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):
January 30, 2014 (January 29, 2014)
SL GREEN REALTY CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MARYLAND
(STATE OF INCORPORATION)
1-13199 |
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13-3956775 |
(COMMISSION FILE NUMBER) |
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(IRS EMPLOYER ID. NUMBER) |
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420 Lexington Avenue |
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10170 |
New York, New York |
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(ZIP CODE) |
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) |
(212) 594-2700
(REGISTRANTS 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
Following the issuance of a press release on January 29, 2014 announcing SL Green Realty Corp.s, or the Company, results for the fourth quarter and full year ended December 31, 2013, the Company intends to make available supplemental information regarding the Companys operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.
The information (including Exhibits 99.1 and 99.2) 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, or 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, or 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 2.02 above, on January 29, 2014, the Company issued a press release announcing its results for the fourth quarter and full year ended December 31, 2013.
The information being furnished pursuant to this Item 7.01. Regulation FD Disclosure 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 and shall not be deemed to be incorporated by reference into 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 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release regarding fourth quarter and full year 2013 earnings.
99.2 Supplemental package.
Non-GAAP Supplemental Financial Measures
Funds from Operations (FFO)
FFO is a widely recognized measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. The Company presents FFO because it considers it an important supplemental measure of the Companys operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property
dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Companys financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Companys liquidity, nor is it indicative of funds available to fund the Companys cash needs, including our ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Companys ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Companys financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Companys liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
The Company presents earnings before interest, taxes, depreciation and amortization, or EBITDA, because the Company believes that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Companys ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Companys financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Companys liquidity. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is calculated by adding income taxes, loan loss reserves and the Companys share of joint venture depreciation and amortization to EBITDA.
Same-Store Net Operating Income, Same-Store Cash Net Operating Income and Related Measures
The Company presents same-store net operating income, same-store cash net operating income, same-store joint venture net operating income, and same-store joint venture cash net operating income because the Company believes that these measures provide investors with useful information regarding the operating performance of properties that are comparable for the periods presented. For properties owned since January 1, 2012 and still owned in the same manner at the end of the current quarter, the Company determines same-store net operating income by subtracting same-store property operating expenses and ground rent from same-store recurring rental and tenant reimbursement revenues. Same-store cash net operating income is derived by deducting same-store straight line and free rent from, and adding same-store tenant credit loss allowance to, same-store net operating income. Same-store joint venture net operating income and same-store joint venture cash net operating income are calculated in the same manner as noted above, but includes just the Companys pro-rata share of the joint venture net operating income. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Debt to Market Capitalization Ratio
The Company presents the ratio of debt to market capitalization as a measure of the Companys leverage position relative to the Companys estimated market value. The Companys estimated market value is based upon the quarter-end trading price of the Companys common stock multiplied by all common shares and operating partnership units outstanding plus the face value of the Companys preferred equity. This ratio is presented on a consolidated basis and a combined basis. The combined debt to market capitalization includes the Companys pro-
rata share of off-balance sheet (unconsolidated) joint venture debt. The Company believes this ratio may provide investors with another measure of the Companys current leverage position. The debt to market capitalization ratio should be used as one measure of the Companys leverage position, and this measure is commonly used in the REIT sector; however, this may not be comparable to other REITs that do not compute in the same manner. The debt to market capitalization ratio does not represent the Companys borrowing capacity and should not be considered an alternative measure to the Companys current lending arrangements.
Coverage Ratios
The Company presents fixed charge and interest coverage ratios to provide a measure of the Companys financial flexibility to service current debt amortization, interest expense and ground rent from current cash net operating income. These coverage ratios are provided on both a consolidated and combined basis. The combined coverage ratios include the Companys pro-rata share of off-balance sheet (unconsolidated) joint venture fixed charges and cash net operating income. These coverage ratios represent a common measure of the Companys ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
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.
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SL GREEN REALTY CORP. | |
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/s/ James Mead |
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James Mead | |
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Chief Financial Officer | |
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Date: January 30, 2014 |
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Exhibit 99.1
CONTACT
James Mead
Chief Financial Officer
-and-
Heidi Gillette
Investor Relations
(212) 594-2700
SL GREEN REALTY CORP. REPORTS
FOURTH QUARTER AND FULL YEAR 2013 FFO OF $1.42 AND $5.21 PER SHARE BEFORE TRANSACTION COSTS; AND EPS OF $0.39 AND $1.10 PER SHARE
Financial and Operating Highlights
· Fourth quarter FFO of $1.42 per share before transaction related costs of $0.04 per share compares with prior year FFO of $1.16 per share before transaction related costs of $0.02 per share. Full year FFO of $5.21 per share before transaction related costs of $0.05 per share compares with prior year FFO of $5.35 per share before transaction related costs of $0.07 per share. The prior year results reflect additional income of $67.9 million, or $0.73 per share, relating to profit from the recapitalization of 717 Fifth Avenue.
· Fourth quarter net income attributable to common stockholders of $0.39 per share compares with prior year net income of $0.22 per share. Full year net income attributable to common stockholders of $1.10 per share compares with prior year net income of $1.74 per share.
· Combined same-store cash NOI increased 3.1 percent and 3.0 percent for the fourth quarter and full year, respectively, compared to the prior year.
· Increased the Companys quarterly dividend by 52 percent to a new annual rate of $2.00 per share beginning with the fourth quarter dividend, which was paid in January 2014.
· Signed a total of 57 Manhattan office leases covering 3,391,447 square feet during the fourth quarter, inclusive of the 2,634,670 square foot extension with an affiliate of Citigroup, Inc. The mark-to-market on the Citi extension was 12.8 percent and the mark-to-market on the remaining 756,777 square feet was 4.9 percent higher than the previously fully escalated rents on the same spaces.
· Manhattan same-store occupancy, before reclassifying 317 Madison Avenue, 331 Madison Avenue and 51 East 42nd Street to development, increased to 96.1 percent as of December 31, 2013, inclusive of leases signed but not yet commenced, as compared to 95.8 percent at September 30, 2013.
· Signed a total of 35 Suburban office leases covering 183,896 square feet during the fourth quarter. The mark-to-market on signed Suburban office leases was 1.3 percent higher in the fourth quarter as compared to the previously fully escalated rents on the same spaces. Same-store occupancy
for the Companys Suburban portfolio increased to 82.1 percent, inclusive of leases signed but not yet commenced, at December 31, 2013 as compared to 81.2 percent at September 30, 2013.
Investing Highlights
· Formed a joint venture that acquired a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue in Manhattan. The venture subsequently entered an agreement to buy out the lease of retailer Juicy Couture, accelerating the ventures ability to reposition the buildings premier retail corner location.
· Closed on the sale of the Companys joint venture interest in 27-29 West 34th Street in Manhattan for an allocated sales price of $70.1 million, and 21-25 West 34th Street in Manhattan for an allocated sales price of $114.9 million.
· Closed on the acquisition of an assemblage of retail development properties located on Fifth Avenue in Manhattan for $146.2 million.
· Originated new debt investments totaling $412.3 million in the fourth quarter, of which the Company retained $79.7 million at a weighted average current yield of 10.2 percent, all of which are directly or indirectly collateralized by New York City commercial properties.
Financing Highlights
· Issued 2.6 million shares of common stock, par value $0.01 per share, at a price of $95.94 per share, generating net proceeds of $248.9 million, after deducting offering expenses.
· Closed on a $300.0 million refinancing of the Companys debt and preferred equity liquidity facility.
· Closed on a $79.2 million, 2.4 year loan extension of the mortgage at 16 Court Street in Brooklyn.
Summary
New York, NY, January 29, 2014 SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, of $134.5 million, or $1.38 per share, after giving consideration to transaction costs of $3.6 million, or $0.04 per share, for the quarter ended December 31, 2013, compared to $107.2 million, or $1.14 per share, after giving consideration to transaction costs of $1.5 million, or $0.02 per share for the same quarter in 2012. The Company also reported FFO of $491.6 million, or $5.16 per share, after giving consideration to transaction costs of $4.3 million, or $0.5 per share, for the year ended December 31, 2013, compared to $490.3 million, or $5.28 per share, after giving consideration to transaction costs of $6.6 million, or $0.07 per share, for the year ended December 31, 2012. The prior year results reflect additional income of $67.9 million, or $0.73 per share, relating to profit from the recapitalization of 717 Fifth Avenue.
Net income attributable to common stockholders totaled $37.1 million, or $0.39 per share, for the quarter ended December 31, 2013, compared to $20.0 million, or $0.22 per share, for the same quarter in 2012. Net income attributable to common stockholders totaled $101.3 million, or $1.10 per share, for the year ended December 31, 2013, compared to $156.0 million, or $1.74 per share, for the year ended December 31, 2012.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the fourth quarter of 2013, the Company reported consolidated revenues and operating income of $374.7 million and $212.4 million, respectively, compared to $346.6 million and $177.8 million, respectively, for the same period in 2012. For the year ended December 31, 2013, the Company reported consolidated revenues and operating income of $1.5 billion and $818.0 million, respectively, compared to $1.4 billion and $823.5 million, respectively, for the year ended December 31, 2012.
Same-store cash NOI on a combined basis increased by 3.1 percent to $179.4 million for the quarter ended December 31, 2013 as compared to the same period in 2012. Consolidated property same-store cash NOI increased by 2.9 percent to $155.1 million and unconsolidated joint venture property same-store cash NOI increased 4.6 percent to $24.3 million.
Same-store cash NOI on a combined basis increased by 3.0 percent to $703.7 million for the year ended December 31, 2013 as compared to the same period in 2012. Consolidated property same-store cash NOI increased by 3.0 percent to $608.5 million and unconsolidated joint venture property same-store cash NOI increased 2.6 percent to $95.2 million.
Manhattan same-store occupancy, after reclassifying 317 Madison Avenue, 331 Madison Avenue and 51 East 42nd Street to development, increased to 96.6 percent as of December 31, 2013, inclusive of 394,321 square feet of leases signed but not yet commenced, as compared to 95.1 percent at December 31, 2012 and 96.2 percent at September 30, 2013.
During the fourth quarter, the Company signed 57 office leases in its Manhattan portfolio totaling 3,391,447 square feet. Fifteen leases comprising 262,148 square feet represented office leases that replaced previous vacancy. Forty-two leases comprising 3,129,299 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $47.66 per rentable square foot, representing an 11.4 percent increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the fourth quarter was 14.3 years and average tenant concessions were 6.6 months of free rent with a tenant improvement allowance of $50.67 per rentable square foot.
During the year ended December 31, 2013, the Company signed 233 office leases in its Manhattan portfolio totaling 5,186,894 square feet with an average lease term of 11.8 years. Of the 233 office leases signed, 137 leases comprising 4,349,246 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $51.07 per rentable square foot, representing a 9.5 percent increase over the previously fully escalated rents on the same office spaces.
In December 2013, the Company signed an agreement extending Citigroups triple-net lease covering 2,634,670 square feet at 388-390 Greenwich Street through December 31, 2035. The agreement includes an option for Citigroup to acquire the properties during the period from December 1, 2017 through December 31, 2020 for $2.0 billion. The mark-to-market based on Citigroups cash rent in the extension period is 12.8 percent.
In December 2013, the Company signed a 20-year lease with Metro-North Commuter Railroad Company covering 265,903 square feet at 420 Lexington Avenue, also known as the Graybar Building. The lease is comprised of a 133,503 square foot renewal plus an additional 132,400 square foot expansion. The expansion required assembling 34 separate spaces as well as the relocation or recapture of 15 occupied tenant spaces.
In November 2013, the Company and partner, Jeff Sutton, signed an early renewal lease agreement with Prada for its New York City flagship store at 724 Fifth Avenue, keeping one of the worlds iconic fashion and accessory houses at this prime location through 2028 and taking advantage of the extremely strong demand for premier Fifth Avenue retail space. Prada occupies a total of 15,540 square feet of retail space on four levels, along with another 5,200 square feet of office space on the fifth floor of the building.
In November 2013, the Company signed a long-term expansion lease with Infor, Inc., a leading provider of business application software, which more than doubles its footprint at 635-641 Avenue of the Americas. Infors expansion of 49,246 square feet covers 47 percent of the 635 Avenue of the Americas building and increases its commitment at the combined buildings to 92,246 square feet.
Same-store occupancy for the Companys Suburban portfolio increased to 82.1 percent at December 31, 2013, inclusive of 46,736 square feet of leases signed but not yet commenced, as compared to 81.2 percent at December 31, 2012 and 81.2 percent at September 30, 2013.
During the fourth quarter, the Company signed 35 office leases in the Suburban portfolio totaling 183,896 square feet. Nineteen leases comprising 98,153 square feet represented office leases that replaced previous vacancy. Sixteen leases comprising the remaining 85,743 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.74 per rentable square foot, representing a 1.3 percent increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the fourth quarter was 6.6 years and average tenant
concessions were 6.5 months of free rent with a tenant improvement allowance of $25.27 per rentable square foot.
During the year ended December 31, 2013, the Company signed 143 office leases in its Suburban portfolio totaling 902,151 square feet with an average lease term of 7.3 years. Of the 143 office leases signed, 76 leases comprising 532,767 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $30.77 per rentable square foot, representing a 3.1 percent decrease over the previously fully escalated rents on the same office spaces.
Significant leases that were signed during the fourth quarter included:
· Early renewal on 2,634,670 square feet with Citigroup for 15.0 years at 388-390 Greenwich Street bringing the remaining lease term to 22.0 years;
· Early renewal and expansion on 265,903 square feet with Metro North Commuter Railroad Company for 20.0 years at 420 Lexington Avenue bringing the remaining lease term to 22.1 years;
· New lease on 49,731 square feet with McKinsey & Company for 15.5 years at 711 Third Avenue;
· New lease on 49,246 square feet with Infor for 10.0 years at 635 Sixth Avenue increasing its commitment to 92,246 square feet;
· New lease on 30,108 square feet with Mount Kellet Capital Management LP for 10.0 years at 280 Park Avenue;
· New lease on 28,583 square feet with Kids Brands for 11.8 years at The Meadows; and
· New lease on 27,678 square feet with Charter Brokerage, LLC for 10.4 years at 125 Park Avenue.
Marketing, general and administrative, or MG&A, expenses for the quarter ended December 31, 2013 were $22.7 million, or 5.1 percent of total revenues including the Companys share of joint venture revenue compared to $21.4 million, or 5.2 percent for the quarter ended December 31, 2012. MG&A expenses for the year ended December 31, 2013 were $86.2 million, or 5.0 percent of total revenues including the Companys share of joint venture revenue compared to $82.8 million, or 5.1 percent for the year ended December 31, 2012.
Real Estate Investment Activity
In November 2013, the Company closed on the acquisition of a mixed-use residential and commercial property located at 315 West 33rd Street in Manhattan for $386.8 million. The 36-story, 492,987 square foot building, which was completed in 2012, includes 333 luxury rental apartments. The commercial space, which is 100 percent leased at below-market rental rates, consists of 270,000 square feet and includes a 14-screen movie theater, five ground-level retail stores, two office suites and a 250 space parking garage.
In December 2013, the Company closed on the acquisition of an assemblage of three retail development properties on Fifth Avenue in Manhattan for $146.2 million. This acquisition represents the first piece of the Companys long-term strategy to create a 45,000 square foot retail development site on Fifth Avenue.
In December 2013, the Company formed a joint venture that acquired a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue. Subsequently, the joint venture entered into an agreement to buy out the remaining lease of retailer Juicy Couture, which will enable the joint venture to combine Juicy Coutures existing basement, grade-level and second floor retail space with additional vacant space on the third-floor. This will accelerate the partnerships ability to reposition the buildings premier retail corner location.
In December 2013, the Company closed on the sale of its joint venture interest in a 15,600 square foot property located at 27-29 West 34th Street in Manhattan for an allocated sales price of $70.1 million. The Company recognized a gain of $7.6 million on the transaction and retained its 50 percent interest in 61,403 square feet of development rights.
In January 2014, the Company closed on the sale of its joint venture interest in a 30,100 square foot property located at 21-25 West 34th Street in Manhattan for an allocated sales price of $114.9 million. The Company retained its 50 percent interest in 91,311 square feet of development rights.
Debt and Preferred Equity Investment Activity
The carrying value of the Companys debt and preferred equity investment portfolio totaled $1.3 billion at December 31, 2013. During the fourth quarter, the Company originated new debt and preferred equity investments totaling $412.3 million, all of which are collateralized by New York City commercial properties, and recorded $114.7 million of principal reductions from investments that were sold or repaid. The debt and preferred equity investment portfolio had a weighted average maturity of 2.2 years as of December 31, 2013, excluding any extension options, and had a weighted average yield during the fourth quarter of 11.3 percent.
Financing and Capital Activity
In November 2013, the Company completed an offering of 2.6 million shares of its common stock, par value $0.01 per share, at a price of $95.94 per share. The Company received net proceeds of $248.9 million, after deducting offering expenses.
In December 2013, the Company closed on a $300.0 million refinancing of our debt and preferred equity liquidity facility with a one-year term and a one-year extension option. This facility, which is secured by select assets in the Companys debt portfolio, bears interest ranging from 250 and 325 basis points over LIBOR, depending on the pledged collateral. The new facility is significantly improved, providing an increase in maximum
borrowing capacity, a lower interest rate, a higher advance rate and significantly more flexibility in making draws and repayments than the previous facility. As of December 31, 2013, $91.0 million was outstanding on the facility.
In December 2013, the Company closed on a $79.2 million extension of the mortgage at 16 Court Street in Brooklyn. The mortgage was extended to April 2016 and bears interest at 350 basis points over LIBOR with a LIBOR floor of 50 basis points.
Dividends
During the fourth quarter of 2013, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
· $0.50 per share of common stock, consistent with the previous announcement of a dividend increase in October 2013. The dividend was paid on January 15, 2014 to stockholders of record on the close of business on December 31, 2013. The new annual dividend of $2.00 represents a 52 percent increase over the prior period; and
· $0.40625 per share on the Companys 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2013 through and including January 14, 2014, which was paid on January 15, 2014 to stockholders of record on the close of business on December 31, 2013, and reflects the regular quarterly dividend which is the equivalent of annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Companys executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio webcast on Thursday, January 30, 2014 at 2:00 pm ET to discuss the financial results. Due to the extensive presentation made by the Companys executive management team at its annual investor conference held on December 9, 2013, which addressed both past performance as well as guidance for 2014, the conference call will be limited to a question and answer session only.
The supplemental package will be available prior to the quarterly conference call on the Companys website, www.slgreen.com, under Financial Reports in the Investors section. The webcast and accompanying slide presentation from the Companys annual investor conference also are available on the Companys website in the Investors section under Event Calendar & Webcasts.
The live conference will be webcast in listen-only mode on the Companys website under Event Calendar & Webcasts in the Investors section and on Thomsons StreetEvents Network. The conference may also be accessed by dialing 877.280.4961 using pass-code SL Green.
A replay of the call will be available through February 6, 2014 by dialing 888.286.8010 Domestic or 617.801.6888 International, using pass-code 86494799.
Company Profile
SL Green Realty Corp., New York Citys largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2013, SL Green owned interests in 92 Manhattan buildings totaling 44.4 million square feet. This included ownership interests in 27.8 million square feet of commercial buildings and debt and preferred equity investments secured by 16.6 million square feet of buildings. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban buildings totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with three development buildings in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 28 properties encompassing 52 buildings totaling 3.7 million square feet in southern California.
To be added to the Companys 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 212.594.2700.
Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found on pages 12 through 13 of this release and in the Companys Supplemental Package.
Forward-looking Statement
This press release includes certain statements that may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words may, will, should, expect, anticipate, estimate, believe, intend, project, continue, or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited and in thousands, except per share data)
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Three Months Ended |
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Twelve Months Ended |
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2013 |
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2012 |
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2013 |
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2012 |
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Revenues: |
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Rental revenue, net |
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$ |
276,580 |
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$ |
264,411 |
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$ |
1,080,684 |
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$ |
1,062,682 |
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Escalation and reimbursement |
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44,511 |
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40,883 |
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169,529 |
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165,156 |
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Investment and preferred equity income |
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49,956 |
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31,500 |
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193,843 |
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119,155 |
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Other income |
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3,651 |
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9,805 |
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25,021 |
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35,736 |
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Total revenues |
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374,698 |
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346,599 |
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1,469,077 |
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1,382,729 |
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Expenses: |
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Operating expenses (including approximately $6,158 and $18,728 (2013) and $4,874 and $17,274 (2012) of related party expenses) |
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74,610 |
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70,719 |
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293,514 |
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292,392 |
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Real estate taxes |
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57,207 |
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52,591 |
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218,832 |
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209,337 |
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Ground rent |
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10,160 |
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11,296 |
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39,926 |
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37,866 |
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Interest expense, net of interest income |
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82,795 |
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82,108 |
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330,215 |
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329,897 |
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Amortization of deferred financing costs |
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3,661 |
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7,824 |
|
16,695 |
|
19,450 |
| ||||
Depreciation and amortization |
|
89,105 |
|
92,170 |
|
337,692 |
|
325,737 |
| ||||
Loan loss and other investment reserves, net of recoveries |
|
|
|
|
|
|
|
564 |
| ||||
Transaction related costs, net of recoveries |
|
3,268 |
|
1,227 |
|
3,987 |
|
5,625 |
| ||||
Marketing, general and administrative |
|
22,742 |
|
21,372 |
|
86,192 |
|
82,840 |
| ||||
Total expenses |
|
343,548 |
|
339,307 |
|
1,327,053 |
|
1,303,708 |
| ||||
Income from continuing operations before equity in net income (loss) from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of investment in marketable securities, purchase price fair value adjustment, and gain (loss) on early extinguishment of debt |
|
31,150 |
|
7,292 |
|
142,024 |
|
79,021 |
| ||||
Equity in net income (loss) from unconsolidated joint ventures |
|
5,669 |
|
(4,570 |
) |
9,921 |
|
76,418 |
| ||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate |
|
7,538 |
|
19,277 |
|
3,601 |
|
37,053 |
| ||||
Gain (loss) on sale of investment in marketable securities |
|
|
|
2,703 |
|
(65 |
) |
4,940 |
| ||||
Purchase price fair value adjustment |
|
|
|
|
|
(2,305 |
) |
|
| ||||
Gain (loss) on early extinguishment of debt |
|
5 |
|
(6,978 |
) |
(18,518 |
) |
(6,978 |
) | ||||
Income from continuing operations |
|
44,362 |
|
17,724 |
|
134,658 |
|
190,454 |
| ||||
Net income from discontinued operations |
|
|
|
9,736 |
|
1,725 |
|
12,619 |
| ||||
Gain on sale of discontinued operations |
|
|
|
|
|
14,900 |
|
6,627 |
| ||||
Net income |
|
44,362 |
|
27,460 |
|
151,283 |
|
209,700 |
| ||||
Net income attributable to noncontrolling interests in the Operating Partnership |
|
(1,114 |
) |
(721 |
) |
(3,023 |
) |
(5,597 |
) | ||||
Net (income) loss attributable to noncontrolling interests in other partnerships |
|
(1,822 |
) |
1,202 |
|
(10,629 |
) |
(5,591 |
) | ||||
Preferred unit distributions |
|
(568 |
) |
(574 |
) |
(2,260 |
) |
(2,107 |
) | ||||
Net income attributable to SL Green |
|
40,858 |
|
27,367 |
|
135,371 |
|
196,405 |
| ||||
Preferred stock redemption costs |
|
|
|
|
|
(12,160 |
) |
(10,010 |
) | ||||
Perpetual preferred stock dividends |
|
(3,738 |
) |
(7,407 |
) |
(21,881 |
) |
(30,411 |
) | ||||
Net income attributable to SL Green common stockholders |
|
$ |
37,120 |
|
$ |
19,960 |
|
$ |
101,330 |
|
$ |
155,984 |
|
|
|
|
|
|
|
|
|
|
| ||||
Earnings Per Share (EPS) |
|
|
|
|
|
|
|
|
| ||||
Net income per share (Basic) |
|
$ |
0.39 |
|
$ |
0.22 |
|
$ |
1.10 |
|
$ |
1.75 |
|
Net income per share (Diluted) |
|
$ |
0.39 |
|
$ |
0.22 |
|
$ |
1.10 |
|
$ |
1.74 |
|
|
|
|
|
|
|
|
|
|
| ||||
Funds From Operations (FFO) |
|
|
|
|
|
|
|
|
| ||||
FFO per share (Basic) |
|
$ |
1.39 |
|
$ |
1.14 |
|
$ |
5.17 |
|
$ |
5.30 |
|
FFO per share (Diluted) |
|
$ |
1.38 |
|
$ |
1.14 |
|
$ |
5.16 |
|
$ |
5.28 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic ownership interest |
|
|
|
|
|
|
|
|
| ||||
Weighted average REIT common shares for net income per share |
|
94,003 |
|
90,481 |
|
92,269 |
|
89,319 |
| ||||
Weighted average partnership units held by noncontrolling interests |
|
2,827 |
|
3,266 |
|
2,735 |
|
3,207 |
| ||||
Basic weighted average shares and units outstanding |
|
96,830 |
|
93,747 |
|
95,004 |
|
92,526 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Diluted ownership interest |
|
|
|
|
|
|
|
|
| ||||
Weighted average REIT common share and common share equivalents |
|
94,321 |
|
90,745 |
|
92,531 |
|
89,666 |
| ||||
Weighted average partnership units held by noncontrolling interests |
|
2,827 |
|
3,266 |
|
2,735 |
|
3,207 |
| ||||
Diluted weighted average shares and units outstanding |
|
97,148 |
|
94,011 |
|
95,266 |
|
92,873 |
|
SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
|
|
December 31, |
|
December 31, |
| ||
|
|
(Unaudited) |
|
|
| ||
Assets |
|
|
|
|
| ||
Commercial real estate properties, at cost: |
|
|
|
|
| ||
Land and land interests |
|
$ |
3,032,526 |
|
$ |
2,886,099 |
|
Building and improvements |
|
7,884,663 |
|
7,389,766 |
| ||
Building leasehold and improvements |
|
1,366,281 |
|
1,346,748 |
| ||
Properties under capital lease |
|
50,310 |
|
40,340 |
| ||
|
|
12,333,780 |
|
11,662,953 |
| ||
Less accumulated depreciation |
|
(1,646,240 |
) |
(1,393,323 |
) | ||
|
|
10,687,540 |
|
10,269,630 |
| ||
Assets held for sale |
|
|
|
4,901 |
| ||
Cash and cash equivalents |
|
206,692 |
|
189,984 |
| ||
Restricted cash |
|
142,051 |
|
136,071 |
| ||
Investment in marketable securities |
|
32,049 |
|
21,429 |
| ||
Tenant and other receivables, net of allowance of $17,325 and $14,341 in 2013 and 2012, respectively |
|
60,393 |
|
55,855 |
| ||
Related party receivables |
|
8,530 |
|
7,531 |
| ||
Deferred rents receivable, net of allowance of $30,333 and $29,580 in 2013 and 2012, respectively |
|
386,508 |
|
340,747 |
| ||
Debt and preferred equity investments, net of discounts and deferred origination fees of $18,593 and $22,341 and allowance of $1,000 and $7,000 in 2013 and 2012, respectively |
|
1,304,839 |
|
1,348,434 |
| ||
Investments in unconsolidated joint ventures |
|
1,113,218 |
|
1,032,243 |
| ||
Deferred costs, net |
|
267,058 |
|
261,145 |
| ||
Other assets |
|
750,123 |
|
718,326 |
| ||
Total assets |
|
$ |
14,959,001 |
|
$ |
14,386,296 |
|
|
|
|
|
|
| ||
Liabilities |
|
|
|
|
| ||
Mortgages and other loans payable |
|
$ |
4,860,578 |
|
$ |
4,615,464 |
|
Revolving credit facility |
|
220,000 |
|
70,000 |
| ||
Term loan and senior unsecured notes |
|
1,739,330 |
|
1,734,956 |
| ||
Accrued interest payable and other liabilities |
|
114,622 |
|
81,080 |
| ||
Accounts payable and accrued expenses |
|
145,889 |
|
159,598 |
| ||
Deferred revenue |
|
263,261 |
|
312,995 |
| ||
Capitalized lease obligations |
|
47,671 |
|
37,518 |
| ||
Deferred land leases payable |
|
22,185 |
|
20,897 |
| ||
Dividend and distributions payable |
|
52,255 |
|
37,839 |
| ||
Security deposits |
|
61,308 |
|
46,253 |
| ||
Liabilities related to assets held for sale |
|
|
|
136 |
| ||
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities |
|
100,000 |
|
100,000 |
| ||
Total liabilities |
|
7,627,099 |
|
7,216,736 |
| ||
|
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
| ||
Noncontrolling interest in the Operating Partnership |
|
265,476 |
|
212,907 |
| ||
Series G Preferred Units, $25.00 liquidation preference, 1,902 issued and outstanding at both December 31, 2013 and 2012 |
|
47,550 |
|
47,550 |
| ||
Series H Preferred Units, $25.00 liquidation preference, 80 issued and outstanding at both December 31, 2013 and 2012 |
|
2,000 |
|
2,000 |
| ||
|
|
|
|
|
| ||
Equity |
|
|
|
|
| ||
SL Green Realty Corp. stockholders equity: |
|
|
|
|
| ||
Series C Preferred Stock, $0.01 par value, $25.00 liquidation preference, 7,700 issued and outstanding at December 31, 2012 |
|
|
|
180,340 |
| ||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2013 and December 31, 2012 |
|
221,932 |
|
221,965 |
| ||
Common stock, $0.01 par value 160,000 shares authorized, 98,563 and 94,896 issued and outstanding at December 31, 2013 and December 31, 2012, respectively (inclusive of 3,570 and 3,646 shares held in Treasury at December 31, 2013 and December 31, 2012, respectively) |
|
986 |
|
950 |
| ||
Additional paid-in capital |
|
5,015,904 |
|
4,667,900 |
| ||
Treasury stock at cost |
|
(317,356 |
) |
(322,858 |
) | ||
Accumulated other comprehensive loss |
|
(15,211 |
) |
(29,587 |
) | ||
Retained earnings |
|
1,619,150 |
|
1,701,092 |
| ||
Total SL Green Realty Corp. stockholders equity |
|
6,525,405 |
|
6,419,802 |
| ||
Noncontrolling interests in other partnerships |
|
491,471 |
|
487,301 |
| ||
Total equity |
|
7,016,876 |
|
6,907,103 |
| ||
Total liabilities and equity |
|
$ |
14,959,001 |
|
$ |
14,386,296 |
|
SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
FFO Reconciliation: |
|
|
|
|
|
|
|
|
| ||||
Net income attributable to SL Green common stockholders |
|
$ |
37,120 |
|
$ |
19,960 |
|
$ |
101,330 |
|
$ |
155,984 |
|
Add: |
|
|
|
|
|
|
|
|
| ||||
Depreciation and amortization |
|
89,105 |
|
92,170 |
|
337,692 |
|
325,737 |
| ||||
Discontinued operations depreciation adjustments |
|
|
|
1,616 |
|
3,212 |
|
6,373 |
| ||||
Joint venture depreciation and noncontrolling interest adjustments |
|
13,399 |
|
13,417 |
|
51,266 |
|
35,593 |
| ||||
Net income (loss) attributable to noncontrolling interests |
|
2,936 |
|
(481 |
) |
13,652 |
|
11,188 |
| ||||
Less: |
|
|
|
|
|
|
|
|
| ||||
Gain on sale of discontinued operations |
|
|
|
|
|
14,900 |
|
6,627 |
| ||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate |
|
7,538 |
|
19,277 |
|
3,601 |
|
31,264 |
| ||||
Purchase price fair value adjustment |
|
|
|
|
|
(2,305 |
) |
|
| ||||
Depreciable real estate reserve, net of recoveries |
|
|
|
|
|
(2,150 |
) |
5,789 |
| ||||
Depreciation on non-rental real estate assets |
|
505 |
|
243 |
|
1,509 |
|
940 |
| ||||
Funds From Operations |
|
$ |
134,517 |
|
$ |
107,162 |
|
$ |
491,597 |
|
$ |
490,255 |
|
|
|
Consolidated Properties |
|
SL Greens share of |
|
Combined |
| ||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
| ||||||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||||
Operating income and Same-store NOI Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations before equity in net income (loss) from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of investment in marketable securities, purchase price fair value adjustment and gain (loss) on early extinguishment of debt |
|
$ |
31,150 |
|
$ |
7,292 |
|
$ |
|
|
$ |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Equity in net income (loss) from unconsolidated joint ventures |
|
5,669 |
|
(4,570 |
) |
5,669 |
|
(4,570 |
) |
|
|
|
| ||||||
Depreciation and amortization |
|
89,105 |
|
92,170 |
|
20,943 |
|
21,911 |
|
|
|
|
| ||||||
Interest expense, net of interest income |
|
82,795 |
|
82,108 |
|
20,477 |
|
21,540 |
|
|
|
|
| ||||||
Amortization of deferred financing costs |
|
3,661 |
|
7,824 |
|
2,506 |
|
1,104 |
|
|
|
|
| ||||||
Gain (loss) on early extinguishment of debt |
|
5 |
|
(6,978 |
) |
|
|
|
|
|
|
|
| ||||||
Operating income |
|
$ |
212,385 |
|
$ |
177,846 |
|
$ |
49,595 |
|
$ |
39,985 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Marketing, general & administrative expense |
|
22,742 |
|
21,372 |
|
|
|
|
|
|
|
|
| ||||||
Net operating income from discontinued operations |
|
|
|
2,488 |
|
|
|
|
|
|
|
|
| ||||||
Loan loss and other investment reserves, net of recoveries |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Transaction related costs, net of recoveries |
|
3,268 |
|
1,227 |
|
341 |
|
306 |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-building revenue |
|
(49,251 |
) |
(36,306 |
) |
(6,197 |
) |
(3,768 |
) |
|
|
|
| ||||||
Equity in net (income) loss from unconsolidated joint ventures |
|
(5,669 |
) |
4,570 |
|
|
|
|
|
|
|
|
| ||||||
(Gain) loss on early extinguishment of debt |
|
(5 |
) |
6,978 |
|
|
|
|
|
|
|
|
| ||||||
Net operating income (NOI) |
|
183,470 |
|
178,175 |
|
43,739 |
|
36,523 |
|
$ |
227,209 |
|
$ |
214,698 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
NOI from discontinued operations |
|
|
|
(2,488 |
) |
|
|
|
|
|
|
(2,488 |
) | ||||||
NOI from other properties/affiliates |
|
(15,644 |
) |
(11,686 |
) |
(17,998 |
) |
(11,672 |
) |
(33,642 |
) |
(23,358 |
) | ||||||
Same-Store NOI |
|
$ |
167,826 |
|
$ |
164,001 |
|
$ |
25,741 |
|
$ |
24,851 |
|
$ |
193,567 |
|
$ |
188,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ground lease straight-line adjustment |
|
1,292 |
|
2,186 |
|
|
|
|
|
1,292 |
|
2,186 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Straight-line and free rent |
|
(10,686 |
) |
(13,011 |
) |
(1,096 |
) |
(1,179 |
) |
(11,782 |
) |
(14,190 |
) | ||||||
Rental income FAS 141 |
|
(3,319 |
) |
(2,377 |
) |
(333 |
) |
(440 |
) |
(3,652 |
) |
(2,817 |
) | ||||||
Same-store cash NOI |
|
$ |
155,113 |
|
$ |
150,799 |
|
$ |
24,312 |
|
$ |
23,232 |
|
$ |
179,425 |
|
$ |
174,031 |
|
|
|
Consolidated Properties |
|
SL Greens share of |
|
Combined |
| ||||||||||||
|
|
Twelve Months Ended |
|
Twelve Months Ended |
|
Twelve Months Ended |
| ||||||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||||
Operating income and Same-store NOI Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of investment in marketable securities, purchase price fair value adjustment and loss (gain) on early extinguishment of debt |
|
$ |
142,024 |
|
$ |
79,021 |
|
$ |
|
|
$ |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Equity in net income from unconsolidated joint ventures |
|
9,921 |
|
76,418 |
|
9,921 |
|
76,418 |
|
|
|
|
| ||||||
Depreciation and amortization |
|
337,692 |
|
325,737 |
|
84,403 |
|
69,108 |
|
|
|
|
| ||||||
Interest expense, net of interest income |
|
330,215 |
|
329,897 |
|
79,896 |
|
86,268 |
|
|
|
|
| ||||||
Amortization of deferred financing costs |
|
16,695 |
|
19,450 |
|
9,637 |
|
3,859 |
|
|
|
|
| ||||||
(Loss) gain on early extinguishment of debt |
|
(18,518 |
) |
(6,978 |
) |
|
|
10,711 |
|
|
|
|
| ||||||
Operating income |
|
$ |
818,029 |
|
$ |
823,545 |
|
$ |
183,857 |
|
$ |
246,364 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Marketing, general & administrative expense |
|
86,192 |
|
82,840 |
|
|
|
|
|
|
|
|
| ||||||
Net operating income from discontinued operations |
|
7,548 |
|
11,849 |
|
|
|
|
|
|
|
|
| ||||||
Loan loss and other investment reserves, net of recoveries |
|
|
|
564 |
|
|
|
|
|
|
|
|
| ||||||
Transaction related costs, net of recoveries |
|
3,987 |
|
5,625 |
|
356 |
|
960 |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-building revenue |
|
(201,416 |
) |
(134,391 |
) |
(18,451 |
) |
(83,242 |
) |
|
|
|
| ||||||
Equity in net income from unconsolidated joint ventures |
|
(9,921 |
) |
(76,418 |
) |
|
|
|
|
|
|
|
| ||||||
Loss (gain) on early extinguishment of debt |
|
18,518 |
|
6,978 |
|
|
|
(10,711 |
) |
|
|
|
| ||||||
Net operating income (NOI) |
|
722,937 |
|
720,592 |
|
165,762 |
|
153,371 |
|
$ |
888,699 |
|
$ |
873,963 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
NOI from discontinued operations |
|
(7,548 |
) |
(11,849 |
) |
|
|
|
|
(7,548 |
) |
(11,849 |
) | ||||||
NOI from other properties/affiliates |
|
(59,448 |
) |
(54,403 |
) |
(64,861 |
) |
(56,296 |
) |
(124,309 |
) |
(110,699 |
) | ||||||
Same-Store NOI |
|
$ |
655,941 |
|
$ |
654,340 |
|
$ |
100,901 |
|
$ |
97,075 |
|
$ |
756,842 |
|
$ |
751,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ground lease straight-line adjustment |
|
5,645 |
|
2,702 |
|
|
|
|
|
5,645 |
|
2,702 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Straight-line and free rent |
|
(47,963 |
) |
(56,249 |
) |
(3,186 |
) |
(2,842 |
) |
(51,149 |
) |
(59,091 |
) | ||||||
Rental income FAS 141 |
|
(5,154 |
) |
(10,317 |
) |
(2,525 |
) |
(1,411 |
) |
(7,679 |
) |
(11,728 |
) | ||||||
Same-store cash NOI |
|
$ |
608,469 |
|
$ |
590,476 |
|
$ |
95,190 |
|
$ |
92,822 |
|
$ |
703,659 |
|
$ |
683,298 |
|
SL GREEN REALTY CORP.
SELECTED OPERATING DATA-UNAUDITED
|
|
December 31, |
| ||||
|
|
2013 |
|
2012 |
| ||
Manhattan Operating Data: (1) |
|
|
|
|
| ||
Net rentable area at end of period (in 000s) |
|
23,240 |
|
24,282 |
| ||
Portfolio percentage leased at end of period |
|
95.0 |
% |
94.3 |
% | ||
Same-Store percentage leased at end of period |
|
95.1 |
% |
94.6 |
% | ||
Number of properties in operation |
|
32 |
|
36 |
| ||
|
|
|
|
|
| ||
Office square feet where leases commenced during quarter (rentable) |
|
3,327,835 |
|
290,108 |
| ||
Average mark-to-market percentage-office |
|
11.6 |
% |
2.4 |
% | ||
Average starting cash rent per rentable square foot-office |
|
$ |
47.66 |
|
$ |
56.96 |
|
(1) Includes wholly-owned and joint venture properties.
Exhibit 99.2
|
|
FOURTH QUARTER 2013 SUPPLEMENTAL DATA DECEMBER 31, 2013 |
|
|
|
|
|
|
|
|
|
SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust, or REIT, that primarily acquires, owns, manages, leases and repositions office properties in emerging, high-growth submarkets of Manhattan.
· SL Greens common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.
· 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 incorporated into this supplemental financial package. This supplemental financial package is available through the Companys internet site.
· This data is furnished 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 perspective 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 restate the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-216-1601.
Forward-looking Statement
This press release includes certain statements that may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words may, will, should, expect, anticipate, estimate, believe, intend, project, continue, or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
|
|
|
|
|
|
Ratings
Ratings are not recommendations to buy, sell or hold the Companys securities.
The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended December 31, 2013 that will be released on Form 10-K to be filed on or before March 3, 2014.
|
|
TABLE OF CONTENTS |
|
|
|
Highlights of Current Period Financial Performance |
|
|
|
Unaudited Financial Statements |
|
Corporate Profile |
5 |
Highlights |
6-14 |
Comparative Balance Sheets |
15-16 |
Comparative Statements of Operations |
17 |
Comparative Computation of FFO and FAD |
18 |
Consolidated Statement of Equity |
19 |
Joint Venture Statements |
20-22 |
|
|
Selected Financial Data |
23-26 |
Debt Summary Schedule |
27-29 |
Summary of Ground Lease Arrangements |
30 |
|
|
Debt and Preferred Equity Investments |
31-33 |
|
|
Selected Property Data |
|
Composition of Property Portfolio |
34-37 |
Largest Tenants |
38 |
Tenant Diversification |
39 |
Leasing Activity Summary |
40-43 |
Annual Lease Expirations |
44-45 |
|
|
Summary of Real Estate Acquisition/Disposition Activity |
46-49 |
Corporate Information |
50 |
Analyst Coverage |
51 |
Supplemental Definitions |
52 |
|
|
CORPORATE PROFILE |
|
|
|
SL Green Realty Corp., or the Company, is New York Citys largest commercial office landlord and is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, primarily focused on owning and operating office buildings in Manhattan.
The Company was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc., a company that was founded in 1980 by Stephen L. Green, our current Chairman. For more than 25 years SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan. The Companys investment focus is to create value through strategically acquiring, redeveloping and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow.
In 2007, SL Green acquired Reckson Associates Realty Corp. and added over 9 million square feet to its portfolio. Included in this total is over 3 million square feet of Class A office space located in Westchester, New York and Stamford, Connecticut. These suburban portfolios serve as natural extensions of SL Greens core ownership in the Grand Central submarket of Midtown Manhattan. The Company has since made selective additions and dispositions to the holdings in these areas.
Looking forward, SL Green plans to continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and debt and preferred equity investments. This three-legged investment strategy allows SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.
|
|
FOURTH QUARTER 2013 HIGHLIGHTS UNAUDITED |
|
|
|
Summary
New York, NY, January 29, 2014 SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, of $134.5 million, or $1.38 per share, after giving consideration to transaction costs of $3.6 million, or $0.04 per share, for the quarter ended December 31, 2013, compared to $107.2 million, or $1.14 per share, after giving consideration to transaction costs of $1.5 million, or $0.02 per share for the same quarter in 2012. The Company also reported FFO of $491.6 million, or $5.16 per share, after giving consideration to transaction costs of $4.3 million, or $0.5 per share, for the year ended December 31, 2013, compared to $490.3 million, or $5.28 per share, after giving consideration to transaction costs of $6.6 million, or $0.07 per share, for the year ended December 31, 2012. The prior year results reflect additional income of $67.9 million, or $0.73 per share, relating to profit from the recapitalization of 717 Fifth Avenue.
Net income attributable to common stockholders totaled $37.1 million, or $0.39 per share, for the quarter ended December 31, 2013, compared to $20.0 million, or $0.22 per share, for the same quarter in 2012. Net income attributable to common stockholders totaled $101.3 million, or $1.10 per share, for the year ended December 31, 2013, compared to $156.0 million, or $1.74 per share, for the year ended December 31, 2012.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the fourth quarter of 2013, the Company reported consolidated revenues and operating income of $374.7 million and $212.4 million, respectively, compared to $346.6 million and $177.8 million, respectively, for the same period in 2012. For the year ended December 31, 2013, the Company reported consolidated revenues and operating income of $1.5 billion and $818.0 million, respectively, compared to $1.4 billion and $823.5 million, respectively, for the year ended December 31, 2012.
Same-store cash NOI on a combined basis increased by 3.1 percent to $179.4 million for the quarter ended December 31, 2013 as compared to the same period in 2012. Consolidated property same-store cash NOI increased by 2.9 percent to $155.1 million and unconsolidated joint venture property same-store cash NOI increased 4.6 percent to $24.3 million.
Same-store cash NOI on a combined basis increased by 3.0 percent to $703.7 million for the year ended December 31, 2013 as compared to the same period in 2012. Consolidated property same-store cash NOI increased by 3.0 percent to $608.5 million and unconsolidated joint venture property same-store cash NOI increased 2.6 percent to $95.2 million.
Manhattan same-store occupancy, after reclassifying 317 Madison, 331 Madison and 51 East 42nd Street to development, increased to 96.6 percent as of December 31, 2013, inclusive of 394,321 square feet of leases signed but not yet commenced, as compared to 95.1 percent at December 31, 2012 and 96.2 percent at September 30, 2013.
|
|
FOURTH QUARTER 2013 HIGHLIGHTS UNAUDITED |
|
|
|
During the fourth quarter, the Company signed 57 office leases in its Manhattan portfolio totaling 3,391,447 square feet. Fifteen leases comprising 262,148 square feet represented office leases that replaced previous vacancy. Forty-two leases comprising 3,129,299 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $47.66 per rentable square foot, representing an 11.4 percent increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the fourth quarter was 14.3 years and average tenant concessions were 6.6 months of free rent with a tenant improvement allowance of $50.67 per rentable square foot.
During the year ended December 31, 2013, the Company signed 233 office leases in its Manhattan portfolio totaling 5,186,894 square feet with an average lease term of 11.8 years. Of the 233 office leases signed, 137 leases comprising 4,349,246 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $51.07 per rentable square foot, representing a 9.5 percent increase over the previously fully escalated rents on the same office spaces.
In December 2013, the Company signed an agreement extending Citigroups triple-net lease covering 2,634,670 square feet at 388-390 Greenwich Street through December 31, 2035. The agreement includes an option for Citigroup to acquire the properties during the period from December 1, 2017 through December 31, 2020 for $2.0 billion. The mark-to-market based on Citigroups cash rent in the extension period is 12.8 percent.
In December 2013, the Company signed a 20-year lease with Metro-North Commuter Railroad Company covering 265,903 square feet at 420 Lexington Avenue, also known as the Graybar Building. The lease is comprised of a 133,503 square foot renewal plus an additional 132,400 square foot expansion. The expansion required assembling 34 separate spaces as well as the relocation or recapture of 15 occupied tenant spaces.
In November 2013, the Company and partner, Jeff Sutton, signed an early renewal lease agreement with Prada for its New York City flagship store at 724 Fifth Avenue, keeping one of the worlds iconic fashion and accessory houses at this prime location through 2028 and taking advantage of the extremely strong demand for premier Fifth Avenue retail space. Prada occupies a total of 15,540 square feet of retail space on four levels, along with another 5,200 square feet of office space on the fifth floor of the building.
In November 2013, the Company signed a long-term expansion lease with Infor, Inc., a leading provider of business application software, which more than doubles its footprint at 635-641 Avenue of the Americas. Infors expansion of 49,246 square feet covers 47 percent of the 635 Avenue of the Americas building and increases its commitment at the combined buildings to 92,246 square feet.
|
|
FOURTH QUARTER 2013 HIGHLIGHTS UNAUDITED |
|
|
|
Same-store occupancy for the Companys Suburban portfolio increased to 82.1 percent at December 31, 2013, inclusive of 46,736 square feet of leases signed but not yet commenced, as compared to 81.2 percent at December 31, 2012 and 81.2 percent at September 30, 2013.
During the fourth quarter, the Company signed 35 office leases in the Suburban portfolio totaling 183,896 square feet. Nineteen leases comprising 98,153 square feet represented office leases that replaced previous vacancy. Sixteen leases comprising the remaining 85,743 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.74 per rentable square foot, representing a 1.3 percent increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the fourth quarter was 6.6 years and average tenant concessions were 6.5 months of free rent with a tenant improvement allowance of $25.27 per rentable square foot.
During the year ended December 31, 2013, the Company signed 143 office leases in its Suburban portfolio totaling 902,151 square feet with an average lease term of 7.3 years. Of the 143 office leases signed, 76 leases comprising 532,767 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $30.77 per rentable square foot, representing a 3.1 percent decrease over the previously fully escalated rents on the same office spaces.
Significant leases that were signed during the fourth quarter included:
· Early renewal on 2,634,670 square feet with Citigroup for 15.0 years at 388-390 Greenwich Street bringing the remaining lease term to 22.0 years;
· Early renewal and expansion on 265,903 square feet with Metro North Commuter Railroad Company for 20.0 years at 420 Lexington Avenue bringing the remaining lease term to 22.1 years;
· New lease on 49,731 square feet with McKinsey & Company for 15.5 years at 711 Third Avenue;
· New lease on 49,246 square feet with Infor for 10.0 years at 635 Sixth Avenue increasing its commitment to 92,246 square feet;
· New lease on 30,108 square feet with Mount Kellet Capital Management LP for 10.0 years at 280 Park Avenue;
· New lease on 28,583 square feet with Kids Brands for 11.8 years at The Meadows; and
· New lease on 27,678 square feet with Charter Brokerage, LLC for 10.4 years at 125 Park Avenue.
Marketing, general and administrative, or MG&A, expenses for the quarter ended December 31, 2013 were $22.7 million, or 5.1 percent of total revenues including the Companys share of joint venture revenue compared to $21.4 million, or 5.2 percent for the quarter ended December 31, 2012. MG&A expenses for the year
|
|
FOURTH QUARTER 2013 HIGHLIGHTS UNAUDITED |
|
|
|
ended December 31, 2013 were $86.2 million, or 5.0 percent of total revenues including the Companys share of joint venture revenue compared to $82.8 million, or 5.1 percent for the year ended December 31, 2012.
Real Estate Investment Activity
In November 2013, the Company closed on the acquisition of a mixed-use residential and commercial property located at 315 West 33rd Street in Manhattan for $386.8 million. The 36-story, 492,987 square foot building, which was completed in 2012, includes 333 luxury rental apartments. The commercial space, which is 100 percent leased at below-market rental rates, consists of 270,000 square feet and includes a 14-screen movie theater, five ground-level retail stores, two office suites and a 250 space parking garage.
In December 2013, the Company closed on the acquisition of an assemblage of three retail development properties on Fifth Avenue in Manhattan for $146.2 million. This acquisition represents the first piece of the Companys long-term strategy to create a 45,000 square foot retail development site on Fifth Avenue.
In December 2013, the Company formed a joint venture that acquired a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue. Subsequently, the joint venture entered into an agreement to buy out the remaining lease of retailer Juicy Couture, which will enable the joint venture to combine Juicy Coutures existing basement, grade-level and second floor retail space with additional vacant space on the third-floor. This will accelerate the partnerships ability to reposition the buildings premier retail corner location.
In December 2013, the Company closed on the sale of its joint venture interest in a 15,600 square foot property located at 27-29 West 34th Street in Manhattan for an allocated sales price of $70.1 million. The Company recognized a gain of $7.6 million on the transaction and retained its 50 percent interest in 61,403 square feet of development rights.
In January 2014, the Company closed on the sale of its joint venture interest in a 30,100 square foot property located at 21-25 West 34th Street in Manhattan for an allocated sales price of $114.9 million. The Company retained its 50 percent interest in 91,311 square feet of development rights.
Debt and Preferred Equity Investment Activity
The carrying value of the Companys debt and preferred equity investment portfolio totaled $1.3 billion at December 31, 2013. During the fourth quarter, the Company originated new debt and preferred equity investments totaling $412.3 million, all of which are collateralized by New York City commercial properties, and recorded $114.7 million of principal reductions from investments that were sold or repaid. The debt and preferred equity investment portfolio had a weighted average maturity of 2.2 years as of December 31, 2013, excluding any extension options, and had a weighted average yield during the fourth quarter of 11.3 percent.
|
|
FOURTH QUARTER 2013 HIGHLIGHTS UNAUDITED |
|
|
|
Financing and Capital Activity
In November 2013, the Company completed an offering of 2.6 million shares of its common stock, par value $0.01 per share, at a price of $95.94 per share. The Company received net proceeds of $248.9 million, after deducting offering expenses.
In December 2013, the Company closed on a $300.0 million refinancing of our debt and preferred equity liquidity facility with a one-year term and a one-year extension option. This facility, which is secured by select assets in the Companys debt portfolio, bears interest ranging from 250 and 325 basis points over LIBOR, depending on the pledged collateral. The new facility is significantly improved, providing an increase in maximum borrowing capacity, a lower interest rate, a higher advance rate and significantly more flexibility in making draws and repayments than the previous facility. As of December 31, 2013, $91.0 million was outstanding on the facility.
In December 2013, the Company closed on a $79.2 million extension of the mortgage at 16 Court Street in Brooklyn. The mortgage was extended to April 2016 and bears interest at 350 basis points over LIBOR with a LIBOR floor of 50 basis points.
Dividends
During the fourth quarter of 2013, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
· $0.50 per share of common stock, consistent with the previous announcement of a dividend increase in October 2013. The dividend was paid on January 15, 2014 to stockholders of record on the close of business on December 31, 2013. The new annual dividend of $2.00 represents a 52 percent increase over the prior period; and
· $0.40625 per share on the Companys 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2013 through and including January 14, 2014, which was paid on January 15, 2014 to stockholders of record on the close of business on December 31, 2013, and reflects the regular quarterly dividend which is the equivalent of annualized dividend of $1.625 per share.
SL Green Realty Corp. |
|
|
As of or for the three months ended |
| |||||||||||||
|
|
12/31/2013 |
|
9/30/2013 |
|
6/30/2013 |
|
3/31/2013 |
|
12/31/2012 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income available to common stockholders - diluted |
|
$ |
0.39 |
|
$ |
0.40 |
|
$ |
0.09 |
|
$ |
0.21 |
|
$ |
0.22 |
|
Funds from operations available to common stockholders - diluted |
|
$ |
1.38 |
|
$ |
1.34 |
|
$ |
1.27 |
|
$ |
1.16 |
|
$ |
1.14 |
|
Funds available for distribution to common stockholders - diluted |
|
$ |
0.63 |
|
$ |
1.09 |
|
$ |
0.91 |
|
$ |
1.03 |
|
$ |
0.74 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Share Price & Dividends |
|
|
|
|
|
|
|
|
|
|
| |||||
At the end of the period |
|
$ |
92.38 |
|
$ |
88.84 |
|
$ |
88.19 |
|
$ |
86.11 |
|
$ |
76.65 |
|
High during period |
|
$ |
98.15 |
|
$ |
95.61 |
|
$ |
94.21 |
|
$ |
86.29 |
|
$ |
79.63 |
|
Low during period |
|
$ |
87.63 |
|
$ |
85.40 |
|
$ |
84.36 |
|
$ |
78.16 |
|
$ |
71.37 |
|
Common dividends per share |
|
$ |
0.50 |
|
$ |
0.33 |
|
$ |
0.33 |
|
$ |
0.33 |
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
FFO payout ratio |
|
36.1 |
% |
24.6 |
% |
25.9 |
% |
28.5 |
% |
29.0 |
% | |||||
Recurring FAD payout ratio |
|
61.4 |
% |
30.2 |
% |
36.1 |
% |
32.2 |
% |
44.3 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Shares & Units |
|
|
|
|
|
|
|
|
|
|
| |||||
Common shares outstanding |
|
94,993 |
|
92,214 |
|
91,813 |
|
91,555 |
|
91,250 |
| |||||
Units outstanding |
|
2,902 |
|
2,792 |
|
2,794 |
|
2,586 |
|
2,760 |
| |||||
Total common shares and units outstanding |
|
97,895 |
|
95,006 |
|
94,607 |
|
94,141 |
|
94,010 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average common shares and units outstanding - basic |
|
96,831 |
|
94,780 |
|
94,312 |
|
94,086 |
|
93,747 |
| |||||
Weighted average common shares and units outstanding - diluted |
|
97,148 |
|
95,016 |
|
94,536 |
|
94,302 |
|
94,011 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Market Capitalization |
|
|
|
|
|
|
|
|
|
|
| |||||
Market value of common equity |
|
$ |
9,043,540 |
|
$ |
8,440,333 |
|
$ |
8,343,391 |
|
$ |
8,106,482 |
|
$ |
7,205,867 |
|
Liquidation value of preferred equity/units |
|
279,550 |
|
279,550 |
|
279,550 |
|
472,050 |
|
472,050 |
| |||||
Consolidated debt |
|
6,919,908 |
|
6,819,627 |
|
6,721,936 |
|
6,678,073 |
|
6,520,420 |
| |||||
Consolidated market capitalization |
|
$ |
16,242,998 |
|
$ |
15,539,510 |
|
$ |
15,344,877 |
|
$ |
15,256,605 |
|
$ |
14,198,337 |
|
SLG portion of JV debt |
|
2,134,677 |
|
2,151,395 |
|
2,145,321 |
|
2,199,143 |
|
2,135,361 |
| |||||
Combined market capitalization |
|
$ |
18,377,675 |
|
$ |
17,690,905 |
|
$ |
17,490,198 |
|
$ |
17,455,748 |
|
$ |
16,333,698 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated debt to market capitalization |
|
42.7 |
% |
44.0 |
% |
43.9 |
% |
43.9 |
% |
46.0 |
% | |||||
Combined debt to market capitalization |
|
49.4 |
% |
50.8 |
% |
50.8 |
% |
50.9 |
% |
53.1 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated debt service coverage |
|
2.49 |
x |
2.43 |
x |
2.49 |
x |
2.29 |
x |
2.08 |
x | |||||
Consolidated fixed charge coverage |
|
2.19 |
x |
2.13 |
x |
2.13 |
x |
1.94 |
x |
1.77 |
x | |||||
Combined fixed charge coverage |
|
1.94 |
x |
1.91 |
x |
1.92 |
x |
1.75 |
x |
1.62 |
x |
Supplemental Information |
Fourth Quarter 2013 |
SL Green Realty Corp. |
|
|
As of or for the three months ended |
| |||||||||||||
|
|
12/31/2013 |
|
9/30/2013 |
|
6/30/2013 |
|
3/31/2013 |
|
12/31/2012 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Real estate assets before depreciation |
|
$ |
12,333,780 |
|
$ |
11,713,705 |
|
$ |
11,663,263 |
|
$ |
11,732,106 |
|
$ |
11,667,698 |
|
Investments in unconsolidated joint ventures |
|
$ |
1,113,218 |
|
$ |
1,109,815 |
|
$ |
1,085,793 |
|
$ |
1,073,130 |
|
$ |
1,032,243 |
|
Debt and Preferred Equity Investments |
|
$ |
1,304,839 |
|
$ |
1,315,551 |
|
$ |
1,227,421 |
|
$ |
1,431,731 |
|
$ |
1,348,434 |
|
Cash and cash equivalents |
|
$ |
206,692 |
|
$ |
209,098 |
|
$ |
198,969 |
|
$ |
220,140 |
|
$ |
189,984 |
|
Investment in marketable securities |
|
$ |
32,049 |
|
$ |
32,863 |
|
$ |
26,266 |
|
$ |
22,994 |
|
$ |
21,429 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
|
$ |
14,959,001 |
|
$ |
14,581,167 |
|
$ |
14,407,007 |
|
$ |
14,538,109 |
|
$ |
14,386,296 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed rate & hedged debt |
|
$ |
5,599,959 |
|
$ |
5,606,449 |
|
$ |
5,806,183 |
|
$ |
5,811,994 |
|
$ |
4,922,725 |
|
Variable rate debt |
|
1,319,949 |
|
1,213,178 |
|
915,753 |
|
866,079 |
|
1,597,695 |
| |||||
Total consolidated debt |
|
$ |
6,919,908 |
|
$ |
6,819,627 |
|
$ |
6,721,936 |
|
$ |
6,678,073 |
|
$ |
6,520,420 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total liabilities |
|
$ |
7,627,099 |
|
$ |
7,514,477 |
|
$ |
7,390,318 |
|
$ |
7,362,706 |
|
$ |
7,216,736 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed rate & hedged debt - including SLG portion of JV debt |
|
$ |
6,863,469 |
|
$ |
6,870,840 |
|
$ |
7,071,214 |
|
$ |
7,070,303 |
|
$ |
6,181,112 |
|
Variable rate debt - including SLG portion of JV debt |
|
2,191,116 |
|
2,100,182 |
|
1,796,043 |
|
1,806,913 |
|
2,474,669 |
| |||||
Total combined debt |
|
$ |
9,054,585 |
|
$ |
8,971,022 |
|
$ |
8,867,257 |
|
$ |
8,877,216 |
|
$ |
8,655,781 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
|
$ |
321,091 |
|
$ |
309,440 |
|
$ |
312,688 |
|
$ |
306,993 |
|
$ |
305,294 |
|
Property operating expenses |
|
(141,977 |
) |
(142,910 |
) |
(130,791 |
) |
(136,591 |
) |
(134,606 |
) | |||||
Property operating NOI |
|
$ |
179,114 |
|
$ |
166,530 |
|
$ |
181,897 |
|
$ |
170,402 |
|
$ |
170,688 |
|
NOI from discontinued operations |
|
|
|
1,536 |
|
3,256 |
|
2,756 |
|
2,488 |
| |||||
Total property operating NOI - consolidated |
|
$ |
179,114 |
|
$ |
168,066 |
|
$ |
185,153 |
|
$ |
173,158 |
|
$ |
173,176 |
|
SLG share of property NOI from JVs |
|
50,197 |
|
45,918 |
|
45,814 |
|
42,989 |
|
40,291 |
| |||||
Total property operating NOI - combined |
|
$ |
229,311 |
|
$ |
213,984 |
|
$ |
230,967 |
|
$ |
216,147 |
|
$ |
213,467 |
|
Investment income |
|
49,956 |
|
44,448 |
|
46,731 |
|
52,708 |
|
31,500 |
| |||||
Other income |
|
3,651 |
|
9,877 |
|
5,726 |
|
5,767 |
|
9,805 |
| |||||
Gain on early extinguishment of debt from JVs |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from discontinued operations |
|
|
|
|
|
|
|
|
|
9,318 |
| |||||
Marketing general & administrative expenses |
|
(22,742 |
) |
(20,869 |
) |
(21,514 |
) |
(21,067 |
) |
(21,372 |
) | |||||
EBITDA - combined |
|
$ |
260,176 |
|
$ |
247,440 |
|
$ |
261,910 |
|
$ |
253,555 |
|
$ |
242,718 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated Debt to EBITDA (trailing-12 months) |
|
7.97 |
x |
7.92 |
x |
7.88 |
x |
7.98 |
x |
8.07 |
x | |||||
Combined Debt to EBITDA (trailing-12 months) |
|
8.62 |
x |
8.68 |
x |
8.63 |
x |
8.82 |
x |
8.89 |
x |
SL Green Realty Corp. Key Financial Data December 31, 2013 (Dollars in Thousands Except Per Share) |
Manhattan Properties
|
|
As of or for the three months ended |
| |||||||||||||
|
|
12/31/2013 |
|
9/30/2013 |
|
6/30/2013 |
|
3/31/2013 |
|
12/31/2012 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
|
$ |
289,193 |
|
$ |
279,853 |
|
$ |
286,819 |
|
$ |
284,083 |
|
$ |
280,763 |
|
Property operating expenses |
|
119,885 |
|
123,859 |
|
112,719 |
|
121,001 |
|
118,046 |
| |||||
Property operating NOI |
|
$ |
169,308 |
|
$ |
155,994 |
|
$ |
174,100 |
|
$ |
163,082 |
|
$ |
162,717 |
|
NOI from discontinued operations |
|
|
|
1,356 |
|
3,226 |
|
2,639 |
|
2,240 |
| |||||
Total property operating NOI - consolidated |
|
$ |
169,308 |
|
$ |
157,350 |
|
$ |
177,326 |
|
$ |
165,721 |
|
$ |
164,957 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other income - consolidated |
|
$ |
1,338 |
|
$ |
443 |
|
$ |
480 |
|
$ |
1,295 |
|
$ |
1,954 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
SLG share of property NOI from unconsolidated JV |
|
$ |
45,400 |
|
$ |
41,288 |
|
$ |
39,987 |
|
$ |
36,171 |
|
$ |
35,161 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portfolio Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service |
|
23 |
|
26 |
|
27 |
|
27 |
|
27 |
| |||||
Unconsolidated office buildings in service |
|
9 |
|
9 |
|
9 |
|
9 |
|
9 |
| |||||
|
|
32 |
|
35 |
|
36 |
|
36 |
|
36 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service - square footage |
|
17,306,045 |
|
18,012,945 |
|
18,347,945 |
|
18,347,945 |
|
18,347,945 |
| |||||
Unconsolidated office buildings in service - square footage |
|
5,934,434 |
|
5,934,434 |
|
5,934,434 |
|
5,934,434 |
|
5,934,434 |
| |||||
|
|
23,240,479 |
|
23,947,379 |
|
24,282,379 |
|
24,282,379 |
|
24,282,379 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter end occupancy- same store - combined office (consolidated + joint venture) |
|
95.1 |
%(1) |
94.8 |
% |
94.6 |
% |
94.5 |
% |
94.6 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office Leasing Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases commenced |
|
58 |
|
47 |
|
58 |
|
55 |
|
53 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commenced office square footage filling vacancy |
|
278,663 |
|
208,460 |
|
131,210 |
|
129,746 |
|
83,819 |
| |||||
Commenced office square footage on previously occupied space (M-T-M leasing) (2) |
|
3,049,172 |
|
156,532 |
|
518,215 |
|
406,355 |
|
206,289 |
| |||||
Total office square footage commenced |
|
3,327,835 |
|
364,992 |
|
649,425 |
|
536,101 |
|
290,108 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average rent psf - leases commenced |
|
$ |
47.66 |
|
$ |
56.78 |
|
$ |
56.39 |
|
$ |
57.06 |
|
$ |
56.96 |
|
Previously escalated rents psf |
|
$ |
42.71 |
|
$ |
59.78 |
|
$ |
53.72 |
|
$ |
54.72 |
|
$ |
55.61 |
|
Percentage of new rent over previously escalated rents (2) |
|
11.6 |
% |
-5.0 |
% |
5.0 |
% |
4.3 |
% |
2.4 |
% | |||||
Average lease term |
|
14.4 |
|
8.7 |
|
6.5 |
|
5.4 |
|
7.2 |
| |||||
Tenant concession packages psf |
|
$ |
49.18 |
|
$ |
38.15 |
|
$ |
23.23 |
|
$ |
21.55 |
|
$ |
33.25 |
|
Free rent months |
|
6.6 |
|
5.2 |
|
1.6 |
|
2.2 |
|
2.7 |
|
(1) Manhattan same-store occupancy, inclusive of 394,321 square feet of leases signed but not yet commenced, increased to 96.6% as of December 31, 2013
(2) Calculated on space that was occupied within the previous 12 months
SL Green Realty Corp. |
Suburban Properties (1)
|
|
As of or for the three months ended |
| |||||||||||||
|
|
12/31/2013 |
|
9/30/2013 |
|
6/30/2013 |
|
3/31/2013 |
|
12/31/2012 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
|
$ |
27,616 |
|
$ |
28,917 |
|
$ |
26,341 |
|
$ |
23,815 |
|
$ |
26,879 |
|
Property operating expenses |
|
16,109 |
|
15,545 |
|
14,721 |
|
13,015 |
|
14,199 |
| |||||
Property operating NOI |
|
$ |
11,507 |
|
$ |
13,372 |
|
$ |
11,620 |
|
$ |
10,800 |
|
$ |
12,680 |
|
NOI from discontinued operations |
|
|
|
178 |
|
29 |
|
136 |
|
141 |
| |||||
Total property operating NOI - consolidated |
|
$ |
11,507 |
|
$ |
13,550 |
|
$ |
11,649 |
|
$ |
10,936 |
|
$ |
12,821 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other income - consolidated |
|
$ |
858 |
|
$ |
549 |
|
$ |
843 |
|
$ |
1,618 |
|
$ |
185 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
SLG share of property NOI from unconsolidated JV |
|
$ |
1,422 |
|
$ |
1,496 |
|
$ |
1,186 |
|
$ |
2,000 |
|
$ |
2,021 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portfolio Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service |
|
26 |
|
26 |
|
27 |
|
26 |
|
25 |
| |||||
Unconsolidated office buildings in service |
|
4 |
|
4 |
|
4 |
|
5 |
|
5 |
| |||||
|
|
30 |
|
30 |
|
31 |
|
31 |
|
30 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings in service - square footage |
|
4,087,400 |
|
4,087,400 |
|
4,217,400 |
|
3,899,800 |
|
3,863,000 |
| |||||
Unconsolidated office buildings in service - square footage |
|
1,222,100 |
|
1,222,100 |
|
1,222,100 |
|
1,539,700 |
|
1,539,700 |
| |||||
|
|
5,309,500 |
|
5,309,500 |
|
5,439,500 |
|
5,439,500 |
|
5,402,700 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter end occupancy- same store - combined office (consolidated + joint venture) |
|
81.1 |
%(2) |
80.0 |
% |
80.2 |
% |
79.9 |
% |
80.6 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office Leasing Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases commenced |
|
26 |
|
35 |
|
30 |
|
34 |
|
28 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Commenced office square footage filling vacancy |
|
107,696 |
|
86,487 |
|
59,648 |
|
74,975 |
|
32,545 |
| |||||
Commenced office square footage on previously occupied space (M-T-M leasing) (3) |
|
73,631 |
|
143,787 |
|
151,408 |
|
150,097 |
|
108,258 |
| |||||
Total office square footage commenced |
|
181,327 |
|
230,274 |
|
211,056 |
|
225,072 |
|
140,803 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average rent psf - leases commenced |
|
$ |
33.28 |
|
$ |
28.09 |
|
$ |
30.73 |
|
$ |
32.51 |
|
$ |
30.04 |
|
Previously escalated rents psf |
|
$ |
32.79 |
|
$ |
28.11 |
|
$ |
34.25 |
|
$ |
32.74 |
|
$ |
32.30 |
|
Percentage of new rent over previously escalated rents (3) |
|
1.5 |
% |
0.0 |
% |
-10.3 |
% |
-0.7 |
% |
-7.0 |
% | |||||
Average lease term |
|
7.2 |
|
7.1 |
|
6.8 |
|
7.1 |
|
6.3 |
| |||||
Tenant concession packages psf |
|
$ |
27.51 |
|
$ |
24.47 |
|
$ |
18.67 |
|
$ |
17.40 |
|
$ |
16.21 |
|
Free rent months |
|
7.8 |
|
5.0 |
|
5.6 |
|
3.1 |
|
4.7 |
|
(1) Excludes the west coast office portfolio
(2) Suburban same-store occupancy, inclusive of 46,736 square feet of leases signed but not yet commenced, increased to 82.1% as of December 31, 2013
(3) Calculated on space that was occupied within the previous 12 months
COMPARATIVE BALANCE SHEETS
Unaudited |
|
|
12/31/2013 |
|
9/30/2013 |
|
6/30/2013 |
|
3/31/2013 |
|
12/31/2012 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial real estate properties, at cost: |
|
|
|
|
|
|
|
|
|
|
| |||||
Land & land interests |
|
$ |
3,032,526 |
|
$ |
2,868,833 |
|
$ |
2,866,048 |
|
$ |
2,886,099 |
|
$ |
2,886,099 |
|
Buildings & improvements fee interest |
|
7,884,663 |
|
7,440,543 |
|
7,393,930 |
|
7,452,347 |
|
7,389,766 |
| |||||
Buildings & improvements leasehold |
|
1,366,281 |
|
1,353,997 |
|
1,352,953 |
|
1,346,481 |
|
1,346,748 |
| |||||
Buildings & improvements under capital lease |
|
50,310 |
|
50,332 |
|
50,332 |
|
47,179 |
|
40,340 |
| |||||
|
|
12,333,780 |
|
11,713,705 |
|
11,663,263 |
|
11,732,106 |
|
11,662,953 |
| |||||
Less accumulated depreciation |
|
(1,646,240 |
) |
(1,574,002 |
) |
(1,502,694 |
) |
(1,461,775 |
) |
(1,393,323 |
) | |||||
|
|
10,687,540 |
|
10,139,703 |
|
10,160,569 |
|
10,270,331 |
|
10,269,630 |
| |||||
Other real estate investments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment in unconsolidated joint ventures |
|
1,113,218 |
|
1,109,815 |
|
1,085,793 |
|
1,073,130 |
|
1,032,243 |
| |||||
Debt and preferred equity investments, net |
|
1,304,839 |
|
1,315,551 |
|
1,227,421 |
|
1,431,731 |
|
1,348,434 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Assets held for sale, net |
|
|
|
|
|
207,665 |
|
|
|
4,901 |
| |||||
Cash and cash equivalents |
|
206,692 |
|
209,098 |
|
198,969 |
|
220,140 |
|
189,984 |
| |||||
Restricted cash |
|
142,051 |
|
356,844 |
|
130,483 |
|
130,233 |
|
136,071 |
| |||||
Investment in marketable securities |
|
32,049 |
|
32,863 |
|
26,266 |
|
22,994 |
|
21,429 |
| |||||
Tenant and other receivables, net of $17,325 reserve at 12/31/13 |
|
60,393 |
|
57,602 |
|
56,728 |
|
48,197 |
|
55,855 |
| |||||
Related party receivables |
|
8,530 |
|
7,800 |
|
6,845 |
|
11,133 |
|
7,531 |
| |||||
Deferred rents receivable, net of reserve for tenant credit loss of $30,333 at 12/31/13 |
|
386,508 |
|
374,615 |
|
360,954 |
|
355,250 |
|
340,747 |
| |||||
Deferred costs, net |
|
267,058 |
|
247,850 |
|
246,058 |
|
252,018 |
|
261,145 |
| |||||
Other assets |
|
750,123 |
|
729,426 |
|
699,256 |
|
722,952 |
|
718,326 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
|
$ |
14,959,001 |
|
$ |
14,581,167 |
|
$ |
14,407,007 |
|
$ |
14,538,109 |
|
$ |
14,386,296 |
|
COMPARATIVE BALANCE SHEETS
Unaudited (Amounts in Thousands) |
|
|
12/31/2013 |
|
9/30/2013 |
|
6/30/2013 |
|
3/31/2013 |
|
12/31/2012 |
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages and other loans payable |
|
$ |
4,860,578 |
|
$ |
4,641,758 |
|
$ |
4,835,231 |
|
$ |
4,815,485 |
|
$ |
4,615,464 |
|
Term loan and senior unsecured notes |
|
1,739,330 |
|
1,737,869 |
|
1,735,205 |
|
1,732,588 |
|
1,734,956 |
| |||||
Revolving credit facility |
|
220,000 |
|
340,000 |
|
40,000 |
|
30,000 |
|
70,000 |
| |||||
Accrued interest and other liabilities |
|
114,622 |
|
75,607 |
|
77,497 |
|
79,913 |
|
81,080 |
| |||||
Accounts payable and accrued expenses |
|
145,889 |
|
167,719 |
|
138,029 |
|
143,812 |
|
159,598 |
| |||||
Deferred revenue |
|
263,261 |
|
293,393 |
|
296,930 |
|
310,214 |
|
312,995 |
| |||||
Capitalized lease obligations |
|
47,671 |
|
47,492 |
|
47,240 |
|
43,404 |
|
37,518 |
| |||||
Deferred land lease payable |
|
22,185 |
|
21,066 |
|
19,948 |
|
19,750 |
|
20,897 |
| |||||
Dividends and distributions payable |
|
52,255 |
|
34,749 |
|
34,740 |
|
37,737 |
|
37,839 |
| |||||
Security deposits |
|
61,308 |
|
54,824 |
|
53,604 |
|
49,803 |
|
46,253 |
| |||||
Liabilities related to assets held for sale |
|
|
|
|
|
11,894 |
|
|
|
136 |
| |||||
Junior subordinated deferrable interest debentures |
|
100,000 |
|
100,000 |
|
100,000 |
|
100,000 |
|
100,000 |
| |||||
Total liabilities |
|
7,627,099 |
|
7,514,477 |
|
7,390,318 |
|
7,362,706 |
|
7,216,736 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Noncontrolling interest in operating partnership (2,902 units outstanding) at 12/31/13 |
|
265,476 |
|
248,046 |
|
243,925 |
|
220,174 |
|
212,907 |
| |||||
Series G Preferred Units |
|
47,550 |
|
47,550 |
|
47,550 |
|
47,550 |
|
47,550 |
| |||||
Series H Preferred Units |
|
2,000 |
|
2,000 |
|
2,000 |
|
2,000 |
|
2,000 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
SL Green Realty Corp. Stockholders Equity: |
|
|
|
|
|
|
|
|
|
|
| |||||
Series C Perpetual Preferred Shares |
|
|
|
|
|
|
|
180,340 |
|
180,340 |
| |||||
Series D Perpetual Preferred Shares |
|
|
|
|
|
|
|
|
|
|
| |||||
Series I Perpetual Preferred Shares |
|
221,932 |
|
221,932 |
|
221,932 |
|
221,932 |
|
221,965 |
| |||||
Common stock, $.01 par value, 160,000 shares authorized, 98,563 issued and outstanding at 12/31/13 |
|
986 |
|
959 |
|
955 |
|
953 |
|
950 |
| |||||
Additional paidin capital |
|
5,015,904 |
|
4,757,778 |
|
4,716,012 |
|
4,697,528 |
|
4,667,900 |
| |||||
Treasury stock (3,570 shares) at 12/31/13 |
|
(317,356 |
) |
(316,989 |
) |
(316,768 |
) |
(322,858 |
) |
(322,858 |
) | |||||
Accumulated other comprehensive loss |
|
(15,211 |
) |
(19,249 |
) |
(18,622 |
) |
(26,117 |
) |
(29,587 |
) | |||||
Retained earnings |
|
1,619,150 |
|
1,636,584 |
|
1,631,287 |
|
1,665,468 |
|
1,701,092 |
| |||||
Total SL Green Realty Corp. stockholders equity |
|
6,525,405 |
|
6,281,015 |
|
6,234,796 |
|
6,417,246 |
|
6,419,802 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Noncontrolling interest in other partnerships |
|
491,471 |
|
488,079 |
|
488,418 |
|
488,433 |
|
487,301 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total equity |
|
7,016,876 |
|
6,769,094 |
|
6,723,214 |
|
6,905,679 |
|
6,907,103 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Liabilities and Equity |
|
$ |
14,959,001 |
|
$ |
14,581,167 |
|
$ |
14,407,007 |
|
$ |
14,538,109 |
|
$ |
14,386,296 |
|
COMPARATIVE STATEMENTS OF OPERATIONS
Unaudited |
|
|
Three Months Ended |
|
Three Months Ended |
|
Twelve Months Ended |
| |||||||||
|
|
December 31, |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
| |||||
|
|
2013 |
|
2012 |
|
2013 |
|
2013 |
|
2012 |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Rental revenue, net |
|
$ |
276,580 |
|
$ |
264,411 |
|
$ |
264,349 |
|
$ |
1,080,684 |
|
$ |
1,062,682 |
|
Escalation and reimbursement revenues |
|
44,511 |
|
40,883 |
|
45,091 |
|
169,529 |
|
165,156 |
| |||||
Investment income |
|
49,956 |
|
31,500 |
|
44,448 |
|
193,843 |
|
119,155 |
| |||||
Other income |
|
3,651 |
|
9,805 |
|
9,877 |
|
25,021 |
|
35,736 |
| |||||
Total Revenues, net |
|
374,698 |
|
346,599 |
|
363,765 |
|
1,469,077 |
|
1,382,729 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity in net income (loss) from unconsolidated joint ventures |
|
5,669 |
|
(4,570 |
) |
2,939 |
|
9,921 |
|
76,418 |
| |||||
Gain (loss) on early extinguishment of debt |
|
5 |
|
(6,978 |
) |
|
|
(18,518 |
) |
(6,978 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
|
74,610 |
|
70,719 |
|
77,272 |
|
293,514 |
|
292,392 |
| |||||
Ground rent |
|
10,160 |
|
11,296 |
|
10,127 |
|
39,926 |
|
37,866 |
| |||||
Real estate taxes |
|
57,207 |
|
52,591 |
|
55,511 |
|
218,832 |
|
209,337 |
| |||||
Loan loss and other investment reserves, net of recoveries |
|
|
|
|
|
|
|
|
|
564 |
| |||||
Transaction related costs, net of recoveries |
|
3,268 |
|
1,227 |
|
(2,349 |
) |
3,987 |
|
5,625 |
| |||||
Marketing, general and administrative |
|
22,742 |
|
21,372 |
|
20,869 |
|
86,192 |
|
82,840 |
| |||||
Total Operating Expenses |
|
167,987 |
|
157,205 |
|
161,430 |
|
642,451 |
|
628,624 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
|
212,385 |
|
177,846 |
|
205,274 |
|
818,029 |
|
823,545 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense, net of interest income |
|
82,795 |
|
82,108 |
|
82,973 |
|
330,215 |
|
329,897 |
| |||||
Amortization of deferred financing costs |
|
3,661 |
|
7,824 |
|
4,331 |
|
16,695 |
|
19,450 |
| |||||
Depreciation and amortization |
|
89,105 |
|
92,170 |
|
87,473 |
|
337,692 |
|
325,737 |
| |||||
(Gain) Loss on equity investment in marketable securities |
|
|
|
(2,703 |
) |
|
|
65 |
|
(4,940 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from Continuing Operations |
|
36,824 |
|
(1,553 |
) |
30,497 |
|
133,362 |
|
153,401 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
|
|
|
9,736 |
|
1,406 |
|
3,875 |
|
12,619 |
| |||||
Gain (loss) on sale of discontinued operations |
|
|
|
|
|
13,787 |
|
14,900 |
|
6,627 |
| |||||
Equity in net gain (loss) on sale of joint venture interest / real estate |
|
7,538 |
|
19,277 |
|
(354 |
) |
3,601 |
|
31,264 |
| |||||
Purchase price fair value adjustment |
|
|
|
|
|
|
|
(2,305 |
) |
|
| |||||
Depreciable real estate reserves, net of recoveries |
|
|
|
|
|
|
|
(2,150 |
) |
5,789 |
| |||||
Net Income |
|
44,362 |
|
27,460 |
|
45,336 |
|
151,283 |
|
209,700 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income attributable to noncontrolling interests |
|
(2,936 |
) |
481 |
|
(4,011 |
) |
(13,652 |
) |
(11,188 |
) | |||||
Dividends on preferred units |
|
(568 |
) |
(574 |
) |
(562 |
) |
(2,260 |
) |
(2,107 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income (Loss) Attributable to SL Green Realty Corp |
|
40,858 |
|
27,367 |
|
40,763 |
|
135,371 |
|
196,405 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock redemption costs |
|
|
|
|
|
|
|
(12,160 |
) |
(10,010 |
) | |||||
Dividends on perpetual preferred shares |
|
(3,738 |
) |
(7,407 |
) |
(3,738 |
) |
(21,881 |
) |
(30,411 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income (Loss) Attributable to Common Stockholders |
|
$ |
37,120 |
|
$ |
19,960 |
|
$ |
37,025 |
|
$ |
101,330 |
|
$ |
155,984 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per Share |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) per share (basic) |
|
$ |
0.39 |
|
$ |
0.22 |
|
$ |
0.40 |
|
$ |
1.10 |
|
$ |
1.75 |
|
Net income (loss) per share (diluted) |
|
$ |
0.39 |
|
$ |
0.22 |
|
$ |
0.40 |
|
$ |
1.10 |
|
$ |
1.74 |
|
COMPARATIVE COMPUTATION OF FFO AND FAD
Unaudited (Dollars in Thousands Except Per Share) |
|
|
Three Months Ended |
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||
|
|
December 31, |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
| ||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2013 |
|
2012 |
| ||||||
Funds from Operations |
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Income Attributable to Common Stockholders |
|
$ |
37,120 |
|
$ |
19,960 |
|
$ |
37,025 |
|
$ |
101,330 |
|
$ |
155,984 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Add: |
Depreciation and amortization |
|
89,105 |
|
92,170 |
|
87,473 |
|
337,692 |
|
325,737 |
| |||||
|
Discontinued operations depreciation adjustments |
|
|
|
1,616 |
|
|
|
3,212 |
|
6,373 |
| |||||
|
Joint ventures depreciation and noncontrolling interests adjustments |
|
13,399 |
|
13,417 |
|
12,720 |
|
51,266 |
|
35,593 |
| |||||
|
Net income attributable to noncontrolling interests |
|
2,936 |
|
(481 |
) |
4,011 |
|
13,652 |
|
11,188 |
| |||||
Less: |
Gain (loss) on sale of discontinued operations |
|
|
|
|
|
13,787 |
|
14,900 |
|
6,627 |
| |||||
|
Equity in net gain (loss) on sale of joint venture property / real estate |
|
7,538 |
|
19,277 |
|
(354 |
) |
3,601 |
|
31,264 |
| |||||
|
Purchase price fair value adjustment |
|
|
|
|
|
|
|
(2,305 |
) |
|
| |||||
|
Depreciable real estate reserves, net of recoveries |
|
|
|
|
|
|
|
(2,150 |
) |
5,789 |
| |||||
|
Non-real estate depreciation and amortization |
|
505 |
|
243 |
|
416 |
|
1,509 |
|
940 |
| |||||
|
Funds From Operations |
|
$ |
134,517 |
|
$ |
107,162 |
|
$ |
127,380 |
|
$ |
491,597 |
|
$ |
490,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Funds From Operations - Basic per Share |
|
$ |
1.39 |
|
$ |
1.14 |
|
$ |
1.34 |
|
$ |
5.17 |
|
$ |
5.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Funds From Operations - Diluted per Share |
|
$ |
1.38 |
|
$ |
1.14 |
|
$ |
1.34 |
|
$ |
5.16 |
|
$ |
5.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Funds Available for Distribution |
|
|
|
|
|
|
|
|
|
|
| ||||||
FFO |
|
|
$ |
134,517 |
|
$ |
107,162 |
|
$ |
127,380 |
|
491,597 |
|
490,255 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Add: |
Non real estate depreciation and amortization |
|
505 |
|
243 |
|
416 |
|
1,509 |
|
940 |
| |||||
|
Amortization of deferred financing costs |
|
3,661 |
|
7,824 |
|
4,331 |
|
16,695 |
|
19,450 |
| |||||
|
Non-cash deferred compensation |
|
26,770 |
|
16,325 |
|
8,148 |
|
55,092 |
|
42,414 |
| |||||
Less: |
FAD adjustment for Joint Ventures |
|
18,104 |
|
5,937 |
|
4,210 |
|
29,676 |
|
15,611 |
| |||||
|
FAD adjustment for discontinued operations |
|
|
|
|
|
130 |
|
416 |
|
1,082 |
| |||||
|
Straight-line rental income and other non cash adjustments |
|
13,827 |
|
13,866 |
|
8,971 |
|
53,868 |
|
128,664 |
| |||||
|
Second cycle tenant improvements |
|
37,613 |
|
18,564 |
|
11,907 |
|
68,090 |
|
45,950 |
| |||||
|
Second cycle leasing commissions |
|
13,482 |
|
4,173 |
|
4,935 |
|
28,034 |
|
28,445 |
| |||||
|
Revenue enhancing recurring CAPEX |
|
2,446 |
|
530 |
|
467 |
|
3,738 |
|
2,277 |
| |||||
|
Non-revenue enhancing recurring CAPEX |
|
18,464 |
|
18,850 |
|
5,754 |
|
32,730 |
|
39,790 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reported Funds Available for Distribution |
|
$ |
61,517 |
|
$ |
69,634 |
|
$ |
103,901 |
|
$ |
348,341 |
|
$ |
291,241 |
| |
|
Diluted per Share |
|
$ |
0.63 |
|
$ |
0.74 |
|
$ |
1.09 |
|
$ |
3.66 |
|
$ |
3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Add: |
1515 Broadway - Viacom capital contribution |
|
$ |
4,226 |
|
$ |
377 |
|
$ |
85 |
|
$ |
4,634 |
|
$ |
15,652 |
|
|
388-390 Greenwich - Citi capital contribution (at SLG share) |
|
$ |
13,374 |
|
$ |
|
|
$ |
9 |
|
$ |
13,404 |
|
$ |
128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Recurring Funds Available for Distribution |
|
$ |
79,117 |
|
$ |
70,011 |
|
$ |
103,995 |
|
$ |
366,379 |
|
$ |
307,021 |
| |
|
Diluted per Share |
|
$ |
0.81 |
|
$ |
0.74 |
|
$ |
1.09 |
|
$ |
3.85 |
|
$ |
3.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
First cycle tenant improvements |
|
$ |
11,644 |
|
$ |
4,508 |
|
$ |
9,946 |
|
$ |
27,345 |
|
$ |
16,093 |
| |
First cycle leasing commissions |
|
$ |
5,034 |
|
$ |
5,528 |
|
$ |
4,171 |
|
$ |
4,809 |
|
$ |
11,371 |
| |
Redevelopment Costs |
|
$ |
19,208 |
|
$ |
6,600 |
|
$ |
7,778 |
|
$ |
17,860 |
|
$ |
27,189 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Payout Ratio of Funds from Operations |
|
36.1 |
% |
29.0 |
% |
24.6 |
% |
28.9 |
% |
20.5 |
% | ||||||
Payout Ratio of Recurring Funds Available for Distribution |
|
61.4 |
% |
44.3 |
% |
30.2 |
% |
38.7 |
% |
32.7 |
% |
CONSOLIDATED STATEMENT OF EQUITY
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
| |||||||||
|
|
Series C |
|
Series I |
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
| |||||||||
|
|
Preferred |
|
Preferred |
|
Common |
|
Additional |
|
Treasury |
|
Retained |
|
Noncontrolling |
|
Comprehensive |
|
|
| |||||||||
|
|
Stock |
|
Stock |
|
Stock |
|
Paid-In Capital |
|
Stock |
|
Earnings |
|
Interests |
|
Loss |
|
TOTAL |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Balance at December 31, 2012 |
|
$ |
180,340 |
|
$ |
221,965 |
|
$ |
950 |
|
$ |
4,667,900 |
|
$ |
(322,858 |
) |
$ |
1,701,092 |
|
$ |
487,301 |
|
$ |
(29,587 |
) |
$ |
6,907,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net Income attributable to SL Green |
|
|
|
|
|
|
|
|
|
|
|
135,371 |
|
10,629 |
|
|
|
146,000 |
| |||||||||
Preferred dividends |
|
|
|
|
|
|
|
|
|
|
|
(21,881 |
) |
|
|
|
|
(21,881 |
) | |||||||||
Cash distributions declared ($1.49 per common share) |
|
|
|
|
|
|
|
|
|
|
|
(138,684 |
) |
|
|
|
|
(138,684 |
) | |||||||||
Cash distributions to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,623 |
) |
|
|
(14,623 |
) | |||||||||
Other comprehensive income - unrealized gain on derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,710 |
|
1,710 |
| |||||||||
Other comprehensive income - SLGs share of joint venture net unrealized gain on derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,193 |
|
11,193 |
| |||||||||
Other comprehensive income - unrealized gain on marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,473 |
|
1,473 |
| |||||||||
Proceeds from stock options exercised |
|
|
|
|
|
2 |
|
12,902 |
|
|
|
|
|
|
|
|
|
12,904 |
| |||||||||
DRIP proceeds |
|
|
|
|
|
|
|
67 |
|
|
|
|
|
|
|
|
|
67 |
| |||||||||
Conversion of units of the Operating Partnership to common stock |
|
|
|
|
|
2 |
|
17,285 |
|
|
|
|
|
|
|
|
|
17,287 |
| |||||||||
Contributions to consolidated joint venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,164 |
|
|
|
8,164 |
| |||||||||
Sale of treasury stock |
|
|
|
|
|
|
|
|
|
6,090 |
|
1,030 |
|
|
|
|
|
7,120 |
| |||||||||
Reallocation of noncontrolling interests in the Operating Partnership |
|
|
|
|
|
|
|
|
|
|
|
(45,618 |
) |
|
|
|
|
(45,618 |
) | |||||||||
Redemption of preferred stock |
|
(180,340 |
) |
|
|
|
|
|
|
|
|
(12,160 |
) |
|
|
|
|
(192,500 |
) | |||||||||
Preferred stock issuance costs |
|
|
|
(33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(33 |
) | |||||||||
Issuance of common stock |
|
|
|
|
|
30 |
|
290,669 |
|
|
|
|
|
|
|
|
|
290,699 |
| |||||||||
Deferred compensation plan and stock awards, net |
|
|
|
|
|
2 |
|
752 |
|
(588 |
) |
|
|
|
|
|
|
166 |
| |||||||||
Amortization of deferred compensation plan |
|
|
|
|
|
|
|
26,329 |
|
|
|
|
|
|
|
|
|
26,329 |
| |||||||||
Balance at December 31, 2013 |
|
$ |
|
|
$ |
221,932 |
|
$ |
986 |
|
$ |
5,015,904 |
|
$ |
(317,356 |
) |
$ |
1,619,150 |
|
$ |
491,471 |
|
$ |
(15,211 |
) |
$ |
7,016,876 |
|
|
|
|
Common Stock |
|
OP Units |
|
Stock-Based |
|
Sub-total |
|
Preferred Stock |
|
Diluted Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Count at December 31, 2012 |
|
91,249,632 |
|
2,759,758 |
|
|
|
94,009,390 |
|
|
|
94,009,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD share activity |
|
3,743,652 |
|
142,559 |
|
|
|
3,886,211 |
|
|
|
3,886,211 |
|
Share Count at December 31, 2013 - Basic |
|
94,993,284 |
|
2,902,317 |
|
|
|
97,895,601 |
|
|
|
97,895,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighting factor |
|
(2,724,319 |
) |
(167,203 |
) |
261,576 |
|
(2,629,947 |
) |
|
|
(2,629,947 |
) |
Weighted Average Share Count at December 31, 2013 - Diluted |
|
92,268,965 |
|
2,735,114 |
|
261,576 |
|
95,265,654 |
|
|
|
95,265,654 |
|
JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) |
|
|
December 31, 2013 |
|
December 31, 2012 |
| ||||||||
|
|
Total |
|
SLG Interest |
|
Total |
|
SLG Interest |
| ||||
Land and land interests |
|
$ |
1,943,275 |
|
$ |
898,652 |
|
$ |
1,967,727 |
|
$ |
875,435 |
|
Buildings and improvements |
|
5,370,424 |
|
2,391,671 |
|
5,521,306 |
|
2,341,441 |
| ||||
Building leasehold |
|
8,222 |
|
5,556 |
|
7,491 |
|
3,371 |
| ||||
Buildings & improvements under capital lease |
|
189,558 |
|
94,779 |
|
|
|
|
| ||||
|
|
7,511,479 |
|
3,390,658 |
|
7,496,524 |
|
3,220,247 |
| ||||
Less accumulated depreciation |
|
(665,458 |
) |
(287,177 |
) |
(585,533 |
) |
(243,383 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net real estate |
|
6,846,021 |
|
3,103,481 |
|
6,910,991 |
|
2,976,864 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalents |
|
96,818 |
|
40,711 |
|
77,456 |
|
29,416 |
| ||||
Restricted cash |
|
119,695 |
|
50,651 |
|
130,350 |
|
49,237 |
| ||||
Debt investments |
|
|
|
|
|
|
|
|
| ||||
Tenant and other receivables, net of $2,921 reserve at 12/31/13 |
|
33,823 |
|
13,711 |
|
39,263 |
|
15,332 |
| ||||
Deferred rents receivable, net of reserve for tenant credit loss of $2,999 at 12/31/13 |
|
118,396 |
|
45,612 |
|
89,153 |
|
32,703 |
| ||||
Deferred costs, net |
|
176,615 |
|
73,751 |
|
163,022 |
|
61,573 |
| ||||
Other assets |
|
281,935 |
|
122,544 |
|
228,869 |
|
94,261 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total assets |
|
$ |
7,673,303 |
|
$ |
3,450,461 |
|
$ |
7,639,104 |
|
$ |
3,259,386 |
|
|
|
|
|
|
|
|
|
|
| ||||
Mortgage loans payable |
|
$ |
5,066,710 |
|
$ |
2,134,677 |
|
$ |
5,358,048 |
|
$ |
2,135,361 |
|
Derivative instruments-fair value |
|
10,389 |
|
5,176 |
|
33,457 |
|
16,687 |
| ||||
Accrued interest and other liabilities |
|
14,265 |
|
6,582 |
|
14,754 |
|
5,514 |
| ||||
Accounts payable and accrued expenses |
|
150,278 |
|
72,704 |
|
99,869 |
|
45,564 |
| ||||
Deferred revenue |
|
224,850 |
|
105,592 |
|
240,641 |
|
113,807 |
| ||||
Capitalized lease obligations |
|
178,119 |
|
89,060 |
|
|
|
|
| ||||
Security deposits |
|
19,059 |
|
8,902 |
|
18,208 |
|
7,706 |
| ||||
Contributed Capital (1) |
|
2,009,633 |
|
1,027,768 |
|
1,874,127 |
|
934,747 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total liabilities and equity |
|
$ |
7,673,303 |
|
$ |
3,450,461 |
|
$ |
7,639,104 |
|
$ |
3,259,386 |
|
(1) Contributed capital reflects our share of capital based on the fair value of partially sold or contributed properties, while the investment in unconsolidated joint venture balance reflected on the face of the balance sheet reflects the actual capital invested in the joint venture.
JOINT VENTURE STATEMENTS Statements of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) |
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
| |||||
|
|
Three Months Ended December 31, 2013 |
|
September 30, 2013 |
|
Three Months Ended December 31, 2012 |
| |||||||||
|
|
Total |
|
SLG Interest |
|
SLG Interest |
|
Total |
|
SLG Interest |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Rental revenue, net |
|
$ |
138,827 |
|
$ |
59,147 |
|
$ |
57,605 |
|
$ |
127,850 |
|
$ |
49,905 |
|
Escalation and reimbursement revenues |
|
12,406 |
|
5,218 |
|
4,725 |
|
10,931 |
|
4,148 |
| |||||
Other income |
|
14,640 |
|
6,466 |
|
4,306 |
|
7,789 |
|
3,688 |
| |||||
Total Revenues, net |
|
$ |
165,873 |
|
$ |
70,831 |
|
$ |
66,636 |
|
$ |
146,570 |
|
$ |
57,741 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
|
$ |
28,606 |
|
$ |
12,636 |
|
$ |
12,681 |
|
$ |
29,765 |
|
$ |
11,230 |
|
Ground rent |
|
891 |
|
117 |
|
|
|
658 |
|
|
| |||||
Real estate taxes |
|
18,387 |
|
7,881 |
|
8,037 |
|
15,748 |
|
6,220 |
| |||||
Total Operating Expenses |
|
$ |
47,884 |
|
$ |
20,634 |
|
$ |
20,718 |
|
$ |
46,171 |
|
$ |
17,450 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NOI |
|
$ |
117,989 |
|
$ |
50,197 |
|
$ |
45,918 |
|
$ |
100,399 |
|
$ |
40,291 |
|
Cash NOI |
|
$ |
107,409 |
|
$ |
45,938 |
|
$ |
42,232 |
|
$ |
93,381 |
|
$ |
38,027 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Transaction related costs, net of recoveries |
|
$ |
808 |
|
$ |
341 |
|
$ |
|
|
$ |
752 |
|
$ |
306 |
|
Interest expense, net of interest income |
|
56,628 |
|
20,477 |
|
20,031 |
|
60,948 |
|
21,540 |
| |||||
Amortization of deferred financing costs |
|
4,638 |
|
2,506 |
|
1,790 |
|
2,730 |
|
1,104 |
| |||||
Depreciation and amortization |
|
47,952 |
|
20,786 |
|
21,058 |
|
58,587 |
|
21,911 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income (Loss) |
|
$ |
7,963 |
|
$ |
6,087 |
|
$ |
3,039 |
|
$ |
(22,618 |
) |
$ |
(4,570 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Real estate depreciation |
|
47,939 |
|
20,780 |
|
21,055 |
|
58,587 |
|
21,911 |
| |||||
FFO Contribution |
|
$ |
55,902 |
|
$ |
26,867 |
|
$ |
24,094 |
|
$ |
35,969 |
|
$ |
17,341 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
FAD Adjustments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Add: Non real estate depreciation and amortization |
|
$ |
4,651 |
|
$ |
2,512 |
|
$ |
1,793 |
|
$ |
2,730 |
|
$ |
1,104 |
|
Less: Straight-line rental income and other non-cash adjustments |
|
(11,902 |
) |
(4,902 |
) |
(4,284 |
) |
(7,055 |
) |
(2,244 |
) | |||||
Less: Second cycle tenant improvement |
|
(2,785 |
) |
(1,471 |
) |
(750 |
) |
(7,791 |
) |
(3,261 |
) | |||||
Less: Second cycle leasing commissions |
|
(27,667 |
) |
(13,788 |
) |
(888 |
) |
(2,761 |
) |
(971 |
) | |||||
Less: Recurring CAPEX |
|
(777 |
) |
(455 |
) |
(81 |
) |
(1,585 |
) |
(565 |
) | |||||
FAD Adjustment |
|
$ |
(38,480 |
) |
$ |
(18,104 |
) |
$ |
(4,210 |
) |
$ |
(16,462 |
) |
$ |
(5,937 |
) |
JOINT VENTURE STATEMENTS |
|
|
Twelve Months Ended December 31, 2013 |
|
Twelve Months Ended December 31, 2012 |
| ||||||||
|
|
Total |
|
SLG Interest |
|
Total |
|
SLG Interest |
| ||||
Revenues |
|
|
|
|
|
|
|
|
| ||||
Rental revenue, net |
|
$ |
539,528 |
|
$ |
225,350 |
|
$ |
444,783 |
|
$ |
185,222 |
|
Escalation and reimbursement revenues |
|
46,003 |
|
18,707 |
|
35,841 |
|
14,601 |
| ||||
Other income |
|
43,118 |
|
19,947 |
|
30,533 |
|
14,790 |
| ||||
Total Revenues, net |
|
$ |
628,649 |
|
$ |
264,004 |
|
$ |
511,157 |
|
$ |
214,613 |
|
|
|
|
|
|
|
|
|
|
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
Operating expenses |
|
$ |
114,633 |
|
$ |
48,951 |
|
$ |
80,722 |
|
$ |
33,941 |
|
Ground rent |
|
2,863 |
|
117 |
|
2,975 |
|
155 |
| ||||
Real estate taxes |
|
71,755 |
|
30,018 |
|
53,613 |
|
22,481 |
| ||||
Total Operating Expenses |
|
$ |
189,251 |
|
$ |
79,086 |
|
$ |
137,310 |
|
$ |
56,577 |
|
|
|
|
|
|
|
|
|
|
| ||||
NOI |
|
$ |
439,398 |
|
$ |
184,918 |
|
$ |
373,847 |
|
$ |
158,036 |
|
Cash NOI |
|
$ |
406,908 |
|
$ |
172,070 |
|
$ |
346,859 |
|
$ |
149,843 |
|
|
|
|
|
|
|
|
|
|
| ||||
Transaction related costs, net of recoveries |
|
$ |
808 |
|
$ |
356 |
|
$ |
2,044 |
|
$ |
960 |
|
Interest expense, net of interest income |
|
225,765 |
|
79,896 |
|
221,476 |
|
86,268 |
| ||||
Amortization of deferred financing costs |
|
17,092 |
|
9,637 |
|
9,739 |
|
3,859 |
| ||||
Depreciation and amortization |
|
192,504 |
|
79,640 |
|
166,336 |
|
69,116 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Gain on early extinguishment of debt |
|
|
|
|
|
21,421 |
|
10,711 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income (Loss) |
|
$ |
3,229 |
|
$ |
15,389 |
|
$ |
(4,327 |
) |
$ |
8,544 |
|
|
|
|
|
|
|
|
|
|
| ||||
Plus: Real estate depreciation |
|
192,475 |
|
79,629 |
|
166,296 |
|
69,108 |
| ||||
FFO Contribution |
|
$ |
195,704 |
|
$ |
95,018 |
|
$ |
161,969 |
|
$ |
77,652 |
|
|
|
|
|
|
|
|
|
|
| ||||
FAD Adjustments: |
|
|
|
|
|
|
|
|
| ||||
Add: Non real estate depreciation and amortization |
|
$ |
17,121 |
|
$ |
9,648 |
|
$ |
9,779 |
|
$ |
3,867 |
|
Less: Straight-line rental income and other non-cash adjustments |
|
(37,422 |
) |
(15,280 |
) |
(27,880 |
) |
(8,810 |
) | ||||
Less: Second cycle tenant improvement |
|
(10,341 |
) |
(4,889 |
) |
(18,017 |
) |
(6,457 |
) | ||||
Less: Second cycle leasing commissions |
|
(37,045 |
) |
(17,903 |
) |
(10,459 |
) |
(3,465 |
) | ||||
Less: Recurring CAPEX |
|
(2,711 |
) |
(1,252 |
) |
(2,177 |
) |
(746 |
) | ||||
FAD Adjustment |
|
$ |
(70,398 |
) |
$ |
(29,676 |
) |
$ |
(48,754 |
) |
$ |
(15,611 |
) |
SELECTED FINANCIAL DATA |
|
|
Three Months Ended |
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||
|
|
December 31, |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
| ||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2013 |
|
2012 |
| ||||||
Property NOI |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property operating NOI |
|
$ |
179,114 |
|
$ |
170,688 |
|
$ |
166,530 |
|
$ |
697,943 |
|
$ |
688,247 |
| |
NOI from discontinued operations |
|
|
|
2,488 |
|
1,536 |
|
7,548 |
|
11,849 |
| ||||||
Total property operating NOI - consolidated |
|
179,114 |
|
173,176 |
|
168,066 |
|
705,491 |
|
700,096 |
| ||||||
SLG share of property NOI from JVs |
|
50,197 |
|
40,291 |
|
45,918 |
|
184,918 |
|
158,036 |
| ||||||
NOI |
|
$ |
229,311 |
|
$ |
213,467 |
|
$ |
213,984 |
|
$ |
890,409 |
|
$ |
858,132 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
Free rent (net of amortization) |
|
2,199 |
|
1,696 |
|
3,312 |
|
9,712 |
|
11,011 |
| |||||
|
Net FAS 141 adjustment |
|
3,962 |
|
1,977 |
|
(2,633 |
) |
9,803 |
|
6,096 |
| |||||
|
Straightline revenue adjustment |
|
15,900 |
|
15,962 |
|
15,793 |
|
63,669 |
|
68,106 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: |
Allowance for S/L tenant credit loss |
|
741 |
|
121 |
|
937 |
|
2,682 |
|
3,489 |
| |||||
|
Ground lease straight-line adjustment |
|
1,314 |
|
2,208 |
|
1,254 |
|
4,637 |
|
2,782 |
| |||||
Cash NOI |
|
$ |
209,305 |
|
$ |
196,161 |
|
$ |
199,703 |
|
$ |
814,544 |
|
$ |
779,190 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Components of Consolidated Debt Service and Fixed Charges |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
|
$ |
82,795 |
|
$ |
82,563 |
|
$ |
83,103 |
|
$ |
330,676 |
|
$ |
331,980 |
| |
Fixed amortization principal payments |
|
10,214 |
|
12,948 |
|
10,143 |
|
42,097 |
|
50,305 |
| ||||||
Total Consolidated Debt Service |
|
$ |
93,009 |
|
$ |
95,511 |
|
$ |
93,246 |
|
$ |
372,773 |
|
$ |
382,285 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Payments under ground lease arrangements |
|
$ |
8,846 |
|
$ |
9,088 |
|
$ |
8,873 |
|
$ |
35,289 |
|
$ |
35,084 |
| |
Dividends on preferred units |
|
568 |
|
574 |
|
562 |
|
2,260 |
|
2,107 |
| ||||||
Dividends on perpetual preferred shares |
|
3,738 |
|
7,407 |
|
3,738 |
|
21,881 |
|
30,411 |
| ||||||
Total Consolidated Fixed Charges |
|
$ |
106,161 |
|
$ |
112,580 |
|
$ |
106,419 |
|
$ |
432,203 |
|
$ |
449,887 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Consolidated Interest Coverage Ratio |
|
2.80 |
x |
2.40 |
x |
2.72 |
x |
2.73 |
x |
2.51 |
x | ||||||
Consolidated Debt Service Coverage Ratio |
|
2.49 |
x |
2.08 |
x |
2.43 |
x |
2.43 |
x |
2.18 |
x | ||||||
Consolidated Fixed Charge Coverage Ratio |
|
2.19 |
x |
1.77 |
x |
2.13 |
x |
2.10 |
x |
1.85 |
x |
|
|
SELECTED FINANCIAL DATA 2013 Same Store - Consolidated Unaudited (Dollars in Thousands)
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||||||
|
|
December 31, |
|
December 31, |
|
|
|
September 30, |
|
December 31, |
|
December 31, |
|
|
| ||||||
|
|
2013 |
|
2012 |
|
% |
|
2013 |
|
2013 |
|
2012 |
|
% |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Rental revenue, net |
|
$ |
248,111 |
|
$ |
244,384 |
|
1.5 |
% |
$ |
238,945 |
|
$ |
983,249 |
|
$ |
966,167 |
|
1.8 |
% |
|
Escalation & reimbursement revenues |
|
40,784 |
|
38,033 |
|
7.2 |
% |
41,809 |
|
157,601 |
|
152,811 |
|
3.1 |
% | |||||
|
Other income |
|
1,367 |
|
1,974 |
|
-30.7 |
% |
861 |
|
6,137 |
|
10,839 |
|
-43.4 |
% | |||||
|
Total Revenues |
|
$ |
290,262 |
|
$ |
284,391 |
|
2.1 |
% |
$ |
281,615 |
|
$ |
1,146,987 |
|
$ |
1,129,817 |
|
1.5 |
% |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating expenses |
|
$ |
61,255 |
|
$ |
61,094 |
|
0.3 |
% |
$ |
65,944 |
|
$ |
249,621 |
|
$ |
244,943 |
|
1.9 |
% |
|
Ground rent |
|
9,953 |
|
11,555 |
|
-13.9 |
% |
10,300 |
|
41,719 |
|
38,641 |
|
8.0 |
% | |||||
|
Real estate taxes |
|
50,765 |
|
47,648 |
|
6.5 |
% |
50,248 |
|
197,504 |
|
188,683 |
|
4.7 |
% | |||||
|
Transaction related costs, net of recoveries |
|
|
|
|
|
0.0 |
% |
|
|
1 |
|
(9 |
) |
0.0 |
% | |||||
|
|
$ |
121,973 |
|
$ |
120,297 |
|
1.4 |
% |
$ |
126,492 |
|
$ |
488,845 |
|
$ |
472,258 |
|
3.5 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating Income |
|
$ |
168,289 |
|
$ |
164,094 |
|
2.6 |
% |
$ |
155,123 |
|
$ |
658,142 |
|
$ |
657,559 |
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense & amortization of financing costs |
|
$ |
57,756 |
|
$ |
60,279 |
|
-4.2 |
% |
$ |
57,580 |
|
$ |
232,542 |
|
$ |
237,290 |
|
-2.0 |
% |
|
Depreciation & amortization |
|
74,485 |
|
69,743 |
|
6.8 |
% |
76,492 |
|
293,595 |
|
275,601 |
|
6.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income before noncontrolling interest |
|
$ |
36,048 |
|
$ |
34,072 |
|
5.8 |
% |
$ |
21,051 |
|
$ |
132,005 |
|
$ |
144,668 |
|
-8.8 |
% |
Plus: |
Real estate depreciation & amortization |
|
74,475 |
|
69,733 |
|
6.8 |
% |
76,482 |
|
293,555 |
|
275,561 |
|
6.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
FFO Contribution |
|
$ |
110,523 |
|
$ |
103,805 |
|
6.5 |
% |
$ |
97,533 |
|
$ |
425,560 |
|
$ |
420,229 |
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
Nonbuilding revenue |
|
463 |
|
93 |
|
397.8 |
% |
209 |
|
2,202 |
|
3,210 |
|
-31.4 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Plus: |
Transaction related costs, net of recoveries |
|
|
|
|
|
0.0 |
% |
|
|
1 |
|
(9 |
) |
0.0 |
% | |||||
|
Interest expense & amortization of financing costs |
|
57,756 |
|
60,279 |
|
-4.2 |
% |
57,580 |
|
232,542 |
|
237,290 |
|
-2.0 |
% | |||||
|
Non-real estate depreciation |
|
10 |
|
10 |
|
0.0 |
% |
10 |
|
40 |
|
40 |
|
0.0 |
% | |||||
|
NOI |
|
$ |
167,826 |
|
$ |
164,001 |
|
2.3 |
% |
$ |
154,914 |
|
$ |
655,941 |
|
$ |
654,340 |
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
Free rent (net of amortization) |
|
(756 |
) |
74 |
|
-1121.6 |
% |
1,133 |
|
1,322 |
|
4,665 |
|
-71.7 |
% | |||||
|
Straightline revenue adjustment |
|
12,047 |
|
12,865 |
|
-6.4 |
% |
12,077 |
|
49,447 |
|
53,995 |
|
-8.4 |
% | |||||
|
Rental income - FAS 141 |
|
3,319 |
|
2,377 |
|
39.6 |
% |
(4,067 |
) |
5,154 |
|
10,317 |
|
-50.0 |
% | |||||
Plus: |
Ground lease straight-line adjustment |
|
1,292 |
|
2,186 |
|
-40.9 |
% |
1,232 |
|
5,645 |
|
2,702 |
|
108.9 |
% | |||||
|
Allowance for S/L tenant credit loss |
|
605 |
|
(72 |
) |
-940.3 |
% |
765 |
|
2,806 |
|
2,411 |
|
16.4 |
% | |||||
|
Cash NOI |
|
$ |
155,113 |
|
$ |
150,799 |
|
2.9 |
% |
$ |
147,768 |
|
$ |
608,469 |
|
$ |
590,476 |
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
NOI to real estate revenue, net |
|
57.79 |
% |
57.70 |
% |
|
|
54.90 |
% |
57.16 |
% |
57.96 |
% |
|
| |||||
|
Cash NOI to real estate revenue, net |
|
53.41 |
% |
53.06 |
% |
|
|
52.37 |
% |
53.02 |
% |
52.30 |
% |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
NOI before ground rent/real estate revenue, net |
|
61.22 |
% |
61.77 |
% |
|
|
58.55 |
% |
60.79 |
% |
61.38 |
% |
|
| |||||
|
Cash NOI before ground rent/real estate revenue, net |
|
56.40 |
% |
56.35 |
% |
|
|
55.58 |
% |
56.16 |
% |
55.48 |
% |
|
|
|
|
SELECTED FINANCIAL DATA 2013 Same Store - Joint Venture Unaudited (Dollars in Thousands)
|
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| |||||||||||
|
|
December 31, |
|
December 31, |
|
|
|
September 30, |
|
December 31, |
|
December 31, |
|
|
| |||||
|
|
2013 |
|
2012 |
|
% |
|
2013 |
|
2013 |
|
2012 |
|
% |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Rental revenue, net |
|
$ |
30,344 |
|
$ |
29,540 |
|
2.7 |
% |
$ |
29,864 |
|
$ |
120,444 |
|
$ |
116,781 |
|
3.1 |
% |
Escalation & reimbursement revenues |
|
1,707 |
|
1,606 |
|
6.3 |
% |
1,617 |
|
6,255 |
|
6,591 |
|
-5.1 |
% | |||||
Other income |
|
436 |
|
157 |
|
177.7 |
% |
415 |
|
1,241 |
|
11,435 |
|
-89.1 |
% | |||||
Total Revenues |
|
$ |
32,487 |
|
$ |
31,303 |
|
3.8 |
% |
$ |
31,896 |
|
$ |
127,940 |
|
$ |
134,807 |
|
-5.1 |
% |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
|
$ |
3,983 |
|
$ |
4,237 |
|
-6.0 |
% |
$ |
4,153 |
|
$ |
16,207 |
|
$ |
17,109 |
|
-5.3 |
% |
Ground rent |
|
|
|
|
|
0.0 |
% |
0 |
|
|
|
|
|
0.0 |
% | |||||
Real estate taxes |
|
2,685 |
|
2,123 |
|
26.5 |
% |
2,728 |
|
10,487 |
|
9,673 |
|
8.4 |
% | |||||
Transaction related costs, net of recoveries |
|
|
|
|
|
0.0 |
% |
|
|
|
|
2 |
|
0.0 |
% | |||||
|
|
$ |
6,668 |
|
$ |
6,360 |
|
4.8 |
% |
$ |
6,881 |
|
$ |
26,694 |
|
$ |
26,784 |
|
-0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
|
$ |
25,819 |
|
$ |
24,943 |
|
3.5 |
% |
$ |
25,015 |
|
$ |
101,246 |
|
$ |
108,023 |
|
-6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense & amortization of financing costs |
|
$ |
9,931 |
|
$ |
12,644 |
|
-21.5 |
% |
$ |
9,933 |
|
$ |
39,529 |
|
$ |
50,841 |
|
-22.2 |
% |
Depreciation & amortization |
|
9,643 |
|
9,603 |
|
0.4 |
% |
9,652 |
|
38,607 |
|
37,435 |
|
3.1 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income before noncontrolling interest |
|
$ |
6,245 |
|
$ |
2,696 |
|
131.6 |
% |
$ |
5,430 |
|
$ |
23,110 |
|
$ |
19,747 |
|
17.0 |
% |
Plus: Real estate depreciation & amortization |
|
9,637 |
|
9,603 |
|
0.4 |
% |
9,648 |
|
38,595 |
|
37,426 |
|
3.1 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
FFO Contribution |
|
$ |
15,882 |
|
$ |
12,299 |
|
29.1 |
% |
$ |
15,078 |
|
$ |
61,705 |
|
$ |
57,173 |
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less: Nonbuilding revenue |
|
78 |
|
92 |
|
-15.2 |
% |
81 |
|
345 |
|
10,950 |
|
-96.8 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Transaction related costs, net of recoveries |
|
|
|
|
|
0.0 |
% |
|
|
|
|
2 |
|
-100.0 |
% | |||||
Interest expense & amortization of financing costs |
|
9,931 |
|
12,644 |
|
-21.5 |
% |
9,933 |
|
39,529 |
|
50,841 |
|
-22.2 |
% | |||||
Non-real estate depreciation |
|
6 |
|
|
|
0.0 |
% |
4 |
|
12 |
|
9 |
|
33.3 |
% | |||||
NOI |
|
$ |
25,741 |
|
$ |
24,851 |
|
3.6 |
% |
$ |
24,934 |
|
$ |
100,901 |
|
$ |
97,075 |
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less: Free rent (net of amortization) |
|
332 |
|
261 |
|
27.2 |
% |
(152 |
) |
(40 |
) |
261 |
|
-115.3 |
% | |||||
Straightline revenue adjustment |
|
828 |
|
730 |
|
13.4 |
% |
813 |
|
3,093 |
|
2,594 |
|
19.2 |
% | |||||
Rental income - FAS 141 |
|
333 |
|
440 |
|
-24.3 |
% |
333 |
|
2,525 |
|
1,411 |
|
79.0 |
% | |||||
Plus: Ground lease straight-line adjustment |
|
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
0.0 |
% | |||||
Allowance for S/L tenant credit loss |
|
64 |
|
(188 |
) |
-134.0 |
% |
48 |
|
(133 |
) |
13 |
|
-1123.1 |
% | |||||
Cash NOI |
|
$ |
24,312 |
|
$ |
23,232 |
|
4.6 |
% |
$ |
23,988 |
|
$ |
95,190 |
|
$ |
92,822 |
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NOI to real estate revenue, net |
|
79.43 |
% |
79.62 |
% |
|
|
78.37 |
% |
79.08 |
% |
78.38 |
% |
|
| |||||
Cash NOI to real estate revenue, net |
|
75.02 |
% |
74.44 |
% |
|
|
75.40 |
% |
74.60 |
% |
74.94 |
% |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NOI before ground rent/real estate revenue, net |
|
79.43 |
% |
79.62 |
% |
|
|
78.37 |
% |
79.08 |
% |
78.38 |
% |
|
| |||||
Cash NOI before ground rent/real estate revenue, net |
|
74.82 |
% |
75.04 |
% |
|
|
75.25 |
% |
74.71 |
% |
74.93 |
% |
|
|
|
|
SELECTED FINANCIAL DATA 2013 Same Store - Combined Unaudited (Dollars in Thousands)
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||||||
|
|
December 31, |
|
December 31, |
|
|
|
September 30, |
|
December 31, |
|
December 31, |
|
|
| ||||||
|
|
2013 |
|
2012 |
|
% |
|
2013 |
|
2013 |
|
2012 |
|
% |
| ||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Rental revenue, net |
|
$ |
278,455 |
|
$ |
273,924 |
|
1.7 |
% |
$ |
268,809 |
|
$ |
1,103,693 |
|
$ |
1,082,948 |
|
1.9 |
% |
|
Escalation & reimbursement revenues |
|
42,491 |
|
39,639 |
|
7.2 |
% |
43,426 |
|
163,856 |
|
159,402 |
|
2.8 |
% | |||||
|
Other income |
|
1,803 |
|
2,131 |
|
-15.4 |
% |
1,276 |
|
7,378 |
|
22,274 |
|
-66.9 |
% | |||||
|
Total Revenues |
|
$ |
322,749 |
|
$ |
315,694 |
|
2.2 |
% |
$ |
313,511 |
|
$ |
1,274,927 |
|
$ |
1,264,624 |
|
0.8 |
% |
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating expenses |
|
$ |
65,238 |
|
$ |
65,331 |
|
-0.1 |
% |
$ |
70,097 |
|
$ |
265,828 |
|
$ |
262,052 |
|
1.4 |
% |
|
Ground rent |
|
9,953 |
|
11,555 |
|
-13.9 |
% |
10,300 |
|
41,719 |
|
38,641 |
|
8.0 |
% | |||||
|
Real estate taxes |
|
53,450 |
|
49,771 |
|
7.4 |
% |
52,976 |
|
207,991 |
|
198,356 |
|
4.9 |
% | |||||
|
Transaction related costs, net of recoveries |
|
|
|
|
|
|
|
|
|
1 |
|
(7 |
) |
-114.3 |
% | |||||
|
|
|
$ |
128,641 |
|
$ |
126,657 |
|
1.6 |
% |
$ |
133,373 |
|
$ |
515,539 |
|
$ |
499,042 |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Income |
|
$ |
194,108 |
|
$ |
189,037 |
|
2.7 |
% |
$ |
180,138 |
|
$ |
759,388 |
|
$ |
765,582 |
|
-0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense & amortization of financing costs |
|
$ |
67,687 |
|
$ |
72,923 |
|
-7.2 |
% |
$ |
67,513 |
|
$ |
272,071 |
|
$ |
288,131 |
|
-5.6 |
% |
|
Depreciation & amortization |
|
84,128 |
|
79,346 |
|
6.0 |
% |
86,144 |
|
332,202 |
|
313,036 |
|
6.1 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income before noncontrolling interest |
|
$ |
42,293 |
|
$ |
36,768 |
|
15.0 |
% |
$ |
26,481 |
|
$ |
155,115 |
|
$ |
164,415 |
|
-5.7 |
% |
Plus: |
Real estate depreciation & amortization |
|
84,112 |
|
79,336 |
|
6.0 |
% |
86,130 |
|
332,150 |
|
312,987 |
|
6.1 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
FFO Contribution |
|
$ |
126,405 |
|
$ |
116,104 |
|
8.9 |
% |
$ |
112,611 |
|
$ |
487,265 |
|
$ |
477,402 |
|
2.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less: |
Nonbuilding revenue |
|
541 |
|
185 |
|
192.4 |
% |
290 |
|
2,547 |
|
14,160 |
|
-82.0 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: |
Transaction related costs, net of recoveries |
|
|
|
|
|
|
|
|
|
1 |
|
(7 |
) |
-114.3 |
% | |||||
|
Interest expense & amortization of financing costs |
|
67,687 |
|
72,923 |
|
-7.2 |
% |
67,513 |
|
272,071 |
|
288,131 |
|
-5.6 |
% | |||||
|
Non-real estate depreciation |
|
16 |
|
10 |
|
60.0 |
% |
14 |
|
52 |
|
49 |
|
6.1 |
% | |||||
NOI |
|
$ |
193,567 |
|
$ |
188,852 |
|
2.5 |
% |
$ |
179,848 |
|
$ |
756,842 |
|
$ |
751,415 |
|
0.7 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: |
Free rent (net of amortization) |
|
(424 |
) |
335 |
|
-226.6 |
% |
981 |
|
1,282 |
|
4,926 |
|
-74.0 |
% | |||||
|
Straightline revenue adjustment |
|
12,875 |
|
13,595 |
|
-5.3 |
% |
12,890 |
|
52,540 |
|
56,589 |
|
-7.2 |
% | |||||
|
Rental income - FAS 141 |
|
3,652 |
|
2,817 |
|
29.6 |
% |
(3,734 |
) |
7,679 |
|
11,728 |
|
-34.5 |
% | |||||
Plus: |
Ground lease straight-line adjustment |
|
1,292 |
|
2,186 |
|
-40.9 |
% |
1,232 |
|
5,645 |
|
2,702 |
|
108.9 |
% | |||||
|
Allowance for S/L tenant credit loss |
|
669 |
|
(260 |
) |
-357.3 |
% |
813 |
|
2,673 |
|
2,424 |
|
10.3 |
% | |||||
Cash NOI |
|
$ |
179,425 |
|
$ |
174,031 |
|
3.1 |
% |
$ |
171,756 |
|
$ |
703,659 |
|
$ |
683,298 |
|
3.0 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
NOI to real estate revenue, net |
|
59.84 |
% |
59.44 |
% |
|
|
57.19 |
% |
59.22 |
% |
59.96 |
% |
|
| |||||
|
Cash NOI to real estate revenue, net |
|
55.46 |
% |
54.78 |
% |
|
|
54.62 |
% |
55.06 |
% |
54.53 |
% |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NOI before ground rent to real estate revenue, net |
|
62.91 |
% |
63.08 |
% |
|
|
60.47 |
% |
62.48 |
% |
63.04 |
% |
|
| |||||
|
Cash NOI before ground rent to real estate revenue, net |
|
58.33 |
% |
58.50 |
% |
|
|
57.64 |
% |
58.11 |
% |
57.42 |
% |
|
|
|
|
DEBT SUMMARY SCHEDULE - Consolidated
Unaudited
(Dollars in Thousands) |
|
|
Principal |
|
|
|
2014 |
|
|
|
|
|
As-Of |
|
|
| |||
|
|
Outstanding |
|
|
|
Principal |
|
Maturity |
|
Due at |
|
Right |
|
Earliest |
| |||
|
|
12/31/2013 |
|
Coupon (1) |
|
Amortization |
|
Date |
|
Maturity |
|
Extension |
|
Prepayment |
| |||
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Secured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
125 Park Avenue |
|
$ |
146,250 |
|
5.75 |
% |
$ |
|
|
Oct-14 |
|
$ |
146,250 |
|
|
|
Open |
|
711 Third Avenue |
|
120,000 |
|
4.99 |
% |
|
|
Jun-15 |
|
120,000 |
|
|
|
Open |
| |||
625 Madison Avenue |
|
120,830 |
|
7.27 |
% |
5,981 |
|
Nov-15 |
|
109,537 |
|
|
|
Open |
| |||
500 West Putnam Avenue |
|
23,529 |
|
5.52 |
% |
561 |
|
Jan-16 |
|
22,376 |
|
|
|
Open |
| |||
420 Lexington Avenue |
|
182,641 |
|
7.15 |
% |
2,523 |
|
Sep-16 |
|
175,740 |
|
|
|
Open |
| |||
1-6 Landmark Square |
|
82,909 |
|
4.00 |
% |
1,640 |
|
Dec-16 |
|
77,936 |
|
|
|
Open |
| |||
485 Lexington Avenue |
|
450,000 |
|
5.61 |
% |
|
|
Feb-17 |
|
450,000 |
|
|
|
Open |
| |||
120 West 45th Street |
|
170,000 |
|
6.12 |
% |
|
|
Feb-17 |
|
170,000 |
|
|
|
Open |
| |||
762 Madison Avenue (swapped) |
|
8,211 |
|
3.75 |
% |
166 |
|
Feb-17 |
|
7,679 |
|
|
|
Open |
| |||
2 Herald Square |
|
191,250 |
|
5.36 |
% |
|
|
Apr-17 |
|
191,250 |
|
|
|
Open |
| |||
885 Third Avenue |
|
267,650 |
|
6.26 |
% |
|
|
Jul-17 |
|
267,650 |
|
|
|
Open |
| |||
1 Madison Avenue |
|
587,336 |
|
5.91 |
% |
21,595 |
|
May-20 |
|
404,531 |
|
|
|
Open |
| |||
100 Church Street |
|
230,000 |
|
4.68 |
% |
1,388 |
|
Jul-22 |
|
197,784 |
|
|
|
Open |
| |||
919 Third Avenue |
|
500,000 |
|
5.12 |
% |
|
|
Jun-23 |
|
441,594 |
|
|
|
Open |
| |||
400 East 57th Street |
|
70,000 |
|
4.13 |
% |
1,002 |
|
Feb-24 |
|
45,789 |
|
|
|
Open |
| |||
400 East 58th Street |
|
30,000 |
|
4.13 |
% |
429 |
|
Feb-24 |
|
19,624 |
|
|
|
Open |
| |||
1515 Broadway |
|
900,000 |
|
3.93 |
% |
|
|
Mar-25 |
|
737,436 |
|
|
|
Feb-15 |
| |||
|
|
$ |
4,080,606 |
|
5.25 |
% |
$ |
35,285 |
|
|
|
$ |
3,585,176 |
|
|
|
|
|
Secured fixed rate debt - other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
609 Partners, LLC |
|
$ |
23 |
|
5.00 |
% |
$ |
|
|
Jul-14 |
|
$ |
23 |
|
|
|
Open |
|
Preferred Equity Investment |
|
50,000 |
|
8.00 |
% |
|
|
Sep-19 |
|
50,000 |
|
|
|
Open |
| |||
|
|
$ |
50,023 |
|
8.00 |
% |
$ |
|
|
|
|
$ |
50,023 |
|
|
|
|
|
Unsecured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Unsecured notes |
|
$ |
75,898 |
|
5.88 |
% |
$ |
|
|
Aug-14 |
|
$ |
75,898 |
|
|
|
Open |
|
Unsecured notes |
|
255,206 |
|
6.00 |
% |
|
|
Mar-16 |
|
255,308 |
|
|
|
Open |
| |||
Convertible notes |
|
297,837 |
|
3.00 |
% |
|
|
Oct-17 |
|
345,000 |
|
|
|
Open |
| |||
Term loan (swapped) |
|
30,000 |
|
3.95 |
% |
|
|
Mar-18 |
(2) |
30,000 |
|
|
|
Open |
| |||
Unsecured notes |
|
249,681 |
|
5.00 |
% |
|
|
Aug-18 |
|
250,000 |
|
|
|
Open |
| |||
Unsecured notes |
|
250,000 |
|
7.75 |
% |
|
|
Mar-20 |
|
250,000 |
|
|
|
Open |
| |||
Unsecured notes |
|
200,000 |
|
4.50 |
% |
|
|
Dec-22 |
|
200,000 |
|
|
|
Open |
| |||
Convertible notes |
|
7 |
|
4.00 |
% |
|
|
Jun-25 |
(3) |
7 |
|
|
|
Jun-15 |
| |||
Convertible notes |
|
10,701 |
|
3.00 |
% |
|
|
Mar-27 |
(4) |
10,701 |
|
|
|
Mar-17 |
| |||
Junior subordinated deferrable interest debentures |
|
100,000 |
|
5.61 |
% |
|
|
Jul-35 |
|
100,000 |
|
|
|
|
| |||
|
|
$ |
1,469,330 |
|
5.22 |
% |
$ |
|
|
|
|
$ |
1,516,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Fixed Rate Debt/Wtd Avg |
|
$ |
5,599,959 |
|
5.27 |
% |
$ |
35,285 |
|
|
|
$ |
5,152,113 |
|
|
|
|
|
Floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Secured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Debt & preferred equity facility (LIBOR + 320 bps) |
|
$ |
91,000 |
|
3.37 |
% |
$ |
|
|
Dec-14 |
|
$ |
91,000 |
|
Dec-15 |
|
Open |
|
16 Court Street (LIBOR + 350 bps) |
|
79,243 |
|
4.00 |
% |
|
|
Apr-16 |
|
79,243 |
|
|
|
Open |
| |||
180 Maiden Lane (LIBOR + 211.25 bps) |
|
262,706 |
|
2.36 |
% |
8,691 |
|
Nov-16 |
|
238,723 |
|
|
|
Open |
| |||
248-252 Bedford Avenue (LIBOR + 225 bps) |
|
22,000 |
|
2.42 |
% |
|
|
Mar-18 |
|
21,363 |
|
|
|
Open |
| |||
220 East 42nd St. (LIBOR + 160 bps) |
|
275,000 |
|
1.77 |
% |
|
|
Oct-20 |
|
275,000 |
|
|
|
Open |
| |||
|
|
$ |
729,949 |
|
2.45 |
% |
$ |
8,691 |
|
|
|
$ |
705,329 |
|
|
|
|
|
Unsecured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Revolving credit facility (LIBOR + 145 bps) |
|
$ |
220,000 |
|
1.62 |
% |
$ |
|
|
Mar-17 |
|
$ |
220,000 |
|
Mar-18 |
|
Open |
|
Term loan (LIBOR + 165 bps) |
|
370,000 |
|
1.82 |
% |
|
|
Mar-18 |
|
370,000 |
|
|
|
Open |
| |||
|
|
$ |
590,000 |
|
1.75 |
% |
$ |
|
|
|
|
$ |
590,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Floating Rate Debt/Wtd Avg |
|
$ |
1,319,949 |
|
2.13 |
% |
$ |
8,691 |
|
|
|
$ |
1,295,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Debt/Wtd Avg - Consolidated |
|
$ |
6,919,908 |
|
4.67 |
% |
$ |
43,976 |
|
|
|
$ |
6,447,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Debt/Wtd Avg - Joint Venture |
|
$ |
2,134,677 |
|
4.24 |
% |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Weighted Average Balance & Interest Rate including SLGs share of JV Debt |
|
$ |
9,094,962 |
|
4.67 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.
(2) The interest rate swap terminates in June 2016.
(3) Notes can be put to the Company, at the option of the holder, on June 15, 2015.
(4) Notes can be put to the Company, at the option of the holder, on March 30, 2017.
DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures
Unaudited |
|
|
Principal Outstanding |
|
|
|
2014 |
|
|
|
|
|
As-Of |
|
|
| ||||||
|
|
12/31/2013 |
|
|
|
Principal |
|
Maturity |
|
Due at |
|
Right |
|
Earliest |
| ||||||
|
|
Gross Principal |
|
SLG Share |
|
Coupon (1) |
|
Amortization |
|
Date |
|
Maturity |
|
Extension |
|
Prepayment |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
1604-1610 Broadway |
|
$ |
27,000 |
|
$ |
18,900 |
|
5.66 |
% |
$ |
|
|
|
(2) |
$ |
18,900 |
|
|
|
Open |
|
100 Park Avenue |
|
209,786 |
|
104,683 |
|
6.64 |
% |
992 |
|
Sep-14 |
|
103,691 |
|
|
|
Open |
| ||||
7 Renaissance |
|
1,276 |
|
638 |
|
10.00 |
% |
|
|
Dec-15 |
|
638 |
|
|
|
Open |
| ||||
11 West 34th Street (swapped) |
|
17,205 |
|
5,162 |
|
4.82 |
% |
90 |
|
Jan-16 |
|
4,977 |
|
|
|
Open |
| ||||
280 Park Avenue |
|
706,886 |
|
349,636 |
|
6.57 |
% |
3,321 |
|
Jun-16 |
|
341,184 |
|
|
|
Open |
| ||||
21-25 West 34th Street |
|
100,000 |
|
50,000 |
|
5.76 |
% |
|
|
Dec-16 |
|
50,000 |
|
|
|
Open |
| ||||
1745 Broadway |
|
340,000 |
|
109,650 |
|
5.68 |
% |
|
|
Jan-17 |
|
109,650 |
|
|
|
Open |
| ||||
Jericho Plaza |
|
163,750 |
|
33,176 |
|
5.65 |
% |
|
|
May-17 |
|
33,176 |
|
|
|
Open |
| ||||
800 Third Avenue (swapped) |
|
20,910 |
|
8,981 |
|
6.00 |
% |
|
|
Aug-17 |
|
8,981 |
|
|
|
Open |
| ||||
315 West 36th Street (swapped) |
|
25,000 |
|
8,875 |
|
3.16 |
% |
|
|
Dec-17 |
|
8,670 |
|
|
|
Open |
| ||||
388/390 Greenwich Street (swapped) |
|
996,082 |
|
503,998 |
|
3.20 |
% |
|
|
Dec-17 |
|
503,998 |
|
|
|
Open |
| ||||
717 Fifth Avenue (mortgage) |
|
300,000 |
|
32,750 |
|
4.45 |
% |
|
|
Jul-22 |
|
32,750 |
|
|
|
Aug-15 |
| ||||
21 East 66th Street |
|
12,000 |
|
3,874 |
|
3.60 |
% |
|
|
Apr-23 |
|
3,874 |
|
|
|
Open |
| ||||
717 Fifth Avenue (mezzanine) |
|
304,000 |
|
33,187 |
|
9.00 |
% |
|
|
Jul-24 |
|
50,969 |
|
|
|
Open |
| ||||
Total Fixed Rate Debt/Wtd Avg |
|
$ |
3,223,895 |
|
$ |
1,263,510 |
|
5.05 |
% |
$ |
4,403 |
|
|
|
$ |
1,271,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
West Coast Office Portfolio (mortgage) (LIBOR + 314 bps) |
|
$ |
481,309 |
|
210,525 |
|
3.31 |
% |
32,805 |
|
Sep-14 |
|
$ |
177,720 |
|
|
|
Open |
| ||
West Coast Office Portfolio (mezzanine) (LIBOR +950 bps) |
|
44,981 |
|
19,675 |
|
10.00 |
% |
|
|
Sep-14 |
|
19,675 |
|
|
|
Open |
| ||||
747 Madison (LIBOR + 275 bps) |
|
33,125 |
|
11,041 |
|
2.94 |
% |
|
|
Oct-14 |
|
11,041 |
|
|
|
Open |
| ||||
180-182 Broadway (LIBOR + 275 bps) |
|
89,893 |
|
22,923 |
|
2.92 |
% |
213 |
|
Dec-14 |
|
22,710 |
|
|
|
Open |
| ||||
Meadows (LIBOR + 575 bps) |
|
67,350 |
|
33,675 |
|
7.75 |
% |
|
|
Sep-15 |
|
33,675 |
|
|
|
Open |
| ||||
3 Columbus Circle (LIBOR + 210 bps) |
|
239,233 |
|
116,985 |
|
2.35 |
% |
4,008 |
|
Apr-16 |
|
108,044 |
|
|
|
Open |
| ||||
1552 Broadway (LIBOR + 380 bps) |
|
158,690 |
|
79,345 |
|
3.90 |
% |
|
|
Apr-16 |
|
79,345 |
|
|
|
Open |
| ||||
Mezzanine Debt (LIBOR + 90 bps) |
|
30,000 |
|
15,000 |
|
1.07 |
% |
|
|
Jun-16 |
|
15,000 |
|
|
|
Open |
| ||||
724 Fifth Avenue (LIBOR + 235 bps) |
|
120,000 |
|
60,000 |
|
2.52 |
% |
1,002 |
|
Jan-17 |
|
56,340 |
|
|
|
Open |
| ||||
10 East 53rd Street (LIBOR +250 bps) |
|
125,000 |
|
68,750 |
|
2.67 |
% |
|
|
Feb-17 |
|
68,750 |
|
|
|
Mar-14 |
| ||||
33 Beekman (LIBOR + 275 bps) |
|
18,362 |
|
8,428 |
|
2.92 |
% |
|
|
Aug-17 |
|
8,251 |
|
|
|
Open |
| ||||
600 Lexington Avenue (LIBOR + 200 bps) |
|
120,616 |
|
66,339 |
|
2.25 |
% |
2,114 |
|
Oct-17 |
|
58,905 |
|
|
|
Open |
| ||||
388/390 Greenwich Street (LIBOR + 115 bps) |
|
142,297 |
|
71,999 |
|
1.32 |
% |
|
|
Dec-17 |
|
71,999 |
|
|
|
Open |
| ||||
521 Fifth Avenue (LIBOR + 220 bps) |
|
170,000 |
|
85,850 |
|
2.37 |
% |
|
|
Nov-19 |
|
85,850 |
|
|
|
Open |
| ||||
21 East 66th Street (T 12 mos + 275 bps) |
|
1,959 |
|
632 |
|
2.88 |
% |
25 |
|
Jun-33 |
|
4 |
|
|
|
Open |
| ||||
Total Floating Rate Debt/Wtd Avg |
|
$ |
1,842,815 |
|
$ |
871,167 |
|
3.06 |
% |
$ |
40,166 |
|
|
|
$ |
817,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Joint Venture Debt/Wtd Avg |
|
$ |
5,066,710 |
|
$ |
2,134,677 |
|
4.24 |
% |
$ |
44,569 |
|
|
|
$ |
2,088,767 |
|
|
|
|
|
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.
(2) The loan went into default in November 2009 due to the non-payment of debt service. The joint venture is in discussions with the special servicer to resolve this default.
Covenants
Revolving Credit Facility Covenants |
| ||||
|
|
Actual |
|
Required |
|
Total Debt / Total Assets |
|
46.4 |
% |
Less than 60% |
|
Fixed Charge Coverage |
|
2.03 |
x |
Greater than 1.5x |
|
Unsecured Notes Covenants |
| ||||
|
|
Actual |
|
Required |
|
Total Debt / Total Assets |
|
36.2 |
% |
Less than 60% |
|
Secured Debt / Total Assets |
|
17.4 |
% |
Less than 40% |
|
Debt Service Coverage |
|
3.20 |
x |
Greater than 1.5x |
|
Unencumbered Assets / Unsecured Debt |
|
418.3 |
% |
Greater than 150% |
|
Composition of Debt |
| |||||
|
| |||||
Fixed Rate Debt |
|
|
|
|
| |
Consolidated |
|
$ |
5,599,959 |
|
|
|
SLG Share of JV |
|
1,263,510 |
|
|
| |
Total Fixed Rate Debt |
|
$ |
6,863,469 |
|
75.8% |
|
|
|
|
|
|
| |
Floating Rate Debt |
|
|
|
|
| |
Consolidated |
|
$ |
1,319,949 |
|
|
|
SLG Share of JV |
|
871,167 |
|
|
| |
|
|
2,191,116 |
|
|
| |
Debt & Preferred Equity Investments |
|
(545,647 |
) |
|
| |
Total Floating Rate Debt |
|
$ |
1,645,469 |
|
18.2% |
|
|
|
|
|
|
| |
Total Debt |
|
$ |
9,054,585 |
|
|
|
DEBT SUMMARY SCHEDULE - Reckson Operating Partnership
Unaudited (Dollars in Thousands) |
Consolidated
|
|
Principal |
|
|
|
2,014.00 |
|
|
|
|
|
As-Of |
|
|
| ||
|
|
Outstanding |
|
|
|
Principal |
|
Maturity |
|
Due at |
|
Right |
|
Earliest |
| ||
|
|
12/31/2013 |
|
Coupon (1) |
|
Amortization |
|
Date |
|
Maturity |
|
Extension |
|
Prepayment |
| ||
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Secured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
919 Third Avenue |
|
$ |
500,000 |
|
5.12 |
% |
|
|
Jun-23 |
|
$ |
441,594 |
|
|
|
Open |
|
|
|
$ |
500,000 |
|
5.12 |
% |
|
|
|
|
$ |
441,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Secured fixed rate debt - Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
609 Partners, LLC |
|
$ |
23 |
|
5.00 |
% |
|
|
Jul-14 |
|
23 |
|
|
|
Open |
| |
Preferred Equity Investment |
|
50,000 |
|
8.00 |
% |
|
|
Sep-19 |
|
50,000 |
|
|
|
Open |
| ||
|
|
$ |
50,023 |
|
8.00 |
% |
|
|
|
|
$ |
50,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unsecured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unsecured notes |
|
$ |
75,898 |
|
5.88 |
% |
|
|
Aug-14 |
|
$ |
75,898 |
|
|
|
Open |
|
Unsecured notes |
|
255,206 |
|
6.00 |
% |
|
|
Mar-16 |
|
255,308 |
|
|
|
Open |
| ||
Term loan (swapped) |
|
30,000 |
|
3.95 |
% |
|
|
Mar-18 |
(2) |
30,000 |
|
|
|
Open |
| ||
Unsecured notes |
|
249,681 |
|
5.00 |
% |
|
|
Aug-18 |
|
250,000 |
|
|
|
Open |
| ||
Unsecured notes |
|
250,000 |
|
7.75 |
% |
|
|
Mar-20 |
|
250,000 |
|
|
|
Open |
| ||
Unsecured notes |
|
200,000 |
|
4.50 |
% |
|
|
Dec-22 |
|
200,000 |
|
|
|
Open |
| ||
Convertible notes |
|
7 |
|
4.00 |
% |
|
|
Jun-25 |
(3) |
7 |
|
|
|
Jun-15 |
| ||
|
|
$ |
1,060,792 |
|
5.83 |
% |
|
|
|
|
$ |
1,061,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Fixed Rate Debt/Wtd Avg |
|
$ |
1,610,815 |
|
5.67 |
% |
|
|
|
|
$ |
1,552,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unsecured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Revolving credit facility (LIBOR + 145 bps) |
|
$ |
220,000 |
|
1.62 |
% |
|
|
Mar-17 |
|
220,000 |
|
Mar-18 |
|
Open |
| |
Term loan (LIBOR + 165 bps) |
|
370,000 |
|
1.82 |
% |
|
|
Mar-18 |
|
370,000 |
|
|
|
Open |
| ||
Total Floating Rate Debt/Wtd Avg |
|
$ |
590,000 |
|
1.75 |
% |
|
|
|
|
$ |
590,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Debt/Wtd Avg - Consolidated |
|
$ |
2,200,815 |
|
4.62 |
% |
|
|
|
|
$ |
2,142,830 |
|
|
|
|
|
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.
(2) The interest rate swap terminates in June 2016.
(3) Notes can be put to the Company, at the option of the holder, on June 15, 2015.
Covenants
Revolving Credit Facility Covenants |
| ||||
|
|
Actual |
|
Required |
|
Total Debt / Total Assets |
|
45.5 |
% |
Less than 60% |
|
Fixed Charge Coverage |
|
2.98 |
x |
Greater than 1.5x |
|
Secured Debt / Total Assets |
|
10.1 |
% |
Less than 40% |
|
Unsecured Debt / Unencumbered Assets |
|
46.6 |
% |
Less than 60% |
|
|
|
SUMMARY OF GROUND LEASE ARRANGEMENTS
Consolidated (Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
Deferred |
|
|
| |||||
|
|
2013 Scheduled |
|
2014 Scheduled |
|
2015 Scheduled |
|
2016 Scheduled |
|
Land Lease |
|
Year of |
| |||||
Property |
|
Cash Payment |
|
Cash Payment |
|
Cash Payment |
|
Cash Payment |
|
Obligations(1) |
|
Maturity |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
625 Madison Avenue |
|
$ |
4,613 |
|
$ |
4,613 |
|
$ |
4,613 |
|
$ |
4,613 |
|
$ |
|
|
2022 |
(2) |
461 Fifth Avenue |
|
2,100 |
|
2,100 |
|
2,100 |
|
2,100 |
|
308 |
|
2027 |
(3) | |||||
711 Third Avenue |
|
5,250 |
|
5,250 |
|
5,250 |
|
5,354 |
|
564 |
|
2033 |
(4) | |||||
752 Madison Avenue/19-21 East 65th Street |
|
212 |
|
212 |
|
212 |
|
212 |
|
|
|
2037 |
(5) | |||||
1185 Avenue of the Americas |
|
6,909 |
|
6,909 |
|
6,909 |
|
6,909 |
|
|
|
2043 |
| |||||
420 Lexington Avenue |
|
11,174 |
|
10,899 |
|
10,899 |
|
10,899 |
|
|
|
2050 |
(6) | |||||
673 First Avenue |
|
4,653 |
|
4,653 |
|
4,808 |
|
5,119 |
|
21,313 |
|
2087 |
| |||||
1055 Washington Blvd, Stamford |
|
615 |
|
615 |
|
615 |
|
615 |
|
|
|
2090 |
| |||||
1080 Amsterdam Avenue |
|
17 |
|
105 |
|
105 |
|
122 |
|
|
|
2111 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
|
$ |
35,543 |
|
$ |
35,356 |
|
$ |
35,511 |
|
$ |
35,943 |
|
$ |
22,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Capitalized Leases |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
673 First Avenue |
|
$ |
2,147 |
|
$ |
2,147 |
|
$ |
2,218 |
|
$ |
2,361 |
|
$ |
27,223 |
|
2087 |
|
1080 Amsterdam Avenue |
|
24 |
|
145 |
|
145 |
|
170 |
|
20,448 |
|
2111 |
| |||||
Total |
|
$ |
2,171 |
|
$ |
2,292 |
|
$ |
2,363 |
|
$ |
2,531 |
|
$ |
47,671 |
|
|
|
(1) Per the balance sheet at December 31, 2013.
(2) Subject to renewal at the Companys option through 2054.
(3) The Company has an option to purchase the ground lease for a fixed price on a specific date.
(4) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.
(5) Subject to a fair market value rent reset in 2015. The ground lease is subject to renewal at the Companys option through 2087.
(6) In November 2013, the Company signed an agreement extending the lease through December 31, 2050, subject to two 15-year renewal options.
|
|
DEBT AND PREFERRED EQUITY INVESTMENTS
(Dollars in Thousands) |
|
|
Assets |
|
Weighted Average |
|
Weighted Average |
|
Current |
| ||
|
|
Outstanding |
|
Assets During Quarter |
|
Yield During Quarter |
|
Yield(2) |
| ||
|
|
|
|
|
|
|
|
|
| ||
9/30/2012 |
|
$ |
1,063,034 |
|
$ |
1,079,009 |
|
9.62 |
% |
9.55 |
% |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion(1) |
|
$ |
281,997 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
|
$ |
16,028 |
|
|
|
|
|
|
| |
Redemptions/Sales/Syndications/Amortization |
|
$ |
(12,625 |
) |
|
|
|
|
|
| |
12/31/2012 |
|
$ |
1,348,434 |
|
$ |
1,166,626 |
|
9.88 |
% |
9.93 |
% |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion(1) |
|
$ |
198,977 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
|
$ |
5,723 |
|
|
|
|
|
|
| |
Redemptions/Sales/Syndications/Amortization |
|
$ |
(121,403 |
) |
|
|
|
|
|
| |
3/31/2013 |
|
$ |
1,431,731 |
|
$ |
1,348,664 |
|
10.61 |
% |
11.17 |
% |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion(1) |
|
$ |
86,132 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
|
$ |
6,926 |
|
|
|
|
|
|
| |
Redemptions/Sales/Syndications/Amortization |
|
$ |
(297,368 |
) |
|
|
|
|
|
| |
6/30/2013 |
|
$ |
1,227,421 |
|
$ |
1,323,266 |
|
10.96 |
% |
10.93 |
% |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion(1) |
|
$ |
187,050 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
|
$ |
6,621 |
|
|
|
|
|
|
| |
Redemptions/Sales/Syndications/Amortization |
|
$ |
(105,541 |
) |
|
|
|
|
|
| |
9/30/2013 |
|
$ |
1,315,551 |
|
$ |
1,304,561 |
|
11.20 |
% |
11.19 |
% |
|
|
|
|
|
|
|
|
|
| ||
Debt originations/accretion(1) |
|
$ |
87,412 |
|
|
|
|
|
|
| |
Preferred Equity originations/accretion |
|
$ |
11,031 |
|
|
|
|
|
|
| |
Redemptions/Sales/Syndications/Amortization |
|
$ |
(109,155 |
) |
|
|
|
|
|
| |
12/31/2013 |
|
$ |
1,304,839 |
|
$ |
1,304,034 |
|
11.27 |
% |
11.31 |
% |
(1) Accretion includes original issue discounts and/or compounding investment income.
(2) Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.
|
|
DEBT AND PREFERRED EQUITY INVESTMENTS
(Dollars in Thousands)
|
|
|
|
|
|
|
Weighted Average |
|
Weighted Average |
|
Current |
| |||
Type of Investment |
|
Quarter End Balance(1) |
|
Senior Financing |
|
Exposure PSF |
|
Yield During Quarter |
|
Yield(2) |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
New York City |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Senior Mortgage Debt |
|
$ |
30,000 |
|
$ |
0 |
|
$ |
3,810 |
|
7.50 |
% |
7.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Junior Mortgage Participation |
|
225,016 |
|
2,535,891 |
|
1,189 |
|
10.27 |
% |
10.26 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Mezzanine Debt |
|
680,459 |
|
2,660,506 |
|
856 |
|
12.06 |
% |
12.05 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Preferred Equity |
|
369,364 |
|
1,577,007 |
|
435 |
|
10.90 |
% |
10.91 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance as of 12/31/13 |
|
$ |
1,304,839 |
|
$ |
6,773,405 |
|
$ |
859 |
|
11.27 |
% |
11.31 |
% |
Current Maturity Profile(3)
(1) Approximately 41.3% of our investments are indexed to LIBOR, and may be prepayable at dates prior to maturity subject to certain prepayment penalties or fees.
(2) Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.
(3) The weighted maturity of the outstanding balance is 2.19 years. Approximately 53.5% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.
|
|
DEBT AND PREFERRED EQUITY INVESTMENTS
10 Largest Investments (Dollars in Thousands)
|
|
|
Book Value(1) |
|
|
|
Senior |
|
|
|
Current |
| |||
Investment Type |
|
12/31/13 |
|
Location |
|
Financing |
|
Last $ PSF |
|
Yield(2) |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Preferred Equity |
|
$ |
218,330 |
|
New York City |
|
$ |
926,260 |
|
$ |
542 |
|
9.05 |
% |
Mortgage and Mezzanine |
|
131,724 |
|
New York City |
|
330,000 |
|
$ |
284 |
|
9.56 |
% | ||
Preferred Equity |
|
115,198 |
|
New York City |
|
525,000 |
|
$ |
277 |
|
14.87 |
% | ||
Mortgage and Mezzanine |
|
80,983 |
|
New York City |
|
1,109,000 |
|
$ |
1,132 |
|
16.23 |
% | ||
Mezzanine Loan |
|
72,823 |
|
New York City |
|
775,000 |
|
$ |
1,080 |
|
18.80 |
% | ||
Mezzanine Loan |
|
71,312 |
|
New York City |
|
165,000 |
|
$ |
1,982 |
|
9.89 |
% | ||
Mortgage and Mezzanine |
|
68,319 |
|
New York City |
|
205,000 |
|
$ |
394 |
|
11.24 |
% | ||
Mezzanine Loan |
|
59,892 |
|
New York City |
|
180,000 |
|
$ |
352 |
|
9.83 |
% | ||
Mezzanine Loan |
|
49,110 |
|
New York City |
|
110,000 |
|
$ |
479 |
|
11.99 |
% | ||
Mortgage Loan |
|
49,000 |
|
New York City |
|
133,000 |
|
$ |
475 |
|
8.63 |
% | ||
|
|
|
|
|
|
|
|
|
|
|
| |||
Total |
|
$ |
916,691 |
|
|
|
$ |
4,458,260 |
|
|
|
11.68 |
% |
(1) Net of unamortized fees and discounts.
(2) Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.
|
|
SELECTED PROPERTY DATA
Manhattan Properties |
|
|
|
|
|
|
# of |
|
Useable |
|
% of Total |
|
Occupancy (%) |
|
Annualized |
|
Annualized Cash Rent |
|
Total |
| |||||||||||
Properties |
|
SubMarket |
|
Ownership |
|
Bldgs |
|
Sq. Feet |
|
Sq. Feet |
|
Dec-13 |
|
Sep-13 |
|
Jun-13 |
|
Mar-13 |
|
Dec-12 |
|
Cash Rent ($s) |
|
100% |
|
SLG |
|
Tenants |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
100 Church Street |
|
Downtown |
|
Fee Interest |
|
1 |
|
1,047,500 |
|
4 |
|
98.7 |
|
85.7 |
|
81.8 |
|
81.8 |
|
81.8 |
|
37,191,444 |
|
4 |
|
3 |
|
18 |
| |
110 East 42nd Street |
|
Grand Central |
|
Fee Interest |
|
1 |
|
215,400 |
|
1 |
|
86.5 |
|
86.5 |
|
85.8 |
|
84.9 |
|
81.6 |
|
8,913,540 |
|
1 |
|
1 |
|
23 |
| |
120 West 45th Street |
|
Midtown |
|
Fee Interest |
|
1 |
|
440,000 |
|
2 |
|
85.2 |
|
81.0 |
|
78.2 |
|
74.0 |
|
79.5 |
|
20,862,228 |
|
2 |
|
2 |
|
32 |
| |
125 Park Avenue |
|
Grand Central |
|
Fee Interest |
|
1 |
|
604,245 |
|
2 |
|
82.0 |
|
87.8 |
|
83.2 |
|
77.6 |
|
73.1 |
|
27,709,224 |
|
3 |
|
2 |
|
21 |
| |
180 Maiden Lane (1) |
|
Financial East |
|
Fee Interest |
|
1 |
|
1,090,000 |
|
4 |
|
97.6 |
|
97.6 |
|
97.6 |
|
97.7 |
|
97.7 |
|
55,331,208 |
|
|
|
2 |
|
5 |
| |
220 East 42nd Street |
|
Grand Central |
|
Fee Interest |
|
1 |
|
1,135,000 |
|
4 |
|
91.5 |
|
91.1 |
|
93.7 |
|
94.9 |
|
94.9 |
|
46,506,336 |
|
5 |
|
4 |
|
30 |
| |
420 Lexington Ave (Graybar) |
|
Grand Central North |
|
Leasehold Interest |
|
1 |
|
1,188,000 |
|
4 |
|
85.8 |
|
84.1 |
|
90.2 |
|
92.1 |
|
92.5 |
|
60,686,388 |
|
7 |
|
5 |
|
218 |
| |
461 Fifth Avenue (2) |
|
Midtown |
|
Leasehold Interest |
|
1 |
|
200,000 |
|
1 |
|
99.4 |
|
99.4 |
|
99.4 |
|
99.4 |
|
99.4 |
|
16,529,484 |
|
2 |
|
1 |
|
14 |
| |
485 Lexington Avenue |
|
Grand Central North |
|
Fee Interest |
|
1 |
|
921,000 |
|
3 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
55,169,268 |
|
6 |
|
5 |
|
24 |
| |
555 West 57th Street |
|
Midtown West |
|
Fee Interest |
|
1 |
|
941,000 |
|
3 |
|
99.9 |
|
99.1 |
|
99.8 |
|
99.2 |
|
99.2 |
|
33,901,044 |
|
4 |
|
3 |
|
10 |
| |
609 Fifth Avenue |
|
Rockefeller Center |
|
Fee Interest |
|
1 |
|
160,000 |
|
1 |
|
77.8 |
|
85.0 |
|
85.0 |
|
85.8 |
|
85.2 |
|
14,042,124 |
|
2 |
|
1 |
|
11 |
| |
625 Madison Avenue |
|
Plaza District |
|
Leasehold Interest |
|
1 |
|
563,000 |
|
2 |
|
92.1 |
|
92.3 |
|
92.1 |
|
93.1 |
|
94.5 |
|
46,209,072 |
|
5 |
|
4 |
|
21 |
| |
673 First Avenue |
|
Grand Central South |
|
Leasehold Interest |
|
1 |
|
422,000 |
|
1 |
|
99.2 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
21,004,836 |
|
2 |
|
2 |
|
7 |
| |
711 Third Avenue (3) |
|
Grand Central North |
|
Leasehold Interest |
|
1 |
|
524,000 |
|
2 |
|
88.4 |
|
88.4 |
|
88.4 |
|
88.4 |
|
86.3 |
|
27,511,560 |
|
3 |
|
2 |
|
17 |
| |
750 Third Avenue |
|
Grand Central North |
|
Fee Interest |
|
1 |
|
780,000 |
|
3 |
|
95.8 |
|
96.8 |
|
96.8 |
|
96.1 |
|
97.5 |
|
41,437,956 |
|
5 |
|
4 |
|
28 |
| |
810 Seventh Avenue |
|
Times Square |
|
Fee Interest |
|
1 |
|
692,000 |
|
2 |
|
92.0 |
|
91.5 |
|
91.0 |
|
87.6 |
|
87.6 |
|
40,023,768 |
|
4 |
|
4 |
|
41 |
| |
919 Third Avenue (4) |
|
Grand Central North |
|
Fee Interest |
|
1 |
|
1,454,000 |
|
5 |
|
90.3 |
|
96.9 |
|
96.9 |
|
96.9 |
|
96.9 |
|
81,700,824 |
|
|
|
4 |
|
12 |
| |
1185 Avenue of the Americas |
|
Rockefeller Center |
|
Leasehold Interest |
|
1 |
|
1,062,000 |
|
4 |
|
95.2 |
|
95.2 |
|
95.2 |
|
97.6 |
|
97.6 |
|
81,445,404 |
|
9 |
|
7 |
|
18 |
| |
1350 Avenue of the Americas |
|
Rockefeller Center |
|
Fee Interest |
|
1 |
|
562,000 |
|
2 |
|
99.5 |
|
98.1 |
|
95.3 |
|
97.0 |
|
97.0 |
|
37,538,424 |
|
4 |
|
3 |
|
35 |
| |
1515 Broadway |
|
Times Square |
|
Fee Interest |
|
1 |
|
1,750,000 |
|
6 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
111,850,668 |
|
12 |
|
10 |
|
12 |
| |
1 Madison Avenue |
|
Park Avenue South |
|
Fee Interest |
|
1 |
|
1,176,900 |
|
4 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
98.7 |
|
67,572,816 |
|
7 |
|
6 |
|
2 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
|
21 |
|
16,928,045 |
|
59 |
% |
94.5 |
% |
94.2 |
% |
94.3 |
% |
94.2 |
% |
94.1 |
% |
$ |
933,137,616 |
|
88 |
% |
76 |
% |
599 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
304 Park Avenue South |
|
Midtown South |
|
Fee Interest |
|
1 |
|
215,000 |
|
1 |
|
98.8 |
|
95.3 |
|
93.6 |
|
93.6 |
|
95.8 |
|
11,923,104 |
|
1 |
|
1 |
|
15 |
| |
641 Sixth Avenue |
|
Midtown South |
|
Fee Interest |
|
1 |
|
163,000 |
|
1 |
|
92.1 |
|
92.1 |
|
92.1 |
|
92.1 |
|
92.1 |
|
8,380,860 |
|
1 |
|
1 |
|
7 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
|
2 |
|
378,000 |
|
1 |
% |
95.9 |
% |
93.9 |
% |
92.9 |
% |
92.9 |
% |
94.2 |
% |
$ |
20,303,964 |
|
2 |
% |
2 |
% |
22 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total / Weighted Average Manhattan Consolidated Properties |
|
23 |
|
17,306,045 |
|
61 |
% |
94.5 |
% |
94.2 |
% |
94.2 |
% |
94.2 |
% |
94.1 |
% |
$ |
953,441,580 |
|
90 |
% |
78 |
% |
621 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
100 Park Avenue - 50% |
|
Grand Central South |
|
Fee Interest |
|
1 |
|
834,000 |
|
3 |
|
95.1 |
|
94.6 |
|
94.6 |
|
94.6 |
|
94.6 |
|
54,288,768 |
|
|
|
3 |
|
37 |
| |
388 & 390 Greenwich Street - 50.6% |
|
Downtown |
|
Fee Interest |
|
2 |
|
2,635,000 |
|
9 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
109,811,160 |
|
|
|
5 |
|
1 |
| |
600 Lexington Avenue - 55% |
|
East Side |
|
Fee Interest |
|
1 |
|
303,515 |
|
1 |
|
75.5 |
|
69.2 |
|
66.7 |
|
66.7 |
|
73.7 |
|
15,552,084 |
|
|
|
1 |
|
26 |
| |
800 Third Avenue - 42.95% |
|
Grand Central North |
|
Fee Interest |
|
1 |
|
526,000 |
|
2 |
|
95.4 |
|
95.4 |
|
87.9 |
|
87.9 |
|
87.1 |
|
29,377,200 |
|
|
|
1 |
|
41 |
| |
1745 Broadway - 32.3% |
|
Midtown |
|
Fee Interest |
|
1 |
|
674,000 |
|
2 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
37,785,768 |
|
|
|
1 |
|
1 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
|
6 |
|
4,972,515 |
|
17 |
% |
97.2 |
% |
96.7 |
% |
95.8 |
% |
95.8 |
% |
96.1 |
% |
$ |
246,814,980 |
|
|
|
11 |
% |
106 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
10 East 53rd Street - 55% |
|
Plaza District |
|
Fee Interest |
|
1 |
|
354,300 |
|
1 |
|
90.0 |
|
90.0 |
|
90.0 |
|
90.0 |
|
90.0 |
|
19,639,776 |
|
|
|
1 |
|
17 |
| |
315 West 36th Street - 35.5% |
|
Times Square South |
|
Fee Interest |
|
1 |
|
147,619 |
|
1 |
|
99.2 |
|
99.2 |
|
99.2 |
|
99.2 |
|
99.2 |
|
4,029,156 |
|
|
|
0 |
|
6 |
| |
521 Fifth Avenue - 50.5% |
|
Grand Central |
|
Fee Interest |
|
1 |
|
460,000 |
|
2 |
|
94.4 |
|
94.5 |
|
90.6 |
|
92.8 |
|
85.2 |
|
24,977,052 |
|
|
|
1 |
|
41 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Subtotal / Weighted Average |
|
3 |
|
961,919 |
|
3 |
% |
93.5 |
% |
93.5 |
% |
91.7 |
% |
92.7 |
% |
89.1 |
% |
$ |
48,645,984 |
|
|
|
2 |
% |
64 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total / Weighted Average Unconsolidated Properties |
|
9 |
|
5,934,434 |
|
21 |
% |
96.6 |
% |
96.2 |
% |
95.1 |
% |
95.3 |
% |
95.0 |
% |
$ |
295,460,964 |
|
|
|
13 |
% |
170 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Manhattan Grand Total / Weighted Average |
|
32 |
|
23,240,479 |
|
81 |
% |
95.0 |
% |
94.7 |
% |
94.5 |
% |
94.4 |
% |
94.3 |
% |
$ |
1,248,902,544 |
|
|
|
|
|
791 |
| ||||
Manhattan Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,026,613,619 |
|
|
|
91 |
% |
|
| ||||
Manhattan Same Store Occupancy % - Combined |
|
|
|
21,900,560 |
|
94 |
% |
95.1 |
%(5) |
94.8 |
% |
94.6 |
% |
94.5 |
% |
94.6 |
% |
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Portfolio Grand Total |
|
|
|
|
|
62 |
|
28,549,979 |
|
100 |
% |
92.5 |
% |
92.1 |
% |
91.9 |
% |
91.8 |
% |
91.8 |
% |
$ |
1,379,837,788 |
|
|
|
|
|
1,218 |
|
Portfolio Grand Total - SLG Share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,130,433,053 |
|
|
|
100 |
% |
|
|
(1) SL Green holds a 49.9% interest in this consolidated joint venture asset.
(2) SL Green holds an option to acquire the fee interest.
(3) SL Green owns 50% of the fee interest.
(4) SL Green holds a 51% interest in this consolidated joint venture asset.
(5) Manhattan same-store occupancy, inclusive of 394,321 square feet of leases signed but not yet commenced, increased to 96.6% as of December 31, 2013.
|
|
SELECTED PROPERTY DATA
Suburban Properties |
|
|
|
|
|
|
# of |
|
Useable |
|
% of Total |
|
Occupancy (%) |
|
Annualized |
|
Annualized Cash Rent |
|
Total |
| |||||||||||
Properties |
|
SubMarket |
|
Ownership |
|
Bldgs |
|
Sq. Feet |
|
Sq. Feet |
|
Dec-13 |
|
Sep-13 |
|
Jun-13 |
|
Mar-13 |
|
Dec-12 |
|
Cash Rent ($s) |
|
100% |
|
SLG |
|
Tenants |
| |
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Same Store Westchester, NY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1100 King Street - 1 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
1 |
|
90,000 |
|
0 |
|
74.8 |
|
74.8 |
|
74.9 |
|
74.9 |
|
74.9 |
|
1,748,604 |
|
0 |
|
0 |
|
2 |
| |
1100 King Street - 2 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
1 |
|
90,000 |
|
0 |
|
47.0 |
|
47.0 |
|
47.0 |
|
47.0 |
|
47.0 |
|
1,355,964 |
|
0 |
|
0 |
|
3 |
| |
1100 King Street - 3 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
1 |
|
90,000 |
|
0 |
|
57.2 |
|
57.2 |
|
55.7 |
|
63.3 |
|
63.3 |
|
1,705,944 |
|
0 |
|
0 |
|
3 |
| |
1100 King Street - 4 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
1 |
|
90,000 |
|
0 |
|
83.9 |
|
69.6 |
|
68.1 |
|
59.4 |
|
59.4 |
|
1,817,040 |
|
0 |
|
0 |
|
9 |
| |
1100 King Street - 5 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
1 |
|
90,000 |
|
0 |
|
82.6 |
|
80.5 |
|
80.5 |
|
80.5 |
|
79.8 |
|
1,801,620 |
|
0 |
|
0 |
|
9 |
| |
1100 King Street - 6 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
1 |
|
90,000 |
|
0 |
|
88.0 |
|
88.0 |
|
88.0 |
|
88.0 |
|
71.2 |
|
2,662,596 |
|
0 |
|
0 |
|
4 |
| |
520 White Plains Road |
|
Tarrytown, New York |
|
Fee Interest |
|
1 |
|
180,000 |
|
1 |
|
57.8 |
|
57.8 |
|
75.4 |
|
75.4 |
|
72.5 |
|
2,854,680 |
|
0 |
|
0 |
|
8 |
| |
115-117 Stevens Avenue |
|
Valhalla, New York |
|
Fee Interest |
|
1 |
|
178,000 |
|
1 |
|
73.4 |
|
73.4 |
|
70.9 |
|
70.9 |
|
86.0 |
|
2,682,720 |
|
0 |
|
0 |
|
10 |
| |
100 Summit Lake Drive |
|
Valhalla, New York |
|
Fee Interest |
|
1 |
|
250,000 |
|
1 |
|
70.7 |
|
70.7 |
|
70.7 |
|
70.7 |
|
70.7 |
|
4,246,380 |
|
0 |
|
0 |
|
10 |
| |
200 Summit Lake Drive |
|
Valhalla, New York |
|
Fee Interest |
|
1 |
|
245,000 |
|
1 |
|
80.2 |
|
80.2 |
|
69.3 |
|
66.6 |
|
87.5 |
|
4,535,136 |
|
1 |
|
0 |
|
8 |
| |
500 Summit Lake Drive |
|
Valhalla, New York |
|
Fee Interest |
|
1 |
|
228,000 |
|
1 |
|
90.3 |
|
90.3 |
|
90.3 |
|
89.5 |
|
76.9 |
|
4,798,848 |
|
1 |
|
1 |
|
6 |
| |
140 Grand Street |
|
White Plains, New York |
|
Fee Interest |
|
1 |
|
130,100 |
|
0 |
|
93.6 |
|
89.5 |
|
89.5 |
|
89.5 |
|
95.3 |
|
3,988,068 |
|
0 |
|
0 |
|
13 |
| |
360 Hamilton Avenue |
|
White Plains, New York |
|
Fee Interest |
|
1 |
|
384,000 |
|
1 |
|
89.3 |
|
89.0 |
|
89.0 |
|
88.7 |
|
94.3 |
|
12,155,160 |
|
1 |
|
1 |
|
17 |
| |
Westchester, NY Subtotal/Weighted Average |
|
13 |
|
2,135,100 |
|
8 |
% |
78.1 |
% |
77.2 |
% |
77.1 |
% |
76.6 |
% |
79.2 |
% |
$ |
46,352,760 |
|
5 |
% |
5 |
% |
102 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Same Store Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 Landmark Square |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
312,000 |
|
1 |
|
93.8 |
|
92.8 |
|
95.4 |
|
96.0 |
|
97.8 |
|
8,790,324 |
|
1 |
|
1 |
|
56 |
| |
2 Landmark Square |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
46,000 |
|
0 |
|
54.9 |
|
57.3 |
|
64.1 |
|
69.0 |
|
69.0 |
|
555,156 |
|
0 |
|
0 |
|
7 |
| |
3 Landmark Square |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
130,000 |
|
0 |
|
55.1 |
|
50.1 |
|
64.9 |
|
60.4 |
|
54.6 |
|
2,027,880 |
|
0 |
|
0 |
|
16 |
| |
4 Landmark Square |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
105,000 |
|
0 |
|
84.9 |
|
84.9 |
|
84.9 |
|
77.7 |
|
76.6 |
|
2,659,540 |
|
0 |
|
0 |
|
11 |
| |
5 Landmark Square |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
61,000 |
|
0 |
|
99.0 |
|
99.0 |
|
99.3 |
|
99.5 |
|
99.5 |
|
954,252 |
|
0 |
|
0 |
|
9 |
| |
6 Landmark Square |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
172,000 |
|
1 |
|
83.4 |
|
83.4 |
|
83.4 |
|
83.4 |
|
83.4 |
|
3,705,468 |
|
0 |
|
0 |
|
5 |
| |
7 Landmark Square |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
36,800 |
|
0 |
|
76.9 |
|
76.9 |
|
76.9 |
|
76.9 |
|
10.8 |
|
325,320 |
|
0 |
|
0 |
|
1 |
| |
680 Washington Boulevard (1) |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
133,000 |
|
0 |
|
77.7 |
|
76.5 |
|
76.5 |
|
76.5 |
|
74.6 |
|
4,353,144 |
|
|
|
0 |
|
9 |
| |
750 Washington Boulevard (1) |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
192,000 |
|
1 |
|
93.3 |
|
93.6 |
|
93.6 |
|
93.6 |
|
93.6 |
|
6,380,580 |
|
|
|
0 |
|
8 |
| |
1055 Washington Boulevard |
|
Stamford, Connecticut |
|
Leasehold Interest |
|
1 |
|
182,000 |
|
1 |
|
87.7 |
|
86.7 |
|
86.0 |
|
86.0 |
|
86.0 |
|
6,111,048 |
|
1 |
|
1 |
|
21 |
| |
1010 Washington Boulevard |
|
Stamford, Connecticut |
|
Fee Interest |
|
1 |
|
143,400 |
|
1 |
|
65.3 |
|
65.3 |
|
63.5 |
|
60.9 |
|
60.9 |
|
3,028,464 |
|
0 |
|
0 |
|
19 |
| |
500 West Putnam Avenue |
|
Greenwich, Connecticut |
|
Fee Interest |
|
1 |
|
121,500 |
|
0 |
|
57.0 |
|
57.0 |
|
55.1 |
|
55.1 |
|
55.1 |
|
3,121,356 |
|
0 |
|
0 |
|
10 |
| |
Connecticut Subtotal/Weighted Average |
|
12 |
|
1,634,700 |
|
5 |
% |
80.5 |
% |
79.8 |
% |
81.3 |
% |
80.6 |
% |
80.7 |
% |
$ |
42,012,532 |
|
3 |
% |
3 |
% |
172 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non Same Store Brooklyn, NY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
16 Court Street |
|
Brooklyn, New York |
|
Fee Interest |
|
1 |
|
317,600 |
|
1 |
|
87.2 |
|
88.4 |
|
84.9 |
|
84.5 |
|
84.0 |
|
10,495,296 |
|
1 |
|
1 |
|
66 |
| |
Brooklyn, NY Subtotal/Weighted Average |
|
1 |
|
317,600 |
|
1 |
% |
87.2 |
% |
88.4 |
% |
84.9 |
% |
84.5 |
% |
84.0 |
% |
$ |
10,495,296 |
|
1 |
% |
1 |
% |
66 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total / Weighted Average Consolidated Properties |
|
26 |
|
4,087,400 |
|
14 |
% |
79.8 |
% |
79.1 |
% |
79.4 |
% |
78.8 |
% |
79.6 |
% |
$ |
98,860,588 |
|
10 |
% |
9 |
% |
340 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
The Meadows - 50% |
|
Rutherford, New Jersey |
|
Fee Interest |
|
2 |
|
582,100 |
|
2 |
|
84.2 |
|
80.5 |
|
78.4 |
|
79.4 |
|
79.7 |
|
12,508,560 |
|
|
|
1 |
|
55 |
| |
Jericho Plaza 20.26% |
|
Jericho, New York |
|
Fee Interest |
|
2 |
|
640,000 |
|
2 |
|
89.9 |
|
89.6 |
|
89.6 |
|
89.6 |
|
89.6 |
|
19,566,096 |
|
|
|
0 |
|
32 |
| |
Total / Weighted Average Unconsolidated Properties |
|
4 |
|
1,222,100 |
|
4 |
% |
87.2 |
% |
85.3 |
% |
84.3 |
% |
84.7 |
% |
84.7 |
% |
$ |
32,074,656 |
|
|
|
0 |
% |
87 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Suburban Grand Total / Weighted Average |
|
30 |
|
5,309,500 |
|
19 |
% |
81.5 |
% |
80.5 |
% |
80.5 |
% |
80.2 |
% |
81.3 |
% |
$ |
130,935,244 |
|
|
|
|
|
427 |
| ||||
Suburban Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
103,819,434 |
|
|
|
9 |
% |
|
| ||||
Suburban Same Store Occupancy % - Combined |
|
|
|
4,991,900 |
|
94 |
% |
81.1 |
%(2) |
80.0 |
% |
80.2 |
% |
79.9 |
% |
80.6 |
% |
|
|
|
|
|
|
|
|
(1) SL Green holds a 51% interest in this consolidated joint venture asset.
(2) Suburban same-store occupancy, inclusive of 46,736 square feet of leases signed but not yet commenced, increased to 82.1% as of December 31, 2013.
|
|
|
|
SELECTED PROPERTY DATA
Retail, Development / Redevelopment, Land & West Coast Properties
|
|
|
|
|
|
|
|
|
|
# of |
|
Useable |
|
% of Total |
|
Occupancy (%) |
|
Annualized |
|
Annualized |
|
Gross Total RE |
|
Total |
| ||||||||||
Properties |
|
SubMarket |
|
Ownership |
|
Bldgs |
|
Sq. Feet |
|
Sq. Feet |
|
Dec-13 |
|
Sep-13 |
|
Jun-13 |
|
Mar-13 |
|
Dec-12 |
|
Cash Rent ($s) |
|
Cash Rent (SLG%) |
|
Book Value |
|
Tenants |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Same Store Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1604 Broadway - 70% |
|
Times Square |
|
Leasehold Interest |
|
1 |
|
29,876 |
|
3 |
|
23.7 |
|
23.7 |
|
23.7 |
|
23.7 |
|
23.7 |
|
2,001,902 |
|
3 |
|
7,490,827 |
|
2 |
| ||
11 West 34th Street - 30% |
|
Herald Square/Penn Station |
|
Fee Interest |
|
1 |
|
17,150 |
|
2 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
2,123,688 |
|
1 |
|
15,482,405 |
|
1 |
| ||
21-25 West 34th Street - 50% |
|
Herald Square/Penn Station |
|
Fee Interest |
|
1 |
|
30,100 |
|
3 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
8,233,968 |
|
8 |
|
23,349,965 |
|
1 |
| ||
717 Fifth Avenue - 10.92% |
|
Midtown/Plaza District |
|
Fee Interest |
|
1 |
|
119,550 |
|
14 |
|
89.4 |
|
89.4 |
|
89.4 |
|
89.4 |
|
89.4 |
|
34,591,080 |
|
8 |
|
279,966,857 |
|
7 |
| ||
Williamsburg Terrace |
|
Brooklyn, New York |
|
Fee Interest |
|
1 |
|
52,000 |
|
6 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
1,558,032 |
|
3 |
|
16,357,696 |
|
3 |
| ||
Subtotal/Weighted Average |
|
5 |
|
248,676 |
|
28 |
% |
85.8 |
% |
85.8 |
% |
85.8 |
% |
85.8 |
% |
85.8 |
% |
$ |
48,508,670 |
|
23 |
% |
$ |
342,647,749 |
|
14 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Non Same Store Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
19-21 East 65th Street - 80% (2) |
|
Plaza District |
|
Leasehold Interest |
|
2 |
|
23,610 |
|
3 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
1,412,184 |
|
2 |
|
7,539,680 |
|
7 |
| ||
21 East 66th Street - 32.28% |
|
Plaza District |
|
Fee Interest |
|
1 |
|
16,736 |
|
2 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
3,409,057 |
|
2 |
|
83,668,773 |
|
1 |
| ||
131-137 Spring Street |
|
Soho |
|
Fee Interest |
|
2 |
|
68,342 |
|
8 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
4,691,037 |
|
10 |
|
133,154,271 |
|
12 |
| ||
180-182 Broadway - 25.5% |
|
Cast Iron / Soho |
|
Fee Interest |
|
2 |
|
156,086 |
|
18 |
|
100.0 |
|
100.0 |
|
|
|
|
|
|
|
9,757,368 |
|
5 |
|
131,562,699 |
|
3 |
| ||
315 West 33rd Street - The Olivia |
|
Penn Station |
|
Fee Interest |
|
1 |
|
270,132 |
|
31 |
|
100.0 |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
14,779,822 |
|
30 |
|
211,933,183 |
|
10 |
| ||
724 Fifth Avenue - 50% |
|
Plaza District |
|
Fee Interest |
|
1 |
|
65,010 |
|
7 |
|
76.6 |
|
84.6 |
|
84.8 |
|
84.7 |
|
84.7 |
|
20,589,864 |
|
21 |
|
225,044,358 |
|
7 |
| ||
752 Madison Avenue - 80% (2) |
|
Plaza District |
|
Leasehold Interest |
|
1 |
|
21,124 |
|
2 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
3,561,060 |
|
6 |
|
7,140,833 |
|
1 |
| ||
762 Madison Avenue - 80% (2) |
|
Plaza District |
|
Fee Interest |
|
1 |
|
6,109 |
|
1 |
|
82.6 |
|
82.6 |
|
82.6 |
|
100.0 |
|
100.0 |
|
624,324 |
|
1 |
|
16,703,508 |
|
4 |
| ||
Subtotal/Weighted Average |
|
11 |
|
627,149 |
|
72 |
% |
97.4 |
% |
96.9 |
% |
94.6 |
% |
95.1 |
% |
95.1 |
% |
$ |
58,824,716 |
|
77 |
% |
$ |
816,747,305 |
|
45 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total / Weighted Average Retail Properties |
|
|
|
16 |
|
875,825 |
|
100 |
% |
94.1 |
% |
92.5 |
% |
90.0 |
% |
90.3 |
% |
90.3 |
% |
$ |
107,333,386 |
|
100 |
% |
$ |
1,159,395,055 |
|
59 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Development / Redevelopment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
125 Chubb Way |
|
Lyndhurst, New Jersey |
|
Fee Interest |
|
1 |
|
278,000 |
|
9 |
|
59.4 |
|
58.3 |
|
57.1 |
|
57.1 |
|
57.1 |
|
3,635,136 |
|
4 |
|
55,320,282 |
|
4 |
| ||
150 Grand Street |
|
White Plains, New York |
|
Fee Interest |
|
1 |
|
85,000 |
|
3 |
|
31.5 |
|
31.5 |
|
31.5 |
|
31.3 |
|
33.0 |
|
691,008 |
|
1 |
|
17,302,024 |
|
16 |
| ||
7 Renaissance Square - 50% |
|
White Plains, New York |
|
Fee Interest |
|
1 |
|
65,641 |
|
2 |
|
46.6 |
|
46.6 |
|
40.3 |
|
40.3 |
|
29.2 |
|
997,380 |
|
1 |
|
6,001,233 |
|
4 |
| ||
33 Beekman Street - 45.9% |
|
Downtown |
|
Fee Interest |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,040,671 |
|
|
| ||
3 Columbus Circle - 48.9% |
|
Columbus Circle |
|
Fee Interest |
|
1 |
|
530,981 |
|
16 |
|
70.7 |
|
70.3 |
|
65.5 |
|
61.8 |
|
51.6 |
|
31,239,593 |
|
17 |
|
574,393,807 |
|
17 |
| ||
280 Park Avenue - 49.5% |
|
Park Avenue |
|
Fee Interest |
|
1 |
|
1,219,158 |
|
38 |
|
59.4 |
|
59.4 |
|
54.9 |
|
54.9 |
|
55.0 |
|
64,933,920 |
|
36 |
|
1,129,170,058 |
|
28 |
| ||
51 East 42nd Street |
|
Grand Central |
|
Fee Interest |
|
1 |
|
142,000 |
|
4 |
|
86.5 |
|
88.3 |
|
91.4 |
|
86.9 |
|
85.9 |
|
6,752,424 |
|
8 |
|
79,824,838 |
|
84 |
| ||
317 Madison Avenue |
|
Grand Central |
|
Fee Interest |
|
1 |
|
450,000 |
|
14 |
|
78.6 |
|
81.9 |
|
81.6 |
|
81.7 |
|
81.3 |
|
20,781,792 |
|
23 |
|
135,584,899 |
|
72 |
| ||
331 Madison Avenue |
|
Grand Central |
|
Fee Interest |
|
1 |
|
114,900 |
|
4 |
|
83.6 |
|
83.6 |
|
84.2 |
|
84.2 |
|
84.2 |
|
4,271,340 |
|
5 |
|
80,906,620 |
|
15 |
| ||
Fifth Avenue Retail Assemblage |
|
Plaza District |
|
Fee Interest |
|
3 |
|
66,962 |
|
2 |
|
74.6 |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
2,522,196 |
|
3 |
|
146,000,000 |
|
6 |
| ||
635 Sixth Avenue |
|
Midtown South |
|
Fee Interest |
|
1 |
|
104,000 |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,571,792 |
|
|
| ||
650 Fifth Avenue - 50% |
|
Plaza District |
|
Leasehold Interest |
|
1 |
|
32,324 |
|
1 |
|
63.6 |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
3,241,092 |
|
2 |
|
190,554,357 |
|
3 |
| ||
747 Madison Avenue - 33.33% |
|
Plaza District |
|
Fee Interest |
|
1 |
|
10,000 |
|
0 |
|
59.1 |
|
59.1 |
|
59.1 |
|
|
|
|
|
3,300,000 |
|
1 |
|
85,008,458 |
|
1 |
| ||
985-987 Third Avenue |
|
Upper East Side |
|
Fee Interest |
|
2 |
|
13,678 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,882,904 |
|
|
| ||
1080 Amsterdam - 87.5% (2) |
|
Upper West Side |
|
Leasehold Interest |
|
1 |
|
82,250 |
|
3 |
|
2.2 |
|
2.2 |
|
2.2 |
|
2.2 |
|
2.2 |
|
146,475 |
|
0 |
|
35,043,624 |
|
1 |
| ||
1552-1560 Broadway - 50% |
|
Times Square |
|
Fee Interest |
|
2 |
|
35,897 |
|
1 |
|
|
|
|
|
|
|
23.3 |
|
23.3 |
|
|
|
|
|
229,277,314 |
|
|
| ||
Total / Weighted Average Development / Redevelopment Properties |
|
20 |
|
3,230,791 |
|
100 |
|
61.1 |
% |
61.1 |
% |
58.5 |
% |
57.7 |
% |
55.7 |
% |
$ |
142,512,356 |
|
100 |
% |
$ |
2,911,882,881 |
|
251 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Same Store Land |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2 Herald Square (1) |
|
Herald Square/Penn Station |
|
Fee Interest |
|
1 |
|
354,400 |
|
37 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
11,531,250 |
|
42 |
|
229,336,692 |
|
|
| ||
885 Third Avenue (1) |
|
Midtown/Plaza District |
|
Fee Interest |
|
1 |
|
607,000 |
|
63 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
16,246,260 |
|
58 |
|
329,943,115 |
|
|
| ||
Total / Weighted Average Land |
|
|
|
2 |
|
961,400 |
|
100 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
$ |
27,777,510 |
|
100 |
% |
$ |
559,279,807 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
West Coast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
West Coast Office Portfolio - 43.74% |
|
|
|
Fee Interest |
|
52 |
|
3,654,315 |
|
100 |
|
77.9 |
|
75.8 |
|
76.5 |
|
77.0 |
|
76.9 |
|
73,782,458 |
|
100 |
|
571,313,430 |
|
|
| ||
Total / Weighted Average California Properties |
|
|
|
52 |
|
3,654,315 |
|
100 |
% |
77.9 |
% |
75.8 |
% |
76.5 |
% |
77.0 |
% |
76.9 |
% |
$ |
73,782,458 |
|
100 |
% |
$ |
571,313,430 |
|
|
|
Residential Properties
|
|
|
|
|
|
# of |
|
Useable |
|
|
|
Occupancy (%) |
|
Average Monthly |
|
Annualized |
|
Gross Total RE |
|
|
| |||||||||||
Properties |
|
SubMarket |
|
Ownership |
|
Bldgs |
|
Sq. Feet |
|
Total Units |
|
Dec-13 |
|
Sep-13 |
|
Jun-13 |
|
Mar-13 |
|
Dec-12 |
|
Rent Per Unit ($s) |
|
Cash Rent ($s) |
|
Book Value |
|
|
| |||
400 East 57th Street - 80% (2) |
|
Upper East Side |
|
Fee Interest |
|
1 |
|
290,482 |
|
259 |
|
95.0 |
|
95.0 |
|
98.1 |
|
94.6 |
|
91.9 |
|
2,980 |
|
10,348,769 |
|
115,701,878 |
|
|
| |||
400 East 58th Street - 80% (2) |
|
Upper East Side |
|
Fee Interest |
|
1 |
|
140,000 |
|
125 |
|
94.4 |
|
96.8 |
|
100.0 |
|
96.8 |
|
97.6 |
|
2,939 |
|
4,485,041 |
|
50,853,285 |
|
|
| |||
248-252 Bedford Avenue - 90% (2) |
|
Brooklyn, New York |
|
Fee Interest |
|
1 |
|
66,611 |
|
84 |
|
85.7 |
|
67.9 |
|
20.2 |
|
|
|
N/A |
|
4,559 |
|
3,939,251 |
|
56,621,832 |
|
|
| |||
315 West 33rd Street - The Olivia |
|
Penn Station |
|
Fee Interest |
|
1 |
|
222,855 |
|
333 |
|
92.5 |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
3,772 |
|
13,234,357 |
|
174,841,817 |
|
|
| |||
Total / Weighted Average Residential Properties |
|
|
|
4 |
|
719,948 |
|
801 |
|
92.9 |
% |
90.6 |
% |
84.6 |
% |
78.2 |
% |
93.8 |
% |
$ |
3,469 |
|
$ |
32,007,419 |
|
$ |
398,018,812 |
|
|
| ||
(1) Subject to long-term, third party net operating leases.
(2) Consolidated joint venture assets.
SELECTED PROPERTY DATA
Manhattan Properties - Reckson Portfolio |
|
|
|
|
|
|
Useable |
|
% of Total |
|
Occupancy (%) |
|
Annualized |
|
Annualized Cash Rent |
|
Total |
| |||||||||||
Properties |
|
SubMarket |
|
Ownership |
|
Sq. Feet |
|
Sq. Feet |
|
Dec-13 |
|
Sep-13 |
|
Jun-13 |
|
Mar-13 |
|
Dec-12 |
|
Cash Rent ($s) |
|
100% |
|
SLG |
|
Tenants |
| |
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
110 East 42nd Street |
|
Grand Central |
|
Fee Interest |
|
215,400 |
|
2 |
|
86.5 |
|
86.5 |
|
85.8 |
|
84.9 |
|
81.6 |
|
8,913,540 |
|
2 |
|
2 |
|
23 |
| |
461 Fifth Avenue |
|
Midtown |
|
Leasehold Interest |
|
200,000 |
|
2 |
|
99.4 |
|
99.4 |
|
99.4 |
|
99.4 |
|
99.4 |
|
16,529,484 |
|
4 |
|
4 |
|
14 |
| |
555 West 57th Street |
|
Midtown West |
|
Fee Interest |
|
941,000 |
|
10 |
|
99.9 |
|
99.1 |
|
99.8 |
|
99.2 |
|
99.2 |
|
33,901,044 |
|
9 |
|
8 |
|
10 |
| |
609 Fifth Avenue |
|
Rockefeller Center |
|
Fee Interest |
|
160,000 |
|
2 |
|
77.8 |
|
85.0 |
|
85.0 |
|
85.8 |
|
85.2 |
|
14,042,124 |
|
4 |
|
3 |
|
11 |
| |
673 First Avenue |
|
Grand Central South |
|
Leasehold Interest |
|
422,000 |
|
4 |
|
99.2 |
|
100.0 |
|
100.0 |
|
100.0 |
|
100.0 |
|
21,004,836 |
|
6 |
|
5 |
|
7 |
| |
750 Third Avenue |
|
Grand Central North |
|
Fee Interest |
|
780,000 |
|
8 |
|
95.8 |
|
96.8 |
|
96.8 |
|
96.1 |
|
97.5 |
|
41,437,956 |
|
11 |
|
10 |
|
28 |
| |
810 Seventh Avenue |
|
Times Square |
|
Fee Interest |
|
692,000 |
|
7 |
|
92.0 |
|
91.5 |
|
91.0 |
|
87.6 |
|
87.6 |
|
40,023,768 |
|
11 |
|
10 |
|
41 |
| |
919 Third Avenue |
|
Grand Central North |
|
Fee Interest (1) |
|
1,454,000 |
|
15 |
|
90.3 |
|
96.9 |
|
96.9 |
|
96.9 |
|
96.9 |
|
81,700,824 |
|
|
|
10 |
|
12 |
| |
1185 Avenue of the Americas |
|
Rockefeller Center |
|
Leasehold Interest |
|
1,062,000 |
|
11 |
|
95.2 |
|
95.2 |
|
95.2 |
|
97.6 |
|
97.6 |
|
81,445,404 |
|
22 |
|
19 |
|
18 |
| |
1350 Avenue of the Americas |
|
Rockefeller Center |
|
Fee Interest |
|
562,000 |
|
6 |
|
99.5 |
|
98.1 |
|
95.3 |
|
97.0 |
|
97.0 |
|
37,538,424 |
|
10 |
|
9 |
|
35 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Subtotal / Weighted Average |
|
|
|
6,488,400 |
|
67 |
% |
94.6 |
% |
96.1 |
% |
96.1 |
% |
96.1 |
% |
96.2 |
% |
$ |
376,537,404 |
|
80 |
% |
81 |
% |
199 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
304 Park Avenue South |
|
Midtown South |
|
Fee Interest |
|
215,000 |
|
2 |
|
98.8 |
|
95.3 |
|
93.6 |
|
93.6 |
|
95.8 |
|
11,923,104 |
|
3 |
|
3 |
|
15 |
| |
641 Sixth Avenue |
|
Midtown South |
|
Fee Interest |
|
163,000 |
|
2 |
|
92.1 |
|
92.1 |
|
92.1 |
|
92.1 |
|
92.1 |
|
8,380,860 |
|
2 |
|
2 |
|
7 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Subtotal / Weighted Average |
|
|
|
378,000 |
|
4 |
% |
95.9 |
% |
93.9 |
% |
92.9 |
% |
92.9 |
% |
94.2 |
% |
$ |
20,303,964 |
|
5 |
% |
5 |
% |
22 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Grand Total / Weighted Average |
|
|
|
6,866,400 |
|
71 |
% |
94.6 |
% |
96.0 |
% |
96.0 |
% |
95.9 |
% |
96.0 |
% |
$ |
396,841,368 |
|
85 |
% |
|
|
221 |
| ||
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
356,807,964 |
|
|
|
85 |
% |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban Properties - Reckson Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Same Store |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1100 King Street - 1 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
90,000 |
|
1 |
|
74.8 |
|
74.8 |
|
74.9 |
|
74.9 |
|
74.9 |
|
1,748,604 |
|
0 |
|
0 |
|
2 |
| |
1100 King Street - 2 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
90,000 |
|
1 |
|
47.0 |
|
47.0 |
|
47.0 |
|
47.0 |
|
47.0 |
|
1,355,964 |
|
0 |
|
0 |
|
3 |
| |
1100 King Street - 3 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
90,000 |
|
1 |
|
57.2 |
|
57.2 |
|
55.7 |
|
63.3 |
|
63.3 |
|
1,705,944 |
|
0 |
|
0 |
|
3 |
| |
1100 King Street - 4 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
90,000 |
|
1 |
|
83.9 |
|
69.6 |
|
68.1 |
|
59.4 |
|
59.4 |
|
1,817,040 |
|
0 |
|
0 |
|
9 |
| |
1100 King Street - 5 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
90,000 |
|
1 |
|
82.6 |
|
80.5 |
|
80.5 |
|
80.5 |
|
79.8 |
|
1,801,620 |
|
0 |
|
0 |
|
9 |
| |
1100 King Street - 6 Intl Drive |
|
Rye Brook, New York |
|
Fee Interest |
|
90,000 |
|
1 |
|
88.0 |
|
88.0 |
|
88.0 |
|
88.0 |
|
71.2 |
|
2,662,596 |
|
1 |
|
1 |
|
4 |
| |
520 White Plains Road |
|
Tarrytown, New York |
|
Fee Interest |
|
180,000 |
|
2 |
|
57.8 |
|
57.8 |
|
75.4 |
|
75.4 |
|
72.5 |
|
2,854,680 |
|
1 |
|
1 |
|
8 |
| |
115-117 Stevens Avenue |
|
Valhalla, New York |
|
Fee Interest |
|
178,000 |
|
2 |
|
73.4 |
|
73.4 |
|
70.9 |
|
70.9 |
|
86.0 |
|
2,682,720 |
|
1 |
|
1 |
|
10 |
| |
100 Summit Lake Drive |
|
Valhalla, New York |
|
Fee Interest |
|
250,000 |
|
3 |
|
70.7 |
|
70.7 |
|
70.7 |
|
70.7 |
|
70.7 |
|
4,246,380 |
|
1 |
|
1 |
|
10 |
| |
200 Summit Lake Drive |
|
Valhalla, New York |
|
Fee Interest |
|
245,000 |
|
3 |
|
80.2 |
|
80.2 |
|
69.3 |
|
66.6 |
|
87.5 |
|
4,535,136 |
|
1 |
|
1 |
|
8 |
| |
500 Summit Lake Drive |
|
Valhalla, New York |
|
Fee Interest |
|
228,000 |
|
2 |
|
90.3 |
|
90.3 |
|
90.3 |
|
89.5 |
|
76.9 |
|
4,798,848 |
|
1 |
|
1 |
|
6 |
| |
140 Grand Street |
|
White Plains, New York |
|
Fee Interest |
|
130,100 |
|
1 |
|
93.6 |
|
89.5 |
|
89.5 |
|
89.5 |
|
95.3 |
|
3,988,068 |
|
1 |
|
1 |
|
13 |
| |
360 Hamilton Avenue |
|
White Plains, New York |
|
Fee Interest |
|
384,000 |
|
4 |
|
89.3 |
|
89.0 |
|
89.0 |
|
88.7 |
|
94.3 |
|
12,155,160 |
|
3 |
|
3 |
|
17 |
| |
680 Washington Boulevard |
|
Stamford, Connecticut |
|
Fee Interest (1) |
|
133,000 |
|
1 |
|
77.7 |
|
76.5 |
|
76.5 |
|
76.5 |
|
74.6 |
|
4,353,144 |
|
|
|
1 |
|
9 |
| |
750 Washington Boulevard |
|
Stamford, Connecticut |
|
Fee Interest (1) |
|
192,000 |
|
2 |
|
93.3 |
|
93.6 |
|
93.6 |
|
93.6 |
|
93.6 |
|
6,380,580 |
|
|
|
1 |
|
8 |
| |
1055 Washington Boulevard |
|
Stamford, Connecticut |
|
Leasehold Interest |
|
182,000 |
|
2 |
|
87.7 |
|
86.7 |
|
86.0 |
|
86.0 |
|
86.0 |
|
6,111,048 |
|
2 |
|
1 |
|
21 |
| |
1010 Washington Boulevard |
|
Stamford, Connecticut |
|
Fee Interest |
|
143,400 |
|
1 |
|
65.3 |
|
65.3 |
|
63.5 |
|
60.9 |
|
60.9 |
|
3,028,464 |
|
1 |
|
1 |
|
19 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total / Weighted Average Consolidated Properties |
|
|
|
2,785,500 |
|
29 |
% |
79.1 |
% |
78.3 |
% |
78.1 |
% |
77.5 |
% |
79.5 |
% |
$ |
66,225,996 |
|
15 |
% |
15 |
% |
159 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Grand Total / Weighted Average |
|
|
|
2,785,500 |
|
29 |
% |
79.1 |
% |
78.3 |
% |
78.1 |
% |
77.5 |
% |
79.5 |
% |
$ |
66,225,996 |
|
|
|
|
|
159 |
| ||
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
60,966,471 |
|
|
|
15 |
% |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reckson Portfolio Grand Total |
|
|
|
9,651,900 |
|
100 |
% |
90.2 |
% |
90.9 |
% |
91.0 |
% |
90.8 |
% |
91.4 |
% |
$ |
463,067,364 |
|
|
|
|
|
380 |
| ||
Portfolio Grand Total - SLG Share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
417,774,435 |
|
100 |
% |
100 |
% |
|
|
(1) SL Green holds a 51% interest in this consolidated joint venture asset.
Retail & Development / Redevelopment Properties - Reckson Portfolio
|
|
|
|
|
|
Useable |
|
% of Total |
|
Occupancy (%) |
|
Annualized |
|
Gross Total RE |
|
Total |
| ||||||||||
Properties |
|
SubMarket |
|
Ownership |
|
Sq. Feet |
|
Sq. Feet |
|
Dec-13 |
|
Sep-13 |
|
Jun-13 |
|
Mar-13 |
|
Dec-12 |
|
Cash Rent ($s) |
|
Book Value |
|
Tenants |
| ||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
315 West 33rd Street - The Olivia |
|
Penn Station |
|
Fee Interest |
|
270,132 |
|
100 |
|
100.0 |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
14,779,822 |
|
211,933,183 |
|
10 |
| ||
Total Retail Properties |
|
|
|
|
|
270,132 |
|
100 |
% |
100.0 |
% |
|
|
|
|
|
|
|
|
$ |
14,779,822 |
|
$ |
211,933,183 |
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Development / Redevelopment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
635 Sixth Avenue |
|
Midtown South |
|
Fee Interest |
|
104,000 |
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
79,571,792 |
|
|
| ||
Total Development Properties |
|
|
|
|
|
104,000 |
|
100 |
% |
0.0 |
% |
0.0 |
% |
0.0 |
% |
0.0 |
% |
0.0 |
% |
$ |
|
|
$ |
79,571,792 |
|
|
|
Residential Properties - Reckson Portfolio
|
|
|
|
|
|
Useable |
|
|
|
Occupancy (%) |
|
Annualized |
|
Average Monthly |
|
Gross Total RE |
| |||||||||||
Properties |
|
SubMarket |
|
Ownership |
|
Sq. Feet |
|
Total Units |
|
Dec-13 |
|
Sep-13 |
|
Jun-13 |
|
Mar-13 |
|
Dec-12 |
|
Cash Rent ($s) |
|
Rent Per Unit ($s) |
|
Book Value |
| |||
315 West 33rd Street - The Olivia |
|
Penn Station |
|
Fee Interest |
|
222,855 |
|
333 |
|
92.5 |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
13,234,357 |
|
3,772 |
|
174,841,817 |
| |||
Total Residential Properties |
|
|
|
|
|
222,855 |
|
333 |
|
92.5 |
% |
|
|
|
|
|
|
|
|
$ |
13,234,357 |
|
$ |
3,772 |
|
$ |
174,841,817 |
|
LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
% of |
|
SLG Share of |
|
SLG Share of |
|
|
| ||||
|
|
|
|
Lease |
|
Total |
|
Annualized |
|
PSF |
|
Annualized |
|
Annualized |
|
Annualized |
|
Credit |
| ||||
Tenant Name |
|
Property |
|
Expiration |
|
Square Feet |
|
Cash Rent ($) |
|
Annualized |
|
Cash Rent |
|
Cash Rent($) |
|
Cash Rent |
|
Rating (2) |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Citigroup, N.A. |
|
388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue, 750 Washington Blvd |
|
Various |
|
3,023,423 |
|
$ |
130,689,197 |
(1) |
$ |
43.23 |
|
9.5 |
% |
$ |
74,386,621 |
|
6.6 |
% |
A- |
| |
Viacom International, Inc. |
|
1515 Broadway |
|
2031 |
|
1,330,735 |
|
84,320,090 |
|
$ |
63.36 |
|
6.1 |
% |
84,320,090 |
|
7.5 |
% |
BBB |
| |||
Credit Suisse Securities (USA), Inc. |
|
1 Madison Avenue , 280 Park Avenue & 1055 Washington |
|
2014, 2019 & 2020 |
|
1,241,354 |
|
72,534,392 |
|
$ |
58.43 |
|
5.3 |
% |
69,123,136 |
|
6.1 |
% |
A |
| |||
AIG Employee Services, Inc. |
|
180 Maiden Lane |
|
2014 |
|
803,222 |
|
43,099,689 |
|
$ |
53.66 |
|
3.1 |
% |
21,515,365 |
|
1.9 |
% |
A- |
| |||
Random House, Inc. |
|
1745 Broadway |
|
2018 & 2023 |
|
644,598 |
|
37,785,768 |
|
$ |
58.62 |
|
2.7 |
% |
12,189,689 |
|
1.1 |
% |
BBB+ |
| |||
Debevoise & Plimpton, LLP |
|
919 Third Avenue |
|
2021 |
|
619,353 |
|
41,898,335 |
|
$ |
67.65 |
|
3.0 |
% |
21,368,151 |
|
1.9 |
% |
|
| |||
The City of New York |
|
16 Court Street & 100 Church Street |
|
2014, 2017 & 2034 |
|
541,787 |
|
17,525,751 |
|
$ |
32.35 |
|
1.3 |
% |
17,525,751 |
|
1.6 |
% |
AA |
| |||
Omnicom Group, Inc. |
|
220 East 42nd Street |
|
2017 |
|
493,560 |
|
20,614,734 |
|
$ |
41.77 |
|
1.5 |
% |
20,614,734 |
|
1.8 |
% |
BBB+ |
| |||
Ralph Lauren Corporation |
|
625 Madison Avenue |
|
2019 |
|
339,381 |
|
23,226,324 |
|
$ |
68.44 |
|
1.7 |
% |
23,226,324 |
|
2.1 |
% |
A |
| |||
Advance Magazine Group, Fairchild Publications |
|
750 Third Avenue & 485 Lexington Avenue |
|
2021 |
|
339,195 |
|
15,255,834 |
|
$ |
44.98 |
|
1.1 |
% |
15,255,834 |
|
1.3 |
% |
|
| |||
Harper Collins Publishers LLC |
|
1350 Avenue of the Americas & 10 East 53rd Street |
|
2014 & 2020 |
|
289,534 |
|
16,711,086 |
|
$ |
57.72 |
|
1.2 |
% |
10,797,643 |
|
1.0 |
% |
BBB+ |
| |||
C.B.S. Broadcasting, Inc. |
|
555 West 57th Street |
|
2023 |
|
283,798 |
|
10,797,282 |
|
$ |
38.05 |
|
0.8 |
% |
10,797,282 |
|
1.0 |
% |
BBB |
| |||
Schulte, Roth & Zabel LLP |
|
919 Third Avenue |
|
2021 |
|
263,186 |
|
16,512,716 |
|
$ |
62.74 |
|
1.2 |
% |
8,421,485 |
|
0.7 |
% |
|
| |||
HF Management Services LLC |
|
100 Church Street & 521 Fifth Avenue |
|
2015 & 2032 |
|
252,762 |
|
8,343,939 |
|
$ |
33.01 |
|
0.6 |
% |
8,343,939 |
|
0.7 |
% |
|
| |||
New York Presbyterian Hospital |
|
673 First Avenue |
|
2021 |
|
232,772 |
|
10,624,850 |
|
$ |
45.64 |
|
0.8 |
% |
10,624,850 |
|
0.9 |
% |
|
| |||
BMW of Manhattan |
|
555 West 57th Street |
|
2022 |
|
227,782 |
|
5,804,014 |
|
$ |
25.48 |
|
0.4 |
% |
5,804,014 |
|
0.5 |
% |
A+ |
| |||
Stroock, Stroock & Lavan LLP |
|
180 Maiden Lane |
|
2023 |
|
223,434 |
|
11,093,850 |
|
$ |
49.65 |
|
0.8 |
% |
5,538,050 |
|
0.5 |
% |
|
| |||
The Travelers Indemnity Company |
|
485 Lexington Avenue & 2 Jericho Plaza |
|
2015 & 2021 |
|
213,456 |
|
10,974,003 |
|
$ |
51.41 |
|
0.8 |
% |
9,880,583 |
|
0.9 |
% |
AA |
| |||
The City University of New York - CUNY |
|
555 West 57th Street & 16 Court Street |
|
2013, 2020 & 2030 |
|
207,136 |
|
7,725,598 |
|
$ |
37.30 |
|
0.6 |
% |
7,725,598 |
|
0.7 |
% |
Aa2 |
| |||
Amerada Hess Corp. |
|
1185 Avenue of the Americas |
|
2027 |
|
181,569 |
|
12,731,274 |
|
$ |
70.12 |
|
0.9 |
% |
12,731,274 |
|
1.1 |
% |
BBB |
| |||
Verizon |
|
120 West 45th Street, 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive |
|
Various |
|
172,502 |
|
4,839,068 |
|
$ |
28.05 |
|
0.4 |
% |
4,839,068 |
|
0.4 |
% |
BBB+ |
| |||
United Nations |
|
220 East 42nd Street |
|
2017, 2021 & 2022 |
|
169,137 |
|
7,867,391 |
|
$ |
46.51 |
|
0.6 |
% |
7,867,391 |
|
0.7 |
% |
A1 |
| |||
News America Incorporated |
|
1185 Avenue of the Americas |
|
2020 |
|
161,722 |
|
14,236,096 |
|
$ |
88.03 |
|
1.0 |
% |
14,236,096 |
|
1.3 |
% |
BBB+ |
| |||
King & Spalding |
|
1185 Avenue of the Americas |
|
2025 |
|
159,943 |
|
13,793,036 |
|
$ |
86.24 |
|
1.0 |
% |
13,793,036 |
|
1.2 |
% |
|
| |||
Young & Rubicam, Inc. |
|
3 Columbus Circle |
|
2033 |
|
159,292 |
|
9,909,020 |
|
$ |
62.21 |
|
0.7 |
% |
4,845,511 |
|
0.4 |
% |
BBB |
| |||
Bloomingdales, Inc. |
|
919 Third Avenue |
|
2024 |
|
148,465 |
|
7,634,509 |
|
$ |
51.42 |
|
0.6 |
% |
3,893,600 |
|
0.3 |
% |
BBB+ |
| |||
National Hockey League |
|
1185 Avenue of the Americas |
|
2022 |
|
148,217 |
|
12,544,387 |
|
$ |
84.64 |
|
0.9 |
% |
12,544,387 |
|
1.1 |
% |
|
| |||
New York Hospitals Center |
|
673 First Avenue |
|
2021 & 2026 |
|
147,433 |
|
7,518,316 |
|
$ |
50.99 |
|
0.5 |
% |
7,518,316 |
|
0.7 |
% |
|
| |||
Banque National De Paris |
|
919 Third Avenue |
|
2016 |
|
145,834 |
|
9,519,693 |
|
$ |
65.28 |
|
0.7 |
% |
4,855,043 |
|
0.4 |
% |
A+ |
| |||
Beth Israel Medical Center & The Mount Sinai Hospital |
|
555 West 57th Street & 625 Madison Avenue |
|
2016 & 2030 |
|
144,251 |
|
6,054,632 |
|
$ |
41.97 |
|
0.4 |
% |
6,054,632 |
|
0.5 |
% |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total |
|
|
|
|
|
13,308,833 |
|
$ |
692,184,874 |
(1) |
$ |
52.01 |
|
50.2 |
% |
$ |
530,637,493 |
|
46.9 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Portfolio Grand Total |
|
|
|
|
|
28,549,979 |
|
$ |
1,379,837,788 |
(1) |
$ |
48.33 |
|
|
|
$ |
1,130,433,053 |
|
|
|
|
| |
(1) Reflects the net rent as of December 31, 2013 of $41.68 PSF for the 388-390 Greenwich Street lease. If this lease were included on a gross basis, Citigroups total PSF annualized rent would be $60.17, total PSF annualized rent for the largest tenants would be $55.86 and total PSF annualized rent for the Wholly Owned Portfolio + Allocated JV properties would be $50.12.
(2) Corporate or bond rating.
Leasing Activity - Manhattan Operating Properties |
|
| |
| |
Available Space |
Activity |
|
Building Address |
|
# of Leases |
|
Useable SF |
|
Rentable SF |
|
Escalated |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Vacancy at 9/30/13 |
|
|
|
|
|
1,343,646 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Less: Properties in redevelopment |
|
51 East 42nd Street |
|
|
|
(16,611 |
) |
|
|
|
| |
|
|
331 Madison Avenue |
|
|
|
(18,784 |
) |
|
|
|
| |
|
|
317 Madison Avenue |
|
|
|
(79,697 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Space which became available during the Quarter (2): |
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
| |
|
|
125 Park Avenue |
|
1 |
|
29,837 |
|
29,837 |
|
$ |
54.39 |
|
|
|
220 East 42nd Street |
|
1 |
|
3,082 |
|
3,082 |
|
$ |
35.00 |
|
|
|
304 Park Avenue South |
|
2 |
|
32,861 |
|
32,861 |
|
$ |
41.63 |
|
|
|
420 Lexington Avenue |
|
14 |
|
41,873 |
|
50,694 |
|
$ |
53.47 |
|
|
|
461 Fifth Avenue |
|
1 |
|
5,771 |
|
6,097 |
|
$ |
97.90 |
|
|
|
521 Fifth Avenue |
|
1 |
|
5,383 |
|
5,383 |
|
$ |
36.36 |
|
|
|
609 Fifth Avenue |
|
1 |
|
14,355 |
|
14,355 |
|
$ |
72.84 |
|
|
|
673 First Avenue |
|
1 |
|
3,500 |
|
3,500 |
|
$ |
40.54 |
|
|
|
750 Third Avenue |
|
1 |
|
11,465 |
|
11,779 |
|
$ |
80.44 |
|
|
|
810 Seventh Avenue |
|
2 |
|
32,203 |
|
32,203 |
|
$ |
59.66 |
|
|
|
919 Third Avenue |
|
1 |
|
141,260 |
|
141,260 |
|
$ |
60.43 |
|
|
|
1350 Avenue of the Americas |
|
3 |
|
27,015 |
|
28,525 |
|
$ |
76.58 |
|
|
|
Total/Weighted Average |
|
29 |
|
348,605 |
|
359,576 |
|
$ |
59.46 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Retail |
|
|
|
|
|
|
|
|
|
|
| |
|
|
125 Park Avenue |
|
1 |
|
7,210 |
|
6,077 |
|
$ |
332.70 |
|
|
|
625 Madison Avenue |
|
1 |
|
951 |
|
951 |
|
$ |
331.22 |
|
|
|
Total/Weighted Average |
|
2 |
|
8,161 |
|
7,028 |
|
$ |
332.50 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Storage |
|
|
|
|
|
|
|
|
|
|
| |
|
|
125 Park Avenue |
|
1 |
|
197 |
|
6,124 |
|
$ |
50.00 |
|
|
|
420 Lexington Avenue |
|
6 |
|
1,057 |
|
1,222 |
|
$ |
18.35 |
|
|
|
461 Fifth Avenue |
|
1 |
|
285 |
|
285 |
|
$ |
30.00 |
|
|
|
810 Seventh Avenue |
|
1 |
|
252 |
|
354 |
|
$ |
38.64 |
|
|
|
1515 Broadway |
|
1 |
|
145 |
|
171 |
|
$ |
35.00 |
|
|
|
Total/Weighted Average |
|
10 |
|
1,936 |
|
8,156 |
|
$ |
43.75 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Total Space which became available during the Quarter |
|
|
|
|
| |||||
|
|
Office |
|
29 |
|
348,605 |
|
359,576 |
|
$ |
59.46 |
|
|
|
Retail |
|
2 |
|
8,161 |
|
7,028 |
|
$ |
332.50 |
|
|
|
Storage |
|
10 |
|
1,936 |
|
8,156 |
|
$ |
43.75 |
|
|
|
|
|
41 |
|
358,702 |
|
374,760 |
|
$ |
64.23 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Total Available Space |
|
|
|
1,587,256 |
|
|
|
|
|
(1) Escalated rent is calculated as total annual income less electric charges.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
Leasing Activity - Manhattan Operating Properties
Leased Space |
|
Activity |
|
Building Address |
|
# of Leases |
|
Term (Yrs) |
|
Useable SF |
|
Rentable SF |
|
New Cash Rent / |
|
Prev. Escalated Rent/ |
|
TI / Rentable SF |
|
Free Rent |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Available Space |
|
|
|
|
|
|
|
1,587,256 |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
100 Church Street |
|
1 |
|
20.8 |
|
135,946 |
|
131,946 |
|
$ |
33.00 |
|
$ |
|
|
$ |
47.50 |
|
6.0 |
|
|
|
120 West 45th Street |
|
3 |
|
5.3 |
|
18,532 |
|
18,187 |
|
$ |
62.92 |
|
$ |
63.46 |
|
$ |
11.13 |
|
3.0 |
|
|
|
125 Park Avenue |
|
1 |
|
5.0 |
|
2,519 |
|
2,779 |
|
$ |
62.00 |
|
$ |
|
|
$ |
75.98 |
|
2.0 |
|
|
|
220 East 42nd Street |
|
3 |
|
5.7 |
|
7,597 |
|
8,562 |
|
$ |
47.80 |
|
$ |
42.55 |
|
$ |
20.16 |
|
1.9 |
|
|
|
304 Park Avenue South |
|
2 |
|
2.4 |
|
34,959 |
|
38,356 |
|
$ |
49.18 |
|
$ |
38.47 |
|
$ |
10.00 |
|
0.3 |
|
|
|
420 Lexington Avenue |
|
21 |
|
6.1 |
|
63,041 |
|
83,685 |
|
$ |
49.94 |
|
$ |
55.93 |
|
$ |
49.47 |
|
1.3 |
|
|
|
461 Fifth Avenue |
|
1 |
|
0.3 |
|
5,771 |
|
6,097 |
|
$ |
97.90 |
|
$ |
97.90 |
|
$ |
|
|
|
|
|
|
521 Fifth Avenue |
|
1 |
|
6.1 |
|
5,198 |
|
5,484 |
|
$ |
35.09 |
|
$ |
35.08 |
|
$ |
|
|
|
|
|
|
555 West 57th Street |
|
1 |
|
13.0 |
|
7,015 |
|
8,413 |
|
$ |
40.00 |
|
$ |
41.93 |
|
$ |
55.00 |
|
12.0 |
|
|
|
600 Lexington Avenue |
|
2 |
|
7.2 |
|
19,267 |
|
19,254 |
|
$ |
64.60 |
|
$ |
59.27 |
|
$ |
47.95 |
|
5.3 |
|
|
|
609 Fifth Avenue |
|
1 |
|
5.2 |
|
2,798 |
|
2,980 |
|
$ |
66.88 |
|
$ |
|
|
$ |
|
|
2.0 |
|
|
|
750 Third Avenue |
|
1 |
|
10.3 |
|
3,438 |
|
3,550 |
|
$ |
55.00 |
|
$ |
59.06 |
|
$ |
64.00 |
|
4.0 |
|
|
|
810 Seventh Avenue |
|
2 |
|
12.1 |
|
36,000 |
|
39,757 |
|
$ |
52.41 |
|
$ |
|
|
$ |
58.45 |
|
6.9 |
|
|
|
919 Third Avenue |
|
1 |
|
10.8 |
|
44,528 |
|
47,763 |
|
$ |
53.50 |
|
$ |
|
|
$ |
60.00 |
|
11.0 |
|
|
|
1350 Avenue of the Americas |
|
4 |
|
10.5 |
|
34,874 |
|
36,429 |
|
$ |
65.67 |
|
$ |
75.59 |
|
$ |
40.24 |
|
6.0 |
|
|
|
Total/Weighted Average |
|
45 |
|
11.5 |
|
421,483 |
|
453,242 |
|
$ |
48.41 |
|
$ |
56.53 |
|
$ |
43.34 |
|
4.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
100 Park Avenue |
|
2 |
|
13.0 |
|
3,884 |
|
4,544 |
|
$ |
185.71 |
|
$ |
|
|
$ |
103.71 |
|
5.0 |
|
|
|
304 Park Avenue South |
|
1 |
|
10.6 |
|
5,240 |
|
5,310 |
|
$ |
141.24 |
|
$ |
|
|
$ |
|
|
7.0 |
|
|
|
Total/Weighted Average |
|
3 |
|
11.7 |
|
9,124 |
|
9,854 |
|
$ |
161.75 |
|
$ |
|
|
$ |
47.82 |
|
6.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
420 Lexington Avenue |
|
3 |
|
4.6 |
|
948 |
|
1,346 |
|
$ |
13.35 |
|
$ |
43.46 |
|
$ |
45.64 |
|
1.3 |
|
|
|
461 Fifth Avenue |
|
1 |
|
0.3 |
|
285 |
|
285 |
|
$ |
30.00 |
|
$ |
30.00 |
|
$ |
|
|
|
|
|
|
1515 Broadway |
|
1 |
|
1.2 |
|
145 |
|
171 |
|
$ |
35.00 |
|
$ |
35.00 |
|
$ |
|
|
|
|
|
|
Total/Weighted Average |
|
5 |
|
3.6 |
|
1,378 |
|
1,802 |
|
$ |
18.04 |
|
$ |
39.83 |
|
$ |
34.09 |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Office (3) |
|
45 |
|
11.5 |
|
421,483 |
|
453,242 |
|
$ |
48.41 |
|
$ |
56.53 |
|
$ |
43.34 |
|
4.9 |
|
|
|
Retail |
|
3 |
|
11.7 |
|
9,124 |
|
9,854 |
|
$ |
161.75 |
|
$ |
|
|
$ |
47.82 |
|
6.1 |
|
|
|
Storage |
|
5 |
|
3.6 |
|
1,378 |
|
1,802 |
|
$ |
18.04 |
|
$ |
39.83 |
|
$ |
34.09 |
|
1.0 |
|
|
|
Total |
|
53 |
|
11.5 |
|
431,985 |
|
464,898 |
|
$ |
50.69 |
|
$ |
56.40 |
|
$ |
43.40 |
|
4.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Available Space as of 12/31/13 |
|
|
|
|
|
1,155,271 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
120 West 45th Street |
|
1 |
|
10.0 |
|
9,711 |
|
10,093 |
|
$ |
50.00 |
|
$ |
49.06 |
|
$ |
44.57 |
|
4.0 |
|
|
|
388 & 390 Greenwich Street |
|
1 |
|
15.0 |
|
2,634,670 |
|
2,634,670 |
|
$ |
47.00 |
(4) |
$ |
41.68 |
|
$ |
51.14 |
(5) |
7.1 |
|
|
|
420 Lexington Avenue |
|
6 |
|
18.7 |
|
108,200 |
|
139,705 |
|
$ |
47.11 |
|
$ |
36.87 |
|
$ |
59.80 |
|
5.5 |
|
|
|
555 West 57th Street |
|
1 |
|
5.0 |
|
50,000 |
|
50,000 |
|
$ |
39.80 |
|
$ |
37.80 |
|
$ |
|
|
|
|
|
|
750 Third Avenue |
|
1 |
|
5.8 |
|
4,679 |
|
5,022 |
|
$ |
55.00 |
|
$ |
76.77 |
|
$ |
3.24 |
|
|
|
|
|
800 Third Avenue |
|
1 |
|
5.5 |
|
15,985 |
|
16,045 |
|
$ |
79.69 |
|
$ |
89.14 |
|
$ |
29.57 |
|
3.0 |
|
|
|
810 Seventh Avenue |
|
1 |
|
5.5 |
|
15,500 |
|
17,320 |
|
$ |
57.00 |
|
$ |
63.17 |
|
$ |
|
|
1.0 |
|
|
|
1350 Avenue of the Americas |
|
1 |
|
2.0 |
|
1,738 |
|
1,738 |
|
$ |
68.00 |
|
$ |
65.00 |
|
$ |
|
|
|
|
|
|
Total/Weighted Average |
|
13 |
|
14.9 |
|
2,840,483 |
|
2,874,593 |
|
$ |
47.16 |
|
$ |
41.87 |
|
$ |
50.11 |
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
420 Lexington Avenue |
|
1 |
|
20.0 |
|
4,708 |
|
5,012 |
|
$ |
40.89 |
|
$ |
33.66 |
|
$ |
|
|
|
|
|
|
625 Madison Avenue |
|
1 |
|
10.0 |
|
2,600 |
|
2,604 |
|
$ |
1,000.00 |
|
$ |
593.01 |
|
$ |
|
|
|
|
|
|
Total/Weighted Average |
|
2 |
|
16.6 |
|
7,308 |
|
7,616 |
|
$ |
368.82 |
|
$ |
224.91 |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
120 West 45th Street |
|
1 |
|
10.0 |
|
326 |
|
326 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
|
|
|
|
|
|
625 Madison Avenue |
|
1 |
|
10.0 |
|
427 |
|
402 |
|
$ |
42.27 |
|
$ |
43.62 |
|
$ |
|
|
|
|
|
|
Total/Weighted Average |
|
2 |
|
10.0 |
|
753 |
|
728 |
|
$ |
34.54 |
|
$ |
35.28 |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Early Renewals Office |
|
13 |
|
14.9 |
|
2,840,483 |
|
2,874,593 |
|
$ |
47.16 |
|
$ |
41.87 |
|
$ |
50.11 |
|
6.8 |
|
|
|
Early Renewals Retail |
|
2 |
|
16.6 |
|
7,308 |
|
7,616 |
|
$ |
368.82 |
|
$ |
224.91 |
|
$ |
|
|
|
|
|
|
Early Renewals Storage |
|
2 |
|
10.0 |
|
753 |
|
728 |
|
$ |
34.54 |
|
$ |
35.28 |
|
$ |
|
|
|
|
|
|
Total |
|
17 |
|
14.9 |
|
2,848,544 |
|
2,882,937 |
|
$ |
48.01 |
|
$ |
42.36 |
|
$ |
49.96 |
|
6.8 |
|
(1) Annual initial base rent.
(2) Escalated rent is calculated as total annual income less electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $55.87/rsf for 174,579 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $47.66/rsf for 3,049,172 rentable SF.
(4) Effective January 1, 2021.
(5) The lease further provides for the company to fund a redevelopment capital contribution of $47.44/rsf, which is available to the tenant no earlier than January 1, 2018 and is to be utilized for base building work, redevelopment costs or other permanent improvements to the property.
Leasing Activity - Suburban Operating Properties |
|
| |
| |
Available Space |
Activity |
|
Building Address |
|
# of Leases |
|
Useable SF |
|
Rentable SF |
|
Escalated |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Vacancy at 9/30/13 |
|
|
|
|
|
1,121,505 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Space which became available during the Quarter (2): |
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
| |
|
|
1100 King Street - 4 Intl Drive, Rye Brook, New York |
|
1 |
|
4,551 |
|
4,551 |
|
$ |
31.48 |
|
|
|
1100 King Street - 5 Intl Drive, Rye Brook, New York |
|
2 |
|
6,147 |
|
6,579 |
|
$ |
18.94 |
|
|
|
1 Landmark Square, Stamford, Connecticut |
|
1 |
|
2,038 |
|
2,038 |
|
$ |
36.24 |
|
|
|
2 Landmark Square, Stamford, Connecticut |
|
1 |
|
1,108 |
|
1,108 |
|
$ |
31.47 |
|
|
|
1055 Washington Boulevard, Stamford, Connecticut |
|
1 |
|
3,360 |
|
3,360 |
|
$ |
22.25 |
|
|
|
500 West Putnam Avenue, Greenwich, Connecticut |
|
1 |
|
3,935 |
|
3,935 |
|
$ |
43.00 |
|
|
|
The Meadows, Rutherford, New Jersey |
|
3 |
|
49,661 |
|
49,661 |
|
$ |
22.08 |
|
|
|
16 Court Street, Brooklyn, NY |
|
3 |
|
12,620 |
|
14,155 |
|
$ |
29.59 |
|
|
|
Total/Weighted Average |
|
13 |
|
83,420 |
|
85,387 |
|
$ |
25.01 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Retail |
|
|
|
|
|
|
|
|
|
|
| |
|
|
1 Landmark Square, Stamford, Connecticut |
|
1 |
|
1,074 |
|
1,074 |
|
$ |
31.12 |
|
|
|
750 Washington Boulevard, Stamford, Connecticut |
|
1 |
|
500 |
|
500 |
|
$ |
5.00 |
|
|
|
Total/Weighted Average |
|
2 |
|
1,574 |
|
1,574 |
|
$ |
22.82 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Storage |
|
|
|
|
|
|
|
|
|
|
| |
|
|
Jericho Plaza, Jericho, New York |
|
1 |
|
600 |
|
600 |
|
$ |
18.00 |
|
|
|
Total/Weighted Average |
|
1 |
|
600 |
|
600 |
|
$ |
18.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Total Space which became available during the Quarter |
|
|
|
|
|
|
| |||
|
|
Office |
|
13 |
|
83,420 |
|
85,387 |
|
$ |
25.01 |
|
|
|
Retail |
|
2 |
|
1,574 |
|
1,574 |
|
$ |
22.82 |
|
|
|
Storage |
|
1 |
|
600 |
|
600 |
|
$ |
18.00 |
|
|
|
|
|
16 |
|
85,594 |
|
87,561 |
|
$ |
24.93 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Total Available Space |
|
|
|
1,207,099 |
|
|
|
|
|
(1) Escalated rent is calculated as total annual income less electric charges.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
Leasing Activity - Suburban Operating Properties Leased Space |
|
Activity |
|
Building Address |
|
# of Leases |
|
Term (Yrs) |
|
Useable SF |
|
Rentable SF |
|
New Cash Rent / |
|
Prev. Escalated Rent/ |
|
TI / Rentable SF |
|
Free Rent |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Available Space |
|
|
|
|
|
|
|
1,207,099 |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
1100 King Street - 4 Intl Drive, Rye Brook, New York |
|
2 |
|
11.0 |
|
17,475 |
|
17,475 |
|
$ |
23.59 |
|
$ |
31.48 |
|
$ |
39.20 |
|
10.2 |
|
|
|
1100 King Street - 5 Intl Drive, Rye Brook, New York |
|
2 |
|
7.8 |
|
8,013 |
|
8,473 |
|
$ |
23.30 |
|
$ |
14.53 |
|
$ |
|
|
7.9 |
|
|
|
140 Grand Street, White Plains, New York |
|
1 |
|
10.6 |
|
4,948 |
|
4,948 |
|
$ |
27.00 |
|
$ |
|
|
$ |
45.00 |
|
7.0 |
|
|
|
360 Hamilton Avenue, White Plains, New York |
|
1 |
|
6.2 |
|
996 |
|
2,130 |
|
$ |
35.00 |
|
$ |
|
|
$ |
|
|
2.0 |
|
|
|
1 Landmark Square, Stamford, Connecticut |
|
2 |
|
3.1 |
|
5,350 |
|
5,350 |
|
$ |
34.32 |
|
$ |
34.19 |
|
$ |
2.20 |
|
2.2 |
|
|
|
3 Landmark Square, Stamford, Connecticut |
|
1 |
|
3.3 |
|
6,500 |
|
7,100 |
|
$ |
30.00 |
|
$ |
|
|
$ |
9.00 |
|
4.0 |
|
|
|
680 Washington Boulevard, Stamford, Connecticut |
|
1 |
|
2.0 |
|
1,670 |
|
1,670 |
|
$ |
43.00 |
|
$ |
|
|
$ |
|
|
|
|
|
|
1055 Washington Boulevard, Stamford, Connecticut |
|
1 |
|
5.4 |
|
5,200 |
|
5,934 |
|
$ |
32.25 |
|
$ |
39.05 |
|
$ |
27.94 |
|
5.0 |
|
|
|
500 West Putnam Avenue, Greenwich, Connecticut |
|
1 |
|
0.5 |
|
3,935 |
|
3,935 |
|
$ |
43.00 |
|
$ |
43.00 |
|
$ |
|
|
|
|
|
|
The Meadows, Rutherford, New Jersey |
|
5 |
|
10.8 |
|
71,058 |
|
71,058 |
|
$ |
23.88 |
|
$ |
|
|
$ |
49.77 |
|
14.2 |
|
|
|
Jericho Plaza, Jericho, New York |
|
1 |
|
5.3 |
|
2,016 |
|
2,016 |
|
$ |
33.50 |
|
$ |
|
|
$ |
42.00 |
|
3.0 |
|
|
|
16 Court Street, Brooklyn, NY |
|
3 |
|
1.2 |
|
8,685 |
|
9,347 |
|
$ |
38.70 |
|
$ |
30.38 |
|
$ |
19.43 |
|
|
|
|
|
Total/Weighted Average |
|
21 |
|
8.6 |
|
135,846 |
|
139,436 |
|
$ |
27.06 |
|
$ |
32.12 |
|
$ |
35.52 |
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
1 Landmark Square, Stamford, Connecticut |
|
1 |
|
3.3 |
|
1,074 |
|
1,074 |
|
$ |
28.00 |
|
$ |
31.12 |
|
$ |
1.00 |
|
2.0 |
|
|
|
Total/Weighted Average |
|
1 |
|
3.3 |
|
1,074 |
|
1,074 |
|
$ |
28.00 |
|
$ |
31.12 |
|
$ |
1.00 |
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
140 Grand Street, White Plains, New York |
|
1 |
|
10.6 |
|
331 |
|
331 |
|
$ |
13.60 |
|
$ |
|
|
$ |
|
|
|
|
|
|
Total/Weighted Average |
|
1 |
|
10.6 |
|
331 |
|
331 |
|
$ |
13.60 |
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Office (3) |
|
21 |
|
8.6 |
|
135,846 |
|
139,436 |
|
$ |
27.06 |
|
$ |
32.12 |
|
$ |
35.52 |
|
9.8 |
|
|
|
Retail |
|
1 |
|
3.3 |
|
1,074 |
|
1,074 |
|
$ |
28.00 |
|
$ |
31.12 |
|
$ |
1.00 |
|
2.0 |
|
|
|
Storage |
|
1 |
|
10.6 |
|
331 |
|
331 |
|
$ |
13.60 |
|
$ |
|
|
$ |
|
|
|
|
|
|
Total |
|
23 |
|
8.5 |
|
137,251 |
|
140,841 |
|
$ |
27.04 |
|
$ |
32.08 |
|
$ |
35.17 |
|
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Available Space as of 12/31/13 |
|
|
|
|
|
1,069,848 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
1010 Washington Boulevard, Stamford, Connecticut |
|
1 |
|
1.0 |
|
13,667 |
|
13,667 |
|
$ |
31.50 |
|
$ |
31.00 |
|
$ |
|
|
|
|
|
|
1055 Washington Boulevard, Stamford, Connecticut |
|
1 |
|
5.0 |
|
10,550 |
|
10,550 |
|
$ |
36.51 |
|
$ |
36.51 |
|
$ |
|
|
4.0 |
|
|
|
The Meadows, Rutherford, New Jersey |
|
1 |
|
2.4 |
|
3,078 |
|
3,078 |
|
$ |
26.00 |
|
$ |
29.50 |
|
$ |
|
|
|
|
|
|
16 Court Street, Brooklyn, NY |
|
2 |
|
3.0 |
|
12,371 |
|
14,596 |
|
$ |
35.03 |
|
$ |
33.95 |
|
$ |
2.50 |
|
0.1 |
|
|
|
Total/Weighted Average |
|
5 |
|
2.8 |
|
39,666 |
|
41,891 |
|
$ |
33.59 |
|
$ |
33.30 |
|
$ |
0.87 |
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Early Renewals Office |
|
5 |
|
2.8 |
|
39,666 |
|
41,891 |
|
$ |
33.59 |
|
$ |
33.30 |
|
$ |
0.87 |
|
1.1 |
|
|
|
Total |
|
5 |
|
2.8 |
|
39,666 |
|
41,891 |
|
$ |
33.59 |
|
$ |
33.30 |
|
$ |
0.87 |
|
1.1 |
|
(1) Annual initial base rent.
(2) Escalated Rent is calculated as total annual income less electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $32.87/rsf for 31,740 rentable SF.
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $33.28/rsf for 73,631 rentable SF.
ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties Office, Retail and Storage Leases |
|
|
Consolidated Properties |
|
Joint Venture Properties |
| ||||||||||||||||||||||||||
Year of Lease Expiration |
|
Number of |
|
Rentable |
|
Percentage |
|
Annualized |
|
Annualized Cash |
|
Current |
|
Number of |
|
Rentable |
|
Percentage |
|
Annualized |
|
Annualized Cash |
|
Current |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2013 (1) |
|
4 |
|
9,413 |
|
0.06 |
% |
$ |
462,864 |
|
$ |
49.17 |
|
$ |
52.99 |
|
0 |
|
0 |
|
0.00 |
% |
$ |
0 |
|
$ |
0.00 |
|
$ |
0.00 |
|
In 2nd Quarter 2013 (1) |
|
0 |
|
0 |
|
0.00 |
% |
$ |
0 |
|
$ |
0.00 |
|
$ |
0.00 |
|
0 |
|
0 |
|
0.00 |
% |
$ |
0 |
|
$ |
0.00 |
|
$ |
0.00 |
|
In 3rd Quarter 2013 (1) |
|
0 |
|
0 |
|
0.00 |
% |
$ |
0 |
|
$ |
0.00 |
|
$ |
0.00 |
|
0 |
|
0 |
|
0.00 |
% |
$ |
0 |
|
$ |
0.00 |
|
$ |
0.00 |
|
In 4th Quarter 2013 (1) |
|
7 |
|
32,623 |
|
0.19 |
% |
$ |
1,812,468 |
|
$ |
55.56 |
|
$ |
78.50 |
|
1 |
|
2,354 |
|
0.04 |
% |
$ |
211,860 |
|
$ |
90.00 |
|
$ |
90.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2013 |
|
11 |
|
42,036 |
|
0.25 |
% |
$ |
2,275,332 |
|
$ |
54.13 |
|
$ |
72.79 |
|
1 |
|
2,354 |
|
0.04 |
% |
$ |
211,860 |
|
$ |
90.00 |
|
$ |
90.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1st Quarter 2014 |
|
19 |
|
265,366 |
|
1.58 |
% |
$ |
16,370,016 |
|
$ |
61.69 |
|
$ |
60.17 |
|
8 |
|
38,236 |
|
0.66 |
% |
$ |
2,429,076 |
|
$ |
63.53 |
|
$ |
65.38 |
|
2nd Quarter 2014 |
|
18 |
|
986,858 |
|
5.89 |
% |
$ |
53,106,163 |
|
$ |
53.81 |
|
$ |
51.98 |
|
7 |
|
263,182 |
|
4.56 |
% |
$ |
15,649,440 |
|
$ |
59.46 |
|
$ |
77.32 |
|
3rd Quarter 2014 |
|
12 |
|
48,013 |
|
0.29 |
% |
$ |
3,674,940 |
|
$ |
76.54 |
|
$ |
90.34 |
|
6 |
|
89,955 |
|
1.56 |
% |
$ |
3,026,448 |
|
$ |
33.64 |
|
$ |
42.95 |
|
4th Quarter 2014 |
|
22 |
|
163,370 |
|
0.98 |
% |
$ |
12,232,776 |
|
$ |
74.88 |
|
$ |
157.83 |
|
1 |
|
20,010 |
|
0.35 |
% |
$ |
990,708 |
|
$ |
49.51 |
|
$ |
60.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2014 |
|
71 |
|
1,463,607 |
|
8.74 |
% |
$ |
85,383,895 |
|
$ |
58.34 |
|
$ |
66.54 |
|
22 |
|
411,383 |
|
7.13 |
% |
$ |
22,095,672 |
|
$ |
53.71 |
|
$ |
67.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2015 |
|
82 |
|
588,811 |
|
3.52 |
% |
$ |
32,829,813 |
|
$ |
55.76 |
|
$ |
64.65 |
|
26 |
|
226,430 |
|
3.92 |
% |
$ |
12,848,244 |
|
$ |
56.74 |
|
$ |
63.66 |
|
2016 |
|
84 |
|
940,699 |
|
5.62 |
% |
$ |
57,447,696 |
|
$ |
61.07 |
|
$ |
73.68 |
|
21 |
|
197,054 |
|
3.41 |
% |
$ |
11,227,476 |
|
$ |
56.98 |
|
$ |
65.56 |
|
2017 |
|
94 |
|
1,562,961 |
|
9.33 |
% |
$ |
86,906,332 |
|
$ |
55.60 |
|
$ |
58.98 |
|
14 |
|
162,323 |
|
2.81 |
% |
$ |
9,602,556 |
|
$ |
59.16 |
|
$ |
59.63 |
|
2018 |
|
63 |
|
678,013 |
|
4.05 |
% |
$ |
50,453,363 |
|
$ |
74.41 |
|
$ |
95.29 |
|
24 |
|
473,272 |
|
8.20 |
% |
$ |
31,757,208 |
|
$ |
67.10 |
|
$ |
65.44 |
|
2019 |
|
29 |
|
836,509 |
|
4.99 |
% |
$ |
52,730,789 |
|
$ |
63.04 |
|
$ |
63.75 |
|
8 |
|
153,429 |
|
2.66 |
% |
$ |
11,071,416 |
|
$ |
72.16 |
|
$ |
69.89 |
|
2020 |
|
40 |
|
2,322,149 |
|
13.86 |
% |
$ |
135,548,148 |
|
$ |
58.37 |
|
$ |
65.39 |
|
13 |
|
283,567 |
|
4.91 |
% |
$ |
13,900,080 |
|
$ |
49.02 |
|
$ |
64.51 |
|
2021 |
|
39 |
|
2,271,388 |
|
13.56 |
% |
$ |
124,603,497 |
|
$ |
54.86 |
|
$ |
58.25 |
|
8 |
|
144,474 |
|
2.50 |
% |
$ |
7,215,312 |
|
$ |
49.94 |
|
$ |
63.38 |
|
2022 |
|
32 |
|
801,247 |
|
4.78 |
% |
$ |
47,031,192 |
|
$ |
58.70 |
|
$ |
74.66 |
|
11 |
|
166,593 |
|
2.89 |
% |
$ |
9,730,560 |
|
$ |
58.41 |
|
$ |
65.11 |
|
Thereafter |
|
93 |
|
5,241,336 |
|
31.29 |
% |
$ |
278,231,524 |
|
$ |
53.08 |
|
$ |
64.47 |
|
27 |
|
914,959 |
|
15.86 |
% |
$ |
55,989,420 |
|
$ |
61.19 |
|
$ |
65.93 |
|
|
|
638 |
|
16,748,756 |
|
100.00 |
% |
$ |
953,441,580 |
|
$ |
56.93 |
|
$ |
65.66 |
|
175 |
|
3,135,838 |
|
54.34 |
% |
$ |
185,649,804 |
|
$ |
59.20 |
|
$ |
65.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) |
1 |
|
2,634,670 |
|
45.66 |
% |
$ |
109,811,160 |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
176 |
|
5,770,508 |
|
100.00 |
% |
$ |
295,460,964 |
|
|
|
|
|
(1) Includes month to month holdover tenants that expired prior to December 31, 2013.
(2) Tenants may have multiple leases.
(3) Represents in place annualized rent allocated by year of maturity.
(4) Citigroups net lease at 388-390 Greenwich Street which expires in 2035, net rent as of December 31, 2013 is $41.68/psf with annual CPI escalations thereafter.
(5) Managements estimate of average asking rents for currently occupied space as of December 31, 2013. Taking rents are typically lower than asking rents and may vary from property to property.
ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties (5) Office, Retail and Storage Leases |
|
|
|
Consolidated Properties |
|
Joint Venture Properties |
| ||||||||||||||||||||||||||
Year of Lease Expiration |
|
Number of |
|
Rentable |
|
Percentage |
|
Annualized |
|
Annualized Cash |
|
Current |
|
Number of |
|
Rentable |
|
Percentage |
|
Annualized |
|
Annualized Cash |
|
Current |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2013 (1) |
|
8 |
|
31,186 |
|
1.01 |
% |
$ |
894,660 |
|
$ |
28.69 |
|
$ |
28.50 |
|
2 |
|
7,247 |
|
0.71 |
% |
$ |
237,624 |
|
$ |
32.79 |
|
$ |
31.32 |
|
In 2nd Quarter 2013 (1) |
|
4 |
|
17,947 |
|
0.58 |
% |
$ |
545,628 |
|
$ |
30.40 |
|
$ |
30.61 |
|
0 |
|
0 |
|
0.00 |
% |
$ |
0 |
|
$ |
0.00 |
|
$ |
0.00 |
|
In 3rd Quarter 2013 (1) |
|
1 |
|
550 |
|
0.02 |
% |
$ |
18,216 |
|
$ |
33.12 |
|
$ |
34.00 |
|
1 |
|
2,761 |
|
0.27 |
% |
$ |
85,680 |
|
$ |
31.03 |
|
$ |
26.00 |
|
In 4th Quarter 2013 (1) |
|
4 |
|
3,660 |
|
0.12 |
% |
$ |
119,352 |
|
$ |
32.61 |
|
$ |
33.85 |
|
4 |
|
13,924 |
|
1.37 |
% |
$ |
405,816 |
|
$ |
29.15 |
|
$ |
26.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2013 |
|
17 |
|
53,343 |
|
1.73 |
% |
$ |
1,577,856 |
|
$ |
29.58 |
|
$ |
29.63 |
|
7 |
|
23,932 |
|
2.36 |
% |
$ |
729,120 |
|
$ |
30.47 |
|
$ |
27.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
1st Quarter 2014 |
|
14 |
|
79,878 |
|
2.59 |
% |
$ |
2,869,968 |
|
$ |
35.93 |
|
$ |
32.02 |
|
5 |
|
20,057 |
|
1.98 |
% |
$ |
619,884 |
|
$ |
30.91 |
|
$ |
29.61 |
|
2nd Quarter 2014 |
|
9 |
|
32,094 |
|
1.04 |
% |
$ |
1,253,748 |
|
$ |
39.06 |
|
$ |
36.36 |
|
5 |
|
16,741 |
|
1.65 |
% |
$ |
504,072 |
|
$ |
30.11 |
|
$ |
31.17 |
|
3rd Quarter 2014 |
|
13 |
|
86,572 |
|
2.81 |
% |
$ |
2,856,168 |
|
$ |
32.99 |
|
$ |
32.07 |
|
3 |
|
13,258 |
|
1.31 |
% |
$ |
418,980 |
|
$ |
31.60 |
|
$ |
26.00 |
|
4th Quarter 2014 |
|
15 |
|
84,782 |
|
2.75 |
% |
$ |
3,020,484 |
|
$ |
35.63 |
|
$ |
36.19 |
|
5 |
|
111,652 |
|
11.01 |
% |
$ |
4,143,720 |
|
$ |
37.11 |
|
$ |
35.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2014 |
|
51 |
|
283,326 |
|
9.20 |
% |
$ |
10,000,368 |
|
$ |
35.30 |
|
$ |
33.77 |
|
18 |
|
161,708 |
|
15.95 |
% |
$ |
5,686,656 |
|
$ |
35.17 |
|
$ |
33.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2015 |
|
49 |
|
296,634 |
|
9.64 |
% |
$ |
10,012,932 |
|
$ |
33.76 |
|
$ |
33.77 |
|
16 |
|
133,885 |
|
13.21 |
% |
$ |
4,314,204 |
|
$ |
32.22 |
|
$ |
32.14 |
|
2016 |
|
59 |
|
578,175 |
|
18.78 |
% |
$ |
19,378,908 |
|
$ |
33.52 |
|
$ |
34.98 |
|
9 |
|
69,616 |
|
6.87 |
% |
$ |
2,084,016 |
|
$ |
29.94 |
|
$ |
28.16 |
|
2017 |
|
38 |
|
188,907 |
|
6.14 |
% |
$ |
7,525,992 |
|
$ |
39.84 |
|
$ |
38.33 |
|
10 |
|
83,289 |
|
8.22 |
% |
$ |
2,769,216 |
|
$ |
33.25 |
|
$ |
34.66 |
|
2018 |
|
42 |
|
273,992 |
|
8.90 |
% |
$ |
9,353,496 |
|
$ |
34.14 |
|
$ |
35.34 |
|
9 |
|
104,606 |
|
10.32 |
% |
$ |
3,410,401 |
|
$ |
32.60 |
|
$ |
31.08 |
|
2019 |
|
21 |
|
485,074 |
|
15.76 |
% |
$ |
13,125,696 |
|
$ |
27.06 |
|
$ |
29.43 |
|
6 |
|
63,660 |
|
6.28 |
% |
$ |
2,035,896 |
|
$ |
31.98 |
|
$ |
30.91 |
|
2020 |
|
18 |
|
295,733 |
|
9.61 |
% |
$ |
9,297,108 |
|
$ |
31.44 |
|
$ |
33.11 |
|
3 |
|
41,357 |
|
4.08 |
% |
$ |
1,433,196 |
|
$ |
34.65 |
|
$ |
33.95 |
|
2021 |
|
15 |
|
201,710 |
|
6.55 |
% |
$ |
5,327,489 |
|
$ |
26.41 |
|
$ |
28.27 |
|
3 |
|
76,346 |
|
7.53 |
% |
$ |
2,675,448 |
|
$ |
35.04 |
|
$ |
35.58 |
|
2022 |
|
9 |
|
49,152 |
|
1.60 |
% |
$ |
1,540,464 |
|
$ |
31.34 |
|
$ |
32.74 |
|
0 |
|
0 |
|
0.00 |
% |
$ |
0 |
|
$ |
0.00 |
|
$ |
0.00 |
|
Thereafter |
|
26 |
|
372,593 |
|
12.10 |
% |
$ |
11,720,279 |
|
$ |
31.46 |
|
$ |
33.50 |
|
8 |
|
255,327 |
|
25.19 |
% |
$ |
6,936,504 |
|
$ |
27.17 |
|
$ |
27.99 |
|
|
|
345 |
|
3,078,639 |
|
100.00 |
% |
$ |
98,860,588 |
|
$ |
32.11 |
|
$ |
33.19 |
|
89 |
|
1,013,726 |
|
100.00 |
% |
$ |
32,074,656 |
|
$ |
31.64 |
|
$ |
31.28 |
|
(1) Includes month to month holdover tenants that expired prior to December 31, 2013.
(2) Tenants may have multiple leases.
(3) Represents in place annualized rent allocated by year of maturity.
(4) Managements estimate of average asking rents for currently occupied space as of December 31, 2013. Taking rents are typically lower than asking rents and may vary from property to property.
(5) Excludes the west coast office portfolio.
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan |
|
|
|
|
|
|
|
|
|
|
% Leased |
|
Acquisition |
| |||
|
|
Property |
|
Type of Ownership |
|
Submarket |
|
Net Rentable SF |
|
at acquisition |
|
12/31/2013 |
|
Price ($s) (1) |
| |
1998 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-98 |
|
420 Lexington Avenue |
|
Operating Sublease |
|
Grand Central |
|
1,188,000 |
|
83.0 |
|
85.8 |
|
$ |
78,000,000 |
|
May-98 |
|
711 3rd Avenue |
|
Operating Sublease |
|
Grand Central |
|
524,000 |
|
79.0 |
|
88.4 |
|
$ |
65,600,000 |
|
Jun-98 |
|
440 9th Avenue |
|
Fee Interest |
|
Penn Station |
|
339,000 |
|
76.0 |
|
N/A |
|
$ |
32,000,000 |
|
|
|
|
|
|
|
|
|
2,051,000 |
|
|
|
|
|
$ |
175,600,000 |
|
1999 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-99 |
|
420 Lexington Leasehold |
|
Sub-leasehold |
|
Grand Central |
|
|
|
|
|
|
|
$ |
27,300,000 |
|
Jan-99 |
|
555 West 57th Street - 65% JV |
|
Fee Interest |
|
Midtown West |
|
941,000 |
|
100.0 |
|
99.9 |
|
$ |
66,700,000 |
|
Aug-99 |
|
1250 Broadway - 50% JV |
|
Fee Interest |
|
Penn Station |
|
670,000 |
|
96.5 |
|
N/A |
|
$ |
93,000,000 |
|
Nov-99 |
|
555 West 57th Street - remaining 35% |
|
Fee Interest |
|
Midtown West |
|
|
|
|
|
99.9 |
|
$ |
34,100,000 |
|
|
|
|
|
|
|
|
|
1,611,000 |
|
|
|
|
|
$ |
221,100,000 |
|
2000 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-00 |
|
100 Park Avenue - 50% JV |
|
Fee Interest |
|
Grand Central |
|
834,000 |
|
96.5 |
|
95.1 |
|
$ |
192,000,000 |
|
|
|
|
|
|
|
|
|
834,000 |
|
|
|
|
|
$ |
192,000,000 |
|
2001 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jun-01 |
|
317 Madison Avenue |
|
Fee Interest |
|
Grand Central |
|
450,000 |
|
95.0 |
|
78.6 |
|
$ |
105,600,000 |
|
Acquisition of JV Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Sep-01 |
|
1250 Broadway - 49.9% JV (2) |
|
Fee Interest |
|
Penn Station |
|
670,000 |
|
97.7 |
|
N/A |
|
$ |
126,500,000 |
|
|
|
|
|
|
|
|
|
1,120,000 |
|
|
|
|
|
$ |
232,100,000 |
|
2002 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
May-02 |
|
1515 Broadway - 55% JV |
|
Fee Interest |
|
Times Square |
|
1,750,000 |
|
98.0 |
|
100.0 |
|
$ |
483,500,000 |
|
|
|
|
|
|
|
|
|
1,750,000 |
|
|
|
|
|
$ |
483,500,000 |
|
2003 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-03 |
|
220 East 42nd Street |
|
Fee Interest |
|
Grand Central |
|
1,135,000 |
|
91.9 |
|
91.5 |
|
$ |
265,000,000 |
|
Mar-03 |
|
125 Broad Street |
|
Fee Interest |
|
Downtown |
|
525,000 |
|
100.0 |
|
N/A |
|
$ |
92,000,000 |
|
Oct-03 |
|
461 Fifth Avenue |
|
Leasehold Interest |
|
Midtown |
|
200,000 |
|
93.9 |
|
99.4 |
|
$ |
60,900,000 |
|
Dec-03 |
|
1221 Avenue of the Americas - 45% JV |
|
Fee Interest |
|
Rockefeller Center |
|
2,550,000 |
|
98.8 |
|
N/A |
|
$ |
1,000,000,000 |
|
|
|
|
|
|
|
|
|
4,410,000 |
|
|
|
|
|
$ |
1,417,900,000 |
|
2004 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-04 |
|
19 West 44th Street - 35% JV |
|
Fee Interest |
|
Midtown |
|
292,000 |
|
86.0 |
|
N/A |
|
$ |
67,000,000 |
|
Jul-04 |
|
750 Third Avenue |
|
Fee Interest |
|
Grand Central |
|
779,000 |
|
100.0 |
|
95.8 |
|
$ |
255,000,000 |
|
Jul-04 |
|
485 Lexington Avenue - 30% JV |
|
Fee Interest |
|
Grand Central |
|
921,000 |
|
100.0 |
|
100.0 |
|
$ |
225,000,000 |
|
Oct-04 |
|
625 Madison Avenue |
|
Leasehold Interest |
|
Plaza District |
|
563,000 |
|
68.0 |
|
92.1 |
|
$ |
231,500,000 |
|
|
|
|
|
|
|
|
|
2,555,000 |
|
|
|
|
|
$ |
778,500,000 |
|
2005 Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-05 |
|
28 West 44th Street |
|
Fee Interest |
|
Midtown |
|
359,000 |
|
87.0 |
|
N/A |
|
$ |
105,000,000 |
|
Apr-05 |
|
1 Madison Avenue - 55% JV |
|
Fee Interest |
|
Park Avenue South |
|
1,177,000 |
|
96.0 |
|
100.0 |
|
$ |
803,000,000 |
|
Apr-05 |
|
5 Madison Avenue Clock Tower |
|
Fee Interest |
|
Park Avenue South |
|
267,000 |
|
N/A |
|
N/A |
|
$ |
115,000,000 |
|
Jun-05 |
|
19 West 44th Street - remaining 65% |
|
Fee Interest |
|
Midtown |
|
|
|
|
|
N/A |
|
$ |
91,200,000 |
|
|
|
|
|
|
|
|
|
1,803,000 |
|
|
|
|
|
$ |
1,114,200,000 |
|
2006 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-06 |
|
521 Fifth Avenue |
|
Leasehold Interest |
|
Midtown |
|
460,000 |
|
97.0 |
|
94.4 |
|
$ |
210,000,000 |
|
Jun-06 |
|
609 Fifth Avenue |
|
Fee Interest |
|
Midtown |
|
160,000 |
|
98.5 |
|
77.8 |
|
$ |
182,000,000 |
|
Dec-06 |
|
485 Lexington Avenue - remaining 70% |
|
Fee Interest |
|
Grand Central |
|
|
|
|
|
100.0 |
|
$ |
578,000,000 |
|
Dec-06 |
|
800 Third Avenue - 42.95% JV |
|
Fee Interest |
|
Grand Central North |
|
526,000 |
|
96.9 |
|
95.4 |
|
$ |
285,000,000 |
|
|
|
|
|
|
|
|
|
1,273,400 |
|
|
|
|
|
$ |
1,520,000,000 |
|
2007 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-07 |
|
Reckson - NYC Portfolio |
|
Fee Interests / Leasehold Interest |
|
Various |
|
5,612,000 |
|
98.3 |
|
92.5 |
|
$ |
3,679,530,000 |
|
Apr-07 |
|
331 Madison Avenue |
|
Fee Interest |
|
Grand Central |
|
114,900 |
|
97.6 |
|
83.6 |
|
$ |
73,000,000 |
|
Apr-07 |
|
1745 Broadway - 32.3% JV |
|
Fee Interest |
|
Midtown |
|
674,000 |
|
100.0 |
|
100.0 |
|
$ |
520,000,000 |
|
Jun-07 |
|
333 West 34th Street |
|
Fee Interest |
|
Penn Station |
|
345,400 |
|
100.0 |
|
N/A |
|
$ |
183,000,000 |
|
Aug-07 |
|
1 Madison Avenue - remaining 45% |
|
Fee Interest |
|
Park Avenue South |
|
1,177,000 |
|
99.8 |
|
100.0 |
|
$ |
1,000,000,000 |
|
Dec-07 |
|
388 & 390 Greenwich Street - 50.6% JV |
|
Fee Interest |
|
Downtown |
|
2,635,000 |
|
100.0 |
|
100.0 |
|
$ |
1,575,000,000 |
|
|
|
|
|
|
|
|
|
10,558,300 |
|
|
|
|
|
$ |
7,030,530,000 |
|
2010 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-10 |
|
100 Church Street |
|
Fee Interest |
|
Downtown |
|
1,047,500 |
|
41.3 |
|
98.7 |
|
$ |
181,600,000 |
|
May-10 |
|
600 Lexington Avenue - 55% JV |
|
Fee Interest |
|
East Side |
|
303,515 |
|
93.6 |
|
75.5 |
|
$ |
193,000,000 |
|
Aug-10 |
|
125 Park Avenue |
|
Fee Interest |
|
Grand Central |
|
604,245 |
|
99.1 |
|
82.0 |
|
$ |
330,000,000 |
|
|
|
|
|
|
|
|
|
1,955,260 |
|
|
|
|
|
$ |
704,600,000 |
|
2011 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-11 |
|
521 Fifth Avenue - remaining 49.9% |
|
Leasehold Interest |
|
Midtown |
|
460,000 |
|
80.7 |
|
94.4 |
|
$ |
245,700,000 |
|
Apr-11 |
|
1515 Broadway - remaining 45% |
|
Fee Interest |
|
Times Square |
|
1,750,000 |
|
98.5 |
|
100.0 |
|
$ |
1,210,000,000 |
|
May-11 |
|
110 East 42nd Street |
|
Fee Interest |
|
Grand Central |
|
205,000 |
|
72.6 |
|
86.5 |
|
$ |
85,570,000 |
|
May-11 |
|
280 Park Avenue - 49.5% JV |
|
Fee Interest |
|
Park Avenue |
|
1,219,158 |
|
78.2 |
|
59.4 |
|
$ |
1,110,000,000 |
|
Nov-11 |
|
180 Maiden Lane - 49.9% JV |
|
Fee Interest |
|
Financial East |
|
1,090,000 |
|
97.7 |
|
97.6 |
|
$ |
425,680,000 |
|
Nov-11 |
|
51 East 42nd Street |
|
Fee Interest |
|
Grand Central |
|
142,000 |
|
95.5 |
|
86.5 |
|
$ |
80,000,000 |
|
|
|
|
|
|
|
|
|
4,866,158 |
|
|
|
|
|
$ |
3,156,950,000 |
|
2012 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-12 |
|
10 East 53rd Street - 55% JV |
|
Fee Interest |
|
Plaza District |
|
354,300 |
|
91.9 |
|
90.0 |
|
$ |
252,500,000 |
|
Jun-12 |
|
304 Park Avenue South |
|
Fee Interest |
|
Midtown South |
|
215,000 |
|
95.8 |
|
98.8 |
|
$ |
135,000,000 |
|
Sep-12 |
|
641 Sixth Avenue |
|
Fee Interest |
|
Midtown South |
|
163,000 |
|
92.1 |
|
92.1 |
|
$ |
90,000,000 |
|
Dec-12 |
|
315 West 36th Street - 35.5% JV |
|
Fee Interest |
|
Times Square South |
|
147,619 |
|
99.2 |
|
99.2 |
|
$ |
46,000,000 |
|
|
|
|
|
|
|
|
|
879,919 |
|
|
|
|
|
$ |
523,500,000 |
|
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Ownership interest from November 2001 - May 2008 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.)
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan |
|
|
|
|
|
|
|
|
|
|
Sales |
|
Sales |
| ||
|
|
Property |
|
Type of Ownership |
|
Submarket |
|
Net Rentable SF |
|
Price ($s) |
|
Price ($s/SF) |
| ||
2000 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Feb-00 |
|
29 West 35th Street |
|
Fee Interest |
|
Penn Station |
|
78,000 |
|
$ |
11,700,000 |
|
$ |
150 |
|
Mar-00 |
|
36 West 44th Street |
|
Fee Interest |
|
Grand Central |
|
178,000 |
|
$ |
31,500,000 |
|
$ |
177 |
|
May-00 |
|
321 West 44th Street - 35% JV |
|
Fee Interest |
|
Times Square |
|
203,000 |
|
$ |
28,400,000 |
|
$ |
140 |
|
Nov-00 |
|
90 Broad Street |
|
Fee Interest |
|
Financial |
|
339,000 |
|
$ |
60,000,000 |
|
$ |
177 |
|
Dec-00 |
|
17 Battery South |
|
Fee Interest |
|
Financial |
|
392,000 |
|
$ |
53,000,000 |
|
$ |
135 |
|
|
|
|
|
|
|
|
|
1,190,000 |
|
$ |
184,600,000 |
|
$ |
156 |
|
2001 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-01 |
|
633 Third Ave |
|
Fee Interest |
|
Grand Central North |
|
40,623 |
|
$ |
13,250,000 |
|
$ |
326 |
|
May-01 |
|
1 Park Ave - 45% JV |
|
Fee Interest |
|
Grand Central South |
|
913,000 |
|
$ |
233,900,000 |
|
$ |
256 |
|
Jun-01 |
|
1412 Broadway |
|
Fee Interest |
|
Times Square South |
|
389,000 |
|
$ |
90,700,000 |
|
$ |
233 |
|
Jul-01 |
|
110 East 42nd Street |
|
Fee Interest |
|
Grand Central |
|
69,700 |
|
$ |
14,500,000 |
|
$ |
208 |
|
Sep-01 |
|
1250 Broadway (1) |
|
Fee Interest |
|
Penn Station |
|
670,000 |
|
$ |
126,500,000 |
|
$ |
189 |
|
|
|
|
|
|
|
|
|
2,082,323 |
|
$ |
478,850,000 |
|
$ |
242 |
|
2002 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jun-02 |
|
469 Seventh Avenue |
|
Fee Interest |
|
Penn Station |
|
253,000 |
|
$ |
53,100,000 |
|
$ |
210 |
|
|
|
|
|
|
|
|
|
253,000 |
|
$ |
53,100,000 |
|
$ |
210 |
|
2003 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Mar-03 |
|
50 West 23rd Street |
|
Fee Interest |
|
Chelsea |
|
333,000 |
|
$ |
66,000,000 |
|
$ |
198 |
|
Jul-03 |
|
1370 Broadway |
|
Fee Interest |
|
Times Square South |
|
255,000 |
|
$ |
58,500,000 |
|
$ |
229 |
|
Dec-03 |
|
321 West 44th Street |
|
Fee Interest |
|
Times Square |
|
203,000 |
|
$ |
35,000,000 |
|
$ |
172 |
|
|
|
|
|
|
|
|
|
791,000 |
|
$ |
159,500,000 |
|
$ |
202 |
|
2004 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
May-04 |
|
1 Park Avenue (2) |
|
Fee Interest |
|
Grand Central South |
|
913,000 |
|
$ |
318,500,000 |
|
$ |
349 |
|
Oct-04 |
|
17 Battery Place North |
|
Fee Interest |
|
Financial |
|
419,000 |
|
$ |
70,000,000 |
|
$ |
167 |
|
Nov-04 |
|
1466 Broadway |
|
Fee Interest |
|
Times Square |
|
289,000 |
|
$ |
160,000,000 |
|
$ |
554 |
|
|
|
|
|
|
|
|
|
1,621,000 |
|
$ |
548,500,000 |
|
$ |
338 |
|
2005 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Apr-05 |
|
1414 Avenue of the Americas |
|
Fee Interest |
|
Plaza District |
|
111,000 |
|
$ |
60,500,000 |
|
$ |
545 |
|
Aug-05 |
|
180 Madison Avenue |
|
Fee Interest |
|
Grand Central |
|
265,000 |
|
$ |
92,700,000 |
|
$ |
350 |
|
|
|
|
|
|
|
|
|
376,000 |
|
$ |
153,200,000 |
|
$ |
407 |
|
2006 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jul-06 |
|
286 & 290 Madison Avenue |
|
Fee Interest |
|
Grand Central |
|
149,000 |
|
$ |
63,000,000 |
|
$ |
423 |
|
Aug-06 |
|
1140 Avenue of the Americas |
|
Leasehold Interest |
|
Rockefeller Center |
|
191,000 |
|
$ |
97,500,000 |
|
$ |
510 |
|
Dec-06 |
|
521 Fifth Avenue (3) |
|
Leasehold Interest |
|
Midtown |
|
460,000 |
|
$ |
240,000,000 |
|
$ |
522 |
|
|
|
|
|
|
|
|
|
800,000 |
|
$ |
400,500,000 |
|
$ |
501 |
|
2007 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Mar-07 |
|
1 Park Avenue |
|
Fee Interest |
|
Grand Central South |
|
913,000 |
|
$ |
550,000,000 |
|
$ |
602 |
|
Mar-07 |
|
70 West 36th Street |
|
Fee Interest |
|
Garment |
|
151,000 |
|
$ |
61,500,000 |
|
$ |
407 |
|
Jun-07 |
|
110 East 42nd Street |
|
Fee Interest |
|
Grand Central North |
|
181,000 |
|
$ |
111,500,000 |
|
$ |
616 |
|
Jun-07 |
|
125 Broad Street |
|
Fee Interest |
|
Downtown |
|
525,000 |
|
$ |
273,000,000 |
|
$ |
520 |
|
Jun-07 |
|
5 Madison Clock Tower |
|
Fee Interest |
|
Park Avenue South |
|
267,000 |
|
$ |
200,000,000 |
|
$ |
749 |
|
Jul-07 |
|
292 Madison Avenue |
|
Fee Interest |
|
Grand Central South |
|
187,000 |
|
$ |
140,000,000 |
|
$ |
749 |
|
Jul-07 |
|
1372 Broadway (4) |
|
Fee Interest |
|
Penn Station/Garment |
|
508,000 |
|
$ |
335,000,000 |
|
$ |
659 |
|
Nov-07 |
|
470 Park Avenue South |
|
Fee Interest |
|
Park Avenue South/Flatiron |
|
260,000 |
|
$ |
157,000,000 |
|
$ |
604 |
|
|
|
|
|
|
|
|
|
2,992,000 |
|
$ |
1,828,000,000 |
|
$ |
611 |
|
2008 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-08 |
|
440 Ninth Avenue |
|
Fee Interest |
|
Penn Station |
|
339,000 |
|
$ |
160,000,000 |
|
$ |
472 |
|
May-08 |
|
1250 Broadway |
|
Fee Interest |
|
Penn Station |
|
670,000 |
|
$ |
310,000,000 |
|
$ |
463 |
|
Oct-08 |
|
1372 Broadway (5) |
|
Fee Interest |
|
Penn Station/Garment |
|
508,000 |
|
$ |
274,000,000 |
|
$ |
539 |
|
|
|
|
|
|
|
|
|
1,517,000 |
|
$ |
744,000,000 |
|
$ |
490 |
|
2010 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
May-10 |
|
1221 Avenue of the Americas (6) |
|
Fee Interest |
|
Rockefeller Center |
|
2,550,000 |
|
$ |
1,280,000,000 |
|
$ |
502 |
|
Sep-10 |
|
19 West 44th Street |
|
Fee Interest |
|
Midtown |
|
292,000 |
|
$ |
123,150,000 |
|
$ |
422 |
|
|
|
|
|
|
|
|
|
2,842,000 |
|
$ |
1,403,150,000 |
|
$ |
494 |
|
2011 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
May-11 |
|
28 West 44th Street |
|
Fee Interest |
|
Midtown |
|
359,000 |
|
$ |
161,000,000 |
|
$ |
448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2013 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Aug-13 |
|
333 West 34th Street |
|
Fee Interest |
|
Penn Station |
|
345,400 |
|
$ |
220,250,000 |
|
$ |
638 |
|
(1) Company sold a 45% JV interest in the property at an implied $126.5 million sales price.
(2) Company sold a 75% JV interest in the property at an implied $318.5 million sales price.
(3) Company sold a 50% JV interest in the property at an implied $240.0 million sales price
(4) Company sold a 85% JV interest in the property at an implied $335.0 million sales price.
(5) Company sold a 15% JV interest in the property at an implied $274.0 million sales price.
(6) Company sold a 45% JV interest in the property at an implied $1.28 billion sales price.
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban |
|
|
|
|
|
|
|
|
|
|
% Leased |
|
Acquisition |
| |||
|
|
Property |
|
Type of Ownership |
|
Submarket |
|
Net Rentable SF |
|
at acquisition |
|
12/31/2013 |
|
Price ($s) (1) |
| |
2007 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-07 |
|
300 Main Street |
|
Fee Interest |
|
Stamford, Connecticut |
|
130,000 |
|
92.5 |
|
N/A |
|
$ |
15,000,000 |
|
Jan-07 |
|
399 Knollwood Road |
|
Fee Interest |
|
White Plains, New York |
|
145,000 |
|
96.6 |
|
N/A |
|
$ |
31,600,000 |
|
Jan-07 |
|
Reckson - Connecticut Portfolio |
|
Fee Interests / Leasehold Interest |
|
Stamford, Connecticut |
|
1,369,800 |
|
88.9 |
|
84.2 |
|
$ |
490,750,000 |
|
Jan-07 |
|
Reckson - Westchester Portfolio |
|
Fee Interests / Leasehold Interest |
|
Westchester |
|
2,346,100 |
|
90.6 |
|
78.1 |
|
$ |
570,190,000 |
|
Apr-07 |
|
Jericho Plazas - 20.26% JV |
|
Fee Interest |
|
Jericho, New York |
|
640,000 |
|
98.4 |
|
89.9 |
|
$ |
210,000,000 |
|
Jun-07 |
|
1010 Washington Boulevard |
|
Fee Interest |
|
Stamford, Connecticut |
|
143,400 |
|
95.6 |
|
65.3 |
|
$ |
38,000,000 |
|
Jun-07 |
|
500 West Putnam Avenue |
|
Fee Interest |
|
Greenwich, Connecticut |
|
121,500 |
|
94.4 |
|
57.0 |
|
$ |
56,000,000 |
|
Jul-07 |
|
16 Court Street - 35% JV |
|
Fee Interest |
|
Brooklyn, New York |
|
317,600 |
|
80.6 |
|
87.2 |
|
$ |
107,500,000 |
|
Aug-07 |
|
150 Grand Street |
|
Fee Interest |
|
White Plains, New York |
|
85,000 |
|
52.9 |
|
31.5 |
|
$ |
6,700,000 |
|
Sep-07 |
|
The Meadows - 25% JV |
|
Fee Interest |
|
Rutherford, New Jersey |
|
582,100 |
|
81.3 |
|
84.2 |
|
$ |
111,500,000 |
|
|
|
|
|
|
|
|
|
5,880,500 |
|
|
|
|
|
$ |
1,637,240,000 |
|
2013 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Apr-13 |
|
16 Court Street - additional JV interest |
|
Fee Interest |
|
Brooklyn, New York |
|
317,600 |
|
84.9 |
|
87.2 |
|
$ |
96,200,000 |
|
|
|
|
|
|
|
|
|
317,600 |
|
|
|
|
|
$ |
96,200,000 |
|
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Suburban |
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
Sales |
| ||
|
|
Property |
|
Type of Ownership |
|
Submarket |
|
Net Rentable SF |
|
Price ($s) |
|
Price ($s/SF) |
| ||
2008 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Oct-08 |
|
100 & 120 White Plains Road |
|
Fee Interest |
|
Tarrytown, New York |
|
211,000 |
|
$ |
48,000,000 |
|
$ |
227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2009 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-09 |
|
55 Corporate Drive |
|
Fee Interest |
|
Bridgewater, New Jersey |
|
670,000 |
|
$ |
230,000,000 |
|
$ |
343 |
|
Aug-09 |
|
399 Knollwood Road |
|
Fee Interest |
|
White Plains, New York |
|
145,000 |
|
$ |
20,767,307 |
|
$ |
143 |
|
|
|
|
|
|
|
|
|
815,000 |
|
$ |
250,767,307 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2012 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Jul-12 |
|
One Court Square |
|
Fee Interest |
|
Long Island City, New York |
|
1,402,000 |
|
$ |
481,100,000 |
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2013 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Sep-13 |
|
300 Main Street |
|
Fee Interest |
|
Stamford, Connecticut |
|
130,000 |
|
$ |
13,500,000 |
|
$ |
104 |
|
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
|
|
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Retail, Residential, Development / Redevelopment, Land & West Coast |
|
|
|
|
|
|
|
|
|
|
|
|
|
% Leased |
|
Acquisition |
| |||
|
|
Property |
|
Type of Ownership |
|
Submarket |
|
Net Rentable SF |
|
at acquisition |
|
12/31/2013 |
|
Price ($s) (1) |
| |
2005 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jul-05 |
|
1551-1555 Broadway - 10% JV |
|
Fee Interest |
|
Times Square |
|
25,600 |
|
N/A |
|
N/A |
|
$ |
85,000,000 |
|
Jul-05 |
|
21 West 34th Street - 50% JV |
|
Fee Interest |
|
Herald Square |
|
30,100 |
|
N/A |
|
100.0 |
|
$ |
17,500,000 |
|
Sep-05 |
|
141 Fifth Avenue - 50% JV |
|
Fee Interest |
|
Flatiron |
|
21,500 |
|
N/A |
|
N/A |
|
$ |
13,250,000 |
|
Nov-05 |
|
1604 Broadway - 63% JV |
|
Leasehold Interest |
|
Times Square |
|
29,876 |
|
17.2 |
|
23.7 |
|
$ |
4,400,000 |
|
Dec-05 |
|
379 West Broadway - 45% JV |
|
Leasehold Interest |
|
Cast Iron/Soho |
|
62,006 |
|
100.0 |
|
N/A |
|
$ |
19,750,000 |
|
|
|
|
|
|
|
|
|
169,082 |
|
|
|
|
|
$ |
139,900,000 |
|
2006 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-06 |
|
25-29 West 34th Street - 50% JV |
|
Fee Interest |
|
Herald Square/Penn Station |
|
41,000 |
|
55.8 |
|
N/A |
|
$ |
30,000,000 |
|
Sep-06 |
|
717 Fifth Avenue - 32.75% JV |
|
Fee Interest |
|
Midtown/Plaza District |
|
119,550 |
|
63.1 |
|
89.4 |
|
$ |
251,900,000 |
|
|
|
|
|
|
|
|
|
160,550 |
|
|
|
|
|
$ |
281,900,000 |
|
2007 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aug-07 |
|
180 Broadway - 50% JV |
|
Fee Interest |
|
Cast Iron / Soho |
|
24,300 |
|
85.2 |
|
100.0 |
|
$ |
13,600,000 |
|
Apr-07 |
|
Two Herald Square - 55% JV |
|
Fee Interest |
|
Herald Square |
|
N/A |
|
N/A |
|
N/A |
|
$ |
225,000,000 |
|
Jul-07 |
|
885 Third Avenue - 55% JV |
|
Fee Interest |
|
Midtown / Plaza District |
|
N/A |
|
N/A |
|
N/A |
|
$ |
317,000,000 |
|
|
|
|
|
|
|
|
|
24,300 |
|
|
|
|
|
$ |
555,600,000 |
|
2008 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-08 |
|
125 Chubb Way |
|
Fee Interest |
|
Lyndhurst, New Jersey |
|
278,000 |
|
|
|
59.4 |
|
$ |
29,364,000 |
|
Feb-08 |
|
182 Broadway - 50% JV |
|
Fee Interest |
|
Cast Iron / Soho |
|
46,280 |
|
83.8 |
|
100.0 |
|
$ |
30,000,000 |
|
|
|
|
|
|
|
|
|
324,280 |
|
|
|
|
|
$ |
59,364,000 |
|
2010 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nov-10 |
|
Williamsburg Terrace |
|
Fee Interest |
|
Brooklyn, New York |
|
52,000 |
|
100.0 |
|
100.0 |
|
$ |
18,000,000 |
|
Dec-10 |
|
11 West 34th Street - 30% JV |
|
Fee Interest |
|
Herald Square/Penn Station |
|
17,150 |
|
100.0 |
|
100.0 |
|
$ |
10,800,000 |
|
Dec-10 |
|
7 Renaissance Square - 50% JV |
|
Fee Interest |
|
White Plains, New York |
|
65,641 |
|
|
|
46.6 |
|
$ |
4,000,000 |
|
Dec-10 |
|
Two Herald Square - 45% (2) |
|
Fee Interest |
|
Herald Square |
|
354,400 |
|
100.0 |
|
100.0 |
|
$ |
247,500,000 |
|
Dec-10 |
|
885 Third Avenue - 45% (2) |
|
Fee Interest |
|
Midtown / Plaza District |
|
607,000 |
|
100.0 |
|
100.0 |
|
$ |
352,000,000 |
|
Dec-10 |
|
292 Madison Avenue |
|
Fee Interest |
|
Grand Central South |
|
203,800 |
|
N/A |
|
N/A |
|
$ |
78,300,000 |
|
|
|
|
|
|
|
|
|
1,299,991 |
|
|
|
|
|
$ |
710,600,000 |
|
2011 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-11 |
|
3 Columbus Circle - 48.9% |
|
Fee Interest |
|
Columbus Circle |
|
741,500 |
|
20.1 |
|
70.7 |
|
$ |
500,000,000 |
|
Aug-11 |
|
1552-1560 Broadway - 50% |
|
Fee Interest |
|
Times Square |
|
35,897 |
|
59.7 |
|
|
|
$ |
136,550,000 |
|
Sep-11 |
|
747 Madison Avenue - 33.33% |
|
Fee Interest |
|
Plaza District |
|
10,000 |
|
100.0 |
|
59.1 |
|
$ |
66,250,000 |
|
|
|
|
|
|
|
|
|
787,397 |
|
|
|
|
|
$ |
702,800,000 |
|
2012 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-12 |
|
DFR Residential and Retail Portfolio - 80% |
|
Fee Interests / Leasehold Interest |
|
Plaza District, Upper East Side |
|
489,882 |
|
95.1 |
|
93.5 |
|
$ |
193,000,000 |
|
Jan-12 |
|
724 Fifth Avenue - 50% |
|
Fee Interest |
|
Plaza District |
|
65,010 |
|
92.9 |
|
76.6 |
|
$ |
223,000,000 |
|
Jul-12 |
|
West Coast Office Portfolio - 27.63% |
|
Fee Interest |
|
|
|
4,473,603 |
|
76.3 |
|
77.9 |
|
$ |
880,103,924 |
|
Aug-12 |
|
33 Beekman Street - 45.9% |
|
Fee Interest |
|
Downtown |
|
|
|
|
|
|
|
$ |
31,160,000 |
|
Sep-12 |
|
635 Sixth Avenue |
|
Fee Interest |
|
Midtown South |
|
104,000 |
|
|
|
|
|
$ |
83,000,000 |
|
Oct-12 |
|
1080 Amsterdam - 87.5% |
|
Leasehold Interest |
|
Upper West Side |
|
82,250 |
|
2.2 |
|
2.2 |
|
$ |
|
|
Dec-12 |
|
21 East 66th Street - 32.28% |
|
Fee Interest |
|
Plaza District |
|
16,736 |
|
100.0 |
|
100.0 |
|
$ |
75,000,000 |
|
Dec-12 |
|
985-987 Third Avenue |
|
Fee Interest |
|
Upper East Side |
|
13,678 |
|
|
|
|
|
$ |
18,000,000 |
|
Dec-12 |
|
131-137 Spring Street |
|
Fee Interest |
|
Soho |
|
68,342 |
|
100.0 |
|
100.0 |
|
$ |
122,300,000 |
|
|
|
|
|
|
|
|
|
5,313,501 |
|
|
|
|
|
$ |
1,625,563,924 |
|
2013 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-13 |
|
248-252 Bedford Avenue - 90% |
|
Fee Interest |
|
Brooklyn, New York |
|
66,611 |
|
|
|
85.7 |
|
$ |
54,900,000 |
|
Nov-13 |
|
650 Fifth Avenue - 50% |
|
Leasehold Interest |
|
Plaza District |
|
32,324 |
|
63.6 |
|
63.6 |
|
$ |
|
|
Nov-13 |
|
315 West 33rd Street - The Olivia |
|
Fee Interest |
|
Penn Station |
|
492,987 |
|
96.6 |
|
96.6 |
|
$ |
386,775,000 |
|
Nov-13 |
|
Fifth Avenue Retail Assemblage |
|
Fee Interest |
|
Plaza District |
|
66,962 |
|
74.6 |
|
74.6 |
|
$ |
146,221,990 |
|
|
|
|
|
|
|
|
|
658,884 |
|
|
|
|
|
$ |
587,896,990 |
|
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Retail, Residential, Development / Redevelopment, Land & West Coast |
|
|
|
|
|
|
|
|
|
|
Sales |
|
Sales |
| ||
|
|
Property |
|
Type of Ownership |
|
Submarket |
|
Net Rentable SF |
|
Price ($s) |
|
Price ($s/SF) |
| ||
2011 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Sep-11 |
|
1551-1555 Broadway (3) |
|
Fee Interest |
|
Times Square |
|
25,600 |
|
$ |
276,757,000 |
|
$ |
10,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
2012 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Feb-12 |
|
141 Fifth Avenue (4) |
|
Fee Interest |
|
Flatiron |
|
13,000 |
|
$ |
46,000,000 |
|
$ |
3,538 |
|
Feb-12 |
|
292 Madison Avenue |
|
Fee Interest |
|
Grand Central South |
|
203,800 |
|
$ |
85,000,000 |
|
$ |
417 |
|
Apr-12 |
|
379 West Broadway |
|
Leasehold Interest |
|
Cast Iron/Soho |
|
62,006 |
|
$ |
48,500,000 |
|
$ |
782 |
|
Jun-12 |
|
717 Fifth Avenue (5) |
|
Fee Interest |
|
Midtown/Plaza District |
|
119,550 |
|
$ |
617,583,774 |
|
$ |
5,166 |
|
Sep-12 |
|
3 Columbus Circle (6) |
|
Fee Interest |
|
Columbus Circle |
|
214,372 |
|
$ |
143,600,000 |
|
$ |
670 |
|
|
|
|
|
|
|
|
|
612,728 |
|
$ |
940,683,774 |
|
|
| |
2013 Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Feb-13 |
|
44 West 55th Street |
|
Fee Interest |
|
Plaza District |
|
8,557 |
|
$ |
6,250,000 |
|
$ |
730 |
|
Jun-13 |
|
West Coast Office Portfolio |
|
Fee Interest |
|
Los Angeles, California |
|
406,740 |
|
$ |
111,925,000 |
|
$ |
275 |
|
Aug-13 |
|
West Coast Office Portfolio |
|
Fee Interest |
|
Fountain Valley, California |
|
302,037 |
|
$ |
66,993,750 |
|
$ |
222 |
|
Sep-13 |
|
West Coast Office Portfolio |
|
Fee Interest |
|
San Diego, California |
|
110,511 |
|
$ |
45,400,000 |
|
$ |
411 |
|
Dec-13 |
|
27-29 West 34th Street |
|
Fee Interest |
|
Herald Square/Penn Station |
|
15,600 |
|
$ |
70,052,158 |
|
$ |
4,491 |
|
|
|
|
|
|
|
|
|
843,445 |
|
$ |
300,620,908 |
|
|
|
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Subject to long-term, third party net operating leases.
(3) Company sold our remaining 10% JV interest in the property at an implied $276.8 million sales price.
(4) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option.
(5) Company sold 50% of its remaining interest after a promote. The Company retained a 10.92% interest in the property.
(6) The joint venture sold a 29% condominium interest in the property.
|
|
Executive & Senior Management
|
|
|
|
Stephen L. Green
Chairman of the Board
Marc Holliday
Chief Executive Officer
Andrew Mathias
President
James Mead
Chief Financial Officer
Andrew S. Levine
Chief Legal Officer
Steven M. Durels
Executive Vice President, Director of Leasing and Real Property
Edward V. Piccinich
Executive Vice President, Property Management and Construction
Neil H. Kessner
Executive Vice President, General Counsel - Real Property
David M. Schonbraun
Co-Chief Investment Officer
Isaac Zion
Co-Chief Investment Officer
Matthew J. DiLiberto
Chief Accounting Officer & Treasurer
|
|
ANALYST COVERAGE
|
|
|
|
ANALYST COVERAGE
Firm |
|
Analyst |
|
Phone |
|
|
Bank of America - Merrill Lynch |
|
James C. Feldman |
|
(212) 449-6339 |
|
james_feldman@ml.com |
Barclays Capital |
|
Ross Smotrich |
|
(212) 526-2306 |
|
ross.smotrich@barcap.com |
Cantor Fitzgerald |
|
David Toti |
|
(212) 915-1219 |
|
dtoti@cantor.com |
Citigroup Smith Barney, Inc. |
|
Michael Bilerman |
|
(212) 816-1383 |
|
michael.bilerman@citigroup.com |
Cowen and Company |
|
James Sullivan |
|
(646) 562-1380 |
|
james.sullivan@cowen.com |
Deutsche Bank |
|
Vin Chao |
|
(212) 250-6799 |
|
vincent.chao@db.com |
Goldman Sachs & Co. |
|
Brad Burke |
|
(917) 343-2082 |
|
brad.burke@gs.com |
Green Street Advisors |
|
Michael Knott |
|
(949) 640-8780 |
|
mknott@greenstreetadvisors.com |
ISI Group |
|
Steve Sakwa |
|
(212) 446-9462 |
|
ssakwa@isigrp.com |
Jefferies & Company |
|
Tayo Okusanya |
|
(212) 336-7076 |
|
tokusanya@jefferies.com |
JMP Securities |
|
Mitchell Germain |
|
(212) 906-3546 |
|
mgermain@jmpsecurities.com |
JP Morgan Securities, Inc. |
|
Anthony Paolone |
|
(212) 622-6682 |
|
anthony.paolone@jpmorgan.com |
KeyBanc Capital Markets |
|
Jordan Sadler |
|
(917) 368-2280 |
|
jsadler@keybanccm.com |
Morgan Stanley |
|
Vance H. Edelson |
|
(212) 761-0078 |
|
vance.edelson@morganstanley.com |
RW Baird |
|
David Rodgers |
|
(216) 737-7341 |
|
drodgers@rwbaird.com |
Sandler ONeill + Partners, L.P. |
|
Alexander D. Goldfarb |
|
(212) 466-7937 |
|
agoldfarb@sandleroneill.com |
Stifel Nicolaus |
|
John Guinee |
|
(443) 224-1307 |
|
jwguinee@stifel.com |
UBS Securities LLC |
|
Ross T. Nussbaum |
|
(212) 713-2484 |
|
ross.nussbaum@ubs.com |
Wells Fargo Securities, LLC |
|
Brendan Maiorana |
|
(443) 263-6516 |
|
brendan.maiorana@wachovia.com |
FIXED INCOME COVERAGE
Firm |
|
Analyst |
|
Phone |
|
|
Citigroup Inc. |
|
Thomas Cook |
|
(212) 723-1112 |
|
thomas.n.cook@citi.com |
Goldman Sachs & Co. |
|
Louise Pitt |
|
(212) 902-3644 |
|
louise.pitt@gs.com |
JP Morgan Securities, Inc. |
|
Mark Streeter |
|
(212) 834-6601 |
|
mark.streeter@jpmorgan.com |
Merrill Lynch, Pierce, Fenner & Smith Inc. |
|
Tom Truxillo |
|
(980) 386-5212 |
|
thomas.c.truxillo_jr@baml.com |
Wells Fargo Securities, LLC |
|
Thierry B. Perrein |
|
(704) 715-8455 |
|
thierry.perrein@wellsfargo.com |
SL Green Realty Corp. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
|
|
SUPPLEMENTAL DEFINITIONS
|
|
|
|
Adjusted EBITDA is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to operating income.
Annualized rent is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.
Debt service coverage is adjusted EBITDA divided by total interest and principal payments.
Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.
Fixed charge coverage is adjusted EBITDA divided by fixed charge.
Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, 2% allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLGs unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing cost, and recurring building improvements.
Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002, as amended, as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Interest coverage is adjusted EBITDA divided by total interest expense.
Junior Mortgage Participations are subordinate interests in first mortgages.
Mezzanine Debt Loans are loans secured by ownership interests.
Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.
Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.
Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to operating standard.
Redevelopment costs are non-recurring capital expenditures incurred in order to improve buildings to SLGs operating standards. These building costs are taken into consideration during the underwriting for a given propertys acquisition.
Same-store NOI growth is the change in the NOI (excluding straight-line rents) of the same-store properties from the prior year reporting period to the current year reporting period.
Same-store properties include all properties that were owned in the same manner during both the current and prior year reporting periods, and excludes development properties prior to being stabilized for both the current and prior reporting period.
Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition.
SLGs share of total debt to market capitalization is calculated as SLGs share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLGs share of total debt includes total consolidated debt plus SLGs pro rata share of the debt of unconsolidated joint ventures less JV partners share of debt. Market equity assumes conversion of all OP units into common stock.
Total square feet owned represents 100% of the square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).