SL Green Reports Lower Q3 Earnings on Higher Debt Costs, Lowers 2023 Outlook
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SL Green reported lower FFO in Q3, largely due to higher interest payments on debt.
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FFO guidance for 2023 lowered to $5.05-$5.35 per share, due to severance and accelerated stock compensation expenses.
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Same-store cash NOI increased 10.4% excluding lease termination income.
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Signed 355k square feet of Manhattan office leases with rents 3.8% below previous leases.
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Manhattan same-store office occupancy improved to 89.9% from 89.8% last quarter.