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FOR IMMEDIATE RELEASE
Gregory F. Hughes
Chief Operating Officer and
Chief Financial Officer
SL GREEN REALTY CORP. REPORTS
FOURTH QUARTER AND FULL YEAR 2009 FFO
OF $0.87 AND $4.43 PER SHARE AND
EPS OF $(0.07) AND $0.54 PER SHARE
· Fourth quarter FFO totaled $0.87 per share (diluted) compared to $1.03 per share (diluted) for the fourth quarter of 2008.
· Net loss for the fourth quarter of 2009 totaled $0.07 per share (diluted) compared to net income of $1.34 per share (diluted) in the same period in the prior year. The fourth quarter of 2009 includes a net loss of $0.35 per share resulting primarily from non-cash reserves on structured finance and other investments offset by gains from the early extinguishment of debt. The fourth quarter of 2008 includes $1.13 per share relating to gains on the sale of real estate and from the early extinguishment of debt offset by reserves taken against the Companys investment in Gramercy Capital Corp. (NYSE: GKK), or Gramercy, and other structured finance investments.
· Recognized combined same-store GAAP NOI growth of 4.2% for the fourth quarter, including 2.4% from the consolidated same-store properties and 8.9% from the unconsolidated joint venture same-store properties. For the full year of 2009, combined same-store GAAP NOI growth was 3.7%, including 3.1% from the consolidated same-store properties and 5.3% from the unconsolidated joint venture same-store properties.
· Signed 24 Manhattan office leases totaling 423,850 square feet with average starting rents of $33.05 per rentable square foot during the fourth quarter. Average Manhattan office starting rents increased by 2.4% on these leases over previously fully escalated rents. Excluding the 227,782 square foot early renewal of BMW of Manhattan, Inc. at 555 West 57th Street, starting rents would have averaged $43.97 per rentable square foot.
· Signed 29 Suburban office leases totaling 345,999 square feet with average starting rents of $28.89 per rentable square foot during the fourth quarter.
· Ended the year with Manhattan occupancy rate of 95.0%.
The following information was filed by Sl Green Realty Corp (SLG) on Tuesday, January 26, 2010 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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