SL Green Realty Corp. Files 8-K on Financials

TL;DR

SLG filed an 8-K on 4/17 detailing financial condition and operations.

AI Summary

On April 17, 2024, SL Green Realty Corp. (SLG) filed an 8-K to report on its results of operations and financial condition. The filing also includes Regulation FD disclosures and financial statements. Specific financial details or material events are not elaborated upon in the provided text excerpt.

Why It Matters

This filing provides an update on SL Green Realty Corp.'s financial condition and operations, which is crucial for investors to assess the company's performance and make informed decisions.

Risk Assessment

Risk Level: low — The filing is a standard 8-K reporting routine financial and operational information, not indicating any immediate or significant risks.

Key Players & Entities

• SL GREEN REALTY CORP (company) — Registrant
• April 17, 2024 (date) — Date of earliest event reported
• Maryland (jurisdiction) — State of Incorporation
• 1-13199 (identifier) — Commission File Number
• 13-3956775 (identifier) — I.R.S. employer identification number
• One Vanderbilt Avenue (address) — Principal executive offices and mailing address
• New York, New York (location) — City and State of principal executive offices and mailing address
• 10017 (postal_code) — Zip code of principal executive offices and mailing address
• 212 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — SL Green Realty Corp. SLG Common Stock, $0.01 par value New York Stock Exchange SL G
• $2.73 — ngs guidance of net income per share of $2.73 to $3.03 for the year ending December 3
• $3.03 — nce of net income per share of $2.73 to $3.03 for the year ending December 31, 2024,
• $5.90 — ned FFO per share (diluted) guidance of $5.90 to $6.20 for the year ending December 3
• $6.20 — er share (diluted) guidance of $5.90 to $6.20 for the year ending December 31, 2024 t
• $7.35 — or the year ending December 31, 2024 to $7.35 to $7.65 of FFO per share (diluted).
• $7.65 — ar ending December 31, 2024 to $7.35 to $7.65 of FFO per share (diluted). The follo

Filing Documents

• slg-20240417.htm (8-K) — 54KB
• a24q1earningsrelease.htm (EX-99.1) — 236KB
• a24q1supplemental.htm (EX-99.2) — 4500KB
• chart-70f114191e5f48d3a83a.jpg (GRAPHIC) — 95KB
• chart-bc47d5061e5b4ed89e3a.jpg (GRAPHIC) — 88KB
• slglogoa.jpg (GRAPHIC) — 37KB
• supplementalcovertemplatev3.jpg (GRAPHIC) — 247KB
• 0001040971-24-000013.txt ( ) — 5823KB
• slg-20240417.xsd (EX-101.SCH) — 2KB
• slg-20240417_def.xml (EX-101.DEF) — 17KB
• slg-20240417_lab.xml (EX-101.LAB) — 28KB
• slg-20240417_pre.xml (EX-101.PRE) — 17KB
• slg-20240417_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 April 17, 2024 announcing SL Green Realty Corp.'s, or the Company, results for the quarter ended March 31, 2024, 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 April 17, 2024, the Company issued a press release announcing its results for the quarter ended March 31, 2024, and that it is maintaining its earnings guidance of net income per share of $2.73 to $3.03 for the year ending December 31, 2024, and revising its NAREIT defined FFO per share (diluted) guidance of $5.90 to $6.20 for the year ending December 31, 2024 to $7.35 to $7.65 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 2.32 2.32 Joint ventures depreciation and noncontrolling interests adjustments 3.71 3.71 Net loss attributable to noncontrolling interests (0.08) (0.08) Depreciable real estate reserve 0.74 0.74 Less: Gain on sale of real estate and discontinued operations, net 2.44 2.44 Equity in net gain on sale of interest in unconsolidated joint venture / real estate 0.38 0.38 Purchase price and other fair value adjustments (0.79) (0.79) Depreciation on non-real estate assets 0.04 0.04 Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted) $ 7.35 $ 7.65 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 March 31, 2024. 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, refl

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: April 18, 2024

View Full Filing

View this 8-K filing on SEC EDGAR