(RTTNews) - Monday, SL Green Realty Corp. (SLG: News ) reported lower funds from operations for the third quarter ended September 30, with a decline in total revenues.

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.

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