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):

October 22, 2015 (October 21, 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 October 21, 2015 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended September 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 October 21, 2015, the Company issued a press release announcing its results for the quarter ended September 30, 2015.

 

Today, the Company announces that it is raising its earnings guidance of $6.30 to $6.34 of FFO per share (diluted) for the year ending December 31, 2015 to $6.34 to $6.37 of FFO per share (diluted).

 

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

 

$

2.28

 

$

2.30

 

Add:

 

 

 

 

 

Depreciation and amortization

 

5.38

 

5.38

 

Unconsolidated joint ventures depreciation and noncontrolling interests adjustments

 

0.33

 

0.33

 

Net income attributable to noncontrolling interests

 

0.21

 

0.22

 

Less:

 

 

 

 

 

Gain on sale of real estate and discontinued operations

 

1.87

 

1.87

 

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

 

0.15

 

0.15

 

Depreciable real estate reserves

 

(0.18

)

(0.18

)

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

 

$

6.34

 

$

6.37

 

 

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 September 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.

 

2



 

Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs, providing perspective not immediately apparent from net income.  FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the 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

 

3



 

partnership units outstanding plus the face value of the Company’s preferred equity. This ratio is presented on a 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: October 22, 2015

 

 

5


Exhibit 99.1

 

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

 

SL GREEN REALTY CORP. REPORTS

THIRD QUARTER 2015 FFO OF $1.71 PER SHARE BEFORE TRANSACTION COSTS; AND EPS OF $1.64 PER SHARE

 

Financial and Operating Highlights

 

·                  Third quarter 2015 FFO of $1.71 per share before transaction related costs of $0.06 per share compared to third quarter 2014 FFO of $1.55 per share before non-recurring charges related to the refinancing of 420 Lexington Avenue of $0.24 per share and transaction related costs of $0.03 per share.  Current year FFO includes a tax benefit of $0.05 per share related to the Company’s taxable REIT subsidiary.

 

·                  Third quarter 2015 net income attributable to common stockholders of $1.64 per share compared to third quarter 2014 net income attributable to common stockholders of $0.68 per share.

 

·                  Combined same-store cash NOI increased 6.5 percent for the third quarter and 4.6 percent for the first nine months as compared to the same periods in the prior year.

 

·                  Signed 51 Manhattan office leases covering 533,697 square feet during the third quarter.  The mark-to-market on signed Manhattan office leases was 15.6 percent higher in the third quarter than the previously fully escalated rents on the same spaces.

 

·                  Signed 23 Suburban office leases covering 131,366 square feet during the third quarter. The mark-to-market on signed Suburban office leases was 3.8 percent lower in the third 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 September 30, 2015 to 97.3 percent as compared to 95.3 percent as of September 30, 2014 and 97.0 percent as of June 30, 2015.

 

Investing Highlights

 

·                  Completed the acquisition of 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.

 

·                  Closed on the previously announced sales of Tower 45, the Meadows Office Complex, 315 West 36th Street and an interest in 131-137 Spring Street for total gross asset valuations of $878.9 million.  The Company recognized cash proceeds from these transactions in excess of $440.0 million and total gains on sale of $174.4 million.

 

1



 

·                  Entered into separate agreements to sell 570-574 Fifth Avenue, 885 Third Avenue, 33 Beekman Street and 140-150 Grand Avenue for total gross asset valuations of $806.4 million.  The Company expects to recognize cash proceeds upon closing of these transactions in excess of $230.0 million.

 

·                  Completed the acquisition of a 90.0 percent interest in The SoHo Building at 110 Greene Street based on a gross asset valuation of $255.0 million.

 

·                  Completed the acquisition of two mixed-use properties located at 187 Broadway and 5-7 Dey Street in Downtown Manhattan for $63.7 million.

 

·                  Originated new debt and preferred equity investments totaling $78.0 million in the third quarter, of which $48.0 million was retained.

 

Financing Highlights

 

·                  Expanded the Company’s unsecured corporate credit facility by $500 million, to $2.533 billion.

 

·                  Joined the Federal Home Loan Bank of New York and obtained access to a wide variety of flexible, low-cost funding options.

 

Summary

 

New York, NY, October 21, 2015 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, for the quarter ended September 30, 2015 of $177.4 million, or $1.71 per share, before transaction related costs of $5.9 million, or $0.06 per share, as compared to FFO for the same period in 2014 of $154.7 million, or $1.55 per share, before transaction related costs of $2.7 million, or $0.03 per share, and a non-recurring charge related to the refinancing of 420 Lexington Avenue of $24.5 million, or $0.24 per share.  FFO for the current quarter includes a tax benefit of $5.3 million, or $0.05 per share, related to the Company’s taxable REIT subsidiary.

 

Net income attributable to common stockholders for the quarter ended September 30, 2015 totaled $163.7 million, or $1.64 per share, compared to net income attributable to common stockholders of $64.7 million, or $0.68 per share, for the same quarter in 2014.  Net income attributable to common stockholders for the current quarter includes $155.8 million, or $1.50 per share, of net gains recognized from the sale of real estate and $28.4 million, or $0.27 per share, of accelerated depreciation expense related to one of the properties that comprise the One Vanderbilt development site.

 

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

 

Operating and Leasing Activity

 

For the quarter ended September 30, 2015, the Company reported consolidated revenues and operating income of $432.1 million and $258.5 million, respectively, compared to $390.3 million and $211.1 million, respectively, for the same period in 2014.

 

Same-store cash NOI on a combined basis increased by 6.5 percent to $178.6 million and by 4.6 percent to $522.3 million for the three and nine months ended September 30, 2015, respectively, as compared to the same periods in 2014.  For the three months ended September 30, 2015, consolidated property same-store cash NOI increased by 6.3 percent to $157.7 million and unconsolidated joint venture property same-store cash NOI

 

2



 

increased by 8.0 percent to $20.9 million, as compared to the same period in 2014.  For the nine months ended September 30, 2015, consolidated property same-store cash NOI increased by 4.2 percent to $462.0 million and unconsolidated joint venture property same-store cash NOI increased by 7.6 percent to $60.3 million, as compared to the same period in 2014.

 

During the third quarter, the Company signed 51 office leases in its Manhattan portfolio totaling 533,697 square feet.  Thirteen leases comprising 144,936 square feet represented office leases that replaced previous vacancy. Thirty-eight leases comprising 388,761 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 $71.60 per rentable square foot, representing a 15.6 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 third quarter was 9.0 years and average tenant concessions were 6.2 months of free rent with a tenant improvement allowance of $49.68 per rentable square foot.

 

During the first nine months of 2015, the Company signed 145 office leases in its Manhattan portfolio totaling 1,839,535 square feet. Forty-five leases comprising 766,127 square feet represented office leases that replaced previous vacancy. One hundred leases comprising 1,073,408 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 $65.74 per rentable square foot, representing a 13.8 percent increase over the previously fully escalated rents on the same office spaces.

 

Manhattan same-store occupancy increased to 97.3 percent at September 30, 2015, inclusive of 143,757 square feet of leases signed but not yet commenced, as compared to 95.3 percent at September 30, 2014 and 97.0 percent at June 30, 2015.

 

During the third quarter, the Company signed 23 office leases in its Suburban portfolio totaling 131,366 square feet.  Nine leases comprising 33,595 square feet represented office leases that replaced previous vacancy. Fourteen leases comprising the remaining 97,771 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 $29.58 per rentable square foot, representing a 3.8 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 third quarter was 7.2 years and average tenant concessions were 5.8 months of free rent with a tenant improvement allowance of $31.37 per rentable square foot.

 

During the first nine months of 2015, the Company signed 88 office leases in its Suburban portfolio totaling 546,044 square feet. Twenty-nine leases comprising 164,924 square feet represented office leases that replaced previous vacancy. Fifty-nine leases comprising 381,120 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.92 per rentable square foot, representing a 3.6 percent decrease over the previously fully escalated rents on the same office spaces.

 

3



 

Same-store occupancy for the Company’s Suburban portfolio was 81.6 percent at September 30, 2015, inclusive of 79,091 square feet of leases signed but not yet commenced, as compared to 81.5 percent at September 30, 2014 and 82.8 percent at June 30, 2015.

 

In October, the Company signed a new lease with Fir Tree, Inc., a prominent hedge fund, at 55 West 46th Street, also known as Tower 46, for 31,126 square feet with a term of 10.5 years.  This lease marks the first significant lease following the Company’s successful new marketing campaign, undertaken since acquisition of the property.  The new headquarters lease covers the entire 29th and part of the 28th floors of the newly-constructed office building.

 

Significant leases that were signed during the third quarter included:

 

·                  Early renewal and expansion for 103,515 square feet with Pandora Media, Inc. at 125 Park Avenue, extending the remaining lease term to 11.0 years;

 

·                  New lease for 42,849 square feet with New Advisory, LP at 280 Park Avenue for 11.0 years;

 

·                  New lease for 41,868 square feet with Leukemia Lymphoma Society at 1100 King Street — 3 International Drive, Rye Brook, New York, for 15.0 years;

 

·                  New lease for 40,543 square feet with IMG Worldwide, Inc. at 304 Park Avenue South for 12.3 years;

 

·                  Early renewal and expansion for 38,885 square feet with Harvest Partners, L.P. at 280 Park Avenue, extending the remaining lease term to 13.2 years;

 

·                  New lease for 34,640 square feet with Berkeley Research Group, LLC at 810 Seventh Avenue for 7.3 years;

 

·                  New lease for 24,928 square feet with Metro-North Commuter Railroad at 420 Lexington Avenue for 19.0 years;

 

·                  New lease for 22,931 square feet with Medley Capital LLC at 280 Park Avenue for 7.8 years; and

 

·                  Early renewal for 21,981 square feet with Teknion LLC at 641 Sixth Avenue, extending the remaining lease term to 11.0 years.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2015 were $23.5 million, or 4.8 percent of total revenues and an annualized 44 basis points of total assets including the Company’s share of joint venture revenues and assets.

 

4



 

Real Estate Investment Activity

 

In August, the Company completed the acquisition of Eleven Madison Avenue for $2.285 billion plus approximately $300.0 million in costs associated with lease stipulated improvements to the property. The acquisition was financed at closing with a $1.4 billion 10-year, interest only, fixed rate mortgage financing carrying a per annum interest rate of 3.838 percent.

 

From the beginning of the third quarter to date, the Company has sold 12 properties, as discussed below, at a total gross asset valuation of $1.7 billion, that will generate cash proceeds to the Company in excess of $670.0 million.  The blended cap rate on the sales of Manhattan properties was 3.3 percent.  These transactions further the real estate disposition and reinvestment strategy the Company outlined in conjunction with the acquisition of Eleven Madison Avenue.

 

·                  In September, the Company closed on the sale of Tower 45, a Midtown Manhattan office building located at 120 West 45th Street, for $365 million or $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.  The Company recognized a gain on sale of the property of $58.6 million.

 

·                  In July, the Company formed 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 subsequently acquired 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 valued the property at $277.8 million, or $3,805 per square foot, and the Company recognized a gain on sale of the property of $101.1 million.

 

·                  In September, the Company closed on the sale of its interest in the commercial condominium located at 315 West 36th Street, at a gross asset valuation of $115 million or $779 per square foot.  The Company acquired its interest in the property in late 2012 at a gross asset valuation of $45 million.  The Company recognized a gain on sale of the property of $16.3 million.

 

·                  In August, the Company, together with its joint venture partner, closed on the sale of the Meadows Office Complex, a two-building 604,000 square foot property in Rutherford, New Jersey, for $121.1 million or $201 per square foot.  The Company owned a 50 percent joint venture interest in the property.

 

·                  In September, the Company reached an agreement to sell two Fifth Avenue retail development sites to a single buyer for $125.4 million or $13,690 per zoning square foot.  The sites, located at 570 Fifth Avenue and 574 Fifth Avenue, were acquired by the Company in November 2013 for a total of $78.7 million. The Company subsequently vacated the tenants in the existing buildings in preparation for a comprehensive retail development.  The transaction is expected to be completed in the fourth quarter of 2015, subject to customary closing conditions.

 

·                  In October, the Company announced an agreement to sell the leased fee interest in 885 Third Avenue for a gross sale price of $453 million. The Company acquired the leased fee interest in 885 Third Avenue in a joint venture partnership in 2007

 

5



 

at a gross asset valuation of $317 million and subsequently fully consolidated its position in 2010 at a gross asset valuation of $352 million. As part of the transaction, the Company will retain a preferred equity position.  The sale, executed at a capitalization rate of 3.8%, will generate net proceeds to the Company of approximately $45 million, after giving consideration to the retained preferred equity interest and the in-place mortgage of $267.7 million, which is scheduled to mature in 2017.  The sale is expected to be completed in the fourth quarter of 2015, subject to customary closing conditions.

 

·                  In October, the Company announced an agreement to sell the recently-completed Pace University dormitory tower at 33 Beekman Street for a gross sale price of $196 million. The Company owns the property in a joint venture.  33 Beekman was jointly developed by the Company and the Naftali Group. It houses 772 dormitory beds, and features a public plaza and ground-floor retail and amenity space used by the university. The project is the Company’s second successful dormitory development for Pace, following on the heels of a 609-bed dormitory and retail project at 180 Broadway, which was completed and delivered in early 2013. The sale, executed at a capitalization rate of 3.9%, will generate net proceeds to the Company of approximately $64 million.  The sale is expected to be completed in the first half of 2016, subject to customary closing conditions.

 

·                  In October, the Company reached an agreement to sell the properties at 140-150 Grand Street in White Plains, New York for $32.0 million.   The transaction is expected to be completed in the fourth quarter of 2015, subject to customary closing conditions.

 

·                  In July, the Company closed on the acquisition of a 90.0 percent interest in The SoHo Building at 110 Greene Street based on a gross asset valuation of $255.0 million. 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.

 

·                  In August, the Company closed on the acquisition of 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.

 

Debt and Preferred Equity Investment Activity

 

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.5 billion at September 30, 2015.  During the third quarter, the Company originated new debt and preferred equity investments totaling $78.0 million, of which $48.0 million was retained and $46.5 million was funded, at a weighted average current yield of 7.2 percent, and recorded $262.3 million of principal reductions from investments that were sold or repaid.  During the nine months ended September 30, 2015, the Company originated and retained new debt and preferred equity investments totaling $506.2 million at a weighted average current yield of 9.8 percent.  As of September 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 third quarter of 10.1 percent.

 

6



 

Financing Activity

 

In August, the Company expanded its unsecured corporate credit facility by $500 million, to $2.533 billion. The revolving line of credit portion of the facility, which matures in March 2020, has been increased by $400 million to $1.6 billion and the term loan portion of the facility, which matures in June 2019, has been increased by $100 million to $933 million.

 

In September, the Company announced that Belmont Insurance Company (“Belmont”), a New York licensed captive insurance company, its wholly-owned subsidiary, became a member of the Federal Home Loan Bank of New York (“FHLBNY”). Belmont is the first captive insurance company to gain membership in the FHLBNY cooperative.  Members have access to a wide variety of flexible, low-cost funding through FHLBNY’s credit products, enabling members to customize advances, interest rates and match asset and liability terms. Eligible collateral to pledge to FHLBNY includes residential, multi-family and commercial mortgage loans, mortgage backed securities, and US Treasury and Agency securities.

 

Dividends

 

During the third 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 October 14, 2015 to shareholders of record on the close of business on September 30, 2015; and

 

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

 

Annual Institutional Investor Conference

 

The Company will host its Annual Institutional Investor Conference on Monday, December 7, 2015 in New York City. For more information on the Conference, please email SLG2015@slgreen.com.

 

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, October 22, 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.

 

7



 

A replay of the call will be available through October 30, 2015 by dialing (800) 585-8367 or (404) 537-3406 International, using pass-code 50413135.

 

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 September 30, 2015, SL Green held interests in 121 Manhattan buildings totaling 43.2 million square feet. This included ownership interests in 30.6 million square feet of commercial buildings and debt and preferred equity investments secured by 12.6 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.3 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.

 

8



 

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.

 

9



 

SL GREEN REALTY CORP.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share data)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenues:

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

318,465

 

$

291,293

 

$

926,020

 

$

826,877

 

Escalation and reimbursement

 

48,254

 

43,826

 

130,630

 

120,209

 

Investment income

 

49,328

 

43,969

 

136,588

 

137,767

 

Other income

 

16,019

 

11,186

 

44,201

 

48,498

 

Total revenues

 

432,066

 

390,274

 

1,237,439

 

1,133,351

 

Expenses:

 

 

 

 

 

 

 

 

 

Operating expenses, including related party expenses of $5,238 and $13,415 in 2015 and $5,104 and $13,183 in 2014

 

78,648

 

72,111

 

225,539

 

211,118

 

Real estate taxes

 

61,009

 

55,548

 

173,018

 

159,702

 

Ground rent

 

8,252

 

8,088

 

24,526

 

24,161

 

Interest expense, net of interest income

 

84,141

 

82,376

 

235,694

 

236,424

 

Amortization of deferred financing costs

 

7,160

 

6,679

 

19,727

 

15,737

 

Depreciation and amortization

 

146,185

 

94,443

 

454,087

 

274,337

 

Transaction related costs

 

5,829

 

2,383

 

10,039

 

6,554

 

Marketing, general and administrative

 

23,475

 

22,649

 

72,139

 

69,778

 

Total expenses

 

414,699

 

344,277

 

1,214,769

 

997,811

 

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, gain on sale of real estate, depreciable real estate reserves and loss on early extinguishment of debt

 

17,367

 

45,997

 

22,670

 

135,540

 

Equity in net income from unconsolidated joint ventures

 

3,627

 

6,034

 

10,651

 

20,781

 

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

 

15,281

 

16,496

 

16,050

 

122,580

 

Purchase price fair value adjustment

 

 

(4,000

)

 

67,446

 

Gain on sale of real estate

 

159,704

 

 

159,704

 

 

Depreciable real estate reserves

 

(19,226

)

 

(19,226

)

 

Loss on early extinguishment of debt

 

 

(24,475

)

(49

)

(25,500

)

Income from continuing operations

 

176,753

 

40,052

 

189,800

 

320,847

 

Net income from discontinued operations

 

 

4,035

 

427

 

15,449

 

Gain on sale of discontinued operations

 

 

29,507

 

12,983

 

144,242

 

Net income

 

176,753

 

73,594

 

203,210

 

480,538

 

Net income attributable to noncontrolling interests in the Operating Partnership

 

(6,468

)

(2,636

)

(6,635

)

(16,010

)

Net income attributable to noncontrolling interests in other partnerships

 

(664

)

(1,712

)

(13,216

)

(5,045

)

Preferred unit distributions

 

(2,225

)

(820

)

(4,316

)

(1,950

)

Net income attributable to SL Green

 

167,396

 

68,426

 

179,043

 

457,533

 

Perpetual preferred stock dividends

 

(3,738

)

(3,738

)

(11,214

)

(11,214

)

Net income attributable to SL Green common stockholders

 

$

163,658

 

$

64,688

 

$

167,829

 

$

446,319

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share (EPS)

 

 

 

 

 

 

 

 

 

Net income per share (Basic)

 

$

1.64

 

$

0.68

 

$

1.69

 

$

4.68

 

Net income per share (Diluted)

 

$

1.64

 

$

0.68

 

$

1.68

 

$

4.66

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations (FFO)

 

 

 

 

 

 

 

 

 

FFO per share (Basic)

 

$

1.66

 

$

1.28

 

$

4.80

 

$

4.43

 

FFO per share (Diluted)

 

$

1.65

 

$

1.28

 

$

4.77

 

$

4.41

 

 

 

 

 

 

 

 

 

 

 

Basic ownership interest

 

 

 

 

 

 

 

 

 

Weighted average REIT common shares for net income per share

 

99,621

 

95,734

 

99,205

 

95,437

 

Weighted average partnership units held by noncontrolling interests

 

3,901

 

3,585

 

3,924

 

3,423

 

Basic weighted average shares and units outstanding

 

103,522

 

99,319

 

103,129

 

98,860

 

 

 

 

 

 

 

 

 

 

 

Diluted ownership interest

 

 

 

 

 

 

 

 

 

Weighted average REIT common share and common share equivalents

 

100,028

 

96,121

 

99,685

 

95,899

 

Weighted average partnership units held by noncontrolling interests

 

3,901

 

3,585

 

3,924

 

3,423

 

Diluted weighted average shares and units outstanding

 

103,929

 

99,706

 

103,609

 

99,322

 

 

10



 

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

September 30,
2015

 

December 31,
2014

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

Land and land interests

 

$

4,689,031

 

$

3,844,518

 

Building and improvements

 

10,079,151

 

8,778,593

 

Building leasehold and improvements

 

1,425,299

 

1,418,585

 

Properties under capital lease

 

47,445

 

27,445

 

 

 

16,240,926

 

14,069,141

 

Less: accumulated depreciation

 

(1,979,824

)

(1,905,165

)

 

 

14,261,102

 

12,163,976

 

Assets held for sale

 

117,885

 

462,430

 

Cash and cash equivalents

 

244,360

 

281,409

 

Restricted cash

 

279,592

 

149,176

 

Investment in marketable securities

 

46,432

 

39,429

 

Tenant and other receivables, net of allowance of $15,712 and $18,068 in 2015 and 2014, respectively

 

66,896

 

57,369

 

Related party receivables

 

11,089

 

11,735

 

Deferred rents receivable, net of allowance of $22,190 and $27,411 in 2015 and 2014, respectively

 

467,627

 

374,944

 

Debt and preferred equity investments, net of discounts and deferred origination fees of $16,169 and $19,172 in 2015 and 2014, respectively

 

1,501,619

 

1,408,804

 

Investments in unconsolidated joint ventures

 

1,239,008

 

1,172,020

 

Deferred costs, net

 

342,936

 

327,962

 

Other assets

 

912,023

 

647,333

 

Total assets

 

$

19,490,569

 

$

17,096,587

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Mortgages and other loans payable

 

$

6,865,383

 

$

5,586,709

 

Revolving credit facility

 

949,000

 

385,000

 

Term loan and senior unsecured notes

 

2,216,120

 

2,107,078

 

Accrued interest payable and other liabilities

 

204,224

 

137,634

 

Accounts payable and accrued expenses

 

173,228

 

173,246

 

Deferred revenue

 

428,334

 

187,148

 

Capitalized lease obligations

 

41,171

 

20,822

 

Deferred land leases payable

 

1,557

 

1,215

 

Dividend and distributions payable

 

67,109

 

64,393

 

Security deposits

 

66,654

 

66,614

 

Liabilities related to assets held for sale

 

94

 

266,873

 

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

 

100,000

 

100,000

 

Total liabilities

 

11,112,874

 

9,096,732

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

Noncontrolling interest in the Operating Partnership

 

423,421

 

469,524

 

Preferred units

 

282,516

 

71,115

 

 

 

 

 

 

 

Equity

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

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

 

221,932

 

221,932

 

Common stock, $0.01 par value 160,000 shares authorized, 103,383 and 100,928 issued and outstanding at September 30, 2015 and December 31, 2014, respectively (including 3,875 and 3,603 shares held in Treasury at September 30, 2015 and December 31, 2014, respectively)

 

1,034

 

1,010

 

Additional paid-in capital

 

5,593,653

 

5,289,479

 

Treasury stock at cost

 

(335,311

)

(320,471

)

Accumulated other comprehensive loss

 

(15,821

)

(6,980

)

Retained earnings

 

1,772,833

 

1,752,404

 

Total SL Green Realty Corp. stockholders’ equity

 

7,238,320

 

6,937,374

 

Noncontrolling interests in other partnerships

 

433,438

 

521,842

 

Total equity

 

7,671,758

 

7,459,216

 

Total liabilities and equity

 

$

19,490,569

 

$

17,096,587

 

 

11



 

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

FFO Reconciliation:

 

 

 

 

 

 

 

 

 

Net income attributable to SL Green common stockholders

 

$

163,658

 

$

64,688

 

$

167,829

 

$

446,319

 

Add:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

146,185

 

94,443

 

454,087

 

274,337

 

Discontinued operations depreciation adjustments

 

 

678

 

 

5,434

 

Joint venture depreciation and noncontrolling interest adjustments

 

10,796

 

5,831

 

23,853

 

26,979

 

Net income attributable to noncontrolling interests

 

7,132

 

4,348

 

19,851

 

21,055

 

Less:

 

 

 

 

 

 

 

 

 

Gain on sale of real estate and discontinued operations

 

159,704

 

29,507

 

172,687

 

144,242

 

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

 

15,281

 

16,496

 

16,050

 

122,580

 

Purchase price fair value adjustment

 

 

(4,000

)

 

67,446

 

Depreciable real estate reserves, net of recoveries

 

(19,226

)

 

(19,226

)

 

Depreciation on non-rental real estate assets

 

500

 

503

 

1,525

 

1,520

 

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

 

$

171,512

 

$

127,482

 

$

494,584

 

$

438,336

 

 

 

 

Consolidated Properties

 

SL Green’s share of 
Unconsolidated Joint Ventures

 

Combined

 

 

 

Three Months Ended
September 30,

 

Three Months Ended
September 30,

 

Three Months Ended
September 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, gain on sale of real estate, depreciable real estate reserves and loss on early extinguishment of debt

 

$

17,367

 

$

45,997

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

3,627

 

6,034

 

3,627

 

6,034

 

 

 

 

 

Depreciation and amortization

 

146,185

 

94,443

 

15,809

 

12,211

 

 

 

 

 

Interest expense, net of interest income

 

84,141

 

82,376

 

17,794

 

13,426

 

 

 

 

 

Amortization of deferred financing costs

 

7,160

 

6,679

 

1,416

 

1,240

 

 

 

 

 

Loss on early extinguishment of debt

 

 

(24,475

)

 

 

 

 

 

 

Operating income

 

$

258,480

 

$

211,054

 

$

38,646

 

$

32,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative expense

 

23,475

 

22,649

 

 

 

 

 

 

 

Net operating income from discontinued operations

 

 

7,750

 

 

 

 

 

 

 

Transaction related costs

 

5,829

 

2,383

 

27

 

301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-building revenue

 

(55,707

)

(50,895

)

(6,489

)

(5,841

)

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

(3,627

)

(6,034

)

 

 

 

 

 

 

Loss on early extinguishment of debt

 

 

24,475

 

88

 

 

 

 

 

 

Net operating income (NOI)

 

228,450

 

211,382

 

32,272

 

27,371

 

$

260,722

 

$

238,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI from discontinued operations

 

 

(7,750

)

 

 

 

(7,750

)

NOI from other properties/affiliates

 

(56,228

)

(38,498

)

(9,263

)

(5,534

)

(65,491

)

(44,032

)

Same-Store NOI

 

$

172,222

 

$

165,134

 

$

23,009

 

$

21,837

 

$

195,231

 

$

186,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground lease straight-line adjustment

 

400

 

400

 

 

 

400

 

400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line and free rent

 

(12,570

)

(13,437

)

(1,583

)

(1,804

)

(14,153

)

(15,241

)

Rental income — FAS 141

 

(2,336

)

(3,698

)

(559

)

(712

)

(2,895

)

(4,410

)

Same-store cash NOI

 

$

157,716

 

$

148,399

 

$

20,867

 

$

19,321

 

$

178,583

 

$

167,720

 

 

12



 

 

 

Consolidated Properties

 

SL Green’s share of 
Unconsolidated Joint Ventures

 

Combined

 

 

 

Nine Months Ended
September 30,

 

Nine Months Ended
September 30,

 

Nine Months Ended
September 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, gain on sale of real estate, depreciable real estate reserves and loss on early extinguishment of debt

 

$

22,670

 

$

135,540

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

10,651

 

20,781

 

10,651

 

20,781

 

 

 

 

 

Depreciation and amortization

 

454,087

 

274,337

 

45,776

 

47,297

 

 

 

 

 

Interest expense, net of interest income

 

235,694

 

236,424

 

51,308

 

47,556

 

 

 

 

 

Amortization of deferred financing costs

 

19,727

 

15,737

 

4,081

 

4,698

 

 

 

 

 

Loss on early extinguishment of debt

 

(49

)

(25,500

)

 

 

 

 

 

 

Operating income

 

$

742,780

 

$

657,319

 

$

111,816

 

$

120,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative expense

 

72,139

 

69,778

 

 

 

 

 

 

 

Net operating income from discontinued operations

 

488

 

32,349

 

 

 

 

 

 

 

Transaction related costs

 

10,039

 

6,554

 

37

 

401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-building revenue

 

(151,112

)

(174,154

)

(19,207

)

(16,012

)

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

(10,651

)

(20,781

)

 

 

 

 

 

 

Loss on early extinguishment of debt

 

49

 

25,500

 

495

 

3,382

 

 

 

 

 

Net operating income (NOI)

 

663,732

 

596,565

 

93,141

 

108,103

 

$

756,873

 

$

704,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI from discontinued operations

 

(488

)

(32,349

)

 

 

(488

)

(32,349

)

NOI from other properties/affiliates

 

(143,995

)

(72,538

)

(26,014

)

(44,177

)

(170,009

)

(116,715

)

Same-Store NOI

 

$

519,249

 

$

491,678

 

$

67,127

 

$

63,926

 

$

586,376

 

$

555,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground lease straight-line adjustment

 

1,201

 

1,201

 

 

 

1,201

 

1,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line and free rent

 

(49,220

)

(35,913

)

(5,135

)

(6,012

)

(54,355

)

(41,925

)

Rental income — FAS 141

 

(9,192

)

(13,427

)

(1,697

)

(1,903

)

(10,889

)

(15,330

)

Same-store cash NOI

 

$

462,038

 

$

443,539

 

$

60,295

 

$

56,011

 

$

522,333

 

$

499,550

 

 

13



 

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED

 

 

 

September 30,

 

 

 

2015

 

2014

 

Manhattan Operating Data: (1)

 

 

 

 

 

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

 

24,028

 

21,905

 

Portfolio percentage leased at end of period

 

94.5

%

95.3

%

Same-Store percentage leased at end of period

 

96.6

%

94.7

%

Number of properties in operation

 

32

 

30

 

 

 

 

 

 

 

Office square feet where leases commenced during quarter (rentable)

 

289,016

 

729,315

 

Average mark-to-market percentage-office

 

26.8

%

18.9

%

Average starting cash rent per rentable square foot-office

 

$

70.45

 

$

64.20

 

 


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

 

14


Exhibit 99.2

 

 

THIRD QUARTER 2015

SUPPLEMENTAL DATA

SEPTEMBER 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 September 30, 2015 that will be released on Form 10-Q to be filed on or before November 9, 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

 

51-57

 

Corporate Information

 

58

 

Analyst Coverage

 

59

 

Supplemental Definitions

 

60

 

 

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 September 30, 2015, SL Green held interests in 121 Manhattan buildings totaling 43.2 million square feet. This included ownership interests in 30.6 million square feet of commercial buildings and debt and preferred equity investments secured by 12.6 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.3 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.

 

4



 

 

 

THIRD QUARTER 2015 HIGHLIGHTS

Unaudited

 

 

 

Summary

 

New York, NY, October 21, 2015 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, for the quarter ended September 30, 2015 of $177.4 million, or $1.71 per share, before transaction related costs of $5.9 million, or $0.06 per share, as compared to FFO for the same period in 2014 of $154.7 million, or $1.55 per share, before transaction related costs of $2.7 million, or $0.03 per share, and a non-recurring charge related to the refinancing of 420 Lexington Avenue of $24.5 million, or $0.24 per share.  FFO for the current quarter includes a tax benefit of $5.3 million, or $0.05 per share, related to the Company’s taxable REIT subsidiary.

 

Net income attributable to common stockholders for the quarter ended September 30, 2015 totaled $163.7 million, or $1.64 per share, compared to net income attributable to common stockholders of $64.7 million, or $0.68 per share, for the same quarter in 2014.  Net income attributable to common stockholders for the current quarter includes $155.8 million, or $1.50 per share, of net gains recognized from the sale of real estate and $28.4 million, or $0.27 per share, of accelerated depreciation expense related to one of the properties that comprise the One Vanderbilt development site.

 

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

 

Operating and Leasing Activity

 

For the quarter ended September 30, 2015, the Company reported consolidated revenues and operating income of $432.1 million and $258.5 million, respectively, compared to $390.3 million and $211.1 million, respectively, for the same period in 2014.

 

Same-store cash NOI on a combined basis increased by 6.5 percent to $178.6 million and by 4.6 percent to $522.3 million for the three and nine months ended September 30, 2015, respectively, as compared to the same periods in 2014.  For the three months ended September 30, 2015, consolidated property same-store cash NOI increased by 6.3 percent to $157.7 million and unconsolidated joint venture property same-store cash NOI increased by 8.0 percent to $20.9 million, as compared to the same period in 2014.  For the nine months ended September 30, 2015, consolidated property same-store cash NOI increased by 4.2 percent to $462.0 million and unconsolidated joint venture property same-store cash NOI increased by 7.6 percent to $60.3 million, as compared to the same period in 2014.

 

During the third quarter, the Company signed 51 office leases in its Manhattan portfolio totaling 533,697 square feet.  Thirteen leases comprising 144,936 square feet represented office leases that replaced previous vacancy. Thirty-eight leases comprising 388,761 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 $71.60 per rentable square foot, representing a 15.6 percent

 

5



 

 

 

THIRD QUARTER 2015 HIGHLIGHTS

Unaudited

 

 

 

increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the third quarter was 9.0 years and average tenant concessions were 6.2 months of free rent with a tenant improvement allowance of $49.68 per rentable square foot.

 

During the first nine months of 2015, the Company signed 145 office leases in its Manhattan portfolio totaling 1,839,535 square feet. Forty-five leases comprising 766,127 square feet represented office leases that replaced previous vacancy. One hundred leases comprising 1,073,408 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 $65.74 per rentable square foot, representing a 13.8 percent increase over the previously fully escalated rents on the same office spaces.

 

Manhattan same-store occupancy increased to 97.3 percent at September 30, 2015, inclusive of 143,757 square feet of leases signed but not yet commenced, as compared to 95.3 percent at September 30, 2014 and 97.0 percent at June 30, 2015.

 

During the third quarter, the Company signed 23 office leases in its Suburban portfolio totaling 131,366 square feet.  Nine leases comprising 33,595 square feet represented office leases that replaced previous vacancy. Fourteen leases comprising the remaining 97,771 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 $29.58 per rentable square foot, representing a 3.8 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 third quarter was 7.2 years and average tenant concessions were 5.8 months of free rent with a tenant improvement allowance of $31.37 per rentable square foot.

 

During the first nine months of 2015, the Company signed 88 office leases in its Suburban portfolio totaling 546,044 square feet. Twenty-nine leases comprising 164,924 square feet represented office leases that replaced previous vacancy. Fifty-nine leases comprising 381,120 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.92 per rentable square foot, representing a 3.6 percent decrease over the previously fully escalated rents on the same office spaces.

 

Same-store occupancy for the Company’s Suburban portfolio was 81.6 percent at September 30, 2015, inclusive of 79,091 square feet of leases signed but not yet commenced, as compared to 81.5 percent at September 30, 2014 and 82.8 percent at June 30, 2015.

 

In October, the Company signed a new lease with Fir Tree, Inc., a prominent hedge fund, at 55 West 46th Street, also known as Tower 46, for 31,126 square feet with a term of 10.5 years.  This lease marks the first significant lease following the Company’s

 

6



 

 

 

THIRD QUARTER 2015 HIGHLIGHTS

Unaudited

 

 

 

successful new marketing campaign, undertaken since acquisition of the property.  The new headquarters lease covers the entire 29th and part of the 28th floors of the newly-constructed office building.

 

Significant leases that were signed during the third quarter included:

 

·                  Early renewal and expansion for 103,515 square feet with Pandora Media, Inc. at 125 Park Avenue, extending the remaining lease term to 11.0 years;

 

·                  New lease for 42,849 square feet with New Advisory, LP at 280 Park Avenue for 11.0 years;

 

·                  New lease for 41,868 square feet with Leukemia Lymphoma Society at 1100 King Street — 3 International Drive, Rye Brook, New York, for 15.0 years;

 

·                  New lease for 40,543 square feet with IMG Worldwide, Inc. at 304 Park Avenue South for 12.3 years;

 

·                  Early renewal and expansion for 38,885 square feet with Harvest Partners, L.P. at 280 Park Avenue, extending the remaining lease term to 13.2 years;

 

·                  New lease for 34,640 square feet with Berkeley Research Group, LLC at 810 Seventh Avenue for 7.3 years;

 

·                  New lease for 24,928 square feet with Metro-North Commuter Railroad at 420 Lexington Avenue for 19.0 years;

 

·                  New lease for 22,931 square feet with Medley Capital LLC at 280 Park Avenue for 7.8 years; and

 

·                  Early renewal for 21,981 square feet with Teknion LLC at 641 Sixth Avenue, extending the remaining lease term to 11.0 years.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2015 were $23.5 million, or 4.8 percent of total revenues and an annualized 44 basis points of total assets including the Company’s share of joint venture revenues and assets.

 

Real Estate Investment Activity

 

In August, the Company completed the acquisition of Eleven Madison Avenue for $2.285 billion plus approximately $300.0 million in costs associated with lease stipulated improvements to the property. The acquisition was financed at closing with a $1.4 billion 10-year, interest only, fixed rate mortgage financing carrying a per annum interest rate of 3.838 percent.

 

From the beginning of the third quarter to date, the Company has sold 12 properties, as discussed below, at a total gross asset valuation of $1.7 billion, that will generate cash proceeds to the Company in excess of $670.0 million.  The blended cap

 

7



 

 

 

THIRD QUARTER 2015 HIGHLIGHTS

Unaudited

 

 

 

rate on the sales of Manhattan properties was 3.3 percent.  These transactions further the real estate disposition and reinvestment strategy the Company outlined in conjunction with the acquisition of Eleven Madison Avenue.

 

·                  In September, the Company closed on the sale of Tower 45, a Midtown Manhattan office building located at 120 West 45th Street, for $365 million or $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.  The Company recognized a gain on sale of the property of $58.6 million.

 

·                  In July, the Company formed 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 subsequently acquired 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 valued the property at $277.8 million, or $3,805 per square foot, and the Company recognized a gain on sale of the property of $101.1 million.

 

·                  In September, the Company closed on the sale of its interest in the commercial condominium located at 315 West 36th Street, at a gross asset valuation of $115 million or $779 per square foot.  The Company acquired its interest in the property in late 2012 at a gross asset valuation of $45 million.  The Company recognized a gain on sale of the property of $16.3 million.

 

·                  In August, the Company, together with its joint venture partner, closed on the sale of the Meadows Office Complex, a two-building 604,000 square foot property in Rutherford, New Jersey, for $121.1 million or $201 per square foot.  The Company owned a 50 percent joint venture interest in the property.

 

·                  In September, the Company reached an agreement to sell two Fifth Avenue retail development sites to a single buyer for $125.4 million or $13,690 per zoning square foot.  The sites, located at 570 Fifth Avenue and 574 Fifth Avenue, were acquired by the Company in November 2013 for a total of $78.7 million. The Company subsequently vacated the tenants in the existing buildings in preparation for a comprehensive retail development.  The transaction is expected to be completed in the fourth quarter of 2015, subject to customary closing conditions.

 

·                  In October, the Company announced an agreement to sell the leased fee interest in 885 Third Avenue for a gross sale price of $453 million. The Company acquired the leased fee interest in 885 Third Avenue in a joint venture partnership in 2007 at a gross asset valuation of $317 million and subsequently fully consolidated its position in 2010 at a gross asset valuation of $352 million. As part of the transaction, the Company will retain a preferred equity position.  The sale, executed at a capitalization rate of 3.8%, will generate net proceeds to

 

8



 

 

 

THIRD QUARTER 2015 HIGHLIGHTS

Unaudited

 

 

 

the Company of approximately $45 million, after giving consideration to the retained preferred equity interest and the in-place mortgage of $267.7 million, which is scheduled to mature in 2017.  The sale is expected to be completed in the fourth quarter of 2015, subject to customary closing conditions.

 

·                  In October, the Company announced an agreement to sell the recently-completed Pace University dormitory tower at 33 Beekman Street for a gross sale price of $196 million. The Company owns the property in a joint venture.  33 Beekman was jointly developed by the Company and the Naftali Group. It houses 772 dormitory beds, and features a public plaza and ground-floor retail and amenity space used by the university. The project is the Company’s second successful dormitory development for Pace, following on the heels of a 609-bed dormitory and retail project at 180 Broadway, which was completed and delivered in early 2013. The sale, executed at a capitalization rate of 3.9%, will generate net proceeds to the Company of approximately $64 million.  The sale is expected to be completed in the first half of 2016, subject to customary closing conditions.

 

·                  In October, the Company reached an agreement to sell the properties at 140-150 Grand Street in White Plains, New York for $32.0 million.   The transaction is expected to be completed in the fourth quarter of 2015, subject to customary closing conditions.

 

·                  In July, the Company closed on the acquisition of a 90.0 percent interest in The SoHo Building at 110 Greene Street based on a gross asset valuation of $255.0 million. 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.

 

·                  In August, the Company closed on the acquisition of 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.

 

Debt and Preferred Equity Investment Activity

 

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.5 billion at September 30, 2015.  During the third quarter, the Company originated new debt and preferred equity investments totaling $78.0 million, of which $48.0 million was retained and $46.5 million was funded, at a weighted average current yield of 7.2 percent, and recorded $262.3 million of principal reductions from investments that were sold or repaid.  During the nine months ended September 30, 2015, the Company originated and retained new debt and preferred equity investments totaling $506.2 million at a weighted average current yield of 9.8 percent.  As of September 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 third quarter of 10.1 percent.

 

9



 

 

 

THIRD QUARTER 2015 HIGHLIGHTS

Unaudited

 

 

 

Financing Activity

 

In August, the Company expanded its unsecured corporate credit facility by $500 million, to $2.533 billion. The revolving line of credit portion of the facility, which matures in March 2020, has been increased by $400 million to $1.6 billion and the term loan portion of the facility, which matures in June 2019, has been increased by $100 million to $933 million.

 

In September, the Company announced that Belmont Insurance Company (“Belmont”), a New York licensed captive insurance company, its wholly-owned subsidiary, became a member of the Federal Home Loan Bank of New York (“FHLBNY”). Belmont is the first captive insurance company to gain membership in the FHLBNY cooperative.  Members have access to a wide variety of flexible, low-cost funding through FHLBNY’s credit products, enabling members to customize advances, interest rates and match asset and liability terms. Eligible collateral to pledge to FHLBNY includes residential, multi-family and commercial mortgage loans, mortgage backed securities, and US Treasury and Agency securities.

 

Dividends

 

During the third 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 October 14, 2015 to shareholders of record on the close of business on September 30, 2015; and

 

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2015 through and including October 14, 2015, which was paid on October 15, 2015 to shareholders of record on the close of business on September 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

September 30, 2015

(Dollars in Thousands Except Per Share)

 

 

 

 

 

As of or for the three months ended

 

 

 

9/30/2015

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common stockholders - diluted

 

$

1.64

 

$

(0.39

)

$

0.44

 

$

0.59

 

$

0.68

 

Funds from operations available to common stockholders - diluted

 

$

1.65

 

$

1.62

 

$

1.50

 

$

1.43

 

$

1.28

 

Reported funds available for distribution to common stockholders - diluted

 

$

1.04

 

$

0.96

 

$

1.04

 

$

0.94

 

$

(0.07

)

Recurring funds available for distribution to common stockholders - diluted

 

$

1.29

 

$

1.30

 

$

1.29

 

$

1.11

 

$

0.75

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Price & Dividends

 

 

 

 

 

 

 

 

 

 

 

Closing price at the end of the period

 

$

108.16

 

$

109.89

 

$

128.38

 

$

119.02

 

$

101.32

 

Closing high price during period

 

$

116.97

 

$

131.64

 

$

134.00

 

$

123.10

 

$

111.86

 

Closig low price during period

 

$

100.95

 

$

109.89

 

$

121.32

 

$

101.23

 

$

101.32

 

Common dividend per share

 

$

0.60

 

$

0.60

 

$

0.60

 

$

0.60

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO payout ratio (trailing 12 months)

 

38.7

%

39.4

%

37.8

%

35.9

%

34.5

%

Reported FAD payout ratio (trailing 12 months)

 

60.2

%

79.8

%

73.0

%

66.7

%

70.4

%

Recurring FAD payout ratio (trailing 12 months)

 

48.1

%

51.6

%

50.4

%

48.1

%

49.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares & Units

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

99,659

 

99,590

 

99,533

 

97,325

 

95,945

 

Units outstanding

 

3,875

 

3,907

 

3,913

 

3,973

 

3,735

 

Total common shares and units outstanding

 

103,534

 

103,497

 

103,446

 

101,298

 

99,680

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding - basic

 

103,522

 

103,487

 

102,366

 

100,561

 

99,319

 

Weighted average common shares and units outstanding - diluted

 

103,929

 

103,946

 

103,019

 

101,034

 

99,706

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

 

 

 

 

 

 

Market value of common equity

 

$

11,198,237

 

$

11,373,285

 

$

13,280,397

 

$

12,056,488

 

$

10,099,578

 

Liquidation value of preferred equity/units

 

512,516

 

354,723

 

340,915

 

301,115

 

303,115

 

Consolidated debt

 

10,130,502

 

8,375,984

 

8,089,085

 

8,432,729

 

8,736,352

 

Consolidated market capitalization

 

$

21,841,255

 

$

20,103,992

 

$

21,710,397

 

$

20,790,332

 

$

19,139,045

 

SLG portion of JV debt

 

1,683,320

 

1,695,340

 

1,693,466

 

1,601,340

 

1,394,788

 

Combined market capitalization

 

$

23,524,575

 

$

21,799,332

 

$

23,403,863

 

$

22,391,672

 

$

20,533,833

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt to market capitalization (1)

 

46.4

%

41.7

%

37.3

%

40.6

%

45.6

%

Combined debt to market capitalization (1)

 

50.2

%

46.2

%

41.8

%

44.8

%

49.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt service coverage (trailing 12 months)

 

2.78

x

2.63

x

2.60

x

2.53

x

2.53

x

Consolidated fixed charge coverage (trailing 12 months)

 

2.45

x

2.33

x

2.30

x

2.24

x

2.24

x

Combined debt service coverage (trailing 12 months)

 

2.47

x

2.36

x

2.31

x

2.26

x

2.24

x

Combined fixed charge coverage (trailing 12 months)

 

2.20

x

2.10

x

2.07

x

2.03

x

2.01

x

 


(1) Includes the liquidation value of preferred equity/units.

 

Supplemental Information

Third Quarter 2015

 

11



 

 

 

SL Green Realty Corp.

Key Financial Data

September 30, 2015

(Dollars in Thousands Except Per Share)

 

 

 

 

 

As of or for the three months ended

 

 

 

9/30/2015

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

Real estate assets before depreciation

 

$

16,385,841

 

$

14,079,832

 

$

13,978,464

 

$

14,536,503

 

$

14,564,675

 

Investments in unconsolidated joint ventures

 

$

1,239,008

 

$

1,262,723

 

$

1,244,185

 

$

1,172,020

 

$

996,842

 

Debt and preferred equity investments

 

$

1,501,619

 

$

1,685,234

 

$

1,548,739

 

$

1,408,804

 

$

1,432,951

 

Cash and cash equivalents

 

$

244,360

 

$

215,896

 

$

330,770

 

$

281,409

 

$

253,520

 

Investment in marketable securities

 

$

46,432

 

$

46,251

 

$

47,716

 

$

39,429

 

$

39,293

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

19,490,569

 

$

17,266,958

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt

 

$

7,137,994

 

$

5,841,563

 

$

6,016,084

 

$

6,140,787

 

$

5,941,950

 

Variable rate debt (1)

 

2,992,508

 

2,364,421

 

2,073,000

 

2,038,000

 

2,347,000

 

Total consolidated debt

 

$

10,130,502

 

$

8,205,984

 

$

8,089,084

 

$

8,178,787

 

$

8,288,950

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

11,112,874

 

$

9,186,434

 

$

8,927,560

 

$

9,096,732

 

$

9,419,267

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

8,085,553

 

$

6,798,495

 

$

6,973,410

 

$

6,898,199

 

$

6,526,496

 

Variable rate debt - including SLG portion of JV debt (1)

 

3,728,269

 

3,102,829

 

2,809,140

 

2,881,928

 

3,157,242

 

Total combined debt

 

$

11,813,822

 

$

9,901,324

 

$

9,782,550

 

$

9,780,127

 

$

9,683,738

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

366,719

 

$

345,633

 

$

344,298

 

$

338,356

 

$

335,119

 

Property operating expenses

 

(147,909

)

(134,486

)

(140,688

)

(137,452

)

(135,747

)

Property NOI

 

$

218,810

 

$

211,147

 

$

203,610

 

$

200,904

 

$

199,372

 

NOI from discontinued operations

 

 

 

488

 

5,441

 

7,750

 

Total property NOI - consolidated

 

$

218,810

 

$

211,147

 

$

204,098

 

$

206,345

 

$

207,122

 

SLG share of property NOI from JVs

 

38,804

 

38,640

 

35,054

 

34,757

 

33,232

 

Total property NOI - combined

 

$

257,614

 

$

249,787

 

$

239,152

 

$

241,102

 

$

240,354

 

Investment income

 

49,328

 

45,191

 

42,069

 

41,048

 

43,969

 

Other income

 

16,019

 

18,250

 

9,932

 

7,223

 

11,186

 

Marketing general & administrative expenses

 

(23,475

)

(23,200

)

(25,464

)

(22,710

)

(22,649

)

EBITDA - combined

 

$

299,486

 

$

290,028

 

$

265,689

 

$

266,663

 

$

272,860

 

 


(1) Does not include $915.5M of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

 

Supplemental Information

Third Quarter 2015

 

12



 

 

 

SL Green Realty Corp.

Key Financial Data

September 30, 2015

(Dollars in Thousands Except Per Share)

 

 

 

Manhattan Properties

 

 

 

As of or for the three months ended

 

 

 

9/30/2015

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

334,809

 

$

314,960

 

$

313,818

 

$

307,542

 

$

305,052

 

Property operating expenses

 

127,382

 

115,174

 

120,411

 

118,046

 

115,816

 

Property NOI

 

$

207,427

 

$

199,786

 

$

193,407

 

$

189,496

 

$

189,236

 

NOI from discontinued operations

 

 

 

490

 

5,438

 

7,749

 

Total property NOI - consolidated

 

$

207,427

 

$

199,786

 

$

193,897

 

$

194,934

 

$

196,985

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

7,337

 

$

13,230

 

$

5,220

 

$

1,551

 

$

288

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

35,145

 

$

34,150

 

$

30,823

 

$

31,039

 

$

29,909

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

26

 

24

 

23

 

23

 

23

 

Unconsolidated office buildings in service

 

6

 

7

 

7

 

7

 

7

 

 

 

32

 

31

 

30

 

30

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

20,700,091

 

18,533,045

 

18,429,045

 

18,429,045

 

18,429,045

 

Unconsolidated office buildings in service - square footage

 

3,328,496

 

3,476,115

 

3,476,115

 

3,476,115

 

3,476,115

 

 

 

24,028,587

 

22,009,160

 

21,905,160

 

21,905,160

 

21,905,160

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

96.6

%(1)

96.5

%

95.5

%

94.6

%

94.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

38

 

43

 

47

 

37

 

56

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

56,387

 

269,446

 

113,796

 

72,334

 

164,096

 

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

 

232,629

 

303,986

 

186,511

 

231,343

 

565,219

 

Total office square footage commenced

 

289,016

 

573,432

 

300,307

 

303,677

 

729,315

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf — office leases commenced

 

$

70.45

 

$

61.66

 

$

62.99

 

$

59.49

 

$

64.20

 

Previously escalated cash rent psf - office leases commenced

 

$

55.57

 

$

52.94

 

$

57.67

 

$

51.85

 

$

53.98

 

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

 

26.8

%

16.5

%

9.2

%

14.7

%

18.9

%

Average lease term

 

7.8

 

11.3

 

8.1

 

10.6

 

10.3

 

Tenant concession packages psf

 

$

39.44

 

$

54.43

 

$

45.05

 

$

40.41

 

$

46.60

 

Free rent months

 

3.7

 

6.2

 

4.2

 

5.0

 

2.1

 

 


(1) Manhattan same-store occupancy, inclusive of 143,757 square feet of leases signed but not yet commenced, is 97.3% as of September 30, 2015, as compared to 95.3% at September 30, 2014 and 97.0% at June 30, 2015.

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

 

Supplemental Information

Third Quarter 2015

 

13



 

 

 

SL Green Realty Corp.

Key Financial Data

September 30, 2015

(Dollars in Thousands Except Per Share)

 

 

 

Suburban Properties

 

 

 

As of or for the three months ended

 

 

 

9/30/2015

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

30,231

 

$

29,355

 

$

29,170

 

$

29,969

 

$

29,230

 

Property operating expenses

 

16,221

 

16,045

 

16,797

 

15,341

 

15,925

 

Property NOI

 

$

14,010

 

$

13,310

 

$

12,373

 

$

14,628

 

$

13,305

 

NOI from discontinued operations

 

 

 

 

 

 

Total property NOI - consolidated

 

$

14,010

 

$

13,310

 

$

12,373

 

$

14,628

 

$

13,305

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

240

 

$

395

 

$

299

 

$

299

 

$

1,141

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

271

 

$

1,301

 

$

966

 

$

1,119

 

$

1,152

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

28

 

28

 

27

 

27

 

27

 

Unconsolidated office buildings in service

 

3

 

5

 

4

 

4

 

4

 

 

 

31

 

33

 

31

 

31

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

4,450,400

 

4,450,400

 

4,365,400

 

4,365,400

 

4,365,400

 

Unconsolidated office buildings in service - square footage

 

705,641

 

1,287,741

 

1,222,100

 

1,222,100

 

1,222,100

 

 

 

5,156,041

 

5,738,141

 

5,587,500

 

5,587,500

 

5,587,500

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

80.0

%(1)

80.8

%

79.5

%

81.4

%

80.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

19

 

32

 

31

 

34

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

59,812

 

111,895

 

39,609

 

138,822

 

53,218

 

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

 

80,403

 

102,088

 

122,986

 

130,333

 

118,938

 

Total office square footage commenced

 

140,215

 

213,983

 

162,595

 

269,155

 

172,156

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf - office leases commenced

 

$

33.64

 

$

36.28

 

$

34.78

 

$

32.74

 

$

31.47

 

Previously escalated cash rent psf - office leases commenced

 

$

35.48

 

$

36.72

 

$

34.99

 

$

33.22

 

$

31.63

 

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

 

-5.2

%

-1.2

%

-0.6

%

-1.5

%

-0.5

%

Average lease term

 

6.4

 

8.0

 

6.5

 

9.0

 

8.4

 

Tenant concession packages psf

 

$

30.19

 

$

31.92

 

$

14.30

 

$

29.99

 

$

28.83

 

Free rent months

 

5.1

 

6.0

 

4.7

 

8.2

 

5.6

 

 


(1) Suburban same-store occupancy, inclusive of 79,091 square feet of leases signed but not yet commenced, is 81.6% as of September 30, 2015, as compared to 81.5% at September 30, 2014 and 82.8% at June 30, 2015.

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

 

Supplemental Information

Third Quarter 2015

 

14



 

 

 

COMPARATIVE BALANCE SHEETS

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

9/30/2015

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land & land interests

 

$

4,689,031

 

$

3,756,488

 

$

3,830,787

 

$

3,844,518

 

$

3,833,305

 

Buildings & improvements fee interest

 

10,079,151

 

8,397,117

 

8,697,145

 

8,778,593

 

8,679,637

 

Buildings & improvements leasehold

 

1,425,299

 

1,424,822

 

1,423,087

 

1,418,585

 

1,405,255

 

Buildings & improvements under capital lease

 

47,445

 

27,445

 

27,445

 

27,445

 

27,445

 

 

 

16,240,926

 

13,605,872

 

13,978,464

 

14,069,141

 

13,945,642

 

Less accumulated depreciation

 

(1,979,824

)

(2,081,646

)

(1,973,674

)

(1,905,165

)

(1,826,027

)

Net real estate

 

14,261,102

 

11,524,226

 

12,004,790

 

12,163,976

 

12,119,615

 

Other real estate investments:

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 

1,239,008

 

1,262,723

 

1,244,185

 

1,172,020

 

996,842

 

Debt and preferred equity investments, net

 

1,501,619

 

1,685,234

 

1,548,739

 

1,408,804

 

1,432,951

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale, net

 

117,885

 

420,569

 

 

462,430

 

753,457

 

Cash and cash equivalents

 

244,360

 

215,896

 

330,770

 

281,409

 

253,520

 

Restricted cash

 

279,592

 

128,234

 

128,834

 

149,176

 

159,303

 

Investment in marketable securities

 

46,432

 

46,251

 

47,716

 

39,429

 

39,293

 

Tenant and other receivables, net of $15,712 reserve at 9/30/15

 

66,896

 

64,873

 

50,156

 

57,369

 

64,184

 

Related party receivables

 

11,089

 

11,395

 

12,088

 

11,735

 

13,262

 

Deferred rents receivable, net of reserve for

 

 

 

 

 

 

 

 

 

 

 

tenant credit loss of $22,190 at 9/30/15

 

467,627

 

433,999

 

408,229

 

374,944

 

364,284

 

Deferred costs, net

 

342,936

 

328,838

 

326,555

 

327,962

 

310,860

 

Other assets

 

912,023

 

1,144,720

 

978,670

 

647,333

 

729,538

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

19,490,569

 

$

17,266,958

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

 

Supplemental Information

Third Quarter 2015

 

15



 

 

 

COMPARATIVE BALANCE SHEETS

 

Unaudited

(Amounts in Thousands)

 

 

 

 

 

9/30/2015

 

6/30/2015

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgages and other loans payable

 

$

6,865,383

 

$

5,287,934

 

$

5,359,043

 

$

5,586,709

 

$

5,890,782

 

Term loan and senior unsecured notes

 

2,216,120

 

2,113,050

 

2,110,041

 

2,107,078

 

2,054,168

 

Revolving credit facility

 

949,000

 

705,000

 

520,000

 

385,000

 

244,000

 

Accrued interest and other liabilities

 

204,224

 

161,188

 

162,910

 

137,634

 

127,811

 

Accounts payable and accrued expenses

 

173,228

 

147,028

 

151,427

 

173,246

 

183,001

 

Deferred revenue

 

428,334

 

337,571

 

369,626

 

187,148

 

215,527

 

Capitalized lease obligations

 

41,171

 

21,013

 

20,917

 

20,822

 

20,728

 

Deferred land lease payable

 

1,557

 

1,387

 

1,301

 

1,215

 

1,129

 

Dividends and distributions payable

 

67,109

 

66,026

 

65,868

 

64,393

 

53,571

 

Security deposits

 

66,654

 

67,985

 

66,427

 

66,614

 

66,659

 

Liabilities related to assets held for sale

 

94

 

178,252

 

 

266,873

 

461,891

 

Junior subordinated deferrable interest debentures

 

100,000

 

100,000

 

100,000

 

100,000

 

100,000

 

Total liabilities

 

11,112,874

 

9,186,434

 

8,927,560

 

9,096,732

 

9,419,267

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in operating partnership

 

 

 

 

 

 

 

 

 

 

 

(3,875 units outstanding) at 9/30/15

 

423,421

 

431,418

 

498,881

 

469,524

 

381,274

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Units

 

282,516

 

124,723

 

110,915

 

71,115

 

73,115

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

 

 

 

 

 

 

103,383 issued and outstanding at 9/30/15

 

1,034

 

1,033

 

1,032

 

1,010

 

996

 

Additional paid—in capital

 

5,593,653

 

5,570,746

 

5,572,410

 

5,289,479

 

5,130,858

 

Treasury stock (3,723 shares) at 9/30/15

 

(335,311

)

(325,207

)

(325,207

)

(320,471

)

(320,222

)

Accumulated other comprehensive loss

 

(15,821

)

(10,906

)

(11,810

)

(6,980

)

(2,896

)

Retained earnings

 

1,772,833

 

1,657,911

 

1,690,578

 

1,752,404

 

1,813,956

 

Total SL Green Realty Corp. stockholders’ equity

 

7,238,320

 

7,115,509

 

7,148,935

 

6,937,374

 

6,844,624

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in other partnerships

 

433,438

 

408,874

 

394,441

 

521,842

 

518,829

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

7,671,758

 

7,524,383

 

7,543,376

 

7,459,216

 

7,363,453

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

19,490,569

 

$

17,266,958

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

 

Supplemental Information

Third Quarter 2015

 

16



 

 

 

COMPARATIVE STATEMENTS OF OPERATIONS

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2015

 

2014

 

2015

 

2015

 

2014

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

318,465

 

$

291,293

 

$

304,226

 

$

926,020

 

$

826,877

 

Escalation and reimbursement revenues

 

48,254

 

43,826

 

41,407

 

130,630

 

120,209

 

Investment income

 

49,328

 

43,969

 

45,191

 

136,588

 

137,767

 

Other income

 

16,019

 

11,186

 

18,250

 

44,201

 

48,498

 

Total Revenues, net

 

432,066

 

390,274

 

409,074

 

1,237,439

 

1,133,351

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

3,627

 

6,034

 

2,994

 

10,651

 

20,781

 

Loss on early extinguishment of debt

 

 

(24,475

)

 

(49

)

(25,500

)

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

78,648

 

72,111

 

70,114

 

225,539

 

211,118

 

Ground rent

 

8,252

 

8,088

 

8,086

 

24,526

 

24,161

 

Real estate taxes

 

61,009

 

55,548

 

56,286

 

173,018

 

159,702

 

Transaction related costs

 

5,829

 

2,383

 

3,067

 

10,039

 

6,554

 

Marketing, general and administrative

 

23,475

 

22,649

 

23,200

 

72,139

 

69,778

 

Total Operating Expenses

 

177,213

 

160,779

 

160,753

 

505,261

 

471,313

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

258,480

 

211,054

 

251,315

 

742,780

 

657,319

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

84,141

 

82,376

 

75,746

 

235,694

 

236,424

 

Amortization of deferred financing costs

 

7,160

 

6,679

 

5,952

 

19,727

 

15,737

 

Depreciation and amortization

 

146,185

 

94,443

 

199,565

 

454,087

 

274,337

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) from Continuing Operations

 

20,994

 

27,556

 

(29,948

)

33,272

 

130,821

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

 

4,035

 

 

427

 

15,449

 

Gain on sale of real estate

 

159,704

 

29,507

 

 

172,687

 

144,242

 

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

 

15,281

 

16,496

 

769

 

16,050

 

122,580

 

Purchase price fair value adjustment

 

 

(4,000

)

 

 

67,446

 

Depreciable real estate reserves

 

(19,226

)

 

 

(19,226

)

 

Net Income (Loss)

 

176,753

 

73,594

 

(29,179

)

203,210

 

480,538

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(7,132

)

(4,348

)

(5,049

)

(19,851

)

(21,055

)

Dividends on preferred units

 

(2,225

)

(820

)

(1,140

)

(4,316

)

(1,950

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Attributable to SL Green Realty Corp

 

167,396

 

68,426

 

(35,368

)

179,043

 

457,533

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on perpetual preferred shares

 

(3,738

)

(3,738

)

(3,738

)

(11,214

)

(11,214

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Attributable to Common Stockholders

 

$

163,658

 

$

64,688

 

$

(39,106

)

$

167,829

 

$

446,319

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share (basic)

 

$

1.64

 

$

0.68

 

$

(0.39

)

$

1.69

 

$

4.68

 

Net income (loss) per share (diluted)

 

$

1.64

 

$

0.68

 

$

(0.39

)

$

1.68

 

$

4.66

 

 

Supplemental Information

Third Quarter 2015

 

17



 

COMPARATIVE COMPUTATION OF FFO AND FAD

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2015

 

2014

 

2015

 

2015

 

2014

 

Funds from Operations

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Attributable to Common Stockholders

 

$

163,658

 

$

64,688

 

$

(39,106

)

$

167,829

 

$

446,319

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

146,185

 

94,443

 

199,565

 

454,087

 

274,337

 

Discontinued operations depreciation adjustments

 

 

678

 

 

 

5,434

 

Joint ventures depreciation and noncontrolling interests adjustments

 

10,796

 

5,831

 

4,435

 

23,853

 

26,979

 

Net income attributable to noncontrolling interests

 

7,132

 

4,348

 

5,049

 

19,851

 

21,055

 

Depreciable real estate reserves, net of recovery

 

 

 

 

 

 

 

Loss (gain) on equity investment in marketable securities

 

 

 

 

 

 

Gain on sale of real estate

 

(159,704

)

(29,507

)

 

(172,687

)

(144,242

)

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

 

(15,281

)

(16,496

)

(769

)

(16,050

)

(122,580

)

Purchase price fair value adjustment

 

 

4,000

 

 

 

(67,446

)

Depreciable real estate reserves

 

19,226

 

 

 

19,226

 

 

Non-real estate depreciation and amortization

 

(500

)

(503

)

(500

)

(1,525

)

(1,520

)

Funds From Operations

 

$

171,512

 

$

127,482

 

$

168,674

 

$

494,584

 

$

438,336

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Basic per Share

 

$

1.66

 

$

1.28

 

$

1.63

 

$

4.80

 

$

4.43

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Diluted per Share

 

$

1.65

 

$

1.28

 

$

1.62

 

$

4.77

 

$

4.41

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

171,512

 

$

127,482

 

$

168,674

 

$

494,584

 

$

438,336

 

 

 

 

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

500

 

503

 

500

 

1,525

 

1,520

 

Amortization of deferred financing costs

 

7,160

 

6,679

 

5,952

 

19,727

 

15,737

 

Non-cash deferred compensation

 

8,894

 

9,855

 

10,701

 

38,472

 

38,577

 

FAD adjustment for Joint Ventures

 

(6,421

)

(5,885

)

(2,357

)

(17,468

)

(26,251

)

FAD adjustment for discontinued operations

 

 

(2,817

)

 

5

 

(7,155

)

Straight-line rental income and other non cash adjustments

 

(42,128

)

(16,324

)

(36,127

)

(122,146

)

(45,368

)

Second cycle tenant improvements

 

(11,340

)

(100,085

)

(26,299

)

(47,015

)

(143,784

)

Second cycle leasing commissions

 

(5,636

)

(10,706

)

(10,671

)

(22,145

)

(15,889

)

Revenue enhancing recurring CAPEX

 

(1,362

)

(2,402

)

(1,423

)

(2,999

)

(10,640

)

Non-revenue enhancing recurring CAPEX

 

(12,904

)

(12,930

)

(9,160

)

(26,882

)

(26,382

)

 

 

 

 

 

 

 

 

 

 

 

 

Reported Funds Available for Distribution

 

$

108,275

 

$

(6,630

)

$

99,790

 

$

315,658

 

$

218,701

 

Diluted per Share

 

$

1.04

 

$

(0.07

)

$

0.96

 

$

3.05

 

$

2.20

 

 

 

 

 

 

 

 

 

 

 

 

 

1515 Broadway - Viacom capital contribution

 

$

5,048

 

$

12,924

 

$

9,391

 

$

19,578

 

$

28,086

 

388-390 Greenwich - Citi capital contribution

 

$

 

$

68,867

 

$

5,542

 

$

5,542

 

$

76,523

 

388-390 Greenwich - free rent

 

$

20,459

 

$

 

$

20,459

 

$

61,377

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Funds Available for Distribution

 

$

133,782

 

$

75,161

 

$

135,182

 

$

402,155

 

$

323,310

 

Diluted per Share

 

$

1.29

 

$

0.75

 

$

1.30

 

$

3.88

 

$

3.26

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvements

 

$

33,288

 

$

3,483

 

$

7,530

 

$

43,624

 

$

17,123

 

First cycle leasing commissions

 

$

2,487

 

$

871

 

$

3,818

 

$

6,637

 

$

2,582

 

Redevelopment costs

 

$

20,497

 

$

13,468

 

$

18,316

 

$

45,470

 

$

38,656

 

Capitalized interest

 

$

7,529

 

$

7,972

 

$

7,528

 

$

23,496

 

$

30,773

 

 

Supplemental Information

Third 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

 

 

 

 

 

 

 

 

 

179,043

 

13,216

 

 

 

192,259

 

Acquisition of subsidiary interest from noncontrolling interest

 

 

 

 

 

(9,566

)

 

 

 

 

(11,084

)

 

 

(20,650

)

Preferred dividends

 

 

 

 

 

 

 

 

 

(11,214

)

 

 

 

 

(11,214

)

Cash distributions declared ($1.80 per common share)

 

 

 

 

 

 

 

 

 

(179,064

)

 

 

 

 

(179,064

)

Cash distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(114,828

)

 

 

(114,828

)

Other comprehensive income - unrealized loss on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,012

)

(7,012

)

Other comprehensive income - SLG’s share of joint venture net unrealized loss on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,478

)

(1,478

)

Other comprehensive income - unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

(351

)

(351

)

Proceeds from stock options exercised

 

 

 

2

 

12,868

 

 

 

 

 

 

 

 

 

12,870

 

DRSPP proceeds

 

 

 

8

 

99,521

 

 

 

 

 

 

 

 

 

99,529

 

Conversion of units of the Operating Partnership to common stock

 

 

 

4

 

41,601

 

 

 

 

 

 

 

 

 

41,605

 

Contributions to consolidated joint venture

 

 

 

 

 

 

 

 

 

 

 

34,436

 

 

 

34,436

 

Reallocation of noncontrolling interests in the Operating Partnership

 

 

 

 

 

 

 

 

 

31,664

 

 

 

 

 

31,664

 

Reallocation of capital account relating to sale

 

 

 

 

 

 

 

 

 

 

 

(10,144

)

 

 

(10,144

)

Issuance of common stock

 

 

 

10

 

137,012

 

(10,000

)

 

 

 

 

 

 

127,022

 

Deferred compensation plan and stock awards, net

 

 

 

 

1,744

 

(4,840

)

 

 

 

 

 

 

(3,096

)

Amortization of deferred compensation plan

 

 

 

 

 

20,994

 

 

 

 

 

 

 

 

 

20,994

 

Balance at September 30, 2015

 

$

221,932

 

$

1,034

 

$

5,593,653

 

$

(335,311

)

$

1,772,833

 

$

433,438

 

$

(15,821

)

$

7,671,758

 

 

 

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

 

2,334,176

 

(98,266

)

 

2,235,910

 

 

 

2,235,910

 

Share Count at September 30, 2015 - Basic

 

99,659,376

 

3,874,750

 

 

103,534,126

 

 

103,534,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighting factor

 

(454,326

)

49,071

 

479,992

 

74,737

 

 

 

74,737

 

Weighted Average Share Count at September 30, 2015 - Diluted

 

99,205,050

 

3,923,821

 

479,992

 

103,608,863

 

 

103,608,863

 

 

Supplemental Information

Third Quarter 2015

 

19



 

JOINT VENTURE STATEMENTS

Balance Sheet for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

September 30, 2015

 

June 30, 2015

 

December 31, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Land and land interests

 

$

1,718,817

 

$

733,819

 

$

1,664,839

 

$

732,308

 

$

1,511,239

 

$

720,231

 

Buildings and improvements

 

5,096,509

 

1,992,714

 

4,999,505

 

1,999,445

 

4,093,817

 

1,884,057

 

Building leasehold

 

31,084

 

15,542

 

26,771

 

13,385

 

18,171

 

9,086

 

Buildings & improvements under capital lease

 

189,558

 

94,779

 

189,558

 

94,779

 

189,558

 

94,779

 

 

 

7,035,968

 

2,836,854

 

6,880,673

 

2,839,917

 

5,812,785

 

2,708,153

 

Less accumulated depreciation

 

(753,701

)

(286,091

)

(749,384

)

(286,294

)

(537,153

)

(243,535

)

Net real estate

 

6,282,267

 

2,550,763

 

6,131,289

 

2,553,623

 

5,275,632

 

2,464,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

154,203

 

57,668

 

162,898

 

58,431

 

116,869

 

51,498

 

Restricted cash

 

106,423

 

37,044

 

114,549

 

39,786

 

91,917

 

37,110

 

Debt and preferred equity investments, net

 

145,762

 

145,762

 

145,691

 

145,691

 

145,875

 

145,875

 

Tenant and other receivables, net of $2,788 reserve at 9/30/15

 

29,596

 

13,657

 

44,507

 

18,082

 

39,537

 

16,607

 

Deferred rents receivable, net of reserve for tenant credit loss of $2,975 at 9/30/15

 

171,395

 

71,207

 

151,386

 

64,186

 

130,833

 

54,057

 

Deferred costs, net

 

163,786

 

66,846

 

170,246

 

70,923

 

144,280

 

61,462

 

Other assets

 

135,790

 

59,791

 

138,271

 

64,270

 

141,256

 

65,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

7,189,222

 

$

3,002,738

 

$

7,058,837

 

$

3,014,992

 

$

6,086,199

 

$

2,896,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

4,413,802

 

$

1,683,320

 

4,360,348

 

1,695,340

 

$

3,778,704

 

$

1,601,340

 

Accrued interest and other liabilities

 

17,337

 

7,402

 

12,956

 

5,787

 

13,313

 

6,174

 

Accounts payable and accrued expenses

 

84,239

 

34,367

 

85,378

 

36,593

 

80,206

 

36,584

 

Deferred revenue

 

190,136

 

93,022

 

192,264

 

93,847

 

195,819

 

95,816

 

Capitalized lease obligations

 

182,509

 

91,255

 

181,843

 

90,922

 

180,551

 

90,276

 

Security deposits

 

27,416

 

9,089

 

26,548

 

9,184

 

15,683

 

7,520

 

Equity

 

2,273,783

 

1,084,283

 

2,199,500

 

1,083,319

 

1,821,923

 

1,059,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

7,189,222

 

$

3,002,738

 

$

7,058,837

 

$

3,014,992

 

$

6,086,199

 

$

2,896,953

 

 

Supplemental Information

Third Quarter 2015

 

20



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

Three Months Ended September 30, 2015

 

Three Months Ended June 30, 2015

 

Three Months Ended September 30, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

130,067

 

$

48,506

 

$

124,307

 

$

46,664

 

$

95,610

 

$

39,879

 

Escalation and reimbursement revenues

 

10,260

 

4,542

 

9,041

 

3,910

 

8,772

 

3,847

 

Other income

 

10,311

 

6,497

 

10,187

 

6,406

 

10,449

 

6,081

 

Total Revenues, net

 

$

150,638

 

$

59,545

 

$

143,535

 

$

56,980

 

$

114,831

 

$

49,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

27,647

 

$

9,998

 

$

26,345

 

$

9,175

 

$

18,530

 

$

8,384

 

Ground rent

 

4,677

 

2,339

 

2,572

 

1,286

 

2,638

 

1,319

 

Real estate taxes

 

23,494

 

8,404

 

22,335

 

7,879

 

15,867

 

6,872

 

Total Operating Expenses

 

$

55,818

 

$

20,741

 

$

51,252

 

$

18,340

 

$

37,035

 

$

16,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

94,820

 

$

38,804

 

$

92,283

 

$

38,640

 

$

77,796

 

$

33,232

 

Cash NOI

 

$

81,675

 

$

32,393

 

$

81,344

 

$

33,050

 

$

69,126

 

$

29,123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

604

 

$

27

 

$

3

 

$

3

 

$

501

 

$

301

 

Interest expense, net of interest income

 

51,430

 

17,794

 

51,715

 

18,259

 

40,885

 

13,426

 

Amortization of deferred financing costs

 

3,473

 

1,416

 

3,145

 

1,344

 

2,837

 

1,240

 

Depreciation and amortization

 

38,144

 

15,480

 

37,894

 

15,494

 

28,324

 

11,910

 

Loss on early extinguishment of debt

 

248

 

88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

921

 

$

3,999

 

$

(474

)

$

3,540

 

$

5,249

 

$

6,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate depreciation

 

38,073

 

15,474

 

37,816

 

15,484

 

28,306

 

11,902

 

FFO Contribution

 

$

38,994

 

$

19,473

 

$

37,342

 

$

19,024

 

$

33,555

 

$

18,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

$

3,544

 

$

1,423

 

$

3,223

 

$

1,354

 

$

2,855

 

$

1,249

 

Straight-line rental income and other non-cash adjustments

 

(11,113

)

$

(5,454

)

(9,793

)

(5,042

)

(9,302

)

(4,418

)

Second cycle tenant improvement

 

(4,035

)

$

(1,393

)

(4,099

)

(1,837

)

(3,373

)

(1,461

)

Second cycle leasing commissions

 

(730

)

$

(260

)

(1,238

)

(731

)

(1,369

)

(588

)

Recurring CAPEX

 

(1,391

)

$

(738

)

(1,563

)

(831

)

(1,397

)

(667

)

FAD Adjustment

 

$

(13,725

)

$

(6,421

)

$

(13,470

)

$

(7,087

)

$

(12,586

)

$

(5,885

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

14,282

 

$

4,750

 

$

8,913

 

$

4,367

 

$

10,332

 

$

4,828

 

First cycle leasing commissions

 

$

4,880

 

$

2,250

 

$

9,533

 

$

4,356

 

$

3,814

 

$

1,928

 

Redevelopment costs

 

$

25,955

 

$

10,981

 

$

27,093

 

$

12,667

 

$

33,669

 

$

16,730

 

Capitalized interest

 

$

9,724

 

$

4,901

 

$

8,427

 

$

4,215

 

$

10,801

 

$

5,386

 

 

Supplemental Information

Third Quarter 2015

 

21



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Amounts in Thousands)

 

 

 

Nine Months Ended September 30, 2015

 

Nine Months Ended September 30, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

364,516

 

$

138,603

 

$

351,061

 

$

149,328

 

Escalation and reimbursement revenues

 

27,847

 

12,079

 

26,554

 

11,668

 

Other income

 

30,726

 

19,307

 

28,849

 

16,406

 

Total Revenues, net

 

$

423,089

 

$

169,989

 

$

406,464

 

$

177,402

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

79,478

 

$

28,907

 

$

63,575

 

$

28,728

 

Ground rent

 

9,841

 

4,921

 

7,295

 

3,607

 

Real estate taxes

 

65,205

 

23,663

 

48,209

 

21,007

 

Total Operating Expenses

 

$

154,524

 

$

57,491

 

$

119,079

 

$

53,342

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

268,565

 

$

112,498

 

$

287,385

 

$

124,060

 

Cash NOI

 

$

237,309

 

$

95,976

 

$

256,220

 

$

110,775

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

615

 

$

37

 

$

565

 

$

401

 

Interest expense, net of interest income

 

147,152

 

51,308

 

137,949

 

47,556

 

Amortization of deferred financing costs

 

9,628

 

4,081

 

9,496

 

4,698

 

Depreciation and amortization

 

109,022

 

44,834

 

107,786

 

46,429

 

Loss on early extinguishment of debt

 

1,081

 

495

 

6,743

 

3,382

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,067

 

$

11,743

 

$

24,846

 

$

21,594

 

 

 

 

 

 

 

 

 

 

 

Real estate depreciation

 

108,823

 

44,809

 

107,733

 

46,402

 

FFO Contribution

 

$

109,890

 

$

56,552

 

$

132,579

 

$

67,996

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

$

9,827

 

4,108

 

$

8,460

 

$

3,683

 

Straight-line rental income and other non-cash adjustments

 

(28,404

)

(13,955

)

(32,573

)

(13,961

)

Second cycle tenant improvement

 

(9,889

)

(3,981

)

(13,660

)

(6,527

)

Second cycle leasing commissions

 

(4,211

)

(1,940

)

(16,039

)

(7,853

)

Recurring CAPEX

 

(3,208

)

(1,701

)

(3,382

)

(1,593

)

FAD Adjustment

 

$

(35,885

)

$

(17,468

)

$

(57,194

)

$

(26,251

)

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

26,403

 

$

10,583

 

$

18,664

 

$

8,978

 

First cycle leasing commissions

 

$

25,745

 

$

12,329

 

$

10,499

 

$

4,778

 

Redevelopment costs

 

$

83,778

 

$

38,062

 

$

175,270

 

$

86,732

 

Capitalized interest

 

$

30,459

 

$

15,154

 

$

33,602

 

$

16,687

 

 

Supplemental Information

Third Quarter 2015

 

22



 

SELECTED FINANCIAL DATA

Property NOI and Components of Consolidated Debt Service and Fixed Charge Coverage - Cash Basis

Unaudited

(Dollars in Thousands)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2015

 

2014

 

2015

 

2015

 

2014

 

Property NOI

 

 

 

 

 

 

 

 

 

 

 

Property NOI

 

$

218,810

 

$

199,372

 

$

211,147

 

$

633,567

 

$

552,105

 

NOI from discontinued operations

 

 

7,750

 

 

488

 

32,349

 

Total property NOI - consolidated

 

218,810

 

207,122

 

211,147

 

634,055

 

584,454

 

SLG share of property NOI from unconsolidated JVs

 

38,804

 

33,232

 

38,640

 

112,498

 

124,060

 

Combined NOI

 

$

257,614

 

$

240,354

 

$

249,787

 

$

746,553

 

$

708,514

 

Partners’ share of property NOI - consolidated JVs

 

(7,984

)

(9,919

)

(9,219

)

(25,987

)

$

(31,488

)

NOI - SLG share

 

$

249,630

 

$

230,435

 

$

240,568

 

$

720,566

 

$

677,026

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

257,614

 

$

240,354

 

$

249,787

 

$

746,553

 

$

708,514

 

Free rent (net of amortization)

 

(24,266

)

(4,939

)

(25,067

)

(71,806

)

(8,539

)

Net FAS 141 adjustment

 

(10,752

)

(5,816

)

(8,903

)

(34,198

)

(16,023

)

Straightline revenue adjustment

 

(14,830

)

(15,929

)

(12,494

)

(40,726

)

(49,470

)

Allowance for S/L tenant credit loss

 

(1,732

)

 

(71

)

(2,715

)

(2,256

)

Ground lease straight-line adjustment

 

913

 

687

 

705

 

2,323

 

4,014

 

Combined Cash NOI

 

$

206,947

 

$

214,357

 

$

203,957

 

$

599,431

 

$

636,240

 

Partners’ share of property NOI - consolidated JVs

 

(6,616

)

(7,715

)

(5,713

)

(19,944

)

(25,993

)

Cash NOI - SLG share

 

$

200,331

 

$

206,642

 

$

198,244

 

$

579,487

 

$

610,247

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of Consolidated Debt Service and Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

89,217

 

$

90,202

 

$

80,949

 

$

252,277

 

260,775

 

Principal amortization payments

 

7,638

 

11,261

 

7,530

 

22,834

 

32,729

 

Total Consolidated Debt Service

 

$

96,855

 

$

101,463

 

$

88,479

 

$

275,111

 

$

293,504

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments under ground lease arrangements

 

$

7,674

 

$

7,612

 

$

7,592

 

$

22,960

 

24,502

 

Dividends on preferred units

 

2,225

 

820

 

1,140

 

4,316

 

1,950

 

Dividends on perpetual preferred shares

 

3,738

 

3,738

 

3,738

 

11,214

 

11,214

 

Total Consolidated Fixed Charges

 

$

110,492

 

$

113,633

 

$

100,949

 

$

313,601

 

$

331,170

 

 

Supplemental Information

Third Quarter 2015

 

23



 

 

 

SELECTED FINANCIAL DATA

2015 Same Store - Consolidated

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

 

2015

 

2014

 

%

 

2015

 

2015

 

2014

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

257,591

 

$

247,326

 

4.2

%

$

259,482

 

$

767,508

 

$

739,138

 

3.8

%

 

Escalation & reimbursement revenues

 

45,139

 

41,417

 

9.0

%

39,786

 

124,322

 

113,830

 

9.2

%

 

Other income

 

4,819

 

1,382

 

248.7

%

13,584

 

19,916

 

3,372

 

490.6

%

 

Total Revenues

 

$

307,549

 

$

290,125

 

6.0

%

$

312,852

 

$

911,746

 

$

856,340

 

6.5

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

69,387

 

$

64,204

 

8.1

%

$

63,624

 

$

202,180

 

$

189,433

 

6.7

%

 

Ground rent

 

8,283

 

8,283

 

0.0

%

8,232

 

24,850

 

24,850

 

0.0

%

 

Real estate taxes

 

57,332

 

52,283

 

9.7

%

53,809

 

164,374

 

149,724

 

9.8

%

 

Transaction related costs, net of recoveries

 

 

(99

)

-100.0

%

191

 

191

 

779

 

0.0

%

 

 

 

$

135,002

 

$

124,671

 

8.3

%

$

125,856

 

$

391,595

 

$

364,786

 

7.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

172,547

 

$

165,454

 

4.3

%

$

186,996

 

$

520,151

 

$

491,554

 

5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

45,357

 

$

51,217

 

-11.4

%

$

45,038

 

$

136,693

 

$

154,073

 

-11.3

%

 

Depreciation & amortization

 

76,791

 

77,396

 

-0.8

%

79,115

 

233,241

 

236,287

 

-1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

50,399

 

$

36,841

 

36.8

%

$

62,843

 

$

150,217

 

$

101,194

 

48.4

%

Plus:

Real estate depreciation & amortization

 

76,791

 

77,396

 

-0.8

%

79,063

 

233,085

 

236,118

 

-1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

127,190

 

$

114,237

 

11.3

%

$

141,906

 

$

383,302

 

$

337,312

 

13.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

325

 

221

 

47.1

%

294

 

1,093

 

655

 

66.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

 

(99

)

-100.0

%

191

 

191

 

779

 

0.0

%

 

Interest expense & amortization of financing costs

 

45,357

 

51,217

 

-11.4

%

45,038

 

136,693

 

154,073

 

-11.3

%

 

Non-real estate depreciation

 

 

 

0.0

%

52

 

156

 

169

 

-7.7

%

 

NOI

 

$

172,222

 

$

165,134

 

4.3

%

$

186,893

 

$

519,249

 

$

491,678

 

5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

1,765

 

3,912

 

-54.9

%

3,429

 

7,547

 

5,677

 

32.9

%

 

Straightline revenue & other adjustments

 

11,149

 

9,517

 

17.1

%

19,899

 

40,412

 

29,275

 

38.0

%

 

Rental income - FAS 141

 

2,336

 

3,698

 

-36.8

%

4,516

 

9,192

 

13,427

 

-31.5

%

Plus:

Ground lease straight-line adjustment

 

400

 

400

 

0.0

%

400

 

1,201

 

1,201

 

0.0

%

 

Allowance for S/L tenant credit loss

 

344

 

(8

)

-4400.0

%

(691

)

(1,261

)

(961

)

31.2

%

 

Cash NOI

 

$

157,716

 

$

148,399

 

6.3

%

$

158,758

 

$

462,038

 

$

443,539

 

4.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

56.0

%

57.0

%

 

 

59.9

%

57.1

%

57.5

%

 

 

 

Cash NOI to real estate revenue, net

 

51.3

%

51.2

%

 

 

50.9

%

50.8

%

51.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

58.7

%

59.8

%

 

 

62.6

%

59.8

%

60.4

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

53.8

%

53.9

%

 

 

53.4

%

53.4

%

54.7

%

 

 

 

Supplemental Information

Third Quarter 2015

 

24



 

SELECTED FINANCIAL DATA

2015 Same Store - Joint Venture

Unaudited

(Dollars in Thousands)

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

 

2015

 

2014

 

%

 

2015

 

2015

 

2014

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

30,569

 

$

29,300

 

4.3

%

$

29,923

 

$

90,348

 

$

86,155

 

4.9

%

 

Escalation & reimbursement revenues

 

3,332

 

2,821

 

18.1

%

2,726

 

8,711

 

7,266

 

19.9

%

 

Other income

 

212

 

302

 

-29.8

%

199

 

703

 

715

 

-1.7

%

 

Total Revenues

 

$

34,113

 

$

32,423

 

5.2

%

$

32,848

 

$

99,762

 

$

94,136

 

6.0

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

5,823

 

$

5,700

 

2.2

%

$

5,512

 

$

17,242

 

$

16,552

 

4.2

%

 

Real estate taxes

 

5,237

 

4,844

 

8.1

%

5,003

 

15,239

 

13,535

 

12.6

%

 

 

 

$

11,060

 

$

10,544

 

4.9

%

$

10,515

 

$

32,481

 

$

30,087

 

8.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

23,053

 

$

21,879

 

5.4

%

$

22,333

 

$

67,281

 

$

64,049

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

8,897

 

$

7,769

 

14.5

%

$

8,913

 

$

26,082

 

$

22,819

 

14.3

%

 

Depreciation & amortization

 

10,030

 

9,635

 

4.1

%

10,013

 

29,950

 

28,174

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

4,126

 

$

4,475

 

-7.8

%

$

3,407

 

$

11,249

 

$

13,056

 

-13.8

%

Plus:

Real estate depreciation & amortization

 

10,030

 

9,634

 

4.1

%

10,012

 

29,949

 

28,172

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

14,156

 

$

14,109

 

0.3

%

$

13,419

 

$

41,198

 

$

41,228

 

-0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

44

 

42

 

4.8

%

34

 

154

 

123

 

25.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Interest expense & amortization of financing costs

 

8,897

 

7,769

 

14.5

%

8,913

 

26,082

 

22,819

 

14.3

%

 

Non-real estate depreciation

 

 

1

 

0.0

%

1

 

1

 

2

 

-50.0

%

 

NOI

 

$

23,009

 

$

21,837

 

5.4

%

$

22,299

 

$

67,127

 

$

63,926

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

568

 

974

 

-41.7

%

724

 

1,823

 

2,567

 

-29.0

%

 

Straightline revenue adjustment

 

1,015

 

830

 

22.3

%

1,047

 

3,178

 

3,497

 

-9.1

%

 

Rental income - FAS 141

 

559

 

712

 

-21.5

%

570

 

1,697

 

1,903

 

-10.8

%

Plus:

Allowance for S/L tenant credit loss

 

 

 

0.0

%

(134

)

(134

)

52

 

-357.7

%

 

Cash NOI

 

$

20,867

 

$

19,321

 

8.0

%

$

19,824

 

$

60,295

 

$

56,011

 

7.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

67.5

%

67.4

%

 

 

68.2

%

67.5

%

68.0

%

 

 

 

Cash NOI to real estate revenue, net

 

61.2

%

59.7

%

 

 

60.7

%

60.6

%

59.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

67.5

%

67.4

%

 

 

68.2

%

67.5

%

68.0

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

61.2

%

59.7

%

 

 

60.7

%

60.6

%

59.5

%

 

 

 

Supplemental Information

Third Quarter 2015

 

25



 

SELECTED FINANCIAL DATA

2015 Same Store - Combined

Unaudited

(Dollars in Thousands)

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

 

2015

 

2014

 

%

 

2015

 

2015

 

2014

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

288,160

 

$

276,626

 

4.2

%

$

289,405

 

$

857,856

 

$

825,293

 

3.9

%

 

Escalation & reimbursement revenues

 

48,471

 

44,238

 

9.6

%

42,512

 

133,033

 

121,096

 

9.9

%

 

Other income

 

5,031

 

1,684

 

198.8

%

13,783

 

20,619

 

4,087

 

404.5

%

 

Total Revenues

 

$

341,662

 

$

322,548

 

5.9

%

$

345,700

 

$

1,011,508

 

$

950,476

 

6.4

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

75,210

 

$

69,904

 

7.6

%

$

69,136

 

$

219,422

 

$

205,985

 

6.5

%

 

Ground rent

 

8,283

 

8,283

 

0.0

%

8,232

 

24,850

 

24,850

 

0.0

%

 

Real estate taxes

 

62,569

 

57,127

 

9.5

%

58,812

 

179,613

 

163,259

 

10.0

%

 

Transaction related costs

 

 

(99

)

-100.0

%

191

 

191

 

779

 

-75.5

%

 

 

 

$

146,062

 

$

135,215

 

8.0

%

$

136,371

 

$

424,076

 

$

394,873

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

195,600

 

$

187,333

 

4.4

%

$

209,329

 

$

587,432

 

$

555,603

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

54,254

 

$

58,986

 

-8.0

%

$

53,951

 

$

162,775

 

$

176,892

 

-8.0

%

 

Depreciation & amortization

 

86,821

 

87,031

 

-0.2

%

89,128

 

263,191

 

264,461

 

-0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

54,525

 

$

41,316

 

32.0

%

$

66,250

 

$

161,466

 

$

114,250

 

41.3

%

Plus:

Real estate depreciation & amortization

 

86,821

 

87,030

 

-0.2

%

89,075

 

263,034

 

264,290

 

-0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

141,346

 

$

128,346

 

10.1

%

$

155,325

 

$

424,500

 

$

378,540

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

369

 

263

 

40.3

%

328

 

1,247

 

778

 

60.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs

 

 

(99

)

-100.0

%

191

 

191

 

779

 

-75.5

%

 

Interest expense & amortization of financing costs

 

54,254

 

58,986

 

-8.0

%

53,951

 

162,775

 

176,892

 

-8.0

%

 

Non-real estate depreciation

 

 

1

 

-100.0

%

53

 

157

 

171

 

-8.2

%

 

NOI

 

$

195,231

 

$

186,971

 

4.4

%

$

209,192

 

$

586,376

 

$

555,604

 

5.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

2,333

 

4,886

 

-52.3

%

4,153

 

9,370

 

8,244

 

13.7

%

 

Straightline revenue adjustment

 

12,164

 

10,347

 

17.6

%

20,946

 

43,590

 

32,772

 

33.0

%

 

Rental income - FAS 141

 

2,895

 

4,410

 

-34.4

%

5,086

 

10,889

 

15,330

 

-29.0

%

Plus:

Ground lease straight-line adjustment

 

400

 

400

 

0.0

%

400

 

1,201

 

1,201

 

0.0

%

 

Allowance for S/L tenant credit loss

 

344

 

(8

)

-4400.0

%

(825

)

(1,395

)

(909

)

53.5

%

 

Cash NOI

 

$

178,583

 

$

167,720

 

6.5

%

$

178,582

 

$

522,333

 

$

499,550

 

4.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

57.1

%

58.0

%

 

 

60.7

%

58.1

%

58.6

%

 

 

 

Cash NOI to real estate revenue, net

 

52.3

%

52.0

%

 

 

51.8

%

51.8

%

52.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

59.6

%

60.6

%

 

 

63.1

%

60.6

%

61.2

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

54.6

%

54.5

%

 

 

54.1

%

54.1

%

55.1

%

 

 

 

Supplemental Information

Third Quarter 2015

 

26



 

DEBT SUMMARY SCHEDULE - Consolidated

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

9/30/2015

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FHLB Facility

 

$

1,000

 

0.46

%

$

 

Oct-15

(2)

$

1,000

 

 

Open

 

500 West Putnam Avenue

 

22,527

 

5.52

%

593

 

Jan-16

 

22,376

 

 

Open

 

1-6 Landmark Square

 

79,995

 

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)

 

7,916

 

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

 

548,699

 

5.91

%

22,925

 

May-20

 

404,531

 

 

Open

 

100 Church Street

 

226,000

 

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

 

67,962

 

4.13

%

1,146

 

Feb-24

 

48,588

 

 

Open

 

400 East 58th Street

 

29,126

 

4.13

%

491

 

Feb-24

 

20,823

 

 

Open

 

420 Lexington Avenue

 

300,000

 

3.99

%

 

Oct-24

 

272,749

 

 

Jul-24

 

1515 Broadway

 

900,000

 

3.93

%

 

Mar-25

 

737,436

 

 

Open

 

11 Madison Avenue

 

1,400,000

 

3.84

%

 

Sep-25

 

1,400,000

 

 

Mar-25

 

 

 

$

5,804,875

 

4.36

%

$

30,548

 

 

 

$

5,354,146

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,284

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Convertible notes

 

318,034

 

3.00

%

 

Oct-17

 

345,000

 

 

Open

 

1745 Broadway

 

16,000

 

4.81

%

 

Jun-18

 

16,000

 

 

Open

 

Unsecured notes

 

249,793

 

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

 

Series J Preferred Units

 

4,000

 

3.75

%

 

Apr-51

 

4,000

 

 

Open

 

 

 

$

1,333,119

 

5.10

%

$

 

 

 

$

1,360,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

7,137,994

 

4.50

%

$

30,548

 

 

 

$

6,714,462

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 315 bps)

 

$

285,508

 

3.35

%

$

 

Jun-16

 

$

285,508

 

 

Open

 

388-390 Greenwich Street (LIBOR + 175 bps)

 

446,000

 

1.94

%

 

Jun-18

 

446,000

 

Jun-21

 

Open

 

248-252 Bedford Avenue (LIBOR + 150 bps)

 

29,000

 

1.70

%

 

Jun-19

 

28,317

 

 

Open

 

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

 

275,000

 

1.80

%

 

Oct-20

 

275,000

 

 

Open

 

FHLB Facility (LIBOR + 33bps)

 

5,000

 

0.53

%

 

Jun-16

 

5,000

 

 

Open

 

 

 

$

1,040,508

 

2.28

%

$

 

 

 

$

1,039,825

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

949,000

 

1.44

%

$

 

Mar-19

 

$

949,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

903,000

 

1.59

%

 

Jun-19

 

903,000

 

 

Open

 

Junior subordinated deferrable interest debentures (LIBOR + 1.25 bps)

 

100,000

 

1.45

%

 

Jul-35

 

100,000

 

 

Open

 

 

 

$

1,952,000

 

1.51

%

$

 

 

 

$

1,952,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

2,992,508

 

1.78

%

$

 

 

 

$

2,991,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

10,130,502

 

3.70

%

$

30,548

 

 

 

$

9,706,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Joint Venture

 

$

1,683,320

 

4.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

11,813,822

 

3.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

10,964,576

 

3.81

%

 

 

 

 

 

 

 

 

 

 

 


(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 maturity date was extended to April 2016.

(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

Third Quarter 2015

 

27



 

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal Outstanding

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

9/30/2015

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

Gross Principal

 

SLG Share

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Renaissance

 

$

2,927

 

$

1,464

 

10.00

%

$

 

Dec-15

 

$

1,300

 

 

Open

 

11 West 34th Street (swapped)

 

16,671

 

5,001

 

4.82

%

95

 

Jan-16

 

4,977

 

 

Open

 

280 Park Avenue

 

694,846

 

347,423

 

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

 

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)

 

322,769

 

35,233

 

9.00

%

 

Jul-24

 

50,965

 

 

Open

 

3 Columbus Circle

 

350,000

 

171,150

 

3.61

%

 

Mar-25

 

171,150

 

 

Open

 

Stonehenge Portfolio

 

433,031

(3)

25,627

 

4.18

%

285

 

Various

(3)

23,182

 

 

Open

 

Total Fixed Rate Debt/Wtd Avg

 

$

2,826,904

 

$

947,559

 

5.49

%(4)

$

3,984

 

 

 

$

958,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1552 Broadway (LIBOR + 411 bps)

 

188,409

 

94,205

 

4.32

%

 

Apr-16

 

94,205

 

 

Open

 

Mezzanine Debt (LIBOR + 90 bps)

 

30,000

 

15,000

 

1.09

%

 

Jun-16

 

15,000

 

 

Open

 

650 Fifth Avenue (LIBOR + 350 bps)

 

65,000

 

32,500

 

3.70

%

 

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

 

2.70

%

 

Feb-17

 

68,750

 

 

Open

 

724 Fifth Avenue (LIBOR + 242 bps)

 

275,000

 

137,500

 

2.62

%

 

Apr-17

 

137,500

 

 

Open

 

33 Beekman (LIBOR + 275 bps)

 

71,378

 

32,763

 

2.94

%

28

 

Aug-17

 

32,585

 

 

Open

 

600 Lexington Avenue (LIBOR + 200 bps)

 

113,786

 

62,582

 

2.29

%

2,137

 

Oct-17

 

58,339

 

 

Open

 

55 West 46th Street (LIBOR + 230 bps)

 

150,000

 

37,500

 

2.50

%

 

Oct-17

 

37,500

 

 

Open

 

Stonehenge Portfolio (Prime)

 

10,500

 

1,032

 

3.25

%

 

Dec-17

 

997

 

 

Open

 

121 Greene Street (LIBOR + 150 bps)

 

15,000

 

7,500

 

1.70

%

 

Nov-19

 

7,500

 

 

Open

 

100 Park Avenue (LIBOR + 175 bps)

 

360,000

 

179,640

 

1.95

%

 

Feb-21

 

175,859

 

 

Feb-16

 

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

 

1,825

 

589

 

3.00

%

25

 

Jun-33

 

4

 

 

Open

 

131-137 Spring Street (LIBOR + 155 bps)

 

141,000

 

28,200

 

1.75

%

 

Aug-20

 

28,200

 

 

Aug-16

 

Total Floating Rate Debt/Wtd Avg

 

$

1,586,898

 

$

735,761

 

2.72

%(4)

$

2,190

 

 

 

$

726,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Debt/Wtd Avg

 

$

4,413,802

 

$

1,683,320

 

4.28

%(4)

$

6,174

 

 

 

$

1,685,073

 

 

 

 

 

 


(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) As of September 30, 2015, this loan was in default due to the non-payment of debt service.

(3) Amount is comprised of $13.4 million, $55.8 million, $35.0 million, $7.4 million, $142.1 million, and $179.4 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

 

50.5

%

Less than 60%

 

Fixed Charge Coverage

 

2.31

x

Greater than 1.5x

 

 

Unsecured Notes Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

37.4

%

Less than 60%

 

Secured Debt / Total Assets

 

18.8

%

Less than 40%

 

Debt Service Coverage

 

4.76

.x

Greater than 1.5x

 

Unencumbered Assets / Unsecured Debt

 

416.9

%

Greater than 150%

 

 

Composition of Debt

 

 

 

 

 

 

 

Fixed Rate Debt

 

 

 

 

 

Consolidated

 

$

7,137,994

 

 

 

SLG Share of JV

 

947,559

 

 

 

Total Fixed Rate Debt

 

$

8,085,553

 

68.4%

 

 

 

 

 

 

 

Floating Rate Debt

 

 

 

 

 

Consolidated

 

$

2,992,508

 

 

 

SLG Share of JV

 

735,761

 

 

 

 

 

3,728,269

 

 

 

Debt & Preferred Equity and Other Investments

 

(915,547

)

 

 

Total Floating Rate Debt

 

$

2,812,722

 

23.8%

 

 

 

 

 

 

 

Total Debt

 

$

11,813,822

 

 

 

 

Supplemental Information

Third Quarter 2015

 

28



 

DEBT SUMMARY SCHEDULE - Reckson Operating Partnership

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

9/30/2015

 

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

 

$

255,284

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Unsecured notes

 

249,793

 

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

 

 

 

$

985,077

 

5.82

%

$

 

 

 

$

985,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,485,077

 

5.58

%

$

 

 

 

$

1,426,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 315 bps)

 

$

285,508

 

3.35

%

$

 

Jun-16

 

$

285,508

 

 

Open

 

 

 

285,508

 

3.35

%

 

 

 

285,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

949,000

 

1.44

%

$

 

Mar-19

 

$

949,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

903,000

 

1.59

%

 

Jun-19

 

903,000

 

 

Open

 

 

 

1,852,000

 

1.52

%

 

 

 

 

$

1,852,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

2,137,508

 

1.76

%

$

 

 

 

$

2,137,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

3,622,585

 

3.33

%

$

 

 

 

$

3,564,410

 

 

 

 

 

 


(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

 

45.4

%

Less than 60%

 

Fixed Charge Coverage

 

4.52

x

Greater than 1.5x

 

Secured Debt / Total Assets

 

8.9

%

Less than 40%

 

Unsecured Debt / Unencumbered Assets

 

51.3

%

Less than 60%

 

 

Supplemental Information

Third Quarter 2015

 

29



 

SUMMARY OF GROUND LEASE ARRANGEMENTS

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Deferred Land

 

 

 

 

 

2015 Scheduled

 

2016 Scheduled

 

2017 Scheduled

 

2018 Scheduled

 

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

 

501

 

2027

(3)

711 Third Avenue

 

5,250

 

5,354

 

5,500

 

5,500

 

971

 

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

 

30 East 40th Street

 

82

 

204

 

204

 

204

 

84

 

2114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

30,573

 

$

30,816

 

$

31,049

 

$

31,049

 

$

1,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

1080 Amsterdam Avenue

 

145

 

170

 

291

 

291

 

21,109

 

2111

 

30 East 40th Street

 

845

 

2,096

 

2,096

 

2,096

 

20,061

 

2114

 

Total

 

$

990

 

$

2,266

 

$

2,387

 

$

2,387

 

$

41,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

1,167

 

$

1,167

 

$

1,167

 

$

1,183

 

$

 

2062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

6,086

 

$

6,086

 

$

6,086

 

$

6,169

 

$

91,255

 

2062

 

 


(1) Per the balance sheet at September 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

Third Quarter 2015

 

30



 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Weighted Average Book

 

Weighted Average

 

Current

 

 

 

Book Value(1)

 

Value During Quarter

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(3)

 

78,631

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

54

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(262,300

)

 

 

 

 

 

 

9/30/2015

 

$

1,501,619

 

$

1,599,153

 

10.10

%

10.25

%

 


(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

Third Quarter 2015

 

31



 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

Unaudited

(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

 

$

247,721

 

$

 

$

789

 

6.75

%

6.85

%

 

 

 

 

 

 

 

 

 

 

 

 

Junior Mortgage Participation

 

182,123

 

1,689,460

 

$

1,905

 

9.06

%

9.00

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Debt

 

1,029,626

 

3,963,939

 

$

1,128

 

11.23

%

11.39

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

42,149

 

130,387

 

$

403

 

9.38

%

7.77

%

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 9/30/15

 

$

1,501,619

 

$

5,783,786

 

$

1,147

 

10.10

%

10.25

%

 

 


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

(2)   Approximately 61.7% 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 61.5% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

 

Supplemental Information

Third Quarter 2015

 

32



 

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

 

Unaudited

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

Book Value(1)

 

Property

 

 

 

Senior

 

 

 

Current

 

Investment Type

 

9/30/15

 

Type

 

Location

 

Financing

 

Last $ PSF

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

$

124,789

 

Residential Land

 

New York City

 

$

 

$

226

 

10.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

102,709

 

Office

 

New York City

 

1,109,000

 

$

1,175

 

9.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

99,398

 

Residential

 

New York City

 

360,000

 

$

843

 

8.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

81,730

 

Residential

 

New York City

 

 

$

555

 

11.40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

74,349

 

Office

 

New York City

 

775,000

 

$

1,083

 

19.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

72,541

 

Office/Retail

 

New York City

 

205,000

 

$

400

 

11.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

72,031

 

Office/Retail

 

New York City

 

165,000

 

$

1,988

 

9.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

66,075

 

N/A(3)

 

N/A(3)

 

 

$

 

10.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

64,430

 

Residential Land

 

New York City

 

304,610

 

$

567

 

11.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

50,000

 

Office

 

New York City

 

110,000

 

$

482

 

11.79

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

808,052

 

 

 

 

 

$

3,028,610

 

 

 

11.13

%

 


(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

Third 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

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-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

 

99.0

 

98.7

 

98.7

 

39,318,475

 

3.4

 

2.9

 

18

 

110 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

215,400

 

1

 

98.5

 

99.9

 

99.4

 

98.8

 

88.7

 

10,437,523

 

0.9

 

0.8

 

22

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

604,245

 

2

 

88.0

 

87.1

 

88.7

 

80.4

 

81.9

 

34,148,886

 

2.9

 

2.5

 

21

 

220 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

1,135,000

 

4

 

91.6

 

91.6

 

92.4

 

92.2

 

92.0

 

48,724,376

 

4.2

 

3.6

 

32

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

215,000

 

1

 

90.9

 

90.3

 

91.9

 

91.9

 

90.5

 

12,164,068

 

1.0

 

0.9

 

12

 

420 Lexington Ave (Graybar)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

1,188,000

 

4

 

97.0

 

99.3

 

97.1

 

96.5

 

96.7

 

73,212,395

 

6.3

 

5.4

 

210

 

461 Fifth Avenue (1)

 

100.0

 

Midtown

 

Leasehold Interest

 

1

 

200,000

 

1

 

99.9

 

96.8

 

95.5

 

96.5

 

96.5

 

18,139,061

 

1.6

 

1.3

 

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

 

59,055,987

 

5.1

 

4.4

 

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

 

39,005,380

 

3.4

 

2.9

 

10

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

160,000

 

1

 

75.6

 

81.3

 

81.3

 

81.3

 

81.3

 

14,686,528

 

1.3

 

1.1

 

13

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

1

 

563,000

 

2

 

97.1

 

97.1

 

96.6

 

92.1

 

92.1

 

56,713,314

 

4.9

 

4.2

 

22

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

163,000

 

1

 

100.0

 

100.0

 

92.1

 

92.1

 

92.1

 

11,522,205

 

1.0

 

0.9

 

7

 

711 Third Avenue (2)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

524,000

 

2

 

84.1

 

83.5

 

84.1

 

80.6

 

80.6

 

26,953,972

 

2.3

 

2.0

 

18

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

780,000

 

3

 

97.5

 

97.3

 

97.3

 

96.7

 

96.7

 

45,003,301

 

3.9

 

3.3

 

32

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

1

 

692,000

 

2

 

92.6

 

84.8

 

85.6

 

81.0

 

83.4

 

43,581,998

 

3.8

 

3.2

 

46

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1

 

1,454,000

 

5

 

100.0

 

100.0

 

90.3

 

90.3

 

90.3

 

93,682,300

 

 

 

3.5

 

11

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1

 

1,062,000

 

4

 

99.0

 

99.9

 

99.9

 

99.9

 

99.9

 

89,730,097

 

7.7

 

6.7

 

18

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

562,000

 

2

 

99.4

 

98.5

 

96.9

 

96.9

 

99.9

 

41,157,670

 

3.5

 

3.1

 

35

 

1515 Broadway

 

100.0

 

Times Square

 

Fee Interest

 

1

 

1,750,000

 

6

 

100.0

 

100.0

 

99.7

 

99.6

 

100.0

 

124,362,619

 

10.7

 

9.2

 

14

 

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

 

68,592,688

 

5.9

 

5.1

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

20

 

15,354,045

 

53

%

97.0

%

96.8

%

95.7

%

94.8

%

94.9

%

$

950,192,843

 

73.7

%

67.0

%

579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 Madison Avenue

 

100.0

 

Park Avenue South

 

Fee Interest

 

1

 

2,314,000

 

8

 

71.6

 

N/A

 

N/A

 

N/A

 

N/A

 

85,981,418

 

7.4

 

6.4

 

8

 

30 East 40th Street

 

60.0

 

Grand Central South

 

Leasehold Interest

 

1

 

69,446

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

4,344,528

 

 

 

0.2

 

65

 

110 Greene Street

 

90.0

 

Soho

 

Fee Interest

 

1

 

223,600

 

1

 

84.0

 

N/A

 

N/A

 

N/A

 

N/A

 

9,419,105

 

 

 

0.6

 

70

 

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

 

9.7

 

8.3

 

1

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

104,000

 

0

 

100.0

 

100.0

 

72.5

 

72.5

 

72.5

 

8,617,385

 

0.7

 

0.6

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

6

 

5,346,046

 

18

%

87.0

%

100.0

%

99.0

%

99.0

%

99.0

%

$

220,861,037

 

17.8

%

16.2

%

146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

26

 

20,700,091

 

71

%

94.4

%

97.3

%

96.2

%

95.4

%

95.5

%

$

1,171,053,880

 

91.6

%

83.2

%

725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

48.9

 

Columbus Circle

 

Fee Interest

 

1

 

530,981

 

2

 

86.8

 

83.4

 

80.2

 

79.5

 

79.5

 

37,373,456

 

 

 

1.4

 

31

 

100 Park Avenue

 

50.0

 

Grand Central South

 

Fee Interest

 

1

 

834,000

 

3

 

96.6

 

96.6

 

96.3

 

96.0

 

96.0

 

60,793,868

 

 

 

2.3

 

40

 

521 Fifth Avenue

 

50.5

 

Grand Central

 

Fee Interest

 

1

 

460,000

 

2

 

91.9

 

97.6

 

99.0

 

99.3

 

99.3

 

26,990,716

 

 

 

1.0

 

41

 

600 Lexington Avenue

 

55.0

 

East Side

 

Fee Interest

 

1

 

303,515

 

1

 

91.1

 

89.6

 

89.2

 

89.2

 

89.2

 

21,028,068

 

 

 

0.9

 

34

 

800 Third Avenue

 

60.5

 

Grand Central North

 

Fee Interest

 

1

 

526,000

 

2

 

97.2

 

98.4

 

97.5

 

94.8

 

94.8

 

32,481,540

 

 

 

1.5

 

43

 

1745 Broadway

 

56.88

 

Midtown

 

Fee Interest

 

1

 

674,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

42,999,876

 

 

 

1.8

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

6

 

3,328,496

 

11

%

94.7

%

95.0

%

94.4

%

93.8

%

93.8

%

$

221,667,523

 

 

 

8.7

%

190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Operating Properties Grand Total / Weighted Average

 

32

 

24,028,587

 

82

%

94.5

%

96.9

%

95.9

%

95.2

%

95.3

%

$

1,392,721,403

 

 

 

 

 

915

 

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,242,181,306

 

 

 

92.0

%

 

 

Manhattan Operating Properties Same Store Occupancy %

 

 

 

18,682,541

 

78

%

96.6

%(3)

96.5

%

95.5

%

94.6

%

94.7

%

 

 

 

 

 

 

 

 

 


(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 143,757 square feet of leases signed but not yet commenced, is 97.3% as of September 30, 2015, as compared to 95.3% at September 30, 2014 and 97.0% at June 30, 2015.

 

Supplemental Information

Third 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

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-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

 

1,790,700

 

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

 

30.3

 

47.9

 

719,033

 

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

 

21.7

 

729,543

 

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

 

85.8

 

84.6

 

2,034,318

 

0.2

 

0.2

 

10

 

1100 King Street - 5 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

87.7

 

93.1

 

93.1

 

92.0

 

92.0

 

1,910,082

 

0.2

 

0.1

 

8

 

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

 

56.7

 

1,487,380

 

0.1

 

0.1

 

3

 

520 White Plains Road

 

100.0

 

Tarrytown, New York

 

Fee Interest

 

1

 

180,000

 

1

 

99.0

 

99.0

 

76.2

 

76.2

 

75.2

 

4,436,097

 

0.4

 

0.3

 

13

 

115-117 Stevens Avenue

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

178,000

 

1

 

75.1

 

75.6

 

75.6

 

75.1

 

74.3

 

2,836,206

 

0.2

 

0.2

 

9

 

100 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

250,000

 

1

 

72.9

 

72.9

 

72.9

 

72.9

 

70.7

 

4,562,292

 

0.4

 

0.3

 

10

 

200 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

245,000

 

1

 

81.2

 

81.1

 

81.1

 

80.2

 

80.2

 

4,822,787

 

0.4

 

0.4

 

8

 

500 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

228,000

 

1

 

97.8

 

96.6

 

96.6

 

97.8

 

97.8

 

5,156,538

 

0.4

 

0.4

 

7

 

140 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

130,100

 

0

 

90.0

 

97.7

 

97.7

 

100.0

 

95.7

 

3,793,159

 

0.3

 

0.3

 

11

 

360 Hamilton Avenue

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

384,000

 

1

 

94.0

 

92.3

 

92.3

 

92.3

 

90.9

 

13,511,502

 

1.2

 

1.0

 

20

 

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

 

13

 

2,135,100

 

8

%

80.3

%

80.6

%

78.7

%

78.8

%

78.6

%

$

47,789,638

 

4.1

%

3.5

%

106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

85,000

 

0

 

76.6

 

76.6

 

41.7

 

43.8

 

38.0

 

1,544,897

 

0.1

 

0.1

 

20

 

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

 

1

 

85,000

 

0

%

76.6

%

76.6

%

41.7

%

43.8

%

38.0

%

$

1,544,897

 

0.1

%

0.1

%

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

312,000

 

1

 

98.3

 

95.9

 

94.3

 

95.8

 

93.1

 

9,822,834

 

0.8

 

0.7

 

66

 

2 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

46,000

 

0

 

76.5

 

76.5

 

85.4

 

87.8

 

81.7

 

764,657

 

0.1

 

0.1

 

7

 

3 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

130,000

 

0

 

59.0

 

59.0

 

48.4

 

48.4

 

51.7

 

2,438,581

 

0.2

 

0.2

 

17

 

4 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

105,000

 

0

 

86.5

 

87.6

 

87.6

 

87.6

 

85.1

 

2,879,433

 

0.2

 

0.2

 

12

 

5 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

61,000

 

0

 

99.3

 

99.3

 

99.0

 

99.0

 

98.8

 

997,662

 

0.1

 

0.1

 

11

 

6 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

172,000

 

1

 

86.0

 

86.0

 

91.9

 

87.1

 

87.1

 

3,640,493

 

0.3

 

0.3

 

6

 

7 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

36,800

 

0

 

100.0

 

100.0

 

76.9

 

76.9

 

76.9

 

728,414

 

0.1

 

0.1

 

2

 

680 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

133,000

 

0

 

88.9

 

88.9

 

80.9

 

80.9

 

77.7

 

5,214,426

 

0.2

 

10

 

 

 

750 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

192,000

 

1

 

97.8

 

97.8

 

97.8

 

97.8

 

99.1

 

7,870,186

 

0.3

 

11

 

 

 

1055 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Leasehold Interest

 

1

 

182,000

 

1

 

80.4

 

88.0

 

89.2

 

89.2

 

90.6

 

4,821,210

 

0.4

 

0.4

 

23

 

1010 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

143,400

 

0

 

73.8

 

75.6

 

77.1

 

77.1

 

75.6

 

3,397,396

 

0.3

 

0.3

 

21

 

500 West Putnam Avenue

 

100.0

 

Greenwich, Connecticut

 

Fee Interest

 

1

 

121,500

 

0

 

53.8

 

53.8

 

53.8

 

53.8

 

53.8

 

3,052,485

 

0.3

 

0.2

 

10

 

“Same Store” Connecticut Subtotal/Weighted Average

 

 

 

12

 

1,634,700

 

5

%

84.3

%

84.9

%

83.7

%

83.6

%

82.9

%

$

45,627,778

 

2.8

%

2.9

%

196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

100.0

 

Lyndhurst, New Jersey

 

Fee Interest

 

1

 

278,000

 

1

 

66.2

 

66.2

 

66.2

 

62.4

 

61.1

 

4,101,192

 

0.4

 

0.3

 

6

 

“Same Store” New Jersey Subtotal/Weighted Average

 

 

 

1

 

278,000

 

1

%

66.2

%

66.2

%

66.2

%

62.4

%

61.1

%

$

4,101,192

 

0.4

%

0.3

%

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

317,600

 

1

 

94.6

 

95.6

 

94.7

 

94.7

 

94.4

 

11,937,596

 

1.0

 

0.9

 

68

 

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

 

 

 

1

 

317,600

 

1

%

94.6

%

95.6

%

94.7

%

94.7

%

94.4

%

$

11,937,596

 

1.0

%

0.9

%

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

28

 

4,450,400

 

15

%

81.9

%

82.3

%

80.2

%

80.0

%

79.4

%

$

111,001,099

 

8.4

%

7.8

%

396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jericho Plaza

 

20.26

 

Jericho, New York

 

Fee Interest

 

2

 

640,000

 

2

 

66.8

 

70.0

 

69.8

 

86.0

 

83.6

 

14,667,180

 

 

 

0.2

 

33

 

“Same Store” Subtotal/Weighted Average

 

 

 

2

 

640,000

 

2

%

66.8

%

70.0

%

69.8

%

86.0

%

83.6

%

$

14,667,180

 

 

 

0.2

%

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Renaissance Square

 

50.0

 

White Plains, New York

 

Fee Interest

 

1

 

65,641

 

0

 

89.1

 

89.1

 

77.2

 

67.7

 

66.8

 

1,918,856

 

 

 

0.1

 

10

 

“Non Same Store” Subtotal/Weighted Average

 

 

 

1

 

65,641

 

0

%

89.1

%

89.1

%

77.2

%

67.7

%

66.8

%

$

1,918,856

 

 

 

0.1

%

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

 

 

3

 

705,641

 

2

%

68.9

%

71.8

%

70.5

%

84.3

%

82.0

%

$

16,586,036

 

 

 

0.3

%

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Operating Properties Grand Total / Weighted Average

 

 

 

31

 

5,156,041

 

18

%

80.1

%

80.9

%

78.9

%

80.6

%

79.8

%

$

127,587,136

 

 

 

 

 

439

 

Suburban Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

108,520,639

 

 

 

8.0

%

 

 

Suburban Operating Properties Same Store Occupancy %

 

 

 

 

 

5,005,400

 

97

%

80.0

%(1)

80.8

%

79.5

%

81.4

%

80.7

%

 

 

 

 

 

 

 

 

 


(1) Suburban same-store occupancy, inclusive of 79,091 square feet of leases signed but not yet commenced, is 81.6% as of September 30, 2015, as compared to 81.5% at September 30, 2014 and 82.8% at June 30, 2015.

 

Supplemental Information

Third 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

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-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

 

2,589,580

 

1.3

 

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

 

66.0

 

1,197,014

 

1.8

 

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

 

3,618,933

 

1.9

 

81,646,928

 

1

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

33

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,669,040

 

25.9

 

214,633,913

 

10

 

717 Fifth Avenue

 

10.92

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

15

 

85.0

 

89.4

 

89.4

 

89.4

 

89.4

 

39,747,598

 

7.2

 

279,917,007

 

6

 

724 Fifth Avenue

 

50.0

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

8

 

83.1

 

83.1

 

74.8

 

74.8

 

68.2

 

22,271,604

 

18.4

 

226,626,652

 

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

 

4,412,025

 

6.6

 

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

 

1,818,288

 

2.7

 

16,704,723

 

5

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

6

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,761,576

 

2.9

 

16,357,696

 

3

 

Subtotal/Weighted Average

 

 

 

10

 

587,754

 

73

%

93.7

%

94.6

%

93.7

%

93.7

%

93.0

%

$

93,085,657

 

68.7

%

$

870,058,412

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5-7 Dey Street

 

100.0

 

Cast Iron / Soho

 

Fee Interest

 

1

 

70,000

 

9

 

90.0

 

N/A

 

N/A

 

N/A

 

N/A

 

2,055,928

 

3.4

 

49,698,413

 

36

 

187 Broadway

 

100.0

 

Cast Iron / Soho

 

Fee Interest

 

1

 

3,600

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

625,900

 

1.0

 

13,447,452

 

1

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

9,200

 

1

 

54.3

 

54.3

 

77.2

 

100.0

 

N/A

 

457,411

 

0.8

 

31,331,717

 

1

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

5,218

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,800,000

 

4.6

 

53,290,025

 

1

 

121 Greene Street

 

50.0

 

Soho

 

Fee Interest

 

1

 

7,131

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,402,759

 

1.2

 

28,255,045

 

2

 

131-137 Spring Street

 

20.0

 

Soho

 

Fee Interest

 

2

 

68,342

 

8

 

100.0

 

100.0

 

92.0

 

92.0

 

92.0

 

11,541,614

 

3.8

 

277,750,000

 

11

 

1552-1560 Broadway

 

50.0

 

Times Square

 

Fee Interest

 

2

 

57,718

 

7

 

67.5

 

67.5

 

67.5

 

67.5

 

67.5

 

19,992,776

 

16.5

 

252,765,565

 

2

 

Subtotal/Weighted Average

 

 

 

9

 

221,209

 

27

%

86.5

%

84.5

%

82.2

%

83.6

%

82.5

%

$

38,876,388

 

31.3

%

$

706,538,217

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Retail Properties

 

 

 

19

 

808,963

 

100

%

91.7

%

92.6

%

91.4

%

91.7

%

91.0

%

$

131,962,045

 

100.0

%

$

1,576,596,629

 

106

 

 

Residential Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

Total Units

 

Occupancy (%)

 

Average Monthly

 

Annualized

 

Gross Total RE

 

 

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Residential

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-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

 

72

 

95.8

 

92.0

 

84.4

 

89.6

 

79.2

 

3,769

 

3,120,612

 

40,378,839

 

 

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

 

 

222,855

 

333

 

91.0

 

96.4

 

96.1

 

95.8

 

96.1

 

3,909

 

14,166,816

 

177,069,880

 

 

 

400 East 57th Street (1)

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

290,482

 

261

 

94.6

 

93.9

 

98.9

 

94.3

 

91.6

 

3,246

 

11,048,814

 

122,419,352

 

 

 

400 East 58th Street (1)

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

140,000

 

125

 

95.2

 

94.4

 

97.6

 

96.8

 

96.0

 

3,166

 

5,027,824

 

54,356,072

 

 

 

Subtotal/Weighted Average

 

 

 

3

 

719,948

 

791

 

93.3

%

94.8

%

96.1

%

94.9

%

93.0

%

$

3,816

 

$

33,364,065

 

$

394,224,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Upper East Side Residential

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

27,000

 

28

 

85.7

 

96.4

 

N/A

 

N/A

 

N/A

 

1,979

 

1,009,279

 

50,073,674

 

 

 

33 Beekman Street

 

45.9

 

Downtown

 

Fee Interest

 

1

 

163,500

 

772

(4)

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

7,693,396

 

97,987,738

 

 

 

1080 Amsterdam (1)

 

92.5

 

Upper West Side

 

Leasehold Interest

 

1

 

82,250

 

96

 

96.9

 

96.9

 

96.9

 

97.9

 

94.8

 

3,826

 

4,522,080

 

46,458,927

 

 

 

Stonehenge Portfolio

 

Various

 

 

 

Fee Interest

 

17

 

2,046,733

 

2,225

 

94.6

 

96.9

 

96.5

 

N/A

 

N/A

 

3,605

 

101,841,521

 

976,931,423

 

 

 

Subtotal/Weighted Average

 

 

 

20

 

2,319,483

 

3,121

 

95.9

%

96.9

%

96.5

%

97.9

%

94.8

%

$

3,802

 

$

115,066,276

 

$

1,171,451,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Residential Properties

 

 

 

23

 

3,039,431

 

3,912

 

95.4

%

96.4

%

96.4

%

95.2

%

93.2

%

$

3,805

 

$

148,430,342

 

$

1,565,675,905

 

 

 

 


(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.

(4) Property occupied by Pace University and used as dormitory space. 772 represents number of beds.

 

Supplemental Information

Third 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

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Vanderbilt

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

 

 

 

N/A

 

N/A

 

N/A

 

N/A

 

 

 

196,625,841

 

 

280 Park Avenue

 

50.0

 

Park Avenue

 

Fee Interest

 

1

 

1,219,158

 

60

 

72.9

 

69.3

 

65.2

 

55.4

 

55.5

 

84,386,420

 

83.4

 

1,278,152,098

 

30

 

10 East 53rd Street

 

55.0

 

Plaza District

 

Fee Interest

 

1

 

354,300

 

17

 

43.9

 

31.1

 

29.1

 

25.3

 

26.7

 

11,684,439

 

12.7

 

318,075,692

 

16

 

562, 570 & 574 Fifth Avenue

 

100.0

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

3

 

63.7

 

63.7

 

63.7

 

63.7

 

66.2

 

1,224,600

 

2.4

 

154,019,856

 

1

 

650 Fifth Avenue

 

50.0

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

2

 

10.5

 

10.5

 

10.5

 

10.5

 

10.5

 

1,338,702

 

1.3

 

278,325,848

 

3

 

719 Seventh Avenue

 

75.0

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

 

 

 

100.0

 

100.0

 

 

 

44,995,601

 

 

175-225 Third Street

 

95.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

 

 

 

 

 

 

N/A

 

 

 

76,250,409

 

 

55 West 46th Street

 

25.0

 

Midtown

 

Fee Interest

 

1

 

347,000

 

17

 

 

 

 

 

N/A

 

 

 

312,643,879

 

 

1640 Flatbush Avenue

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

1,000

 

0

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

85,152

 

0.2

 

6,800,000

 

1

 

Total / Weighted Average Development / Redevelopment Properties

 

11

 

2,026,744

 

100

 

53.9

%

49.4

%

46.6

%

40.3

%

49.1

%

$

98,719,313

 

100.0

%

$

2,665,889,224

 

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue (1)

 

100.0

 

Plaza District

 

Fee Interest

 

1

 

176,530

 

23

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

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

Third 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

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

PRIME RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5-7 Dey Street

 

100.0

 

Cast Iron / Soho

 

Fee Interest

 

1

 

70,000

 

3

 

90.0

 

N/A

 

N/A

 

N/A

 

N/A

 

2,055,928

 

1

 

1

 

36

 

19-21 East 65th Street

 

90.0

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

1

 

66.0

 

66.0

 

66.0

 

66.0

 

66.0

 

1,197,014

 

0

 

1

 

17

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

9,200

 

0

 

54.3

 

54.3

 

77.2

 

100.0

 

N/A

 

457,411

 

0

 

0

 

1

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

5,218

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,800,000

 

1

 

1

 

1

 

187 Broadway

 

100.0

 

Cast Iron / Soho

 

Fee Interest

 

1

 

3,600

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

625,900

 

0

 

0

 

1

 

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

 

15,669,040

 

6

 

8

 

10

 

719 Seventh Avenue

 

75.0

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

 

 

 

100.0

 

100.0

 

 

 

 

 

752 Madison Avenue (1)

 

90.0

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,412,025

 

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

 

1,818,288

 

1

 

1

 

5

 

562, 570 & 574 Fifth Avenue

 

100.0

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

3

 

63.7

 

63.7

 

63.7

 

63.7

 

66.2

 

1,224,600

 

0

 

1

 

1

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,761,576

 

1

 

1

 

3

 

1640 Flatbush Avenue

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

1,000

 

0

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

85,152

 

0

 

0

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

15

 

534,955

 

26

%

90.7

%

90.8

%

91.2

%

93.0

%

93.2

%

$

32,106,933

 

11

%

17

%

77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,589,580

 

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

 

3,618,933

 

1

 

1

 

1

 

121 Greene Street

 

50.0

 

Soho

 

Fee Interest

 

1

 

7,131

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,402,759

 

0

 

0

 

2

 

131-137 Spring Street

 

20.0

 

Soho

 

Fee Interest

 

2

 

68,342

 

3

 

100.0

 

100.0

 

92.0

 

92.0

 

92.0

 

11,541,614

 

4

 

1

 

11

 

650 Fifth Avenue

 

50.0

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

2

 

10.5

 

10.5

 

10.5

 

10.5

 

10.5

 

1,338,702

 

0

 

0

 

3

 

717 Fifth Avenue

 

10.92

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

6

 

85.0

 

89.4

 

89.4

 

89.4

 

89.4

 

39,747,598

 

14

 

2

 

6

 

724 Fifth Avenue

 

50.0

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

3

 

83.1

 

83.1

 

74.8

 

74.8

 

68.2

 

22,271,604

 

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

 

19,992,776

 

7

 

5

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

10

 

380,294

 

18

%

79.9

%

81.3

%

78.4

%

78.4

%

77.3

%

$

102,503,566

 

36

%

17

%

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Prime Retail

 

 

 

 

 

 

 

25

 

915,249

 

44

%

86.2

%

86.5

%

85.4

%

86.4

%

85.9

%

$

134,610,499

 

48

%

33

%

111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 Madison Avenue

 

100.0

 

Park Avenue South

 

Fee Interest

 

1

 

38,800

 

2

 

90.2

 

N/A

 

N/A

 

N/A

 

N/A

 

2,277,023

 

1

 

1

 

4

 

100 Church Street

 

100.0

 

Downtown

 

Fee Interest

 

1

 

49,992

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,707,129

 

1

 

1

 

7

 

110 Greene Street

 

90.0

 

Soho

 

Fee Interest

 

1

 

16,121

 

1

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

2,361,158

 

1

 

1

 

5

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

21,733

 

1

 

64.3

 

43.9

 

43.9

 

43.9

 

43.9

 

3,248,927

 

1

 

2

 

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

 

3,462,134

 

1

 

2

 

6

 

Upper East Side Residential

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

4,150

 

0

 

88.0

 

88.0

 

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

 

87.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,637,409

 

1

 

1

 

5

 

400 East 57th Street

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

13,772

 

1

 

55.4

 

55.4

 

100.0

 

100.0

 

100.0

 

1,504,449

 

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

 

506,772

 

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

 

4,085,745

 

1

 

2

 

6

 

461 Fifth Avenue

 

100.0

 

Midtown

 

Leasehold Interest

 

1

 

16,248

 

1

 

100.0

 

100.0

 

88.6

 

100.0

 

100.0

 

2,061,060

 

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

 

4,089,828

 

1

 

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

 

1,741,822

 

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

 

9,211,567

 

3

 

5

 

1

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

1

 

74,937

 

4

 

89.3

 

89.3

 

85.1

 

85.1

 

85.1

 

20,779,535

 

7

 

11

 

15

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

23,250

 

1

 

100.0

 

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

 

3,358,464

 

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

 

2,834,253

 

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

 

2,542,454

 

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

 

3,753,080

 

1

 

2

 

4

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1

 

31,004

 

1

 

100.0

 

98.9

 

98.9

 

98.9

 

100.0

 

3,356,859

 

1

 

1

 

5

 

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

 

6,225,356

 

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

 

2,289,058

 

1

 

1

 

5

 

1515 Broadway

 

100.0

 

Times Square

 

Fee Interest

 

1

 

185,333

 

9

 

100.0

 

100.0

 

97.0

 

95.8

 

100.0

 

27,348,694

 

10

 

15

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

25

 

904,332

 

43

%

96.5

%

96.6

%

93.4

%

93.3

%

94.3

%

$

116,168,806

 

41

%

61

%

121

 

 


(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

Third 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

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-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

 

9,140,504

 

3

 

2

 

4

 

10 East 53rd Street

 

55.0

 

Plaza District

 

Fee Interest

 

1

 

8,786

 

0

 

81.7

 

81.7

 

81.7

 

81.7

 

100.0

 

759,801

 

0

 

0

 

2

 

30 East 40th Street

 

60.0

 

Grand Central South

 

Leasehold Interest

 

1

 

4,461

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

388,324

 

0

 

0

 

5

 

55 West 46th Street

 

25.0

 

Midtown

 

Leasehold Interest

 

1

 

1,300

 

0

 

 

 

 

 

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

 

2,991,361

 

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

 

785,949

 

0

 

0

 

2

 

521 Fifth Avenue

 

50.5

 

Grand Central

 

Fee Interest

 

1

 

53,157

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,946,509

 

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

 

805,437

 

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

 

1,829,216

 

1

 

1

 

2

 

Stonehenge Portfolio

 

Various

 

 

 

Fee Interest

 

10

 

88,984

 

4

 

82.5

 

79.0

 

78.5

 

N/A

 

N/A

 

9,484,899

 

3

 

0

 

33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

19

 

270,066

 

13

%

85.7

%

84.2

%

84.1

%

86.9

%

88.5

%

$

31,132,000

 

11

%

6

%

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Other Retail

 

 

 

 

 

 

 

44

 

1,174,398

 

56

%

94.0

%

93.7

%

91.1

%

92.2

%

93.3

%

$

147,300,806

 

52

%

67

%

183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Grand Total / Weighted Average

 

 

 

69

 

2,089,647

 

100

%

90.6

%

90.6

%

88.7

%

89.6

%

90.0

%

$

281,911,305

 

100

%

 

 

294

 

Retail Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

187,717,787

 

 

 

100

%

 

 

 

Supplemental Information

Third Quarter 2015

 

39



 

SELECTED PROPERTY DATA

Manhattan Operating Properties - Reckson Portfolio

 

 

 

Ownership

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

215,400

 

2

 

98.5

 

99.9

 

99.4

 

98.8

 

88.7

 

10,437,523

 

2.0

 

1.8

 

22

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

604,245

 

5

 

88.0

 

87.1

 

88.7

 

80.4

 

81.9

 

34,148,886

 

6.5

 

5.9

 

21

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

215,000

 

2

 

90.9

 

90.3

 

91.9

 

91.9

 

90.5

 

12,164,068

 

2.3

 

2.1

 

12

 

461 Fifth Avenue (1)

 

100.0

 

Midtown

 

Leasehold Interest

 

200,000

 

2

 

99.9

 

96.8

 

95.5

 

96.5

 

96.5

 

18,139,061

 

3.5

 

3.1

 

12

 

555 West 57th Street

 

100.0

 

Midtown West

 

Fee Interest

 

941,000

 

8

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

39,005,380

 

7.4

 

6.7

 

10

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

160,000

 

1

 

75.6

 

81.3

 

81.3

 

81.3

 

81.3

 

14,686,528

 

2.8

 

2.5

 

13

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

563,000

 

5

 

97.1

 

97.1

 

96.6

 

92.1

 

92.1

 

56,713,314

 

10.8

 

9.8

 

22

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

163,000

 

1

 

100.0

 

100.0

 

92.1

 

92.1

 

92.1

 

11,522,205

 

2.2

 

2.0

 

7

 

711 Third Avenue (2)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

524,000

 

4

 

84.1

 

83.5

 

84.1

 

80.6

 

80.6

 

26,953,972

 

5.1

 

4.7

 

18

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

780,000

 

7

 

97.5

 

97.3

 

97.3

 

96.7

 

96.7

 

45,003,301

 

8.6

 

7.8

 

32

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

692,000

 

6

 

92.6

 

84.8

 

85.6

 

81.0

 

83.4

 

43,581,998

 

8.3

 

7.5

 

46

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1,454,000

 

12

 

100.0

 

100.0

 

90.3

 

90.3

 

90.3

 

93,682,300

 

8.3

 

11

 

 

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1,062,000

 

9

 

99.0

 

99.9

 

99.9

 

99.9

 

99.9

 

89,730,097

 

17.1

 

15.5

 

18

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

562,000

 

5

 

99.4

 

98.5

 

96.9

 

96.9

 

99.9

 

41,157,670

 

7.8

 

7.1

 

35

 

Subtotal / Weighted Average

 

 

 

8,135,645

 

70

%

96.1

%

95.4

%

93.6

%

92.0

%

92.2

%

$

536,926,304

 

84.5

%

84.8

%

279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

104,000

 

1

 

100.0

 

100.0

 

72.5

 

72.5

 

72.5

 

8,617,385

 

1.6

 

1.5

 

2

 

Subtotal / Weighted Average

 

 

 

104,000

 

1

%

100.0

%

100.0

%

72.5

%

72.5

%

72.5

%

$

8,617,385

 

2

%

1

%

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Manhattan Consolidated Properties

 

 

 

8,239,645

 

71

%

96.1

%

95.5

%

93.3

%

91.7

%

92.0

%

$

545,543,689

 

86.1

%

 

 

281

 

Total Manhattan Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

499,639,362

 

 

 

86.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,790,700

 

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

 

30.3

 

47.9

 

719,033

 

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

 

21.7

 

729,543

 

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

 

85.8

 

84.6

 

2,034,318

 

0.4

 

0.4

 

10

 

1100 King Street - 5 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

87.7

 

93.1

 

93.1

 

92.0

 

92.0

 

1,910,082

 

0.4

 

0.3

 

8

 

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

 

56.7

 

1,487,380

 

0.3

 

0.3

 

3

 

520 White Plains Road

 

100.0

 

Tarrytown, New York

 

Fee Interest

 

180,000

 

2

 

99.0

 

99.0

 

76.2

 

76.2

 

75.2

 

4,436,097

 

0.8

 

0.8

 

13

 

115-117 Stevens Avenue

 

100.0

 

Valhalla, New York

 

Fee Interest

 

178,000

 

2

 

75.1

 

75.6

 

75.6

 

75.1

 

74.3

 

2,836,206

 

0.5

 

0.5

 

9

 

100 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

250,000

 

2

 

72.9

 

72.9

 

72.9

 

72.9

 

70.7

 

4,562,292

 

0.9

 

0.8

 

10

 

200 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

245,000

 

2

 

81.2

 

81.1

 

81.1

 

80.2

 

80.2

 

4,822,787

 

0.9

 

0.8

 

8

 

500 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

228,000

 

2

 

97.8

 

96.6

 

96.6

 

97.8

 

97.8

 

5,156,538

 

1.0

 

0.9

 

7

 

140 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

130,100

 

1

 

90.0

 

97.7

 

97.7

 

100.0

 

95.7

 

3,793,159

 

0.7

 

0.7

 

11

 

360 Hamilton Avenue

 

100.0

 

White Plains, New York

 

Fee Interest

 

384,000

 

3

 

94.0

 

92.3

 

92.3

 

92.3

 

90.9

 

13,511,502

 

2.6

 

2.3

 

20

 

Westchester, New York Subtotal / Weighted Average

 

 

 

2,135,100

 

18

%

80.3

%

80.6

%

78.7

%

78.8

%

78.6

%

$

47,789,638

 

9.1

%

8.3

%

106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

36,800

 

0

 

100.0

 

100.0

 

76.9

 

76.9

 

76.9

 

728,414

 

0.1

 

0.1

 

2

 

680 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

133,000

 

1

 

88.9

 

88.9

 

80.9

 

80.9

 

77.7

 

5,214,426

 

 

 

0.5

 

10

 

750 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

192,000

 

2

 

97.8

 

97.8

 

97.8

 

97.8

 

99.1

 

7,870,186

 

 

 

0.7

 

11

 

1055 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Leasehold Interest

 

182,000

 

2

 

80.4

 

88.0

 

89.2

 

89.2

 

90.6

 

4,821,210

 

0.9

 

0.8

 

23

 

1010 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

143,400

 

1

 

73.8

 

75.6

 

77.1

 

77.1

 

75.6

 

3,397,396

 

0.6

 

0.6

 

21

 

Connecticut Subtotal/Weighted Average

 

 

 

687,200

 

6

%

86.6

%

89.0

%

86.8

%

86.8

%

86.6

%

$

22,031,632

 

1.7

%

2.7

%

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

100.0

 

Lyndhurst, New Jersey

 

Fee Interest

 

278,000

 

2

 

66.2

 

66.2

 

66.2

 

62.4

 

61.1

 

4,101,192

 

0.8

 

0.7

 

6

 

New Jersey Subtotal / Weighted Average

 

 

 

278,000

 

2

%

66.2

%

66.2

%

66.2

%

62.4

%

61.1

%

$

4,101,192

 

0.8

%

0.7

%

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

317,600

 

3

 

94.6

 

95.6

 

94.7

 

94.7

 

94.4

 

11,937,596

 

2.3

 

2.1

 

68

 

Brooklyn, New York Subtotal / Weighted Average

 

 

 

317,600

 

3

%

94.6

%

95.6

%

94.7

%

94.7

%

94.4

%

$

11,937,596

 

2.3

%

2.1

%

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Suburban Consolidated Properties

 

 

 

3,417,900

 

29

%

81.8

%

82.5

%

80.8

%

80.5

%

80.2

%

$

85,860,057

 

13.9

%

 

 

247

 

Total Suburban Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

79,448,597

 

 

 

13.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reckson Operating Properties Grand Total / Weighted Average

 

 

 

11,657,545

 

100

%

91.9

%

91.7

%

89.6

%

88.4

%

88.5

%

$

631,403,745

 

100.0

%

 

 

528

 

Reckson Operating Properties Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

579,087,959

 

 

 

100.0

%

 

 

Reckson Operating Properties Same Store Occupancy %

 

 

 

11,553,545

 

99

%

91.8

%

91.6

%

89.8

%

88.6

%

88.7

%

 

 

 

 

 

 

 

 

 


(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

Third Quarter 2015

 

40



 

SELECTED PROPERTY DATA

Retail, Land & Residential Properties - Reckson Portfolio

 

 

 

Ownership

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

9,200

 

2

 

54.3

 

54.3

 

77.2

 

100.0

 

N/A

 

457,411

 

2.0

 

31,331,717

 

1

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

5,218

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,800,000

 

12.2

 

53,290,025

 

1

 

131-137 Spring Street

 

20.0

 

Soho

 

Fee Interest

 

68,342

 

17

 

100.0

 

100.0

 

92.0

 

92.0

 

92.0

 

11,541,614

 

10.0

 

277,750,000

 

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

 

15,669,040

 

68.1

 

214,633,913

 

10

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

52,000

 

13

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,761,576

 

7.7

 

16,357,696

 

3

 

Total Retail Properties

 

 

 

 

 

 

 

404,892

 

100

%

99.0

%

99.0

%

98.1

%

98.6

%

98.6

%

$

32,229,640

 

100.0

%

$

593,363,351

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue

 

100.0

 

Plaza District

 

Fee Interest

 

176,530

 

100

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,677,574

 

100.0

 

153,745,356

 

 

 

Total Land Properties

 

 

 

 

 

 

 

176,530

 

100

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$

3,677,574

 

100.0

%

$

153,745,356

 

 

 

 

Residential Properties - Reckson Portfolio

 

 

 

Ownership

 

 

 

 

 

Useable

 

 

 

Occupancy (%)

 

Annualized

 

Average Monthly

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Total Units

 

Sep-15

 

Jun-15

 

Mar-15

 

Dec-14

 

Sep-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

 

91.0

 

96.4

 

96.1

 

95.8

 

96.1

 

14,166,816

 

3,909

 

177,069,880

 

303

 

Total Residential Properties

 

 

 

 

 

 

 

222,855

 

333

 

91.0

%

96.4

%

96.1

%

95.8

%

96.1

%

$

14,166,816

 

$

3,909

 

$

177,069,880

 

303

 

 

Supplemental Information

Third Quarter 2015

 

41


 


 

LARGEST TENANTS BY SQUARE FEET LEASED

 

Manhattan and Suburban Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of

 

SLG Share of

 

SLG Share of

 

 

 

 

 

 

 

Lease

 

Total

 

Annualized

 

PSF

 

Annualized

 

Annualized

 

Annualized

 

Credit

 

Tenant Name

 

Property

 

Expiration

 

Square Feet

 

Cash Rent ($)

 

Annualized

 

Cash Rent

 

Cash Rent($)

 

Cash Rent

 

Rating (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup, N.A.

 

388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue, 750 Washington Blvd

 

Various

 

3,023,423

 

$

134,831,433

(1)

$

44.60

 

8.9

%

$

132,823,162

 

9.8

%

A-

 

Credit Suisse Securities (USA), Inc.

 

1 Madison Avenue, 11 Madison Avenue & 1055 Washington Blvd

 

2017, 2019, 2020 & 2037

 

2,401,435

 

124,339,674

 

$

51.78

 

8.2

%

124,339,674

 

9.2

%

A

 

Viacom International, Inc.

 

1515 Broadway

 

2031

 

1,330,735

 

85,455,805

 

$

64.22

 

5.6

%

85,455,805

 

6.3

%

BBB

 

Random House, Inc.

 

1745 Broadway

 

2018 & 2023

 

644,598

 

42,999,876

 

$

66.71

 

2.8

%

24,454,029

 

1.8

%

BBB+

 

Debevoise & Plimpton, LLP

 

919 Third Avenue

 

2021

 

575,324

 

43,060,327

 

$

74.85

 

2.8

%

21,960,767

 

1.6

%

 

 

The City of New York

 

16 Court Street & 100 Church Street

 

2017, 2030 & 2034

 

550,152

 

18,580,735

 

$

33.77

 

1.2

%

18,580,735

 

1.4

%

Aa2

 

Omnicom Group, Inc.

 

220 East 42nd Street

 

2017

 

493,560

 

21,378,587

 

$

43.32

 

1.4

%

21,378,587

 

1.6

%

BBB+

 

Ralph Lauren Corporation

 

625 Madison Avenue

 

2019

 

362,065

 

26,370,644

 

$

72.83

 

1.7

%

26,370,644

 

2.0

%

A

 

Advance Magazine Group, Fairchild Publications

 

750 Third Avenue & 485 Lexington Avenue

 

2021

 

339,195

 

16,213,782

 

$

47.80

 

1.1

%

16,213,782

 

1.2

%

 

 

Metro-North Commuter Railroad Company

 

110 East 42nd Street & 420 Lexington Avenue

 

2021 & 2034

 

303,980

 

14,289,544

 

$

47.01

 

0.9

%

14,289,544

 

1.1

%

Aa2

 

C.B.S. Broadcasting, Inc.

 

555 West 57th Street

 

2023

 

295,226

 

12,531,599

 

$

42.45

 

0.8

%

12,531,599

 

0.9

%

BBB

 

Schulte, Roth & Zabel LLP

 

919 Third Avenue

 

2036

 

263,186

 

17,459,601

 

$

66.34

 

1.1

%

8,904,396

 

0.7

%

 

 

HF Management Services LLC

 

100 Church Street

 

2032

 

230,394

 

7,472,979

 

$

32.44

 

0.5

%

7,472,979

 

0.6

%

 

 

BMW of Manhattan

 

555 West 57th Street

 

2022

 

227,782

 

6,449,228

 

$

28.31

 

0.4

%

6,449,228

 

0.5

%

A+

 

The City University of New York - CUNY

 

555 West 57th Street & 16 Court Street

 

2020, 2024 & 2030

 

227,622

 

9,384,665

 

$

41.23

 

0.6

%

9,384,665

 

0.7

%

Aa2

 

Bloomberg LP

 

919 Third Avenue

 

2029

 

212,307

 

11,032,501

 

$

51.96

 

0.7

%

5,626,576

 

0.4

%

 

 

Amerada Hess Corp.

 

1185 Avenue of the Americas

 

2027

 

181,569

 

14,127,378

 

$

77.81

 

0.9

%

14,127,378

 

1.0

%

BBB

 

Newmark & Company Real Estate Inc.

 

125 Park Avenue, 110 East 42nd Street & 680 Washington Blvd

 

2016, 2026 & 2031

 

178,955

 

9,705,147

 

$

54.23

 

0.6

%

9,496,720

 

0.7

%

BBB-

 

The Travelers Indemnity Company

 

485 Lexington Avenue

 

2021

 

173,278

 

10,294,260

 

$

59.41

 

0.7

%

10,294,260

 

0.8

%

AA

 

United Nations

 

220 East 42nd Street

 

2017, 2021 & 2022

 

171,091

 

8,182,348

 

$

47.82

 

0.5

%

8,182,348

 

0.6

%

 

 

Verizon

 

1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive

 

Various

 

162,009

 

4,391,535

 

$

27.11

 

0.3

%

4,391,535

 

0.3

%

BBB+

 

News America Incorporated

 

1185 Avenue of the Americas

 

2020

 

161,722

 

15,382,524

 

$

95.12

 

1.0

%

15,382,524

 

1.1

%

BBB+

 

King & Spalding

 

1185 Avenue of the Americas

 

2025

 

159,943

 

14,431,957

 

$

90.23

 

0.9

%

14,431,957

 

1.1

%

 

 

Young & Rubicam, Inc.

 

3 Columbus Circle

 

2033

 

159,326

 

9,909,020

 

$

62.19

 

0.7

%

4,845,511

 

0.4

%

BBB

 

Amazon Corporate LLC

 

1185 Avenue of the Americas & 1350 Avenue of the Americas

 

2016 & 2023

 

158,688

 

11,496,220

 

$

72.45

 

0.8

%

11,496,220

 

0.9

%

AA-

 

Bloomingdales, Inc.

 

919 Third Avenue

 

2024

 

157,961

 

9,032,461

 

$

57.18

 

0.6

%

4,606,555

 

0.3

%

BBB+

 

National Hockey League

 

1185 Avenue of the Americas

 

2022

 

148,217

 

13,254,620

 

$

89.43

 

0.9

%

13,254,620

 

1.0

%

 

 

Beth Israel Medical Center & The Mount Sinai Hospital

 

555 West 57th Street & 625 Madison Avenue

 

2030 & 2031

 

147,613

 

7,203,046

 

$

48.80

 

0.5

%

7,203,046

 

0.5

%

 

 

BNP Paribas

 

919 Third Avenue

 

2016

 

145,834

 

9,971,789

 

$

68.38

 

0.7

%

5,085,613

 

0.4

%

A+

 

Eisner Amper, LLP

 

750 Third Avenue

 

2020

 

141,546

 

9,721,798

 

$

68.68

 

0.6

%

9,721,798

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

13,728,736

 

$

738,955,082

 

$

53.83

 

48.6

%

$

668,756,255

 

49.6

%

 

 

 


(1) Reflects the net rent as of September 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

Third Quarter 2015

 

42



 

TENANT DIVERSIFICATION

 

 

Based on SLG Share of Annualized Cash Rent

 

Category

 

Manhattan Properties

 

Suburban Properties

 

Arts, Ent. & Recreation

 

3.9

%

0.1

%

Business Services

 

2.7

%

3.7

%

Financial Services

 

33.9

%

30.0

%

Government / Non Profit

 

3.2

%

5.6

%

Legal

 

7.1

%

13.1

%

Manufacturing

 

2.1

%

10.4

%

Medical

 

2.3

%

3.2

%

Other

 

5.7

%

2.7

%

Professional Services

 

6.1

%

12.2

%

Retail

 

9.2

%

3.2

%

 

 

 

 

 

 

TAMI

 

 

 

 

 

Technology

 

1.5

%

3.8

%

Advertising

 

6.4

%

0.9

%

Media

 

15.5

%

11.0

%

Information

 

0.4

%

0.0

%

 

 

 

 

 

 

Total

 

100.0

%

100.0

%

 

Supplemental Information

Third 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 6/30/15

 

 

 

 

 

672,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Acquired Vacancies

 

110 Greene Street

 

 

 

35,739

 

 

 

 

 

 

 

11 Madison Avenue

 

 

 

657,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Sold Vacancies

 

120 West 45th Street

 

 

 

(16,733

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

2

 

7,798

 

8,014

 

$

55.37

 

 

 

30 East 40th Street

 

3

 

1,308

 

1,308

 

$

55.09

 

 

 

110 East 42nd Street

 

1

 

3,033

 

3,033

 

$

72.99

 

 

 

304 Park Avenue South

 

1

 

2,720

 

2,835

 

$

48.94

 

 

 

420 Lexington Avenue

 

11

 

37,175

 

39,853

 

$

45.86

 

 

 

521 Fifth Avenue

 

3

 

32,144

 

34,770

 

$

61.35

 

 

 

555 West 57th Street

 

1

 

6,800

 

7,802

 

$

41.42

 

 

 

600 Lexington Avenue

 

1

 

4,481

 

4,481

 

$

99.27

 

 

 

609 Fifth Avenue

 

1

 

9,098

 

10,120

 

$

61.77

 

 

 

641 Sixth Avenue

 

1

 

19,000

 

19,000

 

$

46.91

 

 

 

800 Third Avenue

 

1

 

6,487

 

7,200

 

$

49.04

 

 

 

810 Seventh Avenue

 

1

 

7,779

 

8,692

 

$

66.61

 

 

 

919 Third Avenue

 

1

 

12,669

 

13,152

 

$

90.56

 

 

 

1185 Avenue of the Americas

 

1

 

10,047

 

10,047

 

$

64.78

 

 

 

1350 Avenue of the Americas

 

1

 

5,337

 

5,337

 

$

64.68

 

 

 

Total/Weighted Average

 

30

 

165,876

 

175,644

 

$

58.30

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

110 Greene Street

 

1

 

1,913

 

1,818

 

$

198.02

 

 

 

125 Park Avenue

 

1

 

815

 

906

 

$

166.29

 

 

 

919 Third Avenue

 

2

 

9,431

 

10,017

 

$

86.77

 

 

 

Total/Weighted Average

 

4

 

12,159

 

12,741

 

$

108.82

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

1

 

750

 

875

 

$

27.32

 

 

 

Total/Weighted Average

 

1

 

750

 

875

 

$

27.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

Office

 

30

 

165,876

 

175,644

 

$

58.30

 

 

 

Retail

 

4

 

12,159

 

12,741

 

$

108.82

 

 

 

Storage

 

1

 

750

 

875

 

$

27.32

 

 

 

 

 

35

 

178,785

 

189,260

 

$

61.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,527,715

 

 

 

 

 

 


(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

Third 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

 

 

 

 

 

 

 

1,527,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

5

 

7.9

 

25,931

 

25,992

 

$

68.98

 

$

 

$

66.54

 

3.4

 

 

 

30 East 40th Street

 

3

 

3.3

 

1,308

 

1,308

 

$

59.92

 

$

55.09

 

$

 

 

 

 

304 Park Avenue South

 

2

 

12.8

 

4,020

 

4,453

 

$

62.00

 

$

60.29

 

$

55.00

 

9.0

 

 

 

420 Lexington Avenue

 

8

 

4.4

 

9,709

 

11,219

 

$

57.97

 

$

48.21

 

$

29.08

 

0.4

 

 

 

461 Fifth Avenue

 

1

 

9.9

 

6,172

 

6,097

 

$

88.00

 

$

 

$

94.25

 

3.0

 

 

 

521 Fifth Avenue

 

1

 

2.0

 

5,822

 

6,580

 

$

66.00

 

$

53.78

 

$

 

 

 

 

555 West 57th Street

 

1

 

8.3

 

6,800

 

8,189

 

$

55.00

 

$

39.46

 

$

20.00

 

5.0

 

 

 

600 Lexington Avenue

 

1

 

10.4

 

8,875

 

8,875

 

$

73.50

 

$

73.95

 

$

88.50

 

5.0

 

 

 

641 Sixth Avenue

 

1

 

10.8

 

19,000

 

21,981

 

$

82.00

 

$

40.55

 

$

65.00

 

10.0

 

 

 

711 Third Avenue

 

1

 

5.1

 

2,886

 

3,141

 

$

59.00

 

$

51.22

 

$

20.09

 

2.0

 

 

 

810 Seventh Avenue

 

4

 

9.3

 

61,729

 

66,260

 

$

70.97

 

$

57.71

 

$

53.16

 

3.7

 

 

 

919 Third Avenue

 

1

 

12.6

 

12,052

 

13,152

 

$

57.00

 

$

90.56

 

$

75.00

 

12.0

 

 

 

1350 Avenue of the Americas

 

2

 

12.0

 

10,514

 

10,524

 

$

73.81

 

$

60.47

 

$

66.96

 

5.0

 

 

 

Total/Weighted Average

 

31

 

9.1

 

174,818

 

187,771

 

$

69.70

 

$

57.29

 

$

56.08

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 Greene Street

 

1

 

0.4

 

1,913

 

1,818

 

$

198.02

 

$

198.02

 

$

 

 

 

 

125 Park Avenue

 

1

 

15.0

 

7,201

 

6,234

 

$

362.50

 

$

 

$

500.00

 

 

 

 

919 Third Avenue

 

4

 

13.4

 

10,048

 

10,788

 

$

81.52

 

$

88.42

 

$

 

10.1

 

 

 

Total/Weighted Average

 

6

 

12.7

 

19,162

 

18,840

 

$

185.74

 

$

104.92

 

$

165.45

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

750 Third Avenue

 

1

 

12.1

 

1,350

 

1,350

 

$

25.00

 

$

 

$

 

 

 

 

Total/Weighted Average

 

1

 

12.1

 

1,350

 

1,350

 

$

25.00

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

31

 

9.1

 

174,818

 

187,771

 

$

69.70

 

$

57.29

 

$

56.08

 

4.9

 

 

 

Retail

 

6

 

12.7

 

19,162

 

18,840

 

$

185.74

 

$

104.92

 

$

165.45

 

5.8

 

 

 

Storage

 

1

 

12.1

 

1,350

 

1,350

 

$

25.00

 

$

 

$

 

 

 

 

Total

 

38

 

9.5

 

195,330

 

207,961

 

$

79.92

 

$

61.30

 

$

65.62

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 9/30/15

 

 

 

 

 

1,332,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

1

 

1.8

 

47,280

 

52,450

 

$

70.00

 

$

61.00

 

$

 

 

 

 

420 Lexington Avenue

 

4

 

5.2

 

9,694

 

10,824

 

$

60.32

 

$

51.95

 

$

 

1.6

 

 

 

521 Fifth Avenue

 

1

 

10.4

 

14,244

 

15,990

 

$

53.00

 

$

43.36

 

$

20.00

 

3.0

 

 

 

641 Sixth Avenue

 

1

 

10.3

 

21,000

 

21,981

 

$

85.00

 

$

42.97

 

$

25.00

 

4.0

 

 

 

Total/Weighted Average

 

7

 

5.3

 

92,218

 

101,245

 

$

69.54

 

$

53.33

 

$

8.59

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Park Avenue

 

1

 

7.4

 

10,783

 

11,386

 

$

79.04

 

$

58.01

 

$

 

1.0

 

 

 

Total/Weighted Average

 

1

 

7.4

 

10,783

 

11,386

 

$

79.04

 

$

58.01

 

$

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

7

 

5.3

 

92,218

 

101,245

 

$

69.54

 

$

53.33

 

$

8.59

 

1.5

 

 

 

Early Renewals Retail

 

1

 

7.4

 

10,783

 

11,386

 

$

79.04

 

$

58.01

 

$

 

1.0

 

 

 

Total

 

8

 

5.6

 

103,001

 

112,631

 

$

70.50

 

$

53.80

 

$

7.72

 

1.5

 

 


(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 $71.15/rsf for 131,384 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $70.45/rsf for 232,629 rentable SF.

 

Supplemental Information

Third 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 6/30/15

 

 

 

 

 

1,183,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Sold Vacancies

 

The Meadows, Rutherford, New Jersey

 

 

 

(57,497

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 5 Int’l Drive, Rye Brook, New York

 

1

 

4,918

 

4,918

 

$

30.80

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

900

 

911

 

$

20.65

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

3,761

 

3,761

 

$

26.26

 

 

 

140 Grand Street, White Plains, New York

 

3

 

12,793

 

12,793

 

$

38.70

 

 

 

1 Landmark Square, Stamford, Connecticut

 

3

 

9,032

 

9,032

 

$

36.92

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

1,182

 

1,375

 

$

31.50

 

 

 

4 Landmark Square, Stamford, Connecticut

 

1

 

1,165

 

1,165

 

$

37.97

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

2

 

13,941

 

13,941

 

$

36.31

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

2

 

51,439

 

51,439

 

$

42.57

 

 

 

Jericho Plaza, Jericho, New York

 

4

 

41,406

 

41,406

 

$

37.83

 

 

 

16 Court Street, Brooklyn, New York

 

2

 

4,080

 

4,769

 

$

28.81

 

 

 

Total/Weighted Average

 

21

 

144,617

 

145,510

 

$

38.38

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

150

 

150

 

$

109.87

 

 

 

Total/Weighted Average

 

1

 

150

 

150

 

$

109.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

 

 

Office

 

21

 

144,617

 

145,510

 

$

38.38

 

 

 

Retail

 

1

 

150

 

150

 

$

109.87

 

 

 

 

 

22

 

144,767

 

145,660

 

$

38.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,270,661

 

 

 

 

 

 


(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

Third 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

 

 

 

 

 

 

 

1,270,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

7.4

 

4,115

 

4,115

 

$

24.00

 

$

 

$

53.52

 

5.0

 

 

 

500 Summit Lake Drive, Valhalla, New York

 

1

 

5.3

 

2,700

 

2,900

 

$

24.25

 

$

23.85

 

$

34.44

 

4.0

 

 

 

140 Grand Street, White Plains, New York

 

1

 

3.0

 

2,732

 

2,732

 

$

36.50

 

$

41.57

 

$

 

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

5.4

 

6,649

 

6,849

 

$

40.00

 

$

 

$

30.00

 

5.0

 

 

 

1 Landmark Square, Stamford, Connecticut

 

5

 

4.7

 

16,719

 

16,719

 

$

31.52

 

$

37.25

 

$

24.80

 

4.1

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

0.6

 

1,182

 

1,375

 

$

31.50

 

$

31.50

 

$

 

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

2

 

5.3

 

11,347

 

11,347

 

$

34.11

 

$

33.78

 

$

29.43

 

3.4

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

3

 

10.8

 

37,695

 

37,695

 

$

37.19

 

$

43.18

 

$

54.78

 

11.1

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

10.5

 

20,771

 

20,771

 

$

31.00

 

$

 

$

42.50

 

4.0

 

 

 

Total/Weighted Average

 

16

 

8.2

 

103,910

 

104,503

 

$

33.93

 

$

40.05

 

$

40.40

 

6.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

2.8

 

1,222

 

1,032

 

$

47.00

 

$

31.17

 

$

7.50

 

1.0

 

 

 

Total/Weighted Average

 

1

 

2.8

 

1,222

 

1,032

 

$

47.00

 

$

31.17

 

$

7.50

 

1.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

1.0

 

200

 

220

 

$

18.00

 

$

 

$

 

 

 

 

Total/Weighted Average

 

1

 

1.0

 

200

 

220

 

$

18.00

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

16

 

8.2

 

103,910

 

104,503

 

$

33.93

 

$

40.05

 

$

40.40

 

6.5

 

 

 

Retail

 

1

 

2.8

 

1,222

 

1,032

 

$

47.00

 

$

31.17

 

$

7.50

 

1.0

 

 

 

Storage

 

1

 

1.0

 

200

 

220

 

$

18.00

 

$

 

$

 

 

 

 

Total

 

18

 

8.1

 

105,332

 

105,755

 

$

34.02

 

$

39.85

 

$

39.99

 

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 9/30/15

 

 

 

 

 

1,165,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 6 Int’l Drive, Rye Brook, New York

 

1

 

1.1

 

35,210

 

31,520

 

$

29.00

 

$

29.00

 

$

 

1.0

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

3.3

 

2,661

 

2,661

 

$

35.00

 

$

35.15

 

$

 

3.3

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

3.0

 

1,250

 

1,531

 

$

48.00

 

$

36.05

 

$

7.23

 

 

 

 

Total/Weighted Average

 

3

 

1.3

 

39,121

 

35,712

 

$

30.26

 

$

29.76

 

$

0.31

 

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

3

 

1.3

 

39,121

 

35,712

 

$

30.26

 

$

29.76

 

$

0.31

 

1.1

 

 

 

Total

 

3

 

1.3

 

39,121

 

35,712

 

$

30.26

 

$

29.76

 

$

0.31

 

1.1

 

 


(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 $36.34/rsf for 44,691 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $33.64/rsf for 80,403 rentable SF.

 

Supplemental Information

Third 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)

 

14

 

38,564

 

0.19

%

$

2,849,217

 

$

73.88

 

$

66.84

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2nd Quarter 2015 (1)

 

6

 

12,487

 

0.06

%

$

751,372

 

$

60.17

 

$

80.00

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

3rd Quarter 2015 (1)

 

9

 

34,974

 

0.18

%

$

1,679,876

 

$

48.03

 

$

59.38

 

1

 

14,274

 

0.44

%

$

659,605

 

$

46.21

 

$

75.00

 

4th Quarter 2015

 

26

 

229,919

 

1.15

%

$

12,997,801

 

$

56.53

 

$

67.13

 

8

 

116,154

 

3.59

%

$

6,567,330

 

$

56.54

 

$

63.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

55

 

315,944

 

1.58

%

$

18,278,266

 

$

57.85

 

$

66.74

 

9

 

130,428

 

4.03

%

$

7,226,935

 

$

55.41

 

$

64.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

87

 

817,579

 

4.10

%

$

53,763,893

 

$

65.76

 

$

69.99

 

15

 

121,093

 

3.74

%

$

7,726,373

 

$

63.81

 

$

69.24

 

2017

 

109

 

1,741,110

 

8.72

%

$

96,240,302

 

$

55.28

 

$

68.20

 

17

 

164,432

 

5.08

%

$

14,895,918

 

$

90.59

 

$

82.38

 

2018

 

74

 

677,840

 

3.40

%

$

50,381,016

 

$

74.33

 

$

103.34

 

25

 

455,951

 

14.09

%

$

33,782,761

 

$

74.09

 

$

71.44

 

2019

 

73

 

1,090,394

 

5.46

%

$

73,364,115

 

$

67.28

 

$

69.83

 

24

 

233,454

 

7.21

%

$

17,478,717

 

$

74.87

 

$

76.78

 

2020

 

87

 

2,396,386

 

12.00

%

$

146,216,516

 

$

61.02

 

$

67.47

 

19

 

312,030

 

9.64

%

$

17,554,723

 

$

56.26

 

$

67.60

 

2021

 

48

 

1,607,209

 

8.05

%

$

94,326,013

 

$

58.69

 

$

61.95

 

12

 

187,143

 

5.78

%

$

13,341,756

 

$

71.29

 

$

89.88

 

2022

 

45

 

943,565

 

4.73

%

$

60,518,007

 

$

64.14

 

$

76.76

 

14

 

160,157

 

4.95

%

$

9,984,703

 

$

62.34

 

$

68.64

 

2023

 

33

 

634,863

 

3.18

%

$

35,030,248

 

$

55.18

 

$

63.86

 

17

 

785,705

 

24.28

%

$

51,166,879

 

$

65.12

 

$

67.26

 

2024

 

27

 

426,121

 

2.13

%

$

27,187,603

 

$

63.80

 

$

68.39

 

13

 

146,694

 

4.53

%

$

9,478,363

 

$

64.61

 

$

68.28

 

Thereafter

 

94

 

6,677,690

 

33.45

%

$

403,249,300

 

$

60.39

 

$

67.30

 

25

 

539,028

 

16.66

%

$

39,030,396

 

$

72.41

 

$

82.27

 

 

 

732

 

17,328,701

 

86.80

%

$

1,058,555,279

 

$

61.09

 

$

69.02

 

190

 

3,236,115

 

100.00

%

$

221,667,523

 

$

68.50

 

$

73.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

1

 

2,634,670

 

13.20

%

$

112,498,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

733

 

19,963,371

 

100.00

%

$

1,171,053,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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

(2) Tenants may have multiple leases.

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

(4) Management’s estimate of average asking rents for currently occupied space as of September 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

Third 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

 

59,353

 

1.73

%

$

2,320,814

 

$

39.10

 

$

42.19

 

2

 

4,060

 

0.87

%

$

151,961

 

$

37.43

 

$

36.00

 

2nd Quarter 2015 (1)

 

3

 

3,738

 

0.11

%

$

127,858

 

$

34.21

 

$

34.33

 

1

 

3,975

 

0.85

%

$

111,902

 

$

28.15

 

$

27.53

 

3rd Quarter 2015 (1)

 

9

 

19,537

 

0.57

%

$

590,646

 

$

30.23

 

$

35.45

 

2

 

24,026

 

5.15

%

$

965,406

 

$

40.18

 

$

36.00

 

4th Quarter 2015

 

15

 

85,363

 

2.48

%

$

2,696,497

 

$

31.59

 

$

34.04

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

39

 

167,991

 

4.89

%

$

5,735,815

 

$

34.14

 

$

37.09

 

5

 

32,061

 

6.87

%

$

1,229,269

 

$

38.34

 

$

34.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

53

 

367,577

 

10.69

%

$

12,964,117

 

$

35.27

 

$

38.65

 

1

 

15,004

 

3.21

%

$

546,654

 

$

36.43

 

$

36.00

 

2017

 

51

 

246,905

 

7.18

%

$

9,520,235

 

$

38.56

 

$

40.08

 

7

 

44,488

 

9.53

%

$

1,468,300

 

$

33.00

 

$

36.37

 

2018

 

58

 

312,445

 

9.09

%

$

11,038,226

 

$

35.33

 

$

36.94

 

3

 

54,052

 

11.58

%

$

2,249,604

 

$

41.62

 

$

36.00

 

2019

 

46

 

563,283

 

16.39

%

$

16,409,346

 

$

29.13

 

$

29.98

 

7

 

35,790

 

7.66

%

$

1,189,144

 

$

33.23

 

$

36.35

 

2020

 

36

 

373,756

 

10.87

%

$

11,996,653

 

$

32.10

 

$

34.95

 

3

 

38,562

 

8.26

%

$

1,452,651

 

$

37.67

 

$

36.00

 

2021

 

28

 

329,293

 

9.58

%

$

8,954,631

 

$

27.19

 

$

28.85

 

4

 

89,292

 

19.12

%

$

3,188,238

 

$

35.71

 

$

36.00

 

2022

 

16

 

104,781

 

3.05

%

$

4,004,093

 

$

38.21

 

$

38.06

 

2

 

19,883

 

4.26

%

$

683,223

 

$

34.36

 

$

36.53

 

2023

 

19

 

200,487

 

5.83

%

$

6,759,629

 

$

33.72

 

$

35.07

 

3

 

40,834

 

8.75

%

$

1,390,367

 

$

34.05

 

$

37.43

 

2024

 

16

 

243,445

 

7.08

%

$

8,109,210

 

$

33.31

 

$

38.99

 

3

 

60,136

 

12.88

%

$

1,962,651

 

$

32.64

 

$

36.37

 

Thereafter

 

38

 

527,235

 

15.34

%

$

15,509,146

 

$

29.42

 

$

32.04

 

5

 

36,836

 

7.89

%

$

1,225,934

 

$

33.28

 

$

37.52

 

 

 

400

 

3,437,198

 

100.00

%

$

111,001,099

 

$

32.29

 

$

34.54

 

43

 

466,938

 

100.00

%

$

16,586,036

 

$

35.52

 

$

36.31

 

 


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

(2) Tenants may have multiple leases.

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

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

 

Supplemental Information

Third Quarter 2015

 

49



 

ANNUAL LEASE EXPIRATIONS

Retail 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)

 

Prime Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 (1)

 

8

 

7,816

 

1.66

%

$

637,037

 

$

81.50

 

$

84.57

 

5

 

9,781

 

3.21

%

$

375,345

 

$

38.37

 

$

40.29

 

2016

 

16

 

65,309

 

13.89

%

$

3,400,581

 

$

52.07

 

$

53.44

 

2

 

3,732

 

1.23

%

$

20,328

 

$

5.45

 

$

5.72

 

2017

 

12

 

57,973

 

12.33

%

$

3,231,137

 

$

55.74

 

$

75.41

 

6

 

15,951

 

5.24

%

$

893,525

 

$

56.02

 

$

85.36

 

2018

 

14

 

24,049

 

5.11

%

$

1,169,429

 

$

48.63

 

$

54.79

 

2

 

22,571

 

7.42

%

$

1,423,079

 

$

63.05

 

$

74.39

 

2019

 

5

 

7,450

 

1.58

%

$

647,865

 

$

86.96

 

$

83.21

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2020

 

6

 

14,761

 

3.14

%

$

1,967,282

 

$

133.28

 

$

313.47

 

3

 

25,424

 

8.36

%

$

5,086,132

 

$

200.05

 

$

277.01

 

2021

 

1

 

108,148

 

22.99

%

$

7,567,316

 

$

69.97

 

$

70.00

 

5

 

26,753

 

8.79

%

$

4,303,088

 

$

160.85

 

$

214.19

 

2022

 

1

 

1,366

 

0.29

%

$

210,656

 

$

154.21

 

$

299.00

 

3

 

55,437

 

18.22

%

$

20,358,590

 

$

367.24

 

$

469.54

 

2023

 

2

 

8,776

 

1.87

%

$

717,458

 

$

81.75

 

$

134.08

 

2

 

7,131

 

2.34

%

$

1,402,759

 

$

196.71

 

$

350.00

 

2024

 

3

 

53,651

 

11.41

%

$

2,409,299

 

$

44.91

 

$

53.68

 

1

 

7,793

 

2.56

%

$

970,904

 

$

124.59

 

$

898.00

 

Thereafter

 

9

 

121,021

 

25.73

%

$

10,148,874

 

$

83.86

 

$

300.11

 

10

 

129,723

 

42.63

%

$

67,669,816

 

$

521.65

 

$

568.43

 

 

 

77

 

470,320

 

100.00

%

$

32,106,933

 

$

68.27

 

$

134.89

 

39

 

304,296

 

100.00

%

$

102,503,566

 

$

336.85

 

$

412.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy (5)

 

 

 

29,856

 

 

 

 

 

 

 

$

561.74

 

 

 

45,358

 

 

 

 

 

 

 

$

713.14

 

 

 

 

 

500,176

 

 

 

 

 

 

 

$

160.37

 

 

 

349,654

 

 

 

 

 

 

 

$

451.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 (1)

 

5

 

23,449

 

2.67

%

$

2,266,197

 

$

96.64

 

$

117.54

 

1

 

120

 

0.05

%

$

21,000

 

$

175.00

 

$

175.00

 

2016

 

10

 

66,766

 

7.62

%

$

7,231,638

 

$

108.31

 

$

144.42

 

2

 

2,294

 

0.99

%

$

163,818

 

$

71.41

 

$

73.58

 

2017

 

12

 

48,904

 

5.58

%

$

5,141,766

 

$

105.14

 

$

187.11

 

4

 

6,940

 

3.00

%

$

1,944,559

 

$

280.20

 

$

408.42

 

2018

 

10

 

63,522

 

7.25

%

$

11,697,686

 

$

184.15

 

$

454.75

 

7

 

13,587

 

5.87

%

$

1,897,858

 

$

139.68

 

$

180.59

 

2019

 

7

 

56,854

 

6.48

%

$

3,449,105

 

$

60.67

 

$

100.96

 

3

 

10,400

 

4.49

%

$

1,539,617

 

$

148.04

 

$

222.36

 

2020

 

10

 

58,857

 

6.71

%

$

7,150,499

 

$

121.49

 

$

117.06

 

3

 

32,800

 

14.16

%

$

1,446,530

 

$

44.10

 

$

54.52

 

2021

 

8

 

12,611

 

1.44

%

$

1,271,413

 

$

100.82

 

$

118.42

 

3

 

15,992

 

6.90

%

$

4,449,686

 

$

278.24

 

$

351.45

 

2022

 

13

 

117,569

 

13.41

%

$

14,612,756

 

$

124.29

 

$

171.15

 

6

 

12,603

 

5.44

%

$

1,585,518

 

$

125.80

 

$

177.98

 

2023

 

6

 

40,412

 

4.61

%

$

5,438,865

 

$

134.59

 

$

134.08

 

4

 

14,406

 

6.22

%

$

1,156,046

 

$

80.25

 

$

106.86

 

2024

 

7

 

28,143

 

3.21

%

$

4,718,560

 

$

167.66

 

$

171.74

 

11

 

30,774

 

13.29

%

$

3,671,093

 

$

119.29

 

$

134.66

 

Thereafter

 

33

 

359,672

 

41.02

%

$

53,190,321

 

$

147.89

 

$

186.73

 

18

 

91,692

 

39.59

%

$

13,256,277

 

$

144.57

 

$

165.37

 

 

 

121

 

876,759

 

100.00

%

$

116,168,806

 

$

132.50

 

$

184.88

 

62

 

231,608

 

100.00

%

$

31,132,000

 

$

134.42

 

$

165.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy (5)

 

 

 

30,928

 

 

 

 

 

 

 

$

98.37

 

 

 

107,473

 

 

 

 

 

 

 

$

125.07

 

 

 

 

 

907,687

 

 

 

 

 

 

 

$

181.93

 

 

 

339,081

 

 

 

 

 

 

 

$

152.56

 

 


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

(2) Tenants may have multiple leases.

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

(4) Management’s estimate of average asking rents for currently occupied space as of September 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

Third Quarter 2015

 

50



 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY

Manhattan

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2015

 

Price ($’s) (1)

 

1998 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-98

 

420 Lexington Avenue

 

Operating Sublease

 

Grand Central

 

1,188,000

 

83.0

 

97.0

 

$

78,000,000

 

May-98

 

711 3rd Avenue

 

Operating Sublease

 

Grand Central

 

524,000

 

79.0

 

84.1

 

$

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

 

N/A

 

$

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

 

99.9

 

$

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

 

97.5

 

$

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 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

521 Fifth Avenue

 

Leasehold Interest

 

Midtown

 

460,000

 

97.0

 

91.9

 

$

210,000,000

 

Jun-06

 

609 Fifth Avenue

 

Fee Interest

 

Midtown

 

160,000

 

98.5

 

75.6

 

$

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

 

97.2

 

$

285,000,000

 

 

 

 

 

 

 

 

 

1,146,000

 

 

 

 

 

$

1,255,000,000

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

Reckson - NYC Portfolio

 

Fee Interests / Leasehold Interest

 

Various

 

5,612,000

 

98.3

 

98.3

 

$

3,679,530,000

 

Apr-07

 

331 Madison Avenue

 

Fee Interest

 

Grand Central

 

114,900

 

97.6

 

N/A

 

$

73,000,000

 

Apr-07

 

1745 Broadway - 32.3% JV

 

Fee Interest

 

Midtown

 

674,000

 

100.0

 

100.0

 

$

520,000,000

 

Jun-07

 

333 West 34th Street

 

Fee Interest

 

Penn Station

 

345,400

 

100.0

 

N/A

 

$

183,000,000

 

Aug-07

 

1 Madison Avenue - remaining 45%

 

Fee Interest

 

Park Avenue South

 

1,177,000

 

99.8

 

100.0

 

$

1,000,000,000

 

Dec-07

 

388 & 390 Greenwich Street - 50.6% JV

 

Fee Interest

 

Downtown

 

2,635,000

 

100.0

 

100.0

 

$

1,575,000,000

 

 

 

 

 

 

 

 

 

10,558,300

 

 

 

 

 

$

7,030,530,000

 

2010 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-10

 

100 Church Street

 

Fee Interest

 

Downtown

 

1,047,500

 

41.3

 

99.0

 

$

181,600,000

 

May-10

 

600 Lexington Avenue - 55% JV

 

Fee Interest

 

East Side

 

303,515

 

93.6

 

91.1

 

$

193,000,000

 

Aug-10

 

125 Park Avenue

 

Fee Interest

 

Grand Central

 

604,245

 

99.1

 

88.0

 

$

330,000,000

 

 

 

 

 

 

 

 

 

1,955,260

 

 

 

 

 

$

704,600,000

 

 

Supplemental Information

Third Quarter 2015

 

51



 

 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY - Cont.

Manhattan

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2015

 

Price ($’s) (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-11

 

521 Fifth Avenue - remaining 49.9%

 

Leasehold Interest

 

Midtown

 

460,000

 

80.7

 

91.9

 

$

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

 

98.5

 

$

85,570,000

 

May-11

 

280 Park Avenue - 49.5% JV

 

Fee Interest

 

Park Avenue

 

1,219,158

 

78.2

 

72.9

 

$

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

 

N/A

 

$

80,000,000

 

 

 

 

 

 

 

 

 

4,866,158

 

 

 

 

 

$

3,156,950,000

 

2012 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-12

 

10 East 53rd Street - 55% JV

 

Fee Interest

 

Plaza District

 

354,300

 

91.9

 

43.9

 

$

252,500,000

 

Jun-12

 

304 Park Avenue South

 

Fee Interest

 

Midtown South

 

215,000

 

95.8

 

90.9

 

$

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

 

N/A

 

$

46,000,000

 

 

 

 

 

 

 

 

 

879,919

 

 

 

 

 

$

523,500,000

 

2014 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2015 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-15

 

110 Greene Street - 90% JV

 

Fee Interest

 

Soho

 

223,600

 

84.0

 

84.0

 

$

255,000,000

 

Aug-15

 

30 East 40th Street - 60% JV

 

Leasehold Interest

 

Grand Central South

 

69,446

 

100.0

 

100.0

 

$

4,650,000

 

Aug-15

 

11 Madison Avenue

 

Fee Interest

 

Park Avenue South

 

2,313,916

 

71.6

 

71.6

 

$

2,285,000,000

 

 

 

 

 

 

 

 

 

2,606,962

 

 

 

 

 

$

2,544,650,000

 

 


(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

Third Quarter 2015

 

52



 

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY

Manhattan

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

2000 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-00

 

29 West 35th Street

 

Fee Interest

 

Penn Station

 

78,000

 

$

11,700,000

 

$

150

 

Mar-00

 

36 West 44th Street

 

Fee Interest

 

Grand Central

 

178,000

 

$

31,500,000

 

$

177

 

May-00

 

321 West 44th Street - 35% JV

 

Fee Interest

 

Times Square

 

203,000

 

$

28,400,000

 

$

140

 

Nov-00

 

90 Broad Street

 

Fee Interest

 

Financial

 

339,000

 

$

60,000,000

 

$

177

 

Dec-00

 

17 Battery South

 

Fee Interest

 

Financial

 

392,000

 

$

53,000,000

 

$

135

 

 

 

 

 

 

 

 

 

1,190,000

 

$

184,600,000

 

$

156

 

2001 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-01

 

633 Third Ave

 

Fee Interest

 

Grand Central North

 

40,623

 

$

13,250,000

 

$

326

 

May-01

 

1 Park Ave - 45% JV

 

Fee Interest

 

Grand Central South

 

913,000

 

$

233,900,000

 

$

256

 

Jun-01

 

1412 Broadway

 

Fee Interest

 

Times Square South

 

389,000

 

$

90,700,000

 

$

233

 

Jul-01

 

110 East 42nd Street

 

Fee Interest

 

Grand Central

 

69,700

 

$

14,500,000

 

$

208

 

Sep-01

 

1250 Broadway (1)

 

Fee Interest

 

Penn Station

 

670,000

 

$

126,500,000

 

$

189

 

 

 

 

 

 

 

 

 

2,082,323

 

$

478,850,000

 

$

242

 

2002 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-02

 

469 Seventh Avenue

 

Fee Interest

 

Penn Station

 

253,000

 

$

53,100,000

 

$

210

 

 

 

 

 

 

 

 

 

253,000

 

$

53,100,000

 

$

210

 

2003 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-03

 

50 West 23rd Street

 

Fee Interest

 

Chelsea

 

333,000

 

$

66,000,000

 

$

198

 

Jul-03

 

1370 Broadway

 

Fee Interest

 

Times Square South

 

255,000

 

$

58,500,000

 

$

229

 

Dec-03

 

321 West 44th Street

 

Fee Interest

 

Times Square

 

203,000

 

$

35,000,000

 

$

172

 

 

 

 

 

 

 

 

 

791,000

 

$

159,500,000

 

$

202

 

2004 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-04

 

1 Park Avenue (2)

 

Fee Interest

 

Grand Central South

 

913,000

 

$

318,500,000

 

$

349

 

Oct-04

 

17 Battery Place North

 

Fee Interest

 

Financial

 

419,000

 

$

70,000,000

 

$

167

 

Nov-04

 

1466 Broadway

 

Fee Interest

 

Times Square

 

289,000

 

$

160,000,000

 

$

554

 

 

 

 

 

 

 

 

 

1,621,000

 

$

548,500,000

 

$

338

 

2005 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr-05

 

1414 Avenue of the Americas

 

Fee Interest

 

Plaza District

 

111,000

 

$

60,500,000

 

$

545

 

Aug-05

 

180 Madison Avenue

 

Fee Interest

 

Grand Central

 

265,000

 

$

92,700,000

 

$

350

 

 

 

 

 

 

 

 

 

376,000

 

$

153,200,000

 

$

407

 

2006 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-06

 

286 & 290 Madison Avenue 

 

Fee Interest

 

Grand Central

 

149,000

 

$

63,000,000

 

$

423

 

Aug-06

 

1140 Avenue of the Americas

 

Leasehold Interest

 

Rockefeller Center

 

191,000

 

$

97,500,000

 

$

510

 

Dec-06

 

521 Fifth Avenue (3)

 

Leasehold Interest

 

Midtown

 

460,000

 

$

240,000,000

 

$

522

 

 

 

 

 

 

 

 

 

800,000

 

$

400,500,000

 

$

501

 

2007 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-07

 

1 Park Avenue

 

Fee Interest

 

Grand Central South

 

913,000

 

$

550,000,000

 

$

602

 

Mar-07

 

70 West 36th Street

 

Fee Interest

 

Garment

 

151,000

 

$

61,500,000

 

$

407

 

Jun-07

 

110 East 42nd Street

 

Fee Interest

 

Grand Central North

 

181,000

 

$

111,500,000

 

$

616

 

Jun-07

 

125 Broad Street

 

Fee Interest

 

Downtown

 

525,000

 

$

273,000,000

 

$

520

 

Jun-07

 

5 Madison Clock Tower

 

Fee Interest

 

Park Avenue South

 

267,000

 

$

200,000,000

 

$

749

 

Jul-07

 

292 Madison Avenue

 

Fee Interest

 

Grand Central South

 

187,000

 

$

140,000,000

 

$

749

 

Jul-07

 

1372 Broadway (4)

 

Fee Interest

 

Penn Station/Garment

 

508,000

 

$

335,000,000

 

$

659

 

Nov-07

 

470 Park Avenue South

 

Fee Interest

 

Park Avenue South/Flatiron

 

260,000

 

$

157,000,000

 

$

604

 

 

 

 

 

 

 

 

 

2,992,000

 

$

1,828,000,000

 

$

611

 

 


(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.

 

Supplemental Information

Third Quarter 2015

 

53



 

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY - Cont.

Manhattan

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

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

 

 

 

 

 

 

 

 

 

359,000

 

$

161,000,000

 

$

448

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug-13

 

333 West 34th Street

 

Fee Interest

 

Penn Station

 

345,400

 

$

220,250,000

 

$

638

 

 

 

 

 

 

 

 

 

345,400

 

$

220,250,000

 

$

638

 

2014 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-14

 

673 First Avenue

 

Leasehold Interest

 

Grand Central South

 

422,000

 

$

145,000,000

 

$

344

 

 

 

 

 

 

 

 

 

422,000

 

$

145,000,000

 

$

344

 

2015 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-15

 

120 West 45th Street

 

Fee Interest

 

Midtown

 

440,000

 

$

365,000,000

 

$

830

 

Sep-15

 

315 West 36th Street

 

Fee Interest

 

Times Square South

 

148,000

 

$

115,000,000

 

$

777

 

 

 

 

 

 

 

 

 

588,000

 

$

480,000,000

 

$

816

 

 


(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

Third Quarter 2015

 

54



 

 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY

Suburban

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2015

 

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

 

88.1

 

$

490,750,000

 

Jan-07

 

Reckson - Westchester Portfolio

 

Fee Interests / Leasehold Interest

 

Westchester

 

2,346,100

 

90.6

 

80.3

 

$

570,190,000

 

Apr-07

 

Jericho Plazas - 20.26% JV

 

Fee Interest

 

Jericho, New York

 

640,000

 

98.4

 

66.8

 

$

210,000,000

 

Jun-07

 

1010 Washington Boulevard

 

Fee Interest

 

Stamford, Connecticut

 

143,400

 

95.6

 

73.8

 

$

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

 

94.6

 

$

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

 

 

$

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

 

94.6

 

$

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

 

 

 

 

 

 

 

 

 

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

 

$

308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-12

 

One Court Square

 

Fee Interest

 

Long Island City, New York

 

1,402,000

 

$

481,100,000

 

$

343

 

 

 

 

 

 

 

 

 

1,402,000

 

$

481,100,000

 

$

343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-13

 

300 Main Street

 

Fee Interest

 

Stamford, Connecticut

 

130,000

 

$

13,500,000

 

$

104

 

 

 

 

 

 

 

 

 

130,000

 

$

13,500,000

 

$

104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug-15

 

The Meadows

 

Fee Interest

 

Rutherford, New Jersey

 

582,100

 

$

121,100,000

 

$

208

 

 

 

 

 

 

 

 

 

582,100

 

$

121,100,000

 

$

208

 

 


(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.

 

Supplemental Information

Third Quarter 2015

 

55



 

 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY

Retail, Residential, Development / Redevelopment & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2015

 

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

 

85.0

 

$

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

 

 

$

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

 

93.7

 

$

193,000,000

 

Jan-12

 

724 Fifth Avenue - 50%

 

Fee Interest

 

Plaza District

 

65,010

 

92.9

 

83.1

 

$

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

 

 

 

100.0

 

$

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

 

 

95.8

 

$

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

 

95.9

 

$

386,775,000

 

Nov-13

 

562, 570 & 574 Fifth Avenue

 

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

 

94.6

 

$

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 Residential

 

27,000

 

96.4

 

85.7

 

$

50,073,674

 

Aug-15

 

187 Broadway & 5-7 Dey Street

 

Fee Interest

 

Cast Iron / Soho

 

73,600

 

90.5

 

90.5

 

$

63,690,000

 

 

 

 

 

 

 

 

 

2,690,784

 

 

 

 

 

$

160,562,301

 

 


(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

Third Quarter 2015

 

56



 

 

 

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

 

 

 

 

 

 

 

 

 

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

 

$

1,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

356

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-15

 

180 Maiden Lane

 

Fee Interest

 

Financial East

 

1,090,000

 

$

470,000,000

 

$

431

 

 

 

 

 

 

 

 

 

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

Third Quarter 2015

 

57



 

 

 

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

 

58



 

 

 

 

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

BMO Capital Markets Corp.

 

John P. Kim

 

(212) 885-4115

 

jp.kim@bmo.com

Citigroup

 

Michael Bilerman

 

(212) 816-1383

 

michael.bilerman@citigroup.com

Cowen and Company

 

James Sullivan

 

(646) 562-1380

 

james.sullivan@cowen.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

 

Jed Reagan

 

(949) 640-8780

 

jreagan@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

 

Craig Mailman

 

(917) 368-2316

 

cmailman@key.com

Morgan Stanley

 

Vance H. Edelson

 

(212) 761-0078

 

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

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 regarding SL Green Realty Corp.’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

 

59



 

 

 

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).

 

60