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SL Green's third-quarter FFO totaled $78.1 million or $0.98 per share, down from $83.1 million or $1.37 per share for the same quarter last year. Analysts polled by Thomson Reuters expected $0.98 per share for the quarter. Analysts' estimates typically exclude special items.
The company reported net loss attributable to stockholders of was $2.5 million or $0.03 per share compared with net income of $28.8 million or $0.49 per share for the prior year quarter.
The company said its results include a gain on early extinguishment of debt of $8.37 million related to repurchase of approximately $33.0 million of its unsecured notes and exchangeable bonds since July 1, and a $11.83 million loss from discontinued operations. Depreciation and amortization rose to $56.95 million from $53.53 million for the year-ago period.
GAAP net operating income declined to $134.18 million from $137.64 million for the same period last year and same-store GAAP non operating income was $133.30 million, up from $126.18 million last year.
Total revenues for the quarter were $249.60 million, down from $268.31 million for the prior year quarter. Five analysts had consensus revenue estimate of $223.61 million for the quarter.
New York's largest office landlord's net rental revenue declined moderately to $192.43 million from $196.76 million a year-ago, escalations & reimbursement revenues dropped to $16.27 million from $31.82 million last year, and preferred equity and investment income declined to $16.27 million from $31.82 million last year.
In the sequentially preceding second quarter, the company reported funds from operations of $83.5 million or $1.20 per share, compared to $117.1 million or $1.92 per share for the year-ago quarter. Net income attributable to common shareholders for the second quarter was $12.6 million or $0.18 per share, compared to $134.2 million or $2.29 per share in the prior-year quarter.
Total revenue for the second quarter declined by 13% to $252.97 million from $290.72 million in the same quarter last year. Net rental revenue for the quarter was $192.74 million, compared to $192.58 million a year ago.
For the quarter under review, total expenses rose to $132.86 million from $129.88 million for the year-ago quarter, reflecting an increase in loan loss reserves to $16.10 million from $9.15 million a year earlier.
Occupancy for the company's Manhattan portfolio at the end of the third quarter was 95.7%, same as last year, but down from 96.2% for the prior quarter. During the quarter, the company signed 28 Manhattan office leases Manhattan totaling 251,888 square feet.
Average starting Manhattan office rents of $47.31 per rentable square foot on the 251,888 square feet of leases signed or commenced during the third quarter represented a 5.2% increase over the previously fully escalated rents, the company said.
For nine months, FFO was $249.69 million or $3.59 per share, down from $283.33 million or $4.65 per share for the same period last year, and net income attributable stockholders declined to $42.79 million or $0.64 per share from $284.30 million or $4.85 per share a year ago. Total revenues for the period were $764.04 million, down from $810.40 million for the prior year period.
Amongst peers, Boston Properties, Inc. (BXP | Quote | Chart | News | PowerRating) will report its third-quarter results on October 27. Seventeen analysts expect the company to report earnings of $1.10 per share, on revenues of $353.47 million for the third quarter.
Monday, SGL closed at $41.81, down $0.38 or 0.90%, on a volume of 1.73 million on NYSE.
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