Form 4: SL Green CEO Marc Holliday Reports Stock & LTIP Unit Transactions

SL Green Realty Corp's President and CEO, Marc Holliday, reported significant transactions involving the conversion and sale of common stock and LTIP units.

Summary

• Marc Holliday, President & CEO of SL Green Realty Corp, reported transactions involving common stock and LTIP units.
• On December 22, 2025, 22,223 LTIP units in SL Green Operating Partnership, L.P. were exchanged for Class A Units of limited partnership interests and immediately converted into an equal number of shares of SL Green's Common Stock.
• An additional 377.18 shares of the Issuer's Common Stock were purchased through the Issuer's Employee Stock Purchase Plan.
• On December 23, 2025, 22,223 shares of Common Stock were sold at a weighted average price of $44.4 per share, with individual transaction prices ranging from $44.36 to $44.58.
• On December 22, 2025, 5,374 LTIP units were converted into Common Units and then redeemed for cash at a price of $44.21 per unit, based on the average closing prices of the Issuer's Common Stock for the ten consecutive trading days ending on December 19, 2025.
• Following these reported transactions, Marc Holliday beneficially owns 9,697.65 shares of Common Stock and 1,317,680 LTIP Units.

Sentiment

Score: 5

Explanation: The transactions represent routine executive compensation and liquidity events, including both acquisition through an employee plan and sales/redemptions from vested equity awards. While insider selling can sometimes be viewed negatively, these appear to be part of a structured compensation and vesting process rather than a signal of negative company outlook.

Positives

• Participation in the Employee Stock Purchase Plan, acquiring 377.18 shares, indicates alignment with shareholder interests.
• The conversion of LTIP units into common stock and subsequent sale/redemption is part of a structured compensation program, providing liquidity to the executive.

Negatives

• The sale of 22,223 shares of common stock by a key executive could be perceived negatively by some investors, although it is often part of pre-planned compensation and liquidity events.
• The redemption of 5,374 LTIP units for cash rather than conversion to stock might suggest a preference for cash over increased equity holding at that specific time.

Future Outlook

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Industry Context

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Related Party Transactions

• The exchange of LTIP units in SL Green Operating Partnership, L.P. for Common Units and subsequent conversion to the Issuer's Common Stock or redemption for cash involves transactions between the executive and entities closely related to the Issuer. These are part of the Issuer's equity-based compensatory programs.

Stakeholder Impact

• Shareholders: May observe the executive's liquidity events; the sale could be interpreted differently depending on individual investment theses, but the overall beneficial ownership of LTIP units remains substantial.
• Employees: The mention of an Employee Stock Purchase Plan highlights a benefit available to employees, fostering alignment with company performance.

Key Dates

Keywords

SL Green Realty Corp, SLG, Marc Holliday, Form 4, Insider Trading, Common Stock, LTIP Units, Beneficial Ownership, Executive Compensation, Stock Sale, REIT