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Common Stock

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

 

December 6, 2021

 

SL GREEN REALTY CORP.

(Exact name of registrant as specified in its charter)

 

Maryland
(State of Incorporation)

 

1-13199   13-3956775
(Commission File Number)   (I.R.S. employer identification number)

 

One Vanderbilt Avenue
New York, New York
  10017
(Zip Code)

 

(Address of principal executive offices)    

 

(212) 594-2700

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Registrant   Trading Symbol   Title of Each Class   Name of Each Exchange on Which
Registered
SL Green Realty Corp.   SLG   Common Stock, $0.01 par value   New York Stock Exchange
SL Green Realty Corp.   SLG.PRI   6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company   ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ¨

 

 

 

 

 

 

Item 7.01.Regulation FD Disclosure

 

Members of senior management of SL Green Realty Corp. (the “Company”) will make a presentation during the Company’s 2021 Annual Investor Conference on Monday, December 6, 2021 (the “Investor Conference”). At the Investor Conference, the Company will provide its earnings guidance for the year ending December 31, 2022 of net income per share of $0.46 to $0.76, and Funds From Operations (“FFO”) per share of $6.70 to $7.00. In addition, the Company will affirm its previously announced earnings guidance for the year ending December 31, 2021 of FFO per share of $6.45 to $6.65.

 

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 December 31, 2021 and 2022.

 

   Year Ending
December 31,
   Year Ending
December 31,
 
   2021 (1)   2021 (1)   2022 (1)   2022 (1) 
Net income per share attributable to SL Green stockholders (diluted)  $6.97   $7.17   $0.46   $0.76 
Add:                    
Depreciation and amortization   2.98    2.98    3.21    3.21 
Joint ventures depreciation and noncontrolling interests adjustments   3.32    3.32    3.35    3.35 
Net loss attributable to noncontrolling interests   (0.04)   (0.04)        
Depreciable real estate reserve   0.32    0.32         
Less:                    
Gain on sale of real estate and discontinued operations, net   4.04    4.04    0.28    0.28 
Equity in net gain on sale of interest in unconsolidated joint venture / real estate   0.14    0.14         
Purchase price and other fair value adjustments   2.88    2.88         
Depreciation on non-real estate assets   0.04    0.04    0.04    0.04 
Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted)  $6.45   $6.65   $6.70   $7.00 

 

(1) The weighted-average share counts used herein do not reflect the impact on share counts of the Company's stock dividend and reverse stock split announced on December 2, 2021 as the number of shares to be issued in connection with the dividend and the split ratio for the reverse stock split will be determined in January of 2022.                                

 

 

 

 

The information being furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 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 9.01.Financial Statements and Exhibits

 

(d)Exhibits

 

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  SL GREEN REALTY CORP.
   
   
  /s/ Matthew J. DiLiberto
  Matthew J. DiLiberto
  Chief Financial Officer
   
Date: December 6, 2021