SL GREEN REALTY CORP

Previous wording

As of June 30, 2025, we also managed one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet, and held consolidated debt and preferred equity investments with a book value of $315.7 million, excluding credit losses and approximately $221.9 million of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and preferred equity investments line item.

Current wording

As of September 30, 2025, we also managed one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet, and held consolidated debt and preferred equity investments with a book value of $171.4 million, excluding credit losses and approximately $130.5 million of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and preferred equity investments line item.

Previous wording

Refer to the 2024 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting estimates, which include investment in commercial real estate properties and investment in unconsolidated joint ventures. During the three and six months ended June 30, 2025, there were no material changes to these estimates.

Current wording

Refer to the 2024 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting estimates, which include investment in commercial real estate properties and investment in unconsolidated joint ventures. During the three and nine months ended September 30, 2025, there were no material changes to these estimates.

Previous wording

i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2024 and still owned by us in the same manner as of June 30, 2025 (Same-Store Properties totaled 22 of our 28 consolidated operating buildings),

Current wording

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods. (Same-Store Properties totaled 22 of our 28 consolidated operating buildings),

Previous wording

Rental revenues increased due primarily to the consolidation of 100 Park Avenue ($10.1 million) at the end of the fourth quarter of 2024 and the acquisition of 500 Park Avenue ($4.3 million) in the first quarter of 2025.

Current wording

Rental revenues increased due primarily to the consolidation of 100 Park Avenue ($11.3 million) at the end of the fourth quarter of 2024 and the acquisition of 500 Park Avenue ($4.4 million) in the first quarter of 2025.

Previous wording

(4)Average starting office rent excluding new tenants replacing vacancies was $77.24 per rentable square feet for 232,940 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $79.27 per rentable square feet for 334,144 rentable square feet.

Current wording

(4)Average starting office rent excluding new tenants replacing vacancies was $97.21 per rentable square feet for 220,110 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $95.42 per rentable square feet for 384,800 rentable square feet.

Previous wording

During the three months ended September 2024 and the six months ended June 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in Interest expense on senior obligations of consolidated securitization vehicles. As a result, the net impact is limited to the interest income on the CMBS we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the six months ended June 30, 2024.

Current wording

During the three months ended September 2024 we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in "Interest expense on senior obligations of consolidated securitization vehicles". As a result, the net impact is limited to the interest income on the CMBS we own directly and not the consolidated interest income and interest expense.

Previous wording

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($2.9 million), the acquisition of 500 Park Avenue ($1.2 million) and an increase in real estate taxes ($4.6 million) at our Acquisition Properties.

Current wording

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($3.4 million) at the end of the fourth quarter of 2024, the acquisition of 500 Park Avenue ($1.4 million) in the first quarter of 2025 and an increase in real estate taxes at our Acquisition Properties ($1.9 million) and Same-Store Properties ($4.9 million).

Previous wording

Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to the consolidation of 100 Park Avenue ($6.1 million), a decrease in interest capitalization at properties that are under development or redevelopment ($5.6 million) and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($2.8 million) in the third quarter of 2024. These increases were offset by decreased interest expense from the revolving credit facility ($5.6 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($1.9 million) in the fourth quarter of 2024. The weighted average consolidated debt balance outstanding was $3.8 billion for the three months ended June 30, 2025, compared to $3.8 billion for the three months ended June 30, 2024. The consolidated weighted average interest rate was 5.38% for the three months ended June 30, 2025, as compared to 5.21% for the three months ended June 30, 2024.

Current wording

Interest expense, net of interest income, increased due primarily to the consolidation of 100 Park Avenue ($6.6 million) at the end of the fourth quarter of 2024 and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($2.8 million) in the third quarter of 2024. These increases were offset by decreased interest expense from the revolving credit facility ($5.9 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($1.5 million) in the fourth quarter of 2024. The consolidated weighted average interest rate was 5.37% for the three months ended September 30, 2025, as compared to 5.05% for the three months ended September 30, 2024.

Previous wording

During the three months ended September 30, 2024 and the six months ended June 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the six months ended June 30, 2024.

Current wording

During the three months ended September 2024, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third-party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense.

Previous wording

Depreciation and amortization increased during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due primarily to the consolidation of 100 Park Avenue ($5.0 million) and the acquisition of 500 Park Avenue ($1.4 million).

Current wording

Depreciation and amortization increased during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 due primarily to the consolidation of 100 Park Avenue ($5.2 million) at the end of the fourth quarter of 2024, the consolidation of 315 West 33rd Street ($1.8 million) at the end of the third quarter of 2025 and the acquisition of 500 Park Avenue ($1.4 million) in the first quarter of 2025.

Previous wording

Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate

Current wording

Equity in net gain on sale of interest in unconsolidated joint venture/real estate

Previous wording

The following comparison for the six months ended June 30, 2025, or 2025, to the six months ended June 30, 2024, or 2024, makes reference to the effect of the following:

Current wording

The following comparison for the nine months ended September 30, 2025, or 2025, to the nine months ended September 30, 2024, or 2024, makes reference to the effect of the following:

Previous wording

i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2024 and still owned by us in the same manner as of June 30, 2025 (Same-Store Properties totaled 22 of our 28 consolidated operating properties),

Current wording

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods. (Same-Store Properties totaled 22 of our 28 consolidated operating properties),

Previous wording

Rental revenues increased due primarily to the consolidation of 100 Park Avenue ($20.1 million) at the end of the fourth quarter of 2024 and 10 East 53rd Street ($7.6 million) at the end of the first quarter of 2024 and the acquisition of 500 Park Avenue ($8.1 million) in the first quarter of 2025.

Current wording

Rental revenues increased due primarily to the consolidation of 100 Park Avenue ($31.4 million) at the end of the fourth quarter of 2024 and 10 East 53rd Street ($7.4 million) at the end of the first quarter of 2024 and the acquisition of 500 Park Avenue ($12.5 million) in the first quarter of 2025.

Previous wording

The following table presents a summary of the commenced leasing activity for the six months ended June 30, 2025 in our Manhattan and Suburban portfolio:

Current wording

The following table presents a summary of the commenced leasing activity for the nine months ended September 30, 2025 in our Manhattan and Suburban portfolio:

Previous wording

(4)Average starting office rent excluding new tenants replacing vacancies was $77.24 per rentable square feet for 232,940 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $79.27 per rentable square feet for 334,144 rentable square feet.

Current wording

(4)Average starting office rent excluding new tenants replacing vacancies was $97.21 per rentable square feet for 220,110 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $95.42 per rentable square feet for 384,800 rentable square feet.

Previous wording

SUMMIT Operator revenues were lower for the six months ended June 30, 2025 as compared to the same period in 2024 due primarily to taking the Ascent experience offline for maintenance, which is a premium ticket that generates incremental revenue.

Current wording

SUMMIT Operator revenues were lower for the nine months ended September 30, 2025 as compared to the same period in 2024 due primarily to taking the Ascent experience offline for maintenance, which is a premium ticket that generates incremental revenue.

Previous wording

Investment income increased primarily due to interest payments received on one CMBS investment ($10.0 million) during the six months ended June 30, 2025. This increase was partially offset by a lower weighted average debt and preferred equity investment balance and weighted average yield for the six months ended June 30, 2025 as compared to the same period in 2024. For the six months ended June 30, 2025, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $326.5 million and 6.0%, respectively, as compared to $349.0 million and 7.5%, respectively, for the six months ended June 30, 2024.

Current wording

Investment income increased due primarily to interest payments received on one CMBS investment ($10.0 million) during the nine months ended September 30, 2025. This increase was partially offset by a lower weighted average debt and preferred equity investment balance and weighted average yield for the nine months ended September 30, 2025 as compared to the same period in 2024. For the nine months ended September 30, 2025, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $308.4 million and 5.9%, respectively, as compared to $334.6 million and 7.1%, respectively, for the nine months ended September 30, 2024.

Previous wording

During the three months ended September 2024 we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in "Interest expense on senior obligations of consolidated securitization vehicles". As a result, the net impact is limited to the interest income on the CMBS we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended June 30, 2024.

Current wording

During the three months ended September 2024 and the nine months ended September 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in "Interest expense on senior obligations of consolidated securitization vehicles". As a result, the net impact is limited to the interest income on the CMBS we own directly and not the consolidated interest income and interest expense.

Previous wording

Other income decreased primarily due to fee income recognized during the six months ended June 30, 2024 related to the sales of 625 Madison Avenue ($11.5 million) and 719 Seventh Avenue ($3.5 million). This is offset by management fees earned from third-party investors of the Fund ($2.6 million) and increased lease termination income ($3.8 million) during the six months ended June 30, 2025.

Current wording

Other income decreased due primarily to fee income recognized during the nine months ended September 30, 2024 related to the sales of 625 Madison Avenue ($11.5 million) and 719 Seventh Avenue ($3.5 million). This is offset by management fees earned from the Fund ($5.2 million) and increased lease termination income ($3.9 million) during the nine months ended September 30, 2025.

Previous wording

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($13.5 million) and 10 East 53rd Street ($4.2 million), the acquisition of 500 Park Avenue ($4.4 million) and an increase in real estate taxes ($9.9 million) at our Acquisition Properties.

Current wording

Property operating expenses increased due primarily to the consolidation of 100 Park Avenue ($20.5 million) and 10 East 53rd Street ($4.4 million), the acquisition of 500 Park Avenue ($6.9 million) and an increase in real estate taxes at our Acquisition Properties ($4.5 million) and Same-Store Properties ($13.9 million).

Previous wording

Interest expense and amortization of deferred financing costs, net of interest income, increased due primarily to a decrease in interest capitalization at properties that are under development or redevelopment ($15.8 million), the consolidation of 100 Park Avenue ($12.2 million) and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($4.8 million). These increases were offset by decreased interest expense from the revolving credit facility ($10.1 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($4.0 million) in the fourth quarter of 2024. The weighted average consolidated debt balance outstanding was $3.8 billion for the six months ended June 30, 2025, compared to $3.8 billion for the six months ended June 30, 2024. The consolidated weighted average interest rate was 5.38% for the six months ended June 30, 2025, as compared to 5.20% for the six months ended June 30, 2024.

Current wording

Interest expense, net of interest income, increased due primarily to the consolidation of 100 Park Avenue ($18.7 million), a decrease in interest capitalization at properties that are under development or redevelopment ($17.2 million) and an increase in the interest rate on the mortgage at 420 Lexington Avenue ($7.5 million). These increases were offset by decreased interest expense from the revolving credit facility ($15.9 million) due to a lower outstanding balance, and the repayment of unsecured corporate term loans ($5.4 million) in the fourth quarter of 2024. The consolidated weighted average interest rate was 5.37% for the nine months ended September 30, 2025, as compared to 5.15% for the nine months ended September 30, 2024.

Previous wording

During the three months ended September 2024, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third-party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended June 30, 2024.

Current wording

During the three months ended September 30, 2024 and the nine months ended September 30, 2025, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in "Interest income from real estate loans held by consolidated securitization vehicles". As a result, the impact is limited to interest income on the CMBS we own directly and not the consolidated interest income and interest expense.

Previous wording

Depreciation and amortization increased primarily due to the consolidation of 100 Park Avenue ($9.6 million) and 10 East 53rd Street($4.1 million). Depreciation and amortization also increased due to tenant improvements placed into service at 485 Lexington Avenue ($3.2 million) and the acquisition of 500 Park Avenue ($2.3 million).

Current wording

Depreciation and amortization increased primarily due to the consolidation of 100 Park Avenue ($14.8 million) and 10 East 53rd Street ($4.2 million) and the acquisition of 500 Park Avenue ($3.7 million) in the first quarter of 2025.

Previous wording

Equity in net (loss) income from unconsolidated joint ventures decreased primarily due to gains on discounted debt extinguishments at 2 Herald Square ($126.6 million) and 280 Park Avenue ($22.9 million) during the six months ended June 30, 2024. This was partially offset by the consolidation of 100 Park Avenue ($8.3 million).

Current wording

Equity in net (loss) income from unconsolidated joint ventures decreased primarily due to gains on discounted debt extinguishments at 2 Herald Square ($126.6 million) and 280 Park Avenue ($22.9 million) during the nine months ended September 30, 2024. This was partially offset by the consolidation of 100 Park Avenue ($12.1 million) at the end of the fourth quarter of 2024.

Previous wording

Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate

Current wording

Equity in net gain on sale of interest in unconsolidated joint venture/real estate

Previous wording

During the six months ended June 30, 2025, we recognized a loss on the sale of our interest in 85 Fifth Avenue ($1.9 million). During the six months ended June 30, 2024, we recognized a gain on the sale of our interest in 717 Fifth Avenue ($24.9 million) and a loss on the sale of our interest in 625 Madison Avenue ($7.6 million).

Current wording

During the nine months ended September 30, 2025, we recognized a gain on the sale of our interest in One Vanderbilt Avenue ($87.3 million) offset by a loss on the sale of our interest in 85 Fifth Avenue ($2.3 million). During the nine months ended September 30, 2024, we recognized a gain on the sale of our interest in 717 Fifth Avenue ($24.9 million) offset by a loss on the sale of our interest in 625 Madison Avenue ($7.3 million).

Previous wording

During the six months ended June 30, 2025, we recorded a $13.0 million negative fair value adjustment related to the initial valuation of Palisades Conference Center and a $4.3 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the six months ended June 30, 2024, we recorded a $55.7 million negative fair value adjustment relating to the consolidation of 10 East 53rd Street, partially offset by a $6.5 million positive fair value adjustment related to a derivative that was not designated as a hedge.

Current wording

During the nine months ended September 30, 2025, we recorded a $13.0 million negative fair value adjustment related to the initial valuation of Palisades Conference Center and a $4.0 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes, partially offset by a $14.2 million positive fair value adjustment for the secured borrowing related to the previous sale of an interest at One Madison Avenue. During the nine months ended September 30, 2024, we recorded a $55.7 million negative fair value adjustment relating to the consolidation of 10 East 53rd Street and a $2.6 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes, partially offset by a $21.9 million positive fair value adjustment for the secured borrowing related to the previous sale of an interest at One Madison Avenue.

Previous wording

Loss on sale of real estate, net decreased primarily due to a loss recognized on the sale of 719 Seventh Avenue ($2.0 million) during the three months ended June 30, 2024.

Current wording

During the nine months ended September 30, 2024, we recognized a gain on the sale of Palisades Premier Conference Center ($7.3 million) and a loss on the sale of 719 Seventh Avenue ($2.1 million).

Previous wording

During the six months ended June 30, 2025, we recognized depreciable real estate reserves and impairments at 760 Madison Avenue ($8.5 million) to reduce the carrying value of our investment. During the six months ended June 30, 2024, we recognized depreciable real estate reserves and impairments at 719 Seventh Avenue ($46.3 million) and 760 Madison Avenue ($13.7 million), reflective of $13.2 million of capitalized interest. In addition, during the six months ended June 30, 2024, we recognized depreciable real estate reserves and impairments related to our investment at 625 Madison Avenue ($5.9 million), which remained under contract for sale as of March 31, 2024, prior to the sale closing in the second quarter of 2024.

Current wording

During the nine months ended September 30, 2025, we recognized depreciable real estate reserves and impairments at 760 Madison Avenue ($8.5 million). During the nine months ended September 30, 2024, we recognized depreciable real estate reserves and impairments at 719 Seventh Avenue ($46.3 million) and 760 Madison Avenue ($13.7 million), reflective of $13.2 million of capitalized interest. In addition, during the nine months ended September 30, 2024, we recognized depreciable real estate reserves and impairments related to our investment at 625 Madison Avenue ($5.9 million), prior to the sale closing in the second quarter of 2024.

Previous wording

During the six months ended June 30, 2024, we recognized a ($17.8 million) gain on discounted debt extinguishment at 719 Seventh Avenue.

Current wording

During the nine months ended September 30, 2024, we recognized a ($17.8 million) gain on discounted debt extinguishment at 719 Seventh Avenue.

Previous wording

During the six months ended June 30, 2025, we recognized a loan loss recovery of $71.6 million related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.

Current wording

During the nine months ended September 30, 2025, we recognized a loan loss recovery of $71.6 million related to the repayment of the mortgage investment at 522 Fifth Avenue.

Previous wording

During the three months ended June 30, 2025, we recognized a gain on marketable securities sold during the period ($10.2 million).

Current wording

During the nine months ended September 30, 2025, we recognized a gain on marketable securities sold during the period ($10.2 million).

Previous wording

We estimate that for the remainder of the year ending December 31, 2025, we expect to incur $67.1 million of leasing capital expenditures and $26.0 million of recurring capital expenditures on existing consolidated properties, of which $17.7 million will be funded by loan reserves. In addition, we expect to incur $19.1 million of development or redevelopment expenditures on existing consolidated properties, none of which will be funded by construction financing facilities or loan reserves. We expect our share of capital expenditures at our joint venture properties will be $72.6 million, of which $21.5 million will be funded by construction financing facilities or loan reserves. We expect to fund capital expenditures from operating cash flow, existing liquidity, and borrowings from construction financing facilities. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.

Current wording

We estimate that for the remainder of the year ending December 31, 2025, we expect to incur $39.4 million of leasing capital expenditures and $19.4 million of recurring capital expenditures on existing consolidated properties, of which $12.1 million will be funded by loan reserves. In addition, we expect to incur $22.9 million of development or redevelopment expenditures on existing consolidated properties, none of which will be funded by construction financing facilities or loan reserves. We expect our share of capital expenditures at our joint venture properties will be $34.7 million, of which $18.3 million will be funded by construction financing facilities or loan reserves. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs.

Previous wording

As of June 30, 2025, we had liquidity of $1.1 billion, comprised of $882.5 million of availability under our revolving credit facility and $200.1 million of consolidated cash on hand, inclusive of $17.2 million of available-for-sale marketable securities. This liquidity excludes $111.9 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties or debt and preferred equity investments or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt and other obligations, as described above, upon maturity, if not before.

Current wording

As of September 30, 2025, we had liquidity of $1.1 billion, comprised of $852.5 million of availability under our revolving credit facility and $203.1 million of consolidated cash on hand, inclusive of $16.1 million of available-for-sale marketable securities. This liquidity excludes $94.6 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties or debt and preferred equity investments or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt and other obligations, as described above, upon maturity, if not before.

Previous wording

Cash, restricted cash, and cash equivalents were $342.8 million and $315.8 million as of June 30, 2025 and 2024, respectively, representing a decrease of $27.0 million. The decrease was a result of the following changes in cash flows (in thousands):

Current wording

Cash, restricted cash, and cash equivalents were $357.0 million and $315.1 million as of September 30, 2025 and 2024, respectively, representing an increase of $41.9 million. The increase was a result of the following changes in cash flows (in thousands):

Previous wording

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the six months ended June 30, 2025, when compared to the six months ended June 30, 2024, we used cash primarily for the following investing activities (in thousands):

Current wording

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the nine months ended September 30, 2025, when compared to the nine months ended September 30, 2024, we used cash primarily for the following investing activities (in thousands):

Previous wording

Funds spent on capital expenditures, which are comprised of building and tenant improvements, increased from $108.1 million for the six months ended June 30, 2024 to $136.1 million for the six months ended June 30, 2025 due to increased spending on development and redevelopment properties.

Current wording

Funds spent on capital expenditures, which are comprised of building and tenant improvements, increased from $162.7 million for the nine months ended September 30, 2024 to $183.0 million for the nine months ended September 30, 2025 due to increased spending on development and redevelopment properties.

Previous wording

During the six months ended June 30, 2025, when compared to the six months ended June 30, 2024, we used cash primarily for the following financing activities (in thousands):

Current wording

During the nine months ended September 30, 2025, when compared to the nine months ended September 30, 2024, we used cash primarily for the following financing activities (in thousands):

Previous wording

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. As of June 30, 2025, 71,024,627 shares of common stock and no shares of excess stock were issued and outstanding.

Current wording

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. As of September 30, 2025, 71,028,166 shares of common stock and no shares of excess stock were issued and outstanding.