Real Estate Investment Trust SL Green Realty Corp. (SLG) Monday reported an increase in funds from operations for the fourth quarter, notwithstanding a decline in total revenues.
New York-based SL Green Realty's fourth quarter funds from operations or FFO rose to $69.13 million or $0.87 per share from $61.53 million or $1.03 per share in the previous year same quarter. Per share FFO for the quarter declined on a higher share count for the quarter.
Net loss attributable to common stockholders for the fourth quarter was $5.12 million or $0.07 per share, compared with net income attributable to common shareholders of $76.64 million or $1.34 per share for the same quarter last year. The year earlier period net income includes a gain on sale of discontinued operations of $238.89 million. The recent fourth quarter net loss also includes a loss on sale of discontinued operations of $1.74 million.
Fourth quarter net loss attributable to common stockholders includes a net loss of $0.35 per share resulting primarily from non-cash reserves on structured finance and other investments that offset gains from the early extinguishment of debt.
Depreciation and amortization for the fourth quarter rose to $60.24 million from $55.41 million for the year earlier period.
GAAP net operating income declined to $131.15 million from $131.95 million in the same period last year, and same-store GAAP non operating income was $130.02 million, up from $127.03 million last year.
On average, fourteen analysts polled by Thomson Reuters expected the company to report FFO of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter decreased to $246.61 million from $269.02 million for the last year same quarter.
New York's largest office landlord's net rental revenue rose moderately to $193.23 million from $192.50 million a year-ago, escalations & reimbursement revenues dropped to $29.52 million from $31.19 million last year, and preferred equity and investment income declined to $16.91 million from $37.29 million last year.
In the sequentially preceding third quarter, the company's 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. The company reported net loss attributable to stockholders of $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. Total revenues for the third quarter was $249.60 million, down from $268.31 million for the prior year quarter.
For the quarter under review, total expenses declined to $142.74 million from $233.10 million for the year-ago quarter, reflecting a decrease in loan loss reserves and other investment reserves to $26.83 million from $101.73 million a year earlier.
SL Green Realty's full year funds from operations dropped to $318.82 million or $4.43 per share from $344.86 million or $5.69 per share in the previous year. Net income attributable to common stockholders for the full year plunged to $37.67 million or $0.54 per share from $360.93 million or $6.20 per share a year ago.
Total revenues for the full year dropped to $1.01 billion from $1.08 billion a year-ago.
Analysts expected the company to report FFO of $4.45 for the full year.
Monday, SLG closed at $45.92, down $0.08 or 0.17%, on the NYSE. In the past 52 weeks, the stock trended in a broad range of $8.10 - $53.75, with a three-month average volume of 1.66 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.