SL Green Realty Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by SL Green Realty Corp. on April 15, 2026, to report results of operations and financial condition for the quarter ended March 31, 2026. The filing serves as a conduit for a press release (Exhibit 99.1) and a supplemental information package (Exhibit 99.2) regarding the Company's commercial office property operations.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the attached exhibits for these figures. The document defines the following non-GAAP measures used by the Company:
- Funds from Operations (FFO): Net income excluding gains/losses on property sales, impairment charges, and real estate depreciation/amortization.
- Funds Available for Distribution (FAD): FFO adjusted for non-real estate depreciation, straight-line rent, deferred compensation, and recurring capital expenditures.
- EBITDAre: Net income plus interest, taxes, depreciation, amortization, and adjustments for property dispositions and impairments.
- Net Operating Income (NOI) and Cash NOI: Operating income metrics excluding transaction costs, marketing, and non-real estate revenue, with Cash NOI further adjusting for straight-line rent and free rent.
- Coverage Ratios: Fixed charge and debt service coverage ratios based on cash NOI.
Material Changes
The filing text does not disclose specific material changes in financial performance or position compared to the prior period. It states that the supplemental package contains voluminous operational information not included in the press release.
Guidance, Outlook, and Risks
The document does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors. It includes standard disclaimers stating that the non-GAAP measures (FFO, FAD, EBITDAre, NOI) are not alternatives to GAAP net income or cash flow from operating activities and should not be viewed as measures of liquidity or funds available for distributions.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Q1 2026 revenue, FFO, and net income figures.
- Examine Exhibit 99.2 (Supplemental Package) for detailed occupancy rates, rental rate trends, and debt maturity schedules.
- Verify the reconciliation of GAAP net income to non-GAAP FFO and EBITDAre in the supplemental materials.
- Confirm the Company's current debt service coverage ratios against its fixed charge obligations.