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SL Green (NYSE: SLG) adds Series Y preferred units in property deal

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

SL Green Realty Corp., as general partner of SL Green Operating Partnership, amended its partnership agreement to authorize and issue 252,000 Series Y Preferred Units. These units were issued as part of the consideration for acquiring ownership interests in certain commercial real estate property.

The Series Y Preferred Units carry a liquidation preference of $25.00 per unit and pay a fixed annual cash distribution of 5.00% of that liquidation preference. They are not convertible into or exchangeable for other securities of the partnership or the company and were issued in a private transaction relying on the Section 4(a)(2) exemption under the Securities Act of 1933.

Positive

  • None.

Negative

  • None.

Insights

SL Green used new preferred units, not common equity, to finance a property acquisition.

SL Green Operating Partnership created and issued 252,000 Series Y Preferred Units as part of the consideration for acquiring interests in a commercial real estate property. These units sit at the partnership level with a stated liquidation preference of $25.00 per unit.

The units carry a fixed 5.00% annual cash distribution on the liquidation preference, providing a predictable payment obligation rather than variable common distributions. Because the units are not convertible or exchangeable into other securities, they avoid immediate equity dilution at the company level, though they add a fixed preferred claim on partnership cash flows.

The issuance relied on a Section 4(a)(2) exemption, indicating a private placement rather than a public offering. Future disclosures in periodic reports may give more detail on the acquired property’s contribution to cash flow relative to the 5.00% preferred distribution burden.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported):

March 4, 2026

 

SL GREEN REALTY CORP.

SL GREEN OPERATING PARTNERSHIP, L.P.

(Exact Name of Registrant as Specified in Charter)

 

Maryland   1-13199   13-3956775
(State or Other   (Commission   (IRS Employer
Jurisdiction of Incorporation)   File Number)   Identification No.)
         
Delaware   333-167793-02   13-3960398
(State or Other   (Commission   (IRS Employer
Jurisdiction of Incorporation)   File Number)   Identification No.)

 

One Vanderbilt Avenue
New York, New York 10017

(Address of principal executive offices, including zip code)

 

(212) 594-2700

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Registrant   Trading
Symbol
  Title of Each Class   Name of Each
Exchange on
Which Registered
SL Green Realty Corp.   SLG   Common Stock, $0.01 par value   New York Stock Exchange
SL Green Realty Corp.   SLG.PRI   6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 1.01Entry into a Material Definitive Agreement.

 

Thirty-Second Amendment to the First Amended and Restated Agreement of Limited Partnership of SL Green Operating Partnership, L.P.

 

On March 4, 2026, SL Green Realty Corp. (the “Company”), as the general partner of SL Green Operating Partnership, L.P. (the “Operating Partnership”), entered into a thirty-second amendment (the “Thirty-Second Amendment”) to the Operating Partnership’s First Amended and Restated Agreement of Limited Partnership, dated August 20, 1997 (as amended through the date hereof, the “Partnership Agreement”), in respect of the issuance of 252,000 Series Y Preferred Units of the Operating Partnership (the “Series Y Preferred Units”) of limited partnership interests with a liquidation preference of $25.00 per unit (the “Series Y Liquidation Preference”). 252,000 Series Y Preferred Units have been issued as a portion of the consideration for the acquisition of ownership interests in certain commercial real estate property. The Series Y Preferred Units are not convertible into or exchangeable for any other property or securities of the Partnership or the Company.

 

The Series Y Preferred Units provide for a fixed annual cash distribution of 5.00% of the Series Y Liquidation Preference per annum.

 

The Series Y Preferred Units were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended.

 

The foregoing description of the Thirty-Second Amendment is qualified in its entirety by reference to the Thirty-Second Amendment, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.

 

Item 3.02Unregistered Sale of Equity Securities.

 

The information set forth above under Item 1.01 is incorporated by reference herein with respect to the issuance by the Operating Partnership of 252,000 Series Y Preferred Units.

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits

 

10.1   Thirty-Second Amendment, dated March 4, 2026, to the First Amended and Restated Agreement of Limited Partnership of SL Green Operating Partnership, L.P.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

2 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

  SL GREEN REALTY CORP.
   
  By: /s/ Andrew S. Levine
  Name: Andrew S. Levine
  Title: Executive Vice President, Chief Legal Officer and General Counsel

 

  SL GREEN OPERATING PARTNERSHIP, L.P.
   
  By: SL GREEN REALTY CORP., its general partner
   
  By:  /s/ Andrew S. Levine
  Name: Andrew S. Levine
  Title: Executive Vice President, Chief Legal Officer and General Counsel

 

Date: March 6, 2026

 

3 

 

FAQ

What did SL Green (SLG) announce in this Form 8-K?

SL Green Realty Corp. reported that its operating partnership issued 252,000 Series Y Preferred Units as part of the consideration for acquiring interests in a commercial real estate property, and amended its partnership agreement to accommodate this new preferred class.

What are the key terms of SL Green’s Series Y Preferred Units?

The Series Y Preferred Units have a liquidation preference of $25.00 per unit and pay a fixed annual cash distribution of 5.00% of that liquidation preference. They are limited partnership interests at the operating partnership level with specified priority rights.

Are SL Green’s Series Y Preferred Units convertible into common stock?

No. The filing states the Series Y Preferred Units are not convertible into or exchangeable for any other property or securities of the operating partnership or SL Green Realty Corp., meaning they function strictly as non-convertible preferred partnership interests.

How were SL Green’s Series Y Preferred Units issued under securities laws?

The Series Y Preferred Units were issued in a private transaction relying on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, rather than through a publicly registered offering process with the SEC.

Why did SL Green issue 252,000 Series Y Preferred Units?

According to the disclosure, all 252,000 Series Y Preferred Units were issued as a portion of the overall consideration paid for the acquisition of ownership interests in certain commercial real estate property, aligning the financing directly with a specific asset transaction.

Where can investors find the full terms of SL Green’s Thirty-Second Amendment?

The complete terms are contained in the Thirty-Second Amendment to the First Amended and Restated Agreement of Limited Partnership, filed as Exhibit 10.1 to the report, which is incorporated by reference and provides detailed language governing the Series Y Preferred Units.

Filing Exhibits & Attachments

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Sl Green Rlty

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