SL Green Realty Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SL Green Realty Corp. has submitted its Q1 2024 10-Q filing detailing financial performance and position.</b>

AI Summary

SL GREEN REALTY CORP (SLG-PI) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. SL Green Realty Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing includes financial data for SL Green Operating Partnership, L.P. Key financial statement elements such as common stock, preferred stock, and retained earnings are detailed. The report covers the period from January 1, 2024, to March 31, 2024. Comparative data for December 31, 2023, and March 31, 2023, is presented.

Why It Matters

For investors and stakeholders tracking SL GREEN REALTY CORP, this filing contains several important signals. This 10-Q provides investors with an updated view of SL Green's financial health and operational performance for the first quarter of 2024. The detailed financial statements and disclosures are crucial for understanding the company's current standing in the real estate market and its future prospects.

Risk Assessment

Risk Level: medium — SL GREEN REALTY CORP shows moderate risk based on this filing. The filing is a standard quarterly report, but the real estate sector is subject to market volatility and interest rate sensitivity, which could impact SL Green's performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess SL Green's current financial position and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing)
• 2024-05-06 — Filed As Of Date (Quarterly filing)
• 2024-01-01 — Reporting Period Start Date (Quarterly filing)
• 2023-12-31 — Comparative Period End Date (Quarterly filing)
• 2023-03-31 — Comparative Period End Date (Quarterly filing)

Key Players & Entities

• SL GREEN REALTY CORP (company) — Filer
• SL GREEN OPERATING PARTNERSHIP, L.P. (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filed as of date
• 2024-01-01 (date) — Reporting period start date
• 2023-12-31 (date) — Comparative period end date
• 2023-03-31 (date) — Comparative period end date
• 2125942700 (phone) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — SL Green Realty Corp. SLG Common Stock, $0.01 par value New York Stock Exchange SL G

Filing Documents

• slg-20240331.htm (10-Q) — 2819KB
• a24q110qex311.htm (EX-31.1) — 12KB
• a24q110qex312.htm (EX-31.2) — 12KB
• a24q110qex313.htm (EX-31.3) — 13KB
• a24q110qex314.htm (EX-31.4) — 12KB
• a24q110qex321.htm (EX-32.1) — 7KB
• a24q110qex322.htm (EX-32.2) — 7KB
• a24q110qex323.htm (EX-32.3) — 7KB
• a24q110qex324.htm (EX-32.4) — 7KB
• 0001040971-24-000018.txt (&nbsp;) — 16877KB
• slg-20240331.xsd (EX-101.SCH) — 133KB
• slg-20240331_cal.xml (EX-101.CAL) — 134KB
• slg-20240331_def.xml (EX-101.DEF) — 790KB
• slg-20240331_lab.xml (EX-101.LAB) — 1131KB
• slg-20240331_pre.xml (EX-101.PRE) — 1029KB
• slg-20240331_htm.xml (XML) — 2802KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS 5

Item 1. FINANCIAL STATEMENTS 5

FINANCIAL STATEMENTS OF SL GREEN REALTY CORP

FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 5 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 7 Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (unaudited) 8 Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 (unaudited) 9 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 10

FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P

FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 12 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 14 Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (unaudited) 15 Consolidated Statements of Capital for the three months ended March 31, 2024 and 2023 (unaudited) 16 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 17

Notes to Consolidated Financial Statements (unaudited) 19

Notes to Consolidated Financial Statements (unaudited) 19 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations 54

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 3.

Quantitative and Qualitative Disclosures about Market Risk 66

Quantitative and Qualitative Disclosures about Market Risk 66 Item 4.

Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) 67

Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) 67

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1. Legal Proceedings 68 Item 1A. Risk Factors 68 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69 Item 3. Defaults Upon Senior Securities 70 Item 4. Mine Safety Disclosures 71 Item 5. Other Information 72 Item 6. Exhibits 73 Signatures 74 Table of Contents SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 Table of Contents SL Green Realty Corp. Consolidated Balance Sheets (in thousands) March 31, 2024 December 31, 2023 (unaudited) Assets Commercial real estate properties, at cost: Land and land interests $ 1,150,681 $ 1,092,671 Building and improvements 3,729,884 3,655,624 Building leasehold and improvements 1,358,851 1,354,569 Right of use asset - operating leases 953,236 953,236 7,192,652 7,056,100 Less: accumulated depreciation ( 2,078,203 ) ( 2,035,311 ) 5,114,449 5,020,789 Assets held for sale 21,586 — Cash and cash equivalents 196,035 221,823 Restricted cash 122,461 113,696 Investments in marketable securities 10,673 9,591 Tenant and other receivables 38,659 33,270 Related party receivables 12,229 12,168 Deferred rents receivable 267,969 264,653 Debt and preferred equity investments, net of discounts and deferred origination fees of $ 1,623 and $ 1,630 and allowances of $ 13,520 and $ 13,520 in 2024 and 2023, respectively 352,347 346,745 Investments in unconsolidated joint ventures 2,984,786 2,983,313 Deferred costs, net 109,296 111,463 Other assets 533,802 413,670 Total assets (1) $ 9,764,292 $ 9,531,181 Liabilities Mortgages and other loans payable, net $ 1,695,163 $ 1,491,319 Revolving credit facility, net 645,138 554,752 Unsecured term loans, net 1,245,382 1,244,881 Unsecured notes, net 99,820 99,795 Accrued interest payable 23,217 17,930 Other liabilities 437,302 471,401 Accounts payable and accrued expenses 101,495 153,164 Deferred revenue 157,756 134,053 Lease liability - financing leases 105,859 105,531 Lease liability - operating leases 823,594 827,692 Dividend and distributions payable 20,135 20,280 Security deposits 56,398 49,906 Liabilities related to assets held for sale 10,649 — Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities 100,000 100,000 Total liabilities (1) 5,521,908 5,270,704 5 Table of Contents

View Full Filing

View this 10-Q filing on SEC EDGAR