NEW YORK, Nov. 21, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the “Company”) (NYSE: SLG) announced today the commencement of an underwritten public offering of $400,000,000.00 of shares of its common stock, par value $0.01 per share (the “Common Stock”). In connection with the offering, the Company intends to grant the underwriters an option for 30 days to purchase up to an additional $60,000,000.00 of shares of Common Stock. The Company intends to use net proceeds from the offering for general corpora ...

SL Green Realty (SLG) recently announced closing on a modification and extension for the $742.8 million mortgage on 54-story office tower, 1515 Broadway. As a result, the maturity date has been extended by three years to March 2028, while the interest rate remains unchanged at 3.93%.This strategic move enhances SL Green’s debt maturity profile. It offers SL Green and its partners the essential time and flexibility required to pursue projects like Caesars Palace Times Square. This project will bring the worl ...

NEW YORK, Nov. 20, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has closed on a modification and extension of the $742.8 million mortgage on 1515 Broadway. The modification extended the maturity date by three years, as fully extended, to March 2028 and the interest rate was maintained at 3.93%. “This is another successful step in executing our plan to extend our debt maturity profile and reflects the strength of the Midtown Manhatta ...

Shares of SL Green Realty (SLG) have risen 23.6% in the past three months compared with the industry's upside of 0.8%.Last month, this New York-based office real estate investment trust (REIT) reported a third-quarter 2024 FFO per share of $1.13, which missed the Zacks Consensus Estimate of $1.21. Results reflected decent leasing activity in its Manhattan portfolio and higher rental revenues.Analysts seem bullish on this Zacks Rank #3 (Hold) company, with the Zacks Consensus Estimate for its fourth-quarter ...

Financial Performance - Rental revenue for the three months ended September 30, 2024, increased to $144.7 million, a 3.5% increase from $139.8 million in the same period of 2023[194] - Total revenues for the three months ended September 30, 2024, were $146.8 million, reflecting a 3.4% increase from $142.0 million in the prior year[194] - The company reported a net income of $(9.3) million for the three months ended September 30, 2024, an improvement of $12.4 million compared to a net loss of $(21.7) million in the same period of 2023[196] - Rental revenue for the nine months ended September 30, 2024, was $418.9 million, a decrease of 0.6% from $421.5 million in 2023[209] - Total revenues for the nine months ended September 30, 2024, were $640.4 million, down 8.8% from $701.9 million in 2023[209] - Funds from Operations (FFO) for the three months ended September 30, 2024, was $78,554,000, compared to $87,739,000 for the same period in 2023, representing a decrease of approximately 13.3%[256] - For the nine months ended September 30, 2024, FFO was $437,939,000, an increase of approximately 50.2% compared to $291,648,000 in 2023[256] - The net loss attributable to SL Green common stockholders for the three months ended September 30, 2024, was $(13,279,000), compared to $(23,967,000) in 2023, indicating an improvement of approximately 44.5%[256] Property and Occupancy - As of September 30, 2024, the total commercial properties owned by the company amounted to 24 buildings with approximately 10,519,660 square feet, achieving a weighted average leased occupancy of 89.3%[191] - The weighted average leased occupancy for Manhattan office properties was 89.9%, while suburban office properties had a lower occupancy rate of 73.6%[191] - Same-Store Properties totaled 21 of the 26 consolidated operating properties as of September 30, 2024[210] - Rental revenues decreased by $77.0 million due to the deconsolidation of 245 Park Avenue and increased vacancy at several properties[212] Expenses and Costs - Property operating expenses rose to $76.2 million, a 3.5% increase compared to $73.6 million in the same quarter of 2023[194] - Property operating expenses rose to $218.9 million for the nine months ended September 30, 2024, an increase of 2.3% from $214.0 million in 2023[209] - Marketing, general and administrative expenses decreased to $62.4 million for the nine months ended September 30, 2024, from $69.1 million in 2023, a decline of 9.7%[209] - Interest expense and amortization of deferred financing costs increased by $15.4 million due to decreased interest capitalization related to properties under development[204] - Interest expense and amortization of deferred financing costs decreased due to the deconsolidation of 245 Park Avenue and repayment of unsecured corporate term loans[219] Investments and Financing - The company held debt and preferred equity investments with a book value of $293.9 million as of September 30, 2024[191] - The weighted average debt and preferred equity investment balance was $334.6 million with a yield of 7.1% for the nine months ended September 30, 2024, compared to $632.3 million and 5.9% for the same period in 2023[216] - As of September 30, 2024, total debt increased to $3,833.8 million from $3,507.4 million as of December 31, 2023, representing a 9.3% increase[245] - Fixed rate debt constituted 85.8% of total debt as of September 30, 2024, compared to 92.3% as of December 31, 2023, indicating a shift towards variable rate debt[245] - The effective interest rate for fixed rate debt rose to 5.13% as of September 30, 2024, up from 4.68% as of December 31, 2023[245] Cash Flow and Liquidity - Cash flow from operations decreased to $71.4 million for the nine months ended September 30, 2024, down from $181.3 million in the same period of 2023[233] - Total liquidity as of September 30, 2024, was $0.7 billion, including $507.5 million available under the revolving credit facility[232] - Cash flows provided by operating activities for the three months ended September 30, 2024, were $16,723,000, a decrease of approximately 78.4% from $77,346,000 in 2023[256] - Cash flows used in investing activities for the three months ended September 30, 2024, were $(159,277,000), compared to $310,552,000 in 2023, reflecting a significant change in investment strategy[256] Gains and Adjustments - A gain on the sale of Palisades Premier Conference Center was recognized at $7.3 million for the three months ended September 30, 2024[207] - The company recorded a $55.7 million negative fair value adjustment related to the consolidation of 10 East 53rd Street[224] - A gain of $24.9 million was recognized on the sale of interest in 717 Fifth Avenue during the nine months ended September 30, 2024[223] - The company recorded a $17.8 million gain on discounted debt extinguishment at 719 Seventh Avenue during the nine months ended September 30, 2024[227] - Equity in net income from unconsolidated joint ventures increased by $128.3 million primarily from a gain on discounted debt extinguishment at 2 Herald Square[223] Shareholder and Stock Information - As of September 30, 2024, the company had repurchased 36,107,719 shares under a $3.5 billion share repurchase program[239] - The company issued 15,945 phantom stock units and 25,590 shares of common stock to the Board of Directors during the nine months ended September 30, 2024, with a total compensation expense of $2.6 million[243] - As of September 30, 2024, 3.5 million fungible units were available for issuance under the 2005 Stock Option and Incentive Plan[242] Future Outlook and Strategy - The company anticipates future capital expenditures and acquisitions, with a focus on the New York metropolitan area markets, as part of its growth strategy[259] - The company expects to incur $15.1 million of leasing capital expenditures and $12.1 million of recurring capital expenditures for the remainder of 2024[230] Internal Controls and Compliance - The company has not experienced significant changes in its internal control over financial reporting during the quarter ended September 30, 2024[265] - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective[266] - The Company maintains effective disclosure controls and procedures to ensure timely reporting of required information under SEC rules[266] - The Company has investments in certain unconsolidated entities, which limits its disclosure controls and procedures for those entities[266] - As of September 30, 2024, the Company and the Operating Partnership were not involved in any material litigation[268]

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, today announced that it has signed a 72,515 square foot, 10-year lease with leading hedge fund Verition Group NY, Inc., raising occupancy in the building to 92.5%. Verition will expand its footprint in the building by 34,413 square feet, relocating from the 35th floor to the entire 14th and 15th floors. This transaction increases SL Green's office leases signed year to date to 3,002,971 square ...

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Financial Data and Key Metrics Changes - The company reported a significant increase in leasing activity, achieving 2.8 million square feet of leasing year-to-date, with expectations to exceed 3 million square feet by year-end [9][10] - Same-store cash NOI accelerated to 2.9% in the quarter, reflecting better-than-expected portfolio performance [25][26] Business Line Data and Key Metrics Changes - The company re-entered the DPE business, investing nearly $110 million in various debt and debt-like investments this quarter, marking a return to a historically profitable segment [6][7] - A notable renewal and expansion deal with Bloomberg resulted in a total footprint of 925,000 square feet, exceeding initial expectations [8][9] Market Data and Key Metrics Changes - The New York City office market is showing signs of recovery, with increased demand for well-located Class A assets, particularly in East Midtown [10][9] - The company noted a shift in demand away from traditional Park Avenue locations, with increased leasing activity in other areas such as Third and Sixth Avenues [9][36] Company Strategy and Development Direction - The company is focusing on expanding its debt fund, which is expected to provide additional capital resources and re-establish its position as a dominant provider of subordinate capital for New York City commercial assets [7][10] - The management emphasized the importance of maintaining a flexible investment strategy, balancing between equity and debt opportunities based on market conditions [52][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the New York market, stating that the worst is behind and the company is well-positioned to capitalize on the current market dynamics [10][60] - There is a cautious optimism regarding the potential for lower interest rates, which could positively impact property values and investment opportunities [60][61] Other Important Information - The company is preparing for a significant announcement regarding its Paris expansion initiative, expected later this quarter [5] - The management highlighted the successful opening of luxury retail spaces, such as the Giorgio Armani boutique, which has revitalized the Madison Avenue area [5][6] Q&A Session Summary Question: Confirmation on Bloomberg transaction and rent economics - Management confirmed that the Bloomberg deal was not in the reported pipeline and provided details on the lease's 15-year term and positive mark-to-market economics, though specific figures were under NDA [11][12] Question: Update on One Vanderbilt joint venture sale - Management indicated that the transaction is on track for closure in the fourth quarter, emphasizing the asset's premier status in the market [13][14][15] Question: Insights on the transaction market and DPE opportunities - Management noted a resurgence in debt and equity liquidity in the market, with expectations for increased activity in both DPE and direct equity investments [19][20][21] Question: Expectations for same-store NOI and major leases - Management refrained from providing specific guidance for 2025 but indicated that the portfolio is performing better than expected [25][26] Question: Comments on the alternative strategy portfolio - Management discussed the successful execution of the alternative strategy portfolio, highlighting the potential for long-term value recovery in previously undervalued assets [28][29] Question: Insights on the leasing demand outside Park Avenue - Management confirmed that demand is shifting towards value-oriented spaces, with increased activity in submarkets like Third and Sixth Avenues [36][37] Question: Financing market conditions and lender relationships - Management expressed optimism about traditional lenders warming up to commercial real estate, indicating strong relationships with banks and a focus on maintaining outstanding earning assets [37][38][39] Question: Update on the mortgage servicing business - Management highlighted the growth of the mortgage servicing business, with substantial fee income expected from both active and potential assignments [42][43] Question: Strategy for DPE and JV fund investments - Management clarified that the new fund structure will primarily focus on DPE investments, with expectations for high profitability based on anticipated returns [68]

_ GF EN REALTY CORP. THIRD QUARTER 2024 SUPPLEMENTAL DATA September 30, 2024 SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with inhouse capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing. As of September 30, 2024, the Company held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet in Manhattan buildings and 2 ...