SL Green Realty (SLG) Reports Q4 Loss of $0.73, Revenues Beat
SL Green Realty (NYSE: SLG) reported Q4 EPS of ($0.73), versus $0.27 reported last year. Revenue for the quarter came in at $317.04 million versus the consensus estimate of $254.34 million.
- Net loss attributable to common stockholders of $0.73 per share for the fourth quarter of 2018 as compared to net income of $0.29 per share for the same period in the prior year. Net loss attributable to common stockholders for the fourth quarter of 2018 included $1.48 per share of net gains from the sale of real estate offset by $2.50 per share of depreciable real estate reserves.
- Funds from operations, or FFO, of $1.61 per share for the fourth quarter and $6.62 per share for the year ended December 31, 2018, net of $14.9 million, or $0.16 per share, related to the early repayment of the debt at One Madison Avenue, as compared to $1.60 and $6.45 per share for the same periods in the prior year.
- Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 4.9% for the full year, or 4.5%, excluding lease termination income, as compared to the prior year.
- Signed 44 Manhattan office leases covering 837,881 square feet in the fourth quarter and 180 Manhattan office leases covering 2,271,049 square feet for the full year. The mark-to-market on signed Manhattan office leases was 8.6% higher for the fourth quarter and 6.5% higher for the full year over the previous fully escalated rents on the same spaces.
- Reached 52% leased at One Vanderbilt Avenue after signing leases with TD Securities, MFA Financial Inc. and McDermott Will & Emery during the fourth quarter.
- Manhattan same-store occupancy was 95.7% as of December 31, 2018, inclusive of leases signed but not yet commenced.
- Increased the quarterly dividend by 4.6%, to $0.85 per share, resulting in a new annual dividend of $3.40 per share.
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