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SL Green reports YOY FFO gain for Q2, citing Citi HQ sale

SL Green RealtyCorp. reported a year-over-year gain in second-quarter FFO, citing theeffects of its sale ofCitigroup Inc.'s headquarters.

Second-quarter FFO attributable to common stockholders and noncontrollinginterests totaled $355.7 million, or $3.39 per share, compared to $168.7 million,or $1.62 per share, a year earlier, the company said in a news release.

The company's second-quarter FFO included a lease-terminationfee of $94.0 million, or 90 cents per share, and the write-off of accounting-relatedbalances of $75.3 million, or 72 cents per share, related to the early lease terminationand sale of 388-390 Greenwich St. to Citigroup, as well as receipt of promote incomeof $10.8 million, or 10 cents per share, related to the sale of 33 Beekman St.

The S&P Capital IQ FFO-per-share estimate for the secondquarter was $3.16.

Combined same-store cash NOI grew 6.5% year-over-year in thesecond quarter. Consolidated property same-store cash NOI grew 6.1%, and unconsolidatedjoint venture property same-store cash NOI grew 9.3%.

Manhattan same-store occupancy, inclusive of leases signed butnot yet commenced, was 97.4% as of June 30, compared to 97.1% a year earlier and97.4% as of March 31.

In July, the company closed on the refinancing of its $300.0million debt and preferred equity liquidity facility. The new facility has a two-yearterm with a one-year extension option and bears interest ranging from 225 to 400basis points over LIBOR, depending on the pledged collateral and advance rate. Alsoin July, the company entered into $300.0 million of seven-year interest rate swapsat a fixed rate of 1.14%.