Business Context and Reporting Period
Company: SL Green Realty Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: December 5, 2025
Event: 2025 Annual Investor Conference and announcement of dividend policy modification.
Key Financial Metrics and Guidance
The filing provides forward-looking guidance for the fiscal year ending December 31, 2026, rather than historical results for the current period.
| Metric (Diluted) | Low Estimate | High Estimate |
|---|---|---|
| Net (Loss) Income per Share | $(0.27) | $0.03 |
| Funds From Operations (FFO) per Share | $4.40 | $4.70 |
Reconciliation Items for 2026 FFO:
- Add: Depreciation and amortization ($2.58)
- Add: Joint ventures depreciation and noncontrolling interests adjustments ($3.29)
- Less: Net loss attributable to noncontrolling interests ($(0.12))
- Less: Loss on sale of real estate, net ($(0.80))
- Add: Equity in net gain on sale of interest in unconsolidated joint venture/real estate ($1.82)
- Add: Depreciation on non-real estate assets ($0.06)
Historical Data: The filing text does not provide clear values for current period revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes and Corporate Actions
Dividend Policy Modification: Beginning in fiscal year 2026, the Company will declare and pay ordinary dividends quarterly rather than monthly. The dividend will continue to be paid in cash.
Outlook, Risks, and Management Commentary
Outlook: Management projects a potential net loss per share for 2026, driven by significant non-cash adjustments and specific transaction items (losses on real estate sales), while maintaining positive FFO per share between $4.40 and $4.70.
Regulatory Note: The information furnished under Item 7.01 is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not subject to the liabilities of that section.
Investor Verification Checklist
- Verify the specific quarterly dividend amounts and payment dates for fiscal year 2026 following the shift from monthly to quarterly payments.
- Confirm the drivers behind the projected net loss per share versus the positive FFO guidance for 2026.
- Review the full presentation materials available on the Company's website for details on the "Loss on sale of real estate" and "Equity in net gain on sale" line items.
- Monitor subsequent filings for actual 2025 year-end results to compare against the 2026 guidance assumptions.