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SL Green logs 10.9% YOY drop in Q3 FFO

SL Green Realty Corp. reported third-quarter funds from operations attributable to common stockholders and noncontrolling interests of $152.9 million, or $1.49 per share, a fall of 10.9% in the aggregate from $171.6 million, or $1.63 per share, in the 2016 third quarter.

For the quarter, net rental revenue amounted to $274.8 million, a decrease of 2.4% year over year from $281.5 million in the 2016 period.

The S&P Capital IQ consensus FFO estimate for the quarter was $1.56 per share.

The company said FFO for the 2016 third quarter included $41.1 million, or 39 cents per share, of additional income tied to a debt investment recapitalization, offset by $19.6 million, or 19 cents per share, of lost income and accounting write-offs related to the 1515 Broadway space in New York City that Aeropostale previously leased.

In October, SL Green and private investment manager RXR Realty completed the purchase of a combined 48.7% stake in New York REIT's One Worldwide Plaza based on a gross asset valuation of roughly $1.73 billion. In conjunction with the stake acquisition, SL Green and its joint venture partners closed on a 10-year $1.2 billion loan on the 49-story office tower with a 3.98% fixed interest rate.

In September, SL Green wrapped up the sale of its remaining 10% stake in another New York City property, the 9,200-square-foot retail building at 102 Greene St., at a gross asset valuation of $43.5 million, realizing net proceeds of $4.3 million and a gain on sale of $300,000.

During the third quarter, the company bought back 1.0 million common shares under its $1.0 billion share repurchase plan, at $101.67 per share on average.