NYC Office Market Downturn: The ongoing shift to hybrid work models and broader economic uncertainties could lead to sustained high office vacancy rates and downward pressure on rents in SLG's primary New York City market, impacting rental income and property valuations.

High Interest Rate Environment: Increased borrowing costs due to higher interest rates could negatively affect SLG's profitability, increase debt service expenses, and make it more challenging or expensive to refinance existing debt or acquire new properties.

Significant Debt Burden: SLG carries substantial debt, and any inability to generate sufficient cash flow from operations or to access capital markets for refinancing could pose liquidity challenges and financial distress.