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SL Green books 5.4% YOY rise in Q3 FFO per share

SL Green Realty Corp. disclosed funds from operations attributable to company common stockholders for the third quarter of $151.4 million, or $1.75 per share, a 5.4% increase on a per-share basis from $149.8 million, or $1.66 per share, in the 2018 third quarter.

The S&P Global Market Intelligence consensus FFO estimate for the third quarter was $1.73 per share.

Total revenues for the third quarter came to $313.6 million, a rise of 2.0% from $307.5 million in the comparable prior-year period.

In reporting its results, the office landlord said it agreed to buy a six-story, 160,000-square-foot office property on the far west side of midtown Manhattan, N.Y., for $90.0 million, with closing expected within 90 days.

In September, it agreed to sell 1010 Washington Blvd. in Stamford, Conn., for $23.1 million, with closing slated for the fourth quarter. In August, the real estate investment trust sold a 49% stake in the 5,218-square-foot prime retail condominium at 115 Spring St. in Soho at a gross asset valuation of $66.6 million.

In October, it entered into a 25-year ground lease for the high-street retail property at 712 Madison Ave. to Graff Diamonds.

In October, SL Green, along with its joint venture partner, closed on a $75.0 million upsize of its existing financing at 2 Herald Square, lifting the mortgage to $225.0 million and lowering the interest rate on the entire mortgage loan by 10 basis points to a floating rate of 1.45% over LIBOR.

In August, the REIT, along with its joint venture partner, closed on the refinancing of 55 West 46th Street, known as Tower 46. The new $198.0 million mortgage has a three-year term, with two one-year extension options, carries interest at a floating rate of 1.25% over LIBOR and replaces the previous $195.0 million of debt on the property that bore interest at a floating rate of 2.125% over LIBOR.