Edwyn
Over the past five years, SL GREEN REALTY CORP’s revenue has shown notable volatility. In 2020, the company reported revenue of USD 1,052.7 million, which then declined significantly by roughly 20% to USD 844.0 million in 2021. Revenue continued to edge downward to USD 826.7 million in 2022 before recovering modestly to USD 913.7 million in 2023 and slightly tapering to USD 886.3 million in 2024. Throughout this period, the gross profit consistently remained at zero, likely reflecting the unique accounting practices typical to REITs where revenue and operating outcomes are driven by net rental income or other property-related transactions rather than traditional gross profit margins. The operating income figures present a mixed picture; while not reported before 2022, operating income appears both robust and improving—from USD 605.6 million in 2022, tapering marginally to USD 598.7 million in 2023, and rising notably to USD 730.6 million in 2024. However, net income trends diverge sharply: the company boasted positive net income in 2020 (USD 371.1 million) and 2021 (USD 449.8 million), then suffered a significant swing into negative territory with a loss of USD 78.1 million in 2022 and a steep decline to a loss of USD 564.6 million in 2023, before barely nudging back into positive territory at USD 22.0 million in 2024. These pronounced year-over-year swings, particularly the >20% drop from one period to the next, suggest the influence of significant non-operating factors—possibly including high interest expenses, lease adjustments, or other one-off charges common in the real estate industry. Overall, while the operating income indicates strong underlying operational performance, the erratic net income calls for cautious monitoring of non-core expenses and other financial headwinds that could affect the company’s long-term financial health and sustainability.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.