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SL Green Realty Corp. Reports Third Quarter 2013 FFO Of $1.34 Per Share; And EPS Of $0.40 Per Share

SL Green Realty Corp. (NYSE:SLG)

Financial and Operating Highlights

  • Third quarter FFO of $1.34 per diluted share compares with prior year third quarter FFO of $1.12 per diluted share. The current quarter results reflect a non-recurring, non-cash charge of $6.9 million, or $0.07 per diluted share, related to a former tenant.
  • Raising 2013 FFO guidance to $5.12 to $5.16 per share from $4.90 to $5.00 per share, and raising 2013 FAD guidance to $3.51 to $3.55 per share from $3.10 to $3.20 per share.
  • Increased the Company‚Äôs quarterly dividend by 52 percent to a new annual rate of $2.00 per share beginning with the fourth quarter dividend to be paid in January 2014.
  • Third quarter net income attributable to common stockholders of $0.40 per diluted share compares with prior year net income of $0.09 per diluted share.
  • Combined same-store cash NOI increased 1.6 percent for the third quarter and combined same-store cash NOI increased 2.8 percent for the first nine months of 2013.
  • Signed 52 Manhattan office leases totaling 441,338 square feet during the third quarter. The mark-to-market on replacement office leases signed in Manhattan was 1.0 percent higher in the third quarter than the previously fully escalated rents on the same office spaces, or 7.8 percent higher excluding one 17,320 square foot lease at 810 Seventh Avenue.
  • Signed 176 Manhattan office leases totaling 1,795,447 square feet during the first nine months of 2013. The mark-to-market on replacement office leases signed in Manhattan was 5.8 percent higher in the first nine months of 2013 than the previously fully escalated rents on the same office spaces.
  • Signed 28 Suburban office leases totaling 142,384 square feet during the third quarter. The mark-to-market on replacement office leases signed in the Suburban portfolio was 0.2 percent higher in the third quarter as compared to the previously fully escalated rents on the same office spaces.
  • Signed 108 Suburban office leases totaling 718,255 square feet during the first nine months of 2013. The mark-to-market on replacement office leases signed in the Suburban portfolio was 4.0 percent lower in the first nine months of 2013 than the previously fully escalated rents on the same office spaces.
  • Increased Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, as of September 30, 2013 to 95.8 percent.

Investing Highlights

  • Entered into a contract to acquire a mixed-use residential and commercial property located at 315 West 33 rd Street, New York, New York for $386.0 million. This transaction is expected to be completed in the fourth quarter of 2013, subject to customary closing conditions.
  • Closed on the sale of 333 West 34 th Street in Manhattan for $220.3 million, or approximately $630 per square foot, resulting in a gain of $13.8 million.
  • Closed on the sale of two properties in the West Coast Office portfolio for $112.4 million. Since taking an equity ownership position in the portfolio in July 2012, three properties have been sold for a total of $224.3 million.
  • Closed on the sale of 300 Main Street in Stamford, Connecticut for $13.5 million.
  • Originated new debt investments totaling $180.8 million in the third quarter, of which we hold $70.8 million at a weighted average current yield of 12.4 percent, all of which are directly or indirectly collateralized by New York City commercial office properties.

Financing Highlights

  • Obtained an upgrade in ratings outlook from Stable to Positive from Fitch Ratings.
  • Closed on a $275.0 million mortgage financing of 220 East 42 nd Street. The new seven-year, floating rate loan replaces the previous $183.5 million mortgage that was repaid in the third quarter of 2013.

Summary

SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, of $127.4 million, or $1.34 per diluted share, for the quarter ended September 30, 2013, compared to $104.8 million, or $1.12 per diluted share, for the same quarter in 2012. The current quarter results include a non-recurring, non-cash charge of $6.9 million, or $0.07 per diluted share, related to the accounting balances of a former tenant.

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