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SLG SL Green Realty Corp.

Quarterly report

September 30, 2024	December 31, 2023
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities			100,000		100,000	Total liabilities (1)	6,135,743		5,270,704	Commitments and contingencies
Noncontrolling interests in Operating Partnership			293,593		238,051	Preferred units	166,731		166,501	Equity	SL Green stockholders' equity:			Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2024 and December 31, 2023			221,932		221,932	Common stock, $0.01 par value, 160,000 shares authorized and 66,295 and 65,786 issued and outstanding at September 30, 2024 and December 31, 2023, respectively (including 1,060 and 1,060 shares held in treasury at September 30, 2024 and December 31, 2023, respectively)	663		660	Additional paid-in-capital	3,866,088		3,826,452	Treasury stock at cost	(128,655)		(128,655)	Accumulated other comprehensive (loss) income	(27,308)		17,477	Retained deficit	(376,435)		(151,551)	Total SL Green stockholders' equity	3,556,285		3,786,315	Noncontrolling interests in other partnerships	63,720		69,610	Total equity	3,620,005		3,855,925	Total liabilities and equity	$	10,216,072	$	9,531,181	(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $104.1 million and $41.2 million of land, $65.4 million and $40.5 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $3.2 million and $5.4 million of accumulated depreciation, $713.2 million and $— million of real estate loans held by consolidated securitization vehicles, $776.3 million and $676.9 million of other assets included in other line items, $204.3 million and $50.0 million of real estate debt, net, $0.9 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, $603.9 million and $— million of senior obligations of consolidated securitization vehicles and $308.0 million and $306.5 million of other liabilities included in other line items as of September 30, 2024 and December 31, 2023, respectively.

31 Oct 24

5:19pm

SLG SL Green Realty Corp.

Quarterly report

Nine Months Ended September 30,
2024			2023
Operating Activities			Net income (loss)			$	11,084	$	(439,279)	Adjustments to reconcile net income (loss) to net cash provided by operating activities:	Depreciation and amortization			158,892		205,086	Equity in net (income) loss from unconsolidated joint ventures	(100,057)		44,470	Distributions of cumulative earnings from unconsolidated joint ventures	306		514	Equity in net (gain) loss on sale of interest in unconsolidated joint venture interest/real estate	(19,006)		79	Purchase price and other fair value adjustments	36,321		6,987	Depreciable real estate reserves and impairment	65,839		305,527	(Gain) loss on sale of real estate, net	(4,730)		27,813	Loan loss reserves and other investment reserves, net of recoveries	—		6,890	Gain on early extinguishment of debt	(17,777)		—	Deferred rents receivable	(2,166)		(16,195)	Non-cash lease expense	15,147		15,477	Other non-cash adjustments	31,460		6,645	Changes in operating assets and liabilities:	Tenant and other receivables			(12,693)		(2,852)	Related party receivables	181		16,466	Deferred lease costs	(11,920)		(8,066)	Other assets	(11,332)		(14,169)	Accounts payable, accrued expenses, other liabilities and security deposits	(57,291)		23,655	Deferred revenue	1,616		9,978	Lease liability - operating leases	(12,454)		(7,688)	Net cash provided by operating activities	71,420		181,338	Investing Activities	Additions to land, buildings and improvements			(162,691)		(194,035)	Acquisition deposits and deferred purchase price	(12,817)		—	Investments in unconsolidated joint ventures	(371,948)		(119,522)	Distributions in excess of cumulative earnings from unconsolidated joint ventures	99,307		108,884	Net proceeds from disposition of real estate/joint venture interest	478,151		547,605	Investments in marketable securities	(5,604)		—	Investments in real estate loans held by consolidated securitization vehicles	(108,893)
Other investments			(7,350)		(17,545)	Origination of debt and preferred equity investments	(9,126)		(53,703)

31 Oct 24

5:19pm

SLG SL Green Realty Corp.

Quarterly report

Nine Months Ended September 30,
			2024			2023
Operating Activities
Net income (loss)			$	11,084	$	(439,279)	Adjustments to reconcile net income (loss) to net cash provided by operating activities:	Depreciation and amortization			158,892		205,086	Equity in net (income) loss from unconsolidated joint ventures	(100,057)		44,470	Distributions of cumulative earnings from unconsolidated joint ventures	306		514	Equity in net (gain) loss on sale of interest in unconsolidated joint venture interest/real estate	(19,006)		79	Purchase price and other fair value adjustments	36,321		6,987	Depreciable real estate reserves and impairment	65,839		305,527	(Gain) loss on sale of real estate, net	(4,730)		27,813	Loan loss reserves and other investment reserves, net of recoveries	—		6,890	Gain on early extinguishment of debt	(17,777)		—	Deferred rents receivable	(2,166)		(16,195)	Non-cash lease expense	15,147		15,477	Other non-cash adjustments	31,460		6,645	Changes in operating assets and liabilities:	Tenant and other receivables			(12,693)		(2,852)	Related party receivables	181		16,466	Deferred lease costs	(11,920)		(8,066)	Other assets	(11,332)		(14,169)	Accounts payable, accrued expenses, other liabilities and security deposits	(57,291)		23,655	Deferred revenue	1,616		9,978	Lease liability - operating leases	(12,454)		(7,688)	Net cash provided by operating activities	71,420		181,338	Investing Activities	Additions to land, buildings and improvements			(162,691)		(194,035)	Acquisition deposits and deferred purchase price	(12,817)		—	Investments in unconsolidated joint ventures	(371,948)		(119,522)	Distributions in excess of cumulative earnings from unconsolidated joint ventures	99,307		108,884	Net proceeds from disposition of real estate/joint venture interest	478,151		547,605	Investments in marketable securities	(5,604)		—	Investments in real estate loans held by consolidated securitization vehicles	(108,893)		—	Other investments	(7,350)		(17,545)	Origination of debt and preferred equity investments	(9,126)		(53,703)

31 Oct 24

5:19pm

SLG SL Green Realty Corp.

Quarterly report

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2024 and December 31, 2023 (in thousands):

September 30, 2024	December 31, 2023
Identified intangible assets (included in other assets):			Gross amount			$	273,010	$	189,680	Accumulated amortization	(193,327)		(184,902)	Net	$	79,683	$	4,778	Identified intangible liabilities (included in deferred revenue):	Gross amount			$	226,034	$	205,394	Accumulated amortization	(203,459)		(202,089)	Net	$	22,575	$	3,305

31 Oct 24

5:19pm

SLG SL Green Realty Corp.

Quarterly report

The table below provides general information on each of our joint ventures as of September 30, 2024:

Property	Partner			Ownership Interest (1)			Economic Interest (1)			Unaudited Approximate Square Feet
100 Park Avenue			Prudential Real Estate Investors			49.90%			49.90%			834,000		800 Third Avenue	Private Investors			60.52%			60.52%			526,000		919 Third Avenue	New York State Teacher's Retirement System			51.00%			51.00%			1,454,000		11 West 34th Street (2)	Private Investor / Wharton Properties			30.00%			30.00%			17,150		280 Park Avenue	Vornado Realty Trust			50.00%			50.00%			1,219,158		1552-1560 Broadway (2) (3)	Wharton Properties			50.00%			50.00%			57,718		650 Fifth Avenue (2) (4)	Wharton Properties			50.00%			50.00%			69,214		11 Madison Avenue	PGIM Real Estate			60.00%			60.00%			2,314,000		One Vanderbilt Avenue	National Pension Service of Korea / Hines Interest LP			71.01%			71.01%			1,657,198		Worldwide Plaza (2)	RXR Realty / New York REIT			24.95%			24.95%			2,048,725		1515 Broadway	Allianz Real Estate of America			56.87%			56.87%			1,750,000		2 Herald Square (2) (5)	Israeli Institutional Investor			95.00%			95.00%			369,000		115 Spring Street (2)	Private Investor			51.00%			51.00%			5,218		15 Beekman (6)	A fund managed by Meritz Alternative Investment Management			20.00%			20.00%			221,884		85 Fifth Avenue	Wells Fargo			36.27%			36.27%			12,946		One Madison Avenue (7)	National Pension Service of Korea / Hines Interest LP / International Investor			25.50%			25.50%			1,048,700		220 East 42nd Street	A fund managed by Meritz Alternative Investment Management			51.00%			51.00%			1,135,000		450 Park Avenue (8)	Korean Institutional Investor / Israeli Institutional Investor			50.10%			25.10%			337,000		5 Times Square (2)	RXR Realty led investment group			31.55%			31.55%			1,131,735		245 Park Avenue	U.S. Affiliate of Mori Trust Co., Ltd			50.10%			50.10%			1,782,793		625 Madison Avenue (9)	Private Investor			90.93%			90.93%			591,123

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