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SL Green Realty Corp. Reports Second Quarter 2014 FFO Of $1.64 Per Share Before Transaction Costs; And EPS Of $2.46 Per Share

SL Green Realty Corp. (NYSE:SLG):

Financial and Operating Highlights

  • Second quarter FFO of $1.64 per share before transaction related costs of $0.02 per share compared to prior year FFO of $1.29 per share before transaction related costs of $0.02 per share.
  • Second quarter net income attributable to common stockholders of $2.46 per share compared to net income of $0.09 per share in the prior year. Current quarter net income includes a gain recognized on the sale of 673 First Avenue of $1.18 per share and a purchase price fair value adjustment related to the acquisition of the Company’s joint venture partner’s interest in 388-390 Greenwich Street of $0.72 per share.
  • Combined same-store cash NOI increased 3.5 percent for the second quarter compared to the prior year.
  • Signed 64 Manhattan office leases covering 272,645 square feet during the second quarter. The mark-to-market on signed Manhattan office leases was 10.5 percent higher in the second quarter than the previously fully escalated rents on the same spaces.
  • Signed 34 Suburban office leases covering 163,777 square feet during the second quarter. The mark-to-market on signed Suburban office leases was 3.2 percent higher in the second quarter than the previously fully escalated rents on the same spaces.

Investing Highlights

  • Closed on the acquisition of the Company’s joint venture partner’s interest in 388-390 Greenwich Street at a valuation for the consolidated investment of $1.585 billion and simultaneously closed on a $1.45 billion mortgage refinancing of the property.
  • Entered into an agreement to sell the leased fee interest in 2 Herald Square for $365.0 million.
  • Together with its joint venture partner, reached an agreement to sell the mixed-use college dormitory/retail asset at 180 Broadway for a gross sales price of $222.5 million.
  • Closed today on the sale of the development properties at 985-987 Third Avenue for $68.7 million.
  • Closed on the sale of the Company’s leasehold interest in 673 First Avenue for $145.0 million and recognized a gain on sale of $117.8 million.
  • Closed on the sale of the Company’s joint venture interest in 747 Madison Avenue for a gross sales price of $160.0 million, recognizing a promote of $10.3 million and a deferred gain on sale of $13.1 million.
  • Closed on the acquisition of 719 Seventh Avenue for $41.1 million, expanding the Company’s retail footprint in Times Square.
  • Closed on the acquisition of a prime retail condominium at 115 Spring Street for $52.0 million, located along one of SoHo’s most popular shopping corridors.
  • Originated and retained or acquired debt and preferred equity investments totaling $219.3 million in the second quarter at a weighted average current yield of 9.1 percent.

Summary

SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended June 30, 2014 of $160.9 million, or $1.62 per share, after giving consideration to transaction costs of $1.7 million, or $0.02 per share, as compared to FFO for the same quarter of 2013 of $120.5 million, or $1.27 per share, after giving consideration to transaction costs of $1.7 million, or $0.02 per share, and non-recurring charges related to the redemption of the Series C Cumulative Redeemable Preferred Stock of $12.2 million, or $0.13 per share.

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