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SL Green posts 6% YoY increase in SS cash NOI for FY'16

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SL Green posts 6% YoY increase in SS cash NOI for FY'16

SL Green Realty Corp. on Jan. 25 reported earnings for the 2016 fourth quarter and full year.

For the fourth quarter, funds from operations totaled $150.8 million, or $1.43 per share, net of transaction-related costs of $1.6 million, or 2 cents per share. FFO for the year-ago quarter, by comparison, came to $167.2 million, or $1.61 per share, net of transaction-related costs of $1.4 million, or 11 cents per share.

For the full year, the company reported FFO of $869.9 million, or $8.29 per share, net of transaction-related costs of $10.6 million, or 10 cents per share. In 2015, FFO totaled $661.8 million, or $6.38 per share, net of transaction-related costs of $11.5 million, or 1 cent per share.

The 2016 FFO results factor in a lease termination fee of $94.0 million, or 90 cents per share, as well as a write-off of accounting related balances of $75.3 million, of 72 cents per share, related to the early lease termination and sale of 388-390 Greenwich St. to Citigroup Inc.

The S&P Capital IQ consensus FFO estimates for the 2016 fourth quarter and full year were $1.43 per share and $8.21 per share, respectively.

Same-store cash NOI on a combined basis increased by 5.5% year over year during the quarter and increased by 6.0% year over year during the full year.