Recent developments include SL Green's Q1 2026 earnings call and financial results, a $1.65 billion refinancing to enhance financial flexibility, record leasing activity, and property sales including the sale of 7 Dey Street residential units.

• SL Green reported Q1 2026 results with revenues of $253.1 million and a net loss of $80.7 million; leasing activity set a record despite FFO lagging revenue growth [N3][N4][N5][N6].
• The company completed a $1.65 billion refinancing to boost financial flexibility [N7].
• SL Green sold 7 Dey Street residential units to GO Residential for $222.6 million [N7].
• Leasing at One Madison Avenue was fully leased, contributing to strong Q1 leasing performance [N3].
• The SUMMIT observation deck continues to operate with increased revenues due to expanded experiences [N3].

SL Green benefits from its leadership position in Manhattan's office market, a large and diverse tenant base, and a portfolio with high leased occupancy. Its active leasing and property management strategies, combined with redevelopment and repositioning initiatives, support value creation. The company's investments in debt and preferred equity provide additional income streams and potential acquisition opportunities. Expansion of the SUMMIT experience internationally could diversify revenue. Recent refinancing activities enhance financial flexibility, supporting capital deployment and operational initiatives.

Risks include exposure to the Manhattan office market, which faces challenges such as changing tenant demand, increased vacancy, and sublease availability. The company's financial performance is sensitive to leasing activity, rent levels, and interest rates, with recent net losses highlighting operational pressures. Development and redevelopment projects carry execution and cost risks. Dependence on capital markets for financing and potential tenant or borrower credit issues could impact liquidity. Regulatory and market changes affecting REITs and real estate operations also pose risks.

SL Green's moat is derived from its dominant market position as Manhattan's largest owner of office real estate, extensive local market expertise, and a fully integrated management platform that includes leasing, property management, development, and financing capabilities. Its deep knowledge of the Manhattan market, long-standing tenant relationships, and ability to source off-market acquisitions provide competitive advantages. The company's diversified portfolio, including debt and preferred equity investments, and its operation of the SUMMIT observation deck further differentiate its business. Additionally, SL Green's prudent capital management and access to diversified financing sources support its resilience and growth potential in a complex urban real estate market.

• Market Risk: Adverse changes in the Manhattan office market, including reduced demand, increased vacancy, and sublease availability, may impact rental income and property values.
• Financial Risk: Rising interest rates, refinancing risks, and the ability to maintain access to capital markets could affect the company's cost of capital and liquidity.
• Operational Risk: Execution risks related to property development, redevelopment, and repositioning projects, including construction delays and cost overruns.
• Tenant and Credit Risk: Bankruptcy or insolvency of major tenants or borrowers could reduce rental income and increase credit losses.
• Regulatory and Compliance Risk: Changes in laws and regulations affecting REITs and real estate operations, including compliance costs and potential liabilities.

• SL Green Realty Corp. is a self-managed REIT focused on ownership, management, operation, acquisition, development, redevelopment, repositioning, and financing of commercial real estate properties, principally office properties in the New York metropolitan area, mainly Manhattan.
• As of March 31, 2026, SL Green owned interests in 45 properties totaling approximately 26.9 million square feet with a weighted average leased occupancy of 94.0%.
• The portfolio includes Manhattan office, retail, residential, development/redevelopment properties, and suburban office properties.
• SL Green operates the SUMMIT One Vanderbilt observation deck in Manhattan, which generated operator revenue of $24.1 million in Q1 2026.
• The company manages leasing and property management with a focus on tenant retention, long lease terms, and competitive rental rates.
• SL Green pursues property acquisitions for long-term value appreciation and cash flow growth, leveraging local market expertise and off-market opportunities.
• The company actively repositions and redevelops properties to meet current workplace, retail, and housing trends.
• SL Green invests in well-collateralized debt and preferred equity investments primarily in New York City, generating attractive yields and potential acquisition opportunities.
• The company maintains a diversified capital structure with access to multiple sources of corporate and property-level capital.
• As of March 31, 2026, SL Green had cash and equivalents of $143.9 million and liquidity of approximately $0.6 billion, including $418 million available under its revolving credit facility.
• Q1 2026 revenues were $253.1 million, with rental revenue increases driven by acquisitions and consolidations, partially offset by deconsolidations.
• Net loss for Q1 2026 was $80.7 million, with EPS of -$1.20 per share.
• Operating income before equity in net income from unconsolidated joint ventures was $94.8 million in Q1 2026.
• Property operating expenses and SUMMIT operator expenses increased due to acquisitions and expanded operations.
• Interest expense increased due to acquisitions and higher debt balances, with a weighted average consolidated debt balance of $4.7 billion and interest rate of 5.25% in Q1 2026.
• Leasing activity in Q1 2026 included 571,860 rentable square feet commenced leases with average cash rent of $102.51 per rentable square foot.
• Manhattan office market fundamentals include a large inventory (417.1 million square feet), with increasing leasing volume and modest rent growth in 2025.
• Tenant base in Manhattan is diverse, with financial services, TAMI, public sector, and legal services as major leasing volume contributors.
• SL Green's business segments include real estate operations, debt and preferred equity investments, and SUMMIT.
• The company emphasizes maintaining a prudently levered, liquid balance sheet with consistent access to diversified capital sources.
• SL Green's management team has extensive experience and a market-leading position in Manhattan office real estate.
• Recent developments include a $1.65 billion refinancing to boost financial flexibility and the sale of 7 Dey Street residential units for $220.5 million.
• SL Green fully leased One Madison Avenue and reported record leasing activity in Q1 2026.
• The company is evaluating expansion of the SUMMIT experience internationally, including a planned location in Paris in 2027.