SL Green Realty (SLG) Reports Q3 EPS of $1.03, Revenues Beat

SL Green Realty (NYSE: SLG) reported Q3 EPS of $1.03, versus $0.39 reported last year. Revenue for the quarter came in at $307.55 million versus the consensus estimate of $243.54 million.

Financial and Operating Highlights

• Net income attributable to common stockholders of $1.03 per share for the third quarter as compared to $0.40 per share for the same period in 2017.
• Funds from operations, or FFO, of $1.66 per share for the third quarter, after giving effect to $2.2 million, or $0.02 per share, of unamortized costs that were written off upon early repayment of the mortgage at 220 East 42nd Street and a reserve of $1.1 million, or $0.01 per share, that was recorded against a debt investment that is being repaid, as compared to $1.49 per share for the same period in 2017.
• Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 7.0% for the first nine months of 2018, or 6.4%, excluding lease termination income, as compared to the same period in the prior year.
• Signed 50 Manhattan office leases covering 491,441 square feet in the third quarter and 136 Manhattan office leases covering 1,433,168 square feet in the first nine months of 2018. The mark-to-market on signed Manhattan office leases was 1.0% higher for the third quarter and 5.0% higher for the first nine months over the previous fully escalated rents on the same spaces.
• Manhattan same-store occupancy was 95.7% as of September 30, 2018, inclusive of leases signed but not yet commenced.

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

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