SL Green Realty Corp. reported a total revenue of $886.3 million for the fiscal year ending December 31, 2024, a decrease of 3% from $913.7 million in 2023. The decline in revenue was primarily attributed to a significant drop in rental income, which fell to $606.0 million from $683.3 million in the previous year. This decrease was largely due to the deconsolidation of 245 Park Avenue, which accounted for a loss of $77.6 million in rental revenue, and increased vacancies at several properties. However, the company saw a rise in SUMMIT operator revenue, which increased to $133.2 million from $118.3 million, reflecting higher attendance at its observation deck.
In terms of profitability, SL Green reported a net income of $30.2 million for 2024, a substantial recovery from a net loss of $599.3 million in 2023. This turnaround was driven by various factors, including gains from the sale of interests in joint ventures and a reduction in depreciation and amortization expenses. The company also recorded a significant gain of $208.1 million from the sale of an 11% interest in One Vanderbilt Avenue, contributing positively to its financial performance.
Strategically, SL Green made notable acquisitions and dispositions during the year. The company acquired a 45% interest in 10 East 53rd Street for $7.2 million and consolidated its investment in 100 Park Avenue, resulting in a positive fair value adjustment of $117.8 million. On the disposition side, SL Green sold several properties, including an 11% interest in One Vanderbilt Avenue for $189.5 million in net proceeds and three condominium units at 760 Madison Avenue, generating $61.5 million. These transactions were part of the company's strategy to optimize its portfolio and enhance liquidity.
Operationally, SL Green's same-store Manhattan office occupancy improved to 92.5% from 90.0% in 2023, with the company signing 188 office leases covering approximately 3.6 million square feet. The overall Manhattan office market saw a total leasing activity of 23.4 million square feet in 2024, indicating a recovery in demand. The company employed 1,221 individuals as of December 31, 2024, reflecting a stable workforce as it continues to navigate the evolving real estate landscape.
Looking ahead, SL Green remains focused on maximizing total returns to stockholders through strategic acquisitions, property management, and development initiatives. The company is also evaluating opportunities to expand its SUMMIT experience internationally, with plans to open a location in Paris, France. Despite the challenges posed by market conditions and evolving work trends, SL Green's management expressed confidence in the company's ability to adapt and grow, maintaining a strong liquidity position of $1.1 billion as of year-end.
About SL GREEN REALTY CORP
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