SL Green RealtyNYSE: SLG

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 feet.

Manhattan is doing better now, with a bottom found in the market for leases. Redeveloping obsolete properties, potentially converting some to residential, could significantly improve income in our rosy forecasts. Even without it, the better baseline scenario seems to be just about sustainable for the preferred dividend burden, despite incoming interest increases on maturing fixed-rate debt.

NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, today announced that its board of directors has declared a monthly ordinary dividend of $0.25 per share of common stock, which is the equivalent of an annualized dividend of $3.00 per share. The dividend is payable in cash on November 15, 2024 to shareholders of record at the close of business on October 31, 2024.

SL Green is on track to lease over 3 million sq ft. Occupancy is expected to climb to 92.5% by the end of the fiscal year. The stock has more growth potential due to successful building modernizations and new asset management ventures.

SL Green Realty Corp. (NYSE:SLG ) Q3 2024 Earnings Conference Call October 17, 2024 2:00 PM ET Company Participants Marc Holliday - Chairman and Chief Executive Officer Matthew DiLiberto - Chief Financial Officer Steve Durels - EVP, Director of Leasing and Real Property Harrison Sitomer - Chief Investment Officer Conference Call Participants John Kim - BMO Capital Markets Steve Sakwa - Evercore ISI Ronald Kamdem - Morgan Stanley Michael Griffin - Citi Alexander Goldfarb - Piper Sandler Nick Yulico - Scotia Bank Michael Lewis - Tourist Securities Anthony Paolone - JPMorgan Omotayo Okusanya - Deutsche Bank Jeff Spector - Bank of America Peter Abramowitz - Jefferies Caitlin Burrows - Goldman Sachs Operator Thank you, everybody, for joining us. Welcome to the SL Green Realty Corp's Third Quarter 2024 Earnings Results Conference Call.

SLG's Q3 FFO misses estimates. Higher interest expenses undermine decent leasing activity and higher rental property revenues.

Although the revenue and EPS for SL Green (SLG) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

SL Green (SLG) came out with quarterly funds from operations (FFO) of $1.13 per share, missing the Zacks Consensus Estimate of $1.21 per share. This compares to FFO of $1.27 per share a year ago.

Financial and Operating Highlights Net loss attributable to common stockholders of $0.21 per share for the third quarter of 2024 as compared to net loss of $0.38 per share for the same period in 2023 . F unds from operations ("FFO") of $1.13 per share for the third quarter of 2024, which was reduced by $9.0 million, or $0.13 per share, of non-recurring, non-cash fair value adjustments on mark-to-market derivatives.