SL Green Realty Q4 FFO Declines

(RTTNews) - SL Green Realty Corp. (SLG), a real estate investment trust, Wednesday announced a decline in its funds from operations mainly due to lesser revenue and higher non-recurring general and administrative charges.

FFO for the fourth quarter decreased to $49.7 million or $0.72 a share from $100 million or $1.46 a share last year.

For the fourth quarter, the loss widened to $155.6 million or $2.45 per share compared to $64.3 million or $1.01 per share last year, reflecting higher depreciable real estate reserves, purchase price and other fair value adjustments. On average, three analysts polled by Thomson Reuters expected a loss of $0.88 a share for the quarter.

Revenue declined to $211.7 million from $250.7 million primarily due to lower investment income and rental revenue.

Investment income decreased to $6.8 million from $11.3 million last year whereas rental revenue declined to $131.9 million from $172.9 million during the same period last year.

Looking forward, the company now sees its FFO outlook for the fiscal year 2024 to stand between $5.90 and $6.20, compared to its previous outlook of $4.90 to $5.20.

Also, the company uplifted its earnings per share for the fiscal year to be in the range of $2.73 to $3.03 compared to the previous outlook of $1.35 to $1.65 reflecting incremental gains during that period.

After hours, the stock of SL Green Realty climbed 0.96 percent, to $46.05 on the New York Stock Exchange.