SL Green Realty Corp. Q2 2024 Results: Net Loss of $10.4M

TL;DR

**SL Green Q2: $287.4M Rev, $10.4M Net Loss. Filing out 7/31.**

AI Summary

SL Green Realty Corp. reported its second quarter 2024 results, with total revenues of $287.4 million for the three months ended June 30, 2024. The company's net loss attributable to common stockholders was $10.4 million for the same period. This filing covers the period up to June 30, 2024, and was filed on July 31, 2024.

Why It Matters

This 10-Q filing provides crucial financial insights into SL Green's performance, impacting investor decisions and market perception of the real estate investment trust.

Risk Assessment

Risk Level: medium — Real estate investment trusts are subject to market fluctuations, interest rate changes, and property-specific risks, which can impact financial performance.

Key Numbers

• $287.4M — Total Revenues (For the three months ended June 30, 2024)
• $10.4M — Net Loss (Attributable to common stockholders for the three months ended June 30, 2024)

Key Players & Entities

• SL Green Realty Corp. (company) — Filer of the 10-Q
• SL Green Operating Partnership, L.P. (company) — Related entity
• $287.4 million (dollar_amount) — Total revenues for Q2 2024
• $10.4 million (dollar_amount) — Net loss attributable to common stockholders for Q2 2024
• June 30, 2024 (date) — End of the reporting period
• July 31, 2024 (date) — Filing date of the 10-Q

FAQ

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-20240630.htm (10-Q) — 3515KB
• a24q210qex311.htm (EX-31.1) — 12KB
• a24q210qex312.htm (EX-31.2) — 12KB
• a24q210qex313.htm (EX-31.3) — 13KB
• a24q210qex314.htm (EX-31.4) — 12KB
• a24q210qex321.htm (EX-32.1) — 7KB
• a24q210qex322.htm (EX-32.2) — 7KB
• a24q210qex323.htm (EX-32.3) — 7KB
• a24q210qex324.htm (EX-32.4) — 7KB
• 0001040971-24-000025.txt ( ) — 18599KB
• slg-20240630.xsd (EX-101.SCH) — 135KB
• slg-20240630_cal.xml (EX-101.CAL) — 129KB
• slg-20240630_def.xml (EX-101.DEF) — 805KB
• slg-20240630_lab.xml (EX-101.LAB) — 1137KB
• slg-20240630_pre.xml (EX-101.PRE) — 1050KB
• slg-20240630_htm.xml (XML) — 3146KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS 5

Item 1. FINANCIAL STATEMENTS 5

FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. (UNAUDITED)

FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. (UNAUDITED) Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 8 Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 9 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 11

FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. (UNAUDITED)

FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. (UNAUDITED) Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 13 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 15 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 16 Consolidated Statements of Capital for the three and six months ended June 30, 2024 and 2023 9 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 19

Notes to Consolidated Financial Statements 21

Notes to Consolidated Financial Statements 21 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations 56

Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 3.

Quantitative and Qualitative Disclosures about Market Risk 73

Quantitative and Qualitative Disclosures about Market Risk 73 Item 4.

Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) 74

Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) 74

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1. Legal Proceedings 75 Item 1A. Risk Factors 75 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76 Item 3. Defaults Upon Senior Securities 77 Item 4. Mine Safety Disclosures 78 Item 5. Other Information 79 Item 6. Exhibits 80 Signatures 81 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 (unaudited, in thousands) June 30, 2024 December 31, 2023 Assets Commercial real estate properties, at cost: Land and land interests $ 1,134,432 $ 1,092,671 Building and improvements 3,743,316 3,655,624 Building leasehold and improvements 1,365,423 1,354,569 6,243,171 6,102,864 Less: accumulated depreciation ( 2,041,102 ) ( 1,968,004 ) 4,202,069 4,134,860 Assets held for sale 21,615 — Cash and cash equivalents 199,501 221,823 Restricted cash 116,310 113,696 Investments in marketable securities 16,593 9,591 Tenant and other receivables 41,202 33,270 Related party receivables 8,127 12,168 Deferred rents receivable 266,596 264,653 Debt and preferred equity investments, net of discounts and deferred origination fees of $ 1,618 and $ 1,630 and allowances of $ 13,520 and $ 13,520 in 2024 and 2023, respectively 290,487 346,745 Investments in unconsolidated joint ventures 2,895,399 2,983,313 Deferred costs, net 107,163 111,463 Right-of-use assets - operating leases 875,878 885,929 Other assets 507,712 413,670 Total assets (1) $ 9,548,652 $ 9,531,181 Liabilities Mortgages and other loans payable, net $ 1,644,494 $ 1,491,319 Revolving credit facility, net 535,462 554,752 Unsecured term loans, net 1,245,786 1,244,881 Unsecured notes, net 99,846 99,795 Accrued interest payable 20,083 17,930 Other liabilities 423,816 471,401 Accounts payable and accrued expenses 121,050 153,164 Deferred revenue 153,660 134,053 Lease liability - financing leases 106,187 105,531 Lease liability - operating leases 819,439 827,692 Dividend and distributions payable 20,088 20,280 Security deposits 58,002 49,906 Liabilities related to assets held for sale 10,424 — Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities 100,000 100,000 Total liabilities (1) 5,358,337 5,270,704 5 Table of Contents

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View this 10-Q filing on SEC EDGAR