SL Green Realty Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SL Green Realty Corp. has filed its 2023 10-K report detailing financial performance and key balance sheet items.</b>

AI Summary

SL GREEN REALTY CORP (SLG-PI) filed a Annual Report (10-K) with the SEC on February 23, 2024. SL Green Realty Corp. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The filing includes financial data for the periods ending December 31, 2023, 2022, and 2021. Key financial statement items such as common stock, preferred stock, and retained earnings are detailed. The report covers the fiscal years 2021, 2022, and 2023, providing comparative data. The company's principal executive offices are located at One Vanderbilt Avenue, New York, NY.

Why It Matters

For investors and stakeholders tracking SL GREEN REALTY CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SL Green's financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed financial data, including comparative figures from prior years, allows stakeholders to track trends in revenue, equity, and debt, informing investment decisions.

Risk Assessment

Risk Level: medium — SL GREEN REALTY CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure for public companies, indicating no immediate or unusual negative events, but the nature of real estate investment trusts can involve market and financial risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand SL Green's performance and potential challenges in the current market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-23 — Filing Date (Filed as of Date)
• 2023 — Fiscal Year (Reported Fiscal Year)
• 2022 — Fiscal Year (Comparative Fiscal Year)
• 2021 — Fiscal Year (Comparative Fiscal Year)

Key Players & Entities

• SL GREEN REALTY CORP (company) — Filer
• SL GREEN OPERATING PARTNERSHIP, L.P. (company) — Filer
• New York (location) — Business Address City
• MD (location) — State of Incorporation
• DE (location) — State of Incorporation

FAQ

Industry Context

SL Green Realty Corp. operates as a real estate investment trust (REIT), primarily focused on Manhattan office buildings. REITs are known for their dividend payouts and specific tax treatments.

Regulatory Implications

As a publicly traded company, SL Green Realty Corp. is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings like the 10-K to ensure transparency for investors.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's balance sheet and income statement data for the fiscal years 2021-2023.
3. Identify any specific risk factors mentioned in the filing that could impact the company's future performance.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — SL Green Realty Corp. SLG Common Stock, $0.01 par value New York Stock Exchange SL G
• $346.7 m — equity investments with a book value of $346.7 million, excluding debt and preferred equ
• $7.9 million — nd other financing receivables totaling $7.9 million that are included in balance sheet line

Filing Documents

• slg-20231231.htm (10-K) — 5035KB
• slg-20231231x10kex46.htm (EX-4.6) — 71KB
• slg-20231231x10kex211.htm (EX-21.1) — 112KB
• slg-20231231x10kex212.htm (EX-21.2) — 113KB
• slg-20231231x10kex231.htm (EX-23.1) — 4KB
• slg-20231231x10kex232.htm (EX-23.2) — 2KB
• slg-20231231x10kex311.htm (EX-31.1) — 12KB
• slg-20231231x10kex312.htm (EX-31.2) — 12KB
• slg-20231231x10kex313.htm (EX-31.3) — 13KB
• slg-20231231x10kex314.htm (EX-31.4) — 12KB
• slg-20231231x10kex321.htm (EX-32.1) — 7KB
• slg-20231231x10kex322.htm (EX-32.2) — 7KB
• slg-20231231x10kex323.htm (EX-32.3) — 7KB
• slg-20231231x10kex324.htm (EX-32.4) — 7KB
• slg-20231231x10kex971.htm (EX-97.1) — 29KB
• 0001040971-24-000010.txt (&nbsp;) — 24010KB
• slg-20231231.xsd (EX-101.SCH) — 169KB
• slg-20231231_cal.xml (EX-101.CAL) — 172KB
• slg-20231231_def.xml (EX-101.DEF) — 1001KB
• slg-20231231_lab.xml (EX-101.LAB) — 1589KB
• slg-20231231_pre.xml (EX-101.PRE) — 1296KB
• slg-20231231_htm.xml (XML) — 3963KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B . Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. Reserved 32 Item 7 .

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 125 Item 9A.

Controls and Procedures

Controls and Procedures 126 Item 9B. Other Information 130 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 131 PART III Item 10. Directors, Executive Officers and Corporate Governance 132 Item 11.

Executive Compensation

Executive Compensation 132 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 132 Item 13. Certain Relationships and Related Transactions, and Director Independence 132 Item 14. Principal Accountant Fees and Services 132 PART IV Item 15. Exhibits, Financial Statements and Schedules 133

SIGNATURES

SIGNATURES 138 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, engaged in the ownership, management, operation, acquisition, development, redevelopment and repositioning of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally in Manhattan, a borough of New York City. We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., our predecessor entity. S.L. Green Properties, Inc., which was founded in 1980 by Stephen L. Green, who serves as a member and the chairman emeritus of the Company's board of directors, had been engaged in the business of owning, managing, leasing, and repositioning office properties in Manhattan. As of December 31, 2023, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties: Consolidated Unconsolidated Total Location Property Type Number of Properties Approximate Square Feet Number of Properties Approximate Square Feet Number of Properties Approximate Square Feet Weighted Average Leased Occupancy (1) Commercial: Manhattan Office 13 (2) 8,399,141 12 15,412,174 25 (2) 23,811,315 (2) 89.4 % Retail 3 (2) 40,536 7 281,796 10 (2) 322,332 (2) 91.2 % Development/Redevelopment 3 (3) 1,443,771 3 2,893,357 6 (2) 4,337,128 (2) N/A 19 9,883,448 22 18,587,327 41 28,470,775 89.5 % Suburban Office 7 862,800 — — 7 862,800 77.1 % Total commercial properties 26 10,746,248 22 18,587,327 48 29,333,575 89.0 % Residential: Manhattan Residential 1 (3) 140,382 1 221,884 2 362,266 99.0 % Total portfolio 27 10,886,630 23 18,809,211 50 29,695,841 89.2 % (1) The weighted average leased occupancy for commercial properties represents the total leased square footage divided by total square footage at acquisition. The weighted average

View Full Filing

View this 10-K filing on SEC EDGAR