Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

CONTACT

Gregory F. Hughes

Chief Operating Officer and

Chief Financial Officer

-Or-

Heidi Gillette

Investor Relations

(212) 594-2700

 

SL GREEN REALTY CORP. REPORTS

FOURTH QUARTER 2008 AND FULL YEAR FFO OF $1.30 PER SHARE

AND $6.19 PER SHARE

 

Fourth Quarter Highlights

 

·                  Fourth quarter FFO totaled $1.30 per share (diluted) compared to $1.24 per share (diluted) during the fourth quarter of 2007, an increase of 4.8%.  FFO for the twelve months ended December 31, 2008 increased 7.1% over the same period in the prior year to $6.19 per share (diluted).

 

·                  Net income available to common stockholders for the fourth quarter of 2008 totaled $1.60 per share (diluted) compared to $2.16 per share (diluted) in the same period in the prior year. Net income available to common stockholders for the twelve months ended December 31, 2008 totaled $6.69 per share (diluted) compared to $10.78 per share (diluted) in the prior year.

 

·                  Signed approximately 1.3 million square foot lease extension with Viacom International, Inc. at 1515 Broadway. Occupancy at quarter end for the Manhattan portfolio was 96.7%.

 

·                  Signed an additional 37 Manhattan office leases totaling 248,690 square feet with average starting rent of $71.49 during the fourth quarter.  Average Manhattan office starting rents increased by 64.5% on these leases over previously fully escalated rents.

 

·                  Recognized combined same-store GAAP NOI growth of 4.2% during the fourth quarter, including 5.3% from the consolidated same-store properties and (0.1%) from the unconsolidated joint venture same-store properties. These amounts include approximately $7.4 million of additional accounts receivable reserves recorded during the quarter.  Excluding these reserves combined same-store GAAP NOI growth was 9.8%.

 

·                  Repurchased approximately $348.6 million of the Company’s convertible bonds, realizing gains on early extinguishment of debt aggregating approximately $117.9 million. Approximately $86.0 million of these repurchases settled in 2009.

 

·                  Sold $99.7 million of structured finance investments and realized net gains of approximately $9.3 million.  Separately, recorded approximately $84.8

 

1


The following information was filed by Sl Green Realty Corp (SLG) on Tuesday, January 27, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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