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SL Green Sees 12% Rise in FFO

NEW YORK CITY-The REIT says it's priced a stock offering of $122.6 million that it will use to pay down debt.

By Paul Bubny | Updated on January 26, 2010

NEW YORK CITY-SL Green Realty Corp. on Monday reported a 12.4% increase in funds from operations for the quarter that ended Dec. 31, 2009. FFO for the quarter was $69.1 million compared to $61.5 million for the same quarter in 2008.

The REIT reported Q4 revenues and EBITDA of $246.6 million and $120.9 million, respectively, compared to $269 million and $123.8 million for the same period a year earlier. Same-store GAAP NOI increased by 4.2% for Q4 ’09 when compared to the same quarter in’08.

With its 23.2-million-square-foot Manhattan office portfolio 95% occupied at the end of Q4, SL Green signed 24 office leases totaling 423,850 square feet during the quarter. Largest of these was an early renewal with BMW of Manhattan Inc. for approximately 227,782 square feet at 555 W. 57th St. The German automaker has its flagship store at the 20-story property, where the largest office tenant is CBS with 286,037 square feet. Another sizeable early renewal during Q4 was Signature Styles LLC for 45,575 square feet at 711 Third Ave.

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