SL Green Realty Corp SLG shares are trading lower by around 4% after it reported Q3 FY23 earnings results.
The company reported rental revenues of $131.52 million (vs. $142.96 million a year ago), missing the consensus of $143.82 million. Total revenues declined to $173.22 million.
SLG reported an FFO per share of $1.27, declining from $1.66 a year ago.
Same-store cash NOI (including same-store cash NOI from unconsolidated joint ventures) rose by 12.1% Y/Y, or 10.4% Y/Y, excluding lease termination income.
In Q3, the company signed 50 office leases in its Manhattan office portfolio totaling 355,831 square feet.
Occupancy in the Manhattan same-store office portfolio increased to 89.9% as of September 30, 2023, compared to 89.8% at the end of Q2 2023.
As of September 30, 2023, cash and cash equivalents were around $319 million.
Year-to-date FY23, the company executed total debt refinancings, extensions, or modifications of $3.2 billion and has lowered combined debt by $1.0 billion.
Also Read: SL Green's High Leverage Is A Red Flag: Analyst Downgrades Stock
FY23 Outlook: SLG lowered the outlook for FFO per share to $5.05-$5.35 (from $5.30-$5.60 earlier) and net EPS loss to $(7.69)-$(7.39) from $(1.27)-$(0.97) earlier.
This reflects $0.10 per share of severance expense and $0.17 per share of accelerated share-based compensation expense (to be recognized in Q4 FY23) related to the non-renewal of President Andrew Mathias's employment agreement.
Price Action: SLG shares are down 3.74% at $34.01 premarket on the last check Thursday.
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