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$SLG 2Q15 Call: Nussbaum from UBS asked on timing of dispositions that you planned to finance all of investment activity. Steven replied, dispositions which we put in this investment summary will hopefully be tied up buttoned up by end of year. But that isn’t the necessarily the source for Eleven, because Eleven is being funded and closed in Aug.
$SLG has refinanced its unsecured corporate credit facility. The revolving line of credit component of the facility has been reduced by $100MM to $1.5Bil, the maturity date has been extended from March 2019 to March 2023, inclusive of as-of-right extension options aggregating 1-year, and the current borrowing cost was reduced to 120BP over LIBOR.
$SLG has refinanced its unsecured corporate credit facility by $217MM to $3Bil. The 5-year funded term loan component of the facility has been increased by $117MM to $1.3Bil, the maturity date has been extended from June 2019 to March 2023 and the current borrowing cost has been reduced to 135BP over LIBOR.
Real estate investment trust $SLG has entered into an agreement with an undisclosed buyer to sell its office building in Midtown Manhattan, for $305MM. The sale of 600 Lexington Avenue, a 36-story building, is expected to close by 1Q18, generating cash proceeds of about $292MM.
In 3Q17, $SLG’s same-store cash NOI, including share of same-store cash NOI from unconsolidated joint ventures, increased by 1.4%, or 1.7% excluding lease termination income. Consolidated property same-store cash NOI rose by 0.2% to $159.3MM, while unconsolidated joint venture property same-store cash NOI grew by 8.6% to $29.1MM.
$SLG reported a rise in 3Q17 earnings driven by last year's loss from unconsolidated joint ventures and higher gain on sale of interest in JV. Net income rose to $38.9MM or $0.40 per share from $34.3MM or $0.34 per share last year. Revenue fell to $374.6MM from $416.7MM. FFO per share declined to $1.49 from $1.63.
$SLG and private investment manager RXR Realty have inked a deal to acquire a combined 48.7% interest in Worldwide Plaza, a Class A, trophy asset located in Midtown Manhattan. This is being sold by $NYRT, which will own the remaining equity with WWP Sponsor, its partner. The transaction, to be completed in the 4Q17, values the asset at $1.73Bil.
$SLG agreed to sell 16 Court Street, a 317,600 square foot office building in Brooklyn, NY, for a gross sale price of $171MM to CIM Group, a full service real estate and infrastructure fund manager. This transaction is expected to close during 4Q17. The sale will generate net cash proceeds of about $164MM.
$SLG declared quarterly dividend of $0.775 per share of common stock, payable on July 17, 2017 to shareholders as on June 30, 2017. The Board also declared regular quarterly dividend on its Series I Preferred Stock from April 15, 2017 through July 14, 2017, of $0.406 per share, which is payable on July 17, 2017 to shareholders as on June 30, 2017.
$SLG has declared a quarterly dividend of $0.775 per share on its common stock. The dividend is payable on July 17, 2017, to shareholders of record as of June 30, 2017. The company also declared a quarterly dividend of $0.40625 per share on its Series-I Preferred Stock, payable on July 17, 2017, to shareholders of record as of June 30, 2017.
Reckson, a division of $SLG, signed an 11-year, 65,000-square-foot lease with Ascensia Diabetes Care US Inc. and a 16,442-square-foot lease withExelon Generation Co. at The Summit, a three building, 700,000-square-foot Class A office complex in Vahalla, New York.
In 1Q17, $SLG’s same-store cash NOI on a combined basis increased by 2%, or 3.6% excluding the effect of lease termination income, as compared to 1Q16. Consolidated property same-store cash NOI increased by 1.1% to $161.2MM and unconsolidated JV property same-store cash NOI increased by 7.2% to $28.9MM versus 1Q16.
$SLG reported net income attributable to common stockholders for 1Q17 of $11.4MM or $0.11 per share compared to $23.2MM or $0.23 per share for 1Q16. Consolidated revenues were $377.4MM compared to $455.4MM last year. Funds from operations, or FFO was $165.9MM or $1.57 per share versus $191.8MM or $1.84 per share in 1Q16.
$SLG's BoD declared the quarterly dividend of $0.775 per common share. The BoD also declared regular quarterly dividend of $0.40625 per Series I preferred share. The dividends are each payable on April 17, 2017 to shareholders of record on March 31, 2017.
Commercial property owner $SLG declared a 1Q17 dividend of $0.775 per share. SL Green Realty also announced a regular quarterly dividend on its Series I Preferred Stock for the period Jan. 15 through Apr. 14, 2017, of $0.40625 per share. Both dividends are payable on Apr. 17, 2017 to shareholders of record at the close of business on Mar. 31.
$SLG signed a 10-year, 4,629-square-foot lease with LINE FRIENDS for a portion of the retail space at 1515 Broadway. LINE FRIENDSwill have 65 feet of wraparound frontage and will benefit from the exclusive use of 1,314 square feet of LED signage in the heart of Times Square's Bowtie.
$SLG announced that it has sold a 27.6% interest in One Vanderbilt Avenue to the National Pension Service of Korea (NPS), and a 1.4% interest to Hines Interest LP (Hines). NPS and Hines have committed aggregate equity to the project totaling no less than $525MM. SL Green Realty Corp. and Hines will co-develop the building.