SL Green Realty Corp. has reported a net loss attributable to common stockholders of $0.21 per share for the third quarter of 2024, an improvement compared to the net loss of $0.38 per share for the same period in 2023. Meanwhile, the company's funds from operations (FFO) stood at $1.13 per share for the third quarter of 2024, decreased by $0.13 per share from the same period in 2023, primarily due to non-recurring, non-cash fair value adjustments on mark-to-market derivatives.
In terms of leasing activity, SL Green Realty Corp. signed 42 Manhattan office leases covering 763,755 square feet in the third quarter of 2024, with a 10.8% higher mark-to-market on signed Manhattan office leases compared to the previous fully escalated rents on the same spaces. The company also reported a 2.9% increase in same-store cash net operating income for the third quarter of 2024 compared to the same period in 2023, excluding lease termination income.
On the financing front, SL Green Realty Corp. closed on a modification and extension of the mortgage on 220 East 42nd Street, which included a paydown of the principal balance by $9.0 million to $496.4 million and an extension of the maturity date to December 2027. The company has completed $2.6 billion of strategic debt modifications and extensions across its portfolio, as part of its strategy to refinance, modify, or extend at least $5.0 billion of existing debt.
Furthermore, the company expanded its special servicing business, with active assignments totaling $5.0 billion and an additional $6.8 billion of assignments where the company has been designated as special servicer on assets that are not currently in special servicing.
SL Green Realty Corp. reported a net loss attributable to common stockholders for the nine months ended September 30, 2024, of $0.06 per share, compared to a net loss of $6.63 per share for the same period in 2023. The company also reported FFO for the nine months ended September 30, 2024, of $6.30 per share, including gains on discounted debt extinguishments at 2 Herald Square, 280 Park Avenue, and 719 Seventh Avenue.
The company's institutional investor conference is scheduled for Monday, December 9, 2024, and will be held in-person, by invitation only, with the presentation available online via audio webcast.
As a result of these announcements, the company's shares have moved 2.4% on the market, and are now trading at a price of $76.94. For the full picture, make sure to review SL Green Realty's 8-K report.
