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SL Green Realty Corp. (SLG) is a self-managed real estate investment trust (REIT) specializing in the ownership, management, operation, acquisition, development, and financing of commercial real estate properties. The company focuses primarily on office properties in the New York metropolitan area, particularly in Manhattan, while also operating retail, residential, and development/redevelopment properties. SL Green generates revenue through leasing, property operations, and investments in debt and preferred equity.
- Real Estate Segment - Generates revenue from tenant rents, escalations, and reimbursement income, primarily through office, retail, and residential properties in Manhattan and suburban areas.
- SUMMIT Segment - Operates an observation deck at One Vanderbilt Avenue in Midtown Manhattan, generating revenue from ticket sales.
- Debt and Preferred Equity (DPE) Investments Segment - Provides financing solutions and earns revenue from interest income and related activities.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Marc Holliday ExecutiveBoard | Chief Executive Officer | Chairman of the Board of Directors of NYRA ; Executive Committee Member of the Real Estate Board of New York Board of Governors | Marc Holliday has been the Chief Executive Officer of SLG since January 2004 and has served as Chairman of the Board since January 2019. He began his tenure at SLG as Chief Investment Officer in July 1998 , demonstrating decades of leadership in the real estate sector. | View Report → |
Matthew J. DiLiberto ExecutiveBoard | Chief Financial Officer | Vice Chairman of the Board of Directors of the FDNY Foundation; Firefighter in New Jersey | CFO of SLG since 2015, previously served as Chief Accounting Officer & Treasurer from 2007 to 2014 and joined SLG in September 2004. | |
Andrew S. Levine Executive | Executive Vice President, Chief Legal Officer, General Counsel, and Secretary | Andrew S. Levine is the Executive Vice President, Chief Legal Officer, General Counsel, and Secretary at SLG. He has held the role of General Counsel, Executive Vice President, and Secretary since November 2000 and has served as Chief Legal Officer and General Counsel since April 2007. | ||
Andrew W. Mathias Board | Advisor | Founder of Edge Park Management LLC | Andrew W. Mathias served as President of SLG from April 2007 until December 2023 and now contributes as an Advisor and Board Member since January 2024, playing a key role in strategic decision-making at the company. He began his career at SLG as Vice President in March 1999 and was subsequently promoted, contributing significantly to the firm's growth over the years. | |
Betsy S. Atkins Board | Independent Director | CEO of Baja Corp; Board Member at Enovix Corporation; Board Member at Solaredge Technologies, Inc.; Board Member at Wynn Resorts Ltd. | Betsy S. Atkins has served as an Independent Director at SL Green Realty Corp since 2015 and is a member of its Audit Committee and Nominating and Corporate Governance Committee. She is also the CEO of Baja Corp since 1994 and holds board roles at Enovix Corporation (since July 2021), Solaredge Technologies, Inc. (since June 2021), and Wynn Resorts Ltd. (since April 2018). | |
Carol N. Brown Board | Independent Director | Professor at the University of Richmond School of Law | Carol N. Brown has been an Independent Director at SLG since 2022, bringing extensive expertise in property law and real estate from her long academic career, including her current role as Professor at the University of Richmond School of Law. | |
Craig M. Hatkoff Board | Independent Director | Director, Jaguar Global Growth Corporation I; Director, Captivision Inc. | Craig M. Hatkoff has been an Independent Director at SLG since 2011 and serves on the Audit Committee as well as chairs the Nominating and Corporate Governance Committee. He brings extensive experience in real estate and finance from his previous roles, including serving as Vice Chairman at Capital Trust, Inc. and as Founder and Managing Partner at Victor Capital Group, L.P.. | |
Edwin T. Burton Board | Independent Director | Professor of Economics at University of Virginia; Board Member at Chase Investors | Edwin T. Burton, III has served as an Independent Director at SLG since 1997 and is the Chair of the Audit Committee. He is also a Professor of Economics at the University of Virginia since 1988 and a board member of Chase Investors. | |
John H. Alschuler Board | Lead Independent Director | Director at Xenia Hotels and Resorts, Inc. since 2015; Director at The Macerich Company since 2015; Executive Chairman at Therme Group US since 2022; Adjunct Associate Professor at Columbia University | John H. Alschuler has served as SLG's Lead Independent Director since 2010 and as a board member since 1997, bringing extensive expertise in real estate, governance, and strategic oversight. | |
Lauren B. Dillard Board | Independent Director | Senior Managing Director and Chief Financial Officer at Vista Equity Partners | Lauren B. Dillard has served as an Independent Director at SLG since 2016 while also holding key committee roles as both Chair of the Compensation Committee and a member of the Audit Committee. She brings extensive expertise in finance and corporate governance and currently serves externally as the Senior Managing Director and Chief Financial Officer at Vista Equity Partners since April 2022. | |
Stephen L. Green Board | Chairman Emeritus | At-large member, Executive Committee, Real Estate Board of New York; Member, Board of Directors, Streetsquash, Inc. | Stephen L. Green has served as Chairman Emeritus of SLG since January 2019 and as a Director and member of the Executive Committee since 1997. He founded the predecessor company in 1980 and previously served as CEO until his transition to Chairman Emeritus. |
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Despite an increase in leased occupancy, financial occupancy has decreased across several assets—can you explain the reasons behind this discrepancy and provide guidance on how financial occupancy is expected to trend in 2025?
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Given that you committed $100 million of capital in 2024 and expect similar commitments in 2025, do you anticipate any challenges in covering the dividend, and can you elaborate on your plans to ensure its sustainability without relying on FAD as a metric?
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With the New York City congestion tax potentially impacting traffic patterns and commuter behavior, have you observed any changes in tenant preferences or office utilization that could negatively affect demand for your properties?
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In light of recent large office financing transactions, are lenders becoming more willing to finance office assets, and do you see this trend continuing, especially for longer-term debt options beyond five years?
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Considering the significant amount of assets in special servicing, including $8.2 billion designated as non-active, what is your outlook on these assets potentially moving into active special servicing, and how might this impact your portfolio and overall strategy?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Paramount Global | Major office & retail tenant | Office & Retail | Responsible for 5.5% of SLG’s share of annualized cash rent (~$73.7M). |
UBS Americas, Inc. | Major office tenant | Office | Responsible for 3.5% of SLG’s share of annualized cash rent (~$46.9M). |
Sony Corporation | Major office tenant | Office | Responsible for 2.3% of SLG’s share of annualized cash rent (~$31.3M). |
Bloomberg L.P. | Major office tenant | Office | Responsible for 1.9% of SLG’s share of annualized cash rent (~$25.4M). |
Societe Generale | Major office tenant | Office | Responsible for 1.9% of SLG’s share of annualized cash rent (~$25.2M). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
500 Park Avenue | 2025 | Acquired for $130.0 million and financed with an $80.0 million mortgage featuring a floating rate swapped to a fixed rate of 6.57% until February 2028; the asset (201,411 square feet at a prime Park Avenue location) is set to be enhanced with luxury hospitality amenities to boost rental income. |
625 Madison Avenue | 2023 | SL Green converted its mezzanine debt into a 90.43% ownership interest on the property acquired for $620.245 million, subject to a $223.0 million mortgage maturing in December 2026 at a fixed rate of 6.05%; the deal also recorded a $305.9 million impairment amid low occupancy levels (16.8%), reflecting its financial and operational review. |
Recent press releases and 8-K filings for SLG.
- Despite a net loss of $0.30 per share (FFO of $1.40 per share), SL Green exceeded internal and consensus expectations with robust NOI and leasing performance**[SLG_3422497_0]**.
- Executed major transactions including the acquisition of 500 Park Avenue for $130.0M (100% occupancy) and the sale of 85 Fifth Avenue (gross $47.0M, net $3.2M).
- Additional M&A activity featured the purchase of a partner’s 49.9% interest in 100 Park Avenue ($14.9M) and the sale of six Giorgio Armani Residences generating $93.3M net proceeds**[0001040971-25-000014_slg-20250416.htm:0]** .
- Leasing momentum was strong with 45 Manhattan office leases totaling 602,105 sq ft, driving a same-store office occupancy of 91.8% and an active pipeline exceeding 1.1 million sq ft**[0001040971-25-000014_slg-20250416.htm:0]** .
- Growth initiatives target the addition of over 2 million sq ft through leasing and office-to-residential conversions, supported by nearly $200M in DPE investments and $1.2B in new debt deals**[SLG_3422497_0]** .
- Confident in achieving a $1B disposition target, the company anticipates upward revisions to guidance amid macro uncertainties**[SLG_3422497_3]** .