SL Green Realty Corp. reported improved financial performance in Q2 2024.
From GlobeNewswire: 2024-07-17 16:25:00
SL Green Realty Corp. reported a net loss of $0.04 per share for Q2 2024, an improvement from $5.63 per share in Q2 2023. Funds from operations were $2.05 per share, up from $1.43 per share. Manhattan office leasing saw overall positive trends with lease signings and higher mark-to-market rates. Occupancy levels are expected to rise further by the year’s end. Additionally, SL Green closed several sales transactions in 2024, generating substantial net proceeds. The company modified and extended mortgage agreements, signifying continued financial stability. Special servicing and asset management remain key areas of growth for the company.
Financial and Operating Highlights:
-Net loss per share for Q2 2024 improved to $0.04 vs. $5.63 in Q2 2023
-FFO for Q2 2024 was $2.05 per share, up from $1.43 per share
-Manhattan office leasing market is showing positive signs
-Lease activity led to increased occupancy levels
-Investing Highlights:
-SL Green closed on several successful property sales in 2024
-Completed modification and extension of mortgage agreements
-Financing Highlights:
-Partnership restructured securitized mortgage on 280 Park Avenue
-Repaid mezzanine loan and engaged in preferred equity investments
-Special Servicing and Asset Management Highlights:
-Company continues to expand special servicing and asset management offerings
Overall, SL Green reported an improved financial performance in Q2 2024, with higher funds from operations and a narrowed net loss compared to the same period in 2023. The company’s Manhattan office leasing activities have shown positive growth, leading to higher occupancy rates. Additionally, SL Green successfully closed on multiple property sales and restructured key financing agreements to strengthen its position in the market. The company’s focus on special servicing and asset management remains an area of expansion and opportunity for future growth.
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