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SL Green Realty logs YOY rise in Q3 FFO per share


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SL Green Realty logs YOY rise in Q3 FFO per share

Office landlord SL Green Realty Corp.'s third-quarter funds from operations per share rose year over year to $1.66 from $1.49.

FFO attributable to company common stockholders totaled $149.8 million, down from $152.9 million a year earlier.

The company said the FFO was calculated after giving effect to $2.2 million, or 2 cents per share, of unamortized costs that were written off upon early repayment of the mortgage on 220 E. 42nd St. and a reserve of $1.1 million, or 1 cent per share, that was recorded against a debt investment that is being repaid.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was $1.69.

Total revenues for the quarter fell year over year to $307.5 million from $374.6 million.

SL Green said it is selling its fee interest in 1231 Third Ave. and a four-building property portfolio in New York City's Upper East Side neighborhood for a combined $143.8 million.

The mixed-use property at 1231 Third Ave. consists of 20 residential units, which are fully occupied, and 16,418 square feet of retail space, which is 70% occupied, inclusive of 8,159 square feet at grade.

The Upper East Side assemblage comprises the properties at 260 E. 72nd St., 252-254 E. 72nd St., 257 E. 71st St. and 259 E. 71st St., along with 31,076 square feet of development rights.

The real estate investment trust expects the transaction to close in the fourth quarter.