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SL Green's Q1 Revenues Up 4%

NEW YORK CITY-The REIT caps a busy first quarter with a 35,000-square-foot lease renewal and capital improvements on three office towers.

By Paul Bubny | Updated on April 28, 2009

NEW YORK CITY-First-quarter revenues for SL Green Realty Corp. were up 3.9% year-over-year to $263.4 million, although the office REIT’s EBIDTA of $143.8 million was off by 6.6% compared to Q1 2008, the company announced Tuesday. Its Q1 FFO was up 8.8% to $88.1 million, or $1.48 per share, over Q1 ’08′s $1.36, while net income was $32.1 million for the quarter compared to $121.1 million a year earlier.

During Q1, SL Green signed 32 Manhattan office leases totaling 296,840 square feet with average starting rents of $52.71 per square foot. Occupancy for the Manhattan portfolio, including both office and retail, was 96.2% as of March 31, compared to 96.7% at the end of ’08. In SL Green’s suburban portfolio, occupancy was 90.4% at the end of Q1 ’09–an identical rate as Q3 ’08. During the quarter, the company signed 32 leases in the suburban portfolio totaling 124,090 square feet, of which 29 transactions and 123,110 square feet came from office leases.

The second quarter has gotten under way with more Midtown office deals, including two that GlobeSt.com reported last week at 100 Park Ave.: an expansion of Wells Fargo Trade Capital’s existing lease and the signing of First Wall Street Group for 15,945 square feet. On Tuesday, SL Green announced today Insight Communications–a longtime tenant at 810 Seventh Ave.–renewed its 34,640-square-foot lease for the top two floors there.

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