Use these links to rapidly review the document TABLE OF CONTENTS ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA PART IV

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UNITED ~~Table of Contents~~ STATES

~~UNITED STATES~~ SECURITIES AND EXCHANGE COMMISSION ~~Washington, D.C. 20549~~

Washington, D.C. 20549

______________________________________________________________________

FORM 10-K

ý		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2012
OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For ~~Commission~~the ~~File~~fiscal ~~Number:~~year ~~33-167793-02~~ ended December 31, 2025

~~SL GREEN OPERATING PARTNERSHIP, L.P. (Exact name of registrant as specified in its charter)~~ OR

~~Delaware~~☐ TRANSITION ~~(State~~REPORT orPURSUANT ~~other~~TO ~~jurisdiction~~SECTION 13 ~~of incorporation or organization~~OR 15(d) ~~13-3960938~~OF ~~(I.R.S.~~THE ~~Employer~~SECURITIES ~~Identification~~EXCHANGE ~~No.)~~ACT OF 1934

~~420~~For ~~Lexington~~the ~~Avenue,~~transition ~~New~~period ~~York, NY 10170 (Address of principal executive offices—Zip Code)~~ from to

~~(212) 594-2700 (Registrant's~~Commission ~~telephone~~File ~~number,~~Number: ~~including~~1-13199 ~~area~~(SL ~~code)~~Green Realty Corp.)

~~SECURITIES REGISTERED~~Commission ~~PURSUANT~~File TONumber: ~~SECTION 12~~33-167793-02 (B)SL OFGreen ~~THE~~Operating ~~ACT:~~Partnership, ~~None~~L.P.)

______________________________________________________________________

SL GREEN REALTY CORP.

SL GREEN OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

______________________________________________________________________


SL Green Realty Corp.	Maryland	13-3956775
SL Green Operating Partnership, L.P.	Delaware	13-3960938
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Vanderbilt Avenue, New York, NY 10017

(Address of principal executive offices—Zip Code)

(212) 594-2700

(Registrant's telephone number, including area code)

______________________________________________________________________

SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

Registrant

Trading Symbol

Title of Each Class

Name of Each Exchange on Which Registered

SL Green Realty Corp.

SLG

Common Stock, $0.01 par value

New York Stock Exchange

SL Green Realty Corp.

SLG.PRI

6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value

New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ~~Yes~~ ~~o No ý~~

~~Indicate~~SL byGreen ~~check~~Realty ~~mark if the registrant is not required to file reports pursuant to Section~~Corp. Yes ~~13 or Section~~x No ~~15(d)~~o SL ofGreen ~~the~~Operating ~~Act~~Partnership, L. P. Yes o No ý x

Indicate by check mark ~~whether~~if the registrant ~~(1) has~~is ~~filed~~not ~~all reports~~ required to befile ~~filed~~reports bypursuant to Section 13 or Section 15(d) of the ~~Securities Exchange~~ Act ~~of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days~~. ~~Yes ý No o~~

~~Indicate~~SL byGreen ~~check~~Realty ~~mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule~~Corp. Yes ~~405 of Regulation~~o No ~~S-T~~x SL ~~(§232.405~~Green ofOperating ~~this~~Partnership, ~~chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)~~L. P. Yes ýo No o x

Indicate by check mark ifwhether ~~disclosure~~the ofregistrant ~~delinquent~~(1) has ~~filers~~filed ~~pursuant~~all reports required to ~~Item 405~~be offiled ~~Regulation~~by Section ~~S-K~~13 isor 15(d) ~~not~~of ~~contained~~the ~~herein,~~Securities ~~and~~Exchange ~~will~~Act ~~not~~of 1934 ~~be contained,~~during to the ~~best~~preceding of12 months ~~the~~(or ~~registrant's~~for ~~knowledge,~~such inshorter ~~definitive~~period ~~proxy~~that orthe ~~information~~registrant ~~statements~~was ~~incorporated~~required byto ~~reference~~file insuch ~~Part III~~reports), ofand ~~this Form~~(2) ~~10-K~~has orbeen ~~any~~subject ~~amendment~~ to ~~this~~such ~~Form~~filing requirements for the past 90 ~~10-K~~days. o

~~Indicate~~SL byGreen ~~check~~Realty ~~mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company~~Corp. Yes x No o SL ~~See~~Green ~~the~~Operating ~~definitions of "large accelerated filer~~Partnership," ~~"accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act~~L. P. Yes x No o

~~Large~~Indicate ~~accelerated~~by ~~filer~~check omark ~~Accelerated~~whether ~~filer~~the oregistrant ~~Non~~has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-~~accelerated~~T ~~filer~~(§232.405 ýof this chapter) during the preceding 12 months (Door ~~not~~for ~~check~~such ifshorter aperiod ~~smaller~~that ~~reporting~~the ~~company)~~registrant ~~Smaller~~was ~~Reporting~~required ~~Company~~to osubmit such files).

~~Indicate by~~SL ~~check~~Green ~~mark~~Realty ~~whether the registrant is a shell company (as defined in Rule~~Corp. Yes ~~12b-2~~x No o SL ofGreen ~~the~~Operating ~~Act)~~Partnership, L. P. Yes ox No ý o

AsIndicate ofby ~~February 15~~check mark whether the registrant is a large accelerated filer, ~~2013~~an accelerated filer, 1a non-accelerated filer,~~103~~ a smaller reporting company,~~267~~ ~~common~~or ~~units~~an ofemerging ~~limited~~growth ~~partnership~~company. ~~interest~~See the definitions of ~~the~~"large ~~Registrant~~accelerated ~~were~~filer," ~~held~~"accelerated byfiler," ~~non-affiliates~~"smaller ofreporting ~~the~~company," ~~Registrant. There~~and is"emerging nogrowth ~~established~~company" ~~trading~~in ~~market~~Rule 12b-2 ~~for~~of ~~such~~the ~~units.~~Exchange Act.

SL Green Realty Corp.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

☐

Emerging Growth Company

☐

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒

SL Green Operating Partnership, L.P.

Large Accelerated Filer

Accelerated Filer

Non-accelerated filer

Smaller Reporting Company

☐

Emerging Growth Company

☐

☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

SL Green Realty Corp. Yes ☐ No x SL Green Operating Partnership, L.P. Yes ☐ No x

The aggregate market value of the common stock held by non-affiliates of SL Green Realty Corp. (63,549,272 shares) was $3.9 billion based on the quoted closing price on the New York Stock Exchange for such shares on June 30, 2025.

As of February 13, 2026, 71,031,183 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of February 13, 2026, 301,668 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the ~~Definitive Proxy Statement of~~ SL Green Realty Corp.,'s ~~the~~Proxy ~~parent~~Statement ~~of the Registrant,~~ for its 2026 ~~2013~~ Annual ~~Meeting of~~ Stockholders' Meeting to be filed within 120 days after the end of the Registrant's fiscal year are incorporated by reference into Part III of this Annual Report on Form 10-K.

~~Table~~EXPLANATORY ~~of Contents~~ NOTE

This report combines the annual reports on Form 10-K for the year ended December 31, 2025 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. ~~FORM~~ ~~10-K~~ Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.

The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.

As of December 31, 2025, the Company owns 93.58% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of December 31, 2025, noncontrolling investors held, in aggregate, a 6.42% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.

The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.

Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.

We believe combining the annual reports on Form 10-K of the Company and the Operating Partnership into this single report results in the following benefits:

•Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and

•Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

•consolidated financial statements; and

•the following notes to the consolidated financial statements:

◦Note 11, Noncontrolling Interests on the Company's Consolidated Financial Statements;

◦Note 12, Stockholders' Equity of the Company; and

◦Note 13, Partners' Capital of the Operating Partnership;

This report also includes separate Part II, Item 5. Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, and Item 9A. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

TABLE OF CONTENTS

10-K PART AND ITEM NO.
PART I
PART I
Item 1.		Business		4
1.	Business		3
Item 1A.		Risk Factors		13
1.A	Risk Factors		11
Item 1B.		Unresolved Staff Comments		24
1.B	Unresolved Staff Comments		23
Item 1C.		Cybersecurity		24
2.	Properties		24
Item 2.		Properties		25
3.	Legal Proceedings		34
Item 3.		Legal Proceedings		31
4.	Mine Safety Disclosures		34
Item 4.		Mine Safety Disclosures		31
PART II
5.	Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities		35
Item 5.		Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		32
6.	Selected Financial Data		37
Item 6.		[Reserved]		32
7.	Management's Discussion and Analysis of Financial Condition and Results of Operations		39
Item 7.		Management's Discussion and Analysis of Financial Condition and Results of Operations		33
7A.	Quantitative and Qualitative Disclosures about Market Risk		68
Item 7A.		Quantitative and Qualitative Disclosures about Market Risk		50
8.	Financial Statements and Supplementary Data		70
Item 8.		Financial Statements and Supplementary Data		52
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		152
Item 9.		Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		130
9A.	Controls and Procedures		152
Item 9A.		Controls and Procedures		131
9B.	Other Information		153
Item 9B.		Other Information		135
PART III
Item 9C.		Disclosure Regarding Foreign Jurisdictions that Prevent Inspections		136
10.	Directors, Executive Officers and Corporate Governance		154
PART III
11.	Executive Compensation		154
Item 10.		Directors, Executive Officers and Corporate Governance		137
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		154
Item 11.		Executive Compensation		137
13.	Certain Relationships and Related Transactions, and Director Independence		154
Item 12.		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		137
14.	Principal Accounting Fees and Services		154
Item 13.		Certain Relationships and Related Transactions, and Director Independence		137
PART IV
Item 14.		Principal Accountant Fees and Services		137
15.	Exhibits, Financial Statements and Schedules		155
PART IV
Item 15.		Exhibits, Financial Statements and Schedules		138
		SIGNATURES		143

Table of Contents

PART I

ITEM 1. BUSINESS

General

SL Green Realty Corp., ~~which~~ is ~~referred to as the Company or SL Green,~~ a ~~Maryland~~self-managed ~~corporation,~~real ~~and~~estate SLinvestment ~~Green Operating Partnership~~trust, ~~L.P.,~~ ~~which is referred to as SLGOP~~ or ~~the Operating Partnership~~REIT, aprimarily ~~Delaware~~engaged ~~limited partnership, were formed~~ in ~~June 1997 for~~ the ~~purpose~~ownership, ofmanagement, ~~combining~~operation, ~~the~~acquisition, ~~commercial~~development, ~~real estate business of S.L. Green Properties~~redevelopment, ~~Inc.~~ ~~and~~repositioning ~~its affiliated partnerships~~ and ~~entities.~~financing ~~The Operating Partnership received a contribution~~ of ~~interest~~commercial ~~in the~~ real estate properties, asprincipally ~~well~~office asproperties, ~~95% of~~located ~~the economic interest~~ in the ~~management,~~New ~~leasing~~York ~~and~~metropolitan ~~construction companies~~area, ~~which~~principally isin ~~referred to as the Service Corporation~~Manhattan, a ~~consolidated~~borough ~~variable interest entity. All~~ of ~~the~~New ~~management,~~York ~~leasing and construction services with respect to the properties which are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by us~~City. ~~The~~We ~~Company~~were ~~has~~formed ~~qualified, and expects to qualify~~ in ~~the current fiscal year~~June, as1997 afor ~~real estate investment trust, or REIT, under~~ the ~~Internal~~purpose ~~Revenue Code~~ of ~~1986,~~continuing ~~as amended, or~~ the ~~Code,~~commercial ~~and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds~~ real estate ~~interests~~business ~~and, through payments~~ of ~~dividends~~S.L. toGreen ~~stockholders~~Properties, ~~is permitted to minimize the payment of Federal income taxes at the corporate level~~Inc. ~~Unless the context requires otherwise~~, ~~all references to "we," "~~our" ~~and~~predecessor ~~"us" means SLGOP and all entities owned or controlled by SLGOP~~entity.

~~Substantially all~~As of ~~SL Green's assets are held by~~December 31, ~~and its operations are conducted through~~2025, ~~the~~we ~~Operating~~owned ~~Partnership. The Company is~~ the ~~sole~~following ~~managing~~interests ~~general~~in ~~partner~~properties ofin the ~~Operating Partnership.~~New AsYork ofmetropolitan ~~December 31~~area, ~~2012,~~primarily ~~noncontrolling investors held,~~ in ~~the~~midtown ~~aggregate, a 2~~Manhattan.~~94%~~ ~~limited~~Our ~~partnership~~investments ~~interest~~located inoutside ~~the~~of ~~Operating~~Manhattan ~~Partnership.~~are Wereferred ~~refer~~ to ~~these interests~~ as the ~~noncontrolling~~ ~~interests~~Suburban ~~in the Operating Partnership. See Note 12, "Capital."~~ properties:

Reckson Associates Realty Corp., or Reckson, and Reckson Operating Partnership, L.P., or ROP, are wholly-owned subsidiaries of the Operating Partnership.


		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	%

~~As of~~(1)The ~~December 31,~~weighted ~~2012,~~average weleased ~~owned~~occupancy ~~the~~for ~~following interests in~~ commercial ~~office~~ properties inrepresents the ~~New~~total ~~York~~leased ~~Metropolitan~~square ~~area,~~footage ~~primarily~~divided inby ~~midtown~~total ~~Manhattan.~~square ~~Our~~footage ~~investments~~at inacquisition. The ~~the New~~weighted ~~York~~average ~~Metropolitan~~leased ~~area~~occupancy ~~also~~for ~~include~~residential ~~investments~~properties inrepresents ~~Brooklyn,~~the ~~Long~~total ~~Island,~~leased ~~Westchester~~units ~~County,~~divided ~~Connecticut~~by ~~and~~total ~~Northern~~available ~~New~~units. ~~Jersey,~~Properties ~~which~~under construction are ~~collectively~~not ~~known~~included asin the ~~Suburban~~calculation ~~assets:~~of weighted average leased occupancy.

Location	Ownership
Manhattan	Consolidated properties	27	18,347,945	93.8	%
	Unconsolidated properties	9	5,934,434	95.0	%
Suburban	Consolidated properties	25	3,863,000	79.9	%
	Unconsolidated properties	5	1,539,700	84.7	%
		66	29,685,079	91.7	%

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

As ~~(1)The weighted~~of ~~average~~December 31, ~~occupancy~~2025, ~~represents~~we ~~the~~also ~~total~~managed ~~leased~~one ~~square~~office ~~feet~~building ~~divided~~and one retail building owned by ~~total~~third ~~available~~parties ~~rentable~~encompassing ~~square~~approximately ~~feet~~0.4 million square feet.

Our corporate offices are located in midtown Manhattan at One Vanderbilt Avenue, New York, New York 10017. As of December 31, ~~2012~~2025, ~~our~~we ~~Manhattan~~employed ~~office~~1,289 ~~properties~~employees, 337 of whom were ~~comprised~~employed ofin 21our ~~fee~~corporate ~~owned~~offices. ~~properties~~We maintain a website at www.slgreen.com and can be contacted by email at investor.relations@slgreen.com. On our website, ~~including~~you ~~ownership~~can inobtain, ~~commercial~~free ~~condominium~~of ~~units~~charge, a copy of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and ~~six~~amendments ~~leasehold~~to ~~owned properties.~~those Asreports offiled ~~December~~or furnished pursuant to Section 3113(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we file such material electronically with, ~~2012~~or furnish it to, the Securities and Exchange Commission, or the SEC. We have also made available on our ~~Suburban~~website ~~office~~our ~~properties~~audit ~~were~~committee ~~comprised~~charter, compensation committee charter, nominating and corporate governance committee charter, code of 24business ~~fee~~conduct ~~owned~~and ~~properties~~ethics and ~~one~~corporate ~~leasehold~~governance ~~property~~principles. AsWe do not intend for information contained on our website to be part of ~~December~~this annual report on Form ~~31,~~10-K. ~~2012,~~The weSEC ~~also~~maintains ~~held~~a ~~fee~~website ~~owned interests~~(http://www.sec.gov) inthat ~~nine~~contains ~~unconsolidated~~reports, ~~Manhattan~~proxy ~~office~~and ~~properties~~information statements, and ~~five~~other ~~unconsolidated~~information ~~Suburban~~regarding ~~office~~issuers ~~properties.~~that Wefile electronically with the SEC.

Table of Contents

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

~~As of~~Corporate December 31, 2012, we also owned investments in 15 stand-alone retail properties encompassing approximately 473,764 square feet, 16 development properties encompassing approximately 2,617,491 square feet, two residential properties encompassing 385 units (approximately 430,482 square feet), two land interests and 31 west coast office properties encompassing approximately 4,473,603 square feet. In addition, we manage two office properties owned by third parties and affiliated companies encompassing approximately 626,415 rentable square feet. As of December 31, 2012, we also held debt and preferred equity investments with a book value of $1.4 billion. Structure

~~Our corporate~~In ~~offices~~connection ~~are~~with ~~located~~the inCompany's ~~midtown~~initial ~~Manhattan~~public ~~at 420 Lexington Avenue~~offering, ~~New~~or ~~York~~IPO, ~~New~~in ~~York~~August ~~10170. As of December 31~~1997, ~~2012,~~the ~~our~~Operating ~~corporate~~Partnership ~~staff~~received ~~consisted~~a contribution of ~~approximately 273~~interests ~~persons, including 170 professionals experienced~~ in ~~all aspects of commercial~~ real estate. Weproperties ~~can~~as bewell ~~contacted~~as ~~at (212) 594-2700. SL Green maintains~~ a ~~website~~95% ~~at www.slgreen.com. On this website~~economic, ~~you can obtain, free of charge, a copy of our annual reports on Form 10~~non-K,voting ~~quarterly~~interest ~~reports~~in ~~on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of~~ the ~~Securities Exchange Act of 1934~~management, asleasing ~~amended,~~and asconstruction ~~soon~~companies asaffiliated ~~reasonably practicable after we file such material electronically~~ with, ~~or furnish it to, the Securities and Exchange Commission, or the SEC~~S.L. SL Green ~~has~~Properties. ~~also~~We ~~made available~~refer onto ~~its~~these ~~website its audit committee charter~~management, ~~compensation~~leasing ~~committee charter, nominating~~ and ~~corporate~~construction ~~governance committee charter~~entities, ~~code~~which ofare ~~business~~owned ~~conduct~~by ~~and ethics and corporate governance principles~~S.L. ~~We do not intend for information contained in SL~~ Green's ~~website~~Management toCorp, beas ~~part~~the of"Service ~~this annual report on Form 10-K~~Corporation." ~~You~~The ~~can~~Company ~~also~~is ~~read~~organized ~~and~~to ~~copy~~qualify, ~~any materials we~~ and SLhas ~~Green~~elected ~~file~~to ~~with~~qualify, ~~the~~as ~~SEC~~a ~~at its Public Reference Room at 100 F Street~~REIT, ~~NE,~~under ~~Washington,~~the ~~DC 20549~~Internal ~~(1-800-SEC-0330).~~Revenue ~~The~~Code ~~SEC~~of ~~maintains an Internet site (http://www.sec.gov) that contains reports~~1986, ~~proxy~~as ~~and information statements~~amended, ~~and~~or ~~other information regarding issuers that file electronically with~~ the ~~SEC~~Code.

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

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

Business and Growth Strategies

SL Green ~~Realty Corp.~~, ~~New York City~~Manhattan's largest ~~commercial~~owner ~~landlord~~of office real estate, is ~~the~~focused ~~only~~primarily ~~fully~~on ~~integrated~~the ~~REIT~~ownership, ~~that~~management, isoperation, ~~focused~~acquisition, ~~primarily~~development, ~~on acquiring~~redevelopment, ~~managing~~repositioning and ~~maximizing~~financing ~~the value~~ of Manhattan commercial properties, principally office properties.

Our primary business objective is to maximize the total return to stockholders~~, through growth in funds from operations and through asset value appreciation~~. ~~Our core business is the ownership of high quality office buildings that are strategically located in close proximity to midtown Manhattan's primary commuter stations.~~ The commercial real estate expertise resulting from owning, operating, investing, developing, redeveloping and lending on real estate in Manhattan for ~~over~~many ~~32 years~~decades has ~~also~~ enabled us to invest in ~~a collection of~~ premier ~~retail~~office properties, selected ~~multifamily~~retail and residential assets, and ~~high~~ high-quality debt and preferred equity investments. ~~We also own high quality office properties in the surrounding markets of Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey.~~

We are led by a strong, experienced management team that provides a foundation of skills in all aspects of ~~property~~real ~~ownership and management including investment, leasing, operations, capital improvements, financing, repositioning and maintenance~~estate. It is with this team that we have achieved a market leading position in our targeted submarkets.

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

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

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

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

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

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

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

Table of Contents

Leasing and Property Management

We seek to capitalize on our management's extensive knowledge of ~~the~~ Manhattan and ~~suburban~~the ~~markets~~New York metropolitan area and the needs of our tenants through proactive leasing and management programs, which include: (i) use of in-depth market experience resulting from managing and leasing ~~32.8 million~~tens of millions of square feet of office ~~and~~, retail and residential space, ~~predominantly~~since inthe ~~Manhattan~~Company was founded; (ii) careful tenant management, towhich ~~ensure~~results ~~adequate~~in a high tenant retention rate, long average lease ~~term~~terms and a manageable lease ~~rollovers~~expiration schedule; (iii) utilization of an extensive network of third-party brokers to supplement our in-house leasing team; (iv) use of comprehensive building management analysis and planning; and (v) a commitment to tenant satisfaction by understanding and appreciating our tenant's businesses and the environment in which they are operating, while providing high quality tenant services at ~~attractive~~ competitive rental rates.

It is our belief that our proactive leasing efforts have directly contributed to our average portfolio occupancy consistently exceeding the market average.

Property Acquisitions

We acquire ~~core~~ properties for long-term value appreciation and ~~earnings~~cash flow growth. ~~We also acquire non-core properties that are typically held for shorter periods during which we attempt to create significant increases in value.~~ This strategy has resulted in capital gains that increase our investment capital base. In implementing this strategy, we continually evaluate potential acquisition opportunities. These ~~acquisitions~~opportunities may come from new properties as well as the acquisition of properties in which we already hold a joint venture interest or, from time to time, from our debt and preferred equity investments. ~~Although we continuously review our acquisition pipeline, there is not a specific metric that we apply to acquisitions that are under consideration.~~

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

In We believe that we have many advantages over our competitors in acquiring core and non-core properties, both directly orand through our joint ~~ventures~~venture ~~with~~program that includes a predominance of high -quality institutional investors,. weThose ~~believe that we have the following~~ advantages ~~over many of our competitors~~include: (i) senior management's ~~average~~long-tenured ~~26 years of~~ experience leading a full-service, fully- integrated real estate company focused , principally, on the Manhattan ~~office~~ market; (ii) the ability to offer tax-~~advantaged~~efficient structures to sellers through the exchange of ownership interests, asincluding ~~opposed~~units toin ~~solely~~our ~~cash~~Operating ~~transactions~~Partnership; and (iii) the ability to underwrite and close transactions ~~quickly~~on ~~despite~~an ~~complicated~~expedited ~~ownership~~basis ~~structures.~~even when the transaction involves a complicated structure.

Property Repositioning

Our knowledge of the leasing markets and our ability to efficiently plan and execute capital projects provide the expertise to enhance returns by repositioning properties that are underperforming. Many of the retail and commercial office buildings we own or seek to acquire feature unique architectural design elements, including large floor plates, unique amenities and characteristics that can

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be appealing to tenants when fully exploited. Our strategic investment in these buildings, combined with our active management and pro-active leasing, provide the opportunity to creatively meet market needs and generate favorable returns.

Debt and Preferred Equity Investments

We invest in well-collateralized debt and preferred equity investments that generate attractive yields. See Note 5, "Debt and Preferred Equity Investments," in the accompanying consolidated financial statements. Knowledge of our markets and our leasing and asset management expertise provide underwriting capabilities that enable a highly educated assessment of risk and return. The benefits of this investment program, which has a carefully managed aggregate size generally not to exceed 10% of our total enterprise value, include the following:

Property Dispositions

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

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

Property ~~Competition~~ Repositioning

~~The~~Our ~~leasing~~extensive knowledge of ~~real estate is highly competitive, especially in~~ the ~~Manhattan office~~ market. Wein ~~compete~~which ~~for~~we ~~tenants~~operate ~~with landlords~~ and ~~developers~~ ~~of similar properties located in~~ our ~~markets~~ability ~~primarily~~to onefficiently ~~the~~plan ~~basis~~and ofexecute ~~location,~~capital ~~rent~~projects ~~charged,~~provide ~~services~~the ~~provided,~~expertise ~~balance~~to ~~sheet~~enhance ~~strength~~returns ~~and~~by ~~liquidity~~repositioning ~~and~~properties ~~the~~that ~~design~~are ~~and~~underperforming. ~~condition~~Many of ~~our~~ the properties. ~~Although~~we ~~currently~~own noor ~~other~~seek ~~publicly traded REIT has been formed primarily~~ to acquire, ~~own,~~feature ~~reposition~~unique ~~and~~architectural ~~manage~~design ~~Manhattan~~elements ~~commercial~~or ~~office properties, we may in the future compete with such~~ other ~~REITs.~~amenities Inand ~~addition,~~characteristics ~~we face competition from other real estate companies including other REITs~~ that ~~currently~~can ~~invest~~be inappealing ~~markets other than or in addition~~ to ~~Manhattan,~~tenants ~~private~~when ~~real~~fully ~~estate funds,~~exploited. ~~domestic~~Our ~~and~~strategic ~~foreign~~investment ~~financial~~in ~~institutions,~~these ~~life insurance companies~~properties, ~~pension~~combined ~~trusts,~~with ~~partnerships,~~our ~~individual~~active ~~investors~~management and ~~others~~pro-active ~~that~~leasing, ~~may~~provide ~~have~~the ~~greater~~opportunity ~~financial resources or access~~ to ~~capital~~ ~~than~~creatively wemeet domarket orneeds ~~that~~and ~~are~~generate ~~willing~~favorable ~~to acquire properties in transactions which are more highly leveraged or with different financial attributes than we are willing to pursue~~returns.

Development / Redevelopment

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

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Debt and Preferred Equity Investments

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

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

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

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

Debt Fund Investments

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

Capital Resources

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

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

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

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

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

SUMMIT

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

Manhattan Office Market Overview

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

~~According to~~While ~~Cushman~~the ~~and~~near-term ~~Wakefield~~addition ~~Research~~of ~~Services,~~new ~~Manhattan~~supply ~~has~~to athe ~~total~~Manhattan office inventory is expected to be nominal relative to the size of ~~392.0 million~~the ~~square~~overall ~~feet~~market, ~~including~~we ~~241.5 million~~view ~~square~~new ~~feet~~supply in ~~midtown.~~locations ~~Based~~near ~~on current~~a ~~construction~~variety ~~activity,~~of wetransportation ~~estimate~~options ~~that~~would ~~midtown~~be a positive to the Manhattan ~~will~~office ~~have~~market ~~approximately~~given ~~1.8 million~~the ~~square~~older ~~feet~~vintage of ~~new~~the ~~construction~~majority ~~becoming~~of ~~available~~Manhattan's inoffice inventory and the ~~next~~desire ~~two~~of ~~years~~tenants to occupy new, ~~23.5%~~high ofquality, ~~which~~efficient ~~is pre-leased.~~office ~~This~~space ~~will~~that ~~add~~provides ~~approximately~~for ~~0.5%~~easy tocommutability ~~Manhattan's~~for ~~total~~their ~~inventory~~employees.

General Terms of Leases in the midtown Manhattan Markets

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

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

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

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

In a typical lease for a new tenant renting in excess of 10,000 feet, the landlord will deliver the premises with existing improvements demolished and any asbestos abated. In such instances, the landlord also typically will provide a tenant improvement allowance, which is a fixed sum that the landlord makes available to the tenant to reimburse the tenant for all or a portion of the tenant's initial construction of its premises. Such sum typically is payable as work progresses, upon submission

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~~of invoices~~According ~~for~~to Cushman and Wakefield Research Services, the ~~cost~~total volume of ~~construction~~leases ~~and~~signed ~~lien~~in ~~waivers.~~Manhattan ~~However~~for the year ended December 31, in2025 ~~certain~~grew ~~leases~~to ~~(most~~31.0 ~~often~~million ~~for~~as ~~relatively~~compared ~~small~~to ~~amounts~~23.4 ofmillion ~~space),~~square feet for the ~~landlord~~year ~~will~~ended ~~construct~~December 31, ~~the~~2024. ~~premises~~Overall ~~for~~average ~~the~~asking ~~tenant~~rents atin ~~a cost~~Manhattan toincreased ~~the~~in ~~landlord~~2025 ~~not~~by to0.6% ~~exceed~~from an$72.73 ~~agreed~~per ~~upon~~square ~~amount~~foot ~~with~~as ~~the~~of ~~tenant~~December 31, ~~paying~~2024 ~~any~~to ~~excess~~$73.19 Inper ~~addition~~square foot as of December 31, ~~landlords~~2025, ~~may~~while ~~rent~~Manhattan Class A asking rents increased to a$82.72 ~~tenant~~per asquare ~~space~~foot, ~~that~~up is1.8% ~~"pre-built"~~from (i$81.~~e., space~~19 ~~that was~~as ~~constructed~~of byDecember 31, ~~the~~2024. ~~landlord~~Manhattan's indiverse ~~advance~~tenant ofbase ~~lease~~is ~~signing~~exemplified ~~and~~by ~~ready~~the tofollowing ~~move~~tables, inwhich ~~with~~show the ~~tenant~~percentage ~~selecting~~of ~~paint~~leasing ~~and~~volume ~~carpet~~attributable ~~colors).~~to each industry:

Occupancy


	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	%

~~The~~(1)Source: ~~following~~Cushman ~~table sets forth the weighted average occupancy rates at our office properties based on space leased as of December 31, 2012, 2011~~ and ~~2010:~~Wakefield Research Services

	Percent Occupied as of December 31,
Property	2012			2011			2010
Manhattan Properties		94.1	%		92.5	%		92.9	%
Suburban Properties		81.3	%		86.2	%		87.3	%
Same-Store Properties(1)		90.3	%		89.6	%		N/A
Unconsolidated Joint Venture Properties		92.9	%		94.0	%		95.2	%
Portfolio		91.7	%		91.5	%		91.6	%

General Terms of Leases in the Manhattan Market

Leases ~~(1)Same-Store Properties~~in Manhattan typically contain terms that may not be contained in leases in other U.S. office markets. The initial term of leases entered into for ~~2012~~space ~~represents~~in 46Manhattan is generally seven to fifteen years. Tenants leasing space in excess of ~~our~~10,000 52square ~~consolidated~~feet ~~properties~~for ~~owned~~an byinitial usterm atof ~~January~~10 1years or longer often will negotiate an option to extend the term of the lease for one or two renewal periods, ~~2011~~typically ~~and~~for ~~still~~a ~~owned~~term of five years each. The base rent during the initial term often will provide for agreed-upon periodic increases over the term of the lease. Base rent for renewal terms is most often based upon the then fair market rental value of the premises as of the commencement date of the applicable renewal term (generally determined by usbinding arbitration in the event the landlord and the tenant are unable to mutually agree upon the fair market value), though base rent for a renewal period may be set at ~~December 31~~ 95% of the then fair market rent. Very infrequently, ~~2012~~leases inmay contain termination options whereby a tenant can terminate the ~~same~~lease ~~manner~~obligation before the lease expiration date with payment of a penalty together with repayment of the unamortized portion of the landlord's transaction costs (e.g., brokerage commissions, free rent periods, tenant improvement allowances, etc.).

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

WeTenants estimated that rents in place at December 31, 2012 for all leases expiring in future periods in our Manhattan and Suburban consolidated properties were approximately 13.7% and 1.5%, respectively, below management's estimates of current market asking rents. Taking rents are typically ~~lower~~receive ~~than~~a ~~asking~~free ~~rents~~rent ~~and~~period ~~may~~following ~~vary from~~commencement property to property. We estimated that rents in place at December 31, 2012 for all leases expiring in future periods in our Manhattan and Suburban properties owned through unconsolidated joint ventures were approximately 10.8% below and 5.0% above, respectively, management's estimates of ~~current~~the ~~market~~lease ~~asking rents. At December 31~~term, ~~2011,~~which ~~the estimated rents~~ in ~~place~~some ~~were approximately~~cases ~~10.9%~~may ~~and~~coincide ~~3.0%~~with ~~for~~ the ~~consolidated properties and 8.8% and 9.9% for the unconsolidated joint venture properties below management~~tenant's ~~estimates~~construction ~~of the then current market asking rents~~period. As of December 31, 2012, approximately 37.5% and 56.4% of all leases in-place in our Manhattan and Suburban consolidated properties, respectively, were scheduled to expire during the next five years. As of December 31, 2012, approximately 19.6% and 69.6% of all leases in-place in our Manhattan and Suburban properties owned through unconsolidated joint ventures, respectively, were also scheduled to expire during the next five years. There can be no assurances that our estimates of current market rents are accurate, that market rents currently prevailing will not erode in the future or that we will realize any rent growth. However, we believe that rents, which in the current portfolio are below market, provide a potential for long-term internal growth.

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

We acquire, own, reposition, manage and lease commercial office, retail and multi-family properties in the New York Metropolitan area and have two reportable segments: real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations.

At December 31, 2012, our real estate portfolio was primarily located in one geographical market, the New York Metropolitan area. The primary sources of revenue are generated from tenant rents and

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~~escalations and~~In ~~reimbursement~~a ~~revenue.~~typical ~~Real~~lease ~~estate~~for ~~property~~a ~~operating~~new ~~expenses~~tenant ~~consist~~renting ~~primarily~~in excess of ~~security~~10,000 ~~maintenance,~~square ~~utility costs~~feet, ~~real~~the ~~estate~~landlord ~~taxes~~will ~~and~~deliver ~~ground~~the ~~rent~~premises ~~expense~~with ~~(at~~existing ~~certain applicable~~improvements ~~properties)~~demolished. AsIn ofsuch ~~December 31~~instances, ~~2012,~~the ~~one~~landlord will typically provide a tenant inimprovement ~~our~~allowance, ~~portfolio~~which ~~contributed~~is ~~approximately~~a ~~6.9%~~fixed ofsum ~~our~~that ~~Portfolio~~the ~~annualized~~landlord ~~cash~~makes ~~rent.~~available Noto ~~other~~the tenant ~~contributed~~to ~~more~~reimburse ~~than~~the ~~6.4%~~tenant for all or a portion of ~~our~~ ~~Portfolio~~the ~~annualized~~tenant's ~~cash~~initial ~~rent~~construction of its premises. ~~Portfolio~~Such ~~annualized~~sum ~~cash~~typically ~~rent~~is ~~includes~~payable ~~our~~as ~~consolidated~~work ~~annualized~~progresses, ~~cash~~upon ~~rent~~submission ~~and~~by ~~our~~the ~~share~~tenant of ~~joint~~invoices ~~venture~~for ~~annualized~~the ~~cash~~cost ~~rent.~~of Noconstruction ~~property~~and ~~contributed~~lien waivers. However, in ~~excess of~~certain ~~8.7%~~leases (most often for relatively small amounts of ~~our~~space), ~~consolidated~~the ~~total~~landlord ~~revenue~~will construct the premises for ~~2012.~~the Intenant ~~addition,~~at ~~two~~a ~~debt~~cost ~~and~~to ~~preferred~~the ~~equity~~landlord ~~investments~~not ~~each~~to ~~accounted~~exceed ~~for~~an ~~more~~agreed ~~than~~upon ~~10.0%~~amount ofwith the ~~revenue~~tenant ~~earned~~paying onany ~~debt~~amount ~~and~~in ~~preferred~~excess ~~equity investments~~of inthe ~~2012~~agreed upon amount. ~~Our~~In ~~industry~~addition, ~~segments~~landlords ~~are~~may ~~discussed~~rent inspace ~~Note 18,~~to a tenant that is "~~Segment~~pre-built" ~~Information~~(i.e.," space that was constructed by the landlord in advance of lease signing and is ready for the ~~accompanying~~tenant ~~consolidated~~to ~~financial~~move ~~statements.~~in with the tenant selecting paint and carpet colors).

~~Employees~~ Occupancy

AtThe ~~December 31,~~following ~~2012,~~table wesets ~~employed~~forth ~~approximately~~the ~~1,092~~weighted ~~employees,~~average ~~over~~occupancy ~~171~~rates ofat ~~who~~our ~~were~~office ~~managers~~properties ~~and~~based ~~professionals,~~on ~~approximately 817~~space ofleased ~~whom~~as ~~were hourly-paid employees involved in building operations and approximately 104~~ of ~~whom were clerical~~December 31, ~~data processing and other administrative employees. There are currently three collective bargaining agreements which cover the workforce that services substantially all of our properties.~~ 2025:

Acquisitions


	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%

~~During~~(1)All ~~2012,~~office ~~we acquired 12~~ properties ~~for~~in ~~aggregate~~service ~~gross~~and ~~purchase~~operating ~~prices~~during ofboth ~~$641.3 million~~the ~~encompassing~~current ~~1.1 million square~~and ~~feet.~~prior Inyear ~~addition,~~reporting weperiods ~~invested~~located in ~~five~~Manhattan. ~~properties~~Same-Store ~~through~~excludes ~~joint~~development ~~ventures~~and ~~for~~redevelopment ~~aggregate~~properties ~~gross~~that ~~purchase~~are ~~prices~~not ofstabilized ~~$626.7 million~~for ~~and~~both ~~encompassing~~the ~~0.6 million~~current ~~square~~and ~~feet.~~prior Weyear ~~also acquired~~and anexcludes ~~ownership~~properties ~~interest~~sold. inPercent aOccupied ~~portfolio~~includes ofleases 31signed ~~west~~but ~~coast~~not ~~office~~yet ~~properties encompassing 4~~commenced.~~5 million square feet.~~

(2)Excludes ~~Dispositions~~ properties under development or redevelopment.

~~During~~Lease 2012, we sold our fee interest at 292 Madison Avenue for $85.0 million and recognized a gain of $6.6 million on the sale. In addition, we also sold our 49.5% partnership interest in 521 Fifth Avenue at an implied gross valuation of $315.0 million and recognized a gain of approximately $19.4 million on the sale. We also sold interests in four joint ventures for an aggregate sales price of $1.2 billion, which encompassed 1.6 million square feet and recognized gains aggregating $17.7 million on such sales. Expirations

We ~~Debt~~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 ~~Preferred~~future ~~Equity~~market ~~Investments~~ conditions and asking rents. The following table sets forth our future lease expirations, excluding triple net leases.

During 2012, we originated or acquired approximately $672.9 million in debt and preferred equity investments (net of new discounts), inclusive of accretion of previous discounts and pay-in-kind interest. We recorded approximately $298.7 million in sales, repayments, participations and foreclosures. We also recorded $3.0 million in loan loss reserves in 2012.


	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.		Annualized Cash Rent of Expiring Leases	Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (2)	Number of Expiring Leases (1)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		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

~~Offering/Financings~~NOTE: Data excludes space currently occupied by SL Green's corporate offices

~~In November 2012, we entered into a $~~(1~~.6 billion~~)Tenants ~~credit~~may ~~facility,~~have ormultiple ~~the 2012 credit facility, which refinanced, extended and upsized our previous 2011 revolving credit facility~~leases. The 2012 credit facility consists of a $1.2 billion revolving credit facility, which matures in March 2017 with two six-month extension options, and a $400.0 million term loan facility, which matures in March 2018. The revolving credit facility and term loan facility currently bear interest at 145 basis points and 165 basis points over LIBOR, respectively, based on the unsecured bond rating of ROP. SL Green and ROP are also borrowers under the 2012 credit facility.

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

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

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~~In 2012,~~Industry SL Green sold 2.6 million shares of its common stock through its "at-the-market" equity offering program raising net proceeds of $201.3 million which were used to repay certain of its existing indebtedness, to make investments in additional properties and debt and preferred equity investments and for general corporate purposes. Net proceeds from these offerings were contributed to us in exchange for 2.6 million common partnership units. Segments

~~In November~~The ~~2012,~~Company weis ~~issued~~a ~~$200.0 million~~REIT ~~principal~~that ~~amount~~is ofengaged ~~4.50%~~in ~~senior~~the ~~unsecured~~ownership, ~~notes~~management, ~~due~~operation, inacquisition, ~~2022~~development, atredevelopment, ~~par.~~repositioning ~~The~~and ~~net~~financing ~~proceeds~~of ~~from~~commercial ~~the~~properties, ~~offering~~principally ~~(approximately $198.2 million)~~office ~~were~~properties, ~~used~~located toin ~~repay~~the ~~certain~~New ofYork ~~our~~metropolitan ~~existing~~area, ~~indebtedness~~principally Manhattan, toand ~~make~~has ~~investments~~three inreportable ~~additional~~segments: ~~properties~~real ~~and~~estate, debt and preferred equity investments, and ~~for~~SUMMIT. ~~general~~Our ~~corporate purposes.~~industry SLsegments are discussed in Note ~~Green~~21, ~~and~~"Segment ~~ROP~~Information," ~~are~~in ~~co-obligors~~the ofaccompanying ~~these~~consolidated ~~notes.~~financial statements.

~~During 2012~~As of December 31, we2025, ~~issued~~our ~~6.50%~~real ~~Series I~~estate ~~cumulative~~portfolio ~~redeemable~~was ~~preferred~~principally ~~units~~located ofin ~~limited~~one ~~partnership~~geographical ~~interest~~market, ~~generating~~Manhattan, ~~net~~a ~~proceeds~~borough toof ~~the~~New ~~Operating~~York ~~Partnership~~City. The Company's primary sources of ~~$222~~ real estate revenue are tenant rents, escalations and reimbursement revenue.~~2 million~~ Real estate property operating expenses consist primarily of cleaning, ~~redeemed~~security, ~~the~~maintenance, ~~entire~~utility ~~$100~~costs, real estate taxes and, at certain properties, ground rent expense.0 As of December ~~million~~31, 72025, one tenant in our office portfolio, Paramount Global, contributed 5.~~875~~3% ~~Series D~~of ~~cumulative~~our ~~redeemable~~share ~~preferred~~of ~~units~~annualized ofcash ~~limited~~rent. ~~partnership~~No ~~interest~~other ~~and~~tenant ~~redeemed~~contributed ~~$100~~more than 5.0 ~~million~~% of ~~the 7~~our share of annualized cash rent.~~625%~~ ~~Series C~~No ~~cumulative~~property ~~redeemable~~contributed ~~preferred~~in ~~units~~excess of ~~limited~~10.0% ~~partnership~~of ~~interest.~~our consolidated total revenue for 2025.

In As of December 31, ~~2012~~2025, SLwe ~~Green~~held ~~repurchased~~debt and preferred equity investments with a book value of $42168.4 million, ~~aggregate~~excluding ~~principal~~debt ~~amounts~~and ofpreferred ~~senior~~equity ~~unsecured~~investments ~~notes,~~and ~~consisting~~other offinancing receivables totaling $2212.7 2 million ofthat ~~ROP's~~are ~~5.875%~~included ~~Notes~~in ~~due~~balance ~~2014~~sheet line items other than the Debt and ~~$19.7 million~~ ofpreferred ~~ROP's~~equity 6investments line item.0% ~~Notes~~As ~~due~~of ~~2016~~December 31, ~~for~~2025, aall ~~total~~of ~~consideration~~the ofassets ~~$46.4 million~~underlying our debt and ~~realized~~preferred aequity ~~net~~investments ~~loss~~were onlocated ~~early~~in ~~extinguishment~~New York City. The primary sources of debt and preferred equity revenue are interest and fee income. As of ~~approximately~~December 31, 2025, the Fund held investments with an aggregate fair value of $3153.8 0 million. All of the assets underlying the Fund's investments were located in New York City.

~~During 2012,~~As weof ~~also closed on six mortgages and other loans payable~~December 31, ~~which are collateralized by our real estate~~2025, ~~debt~~SUMMIT ~~and~~operates ~~preferred~~one ~~equity~~location ~~investments,~~at ~~totaling~~One ~~approximately $1.3 billion.~~Vanderbilt ~~Our~~Avenue ~~joint~~in ~~ventures~~midtown ~~closed~~Manhattan onwith ~~eight~~the ~~mortgages~~primary ~~and~~source ~~other~~of ~~loans~~revenue ~~totaling~~generated ~~approximately~~from ~~$1.8 billion.~~ticket sales.

Human Capital

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

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

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

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

Sustainability

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

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

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portfolio. ~~ITEM~~The 1ACompany’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. ~~RISK~~ ~~FACTORS~~ In 2026, the Company will measure performance towards a Net-Zero Operations goal (Scope 1 & 2) by 2050, which is aligned with Urban Land Institute’s (ULI) Greenprint Framework.

The ~~Declines~~Company inhas ~~the~~demonstrated ~~demand~~a ~~for~~commitment ~~office~~to ~~space~~transparency inon ~~New~~climate ~~York~~and ~~City,~~sustainability ~~and~~issues invia ~~particular~~annual public reporting informed by widely adopted frameworks, ~~midtown~~including ~~Manhattan~~Global Reporting Initiative ("GRI") since 2013, asGRESB ~~well~~(formerly known as ~~our~~the ~~Suburban~~Global ~~markets,~~Real ~~including~~Estate ~~Westchester~~Sustainability ~~County,~~Benchmark) ~~Connecticut~~since 2019, ~~Northern~~ ~~New~~Sustainability ~~Jersey~~Accounting ~~and~~Standards ~~Long~~Board ~~Island~~("SASB") since 2021, ~~resulting~~and ~~from~~the ~~future~~CDP ~~weakness~~(formerly inthe Carbon Disclosure Project) since 2018. In 2024, the ~~economic~~Company ~~condition~~released ofa ~~such~~revised ~~markets~~Task ~~could~~Force ~~adversely~~on ~~affect~~Climate ~~the~~related ~~value~~Financial ofDisclosures ~~our~~("TCFD") ~~real~~report, ~~estate~~which ~~portfolio~~expanded the physical and ~~our~~transition ~~results~~risks ~~of operations~~and opportunities and progress related to TCFD disclosure originally released in 2021. This report, ~~consequently~~along with the Company's most recent Sustainability Report, ~~our~~is ~~ability~~available tounder ~~service~~"Reports ~~current~~& ~~debt~~Resources" ~~and~~in ~~make~~the ~~distributions~~"Sustainability" tosection ~~SL Green~~on our website.

~~Most~~Highlights offrom our commercial office properties, based on square footage, are located in midtown Manhattan. As a result, our business is dependent on the condition of the New York City economy in general and the market for office space in midtown Manhattan in particular. Future weakness and uncertainty in the New York City economy could materially reduce the value of our real estate portfolio and our rental revenues, and thus adversely affect our cash flow and ability to service current debt and make distributions to SL Green. Similarly, future weakness and uncertainty in our suburban markets could adversely affect our cash flow and ability to service current debt and make distributions to SL Green. 2025

Our Wesignificant ~~may~~achievements befrom ~~unable~~2025 ~~to renew leases or relet space as leases expire.~~ included:

When our tenants decide not to renew their leases upon their expiration, we may not be able to relet the space. Even if tenants do renew or we can relet the space, the terms of renewal or reletting, taking into account among other things, the cost of tenant improvements and leasing commissions, may be less favorable than the terms in the expired leases. As of December 31, 2012, approximately 8.3 million and 2.0 million square feet, representing approximately 40.2% and 46.2% of the rentable square feet, were scheduled to expire by December 31, 2017 at our consolidated properties and unconsolidated joint venture properties, respectively, and as of December 31, 2012, these leases had annualized escalated rent totaling approximately $422.8 million and $90.6 million, respectively. We also have leases with termination options beyond 2017. If we are unable to promptly renew the leases or relet the space at similar rates, our cash flow and ability to service debt and make distributions to SL Green could be adversely affected. Leasing

•Signed ~~The~~199 ~~expiration~~Manhattan ofoffice ~~long term~~ leases orcovering ~~operating~~2,568,551 ~~sublease~~square ~~interests could adversely affect our results of operations~~feet.

~~Our~~•Increased ~~interests~~same-store ~~in 673 First Avenue, 420 Lexington Avenue, 461 Fifth Avenue, 711 Third Avenue, 625 Madison Avenue, 1185 Avenue of the Americas and 1080 Amsterdam Avenue, all in~~ Manhattan, ~~and~~office ~~1055~~occupancy Washington Avenue, Stamford, Connecticut, are through either long-term leasehold or operating sublease interests in the land and the improvements, rather than by ownership of fee interest in the land. We have the ability to ~~acquire the fee position at 461 Fifth Avenue for a fixed price on a specific date~~93. ~~Unless we can purchase a fee interest in the underlying land or extend the terms of these leases before their expiration~~0%, weinclusive ~~will lose our right to operate these properties upon expiration~~ of ~~the~~ leases, ~~which would~~signed ~~significantly~~but ~~adversely~~not ~~affect~~yet ~~our results of operations. The average remaining term of these long-term leases as of December 31~~commenced, ~~2012, including our unilateral extension rights on each of the properties, is approximately 72 years. Pursuant to the leasehold arrangement, we,~~ as ~~tenant~~compared ~~under the operating sublease, perform the functions traditionally performed by landlords with respect~~ to ~~our subtenants~~92.5% Weas ~~are responsible for not only collecting rent from our subtenants, but also maintaining the property and paying expenses relating to the property. Our share~~ of ~~annualized cash rents of these properties at~~ December 31, ~~2012 totaled approximately $257~~2024.~~4 million, or 22%, of our share of total Portfolio annualized cash rent.~~

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

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

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

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

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

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

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

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

Acquisitions

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

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

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

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

Dispositions

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

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

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

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

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~~Our results of operations rely on major tenants and insolvency, bankruptcy or receivership of these or other tenants could adversely affect our results of operations.~~ Finance

~~Giving~~•Together ~~effect~~with toour ~~leases in effect as of December 31, 2012 for consolidated properties and unconsolidated~~ joint venture ~~properties~~ partner, ascompleted ofa ~~that date~~$1.4 billion, ~~our~~ five ~~largest tenants~~-year, ~~based~~fixed-rate onrefinancing ~~square footage leased, accounted for approximately 22.1%~~ of ~~our~~11 ~~share~~Madison ~~of Portfolio annualized cash rent, with three tenants, Citigroup, Inc~~Avenue., ~~Viacom~~The ~~International Inc.~~mortgage ~~and~~carries ~~Credit~~a ~~Suisse~~stated ~~Securities~~coupon ~~(USA) LLC~~of ~~accounting for approximately 6~~5.4625%, ~~6.9%~~which ~~and 6.0% of our share of Portfolio annualized cash rent, respectively. In addition,~~ the ~~financial~~Company ~~services~~hedged ~~sector, which has been volatile in recent years, accounted for approximately 36% of our Portfolio annualized cash rent as of December 31, 2012. This sector continues~~ to ~~experience~~an ~~turmoil. If current conditions in the industries in which our tenants are concentrated deteriorate, we may experience increases in past due accounts, defaults, lower occupancy and reduced~~ effective ~~rents.~~rate ~~Our business would be adversely affected if any~~ of ~~our~~5.592% ~~major~~for ~~tenants~~its ~~became insolvent, declared bankruptcy, are put into receivership or otherwise refused to pay rent in a timely fashion or at all~~portion.

•An ~~Adverse~~affiliate ~~economic~~of the Company and ~~geopolitical~~a ~~conditions~~joint inventure ~~general~~partner ~~and~~extinguished the ~~Northeastern~~debt ~~commercial~~encumbering ~~office~~1552-1560 ~~markets~~Broadway, which resulted in ~~particular~~the ~~could~~Company ~~have~~recording a ~~material~~net ~~adverse~~gain ~~effect~~ on ~~our~~discounted ~~results of operations, financial condition and our ability to service~~ debt ~~and~~extinguishment ~~make~~of ~~distributions to SL~~$57.2 ~~Green~~million.

~~Our~~•Closed ~~business~~on ~~may~~a bemodification ~~affected by volatility in the financial~~ and ~~credit~~extension ~~markets and other market or economic challenges experienced by the U.S. economy or real estate industry as a whole, such as those experienced as a result~~ of the ~~economic~~mortgage ~~downturn~~on ~~that~~100 ~~began~~Park ~~in the second half of 2007, which lead to a nationwide decline in demand for office and retail space due to bankruptcies, downsizing, layoffs and cost cutting~~Avenue. ~~Future~~The ~~periods~~modification ofextended ~~economic~~the ~~weakness~~final ~~could~~maturity ~~result~~date ~~in reduced access~~ to ~~credit~~January ~~and/or wider credit spreads. Economic uncertainty~~2029, ~~including~~inclusive ~~concern about the stability~~ of ~~the~~all ~~markets~~available ~~generally,~~extension ~~may lead many lenders and institutional investors to reduce~~options, ~~and~~at ina ~~some~~floating ~~cases,~~rate ~~cease to provide funding to borrowers,which could adversely affect our liquidity and financial condition, and the liquidity and financial condition~~ of ~~our tenants~~2.42% ~~Our~~over ~~business~~Term ~~may also be adversely affected by local economic conditions~~SOFR, aswhich ~~substantially all of our revenues are derived from our properties located in~~ the ~~Northeast,~~Company ~~particularly~~hedged ~~in New York, Northern New Jersey and Connecticut. Because our portfolio consists primarily of commercial office buildings (as compared~~ to a ~~more~~fixed ~~diversified~~rate ~~real estate portfolio) located principally in Manhattan, if economic conditions deteriorate, then our results~~ of ~~operations, financial condition and ability to service current debt and to make distributions to SL Green may be adversely affected~~5.73% ~~Specifically,~~through ~~our~~the ~~business~~initial ~~may~~maturity bedate ~~affected~~in byJanuary ~~the following conditions:~~2028

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

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

SLG Opportunistic Debt Fund

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

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

Debt and Preferred Equity Investments

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

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

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ITEM ~~We may suffer adverse consequences if our revenues decline since our operating costs do not necessarily decline in proportion to our revenue~~1A. RISK FACTORS

WeDeclines ~~earn~~in athe ~~significant~~demand ~~portion~~for ofoffice ~~our~~space ~~income~~in ~~from~~the ~~renting~~New ~~our~~York ~~properties.~~metropolitan ~~Our operating costs~~area, ~~however,~~and ~~do not necessarily fluctuate~~ in ~~proportion~~ toparticular ~~changes~~midtown ~~in our rental revenue. As a result~~Manhattan, ~~our~~could ~~costs~~adversely ~~will~~affect ~~not~~the ~~necessarily~~value ~~decline~~of ~~even if~~ our ~~revenues~~real ~~do.~~estate ~~Similarly,~~portfolio ~~our~~and ~~operating costs could increase while~~ our ~~revenues~~results ~~stay~~of ~~flat~~operations ~~or decline.~~and, ~~In either such event~~consequently, weour ~~may~~ability ~~be forced~~ to ~~borrow~~service tocurrent ~~cover~~debt ~~our~~and ~~costs, we may incur losses or we may not have cash available~~ to ~~service~~pay ~~our~~dividends ~~debt~~ and ~~make~~ distributions to ~~SL Green.~~security holders.

A Wesignificant ~~face~~majority ~~risks~~of ~~associated~~our ~~with~~property holdings are comprised of commercial office properties located in midtown Manhattan. Our property ~~acquisitions~~holdings also include some retail properties. As a result of the concentration of our holdings, our business is dependent on the condition of the New York metropolitan area economy in general and the market for office space in midtown Manhattan in particular. Continued weakness and uncertainty in the New York metropolitan area economy could materially reduce the value of our real estate portfolio and our rental revenues, and thus adversely affect our cash flow and our ability to service our debt obligations and to pay dividends and distributions to security holders.

WeFollowing ~~may~~the ~~acquire~~COVID-19 ~~individual~~pandemic, ~~properties~~office ~~and~~companies ~~portfolios~~continue to be affected by the increased acceptance of ~~properties,~~flexible ~~including~~or ~~large~~hybrid ~~portfolios~~work ~~that~~schedules, ~~could~~allowing ~~significantly~~employees ~~increase~~to ~~our size~~work remotely and ~~alter~~collaborate ~~our~~through ~~capital~~video ~~structure~~or teleconferencing instead of in-office attendance. ~~Our~~Remote ~~acquisition~~work ~~activities~~policies ~~may~~and beflexible ~~exposed~~work arrangements could cause office tenants to, ~~and~~reassess their ~~success~~long-term ~~may~~physical beneeds, ~~adversely~~which ~~affected~~could byhave an adverse effect on our business, ~~the~~results ~~following risks:~~of operations, liquidity, cash flows, prospects, and our ability to achieve forward-looking targets and expectations.

We may ~~acquire~~be ~~properties~~unable ~~subject~~ to ~~liabilities~~renew ~~and~~leases ~~without any recourse,~~ or ~~with~~relet ~~only~~space ~~limited~~as ~~recourse,~~leases ~~with respect to unknown liabilities~~expire. As a result, if a liability were asserted against us arising from our ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow. Unknown liabilities with respect to properties acquired might include:

If ~~Competition~~tenants ~~for~~decide ~~acquisitions~~not to renew their leases upon expiration, we may ~~reduce~~not be able to relet the ~~number~~space. Even if tenants do renew or we can relet the space, the terms of ~~acquisition~~a ~~opportunities~~renewal ~~available~~or new lease, taking into account among other things, the cost of improvements to usthe property and ~~increase~~leasing commissions, may be less favorable than the terms in the expired leases. 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. In addition, changes in space utilization by tenants may cause us to incur substantial costs in renovating or redesigning the internal configuration of ~~those~~the ~~acquisitions~~relevant property in order to renew or relet space. If we are unable to promptly renew the leases or relet the space at similar rates or if we incur substantial costs in renewing or reletting the space, our cash flow and ability to service our debt obligations and pay dividends and distributions to security holders could be adversely affected.

We ~~plan to continue to acquire properties as we are presented with attractive opportunities. We may~~ face significant competition for ~~acquisition opportunities from other investors, particularly those investors~~ tenants.

The leasing of real estate is highly competitive. The principal competitive factors are rent, location, lease term, lease concessions, services provided and the nature and condition of the property to be leased. We directly compete with all owners, developers and operators of similar space in the areas in which our properties are located.

Our commercial office properties are concentrated in highly developed areas of the New York metropolitan area. Manhattan is the largest office market in the United States. The number of competitive office properties in the New York metropolitan area, which may be newer or better located than our properties, could have a material adverse effect on our ability to lease office space at our properties, and on the effective rents we are able to charge.

The expiration of long term leases or operating sublease interests where we do not own a fee interest in the land could adversely affect our results of operations.

Our interests in certain properties are entirely or partially comprised of either long-term leasehold or operating sublease interests in the land and the improvements, rather than by ownership of fee interest in the land. 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. We are responsible for collecting rent from our subtenants, as well as maintaining the property and paying expenses relating to the property. 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. Unless we purchase a fee interest in the underlying land or extend the terms of these leases prior to expiration, we will no longer operate these properties upon expiration of the leases, which could adversely affect our financial condition and results of operations. Rent payments under leasehold or operating sublease interests are adjusted, within the parameters of the contractual arrangements, at certain intervals. Rent adjustments typically result in higher rents that could adversely affect our financial condition and results of operation.

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~~who can~~We ~~incur~~rely ~~more~~on ~~leverage,~~five ~~and~~large ~~this~~properties ~~competition~~for ~~may~~a ~~adversely~~significant ~~affect~~portion usof byour ~~subjecting us to the following risks:~~revenue.

Five Weof ~~rely~~our onproperties, ~~six~~One ~~large~~Vanderbilt ~~properties~~Avenue, ~~for~~11 aMadison ~~significant~~Avenue, ~~portion~~420 Lexington Avenue, 1515 Broadway and 245 Park Avenue accounted for 36.6% of our ~~revenue~~Portfolio annualized cash rent, which includes our share of joint venture annualized cash rent, as of December 31, 2025.

~~Six~~Our ofrevenue ~~our properties, 420 Lexington Avenue, 485 Lexington Avenue, One Madison Avenue, 1185 Avenue of the Americas, 1515 Broadway~~ and ~~388-390 Greenwich Street, accounted for approximately 37.1% of our Portfolio annualized~~ cash ~~rent,~~available ~~which~~to ~~includes~~service ~~our~~debt ~~share~~obligations ~~of joint venture annualized rent as of December 31, 2012. Our revenue~~ and ~~cash available~~ for distribution to ~~SL Green~~our stockholders would be materially adversely affected if any of these properties were materially damaged or destroyed. Additionally, our revenue and cash available to service debt obligations and ~~make~~for distribution to ~~SL Green~~our stockholders would be materially adversely affected if tenants at these properties fail to timely make rental payments due to adverse financial conditions or otherwise, default under their leases or ~~filing~~file for bankruptcy. or become insolvent.

Our ~~The~~results ~~continuing~~of ~~threat~~operations ofrely ~~terrorist~~on ~~attacks~~major ~~may~~tenants ~~adversely~~and ~~affect~~insolvency ~~the~~or ~~value~~bankruptcy of ~~our~~these ~~properties~~or ~~and~~other ~~our~~tenants ~~ability~~could toadversely ~~generate~~affect ~~cash~~our ~~flow~~results of operations.

~~There~~Giving ~~may~~effect beto aleases ~~decrease~~ in ~~demand~~effect ~~for~~as ~~space~~of inDecember 31, ~~New~~2025, ~~York~~for ~~City~~consolidated ~~because~~properties itand isunconsolidated ~~considered~~joint atventure ~~risk~~properties, ~~for~~as ~~future~~of ~~terrorist~~that ~~attacks~~date, ~~and~~our ~~this decrease~~five ~~may~~largest ~~reduce~~tenants, ~~our~~based ~~revenues~~on ~~from~~annualized ~~property~~cash ~~rentals~~rent, accounted for 15.2% Inof ~~the~~our ~~aftermath~~share of aPortfolio ~~terrorist~~annualized ~~attack~~cash rent, ~~tenants~~with inone ~~the~~tenant, ~~New~~Paramount ~~York~~Global, ~~Metropolitan~~accounting ~~area~~for ~~may choose~~5.3% toof ~~relocate~~our ~~their~~share ~~business~~of toPortfolio ~~less~~annualized ~~populated,~~cash ~~lower-profile~~rent. ~~areas~~Our business and results of ~~the~~operations ~~United~~would ~~States~~be ~~that~~adversely ~~those~~affected if any of our major tenants ~~believe~~become ~~are~~insolvent, ~~not~~file asfor ~~likely~~bankruptcy, or otherwise fail to betimely ~~targets~~make ofrental ~~future~~payments ~~terrorist~~or ~~activity~~at all. ~~This~~In inaddition, ~~turn could~~if ~~trigger~~business aconditions ~~decrease~~ in the ~~demand~~industries ~~for~~in ~~space~~which inour ~~the~~tenants ~~New~~are ~~York~~concentrated ~~Metropolitan~~deteriorate, ~~area~~or economic volatility has a disproportionate impact on our tenants, ~~which~~we ~~could~~may ~~increase~~experience ~~vacancies~~increases in ~~our~~past ~~properties~~due ~~and~~accounts, ~~force~~defaults, uslower tooccupancy ~~lease~~and ~~our~~reduced ~~properties~~effective onrents ~~less~~across ~~favorable~~tenants ~~terms.~~in Assuch ~~a result~~industries, ~~the~~which ~~value~~could ofin ~~our~~turn ~~properties~~have ~~and~~an ~~the~~adverse ~~level~~effect ofon our ~~revenues~~business ~~could~~and ~~materially~~results ~~decline.~~of operations.

Construction Ais ~~terrorist~~in ~~attack~~progress ~~could~~at ~~cause~~our ~~insurance~~development ~~premiums to increase significantly~~projects.

WeThe ~~maintain~~Company's ~~"all-risk"~~development ~~property~~projects ~~and~~are ~~rental~~subject ~~value~~to ~~coverage~~internal ~~(including coverage regarding the perils of flood, earthquake~~ and ~~terrorism)~~ ~~within~~external ~~two~~factors ~~property~~which ~~insurance~~may ~~portfolios~~affect ~~and~~construction ~~liability insurance~~progress. AsUnforeseen ofmatters ~~December 31,~~could ~~2012,~~delay ~~the first property portfolio maintains a blanket limit of $775.0 million per occurrence~~completion, ~~including~~result ~~terrorism,~~in ~~for~~increased ~~the~~costs ~~majority~~or ofotherwise ~~the~~have ~~New~~a ~~York~~material ~~City~~effect ~~properties~~on in our ~~portfolio.~~results ~~The second portfolio maintains a limit~~ of ~~$750~~operations.~~0 million~~ ~~per~~In ~~occurrence~~addition, ~~including terrorism, for some New York City properties and~~ the ~~majority~~extended oftime ~~the~~frame ~~Suburban~~to ~~properties.~~complete ~~Both~~these ~~policies~~projects ~~expire~~could oncause ~~December 31,~~them ~~2013.~~to ~~Each~~be ~~policy~~subject ~~includes~~to ~~$100.0 million~~shifts ~~of flood coverage, with a lower sublimit for locations in high hazard flood zones. We maintain liability policies which cover all our properties~~ and ~~provide~~trends ~~limits of $201.0 million per occurrence and~~ in the ~~aggregate per~~real ~~location.~~estate ~~The~~market ~~liability~~which ~~policies expire on October 31, 2013. Additional coverage~~ may not be ~~purchased~~consistent onwith aour ~~stand-alone~~current ~~basis~~business plans for ~~certain~~the ~~assets~~properties.

~~In October~~We ~~2006,~~are ~~SL Green~~subject ~~formed a wholly-owned taxable REIT subsidiary, Belmont Insurance Company, or Belmont,~~ to ~~act~~risks asthat aaffect ~~captive insurance company and be one of~~ the ~~elements~~retail ~~of its overall insurance program~~environment. Belmont was formed in an effort to, among other reasons, stabilize to some extent the fluctuations of insurance market conditions. Belmont is licensed in New York to write Terrorism, NBCR (nuclear, biological, chemical, and radiological), General Liability, Environmental Liability and D&O coverage.

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. These factors could adversely affect the financial condition of our retail tenants and the willingness of retailers to lease space in our retail properties, which could in turn have an adverse effect on our business and results of operations.

We are subject to the risk of adverse changes in economic and geopolitical conditions in general and the commercial office markets in particular.

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. Periods of economic weakness or volatility result in reduced access to credit and/or wider credit spreads. Economic or political uncertainty, including concern about growth and the stability of the markets generally and changes in interest rates, have led lenders and institutional investors to reduce and, in some cases, cease to provide funding to borrowers, which adversely affects our liquidity and financial condition, and the liquidity and financial condition of our tenants. Specifically, our business, like other real estate businesses, has been and may continue to be affected by the following conditions:

•significant job losses or declining rates of job creation, which decrease demand for office space, causing market rental rates and property values to be negatively impacted;

•the ability to borrow on terms and conditions that we find acceptable, which reduces our ability to pursue acquisition and development opportunities and refinance existing debt, reducing our returns from both our existing operations and our acquisition and development activities and increasing our future interest expense; and

•reduced values of our properties, which limits our ability to dispose of assets at acceptable prices and to obtain debt financing secured by our properties.

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~~As long~~Leasing asoffice wespace ~~own~~to ~~Belmont,~~smaller ~~we are responsible for its liquidity~~ and ~~capital~~growth-oriented ~~resources,~~businesses ~~and~~could ~~the~~adversely ~~accounts~~affect ~~of Belmont are part of~~ our ~~consolidated~~cash ~~financial~~flow ~~statements. If we experience a loss~~ and ~~Belmont~~results ~~is required to pay under its insurance policy, we would ultimately record the loss to the extent~~ of ~~Belmont's required payment~~operations. ~~Therefore, insurance coverage provided by Belmont should not be considered as the equivalent of third-party insurance, but rather as a modified form of self-insurance.~~

~~The Terrorism~~Some ~~Risk~~of ~~Insurance~~the ~~Act,~~tenants ~~or TRIA, which was enacted~~ in ~~November~~our ~~2002,~~properties ~~was~~are ~~renewed on December 31~~smaller, ~~2007.~~growth-oriented ~~Congress~~businesses ~~extended~~that ~~TRIA,~~may ~~now~~not ~~called~~have ~~TRIPRA~~the ~~(Terrorism~~financial ~~Risk Insurance~~strength ~~Program Reauthorization and Extension Act~~ of ~~2007)~~larger ~~until~~corporate ~~December 31, 2014~~tenants. ~~The~~Smaller ~~law extends the federal Terrorism Insurance Program that requires insurance~~ companies togenerally ~~offer terrorism~~experience ~~coverage~~a ~~and~~higher ~~provides~~rate ~~for compensation for insured losses resulting from acts~~ of ~~certified~~failure ~~terrorism,~~than ~~subject~~larger ~~to the current program trigger of $100~~businesses.~~0 million.~~ ~~There is no assurance that TRIPRA will be extended. Our debt instruments, consisting of mortgage loans secured by our properties (which are generally non~~Growth-~~recourse~~oriented tofirms ~~us),~~may ~~mezzanine~~also ~~loans,~~seek ~~ground leases, our 2012 credit facility, senior unsecured notes and~~ other ~~corporate~~office ~~obligations,~~space ~~contain~~as ~~customary~~they ~~covenants requiring us to maintain insurance~~develop. ~~Although~~Leasing weoffice ~~believe~~space ~~that we currently maintain sufficient insurance coverage~~ to ~~satisfy~~ these ~~obligations,~~companies ~~there~~creates ~~is no assurance that in the future we will be able to procure coverage at~~ a ~~reasonable~~higher ~~cost. In such instances, there can be no assurance that the lenders or ground lessors under these instruments will not take the position that a total or partial exclusion from "all-~~risk" ~~insurance coverage for losses due to terrorist acts is a breach~~ of ~~these~~tenant ~~debt~~defaults, turnover and ~~ground~~bankruptcies, ~~lease instruments~~which ~~allowing~~could ~~the~~adversely ~~lenders~~affect orour ~~ground~~cash ~~lessors~~flow ~~to declare an event of default~~ and ~~accelerate~~results ~~repayment~~ of ~~debt or recapture of ground lease positions~~operations. ~~In addition, if lenders prevail in asserting that we are required to maintain full coverage for these risks, it could result in substantially higher insurance premiums.~~

We ~~monitor~~ ~~all properties that are subject to triple net leases to ensure that tenants are providing adequate coverage. Certain joint ventures~~ may besuffer ~~covered~~adverse ~~under~~consequences ~~policies~~if ~~separate from~~ our ~~policies,~~revenues atdecline ~~coverage~~since ~~limits which we deem to be adequate. We continually monitor these policies. Although we consider~~ our ~~insurance~~operating ~~coverage~~costs todo benot ~~appropriate,~~decline in ~~the~~proportion ~~event of a major catastrophe, such as an act of terrorism, we may not have sufficient coverage~~ to ~~replace~~our ~~certain properties~~revenue.

We earn a significant portion of our income from renting our properties. Our operating costs, however, do not fluctuate in proportion to changes in our rental revenue. If revenues decline more than expenses, we may be forced to borrow to cover our costs, we may incur losses or we may not have cash available to service our debt obligations and to pay dividends and distributions to security holders.

Competition for acquisitions and other investments may reduce the number of opportunities available to us and increase the costs of those acquisitions or other investments.

We may acquire properties or make other debt and preferred equity investments when we are presented with attractive opportunities. We may face competition for acquisition or other investment opportunities from other investors, particularly those investors who are willing to incur more leverage, and this competition may adversely affect us by subjecting us to the following risks:

•an inability to acquire or otherwise make an investment in a desired property or asset because of competition from other well-capitalized real estate investors, including publicly traded and privately held REITs, private real estate funds, domestic and foreign financial institutions, life insurance companies, sovereign wealth funds, pension trusts, partnerships and individual investors; and

•an increase in the purchase price for such acquisition property.

If we are unable to successfully acquire or make investments in additional properties, our ability to grow our business could be adversely affected.

We face risks associated with property acquisitions and other investments.

Our acquisition and investment activities may not be successful if we are unable to meet required closing conditions or unable to finance acquisitions and developments of properties (or make other investments) on favorable terms or at all. Additionally, we have less visibility into the future performance of acquired properties (or properties in which we may seek to make other future investments) than properties that we have owned for a period of time, and therefore, recently acquired properties (or properties in which we have recently made other investments) may not be as profitable as our existing portfolio.

Further, we may acquire properties subject to both known and unknown liabilities and without any recourse, or with only limited recourse to the seller. As a result, if a liability were asserted against us arising from our ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow. Unknown liabilities with respect to properties acquired might include:

•claims by tenants, vendors or other persons arising from dealing with the former owners of the properties;

•liabilities incurred in the ordinary course of business;

•claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties; and

•liabilities for clean-up of undisclosed environmental contamination.

Similarly, the due diligence process that we undertake in connection with investments may not reveal all facts that may be relevant in connection with making such an investment, including unknown liabilities, that may impact the value of our investment. Such investments may also be in relatively high-risk, illiquid assets, including structured products, and may fail to realize any profits for a considerable period of time or lose some or all of the principal investments.

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Limitations Weon ~~face~~our ~~possible~~ability ~~risks~~to ~~associated~~sell ~~with~~or reduce the ~~physical~~indebtedness ~~effects~~on specific properties could adversely affect the value of ~~climate~~our ~~change~~common stock.

WeIn ~~cannot~~connection ~~predict~~ with ~~certainty~~past ~~whether climate change is occurring~~ and, iffuture ~~so,~~acquisitions ~~at what rate. However, the physical effects~~ of ~~climate change could have a material adverse effect on our properties, operations and business. For example, we own~~ interests in ~~commercial office~~ properties ~~in the New York Metropolitan area~~, ~~primarily~~we ~~in midtown~~have ~~Manhattan.~~or ~~Our~~may ~~investments~~agree into ~~the~~restrictions ~~New~~on ~~York~~our ~~Metropolitan~~ability ~~area~~to ~~also~~sell ~~include~~or ~~investments~~refinance ~~in Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey. To~~ the ~~extent~~acquired ~~climate change~~properties ~~causes~~for ~~changes~~certain ~~in weather patterns, our markets could experience increases in storm intensity, such as those experienced in Hurricane Sandy in October 2012, and rising sea-levels~~periods. ~~Over~~ ~~time,~~These ~~these~~limitations ~~conditions~~ could result in ~~declining~~us ~~demand~~holding ~~for~~properties ~~office~~which ~~space~~we inwould ~~our~~otherwise ~~buildings~~sell, or ~~the~~prevent ~~inability~~us offrom uspaying todown ~~operate~~or ~~the~~refinancing ~~buildings~~existing atindebtedness, ~~all.~~any ~~Climate~~of ~~change~~which may ~~also~~ have ~~indirect~~adverse ~~effects~~consequences on our business ~~by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of energy~~ and ~~increasing~~result ~~the~~in ~~cost of snow removal at our properties. There can be no assurance that climate change will not have~~ a material adverse effect on our ~~properties,~~financial ~~operations~~condition orand ~~business.~~results of operations.

Potential ~~Leasing~~losses ~~office~~may ~~space~~not tobe ~~smaller~~covered ~~and~~by ~~growth-oriented businesses could adversely affect our cash flow and results of operations~~insurance.

~~Many~~We ofmaintain "all-risk" property and rental value coverage (including coverage regarding the ~~tenants~~perils inof ~~our~~flood, ~~properties~~earthquake ~~are~~and ~~smaller~~terrorism, ~~growth-oriented~~excluding ~~businesses~~nuclear, ~~that~~biological, ~~may~~chemical, ~~not~~and ~~have~~radiological ~~the~~terrorism ~~financial~~("NBCR")) ~~strength~~within oftwo ~~larger corporate~~property ~~tenants~~insurance programs and liability insurance. ~~Smaller~~Separate ~~companies generally~~property ~~experience~~and liability coverage may be purchased on a ~~higher~~stand-alone ~~rate~~basis for certain assets, such as development projects. Additionally, one of ~~failure~~our ~~than~~captive ~~large~~insurance ~~businesses~~companies, Belmont Insurance Company ("Belmont"), provides coverage for NBCR terrorist acts above a specified trigger. ~~Growth-oriented~~Belmont's ~~firms~~retention ~~may~~is ~~also~~reinsured ~~seek~~by our other ~~office~~captive ~~space~~insurance ascompany, ~~they~~Ticonderoga ~~develop~~Insurance Company ("Ticonderoga"). ~~Leasing~~If ~~office~~Belmont ~~space~~or toTiconderoga ~~these~~are ~~companies~~required ~~could~~to ~~create~~pay a ~~higher~~ ~~risk~~claim under our insurance policies, we would ultimately record the loss to the extent of ~~tenant~~required ~~defaults~~payments. There is no assurance that in the future we will be able to procure coverage at a reasonable cost. Further, ~~turnover~~if ~~and~~we ~~bankruptcies~~experience losses that are uninsured or that exceed policy limits, ~~which~~we could ~~adversely~~lose ~~affect~~the ~~our~~capital ~~distributable~~invested in the damaged properties as well as the anticipated future cash ~~flow~~flows from those properties. Additionally, our debt instruments contain customary covenants requiring us to maintain insurance and ~~results~~we could default under our debt instruments if the cost and/or availability of ~~operations~~certain types of insurance make it impractical or impossible to comply with such covenants relating to insurance. Belmont and Ticonderoga provide coverage solely on properties owned, in whole or in part, by the Company or its affiliates.

Furthermore, ~~Debt~~with ~~financing,~~respect ~~financial~~to ~~covenants~~certain of our properties, ~~degree~~including ofcertain ~~leverage~~properties held by joint ventures or subject to triple net leases, insurance coverage is obtained by a third-party and ~~increases~~we indo ~~interest~~not ~~rates~~control ~~could~~the ~~adversely~~coverage. ~~affect~~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 ~~economic~~risk ~~performance~~of loss.

The ~~Scheduled~~occurrence ~~debt~~of ~~payments~~a ~~could~~terrorist attack may adversely affect ~~our~~the ~~results~~value of ~~operations~~our properties and our ability to generate cash flow.

~~Cash~~Our ~~flow~~operations ~~could~~are beprimarily ~~insufficient~~concentrated toin ~~make~~the ~~distributions~~New toYork ~~SL Green~~metropolitan ~~and~~area. ~~meet~~In the ~~payments~~aftermath of ~~principal~~a ~~and~~terrorist ~~interest~~attack ~~required~~or ~~under our~~other ~~current~~acts ~~mortgages~~of ~~and~~terrorism ~~other~~or ~~indebtedness~~war, ~~including~~tenants ~~our~~in ~~2012~~the ~~credit~~New ~~facility,~~York ~~senior~~metropolitan ~~unsecured~~area ~~notes,~~may ~~debentures~~choose ~~and~~to ~~indebtedness~~relocate ~~outstanding~~their atbusiness ~~our~~to ~~joint~~less ~~venture~~populated, ~~properties.~~lower-profile ~~The~~areas ~~total~~of ~~principal amount~~the ofUnited ~~our~~States ~~outstanding~~that ~~consolidated~~those ~~indebtedness~~tenants ~~was~~believe ~~approximately~~are ~~$6.5 billion~~not as oflikely ~~December 31,~~to ~~2012,~~be ~~consisting~~targets of ~~approximately~~future ~~$470~~terrorist activity.~~0 million~~ ~~under~~In ~~our~~addition, ~~2012~~economic ~~credit facility,~~activity ~~which~~could isdecline ~~inclusive~~as a result of ~~our~~terrorist ~~$400.0 million~~attacks ~~term~~or ~~loan~~other acts of terrorism or war, ~~$1.3 billion~~or ~~under~~the ~~our~~perceived ~~senior~~threat ~~unsecured~~of ~~notes,~~such ~~$100~~acts.~~0 million~~ ~~under~~Each ~~our~~of ~~junior~~these ~~subordinated~~impacts ~~deferrable~~could ~~interest debentures~~in ~~and~~turn ~~approximately~~trigger ~~$4.6 billion~~a ofdecrease ~~non-recourse~~in ~~mortgages~~the ~~and~~demand ~~loans~~for ~~payable~~space onin 22the ofNew ~~our~~York ~~properties~~metropolitan ~~and~~area, ~~certain~~which ~~debt~~could ~~and~~increase ~~preferred~~vacancies ~~equity~~in ~~investments,~~our properties and ~~recourse~~force ~~loans on~~us ~~two~~to oflease our ~~investments.~~properties Inon ~~addition,~~less wefavorable ~~could~~terms. ~~increase~~While under the ~~amount~~Terrorism ofRisk ~~our~~Insurance ~~outstanding~~Program ~~indebtedness~~Reauthorization inAct ~~the~~of ~~future~~2019, ininsurers ~~part~~must bymake ~~borrowing~~terrorism insurance available under ~~our~~their ~~2012~~property ~~credit~~and ~~facility~~casualty insurance policies, ~~which~~this ~~had~~legislation ~~$1.1 billion undrawn~~does ~~capacity~~not asregulate the pricing of ~~December 31,~~such ~~2012~~insurance. ~~Our~~The ~~2012~~absence ~~credit~~of ~~facility~~affordable interrorism ~~aggregate~~insurance ~~matures~~coverage inmay ~~March~~adversely ~~2018,~~affect ~~which~~the ~~includes~~general ~~two~~real ~~six-month~~estate ~~extension~~lending ~~options~~market, onlending ~~the~~volume ~~$1.2 billion revolving~~and ~~credit~~the ~~facility~~market's ofoverall ~~this~~liquidity ~~2012~~and, ~~credit~~in ~~facility.~~the Asevent of ~~December 31,~~an ~~2012~~uninsured loss, ~~the~~we ~~total~~could ~~principal~~lose ~~amount~~all ofor ~~non-recourse~~a ~~indebtedness~~portion ~~outstanding~~of atour ~~the~~assets. ~~joint~~Furthermore, ~~venture~~we ~~properties was~~may ~~approximately~~also ~~$5.1 billion,~~experience ofincreased ~~which~~costs ~~our~~in ~~proportionate~~relation ~~share~~to ~~was~~security ~~approximately~~equipment $1and personnel.~~9 billion.~~ As ofa ~~December 31~~result, ~~2012,~~ the ~~total~~value ~~principal amount~~ of ~~recourse~~our ~~indebtedness outstanding~~properties atand ~~the~~our ~~joint~~results ~~venture~~of ~~properties~~operations ~~was~~could ~~approximately~~materially ~~$218~~decline.~~4 million.~~

~~If we~~We ~~are~~face ~~unable~~possible torisks ~~make~~associated ~~payments~~with ~~under~~natural ~~our~~disasters ~~2012 credit facility, all amounts due~~ and ~~owing at such time shall accrue interest at a rate equal to 2% higher than~~ the ~~rate~~effects at which each draw was made. If we are unable to make payments under our senior unsecured notes, the principal and unpaid interest will become immediately payable. If a property is mortgaged to secure payment of ~~indebtedness~~ ~~and~~climate ~~we are unable to meet mortgage payments, the mortgagee could foreclose on the property,~~ 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 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. Since Hurricane Sandy in 2012, New York City has experienced several severe storms that have had significant impacts on the area, and we are actively tracking the risks these storms pose to the city's real estate market and physical landscape. Over time, and in an extreme scenario, these conditions could result in declining demand for office space, specifically in coastal areas of New York City, or potentially an inability to fully operate buildings. Climate change may also have indirect effects on our business by increasing the cost of property insurance on terms we find acceptable or causing a lack of availability of sufficient insurance. There could also be increases in the cost of energy and other natural resources at our properties as we seek to repair and protect our properties against climate risks. We proactively review every building through both a financial and environmental lens to ensure that building systems and operations align with our climate-related risk assessments. However, any of these direct or indirect effects of climate change may have a material adverse effect on our properties, operations or business.

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~~resulting in~~We ~~loss~~may ofincur ~~income~~significant ~~and~~costs ~~asset value. Foreclosure on mortgaged properties or an inability~~ to ~~make~~comply ~~payments~~with ~~under~~climate ~~our~~change ~~2012~~related ~~credit~~regulatory ~~facility~~initiatives, orand ~~our~~in ~~senior~~particular ~~unsecured~~those ~~notes~~implemented ~~would~~in ~~have~~New aYork ~~negative impact on our financial condition and results of operations~~City.

~~We may~~Numerous ~~not~~states beand ~~able~~municipalities tohave ~~refinance~~adopted ~~existing~~laws ~~indebtedness,~~and ~~which~~policies ~~may~~on ~~require~~climate ~~substantial~~change ~~principal~~and ~~payments~~emission atreduction ~~maturity~~targets. In ~~2013~~particular, ~~approximately~~New ~~$116.7 million~~York ofState ~~corporate indebtedness,~~passed ~~$182.3 million~~the ofClimate ~~mortgage~~Leadership ~~debt~~and onCommunity ~~our~~Protection ~~consolidated~~Act ~~properties~~in ~~and~~2019, ~~$176.5 million~~mandating ~~which~~the isadoption ~~our~~of ~~share~~a ofnet-zero ~~mortgage~~carbon ~~debt~~economy onstatewide ~~our~~by ~~unconsolidated~~2050, ~~joint~~with ~~venture~~a ~~properties~~zero-carbon ~~will mature~~electricity grid by 2040. AtNew ~~the~~York ~~present~~City ~~time~~enacted weLocal ~~intend~~Law to97 ~~exercise~~(LL97) ~~extension~~in ~~options~~2019 under the Climate Mobilization Act, ~~repay~~setting orcarbon ~~refinance~~caps ~~the~~for ~~debt~~large ~~associated~~buildings ~~with~~starting ~~our~~in ~~properties~~2024 onas orpart ~~prior~~of a broader commitment to ~~their~~reducing ~~respective~~greenhouse ~~maturity~~gas ~~dates.~~emissions Atby ~~the~~40% ~~time~~by ~~of refinancing~~2030, ~~prevailing~~and ~~interest~~by ~~rates~~80% orby ~~other~~2050. ~~factors~~As our portfolio is principally located in Manhattan, ~~such~~our asbusiness ~~the~~is ~~possible~~subject ~~reluctance~~to oftransition ~~lenders~~risks related to ~~make~~these ~~commercial~~climate ~~real~~change ~~estate~~policies. ~~loans~~Costs ~~may~~of ~~result~~compliance or penalties in ~~higher~~later ~~interest~~compliance ~~rates~~periods have the potential to be significant. ~~Increased~~If ~~interest~~we ~~expense on~~are unable to meet the ~~refinanced~~required ~~debt~~emissions ~~would~~reductions, ~~adversely~~we ~~affect~~may ~~cash~~be ~~flow~~subject ~~and~~to ~~our~~material ~~ability~~fines that will continue to ~~service~~be ~~debt~~assessed ~~and~~each ~~make~~year ~~distributions~~we fail to ~~SL Green~~comply. IfBased ~~any~~on ~~principal~~current ~~payments~~emissions ~~due~~data atavailable ~~maturity~~from ~~cannot~~2024, our portfolio is expected to be ~~repaid, refinanced~~compliant orthrough ~~extended~~2029, with no material financial impact to our ~~cash~~properties, ~~flow~~and ~~will~~were ~~not~~fully becompliant ~~sufficient~~for the first reporting year. Additionally, even if we can achieve compliance under LL97 in ~~all~~a ~~years~~given toyear, ~~repay~~it ~~all~~is ~~maturing~~not ~~debt.~~a certainty that we will remain in compliance in subsequent years.

Our ~~Financial~~management ~~covenants~~of the Fund involves certain risks, which could adversely affect our ~~ability~~business, tofinancial ~~conduct~~condition ~~our~~and ~~business~~results of operations.

~~The~~ ~~mortgages~~In ~~and~~addition ~~mezzanine~~to ~~loans~~the onrisks ~~our properties~~ generally ~~contain~~described ~~customary~~in ~~negative~~this ~~covenants~~report, ~~that limit~~ our ~~ability~~management toof ~~further mortgage~~ the ~~properties~~Fund, toas ~~enter~~well ~~into~~as ~~new~~our ~~leases~~investment ~~without~~in ~~lender~~the ~~consent~~Fund, ormay ~~materially~~be ~~modify~~subject ~~existing leases, and~~ to ~~discontinue~~market ~~insurance coverage, among other things. In addition, our 2012 credit facility~~ and ~~senior~~performance ~~unsecured~~risks ~~notes contain restrictions~~ and ~~requirements~~risks onrelated ~~our~~to ~~method~~the ofregulatory ~~operations.~~environment, ~~Our~~which ~~2012 credit facility and our unsecured notes also require us to maintain designated ratios~~include, ~~including~~ but are not limited to, total debt-to-assets, debt service coverage, encumbered assets-to-assets and unencumbered assets-to-unsecured debt. These restrictions could adversely affect our results of operations, our ability to pay debt obligations and make distributions to SL Green. :

•Market ~~Rising~~Risk: ~~interest~~Difficult ~~rates~~market ~~could~~conditions can adversely affect the Fund in many ways, including by negatively impacting Fund performance and reducing the Fund’s ability to raise or deploy capital, reducing our ~~cash~~assets ~~flow~~under management, which we refer to as our assets under management ("AUM"), and lowering management fee income and incentive income, increasing the cost of financial instruments and executing transactions.

~~Advances~~•Historical ~~under~~Returns: ~~our~~Any ~~2012~~historical ~~credit~~returns ~~facility~~attributable ~~and~~to ~~certain~~the ~~property-level~~Fund ~~mortgage~~should ~~debt~~not ~~bear~~be ~~interest~~considered atas aindicative ~~variable rate. These consolidated variable rate borrowings totaled approximately $1.6 billion at December 31, 2012. In addition, we could increase the amount~~ of ~~our outstanding variable rate debt in~~ the future, inresults ~~part by borrowing under our 2012 credit facility, which consisted~~ of a $1.2 billion revolving credit facility and $400.0 million term loan and had $1.1 billion available for draw as of December 31, 2012. Borrowings under our revolving credit facility and term loan currently bore interest at the ~~30-day~~Fund ~~LIBOR,~~or ~~plus~~any spreads of 145 basis points and 165 basis points, respectively, at December 31, 2012. As of December 31, 2012, borrowings under our 2012 credit facility and junior subordinated deferrable interest debentures totaled $470.0 million and $100.0 million, respectively, and bore interest at 1.93% and 5.61%, respectively. We may incur indebtedness in the future ~~that~~funds ~~also~~we ~~bears interest at a variable rate or~~ may ~~be required to refinance our debt at higher rates~~raise. Accordingly, increases in interest rates could adversely affect our results of operations and financial conditions. At December 31, 2012, a hypothetical 100 basis point increase in interest rates across each of our variable interest rate instruments would increase our annual interest costs by approximately $15.4 million and would increase our share of joint venture annual interest costs by approximately $8.5 million. Accordingly, increases in interest rates could adversely affect our ability to continue to service debt and make distributions to SL Green.

•Regulatory ~~Failure~~Risk: Our investment management subsidiary is regulated by the Securities and Exchange Commission under the Investment Advisers Act of 1940, which we sometimes refer to ~~hedge~~as ~~effectively~~the ~~against~~Advisers ~~interest~~Act. ~~rate~~Regulatory ~~changes~~investigations, sanctions or penalties may harm our reputation and adversely ~~affect~~impact ~~results~~our ability to attract investors to our funds and the amount of ~~operations~~our AUM.

~~The~~ ~~interest~~Any ~~rate~~expansion ~~hedge instruments we use to manage some~~ of our ~~exposure~~Fund tobusiness ~~interest rate volatility involve risk, such as the risk that counterparties~~ may ~~fail~~affect toour ~~honor their obligations under these arrangements. In addition~~business, ~~these~~financial ~~arrangements~~condition ~~may~~and ~~not~~results beof ~~effective in reducing our exposure to~~ operations.

RISKS RELATED TO OUR LIQUIDITY AND CAPITAL RESOURCES

Debt financing, financial covenants, degree of leverage and increases in interest rates could adversely affect our economic performance.

Scheduled debt payments could adversely affect our results of operations.

Cash flow could be insufficient to meet the payments of principal and interest required under our current mortgages, our 2021 credit facility, our senior unsecured notes, our debentures and indebtedness outstanding at our joint venture properties. 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. 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.

If we are unable to make payments under our 2021 credit facility, all amounts due and owing at such time shall accrue interest at a per annum rate equal to 2% higher than the rate applicable immediately prior to the default. If we are unable to make payments under our senior unsecured notes, the principal and unpaid interest will become immediately payable. If a property is mortgaged to secure payment of indebtedness and we are unable to meet mortgage payments, the mortgagee could foreclose on the property, resulting in loss of income and asset value. 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.

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~~interest rate~~We ~~changes~~may not be able to refinance existing indebtedness, which may require substantial principal payments at maturity. ~~Failure~~$555.1 million of consolidated mortgage debt and $1.1 billion of unconsolidated joint venture debt is scheduled to ~~hedge~~mature ~~effectively~~in ~~against~~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. At the present time, we intend to repay, refinance or exercise extension options on the debt associated with our properties on or prior to their respective maturity dates. At the time of refinancing, prevailing interest ~~rate~~rates ~~changes~~or other factors, such as the possible reluctance of lenders to make commercial real estate loans, may result in higher interest rates. Increased interest expense on the extended or refinanced debt would adversely affect cash flow and our ~~results~~ability ofto ~~operations~~service debt obligations and pay dividends and distributions to security holders. If any principal payments due at maturity cannot be repaid, refinanced or extended, our cash flow will not be sufficient to repay maturing or accelerated debt.

Financial Nocovenants ~~limitation on debt~~ could adversely affect our ~~cash~~ability ~~flow~~to conduct our business.

~~SL Green~~The ~~considers~~mortgages ~~its~~and ~~business~~mezzanine asloans aon ~~whole~~our inproperties ~~determining~~generally ~~the~~contain ~~amount~~customary ofnegative ~~leverage~~covenants ofthat ~~itself~~limit ~~and~~our ~~its~~ability ~~subsidiaries,~~to ~~including~~further ~~us. SL Green~~mortgage ~~also~~the ~~considers~~properties, ~~other~~to ~~factors~~enter ininto ~~making~~material ~~decisions~~leases ~~regarding~~without ~~the~~lender ~~incurrence~~consent ofor ~~indebtedness,~~materially ~~such~~modify asexisting ~~the~~leases, ~~purchase~~among ~~price~~other ofthings. ~~properties~~In toaddition, beour ~~acquired~~2021 ~~with~~credit ~~debt~~facility ~~financing,~~and ~~the~~senior ~~estimated market~~unsecured ~~value~~notes ofcontain ~~our~~restrictions ~~properties~~and ~~upon~~requirements ~~refinancing~~on ~~and~~our ~~the~~method ~~ability~~ of ~~particular~~operations. ~~properties~~Our ~~and~~2021 ~~our~~credit ~~business~~facility asand aour ~~whole~~unsecured tonotes ~~generate~~also ~~cash~~require ~~flow~~us to ~~cover~~maintain ~~expected~~designated ~~debt~~ratios, ~~service.~~including, ~~Our~~but ~~organizational documents do~~ not ~~contain~~limited ~~any~~to, ~~limitation~~total ondebt-to-assets, ~~the~~debt ~~amount~~service ofcoverage ~~indebtedness~~and weunencumbered ~~may~~assets-to-unsecured ~~incur~~debt. AsThese arestrictions ~~result,~~could ifadversely weaffect ~~become~~operations ~~more~~(including ~~highly~~reducing ~~leveraged,~~our anflexibility ~~increase~~and inour ~~debt~~ability ~~service~~to ~~could~~incur ~~adversely~~additional ~~affect~~debt), ~~cash~~our ~~available~~ability ~~for distributions~~ to ~~SL Green~~pay debt obligations and ~~could~~our ~~increase~~ability ~~the~~to ~~risk~~pay ofdividends ~~default~~and ondistributions ~~our~~to ~~indebtedness.~~security holders.

High ~~Debt~~interest ~~and~~rates ~~preferred equity investments~~ could ~~cause us to incur expenses, which could~~ adversely affect our ~~results~~cash ~~of operations~~flow.

WeAdvances ~~owned~~under ~~first~~our ~~mortgages,~~2021 ~~mezzanine~~credit ~~loans,~~facility ~~junior~~and ~~participations~~certain ~~and~~property-level ~~preferred~~mortgage ~~equity~~debt ~~interests~~bear ininterest 22at ~~investments~~a ~~with~~variable anrate. ~~aggregate~~After ~~net book~~giving ~~value~~effect ofto ~~approximately~~derivatives, our consolidated variable rate borrowings totaled just $10.4 billion atas of December 31, ~~2012~~2025. ~~Such~~In ~~investments~~addition, ~~may~~we orcould ~~may~~increase ~~not~~the beamount ~~recourse~~of ~~obligations~~our ofoutstanding ~~the~~variable ~~borrower~~rate ~~and~~debt ~~are~~in ~~not~~the ~~insured~~future, orin ~~guaranteed~~part by ~~governmental agencies~~borrowing oradditional ~~otherwise~~amounts under our 2021 credit facility. InBorrowings under our revolving credit facility and two term loans bore interest at the ~~event~~adjusted term Secured Overnight Financing Rate ("SOFR") plus 10 basis points, and the applicable spreads of a140 ~~default~~basis points, 160 basis points, and 180 basis points, respectively, as of December 31, 2025. As of December 31, 2025, borrowings under ~~these~~our ~~obligations~~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. If we were to incur variable rate indebtedness in the future, we may ~~have~~seek to ~~take~~enter ~~possession~~into ofderivative instruments to mitigate the ~~collateral~~effect ~~securing~~of ~~these~~such ~~interests~~variable rate debt. ~~Borrowers~~However, such derivative instruments may ~~contest~~not ~~enforcement~~be ofavailable ~~foreclosure~~on favorable terms or ~~other~~ ~~remedies~~at all. As of December 31, ~~seek~~2025, ~~bankruptcy~~a ~~protection~~hypothetical ~~against~~100 ~~such~~basis ~~enforcement~~point increase in interest rates across each of our variable interest rate instruments, including our variable rate debt and~~/or~~ ~~bring~~preferred ~~claims~~equity ~~for~~investments ~~lender~~which ~~liability~~mitigate inour ~~response~~exposure to ~~actions~~interest torate ~~enforce~~changes, ~~their~~would ~~obligations~~increase toour ~~us.~~net ~~Relatively~~annual ~~high loan-to-value~~interest ~~ratios~~costs by $2.3 million and ~~declines~~would inincrease ~~the~~our ~~value~~share of ~~the~~joint ~~property~~venture annual interest costs by $4.5 million. Our joint ventures may ~~prevent~~also usincur ~~from~~variable ~~realizing~~rate andebt ~~amount~~and ~~equal~~face tosimilar ~~our~~risks. ~~investment~~Accordingly, ~~upon~~increases ~~foreclosure~~in orinterest ~~realization~~rates ~~even~~could ifadversely weaffect ~~make substantial~~our ~~improvements~~results orof ~~repairs~~operations toand ~~the~~financial ~~underlying~~conditions ~~real~~and ~~estate~~our inability ~~order~~to continue to ~~maximize~~pay ~~such~~dividends ~~property's~~and ~~investment~~distributions ~~potential.~~to security holders.

~~We maintain~~In addition, borrowings under our existing term loan and ~~regularly~~revolving ~~evaluate~~credit ~~financial~~facilities ~~reserves~~bear tointerest ~~protect~~at ~~against~~a ~~potential~~rate ~~future~~based ~~losses.~~on ~~Our~~term ~~reserves~~SOFR, ~~reflect~~which ~~management's~~is ~~judgment~~a ofrelatively ~~the~~new ~~probability~~reference ~~and~~rate ~~severity~~that ofreplaced ~~losses~~U.S. ~~and the~~dollar ~~value~~London Interbank Offered Rate ("LIBOR"). As a result of SOFR's limited performance history, the ~~underlying~~future ~~collateral.~~performance Weof SOFR cannot be ~~certain~~reliably ~~that~~predicted. ~~our~~The ~~judgment~~level ~~will~~of ~~prove~~SOFR toduring bethe ~~correct~~term ~~and~~of ~~that~~ our ~~reserves~~existing ~~will~~term beloan ~~adequate~~and ~~over~~revolving ~~time~~credit tofacilities ~~protect~~may ~~against~~bear ~~future~~little ~~losses~~or ~~because~~no relation to the historical level of ~~unanticipated~~ ~~adverse~~SOFR. ~~changes~~The infuture ~~the~~performance ~~economy~~of orSOFR ~~events~~is ~~adversely~~impossible ~~affecting~~to ~~specific~~reliably ~~properties~~predict, ~~assets~~and, ~~tenants~~therefore, ~~borrowers,~~no ~~industries~~future inperformance ~~which~~under our ~~tenants~~existing term loan and ~~borrowers~~revolving ~~operate~~credit orfacilities ~~markets~~as init ~~which our~~relates ~~tenants~~to ~~and~~SOFR ~~borrowers~~may orbe ~~their~~inferred ~~properties~~from ~~are~~historical ~~located~~performance. WeSince ~~recorded~~the ~~approximately~~initial ~~$3.0 million~~publication inof ~~loan~~SOFR, ~~loss~~daily ~~reserves~~changes ~~and~~in ~~charge~~SOFR ~~offs~~have, inon ~~2012~~occasion, onbeen ~~debt~~more ~~and~~volatile ~~preferred~~than ~~equity~~daily ~~investments~~changes ~~being held~~in tocomparable ~~maturity~~benchmark ~~and~~or ~~$2.4 million~~market inrates, ~~recoveries~~and ofSOFR ~~loans~~over ~~previously~~the ~~reserved.~~term Ifof our ~~reserves~~existing ~~for~~term loan and revolving credit ~~losses~~facilities ~~prove~~may ~~inadequate,~~bear welittle ~~could~~or ~~suffer~~no ~~losses~~relation ~~which~~to ~~would~~the ~~have~~historical aactual ~~material~~or ~~adverse effect~~historical onindicative ~~our~~data. ~~financial~~Changes ~~performance,~~in the ~~market~~levels ~~prices~~ of ~~our~~SOFR ~~securities~~will ~~and~~affect ~~our~~the ~~ability~~amount toof ~~service~~interest ~~debt~~we ~~and~~pay ~~make~~on ~~distributions~~our toexisting SLcredit ~~Green~~facilities.

Our ~~Special~~hedging ~~servicing~~strategies ~~activities~~may ~~could~~not ~~result~~effectively inlimit ~~liability~~exposure toagainst usinterest rate changes, which may adversely affect results of operations.

WeThe ~~provide~~interest ~~special~~rate ~~servicing~~hedge ~~activities~~instruments onwe ~~behalf~~use to manage some of ~~third~~our ~~parties.~~exposure Weto ~~have~~interest ~~been~~rate ~~rated~~volatility byinvolve ~~Fitch~~risk and ~~S&P~~counterparties may fail to ~~provide~~perform ~~such~~under ~~services~~these arrangements. ~~An intended~~In oraddition, ~~unintended~~these ~~breach~~arrangements ofmay ~~the~~not ~~servicing~~be ~~standards~~effective ~~and/or~~in reducing our ~~fiduciary~~exposure ~~duties~~ to ~~bondholders~~interest ~~could~~rate ~~result~~changes. When existing interest rate hedges terminate, we may incur increased costs in ~~material~~putting ~~liability~~in toplace usfurther interest rate hedges. Failure to hedge effectively against interest rate changes may adversely affect our results of operations.

Joint investments could be adversely affected by our lack of sole decision-making authority and reliance upon a co-venturer's financial condition.

We co-invest with third parties through partnerships, joint ventures, co-tenancies or other structures, acquiring non-controlling interests in, or sharing responsibility for managing the affairs of, a property, partnership, joint venture, co-tenancy or other entity. Therefore, we will not be in a position

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~~to exercise~~Increases ~~sole decision-making authority regarding such property, partnership, joint venture or other entity. Investments~~ in ~~partnerships, joint ventures, or other entities may involve risks not present were a third party not involved, including the possibility that~~ our ~~partners,~~leverage ~~co-tenants~~could oradversely ~~co-venturers~~affect ~~might become bankrupt or otherwise fail to fund their share of required capital contributions. Additionally,~~ our ~~partners~~results ~~or co-venturers might at any time have economic or other business interests or goals, which are inconsistent with our business interests or goals. These investments may also have the potential risk~~ of ~~impasses~~operations onand ~~decisions such as a sale, because neither we, nor~~ the ~~partner,~~trading ~~co-tenant~~price or co-venturer would have full control over the partnership or joint venture. Consequently, actions by such partner, co-tenant or co-venturer might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we may in specific circumstances be liable for the actions of our ~~third-party partners, co-tenants or co-venturers~~stock. As of December 31, 2012, our unconsolidated joint ventures owned 56 properties and we had an aggregate cost basis in these joint ventures totaling approximately $1.0 billion. As of December 31, 2012, our share of unconsolidated joint venture debt, which is non-recourse to us, totaled approximately $1.9 billion. As of December 31, 2012, our share of unconsolidated joint venture debt, which is recourse to us, totaled approximately $218.4 million.

Our organizational documents do not contain any limitation on the amount of indebtedness we may incur. We consider many factors when making decisions regarding the incurrence of indebtedness, such as the purchase price of properties to be acquired with debt financing, the estimated market value of our properties and the ability of particular properties and our business as a whole to generate cash flow to cover expected debt service. Any changes that increase our leverage could be viewed negatively by investors and could have a material effect on our financial condition, results of operations, cash flows, the trading price of our securities and our ability to pay dividends and distributions to security holders.

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. Some of these instruments may have some recourse to their sponsors, while others are limited to the collateral securing the loan. In the event of a default under these obligations, we may take possession of the collateral securing these interests. Borrowers may contest enforcement of foreclosure or other remedies, seek bankruptcy protection against such enforcement and/or bring claims for lender liability in response to actions to enforce their obligations to us. 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. 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 cannot be certain that our judgment will prove to be correct and that our reserves will be adequate over time to protect against future credit losses because of unanticipated adverse changes in the economy or events adversely affecting specific properties, assets, tenants, borrowers, industries in which our tenants and borrowers operate or markets in which our tenants and borrowers or their properties are located. The ultimate resolutions may differ from our expectation, and we could suffer losses which would have a material adverse effect on our financial performance, the trading price of our securities and our ability to pay dividends and distributions to security holders.

Joint investments could be adversely affected by our lack of sole decision-making authority and reliance upon a co-venturer's financial condition.

We co-invest with third parties through partnerships, joint ventures, co-tenancies or other structures, and by acquiring non-controlling interests in, or sharing responsibility for managing the affairs of, a property, partnership, joint venture, co-tenancy or other entity. Therefore, we may not be in a position to exercise sole decision-making authority regarding such property, partnership, joint venture or other entity. Investments in partnerships, joint ventures or other entities may involve risks not present were a third party not involved, including the possibility that our partners, co-tenants or co-venturers might file for bankruptcy protection or otherwise fail to fund their share of required capital contributions. Additionally, our partners or co-venturers might at any time have economic or other business interests or goals which are competitive or inconsistent with our business interests or goals. These investments may also have the potential risk of impasses on decisions such as a sale, because neither we, nor the partner, co-tenant or co-venturer would have full control over the partnership or joint venture. In addition, we may in specific circumstances be liable for the actions of our third-party partners, co-tenants or co-venturers. 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.

Each of our joint venture agreements has been individually negotiated with our partner in the joint venture and, in some cases, we have agreed to terms that are more favorable to our partner in the joint venture than to us. For example, our partner may be entitled to a specified portion of the profits of the joint venture before we are entitled to any portion of such profits and our partner may have rights to buy our interest in the joint venture, to force us to buy the partner's interest in the joint venture or to compel the sale of the property owned by such joint venture. These rights may permit our partner in a particular joint venture to obtain a greater benefit from the value or profits of the joint venture than us, which could have an adverse effect on the value of our investment in the joint venture and on our financial condition and results of operations. We may also enter into similar arrangements in the future.

We may incur costs to comply with environmental laws.

We are subject to various federal, state and local environmental laws. These laws regulate our use, storage, disposal and management of hazardous substances and wastes and can impose liability on property owners or operators for the clean-up of certain hazardous substances released on a property and any associated damage to natural resources without regard to whether the release was legal or whether it was caused by the property owner or operator. The presence of hazardous substances on our properties may adversely affect occupancy and our ability to develop or sell or borrow against those properties. In addition to potential liability for clean-up costs, private plaintiffs may bring claims for personal injury, property damage or for similar reasons. Various laws also impose liability for the clean-up of contamination at any facility (e.g., a landfill) to which we have sent hazardous substances for treatment or disposal, without regard to whether the materials were transported, treated and disposed in accordance with law. Being held responsible for such a clean-up could result in significant cost to us and have a material adverse effect on our financial condition and results of operations.

We may incur significant costs complying with the Americans with Disabilities Act and other regulatory and legal requirements.

Our properties may be subject to risks relating to current or future laws including laws benefiting disabled persons, and other state or local zoning, construction or other regulations. These laws may require significant property modifications in the future, which could result in fines being levied against

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~~us in~~We ~~the~~are ~~future.~~dependent ~~The~~on ~~occurrence~~external ofsources ~~any~~ of ~~these events could have an adverse impact on our cash flows and ability to service debt and make distributions to SL Green~~capital.

~~Under the~~We ~~Americans~~need ~~with~~a ~~Disabilities~~substantial ~~Act,~~amount orof ~~ADA,~~capital ~~all~~to ~~public~~operate ~~accommodations~~and ~~must~~grow ~~meet~~our ~~federal~~business. ~~requirements~~This ~~related~~need tois ~~access~~exacerbated ~~and use~~ by ~~disabled~~the ~~persons.~~distribution ~~Additional~~requirements ~~federal,~~imposed ~~state~~on ~~and local~~us ~~laws~~for ~~also~~SL ~~may~~Green ~~require~~to ~~modifications~~qualify toas ~~our~~a ~~properties,~~REIT. orWe ~~restrict~~therefore ~~our~~rely ~~ability~~on tothird-party ~~renovate~~sources ~~our~~of ~~properties.~~capital, Wewhich ~~have~~may not ~~conducted~~be anavailable ~~audit~~on orfavorable ~~investigation~~terms ofor at all. ofOur ~~our~~access ~~properties~~ to ~~determine our~~third-party ~~compliance.~~sources ~~If one or more~~ of ~~our~~capital ~~properties~~depends ison ~~not~~a innumber ~~compliance~~of ~~with~~things, including the ~~ADA~~market's orperception ~~other~~of ~~legislation,~~our ~~then~~growth wepotential ~~may~~and beour ~~required~~current toand ~~incur~~potential ~~additional~~future ~~costs~~earnings. toIn ~~bring~~addition, ~~the~~we ~~property~~may ~~into~~raise ~~compliance~~money ~~with~~ in the ~~ADA~~public orequity ~~similar~~and ~~state~~debt ormarkets ~~local~~and ~~laws.~~our Weability ~~cannot~~to ~~predict~~do ~~the~~so ~~ultimate~~will ~~amount~~depend ofupon the ~~cost~~general ofconditions ~~compliance~~prevailing ~~with~~in ~~ADA~~these ~~or other legislation~~markets. IfAt weany ~~incur~~time, ~~substantial~~conditions ~~costs~~may toexist ~~comply~~which ~~with~~effectively ~~the~~prevent ~~ADA~~us, ~~and~~or ~~any other~~REITs ~~legislation~~in general, ~~our~~from ~~financial~~accessing ~~condition,~~these ~~results~~markets. ofMoreover, ~~operations~~additional ~~and~~equity ~~cash~~offerings ~~flow~~may ~~and/or~~result ~~ability~~in tosubstantial ~~satisfy~~dilution of our ~~debt~~stockholders' ~~service~~interests, ~~obligations~~ and toadditional ~~make~~debt ~~distributions~~financing tomay ~~SL Green~~substantially ~~could~~increase beour ~~adversely affected~~leverage.

RISKS ~~Limitations~~RELATED onTO ~~our~~OUR ~~ability~~ORGANIZATION toAND ~~sell or reduce the indebtedness on specific mortgaged properties could adversely affect us.~~ STRUCTURE

We ~~acquired~~depend ~~the~~on ~~property~~dividends ~~located~~and atdistributions ~~609~~from ~~Fifth~~our ~~Avenue,~~direct ~~New York, New York in June 2006~~ and ~~have~~indirect ~~agreed not to take certain action before January 2014 that would adversely affect the tax positions of certain of the partners who held interests in this property prior to the acquisition~~subsidiaries.

Substantially all of our assets are held through subsidiaries of our Operating Partnership. We ~~acquired~~ are, therefore, dependent on the ~~properties~~results ~~located~~of atoperations ~~752~~of ~~Madison~~our ~~Avenue~~subsidiaries and their ability to provide us with cash, ~~762~~whether ~~Madison~~in ~~Avenue~~the form of dividends paid through our Operating Partnership, loans or otherwise, to meet our obligations and ~~400~~to ~~East~~pay ~~58th Street~~any ~~New~~dividends ~~York~~to our equity holders. Any distributions to us from those subsidiaries may be subject to contractual and other restrictions, ~~New~~including ~~York~~such insubsidiaries' ~~January~~obligations ~~2012~~to their creditors, and ~~have~~could ~~agreed~~be ~~not~~subject to ~~take certain~~other ~~action~~business ~~before~~and ~~January~~operational ~~2019~~considerations. Additionally, our Operating Partnership's ability to distribute to us any cash that ~~would~~it ~~adversely~~receives ~~affect~~from ~~the~~our ~~tax~~subsidiaries ~~positions~~will ofalso ~~certain~~depend ofon ~~the~~its ~~partners~~ability ~~who~~to ~~held~~first ~~interests~~satisfy inits ~~these~~obligations ~~properties~~to ~~prior~~its creditors and make distributions payable to ~~the~~holders ~~acquisition~~of its outstanding preferred units and any additional preferred units it may issue from time to time.

In ~~connection~~ ~~with~~addition, ~~future~~our ~~acquisitions~~participation ~~of interests~~ in ~~properties,~~any wedistribution ~~may~~of ~~agree~~the toassets ~~restrictions~~of onany of our ~~ability~~direct ~~to sell~~ or ~~refinance~~indirect ~~the~~subsidiaries ~~acquired~~upon ~~properties.~~any ~~These~~liquidation, ~~limitations~~reorganization ~~could~~or ~~have adverse~~insolvency ~~consequences~~is ononly ~~our~~after ~~business~~the ~~and~~claims ~~result~~of inthe acreditors, ~~material~~including ~~adverse~~trade ~~effect~~creditors onand ~~our~~preferred ~~financial~~security ~~condition~~holders, ~~and~~are ~~results of operations~~satisfied.

Our Wecharter ~~face~~documents, ~~potential~~debt ~~conflicts~~instruments and applicable law may hinder any attempt to acquire us, which could discourage takeover attempts and prevent our stockholders from receiving a premium over the market price of ~~interest~~our stock.

Provisions ~~There~~of ~~are~~our ~~potential~~charter ~~conflicts~~and ofbylaws ~~interest~~could ~~between~~inhibit ~~SL Green~~changes ~~and~~in Mrcontrol. ~~Green.~~

~~There~~A ischange ~~a potential conflict~~ of ~~interest~~control ~~relating to the disposition~~ of ~~certain~~our ~~property~~company ~~contributed~~could tobenefit usstockholders by ~~Stephen~~providing L.them ~~Green,~~with ~~and his~~a ~~family~~premium inover ~~SL Green's initial public offering. Mr. Green serves as~~ the ~~chairman~~then-prevailing ofmarket SLprice ~~Green's board~~ of ~~directors and is an executive officer. As part of~~ our ~~formation, Mr~~stock. ~~Green contributed~~ ~~appreciated property~~However, ~~with~~provisions acontained ~~net book value of $73.5 million, to us~~ in ~~exchange for~~ our ~~units~~charter ofand ~~limited~~bylaws ~~partnership~~may ~~interest.~~delay Heor ~~did~~prevent ~~not recognize any taxable gain as~~ a ~~result~~change ~~of the contribution. We, however, took a tax basis~~ in ~~the~~control ~~contributed property equal to that~~ of ~~the contributing unitholder. The fair market value of the property contributed by him at~~ our ~~formation exceeded his tax basis~~company. ~~The~~These ~~difference between fair market value and tax basis at the time of contribution represents a built-in gain which totaled $5.1 million at December 31~~provisions, ~~2012.~~discussed Ifmore wefully ~~sell a property in a transaction in which a taxable gain is recognized~~below, for tax purposes the built-in gain would be allocated solely to him and not to SL Green. As a result, Mr. Green has a conflict of interest if the sale of a property, he contributed, is in SL Green's best interest but not his. are:

~~There is~~•Ownership a potential conflict of interest relating to the refinancing of indebtedness specifically allocated to Mr. Green. Mr. Green would recognize gain if he were to receive a distribution of cash from us in an amount that exceeds his tax basis in his partnership units. His tax basis includes his share of debt, including mortgage indebtedness, owed by us. If we were to retire such debt, then he would experience a decrease in his share of liabilities, which, for tax purposes, would be treated as a limitations;

•Maryland takeover statutes that may prevent a change of control of our company; and

•Contractual provisions that limit the assumption of certain of our debt.

We have a stock ownership limit.

To remain qualified as a REIT for federal income tax purposes, not more than 50% in value of our outstanding capital stock may be owned by five or fewer individuals at any time during the last half of any taxable year. For this purpose, stock may be "owned" directly, as well as indirectly under certain constructive ownership rules, including, for example, rules that attribute stock held by one shareholder to another shareholder. In part to avoid violating this rule regarding stock ownership limitations and maintain our REIT qualification, our charter prohibits direct or indirect ownership by any single stockholder of more than 9.0% in value or number of shares of our common stock. Limitations on the ownership of preferred stock may also be imposed by us.

Our board of directors has the discretion to raise or waive this limitation on ownership for any stockholder if deemed to be in our best interest. Our board of directors has granted such waivers from time to time. To obtain a waiver, a stockholder must present the board and our tax counsel with evidence that ownership in excess of this limit will not affect our present or future REIT status.

Absent any exemption or waiver, stock acquired or held in excess of the limit on ownership will be transferred to a trust for the exclusive benefit of a designated charitable beneficiary, and the stockholder's rights to distributions and to vote would terminate. The stockholder would be entitled to receive, from the proceeds of any subsequent sale of the shares transferred to the charitable trust, the lesser of: the price paid for the stock or, if the owner did not pay for the stock, the market price of the stock on the date of the event causing the stock to be transferred to the charitable trust; and the amount realized from the sale.

This limitation on ownership of stock could delay or prevent a change in control of our company.

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~~distribution of~~Maryland ~~cash~~takeover tostatutes ~~him.~~may Toprevent ~~the~~a ~~extent~~change ~~the~~of ~~deemed~~control ~~distribution~~ of ~~cash~~our ~~exceeded~~company, ~~his~~which ~~tax~~could ~~basis,~~depress heour ~~would~~stock ~~recognize gain~~price.

Under ~~Members~~the ofMaryland ~~management~~General ~~may~~Corporation ~~have~~Law, or the MGCL, "business combinations" between a ~~conflict~~Maryland ofcorporation ~~interest~~and ~~over~~an ~~whether~~interested tostockholder ~~enforce~~or ~~terms~~an affiliate of ~~agreements~~an ~~with~~interested ~~entities~~stockholder are prohibited for five years after the most recent date on which Mrthe interested stockholder becomes an interested stockholder. ~~Green~~ These business combinations include a merger, ~~directly~~consolidation, orshare ~~indirectly~~exchange or, ~~has~~in circumstances specified in the statute, an ~~affiliation~~ asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

~~Through~~•any ~~Alliance~~person ~~Building~~who ~~Services,~~beneficially orowns ~~Alliance,~~10% ~~First Quality Maintenance, L.P.,~~ or ~~First~~more Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services, and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of ~~Stephen L. Green,~~ the ~~chairman~~voting ofpower ~~SL Green's board~~ of ~~directors. In addition, First Quality has~~ the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. Our company and our tenants accounted for approximately 28.7% of Alliancecorporation's ~~2012~~outstanding ~~estimated~~voting ~~total~~stock; revenue. The contracts pursuant to which these services are provided are not the result of arm's length negotiations and, therefore, there can be no assurance that the terms and conditions are not less favorable than those which could be obtained from third parties providing comparable services. In addition, to the extent that we choose to enforce our rights under any of these agreements, we may determine to pursue available remedies, such as actions for damages or ~~injunctive relief, less vigorously than we otherwise might because of our desire to maintain our ongoing relationship with Gary Green.~~

•an ~~Members~~affiliate or associate of ~~management~~the ~~may~~corporation ~~have~~who, aat ~~conflict~~any oftime ~~interest~~within ~~over~~the ~~whether~~two year period prior to ~~enforce~~the ~~terms~~date in question, was the beneficial owner of ~~senior~~10% ~~management's~~or ~~employment~~more ~~and~~of ~~noncompetition~~the ~~agreements~~voting power of the then outstanding voting stock of the corporation.

~~Stephen~~A ~~Green,~~person ~~Marc~~is ~~Holliday, Andrew Mathias, Andrew Levine and James Mead entered into employment and noncompetition agreements with SL Green pursuant to which they have agreed~~ not toan ~~actively~~interested ~~engage~~stockholder in the acquisition, development or operation of office real estate in the New York City Metropolitan area. For the most part, these restrictions apply to the executive both during his employment and for a period of time thereafter. Each executive is also prohibited from otherwise disrupting or interfering with our business through the solicitation of our employees or clients or otherwise. To the extent that SL Green chooses to enforce its rights under any of these agreements, SL Green may determine to pursue available remedies, such as actions for damages or injunctive relief, less vigorously than it otherwise might because of its desire to maintain an ongoing relationship with the ~~individual involved.~~statute ~~Additionally,~~if the ~~non-competition~~board ~~provisions~~ of ~~these~~directors ~~agreements~~approves ~~despite being limited~~ in ~~scope~~advance ~~and duration, could be difficult to enforce, or may be subject to limited enforcement, should litigation arise over them in~~ the ~~future.~~transaction ~~Mr. Green~~by ~~also has interests in two properties in Manhattan,~~ which ~~are~~he ~~exempt~~otherwise ~~from~~would ~~the~~have ~~non-competition~~become ~~provisions~~an ~~of his~~interested ~~employment and non-competition agreement~~stockholder.

After ~~SL Green's~~the ~~failure~~five toyear ~~qualify~~prohibition, asany abusiness ~~REIT~~combination ~~would~~between the Maryland corporation and an interested stockholder generally must be ~~costly.~~ recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

We•80% ~~believe that SL Green has operated in a manner to qualify as a REIT for federal income tax purposes and SL Green intends to continue to so operate. Many~~ of the ~~REIT~~votes ~~compliance~~entitled requirements, however, are highly technical and complex. The determination that SL Green is a REIT requires an analysis of factual matters and circumstances. These matters, some of which are not totally within our or SL Green's control, can affect its qualification as a REIT. For example, to ~~qualify~~be ascast aby ~~REIT,~~holders ~~at least 95%~~ of ~~SL Green's~~outstanding ~~gross~~shares ~~income must come from designated sources that are listed in the REIT tax laws. SL Green is also required to distribute to stockholders at least 90%~~ of ~~its~~voting ~~REIT taxable~~stock ~~income excluding capital gains. The fact that SL Green holds its assets through us and our subsidiaries further complicates the application~~ of the ~~REIT requirements. Even a technical or inadvertent mistake could jeopardize SL Green's REIT status. Furthermore~~corporation, ~~Congress~~voting ~~and~~together ~~the~~as ~~Internal~~a ~~Revenue~~single ~~Service,~~group; ~~or the IRS, might make changes to the tax laws~~ and ~~regulations, and the courts might~~

•two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.

The business combination statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer, including potential acquisitions that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.

In addition, the MGCL provides that holders of "control shares" of a Maryland corporation acquired in a "control share acquisition" will not have voting rights with respect to the control shares except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter, excluding shares of stock owned by the acquiror, by officers of the corporation or by directors who are employees of the corporation. "Control shares" means voting shares of stock that, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power: (i) one-tenth or more but less than one-third; (ii) one-third or more but less than a majority; or (iii) a majority or more of all voting power. A "control share acquisition" means the acquisition of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares, subject to certain exceptions.

We have opted out of the "business combinations" and "control shares" provisions of the MGCL by resolution of our board of directors and a provision in our bylaws, respectively. However, in the future, our board of directors may reverse its decision by resolution and elect to opt in to the MGCL's business combination provisions, or amend our bylaws and elect to opt in to the MGCL's control share provisions.

Additionally, other provisions of the MGCL permit our board of directors, without stockholder approval and regardless of what is provided in our charter or bylaws, to implement certain other takeover defenses, some of which have been implemented through provisions in our charter or bylaws unrelated to the provisions of the MGCL. Such takeover defenses, to the extent implemented now or in the future, may have the effect of inhibiting a third party from making us an acquisition proposal or of delaying, deferring or preventing a change in our control under circumstances that otherwise could provide our stockholders with an opportunity to realize a premium over the then-current market price.

Contractual provisions that limit the assumption of certain of our debt may prevent a change in control.

Certain of our consolidated debt is not assumable and may be subject to significant prepayment penalties. These limitations could deter a change in control of our company.

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~~issue new~~SL ~~rulings~~Green's ~~that~~failure ~~make~~to itqualify ~~more~~as ~~difficult,~~a orREIT ~~impossible,~~would ~~for~~be ~~SL Green~~costly toand ~~remain~~would ~~qualified~~have as a ~~REIT.~~significant effect on the value of our securities.

If We believe we have operated in a manner for SL Green ~~fails~~ to qualify as a REIT, itfor ~~would~~federal beincome ~~subject~~tax topurposes ~~federal~~and ~~income~~intend ~~tax~~to atcontinue ~~regular~~to ~~corporate~~so ~~rates~~operate. ~~Also,~~Many ~~unless~~of the ~~IRS~~REIT ~~grants~~compliance ~~SL Green~~requirements, ~~relief~~however, ~~under~~are ~~specific statutory~~highly ~~provisions,~~technical itand ~~would~~complex. ~~remain~~The ~~disqualified~~determination asthat SL Green is a REIT ~~for~~requires ~~four~~an ~~years~~analysis ~~following~~of ~~the~~factual ~~year~~matters itand ~~first~~circumstances. ~~failed~~These tomatters, ~~qualify.~~some Ifof which are not totally within our control, can affect SL Green's ~~failed~~qualification as a REIT. For example, to qualify as a REIT, weat ~~would~~least ~~have~~95% of our gross income must come from designated sources that are listed in the applicable tax laws. We are also required to ~~pay significant~~distribute to stockholders at least 90% of our REIT taxable income ~~taxes~~excluding ~~and~~capital gains. The fact that we ~~would~~hold ~~therefore~~our ~~have~~assets ~~less~~through ~~money~~the ~~available~~Operating ~~for~~Partnership ~~investments~~and its subsidiaries further complicates the application of the REIT requirements. Even a technical or inadvertent mistake could jeopardize our REIT status. Furthermore, toCongress ~~service~~and ~~indebtedness~~the Internal Revenue Service, or the IRS, might make ~~distributions~~changes to ~~SL Green.~~the tax laws and regulations that make it more difficult, or impossible, for us to remain qualified as a REIT.

If WeSL ~~are~~Green ~~dependent~~fails onto ~~external~~qualify ~~sources~~as ofa ~~capital~~REIT, the funds available for distribution to our stockholders would be substantially reduced as we would not be allowed a deduction for dividends paid to our stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates and possibly increased state and local taxes.

~~Because~~Also, ofunless ~~distribution~~the ~~requirements~~IRS ~~imposed~~grants on us inrelief ~~order~~under tospecific ~~allow~~statutory provisions, SL Green towould ~~qualify~~remain disqualified as a REIT, itfor isfour ~~not~~years ~~likely~~following ~~that~~the ~~we will~~year bein ~~able~~which toSL ~~fund~~Green ~~all~~first ~~future~~failed ~~capital~~to ~~needs,~~qualify. ~~including~~If ~~acquisitions,~~SL ~~from~~Green ~~income~~failed ~~from~~to ~~operations.~~qualify Weas ~~therefore~~a ~~will~~REIT, SL Green would have to ~~rely~~pay onsignificant ~~third-party~~income ~~sources~~taxes ofand ~~capital,~~would ~~which~~therefore ~~may~~have orless ~~may~~money ~~not~~available befor ~~available on~~investments, ~~favorable~~to ~~terms~~service debt obligations or atto ~~all.~~pay ~~Our~~dividends ~~access~~and distributions to ~~third-party~~security ~~sources~~holders. ofThis ~~capital~~would ~~depends~~have on a ~~number~~significant ofadverse ~~things,~~effect ~~including~~on the ~~market's~~value ~~perception~~ of our ~~growth potential and our current and potential future earnings~~securities. In addition, ~~we anticipate having to raise money in~~ the ~~public~~REIT ~~equity~~tax ~~and~~laws ~~debt~~would ~~markets~~no ~~with~~longer ~~some~~obligate ~~regularity~~us ~~and our ability~~ to domake soany ~~will~~distributions ~~depend~~to ~~upon the general conditions prevailing in these markets~~stockholders. AtAs ~~any~~a ~~time~~result ~~conditions~~of ~~may~~all ~~exist~~these ~~which~~factors, ~~effectively~~if ~~prevent~~ SL Green ~~and~~fails ~~its~~to ~~subsidiaries,~~qualify ~~including~~as ~~us,~~a ~~or REITs in general~~REIT, ~~from~~this ~~accessing~~could ~~these~~impair ~~markets.~~our ~~Moreover,~~ability ~~additional equity~~to ~~offerings~~expand ~~may~~our ~~result~~business ~~in substantial dilution of SL Green's stockholders' interests,~~ and ~~additional~~raise ~~debt financing may substantially increase our leverage~~capital.

We ~~face~~may ~~significant~~in ~~competition~~the ~~for~~future ~~tenants~~pay taxable dividends on our common stock in common stock and cash.

~~The~~In ~~leasing~~order to qualify as a REIT, we are required to annually distribute to our stockholders at least 90% of ~~real~~our ~~estate~~REIT istaxable ~~highly~~income, ~~competitive~~excluding net capital gains. ~~The~~In ~~principal~~order ~~means~~to avoid taxation of ~~competition~~our income, we are ~~rent~~required to annually distribute to our stockholders all of our taxable income, ~~location~~including net capital gains. In order to satisfy these requirements, ~~services~~we ~~provided~~have, and in the ~~nature~~ future may make distributions that are payable partly in cash and ~~condition~~partly in shares of ~~the~~our ~~facility~~common tostock. If we pay such a dividend, taxable stockholders would be ~~leased.~~required Weto ~~directly~~include ~~compete~~the ~~with~~entire ~~all~~amount ~~owners~~of ~~and~~the ~~developers~~dividend, including the portion paid with shares of ~~similar~~common ~~space~~stock, inas income to the ~~areas~~extent of our current and accumulated earnings and profits, and may be required to pay income taxes with respect to such dividends in ~~which~~excess ~~our~~of ~~properties~~the ~~are~~cash ~~located.~~dividends received.

~~Our commercial~~RISKS ~~office~~RELATED ~~properties~~TO ~~are~~LEGAL ~~concentrated~~AND inREGULATORY highly developed areas of midtown Manhattan and certain Suburban central business districts, or CBDs. Manhattan is the largest office market in the United States. The number of competitive office properties in Manhattan and CBDs in which our Suburban properties are located (which may be newer or better located than our properties) could have a material adverse effect on our ability to lease office space at our properties, and on the effective rents we are able to charge. MATTERS

We ~~Loss~~may ofincur ~~our~~costs ~~key~~to ~~personnel~~comply ~~could~~with ~~harm~~governmental ~~our~~laws ~~operations~~and regulations.

We are ~~dependent~~subject to various federal, state and local environmental and health and safety laws that can impose liability on current and former property owners or operators for the ~~efforts~~clean-up of ~~Marc~~certain ~~Holliday,~~hazardous ~~SL Green's~~substances ~~chief~~released ~~executive~~on ~~officer,~~a ~~and~~property ~~Andrew~~or ~~Mathias,~~of ~~SL Green's president.~~contamination ~~These~~at ~~officers~~any ~~have~~facility ~~employment~~(e.g., a ~~agreements~~landfill) to which ~~expire~~we inhave ~~January~~sent ~~2014~~hazardous ~~and~~substances ~~December~~for ~~2013~~treatment or disposal, ~~respectively.~~without Aregard ~~loss~~to offault or whether the ~~services~~release ofor ~~either~~disposal ofwas ~~these~~in ~~individuals~~compliance with law. Being held responsible for such a clean-up could ~~adversely~~result ~~affect~~in significant cost to us and have a material adverse effect on our financial condition and results of operations.

Our ~~business~~properties may be subject to risks relating to current or future laws, including laws benefiting disabled persons, such as the Americans with Disabilities Act, and ~~operations~~state ~~would~~or ~~suffer~~local zoning, construction or other regulations. Compliance with such laws may require significant property modifications in the ~~event~~future, ofwhich ~~system~~could ~~failures~~be orcostly. ~~cyber~~Non-compliance ~~security~~could ~~attacks~~result in fines being levied against us in the future.

~~Despite~~Compliance ~~system~~with ~~redundancy,~~changing ~~the~~or ~~implementation~~new ofregulations ~~security~~applicable ~~measures and the existence of a Disaster Recovery Plan for our internal information technology systems, our systems are vulnerable~~ to ~~damages~~corporate ~~from~~governance ~~any number of sources, including energy blackouts, natural disasters, terrorism, war, telecommunication failures~~ and ~~cyber security~~public ~~attacks,~~disclosure ~~such~~may ~~as computer viruses or unauthorized access. Any system failure or accident that causes interruptions in our operations could~~ result in ~~a material disruption to our business. We may also incur~~ additional ~~costs~~expenses, toor ~~remedy~~affect ~~damages caused by such disruptions. Any compromise of~~ our ~~security could also result in a violation of applicable privacy and~~ operations.

Changing or new laws, regulations and standards relating to corporate governance and public disclosure, including SEC regulations and NYSE rules, can create uncertainty for public companies. These changed or new laws, regulations and standards are subject to varying interpretations in many cases due to their lack of specificity. As a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies, which could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We are committed to maintaining high standards of corporate governance and public disclosure. If our efforts to comply with new or changed laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to practice, our reputation may be harmed.

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~~other~~ Our efforts to comply with evolving laws, ~~significant~~regulations ~~legal~~and standards have resulted in, and ~~financial~~are ~~exposure~~likely to continue to result in, ~~damage~~increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to ~~our~~compliance ~~reputation~~activities. In particular, ~~loss~~our orcontinued ~~misuse~~efforts to comply with Section 404 of the ~~information~~Sarbanes-Oxley Act of 2002 and athe ~~loss~~related regulations regarding our required assessment of ~~confidence~~our ininternal controls over financial reporting and our ~~security~~external ~~measures~~auditors' audit of that assessment have required the commitment of significant financial and managerial resources. We expect these efforts to require the continued commitment of significant resources. Further, our directors, chief executive officer and chief financial officer could face an increased risk of personal liability in connection with the performance of their duties. As a result, we may have difficulty attracting and retaining qualified directors and executive officers, which could harm our business.

Our ~~Compliance~~property ~~with~~taxes ~~changing~~could orincrease ~~new~~due ~~regulation applicable~~ to ~~corporate~~reassessment ~~governance~~or ~~and~~property ~~public~~tax ~~disclosure~~rate ~~may result in additional expenses, affect our operations and affect our reputation~~changes.

~~Changing~~We orare ~~new~~required ~~laws, regulations and standards relating~~ to ~~corporate~~pay ~~governance~~real ~~and~~property ~~public~~taxes ~~disclosure, including SEC regulations and NYSE rules, can create uncertainty for public companies. These changed~~ or ~~new~~payments ~~laws,~~in ~~regulations~~lieu ~~and~~of ~~standards~~taxes ~~are subject to varying interpretations~~ in ~~many~~respect ~~cases due to their lack~~ of ~~specificity.~~our ~~As a~~properties ~~result,~~and ~~their~~such ~~application~~taxes ~~in practice~~ may ~~evolve~~increase ~~over time~~ as ~~new~~our ~~guidance~~properties isare ~~provided~~reassessed by ~~regulatory~~taxing ~~and~~authorities ~~governing~~or ~~bodies,~~as ~~which~~property ~~could~~tax ~~result~~rates inchange. ~~continuing~~An ~~uncertainty~~increase ~~regarding~~in ~~compliance~~the ~~matters and~~assessed ~~higher~~value ~~costs~~of ~~necessitated~~our byproperties ~~ongoing~~or ~~revisions~~our toproperty ~~disclosure~~tax ~~and~~rates ~~governance~~could ~~practices.~~adversely Weimpact ~~are~~our ~~committed~~financial tocondition, ~~maintaining~~results ~~high standards~~ of ~~corporate~~operations ~~governance~~ and ~~public disclosure. If~~ our ~~efforts~~ ability to ~~comply~~satisfy ~~with~~our ~~new~~debt orservice ~~changed~~obligations ~~laws, regulations~~ and ~~standards~~to ~~differ~~pay ~~from~~dividends ~~the~~and ~~activities~~distributions ~~intended by regulatory or governing bodies due~~ to ~~ambiguities related to practice,~~ our ~~reputation~~security ~~may be harmed~~holders.

~~As a~~GENERAL ~~result,~~RISK our efforts to comply with evolving laws, regulations and standards have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities. In particular, our efforts to comply with Section 404 of the Sarbanes-Oxley Act of 2002 and the related regulations regarding our required assessment of our internal controls over financial reporting and our external auditors' audit of that assessment have required the commitment of significant financial and managerial resources. We expect these efforts to require the continued commitment of significant resources. Further, SL Green's directors, chief executive officer and chief financial officer could face an increased risk of personal liability in connection with the performance of their duties. As a result, SL Green may have difficulty attracting and retaining qualified directors and executive officers, which could harm our business. FACTORS

The ~~Forward-Looking~~trading ~~Statements~~price ~~May~~of ~~Prove~~our ~~Inaccurate~~ common stock has been and may continue to be subject to wide fluctuations.

~~See~~Between ~~Item~~January 71, ~~"Management's~~2025 ~~Discussion~~ and ~~Analysis~~December 31, 2025, the closing sale price of ~~Financial~~our ~~Condition~~common ~~and~~stock ~~Results~~on the New York Stock Exchange, or the NYSE, ranged from $41.53 to $68.38 per share. Our stock price may fluctuate in response to a number of ~~Operations—Forward-looking Information~~events and factors, such as those described elsewhere in this "Risk ~~for~~Factors" ~~additional~~section. ~~disclosure~~Equity ~~regarding~~issuances ~~forward-looking~~or ~~statements~~buybacks by us or the perception that such issuances or buybacks may occur may also affect the market price of our common stock.

Future ~~ITEM~~issuances ~~1B. UNRESOLVED~~of ~~STAFF~~common ~~COMMENTS~~ stock, preferred stock or other equity linked securities could dilute existing stockholders' interests.

AsOur charter authorizes our Board of ~~December 31,~~Directors ~~2012~~to issue additional shares of common stock, wepreferred ~~did~~stock ~~not~~and ~~have~~convertible ~~any~~equity ~~unresolved~~or ~~comments~~debt ~~with~~without stockholder approval and without the ~~staff~~requirement to offer rights of ~~the~~pre-emption ~~SEC~~to existing stockholders. 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.

As with other publicly traded equity securities, the value of our common stock depends on various market conditions, which may change from time to time. In addition to the current economic environment and future volatility in the securities and credit markets, the following market conditions may affect the value of our common stock:

•the general reputation of REITs and the attractiveness of our equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;

•our financial performance; and

•general stock and bond market conditions.

The market value of our common stock is based on a number of factors including, but not limited to, the market's perception of the current and future value of our assets, our growth potential and our current and potential future earnings and cash dividends. Consequently, our common stock may trade at prices that are higher or lower than our net asset value per share of common stock.

Changes to U.S. federal income tax laws could materially and adversely affect us and our stockholders.

U.S. federal income tax laws and the rules dealing with U.S. federal income taxation are continually under review by Congress, the IRS, and the U.S. Department of the Treasury. Any such changes could have an adverse effect on an investment in our shares or on the market value or the resale potential of our assets.

Loss of key personnel could harm our operations and our stock price.

We are dependent on the efforts of Marc Holliday, our chairman, chief executive officer and interim president. Mr. Holliday entered into a new employment agreement in December 2024, which expires in July 2028. A loss of Mr. Holliday's services could adversely affect our operations and could be negatively perceived by the market resulting in a decrease in our stock price.

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Our business and operations would suffer in the event of system failures or cyber security attacks.

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. 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. Like other businesses, we have experienced cyber incidents in the past, which were not individually, or in the aggregate, material, and we may be subject to cyber attacks in the future. Our systems are critical to the operation of our business, as well as certain of our tenants, and a system failure, accident or security breach could result in a material disruption to our business and operations. We have and may also incur additional costs to remedy damages caused by such disruptions. Although we make efforts to maintain the security and integrity of our systems and have implemented various measures designed to manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Any compromise of our security could also result in a violation of applicable privacy and other laws, significant legal and financial exposure, damage to our reputation and relationships with tenants and vendors, loss or misappropriation of data (which may be confidential, proprietary and/or commercially sensitive in nature) and a loss of confidence in our security measures, which could harm our business.

Forward-looking statements may prove inaccurate.

See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations—Forward-looking Information," for additional disclosure regarding forward-looking statements.

ITEM 1B. UNRESOLVED STAFF COMMENTS

As of December 31, 2025, we did not have any unresolved comments with the staff of the SEC.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

The Company's business and proprietary information, information technology and operational technology assets are important to its success. The Company's cybersecurity program is designed to protect its information assets and operations from external and internal cyber threats by seeking to mitigate and manage risks while helping to ensure business resilience. The program is applied across all levels of the Company.

The Company takes a risk-based approach to cybersecurity and has implemented policies that are designed to address cybersecurity threats and incidents, including those related to third-party service providers. The Company assesses risks from cybersecurity threats, monitors its information systems for potential vulnerabilities and tests those systems pursuant to the Company's cybersecurity standards, processes and practices, as part of the Company's overall risk management system. The Company also leverages external resources and advisors as needed to reinforce its cybersecurity capacity. External consultants perform testing exercises to further assess the Company's cybersecurity program on an annual basis, or more frequently if circumstances warrant such testing.

The Company's cybersecurity strategy is guided by prioritized risk, the National Institute for Standards and Technology (NIST) Cybersecurity Framework, and emerging business needs. The Company maintains a cybersecurity incident response plan, as well as a monitoring program, to support senior leadership and the Board.

The Company's cybersecurity team manages its incident response plan and monitoring program. Company employees are provided cybersecurity awareness training, which includes topics on the Company's policies and procedures for reporting potential incidents. The Company's cybersecurity team is focused on evaluating emerging risks, regulations, and compliance matters and updating the policies and procedures accordingly.

To date, cybersecurity risks, including as a result of any previous cybersecurity incidents, have not materially affected and we believe are not reasonably likely to affect the Company, including its business strategy, results of operations or financial condition. Refer to the risk factor captioned “Our business and operations would suffer in the event of system failures or cyber security attacks” in Part I, Item 1A. “Risk Factors” for additional description of cybersecurity risks and potential related impacts on the Company.

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Governance

The Board oversees the Company's risk management process directly and through its committees. Pursuant to the Audit Committee Charter, the Audit Committee of the Board provides compliance oversight to the Company's risk assessment and risk management policies and the steps management has taken to monitor and mitigate such exposures and risks.

The Company's Senior Director, Information Security & Network Systems, in coordination with the Senior Vice President, Information Technology, is responsible for leading the assessment and management of cybersecurity risks. The Senior Director, Information Security & Network Systems and Senior Vice President, Information Technology regularly review and assess cybersecurity initiatives and are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents through briefings with internal and external personnel as well as alerts from security measures deployed in the Company's IT environment. These individuals collectively have over 30 years of experience in information security. The Senior Vice President, Information Technology reports to the Board, the Audit Committee and management on cybersecurity risk assessment, policies, incident prevention, detection, mitigation, and remediation of cybersecurity incidents on an as needed basis.

ITEM 2. PROPERTIES

Our Portfolio

General

As of December 31, ~~2012~~2025, we owned or held interests in 2716 consolidated ~~and nine unconsolidated~~ commercial office ~~properties~~ buildings encompassing approximately 189.3 5 million rentable square feet and ~~approximately~~10 ~~5.9 million~~unconsolidated ~~rentable~~commercial ~~square~~office ~~feet,~~buildings ~~respectively,~~encompassing ~~for~~approximately ~~a total of 24~~13.2 9 million rentable square feet located primarily in midtown Manhattan. ~~Certain~~Many of these ~~properties~~buildings include atsome ~~least a small~~ amount of retail space on the lower floors, as well as basement/storage space. As of December 31, ~~2012~~2025, our portfolio also included ownership interests in 25one consolidated ~~and~~property, ~~five~~encompassing ~~unconsolidated~~six commercial office ~~properties~~buildings ~~located~~totaling inapproximately ~~Brooklyn,~~0.7 ~~Long~~million ~~Island,~~rentable ~~Westchester~~square ~~County~~feet, in Stamford Connecticut, ~~and~~which ~~Northern~~we ~~New Jersey~~refer ~~encompassing~~to ~~approximately~~as 3our Suburban property.~~9 million~~ ~~rentable~~Some ~~square~~of ~~feet~~these ~~and~~buildings ~~approximately~~also ~~1.5 million~~include ~~rentable~~a ~~square~~small ~~feet,~~amount ~~respectively.~~of Weretail ~~refer~~space toon ~~these~~the ~~properties~~lower floors, as ~~our~~well ~~Suburban~~as ~~assets.~~basement/storage space.

As of December 31, ~~2012~~2025, we also owned ~~investments~~or inheld 15interests ~~stand-alone~~in five prime retail properties encompassing approximately ~~473,764~~313.3 thousand square feet, 16five buildings in differing stages of development ~~properties~~or redevelopment encompassing approximately 1.2~~,617,491~~ million square feet, and two residential ~~properties~~building encompassing ~~385~~542 residential units ~~(approximately~~and ~~430,482~~484 ~~square~~dormitory ~~feet)~~beds, ~~two~~respectively, ~~land interests and 31 west coast office properties~~ encompassing approximately ~~4,473,603~~0.6 million square feet. In addition, we manage ~~two~~one office ~~properties~~building ~~owned~~and byone ~~third~~retail ~~parties~~building ~~and~~owned ~~affiliated~~by ~~companies~~a third party encompassing approximately ~~626,415~~0.4 million ~~rentable~~ square feet. Asand ~~of December 31, 2012, we also~~ held debt and preferred equity investments with a book value of $1168.4 ~~billion~~ million, excluding $12.2 million of investments recorded in balance sheet line items other than the Debt and preferred equity investments line item.

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The following table sets forth certain information with respect to each of the Manhattan and Suburban office and retail properties in the portfolio as of December 31, 2012:

Manhattan Properties		SubMarket
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street	1959/2010	Downtown	1,047,500	4	81.8	32,332,824	3	15	38.23	34.45
120 West 45th Street	1998	Midtown	440,000	1	79.5	20,570,712	2	22	58.78	59.03
125 Park Avenue	1923/2006	Grand Central	604,245	2	73.1	27,111,432	2	18	61.77	58.77
220 East 42nd Street	1929	Grand Central	1,135,000	4	94.9	47,830,560	4	31	43.70	36.87
317 Madison Avenue	1920/2004	Grand Central	450,000	2	81.3	20,475,852	2	72	50.77	41.94
333 West 34th Street	1954/2000	Penn Station	345,400	1	100.0	14,551,572	1	3	43.07	35.77
420 Lexington Ave (Graybar)(5)	1927/1999	Grand Central North	1,188,000	4	92.5	65,446,140	6	226	49.83	38.44
461 Fifth Avenue(5)(6)	1988	Midtown	200,000	1	99.4	15,953,568	1	14	77.86	65.46
485 Lexington Avenue	1956/2006	Grand Central North	921,000	3	100.0	53,699,208	5	24	58.13	44.18
555 West 57th Street(6)	1971	Midtown West	941,000	3	99.2	33,682,356	3	11	33.97	31.47
609 Fifth Avenue	1925/1990	Rockefeller Center	160,000	1	85.2	13,487,388	1	9	101.57	90.93
625 Madison Avenue(5)	1956/2002	Plaza District	563,000	2	94.5	47,929,236	4	23	88.34	70.60
673 First Avenue(5)(6)	1928/1990	Grand Central South	422,000	1	100.0	20,578,332	2	8	45.93	38.84
711 Third Avenue(5)(6)(7)	1955	Grand Central North	524,000	2	86.3	25,843,632	2	16	52.65	46.21
750 Third Avenue	1958/2006	Grand Central North	780,000	3	97.5	41,119,548	4	31	52.98	46.84
810 Seventh Avenue	1970	Times Square	692,000	2	87.6	37,771,128	3	39	59.63	51.30
919 Third Avenue	1970	Grand Central North	1,454,000	5	96.9	86,011,788	4	13	61.01	46.35
1185 Avenue of the Americas(5)	1969	Rockefeller Center	1,062,000	4	97.6	76,003,644	7	19	72.33	64.00
1350 Avenue of the Americas	1966	Rockefeller Center	562,000	2	97.0	36,075,624	3	38	63.64	53.25
1 Madison Avenue	1960/2002	Park Avenue South	1,176,900	4	98.7	67,030,020	6	2	57.26	56.94
331 Madison Avenue	1923	Grand Central	114,900	0	84.2	4,238,796	0	16	44.00	43.44
Subtotal / Weighted Average			14,782,945	50	93.0	787,743,360	65	650
"Non Same Store"
51 East 42nd Street	1913	Grand Central	142,000	0	85.9	6,660,564	1	88	54.60	54.85
110 East 42nd Street	1921	Grand Central	205,000	1	81.6	8,102,136	1	20	48.34	40.88
180 Maiden Lane	1984	Financial East	1,090,000	4	97.7	52,681,692	2	5	50.19	46.35
304 Park Avenue South	1930	Midtown South	215,000	1	95.8	10,433,676	1	17	53.80	53.44
641 Sixth Avenue	1902	Midtown South	163,000	1	92.1	7,878,132	1	8	52.48	49.66
1515 Broadway	1972	Times Square	1,750,000	6	100.0	109,293,600	10	13	63.54	55.21
Subtotal / Weighted Average			3,565,000	12	97.0	195,049,800	15	151
Total / Weighted Average Manhattan Consolidated Properties(8)			18,347,945	62	93.8	982,793,160	79	801
UNCONSOLIDATED PROPERTIES
"Same Store"
100 Park Avenue—50%	1950/1980	Grand Central South	834,000	3	94.5	51,892,020	2	36	61.41	52.60
388 & 390 Greenwich Street—50.6%(12)	1986/1990	Downtown	2,635,000	9	100.0	107,986,128	5	1	40.99	40.98
600 Lexington Avenue—55%	1983/2009	Eastside	303,515	1	73.7	15,980,040	1	26	74.28	51.90
800 Third Avenue—42.95%	1972/2006	Grand Central North	526,000	2	87.1	26,362,608	1	35	54.64	47.26
1745 Broadway—32.3%	2003	Midtown	674,000	2	100.0	35,307,396	1	1	54.77	54.72
Subtotal / Weighted Average			4,972,515	17	96.1	237,528,192	10	99
"Non Same Store"
10 East 53rd Street—55%	1972		354,300	1	90.0	18,725,484	1	17	60.25	60.22
315 West 36th Street—35.5%	1926		147,619	0	99.2	3,763,464	0	6	27.25	27.25
521 Fifth Avenue—50.5%	1929/2000	Grand Central	460,000	2	85.2	22,424,688	1	41	54.80	54.96
Subtotal / Weighted Average			961,919	3	89.1	44,913,636	2	64
Total / Weighted Average Unconsolidated Properties(9)			5,934,434	20	95.0	282,441,828	12	163
Manhattan Grand Total / Weighted Average			24,282,379	82	94.1	1,265,234,988		964
Manhattan Grand Total—SLG share of Annualized Rent						1,049,312,825	91
Manhattan Same Store Occupancy %—Combined			19,755,460	81	93.8

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Suburban Properties		SubMarket
CONSOLIDATED PROPERTIES
"Same Store" Westchester, NY
1100 King Street	1983-1986	Rye Brook, Westchester	540,000	2	65.9	10,433,580	1	23	28.86	24.20
520 White Plains Road	1979	Tarrytown, Westchester	180,000	1	72.5	3,671,304	0	8	28.93	22.12
115-117 Stevens Avenue	1984	Valhalla, Westchester	178,000	1	86.0	2,577,300	0	11	22.88	17.54
100 Summit Lake Drive	1988	Valhalla, Westchester	250,000	1	70.7	4,065,456	0	10	23.00	18.74
200 Summit Lake Drive	1990	Valhalla, Westchester	245,000	1	87.5	5,218,368	0	7	24.81	22.21
500 Summit Lake Drive	1986	Valhalla, Westchester	228,000	1	76.9	3,982,824	1	6	24.62	21.75
140 Grand Street	1991	White Plains, Westchester	130,100	0	95.3	4,112,952	0	12	36.74	23.29
360 Hamilton Avenue	2000	White Plains, Westchester	384,000	1	94.3	13,288,356	1	16	36.72	29.73
Westchester, NY Subtotal/Weighted Average			2,135,100	8	79.2	47,350,140	5	93
"Same Store" Connecticut
Landmark Square	1973-1984	Stamford, Connecticut	826,000	3	83.8	19,364,928	2	106	32.68	26.80
680 Washington Boulevard	1989	Stamford, Connecticut	133,000	0	74.6	4,083,912	0	7	41.67	35.86
750 Washington Boulevard	1989	Stamford, Connecticut	192,000	1	93.6	7,332,120	0	9	41.61	32.94
1055 Washington Boulevard(5)	1987	Stamford, Connecticut	182,000	1	86.0	5,680,620	0	21	35.60	29.76
300 Main Street	2002	Stamford, Connecticut	130,000	0	86.4	1,503,192	0	20	14.09	12.42
1010 Washington Boulevard	1988	Stamford, Connecticut	143,400	0	60.9	2,801,568	0	17	34.34	25.34
500 West Putnam Avenue	1973	Greenwich, Connecticut	121,500	0	55.1	2,920,224	0	10	43.49	38.17
Connecticut Subtotal/Weighted Average			1,727,900	5	80.7	43,686,564	3	190
Total / Weighted Average Consolidated Properties(10)			3,863,000	13	79.9	91,036,704	8	283
UNCONSOLIDATED PROPERTIES
"Same Store"
The Meadows—50%	1981	Rutherford, New Jersey	582,100	2	79.7	12,653,352	1	51	28.51	25.19
16 Court Street—35%	1928	Brooklyn, NY	317,600	1	84.0	9,626,952	0	66	39.07	34.86
Jericho Plaza—20.26%	1980	Jericho, New York	640,000	2	89.6	20,197,140	0	35	36.18	31.88
Total / Weighted Average Unconsolidated Properties(11)			1,539,700	5	84.7	42,477,444	1	152
Suburban Grand Total / Weighted Average			5,402,700	18	81.3	133,514,148		435
Suburban Grand Total—SLG share of Annualized Rent						99,230,898	9
Suburban Same Store Occupancy %—Combined			5,402,700	100	81.3
Portfolio Grand Total			29,685,079	100		1,398,749,136
Portfolio Grand Total—SLG Share of Annualized Rent						1,148,543,723	100
RETAIL
"Same Store" Retail
1604 Broadway—63%	1912/2001	Times Square	29,876	6	23.7	2,001,902	4	2	212.55	190.55
11 West 34th Street—30%	1920/2010	Herald Square/Penn Station	17,150	4	100.0	2,231,736	2	1	200.16	191.90
21-25 West 34th Street—50%	2009	Herald Square/Penn Station	30,100	6	100.0	7,866,780	13	1	391.36	342.19
27-29 West 34th Street—50%	2009	Herald Square/Penn Station	15,600	3	100.0	4,636,224	8	2	296.95	289.54
717 Fifth Avenue—10.92%	1958/2000	Midtown/Plaza District	119,550	25	89.4	34,271,976	12	7	309.02	279.77
Williamsburg Terrace	2010	Brooklyn, NY	52,000	11	100.0	1,552,560	5	3	29.84	32.21
Subtotal/Weighted Average			264,276	56	86.6	52,561,178	44	16
"Non Same Store" Retail
19-21 East 65th Street—80%	1928-1940	Plaza District	23,610	5	100.0	1,460,108	4	7	109.34	109.34
21 East 66th Street—32.28%	1921	Plaza District	16,736	4	100.0	3,282,000	3	1	251.13	251.13
44 West 55th Street—80%	1920	Plaza District	8,557	2	18.8	160,680	0	1	99.93	99.93
131-137 Spring Street	1891	Soho	68,342	14	100.0	5,002,596	16	12	73.20	73.20
724 Fifth Avenue—50%	1921	Plaza District	65,010	14	84.7	12,279,960	20	8	220.23	220.23
752 Madison Avenue—80%	1996/2012	Plaza District	21,124	4	100.0	3,189,324	8	1	150.98	150.98
762 Madison Avenue—80%	1910	Plaza District	6,109	1	100.0	1,296,192	3	5	212.18	212.18
Subtotal/Weighted Average			209,488	44	91.9	26,670,860	56	35
Total / Weighted Average Retail Properties			473,764	100	89.0	79,232,038	100	51

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%

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Suburban Properties		SubMarket		Approximate Rentable Square Feet		Percentage of Portfolio Rentable Square Feet (%)			Percent Leased (%)		Annualized Cash Rent ($'s)(1)			Percentage of Portfolio Annualized Cash Rent (%)(2)
																	Occupancy
DEVELOPMENT
Properties			Ownership Interest (%)					SubMarket					Square Feet(1)				%Leased(2)			%Occupied(3)	Annualized ContractualCashRent ($'s)		Annualized Contractual Cash Rent SLG Share ($'s)		Total Tenants
125 Chubb Way	2008	Lyndhurst, NJ			278,000		11			57.1		3,562,656			8	4		22.50	17.89
SUBURBAN CONSOLIDATED OFFICE PROPERTIES
150 Grand Street	1962/2001	White Plains, NY			85,000		3			33.0		674,868			1	16		21.87	16.39
"Same Store" Suburban
7 Renaissance Square—50%	2008	White Plains, NY			65,641		3			29.2		617,004			1	2		31.64	30.13
Landmark Square			100.0					Stamford, Connecticut					732,800				79.4			79.0	$	15,706	$	15,706	83
180-182 Broadway—25.5%	1902/2011	Cast Iron / Soho			156,086		6			—		—			—	—		—	—
Subtotal/Weighted Average													732,800				79.4%			79.0%	$	15,706	$	15,706	83
33 Beekman Street—45.9%	2008	Downtown			—		—			—		—			—	—		—	—
Total / Weighted Average Suburban Consolidated Office Properties													732,800				79.4%			79.0%	$	15,706	$	15,706	83
7 Landmark Square	2000	Stamford, Connecticut			36,800		1			10.8		313,536			1	1		78.78	77.42
Suburban Office Grand Total / Weighted Average													732,800				79.4%			79.0%	$	15,706	$	15,706	83
3 Columbus Circle—48.9%	1927/2010	Columbus Circle			530,981		20			51.6		23,437,454			25	18		85.37	72.00
280 Park Avenue—49.5%	1961	Park Avenue			1,219,158		47			55.0		59,163,552			64	30		85.10	83.89
635 Sixth Avenue	1902	Midtown South			104,000		4			—		—			—	—		—	—
747 Madison Avenue—33.33%	1962	Plaza District			10,000		0			—		—			—	—		—	—
985-987 Third Avenue	1900/1972	Upper East Side			13,678		1			—		—			—	—		—	—
1080 Amsterdam—87.5%	1932	Upper West Side			82,250		3			2.2		146,475			0	1		81.38	81.38
1552-1560 Broadway—50%	1926	Times Square			35,897		1			23.3		—			—	1		—	—
Total / Weighted Average Development Properties					2,617,491		100			44.5		87,915,545			100	73
LAND
2 Herald Square		Herald Square/Penn Station			354,400		37			100.0		11,250,000			42			25.40	25.40
885 Third Avenue		Midtown/Plaza District			607,000		63			100.0		15,850,000			58			18.28	18.28
Total / Weighted Average Land					961,400		100			100.0		27,100,000			100
West Coast
West Coast Office Portfolio—27.63%	various				4,473,603		100			76.9		94,707,029			100
Total / Weighted Average California Properties					4,473,603		100			76.9		94,707,029			100
RESIDENTIAL				Useable Sq. Feet		Total Units			Percent Leased (%)		Annualized Cash Rent ($'s)(1)			Average Monthly Rent Per Unit ($'s)
400 East 57th Street—80%	1931	Upper East Side			290,482		260			91.9		9,411,103			2,715
400 East 58th Street—80%	1929	Upper East Side			140,000		125			97.6		4,623,280			2,883
Total / Weighted Average Residential Properties					430,482		385			93.8		14,034,383			2,770

(1)Annualized Cash Rent represents the monthly contractual rent under existing leases as of December 31, 2012 multiplied by 12. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimated as of such date. Total rent abatements for leases in effect as of December 31, 2012 for the 12 months ending December 31, 2013 are reductions of approximately $8.7 million for our consolidated properties and approximately $13.4 million for our unconsolidated properties. (2)Includes our share of unconsolidated joint venture annualized cash rent calculated on a consistent basis. (3)Annualized Rent Per Leased Square Foot represents Annualized Rent, as described in footnote (1) above, presented on a per leased square foot basis. (4)Annual Net Effective Cash Rent Per Leased Square Foot represents (a) for leases in effect at the time an interest in the relevant property was first acquired by us, the remaining lease payments under the lease from the acquisition date divided by the number of months remaining under the lease multiplied by 12 and (b) for leases entered into after an interest in the relevant property was first acquired by us, all lease payments under the lease divided by the number of months in the lease multiplied by 12, minus, in the case of both (a) and (b), tenant improvement costs and leasing commissions, if any, paid or payable by us and presented on a per leased square foot basis. Annual Net Effective Cash Rent per Leased Square Foot includes future contractual increases in rental payments and therefore, in certain cases, may exceed Annualized Cash Rent per Leased Square Foot. (5)We hold a leasehold interest in this property. (6)Includes a parking garage. (7)We hold a leasehold mortgage interest, a net sub-leasehold interest and a co-tenancy interest in this property. (8)Includes approximately 16.8 million square feet of rentable office space, 1.2 million square feet of rentable retail space and 0.4 million square feet of garage space. (9)Includes approximately 5.8 million square feet of rentable office space, 0.2 million square feet of rentable retail space and no garage space. (10)Includes approximately 3.6 million square feet of rentable office space and 0.2 million square feet of rentable retail space. (11)Includes approximately 1.5 million square feet of rentable office space and 0.1 million square feet of rentable retail space. (12)The rent per square foot is presented on a triple-net basis.


				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. 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

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				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.

(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.

(7)Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.

Historical Occupancy

WeHistorically, we have ~~historically~~ achieved ~~consistently~~materially higher occupancy rates in our Manhattan office portfolio inas ~~comparison~~compared to the overall midtown ~~markets~~ Manhattan office market, as shown ~~over the last five years~~ in the following table:


	LeasedOccupancy Rate of Manhattan OperatingPortfolio (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, 2012	94.1	%	89.1	%	90.0	%
December 31, 2025	93.0%				80.5%		75.6%
December 31, 2011	92.5	%	89.7	%	91.3	%
December 31, 2024	92.5%				78.0%		73.6%
December 31, 2010	92.9	%	88.6	%	90.9	%
December 31, 2023	89.4%				78.4%		75.5%
December 31, 2009	95.0	%	86.8	%	90.3	%
December 31, 2022	90.7%				78.4%		76.6%
December 31, 2008	96.7	%	90.8	%	92.1	%
December 31, 2021	92.1%				80.6%		77.1%

(1)Includes ~~space~~ ~~for leases that were executed as of the relevant date in~~ our ~~wholly-owned~~consolidated and ~~joint~~unconsolidated ~~venture properties in~~ Manhattan ~~owned by us as of that date. (2)Includes vacant space available for direct lease and sublease. Source: Cushman & Wakefield. (3)The term "Class B" is generally used in the Manhattan~~ office ~~market to describe office~~ properties, ~~that~~inclusive ~~are~~of ~~more~~leases ~~than~~signed ~~25 years old~~ but ~~that~~not ~~are in~~yet ~~good physical condition, enjoy widespread acceptance by high-quality tenants and are situated in desirable locations in Manhattan~~commenced. Class B office properties can be distinguished from Class A properties in that Class A properties are generally newer properties with higher finishes and frequently obtain the highest rental rates within their markets.

~~We have~~(2)Includes ~~historically~~vacant ~~achieved~~space ~~consistently~~available ~~higher~~for ~~occupancy~~direct ~~rates~~lease ~~in our Westchester County~~ and ~~Connecticut~~sublease. ~~portfolios in comparison to the overall Westchester County and Stamford, Connecticut, CBD markets, as shown over the last five years in the following table~~Source: Cushman & Wakefield.


December 31, 2012	79.2	%	78.5	%	80.7	%	73.7	%
December 31, 2011	80.6	%	80.1	%	80.3	%	73.8	%
December 31, 2010	80.0	%	80.3	%	84.3	%	77.6	%
December 31, 2009	86.5	%	80.3	%	82.7	%	77.5	%
December 31, 2008	88.9	%	81.7	%	84.9	%	84.5	%

(3)The term "Class B" is generally used in the Manhattan office market to describe office properties that are more than 25 years old but that are in good physical condition, enjoy widespread acceptance by high-quality tenants and are situated in desirable locations in Manhattan. Class B office properties can be distinguished from Class A properties in that Class A properties are generally newer properties with higher finishes and frequently obtain the highest rental rates within their markets.

(1)Includes space for leases that were executed as of the relevant date in our wholly-owned and joint venture properties in Manhattan owned by us as of that date. (2)Includes vacant space available for direct lease and sublease. Source: Cushman & Wakefield.

Lease Expirations

Leases in our Manhattan portfolio, as at many other Manhattan office properties, typically have an initial term of ~~seven~~five to fifteen years, compared to typical lease terms of five to ten years in other large U.S. office markets. For the five years ending December 31, ~~2017~~2030, the average annual ~~rollover~~lease expirations at our Manhattan consolidated and unconsolidated ~~office~~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).

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):

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1.3 million square feet and 0.2 million square feet, respectively, representing an average annual expiration rate of 7.5% and 3.9%, respectively, per year (assuming no tenants exercise renewal or cancellation options and 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)
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

The following tables set forth a schedule of the annual lease expirations at our Manhattan consolidated and unconsolidated office properties, respectively, with respect to leases in place as of December 31, 2012 for each of the next ten years and thereafter (~~assuming~~1)Tenants ~~that~~may nohave ~~tenants~~multiple ~~exercise renewal or cancellation options and that there are no tenant bankruptcies or other tenant defaults):~~ leases.

Manhattan Consolidated Office Properties Year of Lease Expiration					Annualized Cash Rent of Expiring Leases(1)		Annualized Cash Rent Per Leased Square Foot of Expiring Leases(2)
2013(3)	145	1,041,042	5.91	%	$	64,940,535	$	62.38
2014	122	1,725,995	9.79			95,047,120		55.07
2015	133	802,686	4.55			40,648,976		50.64
2016	89	1,198,931	6.80			67,584,297		56.37
2017	110	1,847,086	10.48			101,676,686		55.05
2018	36	651,362	3.70			48,309,139		74.17
2019	25	741,129	4.20			44,891,190		60.57
2020	39	2,235,931	12.69			129,560,220		57.94
2021	42	2,225,315	12.63			116,256,979		52.24
2022 & thereafter	87	5,156,222	29.25			273,878,018		53.12
Total/weighted average	828	17,625,699	100.00	%	$	982,793,160	$	55.76

(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.

(13)~~Annualized Cash~~Represents Rent of Expiring Leases represents the monthly contractual rent under existing leases as of December 31, 2012 multiplied by 12. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimated as of such date. Total rent abatements for leases in effect as of December 31, 2012 for the 12 months ending December 31, 2013, are reductions of approximately $6.0 million for the properties. (2)Annualized ~~Cash~~ ~~Rent Per Leased Square Foot of Expiring Leases represents Annualized~~ Cash Rent of Expiring Leases, as described in footnote (12) above, presented on a per ~~leased~~ square foot basis. ~~(3)Includes 73,538 square feet occupied by month-to-month holdover tenants whose leases expired prior to December 31, 2012.~~


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.

(3)Represents Annualized Cash Rent of Expiring Leases, as described in footnote (2) above, presented on a per square foot basis.

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. 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:

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Manhattan Unconsolidated Office Properties Year of Lease Expiration						Annualized Cash Rent of Expiring Leases(1)			Annualized Cash Rent Per Leased Square Foot of Expiring Leases(2)
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
2013	12		85,544	1.51	%	$	4,488,852		$	52.47
Paramount Global	1515 Broadway		June 2031	1,604,544			$	109,553		$	62,335	4.4	%	$	68.28
2014	27		439,838	7.74			22,881,600			52.02
	555 West 57th Street		April 2029	186,266			10,998			10,998		0.8	%	59.04
2015	84		225,839	3.98			12,396,288			54.89
	1515 Broadway		March 2028	9,106			2,219			1,263		0.1	%	243.73
2016	21		192,438	3.39			10,683,420			55.52
				1,799,916			$	122,770		$	74,596	5.3	%	$	67.04
2017	14		171,220	3.01			10,476,432			61.19
UBS Americas, Inc.	11 Madison Avenue		May 2037	1,184,489			$	80,929		$	48,558	3.4	%	$	68.32
2018	21		473,771	8.34			29,029,765			61.27
Bloomberg L.P.	919 Third Avenue		February 2040	926,156			$	63,990		$	32,635	2.3	%	$	69.09
2019	5		144,238	2.54			10,100,352			70.03
Sony Corporation	11 Madison Avenue		January 2031	578,791			$	53,094		$	31,857	2.2	%	$	91.73
2020	11		235,433	4.14			11,404,693			48.44
McDermott Will & Schulte LLP	One Vanderbilt Avenue		December 2042	169,586			$	31,538		$	17,346	1.2	%	$	185.97
2021	7		127,019	2.24			5,786,256			45.55
	919 Third Avenue		June 2036	281,651			20,945			10,682		0.8	%	74.36
2022 & thereafter	26		949,965	16.72			57,208,042			60.22
	420 Lexington Avenue		October 2026	10,043			641			641		—	%	63.82
Sub-Total/weighted average	228		3,045,305	53.61			174,455,700		$	57.29
				461,280			$	53,124		$	28,669	2.0	%	$	115.17
	2	(3)	2,634,670	46.39			107,986,128
Societe Generale	245 Park Avenue		October 2032	520,831			$	50,120		$	25,110	1.8	%	$	96.23
Total	230		5,679,975	100.00	%	$	282,441,828
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)~~Annualized Cash~~Based ~~Rent~~on ofcommenced ~~Expiring Leases represents the monthly contractual rent under existing~~ leases ~~as of December 31, 2012 multiplied by 12~~. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimated as of such date. Total rent abatements for leases in effect as of December 31, 2012 for the 12 months ending December 31, 2013 are reductions of approximately $7.4 million for the joint venture properties. (2)Annualized Cash Rent Per Leased Square Foot of Expiring Leases represents Annualized Cash Rent of Expiring Leases, as described in footnote (1) above, presented on a per leased square foot basis. (3)Represents Citigroup's 13-year net lease at 388-390 Greenwich Street. The current net rent is $40.99 per square foot with annual CPI escalation.

Leases in our Suburban portfolio, as at many other suburban office properties, typically have an initial term of five to ten years. For the five years ending December 31, 2017, the average annual rollover at our Suburban consolidated and unconsolidated office properties is expected to be approximately 0.3 million square feet and 0.(2 ~~million~~)Expiration ~~square feet, respectively, representing an average annual expiration rate~~ of ~~11.3%~~current ~~and~~lease ~~13.9%~~term ~~respectively, per year (assuming no tenants exercise renewal or cancellation options~~ and ~~there~~does ~~are~~not noreflect ~~tenant bankruptcies~~extension ~~or other tenant defaults)~~options.

~~The following~~(3)SLG ~~tables~~Share ~~set forth a schedule~~ of ~~the~~Annualized ~~annual~~Cash ~~lease~~Rent ~~expirations~~includes atManhattan, ~~our~~ Suburban, ~~consolidated and unconsolidated office properties~~Retail, ~~respectively~~Residential, ~~with~~Development ~~respect~~/ toRedevelopment ~~leases~~and inAlternative ~~place as~~Strategy ofPortfolio properties.

(4)Tenant pays rent on a net basis. Rent PSF reflects gross rent equivalent.

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~~December 31, 2012~~Environmental ~~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):~~ Matters

Suburban Consolidated Office Properties Year of Lease Expiration					Annualized Cash Rent of Expiring Leases(1)		Annualized Cash Rent Per Leased Square Foot of Expiring Leases(2)
2013(3)	56	299,764	10.32	%	$	8,646,612	$	28.84
2014	36	220,641	7.59			7,740,864		35.08
2015	43	303,013	10.43			10,395,732		34.31
2016	49	686,280	23.62			21,786,774		31.75
2017	27	130,555	4.49			4,290,744		32.87
2018	23	169,792	5.84			6,199,776		36.51
2019	17	498,180	17.15			13,760,748		27.62
2020	13	240,732	8.29			7,439,448		30.90
2021	9	144,861	4.99			3,535,596		24.41
2022 & thereafter	18	211,683	7.28			7,240,410		34.20
Total/weighted average	291	2,905,501	100.00	%	$	91,036,704	$	31.33

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. Under the ASTM Standard, a Phase I environmental site assessment consists of a site visit, an historical record review, a review of regulatory agency data bases and records, and interviews with on-site personnel, with the purpose of identifying potential environmental concerns associated with real estate. These environmental site assessments did not reveal any known environmental liability that we believe will have a material adverse effect on our results of operations or financial condition.

ITEM (1)Annualized Cash Rent of Expiring Leases represents the monthly contractual rent under existing leases as of December 31, 2012 multiplied by 12. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimated as of such date. Total rent abatements for leases in effect as of December 31, 2012 for the 12 months ending December 31, 2013, are reductions of approximately $2.7 million for the properties. (2)Annualized Cash Rent Per Leased Square Foot of Expiring Leases represents Annualized Cash Rent of Expiring Leases, as described in footnote (1) above, presented on a per leased square foot basis. (3~~)Includes 99,188 square feet occupied by month-to-month holdover tenants whose leases expired prior to December 31, 2012~~. 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. MINE SAFETY DISCLOSURES

Not Applicable.

Table of Contents

Suburban Unconsolidated Office Properties Year of Lease Expiration					Annualized Cash Rent of Expiring Leases(1)		Annualized Cash Rent Per Leased Square Foot of Expiring Leases(2)
2013(3)	31	213,923	17.14	%	$	6,641,388	$	31.05
2014	32	291,251	23.33			10,318,416		35.43
2015	24	159,070	12.74			4,903,008		30.82
2016	13	80,043	6.41			3,129,612		39.10
2017	17	124,946	10.01			4,691,748		37.55
2018	8	89,553	7.17			3,152,124		35.20
2019	6	52,455	4.20			1,733,184		33.04
2020	7	48,459	3.88			1,668,060		34.42
2021	5	82,241	6.59			2,817,000		34.25
2022 & thereafter	8	106,465	8.53			3,422,904		32.15
Total/weighted average	151	1,248,406	100.00	%	$	42,477,444	$	34.03

PART II

ITEM ~~(1)Annualized Cash Rent of Expiring Leases represents the monthly contractual rent under existing leases as of December 31, 2012 multiplied by 12~~5. MARKET ~~This amount~~FOR ~~reflects~~REGISTRANTS' ~~total~~COMMON ~~rent before any rent abatements and includes expense reimbursements~~EQUITY, ~~which~~RELATED ~~may~~STOCKHOLDER beMATTERS ~~estimated~~AND asISSUER ofPURCHASES ~~such~~OF ~~date.~~EQUITY Total rent abatements for leases in effect as of December 31, 2012 for the 12 months ending December 31, 2013, are reductions of approximately $2.2 million for the joint venture properties. (2)Annualized Cash Rent Per Leased Square Foot of Expiring Leases represents Annualized Cash Rent of Expiring Leases, as described in footnote (1) above, presented on a per leased square foot basis. (3)Includes 100,528 square feet occupied by month-to-month holdover tenants whose leases expired prior to December 31, 2012. SECURITIES

SL ~~Tenant~~GREEN ~~Diversification~~ REALTY CORP.

AtOur ~~December 31,~~common ~~2012,~~stock ~~our~~trades ~~portfolio~~on ~~was~~the ~~leased~~New toYork ~~approximately~~Stock 1Exchange,~~399~~ ~~tenants,~~or ~~which~~the ~~are~~NYSE, ~~engaged~~under inthe asymbol ~~variety~~"SLG." ofOn ~~businesses~~February 13, ~~including~~ ~~professional services~~2026, ~~financial~~the ~~services,~~reported ~~media,~~closing ~~apparel,~~sale ~~business~~price ~~services~~per ~~and~~share ~~government/non-profit~~of common stock on the NYSE was $40.55 ~~The~~and ~~following~~there ~~table~~were ~~sets~~352 ~~forth~~holders ~~information~~of ~~regarding~~record ~~the~~of ~~leases~~our ~~with~~common stock.

SL GREEN OPERATING PARTNERSHIP, L.P.

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.

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.

In order for SL Green to maintain its qualification as a REIT, it must make annual distributions to its stockholders of at least 90% of its taxable income (not including net capital gains). SL Green has adopted a policy of paying regular dividends on its common stock, and the Operating Partnership has adopted a policy of paying regular distributions to its common units in the same amount as dividends paid by SL Green. Cash distributions have been paid on the common stock of SL Green and the common units of the Operating Partnership since the initial public offering of SL Green. Distributions are declared at the discretion of the Board of Directors of SL Green and depend on actual and anticipated cash from operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code and other factors SL Green's Board of Directors may consider relevant.

Each time SL Green issues shares of stock (other than in exchange for common units of limited partnership interest of the Operating Partnership, or OP Units, when such OP Units are presented for redemption), it contributes the proceeds of such issuance to the Operating Partnership in return for an equivalent number of units of limited partnership interest with rights and preferences analogous to the shares issued.

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. We did not repurchase any shares under the program during the year ended December 31, 2025.

SALE 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. The issuance of such shares was exempt from registration under the Securities Act, pursuant to the exemption contemplated by Section 4(a)(2) thereof for transactions not involving a public offering. The units were exchanged for an equal number of shares of our common stock. 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]

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~~respect to~~ITEM ~~the~~7. MANAGEMENT'S 30DISCUSSION ~~largest~~AND ~~tenants~~ANALYSIS inOF ~~our~~FINANCIAL ~~portfolio,~~CONDITION ~~based~~AND onRESULTS ~~the~~OF ~~amount of square footage leased by our tenants as of December 31, 2012:~~ OPERATIONS

Tenant(1)	Properties
Citigroup, N.A.	388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue & 750 Washington Blvd	96	3,023,423	10.2	%	6.4	%
Viacom International, Inc.	1515 Broadway	222	1,271,881	4.3		6.9
Credit Suisse Securities (USA), Inc.	1 Madison Avenue & 280 Park Avenue	96	1,238,829	4.2		6.0
AIG Employee Services, Inc.	180 Maiden Lane	16	803,222	2.7		1.8
Random House, Inc.	1745 Broadway	126	644,598	2.2		1.0
Debevoise & Plimpton, LLP	919 Third Avenue	108	619,353	2.1		1.8
Omnicom Group, Inc.	220 East 42nd Street & 420 Lexington Avenue	52	494,476	1.7		1.8
The City of New York	16 Court Street & 100 Church Street	255	341,903	1.2		1.2
Advance Magazine Group, Fairchild Publications	750 Third Avenue & 485 Lexington Avenue	98	339,195	1.1		1.3
Ralph Lauren Corporation	625 Madison Avenue	84	330,486	1.1		1.9
Harper Collins Publishers LLC	1350 Avenue of the Americas & 10 East 53rd Street	95	289,534	1.0		0.9
C.B.S. Broadcasting, Inc.	555 West 57th Street	132	282,385	1.0		0.9
Schulte, Roth & Zabel LLP	919 Third Avenue	102	263,186	0.9		0.7
The Metropolitan Transportation Authority	333 West 34th Street & 420 Lexington Avenue	97	242,663	0.8		0.8
New York Presbyterian Hospital	673 First Avenue	104	232,772	0.8		1.0
HF Management Services LLC	100 Church Street	231	230,394	0.8		0.6
BMW of Manhattan	555 West 57th Street	115	227,782	0.8		0.5
Stroock, Stroock & Lavan LLP	180 Maiden Lane	125	223,434	0.8		0.4
The Travelers Indemnity Company	485 Lexington Avenue & 2 Jericho Plaza	44	213,456	0.7		0.8
The City University of New York—CUNY	555 West 57th Street & 16 Court Street	216	207,136	0.7		0.6
Verizon	120 West 45th Street, 1100 King Street Bldg. 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive	84	204,076	0.7		1.1
Amerada Hess Corp.	1185 Avenue of the Americas	180	181,569	0.6		1.1
Fuji Color Processing Inc.	200 Summit Lake Drive	78	165,880	0.6		0.5
United Nations	220 East 42nd Street	111	162,146	0.5		0.6
News America Incorporated	1185 Avenue of the Americas	95	161,722	0.5		1.2
King & Spalding	1185 Avenue of the Americas	154	159,943	0.5		0.9
New York Hospitals Center/Mount Sinai	625 Madison Avenue & 673 First Avenue	166	157,433	0.5		0.7
National Hockey League	1185 Avenue of the Americas	119	148,217	0.5		1.1
D.E. Shaw and Company L.P.	120 West 45th Street	99	145,964	0.5		0.8
Banque National De Paris	919 Third Avenue	43	145,834	0.5		0.4
Total Weighted Average(3)			13,152,892	44.5	%	45.7	%

Overview

SL ~~(1)This list~~Green isRealty ~~not~~Corp., ~~intended~~which is referred to beas ~~representative~~SL ofGreen ~~our~~or ~~tenants~~the Company, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a ~~whole~~Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S. ~~(2)Lease term~~L. ~~from~~Green ~~December~~Properties, 31Inc. and its affiliated partnerships and entities. The Company is a self-managed real estate investment trust, ~~2012~~or ~~until~~REIT, engaged in the ~~date~~ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of ~~the~~commercial ~~last~~real ~~expiring~~estate ~~lease~~properties, ~~for~~principally ~~tenants~~office ~~with~~properties, ~~multiple~~located ~~leases~~in the New York metropolitan area, principally Manhattan. ~~(3)Weighted average~~ ~~calculation~~Unless ~~based~~the oncontext ~~total~~requires ~~rentable~~otherwise, ~~square~~all ~~footage~~references ~~leased~~to "we," "our" and "us" means the Company and all entities owned or controlled by ~~each~~the ~~tenant.~~Company, including the Operating Partnership.

The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in Item 8 of 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.

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. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.

Investment in Commercial Real Estate Properties

Real estate properties are presented at cost less accumulated depreciation and amortization. Costs directly related to the development or redevelopment of properties are capitalized. Ordinary repairs and maintenance are expensed as incurred; major investments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

We recognize the assets acquired, liabilities assumed (including contingencies) and any noncontrolling interests in an acquired entity by allocating the purchase price, including transaction costs, at their respective fair values on the acquisition date.

We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases.

The allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed involves subjectivity as the allocations are based on an analysis of the respective fair values. In determining the fair value of the real estate acquired, the Company will use a third-party valuation which primarily utilizes cash flow projections that apply, among other things, estimated revenue and expense growth rates, future market rents, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. We assess fair value of the acquired leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. 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.

Table of Contents

The ~~Environmental~~Company ~~Matters~~ classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if i) the lease transfers ownership of the asset at the end of the lease term, ii) the lease grants an option to purchase the asset that we are reasonably certain to exercise, iii) the lease term is for a major part of the remaining economic life of the asset, iv) the present value of the lease payments exceeds substantially all of the fair value of the asset, or v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not qualify as finance leases are deemed to be operating leases. On the consolidated statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense.

We ~~engaged~~incur ~~independent~~a ~~environmental~~variety ~~consulting~~of ~~firms~~costs toin ~~perform~~the ~~Phase I~~development ~~environmental~~and ~~site~~leasing ~~assessments~~of on our ~~portfolio,~~properties. ~~in order~~After the determination is made to ~~assess~~capitalize ~~existing~~a ~~environmental~~cost, ~~conditions.~~it ~~All~~is ofallocated to the ~~Phase I~~specific ~~assessments~~component ~~met~~of ~~the~~a ~~ASTM~~project ~~Standard~~that is benefited. ~~Under~~Determining ~~the~~when ~~ASTM~~a ~~Standard,~~development project is substantially complete and capitalization must cease involves a ~~Phase I~~degree ~~environmental~~of ~~site~~judgment. ~~assessment~~The ~~consists~~costs of ~~a site~~land ~~visit~~and building under development include specifically identifiable costs. The capitalized costs include, anbut ~~historical~~are ~~record~~not ~~review~~limited to, apre-construction ~~review~~costs essential to the development of ~~regulatory~~the ~~agency~~property, ~~data~~development ~~bases~~costs, ~~and~~construction ~~records~~costs, ~~and~~interest ~~interviews~~costs, ~~with~~real ~~on-site~~estate ~~personnel~~taxes, ~~with~~salaries and related costs and other costs incurred during the ~~purpose~~period of ~~identifying~~development. ~~potential environmental~~We ~~concerns~~consider ~~associated~~a ~~with~~construction ~~real~~project ~~estate.~~as ~~These~~substantially ~~environmental~~complete ~~site~~and ~~assessments~~held ~~did~~available ~~not~~for ~~reveal~~occupancy ~~any~~upon ~~known~~the ~~environmental~~completion ~~liability~~of ~~that~~tenant weimprovements, ~~believe~~but ~~will~~no ~~have~~later athan ~~material~~one ~~adverse~~year ~~effect~~after major construction activity ceases. We cease capitalization on ~~our results~~the ofportions ~~operations~~substantially completed and occupied or ~~financial~~held ~~condition~~available for occupancy and capitalize only those costs associated with the portions under construction.

Properties ~~ITEM~~are 3individually evaluated for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. ~~LEGAL~~ ~~PROCEEDINGS~~ A consolidated property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property taking into account the appropriate capitalization rate in determining the future terminal value. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the property as calculated in accordance with ASC 820. We assess for impairment indicators based on factors such as, among other things, market conditions, occupancy rates, collections, and the overall operating performance of the asset. If indicators of impairment are present, we evaluate real estate investments for potential impairment primarily utilizing estimated fair value based on discounted future cash flows utilizing appropriate discount and capitalization rates, in addition to sales comparison approach, which utilizes comparable sales, listings and sales contracts.

AsWe ofalso ~~December 31,~~evaluate ~~2012,~~our wereal ~~were~~estate ~~not~~properties ~~involved~~for inimpairment ~~any~~when ~~material~~a ~~litigation~~property ~~nor,~~has tobeen ~~management's~~classified ~~knowledge,~~as ~~was~~held ~~any~~for ~~material litigation~~sale. ~~threatened~~Real ~~against~~estate usassets orheld ~~our~~for ~~portfolio~~sale ~~other~~are ~~than~~valued ~~routine~~at ~~litigation~~the ~~arising~~lower inof ~~the~~their ~~ordinary~~carrying ~~course~~value ofor ~~business~~fair orvalue ~~litigation~~less ~~that~~costs isto ~~adequately~~sell ~~covered~~and bydepreciation ~~insurance~~expense is no longer recorded. See Note 4, "Properties Held for Sale and Property Dispositions."

Investments ~~ITEM~~in ~~4. MINE~~Unconsolidated ~~SAFETY~~Joint ~~DISCLOSURES~~ Ventures

~~Not~~We ~~Applicable~~account for our investments in unconsolidated joint ventures under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are variable interest entities (each, a "VIE") and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless we are determined to be the primary beneficiary in a VIE, these participating rights preclude us from consolidating these VIE entities. Determining control of the entities can be subjective in assessing which activities of the joint venture most significantly impact the economic performance and whether the rights of the joint venture partner are protective or participating. In making this determination, any new or amended joint venture agreement is assessed by the Company for the activities that most significantly impact the joint venture's economic performance based on the business purpose and design of the venture. We assess the rights that are conveyed to us in the agreement and evaluate whether we are provided with participating or protective rights over the activities that most significantly impact the entity's economic performance. We also assess the rights of our joint venture partner. 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.

Table of Contents

These investments ~~PART~~are II recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Equity in net income (loss) from unconsolidated joint ventures is allocated based on our ownership or economic interest in each joint venture and includes adjustments related to basis differences in accounting for the investment. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases for tenant space, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans.

We ~~ITEM~~assess 5our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. ~~MARKET~~ ~~FOR~~We ~~REGISTRANT~~evaluate our equity investments for impairment based on each joint ventures'S ~~COMMON~~actual ~~EQUITY~~and ~~AND~~projected ~~RELATED~~cash ~~STOCKHOLDER~~flows. ~~MATTERS~~Aside ~~AND~~from ~~ISSUER~~charges ~~PURCHASES~~noted OFin ~~EQUITY~~Note ~~SECURITIES~~ 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.

~~There~~We ismay nooriginate ~~established~~loans ~~public~~for ~~trading~~real ~~market~~estate ~~for~~acquisition, ~~the~~development ~~common~~and ~~units.~~construction On("ADC ~~February 15,~~loans") ~~2013,~~where ~~there~~we ~~were~~expect ~~approximately~~to 48receive ~~holders~~some of ~~record~~ ~~and~~the ~~94,038,485~~residual ~~common~~profit ~~units~~from ~~outstanding,~~such ~~91,278,727~~projects. When the risk and rewards of ~~which~~these ~~were~~arrangements ~~held~~are byessentially SLthe ~~Green.~~same ~~The~~as ~~table~~an ~~below~~investor ~~sets~~or ~~forth~~joint ~~the~~venture ~~quarterly~~partner, ~~distributions~~we ~~paid~~account byfor usthese toarrangements ~~holders~~as real estate investments under the equity method of ~~common~~accounting ~~operating~~for ~~partnership units~~investments. ~~with~~Otherwise, ~~respect~~we toaccount for these arrangements consistent with the ~~periods~~accounting ~~indicated.~~for our debt and preferred equity investments.

	2012		2011
Quarter Ended	Distributions		Distributions
March 31	$	0.25	$	0.10
June 30	$	0.25	$	0.10
September 30	$	0.25	$	0.10
December 31	$	0.33	$	0.25

SL Green expects to pay dividends to its stockholders on a quarterly basis based on the distributions we make to it primarily from property revenues net of operating expenses or, if necessary, from working capital or borrowings. If SL Green declares a dividend, such dividend is generally paid in the subsequent quarter.

In order to enable SL Green to maintain its qualification as a REIT, it must make annual distributions to its stockholders of at least 90% of its taxable income (not including net capital gains). SL Green has adopted a policy of paying regular quarterly dividends on its common stock, and we have adopted a policy of paying regular quarterly distributions on our common units corresponding to dividends paid by SL Green. Cash distributions have been paid on the common stock of SL Green and our common units since the initial public offering of SL Green. Distributions are declared at the discretion of the board of directors of SL Green and depend on actual and anticipated cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code and other factors SL Green's board of directors may consider relevant.

Each time SL Green issues shares of stock (other than in exchange for operating partnership units, or OP Units, when such OP Units are presented for redemption), it contributes the proceeds of such issuance to us in return for an equivalent number of partnership units with rights and preferences analogous to the shares issued.

ISSUER PURCHASES OF EQUITY SECURITIES

None.

SALE OF UNREGISTERED AND REGISTERED SECURITIES; USE OF PROCEEDS FROM REGISTERED SECURITIES

During the years ended December 31, 2012, 2011 and 2010, SL Green issued 1,096,384, 12,423 and 278,865 shares of common stock, respectively, to holders of our units of limited partnership interest upon the redemption of such units pursuant to the Operating Partnership agreement. The issuance of such shares was exempt from registration under the Securities Act, pursuant to the exemption contemplated by Section 4(2) thereof for transactions not involving a public offering. The units were converted into an equal number of shares of common stock.

Table of Contents

~~The following~~Results ~~table summarizes information, as~~ of ~~December 31, 2012, relating to SL Green's equity compensation plans pursuant to which shares of SL Green's common stock or other equity securities may be granted from time to time.~~ Operations

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights			Weighted average exercise price of outstanding options, warrants and rights			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)			(b)			(c)
Equity compensation plans approved by security holders(1)		3,336,200	(2)	$	75.05	(3)		433,667	(4)
Equity compensation plans not approved by security holders		—			—			—
Total		3,336,200		$	75.05			433,667

Comparison of the year ended December 31, 2025 to the year ended December 31, 2024

The ~~(1)Includes information~~following ~~related~~comparison tofor SL Green's Second Amended and Restated 2005 Stock Option and Incentive Plan, Amended 1997 Stock Option and Incentive Plan, as amended and 2008 Employee Stock Purchase Plan. (2)Includes (i) 1,201,000 shares of SL Green common stock issuable upon the ~~exercise~~year ofended ~~outstanding options (480,000 of which are vested and exercisable), (ii)~~December ~~412~~31,~~500~~ ~~restricted stock units and 75~~2025,~~156~~ ~~phantom~~or ~~stock units that may be settled in shares of common stock (377~~2025,~~100~~ ofto ~~which~~the ~~are~~year ~~vested),~~ended ~~(iii)~~December ~~541~~31,~~166~~ ~~LTIP units that~~2024, ~~upon~~or ~~the satisfaction of certain conditions~~2024, ~~are~~makes ~~convertible~~reference ~~into common units, which may be presented~~ to ~~us for redemption and acquired by us for shares of SL Green common stock (none of which are vested) and (iv) shares of SL Green common stock reserved in connection with LTIP units issued pursuant to~~ the ~~2011~~effect ~~Long-Term Outperformance Plan, all~~ of ~~which remain subject to performance-based vesting and a dollar value limitation on~~ the number of LTIP units that may be earned based on SL Green's common stock price when the LTIP units are earned. (3)Because there is no exercise price associated with restricted stock units, phantom stock units or LTIP units, these awards are not included in the weighted-average exercise price calculation. (4)Balance is after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP units, including, among others, outstanding LTIP units issued under SL Green's 2011 Long-Term Outperformance Plan, which remain subject to performance-based vesting. Number of securities remaining available consists exclusively of shares remaining available for issuance under our 2008 Employee Stock Purchase Plan. following:

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods (Same-Store Properties totaled 21 of our 33 consolidated operating buildings),

ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2025 and 2024 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 2025 and 2024,

iv."Alternative Strategy Portfolio," which represents non-core assets, and

v.“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.

Table of Contents

ITEM 6. SELECTED FINANCIAL DATA


	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)

Filing Compare · SL GREEN OPERATING PARTNERSHIP, L.P.