SL Green Realty (SLG) Guides FY15 FFO Above Expectations
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EPS Growth %: +131.7%
Financial Fact:
Net income from discontinued operations: 0
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SL Green Realty (NYSE: SLG)
Members of senior management of the Company will make a presentation during the Company's 2014 Annual Investor Conference on Monday, December 8, 2014 (the "Investor Conference"). At the Investor Conference, the Company will provide its earnings guidance for the year ending December 31, 2015 of FFO per share (diluted) of $6.24 to $6.30, and net income per share (diluted) of $2.05 to $2.10. Also, the Company will confirm its previously announced earnings guidance for the year ending December 31, 2014 of FFO per share (diluted) of $5.82 to $5.85. A copy of the presentation is available on our corporate website at www.slgreen.com under the "Investors—Calendar & Websites" section.
The following table reconciles estimated earnings per share (diluted) to FFO per share (diluted) for the years ending December 31, 2014 and 2015.
| Year Ended December 31, | Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2014 | 2015 | 2015 | ||||||||||
Net income per share attributable to SL Green stockholders | $ | 4.77 | $ | 4.80 | $ | 2.05 | $ | 2.10 | |||||
Add: | |||||||||||||
Depreciation and amortization | 3.77 | 3.77 | 3.79 | 3.79 | |||||||||
Discontinued operations depreciation adjustments | 0.05 | 0.05 | — | — | |||||||||
Unconsolidated joint ventures depreciation and noncontrolling interests adjustments | 0.34 | 0.34 | 0.25 | 0.25 | |||||||||
Net income attributable to noncontrolling interests | 0.27 | 0.27 | 0.17 | 0.18 | |||||||||
Less: | |||||||||||||
Gain on sale of discontinued operations | 1.45 | 1.45 | — | — | |||||||||
Equity in net gain on sale of interest in unconsolidated joint venture / real estate | 1.23 | 1.23 | — | — | |||||||||
Purchase price fair value adjustment | 0.68 | 0.68 | — | — | |||||||||
Depreciation and amortization on non-real estate assets | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||
| | | | | | | | | | | | | | |
Funds from Operations per share | $ | 5.82 | $ | 5.85 | $ | 6.24 | $ | 6.30 | |||||
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The information being furnished pursuant to this Item 7.01 shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.
*** The Street is looking for FY14 FFO of $5.96 per share and FY15 FFO of $6.23 per share.
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