Boom Times At SL Green

Core Viewpoint - SL Green is experiencing significant business growth despite the broader downturn in the office sector, with management successfully executing their business plan and achieving notable accomplishments in the second quarter of 2024 [1][3][7]. Summary by Category Business Performance - SL Green signed retail leases totaling over 66,000 square feet [1] - The company announced sale closings totaling $691 million [1] - Office leasing volume exceeded 1.4 million square feet in 2024 [1] - Management raised the guidance range for cash flow for the fiscal year [1] - Occupancy rates have slightly increased due to active leasing and sales [1][3] Financial Metrics - Funds flow from operations is holding up better than the previous fiscal year, with improved per share amounts [3] - The stock price has more than doubled from its low in fiscal year 2023 [5][6] - The company is relaxing some debt paydown goals temporarily, allowing for more business opportunities [3] Strategic Initiatives - SL Green is expanding its operations internationally with a new location in France [1] - The company is focused on buying and rehabbing old buildings in prime locations, which has proven successful [12] - A building conversion from office to housing is planned to start next year [1] Market Position - SL Green is leading an industry recovery while many office REITs are struggling [3][7] - The management's ability to set the right price for market conditions has been a key factor in their success [1][6] - The company’s strategy contrasts with other REITs that are facing significant challenges in the current market [1][12]