Revenues and EBITDA for Q1 stood at $258.6 million and $143.5million, respectively, compared to $262.4 million and $143.4million for Q1 '09. Net income for the quarter totaled $0.19 pershare, compared to net income of $0.57 per share in the same periodthe year prior.

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Excluding 100 Church, occupancy for SL Green's Manhattanportfolio stood at 94% as of the end of March. The inclusion of 100Church brings the overall rate down to 91.9%. Occupancy in thesuburban portfolio was 88.1% at the end of the quarter.

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The REIT signed or commenced 47 Manhattan offices leasestotaling more than 500,000 square feet during Q1, and a total of 58leases across the Manhattan portfolio. These were highlighted byNew York Life's early renewal for 87,944 square feet at 420Lexington Ave. and new leases with Jones Day at 220 E. 42d St. andJobre & Kim, LLP at 800 Third Ave., for 44,034 square feet and40,020 square feet, respectively.

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In the suburban portfolio, SL Green's leasing activity washighlighted by an early renewal with Stancorp Financial Group forapproximately 33,771 square feet at 360 Hamilton Avenue in WhitePlains and an early renewal with Kaufman Borgeest & Ryan forabout 24,743 square feet at 200 Summit Lake Dr. in Valhalla,NY.

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The average starting rent in the Manhattan portfolio was $45 persquare foot, the average lease term was 9.1 years and averagetenant concessions were 5.5 months of free rent with a tenantimprovement allowance of $28.31 per rentable square foot, accordingto the REIT's earnings report.

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During Q1, SL Green also focused on fundraising. It completed anunderwritten public offering of 5.4 million shares of preferredstock at $23.53 per share. Net proceeds were approximately $122.1million. The REIT also completed its initial unsecured noteissuance with an offering of $250 million in 7.75% senior unsecurednotes due March 15, 2020 through its Reckson Operating Partnershipsubsidiary. Proceeds were used to fund a tender offer to buy backits debt, through which SL Green purchased $115 million in seniornotes.

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Additionally, the REIT extended the maturity date of the 16Court St. mortgage and construction loans to October 2013. Theloans on the Brooklyn office property have a one-year extensionoption.

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The first quarter also saw SL Green originate or purchase fivenew structured finance investments for approximately $80.7 million,all of which are collateralized by Manhattan real estate. In all,the company's structured finance investments totaled approximately$786.1 million at the end of March, an increase of approximately$1.5 million from the balance at the end of Q4 '09.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.