SL Green Realty Reports Q3 Loss but Revenue Growth Evident

SL Green Realty Corp. has reported a net loss for Q3 2024 but shows encouraging revenue growth despite challenges. Investors should analyze the significant elements that may affect stock prices moving forward.

Date: 17-10-2024

AI Rating: 5

SL Green Realty Corp. (SLG) reported a net loss of $13.3 million for the third quarter of 2024, translating to a loss of $0.21 per share. This is a notable improvement from the previous year's net loss of $24.0 million and a loss of $0.38 per share. This decrease in loss can be seen as a slightly positive indicator for investors, suggesting some operational improvements.

However, the company also reported Funds From Operations (FFO) of $78.6 million or $1.13 per share, which decreased from $87.7 million or $1.27 per share in the same quarter of 2023. This decline in FFO is a concern as it represents a slight erosion of profitability that might affect investor confidence.

On a positive note, total revenues for the quarter reached $229.69 million, an increase from $210.19 million in the prior year. This growth indicates that SL Green is managing to enhance its revenue streams, which is a reassuring sign, especially for investors looking for stability in real estate investments.

Overall, while the net loss is significantly less than last year's loss, the decline in FFO could weigh on stock prices. However, the increase in revenue may help offset some investor concerns as it reflects potential for future growth.

Stocks: SLG