Sl Green Realty Corp · NYSE:SLG
Sl Green Realty — Q2 2025 Earnings Presentation
54 slides from Sl Green Realty's earnings presentation, Jul 17, 2025
Slide 1: Second Quarter 2025 Supplemental Data
SL GREEN REALTY GoORPR: SECOND QUARTER 2025 SUPPLEMENTAL DATA June 30, 2025 nen ceeae
Slide 2: Forward-looking Statements
SL Green Realty Corp. is a self-managed real estate investment trust, or Forward-looking Statements REIT, with in-house capabilities in property management, acquisitions and This supplemental reporting package includes certain statements that may be dispositions, debt investing, financing, developme
Slide 3: Table of Contents
TABLE OF CONTENTS Definitions 4 Highlights 6 Key Financial Data 9 - 11 Office Leasing Statistics 12 Comparative Balance Sheets 13 Comparative Statements of Operations 15 Comparative Computation of FFO and FAD 16 Consolidated Statement of Equity 17 Joint Venture Statements 18 - 20 Selected Financial
Slide 4: Definitions
DEFINITIONS Annualized cash rent - Monthly base rent and escalations per the lease, excluding Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure concessions, deferrals, and abatements as of the last day of the quarter, multiplied by 12. of REIT performance. The Compa
Slide 5: Definitions
DEFINITIONS Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development and redevelopment properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2025 are as follows: Added
Slide 6: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS Unaudited NEW YORK, July 16, 2025 - SL Green Realty Corp. (the "Company") (NYSE: Operating and Leasing Activity SLG) today reported a net loss attributable to common stockholders for the quarter ended June 30, 2025 of $11.1 million, or $0.16 per share, as Same-store ca
Slide 7: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS Unaudited Significant leasing activity in the second quarter includes: Debt and Preferred Equity Investment Activity • New lease with Pinterest, Inc. for 82,812 square feet at Eleven The carrying value of the Company’s debt and preferred equity portfolio was Madison Av
Slide 8: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS Unaudited Dividends In the second quarter of 2025, the Company declared: • Three monthly ordinary dividends on its outstanding common stock of $0.2575 per share, which were paid in cash on May 15, June 16 and July 15, 2025; • A quarterly dividend on its outstanding 6.5
Slide 9: Key Financial Data
KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) As of or for the three months ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Earnings Per Share Net (loss) income available to common stockholders (EPS) - diluted $ (0.16) $ (0.30) $ 0.13 $ (0.21) $ (0.04) Funds from oper
Slide 10: Key Financial Data
KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) As of or for the three months ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Selected Balance Sheet Data Real estate assets before depreciation $ 6,731,336 $ 6,678,906 $ 6,607,741 $ 6,289,894 $ 6,264,757 Debt and preferre
Slide 11: Key Financial Data
KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) As of or for the three months ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Selected Operating Data Property operating revenues $ 165,237 $ 163,019 $ 156,930 $ 156,933 $ 150,632 Property operating expenses (94,960) (99,3
Slide 12: Office Leasing Statistics
OFFICE LEASING STATISTICS Manhattan Operating Properties As of or for the three months ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Signed Leasing Same-Store office occupancy inclusive of leases signed not yet commenced 91.4% 91.8% 92.4% 89.7% 89.2% New leases signed 29 35 38 24 26 Renew
Slide 13: Comparative Balance Sheets
COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands) As of 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Assets Commercial real estate properties, at cost: Land and land interests $ 1,448,504 $ 1,450,892 $ 1,357,041 $ 1,134,432 $ 1,134,432 Building and improvements 3,867,078 3,828,638 3,
Slide 14: Comparative Balance Sheets
COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands) As of 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Liabilities Mortgages and other loans payable $ 2,043,402 $ 2,036,727 $ 1,951,024 $ 1,648,798 $ 1,649,892 Unsecured term loans 1,150,000 1,150,000 1,150,000 1,250,000 1,250,000 Unsecu
Slide 15: Comparative Statement of Operations
COMPARATIVE STATEMENT OF OPERATIONS Unaudited (Dollars in Thousands Except Per Share) Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, June 30, 2025 2024 2025 2025 2024 Revenues Rental revenue, net $ 147,535 $ 135,563 $ 144,518 $ 292,053 $ 263,766 Escalation and reimbursement
Slide 16: Comparative Computation of FFO and FAD
COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited (Dollars in Thousands Except Per Share) Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, June 30, 2025 2024 2025 2025 2024 Funds from Operations Net (Loss) Income attributable to SL Green common stockholders $ (11,092) $ (2,160
Slide 17: Consolidated Statement of Equity
CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands) Accumulated Series I Other Preferred Common Additional Treasury Retained Noncontrolling Comprehensive Stock Stock Paid-In Capital Stock Deficit Interests Loss Total Balance at December 31, 2024 $ 221,932 $ 711 $ 4,159,562 $ — $ (449,1
Slide 18: Joint Venture Statements
JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) As of June 30, 2025 March 31, 2025 December 31, 2024 Total SLG Share Total SLG Share Total SLG Share Assets Commercial real estate properties, at cost: Land and land interests $ 4,137,556 $ 2,00
Slide 19: Joint Venture Statements
JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) Three Months Ended June 30, 2025 June 30, 2024 March 31, 2025 Total SLG Share Total SLG Share Total SLG Share Revenues Rental revenue, net $ 308,376 $ 158,320 $ 302,425 $ 155,563 $ 301
Slide 20: Joint Venture Statements
JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) Six Months Ended June 30, 2025 June 30, 2024 Total SLG Share Total SLG Share Revenues Rental revenue, net $ 609,499 $ 311,525 $ 603,100 $ 314,842 Escalation and reimbursement revenues
Slide 21: Selected Financial Data
SELECTED FINANCIAL (1) DATA Net Operating Income Unaudited (Dollars in Thousands) Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, June 30, 2025 2024 2025 2025 2024 Net Operating Income (1) $ 79,637 $ 77,412 $ 72,013 $ 151,649 $ 145,750 SLG share of NOI from unconsolidated JV
Slide 22: Selected Financial Data: Same Store NOI
SELECTED FINANCIAL DATA Same Store Net Operating Income - Wholly Owned and Consolidated JVs Unaudited (Dollars in Thousands) Three Months Ended Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, June 30, 2025 2024 % 2025 2025 2024 % Revenues Rental revenue, net $ 133,007 $ 130,
Slide 23: Selected Financial Data: Same Store NOI Unconsolidated JVs
SELECTED FINANCIAL DATA Same Store Net Operating Income - Unconsolidated JVs Unaudited (Dollars in Thousands, SLG Share) Three Months Ended Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, June 30, 2025 2024 % 2025 2025 2024 % Revenues Rental revenue, net $ 130,447 $ 124,392
Slide 24: Selected Financial Data: Same Store NOI
SELECTED FINANCIAL DATA Same Store Net Operating Income Unaudited (Dollars in Thousands) Three Months Ended Three Months Ended Six Months Ended June 30, June 30, March 31, June 30, June 30, 2025 2024 % 2025 2025 2024 % Revenues Rental revenue, net $ 133,007 $ 130,539 $ 132,251 $ 265,257 $ 261,614 Es
Slide 25: Debt Summary Schedule
DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands) Principal 2025 Current Final Principal Ownership Outstanding Principal Maturity Maturity Due at Fixed rate debt Interest (%) 6/30/2025 Coupon (1) Amortization Date Date (2) Final Maturity Secured fixed rate debt 100 Church Street (s
Slide 26: Debt Summary Schedule
DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands) Principal Outstanding 2025 Principal Current Final Principal Due at Ownership 6/30/2025 Amortization Maturity Maturity Final Maturity Fixed rate debt Interest (%) Gross Principal SLG Share Coupon (1) (SLG Share) Date Date (2)
Slide 27: Debt Composition and Corporate Debt Covenants
DEBT COMPOSITION AND CORPORATE DEBT COVENANTS Unaudited (Dollars in Thousands) Composition of Debt Core Portfolio Alternative Strategy Portfolio Total Fixed Rate Debt Consolidated $ 3,367,249 $ — $ 3,367,249 SLG Share of JV 5,469,635 365,331 5,834,966 Total Fixed Rate Debt $ 8,836,884 95.8% $ 365,33
Slide 28: Derivative Summary Schedule
DERIVATIVE SUMMARY SCHEDULE Unaudited (Dollars in Thousands) Consolidated Interest Rate Derivatives Ownership Notional Value Fair Value Secured Debt Interest (%) 6/30/2025 6/30/2025 Instrument (1) Strike Rate (1) Effective Date Maturity Date 100 Church Street 100.0 $370,000 $(3,064) Swap 3.89 % Nove
Slide 29: Summary of Lease Liabilities
SUMMARY OF LEASE LIABILITIES Unaudited (Dollars in Thousands) Scheduled Cash Payment (1) Lease Year of Final Property 2025 2026 2027 2028 Liabilities (2) Expiration (3) Consolidated Lease Liabilities (SLG Share) Operating Leases 1185 Avenue of the Americas $ 3,455 $ 6,909 $ 6,909 $ 6,909 $ 82,097 20
Slide 30: Debt and Preferred Equity Investments
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands) Weighted Average Book Weighted Average Weighted Average Yield (1) (2) Book Value Value During Quarter Yield During Quarter At End Of Quarter (3) 6/30/2024 $ 495,695 $ 392,205 7.41% 7.46% Debt investment originations/fundings/accr
Slide 31: Debt and Preferred Equity Investments
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts) Book Value Senior Weighted Average Weighted Average Weighted Average Yield Floating Type of Investment rate Fixed rate Total Financing Exposure PSF (1) Yield During Quarter (2) At End Of Quarter (2
Slide 32: Debt and Preferred Equity Investments
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts) Book Value (1) Property Senior Yield At End (2) Investment Type 6/30/2025 Type Location Financing Last $ PSF Fixed/Floating Of Quarter (3) Preferred Equity (4) $ 209,739 (4) Office Manhattan $ 209,
Slide 33: Selected Property Data: Manhattan Operating Properties
SELECTED PROPERTY DATA Manhattan Operating Properties Unaudited (Dollars in Thousands) Annualized Contractual Total Ownership % of Total June 30, 2025 March 31, 2025 Cash Rent Tenants Interest SubMarket Ownership Square Feet (1) Sq. Feet % % % % SLG Share Properties (%) Occupied (2) Leased (3) Occup
Slide 34: Selected Property Data: Retail, Residential and Suburban
SELECTED PROPERTY DATA Retail, Residential and Suburban Operating Properties Unaudited (Dollars in Thousands) Annualized Contractual Total Ownership % of Total June 30, 2025 March 31, 2025 Cash Rent Tenants Properties Interest SubMarket Ownership Square Feet (1) Sq. Feet % % % % SLG Share (%) Occupi
Slide 35: Selected Property Data: Development and Alternative Strategy
SELECTED PROPERTY DATA Development / Redevelopment & Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands) Real Estate Annualized Contractual Book Total Ownership % of Total June 30, 2025 March 31, 2025 Cash Rent Value, Net Tenants Properties Interest SubMarket Ownership Square
Slide 36: Selected Property Data: Retail Within Portfolio
SELECTED PROPERTY DATA Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands) Annualized Contractual Total Ownership % of Total June 30, 2025 March 31, 2025 Cash Rent Tenants Properties Interest SubMarket Ownership Square F
Slide 37: Selected Property Data - Continued
SELECTED PROPERTY DATA - CONTINUED Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unaudited (Dollars in Thousands) Annualized Contractual Total Ownership % of Total June 30, 2025 March 31, 2025 Cash Rent Tenants Properties Interest SubMarket Owners
Slide 38: Largest Tenants by SLG Share of Annualized Cash Rent
LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT (1) Unaudited (Dollars in Thousands Except Per SF) Lease Annualized % of SLG Share of Annualized Investment Ownership Expiration Total Rentable Contractual SLG Share of Annualized Annualized Contractual Contractual Grade Credit Tenant Name Propert
Slide 39: Commercial Manhattan Tenant Diversification
COMMERCIAL MANHATTAN TENANT DIVERSIFICATION Unaudited SLG Share of Annualized Contractual Cash Rent Square Feet Leased Financial Services 43% Financial Services 42% Business Services 3% Manufacturing 2% Manufacturing 3% Business Services 3% Medical 2% Medical 3% Government/Non Profit 3% Retail 1% Ot
Slide 40: Leasing Activity - Manhattan Operating Properties
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited Escalated Activity Building Address # of Leases Square Feet (1) Rentable SF Rent/Rentable SF ($'s)(2) Available Space at 3/31/25 2,510,328 Add: Property out of Redevelopment One Madison Avenue 392,845 Space which became avai
Slide 41: Leasing Activity - Manhattan Operating Properties
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Commenced Leasing Unaudited New Cash Rent / Prev. Escalated Rent/ Free Rent Activity Building Address # of Leases Term (Yrs) Square Feet (1) Rentable SF Rentable SF(2) Rentable SF(3) TI / Rentable SF # of Months Available Space 3,337,531 Office One V
Slide 42: Lease Expirations - Manhattan Operating Properties
LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited SLG Share SLG Share Annualized Contractual Rentable Square Rentable Square Annualized Contractual Annualized Contractual Cash Rent Per Square Number of Expiring Footage of Expiring Footage of Expiring Perc
Slide 43: Lease Expirations
LEASE EXPIRATIONS Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Wholly-Owned and Consolidated JV's Unaudited SLG Share Annualized Contractual SLG Share Annualized Contractual Annualized Contractual Cash Rent Per Square Number of Expiring Re
Slide 44: Lease Expirations
LEASE EXPIRATIONS Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties Unconsolidated JV's Unaudited SLG Share Annualized Contractual SLG Share Annualized Contractual Annualized Contractual Cash Rent Per Square Number of Expiring Rentable Square F
Slide 45: Summary of Real Estate Acquisition Activity
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan Office Unaudited (Dollars in Thousands) Gross Asset Occupancy (%) Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 6/30/2025 2001 - 2024 Acquisitions Jun-01 317 Madison Avenue Grand Central 100
Slide 46: Summary of Real Estate Disposition Activity
SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY Manhattan Office Unaudited (Dollars in Thousands) Gross Asset Valuation Property Submarket Interest Sold Type of Ownership Net Rentable SF ($'s) ($'s/SF) 2001 - 2025 Dispositions Jan-01 633 Third Ave Grand Central North 100.0% Fee Interest 40,623 $ 13,250
Slide 47: Summary of Real Estate Acquisition Activity
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Retail, Residential, Development / Redevelopment and Land Unaudited (Dollars in Thousands) Interest Gross Asset Occupancy (%) Property Type of Property Submarket Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 6/30/2025 2005 - 202
Slide 48: Summary of Real Estate Disposition Activity
SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY Retail, Residential, Development / Redevelopment, Land and Alternative Strategy Portfolio Unaudited (Dollars in Thousands) Interest Gross Asset Valuation Property Type of Property Submarket Sold Type of Ownership Net Rentable SF ($'s) ($'s/SF) 2011 - 2024
Slide 49: Summary of Real Estate Acquisition/Disposition Activity
SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY Suburban Unaudited (Dollars in Thousands) Gross Asset Occupancy (%) Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 6/30/2025 2007 - 2025 Acquisitions Jan-07 300 Main Street Stamford, Connec
Slide 50: Non-GAAP Disclosures and Reconciliations
Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data) Funds Available for Distribution (FAD) FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight li
Slide 51: Non-GAAP Disclosures and Reconciliations
Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data) Funds From Operations (FFO) Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net (loss) income attributable to SL Green common stockholders $ (11,092) $ (2,160) $
Slide 52: Reconciliation of Non-GAAP Financial Measures
Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Three Months Ended Six Months Ended Operating income and Same-store NOI Reconciliation June 30, June 30, 2025 2024 2025 2024 Net (loss) income $ (6,817) $ 1,
Slide 53: Research Analyst Coverage
RESEARCH ANALYST COVERAGE EQUITY COVERAGE Firm Analyst Phone Email B of A Securities Jeff Spector (646) 855-1363 jeff.spector@bofa.com Barclays Brendan Lynch (212) 526-9428 brendan.lynch@barclays.com BMO Capital Markets Corp. John P. Kim (212) 885-4115 JohnP.Kim@bmo.com BTIG Thomas Catherwood (212)
Slide 54: Executive Management
EXECUTIVE MANAGEMENT Marc Holliday Neil H. Kessner Chairman, Chief Executive Officer and Executive Vice President, General Interim President Counsel - Real Property Matthew J. DiLiberto Maggie Hui Chief Financial Officer Chief Accounting Officer Andrew S. Levine Harrison Sitomer Chief Legal Officer