SL GREEN OPERATING PARTNERSHIP, L.P.

Previous wording

(2)As of September 30, 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 that is under development. 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.

Current wording

(2)As of March 31, 2026, we consolidated a building at 315 West 33rd Street that was comprised of approximately 222,855 square feet (unaudited) of residential space and approximately 270,132 square feet (unaudited) of retail space. For the purpose of this report, we have included this building in the number of residential properties we own. We have included only the residential square footage in total residential square footage, and have included the retail square footage in total retail square footage.

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 nine months ended September 30, 2025, there were no material changes to these estimates.

Current wording

Refer to the 2025 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 months ended March 31, 2026, there were no material changes to these estimates.

Previous 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),

Current wording

i.“Same-Store Properties,” which represents properties in service and operating during both the current and prior year reporting periods that are located in Manhattan (Same-Store Properties totaled 18 of our 33 consolidated operating properties),

Previous 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.

Current wording

Rental revenues increased due primarily to the acquisition of Park Avenue Tower ($15.6 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($8.6 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($9.0 million) during the third quarter of 2025. This increase is partially offset by the deconsolidation of 100 Park Avenue ($10.0 million) at the end of the fourth quarter of 2025.

Previous 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:

Current wording

The following table presents a summary of the commenced leasing activity for the three months ended March 31, 2026 in our Manhattan and Suburban portfolio:

Previous 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.

Current wording

(4)Average starting office rent excluding new tenants replacing vacancies was $104.92 per rentable square foot for 211,307 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $104.74 per rentable square foot for 262,692 rentable square feet.

Previous wording

SUMMIT Operator revenues were lower for the three 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.

Current wording

SUMMIT Operator revenues were higher due primarily to the Ascent experience coming back online during the fourth quarter of 2025, which is a premium ticket that generates incremental revenue.

Previous 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.

Current wording

Investment income decreased due primarily to interest payments received on one CMBS investment ($10.0 million) during the three months ended March 31, 2025. Investment income also decreased due to a lower weighted average debt and preferred equity investment balance for the three months ended March 31, 2026 as compared to the same period in 2025. For the three months ended March 31, 2026, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $118.3 million and 6.9%, respectively, as compared to $333.3 million and 6.4%, respectively, for the three months ended March 31, 2025.

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.

Current wording

From time to time we own securities in CMBS securitization trusts that result in the 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 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.

Current wording

Other income decreased due primarily to lease termination income ($3.8 million) recognized during the three months ended March 31, 2025.

Previous 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.

Current wording

Interest expense, net of interest income, increased due primarily to the acquisition of Park Avenue Tower during the first quarter of 2026 ($5.5 million), the consolidation of 800 Third Avenue ($2.7 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($3.1 million) during the third quarter of 2025. These increases were offset by decreased interest expense from the deconsolidation of 100 Park Avenue, ($6.2 million) at the end of the fourth quarter of 2025, and an increase in interest capitalization at properties that are under development or redevelopment ($7.1 million). The weighted average consolidated debt balance outstanding was $4.7 billion for the three months ended March 31, 2026, compared to $3.8 billion for the three months ended March 31, 2025. The consolidated weighted average interest rate was 5.25% for the three months ended March 31, 2026, as compared to 5.38% for the three months ended March 31, 2025.

Previous wording

SUMMIT Operator tax expense increased for the three months ended September 30, 2025 as compared to the same period in 2024 due to an adjustment made in the third quarter of 2024 related to 2023 projected tax expense being more than 2023 actual tax expense.

Current wording

SUMMIT Operator tax expense increased for the three months ended March 31, 2026 as compared to the same period in 2025 due primarily to a 2024 tax reduction adjustment that was recorded in the first quarter of 2025.

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.

Current wording

From time to time we own securities in CMBS securitization trusts that result in the 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

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.

Current wording

During the three months ended March 31, 2026, we recorded a $2.2 million positive fair value adjustment related to the previous sale of an interest in One Madison Avenue, which did not meet sale accounting under ASC 860, and a $2.0 million positive fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the three months ended March 31, 2025, we recorded a $5.9 million negative fair value adjustment related to the previous sale of an interest in One Madison Avenue and a $3.1 million negative fair value adjustment related to derivatives that are not designated as hedges for accounting purposes.

Previous wording

Depreciable real estate reserves and impairment

Current wording

Depreciable real estate reserves and impairments

Previous 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.

Current wording

During the three months ended March 31, 2026, we recognized depreciable real estate reserves and impairments in connection with the classification of 7 Dey Street as held for sale ($35.2 million). During the three months ended March 31, 2025, we recognized depreciable real estate reserves and impairments related to the sale of residential condominium units at 760 Madison Avenue ($8.5 million).

Previous wording

We currently expect that the principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness and for debt and preferred equity investments will include:

Current wording

We currently expect that the principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness or other investments will include:

Previous wording

Cash flow from operations is primarily dependent upon the collectability of rent, the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs. Additionally, we believe that our debt and preferred equity investment program will continue to serve as a source of operating cash flow.

Current wording

Cash flow from operations is primarily dependent upon the collectability of rent, the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs.

Previous wording

The combined aggregate principal maturities of mortgages and other loans payable, the 2021 credit facility, senior unsecured notes (net of discount), trust preferred securities, our share of joint venture debt, including as-of-right extension options, estimated interest expense, and our obligations under our financing and operating leases, as of September 30, 2025 are as follows (in thousands):

Current wording

The combined aggregate principal maturities of mortgages and other loans payable, the 2026 Credit Facility, trust preferred securities, our share of joint venture debt, including as-of-right extension options, estimated interest expense, and our obligations under our financing and operating leases, as of March 31, 2026 are as follows (in thousands):

Previous 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.

Current wording

We estimate that for the remainder of the year ending December 31, 2026, we expect to incur $75.8 million of leasing capital expenditures and $31.7 million of recurring capital expenditures on existing consolidated properties, of which $22.4 million will be funded by construction financing facilities or loan reserves. In addition, we expect to incur $22.5 million of development or redevelopment expenditures on existing consolidated properties, of which $2.8 million will be funded by construction financing facilities or loan reserves. We expect our share of capital expenditures at our joint venture properties will be $131.3 million, of which $33.9 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 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.

Current wording

As of March 31, 2026, we had liquidity of $0.6 billion, comprised of $418.0 million of availability under our revolving credit facility and $169.2 million of consolidated cash on hand, inclusive of $25.3 million of available-for-sale marketable securities. This liquidity excludes $111.4 million representing our share of cash at unconsolidated joint venture properties. We may seek to divest of properties, interests in properties, 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

We have investments in several real estate joint ventures with various partners who are generally considered to be financially stable. Most of our joint ventures are financed with non-recourse debt. We believe that property level cash flows along with unfunded committed indebtedness and proceeds from the refinancing of outstanding secured indebtedness will be sufficient to fund the capital needs of our joint venture properties.

Current wording

We have investments in several real estate joint ventures with various partners, that are generally considered to be financially stable, and most are financed with non-recourse debt. We believe that property level cash flows along with unfunded committed indebtedness and proceeds from the refinancing of outstanding secured indebtedness will be sufficient to fund the capital needs of our joint venture properties.

Previous 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):

Current wording

Cash, restricted cash, and cash equivalents were $338.6 million and $337.0 million as of March 31, 2026 and 2025, respectively, representing an increase of $1.6 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 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):

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 three months ended March 31, 2026, when compared to the three months ended March 31, 2025, 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 $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.

Current wording

Capital expenditures, which are comprised of building and tenant improvements, increased from $74.2 million for the three months ended March 31, 2025 to $103.6 million for the three months ended March 31, 2026 due to increased leasing related costs as portfolio occupancy increases.

Previous wording

We generally fund our investment activity through the sale of real estate, the sale or repayment of debt and preferred equity investments, property-level financing, our corporate credit facilities, or construction facilities. From time to time, the Company may issue common or preferred stock or equity-linked securities, or the Operating Partnership may issue common or preferred units of limited partnership interest.

Current wording

We generally fund our investment activity through the sale of real estate, property-level financing, corporate credit facilities, the sale or repayment of debt and preferred equity investments, or construction loan facilities. From time to time, the Company may issue common or preferred stock or equity-linked securities, or the Operating Partnership may issue common or preferred units of limited partnership interest.

Previous 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):

Current wording

During the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, we used cash primarily for the following financing activities (in thousands):

Previous wording

As of September 30, 2025, 36,107,719 shares have been repurchased under the program, excluding the redemption of OP units. We did not repurchase any shares under the program during the nine months ended September 30, 2025.

Current wording

As of March 31, 2026, 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 three months ended March 31, 2026.

Previous wording

The table below summarizes our consolidated mortgages and other loans payable, 2021 credit facility, 2022 term loan, senior unsecured notes and trust preferred securities outstanding as of September 30, 2025 and December 31, 2024, (amounts in thousands).

Current wording

The table below summarizes our consolidated mortgages and other loans payable, the 2026 Credit Facility, and trust preferred securities outstanding as of March 31, 2026 and December 31, 2025, (amounts in thousands).

Previous wording

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 7.5% and 7.0% as of September 30, 2025 and December 31, 2024, respectively.

Current wording

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 12.5% and 6.1% as of March 31, 2026 and December 31, 2025, respectively.

Previous wording

The variable rate debt shown above generally bears interest at an interest rate based on adjusted Term SOFR (4.13% and 4.33% as of September 30, 2025 and December 31, 2024, respectively). Our consolidated debt as of September 30, 2025 had a weighted average term to maturity of 2.70 years.

Current wording

The variable rate debt shown above generally bears interest at an interest rate based on Term SOFR (3.66% and 3.69% as of March 31, 2026 and December 31, 2025, respectively). Our consolidated debt as of March 31, 2026 had a weighted average term to maturity of 3.21 years.

Previous wording

Certain of our debt and equity investments and other investments, with carrying values of $131.7 million as of September 30, 2025 and $117.0 million as of December 31, 2024, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 7.5% and 7.0% as of September 30, 2025 and December 31, 2024, respectively.

Current wording

Certain of our debt and equity investments and other investments, with carrying values of $78.6 million as of March 31, 2026 and $128.6 million as of December 31, 2025, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 12.5% and 6.1% as of March 31, 2026 and December 31, 2025, respectively.

Previous wording

In December 2021, we entered into an amended and restated credit facility, referred to as the 2021 credit facility, that was previously amended by the Company in November 2017, and was originally entered into by the Company in November 2012. As of September 30, 2025, the 2021 credit facility consisted of a $1.25 billion revolving credit facility, a $1.05 billion term loan (or "Term Loan A"), and a $100.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and November 19, 2025, respectively. Term Loan B has 2 six-month, as-of-right extension options to November 19, 2026. The revolving credit facility has two six-month, as-of-right extension options to May 15, 2027. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

Current wording

On March 18, 2026, the Company entered into an amended and restated credit facility (the "2026 Credit Facility"), which was previously amended in December 2021 and November 2017, and was originally entered into in November 2012. As of March 31, 2026, the 2026 Credit Facility consisted of a:

Previous wording

As of September 30, 2025, the 2021 credit facility bore interest at a spread over adjusted Term SOFR plus 10 basis points with an interest period of one or three months, as we may elect, ranging from (i) 72.5 basis points to 140 basis points for loans under the revolving credit facility, (ii) 80 basis points to 160 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category.

Current wording

As of March 31, 2026, the 2026 Credit Facility bore interest at a spread over Term SOFR with an interest period of one or three months, as we may elect, ranging from (i) 85 basis points to 185 basis points for loans under the revolving credit facility, (ii) 90 basis points to 170 basis points for the Term A Loans, (iii) 100 basis points to 180 basis points for the Term B Loans, and (iv) 95 basis points to 220 basis points for the Term C Loans, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. The revolving credit facility also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to us at a reduced interest rate. The 2026 Credit Facility provide for the ability to amend the 2026 Credit Facility to include a sustainability component whereby the revolving credit facility and Term C Loans pricing may improve by up to 3 basis points (depending on the sustainability rating achieved) upon the Company’s achievement of certain sustainability ratings, determined via an independent third-party evaluation.

Previous wording

As of September 30, 2025, the applicable spread over adjusted Term SOFR plus 10 basis points for the 2021 credit facility was 140 basis points for the revolving credit facility, 160 basis points for Term Loan A, and 180 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of September 30, 2025, the facility fee was 30 basis points.

Current wording

As of March 31, 2026, the applicable spread over Term SOFR for the 2026 Credit Facility was 125 basis points for the revolving credit facility, 170 basis points for the Term A Loans, 180 basis points for the Term B Loans and 145 basis points for the Term C loans. We are required to pay quarterly in arrears a 20 to 45 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of March 31, 2026, the facility fee was 30 basis points.

Previous wording

As of September 30, 2025, we had $7.5 million of outstanding letters of credit, $390.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $852.5 million under the 2021 credit facility. As of September 30, 2025 and December 31, 2024, the revolving credit facility had a carrying value of $387.4 million and $316.2 million, respectively, net of deferred financing costs. As of September 30, 2025 and December 31, 2024, the term loans had a carrying value of $1,147.3 million and $1.1 billion, respectively, net of deferred financing costs.

Current wording

As of March 31, 2026, we had $7.0 million of outstanding letters of credit, $825.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $418.0 million under the 2026 Credit Facility. As of March 31, 2026 and December 31, 2025, the revolving credit facility had a carrying value of $814.0 million and $637.8 million, respectively, net of deferred financing costs. As of March 31, 2026 and December 31, 2025, the term loans had a carrying value of $1.1 billion and $1.1 billion, respectively, net of deferred financing costs.

Previous wording

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2021 credit facility.

Current wording

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2026 Credit Facility. The lending group for the Term C Loans consists of Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC, BofA Securities, Inc., BMO Capital Markets Corp. and Manufacturers and Traders Trust Company, as joint lead arrangers, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC and BofA Securities, Inc., as joint bookrunners, JPMorgan Chase Bank, N.A., as syndication agent, TD Bank, N.A., Bank of America, N.A., Bank of Montreal and Manufacturers and Traders Trust Company, as documentation agents, and the other lenders party thereto. The lending group for the Term B Loans consists of Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, BofA Securities, Inc. and BMO Capital Markets Corp., as joint lead arrangers and joint bookrunners, and Bank of America, N.A. and Bank of Montreal, as syndication agents, and the other lenders party thereto. The lending group for the revolving credit facility consists of Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., TD Securities (USA) LLC and BofA Securities, Inc., as joint lead arrangers and joint bookrunners for the revolving credit facility, BMO Capital Markets Corp. and Manufacturers and Traders Trust Company, as joint lead arrangers for the revolving credit facility, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc. and TD Bank, N.A., as joint lead arrangers and joint bookrunners for the Term A Loans, BofA Securities, Inc,. BMO Capital Markets Corp. and The Bank of New York Mellon, as joint lead arrangers for the Term A Loans, JPMorgan Chase Bank, N.A., as syndication agent for the revolving credit facility and Term A Loans, TD Bank, N.A., Bank of America, N.A., Bank of Montreal and Manufacturers and Traders Trust Company, as documentation agents for the revolving credit facility, Deutsche Bank Securities Inc., TD Bank, N.A., Bank of America, N.A., Bank of Montreal and The Bank of New York Mellon, as documentation agents for the Term A Loans, Wells Fargo Bank, National Association, as sustainability structuring agent, and the other lenders party thereto.

Previous wording

The terms of the 2021 credit facility and our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that we will not, during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of September 30, 2025 and December 31, 2024, we were in compliance with all such covenants.

Current wording

The terms of the 2026 Credit Facility include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of Adjusted EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that we will not, during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 2026 and December 31, 2025, we were in compliance with all such covenants.

Previous wording

We are exposed to changes in interest rates primarily from our variable rate debt. Our exposure to interest rate fluctuations are managed through the use of interest rate derivative instruments and through our variable rate debt and preferred equity investments. As of September 30, 2025, $3.6 billion of our consolidated long-term debt and $5.6 billion of our share of joint venture long-term debt bears interest at fixed rates. Our variable rate debt and variable rate joint venture debt as of September 30, 2025 bore interest based on a spread to LIBOR of 145 basis points and Term SOFR of 148 basis points to 241 basis points. Based on the debt outstanding as of September 30, 2025, a hypothetical 100 basis point increase in the applicable floating interest rate curve would increase our share of consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $2.7 million and would increase our share of joint venture annual interest cost by $1.0 million. As of September 30, 2025, $0.1 billion of our debt and preferred equity portfolio was indexed to SOFR.

Current wording

We are exposed to changes in interest rates primarily from our variable rate debt. Our exposure to interest rate fluctuations are managed through the use of interest rate derivative instruments and through our variable rate debt and preferred equity investments. Based on the debt outstanding as of March 31, 2026, a hypothetical 100 basis point increase in the applicable floating interest rate curve would increase our share of consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $5.5 million and would increase our share of joint venture annual interest cost by $4.1 million. As of March 31, 2026, $77.6 million, or 65.7%, of our $118.1 million debt and preferred equity portfolio was indexed to SOFR.

Previous wording

We recognize most derivatives on the balance sheet at fair value. Derivatives that are not hedges for accounting purposes are adjusted to fair value through income. If a derivative is considered a hedge for accounting purposes, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings.

Current wording

We recognize all derivatives on the balance sheet at fair value. Derivatives that are not designated as hedges for accounting purposes are adjusted to fair value through income. If a derivative is designated as a hedge for accounting purposes, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings.