SL Green Realty (SLG) Reports Q2 EPS of $1.19, Beats on Revenues

SL Green Realty (NYSE: SLG) reported Q2 EPS of $1.19, versus $0.40 reported last year. Revenue for the quarter came in at $301.12 million versus the consensus estimate of $216.91 million.

Financial and Operating Highlights

• Net income attributable to common stockholders of $1.19 per share for the second quarter as compared to $0.08 per share for the same period in 2017.
• Funds from operations, or FFO, of $1.69 per share for the second quarter as compared to $1.78 per share for the same period in 2017. FFO for the second quarter of the prior year included $19.7 million, or $0.19 per share, of non-comparable items.
• Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 7.8% for the first six months of 2018, or 6.9%, excluding lease termination income, as compared to the same period in the prior year.
• Signed 58 Manhattan office leases covering 565,914 square feet in the second quarter and 86 Manhattan office leases covering 941,727 square feet in the first six months of 2018. The mark-to-market on signed Manhattan office leases was 5.2% higher for the second quarter and 7.1% higher for the first six months over the previously fully escalated rents on the same spaces.
• Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, increased by 40 basis points to 95.9% as of June 30, 2018.
• Signed a 20-year lease for 105,539 square feet with McDermott Will & Emery LLP to relocate its New York operations to One Vanderbilt Avenue.
• Signed long term retail leases at 609 Fifth Avenue with sports brand PUMA and 719 Seventh Avenue, now known as 30 Times Square, with beauty conglomerate Coty, Inc. for multilevel flagship stores.
• Signed 13 Suburban office leases covering 45,224 square feet in the second quarter and 32 Suburban office leases covering 202,709 square feet in the first six months of 2018. The mark-to-market on signed Suburban office leases was 4.9% lower for the second quarter and 2.6% lower for the first six months over the previously fully escalated rents on the same spaces.

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

You May Also Be Interested In

• Meta capex to surge in 2027, neocloud fears ’erroneous’ - SemiAnalysis
• Intercontinental Exchange (ICE) PT Lowered to $208 at Raymond James, 'we view the risk/reward as attractive'
• ArcelorMittal (MT:NA) (MT) PT Raised to EUR65 at Jefferies