NYSE$SLG
SL Green Realty Corp. · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
Reported an increase in net income and FFO, driven by strategic asset sales and incremental income from Credit Suisse.
SL Green Realty Corp. reported a strong first quarter with net income attributable to common stockholders of $1.47 per share and FFO of $2.08 per share. The results were boosted by the sale of The Olivia and incremental income from Credit Suisse. However, the company is revising its earnings guidance for the year due to the expected impact of the COVID-19 pandemic.
- Net income attributable to common stockholders was $1.47 per share, including a $0.88 per share gain from the sale of The Olivia.
- FFO was $2.08 per share, including $0.46 per share of incremental income from Credit Suisse, offset by $0.14 per share of reserves.
- Same-store cash NOI increased 0.7%, excluding lease termination income and free rent to Viacom.
- The company revised its full-year earnings guidance due to the expected impact of the COVID-19 pandemic.
Headline financials
Revenue & EPS history
SL Green · Revenue · Quarterly
$314M
Revenue by segment
SL Green · $314M total across 4 segments · Q1 2020
- Rental Revenue$195M—62.2%
- Other Income$53.1M—16.9%
- Investment Income$38.5M—12.3%
- Escalation & Reimbursements$27.2M—8.6%
Forward guidance
The Company is revising its earnings guidance ranges for the year ending December 31, 2020 to net income per share of $1.83 to $2.33 and FFO per share of $6.60 to $7.10 per share as we expect that the global COVID-19 pandemic will have an impact on our business, and our industry as a whole, going forward.
Headwinds
- Slowdown in leasing activity
- Reduction in market rents
- Reduced collections in owned properties or debt & preferred equity portfolio
- Delays and local restrictions around development and redevelopment activities
- Increased expenditures related to enhanced safety policies and procedures
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
-0.5%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.0%
Avg return
30 days after
46%
32 / 69 earnings
Positive
+11.7%
Q2 2011
Best reaction
-12.4%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.0% | +5.4% | +3.9% | |
| Q4 2025 | +2.3% | -3.2% | -15.4% | |
| Q3 2025 | -6.2% | -7.9% | -16.0% | |
| Q2 2025 | -0.4% | +0.7% | +20.6% | |
| Q1 2025 | +0.2% | +1.3% | +12.4% | |
| Q4 2024 | -2.1% | -4.4% | -6.6% | |
| Q3 2024 | +4.8% | +7.1% | +5.4% | |
| Q2 2024 | -3.9% | -2.1% | +0.7% | |
| Q1 2024 | +0.4% | +5.1% | +9.7% | |
| Q4 2023 | +2.8% | +4.9% | +1.9% | |
| Q3 2023 | -12.4% | -14.6% | -5.7% | |
| Q2 2023 | -1.2% | +6.5% | -5.2% | |
| Q1 2023 | +1.6% | -1.4% | -8.0% | |
| Q4 2022 | +1.0% | +6.6% | -3.2% | |
| Q3 2022 | -3.9% | -3.5% | +1.8% | |
| Q2 2022 | -1.6% | +0.1% | -0.4% | |
| Q1 2022 | +0.7% | +0.4% | -19.0% | |
| Q4 2021 | -5.5% | -2.1% | +8.4% | |
| Q3 2021 | +0.1% | +0.1% | +0.4% | |
| Q2 2021 | -2.7% | -2.7% | -8.7% | |
| Q1 2021 | -0.8% | +3.4% | +8.9% | |
| Q4 2020 | +3.1% | +0.7% | +5.6% | |
| Q3 2020 | -1.8% | -10.1% | +25.9% | |
| Q2 2020 | -0.1% | -2.2% | -1.6% | |
| Q1 2020 | +1.9% | +5.9% | -17.9% | |
| Q4 2019 | +1.9% | +0.3% | +1.1% | |
| Q3 2019 | -1.0% | -0.6% | +5.2% | |
| Q2 2019 | +1.9% | -1.8% | -3.3% | |
| Q1 2019 | -0.3% | -0.3% | -0.4% | |
| Q4 2018 | -2.3% | +1.5% | +4.5% | |
| Q3 2018 | -0.1% | -0.9% | +2.3% | |
| Q2 2018 | +1.4% | -0.6% | +5.6% | |
| Q1 2018 | -0.0% | -0.9% | -2.9% | |
| Q4 2017 | -0.7% | +1.4% | +0.5% | |
| Q3 2017 | -3.3% | -4.0% | -1.1% | |
| Q2 2017 | -2.1% | -1.3% | -6.6% | |
| Q1 2017 | -1.6% | -1.4% | -5.8% | |
| Q4 2016 | +0.6% | -0.3% | +2.2% | |
| Q3 2016 | -0.8% | -3.3% | -1.8% | |
| Q2 2016 | +2.0% | +4.3% | +4.1% | |
| Q1 2016 | +2.8% | — | — | |
| Q4 2015 | -9.5% | — | — | |
| Q3 2015 | +0.8% | — | — | |
| Q2 2015 | -1.6% | — | — | |
| Q1 2015 | -0.6% | — | — | |
| Q4 2014 | -0.5% | — | — | |
| Q3 2014 | +1.7% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | +1.1% | — | — | |
| Q4 2013 | +0.9% | — | — | |
| Q3 2013 | +1.7% | — | — | |
| Q2 2013 | -2.8% | — | — | |
| Q1 2013 | +2.2% | — | — | |
| Q4 2012 | -1.8% | — | — | |
| Q3 2012 | -2.7% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2011 | -4.9% | — | — | |
| Q2 2011 | +11.7% | — | — | |
| Q1 2010 | +1.0% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2010 | +1.1% | — | — | |
| Q4 2008 | +1.1% | — | — | |
| Q3 2009 | -4.5% | — | — | |
| Q3 2010 | -4.5% | — | — | |
| Q4 2009 | -1.7% | — | — | |
| Q2 2010 | -1.7% | — | — | |
| Q2 2009 | -1.7% | — | — |
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