The Simon Property Group of New York City offices.

The Public Storage of Manhattan office towers.

• Office Property Leasing: Leasing commercial office spaces in its New York City properties to generate rental income.
• Property Management: Providing operational, maintenance, and tenant services for its owned commercial real estate portfolio.
• Real Estate Development: Developing and redeveloping commercial office properties to enhance their value and expand its portfolio.
• Real Estate Financing and Investment: Originating and investing in debt and preferred equity interests related to commercial real estate.

SL Green Realty (SLG) is a commercial real estate investment trust (REIT) primarily focused on owning, managing, and leasing office properties, predominantly in New York City. Therefore, its customers are other companies that lease office space within its portfolio of buildings.

SL Green's tenant base is highly diversified across various industries. According to its annual filings (e.g., 2023 10-K), no single tenant accounted for more than approximately 3.3% of its total revenues for the year ended December 31, 2023. This indicates that there are no "major customers" in terms of significant revenue concentration from a single entity.

Consequently, while there are no individually dominant major customers, its customer base comprises a wide range of prestigious firms across diverse sectors. Examples of the types of companies that lease space from SL Green, illustrating its broad and diversified tenant roster, include:

• Financial services firms such as The Carlyle Group (NYSE: CG), TD Securities (part of Toronto-Dominion Bank, NYSE: TD), and Invesco (NYSE: IVZ).
• Prominent law firms like Greenberg Traurig and McDermott Will & Emery.
• Various technology, media, consulting, and other professional services companies.

These examples represent the diverse nature of SL Green's tenants, rather than indicating major customer concentration from any single company.

• AECOM (ACM)

Marc Holliday, Chairman and Chief Executive Officer

Marc Holliday has served as the Chief Executive Officer of SL Green since 2004 and became the Chairman of the Board in January 2019. He joined the company in 1998 as Chief Investment Officer. Prior to joining SL Green, Mr. Holliday held management positions at the former Victor Capital Group, a real estate investment management firm that managed Capital Trust, a publicly traded real estate mezzanine lender. He also held significant leadership roles at Capital Trust Inc. and Gramercy Capital Corp.

Matthew DiLiberto, Chief Financial Officer

Matthew DiLiberto has been the Chief Financial Officer of SL Green Realty Corp. since January 1, 2015. He joined SL Green in September 2004 and previously served as the Chief Accounting Officer and Treasurer. Before joining SL Green, Mr. DiLiberto was with Chelsea Property Group, a division of Simon Property Group, from June 2000 to 2004, where he served as Controller and Director of Information Management. From August 1998 to June 2000, he worked at Vornado Realty Trust as a Senior Financial Analyst. He began his career as a Business Assurance Associate at Coopers and Lybrand, LLP (now PricewaterhouseCoopers LLP). Mr. DiLiberto was also previously a co-owner of Leavine Family Racing, a motorsports organization.

Andrew W. Mathias, Director and Advisory Role to the CEO (formerly President)

Andrew W. Mathias served as President of SL Green Realty Corp. from 2007 until December 31, 2023, and remains a member of the Company’s Board of Directors, serving in an advisory role to the CEO. He joined SL Green in March 1999 as a Vice President and was promoted to Chief Investment Officer in 2004. Prior to SL Green, Mr. Mathias held various positions with Capital Trust and its predecessor, Victor Capital Group, working on real estate principal investments and advisory transactions. He also worked on the high yield/restructuring desk at Bear Stearns and Co.

Harrison Sitomer, Chief Investment Officer

Harrison Sitomer serves as SL Green's Chief Investment Officer, overseeing the company's investment platform, including acquisitions, dispositions, financings, and joint ventures, along with debt and preferred equity investments. He joined SL Green in 2012 as an intern and has since completed over $8 billion in New York real estate investments.

Steven M. Durels, Executive Vice President, Director of Leasing and Real Property

Steven M. Durels is responsible for marketing, structuring, and negotiating all lease transactions for SL Green Realty Corp. He manages a team of 25 professionals and completes hundreds of leasing transactions annually. Prior to joining SL Green, Mr. Durels served for 16 years as Vice President and Director of Leasing and Management of Helmsley-Spear Inc., where he oversaw all leasing, management, and operations for a 2.5-million-square-foot Manhattan office portfolio.

The key risks to SL Green Realty's business are:

1. Challenges in the Manhattan Office Market: SL Green Realty, as Manhattan's largest office landlord, faces significant risks from shifts to remote work, lower occupancy rates, and evolving tenant demands (a "flight-to-quality" trend). These factors impact leasing stability and the long-term revenue outlook for the company's portfolio of commercial properties.
2. Exposure to High Interest Rates and Debt/Refinancing Risks: High interest rates are a continuing concern, leading to persistent high interest expenses. The company's debt may not be well covered by its operating cash flow, indicating potential refinancing challenges or increased financial burden in a rising interest rate environment.
3. Significant Lease Expirations and Renovation Costs: A substantial portion of the rentable square footage at SL Green's consolidated properties and unconsolidated joint venture properties is scheduled to expire by the end of 2029. This creates a risk of needing to incur significant costs for renovating or redesigning properties to renew existing leases or attract new tenants, especially given changing space utilization trends.

The clear emerging threat for SL Green Realty (SLG) is the sustained structural shift in demand for traditional office space driven by the widespread adoption of remote and hybrid work models.

This trend, accelerated by recent global events, is fundamentally altering corporate real estate strategies, leading to:

• Reduced office footprints as companies consolidate or downsize their physical space.
• Higher office vacancy rates across major urban centers, including Manhattan.
• Increased pressure on rental rates and lease terms.
• Potential long-term devaluation of existing office assets if demand does not recover to pre-pandemic levels or if properties are not successfully repurposed.

This directly threatens SLG's core business model of owning, managing, and leasing prime office properties by diminishing the primary asset's utility and market value.

Manhattan Office Market

Manhattan Retail Market

Debt and Preferred Equity Investments

SL Green Realty (SLG) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Increased Occupancy and Rental Rates in Manhattan Office Portfolio: SL Green is focused on increasing occupancy rates within its Manhattan office properties, particularly in its Class A and trophy assets. The company ended 2024 with 92.5% occupancy and projects over 93% leased occupancy for 2025, with a strategic goal of reaching the 95% range to enable higher rental rates and reduced concessions. Strong leasing activity has been a consistent theme, with 1.9 million square feet leased year-to-date in Q3 2025, aiming to exceed 2 million square feet by year-end. The average rent on Manhattan office leases signed in Q3 2025 was $92.81 per rentable square foot.
2. Growth and Deployment of the Opportunistic Debt and Preferred Equity (DPE) Investment Platform: SL Green is actively expanding its opportunistic debt and preferred equity investment platform, which management has highlighted as a significant source of profit. The company has been closing commitments for its Opportunistic Debt Fund, expecting it to reach over $1 billion, providing substantial capital for new investment opportunities. Performance in this segment has been strong, with a $90 million profit generated from a mortgage investment at 522 Fifth Avenue in Q2 2025, contributing to an upward revision of FFO guidance.
3. Expansion and Enhanced Revenue from Experiential Assets: The company's experiential asset, SUMMIT One Vanderbilt, continues to perform robustly, becoming a top-attended experience in New York City. Management plans to bring a "premium ticket" offering back online, expecting to generate incremental revenue. Furthermore, SL Green is exploring opportunities to expand the SUMMIT observation deck concept to international locations, which could open new revenue streams.
4. Strategic Acquisitions, Redevelopments, and Asset Repositioning: SL Green actively engages in strategic acquisitions and redevelopment projects to enhance its portfolio and drive revenue growth. For example, the company acquired 500 Park Avenue, quickly achieving 100% occupancy, and plans a significant improvement program to increase future rents. Similarly, the acquisition of a partner's 49.9% interest in 100 Park Avenue for $14.9 million, in a building that is 97% leased, demonstrates a focus on consolidating interests in high-performing assets. These initiatives aim to increase net operating income through modernized spaces and higher tenant demand.

Share Repurchases

• In December 2020, SL Green's board authorized an additional $500 million in share buybacks, increasing the total repurchase program to $3.5 billion.
• The company has strategically used proceeds from asset sales for its share repurchase program, believing its stock price significantly lagged its real financial value.
• From Q1 2020 to Q1 2022, quarterly share repurchases included $219.54 million (Q1 2020), $140.24 million (Q4 2020), $151.16 million (Q1 2022), $80.30 million (Q1 2021), and $74.09 million (Q3 2021).

Share Issuance

• The company conducted sales of common stock in the fiscal year 2025, indicated as a sign of business growth.

Outbound Investments

• In Q1 2025, SL Green acquired 500 Park Avenue for $130 million and purchased a 49.9% stake in 100 Park Avenue for $14.9 million.
• SL Green entered into a contract to purchase Park Avenue Tower (65 East 55th Street) for $730.0 million, with closing anticipated in Q1 2026.
• The company's SLG Opportunistic Debt Fund reached $1 billion in closings, with deployments commencing at approximately $220 million and expected to exceed $400 million by the end of 2025.

Capital Expenditures

• SL Green has been focused on development and redevelopment projects, including One Vanderbilt Avenue, which was ahead of schedule and over $100 million under budget as of June 2020.
• The company plans significant upgrades to properties like 500 Park Avenue to increase rents.
• SL Green's operations encompass property management, acquisitions, financing, development, construction, and leasing.