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.
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