NYSE$SLG
SL Green Realty Corp. · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported increased earnings per share and funds from operations, and increased 2024 earnings guidance.
SL Green Realty Corp. reported a net income attributable to common stockholders of $0.20 per share for the first quarter of 2024, compared to a net loss of $0.63 per share for the same period in 2023. FFO was $3.07 per share, inclusive of a gain on discounted debt extinguishment. The company increased its 2024 FFO guidance range to $7.35 to $7.65 per share.
- Net income attributable to common stockholders of $0.20 per share for Q1 2024, compared to a net loss of $0.63 per share for the same period in 2023.
- Funds from operations (FFO) of $3.07 per share for Q1 2024, inclusive of gain on discounted debt extinguishment.
- Increased 2024 FFO guidance range to $7.35 to $7.65 per share.
- Signed 60 Manhattan office leases covering 633,660 square feet in Q1 2024.
Headline financials
Revenue & EPS history
SL Green · Revenue · Quarterly
$188M
Revenue by segment
SL Green · $221M total across 4 segments · Q2 2023
- Rental Revenue$166M+21.4%74.9%
- Other Income$26M+0.8%11.8%
- Escalation & Reimbursements$20.3M+8.3%9.2%
- Investment Income$9.1M-55.4%4.1%
Forward guidance
The Company is increasing its 2024 FFO guidance range for the year ending December 31, 2024 to FFO per share of $7.35 to $7.65, as compared to the previous guidance range of FFO per share of $5.90 to $6.20, primarily to reflect incremental gains on discounted debt extinguishments at 2 Herald Square as well as at 280 Park Avenue and 719 Seventh Avenue, as announced today, while maintaining its 2024 net income guidance range of $2.73 to $3.03 per share.
Tailwinds
- Increased 2024 FFO guidance range to $7.35 to $7.65 per share.
- Incremental gains on discounted debt extinguishments at 2 Herald Square.
- Gains on discounted debt extinguishments at 280 Park Avenue.
- Gains on discounted debt extinguishments at 719 Seventh Avenue.
- Maintained 2024 net income guidance range of $2.73 to $3.03 per share.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.5%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.0%
Avg return
30 days after
46%
32 / 69 earnings
Positive
+11.7%
Q2 2011
Best reaction
-12.4%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.0% | +5.4% | +3.9% | |
| Q4 2025 | +2.3% | -3.2% | -15.4% | |
| Q3 2025 | -6.2% | -7.9% | -16.0% | |
| Q2 2025 | -0.4% | +0.7% | +20.6% | |
| Q1 2025 | +0.2% | +1.3% | +12.4% | |
| Q4 2024 | -2.1% | -4.4% | -6.6% | |
| Q3 2024 | +4.8% | +7.1% | +5.4% | |
| Q2 2024 | -3.9% | -2.1% | +0.7% | |
| Q1 2024 | +0.4% | +5.1% | +9.7% | |
| Q4 2023 | +2.8% | +4.9% | +1.9% | |
| Q3 2023 | -12.4% | -14.6% | -5.7% | |
| Q2 2023 | -1.2% | +6.5% | -5.2% | |
| Q1 2023 | +1.6% | -1.4% | -8.0% | |
| Q4 2022 | +1.0% | +6.6% | -3.2% | |
| Q3 2022 | -3.9% | -3.5% | +1.8% | |
| Q2 2022 | -1.6% | +0.1% | -0.4% | |
| Q1 2022 | +0.7% | +0.4% | -19.0% | |
| Q4 2021 | -5.5% | -2.1% | +8.4% | |
| Q3 2021 | +0.1% | +0.1% | +0.4% | |
| Q2 2021 | -2.7% | -2.7% | -8.7% | |
| Q1 2021 | -0.8% | +3.4% | +8.9% | |
| Q4 2020 | +3.1% | +0.7% | +5.6% | |
| Q3 2020 | -1.8% | -10.1% | +25.9% | |
| Q2 2020 | -0.1% | -2.2% | -1.6% | |
| Q1 2020 | +1.9% | +5.9% | -17.9% | |
| Q4 2019 | +1.9% | +0.3% | +1.1% | |
| Q3 2019 | -1.0% | -0.6% | +5.2% | |
| Q2 2019 | +1.9% | -1.8% | -3.3% | |
| Q1 2019 | -0.3% | -0.3% | -0.4% | |
| Q4 2018 | -2.3% | +1.5% | +4.5% | |
| Q3 2018 | -0.1% | -0.9% | +2.3% | |
| Q2 2018 | +1.4% | -0.6% | +5.6% | |
| Q1 2018 | -0.0% | -0.9% | -2.9% | |
| Q4 2017 | -0.7% | +1.4% | +0.5% | |
| Q3 2017 | -3.3% | -4.0% | -1.1% | |
| Q2 2017 | -2.1% | -1.3% | -6.6% | |
| Q1 2017 | -1.6% | -1.4% | -5.8% | |
| Q4 2016 | +0.6% | -0.3% | +2.2% | |
| Q3 2016 | -0.8% | -3.3% | -1.8% | |
| Q2 2016 | +2.0% | +4.3% | +4.1% | |
| Q1 2016 | +2.8% | — | — | |
| Q4 2015 | -9.5% | — | — | |
| Q3 2015 | +0.8% | — | — | |
| Q2 2015 | -1.6% | — | — | |
| Q1 2015 | -0.6% | — | — | |
| Q4 2014 | -0.5% | — | — | |
| Q3 2014 | +1.7% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | +1.1% | — | — | |
| Q4 2013 | +0.9% | — | — | |
| Q3 2013 | +1.7% | — | — | |
| Q2 2013 | -2.8% | — | — | |
| Q1 2013 | +2.2% | — | — | |
| Q4 2012 | -1.8% | — | — | |
| Q3 2012 | -2.7% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2011 | -4.9% | — | — | |
| Q2 2011 | +11.7% | — | — | |
| Q1 2010 | +1.0% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2010 | +1.1% | — | — | |
| Q4 2008 | +1.1% | — | — | |
| Q3 2009 | -4.5% | — | — | |
| Q3 2010 | -4.5% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q2 2010 | -1.7% | — | — | |
| Q2 2009 | -1.7% | — | — |
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