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:
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:
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.
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.
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