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Mar 31, 2024
SL Green Q1 2024 Earnings Report
Reported increased earnings per share and funds from operations, and increased 2024 earnings guidance.
Key Takeaways
SL Green Realty Corp. reported a net income attributable to common stockholders of $0.20 per share for the first quarter of 2024, compared to a net loss of $0.63 per share for the same period in 2023. FFO was $3.07 per share, inclusive of a gain on discounted debt extinguishment. The company increased its 2024 FFO guidance range to $7.35 to $7.65 per share.
Net income attributable to common stockholders of $0.20 per share for Q1 2024, compared to a net loss of $0.63 per share for the same period in 2023.
Funds from operations (FFO) of $3.07 per share for Q1 2024, inclusive of gain on discounted debt extinguishment.
Increased 2024 FFO guidance range to $7.35 to $7.65 per share.
Signed 60 Manhattan office leases covering 633,660 square feet in Q1 2024.
Forward Guidance
The Company is increasing its 2024 FFO guidance range for the year ending December 31, 2024 to FFO per share of $7.35 to $7.65, as compared to the previous guidance range of FFO per share of $5.90 to $6.20, primarily to reflect incremental gains on discounted debt extinguishments at 2 Herald Square as well as at 280 Park Avenue and 719 Seventh Avenue, as announced today, while maintaining its 2024 net income guidance range of $2.73 to $3.03 per share.
Positive Outlook
- Increased 2024 FFO guidance range to $7.35 to $7.65 per share.
- Incremental gains on discounted debt extinguishments at 2 Herald Square.
- Gains on discounted debt extinguishments at 280 Park Avenue.
- Gains on discounted debt extinguishments at 719 Seventh Avenue.
- Maintained 2024 net income guidance range of $2.73 to $3.03 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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