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SL Green Reports $85M FFO for Q1

NEW YORK CITY-The first quarter was highlighted by fund raising, debt buyback and the $193-million acquisition of 600 Lexington Ave.

By Paul Bubny | Updated on April 26, 2010

NEW YORK CITY-SL Green Realty Corp. on Monday evening reported first-quarter funds from operations of $85 million, compared to $88.1 million in the same time period for 2009. The quarter was highlighted by the REIT’s taking full possession of 100 Church St., on which it foreclosed in January, and agreeing to buy 600 Lexington Ave. for $193 million.

Revenues and EBITDA for Q1 stood at $258.6 million and $143.5 million, respectively, compared to $262.4 million and $143.4 million for Q1 ’09. Net income for the quarter totaled $0.19 per share, compared to net income of $0.57 per share in the same period the year prior.

Excluding 100 Church, occupancy for SL Green’s Manhattan portfolio stood at 94% as of the end of March. The inclusion of 100 Church brings the overall rate down to 91.9%. Occupancy in the suburban portfolio was 88.1% at the end of the quarter.

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