SL Green Q1 FFO Misses by $0.22, Posts $84.4M Loss
SL Green reported Q1 funds from operations of $64.6 million, or $0.84 per share, missing the $1.06 consensus estimate by $0.22. The REIT recorded a net loss of $84.4 million ($1.20 per share) on $253.1 million revenue, and projects full-year FFO of $4.40-$4.70.
1. First-Quarter FFO Results
SL Green posted funds from operations (FFO) of $64.6 million, or $0.84 per share, in the first quarter, falling short of the $1.06 per share consensus estimate by $0.22.
2. Net Loss Details
The REIT recorded a net loss of $84.4 million, or $1.20 per share, following adjustments for depreciation and amortization.
3. Revenue Performance
Total revenue reached $253.1 million in the period, with adjusted revenue of $166 million from its commercial property portfolio.
4. Full-Year FFO Guidance
SL Green expects full-year funds from operations of $4.40 to $4.70 per share, maintaining its prior guidance despite the Q1 shortfall.