UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

 

CURRENT REPORT

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

 

Date of Report (Date of earliest event reported):

November 28, 2007

 

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)

 

 

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

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

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

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

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

 

 

 

 

 



 

Item 2.02.              Results of Operations and Financial Condition

 

The Company is providing its earnings guidance for the year ending December 31, 2008 of FFO per share of $6.10 to $6.20.

 

The information being furnished pursuant to this “Item 2.02 Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

 

Item 7.01.               Regulation FD Disclosure

 

As discussed in Item 8.01 below, members of senior management of the Company will make a presentation during the Company’s 2007 Annual Investor Conference on Monday, December 3, 2007 (the “Investor Conference”).  The presentation is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 7.01.

 

The information (including the exhibit) being furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing. This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.

 

Item 8.01.              Other Events

 

The Company previously announced that it will host its Investor Conference to be held in New York City on Monday, December 3, 2007. Members of senior management will make presentations during the management presentation portion of the Investor Conference which will begin at 1:00 p.m. EST. This presentation will be broadcast live on the Company’s website at www.slgreen.com and archived on its website for a thirty day period. The press release announcing the Investor Conference is attached hereto as Exhibit 99.2 and is incorporated by reference into this Item 8.01.

 

On November 28, 2007, the Company issued a press release announcing that its Board of Directors has declared a dividend of $0.7875 per common share for the quarter ending December 31, 2007, an increase of $0.0875 or 12.5% per common share on an annualized basis. The dividend is payable on January 15, 2008 to stockholders of record on the close of business on December 31, 2007. The Company’s Board of Directors also declared dividends on the Company’s Series C and D Preferred Stock for the period October 15, 2007 through and including January 14, 2008, of $0.4766 and $0.4922 per share, respectively. Dividends are payable on January 15, 2008 to stockholders of record on the close of business on December 31, 2007. Distributions reflect the regular quarterly distributions, which are the equivalent of an annualized distribution of $1.90625 and $1.96875, respectively. A copy of the press release announcing the dividends is attached hereto as Exhibit 99.3 and is incorporated by reference herein.

 

On December 3, 2007, the Company announced that it has entered into an agreement to acquire two downtown Manhattan office buildings for $1.575 billion. The Company also announced that it has entered into an agreement with SITQ to form a joint venture simultaneously with the closing of the acquisition, with the Company having a 52.5% interest and SITQ having a 47.5% interest. A copy of the press release announcing the acquisition is attached hereto as Exhibit 99.4 and is incorporated by reference herein.

 

Item 9.01.              Financial Statements and Exhibits

 

99.1

 

Investor presentation

99.2

 

Press release for investor conference

99.3

 

Press release for dividend increase

99.4

 

Press release for office building acquisition

 

 

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.

 

 

 

By:

 /S/ Gregory F. Hughes

 

 

Name:

Gregory F. Hughes

 

Title:

Chief Financial Officer

 

Date:  December 3, 2007

 

 

 

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Exhibit 99.1

 

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© 2005 SL Green Realty Corp

 


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© 2005 SL Green Realty Corp This presentation contains “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 presentation are forward-looking statements. All forward-looking statements speak only as of the date of this presentation. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the strength of the commercial office real estate markets in the New York metro area, reduced demand for office space, unanticipated increases in financing and other costs, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, environmental, regulatory and/or safety requirements, and other factors, which are beyond the Company’s control. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 


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© 2005 SL Green Realty Corp

 


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© 2005 SL Green Realty Corp Scale Portfolio of Well Leased Manhattan Fortress Properties Storehouse of Embedded Rent Growth Flexible Balance Sheet Record Capacity for New Opportunities Superior Property Management Driving Customer Satisfaction Diversification into Structured Finance and Retail Platforms

 


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© 2005 SL Green Realty Corp Marc Holiday CEO Andrew Mathias President & CIO Gregory Hughes COO & CFO Andrew Levine Chief Legal Officer Steven Durels Dir. of Leasing & Real Property Edward Piccinich Dir. of Management & Construction Neil Kessner General Counsel-Real Estate Investments Isaac Zion David Schonbraun David Balaj Oscar Zamora Administration Linda Quinlain Mario Mazzella Leasing William Elder Larry Swiger Howard Tenenbaum Kathy Crocco Management/ Construction Rich Currenti Joseph Galasso Larry Thomson Andrew VanderVeen John Barnes Finance Matt DiLiberto Steve Kahn Maggie Hui Brian Morris James Raso Greg Caggainello

 


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© 2005 SL Green Realty Corp 23 Buildings Sold 6.2 Million Square Feet

 


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© 2005 SL Green Realty Corp

 


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© 2005 SL Green Realty Corp Harvest Structured Finance Buy Vacancy Buy Credit Leased Opportunistic Opportunistic Recovery Peak Recession Trough 2001 2003 2004 2005 2006 2007 2008

 


© 2005 SL Green Realty Corp *2008 Based on annualized 4Q07 dividend *2007 Data reflects Firstcall estimates **Annualized growth through 2008 Annualized Growth: 8.6% Annualized Growth: 12.4% $1.40 $1.40 $1.45 $1.55 $1.77 $1.86 $2.00 $2.16 $2.40 $2.80 $3.15 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08* Dividends Per Share $1.94 $2.29 $2.67 $3.00 $3.32 $3.48 $3.77 $4.16 $4.61 $5.75 $6.15 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07* '08** Funds From Operations Per Share

 


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© 2005 SL Green Realty Corp 1. Equity Office Ppts $26,094 2. Vornado Realty Trust $22,494 3. Boston Properties $14,834 4. Trizec Ppts Inc $6,294 5. SL Green Realty Corp $6,199 6. Crescent RE Eqty $5,677 7. Mack Cali Realty Corp $5,355 8. Maguire Prop Inc $5,280 9. Reckson Assoc Realty $5,207 10. HRPT Properties Trst $4,967 11. Arden Realty Inc $4,669 12. American Fin Rlty $4,652 13. CarrAmerica Realty $4,563 14. Prentiss Ppts Tr $3,563 15. Alexandria RE Equities $3,265 16. Brandywine Realty Tr $3,240 17. Corp Office Ppts Tr $3,004 18. Cousins Ppts Tr $2,137 19. Washington REIT $1,957 20. Glenborough Realty $1,639 1. Vornado Realty Trust $31,037 2. Boston Properties $17,736 3. SL Green Realty Corp $13,393 4. Douglas Emmet $7,036 5. Maguire Prop Tr $6,940 6. Mack Cali Realty Corp $5,315 7. Brandywine Reatly Tr $5,302 8. Alexandria RE Equities $5,225 9. HRPT Properties Trst $5,143 10. Corp Office Ppts Tr $3,980 11. American Fin Rlty $3,165 12. Biomed Realty Trust $3,158 13. Washington REIT $2,716 14. Cousins Ppts Tr $2,092 15. Investors RE Trust $1,662 16. Parkway Properties $1,566 Equity Office Ppts NA Trizec Ppts Inc NA Crescent RE Eqty NA Reckson Assoc Realty NA Data as of November 30, 2007; Provided by Stifel, Nicolaus & Company, Incorporated 1. Equity Office Ppts $21,583 2. Boston Properties, Inc. $8,642 3. Brookfield Properties Corporation $8,538 4. Duke Realty Corporation $6,487 5. Crescent Real Estate Equities $5,799 6. Highwoods Properties, Inc. $3,695 7. Arden Realty Inc. $2,876 8. Prentiss Properties Trust $2,364 9. Mission West Properties, Inc. $1,586 10. SL Green Realty Corp. $1,443 11. Alexandria RE Equities $1,045 12. Bedford Property Investors $659 American Financial Realty Trust NA AmeriVest Properties Inc. NA BioMed Realty Trust, Inc. NA Brandywine Realty Trust NA CarrAmerica Realty Corporation NA Columbia Equity Trust, Inc. NA Corporate Office Properties Trust NA Glenborough Realty Trust NA 2005 Enterprise Value $6.2 Billion Rank #5 2000 Enterprise Value $1.4 Billion Rank #10 2007 Enterprise Value $13.4 Billion Rank #3

 


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© 2005 SL Green Realty Corp Three Year Total Return Rank #1 1. SL Green Realty Corp 95.8% 2. Boston Properties 95.6% 3. Alexeandria Real Estate 50.9% 4. Corp. Office Properties 42.8% 5. Vornado Realty Trust 37.5% 6. Biomed Realty Trust 31.4% 7. Investor RE Trust 14.4% 8. Washington REIT 12.4% 9. Maguire Prop Trust 12.1% 10. Mack Cali Realty Corp. -3.6% 11. Parkway Properties -6.8% 12. Cousins Ppts -8.3% 13. Brandywine Realty Trust -14.0% 14. HRPT Propeties Trust -14.6% 15. American Financial Realty -31.6% 16. Douglas Emmett NA 1. SL Green Realty Corp 292.5% 2. Boston Properties 254.8% 3. Corp. Office Properties 220.5% 4. Vornado Realty Trust 205.5% 5. Alexeandria Real Estate 190.0% 6. Cousins Ppts 83.3% 7. Washington REIT 63.0% 8. Mack Cali Realty Corp. 60.6% 9. Parkway Properties 51.1% 10. HRPT Propeties Trust 47.5% 11. Brandywine Realty Trust 46.0% 12. Investor RE Trust 25.5% 13. American Financial Realty NA 14. Biomed Realty Trust NA 15. Douglas Emmett NA 16. Maguire Prop Trust NA Five Year Total Return Rank #1 One Year Total Return Rank #8 1. Investor RE Trust 2.9% 2. Alexeandria Real Estate 0.1% 3. Douglas Emmett -7.8% 4. Boston Properties -10.3% 5. Washington REIT -17.0% 6. Biomed Realty Trust -18.1% 7. Parkway Properties -19.2% 8. SL Green Realty Corp -20.4% 9. Vornado Realty Trust -23.7% 10. American Financial Realty -25.1% 11. Mack Cali Realty Corp. -26.0% 12. Corp. Office Properties -26.8% 13. HRPT Propeties Trust -28.9% 14. Cousins Ppts -30.3% 15. Maguire Prop Trust -34.3% 16. Brandywine Realty Trust -34.6 Data as of November 30, 2007; Provided by Stifel, Nicolaus & Company, Incorporated

 


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© 2005 SL Green Realty Corp Close Acquisition of Reckson Substantially Complete Redevelopment of 100 Park Ave. Dispose of at Least $250 Million of Non-Core Assets Secure a Tenant for 1551 Broadway Increase GKK Contribution to FFO by $5 Million Increase FFO by 9% - 11% Increase Same-Store Performance by 4% - 6% Increase Occupancy by 50 Basis Points Generate Free Cash Flow for Reinvestment of $65 Million Raise Dividend by 8% - 10% Results: Goals & Objectives: Won Vote, Closed Acquisition and Integrated Entire Company Substantially Complete Harvested Approx. $2B of Real Estate 2007 Not Over Yet!!! GKK Expected to Contribute $9.3M more to SLG FFO Increased 25% Based on Management estimate of $5.75 Same Store NOI  10.9% (1) Year End 2007 Leased Space Projected to be 97% Over $68 Million Free Cash Flow (2)  12.5%, 9th Consecutive Annual Increase (2)YE Estimate (1)as of 3Q07

 


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© 2005 SL Green Realty Corp $2.0 Billion of New Investments Entered Into AFR Merger Agreement for Gramercy Signed More than 1.7 Million Square Feet YTD of Leasing at a Combined Mark-to-Market of 48% Refinanced 485 Lexington @ S+43 bps Raised $6.3 Billion of New Capital to Fund Investments and Liquify Balance Sheet Entered Into Lease at 717 Fifth with Armani at $1500/SF at Grade Signed 2 Leases Above $100/SF at 100 Park and 12 Additional Leases Above $80/SF at Other SLG Properties

 


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© 2005 SL Green Realty Corp Commence Redevelopment of 1515 Broadway Dispose of at Least $500 Mil. of Mature Assets Increase GKK Contribution to FFO by at least $5 Mil Secure Tenancy for 333 West 34th Street Complete Leasing at 100 Park Ave. Execute Over 1.0 Mil Square Feet of Leasing Transactions Increase FFO by 6% - 8% Increase Same Store Performance by 7% - 8% Raise Dividend by 8% - 10% Generate Free Cash Flow for Reinvestment of $75 Mil At Least $500 Mil of New Investment Activity Continue Stock Buy-Back Program Close & Integrate American Financial Realty Trust Acquisition into GKK

 


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© 2005 SL Green Realty Corp

 


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© 2005 SL Green Realty Corp Source: Cushman and Wakefield Sales Price Per Square Foot Sales Volume in $ Billions $34.8 $7.2 $9.0 $9.0 $10.3 $12.0 $8.5 $10.0 $14.9 $21.0 $45.2 $434 $475 $443 $421 $340 $308 $336 $253 $549 $749 $872 $0 $10 $20 $30 $40 $50 $60 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Oct. 2007 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 MT/DT Under Contract Midtown Downtown Average Midtown Class A Office Price PSF

 


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© 2005 SL Green Realty Corp Source: Cushman and Wakefield – Data reflects all of Manhattan; closed and under contract as of 10/31/07 2006 2007 Foreign 11% Pension Fund 1% Corporate/User >1% REIT 13% Private Capital 72% Other 1% Other 2% Private Capital 56% REIT 18% Corporate/User 1% Pension Fund 10% Foreign 13%

 


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© 2005 SL Green Realty Corp Buyer Seller Going-in Cap Rate Price Price PSF Total SF Date of Sale/Contract 31 West 52nd St. Paramount Deutsche Bank RREEF/Hines 3.9% $595 Mil $812 723,791 November 2007 120 Park Ave. Global Holdings Altria NA $525 Mil $841 624,385 November 2007 450 Park Ave. Somerset Taconic 2.7% $510 Mil $1,629 313,135 July 2007 405 Park Ave. Witkoff/ Westbrook Dubai Family 3.0% $180 Mil $1,149 156,614 June 2007 660 Madison Ave. (Office) Gruppo Zunino Broadway Partners 3.6% $375 Mil $1,471 255,00 May 2007 280 Park Ave. Broadway Partners Istithmar 3.4% $1.25 Bil $1,060 1,179,000 April 2007 230 Park Ave. Monday Properties/ Whitehall Istithmar 3.0% $1.15 Bil $948 1,212,600 March 2007 EOP NYC Portfolio Macklowe EOP 3.1% $6.6 Bil $1,063 5,676,000 February 2007 666 Fifth Ave. Kushner Tishman & TMV 3.3% $1.8 Bil $1,242 1,449,000 January 2007

 


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© 2005 SL Green Realty Corp $2.0 Billion Sold  12 non-core assets harvested  $1.0 Bil of realized gains $2.0 Billion Acquired  $840 Mil of SLG equity committed sold acquired 1745 Broadway 70 West 36th St.

 


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© 2005 SL Green Realty Corp New Structured Product Done in JV with GKK Equity Like Returns with Long Term Upside for AAA Equivalent Risk

 


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© 2005 SL Green Realty Corp Selective Acquisitions and Dispositions Two Way Success in Sharing Tenant Base with Manhattan Very High Bar Set by EOP Stamford Trade Driving market rents up Providing pool of lower rent-seeking tenants Continue Development of Sanofi Campus at 55 Corporate Drive

 


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© 2005 SL Green Realty Corp Value-Added Repositioning in Progress at 4 Buildings

 


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© 2005 SL Green Realty Corp Projected Portfolio Stabilized Value  $1.97B Projected Portfolio Total Basis  $947.8M Current SLG Cash-on-Cost  6.6% Stabilized SLG Cash-on-Cost  10.6% 2007 Recapitalizations 141 Fifth Avenue - Fixed-Rate $25M loan on HSBC Condo 1604 Broadway - Fixed-Rate $27M loan, increased residual ownership interest from 45% to 63% due to promote

 


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© 2005 SL Green Realty Corp Hugo Boss Rent: $9.6 mm ($418 psf) Increases: 3% per annum Term: 15 Years (2022) Option One 5-yr FMV 3rd Floor $1.5 mm ($61 psf) Rent: $5.1 mm ($223 psf) Increases: $500k April 2010 Term: 2013 Option: Two 4-yr Fixed Rent 3rd Floor Vacant Armani $25mm Termination Payment $15mm Acquisition of 2nd & 3rd Floor Office ($400 psf) PV Pickup of $125 MM

 


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© 2005 SL Green Realty Corp Meatpacking District Lower East Side SoHo

 


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© 2005 SL Green Realty Corp Fulton Street Transit Center $880 Mil City Sponsored Transportation Hub scheduled to be completed in 2009 Will incorporate six existing subway stations and connect the A,C,E,J,M,Z,R,W,2,3,4, and 5 subway lines Hundreds of thousands of daily commuters and Lower Manhattan residents and visitors will use the Transit Hub The Transit Hub will link NYC Transit facilities with PATH service and the World Trade Center site.

 


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© 2005 SL Green Realty Corp After 50% 8.45% 31.5% Acquired 180 off-market in Sept. 2007; 182 to Close 1Q08 Vacate property by exercising demolition clauses and buying out tenants Build 2-4 story retail glass box after signing lease with national retailer Explore air rights upside/ additional development Before Before Interest After Promote Projected Stabilized Cash-on-Cost Equity Participation

 


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© 2005 SL Green Realty Corp 2007 New Originations: $ 626.9 Mil 2007 Loan Payoffs: $ 394.8 Mil Net Originations: $ 232.1 Mil Current Structured Finance Portfolio Floating Rate 6% Fixed Rate 94% Preferred Equity 15% Motgage Participation 16% Mezzanine 70%

 


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© 2005 SL Green Realty Corp Capital Stack Exposure psf Mortgage $145 Mil $145.0 Mil $135 Mezzanine 1 $30.0 Mil $163 $15 Mil (SLG) $15 Mil (GKK) Mezzanine 2 $30.0 Mil $191 $15 Mil (SLG) $15 Mil (GKK) Mezzanine 3* $25 Mil $25.0 Mil $214 Mezzanine 4 $25.0 Mil $238 $12.5 Mil (SLG) $12.5 Mil (GKK) $255.0 Mil *Purchased & Sold at a Profit by SLG/GKK

 


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© 2005 SL Green Realty Corp Scour Both Primary and Secondary Markets for Opportunistic Situations Busted bridge equity Defaulted debt Distressed sales Credit leased real estate Structured Finance Inject participating preferred into liquidity constrained situations Co-originations with GKK Retail Platform Push program into new areas/neighborhoods Continue development of existing sites

 


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© 2005 SL Green Realty Corp

 


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© 2005 SL Green Realty Corp Completed Transactions 151 851,483 rsf 93 856,522 rsf 244 1,708,055 rsf Active Lease Negotiations 24 428,095 rsf 13 78,085 rsf 37 506,180 rsf Total Transactions 282 2,186,751 rsf As of November 30, 2007 Renewal Leases New Leases Renewal Leases New Leases

 


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© 2005 SL Green Realty Corp (1) 2005 Expirations due to TIAA expirations at Grand Central Square (2) Projected YE total 0.40 0.60 0.43 0.75 0.84 0.70 2.30 0.73 1.26 1.33 0.85 0.99 1.62 2.23 2.36 1.72 2.19 0.63 97% 97% 96% 96% 96% 97% 98% 98% 97% 1999 2000 2001 2002 2003 2004 2005 (1) 2006 2007 (2) Expirations (in Mils of SF) Actual Square Feet Leased (in Mils of SF) Occupancy

 


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© 2005 SL Green Realty Corp 1372 Broadway  Negotiated 46K sf surrender  Received $240K buyout  New Lease to Wal-Mart   rent $28 to $50 psf (78%) 919 Third Avenue  Structured 2 surrender agreements  Received $260K buyout New lease to NY Marine & General Insurance Co. covering 30,615 sf   rent $56 to $80 psf (43%) 673 First Ave.  Assembled 3 spaces covering 49K sf  New lease with NYU Hospital   rent $19 to $39 psf (105%) 485 Lexington Avenue  Relocated Minolta from 420 Lexington to 485 Lexington  Unlocked below market lease at 420   rent $53 to $68 psf (26%)

 


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© 2005 SL Green Realty Corp Source: Cushman & Wakefield $30.40 $30.56 $33.23 $40.36 $43.04 $56.56 $52.83 $48.15 $58.92 $74.47 $47.41 $45.98 $45.37 $25 $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 3Q07 psf / yr 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Vacancy Asking Rents Sublease Vacancy Rate Direct Vacancy Rate Overall Vacancy Rate

 


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© 2005 SL Green Realty Corp Source: CB Richard Ellis $75 $79 $97 $110 Floors 1-9 Floors 10-19 Floors 20-29 Floors 30+

 


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© 2005 SL Green Realty Corp Source: Cushman & Wakefield Taking Rents $80 & Above (number of leases) 3 1 7 3 9 4 21 7 10 1 34 23 27 16 1 30 32 37 23 14 2003 2004 2005 2006 3Q07 $150+ $125 - $149.99 $100 - $124.99 $90 - $99.99 $80 - $89.99

 


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© 2005 SL Green Realty Corp Source: Cushman & Wakefield Leasing Activity by Block Size (total sq. ft. leased – 3Q07) 17.6% 15.3% 10.6% 27.3% 29.2% 1-9,999 sqft 10,000-24,999 sq ft 25,000-49,999 sq ft 50,000-99,9999 sq ft 100,000+ sq ft

 


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© 2005 SL Green Realty Corp Midtown Availabilities Over 100,000 RSF Source: CB Richard Ellis 4 11 29 40 27 15 15 14 0 1 2 3 4 5 6 7 8 9 2000 2001 2002 2003 2004 2005 2006 Oct. 2007 Available Sq. Ft. (Mil) 0 5 10 15 20 25 30 35 40 45

 


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© 2005 SL Green Realty Corp Source: Cushman & Wakefield Printing & Publishing, 6% Apparel/Textile, 3% Advertising Agencies, 3% Real Estate, 3% Computer & Data Processing, 2% Other, 8% Financial Services, 36% Edu/Govt, 7% Retailers/ Wholesalers, 4% Bus Service, 9% Communications/ Media, 10% Legal services, 11%

 


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© 2005 SL Green Realty Corp Source: Cushman & Wakefield (US Bureau of Labor Statistics) 400 450 500 550 600 1990 1992 1994 1996 1998 2000 2002 2004 2006 Thousands of Persons Financial Services Employment Professional Business Services

 


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© 2005 SL Green Realty Corp Source: CB Richard Ellis 0 10 20 30 40 50 60 70 80 90 Rentable Sq. Ft. (in Millions) Class A Financial Services Hedge Funds

 


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© 2005 SL Green Realty Corp Source: Cushman & Wakefield (US Bureau of Labor Statistics) Corporate Exodus 10% Nat’l Unemployment S&L Crisis Tech Wreck US Recessions 3,100 3,200 3,300 3,400 3,500 3,600 3,700 3,800 3,900 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006

 


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© 2005 SL Green Realty Corp 1. 11 Times Square SJP Properties, 1.0 msf Hotel Pennsylvania Vornado Realty Trust, 2.5 msf Extel Development Site 500,000 sf; 57th bt 6th and 7th Farley Post Office NYS Urban Development, Vornado & Related, 1.75 msf 5. Eighth Ave & 54th Street Boston Properties/Related 800,000 sf 6. United Nations Site New York City, 1.5 msf 7. 20 Times Square Port Authority Bus Terminal Ruben/Vornado Air rights 1.0 msf 8. Sears Site Brookfield Properties, 4.7 msf, 9. Hudson Yards MTA/New York City 24.0 msf, Mixed-use 10. West Side Rail Yard MTA/New York City Unzoned 11. Extell Diamond 50 W. 47th Street, 30-story 750,000 sf Diamond Exchange SL Green Realty Corp. Approx. 900,000 sf Grand Central (42nd & Madison) 13. Macklowe Properties 300,000 sf 510 Madison Ave. (53rd/Mad) Nouvel, Hine & Whitehall (MOMA) SF – TBD, West 54th St. The Drake Hotel (56th & Park) Macklowe, Assemblage TBD Source: Cushman & Wakefield 13 5 6 7 8 9 10 11 1 3 2 4 12 14 15 Numbers in blue are currently under development

 


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© 2005 SL Green Realty Corp 510 Madison Ave. 250 West 55th Street Eleven Times Square 1Q 2009 1Q 2010 3Q 2009 Macklowe Properties Boston Properties SJP Properties 300,000 sf 900,000 sf 1,100,100 sf Source: CB Richard Ellis

 


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© 2005 SL Green Realty Corp Source: Cushman & Wakefield 30.9 65.3 54.6 55.9 12.5 19.9 0 10 20 30 40 50 60 70 Millions of Square Feet 1950s 1960s 1970s 1980s 1990s 2000s

 


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© 2005 SL Green Realty Corp 2008 Lx: Pre- Leasing: Remaining 2008 Lx: Avg. Escalated Rent: 1,008,174 sf 197,174 sf 810,480 sf $44 psf Limited Rental Rate Exposure Sq. Ft. Avg. Market Rent (psf) Mark to Market NOI Growth 810,480 rsf $65.22 48% $17.2 mil $63.02 43% $15.4 mil $60.82 38% $13.7 mil $58.62 33% $11.9 mil

 


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© 2005 SL Green Realty Corp

 


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© 2005 SL Green Realty Corp 65 Questions 47 7 6 5 Independent firm Services RE industry Industry standards Measures services Drives Efficiency

 


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© 2005 SL Green Realty Corp Referral Rental Rate Tolerance Retention 2007 Ratings Overall Satisfaction

 


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Reclaimed Wood Recycled Gift Bags High Efficiency Lighting

 


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© 2005 SL Green Realty Corp People Profit Planet

 


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© 2005 SL Green Realty Corp Manhattan LEED Certification Certification Level Points Required New Construction Existing Buildings Certified 32-39 0 0 Silver 40-47 1 0 Gold 48-63 5 0 Platinum 64-85 0 0 Leadership in Energy and Environmental Design

 


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© 2005 SL Green Realty Corp SL “Green” Scorecard  Energy 23  Indoor Air Quality 22  Site Sustainability 14 Point Potential LEED Category 67% of our buildings are within 10 points of LEED Certification  Staff Education  Energy Benchmarking Retro Commissioning Building Management Systems Green Cleaning Products  Green Label Carpet  HVAC Filter Evaluation Recycling m

 


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© 2005 SL Green Realty Corp Building Information Energy Star Rating Energy Consumption Carbon Dioxide

 


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© 2005 SL Green Realty Corp Class A Tenant Demand ↔ Reduce Energy Expenses ↔ Increase Asset Value Rental Income Energy Expenses Asset Value Difference $440,000 Difference $108,000 Difference $16,209,000 CoStar Group CoStar Group $0 $2,000,000 $4,000,000 $6,000,000 $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 Energy Star Non Energy Star 2006 1Q 2007 2Q 88.3% 85.6% 89.2% 87.5% 83% 84% 85% 86% 87% 88% 89% 90% Energy Star Non Energy Star $0 $100,000 $200,000 $300,000 $400,000

 


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© 2005 SL Green Realty Corp 100 Park Avenue Manhattan’s 1st LEED-EB Silver $72MM Green Roof New Façade New Windows Green Cleaning New Chillers, Pumps & Motors

 


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 . . .COLLECT GREEN $ Go Green. . .

 


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© 2005 SL Green Realty Corp

 


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© 2005 SL Green Realty Corp Data based on closing price of November 30, 2007 ($ in Billions) $1.0 $0.1 $1.0 $2.1 $1.5 $0.2 $1.6 $3.3 $2.6 $0.3 $1.7 $4.6 $3.4 $0.3 $2.6 $6.3 $7.0 $0.4 $2.9 $10.3 $6.6 $0.4 $6.4 $13.4 2002 2003 2004 2005 2006 2007* Debt Preferred Equity Equity

 


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© 2005 SL Green Realty Corp ($ in ‘000’s) $335 $555 $454 $561 $1,526 $286 $1,076 $1,830 $600 $1,887 $2,797 $1,774 $2,555 $1,023 $5,604 $985 $464 $2,250 $2,567 $6,266 2002 2003 2004 2005 2006 2007 Mortgage Debt Unsecured Debt JV Equity Net Sales Proceeds Common & Preferred Equity

 


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© 2005 SL Green Realty Corp *Includes estimated gain on sale of 440 Ninth which is scheduled to close in January of 2008 $3.64 $1.65 $0.21 $0.46 $0.51 $0.67 $1.37 $1.21 $23.38 $8.64 $1.86 $1.91 $2.58 $5.31 $6.53 2000 2001 2002 2003 2004 2005 2006 2007* Gains Per Share (in white) Cumulative Gross Sales Proceeds (in Billions)

 


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© 2005 SL Green Realty Corp SL GREEN 2006 100% Taxable 0% Return of Capital OFFICE SECTOR 2006 (data from NAREIT) 87% Taxable 13% Return of Capital 30% 70% Ordinary Income Capital Gains Return of Capital

 


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© 2005 SL Green Realty Corp * Gives effect to sale of 440 9th which is scheduled to close in January 2008 $314 $468 $800 $1,233 $1,500 $800 $500 $425 $0 $300 $600 $900 $1,200 $1,500 YE 2004 YE 2005 YE 2006 YE 2007 Availabiity Outstanding

 


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© 2005 SL Green Realty Corp NET OF FLOATING RATE INVESTMENTS 31% 16% 28% 30% 19% Weighted Average Interest Rate FIXED 7.32% 6.46% 5.76% 5.69% 5.82% 5.40% FLOATING 3.26% 2.86% 3.29% 4.79% 6.33% 6.71% $ in billions) $0.7 $0.3 $1.0 $1.0 $0.6 $1.6 $1.3 $0.4 $1.7 $1.8 $0.8 $2.6 $2.1 $0.9 $3.0 $5.1 $1.3 $6.4 2002 2003 2004 2005 2006 2007 Floating Fixed 16%

 


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© 2005 SL Green Realty Corp Total Unencumbered Square Footage: 8,916,600

 


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© 2005 SL Green Realty Corp 2004 2005 2006 2007 Variable Debt 4.0% - 5.0% 5.0% - 6/0% 6.25% - 6.75% 6.25-6.5% Fixed Debt 5.0% - 6.0% 5.0% - 6.0% 5.5% - 6.25% 5.5-6.25% Preferred Equity 7.0% - 7.5% 6.5% - 7.0% 7.0% - 7.25% 7.5%-8.0% Common Equity 8.0% - 9.0% 7.0% - 8.0% 6.0% - 7.0% 8.0%-9.0% Cap Rates on Properties Sold 5.35% 5.43% 5.08% 4.00% 40% 10% 35% 15%

 


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© 2005 SL Green Realty Corp $104 $109 $180 $207 $222 59.5% 40.5% 37.0% 28.7% 25.8% $0 $50 $100 $150 $200 $250 3Q06 4Q06 1Q07 2Q07 3Q07 0% 10% 20% 30% 40% 50% 60% 70% Quarterly Property Operating Revenues (in Millions) Mark-to-Market %

 


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© 2005 SL Green Realty Corp Property 2007 Leasing Activity 2007 Mark to Market 2007 NOI 2008 NOI Incremental NOI in 2008 2007 Combined Same Store Properties 865,784 44% $280,000 $300,000 $20,000 1185 Ave. of the Amercias 95,265 59% $31,800 $36,000 $4,500 485 Lexington Ave. 73,881 71% $26,900 $32,400 $5,500 1350 Ave. of the Americas 35,059 44% $16,200 $21,800 $5,600 120 West 45th St. 81,467 58% $13,430 $16,300 $2,870 $38,470 Incremental NOI & FFO Per Share $0.61 *$ in thousands

 


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© 2005 SL Green Realty Corp *As of September 30, 2007 $2.3 $3.1 $2.8 $5.3 $3.3 $7.7 $4.6 $10.6 $10.5 $18.6 2003 2004 2005 2006 2007* Book Value Consolidated Assets Book Value Total Assets

 


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© 2005 SL Green Realty Corp Property Partner ’05 ’06 ’07 2008 & After 321 West 44th Morgan Stanley RE Fund X 469 Seventh Ave. Morgan Stanley RE Fund X 180 Madison Ave. Morgan Stanley RE Fund X X 485 Lexington Ave. CIF X One Park Ave. SITQ/SEB X Bellemead Portfolio * Gale X Berger Portfolio* Blackacre X X OMA Clocktower RFR/Schrager X 1250 Broadway SITQ X 1604 Broadway Onyx Equities/Sutton X 55 Corporate Drive Principal/Gale X 521 Fifth Ave. CIF X 1 & 2 Jericho Plaza Onyx Equities/Credit Suisse X 16 Court Street CIF X 1 Court Square JP Morgan Inv. Mngt. X 720 Fifth Ave.* Sutton X 141 Fifth Savanna Pts. s & Sutton X The Meadows Invesco & Onyx Equities X Contintental Plaza* Morgan Stanley RE Fund X 1166 Ave. of Americas* Minskoff and Cappelli X 1745 Broadway Witkoff Group/SITQ X *Structured Finance Investments Past Realizations Future Realizations

 


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© 2005 SL Green Realty Corp *Mid-point of management guidance $ in Thousands Except for Per Share Data 2006 2007* 2008* GKK FFO Per Share $2.46 $3.03 $3.08 GKK FFO Contribution to SLG $16,000 $21,000 $26,000 Base Management Fee $10,100 $13,100 $27,000 Other Income Fee $10,500 $18,300 $20,000 MG&A ($8,100) ($13,500) ($24,300) $12,500 $17,900 $22,700 Less Minority Interest ($4,300) ($6,100) ($7,700) SLG Share $8,200 $11,800 $15,000 Reimbursements @ 50% Margin $1,800 $2,500 $2,750 Total FFO Contribution to SLG $26,000 $35,300 $43,750 (A + B + C )

 


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© 2005 SL Green Realty Corp 20071: $5.75 20082: $6.15 Property NOI – Wholly Owned $7.30 Same store NOI Growth of 7%+ Leasing at 485, 1185, 1350, Tower 45 Reckson FAS adjustment $15 Mil Full year of 2007 net acquisitions (OMA) Property sales & full year ground lease 420 $8.00 Property NOI – Joint Venture $2.58 Leasing at 100 Park, 521 5th, 919 3rd & 1372 Broadway Armani lease at 717 5th Full year benefit of JV investments $3.00 Structured Finance & Other $2.82 One Park & OMA promotes $1.50 GKK $0.54 Fees on $340 million of equity raised in ‘2007 Fees on equity issued for AFR merger Increased earnings $0.70 Interest & Preferred Dividends ($6.02) Reduced weighted average debt balance Reduced weighted average rates Lower LIBOR rates Write off of financing fees $11 million ($5.55) G&A ($1.47) Inflationary increases ($1.50) (1) First Call Consensus (2) Midpoint of Management Guidance

 


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© 2005 SL Green Realty Corp 1998 1999 2000 2001 2002 2003 2004 2005 2006 20071 20082 FFO PAYOUT 72.2% 61.1% 54.3% 51.7% 53.3% 53.4% 53.1% 58.7% 54.2% 48.7% 51.2% FAD PAYOUT 98.6% 92.9% 79.2% 70.9% 69.0% 75.3% 87.5% 89.0% 75.4% 62.2% 66.4% DIVIDEND GROWTH NA NA 3.6% 6.9% 14.2% 5.1% 7.5% 8.0% 11.1% 16.7% 12.5% FFO GROWTH 14.1% 18.0% 16.6% 12.4% 10.7% 4.8% 8.3% 10.3% 10.8% 24.7% 7.0% (1) 2007 reflects FirstCall estimates (2) 2008 data based on midpoint of Management’s guidance $2.80 $3.15 $1.94 $2.29 $2.67 $3.00 $3.32 $3.48 $3.77 $4.16 $4.61 $5.75 $6.15 $2.40 $2.16 $2.00 $1.86 $1.77 $1.55 $1.45 $1.40 $1.40 Dividends Per Share FFO Per Share

 


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© 2005 SL Green Realty Corp Total Enterprise Value @$100 per share $13,000 Suburban Properties at Book $(1,510) Retail, Development and Land $(600) Structured Finance at 1.2 Book $(865) GKK stock at $24 per share $(185) Other : One Mad Air Rights, Promotes GKK Manager $(400) Contract Price 440 Ninth Ave $(145) Implied Platform Value $9,295 Residual Value Implied for New York Assets $9,200 Implied Cap Rate Based on 2008 Budgeted NOI 5.65% Implied Property Value PSF (17,038 Sq. Ft. Pro-rata) $545

 


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© 2005 SL Green Realty Corp DISCLAIMER Cushman & Wakefield is not providing any investment advice and all information contained herein is for educational purposes only. The aim of this material is to inform and not to advise.  The reader is expressly advised that investment outcomes are often subject to considerable risks.  There is no guarantee that any information or recommendation will achieve any particular investment objectives, or that results will be favorable.  Illustrations of past performance should not be taken as a reliable indicator of the future, but only as a possibility that may be to some extent supported by evidence. These materials may contain forward-looking statements. These statements reflect current beliefs, as well as assumptions made by, and information available to Cushman & Wakefield. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual future results and developments could differ materially from those set forth in these statements due to various factors. These factors include, among others, changes in the general economic and competitive situation and markets. In addition, future results and developments could be affected by the performance of financial markets, fluctuations in interest rates and changes in applicable law. Cushman & Wakefield undertakes no obligation to update any forward-looking statements. The information and any statistical data contained herein have been obtained from sources which Cushman & Wakefield believes to be reliable, but Cushman & Wakefield does not represent that they are accurate or complete, and they should not be relied upon as such.  All information and content herein is furnished "as is", without warranties of any kind, express or implied. Cushman & Wakefield does not accept any responsibility or liability whatsoever whether in contract, tort, equity or otherwise for any action taken as a result of reading, or reliance placed on Cushman & Wakefield because of having read, any part, or all, of this information or for any error, inadequacy, deficiency, flaw in or omission from the information provided herein.

 


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Exhibit 99.2

FOR IMMEDIATE RELEASE

 

 

CONTACT

Gregory F. Hughes

Chief Financial Officer

(212) 594-2700

Or

Heidi Gillette

Director, Investor Relations

(212) 594-2700

 

SL Green Realty Corp.

2007 Annual Investor Conference And Property Tour

On Monday, December 3, 2007

***

Presentation to Begin at 1:00 pm EST;

Available via Webcast and Teleconference

 

 

New York, NY — November 19, 2007 — SL Green Realty Corp. (NYSE: SLG), a real estate investment trust, announced today that it will host its 2007 Annual Investor Conference and Property Tour on Monday, December 3, 2007. The management presentation will begin at 1:00 PM EST.

 

The presentation will be available via webcast and teleconference in listen only mode.  The conference call can be accessed by dialing (866) 700.5192 Domestic or (617) 213.8833 International, using passcode 79583335.  The webcast and management’s PowerPoint presentation can be accessed at www.slgreen.com via SL Green’s Investor Relations page.

 

For more information about this event, please email SLG2007@slgreen.com.

 

About SL Green Realty Corp.

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche.  As of September 30, 2007, the Company owned 31 New York City office properties totaling approximately 22,353,200 square feet, making it New York’s largest office landlord. In addition, SL Green holds investment interests, among other things, in retail properties (10) encompassing approximately 393,789 square feet, development property (one) encompassing approximately 85,000 square feet and land interests (two), along with ownership of 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.

 

 


Exhibit 99.3

 

FOR IMMEDIATE RELEASE

 

CONTACT

Gregory F. Hughes

Chief Financial Officer

(212) 594-2700

or

Heidi Gillette

Investor Relations

(212) 216-1601

 

 

 

SL GREEN REALTY CORP. ANNOUNCES A 12.5% INCREASE IN ITS COMMON STOCK DIVIDEND, ITS 9TH CONSECUTIVE ANNUAL DIVIDEND INCREASE

 

 

New York, NY — November 28, 2007 - SL Green Realty Corp. (NYSE: SLG) today reported that its Board of Directors has declared a dividend of $0.7875 per common share for the quarter ending December 31, 2007, an increase of $0.0875 or 12.5% per common share. The dividend is payable January 15, 2008 to shareholders of record at the close of business on December 31, 2007.

 

 

The Board of Directors also declared dividends on the Company’s Series C and D Preferred Stock for the period October 15, 2007 through and including January 14, 2008, of $0.4766 and $0.4922 per share, respectively.  Dividends are payable January 15, 2008 to shareholders of record at the close of business on December 31, 2007.  Distributions reflect the regular quarterly dividends, which are the equivalent of an annualized distribution of $1.9064 and $1.9688, respectively.

 

 

# # #

 

Company Profile

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche.  As of September 30, 2007, the Company owned 31 New York City office properties totaling approximately 22,353,200 square feet, making it New York’s largest office landlord. In addition, SL Green holds investment interests, among other things, in retail properties (10) encompassing approximately 393,789 square feet, development property (one) encompassing approximately 85,000 square feet and land interests (two),

 

 

 



along with ownership of 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.

 

Forward-looking Information

This press release contains forward-looking information based upon the Company’s current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, reduced demand for office space, unanticipated increases in financing and other costs, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, environmental, regulatory and/or safety requirements, and other factors, which are beyond the Company’s control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company’s filings with the Securities and Exchange Commission.

 

 

 



 

 

Exhibit 99.4

 

FOR IMMEDIATE RELEASE

 

 

CONTACT

Gregory F. Hughes

Chief Financial Officer

(212) 594-2700

Or

Heidi Gillette

Director, Investor Relations

(212) 594-2700

 

SL Green Announces Execution of Contract to Acquire Downtown Office Buildings for $1.575 Billion

***

Enters into Joint Venture Ownership Agreement with SITQ

 

December 3, 2007 - SL Green Realty Corp. (NYSE: SLG) announced today that it has entered into an agreement to acquire two downtown Manhattan trophy office buildings for $1.575 billion, or $598 per square foot.  The buildings, which are adjacent and total over 2.6 million square feet, will be occupied by a financial services tenant under the terms of a 13-year triple-net lease that provides for annual rental increases.  The initial rental payments will provide a 6.3% un-leveraged return on the purchase price.

 

SL Green also announced that it has entered into an agreement with SITQ to form a joint venture simultaneously with the closing of the acquisitions, with SL Green having a 52.5% interest and SITQ having a 47.5% interest.

 

SL Green Chief Executive Officer Marc Holliday commented, “This accretive acquisition further solidifies SL Green’s standing as New York City’s leading office landlord. As the largest property transaction since the current credit market difficulties began, it demonstrates our Company’s overall reputation as a preferred landlord, our strong financial condition, and our ability to take advantage of compelling investment opportunities as they arise.

 

He added, “We continue to enjoy a successful working relationship with SITQ, with whom we have previously co-invested on several occasions.”

 

Paul Campbell, President and Chief Executive Officer of SITQ, said, “We see this as a terrific way to invest in some of Downtown Manhattan’s truly iconic properties.  To do so alongside SL Green, with whom we have successfully collaborated in the past, made it all the more attractive to us.  As New York City market conditions continue to evolve, we will look for additional opportunities.”

 

Due to confidentiality provisions in the purchase agreement, no further details of the acquisition can be released at this time.

 

 



 

The transaction, which is subject to customary closing conditions, is expected to close in December 2007.  Mortgage financing will be provided by Westdeutsche ImmobilienBank AG and PB Capital Corporation.

 

Cushman & Wakefield Sonnenblick-Goldman, LLC exclusively arranged the financing.

 

About SL Green Realty Corp.

 

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche.  As of September 30, 2007, the Company owned 31 New York City office properties totaling approximately 22,353,200 square feet, making it New York’s largest office landlord. In addition, SL Green holds investment interests, among other things, in retail properties (10) encompassing approximately 393,789 square feet, development property (one) encompassing approximately 85,000 square feet and land interests (two), along with ownership of 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

 

To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.

 

About SITQ

 

Founded in 1984, SITQ is a real estate investment, management and development firm. Its portfolio is comprised of office buildings and business parks. SITQ owns real estate assets of 10.3 billion dollars Canadian consisting of 114 properties representing more than 35 million square feet of leasable space. A leader in the Canadian real estate industry, SITQ also owns assets in the United States, France, the United Kingdom and Germany.

 

One of the subsidiaries of the Caisse de dépôt et placement du Québec, five other significant pension funds accounts as its shareholders. SITQ employs 390 people who work in Montréal, where its head office is located, and in its Calgary and Bruxelles, Belgium offices. For more information: www.sitq.com.

 

 

 

Forward-looking Information

 

This press release contains forward-looking information based upon the Company’s current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, reduced demand for office space, unanticipated increases in financing and other costs, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, environmental, regulatory and/or safety requirements, and other factors, which are beyond the Company’s control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company’s filings with the Securities and Exchange Commission.