0001628280-26-008669
SEC filingSL Green Realty Corp. reported a challenging fiscal year 2025, concluding with a net loss attributable to common stockholders of $111.9 million, or -$2.00 per diluted share. Total revenues remained strong at $1.00 billion, driven primarily by rental revenue of $680.1 million and significant contributions from SUMMIT Operator revenue ($122.3 million) and other income ($108.5 million). However, total expenses reached $1.07 billion, with depreciation and amortization ($255.7 million) and interest expense ($187.7 million) weighing heavily on profitability. Despite the net loss, the company maintained robust liquidity with $384.1 million in total cash and restricted cash. Operating cash flow remained positive at $82.9 million. Significant investing activity included $271.6 million in real estate acquisitions, partially offset by $330.4 million in net proceeds from dispositions. The balance sheet reflects total assets of $11.08 billion against total liabilities of $6.73 billion, resulting in total equity of $3.91 billion.
SL Green Realty Corp. delivered a complex financial performance for the fiscal year ended December 31, 2025. The company generated total revenues of $1.00 billion, supported by core rental operations and ancillary income streams. However, the bottom line reflected a net loss of $96.9 million attributable to SL Green, widening to a loss of $111.9 million attributable to common stockholders after preferred dividends. This resulted in a basic and diluted loss per share of -$2.00. The loss was primarily driven by substantial non-cash charges, including depreciation and amortization of $255.7 million and equity in net losses from unconsolidated joint ventures of $56.1 million, which overshadowed operational gains.
Revenue generation was diversified across several streams. Rental revenue, net, served as the primary driver at $680.1 million. The SUMMIT Operator segment contributed $122.3 million, while investment income and interest income from real estate loans added $29.4 million and $62.7 million, respectively. Other income provided a notable boost of $108.5 million. This mix indicates a reliance on both traditional leasing activities and financial investment operations. The absence of prior year comparative figures in the provided data limits the assessment of growth trends, but the absolute values demonstrate a substantial revenue base.
Profitability metrics were significantly impacted by operating costs and non-operating items. Total expenses aggregated $1.07 billion, exceeding total revenues. Operating expenses were $226.1 million, alongside real estate taxes of $155.0 million. The interest expense, net, stood at $187.7 million. A key offset was the negative loan loss reserve of -$71.3 million (indicating a net recovery or reversal), which reduced total expenses. Consequently, the operating margin was negative. The company also realized a net gain of $86.1 million from the sale of interests in unconsolidated joint ventures, which mitigated the overall net loss but was insufficient to achieve profitability.
The company's liquidity position remained stable. Net cash provided by operating activities was $82.9 million, demonstrating the ability to generate cash from core operations despite the accounting loss. Investing activities utilized $330.8 million, primarily for real estate acquisitions ($271.6 million) and investments in unconsolidated joint ventures ($182.7 million), though these were partially funded by $330.4 million in disposition proceeds. Financing activities provided $252.8 million, driven by net borrowings. The balance sheet shows total assets of $11.08 billion, including $4.85 billion in net commercial real estate properties. Total liabilities were $6.73 billion, with stockholders' equity at $3.67 billion.
The provided financial data does not contain specific forward-looking statements, management guidance, or strategic priorities for the upcoming fiscal year. Investors should refer to the MD&A and forward-looking statements sections of the complete 10-K filing for detailed information on management's outlook, planned development projects, and risk factors affecting future performance.