SL Green Realty Corp. (NYSE:SLG) Q4 2024 Earnings Conference Call January 23, 2024 2:00 PM ET Company Participants Marc Holliday - Chairman and CEO Matthew DiLiberto - CFO Steve Durels - EVP, Director, Leasing and Real Property Harrison Sitomer - CIO Conference Call Participants Nick Yulico - Scotiabank Alexander Goldfarb - Piper Sandler John Kim - BMO Capital Markets Steve Sakwa - Evercore ISI Jeffrey Spector - Bank of America Securities Anthony Paolone - JPMorgan Michael Griffin - Citi Ronald Kamdem - Mor ...

SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in- house capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing. As of December 31, 2024, the Company held interests in 54 buildings totaling 30.6 million square feet. This included ownership interests in 27.0 million square feet in Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. Quest ...

SL Green Realty Corp. (SLG) reported fourth-quarter 2024 funds from operations (FFO) per share of $1.45, which missed the Zacks Consensus Estimate of $1.53. The company had reported an FFO of 72 cents per share in the previous year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The results reflected lower-than-anticipated revenues despite decent leasing activity in its Manhattan portfolio. Also, higher interest expenses and lower same-store NOI acted as dampeners.Net rental revenue ...

SL Green (SLG) reported $139.61 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 5.8%. EPS of $1.45 for the same period compares to -$2.45 a year ago.The reported revenue represents a surprise of -0.31% over the Zacks Consensus Estimate of $140.04 million. With the consensus EPS estimate being $1.53, the EPS surprise was -5.23%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determin ...

SL Green (SLG) came out with quarterly funds from operations (FFO) of $1.45 per share, missing the Zacks Consensus Estimate of $1.53 per share. This compares to FFO of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -5.23%. A quarter ago, it was expected that this commercial real estate investment trust would post FFO of $1.21 per share when it actually produced FFO of $1.13, delivering a surprise of -6.61%.Over the last four ...

Financial and Operating Highlights - Net income attributable to common stockholders was $0.13 per share in Q4 2024, compared to a net loss of $2.45 per share in Q4 2023 [4] - Funds from operations (FFO) were $1.81 per share in Q4 2024, including $26.0 million gain on discounted debt extinguishment and $7.7 million positive non-cash fair value adjustments, compared to $0.72 per share in Q4 2023 [4] - FFO for the full year 2024 was $8.11 per share, including $216.1 million gains on discounted debt extinguishments and $5.3 million positive non-cash fair value adjustments, compared to $4.94 in 2023 [4] - Signed 48 Manhattan office leases covering 1,789,996 square feet in Q4 2024, with mark-to-market rents 9.0% higher than previous rents [4] - Manhattan same-store office occupancy increased to 92.5% as of December 31, 2024 [4] Investing Highlights - Sold an 11.0% interest in One Vanderbilt Avenue for a gross asset valuation of $4.7 billion, generating net proceeds of $189.5 million [4] - Sold three Giorgio Armani Residences at 760 Madison Avenue, generating net proceeds of $61.5 million, with remaining units under contract expected to close in Q1 2025 [4] - Acquired 500 Park Avenue for $130.0 million, financed with an $80.0 million mortgage at a fixed rate of 6.57% [4] - Acquired partner's 45.0% interest in 10 East 53rd Street for $7.2 million [4] Financing Highlights - Repaid $60.9 million mortgage on 690 Madison Avenue for a net payment of $32.1 million [4] - Modified and extended $360.0 million mortgage on 100 Park Avenue, extending maturity to December 2027 and securing a new $70.0 million future funding facility [4] - Modified and extended $1.3 billion mortgage facility on One Madison Avenue, extending final maturity to November 2027 [4] - Completed $5.3 billion of strategic debt refinancings, modifications, and extensions in 2024 [13] Special Servicing and Asset Management - Expanded special servicing business with active assignments totaling $5.0 billion and an additional $8.2 billion designated as special servicer [27] - Cumulative special servicing and asset management appointments total $21.5 billion since inception [27] Leasing Activity - Signed 188 Manhattan office leases covering 3,607,924 square feet in 2024, with mark-to-market rents 8.5% higher than previous rents [12][14] - Average rent on Manhattan office leases signed in 2024 was $87.91 per rentable square foot with an average lease term of 10 years [12][14] Debt and Preferred Equity Investment - Carrying value of debt and preferred equity portfolio was $518.4 million at December 31, 2024, with a weighted average current yield of 7.3% [19] - Invested $15.5 million in real estate debt and CMBS during Q4 2024 [21]

NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has signed a 92,663-square-foot expansion lease with IBM at One Madison Avenue, increasing IBM’s total footprint at the property to 362,092 square feet. The 15-year lease covers the entire 7th floor and brings the building to 72% leased. This lease follows the strong 2024 portfolio-wide leasing momentum during which the Company signed 188 leases covering 3,607,924 squar ...

NEW YORK, Jan. 21, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG) (the “Company”), Manhattan’s largest office landlord, today announced that the Company will hold its 2025 Annual Meeting of Stockholders (the “Annual Meeting”) on Tuesday, June 3, 2025. The board of directors established the close of business on Monday, March 31, 2025, as the record date for determining stockholders entitled to receive notice of and vote at the Annual Meeting, which will take place in-person in the auditorium at On ...

NEW YORK, Jan. 21, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, today announced that its board of directors has declared a monthly ordinary dividend of $0.2575 per share of common stock, which is the equivalent of an annualized dividend of $3.09 per share. The dividend is payable in cash on February 18, 2025 to shareholders of record at the close of business on January 31, 2025. About SL Green Realty Corp. SL Green Realty Corp., Manhattan's largest office l ...

In its upcoming report, SL Green (SLG) is predicted by Wall Street analysts to post quarterly earnings of $1.53 per share, reflecting an increase of 112.5% compared to the same period last year. Revenues are forecasted to be $140.04 million, representing a year-over-year increase of 6.1%.The current level reflects an upward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial pr ...