Earnings Review and Free Research Report: SL Green's Q2 FFO per Share Beat Forecast

MAIN, GERMANY / ACCESSWIRE / July 24, 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 financial results for the second quarter fiscal 2017 (Q2 FY17) on July 19, 2017. The New York-based Company's quarterly FFO (Fund from Operation) was down year-over-year; however it outperformed market consensus estimates. 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

During Q2 FY17, SL Green's total revenues declined to $398.15 million from $617.61 million in Q2 FY16. The Company generated $279.41 million of revenues from rentals in Q2 FY17 compared to $416.81 million in the year ago same period. The Company's rental revenues number lagged behind market consensus estimates of $281.4 million. Escalation and reimbursement revenues during the reported quarter amounted to $42.62 million compared to $48.62 million in the prior year's same quarter. Meanwhile, Investment income for Q2 FY17 came in at $60.62 million, up from $44.21 million in the year ago comparable quarter.

The real estate investment trust reported net income attributable to SL Green common stockholders of $8.22 million, or $0.08 per diluted share, in Q2 FY17 compared to $133.46 million, or $1.33 per diluted share, in Q2 FY16. The Company's FFO applicable to SL Green common stockholders and non-controlling interests during Q2 FY17 stood at $186.80 million, or $1.78 per diluted share, compared to $355.71 million, or $3.39 per diluted share, in Q2 FY16. Additionally, Wall Street had expected the Company to report FFO of $1.62 per diluted share

Earnings Metrics

SL Green's total expense was down to $365.75 million in Q2 FY17 from $693.92 million in Q2 FY16. For Q2 FY17, the Company's operating income was $237.16 million compared to $451.10 million in Q2 FY16. Furthermore, net operating income for the reported quarter stood at $195.88 million compared to $428.65 million in Q2 FY16.

The REIT's Occupancy in the Manhattan same-store portfolio was 94.9% as on June 30, 2017, compared to 95.7% as on March 31, 2017. The Company's Occupancy in the Suburban same-store portfolio was 85.1% as on June 30, 2017, compared to 84.6% as on March 31, 2017.

Asset Sale

In May 2017, the Company reached an agreement to sell 125 Chubb Avenue, a 278,000 square-foot office property located in Lyndhurst, New Jersey, for a gross sale price of $29.5 million. The transaction is expected to close in August and generate net proceeds of approximately $28.8 million.

In another agreement in May 2017, the Company and its joint venture partner, decided to sell Stamford Towers, in Stamford, Connecticut, for a gross sale price of $97.0 million, or $298 per square foot. The transaction closed in July and generated net proceeds of $45.5 million.

Dividend and Share Repurchase

In a separate press release on June 16, 2017, SL Green Realty's Board of Directors declared a quarterly dividend of $0.775 per share of common stock. The dividend is payable on July 17, 2017, to shareholders of record at the close of business on June 30, 2017.

During Q2 FY17, the Company repurchased 2.4 million shares of common stock under the previously announced $1.0 billion share repurchase plan at an average price of $103.41 per share.

Balance Sheet

At the close of Q2 FY17, the Company had $270.97 million versus $279.44 million as on December 31, 2016. Furthermore, the Company's total debt, net of deferred financing costs stood at $6.27 billion as on June 30, 2017, compared to $6.38 billion as on December 31, 2016.

Stock Performance

At the close of trading session on Friday, July 21, 2017, SL Green Realty's stock price slightly rose 0.78% to end the day at $101.93. A total volume of 945.61 thousand shares were exchanged during the session. The Company's shares are trading at a PE ratio of 46.02 and have a dividend yield of 3.04%. At Friday's closing price, the stock's net capitalization stands at $10.26 billion.

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