SLGMEDIUM SIGNALFINANCIAL10-K

SLG reported revenue growth of 13.2% to $1.0B while operating income declined 10.8% and operating cash flow fell 36% to $82.9M, indicating margin compression despite top-line expansion.

The divergence between growing revenue and declining operating performance suggests potential challenges in cost management or property-level profitability. The substantial reduction in operating cash flow relative to reported earnings raises questions about cash conversion efficiency and could impact the REIT's ability to maintain its dividend coverage over time.

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

SLG delivered solid revenue growth of 13.2% to $1.0B, but this was offset by a 10.8% decline in operating income to $651.9M, indicating margin pressure. Operating cash flow fell meaningfully by 36% to $82.9M while dividend payments increased 10.9% to $242.6M, creating a concerning gap between cash generation and distributions. The company also experienced a substantial decline in provision for credit losses, falling from $35.3M to $2.9M, suggesting improved asset quality or collection performance.

FINANCIAL STATEMENT CHANGES
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.
As of December 31, 2025, we employed 1,289 employees, 337 of whom were employed in our corporate offices.
We maintain a website at www.slgreen.com and can be contacted by email at investor.relations@slgreen.com.
We are the sole managing general partner of the Operating Partnership, and as of December 31, 2025, we owned 93.58% of its economic interests.
Our primary business objective is to maximize the total return to stockholders.
Property Acquisitions We acquire properties for long-term value appreciation and cash flow growth.
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.
Green, who serves as a member and the chairman emeritus of the Company's board of directors, had been engaged in the business of owning, managing, leasing, and repositioning office properties in Manhattan.
As of December 31, 2024, we also managed one office building and one retail building owned by a third party encompassing approximately 0.4 million square feet, and held debt and preferred equity investments with a book value of $303.7 million, excluding debt and preferred equity investments and other financing receivables totaling $9.7 million that are included in balance sheet line items other than the Debt and preferred equity investments line item.
As of December 31, 2024, we employed 1,221 employees, 313 of whom were employed in our corporate offices.
We maintain a website at www.slgreen.com and can be contacted at (212) 594-2700 or by email at investor.relations@slgreen.com.
We are the sole managing general partner of the Operating Partnership, and as of December 31, 2024, we owned 94.03% of its economic interests.
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