SLG Raises 2024 FFO Guidance, Announces Lease Renewal & Transactions

Zacks12-11

SL Green Realty Corp. SLG recently raised its funds from operations (FFO) per share guidance for 2024. The company also announced lease renewal at 485 Lexington Avenue and transactions at 100 Park ...

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The company also announced lease renewal at 485 Lexington Avenue and transactions at 100 Park ...</p>\n\n<a href=\"https://finance.yahoo.com/news/slg-raises-2024-ffo-guidance-172700532.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SLG Raises 2024 FFO Guidance, Announces Lease Renewal & Transactions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSLG Raises 2024 FFO Guidance, Announces Lease Renewal & Transactions\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-11 01:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/slg-raises-2024-ffo-guidance-172700532.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SL Green Realty Corp. SLG recently raised its funds from operations (FFO) per share guidance for 2024. The company also announced lease renewal at 485 Lexington Avenue and transactions at 100 Park ...</p>\n\n<a href=\"https://finance.yahoo.com/news/slg-raises-2024-ffo-guidance-172700532.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4234","symbol_name":"特殊用途房地产信托","start_time":0,"source_url":"https://finance.yahoo.com/news/slg-raises-2024-ffo-guidance-172700532.html","article_id":"2490040782","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/CR2yFbYpuqpt3oeRxVj68g--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/58c71031fa5f8be56beb2ad29b36efdc"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490040782","pubTimestamp":1733851620,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"SL Green Realty Corp. SLG recently raised its funds from operations  per share guidance for 2024. The company also announced lease renewal at 485 Lexington Avenue and transactions at 100 Park Avenue.SL Green expects 2024 FFO per share of $7.65-$7.95, up from $7.45-$7.75 per share stated in the second quarter 2024 earnings release. This marks a 20 cents per share increase at the midpoint. This latest issued guidance is ahead of Zacks Consensus Estimate of $7.59 per share. The company also issued guidance for 2025 FFO per share of $5.25-$5.55.This transaction brings the total office leases signed by SL Green from the beginning of 2024 through Dec. 9, 2024, to 3.5 million square feet, while the company continues to hold a pipeline of more than 900,000 square feet. With an encouraging office leasing pipeline, the company remains well-positioned to navigate any challenging environment.The Zacks Consensus Estimate for OUTFRONT’s 2024 FFO per share stands at $1.73, indicating an increase of 5","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4234":"特殊用途房地产信托","BK4084":"特种房地产投资信托","BK4223":"办公室房地产信托","BK4225":"医疗保健房地产信托","SLG":"SL Green Realty Corp","BK4194":"办公房地产投资信托","BK4585":"ETF&股票定投概念","CTRE":"CareTrust REIT Inc.","OUT":"OUTFRONT Media Inc.","BK4203":"医疗保健房地产投资信托","BK4588":"碎股"},"translate_title":"SLG提高2024年FFO指导，宣布续租和交易","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CTRE":1,"OUT":1,"SLG":1},"content_text":"SL Green Realty Corp. SLG recently raised its funds from operations (FFO) per share guidance for 2024. The company also announced lease renewal at 485 Lexington Avenue and transactions at 100 Park Avenue.\nSL Green expects 2024 FFO per share of $7.65-$7.95, up from $7.45-$7.75 per share stated in the second quarter 2024 earnings release. This marks a 20 cents per share increase at the midpoint. This latest issued guidance is ahead of Zacks Consensus Estimate of $7.59 per share. The company also issued guidance for 2025 FFO per share of $5.25-$5.55.\nLease Renewal at 485 Lexington Avenue\nRecently, SL Green announced that The Travelers Insurance Company has executed a lease renewal for 122,788 square feet at 485 Lexington Avenue. This insurance company will retain space on a portion of the seventh floor along with the entire eighth and ninth floors for an additional 10 years.\nThis transaction brings the total office leases signed by SL Green from the beginning of 2024 through Dec. 9, 2024, to 3.5 million square feet, while the company continues to hold a pipeline of more than 900,000 square feet. With an encouraging office leasing pipeline, the company remains well-positioned to navigate any challenging environment.\nSeries of Transactions at 100 Park Avenue\nA new 15-year lease for 220,221 square feet has been signed by a global professional services firm, Alvarez & Marsal Holdings, LLC. This lease covers the third, fourth and seventh to ninth floors of 100 Park Avenue in Midtown Manhattan. As a result, the leased occupancy of the 36-story building now stands at 95.8%.\nIn addition, the company has made modifications to the existing $360 million mortgage. These modifications have extended the final maturity date to December 2027, with the interest rate remaining at 2.25% over Term SOFR. Furthermore, the lenders have offered a new $70 million future funding facility to assist with leasing expenses at the property.\nWrapping Up\nDespite the overall choppiness in the office real estate sector, SL Green’s high-quality portfolio with class-apart amenities is well-poised for growth, given the recent new and renewal leases secured by the company. Its diversified tenant base is expected to drive steady cash flows and fuel its growth over the long term.\nShares of this Zacks Rank #3 (Hold) company have gained 45.3% over the past six months, outperforming the industry’s growth of 13.2%.\nImage Source: Zacks Investment Research\nStocks to Consider\nSome better-ranked stocks from the broader REIT sector are CareTrust REIT CTRE and OUTFRONT Media OUT, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nThe Zacks Consensus Estimate for CareTrust’s 2024 FFO per share is pinned at $1.50, suggesting year-over-year growth of 6.4%.\nThe Zacks Consensus Estimate for OUTFRONT’s 2024 FFO per share stands at $1.73, indicating an increase of 5.5% from the year-ago reported figure.\nNote: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nSL Green Realty Corporation (SLG) : Free Stock Analysis Report\nCareTrust REIT, Inc. (CTRE) : Free Stock Analysis Report\nOUTFRONT Media Inc. (OUT) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490040782"}