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.

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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.

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