SL Green Realty Corp ( (SLG) ) has released its Q4 earnings. Here is a breakdown of the information SL Green Realty Corp presented to its investors.
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SL Green Realty Corp., the largest office landlord in Manhattan, is a real estate investment trust (REIT) that specializes in acquiring, managing, and maximizing the value of commercial properties in New York City. The company reported a significant turnaround in its financial performance for the fourth quarter of 2024, with earnings per share of $0.13 compared to a loss in the same period the previous year. Funds from operations (FFO) also showed a strong increase, reaching $1.81 per share, benefiting from gains on discounted debt extinguishments and positive non-cash adjustments on derivatives.
SL Green’s financial highlights for 2024 include a full-year FFO of $8.11 per share, reflecting improved financial health and strategic debt management. The company achieved notable leasing success, securing 48 office leases in Manhattan during the fourth quarter, with lease terms showing significant rent increases compared to previous agreements. Occupancy rates in its same-store office portfolio rose to 92.5% as of the end of 2024.
In terms of investment activities, SL Green completed the sale of an 11% stake in One Vanderbilt Avenue and several other strategic property transactions, generating substantial capital. The company also expanded its investment portfolio with acquisitions, including 500 Park Avenue, and continued to strengthen its financial position through strategic refinancing activities, amounting to $5.3 billion in 2024.
Looking ahead, SL Green Realty Corp. remains focused on its strategic initiatives to enhance property value and operational performance. The company’s management is optimistic about continuing to capture value through strategic investments and maintaining strong leasing momentum in the Manhattan market.
