SLG's top-quality diverse portfolio in key markets and strategic investments are key upsides. However, elevated supply and high interest rates are concerns.
Jenny Harrington, CEO Gilman Hill Asset Management, joins CNBC's "Halftime Report" to explain why she sold SL Green.
Healthy demand for premier office properties and a solid tenant base are likely to aid SL Green (SLG). However, an elevated supply of office spaces and high interest rates remain concerns.
SL Green's office business is booming while the rest of the industry struggles. Second quarter accomplishments include leasing over 66,000 retail square feet and announcing sales totaling $691 million. Management slightly raised cash flow guidance and plans to expand internationally.
SL Green (SLG) announces the securing of retail leases at One Madison Avenue and the sale of three properties. It is also under contact to sell exclusive Giorgio Armani Residences.
SL Green Realty Corp. (NYSE:SLG ) Q2 2024 Results Conference Call July 18, 2024 2:00 PM ET Company Participants Marc Holliday - Chairman and Chief Executive Officer Matthew DiLiberto - Chief Financial Officer Steve Durels - EVP, Director of Leasing and Real Property Conference Call Participants John Kim - BMO Capital Markets Connor Mitchell - Piper Sandler Michael Lewis - Tourist Securities Nick Yulico - Scotia Bank Steve Sakwa - Evercore ISI Camille Bonnel - Bank of America Blaine Heck - Wells Fargo Anthony Paolone - JPMorgan Michael Griffin - Citi Ronald Kamdem - Morgan Stanley Operator Thank you everybody for joining us. And welcome to SL Green Realty Corp.'s Second Quarter 2024 Earnings Results Conference Call.
SL Green's (SLG) Q2 FFO outshines estimates. Results reflect decent leasing activity in its Manhattan portfolio and lower interest expenses.
Although the revenue and EPS for SL Green (SLG) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
SL Green (SLG) came out with quarterly funds from operations (FFO) of $2.05 per share, beating the Zacks Consensus Estimate of $1.62 per share. This compares to FFO of $1.43 per share a year ago.
Looking beyond Wall Street's top -and-bottom-line estimate forecasts for SL Green (SLG), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended June 2024.
SLG's stock suffered from extreme negative sentiment last year owing to the rate shock, work from home, and regional banking crisis. SLG's business is improving with debt reduction, increasing occupancy, and a strong leasing pipeline. Improving fundamentals and external tailwinds like resi conversions and rate cuts could lead to improving sentiment.
Healthy demand for premier office properties and a diverse tenant base are likely to support SL Green (SLG). However, an elevated supply of office spaces and high interest rates remain concerns.