Loading...
Docoh

SL Green Operating Partnership (SLG)

SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, engaged in the acquisition, development, ownership, management and operation of commercial and residential real estate properties, principally office properties, located in the New York metropolitan area. We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties Inc., our predecessor entity. S.L. Green Properties Inc., which was founded in 1980 by Stephen L. Green, who serves as a member and the chairman emeritus of the Company's board of directors, had been engaged in the business of owning, managing, leasing, and repositioning office properties in Manhattan, a borough of New York City. As of December 31, 2019, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:

Company profile

Ticker
SLG
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
1 Madison Office Fee LLC • 10 E 53 Owner LLC • 10E53 Partner LLC • 100 Church Fee Owner LLC • 100C Investors Corp. • 106 Spring Funding II LLC • 107-30 Rockaway Blvd LLC • 1080 Amsterdam Green A Member LLC • 1080 Amsterdam Green B Member LLC • 1080 Amsterdam Lessee LLC ...
IRS number
61722127

Calendar

4 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 277.06M 277.06M 277.06M 277.06M 277.06M 277.06M
Cash burn (monthly) 10.09M 3.29M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 29.79M 9.71M n/a n/a n/a n/a
Cash remaining 247.27M 267.35M n/a n/a n/a n/a
Runway (months of cash) 24.5 81.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Financial report summary

?
Risks
  • The COVID-19 pandemic and health and safety measures intended to reduce its spread could adversely affect our business, results of operations, and financial condition.
  • Declines in the demand for office space in the New York metropolitan area, and in particular midtown Manhattan, could adversely affect the value of our real estate portfolio and our results of operations and, consequently, our ability to service current debt and to pay dividends and distributions to security holders.
  • We may be unable to renew leases or relet space as leases expire.
  • We face significant competition for tenants.
  • The expiration of long term leases or operating sublease interests where we do not own a fee interest in the land could adversely affect our results of operations.
  • We rely on five large properties for a significant portion of our revenue.
  • Our results of operations rely on major tenants and insolvency or bankruptcy of these or other tenants could adversely affect our results of operations.
  • Construction is in progress at our development projects.
  • We are subject to risks that affect the retail environment.
  • We are subject to the risk of adverse changes in economic and geopolitical conditions in general and the commercial office markets in particular.
  • Leasing office space to smaller and growth-oriented businesses could adversely affect our cash flow and results of operations.
  • We may suffer adverse consequences if our revenues decline since our operating costs do not decline in proportion to our revenue.
  • Competition for acquisitions may reduce the number of acquisition opportunities available to us and increase the costs of those acquisitions.
  • We face risks associated with property acquisitions.
  • Limitations on our ability to sell or reduce the indebtedness on specific properties could adversely affect the value of our common stock.
  • Potential losses may not be covered by insurance.
  • The occurrence of a terrorist attack may adversely affect the value of our properties and our ability to generate cash flow.
  • We face possible risks associated with the natural disasters and the effects of climate change.
  • We may incur significant costs to comply with climate change initiatives, and in particular those implemented in New York City.
  • There are potential conflicts of interest between us and Stephen L. Green.
  • Members of management may have a conflict of interest over whether to enforce terms of agreements with entities which Mr. Green, directly or indirectly, has an affiliation.
  • RISKS RELATED TO OUR LIQUIDITY AND CAPITAL RESOURCES
  • Debt financing, financial covenants, degree of leverage, and increases in interest rates could adversely affect our economic performance.
  • Scheduled debt payments could adversely affect our results of operations.
  • Financial covenants could adversely affect our ability to conduct our business.
  • Rising interest rates could adversely affect our cash flow.
  • The planned phasing out of LIBOR may affect our financial results.
  • Failure to hedge effectively against interest rate changes may adversely affect results of operations.
  • Increases in our leverage could adversely affect our stock price.
  • A downgrade in our credit ratings could materially adversely affect our business and financial condition.
  • Debt and preferred equity investments could cause us to incur expenses, which could adversely affect our results of operations.
  • Joint investments could be adversely affected by our lack of sole decision-making authority and reliance upon a co-venturer's financial condition.
  • Certain of our joint venture agreements contain terms in favor of our partners that could have an adverse effect on the value of our investments in the joint ventures.
  • We are dependent on external sources of capital.
  • RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE
  • We depend on dividends and distributions from our direct and indirect subsidiaries.
  • Our charter documents, debt instruments and applicable law may hinder any attempt to acquire us, which could discourage takeover attempts and prevent our stockholders from receiving a premium over the market price of our stock.
  • Provisions of our charter and bylaws could inhibit changes in control.
  • We have a stock ownership limit.
  • Maryland takeover statutes may prevent a change of control of our company, which could depress our stock price.
  • Contractual provisions that limit the assumption of certain of our debt may prevent a change in control.
  • SL Green's failure to qualify as a REIT would be costly and would have a significant effect on the value of our securities.
  • We may incur costs to comply with governmental laws and regulations.
  • Compliance with changing or new regulations applicable to corporate governance and public disclosure may result in additional expenses, or affect our operations.
  • Our property taxes could increase due to reassessment or property tax rate changes.
  • The trading price of our common stock has been and may continue to be subject to wide fluctuations.
  • Future issuances of common stock, preferred stock and convertible debt could dilute existing stockholders' interests.
  • Changes in market conditions could adversely affect the market price of our common stock.
  • Changes to U.S. federal income tax laws could materially and adversely affect us and our stockholders.
  • Loss of our key personnel could harm our operations and our stock price.
  • Our business and operations would suffer in the event of system failures or cyber security attacks.
  • Forward-looking statements may prove inaccurate.
Management Discussion
  • i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2021 and still owned by us in the same manner as of June 30, 2022 (Same-Store Properties totaled 20 of our 27 consolidated operating buildings),
  • ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2022 and 2021 and all non-Same-Store Properties, including properties that are under development or redevelopment,
  • iii."Disposed Properties," which represents all properties or interests in properties sold in 2022 and 2021, and

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: confirmation, Disposition, FITEM, Holiday, horse, Plaza, resolution, Sponsorship, stalking, tender, Worldwide
Removed: penalty, prepayable, ruling
Proxies
No filings