Key Takeaways SLG stock rose 12.7% in 3 months, outpacing the industry's 0.1% decline on strong leasing demand. SLG signed 45 leases for 0.6M sq. ft. in Q1 2025, driven by high-end amenities and prime NYC locations. Long-term leases, tenant diversity and property sales boost SLG's portfolio strength and cash flow stability.SL Green Realty (SLG) shares have risen 12.7% in the past three months compared to the industry's fall of 0.1%.The company’s high-quality portfolio is well-poised for growth, given tena ...

Conference Call to be Held on July 17, 2025 at 2:00PM ETNEW YORK, June 12, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it will release its earnings for the second quarter of 2025 on Wednesday, July 16, 2025 after market close. The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 17, 2025 at 2:00pm ET to discuss the financial ...

19 May 2025 | 8:52AM EDT SL Green Realty Corp. (SLG): Data Update: Minor changes to estimates We make minor changes to our SLG estimates after implementing SLG's 1Q25 Cash Flow Statement. We do not view these changes as material, and there is no change to our thesis, price target or rating. Caitlin Burrows +1(212)902-4736 | caitlin.burrows@gs.com Goldman Sachs & Co. LLC Jeremy Kuhl +1(212)357-1704 | jeremy.kuhl@gs.com Goldman Sachs & Co. LLC Shailee Lnu +1(332)245-7913 | shailee.x.lnu@gs.com Goldman Sachs I ...

Shares of SL Green Realty (SLG) have risen 17.7% in the past month compared with the industry's upside of 5.3%.Last month, SLG reported first-quarter 2025 funds from operations (FFO) per share of $1.40, which outpaced the Zacks Consensus Estimate of $1.27. The results reflected improved average rental rates on the Manhattan office leases signed in the period and higher same-store cash net operating income (NOI).Image Source: Zacks Investment ResearchFactors Behind SLG Stock’s Price Surge: Will This Trend La ...

A month has gone by since the last earnings report for SL Green (SLG) . Shares have added about 10.7% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is SL Green due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It turns out, fr ...

SL Green Realty Corp. (NYSE: SLG ) is down 20% year-to-date, peeling back from a remarkable rally that had seen the Manhattan-focused office REIT up more than 300% from post-pandemic lows. The recent dip is reflective of a macroeconomic zeitgeist thrust into the greyzoneThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet ...

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2][3] - It emphasizes the importance of conducting personal research before making investment decisions [2]

Property Ownership and Occupancy - As of March 31, 2025, SL Green Realty Corp. owned 28 consolidated operating properties with a total square footage of approximately 25.5 million square feet, achieving a weighted average leased occupancy of 91.4%[280] - The weighted average leased occupancy for commercial properties was 91.3%, while residential properties achieved 99.6% occupancy as of March 31, 2025[280] - The Alternative Strategy Portfolio included 7 properties with a total square footage of approximately 2.6 million square feet, achieving a 63.0% occupancy rate[280] Financial Performance - Total revenues for the three months ended March 31, 2025, reached $239.8 million, reflecting a 27.6% increase from $187.9 million in the prior year[284] - Rental revenue for the three months ended March 31, 2025, was $149.2 million, an increase of 8.6% compared to $137.4 million for the same period in 2024[284] - The net loss for the three months ended March 31, 2025, was $21.5 million, a significant decline from a net income of $18.4 million in the same period of 2024, representing a 216.8% change[284] - Investment income increased significantly by 117.6% to $16.1 million for the three months ended March 31, 2025, compared to $7.4 million in the same period of 2024[284] - Other income rose by $5.9 million, driven by lease termination income ($3.8 million) and management fees from third-party investors ($1.8 million)[293] - For the three months ended March 31, 2025, the funds from operations (FFO) attributable to SL Green common stockholders and unit holders were $106.5 million, compared to $215.4 million for the same period in 2024, indicating a decrease of approximately 50.5%[343] Expenses and Costs - Property operating expenses increased by 16.7% to $83.3 million for the three months ended March 31, 2025, compared to $71.4 million in the same period of 2024[284] - Property operating expenses increased by $13.1 million, mainly due to the consolidation of 100 Park Avenue ($6.9 million) and 10 East 53rd Street ($4.0 million)[294] - Depreciation and amortization increased by $11.5 million, primarily due to the consolidation of 100 Park Avenue ($4.7 million) and 10 East 53rd Street ($3.8 million)[299] Debt and Liquidity - As of March 31, 2025, the total debt amounted to $3.88 billion, with fixed rate debt constituting 86.9% and variable rate debt 13.1%[323] - The weighted average consolidated debt balance was $3.8 billion with a weighted average interest rate of 5.38% for the three months ended March 31, 2025[296] - The company had liquidity of $0.9 billion, including $752.5 million available under the revolving credit facility and $192.4 million in cash[308] - The company’s variable rate debt as of March 31, 2025, bore interest based on a spread to LIBOR of 145 basis points and Term SOFR of 148 to 275 basis points[333] - A hypothetical 100 basis point increase in the applicable floating interest rate curve would increase the company's share of consolidated annual interest cost by $1.8 million and joint venture annual interest cost by $1.9 million[333] Capital Expenditures and Investments - For the year ending December 31, 2025, the company expects to incur $113.7 million in leasing capital expenditures and $20.8 million in development expenditures[307] - Capital expenditures increased from $55.3 million in Q1 2024 to $74.2 million in Q1 2025 due to higher spending on development projects[312] - The company expects to fund capital expenditures from operating cash flow, existing liquidity, and borrowings from construction financing facilities[307] Risks and Challenges - The company is significantly affected by general economic, business, and financial conditions, particularly in the New York City real estate market[349] - There are risks associated with real estate acquisitions, including construction delays and cost overruns[349] - The company faces challenges related to the availability and creditworthiness of prospective tenants and borrowers[349] - Increased vacancy rates and reduced demand for office space are adverse changes in the real estate market[349] - The company must manage unanticipated increases in financing costs, including rising interest rates[349] - Compliance with financial covenants in debt instruments is critical for the company's operations[349] - The company is at risk of losing its status as a REIT if it fails to meet certain requirements[349] - The threat of terrorist attacks poses a risk to the company's operations and asset management business[349] - The company must navigate legislative and regulatory requirements that could adversely affect REITs and the real estate business[349] Shareholder and Stock Information - The company repurchased 36,107,719 shares under a $3.5 billion share repurchase program, with no shares repurchased during the three months ended March 31, 2025[316] - The company expects to pay annual dividends to stockholders of at least 90% of its REIT taxable income to maintain its qualification as a REIT[336] Compliance and Regulatory Matters - As of March 31, 2025, the company was in compliance with all covenants related to its 2021 credit facility and senior unsecured notes[332] - The company entered into a CMBS Repurchase Facility in December 2024, allowing it to sell certain CMBS investments with a simultaneous agreement to repurchase them[331] Miscellaneous - The company recorded a compensation expense of $1.9 million related to the Deferred Compensation Plan for Directors during Q1 2025[320] - The company recorded a $5.9 million negative fair value adjustment for secured borrowing related to a previous sale of an interest in One Madison Avenue[302] - Cash and cash equivalents decreased by $18.5 million from the previous year, totaling $337.0 million as of March 31, 2025[311] - As of March 31, 2025, the carrying value of the revolving credit facility was $486.6 million, compared to $316.2 million as of December 31, 2024[329] - The effective interest rate for total debt was 5.38% as of March 31, 2025, compared to 5.17% as of December 31, 2024[323] - The company’s interest rate risk is managed through the use of interest rate derivative instruments and fixed-rate debt, with $3.4 billion of consolidated long-term debt bearing fixed rates as of March 31, 2025[333] - Market risk exposures have not changed materially since December 31, 2024[350]

I analyze oil and gas companies, related companies, and SL Green in my service, Oil & Gas Value Research, where I look for undervalued names in the oil and gas space. I break down everything you need to know about these companies -- the balance sheet, competitive position and development prospects. This article is an example of what I do. But for Oil & Gas Value Research members, they get it first and they get analysis on some companies that is not published on the free site. Interested? Sign up here for a ...

Financial Data and Key Metrics Changes - The company's earnings for Q1 2025 exceeded both street expectations and internal projections significantly, with strong performance in NOI and leasing results [6][7][10] - The company closed nearly $200 million worth of DPE investments in the past nine months and is negotiating a pipeline of over $1.2 billion in new debt investments [10][12] Business Line Data and Key Metrics Changes - The debt-related businesses are expected to account for increasing profits, with management indicating that these earnings are a meaningful component of the company's identity [11][12] - The acquisition of 500 Park was completed, achieving 100% occupancy shortly after, and a significant improvement program is planned to increase rents [12][13][76] Market Data and Key Metrics Changes - The CNBS market for New York City office properties saw $6.9 billion completed year-to-date in 2025, a significant increase compared to previous years [32] - The company noted a fight for quality in the market, with New York City demonstrating resilience and positive momentum despite macroeconomic turbulence [31][34] Company Strategy and Development Direction - The company remains focused on both growing its equity portfolio and capitalizing on opportunities in the commercial debt market, with a strong emphasis on high-quality office development sites in Midtown Manhattan [12][49] - Management is optimistic about the long-term viability of the New York market, indicating a commitment to significant new developments despite current market uncertainties [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the leasing pipeline, noting that there has not yet been a slowdown in tenant activity despite macroeconomic challenges [25][60] - The company is confident in its ability to meet its leasing targets for the year, with a strong start in Q1 and expectations for continued demand driven by a return to office trends [71][72] Other Important Information - The Summit One Vanderbilt has become a leading experiential attraction in New York City, setting a ticket pre-sale record recently, indicating strong demand despite concerns over international tourism [14][120] - The company is actively pursuing office-to-residential conversions, with several viable projects underway that could significantly reduce available office space in the market [110] Q&A Session Summary Question: Can you discuss the trends in pre-built spaces and their economic rent potential? - Management indicated that pre-builds are essential for competitiveness, especially for smaller tenants, and they have a competitive advantage in executing high-quality designs [19] Question: How do you assess the impact of market sell-offs on leasing activity? - Management noted that there has been no slowdown in their pipeline, with an increase in tenant activity despite recent market disruptions [25] Question: What are the trends in the overall debt financing markets? - Management expects some turbulence in credit markets but believes New York City will remain resilient, with a strong demand for tangible assets [31][34] Question: Can you provide updates on your leasing targets and occupancy rates? - Management remains confident in achieving their leasing targets, with a strong start in Q1 and ongoing demand for office space [71][72] Question: What is the status of the casino license process? - The process is moving forward, with expectations for local approval by September and a license award by year-end [56] Question: How are concessions and free rents trending in the market? - Concessions have remained stable, with potential tightening in certain submarkets as face rents increase [65] Question: What is the outlook for the office-to-residential conversion opportunities? - Management sees a significant volume of conversion candidates and anticipates that this trend will firm up the market over time [110]