SL Green Realty Corp. has reported its financial results for the second quarter of 2024, with an EPS of ($0.04) per share and FFO of $2.05 per share. The company has also increased its 2024 earnings guidance, showcasing positive performance and growth.

During the second quarter of 2024, SL Green Realty Corp. saw a net loss attributable to common stockholders of $0.04 per share, a significant improvement from the net loss of $5.63 per share during the same period in 2023. The Funds from operations (FFO) for the second quarter of 2024 stood at $2.05 per share, including gains on discounted debt extinguishments and positive non-cash fair value adjustments on mark-to-market derivatives. This marks an increase from the FFO of $1.43 per share reported for the same period in 2023.

The company has raised its 2024 earnings guidance range, now expecting FFO per share to be between $7.45 and $7.75 for the year ending December 31, 2024. This adjustment reflects the strong performance of the real estate portfolio and SUMMIT One Vanderbilt, along with incremental fee generation. The net income guidance range for 2024 remains at $2.73 to $3.03 per share.

SL Green Realty Corp. signed a total of 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 the year. The mark-to-market on these signed leases showed a positive trend, with increases of 15.5% for the second quarter and 5.4% for the first six months of 2024 compared to previous rents.

Looking ahead, the company has already signed 105 Manhattan office leases in 2024, covering 1,421,574 square feet, with a mark-to-market of 12.8% higher than previous rents. Despite a slight decrease in same-store cash net operating income (NOI) for the second quarter and first six months of 2024 compared to 2023, SL Green Realty Corp. remains optimistic.

Manhattan same-store office occupancy has increased to 89.6% as of June 30, 2024, with expectations to surpass 91.5% by the end of the year, including leases that have been signed but not yet commenced.

In terms of investing highlights, SL Green Realty Corp. has contracted to sell 100% of the Giorgio Armani Residences at 760 Madison Avenue for $168.2 million, with the sales expected to close in the fourth quarter of 2024. Additionally, the company recently closed the sale of the Palisades Premier Conference Center for $26.3 million, following its acquisition of the property in July 2023.