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SL Green Realty Corp. Reports Fourth Quarter And Full Year 2012 FFO Of $1.16 And $5.35 Per Share Before Transaction Costs And EPS Of $0.22 And $1.74 Per Share

SL Green Realty Corp. (NYSE: SLG):

Financial and Operating Highlights
  • Fourth quarter FFO of $1.16 per diluted share before transaction related costs of $0.02 per diluted share compared to prior year FFO of $1.04 per diluted share before transaction related costs of $0.02 per diluted share. Full year FFO of $5.35 per diluted share before transaction related costs of $0.07 per diluted share compared to prior year FFO of $4.88 per diluted share before transaction related costs of $0.08 per diluted share.
  • Fourth quarter net income attributable to common stockholders of $0.22 per diluted share compared to prior year net income of $0.03 per diluted share. Full year net income attributable to common stockholders of $1.74 per diluted share compared to prior year net income of $7.33 per diluted share.
  • Combined same-store cash NOI increased 4.6 percent and 4.8 percent for the fourth quarter and full year, compared to the prior year, an increase of $6.7 million and $27.6 million, respectively.
  • Signed 54 Manhattan office leases totaling 321,622 square feet during the fourth quarter. The mark-to-market on office leases signed in Manhattan was 4.2 percent higher in the fourth quarter than the previously fully escalated rents on the same office spaces.
  • Year-end occupancy of 93.8 percent in Manhattan same-store properties compared to 93.0 percent at year-end 2011 and 93.3 percent at September 30, 2012.
  • Signed 25 Suburban office leases totaling 109,410 square feet during the fourth quarter. The mark-to-market on office leases signed in the Suburban portfolio was 6.4 percent lower in the fourth quarter than the previously fully escalated rents on the same office spaces.
  • Year-end occupancy of 81.3 percent in the Suburban portfolio compared to 82.6 percent at year-end 2011 and 81.5 percent at September 30, 2012.

Investing Highlights
  • Extended the ground lease at 673 First Avenue by 50 years to August 2087, significantly enhancing the value of the asset.
  • Formed a joint venture which entered into a 99-year triple net ground lease on 1080 Amsterdam Avenue, Manhattan. The 82,250 square foot building comprising 96 units will be redeveloped into a luxury residential building.
  • Sold a 49.5 percent interest in 521 Fifth Avenue at a gross sales price of $315.0 million. Simultaneous with the sale, refinanced the property with a new $170.0 million mortgage.
  • Acquired the 68,342 square foot retail property anchored by Burberry and Diesel at 131-137 Spring Street in Manhattan’s popular SoHo neighborhood, for total consideration of $122.3 million.
  • Acquired a 35.5 percent interest in the 147,619 square foot office property at 315 West 36th Street at a gross purchase price of $45.0 million. The acquisition was financed with a $25.0 million mortgage.
  • Subsequent to the end of the year, sold a 50 percent interest in a mezzanine loan secured by a New York City office property generating $57.8 million of proceeds, inclusive of $12.9 million of income.

Financing Highlights
  • Issued $200.0 million aggregate principal amount of 4.50 percent senior notes due December 1, 2022, generating $198.2 million in net proceeds for the Company.
  • Refinanced the Company’s credit facility with a new, lower cost, 5-year $1.2 billion revolving line of credit and a $400 million term loan.
  • Repurchased $22.7 million of the outstanding 5.875 percent notes due 2014 and $19.7 million of the outstanding 6.00 percent notes due 2016, pursuant to a tender offer, resulting in a charge of $3.9 million in the fourth quarter.
  • Added 673 First Avenue, 110 East 42nd Street and 609 Fifth Avenue to the unencumbered asset pool, resulting in a charge of $3.1 million in the fourth quarter.
  • Increased the quarterly common stock dividend by 32 percent to $0.33 per share.

Summary

SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, of $107.2 million, or $1.14 per diluted share, for the quarter ended December 31, 2012, compared to $90.3 million, or $1.02 per diluted share, for the same quarter in 2011. The Company also reported funds from operations, or FFO, of $490.3 million, or $5.28 per diluted share, for the year ended December 31, 2012, compared to $413.8 million, or $4.80 per diluted share, for the year ended December 31, 2011.

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