Financial and Operating Highlights Net loss attributable to common stockholders of $0.04 per share for the second quarter of 2024 as compared to net loss of $5.63 per share for the same period in 2023. Funds from operations, or FFO, of $2.05 per share for the second quarter of 2024, inclusive of $48.5 million, or $0.69 per share, of gains on discounted debt extinguishments at 280 Park Avenue and 719 Seventh Avenue and $1.4 million, or $0.02 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $1.43 per share for the same period in 2023. The Company is increasing its 2024 earnings guidance range for the year ending December 31, 2024 to FFO per share of $7.45 to $7.75, an increase of $0.10 per share at the midpoint, to reflect the outperformance of the real estate portfolio and SUMMIT One Vanderbilt as well as incremental fee generation, while maintaining its 2024 net income guidance range of $2.73 to $3.03 per share. Signed 38 Manhattan office leases covering 420,513 square feet in the second quarter of 2024 and 98 Manhattan office leases covering 1,054,173 square feet in the first six months of 2024. The mark-to-market on signed Manhattan office leases was 15.5% higher for the second quarter and 5.4% higher for the first six months of 2024 than the previous fully escalated rents on the same spaces. To date in 2024, signed 105 Manhattan office leases covering 1,421,574 square feet with a mark-to-market of 12.8% higher than the previous fully escalated rents on the same spaces. Same-store cash net operating income, or NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 1.3% for both the second quarter and the first six months of 2024, as compared to the same periods in 2023, excluding lease termination income. Manhattan same-store office occupancy increased to 89.6% as of June 30, 2024, inclusive of leases signed but not yet commenced. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to more than 91.5% by December 31, 2024. Investing Highlights Contracted for sale of 100% of the Giorgio Armani Residences at 760 Madison Avenue for gross consideration totaling $168.2 million. All sales are expected to close in the fourth quarter of 2024. In July, closed on the previously announced sale of the Palisades Premier Conference Center for $26.3 million plus certain fees payable to the Company. The Company took control of the property in July 2023 in partial satisfaction of a legal judgement. The transaction generated net proceeds to the Company of $19.8 million. Closed on the previously announced sale of 719 Seventh Avenue in Times Square for $30.5 million plus certain fees payable to the Company. The transaction generated net proceeds to the Company of $3.6 million after repayment of the mortgage loan. In connection with the closing of the sale, the Company repaid the existing $50.0 million mortgage for $32.0 million. Together with our joint venture partner, closed on the previously announced sale of the fee ownership interest in 625 Madison Avenue for a gross sales price of $634.6 million plus certain fees payable to the Company. In connection with the sale, the Company, together with its joint venture partner, originated a $235.5 million preferred equity investment in the property. The transaction generated net proceeds to the Company of $199.3 million. Financing Highlights Together with our joint venture partner, closed on a modification and extension of the $1.075 billion securitized mortgage on 280 Park Avenue. The modification extended the maturity date to September 2026, with the partnership's option to extend to a fully extended maturity date of September 2028. The interest rate was maintained at 1.78% over Term SOFR, which the partnership subsequently fixed at 5.84% through the fully extended maturity date. The partnership separately modified and extended the $125.0 million mezzanine loan on 280 Park Avenue and subsequently repaid the loan for $62.5 million. Special Servicing and Asset Management Highlights The Company continues to grow its special servicing and asset management business, with $3.0 billion of active assignments. NEW YORK, July 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE:SLG) today reported a net loss attributable to common stockholders for the quarter ended June 30, 2024 of $2.2 million and $0.04 per share as compared to a net loss of $360.2 million and $5.63 per share for the same quarter in 2023. The Company also reported net income attributable to common stockholders for the six months ended June 30, 2024 of $11.0 million and $0.16 per share as compared to a net loss of $399.9 million and $6.25 per share for the same period in 2023. The Company reported FFO for the quarter ended June 30, 2024 of $143.9 million and $2.05 per share, or $94.1 million and $1.34 per share, excluding $48.5 million, or $0.69 per share, of gains on discounted debt extinguishments at 280 Park Avenue and 719 Seventh Avenue and $1.4 million, or $0.02 per share, of non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $98.4 million and $1.43 per share for the same period in 2023, which was net of $0.4 million, or $0.01 per share, of non-cash fair value adjustments for derivatives. The Company also reported FFO for the six months ended June 30, 2024 of $359.4 million and $5.12 per share, or $162.7 million and $2.32 per share, excluding $190.1 million, or $2.71 per share, of gains on discounted debt extinguishments at 2 Herald Square, 280 Park Avenue, and 719 Seventh Avenue and $6.5 million, or $0.09 per share, of non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $203.9 million and $2.96 per share for the same period in 2023. All per share amounts are presented on a diluted basis. Operating and Leasing Activity Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, decreased by 0.9% for the second quarter of 2024, or 1.3% excluding lease termination income, as compared to the same period in 2023. Same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 0.1% for the six months ended June 30, 2024, and decreased 1.3% excluding lease termination income, as compared to the same period in 2023. During the second quarter of 2024, the Company signed 38 office leases in its Manhattan office portfolio totaling 420,513 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2024, excluding leases signed at One Vanderbilt and One Madison, was $100.66 per rentable square foot with an average lease term of 8.8 years and average tenant concessions of 7.0 months of free rent with a tenant improvement allowance of $77.26 per rentable square foot. Twenty-one leases comprising 266,133 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $112.76 per rentable square foot, representing a 15.5% increase over the previous fully escalated rents on the same office spaces. During the six months ended June 30, 2024, the Company signed 98 office leases in its Manhattan office portfolio totaling 1,054,173 square feet. The average rent on the Manhattan office leases signed in 2024, excluding leases signed at One Vanderbilt and One Madison, was $85.54 per rentable square foot with an average lease term of 7.5 years and average tenant concessions of 6.9 months of free rent with a tenant improvement allowance of $63.46 per rentable square foot. Fifty-three leases comprising 560,716 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $94.45 per rentable square foot, representing a 5.4% increase over the previous fully escalated rents on the same office spaces. Occupancy in the Company's Manhattan same-store office portfolio increased to 89.6% as of June 30, 2024, inclusive of 436,291 square feet of leases signed but not yet commenced, as compared to 89.2% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to more than 91.5% by December 31, 2024. Significant leasing activity in the second quarter and to date in July includes: Renewal and expansion with Ares Management for 307,336 square feet at 245 Park Avenue; New lease with Elliot Management Corporation for 149,437 square feet at 280 Park Avenue; New lease with Tradeweb Markets LLC for 75,825 square feet at 245 Park Avenue; Three new leases for a total of 37,856 square feet at 220 East 42nd Street; Early renewal with Brightwood Capital Advisors for 17,320 square feet at 810 Seventh Avenue; New lease with Bluerock Real Estate LLC for 14,085 square feet at 919 Third Avenue; and New lease with Willow Tree Capital Partners for 10,820 square feet at 450 Park Avenue. Investment Activity Contracted for sale of 100% of the Giorgio Armani Residences at 760 Madison Avenue for gross consideration totaling $168.2 million. All sales are expected to close in the fourth quarter of 2024. In July, the Company closed on the previously announced sale of the Palisades Premier Conference Center for $26.3 million plus certain fees payable to the Company. The Company took control of the property in July 2023 in partial satisfaction of a legal judgement. The transaction generated net proceeds to the Company of $19.8 million. In June, the Company closed on the previously announced sale of 719 Seventh Avenue in Times Square for $30.5 million plus certain fees payable to the Company. The transaction generated net proceeds to the Company of $3.6 million after repayment of the mortgage loan. In connection with the closing of the sale, the Company repaid the existing $50.0 million mortgage for $32.0 million. In May, together with our joint venture partner, the Company closed on the previously announced sale of the fee ownership interest in 625 Madison Avenue for a gross sales price of $634.6 million plus certain fees payable to the Company. In connection with the sale, the Company, together with its joint venture partner, originated a $235.5 million preferred equity investment in the property. The transaction generated net proceeds to the Company of $199.3 million. Debt and Preferred Equity Investment Activity The carrying value of the Company's debt and preferred equity portfolio was $495.7 million at June 30, 2024, including $205.2 million representing the Company's share of the preferred equity investment in 625 Madison Avenue that was originated in the second quarter and is accounted for as an unconsolidated joint venture. The portfolio had a weighted average current yield of 7.5%, or 8.8% as of June 30, 2024, excluding the effect of a $50.0 million investment that is on non-accrual. During the second quarter, no investments were sold or repaid, and the Company did not acquire any new investments. Financing Activity In April, together with our joint venture partner, closed on a modification and extension of the $1.075 billion securitized mortgage on 280 Park Avenue. The modification extended the maturity date to September 2026, with the partnership's option to extend to a fully extended maturity date of September 2028. The interest rate was maintained at 1.78% over Term SOFR, which the partnership subsequently fixed at 5.84% through the fully extended maturity date. The partnership separately modified and extended the $125.0 million mezzanine loan on 280 Park Avenue and subsequently repaid the loan for $62.5 million. Special Servicing and Asset Management Activity The Company continues to grow its special servicing and asset management business, with $3.0 billion of active assignments. In addition, we have been designated as special servicer of $6.4 billion of assets that are not currently in special servicing. Since inception, the Company's cumulative special servicing and asset management appointments total $17.4 billion. Earnings Guidance The Company is increasing its 2024 earnings guidance range for the year ending December 31, 2024 to FFO per share of $7.45 to $7.75, to reflect the outperformance of the real estate portfolio and SUMMIT One Vanderbilt as well as incremental fee generation, while maintaining its 2024 net income guidance range of $2.73 to $3.03. Dividends In the second quarter of 2024, the Company declared: Three monthly ordinary dividends on its outstanding common stock of $0.25 per share, which were paid in cash on May 15, June 17, and July 15, 2024, equating to an annualized dividend of $3.00 per share of common stock; and A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2024 through and including July 14, 2024, which was paid in cash on July 15, 2024 and is the equivalent of an annualized dividend of $1.625 per share. Conference Call and Audio Webcast The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 18, 2024, at 2:00 pm ET to discuss the financial results. Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under "Financial Reports." The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under "Presentations & Webcasts." Research analysts who wish to participate in the conference call must first register at https://register.vevent.com/register/BIa4aa7c3f3c3b4914a98f1cb01261b5f1. Company Profile SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at Disclaimers Non-GAAP Financial MeasuresDuring the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company's Supplemental Package. Forward-looking Statements This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms. Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.   SL GREEN REALTY CORP.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited and in thousands, except per share data)     Three Months Ended   Six Months Ended   June 30,   June 30, Revenues:   2024       2023       2024       2023                 Rental revenue, net $ 135,563     $ 165,651     $ 263,766     $ 340,243   Escalation and reimbursement revenues   15,069       20,294       28,370       40,744   SUMMIT Operator revenue   32,602       28,180       58,206       47,951   Investment income   6,191       9,103       13,594       18,160   Other income   33,395       22,808       46,766       44,702   Total revenues   222,820       246,036       410,702       491,800   Expenses:               Operating expenses, including related party expenses of $0 and $0 in 2024 and $0 and $1 in 2023   46,333       46,957       89,941       99,021   Real estate taxes   32,058       39,885       63,664       81,268   Operating lease rent   6,368       6,655       12,773       12,956   SUMMIT Operator expenses   23,188       22,836       45,046       43,524   Interest expense, net of interest income   35,803       40,621       66,976       82,274   Amortization of deferred financing costs   1,677       2,154       3,216       4,175   SUMMIT Operator tax expense   1,855       1,879       560       3,146   Depreciation and amortization   52,247       69,335       100,831       148,117   Loan loss and other investment reserves, net of recoveries   —       —       —       6,890   Transaction related costs   76       33       92       917   Marketing, general and administrative   20,032       22,974       41,345       46,259   Total expenses   219,637       253,329       424,444       528,547                   Equity in net income (loss) from unconsolidated joint ventures   4,325       (21,932 )     115,485       (29,344 ) Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate   (8,129 )     —       18,635       (79 ) Purchase price and other fair value adjustments   1,265       (17,409 )     (49,227 )     (17,170 ) Loss on sale of real estate, net   (2,741 )     (26,678 )     (2,741 )     (28,329 ) Depreciable real estate reserves   (13,721 )     (305,916 )     (65,839 )     (305,916 ) Gain on early extinguishment of debt   17,777       —       17,777       —   Net (loss) income   1,959       (379,228 )     20,348       (417,585 ) Net loss attributable to noncontrolling interests:               Noncontrolling interests in the Operating Partnership   153       23,582       (748 )     25,919   Noncontrolling interests in other partnerships   1,871       1,040       3,165       2,665   Preferred units distributions   (2,406 )     (1,851 )     (4,309 )     (3,449 ) Net (loss) income attributable to SL Green   1,577       (356,457 )     18,456       (392,450 ) Perpetual preferred stock dividends   (3,737 )     (3,737 )