XML 19 R4.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Rental revenue, net $ 168,536 $ 156,933 $ 496,792 $ 449,069
SUMMIT Operator revenue 32,883 36,437 86,424 94,643
Investment income 4,356 5,344 26,809 18,938
Interest income from real estate loans held by consolidated securitization vehicles 10,838 4,771 47,868 4,771
Other income 28,204 26,206 68,686 72,972
Total revenues 244,817 229,691 726,579 640,393
Expenses        
Operating expenses, including related party expenses of $6 and $9 in 2025, and $0 and $2 in 2024 57,673 49,507 164,840 139,448
Real estate taxes 37,627 30,831 112,594 94,495
Operating lease rent 6,106 6,363 18,317 19,136
SUMMIT Operator expenses 35,959 37,901 82,570 82,947
Interest expense, net of interest income 47,235 42,091 138,234 109,067
Amortization of deferred financing costs 1,724 1,669 5,153 4,885
SUMMIT Operator tax expense (benefit) 1,279 (1,779) 2,781 (1,219)
Interest expense on senior obligations of consolidated securitization vehicles 10,838 3,330 45,827 3,330
Depreciation and amortization 63,216 53,176 187,874 154,007
Loan loss and other investment reserves, net of recoveries 0 0 (71,326) 0
Transaction related costs 13,129 171 13,601 263
Marketing, general and administrative 23,701 21,015 67,004 62,360
Total expenses 298,487 244,275 767,469 668,719
Equity in net (loss) income from unconsolidated joint ventures (9,287) (15,428) (30,892) 100,057
Income from debt fund investments, net 1,176 0 1,776 0
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 86,872 371 84,926 19,006
Purchase price and other fair value adjustments 11,138 12,906 (8,090) (36,321)
(Loss) gain on sale of real estate, net (1,068) 7,471 (1,717) 4,730
Depreciable real estate reserves and impairment 0 0 (8,546) (65,839)
Gain on sale of investments in marketable securities 0 0 10,232 0
Gain on early extinguishment of debt 0 0 0 17,777
Net income (loss) 35,161 (9,264) 6,799 11,084
Net (income) loss attributable to noncontrolling interests:        
Noncontrolling interests in the Operating Partnership (1,737) 914 503 166
Noncontrolling interests in other partnerships (2,658) 985 3,079 4,150
Preferred units distributions (2,154) (2,176) (6,461) (6,485)
Net income (loss) attributable to SL Green 28,612 (9,541) 3,920 8,915
Perpetual preferred stock dividends (3,738) (3,738) (11,213) (11,213)
Net income (loss) attributable to SL Green common stockholders $ 24,874 $ (13,279) $ (7,293) $ (2,298)
Basic earnings (loss) per share (in dollars per share) $ 0.35 $ (0.21) $ (0.12) $ (0.06)
Diluted earnings (loss) per share (in dollars per share) $ 0.34 $ (0.21) $ (0.12) $ (0.06)
Basic weighted average common shares outstanding (in shares) 70,443 64,388 70,434 64,355
Diluted weighted average common shares and common share equivalents outstanding (in shares) 71,148 64,388 70,434 64,355