Here are 1-3 brief analogies for SL Green Realty (SLG):

• SL Green Realty is like the **Amazon for Manhattan office space**.
• SL Green Realty is like the **McDonald's for Manhattan office buildings**.
• SL Green Realty is like **Simon Property Group**, but for Manhattan office buildings instead of shopping malls.

• Office Space Leasing: Providing rental office space to tenants in their extensive portfolio of Manhattan commercial properties.
• Property Management: Managing the operational aspects, maintenance, and tenant relations for their owned commercial real estate assets.
• Real Estate Debt and Preferred Equity Investments: Generating income and returns by providing financing to other real estate projects through debt or preferred equity instruments.

SL Green Realty's primary customers are other companies. These companies lease office and commercial space within SL Green's portfolio of properties in Manhattan.

Due to the diversified nature of SL Green's vast portfolio of 88 buildings and millions of square feet, the company typically has a large and varied tenant base across numerous industries. SL Green does not publicly disclose a definitive list of its 'major customers' (tenants) with their specific names and stock symbols. This is standard practice for a diversified office REIT, as tenant concentration risk is generally mitigated by having many tenants rather than a few dominant ones.

Their tenants encompass a wide range of businesses, including financial firms, law firms, technology companies, media companies, and other corporate entities that require prime office space in Manhattan.

• Con Edison (ED)
• AECOM (ACM)

Marc Holliday, Chairman & Chief Executive Officer

Marc Holliday has served as Chief Executive Officer of SL Green Realty Corp. since January 2004, Chairman of the Board since January 2019, and Interim President since January 2024. He joined the company in 1998 as Chief Investment Officer. Prior to SL Green, Mr. Holliday held management positions at the former Victor Capital Group (formerly Capital Trust), a real estate investment management firm that focused on publicly traded real estate mezzanine lending. He also previously served as President & CEO of Gramercy Capital Corp., a public REIT, from August 2004 to October 2008. Mr. Holliday received a B.S. in Business/Finance from Lehigh University and an M.S. in Real Estate Development from Columbia University.

Matthew J. DiLiberto, Chief Financial Officer

Matthew J. DiLiberto has served as Chief Financial Officer of SL Green Realty Corp. since January 1, 2015. He joined SL Green in September 2004, and previously held the roles of Chief Accounting Officer and Treasurer from 2007 to 2014. Mr. DiLiberto oversees the finance, accounting, tax, investor relations, and corporate capital markets functions for the organization. Before joining SL Green, he was a Controller and Director of Information Management at Chelsea Property Group, a division of Simon Property Group, from June 2000 to 2004. He also worked as a Senior Financial Analyst at Vornado Realty Trust from August 1998 to June 2000 and as a Business Assurance Associate at Coopers and Lybrand, LLP (now PricewaterhouseCoopers LLP). Mr. DiLiberto holds a B.S. degree in Accounting from The University of Scranton. He was previously a co-owner of Leavine Family Racing, a motorsports organization.

Harrison Sitomer, President & Chief Investment Officer

Harrison Sitomer serves as President & Chief Investment Officer of SL Green Realty Corp.

Andrew S. Levine, Chief Legal Officer

Andrew S. Levine serves as Chief Legal Officer of SL Green Realty Corp. He has been the Chief Legal Officer since April 16, 2007.

Edward V. Piccinich, Chief Operating Officer

Edward V. Piccinich serves as Chief Operating Officer of SL Green Realty Corp. He previously held the title of Executive Vice President.

The key risks to SL Green Realty (SLG), a prominent Manhattan office landlord, primarily stem from structural shifts in office demand, the current interest rate environment, and the highly competitive nature of the real estate market.

1. Impact of Remote and Hybrid Work on Office Demand and Occupancy Rates: The long-term shift towards remote and hybrid work models, accelerated by the COVID-19 pandemic, poses a significant and ongoing risk to SL Green. This trend has led to concerns about sustained elevated office vacancies and downward pressure on rental rates across New York City. While SL Green's focus on Class A properties has shown some resilience, overall demand for office space continues to face headwinds as companies re-evaluate their physical footprint, impacting lease renewals and new leasing activity.
2. High Interest Rates and Significant Refinancing Risks: SL Green is exposed to substantial financial risk due to high interest rates, particularly with a notable volume of debt maturities approaching in 2025 and 2027. A sustained "higher-for-longer" interest rate environment means that refinancing this debt will likely incur higher costs, negatively impacting the company's cash flow, profitability, and potentially forcing asset sales to manage obligations.
3. Competitive Real Estate Market, Lease Rollover Risk, and Declining Funds From Operations (FFO): The Manhattan commercial real estate market is intensely competitive, increasing the risk that SL Green may be unable to renew or relet expiring leases at favorable terms. This competitive pressure, combined with reduced overall office demand, can lead to increased vacancies and put downward pressure on rental income and property valuations. These market dynamics and financial pressures have contributed to a decline in SL Green's Funds From Operations (FFO) per share, which is a crucial indicator of a REIT's operating performance and can affect dividend payouts.

The clear emerging threat for SL Green Realty is the widespread and accelerating adoption of **remote and hybrid work models**. This structural shift reduces the overall demand for traditional office space, pressuring occupancy rates and rental income for commercial landlords in dense urban centers like Manhattan. Similar to how streaming services fundamentally changed the demand for physical video rentals, remote and hybrid work models fundamentally alter the perceived necessity and configuration of physical office space for companies.

The addressable market for SL Green Realty's main products and services is the commercial office real estate market in Manhattan, New York. The market size can be quantified in terms of total office space and annual sales volume.

• The total office space in Manhattan is approximately 600 million square feet.
• The office sales volume in Manhattan reached $11.29 billion in 2025.

SL Green Realty (NYSE: SLG) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Increased Occupancy and Leasing Activity: SL Green has shown improved occupancy rates and strong leasing momentum in its Manhattan office portfolio. The company reported achieving 93% same-store occupancy at year-end 2025, an increase of nearly 400 basis points from early 2024 lows, and is targeting 94.8% same-store occupancy by year-end 2026. This is supported by a significant forward pipeline of over 1,000,000 square feet in leasing activity.
2. Growth in Rental Rates and Same-Store Net Operating Income (NOI): Management anticipates a strong increase in cash same-store NOI growth, forecasting between 3.5% and 4.5% annually and over 10% year-over-year in 2027. This growth is expected to be supported by high leasing volumes and improved occupancy levels, indicating an ability to achieve higher rental rates on renewed and new leases.
3. Expansion of Fee-Based Income: SL Green projects generating over $100 million in fee revenue from institutional clients in 2026. The company also plans to launch fundraising for a new senior credit lending fund, which will further contribute to its asset management business and fee-based revenue streams.
4. Overall Manhattan Office Market Recovery and Investor Demand: The company expresses optimism for 2026 and 2027, projecting occupancy gains and business growth within the commercial office sector. This positive outlook is underpinned by strong fundamentals, an increase in leasing activity (with large-scale transactions surging 15% in 2025), and robust investor interest in New York City assets from both domestic and international sources.

Share Repurchases

• During 2021 and into early 2022, SL Green repurchased 5.1 million shares of its common stock and redeemed 0.7 million Operating Partnership (OP) units, contributing to a total of 36.6 million shares and 1.8 million OP units repurchased and redeemed under a previously authorized $3.5 billion share repurchase program.

Share Issuance

• In November 2024, SL Green priced an underwritten public offering of 5,063,291 shares of its common stock at $79.00 per share, generating approximately $400 million in gross proceeds. The net proceeds were intended for general corporate purposes, including new debt and equity investment opportunities and debt repayment.
• In January 2022, the company completed a reverse stock split to mitigate the dilutive impact of a special dividend paid primarily in stock.

Outbound Investments

• In December 2021, SL Green completed the sale of its ownership interest in office and garage condominiums at 110 East 42nd Street for a gross sale price of $117.1 million, generating net cash proceeds of $28.1 million.
• In December 2022, the company sold 414,317 square feet of office leasehold condominium units at 885 Third Avenue for $300.4 million in total consideration, resulting in net cash proceeds of $281.0 million.
• In the fourth quarter of 2025, SL Green sold a 49.0% joint venture interest in 100 Park Avenue for a gross asset valuation of $425.0 million, which yielded $34.9 million in cash proceeds to the company.

Capital Expenditures

• SL Green anticipates significant leasing capital expenditures as it continues to secure new tenants, with expectations for these expenditures to normalize as occupancy approaches stabilization.
• The company's CAPEX/Revenue ratio was 18.4% in 2021, 43.5% in 2022, and 35.8% in 2023.
• In the fourth quarter of 2024, SL Green invested $15.5 million in real estate debt and commercial mortgage-backed securities (CMBS).