SL Green Realty Corp. Reports First Quarter 2025 EPS of ($0.30) Per Share; and FFO of $1.40 Per Share
SL Green Realty Corp. (NYSE: SLG) reported Q1 2025 financial results with a net loss of $0.30 per share, compared to net income of $0.20 per share in Q1 2024. Funds from Operations (FFO) reached $1.40 per share, including $0.04 per share in negative non-cash fair value adjustments.
Key operational highlights include:
- 45 Manhattan office leases signed covering 602,105 square feet
- Same-store cash NOI increased 2.4% year-over-year
- Manhattan same-store office occupancy at 91.8%
- Average lease rent of $83.75 per square foot with 9.8-year average term
Notable transactions include the $130M acquisition of 500 Park Avenue, sale of 85 Fifth Avenue for $47M, and closing of six Giorgio Armani Residences sales generating $93.3M in net proceeds. The company maintains an active leasing pipeline of over 1.1 million square feet and expects to increase Manhattan office occupancy to 93.2% by year-end 2025.
SL Green Realty Corp. (NYSE: SLG) ha comunicato i risultati finanziari del primo trimestre 2025 con una perdita netta di 0,30 dollari per azione, rispetto a un utile netto di 0,20 dollari per azione nel primo trimestre 2024. I Fondi da Operazioni (FFO) hanno raggiunto 1,40 dollari per azione, inclusi 0,04 dollari per azione di rettifiche negative non monetarie sul valore equo.
Tra i principali risultati operativi si segnalano:
- 45 contratti di locazione per uffici a Manhattan per un totale di 602.105 piedi quadrati
- Incremento del 2,4% anno su anno del NOI cash degli immobili a parità di perimetro
- Occupazione degli uffici a Manhattan a parità di perimetro al 91,8%
- Canone medio di locazione di 83,75 dollari per piede quadrato con una durata media di 9,8 anni
Tra le operazioni più rilevanti si evidenziano l’acquisizione da 130 milioni di dollari di 500 Park Avenue, la vendita di 85 Fifth Avenue per 47 milioni di dollari e la conclusione di sei vendite delle residenze Giorgio Armani che hanno generato 93,3 milioni di dollari di proventi netti. L’azienda mantiene un portafoglio attivo di locazioni superiore a 1,1 milioni di piedi quadrati e prevede di aumentare l’occupazione degli uffici a Manhattan al 93,2% entro la fine del 2025.
SL Green Realty Corp. (NYSE: SLG) informó los resultados financieros del primer trimestre de 2025 con una pérdida neta de 0,30 dólares por acción, en comparación con una ganancia neta de 0,20 dólares por acción en el primer trimestre de 2024. Los Fondos de Operaciones (FFO) alcanzaron 1,40 dólares por acción, incluyendo ajustes negativos no monetarios por valor razonable de 0,04 dólares por acción.
Los principales aspectos operativos incluyen:
- 45 contratos de arrendamiento de oficinas en Manhattan que cubren 602,105 pies cuadrados
- Aumento del NOI en efectivo de tiendas comparables del 2,4% interanual
- Ocupación de oficinas en Manhattan en tiendas comparables del 91,8%
- Renta promedio de arrendamiento de 83,75 dólares por pie cuadrado con un plazo promedio de 9,8 años
Transacciones destacadas incluyen la adquisición de 500 Park Avenue por 130 millones de dólares, la venta de 85 Fifth Avenue por 47 millones de dólares y el cierre de seis ventas de residencias Giorgio Armani que generaron 93,3 millones de dólares en ingresos netos. La compañía mantiene un pipeline activo de arrendamientos de más de 1,1 millones de pies cuadrados y espera aumentar la ocupación de oficinas en Manhattan al 93,2% para finales de 2025.
SL Green Realty Corp. (NYSE: SLG)는 2025년 1분기 재무 실적을 발표하며 주당 순손실 0.30달러를 기록했으며, 이는 2024년 1분기 주당 순이익 0.20달러와 비교됩니다. 운영자금(FFO)는 주당 1.40달러에 달했으며, 이 중 0.04달러는 비현금 공정가치 조정의 부정적 영향입니다.
주요 운영 하이라이트는 다음과 같습니다:
- 맨해튼에서 602,105평방피트 규모의 사무실 임대 45건 체결
- 전년 동기 대비 동일 점포 현금 NOI 2.4% 증가
- 맨해튼 동일 점포 사무실 점유율 91.8%
- 평균 임대료 평방피트당 83.75달러, 평균 임대 기간 9.8년
주요 거래로는 1억 3천만 달러에 달하는 500 Park Avenue 인수, 4,700만 달러에 85 Fifth Avenue 매각, Giorgio Armani 레지던스 6채 판매 완료로 9,330만 달러의 순수익 창출이 있습니다. 회사는 110만 평방피트 이상의 활발한 임대 파이프라인을 유지하고 있으며, 2025년 말까지 맨해튼 사무실 점유율을 93.2%로 높일 것으로 예상합니다.
SL Green Realty Corp. (NYSE : SLG) a annoncé ses résultats financiers pour le premier trimestre 2025 avec une perte nette de 0,30 $ par action, contre un bénéfice net de 0,20 $ par action au premier trimestre 2024. Les Fonds provenant des opérations (FFO) ont atteint 1,40 $ par action, incluant 0,04 $ par action d’ajustements négatifs non monétaires de la juste valeur.
Les principaux faits marquants opérationnels sont les suivants :
- Signature de 45 baux de bureaux à Manhattan couvrant 602 105 pieds carrés
- Augmentation de 2,4 % du NOI en espèces des magasins comparables d’une année sur l’autre
- Taux d’occupation des bureaux comparables à Manhattan à 91,8 %
- Loyer moyen au pied carré de 83,75 $ avec une durée moyenne de bail de 9,8 ans
Parmi les transactions notables figurent l’acquisition de 500 Park Avenue pour 130 millions de dollars, la vente de 85 Fifth Avenue pour 47 millions de dollars, ainsi que la clôture de six ventes de résidences Giorgio Armani générant 93,3 millions de dollars de produits nets. La société maintient un pipeline de location actif de plus de 1,1 million de pieds carrés et prévoit d’augmenter le taux d’occupation des bureaux de Manhattan à 93,2 % d’ici la fin de l’année 2025.
SL Green Realty Corp. (NYSE: SLG) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Nettoverlust von 0,30 USD je Aktie, verglichen mit einem Nettogewinn von 0,20 USD je Aktie im ersten Quartal 2024. Die Mittel aus dem operativen Geschäft (FFO) erreichten 1,40 USD je Aktie, einschließlich negativer nicht zahlungswirksamer Neubewertungsanpassungen in Höhe von 0,04 USD je Aktie.
Wichtige operative Highlights umfassen:
- 45 abgeschlossene Büro-Mietverträge in Manhattan mit einer Fläche von 602.105 Quadratfuß
- Der Cash-NOI der vergleichbaren Immobilien stieg im Jahresvergleich um 2,4 %
- Die Büroauslastung in vergleichbaren Immobilien in Manhattan liegt bei 91,8 %
- Durchschnittliche Mietmiete von 83,75 USD pro Quadratfuß bei einer durchschnittlichen Laufzeit von 9,8 Jahren
Bemerkenswerte Transaktionen umfassen den Erwerb von 500 Park Avenue für 130 Mio. USD, den Verkauf von 85 Fifth Avenue für 47 Mio. USD sowie den Abschluss von sechs Verkäufen der Giorgio Armani Residences, die Nettoprovenuen von 93,3 Mio. USD generierten. Das Unternehmen verfügt über eine aktive Vermietungspipeline von mehr als 1,1 Millionen Quadratfuß und erwartet, die Büroauslastung in Manhattan bis Ende 2025 auf 93,2 % zu steigern.
- Same-store cash NOI increased 2.4% year-over-year
- Strong leasing activity with 602,105 square feet of Manhattan office space signed
- Sale of Giorgio Armani Residences generated $93.3M in net proceeds
- Active pipeline of prospective leases exceeding 1.1 million square feet
- Net loss of $0.30 per share compared to net income of $0.20 per share in Q1 2024
- 3.1% decrease in mark-to-market rates on replacement leases
- Occupancy declined from 92.4% to 91.8% quarter-over-quarter
- FFO decreased significantly from $3.07 per share in Q1 2024 to $1.40 per share in Q1 2025
Insights
SL Green shows operational resilience with 2.4% NOI growth and 91.8% occupancy, despite facing rental rate pressures and lower year-over-year FFO.
SL Green's Q1 2025 results present a mixed financial picture that requires looking beyond the headline numbers. The company reported a net loss of
Operationally, the company demonstrates resilience in a challenging Manhattan office market. The
The leasing spread data warrants attention - the
Capital recycling continues as a core strategy with multiple transactions closed in Q1 and April: acquiring 500 Park Avenue for
The quarterly dividend remains stable at
SL Green navigates Manhattan's office market with strategic leasing, capital recycling and asset management diversification despite rental rate pressures.
SL Green's Q1 performance illuminates their multi-pronged approach to navigating the evolving Manhattan office landscape. The company's leasing strategy prioritizes occupancy stability - maintaining
The company's capital allocation strategy shows disciplined portfolio optimization. The acquisition of 500 Park Avenue for
Perhaps most strategically significant is SL Green's expansion in the special servicing and asset management sector. With active assignments totaling
The debt and preferred equity investment portfolio, carrying
SL Green's ESG leadership, with recognition as a GRESB Sector Leader and inclusion in USA TODAY's America's Climate Leaders ranking, reinforces their positioning for institutional capital that increasingly prioritizes sustainability metrics.
Financial and Operating Highlights
- Net loss attributable to common stockholders of
$0.30 per share for the first quarter of 2025 as compared to net income of$0.20 per share for the same period in 2024. - Funds from operations ("FFO") of
$1.40 per share for the first quarter of 2025, inclusive of$3.1 million , or$0.04 per share, of negative non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of$3.07 per share for the same period in 2024, which included$141.7 million , or$2.02 per share, of gain on discounted debt extinguishment at 2 Herald Square and$5.1 million , or$0.07 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. - Signed 45 Manhattan office leases covering 602,105 square feet in the first quarter of 2025. The mark-to-market on signed Manhattan office leases was
3.1% lower for the first quarter than the previous fully escalated rents on the same spaces. The Company has a current, active pipeline of prospective leases of more than 1.1 million square feet. - Same-store cash net operating income ("NOI"), including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased
2.4% for the first quarter of 2025, excluding lease termination income, as compared to the same period in 2024. - Manhattan same-store office occupancy was
91.8% as of March 31, 2025, inclusive of leases signed but not yet commenced, consistent with the Company's expectations. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to93.2% by December 31, 2025.
Investing Highlights
- In April, together with our joint venture partner, closed on the sale of 85 Fifth Avenue for a gross asset valuation of
$47.0 million . The transaction generated net proceeds to the Company of$3.2 million . - Closed on the previously announced acquisition of 500 Park Avenue for
$130.0 million . The Company financed the acquisition with a new$80.0 million mortgage, which has a term of up to 5 years, as fully extended, and bears interest at a floating rate of2.40% over Term SOFR. The Company swapped the mortgage to a fixed rate of6.57% through February 2028. - In April, exercised our purchase option and closed on the acquisition of our partner's
49.9% interest in 100 Park Avenue for cash consideration of$14.9 million . - Closed on the sale of six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of
$93.3 million .
Special Servicing and Asset Management Highlights
- The Company's special servicing business has active assignments totaling
$4.8 billion with an additional$10.9 billion for which the Company has been designated as special servicer on assets that are not currently in special servicing.
NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2025 of
The Company reported FFO for the quarter ended March 31, 2025 of
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by
During the first quarter of 2025, the Company signed 45 office leases in its Manhattan office portfolio totaling 602,105 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2025 was
Occupancy in the Company's Manhattan same-store office portfolio was
Significant leasing activity in the first quarter includes:
- Early renewal and expansion with Newmark & Company Real Estate for 144,418 square feet at 125 Park Avenue;
- Expansion lease with IBM for 92,663 square feet at One Madison Avenue;
- Renewal with M. Shanken Communications, Inc. for 38,652 square feet at Worldwide Plaza;
- Expansion lease with Ares Management LLC for 38,074 square feet at 245 Park Avenue;
- Early renewal with Brixmor Operating Partnership for 18,655 square feet at 100 Park Avenue;
- New leases of 18,128 square feet and 16,643 square feet with Sichenzia Ross Ferrance Carmel LLP and Lankler Siffert & Wohl LLP, respectively, at 1185 Avenue of the Americas; and
- New lease with Phillips Lytle LLP for 17,320 square feet at 810 Seventh Avenue.
Investment Activity
In April, together with its joint venture partner, the Company closed on the sale of 85 Fifth Avenue for a gross asset valuation of
In January, the Company closed on the previously announced acquisition of 500 Park Avenue for
In April, the Company exercised its purchase option and closed on the acquisition of its partner's
During the first quarter of 2025, the Company closed on six Giorgio Armani Residences at 760 Madison Avenue. The transactions generated net proceeds to the Company of
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity portfolio was
During the first quarter of 2025, the Company invested
Special Servicing and Asset Management Activity
The Company's special servicing business has active assignments totaling
ESG Highlights
The Company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating.
The Company was recognized in USA TODAY 2025 ranking of America’s Climate Leaders, leading the way in cutting greenhouse gas emissions. This designation reflects our ongoing commitment to sustainability, transparency, and meaningful climate action.
The Company ranked in the 95th percentile of global peer set assessed by S&P CSA (DJSI) and listed as a Sustainability Yearbook Member for the fourth consecutive year. Out of the more than 7,800 companies assessed in 2024, only 712 are recognized.
Dividends
In the first quarter of 2025, the Company declared:
- Three monthly ordinary dividends on its outstanding common stock of
$0.25 75 per share, which were paid in cash on February 18, March 17 and April 15, 2025; - A quarterly dividend on its outstanding
6.50% Series I Cumulative Redeemable Preferred Stock of$0.40 625 per share for the period January 15, 2025 through and including April 14, 2025, which was paid in cash on April 15, 2025, and is the equivalent of an annualized dividend of$1.62 5 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 17, 2025, at 2:00 p.m. ET to discuss the financial results.
Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”
The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”
Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIdde2e541628a4c588c74cb1d1871805d.
Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2025, SL Green held interests in 55 buildings totaling 30.8 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at investor.relations@slgreen.com.
Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.
Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
| SL GREEN REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share data) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| Revenues: | 2025 | 2024 | |||||
| Rental revenue, net | $ | 144,518 | $ | 128,203 | |||
| Escalation and reimbursement revenues | 18,501 | 13,301 | |||||
| SUMMIT Operator revenue | 22,534 | 25,604 | |||||
| Investment income | 16,114 | 7,403 | |||||
| Interest income from real estate loans held by consolidated securitization vehicles | 15,981 | — | |||||
| Other income | 22,198 | 13,371 | |||||
| Total revenues | 239,846 | 187,882 | |||||
| Expenses: | |||||||
| Operating expenses, including related party expenses of | 56,062 | 43,608 | |||||
| Real estate taxes | 37,217 | 31,606 | |||||
| Operating lease rent | 6,106 | 6,405 | |||||
| SUMMIT Operator expenses | 21,764 | 21,858 | |||||
| Interest expense, net of interest income | 45,681 | 31,173 | |||||
| Amortization of deferred financing costs | 1,687 | 1,539 | |||||
| SUMMIT Operator tax expense | (45 | ) | (1,295 | ) | |||
| Interest expense on senior obligations of consolidated securitization vehicles | 13,972 | — | |||||
| Depreciation and amortization | 64,498 | 48,584 | |||||
| Loan loss and other investment reserves, net of recoveries | (25,039 | ) | — | ||||
| Transaction related costs | 295 | 16 | |||||
| Marketing, general and administrative | 21,724 | 21,313 | |||||
| Total expenses | 243,922 | 204,807 | |||||
| Equity in net income from unconsolidated joint ventures | 1,170 | 111,160 | |||||
| Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 26,764 | |||||
| Purchase price and other fair value adjustments | (9,611 | ) | (50,492 | ) | |||
| Loss on sale of real estate, net | (482 | ) | — | ||||
| Depreciable real estate reserves | (8,546 | ) | (52,118 | ) | |||
| Net (loss) income | (21,545 | ) | 18,389 | ||||
| Net loss attributable to noncontrolling interests: | |||||||
| Noncontrolling interests in the Operating Partnership | 1,465 | (901 | ) | ||||
| Noncontrolling interests in other partnerships | 4,897 | 1,294 | |||||
| Preferred units distributions | (2,154 | ) | (1,903 | ) | |||
| Net (loss) income attributable to SL Green | (17,337 | ) | 16,879 | ||||
| Perpetual preferred stock dividends | (3,738 | ) | (3,738 | ) | |||
| Net (loss) income attributable to SL Green common stockholders | $ | (21,075 | ) | $ | 13,141 | ||
| Earnings Per Share (EPS) | |||||||
| Basic (loss) earnings per share | $ | (0.30 | ) | $ | 0.20 | ||
| Diluted (loss) earnings per share | $ | (0.30 | ) | $ | 0.20 | ||
| Funds From Operations (FFO) | |||||||
| Basic FFO per share | $ | 1.43 | $ | 3.11 | |||
| Diluted FFO per share | $ | 1.40 | $ | 3.07 | |||
| Basic ownership interest | |||||||
| Weighted average REIT common shares for net income per share | 70,424 | 64,328 | |||||
| Weighted average partnership units held by noncontrolling interests | 4,103 | 4,439 | |||||
| Basic weighted average shares and units outstanding | 74,527 | 68,767 | |||||
| Diluted ownership interest | |||||||
| Weighted average REIT common share and common share equivalents | 72,230 | 65,656 | |||||
| Weighted average partnership units held by noncontrolling interests | 4,103 | 4,439 | |||||
| Diluted weighted average shares and units outstanding | 76,333 | 70,095 | |||||
| SL GREEN REALTY CORP. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except per share data) | |||||||
| March 31, | December 31, | ||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Commercial real estate properties, at cost: | |||||||
| Land and land interests | $ | 1,450,892 | $ | 1,357,041 | |||
| Building and improvements | 3,828,638 | 3,862,224 | |||||
| Building leasehold and improvements | 1,399,376 | 1,388,476 | |||||
| 6,678,906 | 6,607,741 | ||||||
| Less: accumulated depreciation | (2,174,667 | ) | (2,126,081 | ) | |||
| 4,504,239 | 4,481,660 | ||||||
| Cash and cash equivalents | 180,133 | 184,294 | |||||
| Restricted cash | 156,895 | 147,344 | |||||
| Investment in marketable securities | 12,295 | 22,812 | |||||
| Tenant and other receivables | 48,074 | 44,055 | |||||
| Related party receivables | 18,630 | 26,865 | |||||
| Deferred rents receivable | 264,982 | 266,428 | |||||
| Debt and preferred equity investments, net of discounts and deferred origination fees of | 318,189 | 303,726 | |||||
| Investments in unconsolidated joint ventures | 2,712,582 | 2,690,138 | |||||
| Deferred costs, net | 114,317 | 117,132 | |||||
| Right-of-use assets - operating leases | 860,449 | 865,639 | |||||
| Real estate loans held by consolidated securitization vehicles (includes | 1,599,291 | 709,095 | |||||
| Other assets | 620,547 | 610,911 | |||||
| Total assets | $ | 11,410,623 | $ | 10,470,099 | |||
| Liabilities | |||||||
| Mortgages and other loans payable | $ | 2,036,727 | $ | 1,951,024 | |||
| Revolving credit facility | 490,000 | 320,000 | |||||
| Unsecured term loan | 1,150,000 | 1,150,000 | |||||
| Unsecured notes | 100,000 | 100,000 | |||||
| Deferred financing costs, net | (15,275 | ) | (14,242 | ) | |||
| Total debt, net of deferred financing costs | 3,761,452 | 3,506,782 | |||||
| Accrued interest payable | 18,473 | 16,527 | |||||
| Accounts payable and accrued expenses | 123,256 | 122,674 | |||||
| Deferred revenue | 166,240 | 164,887 | |||||
| Lease liability - financing leases | 107,183 | 106,853 | |||||
| Lease liability - operating leases | 806,669 | 810,989 | |||||
| Dividend and distributions payable | 21,978 | 21,816 | |||||
| Security deposits | 62,210 | 60,331 | |||||
| Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||
| Senior obligations of consolidated securitization vehicles (includes | 1,409,185 | 590,131 | |||||
| Other liabilities (includes | 395,832 | 414,153 | |||||
| Total liabilities | 6,972,478 | 5,915,143 | |||||
| Commitments and contingencies | |||||||
| Noncontrolling interests in Operating Partnership | 288,702 | 288,941 | |||||
| Preferred units and redeemable equity | 196,016 | 196,064 | |||||
| Equity | |||||||
| SL Green stockholders' equity: | |||||||
| Series I Preferred Stock, | 221,932 | 221,932 | |||||
| Common stock, | 710 | 711 | |||||
| Additional paid-in capital | 4,156,242 | 4,159,562 | |||||
| Accumulated other comprehensive (loss) income | (4,842 | ) | 18,196 | ||||
| Retained deficit | (537,585 | ) | (449,101 | ) | |||
| Total SL Green Realty Corp. stockholders’ equity | 3,836,457 | 3,951,300 | |||||
| Noncontrolling interests in other partnerships | 116,970 | 118,651 | |||||
| Total equity | 3,953,427 | 4,069,951 | |||||
| Total liabilities and equity | $ | 11,410,623 | $ | 10,470,099 | |||
| SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| Funds From Operations (FFO) Reconciliation: | 2025 | 2024 | |||||
| Net (loss) income attributable to SL Green common stockholders | $ | (21,075 | ) | $ | 13,141 | ||
| Add: | |||||||
| Depreciation and amortization | 64,498 | 48,584 | |||||
| Joint venture depreciation and noncontrolling interest adjustments | 53,361 | 74,258 | |||||
| Net loss attributable to noncontrolling interests | (6,362 | ) | (393 | ) | |||
| Less: | |||||||
| Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 26,764 | |||||
| Purchase price and other fair value adjustments | (6,544 | ) | (55,652 | ) | |||
| Loss on sale of real estate, net | (482 | ) | — | ||||
| Depreciable real estate reserves | (8,546 | ) | (52,118 | ) | |||
| Depreciable real estate reserves in unconsolidated joint venture | (1,780 | ) | — | ||||
| Depreciation on non-rental real estate assets | 1,263 | 1,153 | |||||
| FFO attributable to SL Green common stockholders and unit holders | $ | 106,511 | $ | 215,443 | |||
| SL GREEN REALTY CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited and in thousands, except per share data) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| Operating income and Same-store NOI Reconciliation: | 2025 | 2024 | |||||
| Net (loss) income | $ | (21,545 | ) | $ | 18,389 | ||
| Depreciable real estate reserves | 8,546 | 52,118 | |||||
| Loss on sale of real estate, net | 482 | — | |||||
| Purchase price and other fair value adjustments | 9,611 | 50,492 | |||||
| Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | (26,764 | ) | ||||
| Depreciation and amortization | 64,498 | 48,584 | |||||
| SUMMIT Operator tax expense | (45 | ) | (1,295 | ) | |||
| Amortization of deferred financing costs | 1,687 | 1,539 | |||||
| Interest expense, net of interest income | 45,681 | 31,173 | |||||
| Interest expense on senior obligations of consolidated securitization vehicles | 13,972 | — | |||||
| Operating income | 122,887 | 174,236 | |||||
| Equity in net income from unconsolidated joint ventures | (1,170 | ) | (111,160 | ) | |||
| Marketing, general and administrative expense | 21,724 | 21,313 | |||||
| Transaction related costs | 295 | 16 | |||||
| Loan loss and other investment reserves, net of recoveries | (25,039 | ) | — | ||||
| SUMMIT Operator expenses | 21,764 | 21,858 | |||||
| Investment income | (16,114 | ) | (7,403 | ) | |||
| Interest income from real estate loans held by consolidated securitization vehicles | (15,981 | ) | — | ||||
| SUMMIT Operator revenue | (22,534 | ) | (25,604 | ) | |||
| Non-building revenue | (10,486 | ) | (5,049 | ) | |||
| Net operating income (NOI) | 75,346 | 68,207 | |||||
| Equity in net income from unconsolidated joint ventures | 1,170 | 111,160 | |||||
| SLG share of unconsolidated JV depreciable real estate reserves | 1,780 | — | |||||
| SLG share of unconsolidated JV depreciation and amortization | 63,075 | 69,446 | |||||
| SLG share of unconsolidated JV amortization of deferred financing costs | 3,191 | 3,095 | |||||
| SLG share of unconsolidated JV interest expense, net of interest income | 62,965 | 72,803 | |||||
| SLG share of unconsolidated JV gain on early extinguishment of debt | — | (141,664 | ) | ||||
| SLG share of unconsolidated JV investment income | (4,918 | ) | — | ||||
| SLG share of unconsolidated JV non-building revenue | (1,291 | ) | (501 | ) | |||
| NOI including SLG share of unconsolidated JVs | 201,318 | 182,546 | |||||
| NOI from other properties/affiliates | (37,817 | ) | (20,845 | ) | |||
| Same-Store NOI | 163,501 | 161,701 | |||||
| Straight-line and free rent | 641 | (3,181 | ) | ||||
| Amortization of acquired above and below-market leases, net | 728 | 49 | |||||
| Operating lease straight-line adjustment | 204 | 204 | |||||
| SLG share of unconsolidated JV straight-line and free rent | (5,131 | ) | (2,832 | ) | |||
| SLG share of unconsolidated JV amortization of acquired above and below-market leases, net | (6,394 | ) | (6,285 | ) | |||
| Same-store cash NOI | $ | 153,549 | $ | 149,656 | |||
| Lease termination income | (4,355 | ) | (1,278 | ) | |||
| SLG share of unconsolidated JV lease termination income | (23 | ) | (2,717 | ) | |||
| Same-store cash NOI excluding lease termination income | $ | 149,171 | $ | 145,661 | |||
SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES
Funds from Operations (FFO)
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
PRESS CONTACT
slgreen@berlinrosen.com
SLG-EARN
FAQ
What was SL Green's (SLG) FFO per share in Q1 2025?
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