SL GREEN REALTY CORPSLG
SL GREEN REALTY CORP Segments Disclosure
Segment Information
The Company has three operating and reportable segments, real estate, debt and preferred equity ("DPE") investments, including the Fund, and SUMMIT. The results of these segments are provided to and reviewed by the CEO, our chief operating decision maker (“CODM”), who uses this information to assess performance and inform key decisions regarding operations, resources and capital allocation.
Our CODM evaluates real estate performance and allocates resources based on net operating income ("NOI"), which serves as the profit or loss measure for the real estate operating segment. For our debt and preferred equity investments and SUMMIT operating segment performance, our CODM evaluates and allocates resources based on net income. The CODM does not review asset information, by segment, as a measure to assess performance.
The reportable segment profit or loss measures for the twelve months ended December 31, 2025, December 31, 2024, and December 31, 2023 are as follows (in thousands):
| December 31, 2025 | ||||||||||||||||||||||||||
| Real Estate Segment | SUMMIT Segment | DPE Segment | Total | |||||||||||||||||||||||
| Total revenues | $ | 788,591 | $ | 122,344 | $ | 92,111 | $ | 1,003,046 | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| SUMMIT Operator expenses | — | 116,364 | — | |||||||||||||||||||||||
| SUMMIT Operator tax expense | — | 3,259 | — | |||||||||||||||||||||||
| Operating Expenses | 226,099 | — | — | |||||||||||||||||||||||
| Real Estate Taxes | 155,023 | — | — | |||||||||||||||||||||||
| Operating lease rent | 24,423 | — | — | |||||||||||||||||||||||
| Net Operating Income from unconsolidated joint ventures | $ | 268,885 | ||||||||||||||||||||||||
| Real Estate segment net operating income | $ | 651,931 | $ | 651,931 | ||||||||||||||||||||||
| Equity in net income from unconsolidated joint ventures | — | 6,825 | ||||||||||||||||||||||||
| Loss from debt fund investments, net | (1,446) | |||||||||||||||||||||||||
| Loan loss and other investment reserves, net of recoveries | 71,326 | |||||||||||||||||||||||||
| Depreciation and amortization | (3,688) | — | ||||||||||||||||||||||||
| Interest expense, net of interest income | — | (21,507) | ||||||||||||||||||||||||
| Interest expense on senior obligations of consolidated securitization vehicles | — | (60,693) | ||||||||||||||||||||||||
| SUMMIT Net income (loss) and DPE Net income (loss) | $ | (967) | $ | 86,616 | $ | 85,649 | ||||||||||||||||||||
| Non-operating net loss from unconsolidated joint ventures | (317,261) | |||||||||||||||||||||||||
| Marketing, general and administrative expense | (89,310) | |||||||||||||||||||||||||
| Transaction related costs | (13,942) | |||||||||||||||||||||||||
| Depreciable real estate reserves | (32,092) | |||||||||||||||||||||||||
| Depreciable real estate reserves in unconsolidated joint venture | (14,592) | |||||||||||||||||||||||||
| Loss on sale of real estate, net | (2,143) | |||||||||||||||||||||||||
| Purchase price and other fair value adjustments | (36,233) | |||||||||||||||||||||||||
| Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 86,068 | |||||||||||||||||||||||||
| Gain on sale of marketable securities | 10,232 | |||||||||||||||||||||||||
| Depreciation and amortization | (252,025) | |||||||||||||||||||||||||
| Amortization of deferred financing costs | (7,054) | |||||||||||||||||||||||||
| Interest expense, net of interest income | (166,149) | |||||||||||||||||||||||||
| Net Loss | $ | (96,921) | ||||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
| Real Estate Segment | SUMMIT Segment | DPE Segment | Total | |||||||||||||||||||||||
| Total revenues | $ | 709,725 | $ | 133,214 | $ | 43,333 | $ | 886,272 | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| SUMMIT Operator expenses | — | 111,739 | — | |||||||||||||||||||||||
| SUMMIT Operator tax expense | — | 730 | — | |||||||||||||||||||||||
| Operating Expenses | 189,598 | — | — | |||||||||||||||||||||||
| Real Estate Taxes | 128,187 | — | — | |||||||||||||||||||||||
| Operating lease rent | 24,423 | — | — | |||||||||||||||||||||||
| Net operating income from unconsolidated joint ventures | $ | 363,113 | ||||||||||||||||||||||||
| Real Estate segment Net operating income | $ | 730,630 | $ | 730,630 | ||||||||||||||||||||||
| Equity in net income from unconsolidated joint ventures | — | 11,513 | ||||||||||||||||||||||||
| Depreciation and amortization | (2,436) | — | ||||||||||||||||||||||||
| Interest expense, net of interest income | — | (28,142) | ||||||||||||||||||||||||
| Interest expense on senior obligations of consolidated securitization vehicles | — | (14,634) | ||||||||||||||||||||||||
| SUMMIT Net income and DPE Net income | $ | 18,309 | $ | 12,070 | $ | 30,379 | ||||||||||||||||||||
| Non-operating net loss from unconsolidated joint ventures | (291,131) | |||||||||||||||||||||||||
| Marketing, general and administrative expense | (85,187) | |||||||||||||||||||||||||
| Transaction related costs | (401) | |||||||||||||||||||||||||
| Gain on early extinguishment of debt | 43,762 | |||||||||||||||||||||||||
| Depreciable real estate reserves | (104,071) | |||||||||||||||||||||||||
| Depreciable real estate reserves in unconsolidated joint venture | (263,190) | |||||||||||||||||||||||||
| Gain on sale of real estate, net | 3,025 | |||||||||||||||||||||||||
| Purchase price and other fair value adjustments | 88,966 | |||||||||||||||||||||||||
| Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 208,144 | |||||||||||||||||||||||||
| Depreciation and amortization | (205,007) | |||||||||||||||||||||||||
| Amortization of deferred financing costs | (6,619) | |||||||||||||||||||||||||
| Interest expense, net of interest income | (119,078) | |||||||||||||||||||||||||
| Net Income | $ | 30,222 | ||||||||||||||||||||||||
| December 31, 2023 | ||||||||||||||||||||||||||
| Real Estate Segment | SUMMIT Segment | DPE Segment | Total | |||||||||||||||||||||||
| Total revenues | $ | 760,745 | $ | 118,260 | $ | 34,705 | $ | 913,710 | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| SUMMIT Operator expenses | — | 101,211 | — | |||||||||||||||||||||||
| SUMMIT Operator tax expense | — | 9,201 | — | |||||||||||||||||||||||
| Operating Expenses | 196,696 | — | — | |||||||||||||||||||||||
| Real Estate Taxes | 143,757 | — | — | |||||||||||||||||||||||
| Operating lease rent | 27,292 | — | — | |||||||||||||||||||||||
| Net operating income from unconsolidated joint ventures | 205,694 | |||||||||||||||||||||||||
| Real Estate segment Net operating income | $ | 598,694 | $ | 598,694 | ||||||||||||||||||||||
| Loan loss and other investment reserves, net of recoveries | — | (6,890) | ||||||||||||||||||||||||
| Depreciation and amortization | (1,747) | — | ||||||||||||||||||||||||
| Interest expense, net of interest income | — | (34,149) | ||||||||||||||||||||||||
| SUMMIT Net (loss) income and DPE Net (loss) income | $ | 6,101 | $ | (6,334) | $ | (233) | ||||||||||||||||||||
| Non-operating net loss from unconsolidated joint ventures | (282,203) | |||||||||||||||||||||||||
| Marketing, general and administrative expense | (111,389) | |||||||||||||||||||||||||
| Transaction related costs | (1,099) | |||||||||||||||||||||||||
| Loss on early extinguishment of debt | (870) | |||||||||||||||||||||||||
| Depreciable real estate reserves | (382,374) | |||||||||||||||||||||||||
| Loss on sale of real estate, net | (32,370) | |||||||||||||||||||||||||
| Purchase price and other fair value adjustments | (17,260) | |||||||||||||||||||||||||
| Equity in net loss on sale of interest in unconsolidated joint venture/real estate | (13,368) | |||||||||||||||||||||||||
| Depreciation and amortization | (246,063) | |||||||||||||||||||||||||
| Amortization of deferred financing costs | (7,837) | |||||||||||||||||||||||||
| Interest expense, net of interest income | (102,965) | |||||||||||||||||||||||||
| Net Loss | $ | (599,337) | ||||||||||||||||||||||||
For the real estate segment, the primary sources of revenue are tenant rents and escalations and reimbursement revenue. See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales.
There were no transactions between the above three segments other than the SUMMIT leases with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.