SL Green Realty Earnings Call scheduled for 2:00 pm ET today

Call DetailsSL Green Realty Earnings Conference Call (Q3 2009)Tue, Oct 27, 2009, 2:00 pm EasternAbout SL Green Realty (NYSE:SLG)SL Green Realty Corp. is a real estate investment trust (REIT). The firm engages in the property management, acquisitions, financing, development, construction, and leasing. It also provides tenant services to its clients. The firm invests in real estate markets of the United States. It primarily invests in commercial office and retail properties. SL Green Realty Corp. was founded in 1970 and is based in New York, New York.More Info:Quote |Chart |Profile |Reports |Research |SEC |Msgs |Insider |Financials | Analyst Ratings...
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SL GREEN REALTY CORP Files SEC form 8-K, Results of Operations and Financial Condition, Regulation FD Disclosure, Fin

Item 9.01. Financial Statements and Exhibits (d) Exhibits 99.1 Press Release regarding third quarter 2009 earnings. 99.2 Supplemental package. NON-GAAP Supplemental Financial Measures Funds from Operations (FFO) FFO is a widely recognized measure of REIT performance. We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than we do. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002 defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITS, particularly those that own and operate commercial office properties. We also use FFO as one of several criteria to determine performance-based bonuses for members of our senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy ra...
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Commercial Real Estate Earnings On Deck

The turn in commercial real estate stocks has been stunning. The sector absorbed more than its fair share of the beating handed out by the credit crunch. In 2009, it has rebounded and outperformed many of the sectors that it lagged in 2008. To illustrate the reverse in fortunes, the SPDR Dow Jones REIT ETF (NYSE:RWR) plummeted 42% in 2008, fell even further at the beginning of 2009, but has risen almost 100% since March 6. Q3 earnings will play an important role in terms of which direction these stock go from here. Here are three stocks in the space to keep an eye on as they report their quarterly results in the days ahead.IN PICTURES: How To Make Your First $1 MillionREITs on the RiseShareholders of the commercial office space real estate investment trust (REIT) SL Green Realty (NYSE:SLG) have been among the prime beneficiaries in the recent run up in the prices of commercial real estate stocks. SL Green shares are up over 60% so far in 2009. This move higher is especially impressive in light of the fact that the vacancy rate in Q3 for the Manhattan office market rose to its highest level in five years.Although SL Green's portfolio is more heavily concentrated in the New York City market than some of its competitors, such as Vornado Re...
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[$$] Unlike Some, REITs Still Await a Bottom

Answers allows you to tap the knowledge of Community members. Answer a question below or ask a question. Q: Why do some many people think Bernanke is doing such a great job? Please fill out the answer field. The language you used does not comply with community standards. Please re-enter. ...
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SL Green Realty Corp. Q3 2009 Earnings Call Transcript

SL Green Realty Corp. (SLG) Q3 2009 Earnings Call October 27, 2009 2:00 pm ET Executives Marc Holliday - Chief Executive Officer Andrew Mathias - President & Chief Investment Officer Greg Hughes - Chief Operating Officer & Chief Financial Officer Steven Durels - Executive Vice President Heidi Gillette - Investor Relations Analysts Ian Weissman - ISI Group Jamie Feldman - Banc of America Josh Attie - Citi [Ross Salisbury] - UBS Jay Habermann - Goldman Sachs John Guinee - Stifel Nicolaus Jordan Sadler - KeyBanc Presentation Operator Thank you, everybody for joining us and welcome to the SL Green Realty Corp’s third quarter 2009 earnings results conference call. This conference call is being recorded. At this time, the company would like to remind the listeners that during the call, management may make forward-looking statements. Actual results may differ from predictions that management may make today. Additional information regarding the factors that could cause such differences appear in the MD&A section of the company’s Form 10-Q and the other reports filed with the Securities and Exchange Commission. Also during today’s conference call, the company may discuss non-GAAP financial measures as defined by the SEC Regulation G. The GAAP financial measures most difficulty compare to each non-GAAP financial measures discussed and reconciliation of the differences between non-GAAP financial measures and the comparable GAAP financial measures can be found at the company’s website at www.slgreen.com by selecting the press release regarding the company’s third quarter earnings. Before turning the call over to Mar...
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Casino titan Wynn revokes Aqueduct bid

Las Vegas casino titan Stephen Wynn abruptly has revoked his bid to build a massive casino and hotel complex at the Aqueduct horse race track in downstate New York. The planned project in Queens, N.Y., has implications for construction companies in the Capital Region. That’s because revenue from video lottery machines at the new casino would fund major renovations at Saratoga Race Course in Saratoga Springs. Wynn’s decision to withdraw his bid on Nov. 4 leaves five companies in contention for the state contract. The contract review process has dragged on for months, as Gov. David Paterson and legislative leaders have failed to agree on a winning bid. Paterson has told bidders they must give the state a $200 million down payment almost immediately after winning the contract. Paterson is relying on that funding as one way to help erase the state’s $3.2 billion budget deficit. He has asked state legislators to begin tackling the deficit as early as Nov 10. The cornerstone of the project involves installing 4,500 video lottery machines that are expected to generate $1 million in revenue each day for the state. Wynn’s company did not elaborate on why he decided to withdraw his bid in the brief statement the company issued. Paterson, Assembly Speaker Sheldon Silver (D-Manhattan) and Senate Democrats must all agree on a winning bid. The process of picking a firm to build the complex at Aqueduct has endured countless delays, whether as a result of political gridlock or because bids collapsed under the strain of the recession. In fall 2008, Gov. David Paterson and state legislators selected Buffalo-based Delaware North Cos. to build the entertainment “racino” at Aqueduct. Delaware North promised to deliver an up-front cash payment of $370 million, which legislators had pla...
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SL Green Rlty upgraded by UBS

DateResearch FirmActionFromTo2-Nov-09RBC Capital MktsDowngradeOutperformSector Perform2-Nov-09UBSUpgradeSellNeutral28-Oct-09Stifel NicolausUpgradeHoldBuy21-Jul-09UBSInitiatedSell12-May-09Stifel NicolausUpgradeSellHold29-Apr-09Stifel NicolausDowngradeBuySell6-Apr-09Credit SuisseDowngradeNeutralUnderperform9-Jan-09KeyBanc Capital MktsDowngradeHoldUnderweight26-Nov-08Stifel NicolausUpgradeHoldBuy10-Nov-08UBSUpgradeNeutralBuy4-Nov-08Stifel NicolausUpgradeSellHold18-Sep-08Stifel NicolausDowngradeHoldSell24-Jul-08Lehman BrothersInitiatedEqual-Weight4-Apr-08Credit SuisseUpgradeUnderperformNeutral26-Mar-08Bear StearnsInitiatedOutperform18-Mar-08Deutsche SecuritiesDowngradeBuyHold6-Mar-08RBC Capital MktsUpgradeSector PerformOutperform10-Jan-08JP MorganDowngradeOverweightNeutral19-Dec-07KeyBanc Capital MktsDowngradeBuyHold11-Oct-07Stifel NicolausUpgradeHoldBuy2-Oct-07Banc of America SecDowngradeBuyNeutral24-Sep-07KeyBanc Capital MktsUpgradeHoldBuy6-Sep-07Lehman BrothersDowngradeOverweightEqual-weight17-Aug-07UBSDowngradeBuyNeutral20-Jul-07WachoviaUpgradeMkt PerformOutperform11-Jun-07Stifel NicolausDowngradeBuyHold28-Nov-06UBSUpgradeNeutralBuy19-Sep-06Lehman BrothersUpgradeEqual-weightOverweight...
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SL GREEN REALTY CORP Files SEC form 10-Q, Quarterly Report

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview SL Green Realty Corp., or the Company, a Maryland corporation, and SL Green Operating Partnership, L.P., or the operating partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. We are a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions, financing, development, construction and leasing. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the operating partnership. On January 25, 2007, we completed the acquisition, or the Reckson Merger, of all of the outstanding shares of common stock of Reckson Associates Realty Corp., or Reckson, pursuant to the terms of the Agreement and Plan of Merger, dated as of August 3, 2006, as amended, the Merger Agreement, among SL Green, Wyoming Acquisition Corp., or Wyoming, Wyoming Acquisition GP LLC, Wyoming Acquisition Partnership LP, Reckson and Reckson Operating Partnership, L.P. or ROP. We paid approximately $6.0 billion, inclusive of transaction costs, for Reckson. ROP is a subsidiary of our operating partnership. On January 25, 2007, we completed the sale, or Asset Sale, of certain assets of ROP to an asset purchasing venture led by certain of Reckson's former executive management, or the Buyer, for a total consideration of approximately $2.0 billion. The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in this Quarterly Report on Form 10-Q and in Item 8 of our Annual Report on Form 10-K, Form 10-K/A No. 1 and Form 10-K/A No. 2 for the year ended December 31, 2008. A...
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SL GREEN REALTY CORP Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue247,671  252,968  263,405  261,781  Cost of Revenue(89,688)97,239  100,476  98,169  Gross Profit337,359  155,729  162,929  163,612  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative328,972  17,946  17,922  20,045  Non Recurring -   -   -   -  Others(45,273)162,763  54,798  164,589  Total Operating Expenses -   -   -   -  Operating Income or Loss(129,074)(24,980)90,209  (21,022)Income from Continuing OperationsTotal Other Income/Expenses Net5,740  94,127  (15,095)(70,024)Earnings Before Interest And Taxes(245,484)83,282  97,728  (65,110)Interest Expense59,237  61,168  61,700  92,681  Income Before Tax(304,721)22,114  36,028  (157,791)Income Tax Expense -   -   -   -  Minority Interest(17,854)6,848   -  15,473  Net Income From Continuing Ops16,748  22,114  36,028  (157,791)Non-recurring EventsDiscontinued Operations(12,155)(538)6,506  252,428  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   -   ...
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