SL Green Realty Corp. reported its financial results for the first quarter of 2025, revealing a total revenue of $239.8 million, a 27.6% increase from $187.9 million in the same period last year. The growth was primarily driven by a rise in rental revenue, which increased by 15.2% to $163.0 million, attributed to the consolidation of properties such as 100 Park Avenue and 10 East 53rd Street, as well as the acquisition of 500 Park Avenue. However, the company recorded a net loss of $21.5 million, a significant decline from a net income of $18.4 million in the prior year, largely due to increased interest expenses and depreciation.
In terms of operational metrics, SL Green's Same-Store Properties, which represent properties owned continuously since January 1, 2024, saw a rental revenue increase of 8.6%. The company also reported a weighted average consolidated debt balance of $3.8 billion, with a weighted average interest rate of 5.38%. The increase in interest expense was primarily due to a decrease in interest capitalization at properties under development and the consolidation of new properties.
Strategically, SL Green has been active in expanding its portfolio, having completed the acquisition of its joint venture partner's 49.9% interest in 100 Park Avenue for $14.9 million in April 2025. The company also reported a significant increase in investment income, which rose to $16.1 million, up from $7.4 million a year earlier, reflecting higher interest payments from its debt and preferred equity investments.
As of March 31, 2025, SL Green maintained liquidity of approximately $0.9 billion, consisting of $752.5 million available under its revolving credit facility and $192.4 million in cash. The company anticipates that its cash flow from operations, along with its liquidity, will be sufficient to meet its short-term and long-term financial obligations. Looking ahead, SL Green expects to continue leveraging its real estate investments and debt portfolio to drive growth, while managing its exposure to interest rate fluctuations through various financial instruments.
About SL GREEN REALTY CORP
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