Company: SLG-PI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001040971-25-000022
Chunk: 20

Company: SL GREEN REALTY CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 20
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 used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company's financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is it indicative of funds available to fund the Company's cash needs, including our ability to make cash distributions.

FFO for the three months ended March 31, 2025 and 2024 are as follows (in thousands):

Three Months Ended March 31,20252024Net (loss) income attributable to SL Green common stockholders$(21,075)$13,141 Add:Depreciation and amortization64,498 48,584 Joint venture depreciation and noncontrolling interest adjustments53,361 74,258 Net loss attributable to noncontrolling interests(6,362)(393)Less:Equity in net gain on sale of interest in unconsolidated joint venture/real estate— 26,764 Purchase price and other fair value adjustments(6,544)(55,652)Loss on sale of real estate, net(482)— Depreciable real estate reserves and impairment(8,546)(52,118)Depreciable real estate reserves in unconsolidated joint venture(1,780)— Depreciation on non-rental real estate assets1,263 1,153 Funds from Operations attributable to SL Green common stockholders and unit holders$106,511 $215,443 

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