LONDON, UK / ACCESSWIRE / October 23, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on SL Green Realty Corp. (NYSE: SLG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SLG, following the Company's announcement of its third quarter fiscal 2017 operating results on October 18, 2017. The New York-based real estate investment trust (REIT) reported lower than expected revenue and funds from operations (FFO) results. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the quarter ended September 30, 2017, SL Green Realty reported consolidated revenues and operating income of $374.6 million and $206.1 million, respectively, compared to $416.7 million and $232.8 million, respectively, for Q3 2016. The Company's rental revenue for the reported quarter totaled $274.77 million. The revenue number fell short of analysts' estimates of $279.5 million.

SL Green Realty's same-store cash net operating income (NOI) grew by 1.4% for Q3 2017, or 1.7%, excluding lease termination income. For the reported quarter, the Company's consolidated property same-store cash NOI increased by 0.2% to $159.3 million on a y-o-y basis, while unconsolidated joint venture property same-store cash NOI increased by 8.6% compared to $29.1 million in the year-ago same period.

SL Green Realty reported net income attributable to common stockholders of $38.9 million, or $0.40 per share, for Q3 2017 compared to net income attributable to common stockholders of $34.3 million, or $0.34 per share, for Q3 2016.

For Q3 2017, SL Green Realty reported FFO of $152.9 million, or $1.49 per share, compared to FFO for Q3 2016 of $171.6 million, or $1.63 per share. FFO for the prior year's same quarter included $41.1 million, or $0.39 per share, of additional income related to the recapitalization of a debt investment offset by $19.6 million, or $0.19 per share, of lost income and accounting write-offs related to space previously leased to Aeropostale at 1515 Broadway. The Company's FFO numbers lagged behind Wall Street's expectations of $1.57 per share.

Operating and Leasing Activity

In Q3 2017, SL Green Realty signed 56 office leases in its Manhattan portfolio totaling 489,160 square feet. The average lease term on the Manhattan office leases signed in the reported quarter was 7.0 years and average tenant concessions were 4.0 months of free rent with a tenant improvement allowance of $57.99 per rentable square foot. As of September 30, 2017, occupancy in SL Green Realty's Manhattan same-store portfolio increased to 95.3%, inclusive of 571,442 square feet of leases signed but not yet commenced, compared to 94.9% as of June 30, 2017.

During Q3 2017, SL Green Realty signed 20 office leases in its Suburban portfolio totaling 120,034 square feet. The average lease term on the Suburban office leases signed in the reported quarter was 6.6 years and average tenant concessions were 7.8 months of free rent with a tenant improvement allowance of $24.25 per rentable square foot. Occupancy in SL Green Realty's suburban same-store portfolio increased to 86.8% as of September 30, 2017, inclusive of 67,639 square feet of leases signed but not yet commenced, compared to 85.5% as of June 30, 2017.

Investment Activity

During Q3 2017, SL Green Realty repurchased 1.0 million shares of common stock under its $1.0 billion share repurchase plan, at an average price of $101.67 per share.

In October 2017, SL Green Realty and private investment manager, RXR Realty, closed on the acquisition of a combined 48.7% interest in Worldwide Plaza based on a gross asset valuation of $1.725 billion. The property consists of a 49-story, 1.8 million-square-foot Class A office tower, a 252,000-retail building with a parking garage, and a large open-air plaza. The acquisition allows the Company to expand its footprint on Manhattan's West Side through investing in a Class A asset that is fully leased to institutional tenants.

In October 2017, SL Green Realty closed on the sale of 16 Court Street, a 317,600 square-foot office property located in Brooklyn, New York, for a gross sale price of $171.0 million. The Company recognized net proceeds of $166.5 million.

In September 2017, SL Green Realty closed on the sale of its remaining 10% interest in 102 Greene Street, a 9,200 square-foot retail property in SoHo, at a gross asset valuation of $43.5 million, or $4,728 per square foot. The Company recognized net proceeds of $4.3 million and a gain on sale of $0.3 million.

Debt and Preferred Equity Investment Activity

The carrying value of SL Green Realty's debt and preferred equity investment portfolio totaled $2.15 billion at September 30, 2017, including $2.02 billion of investments at a weighted average current yield of 9.3% that are classified in the debt and preferred equity line item on the balance sheet, and investments aggregating $0.13 billion at a weighted average.

During Q3 2017, SL Green Realty originated or acquired new debt and preferred equity investments totaling $63.4 million, all of which was retained and $56.2 million of which was funded, at a weighted average current yield of 9.2%. In the reported quarter, the Company recorded $51.3 million of principal reductions from investments that were repaid, sold, or syndicated.

Financing Activity

In October 2017, SL Green Realty returned to the public unsecured debt markets with an issuance of $500.0 million of 3.25% senior unsecured notes due October 2022. The Company used $350.8 million of the net proceeds from the offering to repay the outstanding 3.00% Exchangeable Senior Notes that were due in October 2017.

In September 2017, SL Green Realty, along with its joint venture partner, closed on the refinancing of 650 Fifth Avenue. The new $225.0 million mortgage has a 5-year term, carries a fixed interest rate of 4.539% and replaces the previous $86.5 million of mortgage indebtedness on the property.

Stock Performance

At the close of trading session on Friday, October 20, 2017, SL Green Realty's stock price declined 1.28% to end the day at $97.40. A total volume of 984.90 thousand shares were exchanged during the session, which was above the 3-month average volume of 840.78 thousand shares. The Company's shares are trading at a PE ratio of 96.72 and have a dividend yield of 3.18%. At Friday's closing price, the stock's net capitalization stands at $9.76 billion.

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