SL GREEN REALTY CORP [SLG] Filings

10-Q 1 slg-20240630.htm 10-Q slg-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13199 (SL Green Realty Corp.)

Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)

______________________________________________________________________

SL GREEN REALTY CORP.

SL GREEN OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

______________________________________________________________________


SL Green Realty Corp.	Maryland	13-3956775
SL Green Operating Partnership, L.P.	Delaware	13-3960938
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Vanderbilt Avenue, New York, NY 10017

(Address of principal executive offices—Zip Code)

(212) 594-2700

(Registrant's telephone number, including area code)

______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

SL Green Realty Corp.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

SL Green Operating Partnership, L.P.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

SL Green Realty Corp. Yes ☐ No x SL Green Operating Partnership, L.P. Yes ☐ No x

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Trading Symbol(s)

Title of Each Class

Name of Each Exchange on Which Registered

SL Green Realty Corp.

SLG

Common Stock, $0.01 par value

New York Stock Exchange

SL Green Realty Corp.

SLG.PRI

6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value

New York Stock Exchange

As of July 30, 2024, 64,814,013 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of July 30, 2024, 306,110 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2024 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.

The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.

As of June 30, 2024, the Company owns 93.78% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of June 30, 2024, noncontrolling investors held, in aggregate, a 6.22% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.

The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.

Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:

•Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and

•Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

•consolidated financial statements; and

•the following notes to the consolidated financial statements:

◦Note 11, Noncontrolling Interests on the Company’s Consolidated Financial Statements;

◦Note 12, Stockholders' Equity of the Company; and

◦Note 13, Partners' Capital of the Operating Partnership.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS	5

	FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. (UNAUDITED)
	Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	5
	Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	7
	Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023	8
	Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023	9
	Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	11

	FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. (UNAUDITED)
	Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	13
	Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	15
	Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023	16
	Consolidated Statements of Capital for the three and six months ended June 30, 2024 and 2023	9
	Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	19
	Notes to Consolidated Financial Statements	21
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	73
Item 4.	Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)	74
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	75
Item 1A.	Risk Factors	75
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76
Item 3.	Defaults Upon Senior Securities	77
Item 4.	Mine Safety Disclosures	78
Item 5.	Other Information	79
Item 6.	Exhibits	80
	Signatures	81

Table of Contents

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Table of Contents

SL Green Realty Corp.

Consolidated Balance Sheets

(unaudited, in thousands)


	June 30, 2024		December 31, 2023
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,134,432	$	1,092,671
Building and improvements	3,743,316		3,655,624
Building leasehold and improvements	1,365,423		1,354,569
	6,243,171		6,102,864
Less: accumulated depreciation	(2,041,102)		(1,968,004)
	4,202,069		4,134,860
Assets held for sale	21,615		—
Cash and cash equivalents	199,501		221,823
Restricted cash	116,310		113,696
Investments in marketable securities	16,593		9,591
Tenant and other receivables	41,202		33,270
Related party receivables	8,127		12,168
Deferred rents receivable	266,596		264,653
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,618 and $1,630 and allowances of $13,520 and $13,520 in 2024 and 2023, respectively	290,487		346,745
Investments in unconsolidated joint ventures	2,895,399		2,983,313
Deferred costs, net	107,163		111,463

Right-of-use assets - operating leases	875,878		885,929
Other assets	507,712		413,670
Total assets (1)	$	9,548,652	$	9,531,181
Liabilities
Mortgages and other loans payable, net	$	1,644,494	$	1,491,319
Revolving credit facility, net	535,462		554,752
Unsecured term loans, net	1,245,786		1,244,881
Unsecured notes, net	99,846		99,795
Accrued interest payable	20,083		17,930
Other liabilities	423,816		471,401
Accounts payable and accrued expenses	121,050		153,164
Deferred revenue	153,660		134,053
Lease liability - financing leases	106,187		105,531
Lease liability - operating leases	819,439		827,692
Dividend and distributions payable	20,088		20,280
Security deposits	58,002		49,906
Liabilities related to assets held for sale	10,424		—
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	5,358,337		5,270,704

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SL Green Realty Corp.

Consolidated Balance Sheets

(unaudited, in thousands)


	June 30, 2024		December 31, 2023
Commitments and contingencies
Noncontrolling interests in Operating Partnership	265,823		238,051
Preferred units	166,731		166,501

Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2024 and December 31, 2023	221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized and 65,874 and 65,786 issued and outstanding at June 30, 2024 and December 31, 2023, respectively (including 1,060 and 1,060 shares held in treasury at June 30, 2024 and December 31, 2023, respectively)	660		660
Additional paid-in-capital	3,836,751		3,826,452
Treasury stock at cost	(128,655)		(128,655)
Accumulated other comprehensive income	40,371		17,477
Retained deficit	(279,763)		(151,551)
Total SL Green stockholders' equity	3,691,296		3,786,315
Noncontrolling interests in other partnerships	66,465		69,610
Total equity	3,757,761		3,855,925
Total liabilities and equity	$	9,548,652	$	9,531,181

(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: $104.1 million and $41.2 million of land, $65.2 million and $40.5 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $1.6 million and $5.4 million of accumulated depreciation, $783.2 million and $676.9 million of other assets included in other line items, $204.3 million and $50.0 million of real estate debt, net, $0.9 million and $0.9 million of accrued interest payable, $— million and $— million of lease liabilities, and $328.9 million and $306.5 million of other liabilities included in other line items as of June 30, 2024 and December 31, 2023, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues
Rental revenue, net	$	150,632	$	185,945	$	292,136	$	380,987
SUMMIT Operator revenue	32,602		28,180		58,206		47,951
Investment income	6,191		9,103		13,594		18,160
Other income	33,395		22,808		46,766		44,702
Total revenues	222,820		246,036		410,702		491,800
Expenses
Operating expenses, including related party expenses of $0 and $0 in 2024, and $0 and $1 in 2023	46,333		46,957		89,941		99,021
Real estate taxes	32,058		39,885		63,664		81,268
Operating lease rent	6,368		6,655		12,773		12,956
SUMMIT Operator expenses	23,188		22,836		45,046		43,524
Interest expense, net of interest income	35,803		40,621		66,976		82,274
Amortization of deferred financing costs	1,677		2,154		3,216		4,175
SUMMIT Operator tax expense	1,855		1,879		560		3,146
Depreciation and amortization	52,247		69,335		100,831		148,117
Loan loss and other investment reserves, net of recoveries	—		—		—		6,890
Transaction related costs	76		33		92		917
Marketing, general and administrative	20,032		22,974		41,345		46,259
Total expenses	219,637		253,329		424,444		528,547

Equity in net income (loss) from unconsolidated joint ventures	4,325		(21,932)		115,485		(29,344)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(8,129)		—		18,635		(79)
Purchase price and other fair value adjustments	1,265		(17,409)		(49,227)		(17,170)
Loss on sale of real estate, net	(2,741)		(26,678)		(2,741)		(28,329)
Depreciable real estate reserves and impairment	(13,721)		(305,916)		(65,839)		(305,916)

Gain on early extinguishment of debt	17,777		—		17,777		—



Net income (loss)	1,959		(379,228)		20,348		(417,585)
Net loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	153		23,582		(748)		25,919
Noncontrolling interests in other partnerships	1,871		1,040		3,165		2,665
Preferred units distributions	(2,406)		(1,851)		(4,309)		(3,449)
Net income (loss) attributable to SL Green	1,577		(356,457)		18,456		(392,450)
Perpetual preferred stock dividends	(3,737)		(3,737)		(7,475)		(7,475)
Net (loss) income attributable to SL Green common stockholders	$	(2,160)	$	(360,194)	$	10,981	$	(399,925)






















Basic (loss) earnings per share	$	(0.04)	$	(5.63)	$	0.16	$	(6.25)










Diluted (loss) earnings per share	$	(0.04)	$	(5.63)	$	0.16	$	(6.25)

Basic weighted average common shares outstanding	64,353		64,102		64,340		64,091
Diluted weighted average common shares and common share equivalents outstanding	68,740		68,341		70,137		68,263

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Comprehensive Income (Loss)

(unaudited, in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	1,959	$	(379,228)	$	20,348	$	(417,585)
Other comprehensive income:
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	(98)		41,322		23,116		10,263
Increase (decrease) in unrealized value of marketable securities	316		(476)		1,398		(1,444)
Other comprehensive income	218		40,846		24,514		8,819
Comprehensive income (loss)	2,177		(338,382)		44,862		(408,766)
Net (income) loss attributable to noncontrolling interests and preferred units distributions	(382)		22,771		(1,892)		25,135
Other comprehensive loss (income) attributable to noncontrolling interests	2		(2,505)		(1,620)		(654)
Comprehensive income (loss) attributable to SL Green	$	1,797	$	(318,116)	$	41,350	$	(384,285)

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)


	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Deficit		Noncontrolling Interests		Total
Balance at March 31, 2024		$	221,932	64,806	$	660	$	3,831,130	$	(128,655)	$	40,151	$	(229,607)	$	68,037	$	3,803,648
Net loss													1,577		(1,871)		(294)

Other comprehensive income											220						220
Perpetual preferred stock dividends													(3,737)				(3,737)
DRSPP proceeds							43										43

Reallocation of noncontrolling interest in the Operating Partnership													364				364
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				8			5,578										5,578


Contributions to consolidated joint venture interests															1,823		1,823



Cash distributions to noncontrolling interests															(1,524)		(1,524)

Cash distributions declared ($0.750 per common share, none of which represented a return of capital for federal income tax purposes)													(48,360)				(48,360)
Balance at June 30, 2024		$	221,932	64,814	$	660	$	3,836,751	$	(128,655)	$	40,371	$	(279,763)	$	66,465	$	3,757,761

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
Balance at March 31, 2023		$	221,932	64,373	$	656	$	3,798,101	$	(128,655)	$	19,428	$	549,024	$	68,688	$	4,529,174
Net loss													(356,457)		(1,040)		(357,497)

Other comprehensive income											38,341						38,341
Perpetual preferred stock dividends													(3,737)				(3,737)
DRSPP proceeds				7			158										158

Reallocation of noncontrolling interest in the Operating Partnership													(1,051)				(1,051)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				7			7,445										7,445


Contributions to consolidated joint venture interests															(112)		(112)



Cash distributions to noncontrolling interests															(627)		(627)

Cash distributions declared ($0.812 per common share, none of which represented a return of capital for federal income tax purposes)													(52,261)				(52,261)
Balance at June 30, 2023		$	221,932	64,387	$	656	$	3,805,704	$	(128,655)	$	57,769	$	135,518	$	66,909	$	4,159,833

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SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)


	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Deficit		Noncontrolling Interests		Total
Balance at December 31, 2023		$	221,932	64,726	$	660	$	3,826,452	$	(128,655)	$	17,477	$	(151,551)	$	69,610	$	3,855,925
Net income													18,456		(3,165)		15,291
Acquisition of subsidiary interest from noncontrolling interest															(5,674)		(5,674)
Other comprehensive income											22,894						22,894
Perpetual preferred stock dividends													(7,475)				(7,475)
DRSPP proceeds				2			120										120

Reallocation of noncontrolling interest in the Operating Partnership													(42,477)				(42,477)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				86			10,179										10,179


Contributions to consolidated joint venture interests															1,823		1,823


Consolidation of joint venture interest															6,678		6,678
Cash distributions to noncontrolling interests															(2,807)		(2,807)

Cash distributions declared ($1.500 per common share, none of which represented a return of capital for federal income tax purposes)													(96,716)				(96,716)
Balance at June 30, 2024		$	221,932	64,814	$	660	$	3,836,751	$	(128,655)	$	40,371	$	(279,763)	$	66,465	$	3,757,761

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
Balance at December 31, 2022		$	221,932	64,380	$	656	$	3,790,358	$	(128,655)	$	49,604	$	651,138	$	61,889	$	4,646,922
Net loss													(392,450)		(2,665)		(395,115)

Other comprehensive income											8,165						8,165
Perpetual preferred stock dividends													(7,475)				(7,475)
DRSPP proceeds				12			342										342

Reallocation of noncontrolling interest in the Operating Partnership													(11,198)				(11,198)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(5)			15,004										15,004


Contributions to consolidated joint venture interests															8,448		8,448



Cash distributions to noncontrolling interests															(763)		(763)

Cash distributions declared ($1.625 per common share, none of which represented a return of capital for federal income tax purposes)													(104,497)				(104,497)
Balance at June 30, 2023		$	221,932	64,387	$	656	$	3,805,704	$	(128,655)	$	57,769	$	135,518	$	66,909	$	4,159,833

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Six Months Ended June 30,
	2024		2023
Operating Activities
Net income (loss)	$	20,348	$	(417,585)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	104,047		152,292
Equity in net (income) loss from unconsolidated joint ventures	(115,485)		29,344
Distributions of cumulative earnings from unconsolidated joint ventures	237		409
Equity in net (gain) loss on sale of interest in unconsolidated joint venture interest/real estate	(18,635)		79
Purchase price and other fair value adjustments	49,227		17,170
Depreciable real estate reserves and impairment	65,839		305,916
Loss on sale of real estate, net	2,741		28,329
Loan loss reserves and other investment reserves, net of recoveries	—		6,890


Gain on early extinguishment of debt	(17,777)		—
Deferred rents receivable	(2,009)		(14,357)
Non-cash lease expense	10,052		10,550
Other non-cash adjustments	24,194		(2,523)
Changes in operating assets and liabilities:
Tenant and other receivables	(8,312)		(3,805)
Related party receivables	4,959		(893)
Deferred lease costs	(7,669)		(5,891)
Other assets	11,631		750
Accounts payable, accrued expenses, other liabilities and security deposits	(60,375)		2,697
Deferred revenue	(64)		(585)
Lease liability - operating leases	(8,252)		(4,795)
Net cash provided by operating activities	54,697		103,992
Investing Activities

Additions to land, buildings and improvements	(108,063)		(134,190)
Acquisition deposits and deferred purchase price	(12,817)		—
Investments in unconsolidated joint ventures	(325,282)		(46,977)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	66,735		72,823
Net proceeds from disposition of real estate/joint venture interest	457,142		97,563



Investments in marketable securities	(5,604)		—
Other investments	(5,530)		(17,779)
Origination of debt and preferred equity investments	(8,275)		(10,308)
Repayments or redemption of debt and preferred equity investments	63,496		—
Net cash provided by (used in) investing activities	121,802		(38,868)

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Six Months Ended June 30,
	2024		2023
Financing Activities
Proceeds from mortgages and other loans payable	493		—
Repayments of mortgages and other loans payable	(34,987)		(2,899)
Proceeds from revolving credit facility, term loans and unsecured notes	700,000		223,000
Repayments of revolving credit facility, term loans and unsecured notes	(720,000)		(218,000)
Proceeds from stock options exercised and DRSPP issuance	120		342


Redemption of preferred stock	—		(11,700)
Redemption of OP units	(24,915)		(5,250)
Distributions to noncontrolling interests in other partnerships	(2,807)		(763)
Contributions from noncontrolling interests in other partnerships	1,823		314

Distributions to noncontrolling interests in the Operating Partnership	(7,126)		(7,550)
Dividends paid on common and preferred stock	(108,462)		(114,983)


Deferred loan costs	(346)		(630)

Net cash used in financing activities	(196,207)		(138,119)
Net decrease in cash, cash equivalents, and restricted cash	(19,708)		(72,995)
Cash, cash equivalents, and restricted cash at beginning of year	335,519		384,054
Cash, cash equivalents, and restricted cash at end of period	$	315,811	$	311,059





Supplemental Disclosure of Non-Cash Investing and Financing Activities:









Fair value adjustment to noncontrolling interest in the Operating Partnership	$	42,477	$	11,198
Investment in joint venture	10,639		—
Deconsolidation of a subsidiary	—		101,351
Consolidation of a subsidiary	6,678		—
Consolidation of mortgage loan payable	205,000		—
Acquisition of subsidiary interest from noncontrolling interest	5,674		—
Contribution to consolidated joint venture interest	—		8,134

Extinguishment of debt	18,000		—


Debt and preferred equity investments	1,133		—


Removal of fully depreciated commercial real estate properties	4,585		7,747


Share repurchase or redemption payable	4,932		—

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.


	Six Months Ended June 30,
	2024		2023
Cash and cash equivalents	$	199,501	$	191,979
Restricted cash	116,310		119,080
Total cash, cash equivalents, and restricted cash	$	315,811	$	311,059

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(unaudited, in thousands)


	June 30, 2024		December 31, 2023
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,134,432	$	1,092,671
Building and improvements	3,743,316		3,655,624
Building leasehold and improvements	1,365,423		1,354,569
	6,243,171		6,102,864
Less: accumulated depreciation	(2,041,102)		(1,968,004)
	4,202,069		4,134,860
Assets held for sale	21,615		—
Cash and cash equivalents	199,501		221,823
Restricted cash	116,310		113,696
Investments in marketable securities	16,593		9,591
Tenant and other receivables	41,202		33,270
Related party receivables	8,127		12,168
Deferred rents receivable	266,596		264,653
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,618 and $1,630 and allowances of $13,520 and $13,520 in 2024 and 2023, respectively	290,487		346,745
Investments in unconsolidated joint ventures	2,895,399		2,983,313
Deferred costs, net	107,163		111,463

Right-of-use assets - operating leases	875,878		885,929
Other assets	507,712		413,670
Total assets (1)	$	9,548,652	$	9,531,181
Liabilities
Mortgages and other loans payable, net	$	1,644,494	$	1,491,319
Revolving credit facility, net	535,462		554,752
Unsecured term loans, net	1,245,786		1,244,881
Unsecured notes, net	99,846		99,795
Accrued interest payable	20,083		17,930
Other liabilities	423,816		471,401
Accounts payable and accrued expenses	121,050		153,164
Deferred revenue

SL GREEN REALTY CORP [SLG] Filings
SL GREEN REALTY CORP [SLG-PI] Filings
10-Q	[2024-07-31]
10-Q	[2024-05-06]
10-K	[2024-02-23]
10-Q	[2023-11-06]
10-Q	[2023-08-03]
10-Q	[2023-05-05]
10-K	[2023-02-17]
10-Q	[2022-11-04]
10-Q	[2022-08-05]
10-Q	[2022-05-09]
10-K	[2022-02-18]
10-Q	[2021-11-09]
10-Q	[2021-08-06]
10-Q	[2021-05-10]
10-K	[2021-02-26]
10-Q	[2020-11-06]
10-Q	[2020-08-10]
10-Q	[2020-05-11]
10-K	[2020-02-28]
10-Q	[2019-11-06]
10-Q	[2019-08-08]
10-Q	[2019-05-09]
10-K	[2019-02-27]
10-Q	[2018-10-31]
10-Q	[2018-08-08]
10-Q	[2018-05-10]
10-K	[2018-02-23]
10-Q	[2017-11-09]
10-Q	[2017-08-09]
10-Q	[2017-05-05]
10-K	[2017-02-21]
10-Q	[2016-11-09]
10-Q	[2016-08-04]
10-Q	[2016-05-09]
10-K	[2016-02-29]
10-Q	[2015-11-09]
10-Q	[2015-08-07]
10-Q	[2015-05-08]
10-K	[2015-02-24]
10-Q	[2014-11-10]
10-Q	[2014-08-11]
10-Q	[2014-05-12]
10-K	[2014-02-25]
10-Q	[2013-11-08]
10-Q	[2013-08-09]
10-Q	[2013-05-10]
10-K	[2013-02-27]
10-Q	[2012-11-07]
10-Q	[2012-08-09]
10-Q	[2012-05-10]
10-K	[2012-02-28]

SL GREEN REALTY CORP [SLG] Filings

SL GREEN REALTY CORP [SLG-PI] Filings