8-K



    
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K


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

Date of Report (Date of earliest event reported):
January 28, 2016 (January 27, 2016)

SL GREEN REALTY CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


MARYLAND
(STATE OF INCORPORATION)

1-13199
             13-3956775
(COMMISSION FILE NUMBER)
       (IRS EMPLOYER ID. NUMBER)

420 Lexington Avenue
               10170
New York, New York
             (ZIP CODE)
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

(212) 594-2700
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







Item 2.02.    Results of Operations and Financial Condition

Following the issuance of a press release on January 27, 2016 announcing SL Green Realty Corp.’s, or the Company, results for the quarter and year ended December 31, 2015, the Company intends to make available supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

The information (including Exhibits 99.1 and 99.2) being furnished pursuant to this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.


Item 7.01.    Regulation FD Disclosure

As discussed in Item 2.02 above, on January 27, 2016, the Company issued a press release announcing its results for the quarter and year ended December 31, 2015.

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

Item 9.01.    Financial Statements and Exhibits

(d)     Exhibits

99.1    Press Release regarding results for the quarter and year ended December 31, 2015.
99.2    Supplemental package.


Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including our ability to make cash distributions.







Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

The Company presents earnings before interest, taxes, depreciation and amortization, or EBITDA, because the Company believes that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is calculated by adding income taxes, loan loss reserves and the Company’s share of joint venture depreciation and amortization to EBITDA.
Same-Store Net Operating Income, Same-Store Cash Net Operating Income and Related Measures
The Company presents same-store net operating income, same-store cash net operating income, same-store joint venture net operating income, and same-store joint venture cash net operating income because the Company believes that these measures provide investors with useful information regarding the operating performance of properties that are comparable for the periods presented. For properties owned since January 1, 2014 and still owned in the same manner at the end of the current quarter, the Company determines same-store net operating income by subtracting same-store property operating expenses and ground rent from same-store recurring rental and tenant reimbursement revenues. Same-store cash net operating income is derived by deducting same-store straight line and free rent from, and adding same-store tenant credit loss allowance to, same-store net operating income. Same-store joint venture net operating income and same-store joint venture cash net operating income are calculated in the same manner as noted above, but includes just the Company’s pro-rata share of the joint venture net operating income. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Debt to Market Capitalization Ratio
The Company presents the ratio of debt to market capitalization as a measure of the Company’s leverage position relative to the Company’s estimated market value. The Company’s estimated market value is based upon the quarter-end trading price of the Company’s common stock multiplied by all common shares and operating partnership units outstanding plus the face value of the Company’s preferred equity. This ratio is presented on a consolidated basis and a combined basis. The combined debt to market capitalization includes the Company’s pro-rata share of off-balance sheet (unconsolidated) joint venture debt. The Company believes this ratio may provide investors with another measure of the Company’s current leverage position. The debt to market capitalization ratio should be used as one measure of the Company’s leverage position, and this measure is commonly used in the REIT sector; however, this may not be comparable to other REITs that do not compute in the same manner. The debt to market capitalization ratio does not represent the Company’s borrowing capacity and should not be considered an alternative measure to the Company’s current lending arrangements.
Coverage Ratios
The Company presents fixed charge and interest coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and ground rent from current cash net operating income. These coverage ratios are provided on both a consolidated and combined basis. The combined coverage ratios include the Company’s pro-rata share of off-balance sheet (unconsolidated) joint venture fixed charges and cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).





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

 
SL GREEN REALTY CORP.
 
 
 
/s/ Matthew J. DiLiberto
 
Matthew J. DiLiberto
 
Chief Financial Officer
 
 
Date: January 28, 2016
 




Exhibit
Exhibit 99.1

CONTACT                        
Matt DiLiberto
Chief Financial Officer
(212) 594-2700

SL GREEN REALTY CORP. REPORTS
FOURTH QUARTER AND FULL YEAR 2015 FFO OF $1.62 AND $6.49 PER SHARE BEFORE TRANSACTION COSTS; AND EPS OF $1.01 AND $2.70 PER SHARE


Financial and Operating Highlights

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.

Investing Highlights

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.

Financing Highlights

Issued $100.0 million of 10-year 4.27% Senior Unsecured Notes via a private placement.

Summary
New York, NY, January 27, 2016 - SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended December 31, 2015 of $168.6 million, or $1.62 per share, before transaction related costs of $1.4 million, or $0.01 per share, as compared to FFO for the same period in 2014 of $146.8 million, or $1.45 per share, before transaction related costs of $2.1 million, or $0.02 per share.

The Company also reported FFO for the year ended December 31, 2015 of $673.3 million, or $6.49 per share, before transaction related costs of $11.5 million, or $0.11 per share, as compared to FFO for the same period in 2014 of $592.1 million, or $5.94 per share, before transaction related costs of $9.1 million, or $0.09 per share.

Net income attributable to common stockholders for the quarter ended December 31, 2015 totaled $101.3 million, or $1.01 per share, compared to net income attributable to common stockholders of $56.8 million, or $0.59 per share, for the same quarter in 2014. Net income attributable to common stockholders for the fourth quarter of 2015 includes $57.3 million, or $0.55 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments as compared to $19.5 million, or $0.19 for the same quarter in 2014. Net income attributable to common stockholders for the year ended December 31, 2015 totaled $269.1 million, or $2.70 per share, compared to net income attributable to common stockholders of $503.1 million, or $5.23 per share for the same period in 2014. Net income attributable to common stockholders for the current year includes $226.8 million, or $2.19 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments offset by $127.5 million, or $1.23 per share, of accelerated depreciation expense related to the properties that comprise the One Vanderbilt development site, as compared to $353.8 million, or $3.55 per share, of gains recognized from the sale of real estate and purchase price fair value adjustments for the prior year.
 
All per share amounts in this press release are presented on a diluted basis.





Operating and Leasing Activity
For the quarter ended December 31, 2015, the Company reported consolidated revenues and operating income of $425.4 million and $259.6 million, respectively, compared to $386.6 million and $223.2 million, respectively, for the same period in 2014. For the year ended December 31, 2015, the Company reported consolidated revenues and operating income of $1.7 billion and $1.0 billion, respectively, compared to $1.5 billion and $880.5 million, respectively, for prior year.

Same-store cash NOI on a combined basis increased by 5.0 percent to $179.2 million and by 4.6 percent to $695.0 million for the quarter and year ended December 31, 2015, respectively, as compared to the same periods in 2014. For the quarter ended December 31, 2015, consolidated property same-store cash NOI increased by 5.1 percent to $160.3 million and unconsolidated joint venture property same-store cash NOI increased by 4.0 percent to $19.0 million, as compared to the same period in 2014. For the year ended December 31, 2015, consolidated property same-store cash NOI increased by 4.5 percent to $620.8 million and unconsolidated joint venture property same-store cash NOI increased by 6.3 percent to $74.1 million, as compared to the same period in 2014.

During the fourth quarter, the Company signed 44 office leases in its Manhattan portfolio totaling 416,198 square feet.  Twelve leases comprising 100,950 square feet represented office leases that replaced previous vacancy. Thirty-two leases comprising 315,248 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $66.38 per rentable square foot, representing a 20.5 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the fourth quarter was 7.5 years and average tenant concessions were 1.7 months of free rent with a tenant improvement allowance of $17.69 per rentable square foot.

During the year ended December 31, 2015, the Company signed 189 office leases in its Manhattan portfolio totaling 2,255,733 square feet. Fifty-seven leases comprising 867,077 square feet represented office leases that replaced previous vacancy. One hundred thirty-two leases comprising 1,388,656 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $65.88 per rentable square foot, representing a 15.3 percent increase over the previously fully escalated rents on the same office spaces.  

Manhattan same-store occupancy was 97.1 percent at December 31, 2015, inclusive of 218,128 square feet of leases signed but not yet commenced, as compared to 95.7 percent at December 31, 2014 and 97.3 percent at September 30, 2015.

During the fourth quarter, the Company signed 27 office leases in its Suburban portfolio totaling 193,370 square feet.  Ten leases comprising 56,313 square feet represented office leases that replaced previous vacancy. Seventeen leases comprising the remaining 137,057 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $32.05 per rentable square foot, representing a 5.8 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the fourth




quarter was 6.0 years and average tenant concessions were 3.2 months of free rent with a tenant improvement allowance of $19.32 per rentable square foot.

During the year ended December 31, 2015, the Company signed 115 office leases in its Suburban portfolio totaling 739,414 square feet. Thirty-nine leases comprising 221,237 square feet represented office leases that replaced previous vacancy. Seventy-six leases comprising 518,177 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.69 per rentable square foot, representing a 1.3 percent decrease over the previously fully escalated rents on the same office spaces.

Same-store occupancy for the Company's Suburban portfolio was 82.5 percent at December 31, 2015, inclusive of 77,950 square feet of leases signed but not yet commenced, as compared to 82.0 percent at December 31, 2014 and 83.4 percent at September 30, 2015.

Significant leases that were signed during the fourth quarter included:

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.

Marketing, general and administrative, or MG&A, expenses for the quarter ended December 31, 2015 were $22.7 million, or 4.7 percent of total combined revenues and an annualized 42 basis points of total combined assets including the Company's share of joint venture




revenues and assets. MG&A expenses for the year ended December 31, 2015 were $94.9 million, or 5.0 percent of total combined revenues and 44 basis points of total combined assets including the Company's share of joint venture revenues and assets.
  

Real Estate Investment Activity
In January, 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.

In December, the Company closed on the acquisition of a 45 percent stake in 600 Lexington Avenue, a 36-story, 303,500 square foot Midtown Manhattan office building from Canada Pension Plan Investment Board's (CPPIB), which gives the Company complete ownership of the asset. The transaction implies consideration for the consolidated interests of $284.0 million, or $936 per square foot. The Company and CPPIB acquired the property in May 2010 and completed capital improvements to reposition it as one of the submarket's most desirable locations. With the Company responsible for management and leasing, occupancy has reached 95.5 percent as of December 2015.

In December, the Company closed on the sale of 570-574 Fifth Avenue, two retail development sites, to a single buyer for $125.4 million, or $13,690 per zoning square foot, and recognized a gain on sale of $24.6 million. The sites were acquired by the Company in November 2013 for $78.7 million.

In December, the Company closed on the sale of the properties at 140-150 Grand Street in White Plains, New York for $32.0 million.

In December, the Company entered into an agreement to sell its 90 percent stake in the residential condominium at 248-252 Bedford Avenue, a 72-unit multifamily building owned in partnership with Magnum Real Estate Group, at a gross asset valuation of $55.0 million, or $1,242 per square foot. Situated in Brooklyn's highly sought-after Williamsburg neighborhood, the Company acquired its interest in the newly constructed 44,279 square foot rental property, along with 12 townhomes, for $54.9 million in March 2013. The Company has since sold off the 12 townhomes for gross sales prices totaling $25.5 million. The combined sales of the residential components of the property will generate an approximate IRR of 20 percent upon closing. The transaction is expected to close in the first quarter of 2016, subject to customary closing conditions. The Company continues to own its interest in the building's street level retail condominium comprised of 51,470 square feet.

In October, the Company announced an agreement to sell the leased fee interest in 885 Third Avenue for a gross sale price of $453 million. The Company acquired the leased fee interest in a joint venture partnership in 2007 at a gross asset valuation of $317 million and subsequently fully consolidated its position in 2010 at a gross asset valuation of $352 million. As part of the transaction, the Company will retain an investment. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to the Company of approximately $45 million, after giving consideration to the retained investment and the in-place mortgage of $267.7 million, which is scheduled to mature in 2017. The sale is expected to be completed in the first quarter of 2016, subject to customary closing conditions.





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

Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.7 billion at December 31, 2015. During the fourth quarter, the Company originated new debt and preferred equity investments totaling $986.1 million, of which $338.1 million was retained and $296.4 million was funded, at a weighted average current yield of 10.3 percent. During the fourth quarter, the Company recorded $148.1 million of principal reductions from investments that were sold or repaid.

During the year ended December 31, 2015, the Company originated new debt and preferred equity investments totaling $1.6 billion, of which $856.4 million was retained and $680.7 million was funded, at a weighted average current yield of 10.0 percent. As of December 31, 2015, the debt and preferred equity investment portfolio had a weighted average maturity of 1.7 years, excluding any extension options, and had a weighted average yield during the fourth quarter of 10.3 percent.

Financing Activity
In December, the Company returned to the unsecured debt markets with an issuance of $100.0 million of 4.27% Senior Unsecured Notes, due December 17, 2025, in a private placement. The Senior Unsecured Notes were co-issued by SL Green Realty Corp., SL Green Operating Partnership, L.P. and Reckson Operating Partnership, L.P. 
 
Dividends
During the fourth quarter of 2015, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
$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.





Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio webcast on Thursday, January 28, 2016 at 2:00 pm ET to discuss the financial results.

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

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

A replay of the call will be available through February 4, 2016 by dialing (800) 585-8367 or (404) 537-3406 International, using pass-code 50413135.

Company Profile
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2015, SL Green held interests in 121 Manhattan buildings totaling 48.3 million square feet. This included ownership interests in 30.5 million square feet of commercial buildings and debt and preferred equity investments secured by 17.8 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 33 suburban buildings totaling 5.1 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.





Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.

Forward-looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
 
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.





SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited and in thousands, except per share data)
 
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





SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
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






SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)

 
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






SL GREEN REALTY CORP.
SELECTED OPERATING DATA-UNAUDITED
 
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


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



Exhibit



 
 



SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust, or REIT, that primarily acquires, owns, manages, leases and repositions office properties in emerging, high-growth submarkets of Manhattan.
 
SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.
SL Green maintains an internet site at www.slgreen.com at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found. Such information is not incorporated into this supplemental financial package. This supplemental financial package is available through the Company’s internet site.
This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided from the perspective of timeliness to assist readers of quarterly and annual financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.
 
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-594-2700.

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










 
Forward-looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
 
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filingswiththe Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended December 31, 2015 that will be released on Form 10-K to be filed on or before February 29, 2016.



 
2
 


TABLE OF CONTENTS
 








Highlights of Current Period Financial Performance
 
 
 
 
 
Unaudited Financial Statements
 
 
          Corporate Profile
 
4
          Highlights
 
5-14
Comparative Balance Sheets
 
15-16
Comparative Statements of Operations
 
17
Comparative Computation of FFO and FAD
 
18
Consolidated Statement of Equity
 
19
          Joint Venture Statements
 
20-22
 
 
 
Selected Financial Data
 
23-26
Debt Summary Schedule
 
27-29
Summary of Ground Lease Arrangements
 
30
 
 
 
Debt and Preferred Equity Investments
 
31-33
 
 
 
Selected Property Data
 
 
Composition of Property Portfolio
 
34-41
Largest Tenants
 
42
Tenant Diversification
 
43
          Leasing Activity Summary
 
44-47
          Annual Lease Expirations
 
48-50
 
 
 
Summary of Real Estate Acquisition/Disposition Activity
 
51-57
Corporate Information
 
58
Analyst Coverage
 
59
Supplemental Definitions
 
60





 
3
 


CORPORATE PROFILE 
 


SL Green Realty Corp., or the Company, is an S&P 500 company and New York City's largest office landlord. The Company is a self-managed Real Estate Investment Trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing.
 
SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies, which are referred to as the Service Corporation, a consolidated variable interest entity. All of the management, leasing and construction services with respect to the properties that are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership.
 
Substantially all of our assets are held by, and all of our operations are conducted through the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership.
 
Reckson Operating Partnership, L.P., or ROP, commenced operations in June 1995 and became a wholly-owned subsidiary of the Operating Partnership, in January 2007.
 
As of December 31, 2015, SL Green held interests in 121 Manhattan buildings totaling 48.3 million square feet. This included ownership interests in 30.5 million square feet of commercial buildings and debt and preferred equity investments secured by 17.8 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 33 suburban buildings totaling 5.1 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.


 
4
 


FOURTH QUARTER 2015 HIGHLIGHTS

Unaudited


Summary
New York, NY, January 27, 2016 - SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended December 31, 2015 of $168.6 million, or $1.62 per share, before transaction related costs of $1.4 million, or $0.01 per share, as compared to FFO for the same period in 2014 of $146.8 million, or $1.45 per share, before transaction related costs of $2.1 million, or $0.02 per share.

The Company also reported FFO for the year ended December 31, 2015 of $673.3 million, or $6.49 per share, before transaction related costs of $11.5 million, or $0.11 per share, as compared to FFO for the same period in 2014 of $592.1 million, or $5.94 per share, before transaction related costs of $9.1 million, or $0.09 per share.

Net income attributable to common stockholders for the quarter ended December 31, 2015 totaled $101.3 million, or $1.01 per share, compared to net income attributable to common stockholders of $56.8 million, or $0.59 per share, for the same quarter in 2014. Net income attributable to common stockholders for the fourth quarter of 2015 includes $57.3 million, or $0.55 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments as compared to $19.5 million, or $0.19 for the same quarter in 2014. Net income attributable to common stockholders for the year ended December 31, 2015 totaled $269.1 million, or $2.70 per share, compared to net income attributable to common stockholders of $503.1 million, or $5.23 per share for the same period in 2014. Net income attributable to common stockholders for the current year includes $226.8 million, or $2.19 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments offset by $127.5 million,
 
or $1.23 per share, of accelerated depreciation expense related to the properties that comprise the One Vanderbilt development site, as compared to $353.8 million, or $3.55 per share, of gains recognized from the sale of real estate and purchase price fair value adjustments for the prior year.
 
All per share amounts in this press release are presented on a diluted basis.

Operating and Leasing Activity
For the quarter ended December 31, 2015, the Company reported consolidated revenues and operating income of $425.4 million and $259.6 million, respectively, compared to $386.6 million and $223.2 million, respectively, for the same period in 2014. For the year ended December 31, 2015, the Company reported consolidated revenues and operating income of $1.7 billion and $1.0 billion, respectively, compared to $1.5 billion and $880.5 million, respectively, for prior year.

Same-store cash NOI on a combined basis increased by 5.0 percent to $179.2 million and by 4.6 percent to $695.0 million for the quarter and year ended December 31, 2015, respectively, as compared to the same periods in 2014. For the quarter ended December 31, 2015, consolidated property same-store cash NOI increased by 5.1 percent to $160.3 million and unconsolidated joint venture property same-store cash NOI increased by 4.0 percent to $19.0 million, as compared to the same period in 2014. For the year ended December 31, 2015, consolidated property same-store cash NOI increased by 4.5 percent to $620.8 million and unconsolidated joint venture property same-store cash NOI increased by 6.3 percent to $74.1 million, as compared to the same period in 2014.



 
5
 


FOURTH QUARTER 2015 HIGHLIGHTS

Unaudited


During the fourth quarter, the Company signed 44 office leases in its Manhattan portfolio totaling 416,198 square feet.  Twelve leases comprising 100,950 square feet represented office leases that replaced previous vacancy. Thirty-two leases comprising 315,248 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $66.38 per rentable square foot, representing a 20.5 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the fourth quarter was 7.5 years and average tenant concessions were 1.7 months of free rent with a tenant improvement allowance of $17.69 per rentable square foot.

During the year ended December 31, 2015, the Company signed 189 office leases in its Manhattan portfolio totaling 2,255,733 square feet. Fifty-seven leases comprising 867,077 square feet represented office leases that replaced previous vacancy. One hundred thirty-two leases comprising 1,388,656 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $65.88 per rentable square foot, representing a 15.3 percent increase over the previously fully escalated rents on the same office spaces.  

Manhattan same-store occupancy was 97.1 percent at December 31, 2015, inclusive of 218,128 square feet of leases signed but not yet commenced, as compared to 95.7 percent at December 31, 2014 and 97.3 percent at September 30, 2015.

 
During the fourth quarter, the Company signed 27 office leases in its Suburban portfolio totaling 193,370 square feet.  Ten leases comprising 56,313 square feet represented office leases that replaced previous vacancy. Seventeen leases comprising the remaining 137,057 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $32.05 per rentable square foot, representing a 5.8 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the fourth quarter was 6.0 years and average tenant concessions were 3.2 months of free rent with a tenant improvement allowance of $19.32 per rentable square foot.

During the year ended December 31, 2015, the Company signed 115 office leases in its Suburban portfolio totaling 739,414 square feet. Thirty-nine leases comprising 221,237 square feet represented office leases that replaced previous vacancy. Seventy-six leases comprising 518,177 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.69 per rentable square foot, representing a 1.3 percent decrease over the previously fully escalated rents on the same office spaces.

Same-store occupancy for the Company's Suburban portfolio was 82.5 percent at December 31, 2015, inclusive of 77,950 square feet of leases signed but not yet commenced, as compared to 82.0 percent at December 31, 2014 and 83.4 percent at September 30, 2015.



 
6
 


FOURTH QUARTER 2015 HIGHLIGHTS

Unaudited


Significant leases that were signed during the fourth quarter included:

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.

Marketing, general and administrative, or MG&A, expenses for the quarter ended December 31, 2015 were $22.7 million, or 4.7 percent of total combined revenues and an annualized 42 basis points of total combined assets including the Company's share of joint venture revenues and assets. MG&A expenses for the year ended December 31, 2015 were $94.9 million, or 5.0 percent of total combined revenues and 44 basis points of total combined assets including the Company's share of joint venture revenues and assets.
  

Real Estate Investment Activity
In January, 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.

In December, the Company closed on the acquisition of a 45 percent stake in 600 Lexington Avenue, a 36-story, 303,500 square foot Midtown Manhattan office building from Canada Pension Plan Investment Board's (CPPIB), which gives the Company complete ownership of the asset. The transaction


 
7
 


FOURTH QUARTER 2015 HIGHLIGHTS

Unaudited


implies consideration for the consolidated interests of $284.0 million, or $936 per square foot. The Company and CPPIB acquired the property in May 2010 and completed capital improvements to reposition it as one of the submarket's most desirable locations. With the Company responsible for management and leasing, occupancy has reached 95.5 percent as of December 2015.

In December, the Company closed on the sale of 570-574 Fifth Avenue, two retail development sites, to a single buyer for $125.4 million, or $13,690 per zoning square foot, and recognized a gain on sale of $24.6 million. The sites were acquired by the Company in November 2013 for $78.7 million.

In December, the Company closed on the sale of the properties at 140-150 Grand Street in White Plains, New York for $32.0 million.

In December, the Company entered into an agreement to sell its 90 percent stake in the residential condominium at 248-252 Bedford Avenue, a 72-unit multifamily building owned in partnership with Magnum Real Estate Group, at a gross asset valuation of $55.0 million, or $1,242 per square foot. Situated in Brooklyn's highly sought-after Williamsburg neighborhood, the Company acquired its interest in the newly constructed 44,279 square foot rental property, along with 12 townhomes, for $54.9 million in March 2013. The Company has since sold off the 12 townhomes for gross sales prices totaling $25.5 million. The combined sales of the residential components of the property will generate an approximate IRR of 20 percent upon closing. The transaction is expected to close in the first quarter of 2016, subject to customary closing conditions. The
 
Company continues to own its interest in the building's street level retail condominium comprised of 51,470 square feet.

In October, the Company announced an agreement to sell the leased fee interest in 885 Third Avenue for a gross sale price of $453 million. The Company acquired the leased fee interest in a joint venture partnership in 2007 at a gross asset valuation of $317 million and subsequently fully consolidated its position in 2010 at a gross asset valuation of $352 million. As part of the transaction, the Company will retain an investment. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to the Company of approximately $45 million, after giving consideration to the retained investment and the in-place mortgage of $267.7 million, which is scheduled to mature in 2017. The sale is expected to be completed in the first quarter of 2016, subject to customary closing conditions.

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




 
8
 


FOURTH QUARTER 2015 HIGHLIGHTS

Unaudited


Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.7 billion at December 31, 2015. During the fourth quarter, the Company originated new debt and preferred equity investments totaling $986.1 million, of which $338.1 million was retained and $296.4 million was funded, at a weighted average current yield of 10.3 percent. During the fourth quarter, the Company recorded $148.1 million of principal reductions from investments that were sold or repaid.

During the year ended December 31, 2015, the Company originated new debt and preferred equity investments totaling $1.6 billion, of which $856.4 million was retained and $680.7 million was funded, at a weighted average current yield of 10.0 percent. As of December 31, 2015, the debt and preferred equity investment portfolio had a weighted average maturity of 1.7 years, excluding any extension options, and had a weighted average yield during the fourth quarter of 10.3 percent.

Financing Activity
In December, the Company returned to the unsecured debt markets with an issuance of $100.0 million of 4.27% Senior Unsecured Notes, due December 17, 2025, in a private placement. The Senior Unsecured Notes were co-issued by SL Green Realty Corp., SL Green Operating Partnership, L.P. and Reckson Operating Partnership, L.P. 
 



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


Adjusted EBITDA is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to operating income.
 
Annualized rent is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.
 
Debt service coverage is adjusted EBITDA divided by total interest and principal payments.
 
Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.
 
Fixed charge coverage is adjusted EBITDA divided by fixed charge.
 
Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG’s unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.
 
Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002, as amended, as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
 
Interest coverage is adjusted EBITDA divided by total interest expense.
 
Junior Mortgage Participations are subordinate interests in first mortgages.
 
Mezzanine Debt Loans are loans secured by ownership interests.
 
Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.



 
Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.
 
Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”
 
Redevelopment costs are non-recurring capital expenditures incurred in order to improve buildings to SLG’s “operating standards.” These building costs are taken into consideration during the underwriting for a given property’s acquisition.
 
Same-store NOI growth is the change in the NOI of the same-store properties from the prior year reporting period to the current year reporting period.
 
Same-store properties include all properties that were owned in the same manner during both the current and prior year reporting periods, and excludes development properties prior to being stabilized for both the current and prior reporting period.
 
Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition.
 
SLG’s share of total debt to market capitalization is calculated as SLG’s share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures. Market equity assumes conversion of all OP units into common stock.
 
Total square feet owned represents 100% of the square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).




 
59