SL Green Realty Corp. Files Q3 2024 10-Q

TL;DR

**SL Green Q3 10-Q filed. Financials and ops update.**

AI Summary

SL Green Realty Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing details its financial performance and operational updates. Specific financial figures and operational metrics for the quarter are available within the report.

Why It Matters

This filing provides investors with a crucial update on SL Green's financial health and operational status for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — Real estate investment trusts are subject to market fluctuations and interest rate sensitivity, which can impact performance.

Key Numbers

• 20240930 — Period End Date (The filing covers the financial period ending September 30, 2024.)
• 20241031 — Filing Date (The 10-Q report was filed on October 31, 2024.)

Key Players & Entities

• SL GREEN REALTY CORP (company) — Filer
• SL GREEN OPERATING PARTNERSHIP, L.P. (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filed as of Date
• ONE VANDERBILT AVENUE (location) — Business Address
• NEW YORK (location) — Business Address City

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-20240930.htm (10-Q) — 3614KB
• a24q310qex311.htm (EX-31.1) — 12KB
• a24q310qex312.htm (EX-31.2) — 12KB
• a24q310qex313.htm (EX-31.3) — 13KB
• a24q310qex314.htm (EX-31.4) — 12KB
• a24q310qex321.htm (EX-32.1) — 7KB
• a24q310qex322.htm (EX-32.2) — 7KB
• a24q310qex323.htm (EX-32.3) — 7KB
• a24q310qex324.htm (EX-32.4) — 7KB
• 0001040971-24-000031.txt ( ) — 19076KB
• slg-20240930.xsd (EX-101.SCH) — 137KB
• slg-20240930_cal.xml (EX-101.CAL) — 134KB
• slg-20240930_def.xml (EX-101.DEF) — 825KB
• slg-20240930_lab.xml (EX-101.LAB) — 1182KB
• slg-20240930_pre.xml (EX-101.PRE) — 1078KB
• slg-20240930_htm.xml (XML) — 3233KB

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 September 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 9 Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 10 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 12

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 September 30, 2024 and December 31, 2023 15 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 17 Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 19 Consolidated Statements of Capital for the three and nine months ended September 30, 2024 and 2023 10 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 22

Notes to Consolidated Financial Statements 25

Notes to Consolidated Financial Statements 25 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations 63

Management's Discussion and Analysis of Financial Condition and Results of Operations 63 Item 3.

Quantitative and Qualitative Disclosures about Market Risk 80

Quantitative and Qualitative Disclosures about Market Risk 80 Item 4.

Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) 81

Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) 81

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1. Legal Proceedings 82 Item 1A. Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 85 Item 5. Other Information 86 Item 6. Exhibits 87 Signatures 88 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) September 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 3,781,403 3,655,624 Building leasehold and improvements 1,374,059 1,354,569 6,289,894 6,102,864 Less: accumulated depreciation ( 2,084,755 ) ( 1,968,004 ) 4,205,139 4,134,860 Cash and cash equivalents 188,216 221,823 Restricted cash 126,909 113,696 Investments in marketable securities 16,522 9,591 Tenant and other receivables 53,628 33,270 Related party receivables 13,077 12,168 Deferred rents receivable 266,606 264,653 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 293,924 346,745 Investments in unconsolidated joint ventures 2,871,683 2,983,313 Deferred costs, net 105,646 111,463 Right-of-use assets - operating leases 870,782 885,929 Real estate loans held by consolidated securitization vehicles (includes $ 586,823 and $ — at fair value as of September 30, 2024 and December 31, 2023, respectively) 713,218 — Other assets 490,722 413,670 Total assets (1) $ 10,216,072 $ 9,531,181 Liabilities Mortgages and other loans payable, net $ 1,643,992 $ 1,491,319 Revolving credit facility, net 730,851 554,752 Unsecured term loans, net 1,246,180 1,244,881 Unsecured notes, net 99,872 99,795 Accrued interest payable 22,825 17,930 Senior obligations of consolidated securitization vehicles (includes $ 571,711 and $ — at fair value as of September 30, 2024 and December 31, 2023, respectively) 603,902 — Other liabilities (includes $ 237,454 and $ — at fair value as of September 30, 2024 and December 31, 2023, respectively) 409,844 471,401 Accounts payable and accrued expenses 125,377 153,164 Deferred revenue 154,700 134,0

View Full Filing

View this 10-Q filing on SEC EDGAR