U.S. Markets open in 2 hrs 54 mins

Free Research Report as SL Green’s FFO Grew 11.9%; Raised Earnings and FFO Guidance

LONDON, UK / ACCESSWIRE / January 30, 2018 / Active-Investors.com has just released a free earnings report on SL Green Realty Corp. (NYSE: SLG) (“SL Green”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SLG. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 24, 2018. The commercial real estate investment trust surpassed revenue estimates, while funds from operations (FFO) were in-line with market expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SL Green Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=SLG

Earnings Highlights and Summary

For the three months ended December 31, 2017, SL Green reported revenues of $361.34 million compared to $374.24 million for Q4 2016. The Company's revenue numbers exceeded Wall Street's estimates of $286.9 million.

SL Green reported a net income attributable to common stockholders of $28.0 million, or $0.29 per share, for Q4 2017 compared to $44.0 million, or $0.44 per share, for Q4 2016.

The Company reported FFO of $161.7 million, or $1.60 per share, for Q4 2017, up 11.9% compared to $150.8 million, or $1.43 per share, for Q4 2016. For the reported quarter, the Company's FFO included a $4.1 million charge of marketing, general, and administrative (MG&A) expenses related to forfeiture of its Outperformance Plan awards, partially offset by a $3.2 million real estate tax refund. SL Green's FFO numbers were in-line with analysts' estimates of $1.60 per share.

For the year ended December 31, 2017, SL Green posted a net income attributable to common stockholders of $86.4 million, or $0.87 per share, compared to $234.9 million, or $2.34 per share, for FY16. The Company's net income included $89.4 million, or $0.86 per share, of net gains recognized from the sale of real estate for FY17 compared to $282.1 million, or $2.69 per share, for FY16.

SL Green reported FFO of $667.3 million, or $6.45 per share, for FY17 compared to $869.9 million, or $8.29 per share, for FY16.

Operating and Leasing Activity

For Q4 2017, SL Green's same-store cash net operating income (NOI) grew 1.1%, or 2.0% excluding lease termination income, on a y-o-y basis. The Company's consolidated property same-store cash NOI increased 0.1% to $148.2 million during the reported quarter.

During Q4 2017, SL Green signed 47 office leases in its Manhattan portfolio totaling 358,135 square feet. In the reported quarter, the average lease term on the Manhattan office leases signed was 7.9 years, and average tenant concessions were 5.1 months of free rent with a tenant improvement allowance of $55.92 per rentable square foot.

During Q4 2017, SL Green signed 22 office leases in its Suburban portfolio totaling 116,212 square feet. In the reported quarter, the average lease term on the Suburban office leases signed was 4.6 years, and average tenant concessions were 1.4 months of free rent with a tenant improvement allowance of $17.84 per rentable square foot.

Investment Activity

During Q4 2017, SL Green repurchased 4.9 million shares of common stock at an average price of $100.76 per share, and announced that its Board of Directors has authorized a $500 million increase to the size of its share repurchase program to $1.5 billion.

Debt and Preferred Equity Investment Activity

SL Green's carrying value of debt and preferred equity investment portfolio totaled $2.27 billion at December 31, 2017, including $2.11 billion of investments at a weighted average current yield of 9.1%, and investments aggregating $0.16 billion at a weighted average current yield of 8.9%.

In November 2017, SL Green refinanced, extended, and expanded its unsecured corporate credit facility by $217 million to $3.0 billion. The 5-year funded term loan component of the facility was increased by $117 million to $1.3 billion; the maturity date extended from June 2019 to March 2023; and the current borrowing cost reduced to 110 basis points over LIBOR.

Outlook for FY18

SL Green raised its earnings guidance by $0.05 per share for the year ending December 31, 2018. The Company's revised earnings guidance range comprises a net income per share of $2.32 to $2.42, and FFO per share of $6.70 to $6.80; increased from the previous guidance range of $2.27 to $2.37, and $6.65 to $6.75 per share, respectively.

Stock Performance Snapshot

January 29, 2018 - At Monday's closing bell, SL Green Realty's stock slightly advanced 0.56%, ending the trading session at $98.47.

Volume traded for the day: 1.29 million shares, which was above the 3-month average volume of 925.79 thousand shares.

Stock performance in the previous three-month period – up 2.70%

After yesterday's close, SL Green Realty's market cap was at $9.63 billion.

Price to Earnings (P/E) ratio was at 116.26.

The stock has a dividend yield of 3.30%.

The stock is part of the Financial sector, categorized under the REIT - Retail industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors