Q2 2024 SL Green Realty Corp Earnings Call Transcript
Key Points
- SL Green Realty Corp (SLG) reported a strong quarter with significant leasing activity, totaling 1.4 million square feet of leases signed to date.
- The company has a robust pipeline of office leasing, with 1.2 million square feet of identifiable leases pending.
- Retail leasing is performing well, with One Madison's retail space now 100% leased.
- Tourism in New York City is exceeding expectations, contributing positively to SL Green Realty Corp (SLG)'s performance.
- SL Green Realty Corp (SLG) announced its first new Summit global location in Paris, indicating expansion and growth opportunities.
- The commercial real estate market remains unsettled, posing challenges for SL Green Realty Corp (SLG).
- There is a significant amount of vacancy in the lower floors of buildings, which could impact overall occupancy rates.
- The high cost of tenant improvements (TI) remains a burden, affecting net effective rents.
- The debt market's lack of liquidity is hindering significant investor transactions.
- Achieving the ambitious same-store NOI growth target of 1-2% for the year may be challenging.
Thank you, everybody, for joining us, and welcome to SL Green Realty Corp.'s Second Quarter 2024 Earnings Results Conference Call. This conference call is being recorded.
At this time, the company would like to remind listeners that during the call, management may make forward-looking statements. You should not rely on forward-looking statements as predictions of future events as actual results and events differ from any forward-looking statements that management may make today. All forward-looking statements made by management on this call are based on their exceptions and beliefs as of today.
Information regarding the risks, uncertainties and other factors that could cause such differences to appear are set forth in the risk factors and MD&A seconds on the company's latest Form 10-K and other subsequent reports filed by the company with the Securities and Exchange Commission.
Also during today's conference call, the company may discuss non-GAAP financial measures as defined by Regulation G under the Securities Act. The GAAP financial measures most directly comparable to
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