SL GREEN REALTY CORP

Listed Company

SLGCIK 0001040971NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.00B

Net Income

$-96.91M

Total Assets

$11.08B

Equity

$3.67B

Shares Out

71.03M

Op. Cash Flow

$82.91M

Business

SL GREEN REALTY CORP is a self-managed real estate investment trust that owns, manages, operates, acquires, develops, repositions and finances commercial real estate, principally office properties in the New York metropolitan area. It offers leasing and property management services, development and redevelopment capabilities, asset repositioning, investment in debt and preferred equity, and operates a public observation and experience venue (SUMMIT). The company reports three business segments: real estate, debt and preferred equity investments, and SUMMIT. Its assets and operations are concentrated in Manhattan and the New York metro area, conducted through consolidated holdings, joint ventures and third‑party management relationships, with leasing executed via in‑house and third‑party brokers and SUMMIT revenue driven by ticket sales.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenue, net	680	606	683	672	678
SUMMIT Operator revenue	122	133	118	89	16
Investment income	29	24	35	81	80
Interest income from real estate loans held by consolidated securitization vehicles	63	19	0	0	—
Other income	108	104	77	78	86
Total revenues	1,003	886	914	919	861
Operating expenses, including related party expenses of $9 in 2025, $7 in 2024 and $5 in 2023	226	190	197	174	167
Real estate taxes	155	128	144	138	153
Operating lease rent	24	24	27	27	27
SUMMIT Operator expenses	116	112	101	89	16
Interest expense, net of interest income	188	147	137	89	71
Amortization of deferred financing costs	7	7	8	8	11
SUMMIT Operator tax expense	3	730,000	9	—	—
Interest expense on senior obligations of consolidated securitization vehicles	61	15	0	0	—
Depreciation and amortization	256	207	248	216	217
Loan loss and other investment reserves, net of recoveries	−71	0	7	0	3
Transaction related costs	14	401,000	1	409,000	4
Marketing, general and administrative	89	85	111	94	95
Total expenses	1,068	916	990	839	765
Equity in net loss from unconsolidated joint ventures	−56	−180	−77	−58	−55
Loss from debt fund investments, net	−1	0	0	—	—
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	86	208	−13	−131,000	−33
Purchase price and other fair value adjustments	−36	89	−17	−8	210
(Loss) gain on sale of real estate, net	−2	3	−32	−84	287
Depreciable real estate reserves and impairments	−32	−104	−382	−6	−24
Gain on sale of marketable securities	10	0	0	—	—
Gain (loss) on early extinguishment of debt	0	44	−870,000	0	−2
Net (loss) income	−97	30	−599	−76	481
Perpetual preferred stock dividends	−15	−15	−15	−15	−15
Net (loss) income attributable to SL Green common stockholders	−112	7	−580	−93	435
Noncontrolling interests in the Operating Partnership	8	−497,000	37	6	−25
Noncontrolling interests in other partnerships	−971,000	−928,000	−5	—	—
Preferred units distributions	−9	−9	−7	−6	−7
Net (loss) income attributable to SL Green	−97	22	−565	−78	450
Basic earnings (loss) per share (in dollars per share)	−1.61	0.08	−9.12	−1.49	6.57
Diluted earnings (loss) per share (in dollars per share)	−1.61	0.08	−9.12	−1.49	6.5
Basic weighted average common shares outstanding (in shares)	70	65	64	64	66
Diluted weighted average common shares and common share equivalents outstanding (in shares)	70	66	68	68	71

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and land interests	1,699	1,357	1,093	1,577	1,351
Building and improvements	4,012	3,862	3,656	4,904	3,671
Building leasehold and improvements	1,448	1,388	1,355	1,692	1,645
Total commercial real estate properties, at cost	7,160	6,608	6,103	9,199	7,651
Less: accumulated depreciation	−2,306	−2,126	−1,968	−2,040	−1,896
Total commercial real estate properties, net	4,853	4,482	4,135	7,159	5,755
Cash and cash equivalents	156	184	222	203	251
Restricted cash	181	147	114	181	86
Investments in marketable securities	24	23	10	11	35
Tenant and other receivables	46	44	33	34	48
Related party receivables	16	27	12	27	—
Deferred rents receivable	267	266	265	258	248
Debt and preferred equity investments, net of discounts and deferred origination fees of $14 and $1,618 and allowances of $454 and $13,520 in 2025 and 2024, respectively	168	304	347	623	1,089
Investments in unconsolidated joint ventures	2,625	2,690	2,983	3,190	2,998
Debt fund investments, at fair value	153	0	—	—	—
Deferred costs, net of amortization of $174,617 and $308,923, respectively	129	117	111	121	—
Right-of-use asset - operating leases	864	866	886	1,026	984
Real estate loans held by consolidated securitization vehicles (includes $1,023,877 and $584,134 at fair value as of December 31, 2025 and December 31, 2024, respectively)	1,024	709	0	—	—
Other assets	577	611	414	547	263
Total assets	11,083	10,470	9,531	12,356	11,067
Mortgages and other loans payable, net	2,146	1,945	1,491	3,228	1,394
Revolving credit facility, net	638	316	555	443	381
Unsecured term loans, net	1,148	1,146	1,245	1,642	899
Unsecured notes, net	0	100	100	100	1,242
Accrued interest payable	15	17	18	14	13
Senior obligations of consolidated securitization vehicles (includes $1,023,877 and $567,487 at fair value as of December 31, 2025 and December 31, 2024, respectively)	1,024	590	0	—	—
Other liabilities	393	414	471	236	195
Accounts payable and accrued expenses	135	123	153	155	158
Deferred revenue	147	165	134	272	107
Lease liability - financing leases	108	107	106	104	103
Lease liability - operating leases	805	811	828	895	851
Dividend and distributions payable	3	22	20	22	187
Security deposits	68	60	50	50	52
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100	100	100	100	100
Total liabilities	6,730	5,915	5,271	7,261	5,748
Commitments and contingencies (See Note 20)	—	—	—	—	—
Noncontrolling interests in Operating Partnership	241	289	238	270	344
Preferred units and redeemable equity	199	196	167	178	196
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2025 and 2024	222	222	222	222	222
Common stock, $0.01 par value, 160,000 shares authorized and 71,159 and 71,097 issued and outstanding at December 31, 2025 and 2024, respectively	711,000	711,000	660,000	656,000	672,000
Additional paid-in-capital	4,213	4,160	3,826	3,790	3,739
Accumulated other comprehensive (loss) income	−22	18	17	50	−47
Retained deficit	−742	−449	−152	651	976
Total SL Green stockholders' equity	3,671	3,951	3,786	4,585	4,765
Noncontrolling interests in other partnerships	241	119	70	62	13
Total equity	3,912	4,070	3,856	4,647	4,778
Total liabilities and equity/capital	11,083	10,470	9,531	12,356	11,067

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	263	214	256	224	228
Distributions of cumulative earnings from unconsolidated joint ventures	595,000	13	10	780,000	824,000
Purchase price and other fair value adjustments	36	−89	17	8	−210
Depreciable real estate reserves and impairments	32	104	382	6	24
Deferred rents receivable	−4	−2	−18	−6	−7
Non-cash lease expense	21	20	20	22	17
Other non-cash adjustments	39	46	28	−6	37
Tenant and other receivables	211,000	−12	−2	14	−21
Related party receivables	11	−11	16	7	−9
Deferred lease costs	−37	−29	−17	−22	−10
Other assets	−7	16	−2	−28	20
Accounts payable, accrued expenses, other liabilities and security deposits	−27	−75	12	−31	−66
Deferred revenue	−13	−5	8	18	−2
Lease liability - operating leases	−26	−17	−12	1	−33
Net cash provided by operating activities	83	130	230	276	256
Acquisitions of real estate property	−272	0	0	−64	−153
Additions to land, buildings and improvements	−256	−212	−260	−301	−302
Acquisition deposits and deferred purchase price	−65	−23	0	0	—
Investments in unconsolidated joint ventures	−183	−451	−184	−185	−89
Distributions in excess of cumulative earnings from unconsolidated joint ventures	101	161	141	142	771
Net proceeds from disposition of real estate/joint venture interest	330	729	558	626	652
Cash and restricted cash assumed from consolidation of real estate investment	7	19	0	60	0
Cash and restricted cash derecognized from disposition and deconsolidation of real estate investment	−10	0	0	—	—
Proceeds from sale or redemption of marketable securities	60	0	0	16	5
Investments in marketable securities	−41	−12	0	0	−10
Investments in real estate loans held by consolidated securitization vehicles	−49	−118	0	0	—
Repayment of senior obligations of consolidated securitization vehicles	−232	0	0	—	—
Proceeds from sale or redemption of real estate loans held by consolidated securitization vehicles	430	0	0	—	—
Other investments	−43	−22	−17	1	40
Origination or purchase of debt fund investments	−127	0	0	—	—
Repayment or redemption of debt fund investments	20	0	0	—	—
Origination of debt and preferred equity investments	−13	−16	−65	−51	−96
Repayments or redemption of debt and preferred equity investments	12	63	0	181	167
Net cash (used in) provided by investing activities	−331	119	171	426	994
Proceeds from mortgages and other loans payable	205	4	0	382	40
Repayments of mortgages and other loans payable	−46	−69	−26	−292	−375
Proceeds from revolving credit facility, term loans and senior unsecured notes	1,100	1,170	538	1,524	1,488
Repayments of revolving credit facility, term loans and senior unsecured notes	−880	−1,510	−828	−1,864	−1,808
Payment of debt extinguishment costs	0	0	0	—	—
Proceeds from stock options exercised and DRSPP issuance	251,000	52	525,000	525,000	2
Proceeds from issuance of common stock	−1	387	0	0	—
Redemption of preferred stock	0	−3	−12	−18	−6
Redemption of OP units	−22	−38	−9	−41	−26
Distributions to noncontrolling interests in other partnerships	−3	−11	−3	−5	−7
Contributions from noncontrolling interests in other partnerships	5	7	7	52	336,000
Acquisition of subsidiary interest from noncontrolling interest	0	−7	0	−30	0
Distributions to noncontrolling interests in the Operating Partnership	−14	−14	−15	−16	−16
Contributions from noncontrolling interests to debt fund investments	194	0	0	—	—
Distributions to debt fund investments	−21	0	0	—	—
Dividends paid on common and preferred stock	−243	−219	−231	−262	−271
Other obligation related to secured borrowing	0	0	130	78	52
Tax withholdings related to restricted share awards	−14	−182,000	0	−4	−3
Deferred loan costs	−7	−1	−1	−8	−14
Net cash provided by (used in) financing activities	253	−252	−449	−655	−1,285
Net increase (decrease) in cash, cash equivalents, and restricted cash	5	−4	−49	47	−36
Interest paid	220	201	229	170	153
Income taxes paid	7	9	8	5	4
Exchange of preferred equity investment for real estate	139	0	0	191	0
Exchange of debt investment for real estate or equity in joint venture	0	0	350	—	—
Acquisition of subsidiary interest from noncontrolling interest	55	2	0	0	—
Transfer of investments to debt fund	38	0	0	194	9
Measurement adjustment for redeemable noncontrolling interest	19	108	15	40	10
Conversion of partner loan	16	0	0	—	—
Consolidation of a subsidiary	0	50	0	0	—
Investment in joint venture	0	11	0	47	0
Deconsolidation of a subsidiary	0	0	101	0	67
Deconsolidation of subsidiary debt	0	0	1,713	0	510
Debt and preferred equity investments	0	1	0	302,000	8
Extinguishment of debt	0	47	0	0	54
Removal of fully depreciated commercial real estate properties	5	7	16	30	20
Contribution to consolidated joint venture by noncontrolling interest	51,000	72,000	8	0	0
Share repurchase or redemption payable	0	10	10	0	0
Recognition of lease liabilities arising from obtaining right-of-use assets	20	0	0	58	537
Consolidation of securitization vehicle assets	828	601	0	0	—
Consolidation of securitization vehicle liabilities	828	601	0	0	—

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