SL Green Realty Corp. has reported its financial and operating highlights for the fourth quarter of 2024, showing a significant improvement compared to the same period in 2023. The company reported a net income attributable to common stockholders of $0.13 per share for the fourth quarter of 2024, compared to a net loss of $2.45 per share for the same period in 2023. Furthermore, the company's funds from operations (FFO) increased to $1.81 per share for the fourth quarter of 2024, inclusive of certain gains and adjustments, compared to FFO of $0.72 per share for the same period in 2023.
For the full year ended December 31, 2024, SL Green reported an FFO of $8.11 per share, inclusive of gains and adjustments, showing a substantial increase from $4.94 per share for the same period in 2023.
In terms of leasing activity, the company signed 48 Manhattan office leases covering 1,789,996 square feet in the fourth quarter of 2024, with a 9.0% higher mark-to-market on signed Manhattan office leases compared to the previous fully escalated rents on the same spaces. For the full year, SL Green signed 188 Manhattan office leases covering 3,607,924 square feet, with an 8.5% higher mark-to-market on signed Manhattan office leases compared to the previous fully escalated rents.
The company's same-store cash net operating income (NOI) for the fourth quarter of 2024 decreased by 2.7% compared to the same period in 2023. For the full year, the same-store cash NOI decreased by 1.2% compared to the same period in 2023, excluding lease termination income.
Investment highlights include the sale of an 11.0% interest in One Vanderbilt Avenue for a gross asset valuation of $4.7 billion, generating net proceeds of $189.5 million for the company. Additionally, the company closed on the sale of three Giorgio Armani residences at 760 Madison Avenue, generating net proceeds of $61.5 million.
SL Green also closed on the previously announced acquisition of 500 Park Avenue for $130.0 million and closed commitments for the SLG opportunistic debt fund, following a $250.0 million closing with a Canadian institutional investor to anchor the fund.
In terms of financing, the company completed $5.3 billion of strategic debt refinancings, modifications, and extensions in 2024.
The company's special servicing business has expanded, with active assignments totaling $5.0 billion and an additional $8.2 billion for which the company has been designated as special servicer on assets that are not currently in special servicing.
Today the company's shares have moved -0.5% to a price of $66.86. For the full picture, make sure to review SL Green Realty's 8-K report.
