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SL Green Projects 2012 Funds From Operations Beating Analysts’ Estimates

By David M. Levitt - 2011-12-05T18:22:03Z

SL Green Realty Corp., Manhattan’s biggest office landlord, said 2012 funds from operations will be $4.45 to $4.55 a share, higher than analysts’ estimates. (SLG)

The company also reiterated its forecast for FFO in 2011 of $4.75 to $4.80 a share, according to a regulatory filing today. SL Green, which holds its annual investor conference today, was expected to post 2012 FFO of $4.31 a share, the average estimate of 16 analysts surveyed by Bloomberg.

The company, based in New York, signed Young & Rubicam Group to anchor 3 Columbus Circle, a 26-story tower near Time Warner Center that it co-owns with Moinian Group. The marketing and communications company, a unit of Dublin-based WPP Plc, is buying a 214,372-square-foot (19,916-square-meter) condominium interest and agreed to a 20-year lease for an additional 124,760 square feet, SL Green said today in a statement. Terms weren’t disclosed.

SL Green rose as much as 4.4 percent to $68.06 in New York trading.

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net