SL Green(US:SLG) ZACKS·2024-07-19 17:50Core Insights - SL Green Realty Corp. has made significant strides in retail leasing and property sales, enhancing its portfolio and financial outlook [2][5][12] Retail Leasing Achievements - The company has signed multiple long-term retail leases, including a 15-year lease for 11,983 square feet with La Tête d'Or by Chef Daniel Boulud and another 15-year lease for 13,558 square feet with Delicious Hospitality Group [3][11] - Notable leases also include Brasserie Cognac at 461 Fifth Avenue for 13,687 square feet and a renewal by Chase Bank for 4,718 square feet at 810 Seventh Avenue [4][10] - Overall, SL Green has achieved full retail occupancy at One Madison Avenue, signing retail leases covering a total of 66,014 square feet since the end of Q1 2024 [10] Property Sales - The company completed the sale of three properties for a total of $691.4 million, resulting in net proceeds of $222.7 million used for corporate debt repayment [12] - Additionally, all 10 units of the exclusive Giorgio Armani Residences are under contract for a gross consideration of $168.2 million, with sales expected to conclude in Q4 2024 [5] Financial Performance - SL Green reported strong second-quarter 2024 results, with funds from operations (FFO) per share of $2.05, exceeding the Zacks Consensus Estimate of $1.62 and up from $1.43 a year ago [6] - The company has raised its 2024 FFO per share outlook to a range of $7.45-$7.75, reflecting improved performance and additional fee generation [14] Market Position and Outlook - Despite challenges in the office real estate sector, SL Green's solid portfolio and long-term leases position it well for growth [7] - The company has executed encouraging leases recently, including a renewal and expansion with Ares Management for 307,336 square feet and a new lease with Elliot Management Corporation for 149,437 square feet [13]