$SLG-PI

SL GREEN REALTY CORP

CIK:0001040971|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental revenue, net	$ 191,882	$ 165,237	$ 378,758	$ 328,256
SUMMIT Operator revenue	31,509	31,007	55,651	53,541
Investment income	2,657	6,339	5,003	22,453
Interest income from real estate loans held by consolidated securitization vehicles	14,743	21,049	29,392	37,030
Fee income	19,435	12,216	39,441	24,491
Other income	3,775	6,068	8,836	15,991
Total revenues	264,001	241,916	517,081	481,762
Expenses
Operating expenses, including related party expenses of $4 and $6 in 2026, and $0 and $3 in 2025	60,250	51,105	121,707	107,167
Real estate taxes	42,435	37,750	84,347	74,967
Operating lease rent	6,898	6,105	13,842	12,211
SUMMIT Operator expenses	25,520	24,847	50,462	46,611
Interest expense, net of interest income	54,011	45,318	104,920	90,999
Amortization of deferred financing costs	2,156	1,742	4,958	3,429
SUMMIT Operator tax expense	1,223	1,547	1,808	1,502
Interest expense on senior obligations of consolidated securitization vehicles	14,743	21,017	29,392	34,989
Depreciation and amortization	67,279	60,160	137,030	124,658
Loan loss reserves and other investment reserves, net of recoveries	0	(46,287)	0	(71,326)
Transaction related costs	17	177	301	472
Marketing, general and administrative	22,781	21,579	45,567	43,303
Total expenses	297,313	225,060	594,334	468,982
Equity in net income (loss) from unconsolidated joint ventures	14,948	(22,775)	(5,832)	(21,605)
Income from debt fund investments, net	5,990	600	8,468	600
Equity in net loss on sale of interest in unconsolidated joint venture/real estate	0	(1,946)	(814)	(1,946)
Purchase price and other fair value adjustments	5,662	(9,617)	9,845	(19,228)
(Loss) gain on sale of real estate, net	(4,179)	(167)	12,457	(649)
Depreciable real estate reserves and impairments	0	0	(35,160)	(8,546)
Gain on sale of marketable securities	0	10,232	0	10,232
Net loss	(10,891)	(6,817)	(88,289)	(28,362)
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	2,155	775	8,833	2,240
Noncontrolling interests in other partnerships	(11,772)	840	(19,506)	5,737
Preferred units distributions	(2,258)	(2,153)	(4,457)	(4,307)
Net loss attributable to SL Green	(22,766)	(7,355)	(103,419)	(24,692)
Perpetual preferred stock dividends	(3,737)	(3,737)	(7,475)	(7,475)
Net loss attributable to SL Green common stockholders	$ (26,503)	$ (11,092)	$ (110,894)	$ (32,167)
Basic loss per share (in dollars per share)	$ (0.38)	$ (0.16)	$ (1.58)	$ (0.47)
Diluted loss per share (in dollars per share)	$ (0.38)	$ (0.16)	$ (1.58)	$ (0.47)
Basic weighted average common shares outstanding (in shares)	70,669	70,436	70,678	70,430
Diluted weighted average common shares and common share equivalents outstanding (in shares)	70,669	70,436	70,678	70,430

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net loss	$ (88,289)	$ (28,362)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	137,030	124,658
Amortization of deferred financing costs	4,958	3,429
Equity in net loss from unconsolidated joint ventures	5,832	21,605
Distributions of cumulative earnings from unconsolidated joint ventures	2,259	280
Equity in net loss on sale of interest in unconsolidated joint venture/real estate	814	1,946
Purchase price and other fair value adjustments	(9,845)	19,228
Depreciable real estate reserves and impairments	35,160	8,546
(Gain) loss on sale of real estate, net	(12,457)	649
Loan loss reserves and other investment reserves, net of recoveries	0	(71,326)
Gain on sale of investments in marketable securities	0	(10,232)
Deferred rents receivable	(7,862)	2,247
Non-cash lease expense	11,464	10,430
Other non-cash adjustments	16,360	23,054
Changes in operating assets and liabilities:
Tenant and other receivables	(17,160)	(513)
Related party receivables	9,784	14,934
Deferred lease costs	(15,540)	(13,850)
Other assets	(7,738)	(15,242)
Accounts payable, accrued expenses, other liabilities and security deposits	8,544	(3,375)
Deferred revenue	6,646	(9,838)
Lease liability - operating leases	(9,516)	(17,070)
Net cash provided by operating activities	70,444	61,198
Investing Activities
Acquisitions of real estate property	(664,131)	(112,440)
Additions to land, buildings and improvements	(129,004)	(136,058)
Investments in unconsolidated joint ventures	(80,259)	(57,123)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	183,148	45,214
Net proceeds from disposition of real estate/joint venture interest	352,427	95,930
Proceeds from sale or redemption of marketable securities	4,525	53,107
Investments in marketable securities	0	(36,368)
Investments in real estate loans held by consolidated securitization vehicles	0	(49,296)
Repayment of real estate loans held by consolidated securitization vehicles	0	198,296
Other investments	(2,100)	(36,369)
Origination or purchase of debt fund investments	(219,499)	0
Origination of debt and preferred equity investments	(5,000)	(12,595)
Repayments or redemption of debt and preferred equity investments	38,500	3,214
Net cash used in investing activities	(521,393)	(44,488)
Financing Activities
Proceeds from mortgages and other loans payable	707,154	96,040
Repayments of mortgages and other loans payable	(424,289)	(3,663)
Proceeds from revolving credit facility, term loans and unsecured notes	870,410	480,000
Repayments of revolving credit facility, term loans and unsecured notes	(660,410)	(440,000)
Proceeds from stock options exercised and DRSPP issuance	145	131
Proceeds from issuance of common stock	0	(871)
Repurchase of common units	(14,068)	0
Redemption of OP units	(15,934)	(21,491)
Distributions to noncontrolling interests in other partnerships	(8,533)	(1,601)
Contributions from noncontrolling interests in other partnerships	3,087	4,696
Distributions to noncontrolling interests in the Operating Partnership	(6,446)	(7,962)
Contributions from noncontrolling interests to debt fund investments	209,092	24,193
Distributions from debt fund investments	(4,784)	0
Dividends paid on common and preferred stock	(52,727)	(120,396)
Other obligations related to secured borrowing	(75,294)	0
Tax withholdings related to restricted share awards	(6,283)	(13,700)
Deferred loan costs	(24,917)	(907)
Net cash provided by (used in) financing activities	496,203	(5,531)
Net increase in cash, cash equivalents, and restricted cash	45,254	11,179
Cash, cash equivalents, and restricted cash at beginning of year	336,495	331,638
Cash, cash equivalents, and restricted cash at end of period	381,749	342,817
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuance of preferred units relating to a real estate acquisition	5,800	0
Assumption of mortgage loans	12,200	0
Measurement adjustment for redeemable noncontrolling interest	76,863	22,893
Conversion of partner loan	0	15,623
Deconsolidation of a subsidiary	88,891	0
Acquisition of subsidiary interest from noncontrolling interest	0	51,654
Transfer of investments to debt fund	0	38,422
Contribution to consolidated joint venture interest	0	51
Transfer of assets related to assets held for sale	214,586	0
Transfer of liabilities related to assets held for sale	218,333	0
Removal of fully depreciated commercial real estate properties	0	2,747
Consolidation of securitization vehicle assets	0	828,143
Consolidation of securitization vehicle liabilities	0	828,143
Cash and cash equivalents	180,788	182,912
Restricted cash	200,961	159,905
Total cash, cash equivalents, and restricted cash	$ 381,749	$ 342,817

Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Commercial real estate properties, at cost:

Land and land interests

$ 1,579,973

$ 1,699,215

Building and improvements

4,272,142

4,012,305

Building leasehold and improvements

1,478,991

1,448,112

Total commercial real estate properties, at cost

7,331,106

7,159,632

Less: accumulated depreciation

(2,359,905)

(2,306,377)

Total commercial real estate properties, net

4,971,201

4,853,255

Assets held for sale

214,586

Cash and cash equivalents

180,788

155,747

Restricted cash

200,961

180,748

Investments in marketable securities

21,273

23,666

Tenant and other receivables

60,180

45,524

Related party receivables

13,867

16,293

Deferred rents receivable

262,008

266,678

Debt and preferred equity investments, net of discounts and deferred origination fees of $3 and $14 and allowances of $300 and $454 in 2026 and 2025, respectively

113,085

168,358

Investments in unconsolidated joint ventures

2,849,912

2,624,755

Debt fund investments, at fair value

379,004

152,958

Deferred costs, net of amortization of $184,525 and $174,617, respectively

126,621

129,019

Right-of-use assets - operating leases

902,113

864,430

Real estate loans held by consolidated securitization vehicles, at fair value

1,031,212

1,023,877

Other assets

482,190

577,299

Total assets

^[1]

11,809,001

11,082,607

Liabilities

Mortgages and other loans payable, net

2,229,405

2,146,049

Revolving credit facility, net

839,670

637,796

Unsecured term loans, net

1,143,344

1,147,591

Accrued interest payable

17,637

15,221

Senior obligations of consolidated securitization vehicles, at fair value

1,031,212

1,023,877

Other liabilities

453,851

392,756

Accounts payable and accrued expenses

129,346

134,621

Deferred revenue

154,999

147,419

Lease liability - financing leases

108,847

108,183

Lease liability - operating leases

844,823

805,192

Dividend and distributions payable

49,009

2,536

Security deposits

70,515

68,276

218,333

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities

100,000

Total liabilities

^[1]

7,390,991

6,729,517

Commitments and contingencies (See Note 19)

Noncontrolling interests in Operating Partnership

297,076

241,371

Preferred units and redeemable equity

204,344

199,271

Equity

Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2026 and December 31, 2025

221,932

Common stock, $0.01 par value, 160,000 shares authorized and 70,853 and 71,159 issued and outstanding at June 30, 2026 and December 31, 2025, respectively

705

711

Additional paid-in-capital

4,206,490

4,212,590

Accumulated other comprehensive loss

5,353

(22,198)

Retained deficit

(1,016,905)

(741,880)

Total SL Green stockholders' equity

3,417,575

3,671,155

Noncontrolling interests in other partnerships

499,015

241,293

Total equity

3,916,590

3,912,448

Total liabilities and equity

$ 11,809,001

$ 11,082,607

[1]

(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $369.9 million and $185.2 million of land, $686.2 million and $207.5 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $14.4 million and $6.3 million of accumulated depreciation, $379.0 million and $153.0 million of debt fund investments, $1,031.2 million and $1,023.9 million of real estate loans held by consolidated securitization vehicles, $649.7 million and $862.5 million of other assets included in other line items, $799.8 million and $328.6 million of real estate debt, net, $2.2 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, $1,031.2 million and $1,023.9 million of senior obligations of consolidated securitization vehicles and $261.2 million and $287.5 million of other liabilities included in other line items as of June 30, 2026 and December 31, 2025, respectively.