Why SL Green Shares Are Dipping Today

SL Green Realty Corp SLG shares are trading lower by around 4% after it reported Q2 2023 earnings results.

The company reported rental revenues of $165.65 million versus $136.5 million a year ago. Total revenues improved to $221.07 million.

SLG reported an FFO per share of $1.43, declining from $1.87 a year ago.

Same-store cash NOI (including same-store cash NOI from unconsolidated joint ventures) rose by 0.7% Y/Y, or 3.6% Y/Y excluding lease termination income.

In Q2, the company signed 43 office leases in its Manhattan office portfolio totaling 410,749 square feet.

Occupancy in the Manhattan same-store office portfolio stood at 89.8% as of June 30, 2023, compared to 90.2% at the end of Q1 2023.

As of June 30, 2023, cash and cash equivalents stood at $311 million.

The company declared a dividend of $3.25 per share in the quarter. 

In Q2, SLG sold a 49.9% joint venture stake in 245 Park Avenue for a gross consideration of $2.0 billion, gaining net proceeds of $174.2 million.

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Price Action: SLG shares are down 3.51% at $34.68 premarket on the last check Thursday.