SL Green Realty Corp. (SLG, Financial) filed Quarterly Report for the period ended 2012-06-30.
Sl Green Realty Corp has a market cap of $7.39 billion; its shares were traded at around $81.07 with a P/E ratio of 16.2 and P/S ratio of 5.9. The dividend yield of Sl Green Realty Corp stocks is 1.2%. Sl Green Realty Corp had an annual average earning growth of 7.1% over the past 10 years. GuruFocus rated Sl Green Realty Corp the business predictability rank of 2.5-star.
Marketing, general and administrative, or MG&A, expenses for the six months ended June 30, 2012 were $40.9 million, or 5.2% of total revenues including our share of joint venture revenue compared to $42.5 million, or 5.8% for the six months ended June 30, 2011.
Overall, the 2010 Long-Term Compensation Plan contemplates maximum potential awards of 1,179,987 LTIP Units and a cap of approximately $75 million when earned. However, sufficient shares were not available under the 2005 Plan to fund the entire 2010 Long-Term Compensation Plan in December 2009, and the awards granted at that time, in the aggregate, were limited to 744,128 LTIP Units, subject to performance-based and time-based vesting, unless and until additional shares became available under the 2005 Plan prior to the end of the performance period for the 2010 Long-Term Compensation Plan. At our annual meeting of stockholders on June 15, 2010, our stockholders approved the adoption of the 2005 Plan which, among other things, increased the number of shares available under the plan. That increase allowed us to award the balance of the LTIP Units due under the 2010 Long-Term Compensation Plan. The remaining awards were granted in June 2010. The cost of the 2010 Long-Term Compensation Plan (approximately $31.7 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $1.9 million, $3.7 million, $2.2 million and $4.2 million for the three and six months ended June 30, 2012 and 2011, respectively, related to the 2010 Long-Term Compensation Plan.
As of June 30, 2012, 96.8% of the 2011 Outperformance Plan had been granted. The cost of the 2011 Outperformance Plan for the 96.8% granted (approximately $26.1 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $1.4 million and $2.6 million during the three and six months ended June 30, 2012, respectively, related to this program.
Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of our board of directors. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Alliance paid the Service Corporation approximately $0.8 million, $1.6 million, $1.0 million and $1.1 million for the three and six months ended June 30, 2012 and 2011, respectively. We paid Alliance approximately $4.7 million, $8.2 million, $3.5 million and $6.6 million for the three and six months ended June 30, 2012 and 2011, respectively, for these services (excluding services provided directly to tenants).
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Sl Green Realty Corp has a market cap of $7.39 billion; its shares were traded at around $81.07 with a P/E ratio of 16.2 and P/S ratio of 5.9. The dividend yield of Sl Green Realty Corp stocks is 1.2%. Sl Green Realty Corp had an annual average earning growth of 7.1% over the past 10 years. GuruFocus rated Sl Green Realty Corp the business predictability rank of 2.5-star.
Highlight of Business Operations:
Same-Store net operating income, which is Same-Store revenues plus Same-Store other income less Same-Store operating expenses, increased $0.9 million, or 0.6%, from $145.1 million for the three months ended June 30, 2011 to $146.0 million for the three months ended June 30, 2012.Marketing, general and administrative, or MG&A, expenses for the six months ended June 30, 2012 were $40.9 million, or 5.2% of total revenues including our share of joint venture revenue compared to $42.5 million, or 5.8% for the six months ended June 30, 2011.
Overall, the 2010 Long-Term Compensation Plan contemplates maximum potential awards of 1,179,987 LTIP Units and a cap of approximately $75 million when earned. However, sufficient shares were not available under the 2005 Plan to fund the entire 2010 Long-Term Compensation Plan in December 2009, and the awards granted at that time, in the aggregate, were limited to 744,128 LTIP Units, subject to performance-based and time-based vesting, unless and until additional shares became available under the 2005 Plan prior to the end of the performance period for the 2010 Long-Term Compensation Plan. At our annual meeting of stockholders on June 15, 2010, our stockholders approved the adoption of the 2005 Plan which, among other things, increased the number of shares available under the plan. That increase allowed us to award the balance of the LTIP Units due under the 2010 Long-Term Compensation Plan. The remaining awards were granted in June 2010. The cost of the 2010 Long-Term Compensation Plan (approximately $31.7 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $1.9 million, $3.7 million, $2.2 million and $4.2 million for the three and six months ended June 30, 2012 and 2011, respectively, related to the 2010 Long-Term Compensation Plan.
As of June 30, 2012, 96.8% of the 2011 Outperformance Plan had been granted. The cost of the 2011 Outperformance Plan for the 96.8% granted (approximately $26.1 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $1.4 million and $2.6 million during the three and six months ended June 30, 2012, respectively, related to this program.
Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of our board of directors. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Alliance paid the Service Corporation approximately $0.8 million, $1.6 million, $1.0 million and $1.1 million for the three and six months ended June 30, 2012 and 2011, respectively. We paid Alliance approximately $4.7 million, $8.2 million, $3.5 million and $6.6 million for the three and six months ended June 30, 2012 and 2011, respectively, for these services (excluding services provided directly to tenants).
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