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REIT Comments |
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01/26/2010
SLG $46
SL Green Realty SLG 4Q 2009 FFO $0.87 v $1.03 (restated) DOWN (16%)
SLG 2009 FFO $4.43 v $5.69 (restated) DOWN (22%)
SLG previously reported 4Q 2008 FFO of $0.70 per share (adjusted)
SLG previously reported 2008 FFO of $6.19 per share (adjusted)
SLG 4Q 2009 same property NOI UP +4.2%
SLG 4Q 2009 average rents for new leases on Manhattan properties UP +2.4%
SLG 4Q 2009 average rents for new leases on suburban properties DOWN (2.8%)
SLG 4Q 2009 occupancy 95.0% for Manhattan properties
SLG 4Q 2009 occupancy 88.7% for suburban properties
SLG 4Q 2009 structured finance portfolio $785 million, excluding $109 million non-performing loans
SLG 4Q 2009 results included impairments of ($27) million on structured finance portfolio
SLG sold $123 million offering of perpetual preferred shares during January 2010
SLG to provide management comments on 4Q 2009 results in 2:00 PM conference call on Tuesday, January 26, 2010
SLG an Office REIT with a portfolio of office properties concentrated in NYC
SLG we rank 5 SELL
SLG market cap $3.6 billion
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