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): March 3, 2016 (March 3, 2016)

 

SL GREEN REALTY CORP.

(Exact name of registrant as specified in its charter)

 

Maryland

 

1-13199

 

13-3956775

(State or other
jurisdiction of
incorporation)

 

(Commission File Number)

 

(I.R.S. Employer
Identification Number)

 

SL GREEN OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

 

Delaware

 

333-167793-02

 

13-3960398

(State or other
jurisdiction of
incorporation)

 

(Commission File Number)

 

(I.R.S. Employer
Identification Number)

 

420 Lexington Avenue

New York, New York 10170

(Address of principal executive
offices, including zip code)

 

Registrants’ telephone number, including area code: (212) 594-2700

 

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 (see General Instruction A.2. below):

 

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

 

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

 

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

 

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

 

 

 



 

Item 8.01              Other Events.

 

This Current Report on Form 8-K files herewith the following Exhibits:

 

12.1.                     Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends for SL Green Realty Corp. for the years ended December 31, 2015, 2014, 2013, 2012 and 2011; and

 

12.2                        Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions for SL Green Operating Partnership, L.P. for the years ended December 31, 2015, 2014, 2013, 2012 and 2011.

 

2



 

Item 9.01              Financial Statements and Exhibits.

 

(d)           Exhibits

 

12.1        SL Green Realty Corp. Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

12.2        SL Green Operating Partnership, L.P. Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions

 

3



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

 

SL GREEN REALTY CORP.

 

 

 

/s/ Matthew J. DiLiberto

 

Matthew J. DiLiberto

 

Chief Financial Officer

 

 

 

 

 

SL GREEN OPERATING PARTNERSHIP, L.P.

 

 

 

By: SL GREEN REALTY CORP., its general partner

 

 

 

/s/ Matthew J. DiLiberto

 

Matthew J. DiLiberto

 

Chief Financial Officer

 

 

Date: March 3, 2016

 

 

4


Exhibit 12.1

 

 

SL Green Realty Corp.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in Thousands)

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

253,186

 

$

142,493

 

$

99,479

 

$

57,362

 

$

107,945

 

Joint venture cash distributions

 

176,049

 

438,041

 

86,631

 

219,021

 

133,199

 

Interest

 

325,399

 

331,439

 

329,752

 

331,969

 

290,556

 

Amortization of interest capitalized

 

549

 

305

 

44

 

44

 

44

 

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

(1,497

)

(1,109

)

(2,054

)

(1,850

)

(2,031

)

Amortization of loan costs expensed

 

27,348

 

22,811

 

16,695

 

19,450

 

14,291

 

Portion of rent expense representative of interest

 

29,375

 

32,522

 

35,100

 

32,714

 

27,375

 

Total earnings

 

$

810,409

 

$

966,502

 

$

565,647

 

$

658,710

 

$

571,379

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and Preferred Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

325,399

 

$

331,439

 

$

329,752

 

$

331,969

 

$

290,556

 

Interest capitalized

 

31,108

 

26,676

 

11,853

 

12,218

 

5,123

 

Amortization of loan costs expensed

 

27,348

 

22,811

 

16,695

 

19,450

 

14,291

 

Preferred stock dividends

 

14,952

 

14,952

 

21,881

 

30,411

 

30,178

 

Portion of rent expense representative of interest

 

29,375

 

32,522

 

35,100

 

32,714

 

27,375

 

Total fixed charges and Preferred Stock dividends

 

$

428,182

 

$

428,400

 

$

415,281

 

$

426,762

 

$

367,523

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and Preferred Stock dividends

 

1.89

 

2.26

 

1.36

 

1.54

 

1.55

 

 

The ratios of earnings to combined fixed charges and preferred stock dividends were computed by dividing earnings by fixed charges. For the purpose of calculating the ratios, the earnings have been calculated by adding fixed charges to income from continuing operations before adjustment for noncontrolling interests plus distributions from unconsolidated joint ventures, excluding gains or losses from sale of property, purchase price fair value adjustments, gains and losses on equity investment and the cumulative effect of changes in accounting principles. With respect to SL Green Realty Corp., fixed charges and preferred stock dividends consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense and preferred dividends paid on its 7.625% Series C, its 7.875% Series D and its 6.50% Series I cumulative redeemable Preferred Stock.

 


Exhibit 12.2

 

SL Green Operating Partnership, L.P.

Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions

(Dollars in Thousands)

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

253,186

 

$

142,493

 

$

99,479

 

$

57,362

 

$

107,945

 

Joint venture cash distributions

 

176,049

 

438,041

 

86,631

 

219,021

 

133,199

 

Interest

 

325,399

 

331,439

 

329,752

 

331,969

 

290,556

 

Amortization of interest capitalized

 

549

 

305

 

44

 

44

 

44

 

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

(1,497

)

(1,109

)

(2,054

)

(1,850

)

(2,031

)

Amortization of loan costs expensed

 

27,348

 

22,811

 

16,695

 

19,450

 

14,291

 

Portion of rent expense representative of interest

 

29,375

 

32,522

 

35,100

 

32,714

 

27,375

 

Total earnings

 

$

810,409

 

$

966,502

 

$

565,647

 

$

658,710

 

$

571,379

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and Preferred Unit Distributions

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

325,399

 

$

331,439

 

$

329,752

 

$

331,969

 

$

290,556

 

Interest capitalized

 

31,108

 

26,676

 

11,853

 

12,218

 

5,123

 

Amortization of loan costs expensed

 

27,348

 

22,811

 

16,695

 

19,450

 

14,291

 

Preferred stock dividends

 

14,952

 

14,952

 

21,881

 

30,411

 

30,178

 

Portion of rent expense representative of interest

 

29,375

 

32,522

 

35,100

 

32,714

 

27,375

 

Total fixed charges and Preferred Stock dividends

 

$

428,182

 

$

428,400

 

$

415,281

 

$

426,762

 

$

367,523

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and Preferred Unit distributions

 

1.89

 

2.26

 

1.36

 

1.54

 

1.55

 

 

The ratios of earnings to combined fixed charges and preferred unit distributions were computed by dividing earnings by fixed charges. For the purpose of calculating the ratios, the earnings have been calculated by adding fixed charges to income from continuing operations before adjustment for noncontrolling interests plus distributions from unconsolidated joint ventures, excluding gains or losses from sale of property, purchase price fair value adjustments, gains and losses on equity investment and the cumulative effect of changes in accounting principles. With respect to SL Green Operating Partnership, L.P., fixed charges and preferred stock distributions consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense and preferred distributions paid on its 7.625% Series C, its 7.875% Series D and its 6.50% Series I cumulative redeemable Preferred Units.