SL GREEN REALTY CORP. (NYSE:SLG) Files An 8-K Regulation FD DisclosureItem 7.01. Regulation FD Disclosure
Members of senior management of SL Green Realty Corp. (the “Company”) will make a presentation during the Company’s 2018 Annual Investor Conference on Monday, December3, 2018 (the “Investor Conference”). At the Investor Conference, the Company will provide its earnings guidance for the year ending December31, 2019 of net income per share of $2.70 to $2.80, and Funds From Operations (“FFO”) per share of $6.85 to $6.95. In addition, the Company will revise its previously announced earnings guidance of net income per share of $2.32 to $2.42, and FFO per share of $6.70 to $6.80 for the year ending December31, 2018 to $5.09 to $5.13 of net income per share, and $6.58 to $6.62 of FFO per share.
The revised guidance for the year ending December31, 2018 reflects $0.15 per share of costs related to the early repayment of the debt secured by One Madison Avenue.
The presentation will be available online via webcast on our corporate website at www.slgreen.com under the “Investors — Presentations& Webcasts” section. An audio replay and a copy of the presentation will be available on our corporate website following the Investor Conference.
The following table reconciles estimated net income per share (diluted) to FFO per share (diluted) for the years ending December31, 2018 and 2019.
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YearEnding December31, |
YearEnding December31, |
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Net income per share attributable to SL Green stockholders (diluted) |
$ |
5.09 |
$ |
5.13 |
$ |
2.70 |
$ |
2.80 |
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Add: |
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Depreciation and amortization |
3.02 |
3.02 |
2.54 |
2.54 |
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Joint ventures depreciation and noncontrolling interests adjustments |
2.03 |
2.03 |
1.64 |
1.64 |
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Net income attributable to noncontrolling interests |
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Loss on sale of real estate, net |
0.32 |
0.32 |
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Depreciable real estate reserve |
0.07 |
0.07 |
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Less: |
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Equity in net gain on sale of interest in unconsolidated joint venture / real estate |
3.29 |
3.29 |
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Purchase price and other fair value adjustments |
0.63 |
0.63 |
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Depreciation on non-real estate assets |
0.03 |
0.03 |
0.03 |
0.03 |
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Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted) |
$ |
6.58 |
$ |
6.62 |
$ |
6.85 |
$ |
6.95 |
The information being furnished to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.
Item 8.01 Other Events.
On November29, 2018, the Company issued a press release announcing that the Company’s Board of Directors has increased the Company’s quarterly dividend on its common stock and OP units by 4.6%, resulting in a new annual dividend of $3.40 per share, and declared the fourth quarter dividend of $0.85 per share of common stock. A copy of the press release is attached hereto as Exhibit99.1 and incorporated by reference herein.