Thu, May 1, 1:24 PM (22 days ago)
### Summary of SL Green Realty Corp. (SLG) Q1 2025 Financial Performance **Quarterly Financial Health and Performance Metrics:** - **Revenue:** Total revenues for Q1 2025 were $239.8 million, up 27.6% from $187.9 million in Q1 2024. This increase was driven by higher rental revenue, investment income, and other income. - **Profit Margins:** The company reported a net loss of $21.5 million for Q1 2025, compared to a net income of $18.4 million in Q1 2024. This decline was primarily due to higher operating expenses, interest expenses, and depreciation. - **Cash Flow:** Net cash provided by operating activities was $6.7 million for Q1 2025, a significant improvement from a net cash outflow of $24.7 million in Q1 2024. This improvement was driven by higher rental income and lower operating expenses. - **Earnings Changes:** Basic earnings per share (EPS) were $(0.30) for Q1 2025, compared to $0.20 in Q1 2024. Diluted EPS were also $(0.30) for Q1 2025, compared to $0.20 in Q1 2024. **Quarterly Performance Discussion:** - **Revenue Growth:** The increase in revenue was primarily due to the consolidation of 100 Park Avenue and 10 East 53rd Street, as well as the acquisition of 500 Park Avenue. - **Operating Expenses:** Operating expenses increased due to higher variable expenses at same-store properties and the consolidation of 100 Park Avenue and 10 East 53rd Street. - **Interest Expense:** Interest expense increased due to a decrease in interest capitalization at properties under development or redevelopment, as well as the consolidation of 100 Park Avenue and 10 East 53rd Street. - **Depreciation and Amortization:** Depreciation and amortization increased due to the consolidation of 100 Park Avenue and 10 East 53rd Street, as well as tenant improvements at 485 Lexington Avenue and the acquisition of 500 Park Avenue. **Trends and Uncertainties:** - **Market Conditions:** The company's performance is subject to market conditions in the New York metropolitan area, particularly in Manhattan. Any adverse changes in the real estate market could impact the company's revenue and profitability. - **Interest Rates:** The company's debt portfolio is subject to interest rate fluctuations. Any significant changes in interest rates could impact the company's interest expense and profitability. - **Operating Expenses:** The company's operating expenses are subject to fluctuations in property taxes, insurance, and other operating costs. Any significant increases in these costs could impact the company's profitability. **Future Operations Impact:** - **Development and Redevelopment:** The company has several properties under development or redevelopment, which could impact the company's cash flow and profitability in the future. - **Debt Maturity:** The company has significant debt maturities in the next few years, which could impact the company's liquidity and financial flexibility. - **Dividends:** The company's ability to pay dividends is subject to its financial performance and compliance with its debt covenants. Any adverse changes in the company's financial performance could impact its ability to pay dividends.