SL Green Realty Files 8-K on Financial Condition, Operations

TL;DR

**SLG just dropped an 8-K on financial results, get ready for updated numbers.**

AI Summary

SL Green Realty Corp. filed an 8-K on January 25, 2024, reporting on an event that occurred on January 24, 2024, related to its results of operations and financial condition. This filing also included a Regulation FD Disclosure and financial statements. For investors, this matters because it indicates that the company is providing updated financial information, which could impact their assessment of the stock's value and future performance.

Why It Matters

This filing signals that SL Green Realty Corp. is releasing new financial information, which is crucial for investors to understand the company's current health and future prospects.

Risk Assessment

Risk Level: low — This 8-K is a routine disclosure of financial information and does not inherently indicate a high-risk event, though the content of the disclosed financials could be positive or negative.

Analyst Insight

A smart investor would look for the actual financial statements and results of operations that this 8-K refers to, as this filing merely announces their disclosure, not the details themselves. This would involve checking for an accompanying earnings release or a more detailed filing like a 10-K or 10-Q.

Key Players & Entities

• SL GREEN REALTY CORP (company) — the registrant filing the 8-K
• New York Stock Exchange (company) — where SLG's common and preferred stock are registered
• January 24, 2024 (date) — date of the earliest event reported
• January 25, 2024 (date) — date the 8-K was filed
• $0.01 (dollar_amount) — par value of common and preferred stock

FAQ

Key Financial Figures

• $0.01 — SL Green Realty Corp. SLG Common Stock, $0.01 par value New York Stock Exchange SL G
• $1.35 — ngs guidance of net income per share of $1.35 to $1.65, and NAREIT defined FFO per sh
• $1 — nce of net income per share of $1.35 to $1.65, and NAREIT defined FFO per share (d
• $4.90 — REIT defined FFO per share (diluted) of $4.90 to $5.20 for the year ending December 3
• $5.20 — ned FFO per share (diluted) of $4.90 to $5.20 for the year ending December 31, 2024 t
• $2.73 — or the year ending December 31, 2024 to $2.73 to $3.03 of net income per share, and $
• $3.03 — ar ending December 31, 2024 to $2.73 to $3.03 of net income per share, and $5.90 to $
• $5.90 — 3 to $3.03 of net income per share, and $5.90 to $6.20 of FFO per share (diluted).
• $6.20 — 3 of net income per share, and $5.90 to $6.20 of FFO per share (diluted). The follo

Filing Documents

• slg-20240124.htm (8-K) — 51KB
• a23q4earningsrelease.htm (EX-99.1) — 295KB
• a23q4supplemental.htm (EX-99.2) — 4719KB
• chart-72805edcf360454cb44.jpg (GRAPHIC) — 94KB
• chart-771fc03e9100434dab8.jpg (GRAPHIC) — 87KB
• slglogo.jpg (GRAPHIC) — 37KB
• supplementalcovertemplatev1.jpg (GRAPHIC) — 343KB
• 0001040971-24-000004.txt ( ) — 6239KB
• slg-20240124.xsd (EX-101.SCH) — 2KB
• slg-20240124_def.xml (EX-101.DEF) — 17KB
• slg-20240124_lab.xml (EX-101.LAB) — 31KB
• slg-20240124_pre.xml (EX-101.PRE) — 17KB
• slg-20240124_htm.xml (XML) — 4KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition Following the issuance of a press release on January 24, 2024 announcing SL Green Realty Corp.'s, or the Company, results for the quarter ended December 31, 2023, the Company has made available on its website supplemental information regarding the Company's operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K. The information (including Exhibits 99.1 and 99.2) being furnished pursuant to this "Item 2.02. Results of Operations and Financial Condition" shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure As discussed in Item 2.02 above, on January 24, 2024, the Company issued a press release announcing its results for the quarter ended December 31, 2023, and that it is revising its earnings guidance of net income per share of $1.35 to $1.65, and NAREIT defined FFO per share (diluted) of $4.90 to $5.20 for the year ending December 31, 2024 to $2.73 to $3.03 of net income per share, and $5.90 to $6.20 of FFO per share (diluted). The following table reconciles estimated earnings per share (diluted) to FFO per share (diluted) for the year ending December 31, 2024: Year Ending December 31, 2024 2024 Net income per share attributable to SL Green stockholders (diluted) $ 2.73 $ 3.03 Add: Depreciation and amortization 2.41 2.41 Joint ventures depreciation and noncontrolling interests adjustments 3.70 3.70 Net loss attributable to noncontrolling interests (0.12) (0.12) Less: Gain on sale of real estate and discontinued operations, net 2.79 2.79 Depreciation on non-real estate assets 0.03 0.03 Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted) $ 5.90 $ 6.20 The information being furnished pursuant to this "Item 7.01. Regulation FD Disclosure" shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits 99.1 Press release regarding results for the quarter ended December 31, 2023. 99.2 Supplemental package. Non-GAAP Supplemental Financial Measures 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 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, r

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SL GREEN REALTY CORP. /s/ Matthew J. DiLiberto Matthew J. DiLiberto Chief Financial Officer Date: January 25, 2024

View Full Filing

View this 8-K filing on SEC EDGAR