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.
- 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’s 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.
- 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.
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