SL Green Realty Corp. (SLG) Monday said its second-quarter funds from operations increased on higher revenues and a gain from asset sales. Funds from operations per share came in above analysts' estimate. The company also declared a quarterly dividend of $0.7875 per share.
Second-quarter FFO increased to $122.0 million or $2.00 per share from $79.5 million or $1.26 per share in the year-ago quarter. On average, 13 analysts polled by First Call/Thomson Financial expected earnings of $1.71 per share for the quarter.
Net income available to common stockholders for the quarter dropped to $138.9 million or $2.37 per share from 265.88 million or $4.38 per share in the same quarter last year.
Results for the quarter included an incentive distribution of about $25.0 million or $0.41 per share from the sale of assets.
Second-quarter revenues climbed to $305.8 million from $251.8 million in the second quarter of 2007. Four Street analysts had a consensus revenue estimate of $262.42 million for the quarter.
FFO for the six-month period rose to $209.91 million or $3.43 per share from $203.23 million or $3.27 per share in the year-ago period. Net income available to common stockholders for the first six months of the year dropped to $264.8 million or $4.51 per share from $413.3 million or $6.93 per share in the comparable period a year earlier.
Year-to-date revenues rose to $578.0 million from $537.7 million in the corresponding period a year earlier.
During the quarter, the New York-based real estate investment trust completed the sale of Class A office tower at 1250 Broadway for $310.0 million, generating an incentive distribution to SL Green of approximately $25.0 million and a gain on sale of about $93.5 million.
The company also declared a quarterly dividend of 0.7875 per share of common stock, to be paid on July 15, 2008 to stockholders of record as on June 30, 2008.
Shares of SLG closed Monday's trading at $78.90, down $4.10 or 4.94%, on a volume of about 1 million.
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