Company: SLG-PI
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001040971-25-000010
Chunk: 190

Company: SL GREEN REALTY CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 2
Chunk 190
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 rentable square footage at the time the property was acquired.

(2)Occupancy for commenced leases.

(3)Occupancy inclusive of leases signed but not yet commenced.

(4)The company also owns 50% of the fee interest.

(5)Calculated based on occupied units. Amount in dollars.

(6)Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.

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Historical Occupancy

Historically, we have achieved materially higher occupancy rates in our Manhattan office portfolio as compared to the overall midtown Manhattan office market, as shown in the following table:

Occupancy Rate of Manhattan OperatingPortfolio (1)Occupancy Rate of Class A Office Properties in the Midtown Manhattan Markets (2)(3)Occupancy Rate of Class B Office Properties in the Midtown Manhattan Markets (2)(3)December 31, 202492.5%78.0%73.6%December 31, 202389.4%78.4%75.5%December 31, 202290.7%78.4%76.6%December 31, 202192.1%80.6%77.1%December 31, 202092.4%85.0%81.1%

(1)Includes our consolidated and unconsolidated Manhattan office properties.

(2)Includes vacant space available for direct lease and sublease. Source: Cushman & Wakefield.

(3)The term "Class B" is generally used in the Manhattan office market to describe office properties that are more than 25 years old but that are in good physical condition, enjoy widespread acceptance by high-quality tenants and are situated in desirable locations in Manhattan. Class B office properties can be distinguished from Class A properties in that Class A properties are generally newer properties with higher finishes and frequently obtain the highest rental rates within their markets.

Lease Expirations

Leases in our Manhattan portfolio, as at many other Manhattan office properties, typically have an initial term of seven to fifteen years, compared to typical lease terms of five to ten years in other large U.S. office markets. For the five years ending December 31, 2029, the average annual lease expirations at our Manhattan consolidated and unconsolidated operating properties is expected to be approximately 0.8 million square feet and approximately 0.3 million square feet, respectively, representing an average annual expiration rate