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 ...

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Financial Data and Key Metrics Changes - The company reported a significant increase in leasing activity, achieving 2.8 million square feet of leasing year-to-date, with expectations to exceed 3 million square feet by year-end [9][10] - Same-store cash NOI accelerated to 2.9% in the quarter, reflecting better-than-expected portfolio performance [25][26] Business Line Data and Key Metrics Changes - The company re-entered the DPE business, investing nearly $110 million in various debt and debt-like investments this quarter, marking a return to a historically profitable segment [6][7] - A notable renewal and expansion deal with Bloomberg resulted in a total footprint of 925,000 square feet, exceeding initial expectations [8][9] Market Data and Key Metrics Changes - The New York City office market is showing signs of recovery, with increased demand for well-located Class A assets, particularly in East Midtown [10][9] - The company noted a shift in demand away from traditional Park Avenue locations, with increased leasing activity in other areas such as Third and Sixth Avenues [9][36] Company Strategy and Development Direction - The company is focusing on expanding its debt fund, which is expected to provide additional capital resources and re-establish its position as a dominant provider of subordinate capital for New York City commercial assets [7][10] - The management emphasized the importance of maintaining a flexible investment strategy, balancing between equity and debt opportunities based on market conditions [52][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the New York market, stating that the worst is behind and the company is well-positioned to capitalize on the current market dynamics [10][60] - There is a cautious optimism regarding the potential for lower interest rates, which could positively impact property values and investment opportunities [60][61] Other Important Information - The company is preparing for a significant announcement regarding its Paris expansion initiative, expected later this quarter [5] - The management highlighted the successful opening of luxury retail spaces, such as the Giorgio Armani boutique, which has revitalized the Madison Avenue area [5][6] Q&A Session Summary Question: Confirmation on Bloomberg transaction and rent economics - Management confirmed that the Bloomberg deal was not in the reported pipeline and provided details on the lease's 15-year term and positive mark-to-market economics, though specific figures were under NDA [11][12] Question: Update on One Vanderbilt joint venture sale - Management indicated that the transaction is on track for closure in the fourth quarter, emphasizing the asset's premier status in the market [13][14][15] Question: Insights on the transaction market and DPE opportunities - Management noted a resurgence in debt and equity liquidity in the market, with expectations for increased activity in both DPE and direct equity investments [19][20][21] Question: Expectations for same-store NOI and major leases - Management refrained from providing specific guidance for 2025 but indicated that the portfolio is performing better than expected [25][26] Question: Comments on the alternative strategy portfolio - Management discussed the successful execution of the alternative strategy portfolio, highlighting the potential for long-term value recovery in previously undervalued assets [28][29] Question: Insights on the leasing demand outside Park Avenue - Management confirmed that demand is shifting towards value-oriented spaces, with increased activity in submarkets like Third and Sixth Avenues [36][37] Question: Financing market conditions and lender relationships - Management expressed optimism about traditional lenders warming up to commercial real estate, indicating strong relationships with banks and a focus on maintaining outstanding earning assets [37][38][39] Question: Update on the mortgage servicing business - Management highlighted the growth of the mortgage servicing business, with substantial fee income expected from both active and potential assignments [42][43] Question: Strategy for DPE and JV fund investments - Management clarified that the new fund structure will primarily focus on DPE investments, with expectations for high profitability based on anticipated returns [68]

_ GF EN REALTY CORP. THIRD QUARTER 2024 SUPPLEMENTAL DATA September 30, 2024 SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with inhouse capabilities in property management, acquisitions and dispositions, debt investing, financing, development, redevelopment, construction and leasing. As of September 30, 2024, the Company held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet in Manhattan buildings and 2 ...

SL Green Realty Corp. (SLG) reported third-quarter 2024 funds from operations (FFO) per share of $1.13, which missed the Zacks Consensus Estimate of $1.21. The company had reported an FFO of $1.27 per share in the previous year. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. Results reflected decent leasing activity in its Manhattan portfolio and higher rental revenues, though higher interest expenses acted as a dampener. Net rental revenues of $139.6 million surpassed the Zacks C ...

Shares of SL Green Realty (NYSE: SLG ) have been a stunning performer over the past year, doubling to a 52- week-high, as many of the worst fears about office real estate have simply not come to pass. Shares Over fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me know! Analyst's Disclosure: I/we h ...

For the quarter ended September 2024, SL Green (SLG) reported revenue of $139.62 million, up 6.2% over the same period last year. EPS came in at $1.13, compared to -$0.38 in the year-ago quarter. The reported revenue represents a surprise of +2.17% over the Zacks Consensus Estimate of $136.66 million. With the consensus EPS estimate being $1.21, the EPS surprise was -6.61%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

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. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of -6.61%. A quarter ago, it was expected that this commercial real estate investment trust would post FFO of $1.62 per share when it actually produced FFO of $2.05, delivering a surprise of 26.54%. Over the last fo ...

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. Funds 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. The Company reported FFO of $1.27 per share for the same period in 2023. Signed 42 Manhattan of ...