SL Green(US:SLG)2026-01-29 18:43Financial Performance - For the fourth quarter of 2025, SL Green reported a net loss attributable to common stockholders of $104.6 million, or $1.49 per share, compared to a net income of $9.4 million, or $0.13 per share, for the same period in 2024[28]. - For the year ended December 31, 2025, the net loss attributable to common stockholders was $111.9 million, or $1.61 per share, compared to a net income of $7.1 million, or $0.08 per share, for 2024[29]. - The company reported a net loss of $103,720,000 for the three months ended December 31, 2025, compared to a net income of $19,138,000 in the same period of 2024[56]. - The company reported a net loss of $96,910,000 for the year, contributing to an accumulated deficit of $741,880,000 by December 31, 2025[60]. - The company reported a loss before noncontrolling interest of $5,784 for Q4 2025, compared to a loss of $2,284 in Q4 2024[68]. - The company reported a loss before noncontrolling interest of $22,839,000 for the three months ended December 31, 2025, compared to a loss of $18,634,000 in 2024[70]. Funds from Operations (FFO) - The Company reported Funds from Operations (FFO) of $86.2 million, or $1.13 per share, for Q4 2025, down from $131.9 million, or $1.81 per share, for the same period in 2024[30]. - For the year ended December 31, 2025, FFO was $437.7 million, or $5.72 per share, compared to $569.8 million, or $8.11 per share, for 2024[31]. - Funds From Operations (FFO) for the three months ended December 31, 2025, were $86,229,000, a decrease of 34.7% from $131,883,000 in the same period of 2024[59]. - The Funds From Operations (FFO) attributable to SL Green common stockholders and unit holders for the twelve months ended December 31, 2025, was $437.672 million, down from $569.822 million in 2024[147]. Revenue and Operating Income - Total revenues for the three months ended December 31, 2025, were $276,467,000, an increase of 12.4% compared to $245,879,000 for the same period in 2024[56]. - Total operating expenses for the three months ended December 31, 2025, were $166,235,000, an increase of 17.9% from $140,886,000 in the same period of 2024[56]. - Operating income for the twelve months ended December 31, 2025, was $406.21 million, down from $473.99 million in 2024, representing a decrease of about 14.2%[149]. - The company reported a significant increase in joint venture depreciation and noncontrolling interest adjustments, totaling $312.025 million for the twelve months ended December 31, 2025[147]. Occupancy and Leasing Activity - In Q4 2025, SL Green signed 56 office leases in Manhattan totaling 766,783 square feet, with an average rent of $98.26 per rentable square foot[34]. - For the year ended December 31, 2025, the Company signed 199 office leases in Manhattan totaling 2,568,551 square feet, with an average rent of $91.77 per rentable square foot[35]. - Occupancy in the Company's Manhattan same-store office portfolio increased to 93.0% as of December 31, 2025, up from 92.4% as of September 30, 2025[36]. - Same-store cash NOI decreased by 3.4% for Q4 2025 and 2.0% for the year ended December 31, 2025, excluding lease termination income, compared to the same periods in 2024[33]. Debt and Financial Position - Total consolidated debt increased to $4.04 billion as of December 31, 2025, compared to $4.03 billion as of September 30, 2025[48]. - The market value of common equity decreased to $3.49 billion as of December 31, 2025, from $4.54 billion as of September 30, 2025[48]. - Total liabilities decreased to $6,729,517 as of December 31, 2025, down from $6,742,640 on September 30, 2025, representing a reduction of 0.19%[55]. - The company has a total debt to total assets ratio of 44.4%, which is below the required threshold of 60%[79]. Acquisitions and Dispositions - The Company closed on the purchase of Park Avenue Tower for $730.0 million, financed with a five-year fixed rate mortgage of $480.0 million at an effective rate of 5.25%[38]. - The company has disposed of a total of 31,352,356 square feet of real estate, generating gross asset valuation of $26,013,825, with an average price per square foot of $830[131]. - In 2025, the company plans to dispose of One Vanderbilt Avenue, with a gross asset valuation of $4,700,000 and a net rentable square footage of 1,657,198, resulting in a price per square foot of $2,836[132]. - The company has acquired a total of 15,815,924 square feet of net rentable space with a gross asset valuation of $9,475,514,000[133]. Dividend Policy - The Company declared an annual dividend of $3.09 per common share, with a payout ratio of 53.8% for the trailing 12 months[47]. - The Company modified its dividend policy to declare and pay ordinary dividends quarterly starting in fiscal year 2026[44]. Market Strategy and Future Outlook - The company plans to focus on market expansion and new product development as part of its future strategy, although specific details were not disclosed in the earnings call[149]. - The company continues to focus on acquiring fee interests, which accounted for the majority of its acquisitions in recent years[130]. - The company is actively pursuing new strategies to enhance its portfolio and increase overall asset value through targeted acquisitions[130].