SL Green Realty Corp. Reports First Quarter 2025 EPS of ($0.30) Per Share; and FFO of $1.40 Per Share

Financial and Operating Highlights Net loss attributable to common stockholders of $0.30 per share for the first quarter of 2025 as compared to net income of $0.20 per share for the same period in 2024.Funds from operations ("FFO") of $1.40 per share for the first quarter of 2025, inclusive of $3.1 million, or $0.04 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $3.07 per share for the same period in 2024, which included $141.7 million, or $2.02 per share, of gain on discounted debt extinguishment at 2 Herald Square and $5.1 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives.Signed 45 Manhattan office leases covering 602,105 square feet in the first quarter of 2025. The mark-to-market on signed Manhattan office leases was 3.1% lower for the first quarter than the previous fully escalated rents on the same spaces. The Company has a current, active pipeline of prospective leases of more than 1.1 million square feet.Same-store cash net operating income ("NOI"), including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 2.4% for the first quarter of 2025, excluding lease termination income, as compared to the same period in 2024.Manhattan same-store office occupancy was 91.8% as of March 31, 2025, inclusive of leases signed but not yet commenced, consistent with the Company's expectations. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 93.2% by December 31, 2025. Investing Highlights In April, together with our joint venture partner, closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million. The transaction generated net proceeds to the Company of $3.2 million.Closed on the previously announced acquisition of 500 Park Avenue for $130.0 million. The Company financed the acquisition with a new $80.0 million mortgage, which has a term of up to 5 years, as fully extended, and bears interest at a floating rate of 2.40% over Term SOFR. The Company swapped the mortgage to a fixed rate of 6.57% through February 2028.In April, exercised our purchase option and closed on the acquisition of our partner's 49.9% interest in 100 Park Avenue for cash consideration of $14.9 million.Closed on the sale of six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $93.3 million. Special Servicing and Asset Management Highlights The Company's special servicing business has active assignments totaling $4.8 billion with an additional $10.9 billion for which the Company has been designated as special servicer on assets that are not currently in special servicing. NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2025 of $21.1 million, or $0.30 per share, as compared to a net income of $13.1 million, or $0.20 per share, for the same quarter in 2024. The Company reported FFO for the quarter ended March 31, 2025 of $106.5 million or $1.40 per share, inclusive of $25.0 million, or $0.33 per share, of income related to the expected resolution of a commercial mortgage investment and net of $3.1 million, or $0.04 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $215.4 million, or $3.07 per share, for the same period in 2024, which included $141.7 million, or $2.02 per share, of gain on discounted debt extinguishment at 2 Herald Square and $5.1 million, or $0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. All per share amounts are presented on a diluted basis. Operating and Leasing Activity Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 2.6% for the first quarter of 2025, or 2.4% excluding lease termination income, as compared to the same period in 2024. During the first quarter of 2025, the Company signed 45 office leases in its Manhattan office portfolio totaling 602,105 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2025 was $83.75 per rentable square foot with an average lease term of 9.8 years and average tenant concessions of 9.4 months of free rent with a tenant improvement allowance of $94.35 per rentable square foot. Twenty-four leases comprising 361,131 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $82.29 per rentable square foot, representing a 3.1% decrease over the previous fully escalated rents on the same office spaces. The Company has a current, active pipeline of prospective leases of more than 1.1 million square feet. Occupancy in the Company's Manhattan same-store office portfolio was 91.8% as of March 31, 2025, consistent with the Company's expectations, inclusive of 791,538 square feet of leases signed but not yet commenced, as compared to 92.4% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 93.2% by December 31, 2025. Significant leasing activity in the first quarter includes: Early renewal and expansion with Newmark & Company Real Estate for 144,418 square feet at 125 Park Avenue;Expansion lease with IBM for 92,663 square feet at One Madison Avenue;Renewal with M. Shanken Communications, Inc. for 38,652 square feet at Worldwide Plaza;Expansion lease with Ares Management LLC for 38,074 square feet at 245 Park Avenue;Early renewal with Brixmor Operating Partnership for 18,655 square feet at 100 Park Avenue;New leases of 18,128 square feet and 16,643 square feet with Sichenzia Ross Ferrance Carmel LLP and Lankler Siffert & Wohl LLP, respectively, at 1185 Avenue of the Americas; andNew lease with Phillips Lytle LLP for 17,320 square feet at 810 Seventh Avenue. Investment Activity In April, together with its joint venture partner, the Company closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million. The transaction generated net proceeds to the Company of $3.2 million. In January, the Company closed on the previously announced acquisition of 500 Park Avenue for $130.0 million. The Company financed the acquisition with a new $80.0 million mortgage, which has a term of up to 5 years, as fully extended, and bears interest at a floating rate of 2.40% over Term SOFR. The Company swapped the mortgage to a fixed rate of 6.57% through February 2028. In April, the Company exercised its purchase option and closed on the acquisition of its partner's 49.9% interest in 100 Park Avenue for cash consideration of $14.9 million. During the first quarter of 2025, the Company closed on six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of $93.3 million. Debt and Preferred Equity Investment Activity The carrying value of the Company’s debt and preferred equity portfolio was $537.6 million at March 31, 2025, including $219.4 million representing the Company's share of the preferred equity investment in 625 Madison Avenue that is accounted for as an unconsolidated joint venture. The portfolio had a weighted average current yield of 7.5% as of March 31, 2025, or 8.7% excluding the effect of $63.0 million of investments that are on non-accrual. During the first quarter of 2025, the Company invested $28.3 million in real estate debt and commercial mortgage-backed securities ("CMBS"). Special Servicing and Asset Management Activity The Company's special servicing business has active assignments totaling $4.8 billion with an additional $10.9 billion for which the Company has been designated as special servicer on assets that are not currently in special servicing. Since inception, the Company's cumulative special servicing and asset management appointments total $25.2 billion. ESG Highlights The Company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating. The Company was recognized in USA TODAY 2025 ranking of America’s Climate Leaders, leading the way in cutting greenhouse gas emissions. This designation reflects our ongoing commitment to sustainability, transparency, and meaningful climate action. The Company ranked in the 95th percentile of global peer set assessed by S&P CSA (DJSI) and listed as a Sustainability Yearbook Member for the fourth consecutive year. Out of the more than 7,800 companies assessed in 2024, only 712 are recognized. Dividends In the first 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 February 18, March 17 and April 15, 2025;A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2025 through and including April 14, 2025, which was paid in cash on April 15, 2025, and is the equivalent of an annualized dividend of $1.625 per share. Conference Call and Audio Webcast The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 17, 2025, at 2:00 p.m. ET to discuss the financial results. Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.” The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.” Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIdde2e541628a4c588c74cb1d1871805d. Company Profile SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2025, SL Green held interests in 55 buildings totaling 30.8 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com. Disclaimers Non-GAAP Financial MeasuresDuring the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package. Forward-looking StatementsThis press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms. Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise. SL GREEN REALTY CORP.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited and in thousands, except per share data) Three Months Ended March 31,Revenues: 2025 2024 Rental revenue, net$144,518 $128,203 Escalation and reimbursement revenues 18,501 13,301 SUMMIT Operator revenue 22,534 25,604 Investment income 16,114 7,403 Interest income from real estate loans held by consolidated securitization vehicles 15,981 — Other income 22,198 13,371 Total revenues 239,846 187,882 Expenses: Operating expenses, including related party expenses of $3 in 2025 and $0 in 2024 56,062 43,608 Real estate taxes 37,217 31,606 Operating lease rent 6,106 6,405 SUMMIT Operator expenses 21,764 21,858 Interest expense, net of interest income 45,681 31,173 Amortization of deferred financing costs 1,687 1,539 SUMMIT Operator tax expense (45) (1,295)Interest expense on senior obligations of consolidated securitization vehicles 13,972 — Depreciation and amortization 64,498 48,584 Loan loss and other investment reserves, net of recoveries (25,039) — Transaction related costs 295 16 Marketing, general and administrative 21,724 21,313 Total expenses 243,922 204,807 Equity in net income from unconsolidated joint ventures 1,170 111,160 Equity in net gain on sale of interest in unconsolidated joint venture/real estate — 26,764 Purchase price and other fair value adjustments (9,611) (50,492)Loss on sale of real estate, net (482) — Depreciable real estate reserves (8,546) (52,118)Net (loss) income (21,545) 18,389 Net loss attributable to noncontrolling interests: Noncontrolling interests in the Operating Partnership 1,465 (901)Noncontrolling interests in other partnerships 4,897 1,294 Preferred units distributions (2,154) (1,903)Net (loss) income attributable to SL Green (17,337) 16,879 Perpetual preferred stock dividends (3,738) (3,738)Net (loss) income attributable to SL Green common stockholders$(21,075) $13,141 Earnings Per Share (EPS) Basic (loss) earnings per share$(0.30) $0.20 Diluted (loss) earnings per share$(0.30) $0.20 Funds From Operations (FFO) Basic FFO per share$1.43 $3.11 Diluted FFO per share$1.40 $3.07 Basic ownership interest Weighted average REIT common shares for net income per share 70,424 64,328 Weighted average partnership units held by noncontrolling interests 4,103 4,439 Basic weighted average shares and units outstanding 74,527 68,767 Diluted ownership interest Weighted average REIT common share and common share equivalents 72,230 65,656 Weighted average partnership units held by noncontrolling interests 4,103 4,439 Diluted weighted average shares and units outstanding 76,333 70,095 SL GREEN REALTY CORP.CONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except per share data) March 31, December 31, 2025 2024 Assets Commercial real estate properties, at cost: Land and land interests$1,450,892 $1,357,041 Building and improvements 3,828,638 3,862,224 Building leasehold and improvements 1,399,376 1,388,476 6,678,906 6,607,741 Less: accumulated depreciation (2,174,667) (2,126,081) 4,504,239 4,481,660 Cash and cash equivalents 180,133 184,294 Restricted cash 156,895 147,344 Investment in marketable securities 12,295 22,812 Tenant and other receivables 48,074 44,055 Related party receivables 18,630 26,865 Deferred rents receivable 264,982 266,428 Debt and preferred equity investments, net of discounts and deferred origination fees of $2,231 and $1,618 in 2025 and 2024, respectively, and allowances of $13,520 and $13,520 in 2025 and 2024, respectively 318,189 303,726 Investments in unconsolidated joint ventures 2,712,582 2,690,138 Deferred costs, net 114,317 117,132 Right-of-use assets - operating leases 860,449 865,639 Real estate loans held by consolidated securitization vehicles (includes $1,449,291 and $584,134 at fair value as of March 31, 2025 and December 31, 2024, respectively) 1,599,291 709,095 Other assets 620,547 610,911 Total assets$11,410,623 $10,470,099 Liabilities Mortgages and other loans payable$2,036,727 $1,951,024 Revolving credit facility 490,000 320,000 Unsecured term loan 1,150,000 1,150,000 Unsecured notes 100,000 100,000 Deferred financing costs, net (15,275) (14,242)Total debt, net of deferred financing costs 3,761,452 3,506,782 Accrued interest payable 18,473 16,527 Accounts payable and accrued expenses 123,256 122,674 Deferred revenue 166,240 164,887 Lease liability - financing leases 107,183 106,853 Lease liability - operating leases 806,669 810,989 Dividend and distributions payable 21,978 21,816 Security deposits 62,210 60,331 Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000 100,000 Senior obligations of consolidated securitization vehicles (includes $1,409,185 and $567,487 at fair value as of March 31, 2025 and December 31, 2024, respectively) 1,409,185 590,131 Other liabilities (includes $254,447 and $251,096 at fair value as of March 31, 2025 and December 31, 2024, respectively) 395,832 414,153 Total liabilities 6,972,478 5,915,143 Commitments and contingencies Noncontrolling interests in Operating Partnership 288,702 288,941 Preferred units and redeemable equity 196,016 196,064 Equity SL Green stockholders' equity: Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2025 and December 31, 2024 221,932 221,932 Common stock, $0.01 par value 160,000 shares authorized, 71,016 and 71,097 issued and outstanding at March 31, 2025 and December 31, 2024, respectively 710 711 Additional paid-in capital 4,156,242 4,159,562 Accumulated other comprehensive (loss) income (4,842) 18,196 Retained deficit (537,585) (449,101)Total SL Green Realty Corp. stockholders’ equity 3,836,457 3,951,300 Noncontrolling interests in other partnerships 116,970 118,651 Total equity 3,953,427 4,069,951 Total liabilities and equity$11,410,623 $10,470,099 SL GREEN REALTY CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(unaudited and in thousands, except per share data) Three Months Ended March 31,Funds From Operations (FFO) Reconciliation: 2025 2024 Net (loss) income attributable to SL Green common stockholders$(21,075) $13,141 Add: Depreciation and amortization 64,498 48,584 Joint venture depreciation and noncontrolling interest adjustments 53,361 74,258 Net loss attributable to noncontrolling interests (6,362) (393)Less: Equity in net gain on sale of interest in unconsolidated joint venture/real estate — 26,764 Purchase price and other fair value adjustments (6,544) (55,652)Loss on sale of real estate, net (482) — Depreciable real estate reserves (8,546) (52,118)Depreciable real estate reserves in unconsolidated joint venture (1,780) — Depreciation on non-rental real estate assets 1,263 1,153 FFO attributable to SL Green common stockholders and unit holders$106,511 $215,443 SL GREEN REALTY CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(unaudited and in thousands, except per share data) Three Months Ended March 31,Operating income and Same-store NOI Reconciliation: 2025 2024 Net (loss) income$(21,545) $18,389 Depreciable real estate reserves 8,546 52,118 Loss on sale of real estate, net 482 — Purchase price and other fair value adjustments 9,611 50,492 Equity in net gain on sale of interest in unconsolidated joint venture/real estate — (26,764)Depreciation and amortization 64,498 48,584 SUMMIT Operator tax expense (45) (1,295)Amortization of deferred financing costs 1,687 1,539 Interest expense, net of interest income 45,681 31,173 Interest expense on senior obligations of consolidated securitization vehicles 13,972 — Operating income 122,887 174,236 Equity in net income from unconsolidated joint ventures (1,170) (111,160)Marketing, general and administrative expense 21,724 21,313 Transaction related costs 295 16 Loan loss and other investment reserves, net of recoveries (25,039) — SUMMIT Operator expenses 21,764 21,858 Investment income (16,114) (7,403)Interest income from real estate loans held by consolidated securitization vehicles (15,981) — SUMMIT Operator revenue (22,534) (25,604)Non-building revenue (10,486) (5,049)Net operating income (NOI) 75,346 68,207 Equity in net income from unconsolidated joint ventures 1,170 111,160 SLG share of unconsolidated JV depreciable real estate reserves 1,780 — SLG share of unconsolidated JV depreciation and amortization 63,075 69,446 SLG share of unconsolidated JV amortization of deferred financing costs 3,191 3,095 SLG share of unconsolidated JV interest expense, net of interest income 62,965 72,803 SLG share of unconsolidated JV gain on early extinguishment of debt — (141,664)SLG share of unconsolidated JV investment income (4,918) — SLG share of unconsolidated JV non-building revenue (1,291) (501)NOI including SLG share of unconsolidated JVs 201,318 182,546 NOI from other properties/affiliates (37,817) (20,845)Same-Store NOI 163,501 161,701 Straight-line and free rent 641 (3,181)Amortization of acquired above and below-market leases, net 728 49 Operating lease straight-line adjustment 204 204 SLG share of unconsolidated JV straight-line and free rent (5,131) (2,832)SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (6,394) (6,285)Same-store cash NOI$153,549 $149,656 Lease termination income (4,355) (1,278)SLG share of unconsolidated JV lease termination income (23) (2,717)Same-store cash NOI excluding lease termination income$149,171 $145,661 SL GREEN REALTY CORP.NON-GAAP FINANCIAL MEASURES - DISCLOSURES Funds from Operations (FFO) FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions. 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 line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring capital expenditures. FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity. Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures. The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity. Net Operating Income (NOI) and Cash NOI NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss. The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance. Coverage Ratios The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP). PRESS CONTACTslgreen@berlinrosen.com SLG-EARN

SL Green Realty Corp. Reports First Quarter 2025 EPS of ($0.30) Per Share; and FFO of $1.40 Per Share

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