SL Green Realty (NYSE: SLG) reported Q3 EPS of $0.19, $0.41 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $249.84 million versus the consensus estimate of $200.83 million.

Financial and Operating Highlights

• Net income attributable to common stockholders of $0.19 per share for the third quarter of 2020 as compared to $0.40 per share for the same period in 2019.
• Funds from operations, or FFO, of $1.75 per share for the third quarter of 2020, which includes $24.3 million of income derived from a legal settlement offset by $4.1 million of related costs, equating to $0.26 per share, partially offset by $9.0 million, or $0.12 per share, of losses related to certain debt and preferred equity ("DPE") investments that were sold. FFO for the same period in 2019 was $1.75 per share.
• Reduced corporate debt and ended the third quarter with $1.56 billion of liquidity comprised of $249.1 million of consolidated cash, cash equivalents, and marketable securities and $1.31 billion of undrawn capacity on the Company's $1.5 billion revolving credit facility. This liquidity excludes the Company’s share of unconsolidated joint venture cash of $107.4 million.
• Marked the opening of One Vanderbilt Avenue at a ribbon-cutting ceremony with partners, Hines and National Pension Service of Korea, as well as government and transit officials, labor leaders and building tenants. The Company also announced that Hodges Ward Elliott, a premier boutique real estate capital markets advisor, has signed a new 12,692 square foot, 10-year lease to occupy part of the 50th floor at the newly opened tower.
• During the third quarter and through early October, the Company repurchased 0.8 million shares of common stock and units of its Operating Partnership, or OP units, at an average price of $48.17 per share/unit using liquidity generated from asset sales. To date in 2020, the Company has repurchased a combined 6.5 million shares of common stock and OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $63.42.

For earnings history and earnings-related data on SL Green Realty (SLG) click here.