SLGHIGH SIGNALFINANCIAL10-K

SLG experienced a dramatic swing from $22.0M profit to $96.9M loss while simultaneously doubling total debt from $1.4B to $3.2B.

The 540% deterioration in net income combined with a 131% debt increase signals significant financial distress or major restructuring activity that fundamentally altered the company's capital structure. The simultaneous decline in operating cash flow by 36% while maintaining higher dividend payments suggests potential liquidity concerns and unsustainable capital allocation.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

SLG's financial profile deteriorated significantly with net income swinging from positive $22.0M to negative $96.9M despite revenue growth of 13.2%, indicating severe margin compression and operational inefficiency. The company dramatically increased leverage by doubling total debt to $3.2B while operating cash flow declined 36% to $82.9M, creating a concerning mismatch between debt capacity and cash generation. Despite these deteriorating fundamentals, dividend payments actually increased 10.9% to $242.6M, suggesting an unsustainable capital allocation strategy that prioritizes distributions over financial stability.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-540.3%
$22.0M→-$96.9M

Net income declined 540.3% — review whether driven by operations, interest costs, or non-recurring items.

Total Debt
Balance Sheet
+131.5%
$1.4B→$3.2B

Debt increased 131.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Provision for Credit Losses
P&L
-91.7%
$35.3M→$2.9M

Provisions reduced 91.7% — improving credit quality or reserve release boosting reported earnings.

Operating Cash Flow
Cash Flow
-36%
$129.6M→$82.9M

Operating cash flow fell 36% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-15.5%
$184.3M→$155.7M

Cash decreased 15.5% — monitor burn rate and upcoming capital needs.

Total Liabilities
Balance Sheet
+13.8%
$5.9B→$6.7B

Liabilities increased 13.8% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
+13.2%
$886.3M→$1.0B

Revenue growing 13.2% — solid top-line momentum, watch margins for quality of growth.

Dividends Paid
Cash Flow
+10.9%
$218.8M→$242.6M

Dividend payments increased 10.9% — management confidence in sustained cash generation.

Operating Income
P&L
-10.8%
$730.6M→$651.9M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
(63,549,272 shares) was $ 3.9 billion based on the quoted closing price on the New York Stock Exchange for such shares on June 30, 2025.
As of February 13, 2026, 71,031,183 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding.
As of December 31, 2025, the Company owns 93.58% 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 December 31, 2025, noncontrolling investors held, in aggregate, a 6.42% limited partnership interest in the Operating Partnership.
As of December 31, 2025, we also managed one office building and one retail building owned by third parties encompassing approximately 0.4 million square feet.
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REMOVED
(58,315,632 shares) was $ 3.3 billion based on the quoted closing price on the New York Stock Exchange for such shares on June 30, 2024.
As of February 13, 2025, 71,004,564 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding.
As of December 31, 2024, the Company owns 94.03% 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 December 31, 2024, noncontrolling investors held, in aggregate, a 5.97% limited partnership interest in the Operating Partnership.
Green Properties, Inc., which was founded in 1980 by Stephen L.
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