SL Green beats analysts’ expectations in Q1

REIT reports $150 million in funds from operations

388-390 Greenwich Street and Marc Holliday
388-390 Greenwich Street and Marc Holliday

SL Green Realty today reported $150 million in funds from operations, or about $1.52 per share in the first quarter, surpassing analysts’ expectations of $1.37 per share. The REIT also reported first quarter revenues of $381.1 million, a year-over-year increase of nearly 41 percent from $360 million.

The firm signed 75 office leases in its Manhattan portfolio for a total of 548,602 square feet, in line with CEO Marc Holliday’s goal of leasing about half a million square feet per quarter. Among the bigger signings were the City University of New York’s 47,162-square-foot renewal and expansion deal at 16 Court Street in Brooklyn, and a new 25,224-square-foot lease with Napier Park Global Capital at 280 Park Avenue, which SL Green jointly owns with Vornado Realty Trust.

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Other highlights include the acquisition of Ivanhoe Cambridge’s stake in 388-390 Greenwich Street — which is the site of Citigroup’s new headquarters — for nearly $800 million, and the acquisition of a fee interest in an office tower at 635 Madison Avenue for $145 million. — Hiten Samtani