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SL Green Realty Corp. Reports Second Quarter 2013 FFO Of $1.42 Per Share Before Transaction Costs And Non-Recurring Charges; And EPS Of $0.09 Per Share

SL Green Realty Corp. (NYSE: SLG):

Financial and Operating Highlights

  • Second quarter FFO of $1.42 per diluted share before transaction related costs of $0.02 per diluted share and non-recurring charges related to the redemption of the Series C Cumulative Redeemable Preferred Stock of $0.13 per diluted share, compares with prior year second quarter FFO of $1.94 per diluted share before transaction related costs of $0.02. The prior year results reflect additional income of $67.9 million, or $0.73 per diluted share, relating to profit from the recapitalization of 717 Fifth Avenue.
  • Second quarter net income attributable to common stockholders of $0.09 per diluted share compares with prior year net income of $1.14 per diluted share.
  • Combined same-store cash NOI increased 2.2 percent for the second quarter, an increase of $4.0 million over the second quarter of 2012. Combined same-store cash NOI increased 3.3 percent for the first six months of 2013, an increase of $11.7 million over the first six months of 2012.
  • Signed 69 Manhattan office leases totaling 768,682 square feet during the second quarter. The mark-to-market on replacement office leases signed in Manhattan was 11.7 percent higher in the second quarter than the previously fully escalated rents on the same office spaces.
  • Signed 44 Suburban office leases totaling 269,955 square feet during the second quarter. The mark-to-market on replacement office leases signed in the Suburban portfolio was 10.6 percent lower in the second quarter than the previously fully escalated rents on the same office spaces.

Investing Highlights

  • Entered into an agreement to sell 333 West 34 th Street in Manhattan for $220.3 million, or approximately $630 per square foot. The sale is expected to close during the third quarter of 2013, subject to customary closing conditions.
  • Entered into an agreement to sell 300 Main Street in Stamford, Connecticut for $13.5 million. The sale is expected to close during the third quarter of 2013, subject to customary closing conditions.
  • Recorded additional income of $6.4 million in connection with the repayment at par of a first mortgage secured by interests in 315 Park Avenue South, Manhattan.
  • Acquired interests from the Company‚Äôs joint venture partner in 16 Court Street, which valued the Property at $96.2 million, inclusive of the $84.6 million mortgage encumbering the property.

Financing Highlights

  • Redeemed all 7,700,000 outstanding shares of 7.625% Series C Cumulative Redeemable Preferred Stock.
  • Closed on a three-year construction financing facility at 1552-1560 Broadway totaling $200.0 million, inclusive of future funding. The new floating rate facility replaces the previous $119.6 million mortgage.
  • Closed on a $53.2 million mortgage refinancing of 29 West 34 th Street. The new five-year, floating rate loan replaces the previous $53.2 million mortgage.

Summary

SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, of $120.5 million, or $1.27 per diluted share, for the quarter ended June 30, 2013 inclusive of charges related to the redemption of the Series C Cumulative Redeemable Preferred Stock of $12.2 million, or $0.13 per diluted share, and transaction costs of $1.7 million, or $0.02 per diluted share, compared to $179.0 million, or $1.92 per diluted share, for the same quarter in 2012 after giving consideration to transaction costs of $2.0 million, or $0.02 per diluted share. The prior year results reflect additional income of $67.9 million, or $0.73 per diluted share, related to profit, from the recapitalization of 717 Fifth Avenue.

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