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: February 8, 2001 SL GREEN REALTY CORP. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Maryland (STATE OF INCORPORATION) 1-13199 13-3956775 (COMMISSION FILE NUMBER) (IRS EMPLOYER ID. NUMBER) 420 Lexington Avenue 10170 New York, New York (ZIP CODE) ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (212) 594-2700 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 99.1 Supplemental package ITEM 9. REGULATION FD DISCLOSURE Following the issuance of a press release on February 7, 2001 the fourth quarter ended December 31, 2000, the Company is also making available supplemental informtion regarding the Company's operations that is too voluminous for a press release. The Company is attaching this supplemental package as Exhibit 99.1 to this Current Report on Form 8-K. The press release for the fourth quarter has been filed under a separate Form 8-K dated February 7, 2001. Note: the information in this report (including the exhibits) is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD. 2
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/ Thomas E. Wirth --------------------------- Thomas E. Wirth Executive Vice President, Chief Financial Officer Date: February 8, 2001 3
EXHIBIT 99.1 [SL GREEN REALTY CORP. LOGO] FOURTH QUARTER SUPPLEMENTAL DATA DECEMBER 31, 2000
SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust (REIT) that primarily owns, manages, leases, acquires and repositions Class B office properties in emerging, high-growth submarkets of Manhattan. o SL Green's common stock and Preferred Income Equity Redeemable Shares ("PIERS" SM), are listed on the New York Stock Exchange, and trade under the symbols: SLG and SLG PrA respectively. o SL Green maintains an internet site at WWW.SLGREEN.COM at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found. Such information is not reiterated in this supplemental financial package. This supplemental financial package is available through the Company's Internet site until the Company's annual report on Form 10-K is filed with the Securities and Exchange Commission. o This data is presented to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided from the prospective of timeliness to assist readers of quarterly and annual financial filings. As such, data otherwise contained in future regulatory filings covering the same period may be restated from the data presented herein. o Questions pertaining to the information contained herein should be referred to David J. Nettina or Thomas E. Wirth at dave.nettina@slgreen.com or tom.wirth@slgreen.com or at 212-594-2700. This report includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), expansion and other development trends of the real estate industry, business strategies, expansion and growth of the Company's operations and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, general economic and business conditions, the business opportunities that may be presented to and pursued by the Company, changes in laws or regulations and other factors, many of which are beyond the control of the Company. Any such statements are not guarantees of future performance and actual results or developments may differ materially from those anticipated in the forward-looking statements. The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended December 31, 2000 that will subsequently be released on Form 10-K to be filed on or before March 31, 2001 and the 2000 audited financial statements included in the Company's annual report on Form 10-K. 2
CONTENTS PAGE Highlights of Current Period Financial Performance 4-8 Unaudited Financial Statements Balance Sheet 9 Statement of Operations 11 Joint Venture Statements 13 Statement of Stockholders' Equity 15 Funds From Operations 16 Selected Financial Data 17-19 Summary of Debt and Ground Lease Arrangements 20-21 Property Data Composition of Property Portfolio 22 Top Tenants 23 Leasing Activity Summary 24-26 Lease Expiration Schedules 27-28 Summary of Acquisition Activity 29 Summary of Sale Activity 30 3
SL GREEN REALTY CORP. FOURTH QUARTER 2000 UNAUDITED ================================================================================ FINANCIAL HIGHLIGHTS EARNINGS PERFORMANCE o Fourth quarter Funds From Operations (FFO) were $20.1 million or $0.70 per share (diluted), 15% better than one year ago, when FFO was $16.9 million or $0.61 per share (diluted). Quarterly FFO results exclude extraordinary losses due to early debt extinguishments of $0.5 million in 2000, $0.4 million in 1999, and the $16.8 million gain on the sales of 17 Battery South and 90 Broad Street in 2000. For the full year ended December 31, 2000, FFO was $75.6 million or $2.67 per share (diluted), a 17% improvement over 1999 when FFO was $62.6 million or $2.29 per share (diluted). The full year results exclude extraordinary losses due to early debt extinguished of $0.9 million in 2000 and $1.0 million in 1999, $35.7 million gain on 2000 property sales and $5.7 million gain from the sale of its preferred equity interest in 1370 Avenue of the Americas. o The 15% growth in fourth quarter FFO reflects contributions from the following: o Consolidated GAAP NOI increased $2.6 million: - $3.9 million increase from same store properties as GAAP revenue increased $4.4 million, net of change in credit loss ($0.4 million), (i) $3.6 million in rental revenue as GAAP replacement rents which were 59% higher than the previously fully escalated rents, and (ii) increased escalation and reimbursement income ($1.0 million) related to the increased recovery ($0.8 million) of higher electric expense resulting from the higher electric rates, and increased passthroughs ($0.2 million). The increased electric recovery also includes an adjustment for electric inclusion tenants related to the previous quarters ConEd electric rates. The increased electric recovery represented a normalized 85% recovery rate on the increased costs. Revenue gains were partially offset by $0.4 million of higher operating costs which resulted from: higher utility costs ($0.7 million) primarily due to higher electric rates ($0.6 million) and higher fuel costs ($0.1 million). These increased costs were partially offset by lower repairs and maintenance expense ($0.1 million) and lower advertising and professional fees ($0.1 million). Real estate tax expense also increased $0.1 million as assessed property values increased. - $0.7 million increase from the Company's joint ventures primarily due to the purchase of 100 Park Avenue and the contribution of 321 West 44th Street to a joint venture. - $1.9 million decrease from wholly-owned properties sold (29 West 34th Street, Bar Building and 17 Battery South) or contributed to a joint venture (321 West 44th Street). o Investment income increased $1.8 million due to (i) increase investment in structured finance ($1.6 million) and interest income earned on proceeds from the sales of 17 Battery South and 90 Broad Street ($0.2 million). 4
o The Company had higher interest costs ($1.3 million) associated with: higher average debt levels due to acquisition and structured finance debt ($0.7 million), the higher average debt levels due to the funding of ongoing capital projects and working capital requirements ($0.2 million), and higher interest rates from floating rate debt ($0.5 million). The increase was partially offset by proceeds received from the sale of the Company's 35% interest in 90 Broad Street ($0.1 million). o MG&A increased $0.5 million from higher personnel costs due to several executive management changes. o Non-real estate depreciation increased $0.1 million due to additional amortization of financing costs associated with the company's new line of credit. o Equity in income in the service corporation and subsidiaries decreased $0.4 million due to lower tenant-rep income ($0.2 million), and losses from e.Emerge ($0.2 million) which were partially offset by higher fee income earned on Joint Venture management. OPERATING MARGINS QUARTERLY o Cash NOI in the 2000 "same store" portfolio rose $5.1 million (27%) from $18.7 million to $23.7 million, and operating margins improved from 48.9% to 55.7%. GAAP NOI increased by $3.9 million, approximately 19% over a year ago, and GAAP operating margins after ground rent improved from 55.2% to 58.7%. One of the primary drivers increasing same store cash NOI is the $4.4 million (11%) increase in total revenue (excluding change in credit loss) combined with a $1.2 million reduction in free rent, resulting in a $5.6 million (16%) increase in cash revenue. The decrease in free rent is primarily due to 1372 Broadway ($0.3 million), 420 Lexington Avenue ($0.3 million) and 440 Ninth Avenue ($0.3 million). The decrease in free rent is due to reduced free rent in the 2000 lease concession packages and reduced leasing activity as compared to the 1999 fourth quarter. 5
The $4.4 million increase in total revenue is due to: 1. An increase in rent revenue of $2.5 million resulting from higher replacement rents on approximately 900,000 square feet leased during the year which were 49% greater than previously fully escalated rents primarily at 420 Lexington Avenue ($2.2 million), 711 Third Avenue ($0.6 million) and the balance of increases throughout the portfolio; 2. The balance of the increase is due to higher escalation and reimbursement income ($1.0 million), consisting of electric reimbursement ($0.8 million) and increased passthrough of operating costs ($0.2 million). 3. Rent steps from current in-place tenants ($0.8 million). Partially offsetting the total revenue increase were increased operating expenses ($0.4 million) primarily due to higher utility costs ($0.7 million) partially offset by lower repairs and maintenance expense ($0.1 million) and lower advertising and professional fees ($0.1 million). Real estate taxes also increased ($0.1 million) due to higher assessed property values. NOTE: The 2000 same store portfolio was adjusted to exclude 17 Battery Place. o The Company's consolidated fourth quarter EBITDA margins before ground rent improved to 66.0% compared to 61.6% for 1999. The EBITDA margin after ground rent was 60.2% as compared to 55.5% in the same period of the prior year. These margin improvements are attributable to (i) GAAP NOI growth resulting from leasing 177,000 previously vacant square feet, which increased portfolio occupancy to 98%, and (ii) an average improvement in cash replacement rents over this 12-month period of 42% versus previously fully escalated cash rents, (iii) income from unconsolidated joint ventures, and (iv) income from structured finance. QUARTERLY LEASING HIGHLIGHTS o Vacancy at September 30, 2000 was 247,001 useable square feet net of holdover tenants. During the quarter, 163,927 additional useable office square feet became available at an average escalated cash rent of $29.83 per rentable square foot and 8,467 useable square feet of retail space became available at $54.09 per rentable square foot. In addition, the Company acquired 34,599 useable square feet of vacancy at 180 Madison Avenue. Space available to lease during the quarter totaled 453,994 useable square feet, or 5.0% of the total portfolio. o During the fourth quarter, 54 leases were signed totaling 149,274 useable office square feet with new cash rents averaging $41.54 per rentable square foot. Replacement rents were 58% greater than rents on previously occupied space, which had a fully escalated cash rent averaging $25.79 per rentable square foot. Average tenant concessions were one month of free rent and an allowance of $4.99 per rentable square foot. Including early renewals and excluding holdover tenants, the tenant renewal rate was 56%. 13 leases have expired comprising 18,342 useable square feet that are in a holdover status. In addition, the Company sold 64,137 useable square feet of vacancy at 90 Broad Street and 17 Battery South. This results in 222,731 useable square feet remaining vacant at December 31, 2000. 6
o The Company signed 1 lease for 2,108 useable square feet that were for the early renewal of a retail tenant. The early renewal was for space that was not scheduled to become available until after the fourth quarter of 2000. The Company was able to renew the current tenant at an average cash rent of $82.98 representing an increase of 16.8% over the previously escalated rents of $71.06. FOURTH QUARTER INVESTMENT ACTIVITY o On September 21, 2000, the Company entered into an agreement to purchase 1370 Broadway for $50.5 million. This 16-story, 255,000 square foot office building is located in the heart of Times Square, directly across the street from 1372 Broadway, another SL Green building. In-place rents are approximately $27.72, approximately 38% below current market levels. The acquisition closed in January 2001. Proceeds from the sale of 17 Battery Place South funded the acquisition to complete a 1031 tax-free exchange. o On September 22, 2000, the Company, via a joint venture with Morgan Stanley Real Estate Fund III ("MSREF"), entered into an agreement to purchase 180 Madison Avenue for $41.25 million. The property consists of 265,000 square feet over 23 floors. It is located at the corner of 34th Street and Madison Avenue. SL Green purchased a 49.9% interest in the property in December 2000. The property was acquired as part of a Section 1031 tax-free exchange in order to partially defer the capital gain from the sale of 90 Broad Street. SL Green assumed managing and leasing responsibilities for the property. o On September 28, 2000, the Company entered into an agreement to purchase various ownership and mortgage interests in One Park Avenue for $233.9 million. This 913,000 square foot, 20-story office building is located between 32nd and 33rd Streets with full block prominence on Park Avenue. The Company also acquired an option to purchase the ground lease position. The acquisition was financed with a $150 million mortgage loan from Lehman Brothers Holdings, Inc. and the Company's unsecured line of credit. This transaction closed on January 10, 2001. o The Company completed the previously announced sales of two downtown properties: o The first was located at 90 Broad Street. This 339,000 square foot property was jointly owned with MSREF, the property sold for $60 million, or $177 per square foot, in November 2000. o The second was a wholly-owned property located at 17 Battery Place South. This property is approximately 400,000 square feet with a contract price of $53 million, or $132 per square foot. The sale was completed in December 2000. o See Property Acquisition Schedule on page 28. CAPITALIZATION AND LIQUIDITY o On October 2, 2000, the Company repaid its $55 million mortgage secured by 420 Lexington Avenue and obtained a new mortgage in the amount of $125 million. The $125 million mortgage has a term of 10 years and bears interest at a fixed rate of 8.44 %. 7
o In December, the Company upsized and extended its $60 million Prudential secured line of credit through December 2001. o The Company's dividend payout ratio was 55.5% of FFO and 72.5% of FAD before first cycle leasing costs. o The Company has increased the annual dividend distribution rate to $1.55, representing an increase of $0.10, or 7%. The increase was effective for the quarterly dividend distribution declared on December 15, 2000 of $0.3875 per common share. The Company also declared a dividend of $0.50 per share of Preferred Income Equity Redeemable Stock payable on January 15, 2001 for shareholders of record as of December 31, 2000. OTHER o Starting January 1, the Company changed its definition of "Same Store" results to include all properties as of 1/1/01 which were owned 12 months or more. Subsequently, the same store group has been adjusted to remove properties sold during the year and will include the following properties: 2001 SAME STORE 673 First Avenue 1140 Avenue of the Americas 420 Lexington Avenue 470 Park Avenue South 50 West 23rd Street 1466 Broadway 70 West 36th Street 555 West 57th Street 440 Ninth Avenue 1414 Avenue of the Americas 633 Third Avenue 711 Third Avenue 1372 Broadway 110 East 42nd Street 1412 Broadway 286 Madison Avenue 290 Madison Avenue 292 Madison Avenue 17 Battery North 8
COMPARATIVE BALANCE SHEET UNAUDITED ($000's omitted) Standard GAAP Format 12/31/2000 12/31/1999 +/- % CHANGE ---------- ---------- --- -------- ASSETS Commercial real estate properties, at cost: Land & land interests 125,572 132,081 (6,509) -5% Buildings & improvements fee interest 618,637 632,004 (13,367) -2% Buildings & improvements leasehold 139,393 132,573 6,820 5% Buildings & improvements under capital lease 12,208 12,208 -- 0% ---------- ---------- ---------- ---------- 895,810 908,866 (13,056) -1% Less accumulated depreciation (78,432) (56,983) (21,449) 38% ---------- ---------- ---------- ---------- 817,378 851,883 (34,505) -4% Other Real Estate Investments: Investment in unconsolidated joint ventures 65,031 23,441 41,590 177% Mortgage loans and preferred equity investments 51,293 20,000 31,293 156% Properties held for sale 10,895 25,835 (14,940) -58% Cash and cash equivalents 10,793 21,561 (10,768) -50% Restricted cash: Tenant security 19,479 17,720 1,759 10% Escrows & other 67,344 16,448 50,896 309% Tenant and other receivables, net of $1,723 reserve at 12/31/00 7,580 5,747 1,833 32% Related party receivables 917 463 454 98% Deferred rents receivable, net of reserve for tenant credit loss of $4,860 at 12/31/00 45,816 37,015 8,801 24% Investment in and advances to affiliates 6,373 4,978 1,395 28% Deferred costs, net 40,113 30,540 9,573 31% Other assets 18,142 15,611 2,531 16% ---------- ---------- ---------- ---------- TOTAL ASSETS 1,161,154 1,071,242 89,912 8% ========== ========== ========== ========== ($000's omitted) Standard GAAP Format 9/30/2000 +/- % CHANGE 6/30/2000 +/- % CHANGE -------- --- -------- --------- --- -------- ASSETS Commercial real estate properties, at cost: Land & land interests 125,572 -- 0% 131,991 (6,419) -5% Buildings & improvements fee interest 609,089 9,548 2% 646,150 (27,513) -4% Buildings & improvements leasehold 137,441 1,952 1% 135,886 3,507 3% Buildings & improvements under capital lease 12,208 -- 0% 12,208 -- 0% -------- ------- ----- --------- -------- ------- 884,310 11,500 1% 926,235 (30,425) -3% Less accumulated depreciation (72,179) (6,253) 9% (68,653) (9,779) 14% -------- ------- ----- --------- -------- ------- 812,131 5,247 1% 857,582 (40,204) -5% Other Real Estate Investments: Investment in unconsolidated joint ventures 59,632 5,399 9% 63,850 1,181 2% Mortgage loans and preferred equity investments 49,903 1,390 3% 76,962 (25,669) -33% Properties held for sale 49,890 (38,995) -78% -- 10,895 Cash and cash equivalents 14,064 (3,271) -23% 15,317 (4,524) -30% Restricted cash: Tenant security 18,979 500 3% 18,081 1,398 8% Escrows & other 15,604 51,740 332% 13,045 54,299 416% Tenant and other receivables, net of $1,723 reserve at 12/31/00 9,132 (1,552) -17% 6,851 729 11% Related party receivables 964 (47) -5% 781 136 17% Deferred rents receivable, net of reserve for tenant credit loss of $4,860 at 12/31/00 43,452 2,364 5% 42,867 2,949 7% Investment in and advances to affiliates 7,943 (1,570) -20% 7,527 (1,154) -15% Deferred costs, net 37,924 2,189 6% 37,922 2,191 6% Other assets 34,100 (15,958) -47% 20,057 (1,915) -10% --------- -------- ----- --------- -------- ------- TOTAL ASSETS 1,153,718 7,436 1% 1,160,842 312 0% ========= ======== ===== ========= ======== ======= Page 9
COMPARATIVE BALANCE SHEET UNAUDITED ($000's omitted) Standard GAAP Format 12/31/2000 12/31/1999 +/- % CHANGE ---------- ---------- --- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Mortgage notes payable 414,342 352,693 61,649 17% Revolving credit facilities 46,374 83,000 (36,626) -44% Accrued interest payable 2,349 2,650 (301) -11% Accounts payable and accrued expenses 27,651 17,167 10,484 61% Deferred revenue 1,112 306 806 263% Capitalized lease obligations 15,303 15,017 286 2% Deferred land lease payable 13,158 11,611 1,547 13% Dividend and distributions payable 12,678 11,947 731 6% Security deposits 19,014 18,905 109 1% ---------- ---------- ---------- TOTAL LIABILITIES 551,981 513,296 38,685 8% Minority interest (2,308 units outstanding) 43,326 41,494 1,832 4% 8% Preferred Income Equity Redeemable Shares $0.01 par value, $25.00 mandatory liquidation preference, 4,600 outstanding 110,774 110,348 426 0% STOCKHOLDERS' EQUITY Common stock, $.01 par value 100,000 shares authorized, 24,516 issued and outstanding at 12/31/00 246 242 4 2% Additional paid - in capital 428,698 421,958 6,740 2% Deferred compensation plans (5,037) (6,674) 1,637 -25% Retained earnings / (distributions in excess of earnings) 31,166 (9,422) 40,588 -431% ---------- ---------- ---------- TOTAL STOCKHOLDERS' EQUITY 455,073 406,104 48,969 12% ---------- ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,161,154 1,071,242 89,912 8% ========== ========== ========== ($000's omitted) Standard GAAP Format 9/30/2000 +/- % CHANGE 6/30/2000 +/- % CHANGE --------- --- -------- --------- --- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Mortgage notes payable 345,351 68,991 20% 346,294 68,048 20% Revolving credit facilities 126,752 (80,378) -63% 145,752 (99,378) -68% Accrued interest payable 3,069 (720) -23% 1,823 526 29% Accounts payable and accrued expenses 28,045 (394) -1% 26,851 800 3% Deferred revenue 1,444 (332) -23% 1,838 (726) -40% Capitalized lease obligations 15,242 61 0% 15,165 138 1% Deferred land lease payable 12,805 353 3% 12,493 665 5% Dividend and distributions payable 12,065 613 5% 12,010 668 6% Security deposits 18,951 63 0% 18,104 910 5% --------- ---------- ---------- --------- TOTAL LIABILITIES 563,724 (11,743) -2% 580,330 (28,349) -5% Minority interest (2,308 units outstanding) 41,753 1,573 4% 42,544 782 2% 8% Preferred Income Equity Redeemable Shares $0.01 par value, $25.00 mandatory liquidation preference, 4,600 outstanding 110,667 107 0% 110,561 213 0% STOCKHOLDERS' EQUITY Common stock, $.01 par value 100,000 shares authorized, 24,516 issued and outstanding at 12/31/00 245 1 0% 244 2 1% Additional paid - in capital 428,635 63 0% 425,837 2,861 1% Deferred compensation plans (5,939) 902 -15% (6,239) 1,202 -19% Retained earnings / (distributions in excess of earnings) 14,633 16,533 113% 7,565 23,601 312% --------- ---------- ---------- --------- TOTAL STOCKHOLDERS' EQUITY 437,574 17,499 4% 427,407 27,666 6% --------- ---------- ---------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,153,718 7,436 1% 1,160,842 312 0% ========= ========== ========== ========= Page 10
COMPARATIVE STATEMENTS OF OPERATIONS UNAUDITED ($000's omitted) Three Months Ended December 31 2000 1999 +/- % ---- ---- --- - REVENUES Rental revenue, net 46,037 42,026 4,011 10% Free rent 781 2,667 (1,886) -71% Amortization of free rent (756) (616) (140) 23% ------- ------- ------- Net free rent 25 2,051 (2,026) -99% Straight-line rent 2,171 2,393 (222) -9% Allowance for S/L tenant credit loss (182) (798) 616 -77% Escalation and reimbursement revenues 5,791 5,429 362 7% Signage rent 544 548 (4) -1% Investment income 3,367 1,535 1,832 119% Other income 442 706 (264) -37% ------- ------- ------- TOTAL REVENUES, NET 58,195 53,890 4,305 8% Equity in income/(loss) from affiliates (231) 179 (410) -229% Equity in income from unconsolidated joint ventures 899 226 673 298% EXPENSES Operating expenses 12,751 12,636 115 1% Ground rent 3,155 3,183 (28) -1% Real estate taxes 7,163 7,294 (131) -2% Marketing, general and administrative 3,043 2,534 509 20% ------- ------- ------- TOTAL OPERATING EXPENSES 26,112 25,647 465 2% EBITDA 32,751 28,648 4,103 14% Interest 10,188 8,889 1,299 15% Depreciation and amortization 7,992 7,555 437 6% ------- ------- ------- INCOME BEFORE MINORITY INTEREST 14,571 12,204 2,367 19% Extraordinary loss- early debt extinguishment (491) (361) (130) 36% Gain on sale of properties 16,770 -- 16,770 Gain on redemption of preferred equity inv -- -- -- Minority interest - BMW -- -- -- Minority interest - OP (2,467) (859) (1,608) 187% ------- ------- ------- NET INCOME 28,383 10,984 17,399 158% Dividends on preferred shares (2,300) (2,300) -- 0% Preferred stock accretion (107) (99) (8) 7% ------- ------- ------- INCOME AVAILABLE FOR COMMON SHARES 25,976 8,585 17,391 203% ======= ======= ======= MG&A to Real Estate Revenue, net 5.60% 4.91% MG&A to Total Revenue, net 5.23% 4.70% Operating Expense to Real Estate Revenue, net 23.45% 24.47% EBITDA to Real Estate Revenue, net 60.22% 55.47% EBITDA before Ground Rent to Real Estate Revenue, net 66.02% 61.63% Three Months Twelve Months ($000's omitted) Ended Sept Ended Dec 31 2000 2000 1999 ---- ---- ---- REVENUES Rental revenue, net 44,482 176,929 158,298 Free rent 1,978 7,142 12,958 Amortization of free rent (851) (3,243) (2,426) -------- -------- -------- Net free rent 1,127 3,899 10,532 Straight-line rent 2,237 9,074 9,397 Allowance for S/L tenant credit loss (199) (854) (3,288) Escalation and reimbursement revenues 7,593 24,732 21,902 Signage rent 496 2,137 1,660 Investment income 4,968 13,271 5,266 Other income 170 1,135 2,250 -------- -------- -------- TOTAL REVENUES, NET 60,874 230,323 206,017 Equity in income/(loss) from affiliates 71 378 730 Equity in income from unconsolidated joint ventures 586 3,108 377 EXPENSES Operating expenses 15,260 54,644 49,414 Ground rent 3,164 12,660 12,754 Real estate taxes 7,299 28,850 29,198 Marketing, general and administrative 2,540 11,561 10,922 -------- -------- -------- TOTAL OPERATING EXPENSES 28,263 107,715 102,288 EBITDA 33,268 126,094 104,836 Interest 10,698 40,431 28,610 Depreciation and amortization 8,300 32,511 27,260 -------- -------- -------- INCOME BEFORE MINORITY INTEREST 14,270 53,152 48,966 Extraordinary loss- early debt extinguishment -- (921) (989) Gain on sale of properties -- 35,792 -- Gain on redemption of preferred equity inv 5,624 5,624 -- Minority interest - BMW -- -- (1,765) Minority interest - OP (1,496) (7,430) (3,356) -------- -------- -------- NET INCOME 18,398 86,217 42,856 Dividends on preferred shares (2,300) (9,200) (9,200) Preferred stock accretion (107) (426) (398) -------- -------- -------- INCOME AVAILABLE FOR COMMON SHARES 15,991 76,591 33,258 ======== ======== ======== MG&A to Real Estate Revenue, net 4.56% 5.35% 5.50% MG&A to Total Revenue, net 4.17% 5.02% 5.30% Operating Expense to Real Estate Revenue, net 27.38% 25.31% 24.89% EBITDA to Real Estate Revenue, net 59.69% 58.40% 52.81% EBITDA before Ground Rent to Real Estate Revenue, net 65.36% 64.26% 59.24% Page 11
Three Months ($000's omitted - except per share data) Three Months Ended December 31 Ended Sept Twelve Months Ended Dec 31 2000 1999 2000 2000 1999 ---- ---- ---- ---- ---- PER SHARE DATA: Income available for common shares 25,976 8,585 15,991 76,591 33,258 Net income per share (basic) 1.06 0.35 0.65 3.14 1.37 Dividend per share 0.3875 0.3625 0.3625 1.475 1.4125 Estimated payout of taxable income (1) 51% 137% 78% 79% 155% Basic weighted average common shares 24,505 24,184 24,458 24,373 24,192 Diluted weighted average common shares and common share equivalents outstanding 27,299 26,662 27,300 27,119 26,680 PAYOUT OF TAXABLE INCOME ANALYSIS: Estimated taxable income is derived from net income less straightline rent, free rent net of amortization of free rent, plus tax gain on sale of properties, credit loss, straightline ground rent and the difference in depreciable basis between tax and GAAP. The Company has deferred the taxable gain on the sale 29 West 35th Street and 17 Battery South through 1031 exchanges. (1) Including the December 1999 dividend, which was deemed to be distributed in 2000, the taxable income payout ratio is 99%. Page 12
JOINT VENTURE STATEMENTS Balance Sheet Unaudited --------- ($000's omitted) December 31, 2000 September 30, 2000 --------------------------------------- -------------------------------------- Total Property SLG Property Interest Total Property SLG Property Interest -------------- -------------------- -------------- ---------------------- Land & land interests 71,130 34,632 69,468 32,774 Buildings & improvements 295,492 143,826 288,625 135,781 -------- -------- -------- -------- 366,622 178,458 358,093 168,555 Less accumulated depreciation (6,826) (3,348) (5,948) (2,786) -------- -------- -------- -------- Net Real Estate 359,796 175,110 352,145 165,769 Cash and cash equivalents 3,394 1,603 5,857 2,969 Restricted cash 12,609 6,103 9,937 4,632 Tenant receivables, net of $867 reserve 2,046 980 1,611 742 Deferred rents receivable, net of reserve for tenant credit loss of $598 at 12/31/00 3,395 1,646 3,680 1,669 Deferred costs, net 4,187 2,052 4,874 2,168 Other assets 2,392 1,238 2,977 2,028 -------- -------- -------- -------- Total Assets 387,819 188,732 381,081 179,977 ======== ======== ======== ======== Mortgage loan payable 238,650 115,808 references page 20 238,650 111,040 Accrued interest payable 1,582 789 1,559 745 Accounts payable and accrued expenses 6,609 3,238 6,382 3,013 Security deposits 5,626 2,744 5,915 2,726 Contributed Capital 135,352 66,153 references page 9(1) 128,575 62,453 -------- -------- -------- -------- Total Liabilities and Equity 387,819 188,732 381,081 179,977 ======== ======== ======= ======== As of December 31, 2000 the Company has four joint venture interests representing a 50% interest in 180 Madison Avenue, acquired in December 2000, a 50% interest in 1250 Broadway, acquired in August 1999, a 50% interest in 100 Park Avenue, acquired in February 2000 and a 35% interest in 321 West 44th Street, contributed May 2000. These interests are accounted for on the equity method of accounting and, therefore, are not consolidated into the company's financial statements. (1) The primary difference with Investment in unconsolidated joint ventures represents the unrecognized deferred gain on 321 West 44th Street and remaining undistributed assets from the 90 Broad sale which are not represented on this page. Page 13
JOINT VENTURE STATEMENTS Statement of Income & Expense for Unconsolidated Joint Ventures UNAUDITED ($000's omitted) Three Months Ended December 31, 2000 ------------------------------------------------------------ TOTAL PROPERTY SLG PROPERTY INTEREST SLG SUBSIDIARY -------------- --------------------- -------------- Rental Revenue, net 12,883 6,160 Free rent 343 153 Amortization of free rent (68) (31) ------ ------ Net free rent 275 122 Straight-line rent 531 252 Allowance for S/L tenant credit loss (99) (50) Escalation and reimbursement revenues 1,852 846 Investment income 159 72 Other income 10 4 ------ ------ TOTAL REVENUES, NET 15,611 7,406 EXPENSES Operating expenses 3,994 1,873 Real estate taxes 2,661 1,292 ------ ------ TOTAL OPERATING EXPENSES 6,655 3,165 GAAP NOI 9,055 4,290 CASH NOI 8,249 3,916 Interest 5,218 2,463 Depreciation and amortization 2,028 879 Extraordinary Loss -- -- ------ ------ NET INCOME 1,710 899 references page 11 Plus: Real Estate Depreciation 1,832 788 Plus: Extraordinary Loss - - Plus: Management & Leasing Fees - - 45 ------ ------ ----- FUNDS FROM OPERATIONS 3,542 1,687 FAD ADJUSTMENTS: Plus: Non Real Estate Depreciation 196 91 Plus: 2% Allowance for S/L Tenant Credit Loss 99 50 Less: Free and S/L Rent (806) (374) Less: Second Cycle Tenant Improvement, - Leasing Commissions & Recurring Capex (335) (138) ------ ------ (846) (371) references page 16 ====== ====== Operating Expense to Real Estate Revenue, net 25.70% 25.37% GAAP NOI to Real Estate Revenue, net 58.26% 58.13% Cash NOI to Real Estate Revenue, net 53.07% 53.06% ($000's omitted) Three Months Ended September 30, 2000 ------------------------------------------------------------------- TOTAL PROPERTY SLG PROPERTY INTEREST SLG SUBSIDIARY -------------- --------------------- -------------- Rental Revenue, net 13,141 6,202 Free rent 670 270 Amortization of free rent (82) (36) ------- ------- Net free rent 588 234 Straight-line rent 712 324 Allowance for S/L tenant credit loss (189) (82) Escalation and reimbursement revenues 2,171 978 Investment income 190 93 Other income 15 6 ------- ------- TOTAL REVENUES, NET 16,628 7,755 EXPENSES Operating expenses 5,595 2,530 Real estate taxes 2,695 1,297 ------- ------- TOTAL OPERATING EXPENSES 8,290 3,827 GAAP NOI 8,527 4,010 CASH NOI 7,227 3,452 Interest 5,166 2,400 Depreciation and amortization 2,047 942 Extraordinary Loss -- -- ------- ------- NET INCOME 1,125 586 Plus: Real Estate Depreciation 1,813 842 Plus: Extraordinary Loss - - Plus: Management & Leasing Fees - - 65 ------- ------- ----- FUNDS FROM OPERATIONS 2,938 1,428 FAD ADJUSTMENTS: Plus: Non Real Estate Depreciation 233 100 Plus: 2% Allowance for S/L Tenant Credit Loss 189 82 Less: Free and S/L Rent (1,300) (558) Less: Second Cycle Tenant Improvement, -- Leasing Commissions & Recurring Capex (595) (255) ------- ------- (1,473) (631) ======= ======= Operating Expense to Real Estate Revenue, net 33.68% 32.69% GAAP NOI to Real Estate Revenue, net 51.33% 51.82% Cash NOI to Real Estate Revenue, net 43.50% 44.62% As of December 31, 2000 the Company has four joint venture interests representing a 50% interest in 180 Madison Avenue, acquired in December 2000, a 50% interest in 1250 Broadway, acquired in August 1999, a 50% interest in 100 Park Avenue, acquired in February 2000 and a 35% interest in 321 West 44th Street, contributed May 2000. These interests are accounted for on the equity method of accounting and, therefore, are not consolidated into the company's financial statements. These statements also include the results of operations of our 35% interest in 90 Broad Street, sold November 2000. Page 14
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Deferred Retained Earnings / Compensation ($000's omitted) Additional (Distributions) In Plan / Officers' COMMON STOCK PAID-IN CAPITAL EXCESS OF EARNINGS LOAN TOTAL ------------ --------------- ------------------ ---- ----- Balance at December 31, 1997 123 178,669 (2,584) 176,208 Net Income 29,451 29,451 Preferred dividend and accretion requirement (5,970) (5,970) Issuance of common stock net of offering cost ($1,615) and revaluation increase in minority interest ($6,934) 115 235,006 235,121 Deferred compensation plan 2 3,264 (3,266) -- Cash distributions declared ($1.40 per -- common share) (29,456) (29,456) Officers' loans, net of amortization (528) (528) --------------------------------------------------------------------------- Balance at December 31, 1998 240 416,939 (8,559) (3,794) 404,826 Net Income 42,856 42,856 Preferred dividend and accretion requirement (9,598) (9,598) Deferred compensation plan 2 5,019 (4,771) 250 Cash distributions declared ($1.41 per common share) (34,121) (34,121) Amortization of officers' loan and deferred compensation 1,891 1,891 --------------------------------------------------------------------------- Balance at December 31, 1999 242 421,958 (9,422) (6,674) 406,104 Net Income 86,217 86,217 Preferred dividend and accretion requirement (9,626) (9,626) Deferred compensation plan 253 6 259 Exercise of employee stock options 3 4,359 4,362 Cash distributions declared ($1.475 per common share) (36,003) (36,003) Redemption of operating partnership units 1 2,128 2,129 Amortization of officers' loan and deferred compensation 1,631 1,631 --------------------------------------------------------------------------- Balance at December 31, 2000 246 428,698 31,166 (5,037) 455,073 =========================================================================== RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION Unaudited COMMON STOCK OP UNITS BASIC SHARES DILUTION FACTOR DILUTED SHARES ------------ -------- ------------ --------------- -------------- Balance at December 31, 1997 12,292,311 2,383,284 14,675,595 Public Offering 11,500,000 11,500,000 Deferred Compensation Programs 159,515 159,515 Acquisiton of 711 Third Ave. fee interest 44,772 44,772 ----------- ----------- ----------- Balance at December 31, 1998 23,951,826 2,428,056 26,379,882 26,379,882 Deferred Compensation Programs 232,391 232,391 232,391 ----------- ----------- ----------- ------------ Balance at December 31, 1999 24,184,217 2,428,056 26,612,273 26,612,273 Option/OP Units Converted 326,576 (120,541) 206,035 (97,506) 108,529 Compensation Program 5,201 5,201 12,354 17,555 Unexercised Option Share Equivalents 381,095 381,095 Preferred Stock "If Converted" Method to common stock 4,699,000 4,699,000 ----------- ----------- ----------- ----------- ------------ Balance at December 31, 2000 24,515,994 2,307,515 26,823,509 4,994,943 31,818,452 =========== =========== =========== =========== ============ Page 15
COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited ($000's omitted - except per share data) Three Months Ended December 31 2000 1999 % Change ---- ---- -------- FUNDS FROM OPERATIONS: Net Income before Minority Interests 14,571 12,204 19% Add: Depreciation and Amortization 7,992 7,555 6% FFO adjustment for Joint Ventures 788 313 152% Less: Dividends on Preferred Shares 2,300 2,300 0% Minority Interest of BMW - - Non Real Estate Depreciation/Amortization of Finance Costs 998 909 10% ------ ------ FUNDS FROM OPERATIONS - BASIC 20,053 16,863 19% Add: Dividends on Preferred Shares 2,300 2,300 ------ ------ FUNDS FROM OPERATIONS - DILUTED 22,353 19,163 Funds From Operations per Diluted Weighted Average Unit, Common Share and Common Share Equivalent Outstanding 0.70 0.61 15% FUNDS AVAILABLE FOR DISTRIBUTION: FFO 20,053 16,863 19% Add: Non Real Estate Depreciation (1) 998 909 10% 2% Allowance for S/L Tenant Credit Loss (1) 182 798 -77% Straight-line Ground Rent 354 442 -20% Non-cash Deferred Compensation 903 368 145% FAD adjustment for Joint Ventures (371) (129) 188% Less: Straight-line Rental Income (1) 2,171 2,393 -9% Free Rent - Occupied (Net of Amortization, incl. First Cycle) (1) 25 2,051 -99% Amortization of Mortgage Investment Discount 1,119 - Second Cycle Tenant Improvement & Leasing Commission on Existing Space (1) 3,315 4,354 -24% Recurring Building Improvements (1) 905 772 17% ------ ------ FUNDS AVAILABLE FOR DISTRIBUTION BEFORE REDEVELOPMENT & FIRST CYCLE LEASING COSTS 14,584 9,681 51% Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 0.53 0.36 47% Dividend per Common Share 0.3875 0.3625 7% FIRST CYCLE LEASING COSTS Tenant Improvement & Leasing Commissions (1) 439 8,435 -95% FUNDS AVAILABLE FOR DISTRIBUTION AFTER FIRST CYCLE LEASING COSTS 14,145 1,246 1035% Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 0.52 0.05 1008% Payout Ratio of Funds From Operations 55.47% 59.32% -6% Payout Ratio of Funds Available for Distribution before First Cycle 72.53% 99.83% -27% REDEVELOPMENT COSTS (1) 6,995 5,007 40% ($000's omitted - except per share data) Three Months Ended Sept 30 2000 % Change ---- -------- FUNDS FROM OPERATIONS: Net Income before Minority Interests 14,270 2% Add: Depreciation and Amortization 8,300 -4% FFO adjustment for Joint Ventures 842 -6% Less: Dividends on Preferred Shares 2,300 0% Minority Interest of BMW - Non Real Estate Depreciation/Amortization of Finance Costs 1,042 -4% ------ FUNDS FROM OPERATIONS - BASIC 20,070 0% Add: Dividends on Preferred Shares 2,300 ------ FUNDS FROM OPERATIONS - DILUTED 22,370 Funds From Operations per Diluted Weighted Average Unit, Common Share and Common Share Equivalent Outstanding 0.70 0% FUNDS AVAILABLE FOR DISTRIBUTION: FFO 20,070 0% Add: Non Real Estate Depreciation (1) 1,042 -4% 2% Allowance for S/L Tenant Credit Loss (1) 199 -8% Straight-line Ground Rent 312 13% Non-cash Deferred Compensation 422 114% FAD adjustment for Joint Ventures (631) -41% Less: Straight-line Rental Income (1) 2,237 -3% Free Rent - Occupied (Net of Amortization, incl. First Cycle) (1) 1,127 -98% Amortization of Mortgage Investment Discount 1,119 0% Second Cycle Tenant Improvement & Leasing Commission on Existing Space (1) 3,118 6% Recurring Building Improvements (1) 871 4% ------ FUNDS AVAILABLE FOR DISTRIBUTION BEFORE REDEVELOPMENT & FIRST CYCLE LEASING COSTS 12,942 13% Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 0.47 13% Dividend per Common Share 0.3625 7% FIRST CYCLE LEASING COSTS Tenant Improvement & Leasing Commissions (1) 680 -35% FUNDS AVAILABLE FOR DISTRIBUTION AFTER FIRST CYCLE LEASING COSTS 12,262 15% Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 0.45 15% Payout Ratio of Funds From Operations 51.85% 7% Payout Ratio of Funds Available for Distribution before First Cycle 76.47% -5% REDEVELOPMENT COSTS (1) 3,778 85% ($000's omitted - except per share data) Twelve Months Ended Dec 31 2000 1999 ---- ---- FUNDS FROM OPERATIONS: Net Income before Minority Interests 53,152 48,966 Add: Depreciation and Amortization 32,511 27,260 FFO adjustment for Joint Ventures 3,258 433 Less: Dividends on Preferred Shares 9,200 9,200 Minority Interest of BMW - 1,765 Non Real Estate Depreciation/Amortization of Finance Costs 4,102 3,049 ------ ------ FUNDS FROM OPERATIONS - BASIC 75,619 62,645 Add: Dividends on Preferred Shares 9,200 9,200 ------ ------ FUNDS FROM OPERATIONS - DILUTED 84,819 71,845 Funds From Operations per Diluted Weighted Average Unit, Common Share and Common Share Equivalent Outstanding 2.67 2.29 FUNDS AVAILABLE FOR DISTRIBUTION: FFO 75,619 62,645 Add: Non Real Estate Depreciation (1) 4,102 2,729 2% Allowance for S/L Tenant Credit Loss (1) 854 3,146 Straight-line Ground Rent 1,548 1,768 Non-cash Deferred Compensation 2,015 1,472 FAD adjustment for Joint Ventures (2,360) (121) Less: Straight-line Rental Income (1) 9,074 9,114 Free Rent - Occupied (Net of Amortization, incl. First Cycle) (1) 3,899 9,994 Amortization of Mortgage Investment Discount 3,345 Second Cycle Tenant Improvement & Leasing Commission on Existing Space (1) 12,534 9,458 Recurring Building Improvements (1) 2,401 2,526 ------ ------ FUNDS AVAILABLE FOR DISTRIBUTION BEFORE REDEVELOPMENT & FIRST CYCLE LEASING COSTS 50,525 40,547 Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 1.86 1.52 Dividend per Common Share 1.475 1.41 FIRST CYCLE LEASING COSTS Tenant Improvement & Leasing Commissions (1) 14,026 27,466 FUNDS AVAILABLE FOR DISTRIBUTION AFTER FIRST CYCLE LEASING COSTS 36,499 13,081 Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 1.35 0.49 Payout Ratio of Funds From Operations 55.33% 61.69% Payout Ratio of Funds Available for Distribution before First Cycle 79.17% 92.94% REDEVELOPMENT COSTS (1) 17,261 22,797 (1) Adjusted for Minority Interest in Properties is less than-100% owned Page 16
SELECTED FINANCIAL DATA CAPITALIZATION ANALYSIS HISTORICAL UNAUDITED ($000's omitted) Dec-00 Dec-99 % Change ------ ------ -------- MARKET CAPITALIZATION Components of Market Capitalization: COMMON EQUITY: Common Shares Outstanding 24,516 24,184 1% OP Units Outstanding 2,308 2,428 -5% --------- --------- TOTAL COMMON EQUITY (SHARES AND UNITS) 26,824 26,612 1% Share Price at (End of Period) 28.00 21.75 29% --------- --------- Equity Market Value 751,058 578,817 30% PREFERRED EQUITY AT LIQUIDATION VALUE: 115,000 115,000 0% REAL ESTATE DEBT Property Level Mortgage Debt 414,342 352,693 17% Company's portion of Joint Venture Mortgages 115,808 43,460 166% Outstanding Balance on - Secured Credit Line 23,374 - Outstanding Balance on - Unsecured Credit Line 23,000 83,000 -72% --------- --------- Total Combined Debt 576,524 479,153 20% Total Market Cap (Debt & Equity) 1,442,582 1,172,970 23% ========= ========= LINES OF CREDIT AVAILABILITY Senior Unsecured Line of Credit Maximum Line Available 250,000 140,000 Letters of Credit issued 21,000 7,500 Outstanding Balance 23,000 83,000 --------- --------- Net Line Availability 206,000 49,500 --------- --------- Secured Line of Credit Maximum Line Available 60,000 30,000 Outstanding Balance 23,374 - --------- --------- Prudential Line Availability 36,626 30,000 --------- --------- Total Availability under Lines of Credit 242,626 79,500 --------- --------- RATIO ANALYSIS- CONSOLIDATED BASIS Debt to Market Cap Ratio 34.72% 38.57% Debt to Gross Real Estate Book Ratio (1) 48.89% 48.59% Secured Real Estate Debt to Secured Assets Gross Book (1) 66.06% 57.63% Unsecured Debt to Unencumbered Assets-Gross Book Value (1) 8.65% 26.64% Secured Non Real Estate Debt to Secured Assets Book (1) 45.57% N/A RATIO ANALYSIS- JOINT VENTURES ALLOCATED Combined Debt to Market Cap Ratio 39.96% 40.85% Debt to Gross Real Estate Book Ratio (1) 51.58% 50.07% Secured Debt to Secured Assets Gross Book (1) 65.85% 58.93% Unsecured Debt to Unencumbered Assets-Gross Book Value (1) 8.65% 26.64% Secured Line of Credit to Structured Finance Assets (1) 45.57% N/A ($000's omitted) Sep-00 % Change Jun-00 % Change ------ -------- ------ -------- MARKET CAPITALIZATION Components of Market Capitalization: COMMON EQUITY: Common Shares Outstanding 24,516 0% 24,373 1% OP Units Outstanding 2,308 0% 2,389 -3% -------- --------- TOTAL COMMON EQUITY (SHARES AND UNITS) 26,824 0% 26,762 0% Share Price at (End of Period) 28.06 0% 26.73 5% -------- --------- Equity Market Value 752,740 0% 715,476 5% PREFERRED EQUITY AT LIQUIDATION VALUE: 115,000 0% 115,000 0% REAL ESTATE DEBT Property Level Mortgage Debt 345,351 20% 346,294 20% Company's portion of Joint Venture Mortgages 111,040 4% 107,048 8% Outstanding Balance on - Secured Credit Line 27,752 -16% 42,752 -45% Outstanding Balance on - Unsecured Credit Line 99,000 -77% 103,000 -78% --------- --------- Total Combined Debt 583,143 -1% 599,094 -4% Total Market Cap (Debt & Equity) 1,450,883 -1% 1,429,570 1% ========= ========== LINES OF CREDIT AVAILABILITY Senior Unsecured Line of Credit Maximum Line Available 250,000 250,000 Letters of Credit issued - - Outstanding Balance 99,000 103,000 --------- --------- Net Line Availability 151,000 147,000 --------- --------- Secured Line of Credit Maximum Line Available 50,000 50,000 Outstanding Balance 27,752 42,752 --------- --------- Prudential Line Availability 22,248 7,248 --------- --------- Total Availability under Lines of Credit 173,248 154,248 --------- --------- RATIO ANALYSIS- CONSOLIDATED BASIS Debt to Market Cap Ratio 35.24% 37.21% Debt to Gross Real Estate Book Ratio (1) 48.23% 49.16% Secured Real Estate Debt to Secured Assets Gross Book (1) 55.77% 56.34% Unsecured Debt to Unencumbered Assets-Gross Book Value (1) 32.86% 34.40% Secured Non Real Estate Debt to Secured Assets Book (1) 46.33% 49.16% RATIO ANALYSIS- JOINT VENTURES ALLOCATED Combined Debt to Market Cap Ratio 40.19% 41.91% Debt to Gross Real Estate Book Ratio (1) 50.96% 51.42% Secured Debt to Secured Assets Gross Book (1) 57.99% 57.93% Unsecured Debt to Unencumbered Assets-Gross Book Value (1) 32.86% 34.40% Secured Line of Credit to Structured Finance Assets (1) 46.33% 49.16% (1) Excludes property under capital lease Page 17
SELECTED FINANCIAL DATA PROPERTY NOI AND COVERAGE RATIOS UNAUDITED ($000's omitted) Three Months Ended December 31 2000 1999 +/- %Change ---- ---- --- ------- FUNDS FROM OPERATIONS: 20,053 16,863 3,190 19% Less: Non - Building Revenue 4,063 2,209 1,854 84% Plus: 2%Reserve for Tenant Credit Loss 182 798 (616) -77% Interest Expense (incl. Capital Lease Int.) 10,188 8,889 1,299 15% Non Real Estate Depreciation 998 909 89 10% MG&A Expense 3,043 2,534 509 20% Preferred Dividend 2,300 2,300 - 0% ------------ ------------ ------------ GAAP NOI 32,701 30,084 2,617 9% CASH ADJUSTMENTS Less: Free Rent (Net of Amortization) 25 2,051 (2,026) -99% Straightline Revenue Adjustment 2,171 2,393 (222) -9% Plus: Ground Lease Straight-line Adjustment 354 442 (88) -20% ------------ ------------ ------------ CASH NOI 30,859 26,082 4,777 18% OPERATING MARGINS Real Estate Revenue, net 54,568 52,446 2,122 4% GAAP NOI/Real Estate Revenue, net 59.93% 57.36% Cash NOI/Real Estate Revenue, net 56.55% 49.73% GAAP NOI before Ground Rent/Real Estate Revenue, net 65.71% 63.43% Cash NOI before Ground Rent/Real Estate Revenue, net 61.68% 54.96% COMPONENTS OF DEBT AND FIXED CHARGES Interest on Fixed Rate Loans 7,010 4,614 2,396 52% Interest on Floating Rate Loans 3,178 4,275 (1,097) -26% Fixed Amortization Principal Payments 1,009 555 454 82% ------------ ------------ ------------ TOTAL DEBT SERVICE 11,197 9,444 1,753 19% Payments under Ground Lease Arrangements 2,802 2,737 65 2% Preferred Stock Dividend 2,300 2,300 - 0% ------------ ------------ ------------ TOTAL FIXED CHARGES 16,299 14,481 1,818 13% Interest Coverage Ratio 3.49 3.26 Debt Service Coverage ratio 3.18 3.07 Fixed Charge Coverage ratio 2.18 2.00 Three Months Ended September 30 2000 +/- %Change ---- --- ------- FUNDS FROM OPERATIONS: 20,070 (17) 0% Less: Non - Building Revenue 6,023 (1,960) -33% Plus: 2%Reserve for Tenant Credit Loss 199 (17) -8% Interest Expense (incl. Capital Lease Int.) 10,698 (510) -5% Non Real Estate Depreciation 1,042 (44) -4% MG&A Expense 2,540 503 20% Preferred Dividend 2,300 - 0% ------------- ------------ GAAP NOI 30,826 1,875 6% CASH ADJUSTMENTS Less: Free Rent (Net of Amortization) 1,127 (1,102) -98% Straightline Revenue Adjustment 2,237 (66) -3% Plus: Ground Lease Straight-line Adjustment 312 42 13% ------------- ------------ CASH NOI 27,774 3,085 11% OPERATING MARGINS Real Estate Revenue, net 55,936 (1,368) -2% GAAP NOI/Real Estate Revenue, net 55.11% Cash NOI/Real Estate Revenue, net 49.65% GAAP NOI before Ground Rent/Real Estate Revenue, net 60.77% Cash NOI before Ground Rent/Real Estate Revenue, net 54.75% COMPONENTS OF DEBT AND FIXED CHARGES Interest on Fixed Rate Loans 4,376 2,634 60% Interest on Floating Rate Loans 6,322 (3,144) -50% Fixed Amortization Principal Payments 943 66 7% ------------- ------------ TOTAL DEBT SERVICE 11,641 (444) -4% Payments under Ground Lease Arrangements 2,852 (50) -2% Preferred Stock Dividend 2,300 - 0% ------------- ------------ TOTAL FIXED CHARGES 16,793 (494) -3% Interest Coverage Ratio 3.23 Debt Service Coverage ratio 2.97 Fixed Charge Coverage ratio 2.06 Page 18
2000 SAME STORE SELECTED FINANCIAL DATA ($000's omitted) Three Months Ended December 31 2000 1999 +/- %Change ---- ---- --- ------- Rental Revenue 36,993 33,342 3,651 11% Credit Loss (128) (545) 417 -77% Signage Rent 544 548 (4) -1% Escalation & Reimbursement Revenues 4,701 3,743 958 26% Investment & Other Income 497 692 (195) -28% ------------ ------------ ------------ Total Revenues 42,607 37,780 4,827 13% Operating Expense 8,921 8,535 386 5% Ground Rent 3,155 3,159 (4) 0% Real Estate Taxes 5,508 5,391 117 2% ------------ ------------ ------------ Total Operating Expenses 17,584 17,085 499 3% EBITDA 25,023 20,695 4,328 21% Interest 6,576 5,199 1,377 26% Depreciation & 5,595 5,077 518 10% Amortization Income Before Minority Interest 12,852 10,419 2,433 23% Plus: Real Estate Depreciation & Amortization 5,448 4,804 644 13% ------------ ------------ ------------ FUNDS FROM OPERATIONS: 18,300 15,223 3,077 20% Less: Non - Building Revenue 193 185 8 4% Plus: 2%Reserve for Tenant Credit Loss 128 545 (417) -77% Interest Expense 6,576 5,199 1,377 26% Non Real Estate Depreciation 147 272 (127) -46% ------------ ------------ ------------ GAAP NOI 24,958 21,054 3,904 19% CASH ADJUSTMENTS Less: Free Rent (Net of Amortization) 87 1,300 (1,213) -93% Straightline Revenue Adjustment 1,517 1,545 (28) -2% Plus: Ground Lease Straight-line Adjustment 354 441 (87) -20% ------------ ------------ ------------ CASH NOI 23,708 18,650 5,058 27% OPERATING MARGINS GAAP NOI to Real Estate Revenue, net 58.67% 55.20% Cash NOI to Real Estate Revenue, net 55.73% 48.90% GAAP NOI before Ground Rent/Real Estate Revenue, net 66.08% 63.49% Cash NOI before Ground Rent/Real Estate Revenue, net 62.31% 56.03% ($000's omitted) Three Months Ended Sept 30 2000 +/- %Change ---- --- ------- Rental Revenue 36,458 535 1% Credit Loss (144) 16 -12% Signage Rent 496 48 10% Escalation & Reimbursement Revenues 6,052 (1,351) -22% Investment & Other Income 195 302 155% ------------ ------------ Total Revenues 43,057 (450) -1% Operating Expense 10,318 (1,397) -14% Ground Rent 3,164 (9) 0% Real Estate Taxes 5,649 (141) -2% ------------ ------------ Total Operating Expenses 19,131 (1,547) -8% EBITDA 23,926 1,097 5% Interest 5,101 1,475 29% Depreciation & 5,775 (180) -3% Amortization Income Before Minority Interest 13,050 (198) -2% Plus: Real Estate Depreciation & Amortization 5,535 (87) -2% ------------ ------------- FUNDS FROM OPERATIONS: 18,585 (285) -2% Less: Non - Building Revenue 167 26 16% Plus: 2%Reserve for Tenant Credit Loss 144 (16) -12% Interest Expense 5,101 1,475 29% Non Real Estate Depreciation 241 (94) -39% ------------ ------------ GAAP NOI 23,904 1,054 4% CASH ADJUSTMENTS Less: Free Rent (Net of Amortization) 921 (834) -91% Straightline Revenue Adjustment 1,543 (26) -2% Plus: Ground Lease Straight-line Adjustment 312 42 13% ------------ ------------ CASH NOI 21,752 1,956 9% OPERATING MARGINS GAAP NOI to Real Estate Revenue, net 55.55% Cash NOI to Real Estate Revenue, net 50.55% GAAP NOI before Ground Rent/Real Estate Revenue, net 62.90% Cash NOI before Ground Rent/Real Estate Revenue, net 57.17% Page 19
DEBT SUMMARY SCHEDULE UNAUDITED ($000's omitted) FIXED RATE SECURED DEBT 2001 2001 Principal O/S Annual Principal 12/31/2000 Coupon Payment Repayment ---------- ------ ------- --------- PROPERTY 673 First Avenue 11,992 9.00% 3,985 3,014 470 Park Avenue South 9,771 8.25% 1,207 416 50 West 23rd Street 21,000 7.33% 1,539 - CIBC (against 1414 Ave. of Americas, 633 Third Avenue, and 70 W. 36th St.) 33,950 7.90% 2,931 230 711 Third Avenue 49,172 8.13% 4,388 406 555 West 57th Street (Libor collar of 6.10%- 6.58%+ 200bps) 69,606 8.58% - 676 420 Lexington Avenue 125,000 8.44% 10,694 255 875 Bridgeport Avenue, CT (1031 exchange asset) 14,901 8.32% 1,272 34 CIGNA (1412 Broadway) 52,000 7.62% 4,369 415 ------------ ------------ ------------ ------------ TOTAL FIXED RATE SECURED DEBT 387,392 8.22% wtd avg 30,385 5,446 FLOATING RATE SECURED DEBT Madison Properties (Libor + 150bps) 26,950 8.32% - Prudential Line of Credit (Libor + 125bps) 23,374 8.07% - ------------ ------------ TOTAL FLOATING RATE SECURED DEBT 50,324 8.21% wtd avg UNSECURED FLOATING RATE DEBT Senior Unsecured Line of Credit 23,000 8.17% - Total Floating Rate Debt Outstanding 73,324 8.20% wtd avg ------------ ------------ TOTAL DEBT 460,716 8.21% wtd avg WEIGHTED AVERAGE BALANCE OUTSTANDING 460,116 WEIGHTED AVERAGE INTEREST RATE 8.20% FIXED RATE SECURED DEBT Maturity Due at Earliest Contractual Partner Date Maturity Prepayment Date Lockouts thru ---- -------- --------------- ------------- PROPERTY 673 First Avenue 12/13/2003 2,000 Open Aug-09 470 Park Avenue South 4/1/2004 8,285 Open Aug-09 50 West 23rd Street 8/1/2007 19,234 Aug-01 N/A CIBC (against 1414 Ave. of Americas, 633 Third Avenue, and 70 W. 36th St.) 5/1/2009 29,577 Apr-03 N/A 711 Third Avenue 9/10/2005 46,905 Jun-04 N/A 555 West 57th Street (Libor collar of 6.10%- 6.58%+ 200bps) 11/1/2004 66,959 Open N/A 420 Lexington Avenue 11/1/2010 104,406 Open N/A 875 Bridgeport Avenue, CT (1031 exchange asset) 5/10/2025 5,466 Open N/A CIGNA (1412 Broadway) 5/1/2006 47,854 Apr-00 N/A TOTAL FIXED RATE SECURED DEBT FLOATING RATE SECURED DEBT Madison Properties (Libor + 150bps) 5/31/2001 26,950 Open Prudential Line of Credit (Libor + 125bps) 12/22/2001 23,374 Open TOTAL FLOATING RATE SECURED DEBT UNSECURED FLOATING RATE DEBT Senior Unsecured Line of Credit 6/27/2003 23,000 Total Floating Rate Debt Outstanding TOTAL DEBT WEIGHTED AVERAGE BALANCE OUTSTANDING WEIGHTED AVERAGE INTEREST RATE SUMMARY OF JOINT VENTURE DEBT Principal O/S ----------------------------------------- Gross Principal SLG Share --------------- --------- JOINT VENTURE DEBT 180 Madison JV 32,000 15,968 7.81% 2,499 - 1250 Broadway JV (Libor + 300bps) 64,650 32,260 9.82% - 321 W 44th JV (Libor + 250bps) 22,000 7,700 9.32% - 100 Park Avenue JV 120,000 59,880 8.00% 9,733 187 ----------------------- --------------- ------- ----------- ------ TOTAL JOINT VENTURE DEBT 238,650 115,808 8.57% 12,232 187 WEIGHTED AVERAGE BALANCE OUTSTANDING WITH SLG JV DEBT ALLOCATED 572,748 WEIGHTED AVERAGE INTEREST RATE WITH SLG JV DEBT ALLOCATED 8.27% TOTAL FIXED RATE DEBT / TOTAL DEBT (EXCL. LOC) 81% TOTAL FIXED RATE DEBT / TOTAL DEBT (EXCL. LOC AND FLOATING 84% ASSETS) JOINT VENTURE DEBT 180 Madison JV 12/1/2005 30,778 Open 1250 Broadway JV (Libor + 300bps) 8/30/2002 32,260 Open 321 W 44th JV (Libor + 250bps) 4/30/2003 7,700 Open 100 Park Avenue JV 9/1/2010 107,488 Open TOTAL JOINT VENTURE DEBT Page 20
SUMMARY OF GROUND LEASE ARRANGEMENTS UNAUDITED ($000's omitted) 2000 CASH 2001 CASH DEFERRED LAND YEAR OF PROPERTY PAYMENT (000S) PAYMENT (000S) LEASE OBLIGATIONS (1) MATURITY -------- -------------- -------------- --------------------- -------- Operating Leases 673 1st Avenue 2,789 3,010 11,668 2037 1140 Avenue of Americas (2) 348 348 2016 (3) 420 Lexington (2) 7,074 7,074 2008 (4) 711 3rd Avenue (2) (5) 775 1,163 1,490 2032 -------------- -------------- --------------------- 10,986 11,595 13,158 ============== ============== ===================== 2000 CASH 2001 CASH CAPITALIZED YEAR OF PROPERTY PAYMENT (000S) PAYMENT (000S) LEASE OBLIGATIONS (1) MATURITY -------- -------------- -------------- --------------------- -------- Capitalized Lease 673 1st Avenue 1,177 1,290 15,303 2037 ============== ============== ===================== (1) As per the balance sheet at December 31, 2000. (2) These ground leases are classified as operating leases and, therefore, do not appear on the balance sheet as an obligation. (3) The Company has a unilateral option to extend the ground lease for an additional 50 years, to 2066. (4) Subject to renewal at the Company's option through 2029. (5) Excludes portion payable to SL Green as owner of 50%leasehold. Page 21
SELECTED PROPERTY DATA RENTABLE %OF TOTAL PROPERTIES SUBMARKET OWNERSHIP SQ. FEET SQ. FEET --------- --------- -------- --------- PROPERTIES 100%OWNED "SAME STORE" 673 First Avenue Grand Central South Leasehold Interest 422,000 4.88 470 Park Avenue South Park Avenue South/ Flatiron Fee Interest 260,000 3.00 70 W. 36th Street Garment Fee Interest 151,000 1.74 1414 Avenue of the Americas Rockefeller Center Fee Interest 111,000 1.28 1372 Broadway Garment Fee Interest 508,000 5.87 1140 A of A Rockefeller Center Leasehold Interest 191,000 2.21 50 W. 23rd Street Chelsea Fee Interest 333,000 3.85 110 East 42nd Street Grand Central Fee Interest 251,000 2.90 633 Third Avenue (condo interest) Grand Central North Fee Interest (1) 41,000 0.47 1466 Broadway Times Square Fee Interest 289,000 3.34 420 Lexington Ave (Graybar) Grand Central North Operating Sublease 1,188,000 13.73 440 Ninth Avenue Garment Fee Interest 339,000 3.92 711 Third Avenue Grand Central North Operating Sublease (2) 524,000 6.05 1412 Broadway Times Square South Fee Interest 389,000 4.49 ------- SUBTOTAL / WEIGHTED AVERAGE 4,997,000 ACQUIRED 1999 555 West 57th Midtown West Fee Interest 941,000 10.87 286 Madison Avenue Grand Central South Fee Interest 112,000 1.29 290 Madison Avenue Grand Central South Fee Interest 36,800 0.43 292 Madison Avenue Grand Central South Fee Interest 187,000 2.16 ------- SUBTOTAL / WEIGHTED AVERAGE 1,276,800 17 Battery Place - North World Trade/ Battery Fee Interest (1) 419,000 4.84 TOTAL/ WEIGHTED AVERAGE PROPERTIES 100%OWNED 6,692,800 PROPERTIES is less than-100%OWNED UNCONSOLIDATED 180 Madison Avenue - 50% Grand Central South Fee Interest 255,000 2.95 1250 Broadway - 50% Penn Station Fee Interest 670,000 7.74 100 Park Avenue - 50% Grand Central South Fee Interest 834,000 9.64 321 West 44th Street -35% Times Square Fee Interest 203,000 2.35 ------- SUBTOTAL / WEIGHTED AVERAGE 1,962,000 GRAND TOTAL/ WEIGHTED AVERAGE 8,654,800 100.00 GRAND TOTAL - SLG SHARE OF ANNUALIZED RENT PROPERTIES SUBMARKET OWNERSHIP 12/31/2000 9/30/2000 - ---------- --------- --------- ---------- --------- PROPERTIES 100%OWNED "SAME STORE" 673 First Avenue Grand Central South Leasehold Interest 100 100 470 Park Avenue South Park Avenue South/ Flatiron Fee Interest 99 99 70 W. 36th Street Garment Fee Interest 96 98 1414 Avenue of the Americas Rockefeller Center Fee Interest 99 100 1372 Broadway Garment Fee Interest 99 99 1140 A of A Rockefeller Center Leasehold Interest 100 100 50 W. 23rd Street Chelsea Fee Interest 99 99 110 East 42nd Street Grand Central Fee Interest 100 99 633 Third Avenue (condo interest) Grand Central North Fee Interest (1) 100 100 1466 Broadway Times Square Fee Interest 84 92 420 Lexington Ave (Graybar) Grand Central North Operating Sublease 100 99 440 Ninth Avenue Garment Fee Interest 94 94 711 Third Avenue Grand Central North Operating Sublease (2) 100 100 1412 Broadway Times Square South Fee Interest 97 98 -------- -------- SUBTOTAL / WEIGHTED AVERAGE 98 98 ACQUIRED 1999 555 West 57th Midtown West Fee Interest 100 100 286 Madison Avenue Grand Central South Fee Interest 98 99 290 Madison Avenue Grand Central South Fee Interest 100 100 292 Madison Avenue Grand Central South Fee Interest 100 95 ------- -------- SUBTOTAL / WEIGHTED AVERAGE 100 99 17 Battery Place - North World Trade/ Battery Fee Interest (1) 100 TOTAL/ WEIGHTED AVERAGE PROPERTIES 100%OWNED 99 99 PROPERTIES is less than-100%OWNED UNCONSOLIDATED 180 Madison Avenue - 50% Grand Central South Fee Interest 87 1250 Broadway - 50% Penn Station Fee Interest 100 99 100 Park Avenue - 50% Grand Central South Fee Interest 100 99 321 West 44th Street -35% Times Square Fee Interest 97 98 -------- -------- SUBTOTAL / WEIGHTED AVERAGE 98 99 GRAND TOTAL/ WEIGHTED AVERAGE 98 99 GRAND TOTAL - SLG SHARE OF ANNUALIZED RENT 12/31/99 OR AS PROPERTIES SUBMARKET OWNERSHIP 6/30/2000 LATER ACQUIRED - ---------- --------- --------- --------- -------------- PROPERTIES 100%OWNED "SAME STORE" 673 First Avenue Grand Central South Leasehold Interest 100 100 470 Park Avenue South Park Avenue South/ Flatiron Fee Interest 99 98 70 W. 36th Street Garment Fee Interest 99 100 1414 Avenue of the Americas Rockefeller Center Fee Interest 100 100 1372 Broadway Garment Fee Interest 100 100 1140 A of A Rockefeller Center Leasehold Interest 100 100 50 W. 23rd Street Chelsea Fee Interest 100 100 110 East 42nd Street Grand Central Fee Interest 99 100 633 Third Avenue (condo interest) Grand Central North Fee Interest (1) 100 100 1466 Broadway Times Square Fee Interest 93 91 420 Lexington Ave (Graybar) Grand Central North Operating Sublease 98 97 440 Ninth Avenue Garment Fee Interest 99 100 711 Third Avenue Grand Central North Operating Sublease (2) 100 96 1412 Broadway Times Square South Fee Interest 97 95 ------- ------- SUBTOTAL / WEIGHTED AVERAGE 99 98 ACQUIRED 1999 555 West 57th Midtown West Fee Interest 100 100 286 Madison Avenue Grand Central South Fee Interest 99 94 290 Madison Avenue Grand Central South Fee Interest 100 86 292 Madison Avenue Grand Central South Fee Interest 100 100 ------- ------- SUBTOTAL / WEIGHTED AVERAGE 100 99 17 Battery Place - North World Trade/ Battery Fee Interest (1) 100 TOTAL/ WEIGHTED AVERAGE PROPERTIES 100%OWNED 99 98 PROPERTIES is less than-100%OWNED UNCONSOLIDATED 180 Madison Avenue - 50% Grand Central South Fee Interest 87 1250 Broadway - 50% Penn Station Fee Interest 100 100 100 Park Avenue - 50% Grand Central South Fee Interest 99 97 321 West 44th Street -35% Times Square Fee Interest 98 97 ------- ------- SUBTOTAL / WEIGHTED AVERAGE 99 97 GRAND TOTAL/ WEIGHTED AVERAGE 99 98 GRAND TOTAL - SLG SHARE OF ANNUALIZED RENT ANNUALIZED PROPERTIES SUBMARKET OWNERSHIP RENT ($'S) - ---------- --------- --------- ---------- PROPERTIES 100%OWNED "SAME STORE" 673 First Avenue Grand Central South Leasehold Interest 12,637,543 470 Park Avenue South Park Avenue South/ Flatiron Fee Interest 6,820,252 70 W. 36th Street Garment Fee Interest 3,441,436 1414 Avenue of the Americas Rockefeller Center Fee Interest 3,987,492 1372 Broadway Garment Fee Interest 13,514,776 1140 A of A Rockefeller Center Leasehold Interest 6,162,298 50 W. 23rd Street Chelsea Fee Interest 7,548,793 110 East 42nd Street Grand Central Fee Interest 7,749,165 633 Third Avenue (condo interest) Grand Central North Fee Interest (1) 1,570,711 1466 Broadway Times Square Fee Interest 10,261,482 420 Lexington Ave (Graybar) Grand Central North Operating Sublease 38,977,297 440 Ninth Avenue Garment Fee Interest 7,058,669 711 Third Avenue Grand Central North Operating Sublease (2) 17,001,870 1412 Broadway Times Square South Fee Interest 10,828,639 --------------- SUBTOTAL / WEIGHTED AVERAGE 147,560,423 ACQUIRED 1999 555 West 57th Midtown West Fee Interest 18,093,737 286 Madison Avenue Grand Central South Fee Interest 2,976,434 290 Madison Avenue Grand Central South Fee Interest 1,255,395 292 Madison Avenue Grand Central South Fee Interest 5,307,819 --------------- SUBTOTAL / WEIGHTED AVERAGE 27,633,385 17 Battery Place - North World Trade/ Battery Fee Interest (1) 8,470,644 TOTAL/ WEIGHTED AVERAGE PROPERTIES 100%OWNED 183,664,452 PROPERTIES is less than-100%OWNED UNCONSOLIDATED 180 Madison Avenue - 50% Grand Central South Fee Interest 5,314,812 1250 Broadway - 50% Penn Station Fee Interest 16,340,958 100 Park Avenue - 50% Grand Central South Fee Interest 28,748,818 321 West 44th Street -35% Times Square Fee Interest 3,515,106 --------------- SUBTOTAL / WEIGHTED AVERAGE 53,919,694 GRAND TOTAL/ WEIGHTED AVERAGE 237,584,146 GRAND TOTAL - SLG SHARE OF ANNUALIZED RENT 210,046,629 ANNUALIZED ANNUALIZED RENT AS %OF RENT AS %OF NUMBER PROPERTIES SUBMARKET OWNERSHIP WHOLLY OWNED SLG INTERESTS TENANT - ---------- --------- --------- ------------ ------------- ----- PROPERTIES 100%OWNED "SAME STORE" 673 First Avenue Grand Central South Leasehold Interest 6.88 6.02 14 470 Park Avenue South Park Avenue South/ Flatiron Fee Interest 3.71 3.25 28 70 W. 36th Street Garment Fee Interest 1.87 1.64 33 1414 Avenue of the Americas Rockefeller Center Fee Interest 2.17 1.90 28 1372 Broadway Garment Fee Interest 7.36 6.43 26 1140 A of A Rockefeller Center Leasehold Interest 3.36 2.93 25 50 W. 23rd Street Chelsea Fee Interest 4.11 3.59 17 110 East 42nd Street Grand Central Fee Interest 4.22 3.69 32 633 Third Avenue (condo interest) Grand Central North Fee Interest (1) 0.86 0.75 3 1466 Broadway Times Square Fee Interest 5.59 4.89 100 420 Lexington Ave (Graybar) Grand Central North Operating Sublease 21.22 18.56 248 440 Ninth Avenue Garment Fee Interest 3.84 3.36 16 711 Third Avenue Grand Central North Operating Sublease (2) 9.26 8.09 23 1412 Broadway Times Square South Fee Interest 5.90 5.16 115 ------- ------- ------ SUBTOTAL / WEIGHTED AVERAGE 80.34 70.25 708 ACQUIRED 1999 555 West 57th Midtown West Fee Interest 9.85 8.61 25 286 Madison Avenue Grand Central South Fee Interest 1.62 1.42 37 290 Madison Avenue Grand Central South Fee Interest 0.68 0.60 4 292 Madison Avenue Grand Central South Fee Interest 2.89 2.53 16 ------- ------- ------ SUBTOTAL / WEIGHTED AVERAGE 15.05 13.16 82 17 Battery Place - North World Trade/ Battery Fee Interest (1) 4.61 4.03 7 TOTAL/ WEIGHTED AVERAGE PROPERTIES 100%OWNED 100.00 87.44 797 PROPERTIES is less than-100%OWNED UNCONSOLIDATED 180 Madison Avenue - 50% Grand Central South Fee Interest 1.26 55 1250 Broadway - 50% Penn Station Fee Interest 3.88 29 100 Park Avenue - 50% Grand Central South Fee Interest 6.83 37 321 West 44th Street -35% Times Square Fee Interest 0.59 26 ------- ------ SUBTOTAL / WEIGHTED AVERAGE 12.56 147 GRAND TOTAL/ WEIGHTED AVERAGE 944 GRAND TOTAL - SLG SHARE OF ANNUALIZED RENT 100.00 (1) Condominium Unit (2) Including Ownership of 50%in Building Fee Page 22
LARGEST TENANTS BY SQUARE FEET LEASED - ----------------------------------------------------------------------------------------------------------------------------------- % of WHOLLY OWNED Wholly Total Owned Lease Leased Leased Tenant Property Expiration Square Feet Square Feet ------ -------- ---------- ----------- ----------- The City of New York 17 Battery Place 12/31/2007 257,189 3.88 BMW of Manhattan, Inc. 555 West 57th Street 7/31/2012 227,782 3.44 City University of New York-CUNY 555 West 57th Street 5/31/10 & 1/29/15 143,061 2.16 Metro North Commuter Railroad Co. 420 Lexington Avenue 5/14/08 & 1/31/16 134,687 2.03 St. Luke's Roosevelt Hospital 555 West 57th Street 6/30/2014 133,700 2.02 C.B.S., Inc. 555 West 57th Street 12/31/03 & 6/30/10 127,320 1.92 New York Presbyterian Hospital 555 West 57th Street & 673 First Avenue 8/31/06 & 12/14/09 99,650 1.50 Ross Stores 1372 Broadway 5/31/2010 98,830 1.49 Ann Taylor Inc. 1372 Broadway 7/31/2010 93,020 1.40 Crain Communications Inc. 711 Third Avenue 1/31/2009 90,531 1.37 Parade Publications, Inc. 711 Third Avenue 8/31/2010 82,444 1.24 Ketchum, Inc. 711 Third Avenue 11/30/2015 80,971 1.22 Kallir, Phillips, Ross Inc. 673 First Avenue 6/30/2004 80,000 1.21 UNICEF 673 First Avenue 12/31/03 & 12/31/12 80,000 1.21 New York Life Insurance Company 420 Lexington Avenue 6/30/2010 75,373 1.14 Greater New York Hospital 555 West 57th Street 3/31/2014 74,937 1.13 Gibbs & Cox Inc. 50 West 23rd Street 8/31/2005 69,782 1.05 Cipriani 42nd Street, LLC 110 East 42nd Street 12/31/2008 69,703 1.05 Young & Rubicam, Inc. 290 & 292 Madison Avenue 8/31/15 & 9/30/15 67,097 1.01 MCI International 17 Battery Place 10/31/2001 40,167 0.61 Capital Mercury Shirt 1372 Broadway 7/31/2005 64,122 0.97 NYC, Board of Education 50 West 23rd Street 7/4/2010 64,000 0.97 Newport News 711 Third Avenue 3/31/2011 61,327 0.93 Leslie Fay Companies, Inc. 1412 Broadway 8/31/2008 60,999 0.92 Dow Jones & Co. Inc. 420 Lexington Avenue 7/31/2001 56,442 0.85 --------------- -------------- TOTAL 2,433,134 36.70 Wholly Owned Portfolio 6,629,123 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- JOINT VENTURE PROPERTIES (1) The City of New York (if combined) 1250 Broadway & 17 Battery Place 9/30/07 & 12/31/07 305,189 Philip Morris Management Corporation 100 Park Avenue 12/07 & 3/7/01 175,645 J&W Seligman & Co., Inc. 100 Park Avenue 1/31/2009 175,346 Visiting Nurse Service of NY 1250 Broadway 8/31/2006 168,000 Information Builders Inc 1250 Broadway 3/31/2003 88,571 Interep National Radio Sales 100 Park Avenue 3/31/2005 66,866 MCI International ( if combined) 100 Park Avenue & 17 Battery Place 10/31/01 & 8/31/04 83,751 --------------- TOTAL 1,063,368 Wholly Owned Portfolio + Allocated JV Properties - -------------------------------------------------------------------------------------------------------- % of % of WHOLLY OWNED Wholly Aggregate Owned SLG Share of SLG Share of Annualized Annualized Annualized Annualized Tenant Rent Rent ($) Rent($) Rent ------ ---- -------- ------- ---- The City of New York 2.94 5,401,020 -- -- BMW of Manhattan, Inc. 1.51 2,771,952 2,771,952 1.32 City University of New York-CUNY 1.84 3,373,812 3,373,812 1.61 Metro North Commuter Railroad Co. 1.77 3,251,712 3,251,712 1.55 St. Luke's Roosevelt Hospital 1.63 2,993,196 2,993,196 1.43 C.B.S., Inc. 1.30 2,396,016 2,396,016 1.14 New York Presbyterian Hospital 1.33 2,447,534 2,455,577 1.17 Ross Stores 1.33 2,445,048 2,477,412 1.18 Ann Taylor Inc. 1.38 2,526,792 2,526,792 1.20 Crain Communications Inc. 1.62 2,978,840 2,978,840 1.42 Parade Publications, Inc. 1.08 1,978,656 1,978,656 0.94 Ketchum, Inc. 1.68 3,091,480 3,091,480 1.47 Kallir, Phillips, Ross Inc. 1.43 2,635,292 2,635,292 1.25 UNICEF 1.41 2,592,750 2,592,750 1.23 New York Life Insurance Company 1.37 2,523,438 2,523,438 1.20 Greater New York Hospital 1.19 2,187,019 2,187,019 1.04 Gibbs & Cox Inc. 1.02 1,871,052 1,871,052 0.89 Cipriani 42nd Street, LLC 1.36 2,500,000 2,500,000 1.19 Young & Rubicam, Inc. 1.26 2,322,886 2,322,886 1.11 MCI International 0.38 692,438 692,438 0.33 Capital Mercury Shirt 0.77 1,410,684 1,410,684 0.67 NYC, Board of Education 0.44 801,400 801,400 0.38 Newport News 0.92 1,698,709 1,699,404 0.81 Leslie Fay Companies, Inc. 0.98 1,802,743 1,802,743 0.86 Dow Jones & Co. Inc. 0.94 1,726,435 1,726,435 0.82 ------------- ---------------- TOTAL 32.90 60,420,904 Wholly Owned Portfolio 183,664,452 - -------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- JOINT VENTURE PROPERTIES (1) The City of New York (if combined) 6,485,016 5,941,934 2.99 Philip Morris Management Corporation 6,083,448 3,035,641 1.37 J&W Seligman & Co., Inc. 5,343,960 2,666,636 1.23 Visiting Nurse Service of NY 3,360,000 1,676,640 0.79 Information Builders Inc 1,957,956 977,020 0.45 Interep National Radio Sales 2,240,460 1,117,990 0.51 MCI International ( if combined) 2,645,215 1,666,874 0.76 ----------------- ------------ TOTAL 72,143,720 33.93 Wholly Owned Portfolio + Allocated JV Properties 210,046,629 (1) Consolidates SLG's prorata interest in the Annualized Rent of all joint ventures with wholly owned Annualized Rent. The prorata tenant exposure is then calculated as a percentage of this new total. - -------------------------------------------------------------------------------- Page 23
Fourth Quarter - 2000 Leasing Activity Available Space Prev. Escalated Activity Type Building Address # of Leases Usable SF Rentable SF Rent/Rentable SF* ($'s) ------------- ---------------- ----------- --------- ----------- ----------------------- Vacancy @ 9/30/00 247,001 Acquired Vacancies 180 Madison Avenue 34,599 34,599 Expiring Space Office 90 Broad Street 1 490 490 27.54 286 Madison Avenue 2 2,390 2,390 26.20 292 Madison Avenue 2 8,812 11,304 25.13 555 West 57th Street 1 3,670 3,670 17.26 1414 6th Avenue 2 2,784 4,280 26.00 70 West 36th Street 1 2,226 3,059 23.22 470 Park Ave South 1 7,722 8,400 36.00 1372 Broadway 2 1,818 2,221 34.63 110 East 42nd Street 1 1,448 1,944 24.04 1412 Broadway 2 890 1,235 33.31 1466 Broadway 10 11,018 14,042 34.88 420 Lexington Avenue 17 41,375 43,952 30.85 ----------- --------- ----------- ----------------------- Total/Weighted Average 42 84,643 96,987 30.10 Move Outs Office 70 West 36th Street 2 8,190 11,111 23.99 1372 Broadway 4 11,070 14,478 25.05 1412 Broadway 2 2,971 4,414 29.69 321 West 44th Street 1 536 505 14.46 440 Ninth Avenue 1 11,310 11,900 9.98 1466 Broadway 17 20,263 26,706 33.43 420 Lexington Avenue 7 9,215 10,371 37.14 ----------- --------- ----------- ----------------------- Total/Weighted Average 34 63,555 79,485 27.23 Retail 1250 Broadway 1 360 360 83.33 1412 Broadway 1 5,490 7,724 49.96 ----------- --------- ----------- ----------------------- 2 5,850 8,084 51.45 Evicted Tenants Retail 1412 Broadway 1 2,617 2,910 61.44 Relocating Tenants Office 1412 Broadway 1 1,489 1,800 36.56 1466 Broadway 10 7,916 10,731 33.85 420 Lexington Avenue 4 6,324 7,239 47.25 ----------- --------- ----------- ----------------------- 15 15,729 19,770 39.00 Addt'l Available Space Office 91 198,526 230,841 29.83 Retail 3 8,467 10,994 54.09 Available Space 453,994 * Escalated Rent is calculated as Total Annual Income less Electric Charges. Page 24
Fourth Quarter - 2000 Leasing Activity Leased Space # of Rent / Activity Type Building Address Leases Usable SF Rentable SF Rentable SF* ($'s) - ------------- ---------------- ------ --------- ----------- ------------------ Available Space 453,994 Renewing Tenants Office 292 Madison Avenue 1 4,406 5,652 42.00 1414 6th Avenue 1 2,211 3,300 28.98 70 West 36th Street 1 2,226 3,171 37.00 110 East 42nd Street 1 1,448 2,003 43.00 1466 Broadway 2 1,169 1,295 35.00 420 Lexington Avenue 5 24,200 25,159 40.89 ------ --------- ----------- ------------------ Total/Weighted Average 11 35,660 40,580 39.69 Relocating Tenants Office 1412 Broadway 1 2,658 2,743 35.00 1466 Broadway 6 7,567 9,406 36.29 420 Lexington Avenue 2 5,932 8,145 43.60 ------ --------- ----------- ------------------ 9 16,157 20,294 39.05 Expansion Tenants Office 470 Park Ave South 1 7,722 8,824 36.00 420 Lexington Avenue 2 2,275 2,827 44.44 ------ --------- ----------- ------------------ Total/Weighted Average 3 9,997 11,651 38.05 New Tenants Replacing Old Tenants Office 286 Madison Avenue 1 505 505 25.00 292 Madison Avenue 2 14,519 16,469 30.21 70 West 36th Street 1 5,065 6,800 35.00 1372 Broadway 2 10,119 13,160 50.00 110 East 42nd Street 1 3,276 4,830 43.00 1412 Broadway 3 5,279 8,504 33.16 440 Ninth Avenue 1 11,310 14,688 38.00 1466 Broadway 5 3,967 5,510 44.82 420 Lexington Avenue 10 19,395 27,078 50.81 ------ --------- ----------- ------------------ Total/Weighted Average 26 73,435 97,544 41.80 Prev. Escalated Rent / Free Rent Activity Type Building Address Rentable SF** ($'s) T.I / SF ($'s) # of Months - ------------- ---------------- ---------------------- -------------- ----------- Available Space Renewing Tenants Office 292 Madison Avenue 24.15 -- 1414 6th Avenue 27.16 -- 70 West 36th Street 23.22 -- 110 East 42nd Street 24.04 -- 1466 Broadway 33.75 -- 420 Lexington Avenue 26.71 8.58 -- ---------------------- -------------- ------------ Total/Weighted Average 26.21 5.32 -- Relocating Tenants Office 1412 Broadway 39.05 -- 1466 Broadway 26.25 -- 420 Lexington Avenue 42.85 0.65 -- ---------------------- -------------- ------------ 34.64 0.26 -- Expansion Tenants Office 470 Park Ave South 14.38 -- 2 420 Lexington Avenue 30.11 3.49 5 ---------------------- -------------- ------------ Total/Weighted Average 18.20 0.85 2 New Tenants Replacing Old Tenants Office 286 Madison Avenue 11.84 -- -- 292 Madison Avenue 23.95 7.88 1 70 West 36th Street 26.18 -- -- 1372 Broadway 24.90 4.01 -- 110 East 42nd Street 21.07 -- 1 1412 Broadway 27.43 -- 4 440 Ninth Avenue 9.98 -- -- 1466 Broadway 32.30 -- 3 420 Lexington Avenue 31.06 8.06 10 ---------------------- -------------- ------------ Total/Weighted Average 24.68 4.11 1 Page 25
Fourth Quarter - 2000 Leasing Activity Leased Space # of Rent / Activity Type Building Address Leases Usable SF Rentable SF Rentable SF* ($'s) - ------------- ---------------- ------ --------- ----------- ------------------ New Tenants Replacing Vacancies Office 100 Park Avenue 1 8,611 9,834 59.00 1250 Broadway 1 1,992 2,326 15.00 1412 Broadway 1 1,566 1,566 44.00 1466 Broadway 1 366 500 17.50 420 Lexington Avenue 1 1,490 1,490 68.40 ------ --------- ----------- ------------------ Total/Weighted Average 5 14,025 15,716 50.56 Leased Space Total Office 54 149,274 185,785 41.54 Sold Vacancies 90 Broad Street 5,043 17 Battery South 59,094 Total Available Space 12/31/00 (net of Holdover) 240,583 Holdover Tenants 286 Madison Avenue 1 720 720 26.09 555 West 57th Street 1 3,670 3,670 17.26 1412 Broadway 1 255 330 37.77 1466 Broadway 5 5,395 6,980 34.98 420 Lexington Avenue 4 7,812 8,977 40.75 ------ --------- ----------- ------------------ 12 17,852 20,677 34.07 Total Available Space 9/30/00 (incl. Holdover) 222,731 Early Renewals Retail 1250 Broadway 1 2,108 4,100 82.98 Prev. Escalated Rent / Free Rent Activity Type Building Address Rentable SF** ($'s) T.I / SF ($'s) # of Months - ------------- ---------------- ---------------------- -------------- ----------- New Tenants Replacing Vacancies Office 100 Park Avenue 30.00 4 1250 Broadway -- -- 1412 Broadway -- -- 1466 Broadway -- -- 420 Lexington Avenue -- -- -------------- ----------- Total/Weighted Average 18.77 -- Leased Space Total Office 25.79 4.99 1 Sold Vacancies 90 Broad Street 17 Battery South Total Available Space 12/31/00 (net of Holdover) Holdover Tenants 286 Madison Avenue 26.09 -- -- 555 West 57th Street 17.26 -- -- 1412 Broadway 37.77 -- -- 1466 Broadway 34.98 -- -- 420 Lexington Avenue 29.77 -- -- ---------------------- -------------- ----------- 29.30 -- -- Total Available Space 12/31/00 (incl. Holdover) Early Renewals Retail 1250 Broadway 71.06 -- * Annual Base Rent ** Escalated Rent is calculated as Total Annual Income less Electric Charges. Page 26
Annual Lease Expirations ------------------------ Consolidated Properties Number of Squares Footage Percentage of Annualized Rent Annualized Rent Year 2001 Weighted Year of Lease Expiring of Expiring Total Lease of Expiring Leases of Expiring Average Asking Expiration Leases* Leases Sq. Ft. ($'s) Leases $/psf** Rents $/psf In 1st Quarter 2001 73 101,247 1.53 2,565,104 25.34 42.37 In 2nd Quarter 2001 38 61,137 0.92 1,865,340 30.51 40.41 In 3rd Quarter 2001 37 195,739 2.95 5,566,388 28.44 42.92 In 4th Quarter 2001 29 103,845 1.57 2,537,945 24.44 40.07 Total 2001 177 461,968 6.97 12,534,777 27.13 41.83 2002 126 382,491 5.77 10,570,173 27.64 41.82 2003 128 506,887 7.65 14,447,701 28.50 41.58 2004 78 297,161 4.48 8,536,010 28.73 42.15 2005 90 749,837 11.31 22,769,627 30.37 41.82 2006 39 332,339 5.01 9,325,452 28.06 40.97 2007 36 497,490 7.50 12,268,550 24.66 38.89 2008 39 589,467 8.89 17,283,954 29.32 39.62 2009 34 542,870 8.19 14,013,430 25.81 41.89 2010 39 989,790 14.93 26,804,913 27.08 42.87 Thereeafter 40 1,278,823 19.29 35,109,865 27.45 42.81 ----------------------------------------------------------------------------------------------- 826 6,629,123 100.00 183,664,452 27.71 41.71 * Tenants may have multiple leases. ** Represents in place annualized rent allocated by year of maturity. Page 27
Annual Lease Expirations ------------------------ Joint Venture Properties Number of Squares Footage Percentage of Annualized Rent Annualized Rent Year 2001 Weighted Year of Lease Expiring of Expiring Total Lease of Expiring of Expiring Average Asking Expiration Leases* Leases Sq.Ft. ($'s) Leases $/psf** Rents $/psf In 1st Quarter 2001 10 17,344 0.91 380,901 21.96 42.62 In 2nd Quarter 2001 3 4,506 0.24 96,240 21.36 43.00 In 3rd Quarter 2001 3 2,486 0.13 77,734 31.27 48.87 In 4th Quarter 2001 4 10,671 0.56 243,379 22.81 41.31 Total 2001 20 35,007 1.83 798,254 22.80 42.71 2002 32 166,220 8.68 4,005,413 24.10 43.83 2003 19 223,291 11.67 5,194,069 23.26 43.56 2004 19 156,391 8.17 5,069,817 32.42 47.95 2005 13 146,120 7.63 4,419,993 30.25 51.47 2006 11 261,153 13.64 5,631,477 21.56 45.19 2007 5 251,662 13.15 8,449,948 33.58 53.52 2008 10 144,757 7.56 3,801,568 26.26 47.45 2009 12 325,927 17.03 10,391,102 31.88 51.93 2010 11 138,553 7.24 4,772,488 34.45 50.21 Thereafter 5 65,048 3.40 1,385,565 21.30 45.64 ---------------------------------------------------------------------------------------------- 157 1,914,129 100.00 53,919,694 28.17 48.33 * Tenants may have multiple leases. ** Represents in place annualized rent allocated by year of maturity. Page 28
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 Net Rentable 1998 Acquisitions Property Type of Ownership Submarket s.f. - ----------------- -------- ----------------- --------- ---- Mar-98 420 Lexington Operating Sublease Grand Central North 1,188,000 Mar-98 1466 Broadway Fee Interest Times Square 289,000 Mar-98 321 West 44th Fee Interest Times Square 203,000 May-98 711 3rd Avenue Operating Sublease Grand Central North 524,000 Jun-98 440 9th Avenue Fee Interest Garment 339,000 Aug-98 1412 Broadway Fee Interest Times Square South 389,000 ----------- 2,932,000 1999 Acquisitions Jan-99 420 Lexington Leasehold Sub-leasehold Grand Central North Jan-99 555 West 57th - 65% JV Fee Interest Midtown West 941,000 May-99 90 Broad Street - 35% JV Fee Interest Financial 339,000 May-99 The Madison Properties: Fee Interest Grand Central South 286 Madison Avenue 112,000 290 Madison Avenue 36,800 292 Madison Avenue 187,000 Aug-99 1250 Broadway - 50% JV Fee Interest Penn Station 670,000 Nov-99 555 West 57th - remaining 35% Fee Interest Midtown West -- ----------- 2,285,800 2000 Acquisitions Feb-00 100 Park Avenue Fee Interest Grand Central South 834,000 Dec-00 180 Madison Avenue Fee Interest Grand Central South 265,000 Contribution to JV May-00 321 West 44th Fee Interest Times Square 203,000 2001 Acquisitions Jan-01 1370 Broadway Fee Interest Garment 255,000 Jan-01 1 Park Avenue Various Interests Grand Central South 913,000 Jan-01 469 7th Avenue Fee Interest Penn Station 253,000 % Leased % Leased Acquisition Price 1998 Acquisitions Property at acquisition 12/31/2000 $'s/sf) - ----------------- -------- -------------- ---------- ----------- Mar-98 420 Lexington 83 100 78,000,000 Mar-98 1466 Broadway 87 84 64,000,000 Mar-98 321 West 44th 96 97 17,000,000 May-98 711 3rd Avenue 79 100 65,600,000 (1) Jun-98 440 9th Avenue 76 94 32,000,000 Aug-98 1412 Broadway 90 97 82,000,000 ------------ 338,600,000 1999 Acquisitions Jan-99 420 Lexington Leasehold 27,300,000 Jan-99 555 West 57th - 65% JV 100 100 66,700,000 (2) May-99 90 Broad Street - 35% JV 82 87 34,500,000 May-99 The Madison Properties: 50,000,000 286 Madison Avenue 99 98 290 Madison Avenue 86 100 292 Madison Avenue 97 100 Aug-99 1250 Broadway - 50% JV 97 100 93,000,000 Nov-99 555 West 57th - remaining 35% 34,100,000 ------------ 305,600,000 2000 Acquisitions Feb-00 100 Park Avenue 97 100 192,000,000 Dec-00 180 Madison Avenue 87 87 41,250,000 Contribution to JV May-00 321 West 44th 98 97 28,400,000 2001 Acquisitions Jan-01 1370 Broadway 97 50,500,000 Jan-01 1 Park Avenue 97 233,900,000 Jan-01 469 7th Avenue 98 45,700,000 (1) This includes the issuance of 44,772 OP units (valued at $1mm) and $20mm for a 50% interest in the Building Fee (purchased 7/98). (2) This includes the assumption of mortgage debt for $28.6mm (65% of $44mm). Page 29
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 Net Rentable Sales Sales 2000 Sales Property Type of Ownership Submarket s.f. Price ($'s) Price ($'s/s.f.) - ---------- -------- ----------------- --------- ---- ----------- ---------------- Feb-00 29 West 35th Street Fee Structure Garment 78,000 11,700,000 $ 150 Mar-00 36 West 44th Street Fee Structure Grand Central 178,000 31,500,000 $ 177 May-00 321 West 44th Street Fee Structure Times Square 203,000 28,400,000 $ 140 Nov-00 90 Broad Street Fee Structure Financial 339,000 60,000,000 $ 177 Dec-00 17 Battery South Fee Structure Financial 392,000 53,000,000 $ 135 Page 30