SL Green Realty Corp. (SLG) has a portfolio of high-quality and well-amenitized office properties in New York City, which positions it well for growth.This office real estate investment trust (REIT) primarily acquires, manages, develops and leases commercial (mainly office) and residential real estate properties. It has been witnessing healthy demand for its properties amid the growing need for premier office spaces.Shares of this Zacks Rank #2 (Buy) company have rallied 31.3% over the past six months, outp ...

NEW YORK, Dec. 05, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, today announced that a Canadian institutional investor has committed to anchor the SLG Opportunistic Debt Fund with a $250.0 million commitment. The investor has been ranked among the world’s largest institutional investors that manages public and parapublic pension plans and insurance programs. “A world class investor and the ideal anchor has been secured for the SLG Opportunistic Debt Fund,” ...

SL Green Realty Corp. (SLG) , Manhattan’s largest office landlord, has reinforced its dominance in New York City’s premium office market by entering into a contract to acquire 500 Park Avenue for $130 million. This iconic 11-story Class A office building, designed by Skidmore, Owings & Merrill (SOM), is a strategic addition to SL Green’s portfolio in the highly coveted Park Avenue corridor.Located at the corner of 59th Street and Park Avenue, 500 Park Avenue is steeped in history, originally serving as Peps ...

I analyze oil and gas companies, related companies, and SL Green in my service, Oil & Gas Value Research, where I look for undervalued names in the oil and gas space. I break down everything you need to know about these companies -- the balance sheet, competitive position and development prospects. This article is an example of what I do. But for Oil & Gas Value Research members, they get it first and they get analysis on some companies that is not published on the free site. Interested? Sign up here for a ...

NEW YORK, Nov. 21, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the “Company”) (NYSE: SLG) announced today that it priced an underwritten public offering of 5,063,291 shares of its common stock, par value $0.01 per share (the “Common Stock”), at a price to the public of $79.00 per share. In connection with the offering, the Company has granted the underwriters an option to purchase up to an additional 759,493 shares of Common Stock during the next 30 days. The offering is expected to close on November 25 ...

NEW YORK, Nov. 21, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the “Company”) (NYSE: SLG) announced today the commencement of an underwritten public offering of $400,000,000.00 of shares of its common stock, par value $0.01 per share (the “Common Stock”). In connection with the offering, the Company intends to grant the underwriters an option for 30 days to purchase up to an additional $60,000,000.00 of shares of Common Stock. The Company intends to use net proceeds from the offering for general corpora ...

SL Green Realty (SLG) recently announced closing on a modification and extension for the $742.8 million mortgage on 54-story office tower, 1515 Broadway. As a result, the maturity date has been extended by three years to March 2028, while the interest rate remains unchanged at 3.93%.This strategic move enhances SL Green’s debt maturity profile. It offers SL Green and its partners the essential time and flexibility required to pursue projects like Caesars Palace Times Square. This project will bring the worl ...

NEW YORK, Nov. 20, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has closed on a modification and extension of the $742.8 million mortgage on 1515 Broadway. The modification extended the maturity date by three years, as fully extended, to March 2028 and the interest rate was maintained at 3.93%. “This is another successful step in executing our plan to extend our debt maturity profile and reflects the strength of the Midtown Manhatta ...

Shares of SL Green Realty (SLG) have risen 23.6% in the past three months compared with the industry's upside of 0.8%.Last month, this New York-based office real estate investment trust (REIT) reported a third-quarter 2024 FFO per share of $1.13, which missed the Zacks Consensus Estimate of $1.21. Results reflected decent leasing activity in its Manhattan portfolio and higher rental revenues.Analysts seem bullish on this Zacks Rank #3 (Hold) company, with the Zacks Consensus Estimate for its fourth-quarter ...

Financial Performance - Rental revenue for the three months ended September 30, 2024, increased to $144.7 million, a 3.5% increase from $139.8 million in the same period of 2023[194] - Total revenues for the three months ended September 30, 2024, were $146.8 million, reflecting a 3.4% increase from $142.0 million in the prior year[194] - The company reported a net income of $(9.3) million for the three months ended September 30, 2024, an improvement of $12.4 million compared to a net loss of $(21.7) million in the same period of 2023[196] - Rental revenue for the nine months ended September 30, 2024, was $418.9 million, a decrease of 0.6% from $421.5 million in 2023[209] - Total revenues for the nine months ended September 30, 2024, were $640.4 million, down 8.8% from $701.9 million in 2023[209] - Funds from Operations (FFO) for the three months ended September 30, 2024, was $78,554,000, compared to $87,739,000 for the same period in 2023, representing a decrease of approximately 13.3%[256] - For the nine months ended September 30, 2024, FFO was $437,939,000, an increase of approximately 50.2% compared to $291,648,000 in 2023[256] - The net loss attributable to SL Green common stockholders for the three months ended September 30, 2024, was $(13,279,000), compared to $(23,967,000) in 2023, indicating an improvement of approximately 44.5%[256] Property and Occupancy - As of September 30, 2024, the total commercial properties owned by the company amounted to 24 buildings with approximately 10,519,660 square feet, achieving a weighted average leased occupancy of 89.3%[191] - The weighted average leased occupancy for Manhattan office properties was 89.9%, while suburban office properties had a lower occupancy rate of 73.6%[191] - Same-Store Properties totaled 21 of the 26 consolidated operating properties as of September 30, 2024[210] - Rental revenues decreased by $77.0 million due to the deconsolidation of 245 Park Avenue and increased vacancy at several properties[212] Expenses and Costs - Property operating expenses rose to $76.2 million, a 3.5% increase compared to $73.6 million in the same quarter of 2023[194] - Property operating expenses rose to $218.9 million for the nine months ended September 30, 2024, an increase of 2.3% from $214.0 million in 2023[209] - Marketing, general and administrative expenses decreased to $62.4 million for the nine months ended September 30, 2024, from $69.1 million in 2023, a decline of 9.7%[209] - Interest expense and amortization of deferred financing costs increased by $15.4 million due to decreased interest capitalization related to properties under development[204] - Interest expense and amortization of deferred financing costs decreased due to the deconsolidation of 245 Park Avenue and repayment of unsecured corporate term loans[219] Investments and Financing - The company held debt and preferred equity investments with a book value of $293.9 million as of September 30, 2024[191] - The weighted average debt and preferred equity investment balance was $334.6 million with a yield of 7.1% for the nine months ended September 30, 2024, compared to $632.3 million and 5.9% for the same period in 2023[216] - As of September 30, 2024, total debt increased to $3,833.8 million from $3,507.4 million as of December 31, 2023, representing a 9.3% increase[245] - Fixed rate debt constituted 85.8% of total debt as of September 30, 2024, compared to 92.3% as of December 31, 2023, indicating a shift towards variable rate debt[245] - The effective interest rate for fixed rate debt rose to 5.13% as of September 30, 2024, up from 4.68% as of December 31, 2023[245] Cash Flow and Liquidity - Cash flow from operations decreased to $71.4 million for the nine months ended September 30, 2024, down from $181.3 million in the same period of 2023[233] - Total liquidity as of September 30, 2024, was $0.7 billion, including $507.5 million available under the revolving credit facility[232] - Cash flows provided by operating activities for the three months ended September 30, 2024, were $16,723,000, a decrease of approximately 78.4% from $77,346,000 in 2023[256] - Cash flows used in investing activities for the three months ended September 30, 2024, were $(159,277,000), compared to $310,552,000 in 2023, reflecting a significant change in investment strategy[256] Gains and Adjustments - A gain on the sale of Palisades Premier Conference Center was recognized at $7.3 million for the three months ended September 30, 2024[207] - The company recorded a $55.7 million negative fair value adjustment related to the consolidation of 10 East 53rd Street[224] - A gain of $24.9 million was recognized on the sale of interest in 717 Fifth Avenue during the nine months ended September 30, 2024[223] - The company recorded a $17.8 million gain on discounted debt extinguishment at 719 Seventh Avenue during the nine months ended September 30, 2024[227] - Equity in net income from unconsolidated joint ventures increased by $128.3 million primarily from a gain on discounted debt extinguishment at 2 Herald Square[223] Shareholder and Stock Information - As of September 30, 2024, the company had repurchased 36,107,719 shares under a $3.5 billion share repurchase program[239] - The company issued 15,945 phantom stock units and 25,590 shares of common stock to the Board of Directors during the nine months ended September 30, 2024, with a total compensation expense of $2.6 million[243] - As of September 30, 2024, 3.5 million fungible units were available for issuance under the 2005 Stock Option and Incentive Plan[242] Future Outlook and Strategy - The company anticipates future capital expenditures and acquisitions, with a focus on the New York metropolitan area markets, as part of its growth strategy[259] - The company expects to incur $15.1 million of leasing capital expenditures and $12.1 million of recurring capital expenditures for the remainder of 2024[230] Internal Controls and Compliance - The company has not experienced significant changes in its internal control over financial reporting during the quarter ended September 30, 2024[265] - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective[266] - The Company maintains effective disclosure controls and procedures to ensure timely reporting of required information under SEC rules[266] - The Company has investments in certain unconsolidated entities, which limits its disclosure controls and procedures for those entities[266] - As of September 30, 2024, the Company and the Operating Partnership were not involved in any material litigation[268]