SL Green Realty Corp. reports developments tied to its role as a Manhattan-focused office real estate investment trust and landlord. News commonly covers office leasing activity across major New York properties, asset management assignments through Green Property Services, development and adaptive reuse projects such as One Madison Avenue, and portfolio exposure to office and select retail real estate.
Company updates also include dividend actions, credit facility refinancing, debt fund and capital-platform activity, operating and financial results, and governance or leadership changes. These announcements reflect SL Green’s recurring focus on leasing, financing, portfolio management, and shareholder distributions within the Manhattan commercial real estate market.
SL Green Realty Corp. (NYSE: SLG) has reduced its annual ordinary dividend by 12.9%, now set at $3.25 per share. This change reflects the company's strategic initiative to maintain liquidity and repay debt in a challenging economic environment. The first monthly dividend of $0.2708 will be paid on January 17, 2023, to shareholders as of the Record Date on December 30, 2022. Despite the reduction, SL Green aims to provide an 8.0% yield based on current share prices, with projected liquidity increasing to nearly $1.6 billion while reducing debt by $2.4 billion during 2023.
SL Green Realty Corp. announced a collaboration with Chef Daniel Boulud to launch two new dining concepts at One Madison Avenue in Midtown South. This includes a European petit marché and an upscale steakhouse, occupying 16,000 square feet on the ground floor. Tenants will also gain access to a 7,000 square-foot lounge and an 11,000 square-foot rooftop event space. The project aims to enhance the workplace experience with high-end amenities, catering to modern tenant demands.
Roc Nation partners with SL Green and Caesars Entertainment to develop a new gaming facility at 1515 Broadway in Times Square. This venture aims to attract over 7 million new visits annually and significantly boost local economic activity, generating billions in revenue for New York City. The coalition will enhance programming in Times Square while providing 600,000 new overnight hotel visits and 7 million new meals served in local restaurants. With a focus on community enrichment, the partnership hopes to revitalize this global entertainment hub.
SL Green Realty Corp. (NYSE:SLG) has declared a monthly dividend of $0.3108 per share, payable on December 15, 2022 to shareholders who are on record by the close of business on November 30, 2022. As Manhattan’s largest office landlord, SL Green focuses on acquiring and managing commercial properties, holding interests in 62 buildings totaling 33.6 million square feet as of September 30, 2022. This includes ownership of 29.3 million square feet of Manhattan buildings and investments covering 3.5 million square feet.
SL Green Realty Corp. and Caesars Entertainment have partnered to redevelop 1515 Broadway into Caesars Palace Times Square, enhancing tourism and economic recovery in New York City. This initiative aims to generate billions in tax revenue, create thousands of jobs, and implement significant security and traffic improvements. The project will feature a Broadway Theater and leverage Caesars Rewards, benefiting local businesses. Both companies are committed to making Times Square safer and more pedestrian-friendly, with the development fully funded privately by Caesars.
SL Green Realty Corp. (NYSE: SLG) reported a significant decline in net income for Q3 2022, with earnings of $0.11 per share, down from $5.91 per share in Q3 2021. Funds from operations decreased to $1.66 per share compared to $1.78 a year ago. The company signed 32 office leases totaling 930,232 square feet, showing a slight mark-to-market increase of 2.8% in Q3. Additionally, occupancy in Manhattan increased to 92.1%. SL Green is engaged in significant transactions, including a $300.4 million sale of office space to MSK and the acquisition of 245 Park Avenue, positioning itself strategically despite lower income figures.
SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, has declared a monthly dividend of $0.3108 per share, payable on November 15, 2022, to shareholders recorded by October 31, 2022. Additionally, the board announced a quarterly dividend of $0.40625 per share for the Series I Preferred Stock, payable on January 17, 2023, to those on record by December 20, 2022. As of June 30, 2022, SL Green owned interests in 64 buildings totaling 34.4 million square feet.
SL Green Realty Corp. (NYSE: SLG) announced a 15-year lease with Franklin Templeton for 347,474 square feet at One Madison Avenue. This follows recent leases with IBM and Chelsea Piers Fitness, bringing the building's leasing to 55% completion. Set to open in November 2023, One Madison will provide state-of-the-art facilities, including health-focused design features like DOAS HVAC and oversized windows. This development is viewed as transformative for the Midtown South market, similar to the impact of One Vanderbilt Avenue in Midtown East.
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, will release its Q3 2022 earnings on October 19, 2022, after market close. A conference call to discuss the results will take place on October 20, 2022, at 2:00 pm ET led by CEO Marc Holliday. The earnings release will be accompanied by supplemental data available on the SL Green website. Research analysts wishing to participate must register in advance.
SL Green Realty Corp. (NYSE:SLG) announced a monthly ordinary dividend of $0.3108 per share, payable on October 17, 2022, to shareholders of record by September 30, 2022. The board also declared a quarterly dividend on its Series I Preferred Stock of $0.40625 per share, equivalent to an annualized dividend of $1.625, payable on the same date. As of June 30, 2022, SL Green manages 64 buildings with a total of 34.4 million square feet, solidifying its position as Manhattan's largest office landlord.