SL Green(US:SLG)2025-04-17 17:45Financial Performance - For the quarter ended March 31, 2025, SL Green reported a net loss attributable to common stockholders of $21.1 million, or $0.30 per share, compared to a net income of $13.1 million, or $0.20 per share, for the same quarter in 2024[24]. - The Company reported Funds from Operations (FFO) of $106.5 million, or $1.40 per share, for the first quarter of 2025, down from $215.4 million, or $3.07 per share, for the same period in 2024[25]. - The Company reported a diluted net loss per share of $(0.30) for Q1 2025, compared to earnings of $0.13 in Q4 2024[42]. - Funds from operations (FFO) available to common stockholders was $1.40 per share in Q1 2025, down from $1.81 in Q4 2024[42]. - The market value of common equity decreased to $4.39 billion as of March 31, 2025, from $5.14 billion at the end of 2024[43]. - Total revenues for Q1 2025 were $239.846 million, an increase of 27.7% compared to $187.882 million in Q1 2024[51]. - Operating income for Q1 2025 was $124.667 million, a decrease of 28.4% from $174.236 million in Q4 2024[51]. - The net loss attributable to SL Green common stockholders for Q1 2025 was $21.075 million, compared to a net income of $13.141 million in Q1 2024[51]. - Total revenues for the three months ended March 31, 2025, were $371,926,000, an increase from $365,339,000 in the same period of 2024, representing a growth of 1.4%[57]. - The net loss for the three months ended March 31, 2025, was $(30,394,000), compared to a net income of $97,347,000 for the same period in 2024[57]. Operational Metrics - Same-store cash Net Operating Income (NOI) increased by 2.6% for the first quarter of 2025, or 2.4% excluding lease termination income, compared to the same period in 2024[27]. - The net operating income (NOI) for properties was $70,627,000 in Q1 2025, down from $74,243,000 in Q4 2024, indicating a decrease of 4.3%[45]. - Same-store office occupancy was reported at 91.8% for Q1 2025, a slight decline from 92.4% in Q4 2024[45]. - The average starting cash rent per square foot for office leases commenced was $84.80 in Q1 2025, up from $80.72 in Q4 2024, marking an increase of 2.7%[45]. - Cash NOI for Q1 2025 was $153,549,000, a 2.6% increase from $149,656,000 in Q1 2024[63]. - Same Store Net Operating Income (NOI) was $163,501,000, reflecting a 1.1% increase from $161,701,000 in the same period last year[63]. - The SLG share of NOI from unconsolidated joint ventures was $114,596,000 for the three months ended March 31, 2025, up from $112,990,000 in the same period of 2024, indicating a growth of 1.4%[58]. Debt and Financing - The carrying value of the Company's debt and preferred equity portfolio was $537.6 million at March 31, 2025, with a weighted average current yield of 7.5%[33]. - The consolidated debt as of March 31, 2025, was $3.88 billion, up from $3.62 billion at the end of 2024[43]. - The Company achieved a consolidated debt service coverage ratio of 3.49x for the trailing 12 months, compared to 3.80x in the previous period[43]. - Total debt, net of deferred financing costs increased to $3.761 billion as of March 31, 2025, from $3.507 billion as of December 31, 2024[50]. - The company has a total debt to total assets ratio of 40.0%, which is below the required threshold of less than 60%[72]. - The consolidated fixed charge coverage ratio stands at 1.90x, exceeding the required minimum of greater than 1.40x[72]. - The company has unencumbered assets to unsecured debt ratio of 408.3%, significantly above the required minimum of greater than 150%[73]. Property and Portfolio Management - The average rent on Manhattan office leases signed in the first quarter of 2025 was $83.75 per rentable square foot, with an average lease term of 9.8 years[28]. - The Company signed 45 office leases totaling 602,105 square feet in its Manhattan office portfolio during the first quarter of 2025[28]. - The Company closed on six Giorgio Armani Residences at 760 Madison Avenue during the first quarter of 2025, generating net proceeds of $93.3 million[32]. - The total rentable square footage for Manhattan operating properties is 21,964,001 square feet[90]. - The occupancy rate for "Same Store" properties in Manhattan is 88.6% as of March 31, 2025[90]. - The property at One Vanderbilt Avenue has a 99.4% occupancy rate with an annualized cash rent of $287,985,000[90]. - The company has a total of 510 tenants across its consolidated properties[90]. Acquisitions and Dispositions - In January 2025, the Company acquired 500 Park Avenue for $130.0 million, financed with an $80.0 million mortgage at a floating rate of 2.40% over Term SOFR[31]. - In April 2025, the Company closed on the sale of 85 Fifth Avenue for a gross asset valuation of $47.0 million, generating net proceeds of $3.2 million[30]. - The company has disposed of properties with a total gross asset valuation of $31,352,356,000, with net rentable square footage of 26,013,825 SF[129]. - The company sold 100% interest in multiple properties, including 1 Park Avenue and 1414 Avenue of the Americas, indicating a strong divestment strategy[129]. - The company has engaged in leasehold interest transactions, such as the sale of 2 Herald Square for $265,000,000, reflecting a diversified approach to asset management[129]. Dividends and Shareholder Returns - The Company declared three monthly ordinary dividends of $0.2575 per share in Q1 2025, maintaining an annualized dividend of $3.09 per share[41]. - The company reported a cash distribution of $0.77 per common share, totaling $(54,469,000) for the quarter[55]. - Basic FFO per share for Q1 2025 was $1.43, down 54.9% from $3.11 in Q1 2024[54]. Sustainability and Recognition - The Company was recognized as a GRESB Sector Leader in the Mixed-Use Residential Real Estate sector, earning a Green Star designation and a 5-star rating[36].