SL Green Realty Corporation

Latest Results (26.12.2024):

Net Loss and FFO

SL Green Realty Corporation reported a net loss attributable to common stockholders of $0.21 per share for the third quarter of 2024, compared to a net loss of $0.38 per share for the same period in 2023. The company also reported funds from operations (FFO) of $1.13 per share for the third quarter of 2024, which was impacted by $9.0 million, or $0.13 per share, of non-recurring, non-cash fair value adjustments on mark-to-market derivatives.

Leasing Activity

During the third quarter of 2024, SL Green Realty Corporation signed 42 Manhattan office leases covering 763,755 square feet. The mark-to-market on these signed Manhattan office leases was 10.8% higher than the previous fully escalated rents on the same spaces. For the first nine months of 2024, the company signed 140 Manhattan office leases covering 1,817,928 square feet.

Same-Store NOI

SL Green Realty Corporation's same-store cash net operating income (NOI), including the company's share from unconsolidated joint ventures, increased by 2.9% for the third quarter of 2024, excluding lease termination income, compared to the same period in 2023. For the first nine months of 2024, the same-store cash NOI increased by 0.1% compared to the same period in 2023.

Investment Highlights

In the third quarter of 2024, SL Green Realty Corporation closed on the previously announced sale of the Palisades Premier Conference Center for $26.3 million, generating net proceeds of $19.8 million. The company took control of the property in July 2023 in partial satisfaction of a legal judgment.

Financing Activities

SL Green Realty Corporation, along with its joint venture partner, closed on a modification and extension of the mortgage on 220 East 42nd Street. The modification included a paydown of the principal balance by $9.0 million to $496.4 million and extended the maturity date to December 2027, with the interest rate maintained at 2.75% over Term SOFR.