SL Green Realty Corp. - SLG STOCK NEWS

SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, has announced a monthly dividend declaration for its common stock. The company's board of directors has declared a monthly ordinary dividend of $0.2575 per share, equivalent to an annualized dividend of $3.09 per share. The dividend will be paid in cash on February 18, 2025, to shareholders of record as of the close of business on January 31, 2025.

SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, has scheduled its fourth quarter 2024 earnings release for January 22, 2025, after market close. The company will hold a conference call and audio webcast on January 23, 2025, at 2:00pm ET, led by Chairman and CEO Marc Holliday, to discuss the financial results. Supplemental data will be available on the company's website simultaneously with the earnings release. Research analysts wanting to participate in the conference call must register in advance through the provided link.

SL Green Realty Corp (NYSE: SLG), Manhattan's largest office landlord, has secured a significant lease renewal with The Travelers Insurance Company at 485 Lexington Avenue. The renewal encompasses 122,788 square feet, covering a portion of the seventh floor and the entirety of the eighth and ninth floors, extending for an additional 10 years.

This transaction brings SL Green's total office leases signed year to date to 3,518,829 square feet, with an additional pipeline exceeding 900,000 square feet. The company reports that Midtown leasing momentum continues to outperform both 5-year and 10-year averages.

SL Green Realty Corp (NYSE: SLG) announced multiple transactions at 100 Park Avenue, including a new 220,221 square-foot lease with Alvarez & Marsal Holdings for a 15-year term. The lease covers floors 3, 4, and 7-9, bringing the building's occupancy to 95.8%.

The company modified its existing $360.0 million mortgage, extending the maturity date to December 2027 while maintaining the interest rate at 2.25% over Term SOFR. Additionally, lenders provided a new $70.0 million future funding facility for leasing costs.

100 Park Avenue is a 36-story, 834,000-square-foot office tower near Grand Central Terminal, featuring a newly renovated amenity center with a lounge, golf simulator, game room, training studio, and conference rooms.

SL Green Realty Corp (NYSE: SLG), Manhattan's largest office landlord, has announced a 3.0% increase in its annual ordinary dividend to $3.09 per share for 2025. The dividend will be paid monthly in cash, with the first payment of $0.2575 per share scheduled for January 15, 2025, to stockholders of record as of December 31, 2024.

Additionally, the company declared a quarterly dividend on Series I Preferred Stock of $0.40625 per share for the period October 15, 2024, through January 14, 2025, equivalent to an annualized dividend of $1.625 per share, payable January 15, 2025.

SL Green Realty Corp (NYSE: SLG), Manhattan's largest office landlord, has secured a $250.0 million anchor commitment from a Canadian institutional investor for its SLG Opportunistic Debt Fund. The anchor investor manages public and parapublic pension plans and insurance programs, and ranks among the world's largest institutional investors.

The fund, launched in 2024, aims to capitalize on current capital markets dislocation through structured debt investments in high-quality New York City commercial assets. The fund's strategy includes originating new loans and purchasing existing loans, loan portfolios, and controlling CMBS securities.

SL Green Realty Corp and partners have secured a modification of the $1.25 billion mortgage facility for One Madison Avenue, extending maturity to November 2027 while maintaining the 3.10% interest rate over Term SOFR. The facility, led by Wells Fargo Bank with 14 global banks, includes potential rate reduction upon meeting leasing thresholds.

The property is currently more than 65% leased overall, with tower floors and retail spaces 100% leased. Major tenants include Franklin Templeton, Coinbase, Palo Alto Networks, and IBM, which established its headquarters there in September. The building features state-of-the-art amenities, including La Tête d'Or restaurant and Le Jardin Sur Madison rooftop garden.

SL Green Realty Corp has contracted to purchase 500 Park Avenue for $130.0 million. The historic, landmarked 11-story Class A office building, designed by Skidmore, Owings & Merrill, offers 201,000 square feet of luxury office and prime retail space. Located at 59th Street and Park Avenue, the property houses high-end tenants including Vera Wang, The Georgetown Company, and Friedland Properties, with FRATO's flagship NYC showroom in the retail space. SL Green plans to reposition the lobby, add amenities, and improve the public plaza. The building, formerly Pepsi-Cola headquarters, hasn't traded in over 40 years.

SL Green Realty Corp (NYSE: SLG) announced the pricing of an underwritten public offering of 5,063,291 shares of common stock at $79.00 per share. The company granted underwriters an option to purchase up to 759,493 additional shares within 30 days. The offering, expected to close on November 25, 2024, will use proceeds for general corporate purposes, including new investments and debt repayment. Wells Fargo Securities, J.P. Morgan, TD Securities, BMO Capital Markets, and Deutsche Bank Securities are serving as joint bookrunning managers.