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SL Inexperienced (NYSE:SLG) This autumn funds from operations and whole income miss consensus estimates as occupancy charges within the REIT’s Manhattan same-store workplace portfolio slipped throughout the quarter.
This autumn FFO per share of $1.52 misses the $1.55 consensus and slipped from $1.56 within the year-ago interval. This autumn whole income of $194.6M trails the typical analyst estimate of $154.0M and dropped from $234.9M within the year-ago quarter.
Occupancy within the firm’s Manhattan same-store workplace portfolio was 93.0% at Dec. 31 vs. 93.2% on the finish of the earlier quarter.
Identical-store web money working revenue, together with its share of same-store money NOI from unconsolidated joint ventures, elevated by 2.9% for This autumn 2021 and elevated by 0.7% fore the total 12 months as in contrast with the year-ago durations, excluding lease termination revenue.
Throughout This autumn, SL Inexperienced (SLG) signed 52 workplace leases in its Manhattan portfolio totaling 573,806 sq. toes. The common lease of the brand new Manhattan leases was for five.9 years, common tenant concessions had been 7.0 months of free lease, with a tenant enchancment allowance of $56.17 per rentable sq. foot, excluding leases signed at One Vanderbilt Avenue.
The REIT points no earnings steering for 2022.
Convention name on Thursday at 2:00 PM ET.
Earlier, SL Inexperienced Realty FFO of $1.52 misses by $0.03.
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