SL Green Realty Corp. (NYSE:SLG) Q3 2023 Earnings Call Transcript

Andrew Mathias: I agree.

Marc Holliday: What you’re seeing are.

Andrew Mathias: Yes. I think that’s all a good number.

Michael Griffin: Great. And then, Marc, I know you mentioned in your prepared remarks at the time that it’s been taking to sign leases that have increased. Should we take this as maybe the new normal for signing leases going forward? Or was there something specific about these leases this year getting signed in terms of being elongated that kind of put with a drag on occupancy?

Marc Holliday: Yes. I don’t know. It’s a good question. And for that, you got to kind of have an economic forecast for what next year will be like. I think the decision, the time line is less about uncertainty and more at the moment about having more choice. So people are just more so than in past they’re exploring all their choices because they have more choices. And there’s no sense in my mind that the people who are out there that are Syria, that are in the inventory of tenants that we would say are real tenants that will be signing leases, whether it’s this year or next year. Will cross the finish line and sign leases at plus or minus the amount they’re looking at, I think they just have more opportunities and they’re taking more time to vet those opportunities before they narrow in on the one they want.

And so what might have been — might have been a 6-month exercise might be 8 or 9 months now, something like that. But I don’t think — I think as the — as the better space becomes more fully leased and it will because we’re seeing that already. And a lot of the vacant overhang pre-pandemic in terms of planned development is leased. Then I think the actions become fewer and then the time line comes in again.

Operator: Thank you. I would now like to turn the conference back over to Marc Holliday for closing remarks.

Marc Holliday: Okay. Only closing remark after today is special day for us coming up in December. I think it’s December 4 — December 4, 9 a.m.

Matthew DiLiberto: 9:00 a.m. here at One Vanderbilt in person with invitation only, but the entire presentation will be webcast and available via our website.

Marc Holliday: And safe to say we are busy at work preparing a lot of good information and strategic visioning for that session to make it meaningful for people. So I hope everyone has a chance to call in or except invites and come, and we look forward to it every year. And for those that are coming or listening and look forward to speaking with you then.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.