1-13199 | 13-3956775 |
(COMMISSION FILE NUMBER) | (IRS EMPLOYER ID. NUMBER) |
420 Lexington Avenue | 10170 |
New York, New York | (ZIP CODE) |
SL GREEN REALTY CORP. | |
/s/ Matthew J. DiLiberto | |
Matthew J. DiLiberto | |
Chief Financial Officer | |
Date: January 28, 2016 |
• | Fourth quarter 2015 FFO of $1.62 per share before transaction related costs of $0.01 per share compared to fourth quarter 2014 FFO of $1.45 per share before transaction related costs of $0.02 per share. |
• | Full year 2015 FFO of $6.49 per share before transaction related costs of $0.11 per share compared to the full year 2014 FFO of $5.94 per share before transaction related costs of $0.09 per share. |
• | Fourth quarter 2015 net income attributable to common stockholders of $1.01 per share compared to fourth quarter 2014 net income attributable to common stockholders of $0.59 per share. Full year net income attributable to common stockholders of $2.70 per share, compared to prior year net income of $5.23 per share. |
• | Combined same-store cash NOI increased 5.0 percent for the fourth quarter and 4.6 percent for the full year as compared to the same periods in the prior year. |
• | Signed 44 Manhattan office leases covering 416,198 square feet during the fourth quarter and 189 Manhattan office leases covering 2,255,733 square feet during the full year. The mark-to-market on signed Manhattan office leases was 20.5 percent higher in the fourth quarter than the previously fully escalated rents on the same spaces, resulting in a mark-to-market for the full year of 15.3 percent on signed Manhattan office leases. |
• | Signed 27 Suburban office leases covering 193,370 square feet during the fourth quarter and 115 Suburban office leases covering 739,414 square feet during the full year. The mark-to-market on signed Suburban office leases was 5.8 percent higher in the fourth 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 December 31, 2015 to 97.1 percent as compared to 95.7 percent as of December 31, 2014. |
• | Signed a new lease with Giorgio Armani Corp. that will allow Armani to remain in its flagship retail space at 760 Madison Avenue through 2024. |
• | Citigroup, Inc. exercised their option to purchase 388-390 Greenwich Street for $2.0 billion, net of any unfunded tenant concessions. The closing is scheduled for December 2017. |
• | Closed on the acquisition of the Company's joint venture partner's interest in 600 Lexington Avenue at a gross asset valuation for the consolidated investment of $284.0 million. |
• | Closed on the sale of 570-574 Fifth Avenue and 140-150 Grand Avenue for total gross asset valuations of $125.4 million and $32.0 million, respectively. |
• | Entered into an agreement to sell the Company's 90 percent stake in the residential condominium at 248-252 Bedford Avenue for a total gross asset valuation of $55.0 million. |
• | Originated new debt and preferred equity investments totaling $986.1 million in the fourth quarter, of which $338.1 million was retained. |
• | Signed a new full-building, 49-year net lease at 562 Fifth Avenue, which contains an option for the lessee to purchase the property for $100.0 million from the Company. |
• | Issued $100.0 million of 10-year 4.27% Senior Unsecured Notes via a private placement. |
• | New full-building, 49-year net lease at 562 Fifth Avenue. The lease contains an option for the lessee to purchase the property from the Company for $100.0 million with annual escalations in the purchase price after the third year; |
• | New lease with Giorgio Armani Corp. that will allow Armani to remain in its flagship retail space at 760 Madison Avenue through 2024 at rental rates reflective of today's market; |
• | Early renewal for 52,718 square feet with Penguin Random House LLC at 1745 Broadway, extending the remaining lease term to 7.5 years; |
• | Early renewal and expansion for 51,536 square feet with Nomura Holding America at 1100 King Street - 5 International Drive, Rye Brook, New York, extending the remaining lease term to 12.0 years; |
• | Early renewal for 50,000 square feet with City University of New York at 555 West 57th Street, extending the remaining lease term to 15.0 years; |
• | Early renewal and expansion for 44,874 square feet with Murex North America, Inc. at 810 Seventh Avenue, extending the remaining lease term to 10.8 years; |
• | New lease for 38,050 square feet with Golenbock, Eisman, Assor Bell & Peskoe LLP at 711 Third Avenue for 10.5 years; |
• | New lease for 31,126 square feet with Fir Tree, Inc. at 55 West 46th Street for 10.0 years; and |
• | Early renewal for 22,889 square feet with KPS Capital Partners L.P. at 485 Lexington Avenue, extending the remaining lease term to 12.3 years. |
• | $0.72 per share of common stock, consistent with the previous announcement of a dividend increase in December 2015. The dividend was paid on January 15, 2016 to shareholders of record on the close of business on January 4, 2016. The annual dividend of $2.88 per share represents a 20 percent increase over the prior year; and |
• | $0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2015 through and including January 14, 2016, which was paid on January 15, 2016 to shareholders of record on the close of business on January 4, 2016, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Rental revenue, net | $ | 319,961 | $ | 294,189 | $ | 1,245,981 | $ | 1,121,066 | |||||||
Escalation and reimbursement | 47,882 | 44,167 | 178,512 | 164,376 | |||||||||||
Investment income | 44,540 | 41,048 | 181,128 | 178,815 | |||||||||||
Other income | 13,007 | 7,223 | 57,208 | 55,721 | |||||||||||
Total revenues | 425,390 | 386,627 | 1,662,829 | 1,519,978 | |||||||||||
Expenses: | |||||||||||||||
Operating expenses, including related party expenses of $6,477 and $20,071 in 2015 and $6,125 and $19,308 in 2014 | 76,085 | 71,165 | 301,624 | 282,283 | |||||||||||
Real estate taxes | 59,684 | 58,141 | 232,702 | 217,843 | |||||||||||
Ground rent | 8,308 | 8,146 | 32,834 | 32,307 | |||||||||||
Interest expense, net of interest income | 88,176 | 80,976 | 323,870 | 317,400 | |||||||||||
Amortization of deferred financing costs | 7,621 | 6,640 | 27,348 | 22,377 | |||||||||||
Depreciation and amortization | 106,800 | 97,273 | 560,887 | 371,610 | |||||||||||
Transaction related costs | 1,391 | 2,153 | 11,430 | 8,707 | |||||||||||
Marketing, general and administrative | 22,734 | 22,710 | 94,873 | 92,488 | |||||||||||
Total expenses | 370,799 | 347,204 | 1,585,568 | 1,345,015 | |||||||||||
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net (loss) 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 | 54,591 | 39,423 | 77,261 | 174,963 | |||||||||||
Equity in net income from unconsolidated joint ventures | 2,377 | 5,756 | 13,028 | 26,537 | |||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (206 | ) | 673 | 15,844 | 123,253 | ||||||||||
Gain on sale of investment in marketable securities | — | 3,895 | — | 3,895 | |||||||||||
Purchase price fair value adjustment | 40,078 | — | 40,078 | 67,446 | |||||||||||
Gain on sale of real estate, net | 16,270 | — | 175,974 | — | |||||||||||
Depreciable real estate reserves | — | — | (19,226 | ) | — | ||||||||||
Loss on early extinguishment of debt | — | (6,865 | ) | (49 | ) | (32,365 | ) | ||||||||
Income from continuing operations | 113,110 | 42,882 | 302,910 | 363,729 | |||||||||||
Net income from discontinued operations | — | 3,626 | 427 | 19,075 | |||||||||||
Gain on sale of discontinued operations | 1,139 | 18,817 | 14,122 | 163,059 | |||||||||||
Net income | 114,249 | 65,325 | 317,459 | 545,863 | |||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | (3,931 | ) | (2,457 | ) | (10,565 | ) | (18,467 | ) | |||||||
Net income attributable to noncontrolling interests in other partnerships | (2,626 | ) | (1,545 | ) | (15,843 | ) | (6,590 | ) | |||||||
Preferred unit distributions | (2,651 | ) | (800 | ) | (6,967 | ) | (2,750 | ) | |||||||
Net income attributable to SL Green | 105,041 | 60,523 | 284,084 | 518,056 | |||||||||||
Perpetual preferred stock dividends | (3,738 | ) | (3,738 | ) | (14,952 | ) | (14,952 | ) | |||||||
Net income attributable to SL Green common stockholders | $ | 101,303 | $ | 56,785 | $ | 269,132 | $ | 503,104 | |||||||
Earnings Per Share (EPS) | |||||||||||||||
Net income per share (Basic) | $ | 1.02 | $ | 0.59 | $ | 2.71 | $ | 5.25 | |||||||
Net income per share (Diluted) | $ | 1.01 | $ | 0.59 | $ | 2.70 | $ | 5.23 | |||||||
Funds From Operations (FFO) | |||||||||||||||
FFO per share (Basic) | $ | 1.61 | $ | 1.44 | $ | 6.41 | $ | 5.87 | |||||||
FFO per share (Diluted) | $ | 1.61 | $ | 1.43 | $ | 6.38 | $ | 5.85 | |||||||
Basic ownership interest | |||||||||||||||
Weighted average REIT common shares for net income per share | 99,758 | 96,770 | 99,345 | 95,774 | |||||||||||
Weighted average partnership units held by noncontrolling interests | 3,829 | 3,791 | 3,900 | 3,514 | |||||||||||
Basic weighted average shares and units outstanding | 103,587 | 100,561 | 103,245 | 99,288 | |||||||||||
Diluted ownership interest | |||||||||||||||
Weighted average REIT common share and common share equivalents | 100,226 | 97,243 | 99,835 | 96,182 | |||||||||||
Weighted average partnership units held by noncontrolling interests | 3,829 | 3,791 | 3,900 | 3,514 | |||||||||||
Diluted weighted average shares and units outstanding | 104,055 | 101,034 | 103,735 | 99,696 |
December 31, | December 31, | ||||||
2015 | 2014 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Commercial real estate properties, at cost: | |||||||
Land and land interests | $ | 4,779,159 | $ | 3,844,518 | |||
Building and improvements | 10,423,739 | 8,778,593 | |||||
Building leasehold and improvements | 1,431,259 | 1,418,585 | |||||
Properties under capital lease | 47,445 | 27,445 | |||||
16,681,602 | 14,069,141 | ||||||
Less accumulated depreciation | (2,060,706 | ) | (1,905,165 | ) | |||
14,620,896 | 12,163,976 | ||||||
Assets held for sale | 34,981 | 462,430 | |||||
Cash and cash equivalents | 255,399 | 281,409 | |||||
Restricted cash | 233,578 | 149,176 | |||||
Investment in marketable securities | 45,138 | 39,429 | |||||
Tenant and other receivables, net of allowance of $17,618 and $18,068 in 2015 and 2014, respectively | 63,491 | 57,369 | |||||
Related party receivables | 10,650 | 11,735 | |||||
Deferred rents receivable, net of allowance of $21,730 and $27,411 in 2015 and 2014, respectively | 498,776 | 374,944 | |||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $18,759 and $19,172 in 2015 and 2014, respectively | 1,670,020 | 1,408,804 | |||||
Investments in unconsolidated joint ventures | 1,203,858 | 1,172,020 | |||||
Deferred costs, net | 370,435 | 327,962 | |||||
Other assets | 850,719 | 647,333 | |||||
Total assets | $ | 19,857,941 | $ | 17,096,587 | |||
Liabilities | |||||||
Mortgages and other loans payable | $ | 6,992,504 | $ | 5,586,709 | |||
Revolving credit facility | 994,000 | 385,000 | |||||
Term loan and senior unsecured notes | 2,319,244 | 2,107,078 | |||||
Accrued interest payable and other liabilities | 210,883 | 137,634 | |||||
Accounts payable and accrued expenses | 196,213 | 173,246 | |||||
Deferred revenue | 399,102 | 187,148 | |||||
Capitalized lease obligations | 41,360 | 20,822 | |||||
Deferred land leases payable | 1,783 | 1,215 | |||||
Dividend and distributions payable | 79,790 | 64,393 | |||||
Security deposits | 68,023 | 66,614 | |||||
Liabilities related to assets held for sale | 29,000 | 266,873 | |||||
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||
Total liabilities | 11,431,902 | 9,096,732 | |||||
Commitments and contingencies | — | — | |||||
Noncontrolling interest in the Operating Partnership | 424,206 | 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 December 31, 2015 and December 31, 2014 | 221,932 | 221,932 | |||||
Common stock, $0.01 par value 160,000 shares authorized, 100,063 and 97,325 issued and outstanding at December 31, 2015 and December 31, 2014, respectively (including 87 shares held in Treasury at December 31, 2015) | 1,001 | 974 | |||||
Additional paid-in capital | 5,439,735 | 5,113,759 | |||||
Treasury stock at cost | (10,000 | ) | — | ||||
Accumulated other comprehensive loss | (8,749 | ) | (6,980 | ) | |||
Retained earnings | 1,643,546 | 1,607,689 | |||||
Total SL Green Realty Corp. stockholders’ equity | 7,287,465 | 6,937,374 | |||||
Noncontrolling interests in other partnerships | 431,852 | 521,842 | |||||
Total equity | 7,719,317 | 7,459,216 | |||||
Total liabilities and equity | $ | 19,857,941 | $ | 17,096,587 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
FFO Reconciliation: | |||||||||||||||
Net income attributable to SL Green common stockholders | $ | 101,303 | $ | 56,785 | $ | 269,132 | $ | 503,104 | |||||||
Add: | |||||||||||||||
Depreciation and amortization | 106,800 | 97,273 | 560,887 | 371,610 | |||||||||||
Discontinued operations depreciation adjustments | — | 147 | — | 5,581 | |||||||||||
Joint venture depreciation and noncontrolling interest adjustments | 10,373 | 6,508 | 34,226 | 33,487 | |||||||||||
Net income attributable to noncontrolling interests | 6,557 | 4,002 | 26,408 | 25,057 | |||||||||||
Less: | |||||||||||||||
Gain on sale of real estate and discontinued operations, net | 17,409 | 18,817 | 190,096 | 163,059 | |||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (206 | ) | 673 | 15,844 | 123,253 | ||||||||||
Purchase price fair value adjustment | 40,078 | — | 40,078 | 67,446 | |||||||||||
Depreciable real estate reserves, net of recoveries | — | — | (19,226 | ) | — | ||||||||||
Depreciation on non-rental real estate assets | 511 | 525 | 2,036 | 2,045 | |||||||||||
Funds From Operations attributable to SL Green common stockholders and noncontrolling interests | $ | 167,241 | $ | 144,700 | $ | 661,825 | $ | 583,036 |
Consolidated Properties | SL Green's share of Unconsolidated Joint Ventures | Combined | |||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
Operating income and Same-store NOI Reconciliation: | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
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 | $ | 54,591 | $ | 39,423 | |||||||||||||||||||
Equity in net income from unconsolidated joint ventures | 2,377 | 5,756 | 2,377 | 5,756 | |||||||||||||||||||
Depreciation and amortization | 106,800 | 97,273 | 16,965 | 13,395 | |||||||||||||||||||
Interest expense, net of interest income | 88,176 | 80,976 | 18,710 | 14,000 | |||||||||||||||||||
Amortization of deferred financing costs | 7,621 | 6,640 | 1,689 | 1,310 | |||||||||||||||||||
Loss on early extinguishment of debt | — | (6,865 | ) | — | — | ||||||||||||||||||
Operating income | 259,565 | 223,203 | 39,741 | 34,461 | |||||||||||||||||||
Marketing, general and administrative expense | 22,734 | 22,710 | — | — | |||||||||||||||||||
Net operating income from discontinued operations | — | 5,441 | — | — | |||||||||||||||||||
Transaction related costs, net | 1,391 | 2,153 | — | (29 | ) | ||||||||||||||||||
Non-building revenue | (57,885 | ) | (43,703 | ) | (6,470 | ) | (1,577 | ) | |||||||||||||||
Equity in net income from unconsolidated joint ventures | (2,377 | ) | (5,756 | ) | — | — | |||||||||||||||||
Loss on early extinguishment of debt | — | 6,865 | 2 | — | |||||||||||||||||||
Net operating income (NOI) | 223,428 | 210,913 | 33,273 | 32,855 | $ | 256,701 | $ | 243,768 | |||||||||||||||
NOI from discontinued operations | — | (5,441 | ) | — | — | — | (5,441 | ) | |||||||||||||||
NOI from other properties/affiliates | (51,880 | ) | (39,927 | ) | (12,621 | ) | (12,684 | ) | (64,501 | ) | (52,611 | ) | |||||||||||
Same-Store NOI | 171,548 | 165,545 | 20,652 | 20,171 | 192,200 | 185,716 | |||||||||||||||||
Ground lease straight-line adjustment | 393 | 400 | — | — | 393 | 400 | |||||||||||||||||
Straight-line and free rent | (8,638 | ) | (10,307 | ) | (1,318 | ) | (1,573 | ) | (9,956 | ) | (11,880 | ) | |||||||||||
Rental income - FAS 141 | (3,048 | ) | (3,115 | ) | (383 | ) | (369 | ) | (3,431 | ) | (3,484 | ) | |||||||||||
Same-store cash NOI | $ | 160,255 | $ | 152,523 | $ | 18,951 | $ | 18,229 | $ | 179,206 | $ | 170,752 |
Consolidated Properties | SL Green's share of Unconsolidated Joint Ventures | Combined | |||||||||||||||||||||
Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||
Operating income and Same-store NOI Reconciliation: | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
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 | $ | 77,261 | $ | 174,963 | |||||||||||||||||||
Equity in net income from unconsolidated joint ventures | 13,028 | 26,537 | 13,028 | 26,537 | |||||||||||||||||||
Depreciation and amortization | 560,887 | 371,610 | 62,766 | 60,692 | |||||||||||||||||||
Interest expense, net of interest income | 323,870 | 317,400 | 70,018 | 61,556 | |||||||||||||||||||
Amortization of deferred financing costs | 27,348 | 22,377 | 5,770 | 6,008 | |||||||||||||||||||
Loss on early extinguishment of debt | (49 | ) | (32,365 | ) | — | — | |||||||||||||||||
Operating income | 1,002,345 | 880,522 | 151,582 | 154,793 | |||||||||||||||||||
Marketing, general and administrative expense | 94,873 | 92,488 | — | — | |||||||||||||||||||
Net operating income from discontinued operations | 488 | 37,790 | — | — | |||||||||||||||||||
Transaction related costs, net | 11,430 | 8,707 | 37 | 372 | |||||||||||||||||||
Non-building revenue | (195,944 | ) | (217,857 | ) | (25,690 | ) | (17,467 | ) | |||||||||||||||
Equity in net income from unconsolidated joint ventures | (13,028 | ) | (26,537 | ) | — | — | |||||||||||||||||
Loss on early extinguishment of debt | 49 | 32,365 | 497 | 3,382 | |||||||||||||||||||
Net operating income (NOI) | 900,213 | 807,478 | 126,426 | 141,080 | $ | 1,026,639 | $ | 948,558 | |||||||||||||||
NOI from discontinued operations | (488 | ) | (37,790 | ) | — | — | (488 | ) | (37,790 | ) | |||||||||||||
NOI from other properties/affiliates | (210,584 | ) | (114,361 | ) | (44,943 | ) | (62,229 | ) | (255,527 | ) | (176,590 | ) | |||||||||||
Same-Store NOI | 689,141 | 655,327 | 81,483 | 78,851 | 770,624 | 734,178 | |||||||||||||||||
Ground lease straight-line adjustment | 1,595 | 1,602 | — | — | 1,595 | 1,602 | |||||||||||||||||
Straight-line and free rent | (57,615 | ) | (46,210 | ) | (5,829 | ) | (7,471 | ) | (63,444 | ) | (53,681 | ) | |||||||||||
Rental income - FAS 141 | (12,296 | ) | (16,377 | ) | (1,512 | ) | (1,607 | ) | (13,808 | ) | (17,984 | ) | |||||||||||
Same-store cash NOI | $ | 620,825 | $ | 594,342 | $ | 74,142 | $ | 69,773 | $ | 694,967 | $ | 664,115 |
December 31, | |||||||
2015 | 2014 | ||||||
Manhattan Operating Data: (1) | |||||||
Net rentable area at end of period (in 000’s) | 24,029 | 21,905 | |||||
Portfolio percentage leased at end of period | 94.2 | % | 95.2 | % | |||
Same-Store percentage leased at end of period | 96.1 | % | 94.7 | % | |||
Number of properties in operation | 32 | 30 | |||||
Office square feet where leases commenced during quarter ended (rentable) | 390,771 | 303,677 | |||||
Average mark-to-market percentage-office | 15.3 | % | 14.7 | % | |||
Average starting cash rent per rentable square foot-office | $ | 65.48 | $ | 59.49 |
• | 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. |
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 | ||
4 |
FOURTH QUARTER 2015 HIGHLIGHTS Unaudited | ||
5 |
FOURTH QUARTER 2015 HIGHLIGHTS Unaudited | ||
6 |
FOURTH QUARTER 2015 HIGHLIGHTS Unaudited | ||
• | New full-building, 49-year net lease at 562 Fifth Avenue. The lease contains an option for the lessee to purchase the property from the Company for $100.0 million with annual escalations in the purchase price after the third year; |
• | New lease with Giorgio Armani Corp. that will allow Armani to remain in its flagship retail space at 760 Madison Avenue through 2024 at rental rates reflective of today's market; |
• | Early renewal for 52,718 square feet with Penguin Random House LLC at 1745 Broadway, extending the remaining lease term to 7.5 years; |
• | Early renewal and expansion for 51,536 square feet with Nomura Holding America at 1100 King Street - 5 International Drive, Rye Brook, New York, extending the remaining lease term to 12.0 years; |
• | Early renewal for 50,000 square feet with City University of New York at 555 West 57th Street, extending the remaining lease term to 15.0 years; |
• | Early renewal and expansion for 44,874 square feet with Murex North America, Inc. at 810 Seventh Avenue, extending the remaining lease term to 10.8 years; |
• | New lease for 38,050 square feet with Golenbock, Eisman, Assor Bell & Peskoe LLP at 711 Third Avenue for 10.5 years; |
• | New lease for 31,126 square feet with Fir Tree, Inc. at 55 West 46th Street for 10.0 years; and |
• | Early renewal for 22,889 square feet with KPS Capital Partners L.P. at 485 Lexington Avenue, extending the remaining lease term to 12.3 years. |
7 |
FOURTH QUARTER 2015 HIGHLIGHTS Unaudited | ||
8 |
FOURTH QUARTER 2015 HIGHLIGHTS Unaudited | ||
• | $0.72 per share of common stock, consistent with the previous announcement of a dividend increase in December 2015. The dividend was paid on January 15, 2016 to shareholders of record on the close of business on January 4, 2016. The annual dividend of $2.88 per share represents a 20 percent increase over the prior year; and |
• | $0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2015 through and including January 14, 2016, which was paid on January 15, 2016 to shareholders of record on the close of business on January 4, 2016, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share. |
9 |
KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | ||||||||||||||||||||
12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | ||||||||||||||||
Earnings Per Share | ||||||||||||||||||||
Net income (loss) available to common stockholders - diluted | $ | 0.96 | $ | 1.64 | $ | (0.39 | ) | $ | 0.44 | $ | 0.59 | |||||||||
Funds from operations available to common stockholders - diluted | $ | 1.61 | $ | 1.65 | $ | 1.62 | $ | 1.50 | $ | 1.43 | ||||||||||
Reported funds available for distribution to common stockholders - diluted | $ | 0.22 | $ | 1.04 | $ | 0.96 | $ | 1.04 | $ | 0.94 | ||||||||||
Recurring funds available for distribution to common stockholders - diluted | $ | 1.12 | $ | 1.29 | $ | 1.30 | $ | 1.29 | $ | 1.11 | ||||||||||
Common Share Price & Dividends | ||||||||||||||||||||
Closing price at the end of the period | $ | 112.98 | $ | 108.16 | $ | 109.89 | $ | 128.38 | $ | 119.02 | ||||||||||
Closing high price during period | $ | 121.80 | $ | 116.97 | $ | 131.64 | $ | 134.00 | $ | 123.10 | ||||||||||
Closing low price during period | $ | 108.56 | $ | 100.95 | $ | 109.89 | $ | 121.32 | $ | 101.23 | ||||||||||
Common dividend per share | $ | 0.72 | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 0.60 | ||||||||||
FFO payout ratio (trailing 12 months) | 39.6 | % | 38.7 | % | 39.4 | % | 37.8 | % | 35.9 | % | ||||||||||
Reported FAD payout ratio (trailing 12 months) | 77.5 | % | 60.2 | % | 79.8 | % | 73.0 | % | 66.7 | % | ||||||||||
Recurring FAD payout ratio (trailing 12 months) | 50.5 | % | 48.1 | % | 51.6 | % | 50.4 | % | 48.1 | % | ||||||||||
Common Shares & Units | ||||||||||||||||||||
Common shares outstanding | 99,975 | 99,659 | 99,590 | 99,533 | 97,325 | |||||||||||||||
Units outstanding | 3,746 | 3,875 | 3,907 | 3,913 | 3,973 | |||||||||||||||
Total common shares and units outstanding | 103,721 | 103,534 | 103,497 | 103,446 | 101,298 | |||||||||||||||
Weighted average common shares and units outstanding - basic | 103,587 | 103,522 | 103,487 | 102,366 | 100,561 | |||||||||||||||
Weighted average common shares and units outstanding - diluted | 104,055 | 103,929 | 103,946 | 103,019 | 101,034 | |||||||||||||||
Market Capitalization | ||||||||||||||||||||
Market value of common equity | $ | 11,718,399 | $ | 11,198,237 | $ | 11,373,285 | $ | 13,280,397 | $ | 12,056,488 | ||||||||||
Liquidation value of preferred equity/units | 512,516 | 512,516 | 354,723 | 340,915 | 301,115 | |||||||||||||||
Consolidated debt | 10,434,748 | 10,130,502 | 8,375,984 | 8,089,085 | 8,432,729 | |||||||||||||||
Consolidated market capitalization | $ | 22,665,663 | $ | 21,841,255 | $ | 20,103,992 | $ | 21,710,397 | $ | 20,790,332 | ||||||||||
SLG portion of JV debt | 1,718,031 | 1,683,320 | 1,695,340 | 1,693,466 | 1,601,340 | |||||||||||||||
Combined market capitalization | $ | 24,383,694 | $ | 23,524,575 | $ | 21,799,332 | $ | 23,403,863 | $ | 22,391,672 | ||||||||||
Consolidated debt to market capitalization (1) | 46.0 | % | 46.4 | % | 41.7 | % | 37.3 | % | 40.6 | % | ||||||||||
Combined debt to market capitalization (1) | 49.8 | % | 50.2 | % | 46.2 | % | 41.8 | % | 44.8 | % | ||||||||||
Consolidated debt service coverage (trailing 12 months) | 2.85x | 2.78x | 2.63x | 2.60x | 2.53x | |||||||||||||||
Consolidated fixed charge coverage (trailing 12 months) | 2.50x | 2.45x | 2.33x | 2.30x | 2.24x | |||||||||||||||
Combined debt service coverage (trailing 12 months) | 2.52x | 2.47x | 2.36x | 2.31x | 2.26x | |||||||||||||||
Combined fixed charge coverage (trailing 12 months) | 2.23x | 2.20x | 2.10x | 2.07x | 2.03x | |||||||||||||||
(1) Includes the liquidation value of preferred equity/units. |
Supplemental Information | 10 | Fourth Quarter 2015 |
KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | ||||||||||||||||||||
12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | ||||||||||||||||
Selected Balance Sheet Data | ||||||||||||||||||||
Real estate assets before depreciation | $ | 16,681,602 | $ | 16,385,841 | $ | 14,079,832 | $ | 13,978,464 | $ | 14,536,503 | ||||||||||
Investments in unconsolidated joint ventures | $ | 1,203,858 | $ | 1,239,008 | $ | 1,262,723 | $ | 1,244,185 | $ | 1,172,020 | ||||||||||
Debt and preferred equity investments | $ | 1,670,020 | $ | 1,501,619 | $ | 1,685,234 | $ | 1,548,739 | $ | 1,408,804 | ||||||||||
Cash and cash equivalents | $ | 255,399 | $ | 244,360 | $ | 215,896 | $ | 330,770 | $ | 281,409 | ||||||||||
Investment in marketable securities | $ | 45,138 | $ | 46,432 | $ | 46,251 | $ | 47,716 | $ | 39,429 | ||||||||||
Total assets | $ | 19,857,941 | $ | 19,490,569 | $ | 17,266,958 | $ | 17,080,732 | $ | 17,096,587 | ||||||||||
Fixed rate & hedged debt | $ | 7,232,254 | $ | 7,137,994 | $ | 5,841,563 | $ | 6,016,084 | $ | 6,140,787 | ||||||||||
Variable rate debt (1) | 3,173,494 | 2,992,508 | 2,364,421 | 2,073,000 | 2,038,000 | |||||||||||||||
Total consolidated debt | $ | 10,405,748 | $ | 10,130,502 | $ | 8,205,984 | $ | 8,089,084 | $ | 8,178,787 | ||||||||||
Total liabilities | $ | 11,431,902 | $ | 11,112,874 | $ | 9,186,434 | $ | 8,927,560 | $ | 9,096,732 | ||||||||||
Fixed rate & hedged debt - including SLG portion of JV debt | $ | 8,275,130 | $ | 8,085,553 | $ | 6,798,495 | $ | 6,973,410 | $ | 6,898,199 | ||||||||||
Variable rate debt - including SLG portion of JV debt (1) | 3,848,649 | 3,728,269 | 3,102,829 | 2,809,140 | 2,881,928 | |||||||||||||||
Total combined debt | $ | 12,123,779 | $ | 11,813,822 | $ | 9,901,324 | $ | 9,782,550 | $ | 9,780,127 | ||||||||||
Selected Operating Data | ||||||||||||||||||||
Property operating revenues | $ | 367,843 | $ | 366,719 | $ | 345,633 | $ | 344,298 | $ | 338,356 | ||||||||||
Property operating expenses | (144,077 | ) | (147,909 | ) | (134,486 | ) | (140,688 | ) | (137,452 | ) | ||||||||||
Property NOI | $ | 223,766 | $ | 218,810 | $ | 211,147 | $ | 203,610 | $ | 200,904 | ||||||||||
NOI from discontinued operations | — | — | — | 488 | 5,441 | |||||||||||||||
Total property NOI - consolidated | $ | 223,766 | $ | 218,810 | $ | 211,147 | $ | 204,098 | $ | 206,345 | ||||||||||
SLG share of property NOI from JVs | 39,879 | 38,804 | 38,640 | 35,054 | 34,757 | |||||||||||||||
Total property NOI - combined | $ | 263,645 | $ | 257,614 | $ | 249,787 | $ | 239,152 | $ | 241,102 | ||||||||||
Investment income | 44,540 | 49,328 | 45,191 | 42,069 | 41,048 | |||||||||||||||
Other income | 13,007 | 16,019 | 18,250 | 9,932 | 7,223 | |||||||||||||||
Marketing general & administrative expenses | (22,734 | ) | (23,475 | ) | (23,200 | ) | (25,464 | ) | (22,710 | ) | ||||||||||
EBITDA - combined | $ | 298,458 | $ | 299,486 | $ | 290,028 | $ | 265,689 | $ | 266,663 | ||||||||||
(1) Does not reflect $1.2 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt. |
Supplemental Information | 11 | Fourth Quarter 2015 |
KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share) | ||
Manhattan Properties | |||||||||||||||||||
As of or for the three months ended | |||||||||||||||||||
12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | |||||||||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 338,254 | $ | 334,809 | $ | 314,960 | $ | 313,818 | $ | 307,542 | |||||||||
Property operating expenses | 124,302 | 127,382 | 115,174 | 120,411 | 118,046 | ||||||||||||||
Property NOI | $ | 213,952 | $ | 207,427 | $ | 199,786 | $ | 193,407 | $ | 189,496 | |||||||||
NOI from discontinued operations (1) | — | — | — | 490 | 5,438 | ||||||||||||||
Total property NOI - consolidated | $ | 213,952 | $ | 207,427 | $ | 199,786 | $ | 193,897 | $ | 194,934 | |||||||||
Other income - consolidated | $ | 3,088 | $ | 7,337 | $ | 13,230 | $ | 5,220 | $ | 1,551 | |||||||||
SLG share of property NOI from unconsolidated JV | $ | 36,171 | $ | 35,145 | $ | 34,150 | $ | 30,823 | $ | 31,039 | |||||||||
Portfolio Statistics | |||||||||||||||||||
Consolidated office buildings in service | 27 | 26 | 24 | 23 | 23 | ||||||||||||||
Unconsolidated office buildings in service | 5 | 6 | 7 | 7 | 7 | ||||||||||||||
32 | 32 | 31 | 30 | 30 | |||||||||||||||
Consolidated office buildings in service - square footage | 21,003,606 | 20,700,091 | 18,533,045 | 18,429,045 | 18,429,045 | ||||||||||||||
Unconsolidated office buildings in service - square footage | 3,024,981 | 3,328,496 | 3,476,115 | 3,476,115 | 3,476,115 | ||||||||||||||
24,028,587 | 24,028,587 | 22,009,160 | 21,905,160 | 21,905,160 | |||||||||||||||
Quarter end occupancy- same store - combined office (consolidated + JV) | 96.1 | % | (2) | 96.7 | % | 96.6 | % | 95.6 | % | 94.7 | % | ||||||||
Office Leasing Statistics | |||||||||||||||||||
Total office leases commenced | 42 | 38 | 43 | 47 | 37 | ||||||||||||||
Commenced office square footage filling vacancy | 91,396 | 56,387 | 269,446 | 113,796 | 72,334 | ||||||||||||||
Commenced office square footage on previously occupied space (M-T-M leasing) (3) | 299,375 | 232,629 | 303,986 | 186,511 | 231,343 | ||||||||||||||
Total office square footage commenced | 390,771 | 289,016 | 573,432 | 300,307 | 303,677 | ||||||||||||||
Average starting cash rent psf - office leases commenced | $65.48 | $70.45 | $61.66 | $62.99 | $59.49 | ||||||||||||||
Previously escalated cash rent psf - office leases commenced | $56.80 | $55.57 | $52.94 | $57.67 | $51.85 | ||||||||||||||
Increase in new cash rent over previously escalated cash rent (3) | 15.3% | 26.8% | 16.5% | 9.2% | 14.7% | ||||||||||||||
Average lease term | 9.1 | 7.8 | 11.3 | 8.1 | 10.6 | ||||||||||||||
Tenant concession packages psf | $23.70 | $39.44 | $54.43 | $45.05 | $40.41 | ||||||||||||||
Free rent months | 4.1 | 3.7 | 6.2 | 4.2 | 5.0 | ||||||||||||||
(1) Effective January 1, 2015, the Company adopted FASB ASU No. 2014-08. As a result, properties held for sale and property dispositions will no longer be included in discontinued operations. | |||||||||||||||||||
(2) Manhattan same-store occupancy, inclusive of 218,128 square feet of leases signed but not yet commenced, is 97.1% as of December 31, 2015, as compared to 95.7% at December 31, 2014 and 97.3% at September 30, 2015. | |||||||||||||||||||
(3) Calculated on space that was occupied within the previous 12 months. |
Supplemental Information | 12 | Fourth Quarter 2015 |
KEY FINANCIAL DATA (Unaudited, Dollars in Thousands Except Per Share) | ||
Suburban Properties | As of or for the three months ended | ||||||||||||||||||
12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | |||||||||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 29,897 | $ | 30,231 | $ | 29,355 | $ | 29,170 | $ | 29,969 | |||||||||
Property operating expenses | 16,247 | 16,221 | 16,045 | 16,797 | 15,341 | ||||||||||||||
Property NOI | $ | 13,650 | $ | 14,010 | $ | 13,310 | $ | 12,373 | $ | 14,628 | |||||||||
NOI from discontinued operations (1) | — | — | — | — | — | ||||||||||||||
Total property NOI - consolidated | $ | 13,650 | $ | 14,010 | $ | 13,310 | $ | 12,373 | $ | 14,628 | |||||||||
Other income - consolidated | $ | 80 | $ | 240 | $ | 395 | $ | 299 | $ | 299 | |||||||||
SLG share of property NOI from unconsolidated JV | $ | 409 | $ | 271 | $ | 1,301 | $ | 966 | $ | 1,119 | |||||||||
Portfolio Statistics | |||||||||||||||||||
Consolidated office buildings in service | 26 | 28 | 28 | 27 | 27 | ||||||||||||||
Unconsolidated office buildings in service | 3 | 3 | 5 | 4 | 4 | ||||||||||||||
29 | 31 | 33 | 31 | 31 | |||||||||||||||
Consolidated office buildings in service - square footage | 4,235,300 | 4,450,400 | 4,450,400 | 4,365,400 | 4,365,400 | ||||||||||||||
Unconsolidated office buildings in service - square footage | 705,641 | 705,641 | 1,287,741 | 1,222,100 | 1,222,100 | ||||||||||||||
4,940,941 | 5,156,041 | 5,738,141 | 5,587,500 | 5,587,500 | |||||||||||||||
Quarter end occupancy- same store - combined office (consolidated + JV) | 80.6 | % | (2) | 81.7 | % | 81.9 | % | 80.4 | % | 80.1 | % | ||||||||
Office Leasing Statistics | |||||||||||||||||||
Total office leases commenced | 30 | 19 | 32 | 31 | 34 | ||||||||||||||
Commenced office square footage filling vacancy | 43,516 | 59,812 | 111,895 | 39,609 | 138,822 | ||||||||||||||
Commenced office square footage on previously occupied space (M-T-M leasing) (3) | 167,798 | 80,403 | 102,088 | 122,986 | 130,333 | ||||||||||||||
Total office square footage commenced | 211,314 | 140,215 | 213,983 | 162,595 | 269,155 | ||||||||||||||
Average starting cash rent psf - office leases commenced | $32.16 | $33.64 | $36.28 | $34.78 | $32.74 | ||||||||||||||
Previously escalated cash rent psf - office leases commenced | $31.58 | $35.48 | $36.72 | $34.99 | $33.22 | ||||||||||||||
Increase/(decrease) in new cash rent over previously escalated cash rent (3) | 1.8% | (5.2)% | (1.2)% | (0.6)% | (1.5)% | ||||||||||||||
Average lease term | 5.9 | 6.4 | 8.0 | 6.5 | 9.0 | ||||||||||||||
Tenant concession packages psf | $25.56 | $30.19 | $31.92 | $14.30 | $29.99 | ||||||||||||||
Free rent months | 3.4 | 5.1 | 6.0 | 4.7 | 8.2 | ||||||||||||||
(1) Effective January 1, 2015, the Company adopted FASB ASU No. 2014-08. As a result, properties held for sale and property dispositions will no longer be included in discontinued operations. | |||||||||||||||||||
(2) Suburban same-store occupancy, inclusive of 77,950 square feet of leases signed but not yet commenced, is 82.5% as of December 31, 2015, as compared to 82.0% at December 31, 2014 and 83.4% at September 30, 2015. | |||||||||||||||||||
(3) Calculated on space that was occupied within the previous 12 months. |
Supplemental Information | 13 | Fourth Quarter 2015 |
COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands) | ||
12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | |||||||||||||||
Assets | |||||||||||||||||||
Commercial real estate properties, at cost: | |||||||||||||||||||
Land & land interests | $ | 4,779,159 | $ | 4,689,031 | $ | 3,756,488 | $ | 3,830,787 | $ | 3,844,518 | |||||||||
Buildings & improvements fee interest | 10,423,739 | 10,079,151 | 8,397,117 | 8,697,145 | 8,778,593 | ||||||||||||||
Buildings & improvements leasehold | 1,431,259 | 1,425,299 | 1,424,822 | 1,423,087 | 1,418,585 | ||||||||||||||
Buildings & improvements under capital lease | 47,445 | 47,445 | 27,445 | 27,445 | 27,445 | ||||||||||||||
16,681,602 | 16,240,926 | 13,605,872 | 13,978,464 | 14,069,141 | |||||||||||||||
Less accumulated depreciation | (2,060,706 | ) | (1,979,824 | ) | (2,081,646 | ) | (1,973,674 | ) | (1,905,165 | ) | |||||||||
Net real estate | 14,620,896 | 14,261,102 | 11,524,226 | 12,004,790 | 12,163,976 | ||||||||||||||
Other real estate investments: | |||||||||||||||||||
Investment in unconsolidated joint ventures | 1,203,858 | 1,239,008 | 1,262,723 | 1,244,185 | 1,172,020 | ||||||||||||||
Debt and preferred equity investments, net | 1,670,020 | 1,501,619 | 1,685,234 | 1,548,739 | 1,408,804 | ||||||||||||||
Assets held for sale | 34,981 | 117,885 | 420,569 | — | 462,430 | ||||||||||||||
Cash and cash equivalents | 255,399 | 244,360 | 215,896 | 330,770 | 281,409 | ||||||||||||||
Restricted cash | 233,578 | 279,592 | 128,234 | 128,834 | 149,176 | ||||||||||||||
Investment in marketable securities | 45,138 | 46,432 | 46,251 | 47,716 | 39,429 | ||||||||||||||
Tenant and other receivables, net of $17,618 reserve at 12/31/15 | 63,491 | 66,896 | 64,873 | 50,156 | 57,369 | ||||||||||||||
Related party receivables | 10,650 | 11,089 | 11,395 | 12,088 | 11,735 | ||||||||||||||
Deferred rents receivable, net of reserve for | |||||||||||||||||||
tenant credit loss of $21,730 at 12/31/15 | 498,776 | 467,627 | 433,999 | 408,229 | 374,944 | ||||||||||||||
Deferred costs, net | 370,435 | 342,936 | 328,838 | 326,555 | 327,962 | ||||||||||||||
Other assets | 850,719 | 912,023 | 1,144,720 | 978,670 | 647,333 | ||||||||||||||
Total Assets | $ | 19,857,941 | $ | 19,490,569 | $ | 17,266,958 | $ | 17,080,732 | $ | 17,096,587 |
Supplemental Information | 14 | Fourth Quarter 2015 |
COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands) | ||
12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | |||||||||||||||
Liabilities | |||||||||||||||||||
Mortgages and other loans payable | $ | 6,992,504 | $ | 6,865,383 | $ | 5,287,934 | $ | 5,359,043 | $ | 5,586,709 | |||||||||
Term loan and senior unsecured notes | 2,319,244 | 2,216,120 | 2,113,050 | 2,110,041 | 2,107,078 | ||||||||||||||
Revolving credit facility | 994,000 | 949,000 | 705,000 | 520,000 | 385,000 | ||||||||||||||
Accrued interest and other liabilities | 210,883 | 204,224 | 161,188 | 162,910 | 137,634 | ||||||||||||||
Accounts payable and accrued expenses | 196,213 | 173,228 | 147,028 | 151,427 | 173,246 | ||||||||||||||
Deferred revenue | 399,102 | 428,334 | 337,571 | 369,626 | 187,148 | ||||||||||||||
Capitalized lease obligations | 41,360 | 41,171 | 21,013 | 20,917 | 20,822 | ||||||||||||||
Deferred land lease payable | 1,783 | 1,557 | 1,387 | 1,301 | 1,215 | ||||||||||||||
Dividends and distributions payable | 79,790 | 67,109 | 66,026 | 65,868 | 64,393 | ||||||||||||||
Security deposits | 68,023 | 66,654 | 67,985 | 66,427 | 66,614 | ||||||||||||||
Liabilities related to assets held for sale | 29,000 | 94 | 178,252 | — | 266,873 | ||||||||||||||
Junior subordinated deferrable interest debentures | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||
Total liabilities | 11,431,902 | 11,112,874 | 9,186,434 | 8,927,560 | 9,096,732 | ||||||||||||||
Noncontrolling interest in operating partnership | |||||||||||||||||||
(3,746 units outstanding) at 12/31/15 | 424,206 | 423,421 | 431,418 | 498,881 | 469,524 | ||||||||||||||
Preferred Units | 282,516 | 282,516 | 124,723 | 110,915 | 71,115 | ||||||||||||||
Equity | |||||||||||||||||||
Stockholders' Equity: | |||||||||||||||||||
Series I Perpetual Preferred Shares | 221,932 | 221,932 | 221,932 | 221,932 | 221,932 | ||||||||||||||
Common stock, $0.01 par value, 160,000 shares authorized, | |||||||||||||||||||
100,063 issued and outstanding at 12/31/15 | 1,001 | 998 | 996 | 995 | 974 | ||||||||||||||
Additional paid–in capital | 5,439,735 | 5,416,321 | 5,393,086 | 5,394,750 | 5,113,759 | ||||||||||||||
Treasury stock (87 shares) at 12/31/15 | (10,000 | ) | (10,000 | ) | — | — | — | ||||||||||||
Accumulated other comprehensive loss | (8,749 | ) | (15,821 | ) | (10,906 | ) | (11,810 | ) | (6,980 | ) | |||||||||
Retained earnings | 1,643,546 | 1,624,890 | 1,510,401 | 1,543,068 | 1,607,689 | ||||||||||||||
Total SL Green Realty Corp. stockholders' equity | 7,287,465 | 7,238,320 | 7,115,509 | 7,148,935 | 6,937,374 | ||||||||||||||
Noncontrolling interest in other partnerships | 431,852 | 433,438 | 408,874 | 394,441 | 521,842 | ||||||||||||||
Total equity | 7,719,317 | 7,671,758 | 7,524,383 | 7,543,376 | 7,459,216 | ||||||||||||||
Total Liabilities and Equity | $ | 19,857,941 | $ | 19,490,569 | $ | 17,266,958 | $ | 17,080,732 | $ | 17,096,587 |
Supplemental Information | 15 | Fourth Quarter 2015 |
COMPARATIVE STATEMENT OF OPERATIONS Unaudited (Dollars in Thousands Except Per Share) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | |||||||||||||||||
Revenues | |||||||||||||||||||||
Rental revenue, net | $ | 319,961 | $ | 294,189 | $ | 318,465 | $ | 1,245,981 | $ | 1,121,066 | |||||||||||
Escalation and reimbursement revenues | 47,882 | 44,167 | 48,254 | 178,512 | 164,376 | ||||||||||||||||
Investment income | 44,540 | 41,048 | 49,328 | 181,128 | 178,815 | ||||||||||||||||
Other income | 13,007 | 7,223 | 16,019 | 57,208 | 55,721 | ||||||||||||||||
Total Revenues, net | 425,390 | 386,627 | 432,066 | 1,662,829 | 1,519,978 | ||||||||||||||||
Equity in net income from unconsolidated joint ventures | 2,377 | 5,756 | 3,627 | 13,028 | 26,537 | ||||||||||||||||
Loss on early extinguishment of debt | — | (6,865 | ) | — | (49 | ) | (32,365 | ) | |||||||||||||
Expenses | |||||||||||||||||||||
Operating expenses | 76,085 | 71,165 | 78,648 | 301,624 | 282,283 | ||||||||||||||||
Ground rent | 8,308 | 8,146 | 8,252 | 32,834 | 32,307 | ||||||||||||||||
Real estate taxes | 59,684 | 58,141 | 61,009 | 232,702 | 217,843 | ||||||||||||||||
Transaction related costs | 1,391 | 2,153 | 5,829 | 11,430 | 8,707 | ||||||||||||||||
Marketing, general and administrative | 22,734 | 22,710 | 23,475 | 94,873 | 92,488 | ||||||||||||||||
Total Operating Expenses | 168,202 | 162,315 | 177,213 | 673,463 | 633,628 | ||||||||||||||||
Operating Income | 259,565 | 223,203 | 258,480 | 1,002,345 | 880,522 | ||||||||||||||||
Interest expense, net of interest income | 88,176 | 80,976 | 84,141 | 323,870 | 317,400 | ||||||||||||||||
Amortization of deferred financing costs | 7,621 | 6,640 | 7,160 | 27,348 | 22,377 | ||||||||||||||||
Depreciation and amortization | 106,800 | 97,273 | 146,185 | 560,887 | 371,610 | ||||||||||||||||
Gain on equity investment in marketable securities | — | (3,895 | ) | — | — | (3,895 | ) | ||||||||||||||
Income from Continuing Operations | 56,968 | 42,209 | 20,994 | 90,240 | 173,030 | ||||||||||||||||
Income from discontinued operations (1) | — | 3,626 | — | 427 | 19,075 | ||||||||||||||||
Gain on sale of real estate and discontinued operations (1) | 17,409 | 18,817 | 159,704 | 190,096 | 163,059 | ||||||||||||||||
Equity in net gain (loss) on sale of joint venture interest / real estate | (206 | ) | 673 | 15,281 | 15,844 | 123,253 | |||||||||||||||
Purchase price fair value adjustment | 40,078 | — | — | 40,078 | 67,446 | ||||||||||||||||
Depreciable real estate reserves | — | — | (19,226 | ) | (19,226 | ) | — | ||||||||||||||
Net Income | 114,249 | 65,325 | 176,753 | 317,459 | 545,863 | ||||||||||||||||
Net income attributable to noncontrolling interests | (6,557 | ) | (4,002 | ) | (7,132 | ) | (26,408 | ) | (25,057 | ) | |||||||||||
Dividends on preferred units | (2,651 | ) | (800 | ) | (2,225 | ) | (6,967 | ) | (2,750 | ) | |||||||||||
Net Income Attributable to SL Green Realty Corp | 105,041 | 60,523 | 167,396 | 284,084 | 518,056 | ||||||||||||||||
Dividends on perpetual preferred shares | (3,738 | ) | (3,738 | ) | (3,738 | ) | (14,952 | ) | (14,952 | ) | |||||||||||
Net Income Attributable to Common Stockholders | $ | 101,303 | $ | 56,785 | $ | 163,658 | $ | 269,132 | $ | 503,104 | |||||||||||
Earnings per Share | |||||||||||||||||||||
Net income per share (basic) | $ | 1.02 | $ | 0.59 | $ | 1.64 | $ | 2.71 | $ | 5.25 | |||||||||||
Net income per share (diluted) | $ | 1.01 | $ | 0.59 | $ | 1.64 | $ | 2.70 | $ | 5.23 | |||||||||||
(1) Effective January 1, 2015, the Company adopted FASB ASU No. 2014-08. As a result, properties held for sale and property dispositions will no longer be included in discontinued operations. |
Supplemental Information | 16 | Fourth Quarter 2015 |
COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited (Dollars in Thousands Except Per Share) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | ||||||||||||||||||
Funds from Operations | ||||||||||||||||||||||
Net Income Attributable to Common Stockholders | $ | 101,303 | $ | 56,785 | $ | 163,658 | $ | 269,132 | $ | 503,104 | ||||||||||||
Depreciation and amortization | 106,800 | 97,273 | 146,185 | 560,887 | 371,610 | |||||||||||||||||
Discontinued operations depreciation adjustments | — | 147 | — | — | 5,581 | |||||||||||||||||
Joint ventures depreciation and noncontrolling interests adjustments | 10,373 | 6,508 | 10,796 | 34,226 | 33,487 | |||||||||||||||||
Net income attributable to noncontrolling interests | 6,557 | 4,002 | 7,132 | 26,408 | 25,057 | |||||||||||||||||
Gain on sale of real estate and discontinued operations | (17,409 | ) | (18,817 | ) | (159,704 | ) | (190,096 | ) | (163,059 | ) | ||||||||||||
Equity in net loss (gain) on sale of joint venture property / real estate | 206 | (673 | ) | (15,281 | ) | (15,844 | ) | (123,253 | ) | |||||||||||||
Purchase price fair value adjustment | (40,078 | ) | — | — | (40,078 | ) | (67,446 | ) | ||||||||||||||
Depreciable real estate reserves | — | — | 19,226 | 19,226 | — | |||||||||||||||||
Non-real estate depreciation and amortization | (511 | ) | (525 | ) | (500 | ) | (2,036 | ) | (2,045 | ) | ||||||||||||
Funds From Operations | $ | 167,241 | $ | 144,700 | $ | 171,512 | $ | 661,825 | $ | 583,036 | ||||||||||||
Funds From Operations - Basic per Share | $ | 1.61 | $ | 1.44 | $ | 1.66 | $ | 6.41 | $ | 5.87 | ||||||||||||
Funds From Operations - Diluted per Share | $ | 1.61 | $ | 1.43 | $ | 1.65 | $ | 6.38 | $ | 5.85 | ||||||||||||
Funds Available for Distribution | ||||||||||||||||||||||
FFO | $ | 167,241 | $ | 144,700 | $ | 171,512 | $ | 661,825 | $ | 583,036 | ||||||||||||
Non real estate depreciation and amortization | 511 | 525 | 500 | 2,036 | 2,045 | |||||||||||||||||
Amortization of deferred financing costs | 7,621 | 6,640 | 7,160 | 27,348 | 22,377 | |||||||||||||||||
Non-cash deferred compensation | 18,387 | 24,793 | 8,894 | 56,859 | 63,370 | |||||||||||||||||
FAD adjustment for Joint Ventures | (10,573 | ) | (8,103 | ) | (6,421 | ) | (28,041 | ) | (34,354 | ) | ||||||||||||
FAD adjustment for discontinued operations | — | (1,545 | ) | — | 5 | (8,700 | ) | |||||||||||||||
Straight-line rental income and other non cash adjustments | (38,702 | ) | (11,823 | ) | (42,128 | ) | (160,848 | ) | (57,191 | ) | ||||||||||||
Second cycle tenant improvements | (87,992 | ) | (31,014 | ) | (11,340 | ) | (135,007 | ) | (174,798 | ) | ||||||||||||
Second cycle leasing commissions | (5,573 | ) | (4,433 | ) | (5,636 | ) | (27,718 | ) | (20,322 | ) | ||||||||||||
Revenue enhancing recurring CAPEX | (1,785 | ) | (2,458 | ) | (1,362 | ) | (4,784 | ) | (13,098 | ) | ||||||||||||
Non-revenue enhancing recurring CAPEX | (25,991 | ) | (22,030 | ) | (12,904 | ) | (52,873 | ) | (48,412 | ) | ||||||||||||
Reported Funds Available for Distribution | $ | 23,144 | $ | 95,252 | $ | 108,275 | $ | 338,802 | $ | 313,953 | ||||||||||||
Diluted per Share | $ | 0.22 | $ | 0.94 | $ | 1.04 | $ | 3.27 | $ | 3.15 | ||||||||||||
1515 Broadway - Viacom capital contribution | $ | 7,463 | $ | 16,687 | $ | 5,048 | $ | 27,041 | $ | 44,773 | ||||||||||||
388-390 Greenwich - Citi capital contribution | $ | 65,867 | $ | — | $ | — | $ | 71,409 | $ | 76,523 | ||||||||||||
388-390 Greenwich - free rent | $ | 20,459 | $ | — | $ | 20,459 | $ | 81,836 | $ | — | ||||||||||||
Recurring Funds Available for Distribution | $ | 116,933 | $ | 111,939 | $ | 133,782 | $ | 519,088 | $ | 435,249 | ||||||||||||
Diluted per Share | $ | 1.12 | $ | 1.11 | $ | 1.29 | $ | 5.00 | $ | 4.37 | ||||||||||||
First cycle tenant improvements | $ | 27,064 | $ | 8,549 | $ | 33,288 | $ | 70,688 | $ | 25,672 | ||||||||||||
First cycle leasing commissions | $ | 3,369 | $ | 23,913 | $ | 2,487 | $ | 10,006 | $ | 26,495 | ||||||||||||
Redevelopment costs | $ | 53,962 | $ | 21,370 | $ | 20,497 | $ | 99,432 | $ | 60,026 | ||||||||||||
Capitalized interest | $ | 7,612 | $ | 6,698 | $ | 7,529 | $ | 31,108 | $ | 25,387 |
Supplemental Information | 17 | Fourth Quarter 2015 |
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 | $ | 974 | $ | 5,113,759 | $ | — | $ | 1,607,689 | $ | 521,842 | $ | (6,980 | ) | $ | 7,459,216 | |||||||||||||||||
Net Income attributable to SL Green | 284,082 | 15,844 | 299,926 | |||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (9,566 | ) | (11,084 | ) | (20,650 | ) | ||||||||||||||||||||||||||||
Preferred dividends | (14,950 | ) | (14,950 | ) | ||||||||||||||||||||||||||||||
Cash distributions declared ($2.52 per common share) | (250,963 | ) | (250,963 | ) | ||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (119,784 | ) | (119,784 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income - unrealized loss on derivative instruments | (665 | ) | (665 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income - SLG's share of joint venture net | ||||||||||||||||||||||||||||||||||
unrealized loss on derivative instruments | (494 | ) | (494 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income - unrealized loss on marketable securities | (610 | ) | (610 | ) | ||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 2 | 16,360 | 16,362 | |||||||||||||||||||||||||||||||
DRSPP proceeds | 8 | 99,547 | 99,555 | |||||||||||||||||||||||||||||||
Conversion of units of the Operating Partnership to common stock | 5 | 55,692 | 55,697 | |||||||||||||||||||||||||||||||
Contributions to consolidated joint venture | 35,178 | 35,178 | ||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the Operating Partnership | 20,915 | 20,915 | ||||||||||||||||||||||||||||||||
Reallocation of capital account relating to sale | (10,144 | ) | (10,144 | ) | ||||||||||||||||||||||||||||||
Issuance of common stock | 10 | 136,979 | (10,000 | ) | 126,989 | |||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net | 2 | 243 | (3,227 | ) | (2,982 | ) | ||||||||||||||||||||||||||||
Amortization of deferred compensation plan | 26,721 | 26,721 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | 221,932 | $ | 1,001 | $ | 5,439,735 | $ | (10,000 | ) | $ | 1,643,546 | $ | 431,852 | $ | (8,749 | ) | $ | 7,719,317 | ||||||||||||||||
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 | 2,650,038 | (227,250 | ) | — | 2,422,788 | 2,422,788 | ||||||||||||||||||||||||||||
Share Count at December 30, 2015 - Basic | 99,975,238 | 3,745,766 | — | 103,721,004 | — | 103,721,004 | ||||||||||||||||||||||||||||
Weighting factor | (630,735 | ) | 154,081 | 490,025 | 13,371 | 13,371 | ||||||||||||||||||||||||||||
Weighted Average Share Count at December 30, 2015 - Diluted | 99,344,503 | 3,899,847 | 490,025 | 103,734,375 | — | 103,734,375 |
Supplemental Information | 18 | Fourth Quarter 2015 |
JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||||||||||||||||
Total | SLG Interest | Total | SLG Interest | Total | SLG Interest | |||||||||||||||||||
Land and land interests | $ | 1,609,720 | $ | 716,021 | $ | 1,718,817 | $ | 733,819 | $ | 1,511,239 | $ | 720,231 | ||||||||||||
Buildings and improvements | 5,044,397 | 2,042,794 | 5,096,509 | 1,992,714 | 4,093,817 | 1,884,057 | ||||||||||||||||||
Building leasehold | 32,726 | 16,363 | 31,084 | 15,542 | 18,171 | 9,086 | ||||||||||||||||||
Buildings & improvements under capital lease | 189,558 | 94,779 | 189,558 | 94,779 | 189,558 | 94,779 | ||||||||||||||||||
6,876,401 | 2,869,957 | 7,035,968 | 2,836,854 | 5,812,785 | 2,708,153 | |||||||||||||||||||
Less accumulated depreciation | (753,933 | ) | (307,639 | ) | (753,701 | ) | (286,091 | ) | (537,153 | ) | (243,535 | ) | ||||||||||||
Net real estate | 6,122,468 | 2,562,318 | 6,282,267 | 2,550,763 | 5,275,632 | 2,464,618 | ||||||||||||||||||
Cash and cash equivalents | 164,973 | 59,701 | 154,203 | 57,668 | 116,869 | 51,498 | ||||||||||||||||||
Restricted cash | 93,591 | 28,748 | 106,423 | 37,044 | 91,917 | 37,110 | ||||||||||||||||||
Debt and preferred equity investments, net | 145,878 | 145,878 | 145,762 | 145,762 | 145,875 | 145,875 | ||||||||||||||||||
Tenant and other receivables, net of $2,327 reserve at 12/31/15 | 30,059 | 13,033 | 29,596 | 13,657 | 39,537 | 16,607 | ||||||||||||||||||
Deferred rents receivable, net of reserve for tenant credit loss of $2,764 at 12/31/15 | 178,743 | 79,985 | 171,395 | 71,207 | 130,833 | 54,057 | ||||||||||||||||||
Deferred costs, net | 151,292 | 63,015 | 163,786 | 66,846 | 144,280 | 61,462 | ||||||||||||||||||
Other assets | 139,747 | 63,242 | 135,790 | 59,791 | 141,256 | 65,726 | ||||||||||||||||||
Total Assets | $ | 7,026,751 | $ | 3,015,920 | $ | 7,189,222 | $ | 3,002,738 | $ | 6,086,199 | $ | 2,896,953 | ||||||||||||
Mortgage loans payable | $ | 4,309,113 | $ | 1,718,031 | 4,413,802 | 1,683,320 | $ | 3,778,704 | $ | 1,601,340 | ||||||||||||||
Accrued interest and other liabilities | 15,242 | 8,605 | 17,337 | 7,402 | 13,313 | 6,174 | ||||||||||||||||||
Accounts payable and accrued expenses | 87,736 | 38,911 | 84,239 | 34,367 | 80,206 | 36,584 | ||||||||||||||||||
Deferred revenue | 209,095 | 94,110 | 190,136 | 93,022 | 195,819 | 95,816 | ||||||||||||||||||
Capitalized lease obligations | 183,189 | 91,594 | 182,509 | 91,255 | 180,551 | 90,276 | ||||||||||||||||||
Security deposits | 27,898 | 8,957 | 27,416 | 9,089 | 15,683 | 7,520 | ||||||||||||||||||
Equity | 2,194,478 | 1,055,712 | 2,273,783 | 1,084,283 | 1,821,923 | 1,059,243 | ||||||||||||||||||
Total Liabilities and Equity | $ | 7,026,751 | $ | 3,015,920 | $ | 7,189,222 | $ | 3,002,738 | $ | 6,086,199 | $ | 2,896,953 |
Supplemental Information | 19 | Fourth Quarter 2015 |
JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
Three Months Ended December 31, 2015 | Three Months Ended September 30, 2015 | Three Months Ended December 31, 2014 | ||||||||||||||||||||||
Total | SLG Interest | Total | SLG Interest | Total | SLG Interest | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Rental revenue, net | $ | 133,959 | $ | 51,281 | $ | 130,067 | $ | 48,506 | $ | 97,416 | $ | 41,742 | ||||||||||||
Escalation and reimbursement revenues | 9,470 | 4,240 | 10,260 | 4,542 | 8,336 | 3,669 | ||||||||||||||||||
Other income | 10,327 | 6,391 | 10,311 | 6,497 | 9,916 | 6,251 | ||||||||||||||||||
Total Revenues, net | $ | 153,756 | $ | 61,912 | $ | 150,638 | $ | 59,545 | $ | 115,668 | $ | 51,662 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Operating expenses | $ | 27,135 | $ | 10,643 | $ | 27,647 | $ | 9,998 | $ | 18,861 | $ | 8,555 | ||||||||||||
Ground rent | 4,242 | 2,121 | 4,677 | 2,339 | 2,603 | 1,302 | ||||||||||||||||||
Real estate taxes | 24,529 | 9,269 | 23,494 | 8,404 | 16,008 | 7,048 | ||||||||||||||||||
Total Operating Expenses | $ | 55,906 | $ | 22,033 | $ | 55,818 | $ | 20,741 | $ | 37,472 | $ | 16,905 | ||||||||||||
NOI | $ | 97,850 | $ | 39,879 | $ | 94,820 | $ | 38,804 | $ | 78,196 | $ | 34,757 | ||||||||||||
Cash NOI | $ | 81,337 | $ | 32,360 | $ | 81,675 | $ | 32,393 | $ | 72,629 | $ | 30,286 | ||||||||||||
Transaction related costs, net of recoveries | $ | — | $ | — | $ | 604 | $ | 27 | $ | (30 | ) | $ | (29 | ) | ||||||||||
Interest expense, net of interest income | 51,974 | 18,710 | 51,430 | 17,794 | 40,794 | 14,000 | ||||||||||||||||||
Amortization of deferred financing costs | 3,766 | 1,689 | 3,473 | 1,416 | 2,899 | 1,310 | ||||||||||||||||||
Depreciation and amortization | 40,001 | 16,552 | 38,144 | 15,480 | 30,007 | 12,985 | ||||||||||||||||||
Loss on early extinguishment of debt | 8 | 2 | 248 | 88 | — | — | ||||||||||||||||||
Net Income | $ | 2,101 | $ | 2,926 | $ | 921 | $ | 3,999 | $ | 4,526 | $ | 6,491 | ||||||||||||
Real estate depreciation | 39,939 | 16,550 | 38,073 | 15,474 | 29,991 | 12,977 | ||||||||||||||||||
FFO Contribution | $ | 42,040 | $ | 19,476 | $ | 38,994 | $ | 19,473 | $ | 34,517 | $ | 19,468 | ||||||||||||
FAD Adjustments: | ||||||||||||||||||||||||
Non real estate depreciation and amortization | $ | 3,829 | $ | 1,691 | $ | 3,544 | $ | 1,423 | $ | 2,915 | $ | 1,320 | ||||||||||||
Straight-line rental income and other non-cash adjustments | (14,307 | ) | (6,520 | ) | (11,113 | ) | (5,454 | ) | (8,435 | ) | (3,904 | ) | ||||||||||||
Second cycle tenant improvement | (6,190 | ) | (3,499 | ) | (4,035 | ) | (1,393 | ) | (8,008 | ) | (3,688 | ) | ||||||||||||
Second cycle leasing commissions | (1,897 | ) | (1,158 | ) | (730 | ) | (260 | ) | (241 | ) | (23 | ) | ||||||||||||
Recurring CAPEX | (2,183 | ) | (1,087 | ) | (1,391 | ) | (738 | ) | (3,699 | ) | (1,808 | ) | ||||||||||||
FAD Adjustment | $ | (20,748 | ) | $ | (10,573 | ) | $ | (13,725 | ) | $ | (6,422 | ) | $ | (17,468 | ) | $ | (8,103 | ) | ||||||
First cycle tenant improvement | $ | 10,460 | $ | 5,014 | $ | 14,282 | $ | 4,750 | $ | 9,499 | $ | 4,798 | ||||||||||||
First cycle leasing commissions | $ | (1,264 | ) | $ | (1,744 | ) | $ | 4,880 | $ | 2,250 | $ | 2,685 | $ | 1,339 | ||||||||||
Redevelopment costs | $ | 28,236 | $ | 11,776 | $ | 25,955 | $ | 10,981 | $ | 46,238 | $ | 23,427 | ||||||||||||
Capitalized interest | $ | 5,831 | $ | 3,055 | $ | 9,724 | $ | 4,901 | $ | 12,024 | $ | 5,821 |
Supplemental Information | 20 | Fourth Quarter 2015 |
JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
Twelve Months Ended December 31, 2015 | Twelve Months Ended December 31, 2014 | |||||||||||||||
Total | SLG Interest | Total | SLG Interest | |||||||||||||
Revenues | ||||||||||||||||
Rental revenue, net | $ | 498,475 | $ | 189,884 | $ | 448,477 | $ | 191,070 | ||||||||
Escalation and reimbursement revenues | 37,317 | 16,319 | 34,890 | 15,337 | ||||||||||||
Other income | 41,053 | 25,698 | 38,765 | 22,657 | ||||||||||||
Total Revenues, net | $ | 576,845 | $ | 231,901 | $ | 522,132 | $ | 229,064 | ||||||||
Expenses | ||||||||||||||||
Operating expenses | $ | 106,613 | $ | 39,550 | $ | 82,436 | $ | 37,283 | ||||||||
Ground rent | 14,083 | 7,042 | 9,898 | 4,909 | ||||||||||||
Real estate taxes | 89,734 | 32,932 | 64,217 | 28,055 | ||||||||||||
Total Operating Expenses | $ | 210,430 | $ | 79,524 | $ | 156,551 | $ | 70,247 | ||||||||
NOI | $ | 366,415 | $ | 152,377 | $ | 365,581 | $ | 158,817 | ||||||||
Cash NOI | $ | 237,302 | $ | 128,336 | $ | 328,849 | $ | 141,061 | ||||||||
Transaction related costs, net of recoveries | $ | 615 | $ | 37 | $ | 535 | $ | 372 | ||||||||
Interest expense, net of interest income | 199,126 | 70,018 | 178,743 | 61,556 | ||||||||||||
Amortization of deferred financing costs | 13,394 | 5,770 | 12,395 | 6,008 | ||||||||||||
Depreciation and amortization | 149,023 | 61,386 | 137,793 | 59,414 | ||||||||||||
Loss on early extinguishment of debt | 1,089 | 497 | 6,743 | 3,382 | ||||||||||||
Net Income | $ | 3,168 | $ | 14,669 | $ | 29,372 | $ | 28,085 | ||||||||
Real estate depreciation | 148,762 | 61,359 | 137,724 | 59,379 | ||||||||||||
FFO Contribution | $ | 151,930 | $ | 76,028 | $ | 167,096 | $ | 87,464 | ||||||||
FAD Adjustments: | ||||||||||||||||
Non real estate depreciation and amortization | $ | 13,656 | $ | 5,799 | $ | 11,375 | $ | 5,003 | ||||||||
Straight-line rental income and other non-cash adjustments | (42,711 | ) | (20,475 | ) | (41,008 | ) | (17,865 | ) | ||||||||
Second cycle tenant improvement | (16,079 | ) | (7,480 | ) | (21,668 | ) | (10,215 | ) | ||||||||
Second cycle leasing commissions | (6,108 | ) | (3,098 | ) | (16,280 | ) | (7,876 | ) | ||||||||
Recurring CAPEX | (5,391 | ) | (2,788 | ) | (7,081 | ) | (3,401 | ) | ||||||||
FAD Adjustment | $ | (56,633 | ) | $ | (28,041 | ) | $ | (74,662 | ) | $ | (34,354 | ) | ||||
First cycle tenant improvement | $ | 36,863 | $ | 15,597 | $ | 28,163 | $ | 9,576 | ||||||||
First cycle leasing commissions | $ | 24,481 | $ | 10,585 | $ | 13,185 | $ | 6,117 | ||||||||
Redevelopment costs | $ | 112,014 | $ | 49,838 | $ | 169,787 | $ | 84,295 | ||||||||
Capitalized interest | $ | 36,290 | $ | 18,209 | $ | 45,626 | $ | 22,509 |
Supplemental Information | 21 | Fourth Quarter 2015 |
SELECTED FINANCIAL DATA Property NOI and Components of Consolidated Debt Service and Fixed Charge Coverage Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | ||||||||||||||||
Property NOI | ||||||||||||||||||||
Property NOI (1) | $ | 223,766 | $ | 200,904 | $ | 218,810 | $ | 857,333 | $ | 753,009 | ||||||||||
NOI from discontinued operations (2) | — | 5,441 | — | 488 | 37,790 | |||||||||||||||
Total property NOI - consolidated | 223,766 | 206,345 | 218,810 | 857,821 | 790,799 | |||||||||||||||
SLG share of property NOI from unconsolidated JVs | 39,879 | 34,757 | 38,804 | 152,377 | 158,817 | |||||||||||||||
Combined NOI | $ | 263,645 | $ | 241,102 | $ | 257,614 | $ | 1,010,198 | $ | 949,616 | ||||||||||
Partners' share of property NOI - consolidated JVs | (9,349 | ) | (10,442 | ) | (7,984 | ) | (35,336 | ) | (41,930 | ) | ||||||||||
NOI - SLG share | $ | 254,296 | $ | 230,660 | $ | 249,630 | $ | 974,862 | $ | 907,686 | ||||||||||
NOI | $ | 263,645 | $ | 241,102 | $ | 257,614 | $ | 1,010,198 | $ | 949,616 | ||||||||||
Free rent (net of amortization) | (22,580 | ) | (1,613 | ) | (24,266 | ) | (94,386 | ) | (10,152 | ) | ||||||||||
Net FAS 141 adjustment | (6,608 | ) | (5,345 | ) | (10,752 | ) | (40,806 | ) | (21,368 | ) | ||||||||||
Straightline revenue adjustment | (21,536 | ) | (15,381 | ) | (14,830 | ) | (62,262 | ) | (64,851 | ) | ||||||||||
Allowance for S/L tenant credit loss | 316 | 525 | (1,732 | ) | (2,399 | ) | (1,731 | ) | ||||||||||||
Ground lease straight-line adjustment | 947 | 705 | 913 | 3,270 | 4,719 | |||||||||||||||
Combined Cash NOI | $ | 214,184 | $ | 219,993 | $ | 206,947 | $ | 813,615 | $ | 856,233 | ||||||||||
Partners' share of property NOI - consolidated JVs | (7,444 | ) | (8,122 | ) | (6,616 | ) | (27,388 | ) | (34,115 | ) | ||||||||||
Cash NOI - SLG share | $ | 206,740 | $ | 211,871 | $ | 200,331 | $ | 786,227 | $ | 822,118 | ||||||||||
Components of Consolidated Debt Service and Fixed Charges - Cash Basis | ||||||||||||||||||||
Interest expense | $ | 93,288 | $ | 87,768 | $ | 89,217 | $ | 345,565 | $ | 348,543 | ||||||||||
Principal amortization payments | 7,866 | 11,185 | 7,638 | 30,700 | 43,914 | |||||||||||||||
Total Consolidated Debt Service | $ | 101,154 | $ | 98,953 | $ | 96,855 | $ | 376,265 | $ | 392,457 | ||||||||||
Payments under ground lease arrangements | $ | 7,760 | $ | 7,652 | $ | 7,674 | $ | 30,720 | $ | 32,154 | ||||||||||
Dividends on preferred units | 2,651 | 800 | 2,225 | 6,967 | 2,750 | |||||||||||||||
Dividends on perpetual preferred shares | 3,738 | 3,738 | 3,738 | 14,952 | 14,952 | |||||||||||||||
Total Consolidated Fixed Charges | $ | 115,303 | $ | 111,143 | $ | 110,492 | $ | 428,904 | $ | 442,313 | ||||||||||
(1) Excludes lease termination income. | ||||||||||||||||||||
(2) Effective January 1, 2015, the Company adopted FASB ASU No. 2014-08. As a result, properties held for sale and property dispositions will no longer be included in discontinued operations. |
Supplemental Information | 22 | Fourth Quarter 2015 |
SELECTED FINANCIAL DATA 2015 Same Store - Consolidated Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | |||||||||||||||||||||
2015 | 2014 | % | 2015 | 2015 | 2014 | % | |||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rental revenue, net | $ | 254,710 | $ | 249,599 | 2.0 | % | $ | 256,953 | $ | 1,019,932 | $ | 986,081 | 3.4 | % | |||||||||||
Escalation & reimbursement revenues | 42,343 | 41,418 | 2.2 | % | 44,868 | 165,688 | 154,464 | 7.3 | % | ||||||||||||||||
Other income | 2,914 | 1,463 | 99.2 | % | 4,818 | 22,828 | 4,833 | 372.3 | % | ||||||||||||||||
Total Revenues | $ | 299,967 | $ | 292,480 | 2.6 | % | $ | 306,639 | $ | 1,208,448 | $ | 1,145,378 | 5.5 | % | |||||||||||
Expenses | |||||||||||||||||||||||||
Operating expenses | $ | 63,898 | $ | 63,277 | 1.0 | % | $ | 69,114 | $ | 265,203 | $ | 251,880 | 5.3 | % | |||||||||||
Ground rent | 8,258 | 8,283 | (0.3 | )% | 8,283 | 33,108 | 33,133 | (0.1 | )% | ||||||||||||||||
Real estate taxes | 56,058 | 54,951 | 2.0 | % | 57,085 | 219,699 | 203,960 | 7.7 | % | ||||||||||||||||
Transaction related costs, net of recoveries | — | 136 | (100.0 | )% | — | 191 | 914 | 79.1 | % | ||||||||||||||||
$ | 128,214 | $ | 126,647 | 1.2 | % | $ | 134,482 | $ | 518,201 | $ | 489,887 | 5.8 | % | ||||||||||||
Operating Income | $ | 171,753 | $ | 165,833 | 3.6 | % | $ | 172,157 | $ | 690,247 | $ | 655,491 | 5.3 | % | |||||||||||
Interest expense & amortization of financing costs | $ | 45,263 | $ | 48,914 | (7.5 | )% | $ | 45,357 | $ | 181,956 | $ | 202,987 | (10.4 | )% | |||||||||||
Depreciation & amortization | 78,083 | 77,698 | 0.5 | % | 76,507 | 310,361 | 313,074 | (0.9 | )% | ||||||||||||||||
Income before noncontrolling interest | $ | 48,407 | $ | 39,221 | 23.4 | % | $ | 50,293 | $ | 197,930 | $ | 139,430 | 42.0 | % | |||||||||||
Plus: | Real estate depreciation & amortization | 78,032 | 77,646 | 0.5 | % | 76,455 | 310,153 | 312,852 | (0.9 | )% | |||||||||||||||
FFO Contribution | $ | 126,439 | $ | 116,867 | 8.2 | % | $ | 126,748 | $ | 508,083 | $ | 452,282 | 12.3 | % | |||||||||||
Less: | Non–building revenue | 205 | 424 | (51.7 | )% | 324 | 1,297 | 1,078 | 20.3 | % | |||||||||||||||
Plus: | Transaction related costs, net of recoveries | — | 136 | (100.0 | )% | — | 191 | 914 | (79.1 | )% | |||||||||||||||
Interest expense & amortization of financing costs | 45,263 | 48,914 | (7.5 | )% | 45,357 | 181,956 | 202,987 | (10.4 | )% | ||||||||||||||||
Non-real estate depreciation | 51 | 52 | 0.0 | % | 52 | 208 | 222 | (6.3 | )% | ||||||||||||||||
NOI | $ | 171,548 | $ | 165,545 | 3.6 | % | $ | 171,833 | $ | 689,141 | $ | 655,327 | 5.2 | % | |||||||||||
Cash Adjustments | |||||||||||||||||||||||||
Less: | Free rent (net of amortization) | (855 | ) | 1,478 | (157.8 | )% | 1,789 | 6,474 | 7,151 | (9.5 | )% | ||||||||||||||
Straightline revenue & other adjustments | 9,806 | 9,455 | 3.7 | % | 11,133 | 50,069 | 38,724 | 29.3 | % | ||||||||||||||||
Rental income - FAS 141 | 3,048 | 3,115 | (2.2 | )% | 2,353 | 12,296 | 16,377 | (24.9 | )% | ||||||||||||||||
Plus: | Ground lease straight-line adjustment | 393 | 400 | (1.8 | )% | 400 | 1,595 | 1,602 | (0.4 | )% | |||||||||||||||
Allowance for S/L tenant credit loss | 313 | 626 | (50.0 | )% | 229 | (1,072 | ) | (335 | ) | 220.0 | % | ||||||||||||||
Cash NOI | $ | 160,255 | $ | 152,523 | 5.1 | % | $ | 157,187 | $ | 620,825 | $ | 594,342 | 4.5 | % | |||||||||||
Operating Margins | |||||||||||||||||||||||||
NOI to real estate revenue, net | 57.2 | % | 56.6 | % | 56.1 | % | 57.1 | % | 57.3 | % | |||||||||||||||
Cash NOI to real estate revenue, net | 53.4 | % | 52.1 | % | 51.3 | % | 51.5 | % | 52.0 | % | |||||||||||||||
NOI before ground rent/real estate revenue, net | 59.9 | % | 59.4 | % | 58.8 | % | 59.9 | % | 60.2 | % | |||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 56.0 | % | 54.8 | % | 53.8 | % | 54.1 | % | 54.7 | % |
Supplemental Information | 23 | Fourth Quarter 2015 |
SELECTED FINANCIAL DATA 2015 Same Store - Joint Venture Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | |||||||||||||||||||||
2015 | 2014 | % | 2015 | 2015 | 2014 | % | |||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rental revenue, net | $ | 27,041 | $ | 26,638 | 1.5 | % | $ | 27,150 | $ | 107,124 | $ | 103,840 | 3.2 | % | |||||||||||
Escalation & reimbursement revenues | 2,410 | 2,031 | 18.7 | % | 2,680 | 9,331 | 7,575 | 23.2 | % | ||||||||||||||||
Other income | 204 | 185 | 10.3 | % | 208 | 821 | 750 | 9.5 | % | ||||||||||||||||
Total Revenues | $ | 29,655 | $ | 28,854 | 2.8 | % | $ | 30,038 | $ | 117,276 | $ | 112,165 | 4.6 | % | |||||||||||
Expenses | |||||||||||||||||||||||||
Operating expenses | $ | 4,763 | $ | 4,516 | 5.5 | % | $ | 4,814 | $ | 18,934 | $ | 18,095 | 4.6 | % | |||||||||||
Real estate taxes | 4,202 | 4,140 | 1.5 | % | 4,305 | 16,690 | 15,080 | 10.7 | % | ||||||||||||||||
$ | 8,965 | $ | 8,656 | 3.6 | % | $ | 9,119 | $ | 35,624 | $ | 33,175 | 7.4 | % | ||||||||||||
Operating Income | $ | 20,690 | $ | 20,198 | 2.4 | % | $ | 20,919 | $ | 81,652 | $ | 78,990 | 3.4 | % | |||||||||||
Interest expense & amortization of financing costs | $ | 8,054 | $ | 6,933 | 16.2 | % | $ | 8,004 | $ | 31,313 | $ | 26,761 | 17.0 | % | |||||||||||
Depreciation & amortization | 8,919 | 8,715 | 2.3 | % | 8,754 | 35,028 | 33,514 | 4.5 | % | ||||||||||||||||
Income before noncontrolling interest | $ | 3,717 | $ | 4,550 | (18.3 | )% | $ | 4,161 | $ | 15,311 | $ | 18,715 | (18.2 | )% | |||||||||||
Plus: | Real estate depreciation & amortization | 8,919 | 8,715 | 2.3 | % | 8,754 | 35,027 | 33,513 | 4.5 | % | |||||||||||||||
FFO Contribution | $ | 12,636 | $ | 13,265 | (4.7 | )% | $ | 12,915 | $ | 50,338 | $ | 52,228 | (3.6 | )% | |||||||||||
Less: | Non–building revenue | 38 | 27 | 40.7 | % | 42 | 169 | 139 | 21.6 | % | |||||||||||||||
Plus: | Interest expense & amortization of financing costs | 8,054 | 6,933 | 16.2 | % | 8,004 | 31,313 | 26,761 | 17.0 | % | |||||||||||||||
Non-real estate depreciation | — | — | 0.0 | % | — | 1 | 1 | 0.0 | % | ||||||||||||||||
NOI | $ | 20,652 | $ | 20,171 | 2.4 | % | $ | 20,877 | $ | 81,483 | $ | 78,851 | 3.3 | % | |||||||||||
Cash Adjustments | |||||||||||||||||||||||||
Less: | Free rent (net of amortization) | 412 | 527 | (21.8 | )% | 405 | 1,968 | 2,860 | (31.2 | )% | |||||||||||||||
Straightline revenue adjustment | 906 | 1,046 | (13.4 | )% | 916 | 3,744 | 4,678 | (20.0 | )% | ||||||||||||||||
Rental income - FAS 141 | 383 | 369 | 3.8 | % | 388 | 1,512 | 1,607 | (5.9 | )% | ||||||||||||||||
Plus: | Allowance for S/L tenant credit loss | — | — | 0.0 | % | — | (117 | ) | 67 | (274.6 | )% | ||||||||||||||
Cash NOI | $ | 18,951 | $ | 18,229 | 4.0 | % | $ | 19,168 | $ | 74,142 | $ | 69,773 | 6.3 | % | |||||||||||
Operating Margins | |||||||||||||||||||||||||
NOI to real estate revenue, net | 69.7 | % | 70.0 | % | 69.6 | % | 69.6 | % | 70.3 | % | |||||||||||||||
Cash NOI to real estate revenue, net | 64.0 | % | 63.2 | % | 63.9 | % | 63.4 | % | 62.2 | % | |||||||||||||||
NOI before ground rent/real estate revenue, net | 69.7 | % | 70.0 | % | 69.6 | % | 69.6 | % | 70.3 | % | |||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 64.0 | % | 63.2 | % | 63.9 | % | 63.4 | % | 62.2 | % |
Supplemental Information | 24 | Fourth Quarter 2015 |
SELECTED FINANCIAL DATA 2015 Same Store - Combined Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | |||||||||||||||||||||
2015 | 2014 | % | 2015 | 2015 | 2014 | % | |||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rental revenue, net | $ | 281,751 | $ | 276,237 | 2.0 | % | $ | 284,103 | $ | 1,127,056 | $ | 1,089,921 | 3.4 | % | |||||||||||
Escalation & reimbursement revenues | 44,753 | 43,449 | 3.0 | % | 47,548 | 175,019 | 162,039 | 8.0 | % | ||||||||||||||||
Other income | 3,118 | 1,648 | 89.2 | % | 5,026 | 23,649 | 5,583 | 323.6 | % | ||||||||||||||||
Total Revenues | $ | 329,622 | $ | 321,334 | 2.6 | % | $ | 336,677 | $ | 1,325,724 | $ | 1,257,543 | 5.4 | % | |||||||||||
Expenses | |||||||||||||||||||||||||
Operating expenses | $ | 68,661 | $ | 67,793 | 1.3 | % | $ | 73,928 | $ | 284,137 | $ | 269,975 | 5.2 | % | |||||||||||
Ground rent | 8,258 | 8,283 | (0.3 | )% | 8,283 | 33,108 | 33,133 | (0.1 | )% | ||||||||||||||||
Real estate taxes | 60,260 | 59,091 | 2.0 | % | 61,390 | 236,389 | 219,040 | 7.9 | % | ||||||||||||||||
Transaction related costs | — | 136 | (100.0 | )% | — | 191 | 914 | (79.1 | )% | ||||||||||||||||
$ | 137,179 | $ | 135,303 | 1.4 | % | $ | 143,601 | $ | 553,825 | $ | 523,062 | 5.9 | % | ||||||||||||
Operating Income | $ | 192,443 | $ | 186,031 | 3.4 | % | $ | 193,076 | $ | 771,899 | $ | 734,481 | 5.1 | % | |||||||||||
Interest expense & amortization of financing costs | $ | 53,317 | $ | 55,847 | (4.5 | )% | $ | 53,361 | $ | 213,269 | $ | 229,748 | (7.2 | )% | |||||||||||
Depreciation & amortization | 87,002 | 86,413 | 0.7 | % | 85,261 | 345,389 | 346,588 | (0.3 | )% | ||||||||||||||||
Income before noncontrolling interest | $ | 52,124 | $ | 43,771 | 19.1 | % | $ | 54,454 | $ | 213,241 | $ | 158,145 | 34.8 | % | |||||||||||
Plus: | Real estate depreciation & amortization | 86,951 | 86,361 | 0.7 | % | 85,209 | 345,180 | 346,365 | (0.3 | )% | |||||||||||||||
FFO Contribution | $ | 139,075 | $ | 130,132 | 6.9 | % | $ | 139,663 | $ | 558,421 | $ | 504,510 | 10.7 | % | |||||||||||
Less: | Non–building revenue | 243 | 451 | (46.1 | )% | 366 | 1,466 | 1,217 | 20.5 | % | |||||||||||||||
Plus: | Transaction related costs | — | 136 | (100.0 | )% | — | 191 | 914 | (79.1 | )% | |||||||||||||||
Interest expense & amortization of financing costs | 53,317 | 55,847 | (4.5 | )% | 53,361 | 213,269 | 229,748 | (7.2 | )% | ||||||||||||||||
Non-real estate depreciation | 51 | 52 | (1.9 | )% | 52 | 209 | 223 | (6.3 | )% | ||||||||||||||||
NOI | $ | 192,200 | $ | 185,716 | 3.5 | % | $ | 192,710 | $ | 770,624 | $ | 734,178 | 5.0 | % | |||||||||||
Cash Adjustments | |||||||||||||||||||||||||
Less: | Free rent (net of amortization) | (443 | ) | 2,005 | (122.1 | )% | 2,194 | 8,442 | 10,011 | (15.7 | )% | ||||||||||||||
Straightline revenue adjustment | 10,712 | 10,501 | 2.0 | % | 12,049 | 53,813 | 43,402 | 24.0 | % | ||||||||||||||||
Rental income - FAS 141 | 3,431 | 3,484 | (1.5 | )% | 2,741 | 13,808 | 17,984 | (23.2 | )% | ||||||||||||||||
Plus: | Ground lease straight-line adjustment | 393 | 400 | (1.8 | )% | 400 | 1,595 | 1,602 | (0.4 | )% | |||||||||||||||
Allowance for S/L tenant credit loss | 313 | 626 | (50.0 | )% | 229 | (1,189 | ) | (268 | ) | 343.7 | % | ||||||||||||||
Cash NOI | $ | 179,206 | $ | 170,752 | 5.0 | % | $ | 176,355 | $ | 694,967 | $ | 664,115 | 4.6 | % | |||||||||||
Operating Margins | |||||||||||||||||||||||||
NOI to real estate revenue, net | 58.3 | % | 57.8 | % | 57.3 | % | 58.2 | % | 58.5 | % | |||||||||||||||
Cash NOI to real estate revenue, net | 54.4 | % | 53.1 | % | 52.4 | % | 52.5 | % | 52.9 | % | |||||||||||||||
NOI before ground rent/real estate revenue, net | 60.8 | % | 60.3 | % | 59.7 | % | 60.7 | % | 61.1 | % | |||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 56.7 | % | 55.6 | % | 54.7 | % | 54.9 | % | 55.4 | % |
Supplemental Information | 25 | Fourth Quarter 2015 |
DEBT SUMMARY SCHEDULE - Consolidated Unaudited (Dollars in Thousands) | ||
Principal | 2016 | Principal | As-Of | ||||||||||||||||||||||||
Ownership | Outstanding | Principal | Maturity | Due at | Right | Earliest | |||||||||||||||||||||
Fixed rate debt | Interest (%) | 12/31/2015 | Coupon | (2) | Amortization | Date | Maturity | Extension | Prepayment | ||||||||||||||||||
Secured fixed rate debt | |||||||||||||||||||||||||||
500 West Putnam Avenue | 100.0 | $ | 22,376 | (3) | 5.52 | % | $ | — | Jan-16 | $ | 22,376 | — | Open | ||||||||||||||
1-6 Landmark Square | 100.0 | 79,562 | 4.00 | % | 1,626 | Dec-16 | 77,936 | — | Open | ||||||||||||||||||
485 Lexington Avenue | 100.0 | 450,000 | 5.61 | % | — | Feb-17 | 450,000 | — | Open | ||||||||||||||||||
762 Madison Avenue (swapped) | 90.0 | 7,872 | 3.86 | % | 178 | Feb-17 | 7,679 | — | Open | ||||||||||||||||||
885 Third Avenue | 100.0 | 267,650 | 6.26 | % | — | Jul-17 | 267,650 | — | Open | ||||||||||||||||||
388-390 Greenwich Street (swapped) | 100.0 | 1,004,000 | 3.25 | % | — | Jun-18 | (4) | 1,004,000 | Jun-21 | Open | |||||||||||||||||
1 Madison Avenue | 100.0 | 542,817 | 5.91 | % | 25,010 | May-20 | 404,531 | — | Open | ||||||||||||||||||
100 Church Street | 100.0 | 225,099 | 4.68 | % | 3,653 | Jul-22 | 197,784 | — | Open | ||||||||||||||||||
919 Third Avenue | 51.0 | 500,000 | 5.12 | % | Jun-23 | 441,594 | — | Open | |||||||||||||||||||
400 East 57th Street | 90.0 | 67,644 | 4.13 | % | 1,194 | Feb-24 | 48,588 | — | Open | ||||||||||||||||||
400 East 58th Street | 90.0 | 28,990 | 4.13 | % | 512 | Feb-24 | 20,823 | — | Open | ||||||||||||||||||
420 Lexington Avenue | 100.0 | 300,000 | 3.99 | % | — | Oct-24 | 272,749 | — | Jul-24 | ||||||||||||||||||
1515 Broadway | 100.0 | 900,000 | 3.93 | % | 11,469 | Mar-25 | 737,436 | — | Open | ||||||||||||||||||
11 Madison Avenue | 100.0 | 1,400,000 | 3.84 | % | — | Sep-25 | 1,400,000 | — | Mar-25 | ||||||||||||||||||
$ | 5,796,010 | 4.36 | % | $ | 43,642 | $ | 5,353,146 | ||||||||||||||||||||
Unsecured fixed rate debt | |||||||||||||||||||||||||||
Unsecured notes | $ | 255,296 | 6.00 | % | $ | — | Mar-16 | $ | 255,308 | — | Open | ||||||||||||||||
Convertible notes | 321,130 | 3.00 | % | — | Oct-17 | 345,000 | — | Open | |||||||||||||||||||
1745 Broadway | 56.88 | 16,000 | 4.81 | % | — | Jun-18 | 16,000 | — | Open | ||||||||||||||||||
Unsecured notes | 249,810 | 5.00 | % | — | Aug-18 | 250,000 | — | Open | |||||||||||||||||||
Term loan (swapped) | 30,000 | 3.70 | % | — | Jun-19 | (5) | 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 | |||||||||||||||||||
Unsecured notes | 100,000 | 4.27 | % | — | Dec-25 | 100,000 | — | Open | |||||||||||||||||||
Convertible notes | 10,008 | 3.00 | % | — | Mar-27 | (6) | 10,008 | — | Mar-17 | ||||||||||||||||||
Series J Preferred Units | 4,000 | 3.75 | % | — | Apr-51 | 4,000 | — | Open | |||||||||||||||||||
$ | 1,436,244 | 5.04 | % | $ | — | $ | 1,460,316 | ||||||||||||||||||||
Total Fixed Rate Debt/Wtd Avg | $ | 7,232,254 | 4.49 | % | $ | 43,642 | $ | 6,813,462 | |||||||||||||||||||
Floating rate debt | |||||||||||||||||||||||||||
Secured floating rate debt | |||||||||||||||||||||||||||
Debt & preferred equity facility (LIBOR + 315 bps) | $ | 253,424 | 3.36 | % | $ | — | Jun-16 | $ | 253,424 | — | Open | ||||||||||||||||
FHLB Facility (Various) | 45,750 | (7) | Various | (7) | — | Various | (7) | 45,750 | (7) | — | Open | ||||||||||||||||
600 Lexington (LIBOR + 200 bps) | 100.0 | 112,795 | 2.31 | % | 3,810 | Oct-17 | 106,219 | — | Open | ||||||||||||||||||
187 Broadway & 5-7 Dey Street (LIBOR + 262.5 bps) | 100.0 | 40,000 | 2.85 | % | — | Oct-17 | 40,000 | — | Open | ||||||||||||||||||
388-390 Greenwich Street (LIBOR + 175 bps) | 100.0 | 446,000 | 1.97 | % | — | Jun-18 | 446,000 | Jun-21 | Open | ||||||||||||||||||
1080 Amsterdam (LIBOR + 375 bps) | 92.5 | 3,525 | 4.04 | % | — | Nov-18 | 3,525 | — | Open | ||||||||||||||||||
220 East 42nd St. (LIBOR + 160 bps) | 100.0 | 275,000 | 1.83 | % | — | Oct-20 | 275,000 | — | Open | ||||||||||||||||||
$ | 1,176,494 | 2.25 | % | $ | 3,810 | $ | 1,169,918 | ||||||||||||||||||||
Unsecured floating rate debt | |||||||||||||||||||||||||||
Revolving credit facility (LIBOR + 125 bps) | $ | 994,000 | 1.47 | % | $ | — | Mar-19 | $ | 994,000 | Mar-20 | Open | ||||||||||||||||
Term loan (LIBOR + 140 bps) | 903,000 | 1.62 | % | — | Jun-19 | 903,000 | — | Open | |||||||||||||||||||
Junior subordinated deferrable interest debentures (LIBOR + 1.25 bps) | 100,000 | 1.45 | % | — | Jul-35 | 100,000 | — | Open | |||||||||||||||||||
$ | 1,997,000 | 1.53 | % | $ | — | $ | 1,997,000 | ||||||||||||||||||||
Total Floating Rate Debt/Wtd Avg | $ | 3,173,494 | 1.80 | % | $ | 3,810 | $ | 3,166,918 | |||||||||||||||||||
Total Debt/Wtd Avg - Consolidated | $ | 10,405,748 | 3.67 | % | $ | 51,018 | $ | 9,980,380 | |||||||||||||||||||
Total Debt/Wtd Avg - Joint Venture | $ | 1,718,031 | 4.37 | % | |||||||||||||||||||||||
Total Debt including SLG's share of JV Debt/Wtd Avg | $ | 12,123,779 | 3.76 | % | |||||||||||||||||||||||
Weighted Average Balance & Interest Rate for the quarter, including SLG's share of JV Debt | $ | 12,148,138 | 3.71 | % | |||||||||||||||||||||||
(1) Excludes the mortgage related to 248-252 Bedford Avenue, which is currently held for sale. | |||||||||||||||||||||||||||
(2) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors. | |||||||||||||||||||||||||||
(3) Mortgage balance paid in January 2016. | |||||||||||||||||||||||||||
(4) The interest rate swaps mature in December 2017. | |||||||||||||||||||||||||||
(5) The interest rate swap mature in June 2016. | |||||||||||||||||||||||||||
(6) Notes can be put to the Company, at the option of the holder, on March 30, 2017. | |||||||||||||||||||||||||||
(7) The FHLB Facility is comprised of four distinct advances each with their own terms. |
Supplemental Information | 26 | Fourth Quarter 2015 |
DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
Principal Outstanding | 2016 | Principal | As-Of | |||||||||||||||||||||||||
12/31/2015 | Principal | Maturity | Due at | Right | Earliest | |||||||||||||||||||||||
Ownership | Gross Principal | SLG Share | Coupon | (1) | Amortization | Date | Maturity | Extension | Prepayment | |||||||||||||||||||
Fixed rate debt | Interest (%) | |||||||||||||||||||||||||||
7 Renaissance | 50.0 | $ | 2,927 | $ | 1,464 | 10.00 | % | $ | — | Dec-16 | $ | 1,300 | — | Open | ||||||||||||||
11 West 34th Street (swapped) | 30.0 | 23,000 | 6,900 | 4.82 | % | — | Jan-16 | 6,900 | — | Open | ||||||||||||||||||
280 Park Avenue | 50.0 | 692,963 | 346,482 | 6.57 | % | 1,583 | Jun-16 | 344,899 | — | Open | ||||||||||||||||||
1745 Broadway | 56.88 | 340,000 | 193,358 | 5.68 | % | — | Jan-17 | 193,358 | — | Open | ||||||||||||||||||
Jericho Plaza | 77.78 | 163,750 | (2) | 127,362 | 5.65 | % | — | May-17 | 127,362 | — | Open | |||||||||||||||||
800 Third Avenue (swapped) | 60.5 | 20,910 | 12,655 | 6.00 | % | — | Aug-17 | 12,655 | — | Open | ||||||||||||||||||
521 Fifth Avenue (swapped) | 50.5 | 170,000 | 85,850 | 3.72 | % | — | Nov-19 | 85,850 | — | Open | ||||||||||||||||||
717 Fifth Avenue (mortgage) | 10.92 | 300,000 | 32,748 | 4.45 | % | — | Jul-22 | 32,748 | — | Open | ||||||||||||||||||
21 East 66th Street | 32.28 | 12,000 | 3,874 | 3.60 | % | — | Apr-23 | 3,874 | — | Open | ||||||||||||||||||
717 Fifth Avenue (mezzanine) | 10.92 | 325,704 | 35,554 | 9.00 | % | — | Jul-24 | 50,965 | — | Open | ||||||||||||||||||
3 Columbus Circle | 48.9 | 350,000 | 171,150 | 3.61 | % | — | Mar-25 | 171,150 | — | Open | ||||||||||||||||||
Stonehenge Portfolio | Various | 430,627 | (3) | 25,479 | 4.18 | % | 454 | Various | (3) | 23,182 | — | Open | ||||||||||||||||
Total Fixed Rate Debt/Wtd Avg | $ | 2,831,881 | $ | 1,042,876 | 5.51 | % | (4) | $ | 2,037 | $ | 1,054,243 | |||||||||||||||||
Floating rate debt | ||||||||||||||||||||||||||||
1552 Broadway (LIBOR + 413 bps) | 50.0 | $ | 190,409 | $ | 95,205 | 4.34 | % | $ | — | Apr-16 | $ | 95,205 | — | Open | ||||||||||||||
Mezzanine Debt (LIBOR + 90 bps) | 50.0 | 30,000 | 15,000 | 1.12 | % | — | Jun-16 | 15,000 | — | Open | ||||||||||||||||||
650 Fifth Avenue (LIBOR + 350 bps) | 50.0 | 65,000 | 32,500 | 3.72 | % | — | Oct-16 | 32,500 | — | Open | ||||||||||||||||||
175-225 3rd Street (Prime + 100 bps) | 95.0 | 40,000 | 38,000 | 4.29 | % | — | Dec-16 | 38,000 | — | Open | ||||||||||||||||||
10 East 53rd Street (LIBOR + 250 bps) | 55.0 | 125,000 | 68,750 | 2.73 | % | — | Feb-17 | 68,750 | — | Open | ||||||||||||||||||
724 Fifth Avenue (LIBOR + 242 bps) | 50.0 | 275,000 | 137,500 | 2.64 | % | — | Apr-17 | 137,500 | — | Open | ||||||||||||||||||
33 Beekman (LIBOR + 275 bps) | 45.9 | 73,518 | 33,745 | 2.96 | % | 408 | Aug-17 | 35,789 | — | Open | ||||||||||||||||||
55 West 46th Street (LIBOR + 230 bps) | 25.0 | 150,000 | 37,500 | 2.53 | % | — | Oct-17 | 37,500 | — | Open | ||||||||||||||||||
Stonehenge Portfolio (Prime) | Various | 10,500 | 1,032 | 3.25 | % | 19 | Dec-17 | 997 | — | Open | ||||||||||||||||||
121 Greene Street (LIBOR + 150 bps) | 50.0 | 15,000 | 7,500 | 1.73 | % | — | Nov-19 | 7,500 | — | Open | ||||||||||||||||||
100 Park Avenue (LIBOR + 175 bps) | 50.0 | 360,000 | 179,640 | 1.97 | % | — | Feb-21 | 175,859 | — | Feb-16 | ||||||||||||||||||
21 East 66th Street (T 12 mos + 275 bps) | 32.28 | 1,805 | 583 | 3.00 | % | 26 | Jun-33 | 4 | — | Open | ||||||||||||||||||
131-137 Spring Street (LIBOR + 155 bps) | 20.0 | 141,000 | 28,200 | 1.77 | % | — | Aug-20 | 28,200 | — | Aug-16 | ||||||||||||||||||
Total Floating Rate Debt/Wtd Avg | $ | 1,477,232 | $ | 675,155 | 2.79 | % | (4) | $ | 453 | $ | 672,804 | |||||||||||||||||
Total Joint Venture Debt/Wtd Avg | $ | 4,309,113 | $ | 1,718,031 | 4.44 | % | (4) | $ | 2,490 | $ | 1,727,047 | |||||||||||||||||
(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 Company is in the process of restructuring the joint venture, which will reduce the Company’s ownership interest, and is also in the process of restructuring the loan on the Property. | ||||||||||||||||||||||||||||
(3) Amount is comprised of $13.3 million, $55.5 million, $35.0 million, $7.3 million, $141.5 million, and $178.0 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 is calculated based on SL Green's share of the outstanding debt. | ||||||||||||||||||||||||||||
Covenants | Composition of Debt | |||||||||||||||||||||||||||
SL GREEN REALTY CORP. | ||||||||||||||||||||||||||||
Revolving Credit Facility Covenants | Fixed Rate Debt | |||||||||||||||||||||||||||
Actual | Required | Consolidated | $ | 7,232,254 | ||||||||||||||||||||||||
Total Debt / Total Assets | 49.5% | Less than 60% | SLG Share of JV | 1,042,876 | ||||||||||||||||||||||||
Fixed Charge Coverage | 2.29x | Greater than 1.5x | Total Fixed Rate Debt | $ | 8,275,130 | 68.3% | ||||||||||||||||||||||
Floating Rate Debt | ||||||||||||||||||||||||||||
Consolidated | $ | 3,173,494 | ||||||||||||||||||||||||||
Unsecured Notes Covenants | SLG Share of JV | 675,155 | ||||||||||||||||||||||||||
Actual | Required | 3,848,649 | ||||||||||||||||||||||||||
Total Debt / Total Assets | 39.1% | Less than 60% | Debt & Preferred Equity and Other Investments | (1,178,775 | ) | |||||||||||||||||||||||
Secured Debt / Total Assets | 18.7% | Less than 40% | Total Floating Rate Debt | $ | 2,669,874 | 22.0% | ||||||||||||||||||||||
Debt Service Coverage | 4.95x | Greater than 1.5x | ||||||||||||||||||||||||||
Unencumbered Assets / Unsecured Debt | 378.8% | Greater than 150% | Total Debt | $ | 12,123,779 | |||||||||||||||||||||||
Supplemental Information | 27 | Fourth Quarter 2015 |
DEBT SUMMARY SCHEDULE - Reckson Operating Partnership Unaudited (Dollars in Thousands) | ||
Principal | 2016 | Principal | As-Of | |||||||||||||||||||||
Ownership | Outstanding | Principal | Maturity | Due at | Right | Earliest | ||||||||||||||||||
Interest (%) | 12/31/2015 | Coupon | (1) | Amortization | Date | Maturity | Extension | Prepayment | ||||||||||||||||
Fixed rate debt | ||||||||||||||||||||||||
Secured fixed rate debt | ||||||||||||||||||||||||
919 Third Avenue | 51.0 | $ | 500,000 | 5.12 | % | $ | 3,566 | Jun-23 | $ | 441,594 | — | Open | ||||||||||||
$ | 500,000 | 5.12 | % | $ | 3,566 | $ | 441,594 | |||||||||||||||||
Unsecured fixed rate debt | ||||||||||||||||||||||||
Unsecured notes | $ | 255,296 | 6.00 | % | $ | — | Mar-16 | $ | 255,308 | — | Open | |||||||||||||
Unsecured notes | 249,810 | 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 | ||||||||||||||||
Unsecured notes | 100,000 | 4.27 | % | — | Dec-25 | 100,000 | ||||||||||||||||||
$ | 1,085,106 | 5.67 | % | $ | — | $ | 1,085,308 | |||||||||||||||||
Total Fixed Rate Debt/Wtd Avg | $ | 1,585,106 | 5.50 | % | $ | 3,566 | $ | 1,526,902 | ||||||||||||||||
Floating rate debt | ||||||||||||||||||||||||
Secured floating rate debt | ||||||||||||||||||||||||
Debt & preferred equity facility (LIBOR + 315 bps) | $ | 253,424 | 3.36 | % | $ | — | Jun-16 | $ | 253,424 | — | Open | |||||||||||||
$ | 253,424 | 3.36 | % | $ | — | $ | 253,424 | |||||||||||||||||
Unsecured floating rate debt | ||||||||||||||||||||||||
Revolving credit facility (LIBOR + 125 bps) | $ | 994,000 | 1.47 | % | $ | — | Mar-19 | $ | 994,000 | Mar-20 | Open | |||||||||||||
Term loan (LIBOR + 140 bps) | 903,000 | 1.62 | % | — | Jun-19 | 903,000 | — | Open | ||||||||||||||||
$ | 1,897,000 | 1.54 | % | $ | — | $ | 1,897,000 | |||||||||||||||||
Total Floating Rate Debt/Wtd Avg | $ | 2,150,424 | 1.75 | % | $ | — | $ | 2,150,424 | ||||||||||||||||
Total Debt/Wtd Avg - Consolidated | $ | 3,735,530 | 3.34 | % | $ | 3,566 | $ | 3,677,326 | ||||||||||||||||
(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 | 45.1% | Less than 60% | ||||||||||||||||||||||
Fixed Charge Coverage | 4.64x | Greater than 1.5x | ||||||||||||||||||||||
Secured Debt / Total Assets | 8.2% | Less than 40% | ||||||||||||||||||||||
Unsecured Debt / Unencumbered Assets | 53.1% | Less than 60% | ||||||||||||||||||||||
Supplemental Information | 28 | Fourth Quarter 2015 |
SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands) | ||
Deferred Land | ||||||||||||||||||||||||||||||
2016 Scheduled | 2017 Scheduled | 2018 Scheduled | 2019 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 | 529 | 2027 | (3 | ) | ||||||||||||||||||||||
711 Third Avenue | 5,354 | 5,500 | 5,500 | 5,500 | 1,029 | 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 | 122 | 209 | 209 | 226 | — | 2111 | ||||||||||||||||||||||||
30 East 40th Street | 204 | 204 | 204 | 204 | 225 | 2114 | ||||||||||||||||||||||||
Total | $ | 30,816 | $ | 31,049 | $ | 31,049 | $ | 31,066 | $ | 1,783 | ||||||||||||||||||||
Capitalized Leases | ||||||||||||||||||||||||||||||
1080 Amsterdam Avenue | $ | 170 | $ | 291 | $ | 291 | $ | 315 | $ | 21,205 | 2111 | |||||||||||||||||||
30 East 40th Street | 2,096 | 2,096 | 2,096 | 2,096 | 20,155 | 2114 | ||||||||||||||||||||||||
Total | $ | 2,266 | $ | 2,387 | $ | 2,387 | $ | 2,411 | $ | 41,360 | ||||||||||||||||||||
Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share) | ||||||||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||||
650 Fifth Avenue | $ | 1,167 | $ | 1,167 | $ | 1,183 | $ | 1,284 | $ | — | 2062 | |||||||||||||||||||
Capitalized Leases | ||||||||||||||||||||||||||||||
650 Fifth Avenue | $ | 6,086 | $ | 6,086 | $ | 6,169 | $ | 6,695 | $ | 91,594 | 2062 | |||||||||||||||||||
(1) Per the balance sheet at December 31, 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 | 29 | Fourth Quarter 2015 |
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) | ||||||||||||||
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% | |||||||||||
Debt originations/accretion(3) | 316,508 | ||||||||||||||||
Preferred Equity originations/accretion | 27 | ||||||||||||||||
Redemptions/Sales/Syndications/Amortization | (148,134 | ) | |||||||||||||||
12/31/2015 | $ | 1,670,020 | $ | 1,553,949 | 10.29% | 10.17% | |||||||||||
(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 | 30 | Fourth Quarter 2015 |
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 | $ | 313,699 | $ | — | $ | 768 | 6.82% | 6.84% | |||||||||||||||
Junior Mortgage Participation | 137,791 | 1,455,717 | $ | 2,378 | 9.20% | 9.51% | |||||||||||||||||
Mezzanine Debt | 1,176,354 | 4,238,228 | $ | 1,528 | 11.45% | 11.22% | |||||||||||||||||
Preferred Equity | 42,176 | 131,873 | $ | 404 | 7.79% | 7.86% | |||||||||||||||||
Balance as of 12/31/15 | $ | 1,670,020 | $ | 5,825,818 | $ | 1,421 | 10.29% | 10.17% | |||||||||||||||
(1) Net of unamortized fees, discounts, and premiums. | |||||||||||||||||||||||
(2) Approximately 68.2% 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 1.67 years. Approximately 68.1% of our portfolio of investments have extension options, some of which | |||||||||||||||||||||||
may be subject to certain conditions for extension. |
Supplemental Information | 31 | Fourth Quarter 2015 |
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts) | ||
Book Value(1) | Property | Senior | Current | ||||||||||||||||
Investment Type | 12/31/2015 | Type | Location | Financing | Last $ PSF | Yield(2) | |||||||||||||
Mortgage and Mezzanine | $ | 134,264 | Residential Land | New York City | $ | — | $ | 245 | 10.13% | ||||||||||
Jr. Mortgage Participation and Mezzanine | 104,661 | Office | New York City | 1,109,000 | $ | 1,178 | 9.56% | ||||||||||||
Mezzanine Loan | 99,530 | Residential | New York City | 360,000 | $ | 843 | 8.25% | ||||||||||||
Mortgage and Mezzanine | 94,901 | Residential | New York City | — | $ | 643 | 10.96% | ||||||||||||
Mezzanine Loan | 74,700 | Office | New York City | 775,000 | $ | 1,084 | 19.29% | ||||||||||||
Jr. Mortgage Participation and Mezzanine | 72,102 | Office/Retail | New York City | 165,000 | $ | 1,989 | 9.87% | ||||||||||||
Mortgage and Mezzanine | 68,977 | Retail | New York City | — | $ | 883 | 9.85% | ||||||||||||
Mezzanine Loan | 66,398 | Residential Land | New York City | 312,939 | 583 | 11.62% | |||||||||||||
Mezzanine Loan | 66,183 | N/A(3) | N/A(3) | — | $ | — | 10.88% | ||||||||||||
Mezzanine Loan | 52,774 | Office | New York City | 156,383 | $ | 527 | 8.83% | ||||||||||||
Total | $ | 834,490 | $ | 2,878,322 | 10.80% | ||||||||||||||
(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 | 32 | Fourth Quarter 2015 |
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | 99.0 | 98.7 | $ | 39,537,592 | 3.3 | 2.9 | 18 | |||||||||||||||||||||
110 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 215,400 | 1 | 98.5 | 98.5 | 99.9 | 99.4 | 98.8 | 10,559,503 | 0.9 | 0.8 | 22 | ||||||||||||||||||||||
125 Park Avenue | 100.0 | Grand Central | Fee Interest | 1 | 604,245 | 2 | 97.8 | 88.0 | 87.1 | 88.7 | 80.4 | 38,574,880 | 3.3 | 2.8 | 23 | ||||||||||||||||||||||
220 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 1,135,000 | 4 | 90.9 | 91.6 | 91.6 | 92.4 | 92.2 | 48,504,915 | 4.1 | 3.5 | 32 | ||||||||||||||||||||||
304 Park Avenue South | 100.0 | Midtown South | Fee Interest | 1 | 215,000 | 1 | 75.7 | 90.9 | 90.3 | 91.9 | 91.9 | 12,300,464 | 1.0 | 0.9 | 12 | ||||||||||||||||||||||
420 Lexington Ave (Graybar) | 100.0 | Grand Central North | Leasehold Interest | 1 | 1,188,000 | 4 | 98.4 | 97.0 | 99.3 | 97.1 | 96.5 | 77,188,681 | 6.5 | 5.6 | 212 | ||||||||||||||||||||||
461 Fifth Avenue | (1) | 100.0 | Midtown | Leasehold Interest | 1 | 200,000 | 1 | 99.9 | 99.9 | 96.8 | 95.5 | 96.5 | 18,067,162 | 1.5 | 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 | 59,233,191 | 5.0 | 4.3 | 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 | 39,144,741 | 3.3 | 2.9 | 9 | ||||||||||||||||||||||
609 Fifth Avenue | 100.0 | Rockefeller Center | Fee Interest | 1 | 160,000 | 1 | 76.1 | 75.6 | 81.3 | 81.3 | 81.3 | 14,707,066 | 1.2 | 1.1 | 13 | ||||||||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 1 | 563,000 | 2 | 97.2 | 97.1 | 97.1 | 96.6 | 92.1 | 56,758,599 | 4.8 | 4.1 | 22 | ||||||||||||||||||||||
641 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 163,000 | 1 | 100.0 | 100.0 | 100.0 | 92.1 | 92.1 | 11,569,787 | 1.0 | 0.8 | 7 | ||||||||||||||||||||||
711 Third Avenue | (2) | 100.0 | Grand Central North | Leasehold Interest | 1 | 524,000 | 2 | 65.8 | 84.1 | 83.5 | 84.1 | 80.6 | 21,547,671 | 1.8 | 1.6 | 16 | |||||||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 780,000 | 3 | 97.5 | 97.5 | 97.3 | 97.3 | 96.7 | 45,030,155 | 3.8 | 3.3 | 32 | ||||||||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 1 | 692,000 | 2 | 93.0 | 92.6 | 84.8 | 85.6 | 81.0 | 43,982,745 | 3.7 | 3.2 | 46 | ||||||||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1 | 1,454,000 | 5 | 100.0 | 100.0 | 100.0 | 90.3 | 90.3 | 93,614,502 | 3.5 | 11 | |||||||||||||||||||||||
1185 Avenue of the Americas | 100.0 | Rockefeller Center | Leasehold Interest | 1 | 1,062,000 | 4 | 99.0 | 99.0 | 99.9 | 99.9 | 99.9 | 89,890,619 | 7.6 | 6.6 | 18 | ||||||||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 1 | 562,000 | 2 | 99.6 | 99.4 | 98.5 | 96.9 | 96.9 | 42,216,253 | 3.6 | 3.1 | 35 | ||||||||||||||||||||||
1515 Broadway | 100.0 | Times Square | Fee Interest | 1 | 1,750,000 | 6 | 98.4 | 100.0 | 100.0 | 99.7 | 99.6 | 122,387,130 | 10.3 | 8.9 | 12 | ||||||||||||||||||||||
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 | 68,344,120 | 5.8 | 5.0 | 2 | ||||||||||||||||||||||
Subtotal / Weighted Average | 20 | 15,354,045 | 53 | % | 96.5 | % | 97.0 | % | 96.8 | % | 95.7 | % | 94.8 | % | $ | 953,159,776 | 72.6 | % | 66.3 | % | 578 | ||||||||||||||||
"Non Same Store" | |||||||||||||||||||||||||||||||||||||
11 Madison Avenue | 100.0 | Park Avenue South | Fee Interest | 1 | 2,314,000 | 8 | 73.0 | 71.6 | N/A | N/A | N/A | $ | 89,327,748 | 7.5 | 6.5 | 9 | |||||||||||||||||||||
30 East 40th Street | 60.0 | Grand Central South | Leasehold Interest | 1 | 69,446 | 0 | 100.0 | 100.0 | N/A | N/A | N/A | 4,506,348 | 0.2 | 63 | |||||||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 1 | 223,600 | 1 | 78.1 | 84.0 | N/A | N/A | N/A | 9,251,909 | 0.6 | 63 | |||||||||||||||||||||||
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 | 9.5 | 8.2 | 1 | ||||||||||||||||||||||
600 Lexington Avenue | 100.0 | East Side | Fee interest | 1 | 303,515 | 1 | 95.5 | 91.1 | 89.6 | 89.2 | 89.2 | 22,456,632 | 1.9 | 1.6 | 35 | ||||||||||||||||||||||
635 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 104,000 | 0 | 100.0 | 100.0 | 100.0 | 72.5 | 72.5 | 8,617,385 | 0.7 | 0.6 | 2 | ||||||||||||||||||||||
Subtotal / Weighted Average | 7 | 5,649,561 | 20 | % | 87.8 | % | 87.3 | % | 99.0 | % | 98.0 | % | 98.0 | % | $ | 246,658,624 | 19.7 | % | 17.8 | % | 173 | ||||||||||||||||
Total / Weighted Average Consolidated Properties | 27 | 21,003,606 | 73 | % | 94.1 | % | 94.4 | % | 97.2 | % | 96.1 | % | 95.3 | % | $ | 1,199,818,400 | 92.3 | % | 84.1 | % | 751 | ||||||||||||||||
UNCONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||||||||
"Same Store" | |||||||||||||||||||||||||||||||||||||
3 Columbus Circle | 48.9 | Columbus Circle | Fee Interest | 1 | 530,981 | 2 | 86.8 | 86.8 | 83.4 | 80.2 | 79.5 | $ | 37,057,896 | 1.3 | 33 | ||||||||||||||||||||||
100 Park Avenue | 50.0 | Grand Central South | Fee Interest | 1 | 834,000 | 3 | 95.5 | 96.6 | 96.6 | 96.3 | 96.0 | 60,455,660 | 2.2 | 39 | |||||||||||||||||||||||
521 Fifth Avenue | 50.5 | Grand Central | Fee Interest | 1 | 460,000 | 2 | 91.9 | 91.9 | 97.6 | 99.0 | 99.3 | 27,257,644 | 1.0 | 41 | |||||||||||||||||||||||
800 Third Avenue | 60.5 | Grand Central North | Fee Interest | 1 | 526,000 | 2 | 96.1 | 97.2 | 98.4 | 97.5 | 94.8 | 32,688,084 | 1.4 | 42 | |||||||||||||||||||||||
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 | 5 | 3,024,981 | 10 | % | 94.5 | % | 95.0 | % | 95.5 | % | 94.9 | % | 94.3 | % | $ | 200,459,160 | 7.8 | % | 156 | ||||||||||||||||||
Manhattan Operating Properties Grand Total / Weighted Average | 32 | 24,028,587 | 83 | % | 94.2 | % | 94.5 | % | 96.9 | % | 95.9 | % | 95.2 | % | $ | 1,400,277,560 | 907 | ||||||||||||||||||||
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent | $ | 1,257,564,136 | 91.9 | % | |||||||||||||||||||||||||||||||||
Manhattan Operating Properties Same Store Occupancy % | 18,379,026 | 76 | % | 96.1 | % | (3 | ) | 96.7 | % | 96.6 | % | 95.6 | % | 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 218,128 square feet of leases signed but not yet commenced, is 97.1% as of December 31, 2015, as compared to 95.7% at December 31, 2014 and 97.3% at September 30,2015. |
Supplemental Information | 33 | Fourth Quarter 2015 |
SELECTED FINANCIAL DATA Suburban Operating Properties | ||
Ownership | # of | Useable | % of Total | Occupancy (%) | Annualized | Annualized Cash Rent | Total | ||||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | $ | 1,798,764 | 0.2 | 0.1 | 2 | |||||||||||||||||||
1100 King Street - 2 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0 | 59.2 | 30.3 | 30.3 | 30.3 | 30.3 | 1,377,561 | 0.1 | 0.1 | 3 | ||||||||||||||||||||
1100 King Street - 3 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0 | 5.8 | 21.7 | 21.7 | 21.7 | 21.7 | 34,539 | 0.0 | 0.0 | 1 | ||||||||||||||||||||
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 | 85.8 | 2,040,762 | 0.2 | 0.1 | 10 | ||||||||||||||||||||
1100 King Street - 5 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0 | 87.7 | 87.7 | 93.1 | 93.1 | 92.0 | 1,930,908 | 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 | 1,487,152 | 0.1 | 0.1 | 3 | ||||||||||||||||||||
520 White Plains Road | 100.0 | Tarrytown, New York | Fee Interest | 1 | 180,000 | 1 | 98.3 | 99.0 | 99.0 | 76.2 | 76.2 | 4,379,296 | 0.4 | 0.3 | 13 | ||||||||||||||||||||
115-117 Stevens Avenue | 100.0 | Valhalla, New York | Fee Interest | 1 | 178,000 | 1 | 77.2 | 75.1 | 75.6 | 75.6 | 75.1 | 2,931,132 | 0.2 | 0.2 | 11 | ||||||||||||||||||||
100 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 250,000 | 1 | 47.1 | 72.9 | 72.9 | 72.9 | 72.9 | 3,012,094 | 0.3 | 0.2 | 10 | ||||||||||||||||||||
200 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 245,000 | 1 | 82.7 | 81.2 | 81.1 | 81.1 | 80.2 | 4,963,945 | 0.4 | 0.4 | 8 | ||||||||||||||||||||
500 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 228,000 | 1 | 97.8 | 97.8 | 96.6 | 96.6 | 97.8 | 5,141,442 | 0.4 | 0.4 | 7 | ||||||||||||||||||||
360 Hamilton Avenue | 100.0 | White Plains, New York | Fee Interest | 1 | 384,000 | 1 | 94.7 | 94.0 | 92.3 | 92.3 | 92.3 | 13,570,212 | 1.1 | 1.0 | 21 | ||||||||||||||||||||
"Same Store" Westchester, New York Subtotal/Weighted Average | 12 | 2,005,000 | 8 | % | 77.5 | % | 79.7 | % | 79.5 | % | 77.5 | % | 77.4 | % | $ | 42,667,807 | 3.6 | % | 3.1 | % | 97 | ||||||||||||||
"Same Store" Connecticut | |||||||||||||||||||||||||||||||||||
1 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 312,000 | 1 | 94.6 | 98.3 | 95.9 | 94.3 | 95.8 | $ | 9,295,196 | 0.8 | 0.7 | 65 | |||||||||||||||||||
2 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 46,000 | 0 | 76.5 | 76.5 | 76.5 | 85.4 | 87.8 | 773,847 | 0.1 | 0.1 | 7 | ||||||||||||||||||||
3 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 130,000 | 0 | 69.1 | 59.0 | 59.0 | 48.4 | 48.4 | 2,448,234 | 0.2 | 0.2 | 17 | ||||||||||||||||||||
4 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 105,000 | 0 | 86.5 | 86.5 | 87.6 | 87.6 | 87.6 | 2,904,636 | 0.2 | 0.2 | 12 | ||||||||||||||||||||
5 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 61,000 | 0 | 99.0 | 99.3 | 99.3 | 99.0 | 99.0 | 1,001,448 | 0.1 | 0.1 | 10 | ||||||||||||||||||||
6 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 172,000 | 1 | 86.0 | 86.0 | 86.0 | 91.9 | 87.1 | 3,644,321 | 0.3 | 0.3 | 6 | ||||||||||||||||||||
7 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 36,800 | 0 | 100.0 | 100.0 | 100.0 | 76.9 | 76.9 | 728,423 | 0.1 | 0.1 | 2 | ||||||||||||||||||||
680 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 1 | 133,000 | 0 | 88.9 | 88.9 | 88.9 | 80.9 | 80.9 | 5,242,567 | 0.2 | 10 | |||||||||||||||||||||
750 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 1 | 192,000 | 1 | 99.1 | 97.8 | 97.8 | 97.8 | 97.8 | 8,067,197 | 0.3 | 11 | |||||||||||||||||||||
1055 Washington Boulevard | 100.0 | Stamford, Connecticut | Leasehold Interest | 1 | 182,000 | 1 | 74.7 | 80.4 | 88.0 | 89.2 | 89.2 | 4,953,522 | 0.4 | 0.4 | 22 | ||||||||||||||||||||
1010 Washington Boulevard | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 143,400 | 0 | 75.3 | 73.8 | 75.6 | 77.1 | 77.1 | 3,505,394 | 0.3 | 0.3 | 22 | ||||||||||||||||||||
500 West Putnam Avenue | 100.0 | Greenwich, Connecticut | Fee Interest | 1 | 121,500 | 0 | 53.8 | 53.8 | 53.8 | 53.8 | 53.8 | 3,058,628 | 0.3 | 0.2 | 10 | ||||||||||||||||||||
"Same Store" Connecticut Subtotal/Weighted Average | 12 | 1,634,700 | 5 | % | 84.1 | % | 84.3 | % | 84.9 | % | 83.7 | % | 83.6 | % | $ | 45,623,413 | 2.7 | % | 2.9 | % | 194 | ||||||||||||||
"Same Store" New Jersey | |||||||||||||||||||||||||||||||||||
125 Chubb Way | 100.0 | Lyndhurst, New Jersey | Fee Interest | 1 | 278,000 | 1 | 66.2 | 66.2 | 66.2 | 66.2 | 62.4 | $ | 4,289,420 | 0.4 | 0.3 | 6 | |||||||||||||||||||
"Same Store" New Jersey Subtotal/Weighted Average | 1 | 278,000 | 1 | % | 66.2 | % | 66.2 | % | 66.2 | % | 66.2 | % | 62.4 | % | $ | 4,289,420 | 0.4 | % | 0.3 | % | 6 | ||||||||||||||
"Same Store" Brooklyn, New York | |||||||||||||||||||||||||||||||||||
16 Court Street | 100.0 | Brooklyn, New York | Fee Interest | 1 | 317,600 | 1 | 95.5 | 94.6 | 95.6 | 94.7 | 94.7 | $ | 12,136,463 | 1.0 | 0.9 | 69 | |||||||||||||||||||
"Same Store" Brooklyn, New York Subtotal/Weighted Average | 1 | 317,600 | 1 | % | 95.5 | % | 94.6 | % | 95.6 | % | 94.7 | % | 94.7 | % | $ | 12,136,463 | 1.0 | % | 0.9 | % | 69 | ||||||||||||||
Total / Weighted Average Consolidated Properties | 26 | 4,235,300 | 15 | % | 80.6 | % | 81.7 | % | 81.9 | % | 80.4 | % | 80.1 | % | $ | 104,717,103 | 7.7 | % | 7.2 | % | 366 | ||||||||||||||
UNCONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||||||
"Non Same Store" | |||||||||||||||||||||||||||||||||||
7 Renaissance Square | 50.0 | White Plains, New York | Fee Interest | 1 | 65,641 | 0 | 89.1 | 89.1 | 89.1 | 77.2 | 67.7 | $ | 1,942,273 | 0.1 | 10 | ||||||||||||||||||||
Jericho Plaza (1) | 77.78 | Jericho, New York | Fee Interest | 2 | 640,000 | 2 | 66.9 | 66.8 | 70.0 | 69.8 | 86.0 | 15,006,036 | 0.9 | 34 | |||||||||||||||||||||
"Non Same Store" Subtotal/Weighted Average | 3 | 705,641 | 2 | % | 68.9 | % | 68.9 | % | 71.8 | % | 70.5 | % | 84.3 | % | 16,948,309 | 0.9 | % | 44 | |||||||||||||||||
Total / Weighted Average Unconsolidated Properties | 3 | 705,641 | 2 | % | 68.9 | % | 68.9 | % | 71.8 | % | 70.5 | % | 84.3 | % | $ | 16,948,309 | 0.9 | % | 44 | ||||||||||||||||
Suburban Operating Properties Grand Total / Weighted Average | 29 | 4,940,941 | 17 | % | 79.0 | % | 79.9 | % | 80.5 | % | 79.0 | % | 80.7 | % | $ | 121,665,412 | 410 | ||||||||||||||||||
Suburban Operating Properties Grand Total - SLG share of Annualized Rent | $ | 110,838,152 | 8.1 | % | |||||||||||||||||||||||||||||||
Suburban Operating Properties Same Store Occupancy % | 4,235,300 | 86 | % | 80.6 | % | (2) | 81.7 | % | 81.9 | % | 80.4 | % | 80.1 | % | |||||||||||||||||||||
(1) The Company is in the process of restructuring the joint venture, which will reduce the Company’s ownership interest. | |||||||||||||||||||||||||||||||||||
(2) Suburban same-store occupancy, inclusive of 77,950 square feet of leases signed but not yet commenced, is 82.5% as of December 31, 2015, as compared to 82.0% at December 31, 2014 and 83.4% at September 30, 2015. |
Supplemental Information | 34 | Fourth Quarter 2015 |
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | $ | 15,482,404 | 1 | |||||||||||||||||||
19-21 East 65th Street | (1) | 90.0 | Plaza District | Leasehold Interest | 2 | 23,610 | 3 | 60.5 | 66.0 | 66.0 | 66.0 | 66.0 | 1,166,292 | 1.7 | 7,548,256 | 16 | ||||||||||||||||||||
21 East 66th Street | 32.28 | Plaza District | Fee Interest | 1 | 13,069 | 2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,628,240 | 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 | 14,878,400 | 24.6 | 215,103,268 | 10 | |||||||||||||||||||||
717 Fifth Avenue | 10.92 | Midtown/Plaza District | Fee Interest | 1 | 119,550 | 15 | 85.0 | 85.0 | 89.4 | 89.4 | 89.4 | 39,760,143 | 7.2 | 279,917,006 | 6 | |||||||||||||||||||||
724 Fifth Avenue | 50.0 | Plaza District | Fee Interest | 1 | 65,010 | 8 | 83.1 | 83.1 | 83.1 | 74.8 | 74.8 | 22,305,289 | 18.5 | 226,651,446 | 8 | |||||||||||||||||||||
752 Madison Avenue | 100.0 | Plaza District | Fee Interest | 1 | 21,124 | 3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 4,412,024 | 7.3 | 11,140,833 | 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 | 1,776,570 | 2.6 | 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 | % | 93.5 | % | 93.7 | % | 94.6 | % | 93.7 | % | 93.7 | % | $ | 92,278,114 | 68.1 | % | $ | 870,552,560 | 51 | |||||||||||||||
"Non Same Store" Retail | ||||||||||||||||||||||||||||||||||||
5-7 Dey Street | 100.0 | Cast Iron / Soho | Fee Interest | 1 | 70,000 | 9 | 75.4 | 90.0 | N/A | N/A | N/A | $ | 2,206,191 | 3.7 | $ | 49,698,413 | 40 | |||||||||||||||||||
187 Broadway | 100.0 | Cast Iron / Soho | Fee Interest | 1 | 3,600 | 0 | 100.0 | 100.0 | 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 | 54.3 | 77.2 | 100.0 | 457,411 | 0.8 | 31,507,789 | 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 | 53,371,206 | 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 | 28,255,044 | 2 | |||||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 2 | 68,342 | 8 | 100.0 | 100.0 | 100.0 | 92.0 | 92.0 | 11,520,129 | 3.8 | 277,736,039 | 9 | |||||||||||||||||||||
1552-1560 Broadway | 50.0 | Times Square | Fee Interest | 2 | 57,718 | 7 | 67.5 | 67.5 | 67.5 | 67.5 | 67.5 | 20,359,976 | 16.8 | 254,777,048 | 2 | |||||||||||||||||||||
Subtotal/Weighted Average | 9 | 221,209 | 27 | % | 80.0 | % | 86.5 | % | 84.5 | % | 82.2 | % | 83.6 | % | $ | 39,372,366 | 31.9 | % | $ | 708,792,991 | 56 | |||||||||||||||
Total / Weighted Average Retail Properties | 19 | 808,963 | 100 | % | 89.8 | % | 91.7 | % | 92.6 | % | 91.4 | % | 91.7 | % | $ | 131,650,480 | 100.0 | % | $ | 1,579,345,551 | 107 | |||||||||||||||
Residential Properties | ||||||||||||||||||||||||||||||||||||
Ownership | # of | Useable | Total Units | Occupancy (%) | Average Monthly | Annualized | Gross Total RE | |||||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Residential | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | 94.4 | 95.8 | 92.0 | 84.4 | 89.6 | $ | 3,522 | $ | 2,873,940 | $ | 36,721,674 | |||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 222,855 | 333 | 89.5 | 91.0 | 96.4 | 96.1 | 95.8 | 3,939 | 14,040,156 | 177,457,091 | |||||||||||||||||||||||
400 East 57th Street | (1) | 90.0 | Upper East Side | Fee Interest | 1 | 290,482 | 261 | 92.3 | 94.6 | 93.9 | 98.9 | 94.3 | 3,286 | 10,940,738 | 123,811,018 | |||||||||||||||||||||
400 East 58th Street | (1) | 90.0 | Upper East Side | Fee Interest | 1 | 140,000 | 125 | 95.2 | 95.2 | 94.4 | 97.6 | 96.8 | 3,166 | 5,018,562 | 54,681,655 | |||||||||||||||||||||
Subtotal/Weighted Average | 3 | 719,948 | 791 | 91.8 | % | 93.3 | % | 94.8 | % | 96.1 | % | 94.9 | % | $ | 3,886 | $ | 32,873,396 | $ | 392,671,438 | |||||||||||||||||
"Non Same Store" Residential | ||||||||||||||||||||||||||||||||||||
Upper East Side Residential | 90.0 | Upper East Side | Fee Interest | 1 | 27,000 | 28 | 85.7 | 85.7 | 96.4 | N/A | N/A | $ | 1,979 | $ | 1,009,279 | $ | 50,073,674 | |||||||||||||||||||
33 Beekman Street | 45.9 | Downtown | Fee Interest | 1 | 163,500 | 772 | (2) | 100.0 | 100.0 | N/A | N/A | N/A | N/A | 7,853,056 | 101,122,099 | |||||||||||||||||||||
1080 Amsterdam | (1) | 92.5 | Upper West Side | Leasehold Interest | 1 | 82,250 | 96 | 96.9 | 96.9 | 96.9 | 96.9 | 97.9 | 3,864 | 4,564,680 | 46,493,430 | |||||||||||||||||||||
Stonehenge Portfolio | Various | Fee Interest | 16 | 2,029,924 | 2,195 | 94.3 | 94.6 | 96.9 | 96.5 | N/A | 3,661 | 100,961,733 | 982,723,034 | |||||||||||||||||||||||
Subtotal/Weighted Average | 19 | 2,302,674 | 3,091 | 95.7 | % | 95.9 | % | 96.9 | % | 96.5 | % | 97.9 | % | $ | 3,870 | $ | 114,388,748 | $ | 1,180,412,237 | |||||||||||||||||
Total / Weighted Average Retail Properties | 22 | 3,022,622 | 3,882 | 94.9 | % | 95.4 | % | 96.4 | % | 96.4 | % | 95.2 | % | $ | 3,874 | $ | 147,262,144 | $ | 1,573,083,675 | |||||||||||||||||
(1) Stonehenge Portfolio Property. | ||||||||||||||||||||||||||||||||||||
(2) Property occupied by Pace University and used as dormitory space. 772 represents number of beds. |
Supplemental Information | 35 | Fourth Quarter 2015 |
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | $ | — | — | $ | 227,470,851 | — | ||||||||||||||||||
280 Park Avenue | 50.0 | Park Avenue | Fee Interest | 1 | 1,219,158 | 61 | 80.7 | 72.9 | 69.3 | 65.2 | 55.4 | 99,990,312 | 84.3 | 1,302,151,517 | 30 | ||||||||||||||||||||
10 East 53rd Street | 55.0 | Plaza District | Fee Interest | 1 | 354,300 | 18 | 41.6 | 43.9 | 31.1 | 29.1 | 25.3 | 11,749,433 | 10.9 | 325,262,799 | 16 | ||||||||||||||||||||
562 Fifth Avenue | 100.0 | Plaza District | Fee Interest | 1 | 42,635 | 2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,100,000 | 3.5 | 68,752,163 | 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 | 1.1 | 280,402,029 | 3 | ||||||||||||||||||||
719 Seventh Avenue | 75.0 | Times Square | Fee Interest | 1 | — | — | — | — | — | — | 100.0 | — | — | 47,147,124 | — | ||||||||||||||||||||
175-225 Third Street | 95.0 | Brooklyn, New York | Fee Interest | 1 | — | — | — | — | — | — | — | — | — | 76,775,039 | — | ||||||||||||||||||||
55 West 46th Street | 25.0 | Midtown | Fee Interest | 1 | 347,000 | 17 | — | — | — | — | — | — | — | 314,864,884 | — | ||||||||||||||||||||
1640 Flatbush Avenue | 100.0 | Brooklyn, New York | Fee Interest | 1 | 1,000 | 0 | 100.0 | 100.0 | 100.0 | 100.0 | N/A | 85,152 | 0.1 | 6,800,000 | 1 | ||||||||||||||||||||
Total / Weighted Average Development / Redevelopment Properties | 9 | 1,996,417 | 100% | 59.0 | % | 54.5 | % | 50.0 | % | 47.2 | % | 40.8 | % | $ | 115,263,599 | 100.0 | % | $ | 2,649,626,406 | 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 | 36 | Fourth Quarter 2015 |
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-14 | Cash Rent ($'s) | 100 | % | SLG | Tenants | ||||||||||||||||||||
HIGH STREET RETAIL - Consolidated Properties | ||||||||||||||||||||||||||||||||||||
5-7 Dey Street | 100.0 | Cast Iron / Soho | Fee Interest | 1 | 70,000 | 3 | 75.4 | 90.0 | N/A | N/A | N/A | $ | 2,206,191 | 1 | 1 | 40 | ||||||||||||||||||||
19-21 East 65th Street | 90.0 | Plaza District | Leasehold Interest | 2 | 23,610 | 1 | 60.5 | 66.0 | 66.0 | 66.0 | 66.0 | 1,166,292 | 0 | 1 | 16 | |||||||||||||||||||||
102 Greene Street | 100.0 | Soho | Fee Interest | 1 | 9,200 | 0 | 54.3 | 54.3 | 54.3 | 77.2 | 100.0 | 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 | 2 | 1 | |||||||||||||||||||||
187 Broadway | 100.0 | Cast Iron / Soho | Fee Interest | 1 | 3,600 | 0 | 100.0 | 100.0 | N/A | N/A | N/A | 625,900 | 0 | 0 | 1 | |||||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 1 | 217,519 | 11 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 12,063,450 | 4 | 6 | 9 | |||||||||||||||||||||
719 Seventh Avenue | 75.0 | Times Square | Fee Interest | 1 | — | 0 | — | — | — | — | 100.0 | — | — | — | — | |||||||||||||||||||||
752 Madison Avenue | 100.0 | Plaza District | Fee Interest | 1 | 21,124 | 1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 4,412,024 | 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 | 1,776,570 | 1 | 1 | 5 | |||||||||||||||||||||
Williamsburg Terrace | 100.0 | Brooklyn, New York | Fee Interest | 1 | 52,000 | 3 | 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 | 100.0 | N/A | 85,152 | 0 | 0 | 1 | |||||||||||||||||||||
Subtotal / Weighted Average | 12 | 409,380 | 21 | % | 92.5 | % | 95.3 | % | 96.4 | % | 97.0 | % | 97.6 | % | $ | 27,354,566 | 10 | % | 15 | % | 78 | |||||||||||||||
HIGH STREET 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 | 3,628,240 | 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 | 1 | 0 | 2 | |||||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 2 | 68,342 | 3 | 100.0 | 100.0 | 100.0 | 92.0 | 92.0 | 11,520,129 | 4 | 1 | 9 | |||||||||||||||||||||
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 | 85.0 | 89.4 | 89.4 | 89.4 | 39,760,143 | 14 | 2 | 6 | |||||||||||||||||||||
724 Fifth Avenue | 50.0 | Plaza District | Fee Interest | 1 | 65,010 | 3 | 83.1 | 83.1 | 83.1 | 74.8 | 74.8 | 22,305,289 | 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 | 20,359,976 | 7 | 5 | 2 | |||||||||||||||||||||
Subtotal / Weighted Average | 10 | 380,294 | 19 | % | 78.8 | % | 79.9 | % | 81.3 | % | 78.4 | % | 78.4 | % | $ | 102,904,818 | 37 | % | 17 | % | 32 | |||||||||||||||
Total / Weighted Average Prime Retail | 22 | 789,674 | 40 | % | 85.9 | % | 87.9 | % | 88.3 | % | 87.1 | % | 87.4 | % | $ | 130,259,384 | 46 | % | 31 | % | 110 | |||||||||||||||
OTHER RETAIL - Consolidated Properties | ||||||||||||||||||||||||||||||||||||
11 Madison Avenue | 100.0 | Park Avenue South | Fee Interest | 1 | 38,800 | 2 | 90.2 | 90.2 | N/A | N/A | N/A | $ | 2,277,023 | 1 | 1 | 4 | ||||||||||||||||||||
100 Church Street | 100.0 | Downtown | Fee Interest | 1 | 49,992 | 3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,708,864 | 1 | 1 | 7 | |||||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 1 | 16,121 | 1 | 100.0 | 100.0 | 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 | 68.4 | 64.3 | 43.9 | 43.9 | 43.9 | 3,582,106 | 1 | 2 | 6 | |||||||||||||||||||||
220 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 49,970 | 3 | 96.5 | 96.5 | 96.5 | 96.5 | 96.5 | 3,514,004 | 1 | 2 | 6 | |||||||||||||||||||||
Upper East Side Residential | 90.0 | Upper East Side | Fee Interest | 1 | 4,150 | 0 | 88.0 | 88.0 | 88.0 | 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 | 87.0 | 100.0 | 100.0 | 100.0 | 2,676,644 | 1 | 1 | 5 | |||||||||||||||||||||
400 East 57th Street | 90.0 | Upper East Side | Fee Interest | 1 | 13,772 | 1 | 55.4 | 55.4 | 55.4 | 100.0 | 100.0 | 1,517,777 | 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 | 4,086,677 | 1 | 2 | 6 | |||||||||||||||||||||
461 Fifth Avenue | 100.0 | Midtown | Leasehold Interest | 1 | 16,248 | 1 | 100.0 | 100.0 | 100.0 | 88.6 | 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 | |||||||||||||||||||||
600 Lexington Avenue | 100.0 | East Side | Fee Interest | 1 | 4,264 | 0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 805,437 | 0 | 0 | 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 | 89.3 | 85.1 | 85.1 | 20,827,672 | 7 | 11 | 15 | |||||||||||||||||||||
635 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 23,250 | 1 | 100.0 | 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 | 2,547,989 | 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 | 3,758,165 | 1 | 2 | 4 | |||||||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1 | 31,004 | 2 | 100.0 | 100.0 | 98.9 | 98.9 | 98.9 | 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 | 6,291,356 | 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 | 2,293,138 | 1 | 1 | 5 | |||||||||||||||||||||
1515 Broadway | 100.0 | Times Square | Fee Interest | 1 | 185,333 | 9 | 100.0 | 100.0 | 100.0 | 97.0 | 95.8 | 27,348,694 | 10 | 15 | 7 | |||||||||||||||||||||
Subtotal / Weighted Average | 26 | 908,596 | 46 | % | 96.7 | % | 96.6 | % | 96.6 | % | 93.4 | % | 93.4 | % | $ | 117,543,358 | 42 | % | 62 | % | 124 | |||||||||||||||
Supplemental Information | 37 | Fourth Quarter 2015 |
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | 39,340 | 2 | 100.0 | 81.7 | 81.7 | 81.7 | 81.7 | 3,259,801 | 1 | 1 | 3 | |||||||||||||||||||||
30 East 40th Street | 60.0 | Grand Central South | Leasehold Interest | 1 | 4,461 | 0 | 100.0 | 100.0 | N/A | N/A | N/A | 409,816 | 0 | 0 | 5 | |||||||||||||||||||||
55 West 46th Street | 25.0 | Midtown | Leasehold Interest | 1 | 1,191 | 0 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
100 Park Avenue | 50.0 | Grand Central South | Fee Interest | 1 | 40,022 | 2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,028,849 | 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 | |||||||||||||||||||||
800 Third Avenue | 60.5 | Grand Central North | Fee Interest | 1 | 9,900 | 0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,842,236 | 1 | 1 | 2 | |||||||||||||||||||||
Stonehenge Portfolio | Various | Fee Interest | 10 | 88,984 | 4 | 80.3 | 82.5 | 79.0 | 78.5 | N/A | 8,983,298 | 3 | 0 | 31 | ||||||||||||||||||||||
Subtotal / Weighted Average | 18 | 296,247 | 15 | % | 86.8 | % | 85.1 | % | 83.8 | % | 83.6 | % | 85.9 | % | $ | 32,396,962 | 12 | % | 7 | % | 59 | |||||||||||||||
Total / Weighted Average Other Retail | 44 | 1,204,843 | 60 | % | 94.2 | % | 93.7 | % | 93.3 | % | 90.9 | % | 91.9 | % | $ | 149,940,319 | 54 | % | 69 | % | 183 | |||||||||||||||
Retail Grand Total / Weighted Average | 66 | 1,994,517 | 100 | % | 90.9 | % | 91.4 | % | 91.4 | % | 89.4 | % | 90.1 | % | $ | 280,199,703 | 100 | % | 293 | |||||||||||||||||
Retail Grand Total - SLG share of Annualized Rent | $ | 185,939,465 | 100 | % | ||||||||||||||||||||||||||||||||
Supplemental Information | 38 | Fourth Quarter 2015 |
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | 98.5 | 99.9 | 99.4 | 98.8 | $ | 10,559,503 | 2.0 | 1.8 | 22 | |||||||||||||||||||
125 Park Avenue | 100.0 | Grand Central | Fee Interest | 604,245 | 5 | 97.8 | 88.0 | 87.1 | 88.7 | 80.4 | 38,574,880 | 7.4 | 6.6 | 23 | ||||||||||||||||||||
304 Park Avenue South | 100.0 | Midtown South | Fee Interest | 215,000 | 2 | 75.7 | 90.9 | 90.3 | 91.9 | 91.9 | 12,300,464 | 2.4 | 2.1 | 12 | ||||||||||||||||||||
461 Fifth Avenue | (1) | 100.0 | Midtown | Leasehold Interest | 200,000 | 2 | 99.9 | 99.9 | 96.8 | 95.5 | 96.5 | 18,067,162 | 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 | 39,144,741 | 7.5 | 6.7 | 9 | ||||||||||||||||||||
609 Fifth Avenue | 100.0 | Rockefeller Center | Fee Interest | 160,000 | 1 | 76.1 | 75.6 | 81.3 | 81.3 | 81.3 | 14,707,066 | 2.8 | 2.5 | 13 | ||||||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 563,000 | 5 | 97.2 | 97.1 | 97.1 | 96.6 | 92.1 | 56,758,599 | 10.9 | 9.7 | 22 | ||||||||||||||||||||
641 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 163,000 | 1 | 100.0 | 100.0 | 100.0 | 92.1 | 92.1 | 11,569,787 | 2.2 | 2.0 | 7 | ||||||||||||||||||||
711 Third Avenue | (2) | 100.0 | Grand Central North | Leasehold Interest | 524,000 | 4 | 65.8 | 84.1 | 83.5 | 84.1 | 80.6 | 21,547,671 | 4.1 | 3.7 | 16 | |||||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 780,000 | 7 | 97.5 | 97.5 | 97.3 | 97.3 | 96.7 | 45,030,155 | 8.6 | 7.7 | 32 | ||||||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 692,000 | 6 | 93.0 | 92.6 | 84.8 | 85.6 | 81.0 | 43,982,745 | 8.4 | 7.5 | 46 | ||||||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1,454,000 | 12 | 100.0 | 100.0 | 100.0 | 90.3 | 90.3 | 93,614,502 | 8.2 | 11 | |||||||||||||||||||||
1185 Avenue of the Americas | 100.0 | Rockefeller Center | Leasehold Interest | 1,062,000 | 9 | 99.0 | 99.0 | 99.9 | 99.9 | 99.9 | 89,890,619 | 17.2 | 15.4 | 18 | ||||||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 562,000 | 5 | 99.6 | 99.4 | 98.5 | 96.9 | 96.9 | 42,216,253 | 8.1 | 7.2 | 35 | ||||||||||||||||||||
Subtotal / Weighted Average | 8,135,645 | 69 | % | 95.3 | % | 96.1 | % | 95.4 | % | 93.6 | % | 92.0 | % | $ | 537,964,147 | 85.2 | % | 84.2 | % | 278 | ||||||||||||||
"Non Same Store" | ||||||||||||||||||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 223,600 | 2 | 78.1 | 84.0 | N/A | N/A | N/A | $ | 9,251,909 | 1.4 | 63 | ||||||||||||||||||||
635 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 104,000 | 1 | 100.0 | 100.0 | 100.0 | 72.5 | 72.5 | 8,617,385 | 1.7 | 1.5 | 2 | ||||||||||||||||||||
Subtotal / Weighted Average | 327,600 | 3 | % | 85.0 | % | 89.1 | % | 100.0 | % | 72.5 | % | 72.5 | % | $ | 17,869,294 | 1.7 | % | 2.9 | % | 65 | ||||||||||||||
Total / Weighted Average Manhattan Consolidated Properties | 8,463,245 | 72 | % | 94.9 | % | 95.8 | % | 95.5 | % | 93.3 | % | 91.7 | % | $ | 555,833,441 | 86.9 | % | 343 | ||||||||||||||||
Total Manhattan Consolidated Properties - SLG share of Annualized Rent | $ | 509,037,144 | 87.1 | % | ||||||||||||||||||||||||||||||
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 | $ | 1,798,764 | 0.3 | 0.3 | 2 | |||||||||||||||||||
1100 King Street - 2 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 1 | 59.2 | 30.3 | 30.3 | 30.3 | 30.3 | 1,377,561 | 0.3 | 0.2 | 3 | ||||||||||||||||||||
1100 King Street - 3 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 1 | 5.8 | 21.7 | 21.7 | 21.7 | 21.7 | 34,539 | 0.0 | 0.0 | 1 | ||||||||||||||||||||
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 | 85.8 | 2,040,762 | 0.4 | 0.3 | 10 | ||||||||||||||||||||
1100 King Street - 5 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 1 | 87.7 | 87.7 | 93.1 | 93.1 | 92.0 | 1,930,908 | 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 | 1,487,152 | 0.3 | 0.3 | 3 | ||||||||||||||||||||
520 White Plains Road | 100.0 | Tarrytown, New York | Fee Interest | 180,000 | 2 | 98.3 | 99.0 | 99.0 | 76.2 | 76.2 | 4,379,296 | 0.8 | 0.7 | 13 | ||||||||||||||||||||
115-117 Stevens Avenue | 100.0 | Valhalla, New York | Fee Interest | 178,000 | 2 | 77.2 | 75.1 | 75.6 | 75.6 | 75.1 | 2,931,132 | 0.6 | 0.5 | 11 | ||||||||||||||||||||
100 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 250,000 | 2 | 47.1 | 72.9 | 72.9 | 72.9 | 72.9 | 3,012,094 | 0.6 | 0.8 | 10 | ||||||||||||||||||||
200 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 245,000 | 2 | 82.7 | 81.2 | 81.1 | 81.1 | 80.2 | 4,963,945 | 1.0 | 0.8 | 8 | ||||||||||||||||||||
500 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 228,000 | 2 | 97.8 | 97.8 | 96.6 | 96.6 | 97.8 | 5,141,442 | 1.0 | 0.9 | 7 | ||||||||||||||||||||
360 Hamilton Avenue | 100.0 | White Plains, New York | Fee Interest | 384,000 | 3 | 94.7 | 94.0 | 92.3 | 92.3 | 92.3 | 13,570,212 | 2.6 | 2.3 | 21 | ||||||||||||||||||||
Westchester, New York Subtotal / Weighted Average | 2,005,000 | 17 | % | 77.5 | % | 79.7 | % | 79.5 | % | 77.5 | % | 77.4 | % | $ | 42,667,807 | 8.2 | % | 7.3 | % | 97 | ||||||||||||||
"Same Store" Connecticut | ||||||||||||||||||||||||||||||||||
7 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 36,800 | 0 | 100.0 | 100.0 | 100.0 | 76.9 | 76.9 | $ | 728,423 | 0.1 | 0.1 | 2 | |||||||||||||||||||
680 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 133,000 | 1 | 88.9 | 88.9 | 88.9 | 80.9 | 80.9 | 5,242,567 | 0.5 | 10 | |||||||||||||||||||||
750 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 192,000 | 2 | 99.1 | 97.8 | 97.8 | 97.8 | 97.8 | 8,067,197 | 0.7 | 11 | |||||||||||||||||||||
1055 Washington Boulevard | 100.0 | Stamford, Connecticut | Leasehold Interest | 182,000 | 2 | 74.7 | 80.4 | 88.0 | 89.2 | 89.2 | 4,953,522 | 1.0 | 0.8 | 23 | ||||||||||||||||||||
1010 Washington Boulevard | 100.0 | Stamford, Connecticut | Fee Interest | 143,400 | 1 | 75.3 | 73.8 | 75.6 | 77.1 | 77.1 | 3,505,394 | 0.7 | 0.6 | 21 | ||||||||||||||||||||
Connecticut Subtotal/Weighted Average | 687,200 | 6 | % | 85.8 | % | 86.6 | % | 89.0 | % | 86.8 | % | 86.8 | % | $ | 22,497,103 | 1.8 | % | 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 | 66.2 | 62.4 | $ | 4,289,420 | 0.8 | 0.7 | 6 | |||||||||||||||||||
New Jersey Subtotal / Weighted Average | 278,000 | 2 | % | 66.2 | % | 66.2 | % | 66.2 | % | 66.2 | % | 62.4 | % | $ | 4,289,420 | 0.8 | % | 0.7 | % | 6 | ||||||||||||||
"Same Store" Brooklyn, New York | ||||||||||||||||||||||||||||||||||
16 Court Street | 100.0 | Brooklyn, New York | Fee Interest | 317,600 | 3 | 95.5 | 94.6 | 95.6 | 94.7 | 94.7 | $ | 12,136,463 | 2.3 | 2.1 | 69 | |||||||||||||||||||
Brooklyn, New York Subtotal / Weighted Average | 317,600 | 3 | % | 95.5 | % | 94.6 | % | 95.6 | % | 94.7 | % | 94.7 | % | $ | 12,136,463 | 2.3 | % | 2.1 | % | 69 | ||||||||||||||
Total / Weighted Average Suburban Consolidated Properties | 3,287,800 | 28 | % | 80.0 | % | 81.5 | % | 81.9 | % | 80.1 | % | 79.8 | % | $ | 81,590,793 | 13.1 | % | 239 | ||||||||||||||||
Total Suburban Consolidated Properties - SLG share of Annualized Rent | $ | 75,069,012 | 12.9 | % | ||||||||||||||||||||||||||||||
Reckson Operating Properties Grand Total / Weighted Average | 11,751,045 | 100 | % | 90.7 | % | 91.8 | % | 91.6 | % | 89.6 | % | 88.3 | % | $ | 637,424,234 | 100.0 | % | 582 | ||||||||||||||||
Reckson Operating Properties Grand Total - SLG Share of Annualized Rent | $ | 584,106,156 | 100.0 | % | ||||||||||||||||||||||||||||||
Reckson Operating Properties Same Store Occupancy % | 11,423,445 | 97 | % | 90.9 | % | 91.9 | % | 91.5 | % | 89.7 | % | 88.5 | % | |||||||||||||||||||||
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date. | ||||||||||||||||||||||||||||||||||
(2) The Company owns 50% of the fee interest. |
Supplemental Information | 39 | Fourth Quarter 2015 |
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | 54.3 | 77.2 | 100.0 | $ | 457,411 | 2.1 | $ | 31,507,789 | 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 | 12.6 | 53,371,206 | 1 | |||||||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 68,342 | 17 | 93.9 | 100.0 | 100.0 | 92.0 | 92.0 | 11,520,129 | 10.4 | 277,736,039 | 9 | |||||||||||||||||||||||
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 | 14,878,400 | 67.0 | 215,103,268 | 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 | 7.9 | 16,357,696 | 3 | |||||||||||||||||||||||
Total Retail Properties | 404,892 | 100 | % | 97.9 | % | 99.0 | % | 99.0 | % | 98.1 | % | 98.6 | % | $ | 31,417,516 | 100.0 | % | $ | 594,075,998 | 24 | |||||||||||||||||
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 | Dec-15 | Sep-15 | Jun-15 | Mar-15 | Dec-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 | 89.5 | 91.0 | 96.4 | 96.1 | 95.8 | $ | 14,040,156 | $ | 3,939 | $ | 177,457,091 | 298 | ||||||||||||||||||||
Total Residential Properties | 222,855 | 333 | 89.5 | % | 91.0 | % | 96.4 | % | 96.1 | % | 95.8 | % | $ | 14,040,156 | $ | 3,939 | $ | 177,457,091 | 298 | ||||||||||||||||||
Supplemental Information | 40 | Fourth Quarter 2015 |
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 | $ | 134,958,649 | (1) | $44.64 | 8.9% | $ | 132,889,052 | 9.7% | BBB+ | |||
Credit Suisse Securities (USA), Inc. | 1 Madison Avenue, 11 Madison Avenue & 1055 Washington Blvd | 2017, 2019, 2020 & 2037 | 2,403,080 | 124,137,343 | $51.66 | 8.2% | 124,137,343 | 9.1% | A | ||||||
Viacom International, Inc. | 1515 Broadway | 2031 | 1,330,735 | 85,455,805 | $64.22 | 5.6% | 85,455,805 | 6.2% | 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 | 21,425,972 | $43.41 | 1.4% | 21,425,972 | 1.6% | BBB+ | ||||||
Ralph Lauren Corporation | 625 Madison Avenue | 2019 | 362,065 | 26,370,644 | $72.83 | 1.7% | 26,370,644 | 1.9% | 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 | 328,908 | 15,735,368 | $47.84 | 1.0% | 15,735,368 | 1.1% | Aa2 | ||||||
C.B.S. Broadcasting, Inc. | 555 West 57th Street | 2023 | 303,415 | 12,974,116 | $42.76 | 0.9% | 12,974,116 | 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 | 7,563,721 | $32.83 | 0.5% | 7,563,721 | 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 | 9,420,770 | $41.39 | 0.6% | 9,420,770 | 0.7% | Aa2 | ||||||
Bloomberg LP | 919 Third Avenue | 2029 | 225,545 | 11,782,165 | $52.24 | 0.8% | 6,008,904 | 0.4% | |||||||
Amerada Hess Corp. | 1185 Avenue of the Americas | 2027 | 181,569 | 14,139,231 | $77.87 | 0.9% | 14,139,231 | 1.0% | BBB | ||||||
Newmark & Company Real Estate Inc. | 125 Park Avenue, 110 East 42nd Street & 680 Washington Blvd | 2016, 2026 & 2031 | 178,955 | 9,722,840 | $54.33 | 0.6% | 9,514,413 | 0.7% | BBB- | ||||||
WME IMG, LLC | 11 Madison Avenue & 304 Park Avenue | 2028 & 2030 | 178,617 | 13,620,165 | $76.25 | 0.9% | 13,620,165 | 1.0% | |||||||
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 | 8,154,756 | $47.66 | 0.5% | 8,154,756 | 0.6% | |||||||
Verizon | 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive | 2018, 2019 & 2026 | 162,009 | 4,320,218 | $26.67 | 0.3% | 4,320,218 | 0.3% | BBB+ | ||||||
News America Incorporated | 1185 Avenue of the Americas | 2020 | 161,722 | 15,435,505 | $95.44 | 1.0% | 15,435,505 | 1.1% | BBB+ | ||||||
King & Spalding | 1185 Avenue of the Americas | 2025 | 159,943 | 14,435,733 | $90.26 | 0.9% | 14,435,733 | 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 | 11,623,099 | $73.24 | 0.8% | 11,623,099 | 0.8% | 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 | 13,324,124 | $89.90 | 0.9% | 13,324,124 | 1.0% | |||||||
Beth Israel Medical Center & The Mount Sinai Hospital | 555 West 57th Street & 625 Madison Avenue | 2030 & 2031 | 147,613 | 7,220,784 | $48.92 | 0.5% | 7,220,784 | 0.5% | |||||||
BNP Paribas | 919 Third Avenue | 2016 | 145,834 | 9,971,789 | $68.38 | 0.7% | 5,085,613 | 0.4% | A+ | ||||||
Total | 13,813,807 | $ | 745,792,087 | $53.99 | 49.0% | $ | 675,164,599 | 49.4% | |||||||
(1) Reflects the net rent as of December 31, 2015 of $42.70 PSF for the 388-390 Greenwich Street lease. | |||||||||||||||
(2) Corporate or bond rating from S&P or Moody's. |
Supplemental Information | 41 | Fourth Quarter 2015 |
TENANT DIVERSIFICATION Based on SLG Share of Annualized Cash Rent | ||
Category | Manhattan Properties | Suburban Properties | ||||||||
Arts, Ent. & Recreation | 3.8 | % | 0.1 | % | ||||||
Business Services | 2.7 | % | 3.6 | % | ||||||
Financial Services | 34.5 | % | 30.9 | % | ||||||
Government / Non Profit | 3.2 | % | 4.0 | % | ||||||
Legal | 7.1 | % | 12.6 | % | ||||||
Manufacturing | 2.1 | % | 6.5 | % | ||||||
Medical | 2.4 | % | 2.6 | % | ||||||
Other | 6.2 | % | 3.0 | % | ||||||
Professional Services | 6.2 | % | 13.2 | % | ||||||
Retail | 8.8 | % | 3.5 | % | ||||||
TAMI | ||||||||||
Technology | 1.5 | % | 6.7 | % | ||||||
Advertising | 5.7 | % | 1.0 | % | ||||||
Media | 15.4 | % | 12.3 | % | ||||||
Information | 0.4 | % | 0.0% | |||||||
Total | 100.0 | % | 100.0 | % |
Supplemental Information | 42 | Fourth Quarter 2015 |
LEASING ACTIVITY - Manhattan Operating Properties Available Space | ||
Activity | Building Address | # of Leases | Useable SF | Rentable SF | Escalated Rent/Rentable SF ($'s)(1) | |||
Available Space at 9/30/15 | 1,332,385 | |||||||
Space which became available during the Quarter (2): | ||||||||
Office | ||||||||
30 East 40th Street | 2 | 1,826 | 1,826 | $65.60 | ||||
100 Park Avenue | 1 | 9,668 | 10,370 | $71.08 | ||||
110 East 42nd Street | 2 | 8,654 | 8,952 | $48.83 | ||||
110 Greene Street | 14 | 23,199 | 17,475 | $59.27 | ||||
220 East 42nd Street | 2 | 11,248 | 11,248 | $45.52 | ||||
304 Park Avenue South | 1 | 32,861 | 36,089 | $50.09 | ||||
420 Lexington Avenue | 7 | 24,146 | 40,692 | $46.22 | ||||
461 Fifth Avenue | 1 | 6,650 | 7,134 | $88.77 | ||||
600 Lexington Avenue | 1 | 8,001 | 8,001 | $61.61 | ||||
609 Fifth Avenue | 1 | 695 | 746 | $76.84 | ||||
711 Third Avenue | 7 | 95,629 | 108,601 | $51.64 | ||||
800 Third Avenue | 3 | 10,391 | 12,398 | $62.19 | ||||
1350 Avenue of the Americas | 2 | 4,138 | 3,345 | $88.99 | ||||
1515 Broadway | 1 | 25,268 | 25,268 | $79.17 | ||||
Total/Weighted Average | 45 | 262,374 | 292,145 | $56.11 | ||||
Retail | ||||||||
485 Lexington Avenue | 1 | 13,124 | 13,124 | $82.01 | ||||
750 Third Avenue | 1 | 3,281 | 3,281 | $197.12 | ||||
810 Seventh Avenue | 1 | 144 | 144 | $214.68 | ||||
Total/Weighted Average | 3 | 18,462 | 18,367 | $111.14 | ||||
Storage | ||||||||
110 Greene Street | 2 | 592 | 453 | $67.55 | ||||
420 Lexington Avenue | 1 | 548 | 890 | $6.79 | ||||
1515 Broadway | 2 | 1,729 | 1,729 | $25.00 | ||||
Total/Weighted Average | 5 | 2,869 | 3,072 | $26.00 | ||||
Total Space which became available during the Quarter | ||||||||
Office | 45 | 262,374 | 292,145 | $56.11 | ||||
Retail | 3 | 18,462 | 18,367 | $111.14 | ||||
Storage | 5 | 2,869 | 3,072 | $26.00 | ||||
53 | 283,705 | 313,584 | $59.04 | |||||
Total Available Space | 1,616,090 | |||||||
(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 | 43 | Fourth Quarter 2015 |
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 | 1,616,090 | ||||||||||||||||||||
Office | |||||||||||||||||||||
11 Madison Avenue | 1 | 15.0 | 33,001 | 33,001 | $100.00 | $0.00 | $0.00 | 12.0 | |||||||||||||
30 East 40th Street | 2 | 6.4 | 1,826 | 1,825 | $69.02 | $65.64 | $0.00 | 0.6 | |||||||||||||
110 East 42nd Street | 2 | 3.9 | 8,654 | 8,952 | $55.79 | $48.83 | $0.00 | 1.7 | |||||||||||||
110 Greene Street | 7 | 3.4 | 12,008 | 12,017 | $62.67 | $40.86 | $7.48 | 1.4 | |||||||||||||
125 Park Avenue | 3 | 10.9 | 58,249 | 61,767 | $65.00 | $58.24 | $76.19 | 9.7 | |||||||||||||
220 East 42nd Street | 1 | 1.0 | 3,082 | 3,082 | $46.35 | $45.00 | $0.00 | — | |||||||||||||
420 Lexington Avenue | 6 | 12.2 | 40,893 | 51,687 | $52.28 | $43.47 | $20.05 | 3.9 | |||||||||||||
461 Fifth Avenue | 1 | 3.8 | 6,650 | 7,134 | $102.40 | $88.77 | $0.00 | — | |||||||||||||
600 Lexington Avenue | 2 | 9.4 | 21,362 | 21,362 | $72.06 | $80.58 | $55.90 | 7.1 | |||||||||||||
609 Fifth Avenue | 1 | 5.0 | 1,587 | 1,765 | $60.00 | $0.00 | $132.56 | — | |||||||||||||
800 Third Avenue | 1 | 3.0 | 4,720 | 4,720 | $64.94 | $61.56 | $0.00 | — | |||||||||||||
810 Seventh Avenue | 1 | 5.2 | 3,269 | 3,658 | $59.00 | $0.00 | $85.39 | 2.0 | |||||||||||||
1350 Avenue of the Americas | 3 | 5.8 | 5,439 | 7,239 | $86.56 | $71.38 | $58.73 | 1.2 | |||||||||||||
Total/Weighted Average | 31 | 10.1 | 200,740 | 218,209 | $69.03 | $54.53 | $36.66 | 6.4 | |||||||||||||
Retail | |||||||||||||||||||||
125 Park Avenue | 1 | 10.3 | 815 | 871 | $382.52 | $0.00 | $0.00 | 3.0 | |||||||||||||
485 Lexington Avenue | 1 | 7.0 | 13,124 | 13,124 | $84.77 | $82.01 | $14.78 | — | |||||||||||||
625 Madison Avenue | 1 | 12.3 | 951 | 951 | $321.77 | $0.00 | $0.00 | 4.0 | |||||||||||||
750 Third Avenue | 1 | 5.2 | 3,281 | 3,350 | $208.00 | $193.06 | $0.00 | 2.0 | |||||||||||||
810 Seventh Avenue | 1 | 5.0 | 144 | 264 | $136.36 | $117.10 | $0.00 | — | |||||||||||||
Total/Weighted Average | 5 | 7.1 | 18,315 | 18,560 | $133.86 | $113.79 | $10.45 | 0.7 | |||||||||||||
Storage | |||||||||||||||||||||
110 Greene Street | 1 | 1.3 | 422 | 422 | $75.36 | $65.40 | $0.00 | — | |||||||||||||
420 Lexington Avenue | 1 | 3.0 | 548 | 916 | $10.00 | $6.60 | $0.00 | — | |||||||||||||
461 Fifth Avenue | 1 | 9.9 | 98 | 98 | $35.00 | $0.00 | $0.00 | — | |||||||||||||
Total/Weighted Average | 3 | 3.0 | 1,068 | 1,436 | $30.91 | $25.14 | $0.00 | — | |||||||||||||
Leased Space | |||||||||||||||||||||
Office (3) | 31 | 10.1 | 200,740 | 218,209 | $69.03 | $54.53 | $36.66 | 6.4 | |||||||||||||
Retail | 5 | 7.1 | 18,315 | 18,560 | $133.86 | $113.79 | $10.45 | 0.7 | |||||||||||||
Storage | 3 | 3.0 | 1,068 | 1,436 | $30.91 | $25.14 | $0.00 | — | |||||||||||||
Total | 39 | 9.8 | 220,123 | 238,205 | $73.85 | $61.10 | $34.40 | 5.9 | |||||||||||||
Total Available Space as of 12/31/15 | 1,395,967 | ||||||||||||||||||||
Early Renewals | |||||||||||||||||||||
Office | |||||||||||||||||||||
420 Lexington Avenue | 5 | 4.6 | 7,887 | 10,128 | $61.97 | $56.19 | $3.56 | 0.4 | |||||||||||||
485 Lexington Avenue | 1 | 10.0 | 22,279 | 22,889 | $83.52 | $83.51 | $20.00 | 4.0 | |||||||||||||
555 West 57th Street | 1 | 10.9 | 50,000 | 50,000 | $55.00 | $40.82 | $0.00 | — | |||||||||||||
800 Third Avenue | 1 | 4.0 | 9,385 | 10,230 | $55.00 | $44.53 | $1.96 | 4.0 | |||||||||||||
810 Seventh Avenue | 1 | 10.2 | 20,500 | 22,437 | $58.00 | $51.97 | $25.00 | 2.0 | |||||||||||||
1350 Avenue of the Americas | 1 | 5.0 | 4,109 | 4,160 | $110.00 | $105.69 | $0.00 | 1.0 | |||||||||||||
1745 Broadway | 1 | 5.0 | 49,872 | 52,718 | $75.00 | $66.54 | $3.51 | — | |||||||||||||
Total/Weighted Average | 11 | 8.0 | 164,032 | 172,562 | $67.02 | $58.48 | $7.30 | 1.1 | |||||||||||||
Renewals | |||||||||||||||||||||
Early Renewals Office | 11 | 8.0 | 164,032 | 172,562 | $67.02 | $58.48 | $7.30 | 1.1 | |||||||||||||
Total | 11 | 8.0 | 164,032 | 172,562 | $67.02 | $58.48 | $7.30 | 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 $63.39/rsf for 126,813 rentable SF. | |||||||||||||||||||||
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $65.48/rsf for 299,375 rentable SF. |
Supplemental Information | 44 | Fourth Quarter 2015 |
LEASING ACTIVITY - Suburban Operating Properties Available Space | ||
Activity | Building Address | # of Leases | Useable SF | Rentable SF | Escalated Rent/Rentable SF ($'s)(1) | |||
Available Space at 9/30/15 | 1,165,329 | |||||||
Less: Sold Vacancies | 140 Grand Street, White Plains, New York | (15,840 | ) | |||||
150 Grand Street, White Plains, New York | (19,850 | ) | ||||||
Space which became available during the Quarter (2): | ||||||||
Office | ||||||||
1100 King Street - 3 Int'l Drive, Rye Brook, New York | 1 | 14,308 | 25,736 | $27.01 | ||||
1100 King Street - 4 Int'l Drive, Rye Brook, New York | 1 | 15,810 | 15,810 | $24.00 | ||||
520 White Plains Road, Tarrytown, New York | 1 | 3,138 | 3,138 | $30.66 | ||||
100 Summit Lake Drive, Valhalla, New York | 1 | 75,090 | 75,090 | $24.51 | ||||
1 Landmark Square, Stamford, Connecticut | 6 | 33,176 | 33,303 | $38.59 | ||||
680 Washington Boulevard, Stamford, Connecticut | 1 | 1,670 | 1,670 | $43.00 | ||||
1055 Washington Boulevard, Stamford, Connecticut | 2 | 20,064 | 20,064 | $41.44 | ||||
Jericho Plaza, Jericho, New York | 1 | 2,371 | 2,371 | $35.01 | ||||
16 Court Street, Brooklyn, New York | 3 | 16,438 | 16,860 | $40.41 | ||||
Total/Weighted Average | 17 | 182,065 | 194,042 | $30.74 | ||||
Retail | ||||||||
100 Summit Lake Drive, Valhalla, New York | 2 | 1,719 | 1,719 | $1.99 | ||||
5 Landmark Square, Stamford, Connecticut | 2 | 200 | 200 | $7.50 | ||||
Jericho Plaza, Jericho, New York | 3 | 1,604 | 1,604 | $13.58 | ||||
Total/Weighted Average | 7 | 3,523 | 3,523 | $7.58 | ||||
Total Space which became available during the Quarter | ||||||||
Office | 17 | 182,065 | 194,042 | $30.74 | ||||
Storage | 7 | 3,523 | 3,523 | $7.58 | ||||
24 | 185,588 | 197,565 | $30.32 | |||||
Total Available Space | 1,315,227 | |||||||
(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 | 45 | Fourth Quarter 2015 |
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 | 1,315,227 | ||||||||||||
Office | |||||||||||||
1100 King Street - 2 Int'l Drive, Rye Brook, New York | 2 | 11.3 | 26,014 | 26,212 | $25.00 | $38.43 | $60.00 | 10.0 | |||||
1100 King Street - 4 Int'l Drive, Rye Brook, New York | 1 | 1.3 | 15,810 | 15,810 | $27.00 | $24.00 | $0.00 | — | |||||
520 White Plains Road, Tarrytown, New York | 1 | 5.3 | 1,742 | 2,729 | $25.00 | $0.00 | $20.00 | 4.0 | |||||
115-117 Stevens Avenue, Valhalla, New York | 2 | 3.6 | 3,656 | 3,656 | $23.50 | $23.30 | $18.14 | 2.4 | |||||
100 Summit Lake Drive, Valhalla, New York | 2 | 5.5 | 11,012 | 11,012 | $24.50 | $24.51 | $15.71 | 6.0 | |||||
200 Summit Lake Drive, Valhalla, New York | 1 | 7.9 | 3,761 | 3,761 | $26.50 | $25.25 | $20.33 | 12.0 | |||||
360 Hamilton Avenue, White Plains, New York | 1 | 0.5 | 2,419 | 2,419 | $23.01 | $0.00 | $0.00 | — | |||||
1 Landmark Square, Stamford, Connecticut | 5 | 1.5 | 21,551 | 21,678 | $39.43 | $40.18 | $3.38 | 0.6 | |||||
3 Landmark Square, Stamford, Connecticut | 1 | 5.6 | 13,094 | 13,094 | $36.83 | $0.00 | $43.92 | — | |||||
680 Washington Boulevard, Stamford, Connecticut | 1 | 1.0 | 1,670 | 1,670 | $43.00 | $43.00 | $0.00 | — | |||||
750 Washington Boulevard, Stamford, Connecticut | 1 | 7.7 | 2,450 | 2,450 | $41.17 | $0.00 | $42.19 | 5.0 | |||||
1010 Washington Boulevard, Stamford, Connecticut | 1 | 5.4 | 2,139 | 2,239 | $33.00 | $0.00 | $46.93 | 5.0 | |||||
1055 Washington Boulevard, Stamford, Connecticut | 1 | 5.3 | 9,641 | 9,641 | $38.00 | $43.18 | $45.00 | 4.0 | |||||
Jericho Plaza, Jericho, New York | 1 | 1.9 | 2,371 | 2,371 | $32.00 | $38.01 | $0.00 | — | |||||
16 Court Street, Brooklyn, New York | 4 | 5.3 | 18,658 | 23,425 | $45.24 | $31.85 | $14.67 | 0.1 | |||||
Total/Weighted Average | 25 | 5.3 | 135,988 | 142,167 | $33.39 | $33.57 | $25.16 | 3.3 | |||||
Retail | |||||||||||||
16 Court Street, Brooklyn, New York | 1 | 15.3 | 700 | 700 | $132.86 | $0.00 | $85.92 | 3.0 | |||||
Total/Weighted Average | 1 | 15.3 | 700 | 700 | $132.86 | $0.00 | $85.92 | 3.0 | |||||
Storage | |||||||||||||
100 Summit Lake Drive, Valhalla, New York | 1 | 5.5 | 1,265 | 1,265 | $12.00 | $10.00 | $0.00 | — | |||||
500 West Putnam Avenue, Greenwich, Connecticut | 1 | 1.0 | 1 | 225 | $15.00 | $0.00 | $0.00 | — | |||||
Jericho Plaza, Jericho, New York | 4 | 2.3 | 1,898 | 1,898 | $14.01 | $13.64 | $0.00 | — | |||||
Total/Weighted Average | 6 | 3.4 | 3,164 | 3,388 | $13.32 | $12.19 | $0.00 | — | |||||
Leased Space | |||||||||||||
Office (3) | 25 | 5.3 | 135,988 | 142,167 | $33.39 | $33.57 | $25.16 | 3.3 | |||||
Retail | 1 | 15.3 | 700 | 700 | $132.86 | $0.00 | $85.92 | 3.0 | |||||
Storage | 6 | 3.4 | 3,164 | 3,388 | $13.32 | $12.19 | $0.00 | — | |||||
Total | 32 | 5.3 | 139,852 | 146,255 | $33.40 | $32.90 | $24.87 | 3.2 | |||||
Total Available Space as of 12/31/15 | 1,175,375 | ||||||||||||
Early Renewals | |||||||||||||
Office | |||||||||||||
1100 King Street - 5 Int'l Drive, Rye Brook, New York | 1 | 8.5 | 46,032 | 46,032 | $26.00 | $26.12 | $35.00 | 4.0 | |||||
115-117 Stevens Avenue, Valhalla, New York | 1 | 1.3 | 3,096 | 3,096 | $28.00 | $21.50 | $0.00 | — | |||||
100 Summit Lake Drive, Valhalla, New York | 1 | 5.5 | 5,819 | 5,819 | $26.50 | $27.04 | $0.00 | 6.0 | |||||
680 Washington Boulevard, Stamford, Connecticut | 1 | 5.3 | 9,420 | 9,420 | $41.00 | $40.97 | $15.00 | 4.0 | |||||
1055 Washington Boulevard, Stamford, Connecticut | 1 | 2.6 | 4,780 | 4,780 | $37.75 | $36.75 | $14.78 | — | |||||
Total/Weighted Average | 5 | 7.1 | 69,147 | 69,147 | $28.99 | $28.75 | $26.37 | 3.7 | |||||
Renewals | |||||||||||||
Early Renewals Office | 5 | 7.1 | 69,147 | 69,147 | $28.99 | $28.75 | $26.37 | 3.7 | |||||
Total | 5 | 7.1 | 69,147 | 69,147 | $28.99 | $28.75 | $26.37 | 3.7 | |||||
(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 $34.38/rsf for 98,651 rentable SF. | |||||||||||||
Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $32.16/rsf for 167,798 rentable SF. |
Supplemental Information | 46 | Fourth Quarter 2015 |
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) | ||||||||||
2015 (1) | 27 | 112,982 | 0.56 | % | $5,928,154 | $52.47 | $71.28 | 4 | 46,982 | 1.60 | % | $2,392,811 | $50.93 | $65.00 | ||||||||
1st Quarter 2016 | 11 | 73,498 | 0.36 | % | $4,766,575 | $64.85 | $88.52 | 1 | 12,963 | 0.44 | % | $577,175 | $44.52 | $65.00 | ||||||||
2nd Quarter 2016 | 26 | 173,548 | 0.86 | % | $10,841,400 | $62.47 | $79.58 | 2 | 8,795 | 0.30 | % | $592,115 | $67.32 | $65.00 | ||||||||
3rd Quarter 2016 | 21 | 296,653 | 1.47 | % | $20,222,368 | $68.17 | $68.96 | 4 | 25,443 | 0.87 | % | $1,748,537 | $68.72 | $70.99 | ||||||||
4th Quarter 2016 | 26 | 178,518 | 0.89 | % | $12,195,378 | $68.31 | $78.54 | 4 | 51,070 | 1.74 | % | $3,414,238 | $66.85 | $69.96 | ||||||||
Total 2016 | 84 | 722,217 | 3.58 | % | $48,025,721 | $66.50 | $75.87 | 11 | 98,271 | 3.34 | % | $6,332,065 | $64.43 | $69.13 | ||||||||
2017 | 111 | 1,755,113 | 8.71 | % | $98,028,768 | $55.85 | $69.95 | 13 | 128,150 | 4.36 | % | $11,666,697 | $91.04 | $85.68 | ||||||||
2018 | 79 | 620,340 | 3.08 | % | $49,412,317 | $79.65 | $108.50 | 24 | 399,875 | 13.59 | % | $29,611,572 | $74.05 | $71.69 | ||||||||
2019 | 77 | 1,132,317 | 5.62 | % | $76,237,448 | $67.33 | $70.74 | 20 | 196,705 | 6.69 | % | $15,052,784 | $76.52 | $77.21 | ||||||||
2020 | 95 | 2,414,560 | 11.98 | % | $148,292,376 | $61.42 | $69.50 | 18 | 304,807 | 10.36 | % | $17,199,709 | $56.43 | $68.26 | ||||||||
2021 | 60 | 1,659,424 | 8.24 | % | $98,554,993 | $59.39 | $64.65 | 8 | 151,791 | 5.16 | % | $10,854,977 | $71.51 | $94.94 | ||||||||
2022 | 49 | 933,840 | 4.63 | % | $60,335,314 | $64.61 | $83.04 | 11 | 134,569 | 4.58 | % | $8,058,813 | $59.89 | $69.49 | ||||||||
2023 | 39 | 743,079 | 3.69 | % | $42,920,086 | $57.76 | $64.85 | 12 | 793,949 | 26.99 | % | $51,685,840 | $65.10 | $68.09 | ||||||||
2024 | 27 | 438,655 | 2.18 | % | $28,446,134 | $64.85 | $69.21 | 12 | 139,927 | 4.76 | % | $9,027,433 | $64.52 | $69.12 | ||||||||
Thereafter | 110 | 6,980,499 | 34.65 | % | $426,496,061 | $61.10 | $70.85 | 21 | 546,314 | 18.57 | % | $38,576,459 | $70.61 | $80.97 | ||||||||
758 | 17,513,026 | 86.92 | % | $1,082,677,372 | $61.82 | $71.87 | 154 | 2,941,340 | 100.00 | % | $200,459,160 | $68.15 | $73.85 | |||||||||
(5 | ) | 1 | 2,634,670 | 13.08 | % | $112,498,602 | ||||||||||||||||
759 | 20,147,696 | 100.00 | % | $1,195,175,974 | ||||||||||||||||||
NOTE: Data excludes space currently occupied by SL Green's corporate offices. | ||||||||||||||||||||||
(1) Includes month to month holdover tenants that expired prior to December 31, 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 December 31, 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. | ||||||||||||||||||||||
Supplemental Information | 47 | Fourth Quarter 2015 |
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) | |||||||||||||
2015 (1) | 19 | 52,467 | 1.63 | % | $1,805,770 | $34.42 | $37.43 | 4 | 18,724 | 3.91 | % | $728,627 | $38.91 | $36.00 | |||||||||||
1st Quarter 2016 | 12 | 80,721 | 2.51 | % | $2,499,544 | $30.97 | $30.82 | 1 | 15,004 | 3.13 | % | $565,786 | $37.71 | $36.00 | |||||||||||
2nd Quarter 2016 | 10 | 58,328 | 1.81 | % | $2,193,731 | $37.61 | $41.32 | — | — | — | $— | $0.00 | $0.00 | ||||||||||||
3rd Quarter 2016 | 17 | 159,748 | 4.96 | % | $5,960,620 | $37.31 | $42.48 | — | — | — | $— | $0.00 | $0.00 | ||||||||||||
4th Quarter 2016 | 12 | 49,444 | 1.54 | % | $1,794,023 | $36.28 | $37.45 | — | — | — | $— | $0.00 | $0.00 | ||||||||||||
Total 2016 | 51 | 348,241 | 10.82 | % | $12,447,918 | $35.75 | $38.87 | 1 | 15,004 | 3.13 | % | $565,786 | $37.71 | $36.00 | |||||||||||
2017 | 46 | 248,772 | 7.73 | % | $9,560,930 | $38.43 | $40.22 | 8 | 48,463 | 10.13 | % | $1,582,189 | $32.65 | $35.03 | |||||||||||
2018 | 55 | 300,616 | 9.34 | % | $10,641,968 | $35.40 | $37.13 | 3 | 54,052 | 11.29 | % | $2,262,295 | $41.85 | $36.00 | |||||||||||
2019 | 44 | 507,827 | 15.78 | % | $14,931,584 | $29.40 | $30.98 | 7 | 36,084 | 7.54 | % | $1,197,074 | $33.17 | $36.35 | |||||||||||
2020 | 32 | 291,693 | 9.07 | % | $10,044,667 | $34.44 | $37.74 | 3 | 38,562 | 8.06 | % | $1,452,651 | $37.67 | $36.00 | |||||||||||
2021 | 31 | 377,645 | 11.74 | % | $10,246,137 | $27.13 | $29.66 | 4 | 89,292 | 18.66 | % | $3,195,485 | $35.79 | $36.00 | |||||||||||
2022 | 19 | 102,230 | 3.18 | % | $3,898,366 | $38.13 | $38.86 | 2 | 19,883 | 4.15 | % | $683,223 | $34.36 | $36.53 | |||||||||||
2023 | 19 | 206,698 | 6.42 | % | $6,961,080 | $33.68 | $35.13 | 3 | 40,834 | 8.53 | % | $1,406,255 | $34.44 | $37.43 | |||||||||||
2024 | 13 | 203,087 | 6.31 | % | $6,526,647 | $32.14 | $39.69 | 3 | 60,136 | 12.56 | % | $2,004,875 | $33.34 | $36.37 | |||||||||||
Thereafter | 33 | 578,267 | 17.97 | % | $17,652,038 | $30.53 | $32.12 | 6 | 57,607 | 12.04 | % | $1,869,848 | $32.46 | $36.97 | |||||||||||
362 | 3,217,543 | 100.00 | % | $104,717,105 | $32.55 | $34.96 | 44 | 478,641 | 100.00 | % | $16,948,308 | $35.41 | $36.24 | ||||||||||||
(1) Includes month to month holdover tenants that expired prior to December 31, 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 December 31, 2015. Taking rents are typically lower than asking rents and may vary from property to property. | |||||||||||||||||||||||||
Supplemental Information | 48 | Fourth Quarter 2015 |
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) | 14 | 13,543 | 3.57 | % | $652,488 | $48.18 | $52.98 | 1 | 1,698 | 0.57 | % | $126,000 | $74.20 | $77.92 | ||||||||
2016 | 11 | 10,941 | 2.89 | % | $521,709 | $47.68 | $52.99 | 3 | 5,455 | 1.82 | % | $212,253 | $38.91 | $40.86 | ||||||||
2017 | 14 | 59,573 | 15.72 | % | $3,292,275 | $55.26 | $180.73 | 7 | 18,156 | 6.05 | % | $952,296 | $52.45 | $77.61 | ||||||||
2018 | 13 | 23,149 | 6.11 | % | $1,153,364 | $49.82 | $64.12 | 2 | 22,571 | 7.52 | % | $1,435,139 | $63.58 | $74.39 | ||||||||
2019 | 4 | 5,350 | 1.41 | % | $516,681 | $96.58 | $97.42 | — | — | — | $0 | $0.00 | $0.00 | |||||||||
2020 | 6 | 14,761 | 3.90 | % | $1,967,282 | $133.28 | $370.03 | 3 | 25,424 | 8.47 | % | $5,086,132 | $200.05 | $277.01 | ||||||||
2021 | 1 | 108,148 | 28.54 | % | $6,748,568 | $62.40 | $70.00 | 5 | 26,753 | 8.91 | % | $4,303,085 | $160.84 | $216.26 | ||||||||
2022 | 1 | 1,366 | 0.36 | % | $210,656 | $154.21 | $299.00 | 3 | 55,437 | 18.47 | % | $20,371,135 | $367.46 | $469.54 | ||||||||
2023 | 2 | 8,776 | 2.32 | % | $717,458 | $81.75 | $144.31 | 2 | 7,131 | 2.38 | % | $1,402,759 | $196.71 | $350.00 | ||||||||
2024 | 4 | 54,915 | 14.49 | % | $2,649,816 | $48.25 | $58.72 | 1 | 7,793 | 2.60 | % | $970,904 | $124.59 | $898.00 | ||||||||
Thereafter | 8 | 78,386 | 20.69 | % | $8,924,271 | $113.85 | $248.98 | 10 | 129,723 | 43.22 | % | $68,045,116 | $524.54 | $590.33 | ||||||||
78 | 378,908 | 100.00 | % | $27,354,568 | $72.19 | $135.96 | 37 | 300,141 | 100.00 | % | $102,904,819 | $342.85 | $427.72 | |||||||||
Vacancy (5) | 10,040 | $517.93 | 51,002 | $550.49 | ||||||||||||||||||
388,948 | $145.82 | 351,143 | $445.55 | |||||||||||||||||||
Other Retail | ||||||||||||||||||||||
2015 (1) | 2 | 6,900 | 0.78 | % | $512,255 | $74.24 | $138.08 | 1 | 120 | 0.05 | % | $21,000 | $175.00 | $175.00 | ||||||||
2016 | 10 | 66,766 | 7.58 | % | $7,286,113 | $109.13 | $182.35 | 2 | 2,294 | 0.89 | % | $172,446 | $75.17 | $81.15 | ||||||||
2017 | 12 | 48,904 | 5.55 | % | $5,147,300 | $105.25 | $172.45 | 3 | 6,121 | 2.38 | % | $1,823,004 | $297.83 | $426.21 | ||||||||
2018 | 10 | 63,522 | 7.21 | % | $11,697,686 | $184.15 | $532.68 | 7 | 13,587 | 5.28 | % | $1,906,531 | $140.32 | $163.03 | ||||||||
2019 | 7 | 56,854 | 6.45 | % | $3,450,037 | $60.68 | $177.34 | 3 | 10,400 | 4.04 | % | $1,556,513 | $149.66 | $177.98 | ||||||||
2020 | 11 | 59,121 | 6.71 | % | $7,209,089 | $121.94 | $158.05 | 3 | 32,800 | 12.74 | % | $1,466,106 | $44.70 | $54.52 | ||||||||
2021 | 9 | 15,892 | 1.80 | % | $1,969,888 | $123.95 | $136.92 | 3 | 15,992 | 6.21 | % | $4,449,686 | $278.24 | $476.51 | ||||||||
2022 | 14 | 130,693 | 14.83 | % | $15,753,220 | $120.54 | $147.42 | 6 | 12,603 | 4.89 | % | $1,588,956 | $126.08 | $179.51 | ||||||||
2023 | 6 | 40,412 | 4.59 | % | $5,464,458 | $135.22 | $144.31 | 4 | 14,406 | 5.59 | % | $1,156,046 | $80.25 | $98.23 | ||||||||
2024 | 7 | 28,143 | 3.19 | % | $4,718,560 | $167.66 | $163.24 | 11 | 30,774 | 11.95 | % | $3,385,349 | $110.01 | $138.76 | ||||||||
Thereafter | 36 | 363,813 | 41.29 | % | $54,334,751 | $149.35 | $181.01 | 16 | 118,441 | 45.99 | % | $14,871,327 | $125.56 | $145.78 | ||||||||
124 | 881,020 | 100.00 | % | $117,543,357 | $133.42 | $195.85 | 59 | 257,538 | 100.00 | % | $32,396,964 | $125.79 | $161.16 | |||||||||
Vacancy (5) | 30,600 | $105.04 | 76,513 | $208.28 | ||||||||||||||||||
911,620 | $192.80 | 334,051 | $171.95 | |||||||||||||||||||
(1) Includes month to month holdover tenants that expired prior to December 31, 2015. | ||||||||||||||||||||||
(2) Tenants may have multiple leases. | ||||||||||||||||||||||
(3) Represents in place annualized rent allocated by year of expiration. | ||||||||||||||||||||||
(4) Management's estimate of average asking rents for currently occupied space as of December 31, 2015. Taking rents are typically lower than asking rents and may vary from property to property. | ||||||||||||||||||||||
(5) Includes square footage on leases signed but not yet commenced. | ||||||||||||||||||||||
Supplemental Information | 49 | Fourth Quarter 2015 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan | ||
Occupancy (%) | Acquisition | |||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | at acquisition | 12/31/2015 | Price ($'s) (1) | ||||||||
1998 Acquisitions | ||||||||||||||
Mar-98 | 420 Lexington Avenue | Operating Sublease | Grand Central | 1,188,000 | 83.0 | 98.4 | $78,000,000 | |||||||
May-98 | 711 3rd Avenue | Operating Sublease | Grand Central | 524,000 | 79.0 | 65.8 | $65,600,000 | |||||||
Jun-98 | 440 9th Avenue | Fee Interest | Penn Station | 339,000 | 76.0 | N/A | $32,000,000 | |||||||
2,051,000 | $175,600,000 | |||||||||||||
1999 Acquisitions | ||||||||||||||
Jan-99 | 420 Lexington Leasehold | Sub-leasehold | Grand Central | — | — | — | $27,300,000 | |||||||
Jan-99 | 555 West 57th Street - 65% JV | Fee Interest | Midtown West | 941,000 | 100.0 | 99.9 | $66,700,000 | |||||||
Aug-99 | 1250 Broadway - 50% JV | Fee Interest | Penn Station | 670,000 | 96.5 | N/A | $93,000,000 | |||||||
Nov-99 | 555 West 57th Street - remaining 35% | Fee Interest | Midtown West | — | 99.9 | $34,100,000 | ||||||||
1,611,000 | $221,100,000 | |||||||||||||
2000 Acquisitions | ||||||||||||||
Feb-00 | 100 Park Avenue - 50% JV | Fee Interest | Grand Central | 834,000 | 96.5 | 95.5 | $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 | 98.4 | $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 | 90.9 | $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 | 97.2 | $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 | 76.1 | $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 | 96.1 | $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 | 98.4 | $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 | 95.5 | $193,000,000 | |||||||
Aug-10 | 125 Park Avenue | Fee Interest | Grand Central | 604,245 | 99.1 | 97.8 | $330,000,000 | |||||||
1,955,260 | $704,600,000 |
Supplemental Information | 50 | Fourth Quarter 2015 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan | ||
Occupancy (%) | Acquisition | |||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | at acquisition | 12/31/2015 | Price ($'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 | 98.4 | $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 | 80.7 | $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 | 41.6 | $252,500,000 | |||||||
Jun-12 | 304 Park Avenue South | Fee Interest | Midtown South | 215,000 | 95.8 | 75.7 | $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 | 78.1 | $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 | 73.0 | $2,285,000,000 | |||||||
Dec-15 | 600 Lexington Avenue - remaining 45% | Fee Interest | East Side | 303,515 | 95.5 | 95.5 | $284,000,000 | |||||||
2,910,477 | $2,828,650,000 | |||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. | ||||||||||||||
(2) Ownership interest from November 2001 - May 2008 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.) |
Supplemental Information | 51 | Fourth Quarter 2015 |
SUMMARY OF REAL ESTATE SALES ACTIVITY Manhattan | ||
Sales | Sales | |||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | Price ($'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 $335.0 million sales price. | ||||||||||||||||
Supplemental Information | 52 | Fourth Quarter 2015 |
SUMMARY OF REAL ESTATE SALES ACTIVITY - Cont. Manhattan | ||
Sales | Sales | |||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | Price ($'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 $1.28 billion sales price. | ||||||||||||||||
Supplemental Information | 53 | Fourth Quarter 2015 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Suburban | ||
Occupancy (%) | Acquisition | ||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | at acquisition | 12/31/2015 | Price ($'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 | 87.7 | $490,750,000 | ||||||||
Jan-07 | Reckson - Westchester Portfolio | Fee Interests / Leasehold Interest | Westchester | 2,346,100 | 90.6 | 77.5 | $570,190,000 | ||||||||
Apr-07 | Jericho Plazas - 20.26% JV | Fee Interest | Jericho, New York | 640,000 | 98.4 | 66.9 | $210,000,000 | ||||||||
Jun-07 | 1010 Washington Boulevard | Fee Interest | Stamford, Connecticut | 143,400 | 95.6 | 75.3 | $38,000,000 | ||||||||
Jun-07 | 500 West Putnam Avenue | Fee Interest | Greenwich, Connecticut | 121,500 | 94.4 | 53.8 | $56,000,000 | ||||||||
Jul-07 | 16 Court Street - 35% JV | Fee Interest | Brooklyn, New York | 317,600 | 80.6 | 95.5 | $107,500,000 | ||||||||
Aug-07 | 150 Grand Street | Fee Interest | White Plains, New York | 85,000 | 52.9 | N/A | $6,700,000 | ||||||||
Sep-07 | The Meadows - 25% JV | Fee Interest | Rutherford, New Jersey | 582,100 | 81.3 | N/A | $111,500,000 | ||||||||
5,880,500 | $1,637,240,000 | ||||||||||||||
2013 Acquisition | |||||||||||||||
Apr-13 | 16 Court Street - additional JV interest | Fee Interest | Brooklyn, New York | 317,600 | 84.9 | 95.5 | $96,200,000 | ||||||||
317,600 | $96,200,000 | ||||||||||||||
SUMMARY OF REAL ESTATE SALES ACTIVITY Suburban | ||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | Price ($'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 | ||||||||||
Dec-15 | 140 Grand Street | Fee Interest | White Plains, New York | 130,100 | $22,400,000 | $172 | ||||||||||
Dec-15 | 150 Grand Street | Fee Interest | White Plains, New York | 85,000 | $9,600,000 | $113 | ||||||||||
797,200 | $153,100,000 | $192 | ||||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. |
Supplemental Information | 54 | Fourth Quarter 2015 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Retail, Residential, Development / Redevelopment & Land | ||
Occupancy (%) | Acquisition | ||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | at acquisition | 12/31/2015 | Price ($'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 | 92.0 | $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 | $0 | ||||||||||
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 | 93.9 | $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 | — | 94.4 | $54,900,000 | ||||||||||
Nov-13 | 650 Fifth Avenue - 50% | Leasehold Interest | Plaza District | 32,324 | 63.6 | 10.5 | $0 | ||||||||||
Nov-13 | 315 West 33rd Street - The Olivia | Fee Interest | Penn Station | 492,987 | 96.6 | 95.2 | $386,775,000 | ||||||||||
Nov-13 | 562, 570 & 574 Fifth Avenue | Fee Interest | Plaza District | 66,962 | 74.6 | N/A | $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 | 94.3 | $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 | 76.6 | $63,690,000 | ||||||||||
2,690,784 | $160,562,301 | ||||||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. | |||||||||||||||||
(2) Subject to long-term, third party net operating leases. |
Supplemental Information | 55 | Fourth Quarter 2015 |
SUMMARY OF REAL ESTATE SALES ACTIVITY Retail, Residential, Development / Redevelopment & Land | ||
Sales | Sales | ||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | Price ($'s) | Price ($'s/SF) | ||||||||||||
2011 Sales | |||||||||||||||||
Sep-11 | 1551-1555 Broadway (1) | (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 | |||||||||||
Dec-15 | 570 & 574 Fifth Avenue | Fee Interest | Plaza District | 24,327 | $125,400,000 | $5,155 | |||||||||||
1,114,327 | $595,400,000 | $534 | |||||||||||||||
(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 | 56 | Fourth Quarter 2015 |
EXECUTIVE & SENIOR MANAGEMENT | ||
Stephen L. Green | Edward V. Piccinich |
Chairman of the Board | Executive Vice President, Property |
Management and Construction | |
Marc Holliday | |
Chief Executive Officer | Neil H. Kessner |
Executive Vice President, General | |
Andrew Mathias | Counsel - Real Property |
President | |
David M. Schonbraun | |
Matthew J. DiLiberto | Co-Chief Investment Officer |
Chief Financial Officer | |
Isaac Zion | |
Andrew S. Levine | Co-Chief Investment Officer |
Chief Legal Officer | |
Maggie Hui | |
Steven M. Durels | Chief Accounting Officer |
Executive Vice President, Director of | |
Leasing and Real Property |
57 |
ANALYST COVERAGE | ||
ANALYST COVERAGE | |||
Firm | Analyst | Phone | Email |
Bank of America - Merrill Lynch | James C. Feldman | (646) 855-5808 | james.feldman@baml.com |
Barclays Capital | Ross Smotrich | (212) 526-2306 | ross.smotrich@barcap.com |
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. |
58 |
SUPPLEMENTAL DEFINITIONS | ||
59 |