SL Green Realty (SLG) Tops Q1 EPS by 10c, Revenues Beat

SL Green Realty (NYSE: SLG) reported Q1 EPS of $0.52, $0.10 better than the analyst estimate of $0.42. Revenue for the quarter came in at $304.26 million versus the consensus estimate of $242.88 million.

• Net income attributable to common stockholders of $0.52 per share for the first quarter as compared to $1.12 per share for the same period in 2018. Net income attributable to common stockholders for the first quarter of 2018 included a non-cash fair value adjustment of $49.3 million, or $0.52 per share, related to the deconsolidation of 919 Third Avenue.
• Funds from operations, or FFO, of $1.68 per share for the first quarter, net of a non-cash charge of $2.0 million, or $0.02 per share, related to the bankruptcy of Diesel, a tenant at 625 Madison Avenue, as compared to $1.66 per share for the same period in 2018.
• Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 5.1% for the first quarter excluding lease termination income and free rent given to Viacom at 1515 Broadway, as compared to same period in the prior year.
• Signed 32 Manhattan office leases covering 407,902 square feet in the first quarter. The mark-to-market on signed Manhattan office leases was 4.5% higher for the first quarter over the previous fully escalated rents on the same spaces.
• Signed a new 28,024 square foot lease with KPS Capital Partners, LP and, in April, signed a 14,276 square foot expansion with McDermott Will & Emery at One Vanderbilt, bringing the property to 56.9% leased ahead of its planned opening in August 2020.
• In April, signed First Republic Bank to a 211,521 square foot, 15-year lease at 460 West 34th Street, the 20-Story, 638,000 square foot, Class A office building located directly across from Hudson Yards and Manhattan West along the full block front of Tenth Avenue between 33rd and 34th Streets, which will be undergoing a substantial redevelopment.
• In April, signed a 10.8 year renewal for 56,239 square feet with Skadden, Arps, Slate, Meagher & Flom LLP at 360 Hamilton Avenue in White Plains, NY.
• Manhattan same-store occupancy was 95.8% as of March 31, 2019, inclusive of leases signed but not yet commenced.
• For earnings history and earnings-related data on SL Green Realty (SLG) click here.

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