NEW YORK, April 26 SL Green Realty Corp
(SLG.N), one of the largest owners of midtown Manhattan office
buildings, said on Monday its first-quarter funds from
operations fell 28 percent but exceeded analysts'
The company reported first-quarter FFO of $85 million, or
$1.07 per share, down from $88.1 million, or $1.48 per share,
in the year-earlier quarter.
Analysts had forecast FFO of $1.05 per share, according to
Thomson Reuters I/B/E/S. FFO, a performance metric, removes the
profit-reducing effect of depreciation, a noncash accounting
During the quarter, SL Green signed 47 office leases in
Manhattan and 31 office leases in the suburbs during the fourth
For properties the company has operated for more than a
year, net operating income, which gauges the amount of cash the
properties generate after expenses, rose 2.4 percent in the
Occupancy at SL Green's Manhattan buildings was 94 percent
at the end of the quarter, SL Green said, excluding 100 Church
Street which the company foreclosed on in January. Including
the building, occupancy was 92 percent.
The average lease term was 9.1 years and average tenant
concessions were 5.5 months of free rent with improvements for
space, running the company about $28.31 per square foot.
SL Green shares closed down 19 cents at $64.33 on the New
York Stock Exchange before the earnings were released, and
edged lower in after-hours trade. Year-to-date, SL Green shares
are up 28 percent, ahead of the 18.7 percent rise of the
benchmark MSCI U.S. REIT Index .RMZ.
(Reporting by Ilaina Jonas and Joseph A. Giannone; Editing
by Richard Chang)