Core Insights - SL Green (SLG) reported quarterly funds from operations (FFO) of $1.45 per share, missing the Zacks Consensus Estimate of $1.53 per share, but showing an increase from $0.72 per share a year ago, resulting in an FFO surprise of -5.23% [1] - The company posted revenues of $139.61 million for the quarter ended December 2024, which was 0.31% below the Zacks Consensus Estimate, but an increase from $131.93 million year-over-year [2] - SL Green shares have underperformed the market, losing about 1.1% since the beginning of the year compared to the S&P 500's gain of 2.9% [3] FFO Outlook - The future performance of SL Green's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook, which includes current consensus expectations for upcoming quarters [4][6] - The current consensus FFO estimate for the next quarter is $1.36 on revenues of $140.48 million, and for the current fiscal year, it is $5.51 on revenues of $566.03 million [7] Industry Context - The REIT and Equity Trust - Other industry, to which SL Green belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5]

Financial and Operating Highlights - Net income attributable to common stockholders was $0.13 per share in Q4 2024, compared to a net loss of $2.45 per share in Q4 2023 [4] - Funds from operations (FFO) were $1.81 per share in Q4 2024, including $26.0 million gain on discounted debt extinguishment and $7.7 million positive non-cash fair value adjustments, compared to $0.72 per share in Q4 2023 [4] - FFO for the full year 2024 was $8.11 per share, including $216.1 million gains on discounted debt extinguishments and $5.3 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 $4.7 billion, generating net proceeds of $189.5 million [4] - Sold three Giorgio Armani Residences at 760 Madison Avenue, generating net proceeds of $61.5 million, with remaining units under contract expected to close in Q1 2025 [4] - Acquired 500 Park Avenue for $130.0 million, financed with an $80.0 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 $60.9 million mortgage on 690 Madison Avenue for a net payment of $32.1 million [4] - Modified and extended $360.0 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 $1.3 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 $5.0 billion and an additional $8.2 billion designated as special servicer [27] - Cumulative special servicing and asset management appointments total $21.5 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 $518.4 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]

NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has signed a 92,663-square-foot expansion lease with IBM at One Madison Avenue, increasing IBM’s total footprint at the property to 362,092 square feet. The 15-year lease covers the entire 7th floor and brings the building to 72% leased. This lease follows the strong 2024 portfolio-wide leasing momentum during which the Company signed 188 leases covering 3,607,924 squar ...

NEW YORK, Jan. 21, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG) (the “Company”), Manhattan’s largest office landlord, today announced that the Company will hold its 2025 Annual Meeting of Stockholders (the “Annual Meeting”) on Tuesday, June 3, 2025. The board of directors established the close of business on Monday, March 31, 2025, as the record date for determining stockholders entitled to receive notice of and vote at the Annual Meeting, which will take place in-person in the auditorium at On ...

NEW YORK, Jan. 21, 2025 (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 $0.2575 per share of common stock, which is the equivalent of an annualized dividend of $3.09 per share. The dividend is payable in cash on February 18, 2025 to shareholders of record at the close of business on January 31, 2025. About SL Green Realty Corp. SL Green Realty Corp., Manhattan's largest office l ...

In its upcoming report, SL Green (SLG) is predicted by Wall Street analysts to post quarterly earnings of $1.53 per share, reflecting an increase of 112.5% compared to the same period last year. Revenues are forecasted to be $140.04 million, representing a year-over-year increase of 6.1%.The current level reflects an upward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial pr ...

SL Green (SLG) has been on a downward spiral lately with significant selling pressure. After declining 12.3% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock i ...

The U.S. office real estate market is likely poised for a turnaround story in 2025. With the U.S. economy on a strong footing and interest rates easing though lower than anticipated, the demand for premium office spaces is on the rise. Return-to-office mandates are influencing this trend all the more. The downtick in prime office supply is ever-welcoming.The above conducive factors draw our attention to two office REITs — SL Green Realty (SLG) and Vornado Realty Trust (VNO) . Before diving deep into the fun ...

A downtrend has been apparent in SL Green (SLG) lately with too much selling pressure. The stock has declined 11.2% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spottin ...

NEW YORK, Dec. 19, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it will release its earnings for the fourth quarter of 2024 on Wednesday, January 22, 2025 after market close. The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, January 23, 2025 at 2:00pm ET to discuss the financial results. Simultaneous with the earnings release, ...