SL Green Realty (NYSE: SLG) reported Q4 EPS of $0.29, versus $0.41 reported last year. Revenue for the quarter came in at $367.34 million versus the consensus estimate of $273.35 million.

Financial and Operating Highlights

• Net income attributable to common stockholders of $0.29 per share for the fourth quarter and $0.87 per share for the full year 2017 as compared to $0.44 and $2.34 per share for the same periods in 2016.
• FFO of $1.60 per share for the fourth quarter and $6.45 per share for the year ended December 31, 2017 as compared to $1.43 and $8.29 per share for the same periods in 2016. FFO for the fourth quarter of 2017 included a $4.1 million charge to MG&A expense related to forfeiture of the Company\'s 2014 Outperformance Plan awards, partially offset by a $3.2 million real estate tax refund that was received in the Suburban portfolio.
• Raising 2018 earnings guidance by $0.05 per share to net income per share of $2.32 to $2.42, and NAREIT defined FFO per share of $6.70 to $6.80 after taking into consideration the $4.1 million charge taken in the fourth quarter of 2017 related to forfeiture of the Company\'s 2014 Outperformance Plan awards, which was previously projected to be a 2018 expense.
• Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 2.0% for the full year, or 2.7% excluding lease termination income, as compared to the prior year.
• Signed 47 Manhattan office leases covering 358,135 square feet in the fourth quarter and 191 Manhattan office leases covering 1,472,657 square feet during the year ended December 31, 2017. The mark-to-market on signed Manhattan office leases was 12.1% higher for the fourth quarter and 11.3% higher for the year over the previously fully escalated rents on the same spaces.
• Signed 22 Suburban office leases covering 116,212 square feet in the fourth quarter and 89 Suburban office leases covering 542,084 square feet during the year ended December 31, 2017. The mark-to-market on signed Suburban office leases was 3.7% higher for the fourth quarter and 2.9% higher for the year over the previously fully escalated rents on the same spaces.
• Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, increased by 50 basis points to 95.3% as of December 31, 2017.
• Suburban same-store occupancy, inclusive of leases signed but not yet commenced, increased by 60 basis points to 87.2% as of December 31, 2017.

GUIDANCE:

SL Green Realty sees FY2018 EPS of $2.32-$2.42, versus the consensus of $1.84.

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