NEW YORK CITY-SL Green Realty Corp. said late Tuesday its fourth-quarter funds from operations rose to $74.7 million, or 93 cents per diluted share before transaction-related costs, an increase of nearly 7% on the quarterly FFO of 87 cents per diluted share recorded a year earlier. Full- year FFO rose to $5 per diluted share before costs, a 12.9% increase as compared to $4.43 per diluted share for the full year of 2009, the office REIT said.

Manhattan’s largest office landlord also saw its Q4 net income rise to nine cents per share from a loss of seven cents per share the year prior, with full-year earnings per share also reflecting a sizable increase: $3.45 per share, or approximately $275 million, compared to 54 cents per share for ‘09.

The REIT’s combined same-store GAAP NOI for Q4 2010 increased to $167.9 million, up 2% from the $164.7 million in the comparable period a year earlier. In the interim, though, SL Green increased its office portfolio substantially.

In Q4 alone, SL Green bought the remaining 45% joint venture interests in the leased fee at 885 Third Ave., and 2 Herald Square and the entire leased fee interest in 292 Madison Ave. from Gramnery Capital, an aggregate investment of $349.7 million, including the assumption of $265.6 million of mortgage debt. Earlier in ’10, the REIT bought 125 Park Ave. for $330 million and entered into a joint venture with the Canada Pension Plan Investment Board to acquire 600 Lexington Ave. for $193 million.

The company began last year by foreclosing on the 1.1-million-square-foot 100 Church St. and subsequently acquiring it. It began this year by purchasing City Investment Fund’s 49.9% percent interest in 521 Fifth Ave., thereby assuming full ownership of the leasehold position in a transaction that valued the consolidated interest at approximately $245.7 million. 

During Q4, SL Green signed 801,610 square feet of office leases in its Manhattan portfolio and another 333,413 square feet in its suburban portfolio. Largest of the Q4 leases was a new 20-year lease with HF Management Services for 172,577 square feet at 100 Church.