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SL Green Q2 same-store cash NOI declines 2.7%

Jul. 17, 2019 4:19 PM ETSL Green Realty Corp. (SLG) StockBy: Liz Kiesche, SA News Editor
  • SL Green (NYSE:SLG) Q2 FFO per share of $1.82, including 4 cents of promote income from the sale of 521 Fifth Avenue.
  • Excluding that item, Q2 FFO would be $1.78 per share vs. the consensus estimate of $1.74.
  • Q2 net rental revenue of $216.5M, up 2.4% Y/Y, trails the average analyst estimate of $241.6M.
  • Same-store cash net operating income, including SLG's share of same-store cash NOI from unconsolidated joint ventures, decreased by 2.7% for the quarter ended June 30, 2019, but increased by 1.1% excluding lease termination income and free rent given to Viacom at 1515 Broadway.
  • Occupancy in the company's Manhattan same-store portfolio was 95.2% as of June 30, 2019 vs. 96.0% at June 30, 2018.
  • Occupancy in its suburban same-store portfolio was 90.0% as of June 30, 2019, vs. 92.2% at June 30, 2018.
  • Conference call on July 18 at 2:00 PM ET.
  • Previously: SL Green Realty FFO beats by $0.08, misses on rental revenue (July 17)

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