SL Green Realty Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 26, 2017 at 02:35 am IST
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SL Green Realty Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. The company reported net income attributable to common stockholders for the quarter ended December 31, 2016 of $44.0 million, or $0.44 per share as compared to net income attributable to common stockholders of $101.3 million, or $1.01 per share for the same quarter in 2015. The company reported funds from operations, or FFO, for the quarter ended December 31, 2016 of $150.8 million, or $1.43 per share, net of transaction related costs of $1.6 million, or $0.02 per share, as compared to FFO for the same period in 2015 of $167.2 million, or $1.61 per share, net of transaction related costs of $1.4 million, or $0.01 per share. For the quarter ended December 31, 2016, the company reported consolidated revenues and operating income of $374.2 million and $199.5 million, respectively, compared to $425.4 million and $259.6 million, respectively, for the same period in 2015. Same-store cash NOI on a combined basis increased by 5.5% to $185.3 million for the quarter ended December 31, 2016 as compared to the same period in 2015. Income from continuing operations was $53.970 million against $113.110 million a year ago.
The company reported net income attributable to common stockholders for the year ended December 31, 2016 of $234.9 million, or $2.34 per share as compared to net income attributable to common stockholders of $269.1 million, or $2.70 per share for the same period in 2015. The company reported FFO for the year ended December 31, 2016 of $869.9 million, or $8.29 per share, net of transaction related costs of $10.6 million, or $0.10 per share, as compared to FFO for the same period in 2015 of $661.8 million, or $6.38 per share, net of transaction related costs of $11.5 million, or $0.11 per share. For the year ended December 31, 2016, the company reported consolidated revenues and operating income of $1.9 billion and $1.2 billion, respectively, compared to $1.7 billion and $1.0 billion, respectively, for the same period in 2015. For the quarter, consolidated property same-store cash NOI increased by 5.2% to $164.6 million and unconsolidated joint venture property same-store cash NOI increased by 8.0% to $20.6 million in 2016 as compared to the same period in 2015. Income from continuing operations was $278.911 million against $302.910 million a year ago.
SL Green Realty Corp. is a self-managed real estate investment trust (REIT). The Company is engaged in the ownership, management, operation, acquisition, development, redevelopment and repositioning of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally Manhattan. Its primary business objective is to maximize the total return to stockholders, through dividends, earnings and asset value appreciation. The Companyâs segments include real estate, debt and preferred equity investments, and SUMMIT. The Company owned or held interests in over 13 consolidated commercial office buildings encompassing approximately 8.4 million rentable square feet and 12 unconsolidated commercial office buildings encompassing approximately 15.4 million rentable square feet located primarily in midtown Manhattan. It also owned or held interests in 10 prime retail properties. In addition, it manages one office building and one retail building.
SL GREEN REALTY CORP. 
