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SL Green Realty Corp. Reports Fourth Quarter 2024 EPS of $0.13 per Share; and FFO of $1.81 per Share
SLGSL Green(SLG) GlobeNewswire·2025-01-22 21:10

Financial and Operating Highlights - Net income attributable to common stockholders was 0.13pershareinQ42024,comparedtoanetlossof0.13 per share in Q4 2024, compared to a net loss of 2.45 per share in Q4 2023 [4] - Funds from operations (FFO) were 1.81pershareinQ42024,including1.81 per share in Q4 2024, including 26.0 million gain on discounted debt extinguishment and 7.7millionpositivenon−cashfairvalueadjustments,comparedto7.7 million positive non-cash fair value adjustments, compared to 0.72 per share in Q4 2023 [4] - FFO for the full year 2024 was 8.11pershare,including8.11 per share, including 216.1 million gains on discounted debt extinguishments and 5.3millionpositivenon−cashfairvalueadjustments,comparedto5.3 million positive non-cash fair value adjustments, compared to 4.94 in 2023 [4] - Signed 48 Manhattan office leases covering 1,789,996 square feet in Q4 2024, with mark-to-market rents 9.0% higher than previous rents [4] - Manhattan same-store office occupancy increased to 92.5% as of December 31, 2024 [4] Investing Highlights - Sold an 11.0% interest in One Vanderbilt Avenue for a gross asset valuation of 4.7billion,generatingnetproceedsof4.7 billion, generating net proceeds of 189.5 million [4] - Sold three Giorgio Armani Residences at 760 Madison Avenue, generating net proceeds of 61.5million,withremainingunitsundercontractexpectedtocloseinQ12025[4]−Acquired500ParkAvenuefor61.5 million, with remaining units under contract expected to close in Q1 2025 [4] - Acquired 500 Park Avenue for 130.0 million, financed with an 80.0millionmortgageatafixedrateof6.5780.0 million mortgage at a fixed rate of 6.57% [4] - Acquired partner's 45.0% interest in 10 East 53rd Street for 7.2 million [4] Financing Highlights - Repaid 60.9millionmortgageon690MadisonAvenueforanetpaymentof60.9 million mortgage on 690 Madison Avenue for a net payment of 32.1 million [4] - Modified and extended 360.0millionmortgageon100ParkAvenue,extendingmaturitytoDecember2027andsecuringanew360.0 million mortgage on 100 Park Avenue, extending maturity to December 2027 and securing a new 70.0 million future funding facility [4] - Modified and extended 1.3billionmortgagefacilityonOneMadisonAvenue,extendingfinalmaturitytoNovember2027[4]−Completed1.3 billion mortgage facility on One Madison Avenue, extending final maturity to November 2027 [4] - Completed 5.3 billion of strategic debt refinancings, modifications, and extensions in 2024 [13] Special Servicing and Asset Management - Expanded special servicing business with active assignments totaling 5.0billionandanadditional5.0 billion and an additional 8.2 billion designated as special servicer [27] - Cumulative special servicing and asset management appointments total 21.5billionsinceinception[27]LeasingActivity−Signed188Manhattanofficeleasescovering3,607,924squarefeetin2024,withmark−to−marketrents8.521.5 billion since inception [27] Leasing Activity - Signed 188 Manhattan office leases covering 3,607,924 square feet in 2024, with mark-to-market rents 8.5% higher than previous rents [12][14] - Average rent on Manhattan office leases signed in 2024 was 87.91 per rentable square foot with an average lease term of 10 years [12][14] Debt and Preferred Equity Investment - Carrying value of debt and preferred equity portfolio was 518.4millionatDecember31,2024,withaweightedaveragecurrentyieldof7.3518.4 million at December 31, 2024, with a weighted average current yield of 7.3% [19] - Invested 15.5 million in real estate debt and CMBS during Q4 2024 [21]