SL Green Realty (NYSE: SLG) reported Q1 EPS of $1.12, versus $0.45 reported last year. Revenue for the quarter came in at $301.7 million versus the consensus estimate of $266.37 million.

Financial and Operating Highlights

• Net income attributable to common stockholders of $1.12 per share for the first quarter as compared to $0.11 per share for the same period in 2017.
• FFO of $1.66 per share for the first quarter as compared to $1.57 per share for the same period in 2017.
• Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 7.4% for the first quarter as compared to the same period in the prior year.
• Signed 28 Manhattan office leases covering 375,813 square feet in the first quarter. The mark-to-market on signed Manhattan office leases was 10.4% higher for the first quarter over the previously fully escalated rents on the same spaces. Manhattan same store occupancy was 95.6% as of March 31, 2018, inclusive of leases signed but not yet commenced.
• Signed a 15-year lease, initially covering four contiguous floors, with Greenberg Traurig to relocate the center of its New York operations to One Vanderbilt Avenue.
• Signed 19 Suburban office leases covering 157,485 square feet in the first quarter. The mark-to-market on signed Suburban office leases was 1.4% higher for the first quarter over the previously fully escalated rents on the same spaces.

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