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SL GREEN REALTY CORP

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 17, 2026

SLG$52.46+3.3%Stored close · as of Nov 9, 2026

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Item 2. Properties

Our Portfolio

General

As of December 31, 2025, we owned or held interests in 16 consolidated commercial office buildings encompassing approximately 9.5 million rentable square feet and 10 unconsolidated commercial office buildings encompassing approximately 13.9 million rentable square feet located primarily in midtown Manhattan. Many of these buildings include some amount of retail space on the lower floors, as well as basement/storage space. As of December 31, 2025, our portfolio also included ownership interests in one consolidated property, encompassing six commercial office buildings totaling approximately 0.7 million rentable square feet, in Stamford Connecticut, which we refer to as our Suburban property. 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, 2025, we also owned or held interests in five prime retail properties encompassing approximately 313.3 thousand square feet, five buildings in differing stages of development or redevelopment encompassing approximately 1.2 million square feet, and two residential building encompassing 542 residential units and 484 dormitory beds, respectively, encompassing approximately 0.6 million square feet. 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 $168.4 million, excluding $12.2 million of investments recorded in balance sheet line items other than the Debt and preferred equity investments line item.

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 ContractualCashRent ($'s) · Annualized Contractual Cash Rent SLG Share ($'s) · Total Tenants
MANHATTAN CONSOLIDATED OFFICE PROPERTIES
"Same Store"
10 East 53rd Street100.0Plaza District354,30095.594.191.8$32,962$32,96236
100 Church Street100.0Downtown1,047,50093.593.193.147,34547,34517
110 Greene Street100.0Soho223,60094.792.791.919,40919,40952
125 Park Avenue100.0Grand Central604,24599.298.096.847,29247,29223
304 Park Avenue South100.0Midtown South215,00091.991.991.918,08318,0836
420 Lexington Ave (Graybar)100.0Grand Central North1,188,00092.890.590.488,88288,882174
461 Fifth Avenue100.0Midtown200,00090.285.077.415,10015,10019
485 Lexington Avenue100.0Grand Central North921,00079.777.877.848,33948,33937
555 West 57th Street100.0Midtown West941,00077.277.277.247,46947,46911
711 Third Avenue100.0(5)Grand Central North524,00077.070.870.825,77025,77017
800 Third Avenue100.0Grand Central North526,00090.084.383.831,76231,76242
810 Seventh Avenue100.0Times Square692,00089.287.284.443,88343,88347
885 Third Avenue100.0Midtown / Plaza District218,79684.581.574.611,65511,65515
1185 Avenue of the Americas100.0Rockefeller Center1,062,00089.074.567.261,55461,55423
1350 Avenue of the Americas100.0Rockefeller Center562,00080.775.575.134,40634,40642
Subtotal / Weighted Average9,279,44187.8%84.1%82.5%$573,911$573,911561
"Non Same Store"
500 Park Avenue100.0Park Avenue201,41190.790.790.7$17,106$17,10612
Subtotal / Weighted Average201,41190.7%90.7%90.7%$17,106$17,10612
Total / Weighted Average Manhattan Consolidated Office Properties9,480,85287.9%84.2%82.7%$591,017$591,017573
MANHATTAN UNCONSOLIDATED OFFICE PROPERTIES
"Same Store"
One Vanderbilt Avenue55.0Grand Central1,657,198100.0100.0100.0$290,850$159,96841
11 Madison Avenue60.0Park Avenue South2,314,00093.093.087.9167,376100,4268
100 Park Avenue50.8Grand Central South834,00097.196.867.262,51731,75838
220 East 42nd Street51.0Grand Central1,135,00094.093.593.172,45536,95234
280 Park Avenue50.0Park Avenue1,219,15894.290.590.4129,17164,58534
450 Park Avenue25.1Park Avenue337,00093.990.790.739,1409,82426
919 Third Avenue51.0Grand Central North1,454,00099.895.584.2101,18251,60311
1515 Broadway56.9Times Square1,750,00099.799.799.7142,21880,9227
245 Park Avenue50.1Park Avenue1,782,79397.894.886.4179,02389,69114
Subtotal / Weighted Average12,483,14996.8%95.4%89.9%$1,183,932$625,729213
"Non Same Store"
One Madison Avenue25.5Park Avenue South1,385,48493.379.964.7$130,694$33,32716
Subtotal / Weighted Average1,385,48493.3%79.9%64.7%$130,694$33,32716
Total / Weighted Average Manhattan Unconsolidated Office Properties13,868,63396.5%93.9%87.4%$1,314,626$659,056229
Manhattan Office Grand Total / Weighted Average23,349,48593.0%90.0%85.5%$1,905,643$1,250,073802
Manhattan Office Same Store Occupancy %—Combined21,762,59093.0%90.6%86.7%
Occupancy
Properties · Ownership Interest (%) · SubMarket · Square Feet(1) · %Leased(2) · %Occupied(3) · Annualized ContractualCashRent ($'s) · Annualized Contractual Cash Rent SLG Share ($'s) · Total Tenants
SUBURBAN CONSOLIDATED OFFICE PROPERTIES
"Same Store" Suburban
Landmark Square100.0Stamford, Connecticut732,80079.479.0$15,706$15,70683
Subtotal/Weighted Average732,80079.4%79.0%$15,706$15,70683
Total / Weighted Average Suburban Consolidated Office Properties732,80079.4%79.0%$15,706$15,70683
Suburban Office Grand Total / Weighted Average732,80079.4%79.0%$15,706$15,70683
Occupancy
Properties · Ownership Interest (%) · SubMarket · Square Feet(1) · %Leased(2) · %Occupied(3) · Annualized ContractualCashRent ($'s) · Annualized Contractual Cash Rent SLG Share ($'s) · Total Tenants
RETAIL PROPERTIES
"Same Store" Retail
760 Madison Avenue100.0Plaza District22,648100.0100.0$18,554$18,5541
Subtotal/Weighted Average22,648100.0%100.0%$18,554$18,5541
"Non Same Store" Retail
313 West 33rd Street - The Olivia100.0Penn Station270,13282.482.4$13,563$13,5638
690 Madison Avenue90.0Plaza District7,848100.0100.04,5054,0541
1552 Broadway/1560 Broadway Signage100.0Times Square12,719100.0100.04,2002,100(6)1
Subtotal/Weighted Average290,69983.6%83.6%$22,268$19,71710
Total / Weighted Average Retail Properties313,34784.8%84.8%$40,822$38,27111
Occupancy
Properties · Ownership Interest (%) · SubMarket · Square Feet(1) · Total Units · %Leased(2) · %Occupied(3) · Annualized ContractualCashRent ($'s) · Annualized Contractual Cash Rent SLG Share ($'s) · AverageMonthly RentPer Unit ($'s) (5)
RESIDENTIAL
"Non Same Store" Residential
7 Dey Street100.0Lower Manhattan140,38220999.598.6$12,506$12,506$5,059
15 Beekman Street20.0Downtown221,884484(7)100.0100.014,1552,831—
Subtotal/Weighted Average362,26669399.8%99.6%$26,661$15,337$5,059
"Non Same Store" Residential
313 West 33rd Street - The Olivia100.0Penn Station222,85533396.492.2$18,676$18,676$5,070
Subtotal/Weighted Average222,85533396.4%92.2%$18,676$18,676$5,070
Total / Weighted Average Residential Properties585,1211,02698.7%97.2%$45,337$34,013$5,065
Occupancy
Properties · Ownership Interest (%) · SubMarket · Square Feet(1) · %Leased(2) · %Occupied(3) · Annualized ContractualCashRent ($'s) · Annualized Contractual Cash Rent SLG Share ($'s) · Total Tenants
DEVELOPMENT/REDEVELOPMENT
3 Landmark Square100.0Stamford. Connecticut130,0007.47.4$370$3704
19 East 65th Street100.0Plaza District14,639—————
185 Broadway100.0Lower Manhattan50,20634.534.53,5063,5064
346 Madison Avenue100.0Grand Central275,13840.440.45,4955,49528
750 Third Avenue100.0Grand Central North780,0004.94.83,6753,6755
Subtotal/Weighted Average1,249,98314.1%14.1%$13,046$13,04641
Total / Weighted Average Development/Redevelopment Properties1,249,98314.1%14.1%$13,046$13,04641
Occupancy
Properties · Ownership Interest (%) · SubMarket · Square Feet(1) · %Leased(2) · %Occupied(3) · Annualized ContractualCashRent ($'s) · Annualized Contractual Cash Rent SLG Share ($'s) · Total Tenants
ALTERNATIVE STRATEGY PORTFOLIO
2 Herald Square95.0Herald Square369,00034.534.5$26,222$24,9115
11 West 34th Street30.0Herald Square/Penn Station17,150100.0100.03,6801,1041
115 Spring Street51.0Soho5,218100.0100.04,2022,1431
650 Fifth Avenue50.0Plaza District69,214100.0100.042,57421,2871
Worldwide Plaza25.1Westside2,048,72561.961.976,53819,17321
Subtotal/Weighted Average2,509,30759.3%59.3%$153,216$68,61829
Total / Weighted Average Alternative Strategy Portfolio Properties2,509,30759.3%59.3%$153,216$68,61829

(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

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:

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, 202593.0%80.5%75.6%
December 31, 202492.5%78.0%73.6%
December 31, 202389.4%78.4%75.5%
December 31, 202290.7%78.4%76.6%
December 31, 202192.1%80.6%77.1%

(1)Includes our consolidated and unconsolidated Manhattan office properties, inclusive of leases signed but not yet commenced.

(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 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, 2030, the average annual lease expirations at our Manhattan consolidated and unconsolidated operating properties is expected to be approximately 0.8 million square feet and approximately 0.2 million square feet, respectively, representing an average annual expiration rate of approximately 9.5% and approximately 1.7%, respectively, per year (assuming no tenants exercise renewal or cancellation options and there are no tenant bankruptcies or other tenant defaults).

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):

Manhattan Consolidated Operating Properties
Year of Lease ExpirationNumber of Expiring Leases (1)Square Footage of Expiring LeasesPercentage of Total Square FeetAnnualized Cash Rent of Expiring Leases (2)Percentage of Annualized Cash Rent of Expiring LeasesAnnualized Cash Rent per Square Foot of Expiring Leases (3)
202685810,0569.7%$55,691,3619.5%$68.75
202779722,0978.658,250,4479.980.67
202877689,4318.251,965,0118.875.37
202969773,8349.354,798,6439.370.81
203063994,05511.971,101,13112.171.53
203137324,0633.925,158,3964.277.63
203231814,0409.753,029,4919.065.14
203327423,7865.133,888,4795.879.97
2034341,314,80815.777,371,03813.258.85
2034 & thereafter791,491,91517.9106,409,65918.271.32
Total/weighted average5818,358,085100.0%$587,663,656100.0%$70.31

(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.

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

Manhattan Unconsolidated Operating Properties
Year of Lease ExpirationNumber of Expiring Leases (1)Square Footage of Expiring LeasesPercentage of Total Square FeetAnnualized Cash Rent of Expiring Leases (2)Percentage of Annualized Cash Rent of Expiring LeasesAnnualized Cash Rent per Square Foot of Expiring Leases (3)
202615185,9191.4%$22,362,7581.7%$120.28
202722281,0472.136,883,0212.8138.81
202824265,7132.041,948,2163.2157.87
202912118,1850.914,135,6881.1119.61
203015262,7672.034,983,7452.7133.14
2031242,853,46021.7222,963,80117.078.14
203213991,5477.589,930,8506.990.70
203311267,6302.029,005,7802.2108.38
20347390,3693.038,860,1343.099.55
2034 & thereafter917,539,27057.4780,636,72359.4103.54
Total/weighted average23413,155,907100.0%$1,311,710,716100.0%$99.71

(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.

(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:

Tenant Name · Property · Lease Expiration (1) · Total Rentable Square Feet · Annualized Cash Rent · SLG Share of Annualized Cash Rent ($) · % of SLG Share of Annualized Cash Rent (2) · Annualized Cash Rent per Square Foot
Paramount Global1515 BroadwayJune 20311,604,544$109,553$62,3354.4%$68.28
555 West 57th StreetApril 2029186,26610,99810,9980.8%59.04
1515 BroadwayMarch 20289,1062,2191,2630.1%243.73
1,799,916$122,770$74,5965.3%$67.04
UBS Americas, Inc.11 Madison AvenueMay 20371,184,489$80,929$48,5583.4%$68.32
Bloomberg L.P.919 Third AvenueFebruary 2040926,156$63,990$32,6352.3%$69.09
Sony Corporation11 Madison AvenueJanuary 2031578,791$53,094$31,8572.2%$91.73
McDermott Will & Schulte LLPOne Vanderbilt AvenueDecember 2042169,586$31,538$17,3461.2%$185.97
919 Third AvenueJune 2036281,65120,94510,6820.8%74.36
420 Lexington AvenueOctober 202610,043641641—%63.82
461,280$53,124$28,6692.0%$115.17
Societe Generale245 Park AvenueOctober 2032520,831$50,120$25,1101.8%$96.23
The City of New York100 Church StreetMarch 2034510,007$22,925$22,9251.6%$44.95
Metro-North Commuter Railroad Company420 Lexington AvenueNovember 2034344,873$22,097$22,0971.6%$64.07
420 Lexington AvenueJanuary 20277,537454454—%60.20
352,410$22,551$22,5511.6%$63.99(4)
Nike Retail Services, Inc.650 Fifth AvenueJanuary 203369,214$42,574$21,2871.5%$615.10
WME IMG, LLC304 Park AvenueApril 2028174,069$14,225$14,2261.0%$81.73
11 Madison AvenueSeptember 2030104,61811,3706,8220.5%108.68
278,687$25,595$21,0481.5%$91.84
Franklin Templeton Companies LLCOne Madison AvenueMay 2040354,976$48,970$12,9770.9%$137.95
280 Park AvenueNovember 2031128,99314,1657,0830.5%109.81
483,969$63,135$20,0601.4%$130.45
TD Bank US Holding CompanyOne Vanderbilt AvenueJuly 2041193,159$26,196$14,4081.1%$135.62(4)
One Vanderbilt AvenueAugust 20416,8433,2471,7860.1%474.45
125 Park AvenueOctober 203026,5361,9591,9590.1%73.81
125 Park AvenueMarch 203425,1711,6521,6520.1%65.64
251,709$33,054$19,8051.4%$131.32
Carlyle Investment Management LLCOne Vanderbilt AvenueSeptember 2036194,702$34,744$19,1091.3%$178.45(4)
Giorgio Armani Corporation760 Madison AvenueOctober 203822,648$18,554$18,5541.3%$819.24
Ares Management LLC245 Park AvenueJune 2043251,175$29,840$14,9501.1%$118.80
245 Park AvenueDecember 202836,3163,7411,8740.1%103.00
287,491$33,581$16,8241.2%$116.81
PJT Partners Holdings LP280 Park AvenueJune 2041269,821$32,508$16,2541.1%$120.48
Hess Corp1185 Avenue of the AmericasDecember 2027167,169$16,156$16,1561.1%$96.64
The Toronto Dominion BankOne Vanderbilt AvenueApril 2042142,892$21,330$11,7320.8%$149.28(4)
125 Park AvenueApril 204252,4503,6113,6110.3%68.85
195,342$24,941$15,3431.1%$127.68
BMW of Manhattan, Inc.555 West 57th StreetJuly 2032226,556$13,474$13,4740.9%$59.47
Stone Ridge HoldingsOne Vanderbilt AvenueDecember 203797,652$23,319$12,8230.9%$238.79
Total8,878,840$831,138$497,63834.9%

(1)Based on commenced leases.

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

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

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

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.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.