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):

July 23, 2015 (July 22, 2015)

 

SL GREEN REALTY CORP.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

MARYLAND

(STATE OF INCORPORATION)

 

1-13199

 

13-3956775

(COMMISSION FILE NUMBER)

 

(IRS EMPLOYER ID. NUMBER)

 

420 Lexington Avenue

 

10170

New York, New York

 

(ZIP CODE)

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

 

(212) 594-2700

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

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

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

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

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

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

 

 

 



 

Item 2.02.                                        Results of Operations and Financial Condition

 

Following the issuance of a press release on July 22, 2015 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 2015, the Company intends to make available supplemental information regarding the Company’s 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 July 22, 2015, the Company issued a press release announcing its results for the quarter ended June 30, 2015.

 

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 results for the quarter ended June 30, 2015.

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 Company’s 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

 

2



 

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 Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s 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 Company’s 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 Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s 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 Company’s 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 Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is calculated by adding income taxes, loan loss reserves and the Company’s 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, 2014 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 Company’s 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 Company’s leverage position relative to the Company’s estimated market value.  The Company’s estimated market value is based upon the quarter-end trading price of the Company’s common stock multiplied by all common shares and operating partnership units outstanding plus the face value of the Company’s preferred equity. This ratio is presented on a

 

3



 

consolidated basis and a combined basis.  The combined debt to market capitalization includes the Company’s pro-rata share of off-balance sheet (unconsolidated) joint venture debt.  The Company believes this ratio may provide investors with another measure of the Company’s current leverage position.  The debt to market capitalization ratio should be used as one measure of the Company’s 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 Company’s borrowing capacity and should not be considered an alternative measure to the Company’s current lending arrangements.

 

Coverage Ratios

 

The Company presents fixed charge and interest coverage ratios to provide a measure of the Company’s 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 Company’s 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 Company’s 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).

 

4



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

SL GREEN REALTY CORP.

 

 

 

/s/ Matthew J. DiLiberto

 

Matthew J. DiLiberto

 

Chief Financial Officer

 

 

Date: July 23, 2015

 

 

5


Exhibit 99.1

 

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

 

SL GREEN REALTY CORP. REPORTS

SECOND QUARTER 2015 FFO OF $1.65 PER SHARE BEFORE TRANSACTION COSTS; AND EPS OF $(0.39) PER SHARE

 

RAISES 2015 EARNINGS GUIDANCE

 

Financial and Operating Highlights

 

·                  Second quarter FFO of $1.65 per share before transaction related costs of $0.03 per share compared to prior year FFO of $1.64 per share before transaction related costs of $0.02 per share.  Prior year FFO included a promote of $10.3 million, or $0.10 per share, recognized on the sale of 747 Madison Avenue.

 

·                  Raising 2015 NAREIT defined FFO guidance to a range of $6.30 to $6.34 per share, an increase of $0.05 per share at the midpoint, as compared to a previous range of $6.24 to $6.30 per share.

 

·                  Second quarter net loss attributable to common stockholders of $0.39 per share compared to prior year net income attributable to common stockholders of $2.46 per share. Current year net loss includes accelerated depreciation expense of $0.95 per share related to the properties that comprise the One Vanderbilt development site.

 

·                  Combined same-store cash NOI increased 4.9 percent for the second quarter and 4.0 percent for the first six months as compared to the same periods in the prior year.

 

·                  Signed 50 Manhattan office leases covering 839,590 square feet during the second quarter.  The mark-to-market on signed Manhattan office leases was 11.3 percent higher in the second quarter than the previously fully escalated rents on the same spaces.

 

·                  Signed 32 Suburban office leases covering 203,768 square feet during the second quarter. The mark-to-market on signed Suburban office leases was 1.0 percent lower in the second quarter than the previously fully escalated rents on the same spaces.

 

·                  Increased Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, as of June 30, 2015 to 97.0 percent as compared to 94.9 percent as of June 30, 2014 and 95.9 percent as of March 31, 2015.

 

·                  Increased Suburban same-store occupancy, inclusive of leases signed but not yet commenced, as of June 30, 2015 to 84.2 percent as compared to 83.4 percent as of June 30, 2014 and 83.5 percent as of March 31, 2015.

 

·                  Signed a 10-year lease with Adidas at 115 Spring Street.

 

1



 

Investing Highlights

 

·                  Received final approval from the New York City Council for the development of the 63-story One Vanderbilt office tower directly west of Grand Central Terminal.

 

·                  Entered into an agreement to acquire Eleven Madison Avenue in Midtown South for $2.285 billion plus approximately $300.0 million in costs associated with lease stipulated improvements to the property.

 

·                  Entered into separate agreements to sell all of or interests in Tower 45, 131-137 Spring Street and the Meadows Office Complex for total gross asset valuations of $763.9 million.  The Company expects to recognize cash proceeds from these transactions in excess of $420.0 million.

 

·                  Entered into an agreement to acquire a 90.0 percent interest in The SoHo Building at 110 Greene Street based on a gross asset valuation of $255.0 million.

 

·                  Entered into an agreement to acquire two mixed-use properties located at 187 Broadway and 5-7 Dey Street in Downtown Manhattan for $63.7 million.

 

·                  Closed on the off-market acquisition of a mixed-use residential and retail property located on the Upper East Side of Manhattan for $50.0 million.

 

·                  Originated new debt and preferred equity investments totaling $302.5 million in the second quarter, of which $227.5 million was retained at a weighted average current yield of 10.5 percent.

 

Summary

 

New York, NY, July 22, 2015 — SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended June 30, 2015 of $171.7 million, or $1.65 per share, before transaction related costs of $3.1 million, or $0.03 per share, as compared to FFO for the same period in 2014 of $162.6 million, or $1.64 per share, before transaction related costs of $1.7 million, or $0.02 per share.  FFO for the current quarter includes the recognition of the Company’s share of lease termination income at 919 Third Avenue of $5.8 million.  Prior year FFO included a promote of $10.3 million recognized on the sale of 747 Madison Avenue.

 

Net loss attributable to common stockholders for the quarter ended June 30, 2015 totaled $39.1 million, or $0.39 per share, inclusive of $99.1 million, or $0.95 per share, of acceleration depreciation expense related to the properties that comprise the One Vanderbilt development site.  Net income attributable to common stockholders for the quarter ended June 30, 2014 totaled $235.5 million, or $2.46 per share, inclusive of $117.8 million, or $1.18 per share, of gains recognized from the sale of 673 First Avenue and a purchase price fair value adjustment of $71.4 million, or $0.72 per share, related to the acquisition of the Company’s joint venture partner’s interest in 388-390 Greenwich Street.

 

All per share amounts in this press release are presented on a diluted basis.

 

Operating and Leasing Activity

 

For the quarter ended June 30, 2015, the Company reported consolidated revenues and operating income of $409.1 million and $251.3 million, respectively, compared to $380.6 million and $233.7 million, respectively, for the same period in 2014.

 

2



 

Same-store cash NOI on a combined basis increased by 4.9 percent to $183.8 million and by 4.0 percent to $353.6 million for the three and six months ended June 30, 2015, respectively, as compared to the same periods in 2014.  For the three months ended June 30, 2015, consolidated property same-store cash NOI increased by 5.0 percent to $163.3 million and unconsolidated joint venture property same-store cash NOI increased by 3.6 percent to $20.5 million, as compared to the same period in 2014.  For the six months ended June 30, 2015, consolidated property same-store cash NOI increased by 3.7 percent to $313.1 million and unconsolidated joint venture property same-store cash NOI increased by 6.1 percent to $40.4 million, as compared to the same period in 2014.

 

During the second quarter, the Company signed 50 office leases in its Manhattan portfolio totaling 839,590 square feet.  Seventeen leases comprising 306,913 square feet represented office leases that replaced previous vacancy. Thirty-three leases comprising 532,677 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 $60.74 per rentable square foot, representing an 11.3 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 second quarter was 11.2 years and average tenant concessions were 7.5 months of free rent with a tenant improvement allowance of $60.17 per rentable square foot.

 

During the first six months of 2015, the Company signed 94 office leases in its Manhattan portfolio totaling 1,305,838 square feet. Thirty-two leases comprising 621,191 square feet represented office leases that replaced previous vacancy. Sixty-two leases comprising 684,647 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 $62.40 per rentable square foot, representing a 12.6 percent increase over the previously fully escalated rents on the same office spaces.

 

Manhattan same-store occupancy increased to 97.0 percent at June 30, 2015, inclusive of 103,385 square feet of leases signed but not yet commenced, as compared to 94.9 percent at June 30, 2014 and 95.9 percent at March 31, 2015.

 

During the second quarter, the Company signed 32 office leases in its Suburban portfolio totaling 203,768 square feet.  Nine leases comprising 35,188 square feet represented office leases that replaced previous vacancy. Twenty-three leases comprising the remaining 168,580 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 $34.85 per rentable square foot, representing a 1.0 percent decrease over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the second quarter was 6.2 years and average tenant concessions were 5.0 months of free rent with a tenant improvement allowance of $26.65 per rentable square foot.

 

During the first six months of 2015, the Company signed 65 office leases in its Suburban portfolio totaling 414,678 square feet. Twenty leases comprising 131,329 square feet represented office leases that replaced previous vacancy. Forty-five leases comprising

 

3



 

283,349 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 $34.07 per rentable square foot, representing a 3.5 percent decrease over the previously fully escalated rents on the same office spaces.

 

Same-store occupancy for the Company’s Suburban portfolio was 84.2 percent at June 30, 2015, inclusive of 127,646 square feet of leases signed but not yet commenced, as compared to 83.4 percent at June 30, 2014 and 83.5 percent at March 31, 2015.

 

Significant leases that were signed during the second quarter included:

 

·                  New lease on a total of 350,173 square feet on 10 floors with Bloomberg LP, the world’s premier information network, for 15.0 years at 919 Third Avenue;

 

·                  New lease on 133,208 square feet with WeWork for 15.0 years, comprising all nine floors at 315 West 36th Street;

 

·                  Early renewal on 70,145 square feet with Astor Parking, LLC at 1515 Broadway, bringing the remaining lease term to 10.1 years;

 

·                  New lease on 41,830 square feet with GIC (New York) Inc. at 280 Park Avenue for 15.0 years;

 

·                  New lease on 33,250 square feet with Golden Tree Asset Management LP at 485 Lexington Avenue for 10.5 years;

 

·                  Early renewal on 30,365 square feet with Haworth, Inc. at 125 Park Avenue, bringing the remaining lease term to 12.4 years;

 

·                  Early renewal on 27,321 square feet with UBS Financial Services at 750 Washington Boulevard, Stamford, Connecticut, bringing the remaining lease term to 6.8 years;

 

·                  New lease on 26,520 square feet with Shiseido at The Meadows, Rutherford, New Jersey for 10.8 years; and

 

·                  New lease on 21,981 square feet with Infor (US), Inc. at 641 Sixth Avenue for 10.8 years increasing its commitment to 136,029 square feet at 635-641 Sixth Avenue.

 

In July, the Company announced that Adidas signed a 10-year lease at 115 Spring Street, a prime location in one of Manhattan’s strongest retail areas.  The two-level 5,218 square foot space will be the new home of sportswear company’s Originals boutique.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended June 30, 2015 were $23.2 million, or 5.0 percent of total revenues and an annualized 49 basis points of total assets including the Company’s share of joint venture revenues and assets.

 

4



 

Real Estate Investment Activity

 

In May, the New York City Council approved plans for the Company’s One Vanderbilt office tower and demolition has commenced on the site. Located directly west of Grand Central Terminal, the 63-story skyscraper will be 1,501 feet tall and contain 1.6 million rentable square feet of Class A commercial space. One Vanderbilt features open floor plans, efficient use of space, and the highest level of sustainable design in New York City.  TD Bank will anchor approximately 200,000 square feet of space in One Vanderbilt, including a flagship retail store on the northeast corner of 42nd Street and Madison Avenue. The Company will invest an $220.0 million in public infrastructure, constructing new, direct subway access points and circulation areas, easing platform and mezzanine crowding and allowing trains to move more quickly through the station at peak hours.

 

In May, the Company entered into an agreement to acquire Eleven Madison Avenue for $2.285 billion plus approximately $300.0 million in costs associated with lease stipulated improvements to the property. Eleven Madison Avenue is a 29-story, 2.3 million square foot Class-A, Midtown South office property that was built in 1929 and originally served as the headquarters of Metropolitan Life Insurance Company. After a $700.0 million modernization in the 1990s, it became the North American headquarters of Credit Suisse, which continues to be the largest tenant in the building today. It also will serve as the new headquarters for Sony Corp. of America. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In July, the Company announced an agreement to sell Tower 45, the office building located at 120 West 45th Street, for $365.0 million, or approximately $830 per square foot.  The 440,000-square-foot Tower 45 was acquired by the Company in 2007 as part of the merger with Reckson Associates. Subsequently, the Company executed a significant capital improvement program that successfully repositioned the property. Tower 45 is currently 96.2 percent leased. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In July, the Company announced the formation of a joint venture with Invesco Real Estate (“Invesco”) for the ownership of 131-137 Spring Street, a 73,000 square foot mixed-use asset located in SoHo. Under the terms of the agreement, Invesco will acquire an 80.0 percent stake in the property, with the Company retaining a 20.0 percent ownership interest as well as management and leasing responsibilities. The transaction values the property at $277.8 million.  131-137 Spring Street, a six-story building in the heart of the popular SoHo shopping district, features 100 feet of ground floor frontage on Spring Street and houses the multi-level flagship stores for Diesel and Burberry while the balance of the building includes office space and residential rental units.  The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

The Company will recognize cash proceeds in excess of $400.0 million from the 131-137 Spring Street and Tower 45 transactions, combined, which were executed at a blended cap rate of 3.3 percent.

 

In April, the Company, together with its joint venture partner, entered into an agreement to sell the Meadows Office Complex, a two-building 604,000 square foot property in Rutherford, New Jersey, for $121.1 million.  The Company owns a 50 percent joint venture interest in the property, which is 91 percent leased, with Onyx Equities.

 

5



 

In July, the Company announced an agreement to acquire a 90.0 percent interest in The SoHo Building at 110 Greene Street based on a gross asset valuation of $255.0 million. The 13-story iconic mixed-use property is located in the heart of historic SoHo, one of New York City’s most desirable submarkets. 110 Greene Street is the tallest building in the submarket, offering office and residential tenants unparalleled views, along with large floor plates and substantial common areas.  Retail space at the building, along Greene and Mercer Streets, offers existing and future tenants high visibility on two of the strongest retail streets in Manhattan. Notwithstanding the building’s current prominence, the Company plans additional enhancements to the property as it reintroduces it to the marketplace.  The transaction increases the Company’s sizable footprint in SoHo, adding the submarket’s best office space to the Company’s commercial portfolio, and extending its substantial retail presence. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In July, the Company announced an agreement to acquire two mixed-use properties located at 187 Broadway and 5-7 Dey Street for $63.7 million.  Located adjacent to the entrance to Downtown Manhattan’s new Fulton Transit Center and one block east of the World Trade Center, the site consists of two mixed-use, retail/office buildings in a neighborhood that has undergone rapid growth in the office, residential and retail segments. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In June 2015, the Company closed on the off-market acquisition of a mixed-use residential and retail property located on the Upper East Side of Manhattan for $50.0 million. The property is situated directly across the street from two new subway stations that will anchor the Second Avenue subway line and presents long-term value add opportunities for the Company’s residential and retail business.

 

Debt and Preferred Equity Investment Activity

 

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.7 billion at June 30, 2015.  During the second quarter, the Company originated new debt and preferred equity investments totaling $302.5 million, of which $227.5 million was retained and $193.0 million was funded, at a weighted average current yield of 10.5 percent, and recorded $82.8 million of principal reductions from investments that were sold or repaid.  As of June 30, 2015, the debt and preferred equity investment portfolio had a weighted average maturity of 1.7 years, excluding any extension options, and had a weighted average yield during the second quarter of 10.2 percent.

 

Guidance

 

Based on the Company’s performance for the first six months of 2015 and its outlook for the remainder of 2015, the Company is raising its NAREIT defined FFO guidance for 2015 to a range of $6.30 to $6.34 per share, an increase of $0.05 per share at the midpoint, as compared to the previous FFO guidance range of $6.24 to $6.30 per share.

 

Dividends

 

During the second quarter of 2015, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

 

6



 

·                  $0.60 per share of common stock, which was paid on July 15, 2015 to shareholders of record on the close of business on June 30, 2015; and

 

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period April 15, 2015 through and including July 14, 2015, which was paid on July 15, 2015 to shareholders of record on the close of business on June 30, 2015, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.

 

Conference Call and Audio Webcast

 

The Company’s executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 23, 2015 at 2:00 pm ET to discuss the financial results.

 

The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Financial Reports.”

 

The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Event Calendar & Webcasts” and on Thomson’s StreetEvents Network. The conference may also be accessed by dialing (877) 312-8765 Domestic or (419) 386-0002 International.

 

A replay of the call will be available through July 30, 2015 by dialing (800) 585-8367, using pass-code 70777563.

 

Company Profile

 

SL Green Realty Corp., an S&P 500 company and New York City’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2015, SL Green held interests in 120 Manhattan buildings totaling 44.1 million square feet. This included ownership interests in 29.0 million square feet of commercial buildings and debt and preferred equity investments secured by 15.1 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 37 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.

 

To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.

 

7



 

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 in this release and in the Company’s 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.

 

8



 

SL GREEN REALTY CORP.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share data)

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenues:

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

304,226

 

$

279,608

 

$

607,555

 

$

535,584

 

Escalation and reimbursement

 

41,407

 

38,576

 

82,376

 

76,383

 

Investment income

 

45,191

 

39,714

 

87,260

 

93,798

 

Other income

 

18,250

 

22,734

 

28,182

 

37,312

 

Total revenues

 

409,074

 

380,632

 

805,373

 

743,077

 

Expenses:

 

 

 

 

 

 

 

 

 

Operating expenses, including related party expenses of $4,472 and $8,189 in 2015 and $4,567 and $8,080 in 2014

 

70,114

 

69,098

 

146,891

 

139,010

 

Real estate taxes

 

56,286

 

51,804

 

112,009

 

104,154

 

Ground rent

 

8,086

 

8,040

 

16,274

 

16,073

 

Interest expense, net of interest income

 

75,746

 

77,870

 

151,553

 

154,048

 

Amortization of deferred financing costs

 

5,952

 

5,401

 

12,567

 

9,058

 

Depreciation and amortization

 

199,565

 

93,379

 

307,902

 

179,894

 

Transaction related costs

 

3,067

 

1,697

 

4,210

 

4,171

 

Marketing, general and administrative

 

23,200

 

23,872

 

48,664

 

47,128

 

Total expenses

 

442,016

 

331,161

 

800,070

 

653,536

 

(Loss) 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, purchase price fair value adjustment and loss on early extinguishment of debt

 

(32,942

)

49,471

 

5,303

 

89,541

 

Equity in net income from unconsolidated joint ventures

 

2,994

 

8,619

 

7,024

 

14,748

 

Equity in net gain on sale of interest in unconsolidated joint venture/real estate

 

769

 

1,444

 

769

 

106,084

 

Purchase price fair value adjustment

 

 

71,446

 

 

71,446

 

Loss on early extinguishment of debt

 

 

(1,028

)

(49

)

(1,025

)

(Loss) income from continuing operations

 

(29,179

)

129,952

 

13,047

 

280,794

 

Net income from discontinued operations

 

 

5,645

 

427

 

11,414

 

Gain on sale of discontinued operations

 

 

114,735

 

12,983

 

114,735

 

Net (loss) income

 

(29,179

)

250,332

 

26,457

 

406,943

 

Net loss (income) attributable to noncontrolling interests in the Operating Partnership

 

1,577

 

(8,645

)

(166

)

(13,374

)

Net income attributable to noncontrolling interests in other partnerships

 

(6,626

)

(1,843

)

(12,553

)

(3,333

)

Preferred unit distributions

 

(1,140

)

(565

)

(2,091

)

(1,130

)

Net (loss) income attributable to SL Green

 

(35,368

)

239,279

 

11,647

 

389,106

 

Perpetual preferred stock dividends

 

(3,738

)

(3,738

)

(7,476

)

(7,475

)

Net (loss) income attributable to SL Green common stockholders

 

$

(39,106

)

$

235,541

 

$

4,171

 

$

381,631

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share (EPS)

 

 

 

 

 

 

 

 

 

Net (loss) income per share (Basic)

 

$

(0.39

)

$

2.47

 

$

0.04

 

$

4.01

 

Net (loss) income per share (Diluted)

 

$

(0.39

)

$

2.46

 

$

0.04

 

$

3.99

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations (FFO)

 

 

 

 

 

 

 

 

 

FFO per share (Basic)

 

$

1.63

 

$

1.63

 

$

3.14

 

$

3.15

 

FFO per share (Diluted)

 

$

1.62

 

$

1.62

 

$

3.12

 

$

3.14

 

 

 

 

 

 

 

 

 

 

 

Basic ownership interest

 

 

 

 

 

 

 

 

 

Weighted average REIT common shares for net income per share

 

99,579

 

95,455

 

98,994

 

95,288

 

Weighted average partnership units held by noncontrolling interests

 

3,908

 

3,515

 

3,936

 

3,339

 

Basic weighted average shares and units outstanding

 

103,487

 

98,970

 

102,930

 

98,627

 

 

 

 

 

 

 

 

 

 

 

Diluted ownership interest

 

 

 

 

 

 

 

 

 

Weighted average REIT common share and common share equivalents

 

100,038

 

95,969

 

99,487

 

95,789

 

Weighted average partnership units held by noncontrolling interests

 

3,908

 

3,515

 

3,936

 

3,339

 

Diluted weighted average shares and units outstanding

 

103,946

 

99,484

 

103,423

 

99,128

 

 

9



 

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

June 30,
2015

 

December 31,
2014

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

Land and land interests

 

$

3,756,488

 

$

3,844,518

 

Building and improvements

 

8,397,117

 

8,778,593

 

Building leasehold and improvements

 

1,424,822

 

1,418,585

 

Properties under capital lease

 

27,445

 

27,445

 

 

 

13,605,872

 

14,069,141

 

Less: accumulated depreciation

 

(2,081,646

)

(1,905,165

)

 

 

11,524,226

 

12,163,976

 

Assets held for sale

 

420,569

 

462,430

 

Cash and cash equivalents

 

215,896

 

281,409

 

Restricted cash

 

128,234

 

149,176

 

Investment in marketable securities

 

46,251

 

39,429

 

Tenant and other receivables, net of allowance of $16,369 and $18,068 in 2015 and 2014, respectively

 

64,873

 

57,369

 

Related party receivables

 

11,395

 

11,735

 

Deferred rents receivable, net of allowance of $23,656 and $27,411 in 2015 and 2014, respectively

 

433,999

 

374,944

 

Debt and preferred equity investments, net of discounts and deferred origination fees of $18,867 and $19,172 in 2015 and 2014, respectively

 

1,685,234

 

1,408,804

 

Investments in unconsolidated joint ventures

 

1,262,723

 

1,172,020

 

Deferred costs, net

 

328,838

 

327,962

 

Other assets

 

1,144,720

 

647,333

 

Total assets

 

$

17,266,958

 

$

17,096,587

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Mortgages and other loans payable

 

$

5,287,934

 

$

5,586,709

 

Revolving credit facility

 

705,000

 

385,000

 

Term loan and senior unsecured notes

 

2,113,050

 

2,107,078

 

Accrued interest payable and other liabilities

 

161,188

 

137,634

 

Accounts payable and accrued expenses

 

147,028

 

173,246

 

Deferred revenue

 

337,571

 

187,148

 

Capitalized lease obligations

 

21,013

 

20,822

 

Deferred land leases payable

 

1,387

 

1,215

 

Dividend and distributions payable

 

66,026

 

64,393

 

Security deposits

 

67,985

 

66,614

 

Liabilities related to assets held for sale

 

178,252

 

266,873

 

Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities

 

100,000

 

100,000

 

Total liabilities

 

9,186,434

 

9,096,732

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

Noncontrolling interest in the Operating Partnership

 

431,418

 

469,524

 

Preferred units

 

124,723

 

71,115

 

Equity

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2015 and December 31, 2014

 

221,932

 

221,932

 

Common stock, $0.01 par value 160,000 shares authorized, 99,590 and 100,928 issued and outstanding at June 30, 2015 and December 31, 2014, respectively (including 3,643and 3,603 shares held in Treasury at June 30, 2015 and December 31, 2014, respectively)

 

1,033

 

1,010

 

Additional paid-in capital

 

5,570,746

 

5,289,479

 

Treasury stock at cost

 

(325,207

)

(320,471

)

Accumulated other comprehensive loss

 

(10,906

)

(6,980

)

Retained earnings

 

1,657,911

 

1,752,404

 

Total SL Green Realty Corp. stockholders’ equity

 

7,115,509

 

6,937,374

 

Noncontrolling interests in other partnerships

 

408,874

 

521,842

 

Total equity

 

7,524,383

 

7,459,216

 

Total liabilities and equity

 

$

17,266,958

 

$

17,096,587

 

 

10



 

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

FFO Reconciliation:

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to SL Green common stockholders

 

$

(39,106

)

$

235,541

 

$

4,171

 

$

381,631

 

Add:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

199,565

 

93,379

 

307,902

 

179,894

 

Discontinued operations depreciation adjustments

 

 

1,459

 

 

4,756

 

Joint venture depreciation and noncontrolling interest adjustments

 

4,435

 

8,161

 

13,057

 

21,148

 

Net income attributable to noncontrolling interests

 

5,049

 

10,488

 

12,719

 

16,707

 

Less:

 

 

 

 

 

 

 

 

 

Gain on sale of discontinued operations

 

 

114,735

 

12,983

 

114,735

 

Equity in net gain on sale of interest in unconsolidated joint venture/real estate

 

769

 

1,444

 

769

 

106,084

 

Purchase price fair value adjustment

 

 

71,446

 

 

71,446

 

Depreciation on non-rental real estate assets

 

500

 

503

 

1,025

 

1,017

 

Funds From Operations attributable to SL Green common stockholders and noncontrolling interests

 

$

168,674

 

$

160,900

 

$

323,072

 

$

310,854

 

 

 

 

 

 

 

 

SL Green’s share of

 

 

 

 

 

 

 

Consolidated Properties

 

Unconsolidated Joint Ventures

 

Combined

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

June 30,

 

June 30,

 

June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

Operating income and Same-store NOI Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) 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, purchase price fair value adjustment and loss on early extinguishment of debt

 

$

(32,942

)

$

49,471

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

2,994

 

8,619

 

2,994

 

8,619

 

 

 

 

 

Depreciation and amortization

 

199,565

 

93,379

 

15,819

 

14,928

 

 

 

 

 

Interest expense, net of interest income

 

75,746

 

77,870

 

18,259

 

15,427

 

 

 

 

 

Amortization of deferred financing costs

 

5,952

 

5,401

 

1,344

 

832

 

 

 

 

 

Loss on early extinguishment of debt

 

 

(1,028

)

 

 

 

 

 

 

Operating income

 

$

251,315

 

$

233,712

 

$

38,416

 

$

39,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative expense

 

23,200

 

23,872

 

 

 

 

 

 

 

Net operating income from discontinued operations

 

 

10,661

 

 

 

 

 

 

 

Transaction related costs

 

3,067

 

1,697

 

3

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-building revenue

 

(47,353

)

(58,756

)

(6,361

)

(6,365

)

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

(2,994

)

(8,619

)

 

 

 

 

 

 

Loss on early extinguishment of debt

 

 

1,028

 

 

1,787

 

 

 

 

 

Net operating income (NOI)

 

227,235

 

203,595

 

32,058

 

35,255

 

$

259,293

 

$

238,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI from discontinued operations

 

 

(10,661

)

 

 

 

(10,661

)

NOI from other properties/affiliates

 

(34,755

)

(18,275

)

(9,190

)

(13,039

)

(43,945

)

(31,314

)

Same-Store NOI

 

$

192,480

 

$

174,659

 

$

22,868

 

$

22,216

 

$

215,348

 

$

196,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground lease straight-line adjustment

 

400

 

400

 

 

 

400

 

400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line and free rent

 

(24,353

)

(13,278

)

(2,131

)

(2,062

)

(26,484

)

(15,340

)

Rental income — FAS 141

 

(5,197

)

(6,249

)

(258

)

(390

)

(5,455

)

(6,639

)

Same-store cash NOI

 

$

163,330

 

$

155,532

 

$

20,479

 

$

19,764

 

$

183,809

 

$

175,296

 

 

11



 

 

 

Consolidated Properties

 

SL Green’s share of
Unconsolidated Joint Ventures

 

Combined

 

 

 

Six Months Ended
June 30,

 

Six Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

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, purchase price fair value adjustment and loss on early extinguishment of debt

 

$

5,303

 

$

89,541

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

7,024

 

14,748

 

7,024

 

14,748

 

 

 

 

 

Depreciation and amortization

 

307,902

 

179,894

 

29,967

 

35,085

 

 

 

 

 

Interest expense, net of interest income

 

151,553

 

154,048

 

33,514

 

34,130

 

 

 

 

 

Amortization of deferred financing costs

 

12,567

 

9,058

 

2,665

 

3,458

 

 

 

 

 

Loss on early extinguishment of debt

 

(49

)

(1,025

)

 

 

 

 

 

 

Operating income

 

$

484,300

 

$

446,264

 

$

73,170

 

$

87,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative expense

 

48,664

 

47,128

 

 

 

 

 

 

 

Net operating income from discontinued operations

 

488

 

24,599

 

 

 

 

 

 

 

Transaction related costs

 

4,210

 

4,171

 

10

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-building revenue

 

(95,405

)

(123,259

)

(12,718

)

(10,170

)

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

(7,024

)

(14,748

)

 

 

 

 

 

 

Loss on early extinguishment of debt

 

49

 

1,025

 

407

 

3,382

 

 

 

 

 

Net operating income (NOI)

 

435,282

 

385,180

 

60,869

 

80,733

 

$

496,151

 

$

465,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI from discontinued operations

 

(488

)

(24,599

)

 

 

(488

)

(24,599

)

NOI from other properties/affiliates

 

(76,712

)

(23,777

)

(15,353

)

(36,951

)

(92,065

)

(60,728

)

Same-Store NOI

 

$

358,082

 

$

336,804

 

$

45,516

 

$

43,782

 

$

403,598

 

$

380,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground lease straight-line adjustment

 

801

 

801

 

 

 

801

 

801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line and free rent

 

(37,291

)

(23,441

)

(4,279

)

(4,810

)

(41,570

)

(28,251

)

Rental income — FAS 141

 

(8,460

)

(12,235

)

(793

)

(854

)

(9,253

)

(13,089

)

Same-store cash NOI

 

$

313,132

 

$

301,929

 

$

40,444

 

$

38,118

 

$

353,576

 

$

340,047

 

 

12



 

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED

 

 

 

June 30,

 

 

 

2015

 

2014

 

Manhattan Operating Data: (1)

 

 

 

 

 

Net rentable area at end of period (in 000’s)

 

22,009

 

21,905

 

Portfolio percentage leased at end of period

 

96.9

%

94.2

%

Same-Store percentage leased at end of period

 

96.5

%

93.6

%

Number of properties in operation

 

31

 

30

 

 

 

 

 

 

 

Office square feet where leases commenced during quarter (rentable)

 

573,432

 

314,938

 

Average mark-to-market percentage-office

 

16.5

%

0.5

%

Average starting cash rent per rentable square foot-office

 

$

61.66

 

$

54.18

 

 


(1)  Includes wholly-owned and joint venture properties.

 

The following table reconciles estimated earnings per share (diluted) to FFO per share (diluted) for the year ending December 31, 2015.

 

 

 

Year Ended
December 31,

 

 

 

2015

 

2015

 

Net income per share attributable to SL Green stockholders

 

$

1.93

 

$

1.97

 

Add:

 

 

 

 

 

Depreciation and amortization

 

5.43

 

5.43

 

Unconsolidated joint ventures depreciation and noncontrolling interests adjustments

 

0.28

 

0.28

 

Net income attributable to noncontrolling interests

 

0.23

 

0.23

 

Less:

 

 

 

 

 

Gain on sale of discontinued operations

 

1.54

 

1.54

 

Equity in net gain on sale of interest in unconsolidated joint venture / real estate

 

0.01

 

0.01

 

Depreciation and amortization on non-real estate assets

 

0.02

 

0.02

 

Funds from Operations per share attributable to SL Green common stockholders and noncontrolling interests

 

$

6.30

 

$

6.34

 

 

13


Exhibit 99.2

 

 

SECOND QUARTER 2015

SUPPLEMENTAL DATA

JUNE 30, 2015

 

 



 

 

 

 

 

 

 

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 Green’s 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 Company’s 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 212-594-2700.

 

Ratings

 

Ratings are not recommendations to buy, sell or hold the Company’s securities.

 

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.

 

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 June 30, 2015 that will be released on Form 10-Q to be filed on or before August 10, 2015.

 

2



 

 

 

TABLE OF CONTENTS

 

 

 

Highlights of Current Period Financial Performance

 

 

 

 

 

 

 

Unaudited Financial Statements

 

 

 

Corporate Profile

 

4

 

Highlights

 

5-14

 

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

 

34-41

 

Largest Tenants

 

42

 

Tenant Diversification

 

43

 

Leasing Activity Summary

 

44-47

 

Annual Lease Expirations

 

48-50

 

 

 

 

 

Summary of Real Estate Acquisition/Disposition Activity

 

51-56

 

Corporate Information

 

57

 

Analyst Coverage

 

58

 

Supplemental Definitions

 

59

 

 

3



 

 

 

CORPORATE PROFILE

 

 

 

SL Green Realty Corp., or the Company, is an S&P 500 company and New York City’s largest office landlord. The Company is a self-managed Real Estate Investment Trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing.

 

SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies, which are referred to as the Service Corporation, a consolidated variable interest entity. All of the management, leasing and construction services with respect to the properties that are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership.

 

Substantially all of our assets are held by, and all of our operations are conducted through the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership.

 

Reckson Operating Partnership, L.P., or ROP, commenced operations in June 1995 and became a wholly-owned subsidiary of the Operating Partnership, in January 2007.

 

As of June 30, 2015, SL Green held interests in 120 Manhattan buildings totaling 44.1 million square feet. This included ownership interests in 29.0 million square feet of commercial buildings and debt and preferred equity investments secured by 15.1 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 37 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.

 

4



 

 

 

SECOND QUARTER 2015 HIGHLIGHTS

Unaudited

 

 

 

SUMMARY

 

New York, NY, July 22, 2015 — SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended June 30, 2015 of $171.7 million, or $1.65 per share, before transaction related costs of $3.1 million, or $0.03 per share, as compared to FFO for the same period in 2014 of $162.6 million, or $1.64 per share, before transaction related costs of $1.7 million, or $0.02 per share.  FFO for the current quarter includes the recognition of the Company’s share of lease termination income at 919 Third Avenue of $5.8 million. Prior year FFO included a promote of $10.3 million recognized on the sale of 747 Madison Avenue.

 

Net loss attributable to common stockholders for the quarter ended June 30, 2015 totaled $39.1 million, or $0.39 per share, inclusive of $99.1 million, or $0.95 per share, of acceleration depreciation expense related to the properties that comprise the One Vanderbilt development site.  Net income attributable to common stockholders for the quarter ended June 30, 2014 totaled $235.5 million, or $2.46 per share, inclusive of $117.8 million, or $1.18 per share, of gains recognized from the sale of 673 First Avenue and a purchase price fair value adjustment of $71.4 million, or $0.72 per share, related to the acquisition of the Company’s joint venture partner’s interest in 388-390 Greenwich Street.

 

All per share amounts in this press release are presented on a diluted basis

 

Operating and Leasing Activity

 

For the quarter ended June 30, 2015, the Company reported consolidated revenues and operating income of $409.1 million and $251.3 million, respectively, compared to $380.6 million and $233.7 million, respectively, for the same period in 2014.

 

Same-store cash NOI on a combined basis increased by 4.9 percent to $183.8 million and by 4.0 percent to $353.6 million for the three and six months ended June 30, 2015, respectively, as compared to the same periods in 2014.  For the three months ended June 30, 2015, consolidated property same-store cash NOI increased by 5.0 percent to $163.3 million and unconsolidated joint venture property same-store cash NOI increased by 3.6 percent to $20.5 million, as compared to the same period in 2014.  For the six months ended June 30, 2015, consolidated property same-store cash NOI increased by 3.7 percent to $313.1 million and unconsolidated joint venture property same-store cash NOI increased by 6.1 percent to $40.4 million, as compared to the same period in 2014.

 

During the second quarter, the Company signed 50 office leases in its Manhattan portfolio totaling 839,590 square feet.  Seventeen leases comprising 306,913 square feet represented office leases that replaced previous vacancy. Thirty-three leases comprising 532,677 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

 

5



 

 

 

SECOND QUARTER 2015 HIGHLIGHTS

Unaudited

 

calculated.  Those replacement leases had average starting rents of $60.74 per rentable square foot, representing an 11.3 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 second quarter was 11.2 years and average tenant concessions were 7.5 months of free rent with a tenant improvement allowance of $60.17 per rentable square foot.

 

During the first six months of 2015, the Company signed 94 office leases in its Manhattan portfolio totaling 1,305,838 square feet. Thirty-two leases comprising 621,191 square feet represented office leases that replaced previous vacancy. Sixty- two leases comprising 684,647 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 $62.40 per rentable square foot, representing a 12.6 percent increase over the previously fully escalated rents on the same office spaces.

 

Manhattan same-store occupancy increased to 97.0 percent at June 30, 2015, inclusive of 103,385 square feet of leases signed but not yet commenced, as compared to 94.9 percent at June 30, 2014 and 95.9 percent at March 31, 2015.

 

During the second quarter, the Company signed 32 office leases in its Suburban portfolio totaling 203,768 square feet.  Nine leases comprising 35,188 square feet represented office leases that replaced previous vacancy.

 

Twenty-three leases comprising the remaining 168,580 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 $34.85 per rentable square foot, representing a 1.0 percent decrease over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the second quarter was 6.2 years and average tenant concessions were 5.0 months of free rent with a tenant improvement allowance of $26.65 per rentable square foot.

 

During the first six months of 2015, the Company signed 65 office leases in its Suburban portfolio totaling 414,678 square feet. Twenty leases comprising 131,329 square feet represented office leases that replaced previous vacancy. Forty- five leases comprising 283,349 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 $34.07 per rentable square foot, representing a 3.5 percent decrease over the previously fully escalated rents on the same office spaces.

 

Same-store occupancy for the Company’s Suburban portfolio was 84.2 percent at June 30, 2015, inclusive of 127,646 square feet of leases signed but not yet commenced, as compared to 83.4 percent at June 30, 2014 and 83.5 percent at March 31, 2015.

 

6



 

 

 

SECOND QUARTER 2015 HIGHLIGHTS

Unaudited

 

Significant leases that were signed during the second quarter included:

 

·                  New lease on a total of 350,173 square feet on 10 floors with Bloomberg LP, the world’s premier information network, for 15.0 years at 919 Third Avenue;

 

·                  New lease on 133,208 square feet with WeWork for 15.0 years, comprising all nine floors at 315 West 36th Street;

 

·                  Early renewal on 70,145 square feet with Astor Parking, LLC at 1515 Broadway, bringing the remaining lease term to 10.1 years;

 

·                  New lease on 41,830 square feet with GIC (New York) Inc. at 280 Park Avenue for 15.0 years;

 

·                  New lease on 33,250 square feet with Golden Tree Asset Management LP at 485 Lexington Avenue for 10.5 years;

 

·                  Early renewal on 30,365 square feet with Haworth, Inc. at 125 Park Avenue, bringing the remaining lease term to 12.4 years;

 

·                  Early renewal on 27,321 square feet with UBS Financial Services at 750 Washington Boulevard, Stamford, Connecticut, bringing the remaining lease term to 6.8 years;

 

·                  New lease on 26,520 square feet with Shiseido at The Meadows, Rutherford, New Jersey for 10.8 years; and

 

·                  New lease on 21,981 square feet with Infor (US), Inc. at 641 Sixth Avenue for 10.8 years increasing its commitment to 136,029 square feet at 635-641 Sixth Avenue.

 

In July, the Company announced that Adidas signed a 10-year lease at 115 Spring Street, a prime location in one of Manhattan’s strongest retail areas.  The two-level 5,218 square foot space will be the new home of sportswear company’s Originals boutique.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended June 30, 2015 were $23.2 million, or 5.0 percent of total revenues and an annualized 49 basis points of total assets including the Company’s share of joint venture revenues and assets.

 

Real Estate Investment Activity

 

In May, the New York City Council approved plans for the Company’s One Vanderbilt office tower and demolition has commenced on the site. Located directly west of Grand Central Terminal, the 63-story skyscraper will be 1,501 feet tall and contain 1.6 million rentable square feet of Class A commercial space. One Vanderbilt features open floor plans, efficient use of space, and the highest level of sustainable design in New York City.  TD Bank will anchor approximately 200,000 square feet of space in One Vanderbilt, including a flagship retail store on the northeast corner of 42nd Street and Madison Avenue. The

 

7



 

 

 

SECOND QUARTER 2015 HIGHLIGHTS

Unaudited

 

Company will invest an $220.0 million in public infrastructure, constructing new, direct subway access points and circulation areas, easing platform and mezzanine crowding and allowing trains to move more quickly through the station at peak hours.

 

In May, the Company entered into an agreement to acquire Eleven Madison Avenue for $2.285 billion plus approximately $300.0 million in costs associated with lease stipulated improvements to the property.  Eleven Madison Avenue is a 29-story, 2.3 million square foot Class-A, Midtown South office property that was built in 1929 and originally served as the headquarters of Metropolitan Life Insurance Company. After a $700.0 million modernization in the 1990s, it became the North American headquarters of Credit Suisse, which continues to be the largest tenant in the building today. It also will serve as the new headquarters for Sony Corp. of America. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In July, the Company announced an agreement to sell Tower 45, the office building located at 120 West 45th Street, for $365.0 million, or approximately $830 per square foot.  The 440,000- square-foot Tower 45 was acquired by the Company in 2007 as part of the merger with Reckson Associates. Subsequently, the Company executed a significant capital improvement program that successfully repositioned the property. Tower 45 is currently 96.2 percent leased. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In July, the Company announced the formation of a joint venture with Invesco Real Estate (“Invesco”) for the ownership of 131-137 Spring Street, a 73,000 square foot mixed-use asset located in SoHo. Under the terms of the agreement, Invesco will acquire an 80.0 percent stake in the property, with the Company retaining a 20.0 percent ownership interest as well as management and leasing responsibilities. The transaction values the property at $277.8 million.  131-137 Spring Street, a six-story building in the heart of the popular SoHo shopping district, features 100 feet of ground floor frontage on Spring Street and houses the multi-level flagship stores for Diesel and Burberry while the balance of the building includes office space and residential rental units.  The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

The Company will recognize cash proceeds in excess of $400.0 million from the 131-137 Spring Street and Tower 45 transactions, combined, which were executed at a blended cap rate of 3.3 percent.

 

In April, the Company, together with its joint venture partner, entered into an agreement to sell the Meadows Office Complex, a two-building 604,000 square foot property in Rutherford, New Jersey, for $121.1 million.  The Company owns a 50 percent joint venture interest in the property, which is 91 percent leased, with Onyx Equities.

 

8



 

 

 

SECOND QUARTER 2015 HIGHLIGHTS

Unaudited

 

In July, the Company announced an agreement to acquire a 90.0 percent interest in The SoHo Building at 110 Greene Street based on a gross asset valuation of $255.0 million. The 13-story iconic mixed-use property is located in the heart of historic SoHo, one of New York City’s most desirable submarkets. 110 Greene Street is the tallest building in the submarket, offering office and residential tenants unparalleled views, along with large floor plates and substantial common areas.  Retail space at the building, along Greene and Mercer Streets, offers existing and future tenants high visibility on two of the strongest retail streets in Manhattan. Notwithstanding the building’s current prominence, the Company plans additional enhancements to the property as it reintroduces it to the marketplace.  The transaction increases the Company’s sizable footprint in SoHo, adding the submarket’s best office space to the Company’s commercial portfolio, and extending its substantial retail presence. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In July, the Company announced an agreement to acquire two mixed-use properties located at 187 Broadway and 5-7 Dey Street for $63.7 million. Located adjacent to the entrance to Downtown Manhattan’s new Fulton Transit Center and one block east of the World Trade Center, the site consists of two mixed- use, retail/office buildings in a neighborhood that has undergone rapid growth in the office, residential and retail segments. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

 

In June 2015, the Company closed on the off-market acquisition of a mixed-use residential and retail property located on the Upper East Side of Manhattan for $50.0 million. The property is situated directly across the street from two new subway stations that will anchor the Second Avenue subway line and presents long-term value add opportunities for the Company’s residential and retail business.

 

Debt and Preferred Equity Investment Activity

 

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.7 billion at June 30, 2015. During the second quarter, the Company originated new debt and preferred equity investments totaling $302.5 million, of which $227.5 million was retained and $193.0 million was funded, at a weighted average current yield of 10.5 percent, and recorded $82.8 million of principal reductions from investments that were sold or repaid. As of June 30, 2015, the debt and preferred equity investment portfolio had a weighted average maturity of 1.7 years, excluding any extension options, and had a weighted average yield during the second quarter of 10.2 percent.

 

Dividends

 

During the second quarter of 2015, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

 

·                  $0.60 per share of common stock, which was paid on July 15, 2015 to shareholders of record on the close of business on June 30, 2015; and

 

9



 

 

 

SECOND QUARTER 2015 HIGHLIGHTS

Unaudited

 

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period April 15, 2015 through and including July 14, 2015, which was paid on July 15, 2015 to shareholders of record on the close of business on June 30, 2015, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.

 

10



 

 

SL Green Realty Corp.

Key Financial Data

June 30, 2015

(Dollars in Thousands Except Per Share)

 

 

 

 

As of or for the three months ended

 

 

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income available to common stockholders - diluted

 

$

(0.39

)

$

0.44

 

$

0.59

 

$

0.68

 

$

2.46

 

Funds from operations available to common stockholders - diluted

 

$

1.62

 

$

1.50

 

$

1.43

 

$

1.28

 

$

1.62

 

Reported funds available for distribution to common stockholders - diluted

 

$

0.96

 

$

1.04

 

$

0.94

 

$

(0.07

)

$

1.09

 

Recurring funds available for distribution to common stockholders - diluted

 

$

1.30

 

$

1.29

 

$

1.11

 

$

0.75

 

$

1.21

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Price & Dividends

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

 

$

109.89

 

$

128.38

 

$

119.02

 

$

101.32

 

$

109.41

 

High during period

 

$

131.64

 

$

134.00

 

$

123.10

 

$

111.86

 

$

112.79

 

Low during period

 

$

109.89

 

$

121.32

 

$

101.23

 

$

101.32

 

$

107.89

 

Common dividend per share

 

$

0.60

 

$

0.60

 

$

0.60

 

$

0.50

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO payout ratio (trailing 12 months)

 

39.4

%

37.8

%

35.9

%

34.5

%

31.2

%

Reported FAD payout ratio (trailing 12 months)

 

79.8

%

73.0

%

66.7

%

70.4

%

45.7

%

Recurring FAD payout ratio (trailing 12 months)

 

51.6

%

50.4

%

48.1

%

49.1

%

41.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares & Units

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

99,590

 

99,533

 

97,325

 

95,945

 

95,587

 

Units outstanding

 

3,907

 

3,913

 

3,973

 

3,735

 

3,500

 

Total common shares and units outstanding

 

103,497

 

103,446

 

101,298

 

99,680

 

99,087

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding - basic

 

103,487

 

102,366

 

100,561

 

99,319

 

98,970

 

Weighted average common shares and units outstanding - diluted

 

103,946

 

103,019

 

101,034

 

99,706

 

99,484

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

 

 

 

 

 

 

Market value of common equity

 

$

11,373,285

 

$

13,280,397

 

$

12,056,488

 

$

10,099,578

 

$

10,841,109

 

Liquidation value of preferred equity/units

 

354,723

 

340,915

 

301,115

 

303,115

 

279,550

 

Consolidated debt

 

8,375,984

 

8,089,085

 

8,432,729

 

8,736,352

 

8,357,632

 

Consolidated market capitalization

 

$

20,103,992

 

$

21,710,397

 

$

20,790,332

 

$

19,139,045

 

$

19,478,291

 

SLG portion of JV debt

 

1,695,340

 

1,693,466

 

1,601,340

 

1,394,788

 

1,412,618

 

Combined market capitalization

 

$

21,799,332

 

$

23,403,863

 

$

22,391,672

 

$

20,533,833

 

$

20,890,909

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt to market capitalization

 

41.7

%

37.3

%

40.6

%

45.6

%

42.9

%

Combined debt to market capitalization

 

46.2

%

41.8

%

44.8

%

49.3

%

46.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt service coverage (trailing 12 months)

 

2.63

x

2.60

x

2.53

x

2.53

x

2.57

x

Consolidated fixed charge coverage (trailing 12 months)

 

2.33

x

2.30

x

2.24

x

2.24

x

2.26

x

Combined debt service coverage (trailing 12 months)

 

2.36

x

2.31

x

2.26

x

2.24

x

2.25

x

Combined fixed charge coverage (trailing 12 months)

 

2.10

x

2.07

x

2.03

x

2.01

x

2.02

x

 

Supplemental Information

Second Quarter 2015

 

11



 

 

SL Green Realty Corp.

Key Financial Data

June 30, 2015

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

Real estate assets before depreciation

 

$

14,079,832

 

$

13,978,464

 

$

14,536,503

 

$

14,564,675

 

$

13,952,995

 

Investments in unconsolidated joint ventures

 

$

1,262,723

 

$

1,244,185

 

$

1,172,020

 

$

996,842

 

$

971,926

 

Debt and preferred equity investments

 

$

1,685,234

 

$

1,548,739

 

$

1,408,804

 

$

1,432,951

 

$

1,547,808

 

Cash and cash equivalents

 

$

215,896

 

$

330,770

 

$

281,409

 

$

253,520

 

$

308,103

 

Investment in marketable securities

 

$

46,251

 

$

47,716

 

$

39,429

 

$

39,293

 

$

39,912

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

17,266,958

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt

 

$

5,841,563

 

$

6,016,084

 

$

6,140,787

 

$

5,941,950

 

$

5,905,031

 

Variable rate debt

 

2,364,421

 

2,073,000

 

2,038,000

 

2,347,000

 

2,261,351

 

Total consolidated debt

 

$

8,205,984

 

$

8,089,084

 

$

8,178,787

 

$

8,288,950

 

$

8,166,382

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

9,186,434

 

$

8,927,560

 

$

9,096,732

 

$

9,419,267

 

$

9,016,134

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt - including SLG portion of JV debt

 

$

6,798,495

 

$

6,973,410

 

$

6,898,199

 

$

6,526,496

 

$

6,489,898

 

Variable rate debt - including SLG portion of JV debt

 

3,102,829

 

2,809,140

 

2,881,928

 

3,157,242

 

3,089,102

 

Total combined debt

 

$

9,901,324

 

$

9,782,550

 

$

9,780,127

 

$

9,683,738

 

$

9,579,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

345,633

 

$

344,298

 

$

338,356

 

$

335,119

 

$

318,184

 

Property operating expenses

 

(134,486

)

(140,688

)

(137,452

)

(135,747

)

(128,942

)

Property NOI

 

$

211,147

 

$

203,610

 

$

200,904

 

$

199,372

 

$

189,242

 

NOI from discontinued operations

 

 

488

 

5,441

 

7,750

 

10,661

 

Total property NOI - consolidated

 

$

211,147

 

$

204,098

 

$

206,345

 

$

207,122

 

$

199,903

 

SLG share of property NOI from JVs

 

38,640

 

35,054

 

34,757

 

33,232

 

41,508

 

Total property NOI - combined

 

$

249,787

 

$

239,152

 

$

241,102

 

$

240,354

 

$

241,411

 

Investment income

 

45,191

 

42,069

 

41,048

 

43,969

 

39,714

 

Other income

 

18,250

 

9,932

 

7,223

 

11,186

 

22,734

 

Marketing general & administrative expenses

 

(23,200

)

(25,464

)

(22,710

)

(22,649

)

(23,872

)

EBITDA - combined

 

$

290,028

 

$

265,689

 

$

266,663

 

$

272,860

 

$

279,987

 

 

Supplemental Information

Second Quarter 2015

 

12



 

 

SL Green Realty Corp.

Key Financial Data

June 30, 2015

(Dollars in Thousands Except Per Share)

 

Manhattan Properties

 

 

 

As of or for the three months ended

 

 

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

307,325

 

$

306,206

 

$

300,026

 

$

297,411

 

$

280,020

 

Property operating expenses

 

111,578

 

116,733

 

114,297

 

112,153

 

105,077

 

Property NOI

 

$

195,747

 

$

189,473

 

$

185,729

 

$

185,258

 

$

174,943

 

NOI from discontinued operations

 

 

490

 

5,438

 

7,749

 

10,688

 

Total property NOI - consolidated

 

$

195,747

 

$

189,963

 

$

191,167

 

$

193,007

 

$

185,631

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

13,233

 

$

5,211

 

$

1,544

 

$

285

 

$

384

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

34,150

 

$

30,823

 

$

31,039

 

$

29,909

 

$

34,935

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

24

 

23

 

23

 

23

 

23

 

Unconsolidated office buildings in service

 

7

 

7

 

7

 

7

 

7

 

 

 

31

 

30

 

30

 

30

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

18,533,045

 

18,429,045

 

18,429,045

 

18,429,045

 

18,429,045

 

Unconsolidated office buildings in service - square footage

 

3,476,115

 

3,476,115

 

3,476,115

 

3,476,115

 

3,476,115

 

 

 

22,009,160

 

21,905,160

 

21,905,160

 

21,905,160

 

21,905,160

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter end occupancy- same store - combined office (consolidated + JV)

 

96.5

%(1)

95.4

%

94.7

%

94.8

%

93.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

43

 

47

 

37

 

56

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

269,446

 

113,796

 

72,334

 

164,096

 

106,953

 

Commenced office square footage on previously occupied space (M-T-M leasing) (2)

 

303,986

 

186,511

 

231,343

 

565,219

 

207,985

 

Total office square footage commenced

 

573,432

 

300,307

 

303,677

 

729,315

 

314,938

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf - office leases commenced

 

$

61.66

 

$

62.99

 

$

59.49

 

$

64.20

 

$

54.18

 

Previously escalated cash rent psf - office leases commenced

 

$

52.94

 

$

57.67

 

$

51.85

 

$

53.98

 

$

53.90

 

Increase in new cash rent over previously escalated cash rent (2)

 

16.5

%

9.2

%

14.7

%

18.9

%

0.5

%

Average lease term

 

11.3

 

8.1

 

10.6

 

10.3

 

13.2

 

Tenant concession packages psf

 

$

54.43

 

$

45.05

 

$

40.41

 

$

46.60

 

$

49.47

 

Free rent months

 

6.2

 

4.2

 

5.0

 

2.1

 

6.0

 

 


(1) Manhattan same-store occupancy, inclusive of 103,385 square feet of leases signed but not yet commenced, is 97.0% as of June 30, 2015, as compared to 94.9% at June 30, 2014 and 95.9% at March 31, 2015.

(2) Calculated on space that was occupied within the previous 12 months.

 

Supplemental Information

Second Quarter 2015

 

13



 

 

SL Green Realty Corp.

Key Financial Data

June 30, 2015

(Dollars in Thousands Except Per Share)

 

Suburban Properties

 

 

 

As of or for the three months ended

 

 

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

29,355

 

$

29,170

 

$

29,969

 

$

29,230

 

$

29,732

 

Property operating expenses

 

16,045

 

16,797

 

15,341

 

15,925

 

16,505

 

Property NOI

 

$

13,310

 

$

12,373

 

$

14,628

 

$

13,305

 

$

13,227

 

NOI from discontinued operations

 

 

 

 

 

 

Total property NOI - consolidated

 

$

13,310

 

$

12,373

 

$

14,628

 

$

13,305

 

$

13,227

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

395

 

$

299

 

$

299

 

$

1,141

 

$

546

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

1,301

 

$

966

 

$

1,119

 

$

1,152

 

$

1,245

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

28

 

27

 

27

 

27

 

27

 

Unconsolidated office buildings in service

 

5

 

4

 

4

 

4

 

4

 

 

 

33

 

31

 

31

 

31

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

4,450,400

 

4,365,400

 

4,365,400

 

4,365,400

 

4,365,400

 

Unconsolidated office buildings in service - square footage

 

1,287,741

 

1,222,100

 

1,222,100

 

1,222,100

 

1,222,100

 

 

 

5,738,141

 

5,587,500

 

5,587,500

 

5,587,500

 

5,587,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter end occupancy- same store - combined office (consolidated + JV)

 

81.9

%(1)

80.8

%

81.7

%

80.5

%

81.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

32

 

31

 

34

 

29

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

111,895

 

39,609

 

138,822

 

53,218

 

32,865

 

Commenced office square footage on previously occupied space (M-T-M leasing) (2)

 

102,088

 

122,986

 

130,333

 

118,938

 

38,562

 

Total office square footage commenced

 

213,983

 

162,595

 

269,155

 

172,156

 

71,427

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf - office leases commenced

 

$

36.28

 

$

34.78

 

$

32.74

 

$

31.47

 

$

33.96

 

Previously escalated cash rent psf - office leases commenced

 

$

36.72

 

$

34.99

 

$

33.22

 

$

31.63

 

$

33.44

 

(Decrease) increase in new cash rent over previously escalated cash rent (2)

 

-1.2

%

-0.6

%

-1.5

%

-0.5

%

1.5

%

Average lease term

 

8.0

 

6.5

 

9.0

 

8.4

 

6.5

 

Tenant concession packages psf

 

$

31.92

 

$

14.30

 

$

29.99

 

$

28.83

 

$

26.12

 

Free rent months

 

6.0

 

4.7

 

8.2

 

5.6

 

3.4

 

 


(1) Suburban same-store occupancy, inclusive of 127,646 square feet of leases signed but not yet commenced, is 84.2% as of June 30, 2015, as compared to 83.4% at June 30, 2014 and 83.5% at March 31, 2015.

(2) Calculated on space that was occupied within the previous 12 months.

 

Supplemental Information

Second Quarter 2015

 

14



 

 

COMPARATIVE BALANCE SHEETS

 

 

Unaudited

(Dollars in Thousands)

 

 

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land & land interests

 

$

3,756,488

 

$

3,830,787

 

$

3,844,518

 

$

3,833,305

 

$

3,466,587

 

Buildings & improvements fee interest

 

8,397,117

 

8,697,145

 

8,778,593

 

8,679,637

 

8,843,315

 

Buildings & improvements leasehold

 

1,424,822

 

1,423,087

 

1,418,585

 

1,405,255

 

1,390,004

 

Buildings & improvements under capital lease

 

27,445

 

27,445

 

27,445

 

27,445

 

27,445

 

 

 

13,605,872

 

13,978,464

 

14,069,141

 

13,945,642

 

13,727,351

 

Less accumulated depreciation

 

(2,081,646

)

(1,973,674

)

(1,905,165

)

(1,826,027

)

(1,769,428

)

Net real estate

 

11,524,226

 

12,004,790

 

12,163,976

 

12,119,615

 

11,957,923

 

Other real estate investments:

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 

1,262,723

 

1,244,185

 

1,172,020

 

996,842

 

971,926

 

Debt and preferred equity investments, net

 

1,685,234

 

1,548,739

 

1,408,804

 

1,432,951

 

1,547,808

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale, net

 

420,569

 

 

462,430

 

753,457

 

339,809

 

Cash and cash equivalents

 

215,896

 

330,770

 

281,409

 

253,520

 

308,103

 

Restricted cash

 

128,234

 

128,834

 

149,176

 

159,303

 

157,225

 

Investment in marketable securities

 

46,251

 

47,716

 

39,429

 

39,293

 

39,912

 

Tenant and other receivables, net of $16,369 reserve at 6/30/15

 

64,873

 

50,156

 

57,369

 

64,184

 

51,844

 

Related party receivables

 

11,395

 

12,088

 

11,735

 

13,262

 

8,915

 

Deferred rents receivable, net of reserve for tenant credit loss of $23,656 at 6/30/15

 

433,999

 

408,229

 

374,944

 

364,284

 

354,388

 

Deferred costs, net

 

328,838

 

326,555

 

327,962

 

310,860

 

300,043

 

Other assets

 

1,144,720

 

978,670

 

647,333

 

729,538

 

679,840

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

17,266,958

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

 

Supplemental Information

Second Quarter 2015

 

15



 

 

COMPARATIVE BALANCE SHEETS

 

 

Unaudited

(Amounts in Thousands)

 

 

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgages and other loans payable

 

$

5,287,934

 

$

5,359,043

 

$

5,586,709

 

$

5,890,782

 

$

5,939,176

 

Term loan and senior unsecured notes

 

2,113,050

 

2,110,041

 

2,107,078

 

2,054,168

 

2,127,206

 

Revolving credit facility

 

705,000

 

520,000

 

385,000

 

244,000

 

 

Accrued interest and other liabilities

 

161,188

 

162,910

 

137,634

 

127,811

 

128,730

 

Accounts payable and accrued expenses

 

147,028

 

151,427

 

173,246

 

183,001

 

164,215

 

Deferred revenue

 

337,571

 

369,626

 

187,148

 

215,527

 

223,394

 

Capitalized lease obligations

 

21,013

 

20,917

 

20,822

 

20,728

 

20,635

 

Deferred land lease payable

 

1,387

 

1,301

 

1,215

 

1,129

 

1,044

 

Dividends and distributions payable

 

66,026

 

65,868

 

64,393

 

53,571

 

53,193

 

Security deposits

 

67,985

 

66,427

 

66,614

 

66,659

 

65,166

 

Liabilities related to assets held for sale

 

178,252

 

 

266,873

 

461,891

 

193,375

 

Junior subordinated deferrable interest debentures

 

100,000

 

100,000

 

100,000

 

100,000

 

100,000

 

Total liabilities

 

9,186,434

 

8,927,560

 

9,096,732

 

9,419,267

 

9,016,134

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in operating partnership (3,907 units outstanding) at 6/30/15

 

431,418

 

498,881

 

469,524

 

381,274

 

379,805

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Units

 

124,723

 

110,915

 

71,115

 

73,115

 

49,550

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

Series I Perpetual Preferred Shares

 

221,932

 

221,932

 

221,932

 

221,932

 

221,932

 

Common stock, $.01 par value, 160,000 shares authorized, 99,590 issued and outstanding at 6/30/15

 

1,033

 

1,032

 

1,010

 

996

 

993

 

Additional paid—in capital

 

5,570,746

 

5,572,410

 

5,289,479

 

5,130,858

 

5,085,965

 

Treasury stock (3,643 shares) at 6/30/15

 

(325,207

)

(325,207

)

(320,471

)

(320,222

)

(320,152

)

Accumulated other comprehensive loss

 

(10,906

)

(11,810

)

(6,980

)

(2,896

)

(6,196

)

Retained earnings

 

1,657,911

 

1,690,578

 

1,752,404

 

1,813,956

 

1,797,580

 

Total SL Green Realty Corp. stockholders’ equity

 

7,115,509

 

7,148,935

 

6,937,374

 

6,844,624

 

6,780,122

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in other partnerships

 

408,874

 

394,441

 

521,842

 

518,829

 

492,125

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

7,524,383

 

7,543,376

 

7,459,216

 

7,363,453

 

7,272,247

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

17,266,958

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

 

Supplemental Information

Second Quarter 2015

 

16



 

 

COMPARATIVE STATEMENTS OF OPERATIONS

 

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

 

 

2015

 

2014

 

2015

 

2015

 

2014

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

304,226

 

$

279,608

 

$

303,329

 

$

607,555

 

$

535,584

 

Escalation and reimbursement revenues

 

41,407

 

38,576

 

40,969

 

82,376

 

76,383

 

Investment income

 

45,191

 

39,714

 

42,069

 

87,260

 

93,798

 

Other income

 

18,250

 

22,734

 

9,932

 

28,182

 

37,312

 

Total Revenues, net

 

409,074

 

380,632

 

396,299

 

805,373

 

743,077

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

2,994

 

8,619

 

4,030

 

7,024

 

14,748

 

Loss on early extinguishment of debt

 

 

(1,028

)

(49

)

(49

)

(1,025

)

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

70,114

 

69,098

 

76,777

 

146,891

 

139,010

 

Ground rent

 

8,086

 

8,040

 

8,188

 

16,274

 

16,073

 

Real estate taxes

 

56,286

 

51,804

 

55,723

 

112,009

 

104,154

 

Transaction related costs

 

3,067

 

1,697

 

1,143

 

4,210

 

4,171

 

Marketing, general and administrative

 

23,200

 

23,872

 

25,464

 

48,664

 

47,128

 

Total Operating Expenses

 

160,753

 

154,511

 

167,295

 

328,048

 

310,536

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

251,315

 

233,712

 

232,985

 

484,300

 

446,264

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

75,746

 

77,870

 

75,807

 

151,553

 

154,048

 

Amortization of deferred financing costs

 

5,952

 

5,401

 

6,615

 

12,567

 

9,058

 

Depreciation and amortization

 

199,565

 

93,379

 

108,337

 

307,902

 

179,894

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income from Continuing Operations

 

(29,948

)

57,062

 

42,226

 

12,278

 

103,264

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

 

5,645

 

427

 

427

 

11,414

 

Gain on sale of discontinued operations

 

 

114,735

 

12,983

 

12,983

 

114,735

 

Equity in net gain on sale of joint venture interest / real estate

 

769

 

1,444

 

 

769

 

106,084

 

Purchase price fair value adjustment

 

 

71,446

 

 

 

71,446

 

Net (Loss) Income

 

(29,179

)

250,332

 

55,636

 

26,457

 

406,943

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(5,049

)

(10,488

)

(7,670

)

(12,719

)

(16,707

)

Dividends on preferred units

 

(1,140

)

(565

)

(951

)

(2,091

)

(1,130

)

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Attributable to SL Green Realty Corp

 

(35,368

)

239,279

 

47,015

 

11,647

 

389,106

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on perpetual preferred shares

 

(3,738

)

(3,738

)

(3,738

)

(7,476

)

(7,475

)

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Attributable to Common Stockholders

 

$

(39,106

)

$

235,541

 

$

43,277

 

$

4,171

 

$

381,631

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share (basic)

 

$

(0.39

)

$

2.47

 

$

0.44

 

$

0.04

 

$

4.01

 

Net (loss) income per share (diluted)

 

$

(0.39

)

$

2.46

 

$

0.44

 

$

0.04

 

$

3.99

 

 

Supplemental Information

Second Quarter 2015

 

17



 

 

COMPARATIVE COMPUTATION OF FFO AND FAD

 

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

 

 

2015

 

2014

 

2015

 

2015

 

2014

 

Funds from Operations

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Attributable to Common Stockholders

 

$

(39,106

)

$

235,541

 

$

43,277

 

$

4,171

 

$

381,631

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

199,565

 

93,379

 

108,337

 

307,902

 

179,894

 

Discontinued operations depreciation adjustments

 

 

1,459

 

 

 

4,756

 

Joint ventures depreciation and noncontrolling interests adjustments

 

4,435

 

8,161

 

8,622

 

13,057

 

21,148

 

Net income attributable to noncontrolling interests

 

5,049

 

10,488

 

7,670

 

12,719

 

16,707

 

Gain on sale of discontinued operations

 

 

(114,735

)

(12,983

)

(12,983

)

(114,735

)

Equity in net gain on sale of joint venture property / real estate

 

(769

)

(1,444

)

 

(769

)

(106,084

)

Purchase price fair value adjustment

 

 

(71,446

)

 

 

(71,446

)

Non-real estate depreciation and amortization

 

(500

)

(503

)

(525

)

(1,025

)

(1,017

)

Funds From Operations

 

$

168,674

 

$

160,900

 

$

154,398

 

$

323,072

 

$

310,854

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Basic per Share

 

$

1.63

 

$

1.63

 

$

1.51

 

$

3.14

 

$

3.15

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Diluted per Share

 

$

1.62

 

$

1.62

 

$

1.50

 

$

3.12

 

$

3.14

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

168,674

 

$

160,900

 

$

154,398

 

$

323,072

 

$

310,854

 

 

 

 

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

500

 

503

 

525

 

1,025

 

1,017

 

Amortization of deferred financing costs

 

5,952

 

5,401

 

6,615

 

12,567

 

9,058

 

Non-cash deferred compensation

 

10,701

 

13,243

 

18,877

 

29,578

 

28,722

 

FAD adjustment for Joint Ventures

 

(2,357

)

(6,447

)

(8,690

)

(11,047

)

(20,366

)

FAD adjustment for discontinued operations

 

 

(3,204

)

5

 

5

 

(4,339

)

Straight-line rental income and other non cash adjustments

 

(36,127

)

(14,752

)

(43,891

)

(80,018

)

(29,044

)

Second cycle tenant improvements

 

(26,299

)

(29,717

)

(9,376

)

(35,675

)

(43,699

)

Second cycle leasing commissions

 

(10,671

)

(1,985

)

(5,838

)

(16,509

)

(5,183

)

Revenue enhancing recurring CAPEX

 

(1,423

)

(5,949

)

(214

)

(1,637

)

(8,238

)

Non-revenue enhancing recurring CAPEX

 

(9,160

)

(9,077

)

(4,818

)

(13,978

)

(13,452

)

 

 

 

 

 

 

 

 

 

 

 

 

Reported Funds Available for Distribution

 

$

99,790

 

$

108,916

 

$

107,593

 

$

207,383

 

$

225,330

 

Diluted per Share

 

$

0.96

 

$

1.09

 

$

1.04

 

$

2.01

 

$

2.27

 

 

 

 

 

 

 

 

 

 

 

 

 

1515 Broadway - Viacom capital contribution

 

$

9,391

 

$

11,683

 

$

5,139

 

$

14,530

 

$

15,162

 

388-390 Greenwich - Citi capital contribution

 

$

5,542

 

$

 

$

 

$

5,542

 

$

7,656

 

388-390 Greenwich - free rent

 

$

20,459

 

$

 

$

20,459

 

$

40,918

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Funds Available for Distribution

 

$

135,182

 

$

120,599

 

$

133,191

 

$

268,373

 

$

248,148

 

Diluted per Share

 

$

1.30

 

$

1.21

 

$

1.29

 

$

2.59

 

$

2.50

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvements

 

$

7,530

 

$

8,717

 

$

2,806

 

$

10,336

 

$

13,640

 

First cycle leasing commissions

 

$

3,818

 

$

1,244

 

$

332

 

$

4,150

 

$

1,711

 

Redevelopment costs

 

$

18,316

 

$

15,692

 

$

6,657

 

$

24,973

 

$

25,188

 

Capitalized interest

 

$

7,528

 

$

10,636

 

$

8,439

 

$

15,967

 

$

22,801

 

 

Supplemental Information

Second Quarter 2015

 

18



 

CONSOLIDATED STATEMENT OF EQUITY

 

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Series I

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Preferred

 

Common

 

Additional

 

Treasury

 

Retained

 

Noncontrolling

 

Comprehensive

 

 

 

 

 

Stock

 

Stock

 

Paid-In Capital

 

Stock

 

Earnings

 

Interests

 

Loss

 

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2014

 

$

221,932

 

$

1,010

 

$

5,289,479

 

$

(320,471

)

$

1,752,404

 

$

521,842

 

$

(6,980

)

$

7,459,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income attributable to SL Green

 

 

 

 

 

 

 

 

 

11,647

 

12,553

 

 

 

24,200

 

Acquisition of subsidiary interest from noncontrolling interest

 

 

 

 

 

(9,566

)

 

 

 

 

(11,084

)

 

 

(20,650

)

Preferred dividends

 

 

 

 

 

 

 

 

 

(7,476

)

 

 

 

 

(7,476

)

Cash distributions declared ($1.20 per common share)

 

 

 

 

 

 

 

 

 

(119,334

)

 

 

 

 

(119,334

)

Cash distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(112,948

)

 

 

(112,948

)

Other comprehensive loss - unrealized loss on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,985

)

(2,985

)

Other comprehensive loss - SLG’s share of joint venture net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unrealized loss on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

(286

)

(286

)

Other comprehensive loss - unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

(655

)

(655

)

Proceeds from stock options exercised

 

 

 

2

 

11,800

 

 

 

 

 

 

 

 

 

11,802

 

DRSPP proceeds

 

 

 

8

 

99,497

 

 

 

 

 

 

 

 

 

99,505

 

Conversion of units of the Operating Partnership to common stock

 

 

 

3

 

37,989

 

 

 

 

 

 

 

 

 

37,992

 

Contributions to consolidated joint venture

 

 

 

 

 

 

 

 

 

 

 

8,655

 

 

 

8,655

 

Reallocation of noncontrolling interests in the Operating Partnership

 

 

 

 

 

 

 

 

 

20,670

 

 

 

 

 

20,670

 

Reallocation of capital account relating to sale

 

 

 

 

 

 

 

 

 

 

 

(10,144

)

 

 

(10,144

)

Issuance of common stock

 

 

 

10

 

124,989

 

 

 

 

 

 

 

 

 

124,999

 

Deferred compensation plan and stock awards, net

 

 

 

 

1,638

 

(4,736

)

 

 

 

 

 

 

(3,098

)

Amortization of deferred compensation plan

 

 

 

 

 

14,920

 

 

 

 

 

 

 

 

 

14,920

 

Balance at June 30, 2015

 

$

221,932

 

$

1,033

 

$

5,570,746

 

$

(325,207

)

$

1,657,911

 

$

408,874

 

$

(10,906

)

$

7,524,383

 

 

 

RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION

 

 

 

 

Common Stock

 

OP Units

 

Stock-Based
Compensation

 

Sub-total

 

Preferred
Stock

 

Diluted Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Count at December 31, 2014

 

97,325,200

 

3,973,016

 

 

101,298,216

 

 

101,298,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD share activity

 

2,264,445

 

(65,899

)

 

2,198,546

 

 

 

2,198,546

 

Share Count at June 30, 2015 - Basic

 

99,589,645

 

3,907,117

 

 

103,496,762

 

 

103,496,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighting factor

 

(596,111

)

28,671

 

493,108

 

(74,332

)

 

 

(74,332

)

Weighted Average Share Count at June 30, 2015 - Diluted

 

98,993,534

 

3,935,788

 

493,108

 

103,422,430

 

 

103,422,430

 

 

Supplemental Information

Second Quarter 2015

 

19



 

JOINT VENTURE STATEMENTS

Balance Sheet for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

June 30, 2015

 

March 31, 2015

 

December 31, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Land and land interests

 

$

1,664,839

 

$

732,308

 

$

1,664,878

 

$

732,356

 

$

1,511,239

 

$

720,231

 

Buildings and improvements

 

4,992,651

 

1,996,018

 

4,945,158

 

1,973,644

 

4,093,817

 

1,884,057

 

Building leasehold

 

26,771

 

13,385

 

22,467

 

11,234

 

18,171

 

9,086

 

Buildings & improvements under capital lease

 

189,558

 

94,779

 

189,558

 

94,779

 

189,558

 

94,779

 

 

 

6,873,819

 

2,836,490

 

6,822,061

 

2,812,013

 

5,812,785

 

2,708,153

 

Less accumulated depreciation

 

(749,202

)

(286,204

)

(717,489

)

(273,237

)

(537,153

)

(243,535

)

Net real estate

 

6,124,617

 

2,550,286

 

6,104,572

 

2,538,776

 

5,275,632

 

2,464,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

156,192

 

55,078

 

142,301

 

51,280

 

116,869

 

51,498

 

Restricted cash

 

114,467

 

39,745

 

126,902

 

47,722

 

91,917

 

37,110

 

Debt and preferred equity investments, net

 

145,691

 

145,691

 

145,665

 

145,665

 

145,875

 

145,875

 

Tenant and other receivables, net of $3,023 reserve at 6/30/15

 

44,411

 

18,034

 

44,525

 

18,138

 

39,537

 

16,607

 

Deferred rents receivable, net of reserve for

 

 

 

 

 

 

 

 

 

 

 

 

 

tenant credit loss of $2,976 at 6/30/15

 

149,256

 

63,121

 

140,246

 

58,642

 

130,833

 

54,057

 

Deferred costs, net

 

170,246

 

70,923

 

167,343

 

69,152

 

144,280

 

61,462

 

Other assets

 

144,592

 

67,430

 

152,866

 

68,275

 

141,256

 

65,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

7,049,472

 

$

3,010,308

 

$

7,024,420

 

$

2,997,650

 

$

6,086,199

 

$

2,896,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

4,360,348

 

1,695,340

 

$

4,354,674

 

$

1,693,466

 

$

3,778,704

 

$

1,601,340

 

Accrued interest and other liabilities

 

12,956

 

5,787

 

13,508

 

6,230

 

13,313

 

6,174

 

Accounts payable and accrued expenses

 

81,987

 

34,897

 

87,803

 

37,601

 

80,206

 

36,584

 

Deferred revenue

 

192,237

 

93,833

 

198,708

 

97,055

 

195,819

 

95,816

 

Capitalized lease obligations

 

181,843

 

90,922

 

181,191

 

90,595

 

180,551

 

90,276

 

Security deposits

 

26,500

 

9,160

 

25,558

 

8,699

 

15,683

 

7,520

 

Equity

 

2,193,601

 

1,080,369

 

2,162,978

 

1,064,004

 

1,821,923

 

1,059,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

7,049,472

 

$

3,010,308

 

$

7,024,420

 

$

2,997,650

 

$

6,086,199

 

$

2,896,953

 

 

Supplemental Information

Second Quarter 2015

 

20



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended June 30, 2015

 

Three Months Ended March 31, 2015

 

Three Months Ended June 30, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

124,307

 

$

46,664

 

$

110,142

 

$

43,433

 

$

112,183

 

$

47,953

 

Escalation and reimbursement revenues

 

9,041

 

3,910

 

8,546

 

3,627

 

7,952

 

3,572

 

Other income

 

10,187

 

6,406

 

10,228

 

6,404

 

10,360

 

6,426

 

Total Revenues, net

 

$

143,535

 

$

56,980

 

$

128,916

 

$

53,464

 

$

130,495

 

$

57,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

26,345

 

$

9,175

 

$

25,486

 

$

9,734

 

$

18,362

 

$

8,374

 

Ground rent

 

2,572

 

1,286

 

2,592

 

1,296

 

2,632

 

1,316

 

Real estate taxes

 

22,335

 

7,879

 

19,376

 

7,380

 

15,406

 

6,753

 

Total Operating Expenses

 

$

51,252

 

$

18,340

 

$

47,454

 

$

18,410

 

$

36,400

 

$

16,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

92,283

 

$

38,640

 

$

81,462

 

$

35,054

 

$

94,095

 

$

41,508

 

Cash NOI

 

$

86,611

 

$

33,050

 

$

74,290

 

$

30,533

 

$

84,405

 

$

37,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

3

 

$

3

 

$

8

 

$

7

 

$

(207

)

$

27

 

Interest expense, net of interest income

 

51,715

 

18,259

 

44,007

 

15,255

 

44,728

 

15,427

 

Amortization of deferred financing costs

 

3,145

 

1,344

 

3,010

 

1,321

 

2,026

 

832

 

Depreciation and amortization

 

37,894

 

15,494

 

32,984

 

13,860

 

33,858

 

14,596

 

Loss on early extinguishment of debt

 

 

 

833

 

407

 

3,546

 

1,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(474

)

$

3,540

 

$

620

 

$

4,204

 

$

10,144

 

$

8,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate depreciation

 

37,816

 

15,484

 

32,934

 

13,851

 

33,840

 

14,587

 

FFO Contribution

 

$

37,342

 

$

19,024

 

$

33,554

 

$

18,055

 

$

43,984

 

$

23,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

$

3,223

 

$

1,354

 

$

3,060

 

$

1,331

 

$

1,944

 

$

790

 

Straight-line rental income and other non-cash adjustments

 

(9,793

)

(5,042

)

(7,498

)

(3,459

)

(8,873

)

(3,901

)

Second cycle tenant improvement

 

(4,099

)

(1,837

)

(1,755

)

(751

)

(3,730

)

(1,806

)

Second cycle leasing commissions

 

(1,238

)

(731

)

(2,243

)

(949

)

(2,324

)

(1,064

)

Recurring CAPEX

 

(1,563

)

(831

)

(254

)

(132

)

(993

)

(466

)

FAD Adjustment

 

$

(13,470

)

$

(7,087

)

$

(8,690

)

$

(3,960

)

$

(13,976

)

$

(6,447

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

8,913

 

$

4,367

 

$

3,208

 

$

1,466

 

$

1,331

 

$

678

 

First cycle leasing commissions

 

$

9,533

 

$

4,356

 

$

11,332

 

$

5,723

 

$

1,790

 

$

690

 

Redevelopment costs

 

$

27,093

 

$

12,667

 

$

30,730

 

$

14,414

 

$

48,345

 

$

24,159

 

Capitalized interest

 

$

8,427

 

$

4,215

 

$

12,308

 

$

6,038

 

$

10,636

 

$

5,268

 

 

Supplemental Information

Second Quarter 2015

 

21



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Amounts in Thousands)

 

GRAPHIC

 

 

 

Six Months Ended June 30, 2015

 

Six Months Ended June 30, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

234,449

 

$

90,097

 

$

255,451

 

$

109,449

 

Escalation and reimbursement revenues

 

17,587

 

7,537

 

17,782

 

7,821

 

Other income

 

20,415

 

12,810

 

18,400

 

10,325

 

Total Revenues, net

 

$

272,451

 

$

110,444

 

$

291,633

 

$

127,595

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

51,831

 

$

18,909

 

$

45,045

 

$

20,344

 

Ground rent

 

5,164

 

2,582

 

4,657

 

2,288

 

Real estate taxes

 

41,711

 

15,259

 

32,342

 

14,135

 

Total Operating Expenses

 

$

98,706

 

$

36,750

 

$

82,044

 

$

36,767

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

173,745

 

$

73,694

 

$

209,589

 

$

90,828

 

Cash NOI

 

$

160,901

 

$

63,583

 

$

187,094

 

$

81,652

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

11

 

$

10

 

$

64

 

$

100

 

Interest expense, net of interest income

 

95,722

 

33,514

 

97,064

 

34,130

 

Amortization of deferred financing costs

 

6,155

 

2,665

 

6,659

 

3,458

 

Depreciation and amortization

 

70,878

 

29,354

 

79,462

 

34,519

 

Loss on early extinguishment of debt

 

833

 

407

 

6,743

 

3,382

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

146

 

$

7,744

 

$

19,597

 

$

15,239

 

 

 

 

 

 

 

 

 

 

 

Real estate depreciation

 

70,750

 

29,335

 

79,427

 

34,500

 

FFO Contribution

 

$

70,896

 

$

37,079

 

$

99,024

 

$

49,739

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

$

6,283

 

$

2,685

 

$

5,605

 

$

2,434

 

Straight-line rental income and other non-cash adjustments

 

(17,291

)

(8,501

)

(23,271

)

(9,543

)

Second cycle tenant improvement

 

(5,854

)

(2,588

)

(10,287

)

(5,066

)

Second cycle leasing commissions

 

(3,481

)

(1,680

)

(14,670

)

(7,265

)

Recurring CAPEX

 

(1,817

)

(963

)

(1,985

)

(926

)

FAD Adjustment

 

$

(22,160

)

$

(11,047

)

$

(44,608

)

$

(20,366

)

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

12,121

 

$

5,833

 

$

8,332

 

$

4,150

 

First cycle leasing commissions

 

$

20,865

 

$

10,079

 

$

6,685

 

$

2,850

 

Redevelopment costs

 

$

57,823

 

$

27,081

 

$

141,601

 

$

70,002

 

Capitalized interest

 

$

20,735

 

$

10,253

 

$

22,801

 

$

11,301

 

 

Supplemental Information

Second Quarter 2015

 

22



 

 

SELECTED FINANCIAL DATA

Property NOI and Components of Consolidated Debt Service and Fixed Charges

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

 

 

2015

 

2014

 

2015

 

2015

 

2014

 

Property NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property NOI

 

$

211,147

 

$

189,242

 

$

203,610

 

$

414,757

 

$

352,733

 

NOI from discontinued operations

 

 

10,661

 

488

 

488

 

24,599

 

Total property NOI - consolidated

 

211,147

 

199,903

 

204,098

 

415,245

 

377,332

 

SLG share of property NOI from unconsolidated JVs

 

38,640

 

41,508

 

35,054

 

73,694

 

90,828

 

Combined NOI

 

$

249,787

 

$

241,411

 

$

239,152

 

$

488,939

 

$

468,160

 

Partners’ share of property NOI - consolidated JVs

 

(9,219

)

(10,502

)

(8,784

)

(18,003

)

$

(21,569

)

NOI - SLG share

 

$

240,568

 

$

230,909

 

$

230,368

 

$

470,936

 

$

446,591

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

249,787

 

$

241,411

 

$

239,152

 

$

488,939

 

$

468,160

 

Free rent (net of amortization)

 

(25,067

)

(2,274

)

(22,473

)

(47,540

)

(3,600

)

Net FAS 141 adjustment

 

(8,903

)

(5,918

)

(14,543

)

(23,446

)

(10,207

)

Straightline revenue adjustment

 

(12,494

)

(16,953

)

(13,402

)

(25,896

)

(33,541

)

Allowance for S/L tenant credit loss

 

(71

)

(1,031

)

(912

)

(983

)

(2,256

)

Ground lease straight-line adjustment

 

705

 

1,324

 

705

 

1,410

 

3,327

 

Combined Cash NOI

 

$

203,957

 

$

216,559

 

$

188,527

 

$

392,484

 

$

421,883

 

Partners’ share of property NOI - consolidated JVs

 

(5,713

)

(8,390

)

(7,615

)

(13,328

)

(18,278

)

Cash NOI - SLG share

 

$

198,244

 

$

208,169

 

$

180,912

 

$

379,156

 

$

403,605

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of Consolidated Debt Service and Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

75,746

 

$

81,318

 

$

75,916

 

$

151,662

 

162,158

 

Principal amortization payments

 

7,530

 

10,696

 

7,666

 

15,196

 

21,468

 

Total Consolidated Debt Service

 

$

83,276

 

$

92,014

 

$

83,582

 

$

166,858

 

$

183,626

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments under ground lease arrangements

 

$

7,592

 

$

8,095

 

$

7,694

 

$

15,286

 

16,890

 

Dividends on preferred units

 

1,140

 

565

 

951

 

2,091

 

1,130

 

Dividends on perpetual preferred shares

 

3,738

 

3,738

 

3,738

 

7,476

 

7,475

 

Total Consolidated Fixed Charges

 

$

95,746

 

$

104,412

 

$

95,965

 

$

191,711

 

$

209,121

 

 

Supplemental Information

Second Quarter 2015

 

23



 

 

SELECTED FINANCIAL DATA

2015 Same Store - Consolidated

Unaudited

(Dollars in Thousands)

 

GRAPHIC

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

June 30,

 

June 30,

 

 

 

March 31,

 

June 30,

 

June 30,

 

 

 

 

 

2015

 

2014

 

%

 

2015

 

2015

 

2014

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

267,669

 

$

258,639

 

3.5

%

$

258,770

 

$

526,438

 

$

507,425

 

3.7

%

 

Escalation & reimbursement revenues

 

40,813

 

37,248

 

9.6

%

40,294

 

81,107

 

73,788

 

9.9

%

 

Other income

 

13,592

 

789

 

1622.7

%

1,518

 

15,109

 

2,002

 

654.7

%

 

Total Revenues

 

$

322,074

 

$

296,676

 

8.6

%

$

300,582

 

$

622,654

 

$

583,215

 

6.8

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

65,324

 

$

63,121

 

3.5

%

$

71,004

 

$

136,327

 

$

128,417

 

6.2

%

 

Ground rent

 

8,232

 

8,283

 

-0.6

%

8,334

 

16,566

 

16,566

 

0.0

%

 

Real estate taxes

 

55,738

 

50,357

 

10.7

%

55,158

 

110,895

 

100,987

 

9.8

%

 

Transaction related costs, net of recoveries

 

191

 

117

 

63.2

%

 

191

 

893

 

-78.6

%

 

 

 

$

129,485

 

$

121,878

 

6.2

%

$

134,496

 

$

263,979

 

$

246,863

 

6.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

192,589

 

$

174,798

 

10.2

%

$

166,086

 

$

358,675

 

$

336,352

 

6.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

47,756

 

$

53,954

 

-11.5

%

$

48,986

 

$

96,742

 

$

108,262

 

-10.6

%

 

Depreciation & amortization

 

82,509

 

84,887

 

-2.8

%

80,767

 

163,276

 

165,857

 

-1.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

62,324

 

$

35,957

 

73.3

%

$

36,333

 

$

98,657

 

$

62,233

 

58.5

%

Plus:

Real estate depreciation & amortization

 

82,457

 

84,835

 

-2.8

%

80,715

 

163,172

 

165,739

 

-1.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

144,781

 

$

120,792

 

19.9

%

$

117,048

 

$

261,829

 

$

227,972

 

14.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

300

 

256

 

17.2

%

484

 

784

 

441

 

77.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

191

 

117

 

63.2

%

 

191

 

893

 

-78.6

%

 

Interest expense & amortization of financing costs

 

47,756

 

53,954

 

-11.5

%

48,986

 

96,742

 

108,262

 

-10.6

%

 

Non-real estate depreciation

 

52

 

52

 

0.0

%

52

 

104

 

118

 

-11.9

%

 

NOI

 

$

192,480

 

$

174,659

 

10.2

%

$

165,602

 

$

358,082

 

$

336,804

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

3,626

 

2,678

 

35.4

%

2,265

 

5,892

 

2,456

 

139.9

%

 

Straightline revenue & other adjustments

 

20,004

 

10,596

 

88.8

%

9,760

 

29,763

 

20,035

 

48.6

%

 

Rental income - FAS 141

 

5,197

 

6,249

 

-16.8

%

3,262

 

8,460

 

12,235

 

-30.9

%

Plus:

Ground lease straight-line adjustment

 

400

 

400

 

0.0

%

400

 

801

 

801

 

0.0

%

 

Allowance for S/L tenant credit loss

 

(723

)

(4

)

17975.0

%

(914

)

(1,636

)

(950

)

72.2

%

 

Cash NOI

 

$

163,330

 

$

155,532

 

5.0

%

$

149,801

 

$

313,132

 

$

301,929

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

60.0

%

58.9

%

 

 

55.4

%

57.7

%

57.9

%

 

 

 

Cash NOI to real estate revenue, net

 

50.9

%

52.5

%

 

 

50.1

%

50.5

%

51.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

62.5

%

61.7

%

 

 

58.1

%

60.4

%

60.7

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

53.3

%

55.1

%

 

 

52.7

%

53.0

%

54.6

%

 

 

 

Supplemental Information

Second Quarter 2015

 

24



 

 

SELECTED FINANCIAL DATA

2015 Same Store - Joint Venture

Unaudited

(Dollars in Thousands)

 

GRAPHIC

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

June 30,

 

June 30,

 

 

 

March 31,

 

June 30,

 

June 30,

 

 

 

 

 

2015

 

2014

 

%

 

2015

 

2015

 

2014

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

31,236

 

$

30,161

 

3.6

%

$

31,887

 

$

63,123

 

$

60,254

 

4.8

%

 

Escalation & reimbursement revenues

 

3,010

 

2,340

 

28.6

%

2,846

 

5,856

 

4,853

 

20.7

%

 

Other income

 

207

 

250

 

-17.2

%

312

 

520

 

524

 

-0.8

%

 

Total Revenues

 

$

34,453

 

$

32,751

 

5.2

%

$

35,045

 

$

69,499

 

$

65,631

 

5.9

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

6,259

 

$

5,837

 

7.2

%

$

6,968

 

$

13,227

 

$

12,474

 

6.0

%

 

Real estate taxes

 

5,319

 

4,659

 

14.2

%

5,314

 

10,633

 

9,293

 

14.4

%

 

 

 

$

11,578

 

$

10,496

 

10.3

%

$

12,282

 

$

23,860

 

$

21,767

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

22,875

 

$

22,255

 

2.8

%

$

22,763

 

$

45,639

 

$

43,864

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

9,748

 

$

8,148

 

19.6

%

$

9,099

 

$

18,845

 

$

16,695

 

12.9

%

 

Depreciation & amortization

 

10,963

 

10,210

 

7.4

%

10,658

 

21,622

 

20,069

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

2,164

 

$

3,897

 

-44.5

%

$

3,006

 

$

5,172

 

$

7,100

 

-27.2

%

Plus:

Real estate depreciation & amortization

 

10,955

 

10,202

 

7.4

%

10,649

 

21,604

 

20,052

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

13,119

 

$

14,099

 

-7.0

%

$

13,655

 

$

26,776

 

$

27,152

 

-1.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

7

 

39

 

-82.1

%

116

 

123

 

82

 

50.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Interest expense & amortization of financing costs

 

9,748

 

8,148

 

19.6

%

9,099

 

18,845

 

16,695

 

12.9

%

 

Non-real estate depreciation

 

8

 

8

 

0.0

%

9

 

18

 

17

 

5.9

%

 

NOI

 

$

22,868

 

$

22,216

 

2.9

%

$

22,647

 

$

45,516

 

$

43,782

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

724

 

609

 

18.9

%

531

 

1,255

 

1,593

 

-21.2

%

 

Straightline revenue & other adjustments

 

1,273

 

1,434

 

-11.2

%

1,616

 

2,890

 

3,269

 

-11.6

%

 

Rental income - FAS 141

 

258

 

390

 

-33.8

%

535

 

793

 

854

 

-7.1

%

Plus:

Allowance for S/L tenant credit loss

 

(134

)

(19

)

605.3

%

 

(134

)

52

 

-357.7

%

 

Cash NOI

 

$

20,479

 

$

19,764

 

3.6

%

$

19,965

 

$

40,444

 

$

38,118

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

66.6

%

68.0

%

 

 

64.8

%

65.7

%

66.7

%

 

 

 

Cash NOI to real estate revenue, net

 

59.7

%

60.5

%

 

 

57.2

%

58.4

%

58.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

66.6

%

68.0

%

 

 

64.8

%

65.7

%

66.7

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

59.7

%

60.5

%

 

 

57.2

%

58.4

%

58.1

%

 

 

 

Supplemental Information

Second Quarter 2015

 

25



 

 

SELECTED FINANCIAL DATA

2015 Same Store - Combined

Unaudited

(Dollars in Thousands)

 

GRAPHIC

 

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

 

 

June 30,

 

June 30,

 

 

 

March 31,

 

June 30,

 

June 30,

 

 

 

 

 

 

2015

 

2014

 

%

 

2015

 

2015

 

2014

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                        

 

Rental revenue, net

 

$

298,905

 

$

288,800

 

3.5

%

$

290,657

 

$

589,561

 

$

567,679

 

3.9

%

 

Escalation & reimbursement revenues

 

43,823

 

39,588

 

10.7

%

43,140

 

86,963

 

78,641

 

10.6

%

 

Other income

 

13,799

 

1,039

 

1228.1

%

1,830

 

15,629

 

2,526

 

518.7

%

 

Total Revenues

 

$

356,527

 

$

329,427

 

8.2

%

$

335,627

 

$

692,153

 

$

648,846

 

6.7

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

71,583

 

$

68,958

 

3.8

%

$

77,972

 

$

149,554

 

$

140,891

 

6.1

%

 

Ground rent

 

8,232

 

8,283

 

-0.6

%

8,334

 

16,566

 

16,566

 

0.0

%

 

Real estate taxes

 

61,057

 

55,016

 

11.0

%

60,472

 

121,528

 

110,280

 

10.2

%

 

Transaction related costs, net of recoveries

 

191

 

117

 

63.2

%

 

191

 

893

 

-78.6

%

 

 

 

$

141,063

 

$

132,374

 

6.6

%

$

146,778

 

$

287,839

 

$

268,630

 

7.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

215,464

 

$

197,053

 

9.3

%

$

188,849

 

$

404,314

 

$

380,216

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

57,504

 

$

62,102

 

-7.4

%

$

58,085

 

$

115,587

 

$

124,957

 

-7.5

%

 

Depreciation & amortization

 

93,472

 

95,097

 

-1.7

%

91,425

 

184,898

 

185,926

 

-0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

64,488

 

$

39,854

 

61.8

%

$

39,339

 

$

103,829

 

$

69,333

 

49.8

%

Plus:

Real estate depreciation & amortization

 

93,412

 

95,037

 

-1.7

%

91,364

 

184,776

 

185,791

 

-0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

157,900

 

$

134,891

 

17.1

%

$

130,703

 

$

288,605

 

$

255,124

 

13.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

307

 

295

 

4.1

%

600

 

907

 

523

 

73.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

191

 

117

 

63.2

%

 

191

 

893

 

-78.6

%

 

Interest expense & amortization of financing costs

 

57,504

 

62,102

 

-7.4

%

58,085

 

115,587

 

124,957

 

-7.5

%

 

Non-real estate depreciation

 

60

 

60

 

0.0

%

61

 

122

 

135

 

-9.6

%

 

NOI

 

$

215,348

 

$

196,875

 

9.4

%

$

188,249

 

$

403,598

 

$

380,586

 

6.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

4,350

 

3,287

 

32.3

%

2,796

 

7,147

 

4,049

 

76.5

%

 

Straightline revenue & other adjustments

 

21,277

 

12,030

 

76.9

%

11,376

 

32,653

 

23,304

 

40.1

%

 

Rental income - FAS 141

 

5,455

 

6,639

 

-17.8

%

3,797

 

9,253

 

13,089

 

-29.3

%

Plus:

Ground lease straight-line adjustment

 

400

 

400

 

0.0

%

400

 

801

 

801

 

0.0

%

 

Allowance for S/L tenant credit loss

 

(857

)

(23

)

3626.1

%

(914

)

(1,770

)

(898

)

97.1

%

 

Cash NOI

 

$

183,809

 

$

175,296

 

4.9

%

$

169,766

 

$

353,576

 

$

340,047

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

60.6

%

59.8

%

 

 

56.3

%

58.5

%

58.8

%

 

 

 

Cash NOI to real estate revenue, net

 

51.7

%

53.3

%

 

 

50.8

%

51.3

%

52.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

62.9

%

62.3

%

 

 

58.8

%

60.9

%

61.3

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

53.9

%

55.7

%

 

 

53.2

%

53.6

%

55.0

%

 

 

 

Supplemental Information

Second Quarter 2015

 

26



 

 

DEBT SUMMARY SCHEDULE - Consolidated

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

6/30/2015 (1)

 

Coupon (2)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500 West Putnam Avenue

 

22,676

 

5.52

%

593

 

Jan-16

 

22,376

 

 

Open

 

1-6 Landmark Square

 

80,424

 

4.00

%

1,707

 

Dec-16

 

77,936

 

 

Open

 

485 Lexington Avenue

 

450,000

 

5.61

%

 

Feb-17

 

450,000

 

 

Open

 

762 Madison Avenue (swapped)

 

7,959

 

3.86

%

173

 

Feb-17

 

7,679

 

 

Open

 

885 Third Avenue

 

267,650

 

6.26

%

 

Jul-17

 

267,650

 

 

Open

 

388-390 Greenwich Street (swapped)

 

1,004,000

 

3.25

%

 

Jun-18

(3)

1,004,000

 

Jun-21

 

Open

 

1 Madison Avenue

 

554,405

 

5.91

%

22,925

 

May-20

 

404,531

 

 

Open

 

100 Church Street

 

226,862

 

4.68

%

3,513

 

Jul-22

 

197,784

 

 

Open

 

919 Third Avenue

 

500,000

 

5.12

%

 

Jun-23

 

441,594

 

 

Open

 

400 East 57th Street

 

68,276

 

4.13

%

1,146

 

Feb-24

 

48,588

 

 

Open

 

400 East 58th Street

 

29,261

 

4.13

%

491

 

Feb-24

 

20,823

 

 

Open

 

420 Lexington Avenue

 

300,000

 

3.99

%

 

Oct-24

 

272,749

 

 

Mar-18

 

1515 Broadway

 

900,000

 

3.93

%

 

Mar-25

 

737,436

 

 

Open

 

 

 

$

4,411,513

 

4.53

%

$

30,548

 

 

 

$

3,953,146

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,272

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Convertible notes

 

314,993

 

3.00

%

 

Oct-17

 

345,000

 

 

Open

 

1745 Broadway

 

16,000

 

4.81

%

 

Jun-18

 

16,000

 

 

Open

 

Unsecured notes

 

249,777

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(4)

30,000

 

 

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

 

10,008

 

3.00

%

 

Mar-27

(5)

10,008

 

 

Mar-17

 

Junior subordinated deferrable interest debentures

 

100,000

 

5.61

%

 

Jul-35

 

100,000

 

 

Open

 

Series J Preferred Units

 

4,000

 

3.75

%

 

Apr-51

 

4,000

 

 

Open

 

 

 

$

1,430,050

 

5.14

%

$

 

 

 

$

1,460,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

5,841,563

 

4.68

%

$

30,548

 

 

 

$

5,413,462

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 325 bps)

 

$

106,421

 

3.44

%

$

 

Dec-15

 

$

106,421

 

 

Open

 

388-390 Greenwich Street (LIBOR + 175 bps)

 

446,000

 

1.93

%

 

Jun-18

 

446,000

 

Jun-21

 

Open

 

248-252 Bedford Avenue (LIBOR + 150 bps)

 

29,000

 

1.69

%

 

Jun-19

 

28,317

 

 

Open

 

220 East 42nd St. (LIBOR + 160 bps)

 

275,000

 

1.79

%

 

Oct-20

 

275,000

 

 

Open

 

 

 

$

856,421

 

2.07

%

$

 

 

 

$

855,738

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

705,000

 

1.44

%

$

 

Mar-19

 

$

705,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

803,000

 

1.59

%

 

Jun-19

 

803,000

 

 

Open

 

 

 

$

1,508,000

 

1.52

%

$

 

 

 

$

1,508,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

2,364,421

 

1.72

%

$

 

 

 

$

2,363,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

8,205,984

 

3.82

%

$

30,548

 

 

 

$

7,777,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Joint Venture

 

$

1,695,339

 

4.38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt including SLG’s share of JV Debt/Wtd Avg

 

$

9,901,323

 

3.92

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Balance & Interest Rate for the quarter, including SLG’s share of JV Debt

 

$

9,897,993

 

3.91

%

 

 

 

 

 

 

 

 

 

 

 


(1) Excludes the mortgage related to 120 West 45th Street, which was held for sale as of June 30, 2015.

(2) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.

(3) The interest rate swaps mature in December 2017.

(4) The interest rate swap matures in June 2016.

(5) Notes can be put to the Company, at the option of the holder, on March 30, 2017.

 

Supplemental Information

Second Quarter 2015

 

27



 

 

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures

 

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal Outstanding

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

6/30/2015

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

Gross Principal

 

SLG Share

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Renaissance

 

$

2,600

 

$

1,300

 

10.00

%

$

 

Dec-15

 

$

1,300

 

 

Open

 

11 West 34th Street (swapped)

 

16,749

 

5,025

 

4.82

%

95

 

Jan-16

 

4,977

 

 

Open

 

280 Park Avenue

 

696,563

 

348,282

 

6.57

%

3,604

 

Jun-16

 

344,899

 

 

Open

 

1745 Broadway

 

340,000

 

193,358

 

5.68

%

 

Jan-17

 

193,358

 

 

Open

 

Jericho Plaza

 

163,750

(2)

33,176

 

5.65

%

 

May-17

 

33,176

 

 

Open

 

800 Third Avenue (swapped)

 

20,910

 

12,655

 

6.00

%

 

Aug-17

 

12,655

 

 

Open

 

315 West 36th Street (swapped)

 

25,000

 

8,875

 

3.16

%

 

Dec-17

 

8,670

 

 

Open

 

521 Fifth Avenue (swapped)

 

170,000

 

85,850

 

3.73

%

 

Nov-19

 

85,850

 

 

Open

 

717 Fifth Avenue (mortgage)

 

300,000

 

32,748

 

4.45

%

 

Jul-22

 

32,748

 

 

Aug-15

 

21 East 66th Street

 

12,000

 

3,874

 

3.60

%

 

Apr-23

 

3,874

 

 

Open

 

717 Fifth Avenue (mezzanine)

 

319,900

 

34,920

 

9.00

%

 

Jul-24

 

50,965

 

 

Open

 

3 Columbus Circle

 

350,000

 

171,150

 

3.61

%

 

Mar-25

 

171,150

 

 

Open

 

Stonehenge Portfolio

 

434,492

(3)

25,719

 

4.18

%

285

 

Various

(3)

23,182

 

 

Open

 

Total Fixed Rate Debt/Wtd Avg

 

$

2,851,964

 

$

956,932

 

5.47

%(4)

$

3,984

 

 

 

$

966,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meadows (LIBOR + 575 bps)

 

$

67,350

 

$

33,675

 

7.75

%

$

 

Sep-15

 

$

33,675

 

 

Open

 

1552 Broadway (LIBOR + 408 bps)

 

188,410

 

94,205

 

4.26

%

 

Apr-16

 

94,205

 

 

Open

 

Mezzanine Debt (LIBOR + 90 bps)

 

30,000

 

15,000

 

1.08

%

 

Jun-16

 

15,000

 

 

Open

 

650 Fifth Avenue (LIBOR + 350 bps)

 

65,000

 

32,500

 

3.69

%

 

Oct-16

 

32,500

 

 

Open

 

175-225 3rd Street (Prime + 100 bps)

 

40,000

 

38,000

 

4.25

%

 

Dec-16

 

38,000

 

 

Open

 

10 East 53rd Street (LIBOR + 250 bps)

 

125,000

 

68,750

 

2.69

%

 

Feb-17

 

68,750

 

 

Open

 

724 Fifth Avenue (LIBOR + 242 bps)

 

275,000

 

137,500

 

2.60

%

 

Apr-17

 

137,500

 

 

Open

 

33 Beekman (LIBOR + 275 bps)

 

65,506

 

30,067

 

2.93

%

28

 

Aug-17

 

29,890

 

 

Open

 

600 Lexington Avenue (LIBOR + 200 bps)

 

114,774

 

63,126

 

2.28

%

2,137

 

Oct-17

 

58,493

 

 

Open

 

55 West 46th Street (LIBOR + 230 bps)

 

150,000

 

37,500

 

2.49

%

 

Oct-17

 

37,500

 

 

Open

 

Stonehenge Portfolio (Prime)

 

10,500

 

350

 

3.25

%

 

Dec-17

 

338

 

 

Open

 

121 Greene Street (LIBOR + 150 bps)

 

15,000

 

7,500

 

1.69

%

 

Nov-19

 

7,500

 

 

Open

 

100 Park Avenue (LIBOR + 175 bps)

 

360,000

 

179,640

 

1.94

%

 

Feb-21

 

175,859

 

 

Feb-16

 

21 East 66th Street (T 12 mos + 275 bps)

 

1,844

 

595

 

2.88

%

25

 

Jun-33

 

4

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,508,384

 

$

738,408

 

2.97

%(4)

$

2,190

 

 

 

$

729,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Debt/Wtd Avg

 

$

4,360,348

 

$

1,695,340

 

4.38

%(4)

$

6,174

 

 

 

$

1,696,018

 

 

 

 

 

 


(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.

(2) This loan was in default as of June 30, 2015 due to the non-payment of debt service.

(3) Amount is comprised of $13.5 million, $56.0 million, $35.0 million, $7.4 million, $142.7 million, and $179.9 million in fixed-rate mortgages that mature in July 2016, June 2017, November 2017, February 2018, August 2019, and June 2024, respectively.

(4) The weighted average coupon rates are calculated based on SL Green’s share in the outstanding debt.

 

Covenants

 

SL GREEN REALTY CORP.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

46.7

x

Less than 60%

 

Fixed Charge Coverage

 

2.29

x

Greater than 1.5x

 

 

Unsecured Notes Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

38.4

%

Less than 60%

 

Secured Debt / Total Assets

 

19.6

%

Less than 40%

 

Debt Service Coverage

 

3.32

x

Greater than 1.5x

 

Unencumbered Assets / Unsecured Debt

 

442.4

%

Greater than 150%

 

 

Composition of Debt

 

Fixed Rate Debt

 

 

 

 

 

Consolidated

 

$

5,841,563

 

 

 

SLG Share of JV

 

956,932

 

 

 

Total Fixed Rate Debt

 

$

6,798,495

 

68.7%

 

 

 

 

 

 

 

Floating Rate Debt

 

 

 

 

 

Consolidated

 

$

2,364,421

 

 

 

SLG Share of JV

 

738,408

 

 

 

 

 

3,102,829

 

 

 

Debt & Preferred Equity  and Other Investments

 

(1,004,539

)

 

 

Total Floating Rate Debt

 

$

2,098,290

 

21.2%

 

 

 

 

 

 

 

 

Total Debt

 

$

9,901,324

 

 

 

 

Supplemental Information

Second Quarter 2015

 

28



 

 

DEBT SUMMARY SCHEDULE – Reckson Operating Partnership

 

Unaudited

(Dollars in Thousands)

GRAPHIC

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

6/30/2015

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,272

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Unsecured notes

 

249,777

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(2)

30,000

 

 

Open

 

Unsecured notes

 

250,000

 

7.75

%

 

Mar-20

 

250,000

 

 

Open

 

Unsecured notes

 

200,000

 

4.50

%

 

Dec-22

 

200,000

 

 

Open

 

 

 

$

985,049

 

5.82

%

$

 

 

 

$

985,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,485,049

 

5.58

%

$

 

 

 

$

1,426,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

705,000

 

1.44

%

$

 

Mar-19

 

$

705,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

803,000

 

1.59

%

 

Jun-19

 

803,000

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,508,000

 

1.52

%

$

 

 

 

$

1,508,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

2,993,049

 

3.53

%

$

 

 

 

$

2,934,902

 

 

 

 

 

 


(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.

(2) The interest rate swap matures in June 2016.

 

Covenants

 

RECKSON OPERATING PARTNERSHIP, L.P.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

47.1

%

Less than 60%

 

Fixed Charge Coverage

 

3.06

x

Greater than 1.5x

 

Secured Debt / Total Assets

 

6.9

%

Less than 40%

 

Unsecured Debt / Unencumbered Assets

 

50.7

%

Less than 60%

 

 

Supplemental Information

Second Quarter 2015

 

29



 

 

SUMMARY OF GROUND LEASE ARRANGEMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

2015 Scheduled

 

2016 Scheduled

 

2017 Scheduled

 

2018 Scheduled

 

Land Lease

 

Year of

 

Property

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Obligations(1)

 

Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Ground Lease Arrangements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

474

 

2027

(3)

711 Third Avenue

 

5,250

 

5,354

 

5,500

 

5,500

 

913

 

2033

(4)

1185 Avenue of the Americas

 

6,909

 

6,909

 

6,909

 

6,909

 

 

2043

 

420 Lexington Avenue

 

10,899

 

10,899

 

10,899

 

10,899

 

 

2050

(5)

1055 Washington Blvd, Stamford

 

615

 

615

 

615

 

615

 

 

2090

 

1080 Amsterdam Avenue

 

105

 

122

 

209

 

209

 

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

30,491

 

$

30,612

 

$

30,845

 

$

30,845

 

$

1,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

1080 Amsterdam Avenue

 

$

145

 

$

170

 

$

291

 

$

291

 

$

21,013

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

1,167

 

$

1,167

 

$

1,167

 

$

1,183

 

$

 

2062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

6,086

 

$

6,086

 

$

6,086

 

$

6,169

 

$

90,922

 

2062

 

 


(1) Per the balance sheet at June 30, 2015.

(2) Subject to renewal at the Company’s 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 two 15-year renewals at the Company’s option through 2080.

 

Supplemental Information

Second Quarter 2015

 

30



 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

Weighted Average Book

 

Weighted Average

 

Current

 

 

 

Book Value(1)

 

Value During Quarter

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

6/30/2014

 

$

1,547,808

 

$

1,416,582

 

10.63

%

10.47

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(3)

 

169,424

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

3,324

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(287,605

)

 

 

 

 

 

 

9/30/2014

 

$

1,432,951

 

$

1,456,997

 

10.53

%

10.48

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(3)

 

199,997

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

4,256

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(228,400

)

 

 

 

 

 

 

12/31/2014

 

$

1,408,804

 

$

1,395,624

 

10.51

%

10.38

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(3)

 

134,429

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

34,002

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(28,496

)

 

 

 

 

 

 

3/31/2015

 

$

1,548,739

 

$

1,503,047

 

10.37

%

10.26

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(3)

 

215,869

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

3,456

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(82,830

)

 

 

 

 

 

 

6/30/2015

 

$

1,685,234

 

$

1,694,194

 

10.18

%

10.15

%

 


(1) Net of unamortized fees, discounts, and premiums.

(2) Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.

(3) Accretion includes original issue discounts and/or compounding investment income.

 

Supplemental Information

Second Quarter 2015

 

31



 

 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

 

 

 

 

 

Weighted Average

 

Weighted Average

 

Current

 

Type of Investment

 

Book Value(1)(2)

 

Senior Financing

 

Exposure PSF

 

Yield During Quarter

 

Yield(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

New York City

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Mortgage Debt

 

$

292,816

 

$

 

$

405

 

6.78

%

6.71

%

 

 

 

 

 

 

 

 

 

 

 

 

Junior Mortgage Participation

 

189,053

 

1,656,497

 

$

2,024

 

9.23

%

9.22

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Debt

 

1,034,426

 

3,925,538

 

$

1,084

 

11.29

%

11.30

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

168,939

 

680,795

 

$

321

 

10.24

%

10.18

%

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 6/30/15

 

$

1,685,234

 

$

6,262,830

 

$

975

 

10.18

%

10.15

%

 

 


(1) Net of unamortized fees, discounts, and premiums.

(2) Approximately 57.3% of our investments are indexed to LIBOR.

(3) Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.

(4) The weighted average maturity of the outstanding balance is 1.71 years. Approximately 58.3% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

 

Supplemental Information

Second Quarter 2015

 

32



 

 

 

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

 

Book Value(1)

 

Property

 

 

 

Senior

 

 

 

Current

 

Investment Type

 

6/30/15

 

Type

 

Location

 

Financing

 

Last $ PSF

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

$

126,817

 

Office

 

New York City

 

$

550,000

 

$

293

 

10.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

117,999

 

Residential Land

 

New York City

 

 

$

216

 

10.26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

109,910

 

Retail Land

 

New York City

 

 

$

374

 

6.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

102,646

 

Office

 

New York City

 

1,109,000

 

$

1,175

 

9.59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

99,269

 

Residential

 

New York City

 

360,000

 

$

843

 

8.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

77,447

 

Residential

 

New York City

 

 

$

528

 

11.55

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

74,014

 

Office

 

New York City

 

775,000

 

$

1,082

 

18.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

71,962

 

Office/Retail

 

New York City

 

165,000

 

$

1,987

 

9.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

71,909

 

Office/Retail

 

New York City

 

205,000

 

$

399

 

11.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

65,969

 

N/A(3)

 

N/A(3)

 

 

$

 

10.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

917,942

 

 

 

 

 

$

3,164,000

 

 

 

10.45

%

 


(1) Net of unamortized fees, discounts, and premiums.

(2) Calculated based on interest, fees and amortized discounts recognized in the last month of the quarter.

(3) The loan is collateralized by defeasance securities.

 

Supplemental Information

Second Quarter 2015

 

33



 

 

 

 

 

SELECTED PROPERTY DATA

 

Manhattan Operating Properties

 

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Church Street

 

100.0

 

Downtown

 

Fee Interest

 

1

 

1,047,500

 

4

 

99.0

 

99.0

 

98.7

 

98.7

 

98.7

 

$

38,581,923

 

3.6

 

3.0

 

18

 

110 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

215,400

 

1

 

99.9

 

99.4

 

98.8

 

88.7

 

83.2

 

10,640,214

 

1.0

 

0.8

 

23

 

120 West 45th Street

 

100.0

 

Midtown

 

Fee Interest

 

1

 

440,000

 

2

 

96.2

 

96.5

 

95.6

 

94.5

 

93.3

 

25,319,467

 

2.3

 

2.0

 

44

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

604,245

 

2

 

87.1

 

88.7

 

80.4

 

81.9

 

70.8

 

31,551,723

 

2.9

 

2.5

 

22

 

220 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

1,135,000

 

4

 

91.6

 

92.4

 

92.2

 

92.0

 

91.5

 

48,351,093

 

4.5

 

3.8

 

32

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

215,000

 

1

 

90.3

 

91.9

 

91.9

 

90.5

 

90.5

 

12,160,832

 

1.1

 

1.0

 

13

 

420 Lexington Ave (Graybar)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

1,188,000

 

4

 

99.3

 

97.1

 

96.5

 

96.7

 

95.0

 

74,937,232

 

6.9

 

5.9

 

213

 

461 Fifth Avenue (1)

 

100.0

 

Midtown

 

Leasehold Interest

 

1

 

200,000

 

1

 

96.8

 

95.5

 

96.5

 

96.5

 

96.5

 

17,875,864

 

1.7

 

1.4

 

12

 

485 Lexington Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

921,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

57,605,189

 

5.3

 

4.6

 

24

 

555 West 57th Street

 

100.0

 

Midtown West

 

Fee Interest

 

1

 

941,000

 

3

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

38,672,481

 

3.6

 

3.1

 

10

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

160,000

 

1

 

81.3

 

81.3

 

81.3

 

81.3

 

79.0

 

14,427,758

 

1.3

 

1.1

 

13

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

1

 

563,000

 

2

 

97.1

 

96.6

 

92.1

 

92.1

 

92.1

 

55,369,028

 

5.1

 

4.4

 

22

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

163,000

 

1

 

100.0

 

92.1

 

92.1

 

92.1

 

92.1

 

10,375,689

 

1.0

 

0.8

 

8

 

711 Third Avenue (2)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

524,000

 

2

 

83.5

 

84.1

 

80.6

 

80.6

 

80.6

 

25,738,744

 

2.4

 

2.0

 

17

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

780,000

 

3

 

97.3

 

97.3

 

96.7

 

96.7

 

96.4

 

44,530,764

 

4.1

 

3.5

 

31

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

1

 

692,000

 

2

 

84.8

 

85.6

 

81.0

 

83.4

 

84.2

 

38,278,130

 

3.5

 

3.0

 

47

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1

 

1,454,000

 

5

 

100.0

 

90.3

 

90.3

 

90.3

 

90.3

 

92,598,797

 

 

 

3.7

 

11

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1

 

1,062,000

 

4

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

88,537,145

 

8.2

 

7.0

 

19

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

562,000

 

2

 

98.5

 

96.9

 

96.9

 

99.9

 

95.7

 

40,352,965

 

3.7

 

3.2

 

35

 

1515 Broadway

 

100.0

 

Times Square

 

Fee Interest

 

1

 

1,750,000

 

6

 

100.0

 

99.7

 

99.6

 

100.0

 

100.0

 

119,603,197

 

11.1

 

9.5

 

13

 

1 Madison Avenue

 

100.0

 

Park Avenue South

 

Fee Interest

 

1

 

1,176,900

 

4

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

68,578,132

 

6.3

 

5.4

 

2

 

Subtotal / Weighted Average

 

 

 

21

 

15,794,045

 

57

%

96.8

%

95.7

%

94.8

%

94.9

%

94.1

%

$

954,086,367

 

79.7

%

71.8

%

629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

388 & 390 Greenwich Street

 

100.0

 

Downtown

 

Fee Interest

 

2

 

2,635,000

 

9

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

$

112,498,602

 

10.4

 

8.9

 

1

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

104,000

 

0

 

100.0

 

72.5

 

72.5

 

72.5

 

48.8

 

8,554,001

 

0.8

 

0.7

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

3

 

2,739,000

 

10

%

100.0

%

99.0

%

99.0

%

99.0

%

98.1

%

$

121,052,603

 

11.2

%

9.6

%

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

24

 

18,533,045

 

67

%

97.3

%

96.2

%

95.4

%

95.5

%

94.7

%

$

1,075,138,970

 

90.9

%

81.4

%

632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

48.9

 

Columbus Circle

 

Fee Interest

 

1

 

530,981

 

2

 

83.4

 

80.2

 

79.5

 

79.5

 

73.8

 

$

36,345,452

 

 

 

1.4

 

30

 

100 Park Avenue

 

50.0

 

Grand Central South

 

Fee Interest

 

1

 

834,000

 

3

 

96.6

 

96.3

 

96.0

 

96.0

 

96.5

 

58,908,200

 

 

 

2.3

 

40

 

315 West 36th Street

 

35.5

 

Times Square South

 

Fee Interest

 

1

 

147,619

 

1

 

100.0

 

88.4

 

99.2

 

99.2

 

99.2

 

6,789,468

 

 

 

0.2

 

5

 

521 Fifth Avenue

 

50.5

 

Grand Central

 

Fee Interest

 

1

 

460,000

 

2

 

97.6

 

99.0

 

99.3

 

99.3

 

95.6

 

28,508,955

 

 

 

1.1

 

43

 

600 Lexington Avenue

 

55.0

 

East Side

 

Fee Interest

 

1

 

303,515

 

1

 

89.6

 

89.2

 

89.2

 

89.2

 

75.7

 

20,701,108

 

 

 

0.9

 

35

 

800 Third Avenue

 

60.5

 

Grand Central North

 

Fee Interest

 

1

 

526,000

 

2

 

98.4

 

97.5

 

94.8

 

94.8

 

93.5

 

32,596,884

 

 

 

1.6

 

44

 

1745 Broadway

 

56.88

 

Midtown

 

Fee Interest

 

1

 

674,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

42,805,380

 

 

 

1.9

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

7

 

3,476,115

 

13

%

95.2

%

94.1

%

94.0

%

94.0

%

91.4

%

$

226,655,447

 

 

 

9.4

%

198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Operating Properties Grand Total / Weighted Average

 

31

 

22,009,160

 

79

%

96.9

%

95.9

%

95.2

%

95.3

%

94.2

%

$

1,301,794,416

 

 

 

 

 

830

 

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,149,250,012

 

 

 

90.8

%

 

 

Manhattan Operating Properties Same Store Occupancy %

 

 

 

19,270,160

 

88

%

96.5

%(3)

95.4

%

94.7

%

94.8

%

93.6

%

 

 

 

 

 

 

 

 

 


(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.

(2) The Company owns 50% of the fee interest.

(3) Manhattan same-store occupancy, inclusive of 103,385 square feet of leases signed but not yet commenced, is 97.0% as of June 30, 2015, as compared to 94.9% at June 30, 2014 and 95.9% at March 31, 2015.

 

Supplemental Information

Second Quarter 2015

 

34



 

 

 

 

 

SELECTED PROPERTY DATA

 

Suburban Operating Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

74.8

 

74.8

 

74.8

 

74.8

 

74.8

 

$

1,754,651

 

0.2

 

0.1

 

2

 

1100 King Street - 2 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

30.3

 

30.3

 

30.3

 

47.9

 

47.9

 

721,181

 

0.1

 

0.1

 

3

 

1100 King Street - 3 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

21.7

 

21.7

 

21.7

 

21.7

 

57.2

 

728,586

 

0.1

 

0.1

 

2

 

1100 King Street - 4 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

85.8

 

85.8

 

85.8

 

84.6

 

84.6

 

2,030,698

 

0.2

 

0.2

 

10

 

1100 King Street - 5 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

93.1

 

93.1

 

92.0

 

92.0

 

92.0

 

2,056,949

 

0.2

 

0.2

 

9

 

1100 King Street - 6 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

56.7

 

56.7

 

56.7

 

56.7

 

50.8

 

1,538,476

 

0.1

 

0.1

 

3

 

520 White Plains Road

 

100.0

 

Tarrytown, New York

 

Fee Interest

 

1

 

180,000

 

1

 

99.0

 

76.2

 

76.2

 

75.2

 

57.5

 

4,395,432

 

0.4

 

0.3

 

13

 

115-117 Stevens Avenue

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

178,000

 

1

 

75.6

 

75.6

 

75.1

 

74.3

 

74.8

 

2,851,000

 

0.3

 

0.2

 

10

 

100 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

250,000

 

1

 

72.9

 

72.9

 

72.9

 

70.7

 

70.7

 

4,559,478

 

0.4

 

0.4

 

10

 

200 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

245,000

 

1

 

81.1

 

81.1

 

80.2

 

80.2

 

80.2

 

4,809,943

 

0.4

 

0.4

 

8

 

500 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

228,000

 

1

 

96.6

 

96.6

 

97.8

 

97.8

 

96.5

 

5,133,593

 

0.5

 

0.4

 

6

 

140 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

130,100

 

0

 

97.7

 

97.7

 

100.0

 

95.7

 

95.7

 

4,162,848

 

0.4

 

0.3

 

13

 

360 Hamilton Avenue

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

384,000

 

1

 

92.3

 

92.3

 

92.3

 

90.9

 

90.2

 

13,201,491

 

1.2

 

1.0

 

19

 

“Same Store” Westchester, New York Subtotal/Weighted Average

 

 

 

13

 

2,135,100

 

9

%

80.6

%

78.7

%

78.8

%

78.6

%

78.1

%

$

47,944,326

 

4.4

%

3.8

%

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

85,000

 

0

 

76.6

 

41.7

 

43.8

 

38.0

 

36.1

 

$

1,535,628

 

0.1

 

0.1

 

21

 

“Non Same Store” Westchester, New York Subtotal/Weighted Average

 

 

1

 

85,000

 

0

%

76.6

%

41.7

%

43.8

%

38.0

%

36.1

%

$

1,535,628

 

0.1

%

0.1

%

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

312,000

 

1

 

95.9

 

94.3

 

95.8

 

93.1

 

95.9

 

$

9,573,916

 

0.9

 

0.8

 

64

 

2 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

46,000

 

0

 

76.5

 

85.4

 

87.8

 

81.7

 

57.3

 

768,118

 

0.1

 

0.1

 

7

 

3 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

130,000

 

0

 

59.0

 

48.4

 

48.4

 

51.7

 

55.1

 

2,345,477

 

0.2

 

0.2

 

18

 

4 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

105,000

 

0

 

87.6

 

87.6

 

87.6

 

85.1

 

87.6

 

2,888,601

 

0.3

 

0.2

 

14

 

5 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

61,000

 

0

 

99.3

 

99.0

 

99.0

 

98.8

 

98.8

 

975,448

 

0.1

 

0.1

 

10

 

6 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

172,000

 

1

 

86.0

 

91.9

 

87.1

 

87.1

 

83.6

 

3,643,373

 

0.3

 

0.3

 

6

 

7 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

36,800

 

0

 

100.0

 

76.9

 

76.9

 

76.9

 

76.9

 

313,533

 

0.0

 

0.0

 

1

 

680 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

133,000

 

0

 

88.9

 

80.9

 

80.9

 

77.7

 

77.7

 

5,097,741

 

 

 

0.2

 

10

 

750 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

192,000

 

1

 

97.8

 

97.8

 

97.8

 

99.1

 

93.3

 

7,869,766

 

 

 

0.3

 

11

 

1055 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Leasehold Interest

 

1

 

182,000

 

1

 

88.0

 

89.2

 

89.2

 

90.6

 

90.6

 

6,208,949

 

0.6

 

0.5

 

21

 

1010 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

143,400

 

1

 

75.6

 

77.1

 

77.1

 

75.6

 

72.2

 

3,598,215

 

0.3

 

0.3

 

22

 

500 West Putnam Avenue

 

100.0

 

Greenwich, Connecticut

 

Fee Interest

 

1

 

121,500

 

0

 

53.8

 

53.8

 

53.8

 

53.8

 

53.8

 

2,971,684

 

0.3

 

0.2

 

10

 

“Same Store” Connecticut Subtotal/Weighted Average

 

 

 

12

 

1,634,700

 

5

%

84.9

%

83.7

%

83.6

%

82.9

%

81.8

%

$

46,254,821

 

3.1

%

3.2

%

194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

100.0

 

Lyndhurst, New Jersey

 

Fee Interest

 

1

 

278,000

 

1

 

66.2

 

66.2

 

62.4

 

61.1

 

61.1

 

$

4,097,884

 

0.4

 

0.3

 

6

 

“Same Store” New Jersey Subtotal/Weighted Average

 

 

 

1

 

278,000

 

1

%

66.2

%

66.2

%

62.4

%

61.1

%

61.1

%

$

4,097,884

 

0.4

%

0.3

%

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

317,600

 

1

 

95.6

 

94.7

 

94.7

 

94.4

 

93.8

 

12,008,730

 

1.1

 

0.9

 

69

 

“Same Store” Brooklyn, New York Subtotal/Weighted Average

 

 

 

1

 

317,600

 

1

%

95.6

%

94.7

%

94.7

%

94.4

%

93.8

%

$

12,008,730

 

1.1

%

0.9

%

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

 

28

 

4,450,400

 

16

%

82.3

%

80.2

%

80.0

%

79.4

%

78.7

%

$

111,841,388

 

9.1

%

8.3

%

398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Meadows

 

50.0

 

Rutherford, New Jersey

 

Fee Interest

 

2

 

582,100

 

2

 

91.4

 

91.4

 

91.4

 

87.1

 

87.9

 

13,474,980

 

 

 

0.5

 

55

 

Jericho Plaza

 

20.26

 

Jericho, New York

 

Fee Interest

 

2

 

640,000

 

2

 

70.0

 

69.8

 

86.0

 

83.6

 

90.5

 

15,669,096

 

 

 

0.3

 

36

 

“Same Store” Subtotal/Weighted Average

 

 

 

4

 

1,222,100

 

5

%

80.2

%

80.1

%

88.6

%

85.3

%

89.3

%

$

29,144,076

 

 

 

0.8

%

91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Renaissance Square

 

50.0

 

White Plains, New York

 

Fee Interest

 

1

 

65,641

 

0

 

89.1

 

77.2

 

67.7

 

66.8

 

51.2

 

1,912,776

 

 

 

0.1

 

10

 

“Non Same Store” Subtotal/Weighted Average

 

1

 

65,641

 

0

%

89.1

%

77.2

%

67.7

%

66.8

%

51.2

%

$

1,912,776

 

 

 

0.1

%

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

5

 

1,287,741

 

5

%

80.6

%

79.9

%

87.5

%

84.3

%

87.3

%

$

31,056,852

 

 

 

0.9

%

101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Operating Properties Grand Total / Weighted Average

 

33

 

5,738,141

 

21

%

81.9

%

80.1

%

81.7

%

80.5

%

80.7

%

$

142,898,240

 

 

 

 

 

499

 

Suburban Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

116,355,747

 

 

 

9.2

%

 

 

Suburban Operating Properties Same Store Occupancy %

 

 

 

5,587,500

 

97

%

81.9

%(1)

80.8

%

82.4

%

81.3

%

81.7

%

 

 

 

 

 

 

 

 

 


(1) Suburban same-store occupancy, inclusive of 127,646 square feet of leases signed but not yet commenced, is 84.2% as of June 30, 2015, as compared to 83.4% at June 30, 2014 and 83.5% at March 31, 2015.

 

Supplemental Information

Second Quarter 2015

 

35



 

 

 

 

 

SELECTED PROPERTY DATA

 

Retail & Residential Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 West 34th Street

 

30.0

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

$

2,450,408

 

1.2

 

$

15,482,405

 

1

 

19-21 East 65th Street (1)

 

90.0

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

3

 

66.0

 

66.0

 

66.0

 

66.0

 

83.0

 

1,173,811

 

1.7

 

7,548,256

 

17

 

21 East 66th Street

 

32.28

 

Plaza District

 

Fee Interest

 

1

 

13,069

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,536,868

 

1.8

 

81,646,928

 

1

 

131-137 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

2

 

68,342

 

9

 

100.0

 

92.0

 

92.0

 

92.0

 

92.0

 

11,623,226

 

18.3

 

138,909,734

 

11

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

37

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,311,824

 

24.1

 

214,199,299

 

10

 

717 Fifth Avenue

 

10.92

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

16

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

36,884,528

 

6.3

 

279,917,007

 

7

 

724 Fifth Avenue

 

50.0

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

9

 

81.7

 

74.8

 

74.8

 

68.2

 

76.7

 

21,576,863

 

17.0

 

226,453,677

 

8

 

752 Madison Avenue (2)

 

90.0

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,316,648

 

6.1

 

11,140,833

(3)

1

 

762 Madison Avenue (1)

 

90.0

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,714,655

 

2.4

 

16,704,723

 

5

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

7

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,561,500

 

2.5

 

16,357,696

 

3

 

Subtotal/Weighted Average

 

 

 

12

 

656,096

 

89

%

95.0

%

93.5

%

93.5

%

92.9

%

94.3

%

$

100,150,332

 

81.4

%

$

1,008,360,557

 

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

9,200

 

1

 

54.3

 

77.2

 

100.0

 

N/A

 

N/A

 

$

444,117

 

0.7

 

$

31,331,717

 

1

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

5,218

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

963,606

 

1.5

 

53,290,025

 

1

 

121 Greene Street

 

50.0

 

Soho

 

Fee Interest

 

1

 

7,131

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

1,344,319

 

1.1

 

28,255,045

 

2

 

1552-1560 Broadway

 

50.0

 

Times Square

 

Fee Interest

 

2

 

57,718

 

8

 

67.5

 

67.5

 

67.5

 

67.5

 

67.5

 

19,430,792

 

15.3

 

253,646,462

 

2

 

Subtotal/Weighted Average

 

 

 

5

 

79,267

 

11

%

71.0

%

73.7

%

76.3

%

73.2

%

67.5

%

$

22,182,835

 

18.6

%

$

366,523,249

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Retail Properties

 

 

 

17

 

735,363

 

100

%

92.5

%

91.4

%

91.7

%

91.0

%

92.2

%

$

122,333,166

 

100.0

%

$

1,374,883,806

 

70

 

 

Residential Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

Total Units

 

Occupancy (%)

 

Average Monthly

 

Annualized

 

Gross Total RE

 

 

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Residential

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Rent Per Unit ($’s)

 

Cash Rent ($’s)

 

Book Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

248-252 Bedford Avenue

 

90.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

66,611

 

75

 

92.0

 

84.4

 

89.6

 

79.2

 

84.4

 

$

3,810

 

$

3,154,318

 

$

40,378,839

 

 

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

 

 

222,855

 

333

 

96.4

 

96.1

 

95.8

 

96.1

 

91.0

 

3,856

 

14,805,720

 

176,711,329

 

 

 

400 East 57th Street (1)

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

290,482

 

261

 

93.9

 

98.9

 

94.3

 

91.6

 

93.1

 

3,166

 

10,721,782

 

121,529,923

 

 

 

400 East 58th Street (1)

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

140,000

 

125

 

94.4

 

97.6

 

96.8

 

96.0

 

96.8

 

3,122

 

4,912,130

 

53,959,209

 

 

 

Subtotal/Weighted Average

 

 

 

3

 

719,948

 

794

 

94.8

%

96.1

%

94.9

%

93.0

%

92.0

%

$

3,700

 

$

33,593,951

 

$

392,579,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Upper East Side Residential

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

27,000

 

28

 

96.4

 

N/A

 

N/A

 

N/A

 

N/A

 

$

2,177

 

$

1,144,840

 

$

50,073,674

 

 

 

1080 Amsterdam (1)

 

92.5

 

Upper West Side

 

Leasehold Interest

 

1

 

82,250

 

96

 

96.9

 

96.9

 

97.9

 

94.8

 

2.2

 

3,716

 

4,399,140

 

46,393,191

 

 

 

Stonehenge Portfolio

 

Various

 

 

 

Fee Interest

 

17

 

2,046,733

 

2,225

 

96.9

 

96.5

 

N/A

 

N/A

 

N/A

 

3,487

 

102,099,102

 

970,556,487

 

 

 

Subtotal/Weighted Average

 

 

 

19

 

2,155,983

 

2,349

 

96.9

%

96.5

%

97.9

%

94.8

%

2.2

%

$

3,592

 

$

107,643,081

 

$

1,067,023,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Residential Properties

 

 

 

 

 

22

 

2,875,931

 

3,143

 

96.4

%

96.4

%

95.2

%

93.2

%

82.3

%

$

3,619

 

$

141,237,032

 

$

1,459,602,652

 

 

 

 


(1) Stonehenge Portfolio Property.

(2) The Company owns an 90% interest in the leasehold position, which is treated as a consolidated joint venture, and later, through a separate entity, acquired 100% of the fee position.

(3) Excludes the fee position owned through a separate entity.

 

Supplemental Information

Second Quarter 2015

 

36



 

 

SELECTED PROPERTY DATA

 

Development / Redevelopment & Land Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33 Beekman Street

 

45.9

 

Downtown

 

Fee Interest

 

1

 

 

 

 

 

 

 

 

 

 

$

93,187,860

 

 

280 Park Avenue

 

50.0

 

Park Avenue

 

Fee Interest

 

1

 

1,219,158

 

45

 

69.3

 

65.2

 

55.4

 

55.5

 

58.2

 

83,465,864

 

82.8

 

1,260,810,175

 

30

 

51 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

142,000

 

5

 

 

 

10.1

 

18.4

 

62.2

 

 

 

86,168,904

 

 

317 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

450,000

 

16

 

1.5

 

10.6

 

18.6

 

35.1

 

64.2

 

2,025,612

 

4.0

 

148,445,747

 

1

 

331 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

114,900

 

4

 

 

9.8

 

19.6

 

74.9

 

77.5

 

 

 

84,562,887

 

 

10 East 53rd Street

 

55.0

 

Plaza District

 

Fee Interest

 

1

 

354,300

 

13

 

31.1

 

29.1

 

25.3

 

26.7

 

26.7

 

8,428,870

 

9.2

 

311,401,394

 

13

 

Fifth Avenue Retail Assemblage

 

100.0

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

2

 

63.7

 

63.7

 

63.7

 

66.2

 

69.8

 

1,224,600

 

2.4

 

152,456,000

 

1

 

650 Fifth Avenue

 

50.0

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

1

 

10.5

 

10.5

 

10.5

 

10.5

 

10.5

 

1,339,026

 

1.3

 

272,703,414

 

3

 

719 Seventh Avenue

 

75.0

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

 

 

100.0

 

100.0

 

N/A

 

 

 

42,514,932

 

 

175-225 Third Street

 

95.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

 

 

 

 

 

N/A

 

N/A

 

 

 

75,556,146

 

 

55 West 46th Street

 

25.0

 

Midtown

 

Fee Interest

 

1

 

347,000

 

13

 

 

 

 

N/A

 

N/A

 

 

 

307,485,737

 

 

1640 Flatbush Avenue

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

1,000

 

0

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

85,152

 

0.2

 

6,800,000

 

1

 

Total / Weighted Average Development / Redevelopment Properties

 

14

 

2,733,644

 

100

 

36.9

%

36.7

%

34.3

%

45.9

%

55.5

%

$

96,569,124

 

100.0

%

$

2,842,093,196

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue (1)

 

100.0

 

Plaza District

 

Fee Interest

 

1

 

176,530

 

23

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

3,677,574

 

17.7

 

153,745,356

 

 

 

885 Third Avenue (1)

 

100.0

 

Midtown/Plaza District

 

Fee Interest

 

1

 

607,000

 

77

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

17,068,716

 

82.3

 

329,943,115

 

 

 

Total / Weighted Average Land

 

 

 

 

 

 

 

2

 

783,530

 

100

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$

20,746,290

 

100.0

%

$

483,688,471

 

 

 

 


(1) Subject to long-term, third party net operating leases.

 

Supplemental Information

Second Quarter 2015

 

37



 

 

SELECTED PROPERTY DATA

 

Retail Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized Retail

 

Annualized Retail Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

PRIME RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19-21 East 65th Street

 

90.0

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

1

 

66.0

 

66.0

 

66.0

 

66.0

 

83.0

 

1,173,811

 

0

 

1

 

17

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

9,200

 

0

 

54.3

 

77.2

 

100.0

 

N/A

 

N/A

 

444,117

 

0

 

0

 

1

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

5,218

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

963,606

 

0

 

1

 

1

 

131-137 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

2

 

68,342

 

3

 

100.0

 

92.0

 

92.0

 

92.0

 

92.0

 

11,623,226

 

4

 

6

 

11

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

13

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,311,824

 

6

 

8

 

10

 

719 Seventh Avenue

 

75.0

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

 

 

100.0

 

100.0

 

N/A

 

 

 

 

 

752 Madison Avenue(1)

 

90.0

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,316,648

 

2

 

2

 

1

 

762 Madison Avenue

 

90.0

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,714,655

 

1

 

1

 

5

 

Fifth Avenue Retail Assemblage

 

100.0

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

3

 

63.7

 

63.7

 

63.7

 

66.2

 

69.8

 

1,224,600

 

0

 

1

 

1

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,561,500

 

1

 

1

 

3

 

1640 Flatbush Avenue

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

1,000

 

0

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

85,152

 

0

 

0

 

1

 

Subtotal / Weighted Average

 

 

 

 

 

15

 

529,697

 

26

%

92.0

%

91.3

%

92.8

%

93.0

%

94.1

%

$

38,419,139

 

14

%

20

%

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRIME RETAIL - Unconsolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 West 34th Street

 

30.0

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,450,408

 

1

 

0

 

1

 

21 East 66th Street

 

32.28

 

Plaza District

 

Fee Interest

 

1

 

13,069

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,536,868

 

1

 

1

 

1

 

121 Greene Street

 

50.0

 

Soho

 

Fee Interest

 

1

 

7,131

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

1,344,319

 

1

 

0

 

2

 

650 Fifth Avenue

 

50.0

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

2

 

10.5

 

10.5

 

10.5

 

10.5

 

10.5

 

1,339,026

 

1

 

0

 

3

 

717 Fifth Avenue

 

10.92

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

6

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

36,884,528

 

14

 

2

 

7

 

724 Fifth Avenue

 

50.0

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

3

 

81.7

 

74.8

 

74.8

 

68.2

 

76.7

 

21,576,863

 

8

 

6

 

8

 

1552-1560 Broadway

 

50.0

 

Times Square

 

Fee Interest

 

2

 

57,718

 

3

 

67.5

 

67.5

 

67.5

 

67.5

 

67.5

 

19,430,792

 

7

 

5

 

2

 

Subtotal / Weighted Average

 

 

 

 

 

8

 

311,952

 

15

%

76.9

%

75.4

%

75.4

%

74.0

%

75.2

%

$

86,562,805

 

33

%

15

%

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Prime Retail

 

 

 

 

 

 

 

23

 

841,649

 

41

%

86.4

%

85.4

%

86.4

%

85.9

%

87.1

%

$

124,981,944

 

47

%

35

%

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

23,221

 

1

 

 

 

69.0

 

80.3

 

80.3

 

 

 

 

 

100 Church Street

 

100.0

 

Downtown

 

Fee Interest

 

1

 

49,992

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,668,353

 

1

 

1

 

7

 

120 West 45th Street

 

100.0

 

Midtown

 

Fee Interest

 

1

 

5,446

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

406,436

 

0

 

0

 

1

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

21,733

 

1

 

43.9

 

43.9

 

43.9

 

43.9

 

43.9

 

1,155,972

 

0

 

1

 

5

 

220 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

49,970

 

2

 

96.5

 

96.5

 

96.5

 

96.5

 

96.5

 

3,425,841

 

1

 

2

 

6

 

260 East 72nd Street

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

4,150

 

0

 

88.0

 

N/A

 

N/A

 

N/A

 

N/A

 

439,454

 

0

 

0

 

4

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

25,330

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,945,556

 

1

 

2

 

6

 

317 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

26,935

 

1

 

25.3

 

25.3

 

25.3

 

25.3

 

100.0

 

2,025,612

 

1

 

1

 

1

 

331 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

13,722

 

1

 

 

72.9

 

72.9

 

82.9

 

84.7

 

 

 

 

 

400 East 57th Street

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

13,772

 

1

 

55.4

 

100.0

 

100.0

 

100.0

 

100.0

 

1,490,156

 

1

 

1

 

9

 

400 East 58th Street

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

3,156

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

490,756

 

0

 

0

 

5

 

420 Lexington Ave (Graybar)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

49,375

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,062,478

 

2

 

2

 

6

 

461 Fifth Avenue

 

100.0

 

Midtown

 

Leasehold Interest

 

1

 

16,248

 

1

 

100.0

 

88.6

 

100.0

 

100.0

 

100.0

 

2,049,977

 

1

 

1

 

2

 

485 Lexington Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

45,394

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,992,700

 

2

 

2

 

5

 

555 West 57th Street

 

100.0

 

Midtown West

 

Fee Interest

 

1

 

60,389

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,726,905

 

1

 

1

 

2

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

46,019

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

9,113,239

 

3

 

5

 

1

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

1

 

74,937

 

4

 

89.3

 

85.1

 

85.1

 

85.1

 

85.1

 

20,470,714

 

8

 

11

 

15

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

23,250

 

1

 

100.0

 

 

 

 

 

3,094,575

 

1

 

2

 

1

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

28,500

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,337,488

 

1

 

2

 

2

 

711 Third Avenue

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

25,639

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,818,089

 

1

 

2

 

3

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

24,827

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,448,380

 

1

 

1

 

7

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

1

 

13,470

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,752,520

 

1

 

2

 

4

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1

 

31,004

 

2

 

98.9

 

98.9

 

98.9

 

100.0

 

100.0

 

3,039,768

 

1

 

1

 

4

 

1080 Amsterdam

 

92.5

 

Upper West Side

 

Leasehold Interest

 

1

 

1,800

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

252,000

 

0

 

0

 

1

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1

 

37,326

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

6,161,886

 

2

 

3

 

5

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

17,797

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,295,420

 

1

 

1

 

5

 

1515 Broadway

 

100.0

 

Times Square

 

Fee Interest

 

1

 

185,333

 

9

 

100.0

 

97.0

 

95.8

 

100.0

 

100.0

 

27,042,556

 

10

 

15

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

27

 

918,735

 

45

%

90.6

%

88.3

%

90.0

%

91.3

%

93.6

%

$

110,706,830

 

42

%

59

%

114

 

 


(1) SL Green owns an 90% interest in the leasehold position, which is treated as a consolidated joint venture, and later, through a separate entity, acquired 100% of the fee position.

 

Supplemental Information

Second Quarter 2015

 

38



 

 

SELECTED PROPERTY DATA - Cont.

 

Retail Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized Retail

 

Annualized Retail Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

OTHER RETAIL - Unconsolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

48.9

 

Columbus Circle

 

Fee Interest

 

1

 

40,647

 

2

 

87.2

 

87.2

 

87.2

 

87.2

 

87.2

 

9,100,524

 

3

 

2

 

4

 

10 East 53rd Street

 

55.0

 

Plaza District

 

Fee Interest

 

1

 

8,786

 

0

 

81.7

 

81.7

 

81.7

 

100.0

 

100.0

 

721,488

 

0

 

0

 

2

 

55 West 46th Street

 

25.0

 

Midtown

 

Leasehold Interest

 

1

 

1,300

 

0

 

 

 

 

N/A

 

N/A

 

 

 

 

 

100 Park Avenue

 

50.0

 

Grand Central South

 

Fee Interest

 

1

 

40,022

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,898,712

 

1

 

1

 

9

 

280 Park Avenue

 

50.0

 

Park Avenue

 

Fee Interest

 

1

 

18,545

 

1

 

18.9

 

18.9

 

18.9

 

18.9

 

18.9

 

788,856

 

0

 

0

 

2

 

315 West 36th Street

 

35.5

 

Times Square South

 

Fee Interest

 

1

 

10,271

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

405,508

 

0

 

0

 

3

 

521 Fifth Avenue

 

50.5

 

Grand Central

 

Fee Interest

 

1

 

53,157

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,909,296

 

2

 

1

 

3

 

600 Lexington Avenue

 

55.0

 

East Side

 

Fee Interest

 

1

 

4,264

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

788,256

 

0

 

0

 

2

 

800 Third Avenue

 

60.5

 

Grand Central North

 

Fee Interest

 

1

 

9,900

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,826,496

 

1

 

1

 

2

 

Stonehenge Portfolio

 

Various

 

 

 

Fee Interest

 

10

 

88,984

 

4

 

79.0

 

78.5

 

N/A

 

N/A

 

N/A

 

8,563,387

 

3

 

0

 

33

 

Subtotal / Weighted Average

 

 

 

 

 

19

 

275,876

 

14

%

84.8

%

84.7

%

59.4

%

60.2

%

60.2

%

$

30,002,523

 

11

%

6

%

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Other Retail

 

 

 

 

 

 

 

46

 

1,194,611

 

59

%

89.3

%

87.5

%

82.9

%

84.2

%

85.9

%

$

140,709,354

 

53

%

65

%

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Grand Total / Weighted Average

 

 

 

 

 

 

 

69

 

2,036,260

 

100

%

88.1

%

86.6

%

84.3

%

84.9

%

86.3

%

$

265,691,298

 

100

%

 

 

249

 

Retail Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

185,423,980

 

 

 

100

%

 

 

 

Supplemental Information

Second Quarter 2015

 

39



 

 

 

SELECTED PROPERTY DATA

 

Manhattan Operating Properties - Reckson Portfolio

GRAPHIC

 

 

 

Ownership

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

215,400

 

2

 

99.9

 

99.4

 

98.8

 

88.7

 

83.2

 

10,640,214

 

2.1

 

1.9

 

23

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

604,245

 

5

 

87.1

 

88.7

 

80.4

 

81.9

 

70.8

 

31,551,723

 

6.2

 

5.6

 

22

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

215,000

 

2

 

90.3

 

91.9

 

91.9

 

90.5

 

90.5

 

12,160,832

 

2.4

 

2.2

 

13

 

461 Fifth Avenue (1)

 

100.0

 

Midtown

 

Leasehold Interest

 

200,000

 

2

 

96.8

 

95.5

 

96.5

 

96.5

 

96.5

 

17,875,864

 

3.5

 

3.2

 

12

 

555 West 57th Street

 

100.0

 

Midtown West

 

Fee Interest

 

941,000

 

8

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

38,672,481

 

7.6

 

6.8

 

10

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

160,000

 

1

 

81.3

 

81.3

 

81.3

 

81.3

 

79.0

 

14,427,758

 

2.8

 

2.6

 

13

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

563,000

 

5

 

97.1

 

96.6

 

92.1

 

92.1

 

92.1

 

55,369,028

 

10.8

 

9.8

 

22

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

163,000

 

1

 

100.0

 

92.1

 

92.1

 

92.1

 

92.1

 

10,375,689

 

2.0

 

1.8

 

8

 

711 Third Avenue (2)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

524,000

 

4

 

83.5

 

84.1

 

80.6

 

80.6

 

80.6

 

25,738,744

 

5.0

 

4.6

 

17

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

780,000

 

7

 

97.3

 

97.3

 

96.7

 

96.7

 

96.4

 

44,530,764

 

8.7

 

7.9

 

31

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

692,000

 

6

 

84.8

 

85.6

 

81.0

 

83.4

 

84.2

 

38,278,130

 

7.5

 

6.8

 

47

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1,454,000

 

12

 

100.0

 

90.3

 

90.3

 

90.3

 

90.3

 

92,598,797

 

 

 

8.4

 

11

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1,062,000

 

9

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

88,537,145

 

17.3

 

15.7

 

19

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

562,000

 

5

 

98.5

 

96.9

 

96.9

 

99.9

 

95.7

 

40,352,965

 

7.9

 

7.1

 

35

 

Subtotal / Weighted Average

 

 

 

 

 

 

 

8,135,645

 

70

%

95.4

%

93.6

%

92.0

%

92.2

%

90.9

%

$

521,110,134

 

83.8

%

84.2

%

283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

104,000

 

1

 

100.0

 

72.5

 

72.5

 

72.5

 

48.8

 

8,554,001

 

1.7

 

1.5

 

2

 

Subtotal / Weighted Average

 

 

 

 

 

 

 

104,000

 

1

%

100.0

%

72.5

%

72.5

%

72.5

%

48.8

%

$

8,554,001

 

2

%

2

%

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Manhattan Consolidated Properties

 

 

 

 

 

 

 

8,239,645

 

71

%

95.5

%

93.3

%

91.7

%

92.0

%

90.4

%

$

529,664,135

 

85.5

%

 

 

285

 

Total Manhattan Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

484,290,724

 

 

 

85.7

%

 

 

 

Suburban Operating Properties - Reckson Portfolio

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

74.8

 

74.8

 

74.8

 

74.8

 

74.8

 

1,754,651

 

0.3

 

0.3

 

2

 

1100 King Street - 2 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

30.3

 

30.3

 

30.3

 

47.9

 

47.9

 

721,181

 

0.1

 

0.1

 

3

 

1100 King Street - 3 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

21.7

 

21.7

 

21.7

 

21.7

 

57.2

 

728,586

 

0.1

 

0.1

 

2

 

1100 King Street - 4 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

85.8

 

85.8

 

85.8

 

84.6

 

84.6

 

2,030,698

 

0.4

 

0.4

 

10

 

1100 King Street - 5 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

93.1

 

93.1

 

92.0

 

92.0

 

92.0

 

2,056,949

 

0.4

 

0.4

 

9

 

1100 King Street - 6 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

56.7

 

56.7

 

56.7

 

56.7

 

50.8

 

1,538,476

 

0.3

 

0.3

 

3

 

520 White Plains Road

 

100.0

 

Tarrytown, New York

 

Fee Interest

 

180,000

 

2

 

99.0

 

76.2

 

76.2

 

75.2

 

57.5

 

4,395,432

 

0.9

 

0.8

 

13

 

115-117 Stevens Avenue

 

100.0

 

Valhalla, New York

 

Fee Interest

 

178,000

 

2

 

75.6

 

75.6

 

75.1

 

74.3

 

74.8

 

2,851,000

 

0.6

 

0.5

 

10

 

100 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

250,000

 

2

 

72.9

 

72.9

 

72.9

 

70.7

 

70.7

 

4,559,478

 

0.9

 

0.8

 

10

 

200 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

245,000

 

2

 

81.1

 

81.1

 

80.2

 

80.2

 

80.2

 

4,809,943

 

0.9

 

0.9

 

8

 

500 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

228,000

 

2

 

96.6

 

96.6

 

97.8

 

97.8

 

96.5

 

5,133,593

 

1.0

 

0.9

 

6

 

140 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

130,100

 

1

 

97.7

 

97.7

 

100.0

 

95.7

 

95.7

 

4,162,848

 

0.8

 

0.7

 

13

 

360 Hamilton Avenue

 

100.0

 

White Plains, New York

 

Fee Interest

 

384,000

 

3

 

92.3

 

92.3

 

92.3

 

90.9

 

90.2

 

13,201,491

 

2.6

 

2.3

 

19

 

Westchester, New York Subtotal / Weighted Average

 

 

 

 

 

2,135,100

 

18

%

80.6

%

78.7

%

78.8

%

78.6

%

78.1

%

$

47,944,326

 

9.4

%

8.5

%

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

36,800

 

0

 

100.0

 

76.9

 

76.9

 

76.9

 

76.9

 

313,533

 

0.1

 

0.1

 

1

 

680 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

133,000

 

1

 

88.9

 

80.9

 

80.9

 

77.7

 

77.7

 

5,097,741

 

 

 

0.5

 

10

 

750 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

192,000

 

2

 

97.8

 

97.8

 

97.8

 

99.1

 

93.3

 

7,869,766

 

 

 

0.7

 

11

 

1055 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Leasehold Interest

 

182,000

 

2

 

88.0

 

89.2

 

89.2

 

90.6

 

90.6

 

6,208,949

 

1.2

 

1.1

 

21

 

1010 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

143,400

 

1

 

75.6

 

77.1

 

77.1

 

75.6

 

72.2

 

3,598,215

 

0.7

 

0.6

 

22

 

Connecticut Subtotal/Weighted Average

 

 

 

 

 

 

 

687,200

 

6

%

89.0

%

86.8

%

86.8

%

86.6

%

84.3

%

$

23,088,204

 

2.0

%

3.0

%

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

100.0

 

Lyndhurst, New Jersey

 

Fee Interest

 

278,000

 

2

 

66.2

 

66.2

 

62.4

 

61.1

 

61.1

 

4,097,884

 

0.8

 

0.7

 

6

 

New Jersey Subtotal / Weighted Average

 

 

 

 

 

 

 

278,000

 

2

%

66.2

%

66.2

%

62.4

%

61.1

%

61.1

%

$

4,097,884

 

0.8

%

0.7

%

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

317,600

 

3

 

95.6

 

94.7

 

94.7

 

94.4

 

93.8

 

12,008,730

 

2.3

 

2.1

 

69

 

Brooklyn, New York Subtotal / Weighted Average

 

 

 

 

 

317,600

 

3

%

95.6

%

94.7

%

94.7

%

94.4

%

93.8

%

$

12,008,730

 

2.3

%

2.1

%

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Suburban Consolidated Properties

 

 

 

 

 

 

 

3,417,900

 

29

%

82.5

%

80.8

%

80.5

%

80.2

%

79.4

%

$

87,139,144

 

14.5

%

 

 

248

 

Total Suburban Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

80,785,065

 

 

 

14.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reckson Operating Properties Grand Total / Weighted Average

 

 

 

 

 

 

 

11,657,545

 

100

%

91.7

%

89.6

%

88.4

%

88.5

%

87.2

%

$

616,803,279

 

100.0

%

 

 

533

 

Reckson Operating Properties Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

565,075,790

 

 

 

100.0

%

 

 

Reckson Operating Properties Same Store Occupancy %

 

 

 

 

 

 

 

11,553,545

 

99

%

91.6

%

89.8

%

88.6

%

88.7

%

87.5

%

 

 

 

 

 

 

 

 

 


(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.

(2) The Company owns 50% of the fee interest.

 

Supplemental Information

Second Quarter 2015

 

40



 

 

 

SELECTED PROPERTY DATA

 

Retail, Land & Residential Properties - Reckson Portfolio

GRAPHIC

 

 

 

Ownership

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

9,200

 

2

 

54.3

 

77.2

 

100.0

 

N/A

 

N/A

 

444,117

 

1.5

 

31,331,717

 

1

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

5,218

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

963,606

 

3.2

 

53,290,025

 

1

 

131-137 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

68,342

 

17

 

100.0

 

92.0

 

92.0

 

92.0

 

92.0

 

11,623,226

 

38.9

 

138,909,734

 

11

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

270,132

 

67

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,311,824

 

51.2

 

214,199,299

 

10

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

52,000

 

13

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,561,500

 

5.2

 

16,357,696

 

3

 

Total Retail Properties

 

 

 

 

 

 

 

404,892

 

100

%

99.0

%

98.1

%

98.6

%

98.6

%

98.6

%

$

29,904,273

 

100.0

%

$

454,088,471

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue

 

100.0

 

Plaza District

 

Fee Interest

 

176,530

 

100

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

3,677,574

 

100.0

 

153,745,356

 

 

 

Total Land Properties

 

 

 

 

 

 

 

176,530

 

100

%

100.0

%

100.0

%

100.0

%

100.0

%

 

$

3,677,574

 

100.0

%

$

153,745,356

 

 

 

 

Residential Properties - Reckson Portfolio

 

 

 

Ownership

 

 

 

 

 

Useable

 

Total

 

Occupancy (%)

 

Annualized

 

Average Monthly

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Units

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Cash Rent ($’s)

 

Rent Per Unit ($’s)

 

Book Value

 

Tenants

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

222,855

 

333

 

96.4

 

96.1

 

95.8

 

96.1

 

91.0

 

14,805,720

 

3,856

 

176,711,329

 

321

 

Total Residential Properties

 

 

 

 

 

 

 

222,855

 

333

 

96.4

%

96.1

%

95.8

%

96.1

%

91.0

%

$

14,805,720

 

$

3,856

 

$

176,711,329

 

321

 

 

Supplemental Information

Second Quarter 2015

 

41



 

LARGEST TENANTS BY SQUARE FEET LEASED

 

Manhattan and Suburban Properties

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% 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

 

$

134,366,049

(1)

$

44.44

 

9.3

%

$

132,358,531

 

10.5

%

A-

 

Viacom International, Inc.

 

1515 Broadway

 

2031

 

1,330,735

 

82,152,769

 

$

61.73

 

5.7

%

82,152,769

 

6.5

%

BBB

 

Credit Suisse Securities (USA), Inc.

 

1 Madison Avenue & 1055 Washington Blvd

 

2019 & 2020

 

1,149,406

 

66,666,214

 

$

58.00

 

4.6

%

66,666,214

 

5.3

%

A

 

Random House, Inc.

 

1745 Broadway

 

2018 & 2023

 

644,598

 

42,805,380

 

$

66.41

 

3.0

%

24,343,420

 

1.9

%

BBB+

 

Debevoise & Plimpton, LLP

 

919 Third Avenue

 

2021

 

575,324

 

41,309,043

 

$

71.80

 

2.9

%

21,067,612

 

1.7

%

 

 

The City of New York

 

16 Court Street & 100 Church Street

 

2015, 2017 & 2034

 

546,075

 

17,991,433

 

$

32.95

 

1.2

%

17,991,433

 

1.4

%

Aa2

 

Omnicom Group, Inc.

 

220 East 42nd Street

 

2017

 

493,560

 

21,215,123

 

$

42.98

 

1.5

%

21,215,123

 

1.7

%

BBB+

 

Ralph Lauren Corporation

 

625 Madison Avenue

 

2019

 

359,125

 

25,777,820

 

$

71.78

 

1.8

%

25,777,820

 

2.0

%

A

 

Advance Magazine Group, Fairchild Publications

 

750 Third Avenue & 485 Lexington Avenue

 

2021

 

339,195

 

16,023,594

 

$

47.24

 

1.1

%

16,023,594

 

1.3

%

 

 

Metro-North Commuter Railroad Company

 

420 Lexington Avenue

 

2021 & 2034

 

303,980

 

14,285,739

 

$

47.00

 

1.0

%

14,285,739

 

1.1

%

Aa2

 

C.B.S. Broadcasting, Inc.

 

555 West 57th Street

 

2023

 

295,226

 

12,384,088

 

$

41.95

 

0.9

%

12,384,088

 

1.0

%

BBB

 

Schulte, Roth & Zabel LLP

 

919 Third Avenue

 

2036

 

263,186

 

17,197,773

 

$

65.34

 

1.2

%

8,770,864

 

0.7

%

 

 

HF Management Services LLC

 

100 Church Street & 521 Fifth Avenue

 

2015 & 2032

 

252,762

 

8,728,348

 

$

34.53

 

0.6

%

8,027,439

 

0.6

%

 

 

BMW of Manhattan

 

555 West 57th Street

 

2022

 

227,782

 

6,392,708

 

$

28.07

 

0.4

%

6,392,708

 

0.5

%

A+

 

The City University of New York - CUNY

 

555 West 57th Street & 16 Court Street

 

2020, 2024 & 2030

 

227,622

 

9,336,005

 

$

41.02

 

0.6

%

9,336,005

 

0.7

%

Aa2

 

Bloomberg LP

 

919 Third Avenue

 

2029

 

201,849

 

10,043,587

 

$

49.76

 

0.7

%

5,122,229

 

0.4

%

 

 

Newmark & Company Real Estate Inc.

 

125 Park Avenue, 110 East 42nd Street & The Meadows

 

2016, 2024 & 2031

 

193,962

 

9,920,720

 

$

51.15

 

0.7

%

9,544,439

 

0.8

%

BBB-

 

Amerada Hess Corp.

 

1185 Avenue of the Americas

 

2027

 

181,569

 

13,781,826

 

$

75.90

 

1.0

%

13,781,826

 

1.1

%

BBB

 

The Travelers Indemnity Company

 

485 Lexington Avenue

 

2021

 

173,278

 

10,023,120

 

$

57.84

 

0.7

%

10,023,120

 

0.8

%

AA

 

Verizon

 

120 West 45th Street, 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive

 

Various

 

172,102

 

5,177,489

 

$

30.08

 

0.4

%

5,177,489

 

0.4

%

BBB+

 

United Nations

 

220 East 42nd Street

 

2017, 2021 & 2022

 

171,091

 

8,120,827

 

$

47.46

 

0.6

%

8,120,827

 

0.6

%

 

 

News America Incorporated

 

1185 Avenue of the Americas

 

2020

 

161,722

 

15,060,624

 

$

93.13

 

1.0

%

15,060,624

 

1.2

%

BBB+

 

King & Spalding

 

1185 Avenue of the Americas

 

2025

 

159,943

 

14,118,433

 

$

88.27

 

1.0

%

14,118,433

 

1.1

%

 

 

Young & Rubicam, Inc.

 

3 Columbus Circle

 

2033

 

159,292

 

9,909,020

 

$

62.21

 

0.7

%

4,845,511

 

0.4

%

BBB

 

Amazon Corporate LLC

 

1185 Avenue of the Americas & 1350 Avenue of the Americas

 

2016, 2019 & 2023

 

158,688

 

11,200,924

 

$

70.58

 

0.8

%

11,200,924

 

0.9

%

AA-

 

Bloomingdales, Inc.

 

919 Third Avenue

 

2024

 

157,961

 

8,885,197

 

$

56.25

 

0.6

%

4,531,451

 

0.4

%

BBB+

 

National Hockey League

 

1185 Avenue of the Americas

 

2022

 

148,217

 

12,963,908

 

$

87.47

 

0.9

%

12,963,908

 

1.0

%

 

 

Beth Israel Medical Center & The Mount Sinai Hospital

 

555 West 57th Street & 625 Madison Avenue

 

2030 & 2031

 

147,613

 

7,176,730

 

$

48.62

 

0.5

%

7,176,730

 

0.6

%

 

 

BNP Paribas

 

919 Third Avenue

 

2016

 

145,834

 

9,825,665

 

$

67.38

 

0.7

%

5,011,089

 

0.4

%

A+

 

Eisner Amper, LLP

 

750 Third Avenue

 

2020

 

141,546

 

9,646,708

 

$

68.15

 

0.7

%

9,646,708

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

12,506,666

 

$

672,486,863

 

$

53.77

 

46.5

%

$

603,118,666

 

47.7

%

 

 

 


(1) Reflects the net rent as of June 30, 2015 of $42.70 PSF for the 388-390 Greenwich Street lease.

(2) Corporate or bond rating from S&P or Moody’s.

 

Supplemental Information

Second Quarter 2015

 

42



 

 

TENANT DIVERSIFICATION

 

 

Based on SLG Share of Annualized Cash Rent

 

Category

 

Manhattan Properties

 

Suburban Properties

 

Arts, Ent. & Recreation

 

4.2

%

0.1

%

Business Services

 

2.8

%

3.9

%

Financial Services

 

32.9

%

30.1

%

Government / Non Profit

 

3.5

%

5.7

%

Legal

 

7.8

%

10.8

%

Manufacturing

 

2.2

%

10.2

%

Medical

 

2.2

%

4.6

%

Other

 

5.4

%

3.3

%

Professional Services

 

5.8

%

13.3

%

Retail

 

9.2

%

3.1

%

 

 

 

 

 

 

TAMI

 

 

 

 

 

Technology

 

1.6

%

3.2

%

Advertising

 

5.2

%

1.0

%

Media

 

16.8

%

10.7

%

Information

 

0.4

%

0.1

%

 

 

 

 

 

 

Total

 

100.0

%

100.0

%

 

Supplemental Information

Second Quarter 2015

 

43



 

 

LEASING ACTIVITY - Manhattan Operating Properties

 

 

Available Space

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space at 3/31/15

 

 

 

 

 

877,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Property no longer in redevelopment

 

635 Sixth Avenue

 

 

 

28,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

1

 

2,313

 

2,313

 

$

54.38

 

 

 

120 West 45th Street

 

3

 

36,994

 

36,994

 

$

67.90

 

 

 

125 Park Avenue

 

1

 

11,027

 

12,437

 

$

68.00

 

 

 

220 East 42nd Street

 

1

 

15,338

 

15,338

 

$

54.36

 

 

 

315 West 36th Street

 

4

 

103,010

 

104,210

 

$

35.07

 

 

 

420 Lexington Avenue

 

6

 

17,007

 

25,687

 

$

55.23

 

 

 

521 Fifth Avenue

 

2

 

6,089

 

6,089

 

$

49.80

 

 

 

600 Lexington Avenue

 

2

 

17,750

 

17,750

 

$

77.27

 

 

 

711 Third Avenue

 

1

 

2,886

 

3,141

 

$

51.22

 

 

 

800 Third Avenue

 

1

 

2,837

 

2,837

 

$

53.44

 

 

 

810 Seventh Avenue

 

1

 

5,457

 

5,457

 

$

56.07

 

 

 

919 Third Avenue

 

1

 

44,029

 

44,029

 

$

70.62

 

 

 

Total/Weighted Average

 

24

 

264,737

 

276,282

 

$

53.54

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

304 Park Avenue South

 

1

 

3,300

 

3,300

 

$

99.79

 

 

 

625 Madison Avenue

 

1

 

625

 

625

 

$

243.20

 

 

 

919 Third Avenue

 

1

 

718

 

718

 

$

6.40

 

 

 

Total/Weighted Average

 

3

 

4,643

 

4,643

 

$

104.65

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

2

 

1,724

 

2,046

 

$

24.54

 

 

 

521 Fifth Avenue

 

1

 

239

 

239

 

$

27.76

 

 

 

Total/Weighted Average

 

3

 

1,963

 

2,285

 

$

24.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

Office

 

24

 

264,737

 

276,282

 

$

53.54

 

 

 

Retail

 

3

 

4,643

 

4,643

 

$

104.65

 

 

 

Storage

 

3

 

1,963

 

2,285

 

$

24.88

 

 

 

 

 

30

 

271,343

 

283,210

 

$

54.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,177,568

 

 

 

 

 

 


(1)  Escalated rent is calculated as total annual lease related income excluding electric charges.

(2)  Includes expiring space, relocating tenants and move-outs where tenants vacated.  Excludes lease expirations where tenants heldover.

 

Supplemental Information

Second Quarter 2015

 

44



 

LEASING ACTIVITY - Manhattan Operating Properties

Commenced Leasing

 

 

Activity

 

Building Address

 

# of Leases

 

Term (Yrs)

 

Useable SF

 

Rentable SF

 

New Cash
Rent / Rentable
SF(1)

 

Prev.
Escalated
Rent/
Rentable
SF(2)

 

TI /
Rentable SF

 

Free Rent
# of Months

 

Available Space

 

 

 

 

 

 

 

1,177,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

4

 

5.8

 

17,052

 

16,991

 

$

80.30

 

$

 

$

71.40

 

2.1

 

 

 

100 Park Avenue

 

1

 

4.1

 

2,628

 

2,677

 

$

74.00

 

$

 

$

92.17

 

2.0

 

 

 

110 East 42nd Street

 

2

 

5.0

 

3,555

 

3,653

 

$

55.70

 

$

53.92

 

$

13.14

 

1.0

 

 

 

120 West 45th Street

 

5

 

2.0

 

35,735

 

36,741

 

$

63.23

 

$

61.32

 

$

0.03

 

0.8

 

 

 

220 East 42nd Street

 

1

 

5.2

 

6,240

 

6,447

 

$

60.50

 

$

 

$

10.89

 

2.0

 

 

 

315 West 36th Street

 

2

 

15.9

 

120,179

 

117,411

 

$

50.00

 

$

37.27

 

$

95.00

 

11.0

 

 

 

420 Lexington Avenue

 

6

 

15.7

 

42,483

 

55,678

 

$

56.85

 

$

48.94

 

$

46.90

 

4.1

 

 

 

600 Lexington Avenue

 

2

 

6.4

 

18,864

 

19,343

 

$

68.46

 

$

 

$

93.59

 

1.1

 

 

 

800 Third Avenue

 

2

 

5.6

 

7,797

 

7,275

 

$

70.76

 

$

53.44

 

$

 

1.9

 

 

 

919 Third Avenue

 

2

 

13.7

 

185,289

 

201,131

 

$

58.80

 

$

64.51

 

$

65.51

 

9.1

 

 

 

1350 Avenue of the Americas

 

2

 

8.2

 

9,087

 

9,155

 

$

77.81

 

$

61.40

 

$

14.51

 

3.9

 

 

 

Total/Weighted Average

 

29

 

12.5

 

448,909

 

476,502

 

$

58.54

 

$

48.74

 

$

63.93

 

7.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

461 Fifth Avenue

 

1

 

10.5

 

1,850

 

1,751

 

$

400.00

 

$

202.67

 

$

 

6.0

 

 

 

625 Madison Avenue

 

2

 

10.5

 

3,423

 

3,372

 

$

1,232.08

 

$

253.76

 

$

148.28

 

5.8

 

 

 

635 Sixth Avenue

 

1

 

15.0

 

28,555

 

23,250

 

$

133.10

 

$

 

$

124.70

 

 

 

 

641 Sixth Avenue

 

1

 

15.0

 

12,900

 

12,916

 

$

133.10

 

$

 

$

124.70

 

 

 

 

919 Third Avenue

 

1

 

13.8

 

718

 

718

 

$

34.82

 

$

6.40

 

$

 

 

 

 

1515 Broadway

 

1

 

10.0

 

4,400

 

7,020

 

$

986.47

 

$

392.91

 

$

148.73

 

4.0

 

 

 

Total/Weighted Average

 

7

 

13.8

 

51,846

 

49,027

 

$

338.97

 

$

324.12

 

$

123.48

 

1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

2

 

11.6

 

3,057

 

3,241

 

$

15.50

 

$

 

$

 

 

 

 

220 East 42nd Street

 

1

 

5.2

 

323

 

528

 

$

20.00

 

$

 

$

 

2.0

 

 

 

461 Fifth Avenue

 

1

 

10.5

 

740

 

867

 

$

35.00

 

$

 

$

 

6.0

 

 

 

Total/Weighted Average

 

4

 

10.6

 

4,120

 

4,636

 

$

19.66

 

$

 

$

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

29

 

12.5

 

448,909

 

476,502

 

$

58.54

 

$

48.74

 

$

63.93

 

7.4

 

 

 

Retail

 

7

 

13.8

 

51,846

 

49,027

 

$

338.97

 

$

324.12

 

$

123.48

 

1.2

 

 

 

Storage

 

4

 

10.6

 

4,120

 

4,636

 

$

19.66

 

$

 

$

 

1.3

 

 

 

Total

 

40

 

12.6

 

504,875

 

530,165

 

$

84.13

 

$

61.53

 

$

68.88

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 6/30/15

 

 

 

 

 

672,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

1

 

5.0

 

2,946

 

3,798

 

$

64.00

 

$

45.88

 

$

5.63

 

 

 

 

110 East 42nd Street

 

2

 

2.4

 

19,226

 

19,790

 

$

58.08

 

$

57.32

 

$

5.70

 

0.4

 

 

 

125 Park Avenue

 

1

 

10.0

 

30,365

 

30,365

 

$

79.00

 

$

76.02

 

$

14.82

 

 

 

 

420 Lexington Avenue

 

4

 

3.8

 

5,119

 

6,536

 

$

54.37

 

$

46.07

 

$

1.90

 

1.0

 

 

 

600 Lexington Avenue

 

2

 

5.2

 

8,445

 

8,462

 

$

64.58

 

$

73.00

 

$

5.27

 

1.9

 

 

 

625 Madison Avenue

 

1

 

1.0

 

4,000

 

4,000

 

$

82.00

 

$

69.45

 

$

 

 

 

 

641 Sixth Avenue

 

1

 

1.0

 

12,000

 

13,090

 

$

88.00

 

$

40.90

 

$

 

 

 

 

1350 Avenue of the Americas

 

1

 

5.0

 

3,580

 

3,676

 

$

70.00

 

$

60.30

 

$

10.00

 

1.0

 

 

 

1515 Broadway

 

1

 

4.8

 

6,732

 

7,213

 

$

62.00

 

$

59.47

 

$

10.00

 

3.0

 

 

 

Total/Weighted Average

 

14

 

5.3

 

92,413

 

96,930

 

$

70.95

 

$

61.90

 

$

7.74

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1515 Broadway

 

1

 

10.0

 

72,355

 

70,145

 

$

47.76

 

$

40.58

 

$

 

 

 

 

Total/Weighted Average

 

1

 

10.0

 

72,355

 

70,145

 

$

47.76

 

$

40.58

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

625 Madison Avenue

 

1

 

1.0

 

612

 

612

 

$

25.00

 

$

25.00

 

$

 

 

 

 

Total/Weighted Average

 

1

 

1.0

 

612

 

612

 

$

25.00

 

$

25.00

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

14

 

5.3

 

92,413

 

96,930

 

$

70.95

 

$

61.90

 

$

7.74

 

0.6

 

 

 

Early Renewals Retail

 

1

 

10.0

 

72,355

 

70,145

 

$

47.76

 

$

40.58

 

$

 

 

 

 

Early Renewals Storage

 

1

 

1.0

 

612

 

612

 

$

25.00

 

$

25.00

 

$

 

 

 

 

Total

 

16

 

7.2

 

165,380

 

167,687

 

$

61.08

 

$

52.85

 

$

4.47

 

0.3

 

 


(1) Annual initial base rent.

(2) Escalated rent is calculated as total annual lease related income excluding electric charges.

(3) Average starting office rent excluding new tenants replacing vacancies is $57.31/rsf for 207,056 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $61.66/rsf for 303,986 rentable SF.

 

Supplemental Information

Second Quarter 2015

 

45



 

LEASING ACTIVITY - Suburban Operating Properties

Available Space

 

 

Activity 

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF
($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space at 3/31/15

 

 

 

 

 

1,221,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Properties no longer in redevelopment

 

150 Grand Street, White Plains, New York

 

 

 

49,516

 

 

 

 

 

 

 

7 Renaissance Square, White Plains, New York

 

 

 

14,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

140 Grand Street, White Plains, New York

 

1

 

2,265

 

2,265

 

$

37.73

 

 

 

1 Landmark Square, Stamford, Connecticut

 

2

 

3,520

 

3,520

 

$

37.73

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

5,189

 

5,189

 

$

40.29

 

 

 

6 Landmark Square, Stamford, Connecticut

 

1

 

10,074

 

10,074

 

$

43.97

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

3

 

4,608

 

4,608

 

$

32.50

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

1

 

4,125

 

4,125

 

$

36.29

 

 

 

The Meadows, Rutherford, New Jersey

 

3

 

18,759

 

18,904

 

$

26.84

 

 

 

16 Court Street, Brooklyn, New York

 

3

 

5,391

 

5,713

 

$

36.83

 

 

 

Total/Weighted Average

 

15

 

53,931

 

54,398

 

$

34.70

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square, Stamford, Connecticut

 

2

 

300

 

300

 

$

12.00

 

 

 

Total/Weighted Average

 

2

 

300

 

300

 

$

12.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

 

 

Office

 

15

 

53,931

 

54,398

 

$

34.70

 

 

 

Storage

 

2

 

300

 

300

 

$

12.00

 

 

 

 

 

17

 

54,231

 

54,698

 

$

34.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,339,772

 

 

 

 

 

 


(1)  Escalated rent is calculated as total annual lease related income excluding electric charges.

(2)  Includes expiring space, relocating tenants and move-outs where tenants vacated.  Excludes lease expirations where tenants heldover.

 

Supplemental Information

Second Quarter 2015

 

46



 

LEASING ACTIVITY - Suburban Operating Properties

 

Commenced Leasing

 

 

Activity

 

Building Address

 

# of Leases

 

Term (Yrs)

 

Useable SF

 

Rentable SF

 

New Cash
Rent / Rentable
SF(1)

 

Prev.
Escalated
Rent/
Rentable
SF(2)

 

TI /
Rentable SF

 

Free Rent
# of Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space

 

 

 

 

 

 

 

1,339,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

520 White Plains Road, Tarrytown, New York

 

2

 

9.7

 

40,696

 

34,176

 

$

23.27

 

$

 

$

55.22

 

10.4

 

 

 

140 Grand Street, White Plains, New York

 

1

 

1.1

 

2,265

 

2,265

 

$

37.73

 

$

37.73

 

$

 

 

 

 

150 Grand Street, White Plains, New York

 

3

 

16.0

 

29,666

 

28,665

 

$

20.44

 

$

23.27

 

$

47.79

 

17.1

 

 

 

7 Renaissance Square, White Plains, New York

 

1

 

10.6

 

7,860

 

7,426

 

$

34.00

 

$

 

$

55.00

 

7.0

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

7.1

 

8,621

 

8,621

 

$

42.00

 

$

35.61

 

$

55.00

 

1.0

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

3.2

 

1,108

 

1,108

 

$

33.00

 

$

32.12

 

$

7.00

 

2.0

 

 

 

3 Landmark Square, Stamford, Connecticut

 

2

 

6.5

 

13,810

 

14,110

 

$

26.03

 

$

 

$

12.76

 

6.0

 

 

 

7 Landmark Square, Stamford, Connecticut

 

1

 

15.0

 

8,500

 

7,900

 

$

40.00

 

$

 

$

75.00

 

 

 

 

680 Washington Boulevard, Stamford, Connecticut

 

1

 

10.6

 

10,634

 

10,634

 

$

40.00

 

$

 

$

55.00

 

7.0

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

2

 

5.2

 

2,473

 

2,473

 

$

34.01

 

$

32.82

 

$

9.14

 

2.9

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

1

 

3.0

 

1,969

 

1,969

 

$

40.00

 

$

 

$

45.48

 

 

 

 

The Meadows, Rutherford, New Jersey

 

3

 

2.3

 

18,405

 

17,947

 

$

22.02

 

$

27.57

 

$

12.47

 

1.9

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

10.2

 

1,646

 

1,729

 

$

32.50

 

$

 

$

40.00

 

2.0

 

 

 

16 Court Street, Brooklyn, New York

 

4

 

9.0

 

8,128

 

9,605

 

$

47.16

 

$

33.16

 

$

22.63

 

2.6

 

 

 

Total/Weighted Average

 

24

 

9.6

 

155,781

 

148,628

 

$

28.89

 

$

31.19

 

$

41.23

 

7.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

520 White Plains Road, Tarrytown, New York

 

1

 

10.2

 

400

 

400

 

$

13.00

 

$

 

$

 

 

 

 

5 Landmark Square, Stamford, Connecticut

 

1

 

5.2

 

200

 

220

 

$

15.00

 

$

 

$

 

 

 

 

Total/Weighted Average

 

2

 

8.4

 

600

 

620

 

$

13.71

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

24

 

9.6

 

155,781

 

148,628

 

$

28.89

 

$

31.19

 

$

41.23

 

7.7

 

 

 

Storage

 

2

 

8.4

 

600

 

620

 

$

13.71

 

$

 

$

 

 

 

 

Total

 

26

 

9.6

 

156,381

 

149,248

 

$

28.83

 

$

31.19

 

$

41.06

 

7.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 6/30/15

 

 

 

 

 

1,183,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

1

 

3.8

 

6,365

 

6,365

 

$

30.00

 

$

27.00

 

$

5.35

 

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

3.3

 

2,512

 

2,512

 

$

25.25

 

$

27.64

 

$

6.42

 

3.0

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

5.3

 

16,197

 

16,197

 

$

36.00

 

$

37.75

 

$

15.00

 

3.0

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

1.5

 

4,966

 

4,966

 

$

34.50

 

$

34.50

 

$

 

1.0

 

 

 

750 Washington Boulevard, Stamford, Connecticut

 

1

 

5.3

 

27,321

 

27,321

 

$

47.00

 

$

49.30

 

$

15.00

 

3.0

 

 

 

The Meadows, Rutherford, New Jersey

 

3

 

3.3

 

7,783

 

7,994

 

$

32.12

 

$

29.07

 

$

 

 

 

 

Total/Weighted Average

 

8

 

4.5

 

65,144

 

65,355

 

$

39.01

 

$

39.83

 

$

10.76

 

2.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

1

 

3.8

 

125

 

125

 

$

10.00

 

10.00

 

$

 

 

 

 

Total/Weighted Average

 

1

 

3.8

 

125

 

125

 

$

10.00

 

$

10.00

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

8

 

4.5

 

65,144

 

65,355

 

$

39.01

 

$

39.83

 

$

10.76

 

2.2

 

 

 

Early Renewals Storage

 

1

 

3.8

 

125

 

125

 

$

10.00

 

$

10.00

 

$

 

 

 

 

Total

 

9

 

4.5

 

65,269

 

65,480

 

$

38.96

 

$

39.78

 

$

10.74

 

2.2

 

 


(1) Annual initial base rent.

(2) Escalated rent is calculated as total annual lease related income excluding electric charges.

(3) Average starting office rent excluding new tenants replacing vacancies is $31.43/rsf for 36,733 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $36.28/rsf for 102,088 rentable SF.

 

Supplemental Information

Second Quarter 2015

 

47



 

ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties

Office, Retail and Storage Leases

 

 

 

Consolidated Properties

 

Joint Venture Properties

 

Year of Lease
Expiration

 

Number of
Expiring
Leases (2)

 

Rentable Square
Footage of
Expiring Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring Leases

 

Annualized
Cash Rent Per
Square Foot
of Expiring
Leases $/psf
(3)

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

Number of
Expiring
Leases (2)

 

Rentable Square
Footage of
Expiring Leases

 

Percentage of
Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring Leases

 

Annualized
Cash Rent Per
Square Foot
of Expiring
Leases $/psf
(3)

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015 (1)

 

5

 

31,067

 

0.17

%

$

2,405,715

 

$

77.44

 

$

65.47

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2nd Quarter 2015 (1)

 

2

 

6,135

 

0.03

%

$

468,044

 

$

76.29

 

$

151.06

 

3

 

30,582

 

0.90

%

$

2,047,295

 

$

66.94

 

$

66.47

 

3rd Quarter 2015

 

17

 

97,607

 

0.53

%

$

4,664,213

 

$

47.79

 

$

62.52

 

6

 

41,890

 

1.23

%

$

2,163,805

 

$

51.65

 

$

69.46

 

4th Quarter 2015

 

19

 

238,692

 

1.28

%

$

13,727,118

 

$

57.51

 

$

64.37

 

9

 

118,012

 

3.47

%

$

6,617,473

 

$

56.07

 

$

63.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

43

 

373,501

 

2.01

%

$

21,265,090

 

$

56.93

 

$

65.40

 

18

 

190,484

 

5.61

%

$

10,828,573

 

$

56.85

 

$

65.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

78

 

922,159

 

4.96

%

$

57,808,607

 

$

62.69

 

$

69.21

 

17

 

136,251

 

4.01

%

$

8,406,765

 

$

61.70

 

$

70.60

 

2017

 

88

 

1,523,025

 

8.20

%

$

87,072,318

 

$

57.17

 

$

64.36

 

17

 

173,987

 

5.12

%

$

14,921,283

 

$

85.76

 

$

76.31

 

2018

 

70

 

701,678

 

3.78

%

$

51,167,641

 

$

72.92

 

$

100.65

 

27

 

473,821

 

13.94

%

$

34,383,956

 

$

72.57

 

$

71.07

 

2019

 

66

 

995,725

 

5.36

%

$

64,848,978

 

$

65.13

 

$

67.34

 

24

 

233,454

 

6.87

%

$

17,182,110

 

$

73.60

 

$

76.78

 

2020

 

71

 

2,398,540

 

12.91

%

$

144,117,968

 

$

60.09

 

$

66.27

 

18

 

303,099

 

8.92

%

$

16,376,001

 

$

54.03

 

$

67.35

 

2021

 

46

 

1,723,873

 

9.28

%

$

99,045,075

 

$

57.45

 

$

62.22

 

12

 

187,143

 

5.51

%

$

13,226,240

 

$

70.67

 

$

89.88

 

2022

 

41

 

895,639

 

4.82

%

$

54,254,153

 

$

60.58

 

$

78.94

 

14

 

160,157

 

4.71

%

$

9,862,079

 

$

61.58

 

$

68.64

 

2023

 

32

 

645,867

 

3.48

%

$

35,081,848

 

$

54.32

 

$

62.06

 

16

 

774,922

 

22.81

%

$

49,884,247

 

$

64.37

 

$

66.88

 

2024

 

21

 

485,333

 

2.61

%

$

30,293,581

 

$

62.42

 

$

67.94

 

13

 

146,694

 

4.32

%

$

9,277,045

 

$

63.24

 

$

67.99

 

Thereafter

 

85

 

5,282,238

 

28.43

%

$

317,685,109

 

$

60.14

 

$

69.88

 

23

 

617,901

 

18.18

%

$

42,307,146

 

$

68.47

 

$

76.82

 

 

 

641

 

15,947,578

 

85.82

%

$

962,640,368

 

$

60.36

 

$

69.17

 

199

 

3,397,913

 

100.00

%

$

226,655,447

 

$

66.70

 

$

71.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

1

 

2,634,670

 

14.18

%

$

112,498,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

642

 

18,582,248

 

100.00

%

$

1,075,138,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(1) Includes month to month holdover tenants that expired prior to June 30, 2015.

(2) Tenants may have multiple leases.

(3) Represents in place annualized rent allocated by year of maturity.

(4) Management’s estimate of average asking rents for currently occupied space as of June 30, 2015. Taking rents are typically lower than asking rents and may vary from property to property.

(5) Citigroup’s net lease at 388-390 Greenwich Street which expires in 2035.

 

Supplemental Information

Second Quarter 2015

 

48



 

 

ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties

 

Office, Retail and Storage Leases

 

 

 

Consolidated Properties

 

Joint Venture Properties

 

Year of Lease
Expiration 

 

Number of
Expiring
Leases (2)

 

Rentable Square
Footage of
Expiring Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring Leases

 

Annualized
Cash Rent Per
Square Foot
of Expiring
Leases $/psf
(3)

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

Number of
Expiring
Leases (2)

 

Rentable Square
Footage of
Expiring Leases

 

Percentage of
Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring Leases

 

Annualized
Cash Rent Per
Square Foot
of Expiring
Leases $/psf
(3)

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015 (1)

 

12

 

43,678

 

1.27

%

$

1,551,276

 

$

35.52

 

$

38.31

 

3

 

11,659

 

1.17

%

$

486,849

 

$

41.76

 

$

36.00

 

2nd Quarter 2015 (1)

 

9

 

38,438

 

1.12

%

$

1,561,696

 

$

40.63

 

$

35.32

 

1

 

3,975

 

0.40

%

$

104,789

 

$

26.36

 

$

27.53

 

3rd Quarter 2015

 

13

 

88,572

 

2.57

%

$

3,497,507

 

$

39.49

 

$

38.41

 

3

 

35,106

 

3.53

%

$

1,185,231

 

$

33.76

 

$

32.84

 

4th Quarter 2015

 

16

 

83,682

 

2.43

%

$

2,599,340

 

$

31.06

 

$

32.70

 

5

 

16,612

 

1.67

%

$

533,815

 

$

32.13

 

$

26.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

50

 

254,370

 

7.38

%

$

9,209,819

 

$

36.21

 

$

36.05

 

12

 

67,352

 

6.77

%

$

2,310,684

 

$

34.31

 

$

31.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

54

 

401,483

 

11.65

%

$

13,956,084

 

$

34.76

 

$

37.00

 

9

 

56,128

 

5.65

%

$

1,584,497

 

$

28.23

 

$

28.67

 

2017

 

51

 

215,535

 

6.25

%

$

8,544,574

 

$

39.64

 

$

40.31

 

12

 

82,160

 

8.26

%

$

2,697,184

 

$

32.83

 

$

33.69

 

2018

 

55

 

305,603

 

8.87

%

$

10,700,485

 

$

35.01

 

$

36.37

 

11

 

99,647

 

10.02

%

$

3,505,422

 

$

35.18

 

$

31.42

 

2019

 

44

 

560,622

 

16.27

%

$

16,242,643

 

$

28.97

 

$

29.74

 

20

 

96,304

 

9.69

%

$

2,703,416

 

$

28.07

 

$

29.85

 

2020

 

33

 

351,041

 

10.19

%

$

11,539,066

 

$

32.87

 

$

34.62

 

6

 

59,606

 

6.00

%

$

2,005,605

 

$

33.65

 

$

32.47

 

2021

 

24

 

309,012

 

8.97

%

$

8,269,441

 

$

26.76

 

$

28.13

 

6

 

95,052

 

9.56

%

$

3,354,785

 

$

35.29

 

$

35.39

 

2022

 

16

 

104,781

 

3.04

%

$

4,005,641

 

$

38.23

 

$

37.49

 

2

 

19,883

 

2.00

%

$

682,983

 

$

34.35

 

$

36.53

 

2023

 

18

 

196,372

 

5.70

%

$

6,642,900

 

$

33.83

 

$

35.00

 

4

 

65,588

 

6.60

%

$

2,063,630

 

$

31.46

 

$

33.12

 

2024

 

16

 

243,445

 

7.06

%

$

8,007,073

 

$

32.89

 

$

37.90

 

5

 

160,809

 

16.17

%

$

5,039,573

 

$

31.34

 

$

29.88

 

Thereafter

 

36

 

504,102

 

14.63

%

$

14,723,662

 

$

29.21

 

$

30.91

 

12

 

191,706

 

19.28

%

$

5,109,074

 

$

26.65

 

$

28.21

 

 

 

397

 

3,446,366

 

100.00

%

$

111,841,388

 

$

32.45

 

$

33.93

 

99

 

994,235

 

100.00

%

$

31,056,852

 

$

31.24

 

$

31.09

 

 


(1) Includes month to month holdover tenants that expired prior to June 30, 2015.

(2) Tenants may have multiple leases.

(3) Represents in place annualized rent allocated by year of maturity.

(4) Management’s estimate of average asking rents for currently occupied space as of June 30, 2015. Taking rents are typically lower than asking rents and may vary from property to property.

 

Supplemental Information

Second Quarter 2015

 

49



 

ANNUAL LEASE EXPIRATIONS

Retail Leases

GRAPHIC

 

 

 

Consolidated Properties

 

Joint Venture Properties

 

Year of Lease
Expiration

 

Number of
Expiring
Leases (2)

 

Rentable Square
Footage of
Expiring Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring Leases

 

Annualized
Cash Rent Per
Square Foot
of Expiring
Leases $/psf
(3)

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

Number of
Expiring
Leases (2)

 

Rentable Square
Footage of
Expiring Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring Leases

 

Annualized
Cash Rent Per
Square Foot
of Expiring
Leases $/psf
(3)

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

Prime Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 (1)

 

8

 

38,583

 

7.87

%

$

601,317

 

$

15.59

 

$

15.65

 

5

 

20,406

 

8.52

%

$

1,404,336

 

$

68.82

 

$

69.79

 

2016

 

9

 

61,253

 

12.50

%

$

3,022,078

 

$

49.34

 

$

51.28

 

2

 

18,202

 

7.60

%

$

1,477,809

 

$

81.19

 

$

81.50

 

2017

 

9

 

60,694

 

12.38

%

$

3,405,464

 

$

56.11

 

$

122.20

 

3

 

10,498

 

4.38

%

$

837,022

 

$

79.73

 

$

126.27

 

2018

 

3

 

21,420

 

4.37

%

$

1,376,640

 

$

64.27

 

$

74.69

 

1

 

4,500

 

1.88

%

$

410,939

 

$

91.32

 

$

92.00

 

2019

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2020

 

8

 

39,535

 

8.07

%

$

7,033,962

 

$

177.92

 

$

294.19

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2021

 

1

 

108,148

 

22.07

%

$

7,405,638

 

$

68.48

 

$

70.00

 

4

 

21,724

 

9.07

%

$

3,814,416

 

$

175.59

 

$

252.59

 

2022

 

1

 

1,366

 

0.28

%

$

205,836

 

$

150.69

 

$

299.00

 

3

 

55,437

 

23.13

%

$

18,327,712

 

$

330.60

 

$

469.54

 

2023

 

1

 

6,476

 

1.32

%

$

644,184

 

$

99.47

 

$

134.08

 

2

 

7,131

 

2.98

%

$

1,344,312

 

$

188.52

 

$

350.00

 

2024

 

3

 

53,651

 

10.95

%

$

2,402,208

 

$

44.77

 

$

53.68

 

1

 

7,793

 

3.25

%

$

944,856

 

$

121.24

 

$

898.00

 

Thereafter

 

8

 

98,963

 

20.19

%

$

12,321,813

 

$

124.51

 

$

391.35

 

8

 

93,948

 

39.20

%

$

58,001,403

 

$

617.38

 

$

700.15

 

 

 

51

 

490,089

 

100.00

%

$

38,419,139

 

$

78.39

 

$

152.72

 

29

 

239,639

 

100.00

%

$

86,562,805

 

$

361.22

 

$

465.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy (5)

 

 

 

29,856

 

 

 

 

 

 

 

$

561.74

 

 

 

45,358

 

 

 

 

 

 

 

$

713.14

 

 

 

 

 

519,945

 

 

 

 

 

 

 

$

176.21

 

 

 

284,997

 

 

 

 

 

 

 

$

504.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 (1)

 

7

 

27,360

 

3.27

%

$

2,662,928

 

$

97.33

 

$

116.91

 

2

 

1,030

 

0.44

%

$

178,891

 

$

173.68

 

$

175.00

 

2016

 

9

 

64,948

 

7.76

%

$

6,972,906

 

$

107.36

 

$

145.21

 

3

 

15,452

 

6.59

%

$

869,520

 

$

56.27

 

$

83.65

 

2017

 

8

 

35,021

 

4.19

%

$

4,524,654

 

$

129.20

 

$

227.13

 

4

 

6,940

 

2.96

%

$

1,894,812

 

$

273.03

 

$

408.42

 

2018

 

10

 

63,522

 

7.59

%

$

11,581,742

 

$

182.33

 

$

454.75

 

7

 

16,104

 

6.87

%

$

1,942,097

 

$

120.60

 

$

158.02

 

2019

 

7

 

56,854

 

6.80

%

$

3,332,199

 

$

58.61

 

$

100.96

 

2

 

10,100

 

4.31

%

$

1,476,853

 

$

146.22

 

$

222.87

 

2020

 

9

 

60,172

 

7.19

%

$

8,372,549

 

$

139.14

 

$

136.61

 

4

 

35,250

 

15.04

%

$

1,497,609

 

$

42.49

 

$

54.07

 

2021

 

9

 

14,392

 

1.72

%

$

1,417,145

 

$

98.47

 

$

122.95

 

3

 

15,992

 

6.82

%

$

4,447,605

 

$

278.11

 

$

351.29

 

2022

 

12

 

109,669

 

13.11

%

$

12,984,078

 

$

118.39

 

$

169.07

 

6

 

12,603

 

5.38

%

$

1,573,629

 

$

124.86

 

$

177.98

 

2023

 

6

 

40,412

 

4.83

%

$

5,277,607

 

$

130.60

 

$

134.08

 

2

 

3,248

 

1.39

%

$

428,575

 

$

131.95

 

$

137.80

 

2024

 

7

 

28,143

 

3.36

%

$

4,649,505

 

$

165.21

 

$

171.74

 

10

 

29,917

 

12.77

%

$

3,228,497

 

$

107.92

 

$

124.67

 

Thereafter

 

30

 

335,932

 

40.16

%

$

48,931,517

 

$

145.66

 

$

189.96

 

17

 

87,717

 

37.43

%

$

12,464,436

 

$

142.10

 

$

164.78

 

 

 

114

 

836,425

 

100.00

%

$

110,706,830

 

$

132.36

 

$

188.67

 

60

 

234,353

 

100.00

%

$

30,002,523

 

$

128.02

 

$

160.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy (5)

 

 

 

16,845

 

 

 

 

 

 

 

$

199.46

 

 

 

110,538

 

 

 

 

 

 

 

$

127.19

 

 

 

 

 

853,270

 

 

 

 

 

 

 

$

188.88

 

 

 

344,891

 

 

 

 

 

 

 

$

149.50

 

 


(1) Includes month to month holdover tenants that expired prior to June 30, 2015.

(2) Tenants may have multiple leases.

(3) Represents in place annualized rent allocated by year of maturity.

(4) Management’s estimate of average asking rents for currently occupied space as of June 30, 2015. Taking rents are typically lower than asking rents and may vary from property to property.

(5) Includes square footage on leases signed but not yet commenced.

 

Supplemental Information

Second Quarter 2015

 

50



 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY

Manhattan

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

6/30/2015

 

Price ($’s) (1)

 

1998 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-98

 

420 Lexington Avenue

 

Operating Sublease

 

Grand Central

 

1,188,000

 

83.0

 

99.3

 

$

78,000,000

 

May-98

 

711 3rd Avenue

 

Operating Sublease

 

Grand Central

 

524,000

 

79.0

 

83.5

 

$

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

 

96.6

 

$

192,000,000

 

 

 

 

 

 

 

 

 

834,000

 

 

 

 

 

$

192,000,000

 

2001 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-01

 

317 Madison Avenue

 

Fee Interest

 

Grand Central

 

450,000

 

95.0

 

1.5

 

$

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

 

91.6

 

$

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

 

96.8

 

$

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

 

97.3

 

$

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

 

97.1

 

$

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 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

521 Fifth Avenue

 

Leasehold Interest

 

Midtown

 

460,000

 

97.0

 

97.6

 

$

210,000,000

 

Jun-06

 

609 Fifth Avenue

 

Fee Interest

 

Midtown

 

160,000

 

98.5

 

81.3

 

$

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

 

98.4

 

$

285,000,000

 

 

 

 

 

 

 

 

 

1,146,000

 

 

 

 

 

$

1,255,000,000

 

2007 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

Reckson - NYC Portfolio

 

Fee Interests / Leasehold Interest

 

Various

 

5,612,000

 

98.3

 

96.9

 

$

3,679,530,000

 

Apr-07

 

331 Madison Avenue

 

Fee Interest

 

Grand Central

 

114,900

 

97.6

 

 

$

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 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-10

 

100 Church Street

 

Fee Interest

 

Downtown

 

1,047,500

 

41.3

 

99.0

 

$

181,600,000

 

May-10

 

600 Lexington Avenue - 55% JV

 

Fee Interest

 

East Side

 

303,515

 

93.6

 

89.6

 

$

193,000,000

 

Aug-10

 

125 Park Avenue

 

Fee Interest

 

Grand Central

 

604,245

 

99.1

 

87.1

 

$

330,000,000

 

 

 

 

 

 

 

 

 

1,955,260

 

 

 

 

 

$

704,600,000

 

 

Supplemental Information

Second Quarter 2015

 

51



 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY - Cont.

Manhattan

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

1/0/1900

 

Price ($’s) (1)

 

2011 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-11

 

521 Fifth Avenue - remaining 49.9%

 

Leasehold Interest

 

Midtown

 

460,000

 

80.7

 

97.6

 

$

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

 

99.9

 

$

85,570,000

 

May-11

 

280 Park Avenue - 49.5% JV

 

Fee Interest

 

Park Avenue

 

1,219,158

 

78.2

 

69.3

 

$

1,110,000,000

 

Nov-11

 

180 Maiden Lane - 49.9% JV

 

Fee Interest

 

Financial East

 

1,090,000

 

97.7

 

N/A

 

$

425,680,000

 

Nov-11

 

51 East 42nd Street

 

Fee Interest

 

Grand Central

 

142,000

 

95.5

 

 

$

80,000,000

 

 

 

 

 

 

 

 

 

4,866,158

 

 

 

 

 

$

3,156,950,000

 

2012 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-12

 

10 East 53rd Street - 55% JV

 

Fee Interest

 

Plaza District

 

354,300

 

91.9

 

31.1

 

$

252,500,000

 

Jun-12

 

304 Park Avenue South

 

Fee Interest

 

Midtown South

 

215,000

 

95.8

 

90.3

 

$

135,000,000

 

Sep-12

 

641 Sixth Avenue

 

Fee Interest

 

Midtown South

 

163,000

 

92.1

 

100.0

 

$

90,000,000

 

Dec-12

 

315 West 36th Street - 35.5% JV

 

Fee Interest

 

Times Square South

 

147,619

 

99.2

 

100.0

 

$

46,000,000

 

 

 

 

 

 

 

 

 

879,919

 

 

 

 

 

$

523,500,000

 

2014 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May-14

 

388 & 390 Greenwich Street - remaining 49.4%

 

Fee Interest

 

Downtown

 

2,635,000

 

100.0

 

100.0

 

$

1,585,000,000

 

 

 

 

 

 

 

 

 

2,635,000

 

 

 

 

 

$

1,585,000,000

 

 


(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.)

 

Supplemental Information

Second Quarter 2015

 

52



 

SUMMARY OF REAL ESTATE SALES ACTIVITY

Manhattan

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-14

 

673 First Avenue

 

Leasehold Interest

 

Grand Central South

 

422,000

 

$

145,000,000

 

$

344

 

 


(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.

 

Supplemental Information

Second Quarter 2015

 

53



 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY

Suburban

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

6/30/2015

 

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

 

88.7

 

$

490,750,000

 

Jan-07

 

Reckson - Westchester Portfolio

 

Fee Interests / Leasehold Interest

 

Westchester

 

2,346,100

 

90.6

 

80.6

 

$

570,190,000

 

Apr-07

 

Jericho Plazas - 20.26% JV

 

Fee Interest

 

Jericho, New York

 

640,000

 

98.4

 

70.0

 

$

210,000,000

 

Jun-07

 

1010 Washington Boulevard

 

Fee Interest

 

Stamford, Connecticut

 

143,400

 

95.6

 

75.6

 

$

38,000,000

 

Jun-07

 

500 West Putnam Avenue

 

Fee Interest

 

Greenwich, Connecticut

 

121,500

 

94.4

 

53.8

 

$

56,000,000

 

Jul-07

 

16 Court Street - 35% JV

 

Fee Interest

 

Brooklyn, New York

 

317,600

 

80.6

 

95.6

 

$

107,500,000

 

Aug-07

 

150 Grand Street

 

Fee Interest

 

White Plains, New York

 

85,000

 

52.9

 

76.6

 

$

6,700,000

 

Sep-07

 

The Meadows - 25% JV

 

Fee Interest

 

Rutherford, New Jersey

 

582,100

 

81.3

 

91.4

 

$

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

 

95.6

 

$

96,200,000

 

 

 

 

 

 

 

 

 

317,600

 

 

 

 

 

$

96,200,000

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY

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.

 

Supplemental Information

Second Quarter 2015

 

54



 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY

Retail, Residential, Development / Redevelopment & Land

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

6/30/2015

 

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

 

N/A

 

$

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

 

N/A

 

$

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

 

N/A

 

$

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

 

 

66.2

 

$

29,364,000

 

Feb-08

 

182 Broadway - 50% JV

 

Fee Interest

 

Cast Iron / Soho

 

46,280

 

83.8

 

N/A

 

$

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

 

 

89.1

 

$

4,000,000

 

Dec-10

 

Two Herald Square - 45% (2) 

 

Fee Interest

 

Herald Square

 

354,400

 

100.0

 

N/A

 

$

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

 

83.4

 

$

500,000,000

 

Aug-11

 

1552-1560 Broadway - 50%

 

Fee Interest

 

Times Square

 

35,897

 

59.7

 

67.5

 

$

136,550,000

 

Sep-11

 

747 Madison Avenue - 33.33%

 

Fee Interest

 

Plaza District

 

10,000

 

100.0

 

N/A

 

$

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

 

93.0

 

$

193,000,000

 

Jan-12

 

724 Fifth Avenue - 50%

 

Fee Interest

 

Plaza District

 

65,010

 

92.9

 

81.7

 

$

223,000,000

 

Jul-12

 

West Coast Office Portfolio - 27.63%

 

Fee Interest

 

 

 

4,473,603

 

76.3

 

N/A

 

$

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

 

 

100.0

 

$

83,000,000

 

Oct-12

 

1080 Amsterdam - 87.5%

 

Leasehold Interest

 

Upper West Side

 

82,250

 

2.2

 

96.9

 

$

 

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

 

 

N/A

 

$

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

 

 

92.0

 

$

54,900,000

 

Nov-13

 

650 Fifth Avenue - 50%

 

Leasehold Interest

 

Plaza District

 

32,324

 

63.6

 

10.5

 

$

 

Nov-13

 

315 West 33rd Street - The Olivia

 

Fee Interest

 

Penn Station

 

492,987

 

96.6

 

98.4

 

$

386,775,000

 

Nov-13

 

Fifth Avenue Retail Assemblage

 

Fee Interest

 

Plaza District

 

66,962

 

74.6

 

63.7

 

$

146,221,990

 

 

 

 

 

 

 

 

 

658,884

 

 

 

 

 

$

587,896,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-14

 

719 Seventh Avenue - 75%

 

Fee Interest

 

Times Square

 

6,000

 

100.0

 

 

$

41,149,000

 

Jul-14

 

115 Spring Street

 

Fee Interest

 

Soho

 

5,218

 

100.0

 

100.0

 

$

52,000,000

 

Jul-14

 

752 Madison Avenue

 

Fee Interest

 

Plaza District

 

21,124

 

100.0

 

100.0

 

$

282,415,000

 

Sep-14

 

121 Greene Street - 50%

 

Fee Interest

 

Soho

 

7,131

 

100.0

 

100.0

 

$

27,400,000

 

Sep-14

 

635 Madison Avenue (2) 

 

Fee Interest

 

Plaza District

 

176,530

 

100.0

 

100.0

 

$

145,000,000

 

Oct-14

 

102 Greene Street

 

Fee Interest

 

Soho

 

9,200

 

100.0

 

54.3

 

$

32,250,000

 

Oct-14

 

175-225 Third Street - 95%

 

Fee Interest

 

Brooklyn, New York

 

 

 

 

$

72,500,000

 

Nov-14

 

55 West 46th Street

 

Fee Interest

 

Midtown

 

347,000

 

 

 

$

295,000,000

 

 

 

 

 

 

 

 

 

572,203

 

 

 

 

 

$

947,714,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-15

 

Stonehenge Portfolio

 

Fee Interest

 

 

 

2,589,184

 

96.5

 

96.9

 

$

40,000,000

 

Mar-15

 

1640 Flatbush Avenue

 

Fee Interest

 

Brooklyn, New York

 

1,000

 

100.0

 

100.0

 

$

6,798,627

 

Jun-15

 

Upper East Side Residential - 90%

 

Fee Interest

 

Upper East Side

 

27,000

 

96.4

 

96.4

 

$

50,073,674

 

 

 

 

 

 

 

 

 

2,617,184

 

 

 

 

 

$

96,872,301

 

 


(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.

 

Supplemental Information

Second Quarter 2015

 

55



 

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY

Retail, Residential, Development / Redevelopment & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

2011 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-11

 

1551-1555 Broadway (1)

 

Fee Interest

 

Times Square

 

25,600

 

$

276,757,000

 

$

10,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-12

 

141 Fifth Avenue (2)

 

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 (3)

 

Fee Interest

 

Midtown/Plaza District

 

119,550

 

$

617,583,774

 

$

5,166

 

Sep-12

 

3 Columbus Circle (4)

 

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

 

 

 

2014 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-14

 

21-25 West 34th Street

 

Fee Interest

 

Herald Square/Penn Station

 

30,100

 

$

114,947,844

 

$

3,819

 

Mar-14

 

West Coast Office Portfolio

 

Fee Interest

 

 

 

3,654,315

 

$

756,000,000

 

$

207

 

May-14

 

747 Madison Avenue

 

Fee Interest

 

Plaza District

 

10,000

 

$

160,000,000

 

$

16,000

 

Jul-14

 

985-987 Third Avenue

 

Fee Interest

 

Upper East Side

 

13,678

 

$

68,700,000

 

$

5,023

 

Sep-14

 

180-182 Broadway

 

Fee Interest

 

Cast Iron / Soho

 

156,086

 

$

222,500,000

 

$

1,425

 

Nov-14

 

2 Herald Square

 

Fee Interest

 

Herald Square/Penn Station

 

354,400

 

$

365,000,000

 

$

1,030

 

 

 

 

 

 

 

 

 

4,218,579

 

$

1,687,147,844

 

 

 

2015 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-15

 

180 Maiden Lane

 

Fee Interest

 

Financial East

 

1,090,000

 

$

470,000,000

 

$

431

 

 


(1) Company sold our remaining 10% JV interest in the property at an implied $276.8 million sales price.

(2) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option.

(3) Company sold 50% of its remaining interest after a promote. The Company retained a 10.92% interest in the property.

(4) The joint venture sold a 29% condominium interest in the property.

 

Supplemental Information

Second Quarter 2015

 

56



 

 

 

Executive & Senior Management

 

 

 

 

Stephen L. Green

Chairman of the Board

 

Marc Holliday

Chief Executive Officer

 

Andrew Mathias

President

 

Matthew J. DiLiberto

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

 

Maggie Hui

Chief Accounting Officer

 

57



 

 

 

ANALYST COVERAGE

 

 

 

 

ANALYST COVERAGE

 

Firm

 

Analyst

 

Phone

 

Email

Bank of America Merrill Lynch

 

James C. Feldman

 

(646) 855-5808

 

james.feldman@baml.com

Barclays Capital

 

Ross Smotrich

 

(212) 526-2306

 

ross.smotrich@barcap.com

Cantor Fitzgerald

 

David Toti

 

(212) 915-1219

 

dtoti@cantor.com

Citigroup

 

Michael Bilerman

 

(212) 816-1383

 

michael.bilerman@citigroup.com

Credit Suisse

 

Ian C. Weissman

 

(212) 538-6889

 

ian.weissman@credit-suisse.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
Morgan Stanley

 

Jordan Sadler
Vance H. Edelson

 

(917) 368-2280 (212) 761-0078

 

jsadler@keybanccm.com vance.edelson@morganstanley.com

RW Baird

 

David Rodgers

 

(216) 737-7341

 

drodgers@rwbaird.com

Sandler O’Neill + Partners, L.P.

 

Alexander D. Goldfarb

 

(212) 466-7937

 

agoldfarb@sandleroneill.com

Stifel Nicolaus

 

John Guinee

 

(443) 224-1307

 

jwguinee@stifel.com

SunTrust Robinson Humphrey

 

Michael Lewis

 

(404) 926-5000

 

michael.lewis@suntrust.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

 

Email

Bank of America Merrill Lynch

 

Larry Zaccherio

 

(646) 855-7662

 

larry.zaccherio@baml.com

Citigroup

 

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

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 regardi ng 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.

 

58



 

 

 

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, allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG’s unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, 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 SLG’s “operating standards.” These building costs are taken into consideration during the underwriting for a given property’s acquisition.

 

Same-store NOI growth is the change in the NOI 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.

 

SLG’s share of total debt to market capitalization is calculated as SLG’s share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures.   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).

 

59