SL Green Realty Corp. and SL Green Operating Partnership, L.P. Overview

Company Profile

SL Green Realty Corp. is a prominent real estate investment trust (REIT) based in New York City. The company specializes in the ownership, management, and leasing of commercial real estate, predominantly office properties in Manhattan. As of December 31, 2024, SL Green Realty Corp. operates through its subsidiary, SL Green Operating Partnership, L.P., which serves as the vehicle for investments and business operations.

Key Facts

• Incorporation: The company was formed in June 1997 through a merger of S.L. Green Properties, Inc. and its affiliated partnerships.
• REIT Status: The company qualifies as a REIT under the Internal Revenue Code, allowing it to minimize corporate income tax through dividend distributions to shareholders.
• Location: One Vanderbilt Avenue, New York, NY 10017.

Portfolio

• Commercial Properties: As of December 31, 2024:
  • Total Properties: 27 consolidated properties, with 39 in total (including unconsolidated ventures).
  • Approximate Square Footage: ~25.3 million square feet, primarily in office and retail.
  • Occupancy Rate: Commercial properties were approximately 91.8% leased.

Types of Properties

• Office: 26 (with 19 in Manhattan).
• Retail: 2 properties located in Manhattan.
• Residential: 1 property.
• Development Projects: Multiple projects are under development, including One Vanderbilt, a prominent skyscraper.

Financial Overview

• Total Assets: $10.47 billion as of December 31, 2024.
• Total Revenue (2024): $886.3 million.
• Net Income (2024): $30.2 million.
• Common Shares Outstanding: As of April 16, 2025, 71,016,826 shares.

Customers

SL Green primarily serves tenants in the New York metropolitan area, with a diverse customer base that includes:

• Corporate offices,
• Retail businesses,
• Mixed-use tenants in residential and commercial spaces.

Employment

• Employees: Approximately 420 employees as of December 31, 2024.

Revenue Streams

SL Green generates revenue primarily from:

• Rental Income: Main source with approximately $606 million in net rental revenue for the year ended December 31, 2024.
• Investment Income: Includes income from debt and preferred equity investments.
• SUMMIT Operator Revenue: $133 million, from its experiential observation deck.

Summary

SL Green Realty Corp. is a leading player in the commercial real estate industry, focusing primarily on prime Manhattan properties. The company balances a strong asset base with steady revenue generation, providing exceptional value to its shareholders through its efficient management and strategic investments. Its positioning as a REIT allows for a diversified revenue stream and tax advantages, further solidifying its status in the competitive New York City market.