Thu, Apr 17, 8:59 PM (24 days ago)
### Summary of SL Green Realty Corp. (SLG) 2024 Financial Performance **Financial Performance:** - **Revenue:** SL Green Realty Corp. reported total revenues of $886.3 million for 2024, a decrease from $913.7 million in 2023. - **Net Income:** The company reported a net income of $30.2 million for 2024, a significant improvement from a net loss of $599.3 million in 2023. - **Earnings per Share (EPS):** Basic EPS was $0.08 for 2024, compared to a loss of $9.12 in 2023. Diluted EPS was also $0.08 for 2024, compared to a loss of $9.12 in 2023. **Operating Expenses:** - **Operating Expenses:** Operating expenses, including related party expenses, were $189.6 million in 2024, down from $196.7 million in 2023. - **Real Estate Taxes:** Real estate taxes were $128.2 million in 2024, down from $143.8 million in 2023. - **Operating Lease Rent:** Operating lease rent was $24.4 million in 2024, down from $27.3 million in 2023. - **Interest Expense:** Interest expense, net of interest income, was $147.2 million in 2024, down from $137.1 million in 2023. **Strategic Overview:** - **Property Acquisitions:** The company did not acquire any properties from third parties in 2024. - **Property Consolidations:** The company consolidated 100 Park Avenue and 10 East 53rd Street during 2024. - **Property Dispositions:** The company sold properties such as Giorgio Armani Residences, Palisades Premier Conference Center, and 719 Seventh Avenue in 2024. **Future Outlook:** - **Debt and Preferred Equity Investments:** The company's debt and preferred equity investments totaled $303.7 million in 2024, with a focus on managing interest rate risk and credit quality. - **Joint Ventures:** The company has investments in several real estate joint ventures, with a focus on evaluating recoverability and managing capital needs. **Risk Factors:** - **Market Position:** The company's properties are primarily located in the New York metropolitan area, with a significant concentration in Manhattan. - **Financial Condition:** The company has a strong financial position with a focus on maintaining liquidity and managing debt. **Market Position Changes:** - **Property Portfolio:** The company's property portfolio includes a mix of office, retail, and residential properties, with a focus on high-quality assets in prime locations. - **Joint Ventures:** The company has a diversified portfolio of joint ventures, with a focus on managing risk and maximizing returns. **Amendment Details:** - **Changes Made:** The amendment primarily corrects the responsibility for the audit of a change in accounting principle and includes new certifications from the Chief Executive Officer and Chief Financial Officer. - **Impact:** The amendment does not modify or update the original Form 10-K, including any financial information disclosed in Parts II and IV. **Note:** All amounts are in thousands, except per share data.