SL GREEN OPERATING PARTNERSHIP, L.P.

Previous wording

As of March 31, 2026, we also managed three properties owned by third parties encompassing approximately 0.8 million square feet (unaudited).

Current wording

As of June 30, 2026, we also managed four properties owned by third parties encompassing approximately 0.9 million square feet (unaudited).

Previous 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.

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 and six months ended June 30, 2026, there were no material changes to these estimates.

Previous 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.

Current wording

Rental revenues increased due primarily to the acquisition of Park Avenue Tower ($18.4 million) during the first quarter of 2026, the consolidation of 315 West 33rd Street ($9.1 million) during the third quarter of 2025, and the consolidation of 800 Third Avenue ($8.8 million) during the fourth quarter of 2025. Additionally, there was an increase in rental revenue from our Same-Store Properties, excluding 100 Park Avenue, of $1.2 million due to an increase in economic occupancy. This increase is partially offset by the deconsolidation of 100 Park Avenue ($10.1 million) at the end of the fourth quarter of 2025.

Previous wording

Marketing, general, and administrative expenses increased due primarily to higher stock based compensation expenses.

Current wording

Marketing, general, and administrative expenses increased due primarily to higher compensation expenses.

Previous 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.

Current wording

Interest expense, net of interest income, increased due primarily to the acquisition of Park Avenue Tower ($6.9 million) during the first quarter of 2026, the consolidation of 315 West 33rd Street ($3.1 million) during the third quarter of 2025, and the consolidation of 800 Third Avenue ($2.6 million) during the fourth quarter of 2025. These increases were offset by decreased interest expense from the deconsolidation of 100 Park Avenue ($6.3 million) at the end of the fourth quarter of 2025. The weighted average debt balance outstanding was $4.7 billion for three months ended June 30, 2026, compared to $3.8 billion for the three months ended June 30, 2025. The consolidated weighted average interest rate was 5.21% for the three months ended June 30, 2026, as compared to 5.38% for the three months ended June 30, 2025.

Previous wording

Depreciation and amortization increased primarily due to the acquisition of Park Avenue Tower ($8.3 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($2.9 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($4.4 million) during the third quarter of 2025. This increase is partially offset by the deconsolidation of 100 Park Avenue ($4.7 million) at the end of the fourth quarter of 2025 and decrease at our Same-Store Properties ($6.8 million).

Current wording

Depreciation and amortization increased due primarily to the acquisition of Park Avenue Tower ($8.3 million) during the first quarter of 2026, the consolidation of 800 Third Avenue ($2.9 million) during the fourth quarter of 2025, and the consolidation of 315 West 33rd Street ($2.2 million) during the third quarter of 2025. This increase is partially offset by the deconsolidation of 100 Park Avenue ($4.9 million) at the end of the fourth quarter of 2025.

Previous wording

During the three months ended March 31, 2026, we did not recognize any loan loss and other investment reserves. During the three months ended March 31, 2025 we recognized a loan loss recovery of $25.0 million related to the resolution of a commercial mortgage investment.

Current wording

During the three months ended June 30, 2025, we recognized a loan loss recovery of $46.6 million related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.

Previous 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),

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 17 of our 32 consolidated operating properties),

Previous 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.

Current wording

Investment income decreased due primarily to one CMBS investment ($10.0 million) that was sold during the six months ended June 30, 2025. Investment income also decreased due to a lower weighted average debt and preferred equity investment balance for the six months ended June 30, 2026 as compared to the same period in 2025. For the six months ended June 30, 2026, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $111.3 million and 7.5%, respectively, as compared to $326.5 million and 6.0%, respectively, for the six months ended June 30, 2025.

Previous wording

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

Current wording

Other income decreased due primarily to lease termination income ($3.8 million) recognized during the six months ended June 30, 2025.

Previous wording

During the three months ended March 31, 2025, we recognized $18.3 million of income related to the write-off of a negative carrying value associated with an unconsolidated joint venture after we were no longer obligated or otherwise committed to provide additional financial support to the entity.

Current wording

During the six months ended June 30, 2026, we recognized $26.6 million of income related to a reduction in the negative carrying value of an unconsolidated joint venture. During the six months ended June 30, 2025, we recognized $18.3 million of income related to the write-off of the negative carrying value of an unconsolidated joint venture after we were no longer obligated or otherwise committed to provide additional financial support to the entity.

Previous 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.

Current wording

During the six months ended June 30, 2026, we recorded a $5.0 million positive fair value adjustment related to the deconsolidation of 346 Madison Avenue, a $2.4 million positive fair value adjustment related to derivatives that are not designated as hedges for accounting purposes, and 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. 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.

Previous 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).

Current wording

During the six months ended June 30, 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 six months ended June 30, 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 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.

Current wording

For the remainder of the year ending December 31, 2026, we estimate that we will incur $70.0 million of leasing capital expenditures and $25.2 million of recurring capital expenditures on existing consolidated properties, of which $22.0 million will be funded by construction financing facilities or loan reserves. In addition, we estimate that we will incur $41.2 million of development or redevelopment expenditures on existing consolidated properties, of which $2.4 million will be funded by construction financing facilities or loan reserves. We estimate that our share of capital expenditures at our joint venture properties will be $71.5 million, of which $24.5 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 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.

Current wording

As of June 30, 2026, we had liquidity of $0.6 billion, comprised of $393.0 million of availability under our revolving credit facility and $202.1 million of consolidated cash on hand, inclusive of $21.3 million of available-for-sale marketable securities. This liquidity excludes $115.7 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

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):

Current wording

Cash, restricted cash, and cash equivalents were $381.7 million and $342.8 million as of June 30, 2026 and 2025, respectively, representing an increase of $38.9 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 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):

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 six months ended June 30, 2026, when compared to the six months ended June 30, 2025, we used cash primarily for the following investing activities (in thousands):

Previous 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.

Current wording

Capital expenditures, which are comprised of building and tenant improvements, decreased from $136.1 million for the six months ended June 30, 2025 to $129.0 million for the six months ended June 30, 2026 due to decreased leasing related costs as portfolio occupancy increases.

Previous 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):

Current wording

During the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, we used cash primarily for the following financing activities (in thousands):

Previous 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.

Current wording

As of June 30, 2026, 36,390,839 shares have been repurchased under the program. This amount excludes the redemption of OP units. During the six months ended June 30, 2026, we repurchased 283,120 shares under the program.

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 12.5% and 6.1% as of March 31, 2026 and December 31, 2025, 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 19.0% and 6.1% as of June 30, 2026 and December 31, 2025, respectively.

Previous 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.

Current wording

The variable rate debt shown above generally bears interest at an interest rate based on Term SOFR (3.65% and 3.69% as of June 30, 2026 and December 31, 2025, respectively). Our consolidated debt as of June 30, 2026 had a weighted average term to maturity of 3.13 years.

Previous 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.

Current wording

Certain of our debt and equity investments and other investments, with carrying values of $78.5 million as of June 30, 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 19.0% and 6.1% as of June 30, 2026 and December 31, 2025, respectively.

Previous wording

•$100.0 million term loan (or the "Term B Loans") with a maturity of May 2026 and one six -month, as-of right extension option to November 2026.

Current wording

•$100.0 million term loan (or the "Term B Loans") with a maturity of November 2026.

Previous 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.

Current wording

As of June 30, 2026, we had $7.0 million of outstanding letters of credit, $850.0 million drawn under the revolving credit facility and $1.15 billion of outstanding term loans, with total undrawn capacity of $393.0 million under the 2026 Credit Facility. As of June 30, 2026 and December 31, 2025, the revolving credit facility had a carrying value of $839.7 million and $637.8 million, respectively, net of deferred financing costs. As of June 30, 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 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.

Current wording

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2026 Credit Facility.

Previous wording

In December 2024, the Company entered into a repurchase facility for CMBS (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase facility by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity and are not limited to collateral-specific credit marks. To monitor credit risk associated with our CMBS investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of March 31, 2026, there have been no margin calls on the CMBS Repurchase Facility. At March 31, 2026, there wasno outstanding balance on the facility.

Current wording

In December 2024, the Company entered into a repurchase facility for CMBS (CMBS Repurchase Facility), which provides us with the ability to sell certain CMBS investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase facility by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity and are not limited to collateral-specific credit marks. To monitor credit risk associated with our CMBS investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of June 30, 2026, there have been no margin calls on the CMBS Repurchase Facility. At June 30, 2026, there was no outstanding balance on the facility.

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. 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.

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 June 30, 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 $7.9 million and would increase our share of joint venture annual interest cost by $4.0 million. As of June 30, 2026, $77.6 million, or 68.6%, of our $113.1 million debt and preferred equity portfolio was variable rate.

Previous wording

FFO for the three months ended March 31, 2026 and 2025 are as follows (in thousands):

Current wording

FFO for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):