SL Green(SLG)

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SL Green(SLG) - 2023 Q1 - Earnings Call Transcript
2023-04-20 21:09
Financial Data and Key Metrics Changes - The company reported a significant outperformance in same-store cash NOI, with mark-to-market rents and same-store NOI both exceeding 5% [21][22] - The same-store office occupancy was slightly above internal forecasts at just over 90%, and leasing volume reached 504,000 square feet, outperforming expectations [21][22] - The quarter's results were ahead of expectations in several key areas, with a notable contribution from lower operating expenses and utility costs [10][21] Business Line Data and Key Metrics Changes - The company is focusing on high-quality commercial assets in Midtown, with expectations for transactions in the coming quarters [22] - The leasing pipeline now stands at 1.2 million square feet, up 70% from the previous earnings call, with 80% of this pipeline in financial services [58] - The company is seeing increased activity in the user buyer market, with recent sales totaling over $725 million to users like Hyundai and Dyson [59] Market Data and Key Metrics Changes - The commercial real estate sector is experiencing a recovery, with signs of demand forming for high-quality assets in Midtown [22] - New York City is projected to welcome 63 million visitors in 2023, nearing pre-pandemic levels, indicating a strong recovery in tourism [31] - The labor market in New York City is showing signs of improvement, with office utilization exceeding 60% on many workdays [56] Company Strategy and Development Direction - The company plans to sell certain assets while looking to joint venture with premier partners for core holdings [6] - The management emphasizes the importance of rethinking office needs and transforming central business districts into vibrant destinations [55] - The company is focused on executing a series of sales, joint ventures, and financings as part of its 2023 business plan [59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return to work trend, with many companies mandating employees to return to the office [30] - The company believes that the negative sentiment in the market is overblown, citing strong results and a growing pipeline [106] - Management highlighted the resilience of New York City and its ability to attract talent and adapt to changing economic conditions [18][19] Other Important Information - The company has hedged most of its interest rate exposure through strategic debt repayment and the use of derivative instruments [19] - The completion of East Side Access, now known as Grand Central Madison, is expected to enhance accessibility for commuters [21] Q&A Session Summary Question: Update on the $2 billion of dispositions planned for this year - The company is working on completing joint venture sales and financings as part of its 2023 business plan, feeling positive about the current status [60] Question: Commentary on secured debt that recently expired - The company is in discussions with lenders regarding secured debt and has executed extensions for some maturing loans [40][42] Question: Thoughts on Credit Suisse and UBS merger - The management views the merger as a credit upgrade for the lease, expecting the merged entity to be stronger [92] Question: Update on the redevelopment of 2 Herald - The company is evaluating redevelopment opportunities following WeWork's departure from the space [97] Question: Insights on the leasing pipeline and tenant activity - The leasing pipeline includes a mix of tenants, with many expanding, some staying the same, and others shrinking, indicating a diverse demand [63][64]
SL Green(SLG) - 2022 Q4 - Annual Report
2023-02-16 23:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13199 (SL Green Realty Corp.) Commission File Number: 33-167793-02 (SL Gre ...
SL Green(SLG) - 2022 Q4 - Earnings Call Transcript
2023-01-26 23:13
SL Green Realty Corp (NYSE:SLG) Q4 2022 Earnings Conference Call January 26, 2023 2:00 PM ET Company Participants Marc Holliday - Chairman & CEO Andrew Mathias - President & Director Matthew DiLiberto - CFO Steven Durels - EVP & Director, Leasing & Real Property Conference Call Participants Alexander Goldfarb - Piper Sandler & Co. John Kim - BMO Capital Markets Michael Lewis - Truist Securities Stephen Sakwa - Evercore ISI Anthony Paolone - JPMorgan Chase & Co. Blaine Heck - Wells Fargo Securities Ronald Ka ...
SL Green(SLG) - 2022 Q3 - Quarterly Report
2022-11-04 21:08
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR Commission File Number: 1-13199 (SL Green Realty Corp.) Commission File Number: 33-167793-0 ...
SL Green(SLG) - 2022 Q3 - Earnings Call Transcript
2022-10-20 21:34
SL Green Realty Corp. (NYSE:SLG) Q3 2022 Earnings Conference Call October 20, 2022 2:00 PM ET Company Participants Marc Holliday – Chairman and Chief Executive Officer Matt DiLiberto – Chief Financial Officer Steve Durels – Executive Vice President, Director-Leasing and Real Property Andrew Mathias – President Conference Call Participants Alexander Goldfarb – Piper Sandler Steve Sakwa – Evercore ISI Michael Griffin – Citi Anthony Paolone – JPMorgan John Kim – BMO Tom Catherwood – BTIG Michael Lewis – Truist ...
SL Green(SLG) - 2022 Q2 - Quarterly Report
2022-08-05 01:35
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13199 (SL Green Realty Corp.) Commission File Number: 33-167793-02 (SL ...
SL Green(SLG) - 2022 Q2 - Earnings Call Transcript
2022-07-22 00:18
SL Green Realty Corp. (NYSE:SLG) Q2 2022 Results Conference Call July 21, 2022 2:00 PM ET Company Participants Marc Holliday - CEO Matt DiLiberto - CFO Andrew Mathias - President Steve Durels - EVP, Director-Leasing Conference Call Participants Alexander Goldfarb - Piper Sandler Jamie Feldman - Bank of America Michael Bilerman - Citi Steve Sakwa - Evercore ISI Tom Catherwood - BTIG John Kim - BMO Capital Markets Vikram Malhotra - Mizuho Group Michael Lewis - Truist Securities Anthony Powell - Barclays Ronal ...
SL Green(SLG) - 2022 Q2 - Earnings Call Presentation
2022-07-21 18:50
SL GREEN EALTY CORP. SECOND QUARTER 2022 SUPPLEMENTAL DATA June 30, 2022 SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development, redevelopment, construction and leasing. As of June 30, 2022, the Company held interests in 64 buildings totaling 34.4 million square feet. This included ownership interests in 26.3 million square feet in Manhattan buildings and 7.2 million square feet s ...
SL Green(SLG) - 2022 Q1 - Quarterly Report
2022-05-09 20:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13199 (SL Green Realty Corp.) Indicate by check mark whether the regi ...
SL Green(SLG) - 2022 Q1 - Earnings Call Transcript
2022-04-21 21:03
SL Green Realty Corp. (NYSE:SLG) Q1 2022 Earnings Conference Call April 21, 2022 2:00 PM ET Company Participants Marc Holliday - Chairman and Chief Executive Officer Steven Durels - Executive Vice President, Director of Leasing and Real Property Andrew Mathias - President Matthew DiLiberto - Chief Financial Officer Conference Call Participants Alexander Goldfarb - Piper Sandler Jamie Feldman - Bank of America Michael Bilerman - Citigroup Steve Sakwa - Evercore ISI Derek Johnston - Deutsche Bank Caitlin Bur ...