Latest news with #SLGreenRealty
CNBC
29 minutes ago
- Business
- CNBC
SL Green stock could climb if Fed starts cutting rates, Jim Cramer says
CNBC's Jim Cramer on Wednesday told investors he likes real estate investment trust SL Green Realty and said its stock could see gains if the Federal Reserve starts cutting interest rates. "In the short term, SL Green's stock will remain hostage to factors outside of the company's control like the direction of interest rates," he said. "But after this quarter, I really believe that the core business is in good shape, the 5.1% dividend yield is safe, and the stock could be a winner once the Fed starts cutting rates again." Wall Street didn't react well to SL Green's most recent quarterly earnings. Even though the company, which is a major player in the Manhattan commercial real estate market, beat estimates and raised guidance, the stock still fell and is currently down more than 11% year-to-date. According to Cramer, some investors believed the quarter wasn't as strong as it seemed on the surface. They attributed the results in large part to a successful investment profit, he said, dismissing the one-time benefit. Analysts were also dissatisfied with "some mixed operating metrics," he said. But Cramer said he doesn't think it makes sense to write off SL Green's investment profit, because it is part of business. The company's knowledge of the Manhattan real estate market and its ability to "make smart bets on properties in its focus areas" bodes well, he continued. The real estate business can be inherently unpredictable, Cramer indicated, and he said he's not worried that SL Green would have likely reported a miss without the deal. Cramer said the company's leasing activity appears strong, and he noted that management said there are potential tenants in the pipeline from a variety of sectors. Cramer also remarked SL Green was executing a fair amount of mid-sized deals, saying that this means the company has a "steady deal flow" and isn't relying on the success of a few major contracts. Cramer added that SL Green's long-term opportunities look promising, aside from the company's attempt to bring a casino to Times Square. He said he doesn't know if SL Green can win that business. "I'm just talking structural factors here, like the fact that there's minimal new supply of office buildings in New York these days, and SL Green dominates in class A office properties, which remains the strongest part of the market," he said. SL Green did not immediately respond to request for comment. Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
Yahoo
6 days ago
- Business
- Yahoo
SL Green's Q2 FFO Beats Estimates, Rental Rates Grow, '25 Views Raised
SL Green Realty Corp. SLG reported second-quarter 2025 funds from operations (FFO) per share of $1.63, which beat the Zacks Consensus Estimate of $1.37. The company reported an FFO of $2.05 per share in the year-ago period, including 69 cents of gains on discounted debt extinguishment at 280 Park Avenue and 719 Seventh Avenue, and 2 cents of positive non-cash fair value adjustments on mark-to-market derivatives. The results reflected improved average rental rates on the Manhattan office leases signed in this period. However, elevated interest expenses undermined the results to some extent. The company has raised its 2025 outlook. Net rental revenues of $147.5 million marginally missed the Zacks Consensus Estimate of $147.6 million. However, the figure improved 8.8% year over year. SLG's Q2 Results in Detail In the second quarter, for its Manhattan portfolio, SL Green signed 46 office leases encompassing 0.5 million square feet of space. The average rental rate on the Manhattan office leases signed was $90.03 per rentable square foot, improving from $83.75 in the previous quarter. The signed leases had an average lease term of 7.8 years. The average tenant concessions were 6.3 months of free rent with a tenant improvement allowance of $78.81 per rentable square foot. The mark-to-market on signed Manhattan office leases increased 2.4% from the previous fully escalated rents on the same spaces in the quarter. Same-store cash net operating income ('NOI'), including the company's share of same-store cash NOI from unconsolidated joint ventures, decreased marginally year over year to $153.3 million, excluding lease termination income. As of June 30, 2025, Manhattan's same-store office occupancy, including 531,666 square feet of leases signed but not yet commenced, was 91.4%, down from 91.8% at the end of the prior quarter. SL Green's interest expenses (net of interest income) increased 26.6% from the year-ago quarter to $45.3 million. SLG's Portfolio Activity In April 2025, SL Green, along with its joint venture partner, closed on the sale of 85 Fifth Avenue, generating net proceeds of $3.2 million. In April 2025, SL Green acquired its partner's 49.9% interest in 100 Park Avenue for $14.9 million. SLG's Liquidity SL Green exited the second quarter with cash and cash equivalents of $182.9 million, up from $180.1 million recorded as of March 31, 2025. As of the same date, the net carrying value of the company's debt and preferred equity portfolio was $315.7 million, which decreased marginally from the last quarter. SLG's 2025 Outlook SL Green has revised its 2025 FFO per share guidance. The company now expects the metric between $5.65 and $5.95 from the earlier guided range of $5.25-$5.55, improving by 40 cents per share at the midpoint. SLG also expects its Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to improve to 93.2% by year-end 2025. SLG's Zacks Rank SL Green currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. SL Green Realty Corporation Price, Consensus and EPS Surprise SL Green Realty Corporation price-consensus-eps-surprise-chart | SL Green Realty Corporation Quote Upcoming Earnings Releases We now look forward to the earnings releases of other REITs like Digital Realty Trust DLR and Highwoods Properties HIW, slated to report on July 24 and July 29, respectively. (See the Zacks Earnings Calendar to stay ahead of market-making news.) The Zacks Consensus Estimate for DLR's second-quarter 2025 FFO per share is pegged at $1.74, implying a 5.5% year-over-year increase. DLR currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for HIW's second-quarter 2025 FFO per share is pegged at 85 cents, indicating a 13.3% year-over-year decrease. HIW currently carries a Zacks Rank #3. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want 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 Highwoods Properties, Inc. (HIW) : Free Stock Analysis Report Digital Realty Trust, Inc. (DLR) : Free Stock Analysis Report SL Green Realty Corporation (SLG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
New York Post
28-06-2025
- Entertainment
- New York Post
Broadway's right — Jay-Z's Times Square casino bid must fail
Broadway was singing a different showtune this week. Luck be a lady… somewhere else! Many of the theater's powerful unions, landlords, trade organizations and ally businesses a-five-six-seven-hate Jay-Z, Caesars Entertainment and SL Green Realty's bad, bad, bad bid to plop a casino in Times Square. 5 Broadway workers protested the bid for a casino to be built right in the middle of Times Square. Billy Tompkins/ZUMA / In the very same building that's home to family-friendly 'The Lion King,' 1515 Broadway, blackjack beckons. One block away from 'Hamilton,' drunk tourists losing all of their Benjamins. Broadway feels such intense loathing toward Beyonce's husband's plan for Caesars Palace Times Square that, like the hippies of 'Hair,' the pros staged a rally Thursday by the red steps ahead of Friday's deadline for proposals. They were practically singing 'One Day More' out there. 'This casino's developers don't care about improving this neighborhood,' Broadway League prez Jean Valjean, I mean, Jason Laks said. 'A casino in the heart of Times Square would only set this area back.' Do you hear the people sing? Eight bids are competing for three gambling licenses around the metro area — from near the UN (just what foreign dignitaries need!) all the way up to Yonkers. Caesars' is the splashiest. 5 Caesars Palace Times Square would make its home at 1515 Broadway. A Better Times Square I'm not much of a protester. What do I want? A chair! When do I want it? Now! But I sit in solidarity with Broadway. They're dead right. The last thing the Crossroads of the World needs is poker tables, slot machines and the inevitable filth and riffraff that cling to them like saran wrap. The theater industry's chief beef, however, is a financial one. 'A casino can go anywhere,' Laks said. 'Broadway can only be here.' Show people insist that a shiny new gambling den would dangerously compete with their productions, which are only just getting back to some semblance of pre-pandemic normalcy. This past Broadway season had the highest attendance levels since 2019. A casino would rain on their parade. 5 Jay-Z is one of the forces behind the Times Square casino bid. Getty Images Gaming establishments are designed to keep customers inside them so they can spend all their money on the premises — at proprietary hotels, bars, restaurants and entertainments. Not at Joe Allen. Not at Hurley's. Not at Un Deux Trois. Only at Caesars. Once inside, the buildings tend to be labyrinthine and challenging to make your way out of. Intentionally. Those sneaks use psychological tricks such as dim lighting and windowless rooms to make you lose track of time. In short, the people who run casinos don't really want you to scurry off to see 'Aladdin.' 5 A Better Times Square Caesars says: Au contraire. Our business will be a boon to Broadway. We'll buy up thousands of tickets. That's funny as 'The Book of Mormon.' How does it benefit Caesars to send customers to a 2 ½-hour musical at 8 p.m.? It doesn't. That's just lip service to get the heavyweight Broadway League and Shubert Organization onboard. What of Las Vegas? They have shows, too, you say? Yes, Sin City does. But it's a different animal. You enter them from the casino floor. And they are nearly all 90 minutes long — purpose-built to get you back to the cards and chips ASAP. Twenty Broadway musicals currently are more than two hours and have an intermission. By the way, Broadway shows not called 'Mamma Mia!,' almost always flop hard in Vegas. So that's one giant dilemma. 5 While Las Vegas has shows, most are 90 minutes and entered from the casino floor. A Better Times Square Here's my issue. Times Square is already a Circus, Circus. The area has been especially disgusting and unruly since 2020, even if stronger policing has helped in recent months. The city's imbecilic moves over the years to turn much of it into a car-free pedestrian plaza has already provided ample opportunity for the homeless to sleep on the ground and drug dealers with a constant supply impaired loiterers. So, let's add gambling to that toxic mix. Nobody with a brain really believes that a casino would improve Times Square. Just like no one really believed that legalizing pot would be a consequence-free moneymaker for the state. Our ethically challenged politicians go gaga for these terrible ideas because of the payoffs they get. Meanwhile our neighborhoods and businesses suffer. The only high rollers Times Square needs are investors who pour millions into risky Broadway shows. Now, that's one helluva gamble.
New York Times
27-06-2025
- Business
- New York Times
For Casino Operators, It's Deadline Day
Good morning. It's Friday, and it's deadline day for applications for three casino licenses that are up for grabs. We'll also look at how a new rail line connecting Brooklyn and Queens could touch off a housing boom. As applications go, they are lengthy. One runs more than 50,000 pages, with all the supporting documents that had to be attached. Another application is a mere 900. Bank references and tax returns are a must. So are high and low estimates of revenue from slot machines and other projections. These applications are from would-be casino operators seeking one of three licenses that are up for grabs in and around New York City. Today is deadline day for the applications. The state panel that will award the licenses, the Gaming Facility Location Board, expects to have eight applications in hand by closing time this afternoon. Some have already been delivered by hand to its office in Schenectady. Some came from applicants that filed with fanfare, issuing news releases and, in one case, organizing a rally in Times Square on Thursday. That gathering promoted Caesars Palace Times Square, a joint venture of Caesars Entertainment, Roc Nation and SL Green Realty Corporation. It came a day after a rally by the No Times Square Casino Coalition, which opposes the project. Want all of The Times? Subscribe.
Time of India
26-06-2025
- Business
- Time of India
‘End of New York City as we know it…': Why Zohran Mamdani's possible win in mayoral race has Wall Street fretting; sense of doom prevails
The possible victory of Zohran Mamdani, the 33-year-old democratic socialist, in the upcoming New York mayoral polls has people on Wall Street worried. In Manhattan's financial district, pessimistic predictions are circulating. Tired of too many ads? go ad free now According to Wall Street recruitment specialist Michael Nelson, his clientele, typically earning above $1 million annually, express serious concerns. "This will be the end of New York City as we know it" reflects the sentiment amongst his affluent clients regarding Mamdani's potential November victory, he told Bloomberg. The impact is already visible in New York City property-related stocks. Flagstar Financial Inc., which provides loans to apartment complexes, experienced up to 6.7% decline on Wednesday. Property companies Empire State Realty Trust, SL Green Realty and Vornado Realty Trust also registered losses. Rise of Zohran Mamdani Even critics acknowledge that Zohran Mamdani, the 33-year-old democratic socialist, has garnered significant public support. "It's officially hot commie summer," wrote hedge fund billionaire Dan Loeb on X, following Mamdani's unexpected victory over Andrew Cuomo in the Democratic primary for the New York City mayoral position. Also Read | The statement reflects the genuine concern amongst the city's wealthy circles that a Mamdani victory in the November general election would result in increased taxation, potentially causing affluent residents to leave the five boroughs. An important detail is that Mamdani's tax proposals would require approval from New York State Governor Kathy Hochul, who has expressed opposition. Additionally, Mamdani's plan to raise $70 billion in debt faces significant obstacles. Tired of too many ads? go ad free now According to Kathy Wylde, a prominent New York intermediary who has facilitated connections between business leaders from finance, real estate and media with city officials for years, whilst Mamdani appeals to the youth, his ideological stance causes significant concern among taxpayers and employers. However, Mamdani successfully gained support from voters across diverse socioeconomic and racial communities. In his Wednesday morning address, he emphasised that "a life of dignity should not be reserved for a fortunate few." The foundation of his success lay in a strategic social media campaign that combined populist economic policies and progressive cultural messaging through viral-worthy video content. On Tuesday, he featured in an Instagram video alongside Emily Ratajkowski, who commands over 29 million followers. The model and actress sported a "Hot Girls for Zohran" t-shirt whilst encouraging voter turnout. This exemplified the clever strategy that enabled Mamdani to build a substantial volunteer base numbering in tens of thousands. These supporters diligently canvassed neighbourhoods, maintained street presence and utilised social media to reach voters. They promoted his policy agenda: Free childcare, state-operated grocery shops with reduced prices, complimentary bus transport, rent controls and additional measures - largely funded through increased taxation of wealthy individuals. Wall Street worried New York's establishment elite supported Cuomo, a 67-year-old Democratic veteran who positioned himself as an experienced centrist capable of addressing the city's challenges, from underground transit safety to the widely recognised cost-of-living issues. His campaign received substantial financial backing from prominent figures, including Michael R. Bloomberg, founder and primary owner of Bloomberg News parent Bloomberg LP, along with Bill Ackman, Loeb and Vornado's Steven Roth. His political action committee, Fix the City, accumulated an unprecedented primary campaign fund of nearly $25 million. However, the campaign's advertising strategy predominantly focused on criticising Mamdani rather than highlighting Cuomo's administrative plans. Despite resigning as New York governor following sexual harassment claims, which he contests, Cuomo maintained strong establishment support, including an endorsement from former President Bill Clinton. In contrast, Mamdani received endorsements from progressive leaders, including Democratic Congresswoman Alexandria Ocasio-Cortez and Senator Bernie Sanders. Some financial sector representatives appear to be considering a more accepting stance towards the democratic socialist candidate. "While we might disagree on certain issues, we should always be hopeful that Mamdani — if he ends up being elected mayor — can unite the city to address its critical education, public safety, housing and economic development needs," said Ralph Schlosstein, former head of Evercore Inc. and a longtime Democrat, according to the Bloomberg report. According to Rich Farley, an experienced Wall Street legal expert, numerous affluent residents view the November general election as crucial. A Mamdani victory could prompt wealthy individuals to seriously consider relocating from the city. Before this contest, high-net-worth donors must determine their stance towards Mamdani. Cuomo, potentially running as an independent, needs to convince supporters of his viability outside the Democratic primary framework. Should he continue his campaign, he will face Republican Curtis Sliwa and incumbent Eric Adams, who is running independently after avoiding the primary following corruption allegations. Some Wall Street professionals are contemplating more decisive actions. "I've already talked to hedge fund guys who have told me they have got a foot out the door," said Eric Rosen, who previously held senior positions at JPMorgan and in hedge fund management. "I left New York City 8 years ago because I didn't like the way the city was being run," he said. "I sold my Park Ave. co-op and its now down 25% and my house in Florida is up 250%. The market has spoken."
