SL GREEN REALTY CORP 8-K

What Happened
SL Green Realty Corp., as general partner of SL Green Operating Partnership, L.P., announced on March 4, 2026 that it entered into a Thirty-Second Amendment to the Operating Partnership agreement to issue 252,000 Series Y Preferred Units. The units were issued as part of the consideration for acquiring ownership interests in certain commercial real estate property. The Series Y Preferred Units are not convertible into or exchangeable for any other partnership or company securities and were issued in reliance on the Section 4(a)(2) private placement exemption.

Key Details

• 252,000 Series Y Preferred Units issued.
• Liquidation preference: $25.00 per unit — total liquidation preference of $6,300,000 (252,000 × $25.00).
• Fixed annual cash distribution: 5.00% of liquidation preference (equals $1.25 per unit per year), totaling $315,000 annually (252,000 × $1.25).
• Units are non-convertible/non-exchangeable; issuance documented in the Thirty-Second Amendment (filed as Exhibit 10.1).

Why It Matters

• The issuance funded part of a property acquisition without issuing registered equity or necessarily increasing bank debt, which can preserve cash or borrowing capacity.
• The Series Y units create a fixed annual cash obligation for the Operating Partnership of $315,000, which affects distributable cash available to common unitholders/owners.
• Because the units are not convertible into company/common securities, this transaction does not create conversion-based dilution for SL Green’s common shareholders.