SL Green Realty Corp. has recently released its 10-Q report, revealing its continued focus on acquiring, managing, and maximizing the value of Manhattan commercial properties. As of December 31, 2024, the company held interests in 54 buildings totaling 30.6 million square feet, including 27.0 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
The 10-Q report provides insights into SL Green's financial condition and results of operations. The company is a self-managed real estate investment trust engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning, and financing of commercial real estate properties, primarily office properties located in the New York metropolitan area, particularly Manhattan.
As of March 31, 2025, SL Green owned interests in 28 consolidated commercial properties and 12 unconsolidated properties, totaling approximately 25.1 million square feet with a weighted average leased occupancy of 91.3%. Additionally, the company managed one office building and one retail building owned by a third party, encompassing approximately 0.4 million square feet.
The report also delves into the comparison of the three months ended March 31, 2025, to the same period in 2024. It highlights the increase in rental revenue, investment income, and interest income from real estate loans held by consolidated securitization vehicles. The report also provides detailed figures on property operating expenses, SUMMIT Operator expenses, interest expense, equity in net income from unconsolidated joint ventures, and other financial aspects.
The market has reacted to these announcements by moving the company's shares 2.0% to a price of $53.67. Check out the company's full 10-Q submission here.
