SL GREEN REALTY CORP

Our Portfolio

General

As of December 31, 2023, we owned or held interests in 13 consolidated commercial office buildings encompassing approximately 8.4 million rentable square feet and 12 unconsolidated commercial office buildings encompassing approximately 15.4 million rentable square feet located primarily in midtown Manhattan. Many of these buildings include some amount of retail space on the lower floors, as well as basement/storage space. As of December 31, 2023, our portfolio also included ownership interests in one consolidated property, encompassing seven commercial office buildings totaling approximately 0.9 million rentable square feet, in Stamford Connecticut, which we refer to as our Suburban property. Some of these buildings also include a small amount of retail space on the lower floors, as well as basement/storage space.

As of December 31, 2023, we also owned or held interests in 10 prime retail properties encompassing approximately 0.3 million square feet, 6 buildings in differing stages of development or redevelopment encompassing approximately 4.3 million square feet, and 2 residential building encompassing 209 residential units and 484 dormitory beds, respectively, encompassing approximately 0.4 million square feet. In addition, we manage one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet and held debt and preferred equity investments with a book value of $346.7 million, excluding $7.9 million of investments recorded in balance sheet line items other than the Debt and preferred equity investments line item.

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, 2023 (dollars in thousands):

(1)Represents the rentable square footage at the time the property was acquired.

(2)Occupancy for commenced leases.

(3)Occupancy inclusive of leases signed but not yet commenced.

(4)Alternative Strategy Portfolio property.

(5)Calculated based on occupied units. Amount in dollars.

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

(7)The Company closed on the acquisition of additional interests in the joint venture in January 2024, which increased the Company's interest to 95%.

(8)Along with its joint venture partner, the Company closed on the sale of this property in January 2024.

(9)Property included in Manhattan Operating Properties as of December 31, 2023.

Historical Occupancy

Historically, we have achieved materially higher occupancy rates in our Manhattan office portfolio as compared to the overall midtown Manhattan office market, as shown in the following table:

(1)Includes our consolidated and unconsolidated Manhattan office properties.

(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 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.

Lease Expirations

Leases in our Manhattan portfolio, as at many other Manhattan office properties, typically have an initial term of seven to fifteen years, compared to typical lease terms of five to ten years in other large U.S. office markets. For the five years ending December 31, 2028, the average annual lease expirations at our Manhattan consolidated and unconsolidated operating properties is expected to be approximately 0.7 million square feet and approximately 0.6 million square feet, respectively, representing an average annual expiration rate of approximately 9.2% and approximately 4.0%, 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, 2023 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):

(2)Represents the monthly contractual rent under existing leases as of December 31, 2023 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.

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

(4)Includes approximately 177,309 square feet and annualized cash rent of $10.0 million occupied by month-to-month holdover tenants whose leases expired prior to December 31, 2023.

(2)Represents the monthly contractual rent under existing leases as of December 31, 2023 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.

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

(4)Includes approximately 114,048 square feet and annualized cash rent of $11.9 million occupied by month-to-month holdover tenants whose leases expired prior to December 31, 2023.

Tenant Diversification

As of December 31, 2023, our properties were leased to 920 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, 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, 2023:

(1)Expiration of current lease term and does not reflect extension options.

(2)SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential and Development / Redevelopment properties.

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

(4)The asset was sold in January 2024.

Environmental Matters

Phase I environmental site assessments have been prepared on the properties in our portfolio, in order to assess existing environmental conditions. All of the Phase I assessments met the American Society for Testing and Materials (ASTM) Standard. 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.