 100,000 2.903 % February 2023 February 2027 2,225 Interest Rate Swap Credit Facility SOFR 100,000 2.733 % February 2023 February 2027 2,568 Interest Rate Swap Credit Facility SOFR 50,000 2.463 % February 2023 February 2027 1,557 Interest Rate Swap Credit Facility SOFR 200,000 2.591 % February 2023 February 2027 5,711 Interest Rate Swap Credit Facility SOFR 300,000 2.866 % July 2023 May 2027 7,637 Interest Rate Swap Credit Facility SOFR 150,000 3.524 % January 2024 May 2027 1,618 Interest Rate Swap Credit Facility SOFR 370,000 3.888 % November 2022 June 2027 970 Interest Rate Swap Credit Facility SOFR 68,678 4.466 % August 2024 June 2027 (765) Interest Rate Swap Credit Facility SOFR 300,000 4.487 % November 2024 November 2027 (3,953) Interest Rate Swap Credit Facility SOFR 100,000 3.756 % January 2023 January 2028 722 Interest Rate Swap Mortgage SOFR 204,963 3.915 % February 2025 May 2028 431 Total Consolidated Hedges $ 25,391 In addition to these derivative instruments, some of our joint venture loan agreements require the joint venture to purchase interest rate caps on its debt.
Biggest changeThe table below presents the principal cash flows based upon maturity dates of our share of our joint venture debt obligations and the weighted-average interest rates by expected maturity dates, including as-of-right extension options, as of December 31, 2025 (in thousands): Long Term Debt Debt and Preferred Equity Investments Fixed Rate Average Interest Rate Variable Rate Average Interest Rate Amount Weighted Yield 2026 $ 895,449 4.33 % $ 184,799 5.93 % $ 122,221 15.45 % 2027 1,453,085 4.15 % 296,772 5.74 % — — % 2028 576,793 3.74 % — — % — — % 2029 — 3.74 % — — % — — % 2030 840,000 3.59 % — — % — — % Thereafter 1,650,300 2.86 % — — % — — % Total $ 5,415,627 4.01 % $ 481,571 5.85 % $ 122,221 15.45 % Fair Value $ 5,014,789 $ 411,094 50 Table of Contents The table below lists our consolidated derivative instruments, which are hedging variable rate debt, and their related fair values as of December 31, 2025 (in thousands): Asset Hedged Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Interest Rate Cap Credit Facility SOFR $ 72,314 4.000 % July 2025 June 2026 $ (1) Interest Rate Cap Mortgage SOFR 190,148 3.500 % November 2025 November 2026 193 Interest Rate Swap Credit Facility SOFR 150,000 2.621 % December 2021 January 2026 5 Interest Rate Swap Credit Facility SOFR 200,000 2.662 % December 2021 January 2026 7 Interest Rate Swap Credit Facility SOFR 300,000 2.866 % July 2023 May 2027 1,777 Interest Rate Swap Credit Facility SOFR 100,000 2.903 % February 2023 February 2027 494 Interest Rate Swap Credit Facility SOFR 100,000 2.733 % February 2023 February 2027 677 Interest Rate Swap Credit Facility SOFR 50,000 2.463 % February 2023 February 2027 484 Interest Rate Swap Credit Facility SOFR 200,000 2.591 % February 2023 February 2027 1,660 Interest Rate Swap Credit Facility SOFR 100,000 3.756 % January 2023 January 2028 (953) Interest Rate Swap Credit Facility SOFR 370,000 3.888 % November 2022 June 2027 (3,076) Interest Rate Swap Credit Facility SOFR 150,000 3.524 % January 2024 May 2027 (426) Interest Rate Swap Credit Facility SOFR 300,000 4.487 % November 2024 November 2027 (6,521) Interest Rate Swap Credit Facility SOFR 68,678 4.466 % August 2024 June 2027 (1,167) Interest Rate Swap Mortgage SOFR 204,550 3.915 % February 2025 May 2028 (2,866) Interest Rate Swap Credit Facility SOFR 125,000 3.667 % August 2024 December 2026 (346) Interest Rate Swap Credit Facility SOFR 125,000 3.670 % August 2024 December 2026 (353) Interest Rate Swap Mortgage SOFR 80,000 4.174 % February 2025 February 2028 (1,429) Interest Rate Swap Credit Facility SOFR 357,500 2.982 % June 2027 June 2028 887 Interest Rate Swap Mortgage SOFR 177,000 1.555 % December 2022 February 2026 486 Interest Rate Swap Mortgage SOFR 177,000 3.331 % February 2026 February 2029 (222) Interest Rate Lock Credit Facility SOFR 240,000 — % November 2025 January 2026 1,218 Interest Rate Lock Credit Facility SOFR 120,000 — % December 2025 January 2026 112 Total Consolidated Hedges $ (9,360) In addition to these derivative instruments, some of our joint venture loan agreements require the joint venture to purchase interest rate caps on its debt.
All such interest rate caps represented an asset of $1.2 million in the aggregate as of December 31, 2024. We also swapped certain floating rate debt at some of our joint ventures. These swaps represented an asset of $4.7 million in the aggregate as of December 31, 2024.
As of December 31, 2025, all such interest rate caps had an aggregate asset value of less than $0.1 million. We also swapped certain floating rate debt at some of our joint ventures. As of December 31, 2025, these swaps had an aggregate asset value of $21.6 million.
Asset Hedged Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Interest Rate Cap Mortgage SOFR $ 658,357 4.000 % November 2024 May 2025 $ 727 Interest Rate Cap Mortgage SOFR 285,000 4.000 % August 2024 July 2025 423 Interest Rate Swap Mortgage SOFR 250,000 3.608 % April 2023 February 2026 1,309 Interest Rate Swap Mortgage SOFR 250,000 3.608 % April 2023 February 2026 1,309 Interest Rate Swap Mortgage SOFR 177,000 1.555 % December 2022 February 2026 4,964 Interest Rate Swap Mortgage SOFR 268,750 4.039 % July 2024 September 2028 (534) Interest Rate Swap Mortgage SOFR 268,750 4.058 % July 2024 September 2028 (711) Interest Rate Swap Mortgage SOFR 537,500 4.065 % July 2024 September 2028 (1,628) Total Unconsolidated Hedges $ 5,859 52 Table of Contents
Asset Hedged Benchmark Rate Notional Value Strike Rate Effective Date Expiration Date Fair Value Interest Rate Cap Mortgage SOFR $ 703,686 4.000 % November 2025 January 2026 $ — Interest Rate Cap Mortgage SOFR 289,257 4.000 % July 2025 June 2026 5 Interest Rate Swap Mortgage SOFR 268,750 4.039 % July 2024 September 2028 (5,276) Interest Rate Swap Mortgage SOFR 268,750 4.058 % July 2024 September 2028 (5,408) Interest Rate Swap Mortgage SOFR 537,500 4.065 % July 2024 September 2028 (10,962) Interest Rate Swap Mortgage SOFR 250,000 3.608 % April 2023 February 2026 27 Interest Rate Swap Mortgage SOFR 250,000 3.608 % April 2023 February 2026 27 Total Unconsolidated Hedges $ (21,587) 51 Table of Contents
The table below presents the principal cash flows based upon maturity dates of our debt obligations and debt and preferred equity investments and the weighted-average interest rates by expected maturity dates, including as-of-right extension options, as of December 31, 2024 (in thousands): Long-Term Debt Debt and Preferred Equity Investments (1) Fixed Rate Average Interest Rate Variable Rate Average Interest Rate Amount Weighted Yield 2025 $ 470,001 5.29 % $ 3,550 6.34 % 92,525 4.35 % 2026 290,148 5.30 % — 6.17 % 54,481 9.59 % 2027 1,920,000 5.97 % 360,000 6.18 % 136,720 6.55 % 2028 205,000 7.15 % — — % — — % 2029 — 7.50 % — — % — — % Thereafter 372,325 7.81 % — — % 20,000 8.11 % Total $ 3,257,474 5.62 % $ 363,550 6.23 % $ 303,726 6.53 % Fair Value $ 3,225,767 $ 355,364 (1) Our debt and preferred equity investments had an estimated fair value of approximately $0.3 billion as of December 31, 2024.
The table below presents the principal cash flows based upon maturity dates of our debt obligations and debt and preferred equity investments and the weighted-average interest rates by expected maturity dates, including as-of-right extension options, as of December 31, 2025 (in thousands): Long-Term Debt Debt and Preferred Equity Investments (1) Fixed Rate Average Interest Rate Variable Rate Average Interest Rate Amount Weighted Yield 2026 $ 655,148 5.16 % $ — 5.57 % $ 127,872 5.36 % 2027 2,200,000 5.55 % 369,277 5.31 % 20,486 — % 2028 284,550 6.38 % — — % — — % 2029 177,000 7.22 % — — % 20,000 8.11 % 2030 — 7.40 % — — % — — % Thereafter 358,524 7.84 % — — % — — % Total $ 3,675,222 5.62 % $ 369,277 5.48 % $ 168,358 5.04 % Fair Value $ 3,679,095 $ 369,440 (1) Our debt and preferred equity investments had an estimated fair value of approximately $0.2 billion as of December 31, 2025.

Other SLG 10-K year-over-year comparisons