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NEW YORK - SL Green Realty Corp. (NYSE:SLG), a major Manhattan office landlord, reported first quarter 2025 financial results that beat earnings expectations but fell short on revenue. The company’s stock edged down 0.6% following the announcement.
SL Green posted a net loss of $0.30 per share for Q1, which was better than the analyst estimate of a $0.41 per share loss. However, revenue came in at $144.52 million, missing the consensus forecast of $145.27 million.
The company reported funds from operations (FFO) of $1.40 per share, which included a $0.04 per share negative impact from fair value adjustments on derivatives. This compares to FFO of $3.07 per share in Q1 2024, which had benefited from a significant gain on debt extinguishment.
"We saw solid leasing activity in our Manhattan portfolio this quarter, signing 45 office leases covering over 600,000 square feet," said Marc Holliday, Chairman and CEO of SL Green. "While market conditions remain challenging, we’re encouraged by our robust leasing pipeline of more than 1.1 million square feet."
Same-store cash net operating income increased 2.4% year-over-year, excluding lease termination income. Manhattan office occupancy stood at 91.8% at quarter-end, in line with the company’s expectations.
SL Green completed several transactions in the quarter, including the $130 million acquisition of 500 Park Avenue and the sale of six residential units at 760 Madison Avenue for $93.3 million in net proceeds.
The company maintained its quarterly dividend of $0.2575 per share and expects to increase Manhattan office occupancy to 93.2% by year-end.
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