SL Green Realty (SLG) Tops Q4 EPS by 1c

SL Green Realty (NYSE: SLG) reported Q4 EPS of $1.62, $0.01 better than the analyst estimate of $1.61. Revenue for the quarter came in at $425.39 million versus the consensus estimate of $332.51 million.

Highlights:

• Fourth quarter 2015 FFO of $1.62 per share before transaction related costs of $0.01 per share compared to fourth quarter 2014 FFO of $1.45 per share before transaction related costs of $0.02 per share.
• Full year 2015 FFO of $6.49 per share before transaction related costs of $0.11 per share compared to the full year 2014 FFO of $5.94 per share before transaction related costs of $0.09 per share.
• Fourth quarter 2015 net income attributable to common stockholders of $1.01 per share compared to fourth quarter 2014 net income attributable to common stockholders of $0.59 per share. Full year net income attributable to common stockholders of $2.70 per share, compared to prior year net income of $5.23 per share.
• Combined same-store cash NOI increased 5.0 percent for the fourth quarter and 4.6 percent for the full year as compared to the same periods in the prior year.
• Signed 44 Manhattan office leases covering 416,198 square feet during the fourth quarter and 189 Manhattan office leases covering 2,255,733 square feet during the full year. The mark-to-market on signed Manhattan office leases was 20.5 percent higher in the fourth quarter than the previously fully escalated rents on the same spaces, resulting in a mark-to-market for the full year of 15.3 percent on signed Manhattan office leases.
• Signed 27 Suburban office leases covering 193,370 square feet during the fourth quarter and 115 Suburban office leases covering 739,414 square feet during the full year. The mark-to-market on signed Suburban office leases was 5.8 percent higher in the fourth quarter than the previously fully escalated rents on the same spaces.
• Increased Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, as of December 31, 2015 to 97.1 percent as compared to 95.7 percent as of December 31, 2014.
• Signed a new lease with Giorgio Armani Corp. that will allow Armani to remain in its flagship retail space at 760 Madison Avenue through 2024.

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

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