WASHINGTON (dpa-AFX) - SL Green Realty Corp. (SLG) said, for the year ending December 31, 2020, the company now projects FFO per share of $6.60 to $7.10, revised from prior guidance of $7.25 to $7.35. The company expects the ongoing global COVID-19 pandemic will have an impact on its business, and industry as a whole, going forward.
For the first quarter, FFO per share was $2.08, which includes the recognition of $0.46 per share, of incremental income from Credit Suisse at 1 Madison Avenue representing rent through December 31, 2020, offset by $0.14 per share, of reserves against the debt and preferred equity portfolio related to the potential sale of certain investments and the implementation of the Current Expected Credit Loss, or CECL, regulations.
First quarter same-store cash net operating income, or NOI, including the company's share of same-store cash NOI from unconsolidated joint ventures, increased 0.7%, excluding lease termination income and free rent to Viacom at 1515 Broadway.
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