Core Viewpoint - SL Green Realty Corp. is well-positioned for growth despite challenges in the office real estate market, driven by its high-quality portfolio, long-term leases, and diverse tenant base, although it faces competition and high interest rates [1][8][12]. Group 1: Market Position and Strategy - SL Green's portfolio consists of high-quality office properties in New York City, which positions the company favorably for future growth [8]. - The company employs an opportunistic investment policy, divesting non-core assets to fund development projects and share buybacks, enhancing overall portfolio quality [11]. - SL Green has signed a significant number of leases, including 60 office leases for 633,660 square feet in Q1 2024 and 160 leases for 1,776,414 square feet in 2023, indicating strong tenant demand [10]. Group 2: Financial Performance and Outlook - The Zacks Consensus Estimate for SL Green's 2024 funds from operations (FFO) per share has increased by 2.7% to $7.53, reflecting positive analyst sentiment [12]. - The company is expected to see a year-over-year increase of 10.2% in net interest expenses for 2024, which may impact its financial performance [5]. - SL Green's shares have gained 14.0% in the past month, outperforming the industry growth of 3.4% [12]. Group 3: Challenges and Risks - The U.S. office real estate market continues to struggle with negative absorption and high vacancy levels due to pandemic-related job losses and remote work trends [13]. - SL Green faces competition from other developers and operators, making it challenging to attract and retain tenants at higher rents [4]. - The company has a substantial debt burden, with total consolidated debt (net) of approximately $3.79 billion as of March 31, 2024, which is exacerbated by the high interest rate environment [14].

Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [7] - As of March 31, 2024, the company held interests in 57 buildings totaling 32.4 million square feet, which includes ownership interests in 28.7 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments [7] Earnings Release Information - The company will release its earnings for the second quarter of 2024 on Wednesday, July 17, 2024, after market close [5] - Supplemental data will be made available in the Investors section of the SL Green Realty Corp. website [1] - A conference call and audio webcast will be hosted by the executive management team, led by Marc Holliday, on Thursday, July 18, 2024, at 2:00 PM ET to discuss the financial results [3] Participation and Access - Research analysts wishing to participate in the conference call must register in advance [4] - The live conference call will be available in listen-only mode, with a replay accessible in the Investors section of the SL Green Realty Corp. website [6]

The board of directors also declared the regular quarterly dividend on the company's Series I Preferred Stock for the period April 15, 2024 through July 14, 2024 of $0.40625 per share, which is the equivalent of an annualized dividend of $1.625 per share. The dividend is payable in cash on July 15, 2024 to shareholders of record at the close of business on June 28, 2024. SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused p ...

Dividend Announcements - SL Green Realty Corp. declared a monthly ordinary dividend of $0.25 per share, equivalent to an annualized dividend of $3.00 per share, payable on July 15, 2024 [1] - The board also declared a quarterly dividend on the Series I Preferred Stock of $0.40625 per share, equivalent to an annualized dividend of $1.625 per share, also payable on July 15, 2024 [2] Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [3] - As of March 31, 2024, SL Green held interests in 57 buildings totaling 32.4 million square feet, including ownership interests in 28.7 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments [3]

SL Green Realty Corp. Preferreds (NYSE:SLG.PR.I) continue to show distress, trading meaningfully below liquidation preference value and with incomes under substantial pressure as the rent situation in its Manhattan markets crystallizes at significantly lower levels per square foot. They are still paying the dividend, contrary to worries in our last article from more than a year ago, and they are managing to refinance things as apparently creditors are willing to give them a chance, but the dangers are big h ...

Shares of SL Green Realty Corp. (SLG) have gained 18.4% in the year-to-date period against the industry's decline of 7.4%. This New York-based office real estate investment trust's (REIT) portfolio of high-quality and well-amenitized office properties poises it well to ride the growth curve. Its opportunistic investment policy and balance-sheet- strengthening efforts are encouraging. In the first quarter earnings release, SL Green increased its guidance for 2024 FFO per share to the range of $7.35-$7.65 fro ...

About SL Green Realty Corp. SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2024, SL Green held interests in 57 buildings totaling 32.4 million square feet. This included ownership interests in 28.7 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investme ...

NEW YORK, May 21, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, today announced that Harrison Sitomer, Chief Investment Officer, Matt DiLiberto, Chief Financial Officer, and Steve Durels, EVP, Director of Leasing and Real Property, will participate in a moderated Company presentation at Nareit's 2024 REITweek on Tuesday, June 4, 2024 at 10:15 AM ET. The Company presentation will be webcast. The live audio-webcast can be accessed in listen-only mode in the In ...

Core Viewpoint - SL Green Realty Corp. (SLG) is well-positioned to benefit from growth in the New York City office market due to its high-quality properties and opportunistic investment strategy, although challenges such as elevated office supply and high interest rates pose risks [1]. Group 1: Positive Factors - SLG is experiencing strong leasing demand, signing 60 office leases in Manhattan for approximately 633,660 square feet in the first quarter, driven by tenants seeking premium office spaces [2]. - The company has a diversified tenant base with long-term leases, which mitigates risks associated with reliance on single-industry tenants and ensures stable rental revenues [3]. - SLG follows an opportunistic investment policy, divesting non-core assets to fund development projects and share buybacks, enhancing portfolio quality and relieving balance sheet pressure [4]. - In January 2024, SLG sold a retail condominium for $963 million, generating net proceeds of $27 million for corporate debt repayment, allowing a focus on the Manhattan market and retention of premium assets [5]. - Analysts are optimistic about SLG, with the Zacks Consensus Estimate for 2024 funds from operations (FFO) per share rising 20.8% to $7.33, and the company's shares gaining 14.4% over the past three months [6]. Group 2: Negative Factors - Competition from industry peers may hinder SLG's ability to retain tenants, as higher rents could impact pricing power, while elevated office supply may lead to increased vacancies [8]. - The high interest rate environment poses challenges for SLG in acquiring or developing real estate with borrowed funds, with estimated net interest expenses expected to rise 10.3% in 2024 [9].

Company Overview - SL Green Realty Corp. is Manhattan's largest office landlord and operates as a fully integrated real estate investment trust (REIT) focused on acquiring, managing, and maximizing the value of Manhattan commercial properties [2] - As of March 31, 2024, SL Green held interests in 57 buildings totaling 32.4 million square feet, including ownership interests in 28.7 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments [2] Dividend Announcement - The board of directors of SL Green Realty Corp. has declared a monthly ordinary dividend of $0.25 per share of common stock, which translates to an annualized dividend of $3.00 per share [1] - This dividend is payable in cash on June 17, 2024, to shareholders of record at the close of business on May 31, 2024 [1]