FX.co ★ SL Green Realty Q1 FFO Rises

On Wednesday, SL Green Realty Corp. (SLG) announced a significant increase in its Funds from Operations (FFO) for the first quarter of the year. The FFO rose to $215.4 million, or $3.07 per share, up from $105.5 million, or $1.53 per share from the same period last year.

The company also reported a profit of $13.1 million or $0.20 per share, a stark improvement from a loss of $39.7 million or $0.63 per share in the first quarter of the previous year.

According to forecasts from analysts surveyed by Thomson Reuters, the expected earnings per share was estimated to be $0.17. Therefore, the company's reported profit surpassed these estimates.

However, revenue for the company dipped to $187.9 million, a considerable drop from $245.8 million in the prior year.

Furthermore, SL Green Realty Corp. announced an upward revision of its FFO per share expectation for the fiscal year 2024. The new forecasted range is $7.35 to $7.65 per share, which is an increase from the previous projection of $5.90 to $6.20 per share.