Document



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

FORM 8-K


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

Date of Report (Date of earliest event reported):
July 21, 2016 (July 20, 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 July 20, 2016 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 2016, the Company intends has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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


Item 7.01.    Regulation FD Disclosure

As discussed in Item 2.02 above, on July 20, 2016, the Company issued a press release announcing its results for the quarter ended July 30, 2016.

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

Item 9.01.    Financial Statements and Exhibits

(d)     Exhibits

99.1    Press Release regarding results for the quarter ended June 30, 2016.
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, 2015 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: July 21, 2016
 




Exhibit
Exhibit 99.1

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

SL GREEN REALTY CORP. REPORTS
SECOND QUARTER 2016 FFO OF $3.41 PER SHARE BEFORE TRANSACTION COSTS; AND EPS OF $1.33 PER SHARE



Financial and Operating Highlights
Second quarter 2016 FFO of $3.41 per share before transaction related costs of $0.02 per share compared to second quarter 2015 FFO of $1.65 per share before transaction related costs of $0.03 per share. Second quarter 2016 FFO includes a lease termination fee of $94.0 million, or $0.90 per share, and the write-off of accounting related balances of $75.3 million, or $0.72 per share, related to the early lease termination and sale of 388-390 Greenwich Street to Citigroup, Inc. (“Citi”) as well as receipt of promote income of $10.8 million, or $0.10 per share, related to the sale of 33 Beekman Street.
Second quarter 2016 net income attributable to common stockholders of $1.33 per share compared to second quarter 2015 net loss attributable to common stockholders of $0.39 per share.
Combined same-store cash NOI increased 8.4 percent for the first six months of 2016 as compared to the same period in the prior year.
Signed 50 Manhattan office leases covering 621,150 square feet during the second quarter. The mark-to-market on signed Manhattan office leases was 16.1 percent higher in the second quarter than the previously fully escalated rents on the same spaces inclusive of the 204,442 square foot expansion lease with Bloomberg at 919 Third Avenue, which had a mark-to-market of 14.0 percent.
Signed 97 Manhattan office leases covering 1,470,736 square feet during the first six months of 2016. The mark-to-market on signed Manhattan office leases during the first six months of 2016 was 28.5 percent higher than the previously fully escalated rents on the same spaces.
Signed 19 Suburban office leases covering 177,684 square feet during the second quarter. The mark-to-market on signed Suburban office leases was 2.5 percent higher in the second quarter than the previous fully escalated rents on the same spaces.
Signed 46 Suburban office leases covering 422,479 square feet during the first six months of 2016. The mark-to-market on signed Suburban office leases during the first six months of 2016 was 5.6 percent higher than the previous fully escalated rents on the same spaces.





Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, was 97.4 percent as of June 30, 2016 as compared to 97.1 percent as of June 30, 2015 and 97.4 percent as of March 31, 2016.
Investing Highlights
Closed on the previously announced sale of 388-390 Greenwich Street to Citi for $2.0 billion, net of any unfunded tenant concessions, and received a $94.0 million termination payment in connection with the early termination of Citi's lease at the property. The Company recognized a gain on sale of the property of $206.5 million.
Together with our joint venture partner, closed on the previously announced sale of the Pace University dormitory tower at 33 Beekman Street for $196.0 million. The Company recognized a gain on the sale of the property of $33.0 million.
Completed the acquisition of a 20 percent interest in the newly completed, 1,176 unit "Sky" residential tower, located at 605 West 42nd Street, for a previously agreed upon purchase option valuation.
Entered into an agreement to sell 500 West Putnam Avenue in Greenwich, Connecticut for a total gross asset valuation of $41.0 million. The Company closed on the sale in July and recognized cash proceeds of $39.5 million.
Originated new debt and preferred equity investments totaling $458.5 million in the second quarter, of which $120.5 million was retained at a yield of 9.5 percent.
Financing Highlights
Together with our joint venture partners, closed on a $900.0 million refinancing of 280 Park Avenue. The new facility has a 3-year term (subject to four 1-year extension options), carries a floating interest rate of LIBOR plus 2.0 percent and replaces the previous $721.0 million of indebtedness on the property that was set to mature in June 2016.
In July, closed on the refinancing of the Company's $300.0 million debt and preferred equity liquidity facility, which provides for favorable financing of the Company's debt and preferred equity portfolio. The new facility has a 2-year term with a 1-year extension option.
In July, entered into $300.0 million of 7-year interest rate swaps at a fixed rate of 1.14 percent, taking advantage of the current favorable interest rate environment to lock in rates on our corporate unsecured debt.
Summary
New York, NY, July 20, 2016 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended June 30, 2016 of $357.8 million, or $3.41 per share, before transaction related costs of $2.1 million, or $0.02 per share, as compared to FFO for the same period in 2015 of $171.7 million, or $1.65 per share, before transaction related costs of $3.1 million, or $0.03 per share.





Second quarter 2016 FFO includes a lease termination fee of $94.0 million, or $0.90 per share, and a write-off of accounting related balances of $75.3 million, of $0.72 per share, related to the early lease termination and sale of 388-390 Greenwich Street to Citigroup, Inc. (“Citi”) as well as a receipts of promote income of $10.8 million, or $0.10 per share, related to the sale of 33 Beekman Street.
The Company also reported funds from operations, or FFO, for the six month period ended June 30, 2016 of $550.9 million, or $5.27 per share, before transaction related costs of $3.4 million, or $0.03 per share, as compared to FFO for the same period in 2015 of $327.3 million, or $3.16 per share, before transaction related costs of $4.2 million, or $0.04 per share.
Net income attributable to common stockholders for the quarter ended June 30, 2016 totaled $133.5 million, or $1.33 per share as compared to net loss attributable to common stockholders of $39.1 million, or $0.39 per share for the same quarter in 2015. Net income attributable to common stockholders for the quarter ended June 30, 2016 includes $230.0 million, or $2.20 per share, of net gains recognized from the sale of real estate as compared to $0.8 million, or $0.01 per share for the same quarter in 2015.
Net income attributable to common stockholders for the six month period ended June 30, 2016 totaled $156.7 million, or $1.56 per share as compared to net income attributable to common stockholders of $4.2 million, or $0.04 per share for the same period in 2015. Net income attributable to common stockholders for the six month period ended June 30, 2016 includes $253.7 million, or $2.43 per share, of net gains recognized from the sale of real estate as compared to $13.8 million, or $0.13 per share for the same period in 2015.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended June 30, 2016, the Company reported consolidated revenues and operating income of $617.6 million and $451.1 million, respectively, compared to $409.1 million and $251.3 million, respectively, for the same period in 2015. For the six months ended June 30, 2016, the Company reported consolidated revenues and operating income of $1.1 billion and $741.8 million, respectively, compared to $805.4 million and $484.3 million, respectively, for the same period in 2015.
Same-store cash NOI on a combined basis increased by 6.5 percent to $186.1 million for the quarter as compared to the same period in 2015. For the quarter ended June 30, 2016, consolidated property same-store cash NOI increased by 6.1 percent to $166.3 million and unconsolidated joint venture property same-store cash NOI increased by 9.3 percent to $19.9 million, as compared to the same period in 2015.
Same-store cash NOI on a combined basis increased by 8.4 percent to $362.2 million for the six months ended June 30, 2016 as compared to the same period in 2015. For the six months ended June 30, 2016, consolidated property same-store cash NOI increased by 8.2 percent to $322.9 million and unconsolidated joint venture property same-store cash NOI increased by 9.4 percent to $39.3 million, as compared to the same period in 2015.
During the second quarter, the Company signed 50 office leases in its Manhattan portfolio totaling 621,150 square feet. Eight leases comprising 35,130 square feet represented office leases that replaced previous vacancy. Forty-two leases comprising 586,020 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 $64.75 per rentable square foot, representing a 16.1 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the second quarter was 6.8 years and average tenant concessions were 2.3 months of free rent with a tenant improvement allowance of $25.93 per rentable square foot.
During the first six months of 2016, the Company signed 97 office leases in its Manhattan portfolio totaling 1,470,736 square feet. Sixteen leases comprising 162,558 square feet represented office leases that replaced previous vacancy. Eighty-one leases comprising 1,308,178 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 $68.33 per rentable square foot, representing a 28.5 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 first six months of 2016 was 9.6 years and average tenant concessions were 3.5 months of free rent with a tenant improvement allowance of $37.93 per rentable square foot.
Manhattan same-store occupancy was 97.4 percent at June 30, 2016, inclusive of 194,733 square feet of leases signed but not yet commenced as compared to 97.1 percent at June 30, 2015 and 97.4 percent at March 31, 2016.
During the second quarter, the Company signed 19 office leases in its Suburban portfolio totaling 177,684 square feet. Eight leases comprising 80,761 square feet represented office leases that replaced previous vacancy. Eleven leases comprising the remaining 96,923 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 $40.24 per rentable square foot, representing a 2.5 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 second quarter was 8.5 years and average tenant concessions were 7.2 months of free rent with a tenant improvement allowance of $33.79 per rentable square foot.
During the first six months of 2016, the Company signed 46 office leases in its Suburban portfolio totaling 422,479 square feet. Seventeen leases comprising 142,085 square feet represented office leases that replaced previous vacancy. Twenty nine leases comprising the remaining 280,394 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 $39.84 per rentable square foot, representing a 5.6 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 first six months of 2016 was 7.1 years and average tenant concessions were 6.1 months of free rent with a tenant improvement allowance of $29.92 per rentable square foot.
Same-store occupancy for the Company's Suburban portfolio was 83.0 percent at June 30, 2016, inclusive of 38,815 square feet of leases signed but not yet commenced as compared to 83.6 percent at June 30, 2015 and 84.0 percent at March 31, 2016.
Significant leases that were signed during the second quarter included:
Expansion on 204,442 square feet with Bloomberg at 919 Third Avenue;





Renewal and expansion on 114,709 square feet with New York Life Insurance Company at 420 Lexington Avenue, bringing the remaining lease term to 14.3 years;
Renewal on 47,278 square feet with Citi at 750 Washington Boulevard in Stamford, Connecticut, bringing the remaining lease term to 11.5 years; and
Renewal on 31,514 square feet with Morgan Stanley Smith Barney at Jericho Plaza in Jericho, New York, bringing the remaining lease term to 10.3 years.
Marketing, general and administrative, or MG&A, expenses for the quarter ended June 30, 2016 were $24.5 million, or 3.6 percent of total combined revenues and an annualized 50 basis points of total combined assets.
Real Estate Investment Activity
In June, the Company closed on the previously announced sale of 388-390 Greenwich Street to an affiliate of Citigroup, Inc. ("Citi") for $2.0 billion, net of $242.5 million of unfunded tenant concessions. Separately, the Company received a $94.0 million payment from Citi for the early termination of Citi's lease at 388-390 Greenwich Street. Proceeds from the sale and the termination payment were used by the Company to repay $350.0 million of its corporate credit facility and retire the $1.45 billion mortgage on the property, resulting in reduction of Company indebtedness of approximately $1.8 billion. The Company recognized a gain on sale of $206.5 million.
In May, the Company and its joint venture partner, the Naftali Group, closed on the previously announced sale of the Pace University dormitory tower at 33 Beekman Street for a gross sale price of $196.0 million or approximately $1,199 per square foot. The Company recognized a gain on sale of $33.0 million.
In April, the Company completed the acquisition of a 20 percent interest in the newly completed, 1,176 unit "Sky" residential tower, located at 605 West 42nd Street. The Company was granted an option to purchase the interest at an agreed upon valuation in July 2014 when it originated a $50.0 million mezzanine loan on the property to The Moinian Group, the project's developer. The mezzanine loan was repaid prior to the closing of the Company's acquisition.
In April, the Company reached an agreement to sell 500 West Putnam Avenue, a 121,500-square-foot office property located in Greenwich, Connecticut, for a gross sale price of $41.0 million, or $337 per square foot. The transaction closed in July and the Company recognized net proceeds of $39.5 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.4 billion at June 30, 2016 at a weighted average current yield of 9.4 percent, excluding $0.3 billion of debt and preferred equity investments that are included in other balance sheet line items for accounting purposes. During the second quarter, the Company originated new debt and preferred equity investments totaling $458.5 million, of which $120.5 million was retained and $103.2 million was funded, at a weighted average current yield of 9.5 percent. During the second quarter, the Company recorded $147.7 million of principal reductions from investments that were repaid.





Financing Activity
In July, the Company signed a final and comprehensive term sheet for a $1.5 billion construction loan facility with Wells Fargo Bank, N.A., The Bank of New York Mellon, JP Morgan Chase Bank, Bank of China New York Branch and TD Bank, N.A. for the development of One Vanderbilt Avenue. Commitment and closing are expected to occur within the third quarter of 2016.
In July, the Company closed on a refinancing of our $300 million debt and preferred equity liquidity facility. The facility, which is secured by select assets in the Company's debt portfolio, has a 2-year term with a 1-year extension option and bears interest ranging from 225 and 400 basis points over LIBOR, depending on the pledged collateral and advance rate. The new facility is favorable, providing higher advance rates than the previous facility.
In July, the Company entered into $300.0 million of 7-year interest rate swaps with a fixed rate of 1.14 percent, taking advantage of the current favorable interest environment to lock in rates on our corporate unsecured debt.
In May, the Company, along with its joint venture partner, Vornado Realty Trust, successfully closed on the refinancing of 280 Park Avenue. The new $900.0 million facility has a 3-year term (subject to four 1-year extension options), carries a floating interest rate of LIBOR plus 2.00 percent, and replaces the previous $721.0 million of indebtedness on the property that was set to mature in June 2016. The Company, which owns a 50.0 percent interest in the asset, received approximately $75.9 million in net proceeds from the refinancing, inclusive of $30.0 million which was held at the property for future operating and capital costs.
Dividends
During the second quarter of 2016, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
$0.72 per share of common stock, which was paid on July 15, 2016 to shareholders of record on the close of business on June 30, 2016; and
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period April 15, 2016 through and including July 14, 2016, which was paid on July 15, 2016 to shareholders of record on the close of business on June 30, 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, July 21, 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”.





The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 38223940.
A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using pass-code 38223940. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Event Calendar & Webcasts”.
Company Profile
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2016, SL Green held interests in 119 Manhattan buildings totaling 44.7 million square feet. This included ownership interests in 28.1 million square feet of commercial buildings and debt and preferred equity investments secured by 16.7 million square feet of buildings. In addition, SL Green held ownership interests in 31 suburban buildings totaling 4.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.






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 OPERATIONS
(unaudited and in thousands, except per share data)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Rental revenue, net
$
416,809

 
$
304,226

 
$
762,416

 
$
607,555

Escalation and reimbursement
48,616

 
41,407

 
94,227

 
82,376

Investment income
44,214

 
45,191

 
98,951

 
87,260

Other income
107,975

 
18,250

 
117,464

 
28,182

        Total revenues
617,614

 
409,074

 
1,073,058

 
805,373

Expenses:
 
 
 
 
 
 
 
Operating expenses, including related party expenses of $6,667 and $10,129 in 2016 and $4,472 and $8,189 in 2015.
75,324

 
70,114

 
154,844

 
146,891

Real estate taxes
62,124

 
56,286

 
123,798

 
112,009

Ground rent
8,307

 
8,086

 
16,615

 
16,274

Interest expense, net of interest income
89,089

 
75,746

 
183,761

 
151,553

Amortization of deferred financing costs
7,433

 
5,952

 
15,365

 
12,567

Depreciation and amortization
425,042

 
199,565

 
604,350

 
307,902

Transaction related costs
2,115

 
3,067

 
3,394

 
4,210

Marketing, general and administrative
24,484

 
23,200

 
48,516

 
48,664

        Total expenses
693,918

 
442,016

 
1,150,643

 
800,070

(Loss) income from continuing operations before equity in net income from unconsolidated
  joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real
  estate, gain on sale of real estate, loss on sale of marketable securities and loss on early extinguishment of debt
(76,304
)
 
(32,942
)
 
(77,585
)
 
5,303

Equity in net income from unconsolidated joint ventures
5,841

 
2,994

 
15,937

 
7,024

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
33,448

 
769

 
43,363

 
769

Gain on sale of real estate, net
196,580

 

 
210,353

 

Depreciable real estate reserves
(10,387
)
 

 
(10,387
)
 

Loss on sale of marketable securities
(83
)
 

 
(83
)
 

Loss on early extinguishment of debt

 

 

 
(49
)
Income from continuing operations
149,095

 
(29,179
)
 
181,598

 
13,047

Net income from discontinued operations

 

 

 
427

Gain on sale of discontinued operations
 
 
 
 

 
12,983

        Net income (loss)
149,095

 
(29,179
)
 
181,598

 
26,457

Net income (loss) attributable to noncontrolling interests in the Operating Partnership
(5,586
)
 
1,577

 
(6,508
)
 
(166
)
Net income attributable to noncontrolling interests in other partnerships
(3,435
)
 
(6,626
)
 
(5,409
)
 
(12,553
)
Preferred unit distributions
(2,880
)
 
(1,140
)
 
(5,528
)
 
(2,091
)
Net income attributable to SL Green
137,194

 
(35,368
)
 
164,153

 
11,647

Perpetual preferred stock dividends
(3,737
)
 
(3,738
)
 
(7,475
)
 
(7,476
)
        Net income (loss) attributable to SL Green common stockholders
$
133,457

 
$
(39,106
)
 
$
156,678

 
$
4,171

 
 
 
 
 
 
 
 
Earnings Per Share (EPS)
 
 
 
 
 
 
 
Net income (loss) per share (Basic)
$
1.33

 
$
(0.39
)
 
$
1.57

 
$
0.04

Net income (loss) per share (Diluted)
$
1.33

 
$
(0.39
)
 
$
1.56

 
$
0.04

 
 
 
 
 
 
 
 
Funds From Operations (FFO)
 
 
 
 
 
 
 
FFO per share (Basic)
$
3.40

 
$
1.63

 
$
5.25

 
$
3.14

FFO per share (Diluted)
$
3.39

 
$
1.62

 
$
5.24

 
$
3.12

 
 
 
 
 
 
 
 
Basic ownership interest
 
 
 
 
 
 
 
Weighted average REIT common shares for net income per share
100,134

 
99,579

 
100,093

 
98,994

Weighted average partnership units held by noncontrolling interests
4,342

 
3,908

 
4,158

 
3,936

Basic weighted average shares and units outstanding
104,476

 
103,487

 
104,251

 
102,930

 
 
 
 
 
 
 
 
Diluted ownership interest
 
 
 
 
 
 
 
Weighted average REIT common share and common share equivalents
100,450

 
100,038

 
100,375

 
99,487

Weighted average partnership units held by noncontrolling interests
4,342

 
3,908

 
4,158

 
3,936

Diluted weighted average shares and units outstanding
104,792

 
103,946

 
104,533

 
103,423






SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
June 30,
 
December 31,
 
2016
 
2015
Assets
(Unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land and land interests
$
4,108,821

 
$
4,779,159

Building and improvements
9,362,614

 
10,423,739

Building leasehold and improvements
1,435,255

 
1,431,259

Properties under capital lease
47,445

 
47,445

 
14,954,135

 
16,681,602

Less accumulated depreciation
(2,166,059
)
 
(2,060,706
)
 
12,788,076

 
14,620,896

Assets held for sale
39,642

 
34,981

Cash and cash equivalents
276,226

 
255,399

Restricted cash
166,905

 
233,578

Investment in marketable securities
39,339

 
45,138

Tenant and other receivables, net of allowance of $18,728 and $17,618 in 2016 and 2015, respectively
57,551

 
63,491

Related party receivables
13,059

 
10,650

Deferred rents receivable, net of allowance of $22,917 and $21,730 in 2016 and 2015, respectively
443,981

 
498,776

Debt and preferred equity investments, net of discounts and deferred origination fees of $14,329 and $18,759 in 2016 and
    2015, respectively
1,357,181

 
1,670,020

Investments in unconsolidated joint ventures
1,126,486

 
1,203,858

Deferred costs, net
256,303

 
239,920

Other assets
979,474

 
850,719

        Total assets
$
17,544,223

 
$
19,727,426

 
 
 
 
Liabilities
 
 
 
Mortgages and other loans payable
$
5,608,400

 
$
6,992,504

Revolving credit facility
285,000

 
994,000

Term loan and senior unsecured notes
2,070,341

 
2,319,244

Deferred financing costs, net

(101,521
)
 
(130,515
)
Total debt, net of deferred financing costs
7,862,220

 
10,175,233

Accrued interest payable
36,378

 
42,406

Other liabilities
243,011

 
168,477

Accounts payable and accrued expenses
189,690

 
196,213

Deferred revenue
384,145

 
399,102

Capitalized lease obligations
41,751

 
41,360

Deferred land leases payable
2,236

 
1,783

Dividend and distributions payable
80,555

 
79,790

Security deposits
68,199

 
68,023

Liabilities related to assets held for sale
7

 
29,000

Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities
100,000

 
100,000

        Total liabilities
9,008,192

 
11,301,387

 
 
 
 
Commitments and contingencies
 
 

Noncontrolling interest in the Operating Partnership
486,452

 
424,206

Preferred units
302,460

 
282,516

 
 
 
 
Equity
 
 
 
Stockholders’ equity:
 
 
 
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2016 and
    December 31, 2015
221,932

 
221,932

Common stock, $0.01 par value 160,000 shares authorized, 100,251 and 100,063 issued and outstanding at June 30, 2016
    and December 31, 2015, respectively (including 87 shares held in Treasury at June 30, 2016 and December 31, 2015)
1,003

 
1,001

Additional paid-in capital
5,466,593

 
5,439,735

Treasury stock at cost
(10,000
)
 
(10,000
)
Accumulated other comprehensive loss
(16,558
)
 
(8,749
)
Retained earnings
1,655,320

 
1,643,546

Total SL Green Realty Corp. stockholders’ equity
7,318,290

 
7,287,465

Noncontrolling interests in other partnerships
428,829

 
431,852

        Total equity
7,747,119

 
7,719,317

Total liabilities and equity
$
17,544,223

 
$
19,727,426






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

 
Three Months Ended
 
June 30,
 
2016
 
2015
FFO Reconciliation:
 
 
 
Net income attributable to SL Green common stockholders
$
133,457

 
$
(39,106
)
Add:
 
 
 
Depreciation and amortization
425,042

 
199,565

Joint venture depreciation and noncontrolling interest adjustments
8,328

 
4,435

Net income attributable to noncontrolling interests
9,021

 
5,049

Less:
 
 
 
Gain on sale of real estate and discontinued operations, net
196,580

 

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
33,448

 
769

Depreciation on non-rental real estate assets
500

 
500

Depreciable real estate reserve
(10,387
)
 

Funds From Operations attributable to SL Green common stockholders and noncontrolling interests
$
355,707


$
168,674



 
Consolidated Properties
 
SL Green's share of Unconsolidated Joint Ventures
 
Combined
 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
June 30,
 
June 30,
 
June 30,
Operating income and Same-store NOI Reconciliation:
2016
 
2015
 
2016
 
2015
 
2016
 
2015
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
$
(76,304
)
 
$
(32,942
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
5,841

 
2,994

 
5,841

 
2,994

 
 
 
 
Depreciation and amortization
425,042

 
199,565

 
14,910

 
15,494

 
 
 
 
Interest expense, net of interest income
89,089

 
75,746

 
17,391

 
18,259

 
 
 
 
Amortization of deferred financing costs
7,433

 
5,952

 
2,136

 
1,344

 
 
 
 
Loss on early extinguishment of debt

 

 

 

 
 
 
 
Operating income
451,101

 
251,315

 
40,278

 
38,091

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, general and administrative expense
24,484

 
23,200

 

 

 
 
 
 
Net operating income from discontinued operations

 

 

 

 
 
 
 
Transaction related costs, net
2,115

 
3,067

 

 
3

 
 
 
 
Non-building revenue
(43,208
)
 
(47,353
)
 
(19
)
 
546

 
 
 
 
Equity in net income from unconsolidated joint ventures
(5,841
)
 
(2,994
)
 

 

 
 
 
 
Loss on early extinguishment of debt

 

 



 
 
 
 
Net operating income (NOI)
$
428,651

 
$
227,235

 
$
40,259

 
$
38,640

 
468,910

 
265,875

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI from discontinued operations

 

 

 

 

 

NOI from other properties/affiliates
(250,512
)
 
(45,719
)
 
(18,420
)
 
(18,261
)
 
(268,932
)
 
(63,980
)
Same-Store NOI
178,139

 
181,516

 
21,839

 
20,379

 
199,978

 
201,895

 
 
 
 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 

 

Ground lease straight-line adjustment
467

 
472

 

 

 
467

 
472

 
 
 
 
 
 
 
 
 

 

Straight-line and free rent
(8,544
)
 
(20,317
)
 
(1,589
)
 
(1,777
)
 
(10,133
)
 
(22,094
)
Rental income - FAS 141
(3,792
)
 
(4,996
)
 
(391
)
 
(439
)
 
(4,183
)
 
(5,435
)
Same-store cash NOI
$
166,270

 
$
156,675

 
$
19,859

 
$
18,163

 
$
186,129

 
$
174,838







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

 
Six Months Ended
 
June 30,
 
2016
 
2015
FFO Reconciliation:
 
 
 
Net income attributable to SL Green common stockholders
$
156,678

 
$
4,171

Add:
 
 
 
Depreciation and amortization
604,350

 
307,902

Joint venture depreciation and noncontrolling interest adjustments
18,842

 
13,057

Net income attributable to noncontrolling interests
11,917

 
12,719

Less:
 
 
 
Gain on sale of real estate and discontinued operations, net
210,353

 
12,983

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
43,363

 
769

Depreciation on non-rental real estate assets
996

 
1,025

Depreciable real estate reserve
(10,387
)
 

Funds From Operations attributable to SL Green common stockholders and noncontrolling interests
$
547,462

 
$
323,072



 
Consolidated Properties
 
SL Green's share of Unconsolidated Joint Ventures
 
Combined
 
Six Months Ended
 
Six Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
June 30,
Operating income and Same-store NOI Reconciliation:
2016
 
2015
 
2016
 
2015
 
2016
 
2015
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
$
(77,585
)
 
$
5,303

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
15,937

 
7,024

 
15,937

 
7,024

 
 
 
 
Depreciation and amortization
604,350

 
307,902

 
29,813

 
29,354

 
 
 
 
Interest expense, net of interest income
183,761

 
151,553

 
34,650

 
33,514

 
 
 
 
Amortization of deferred financing costs
15,365

 
12,567

 
3,432

 
2,665

 
 
 
 
Loss on early extinguishment of debt

 
(49
)
 
972

 
407

 
 
 
 
Operating income
741,828

 
484,300

 
84,804

 
72,964

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing, general and administrative expense
48,516

 
48,664

 

 

 

 

Net operating income from discontinued operations

 
427

 

 

 

 

Transaction related costs, net
3,394

 
4,210

 

 
10

 

 

Non-building revenue
(102,383
)
 
(95,405
)
 
1,098

 
1,127

 

 

Equity in net income from unconsolidated joint ventures
(15,937
)
 
(7,024
)
 

 

 

 

Loss on early extinguishment of debt

 
49

 
(972
)
 
(407
)
 

 

Net operating income (NOI)
$
675,418

 
$
435,221

 
$
84,930

 
$
73,694

 
760,348

 
508,915

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI from discontinued operations

 

 

 

 

 

NOI from other properties/affiliates
(329,874
)
 
(101,055
)
 
(41,296
)
 
(33,628
)
 
(371,170
)
 
(134,683
)
Same-Store NOI
345,544

 
334,166

 
43,634

 
40,066

 
389,178

 
374,232

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ground lease straight-line adjustment
935

 
944

 

 


935

 
944

 
 
 
 
 
 
 
 
 
 
 
 
Straight-line and free rent
(16,050
)
 
(28,974
)
 
(3,595
)
 
(3,218
)
 
(19,645
)
 
(32,192
)
Rental income - FAS 141
(7,532
)
 
(7,815
)
 
(782
)
 
(963
)
 
(8,314
)
 
(8,778
)
Same-store cash NOI
$
322,897

 
$
298,321

 
$
39,257

 
$
35,885

 
$
362,154

 
$
334,206










SL GREEN REALTY CORP.
SELECTED OPERATING DATA-UNAUDITED
 
June 30,
 
2016
 
2015
Manhattan Operating Data: (1)
 
 
 
Net rentable area at end of period (in 000’s)
22,613

 
22,009

Portfolio percentage leased at end of period
95.6
%
 
94.9
%
Same-Store percentage leased at end of period
96.5
%
 
96.6
%
Number of properties in operation
31
 
31

 
 
 
 
Office square feet where leases commenced during quarter ended (rentable)
698,753

 
573,432

Average mark-to-market percentage-office
11.8
%
 
16.5
%
Average starting cash rent per rentable square foot-office
$
67.55

 
$
61.66


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






Exhibit



KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 



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 quarter ended June 30, 2016 that will be released on Form 10-Q to be filed on or before August 2, 2016.



 
2
 


TABLE OF CONTENTS


 








Highlights of Current Period Financial Performance
 
 
 
 
 
Unaudited Financial Statements
 
 
          Corporate Profile
 
4
          Highlights
 
5-12
Comparative Balance Sheets
 
13-14
Comparative Statements of Operations
 
15
Comparative Computation of FFO and FAD
 
16
Consolidated Statement of Equity
 
17
          Joint Venture Statements
 
18-20
 
 
 
Selected Financial Data
 
21-24
Debt Summary Schedule
 
25-27
Summary of Ground Lease Arrangements
 
28
 
 
 
Debt and Preferred Equity Investments
 
29-31
 
 
 
Selected Property Data
 
 
Composition of Property Portfolio
 
32-39
Largest Tenants
 
40
Tenant Diversification
 
41
          Leasing Activity Summary
 
42-45
          Annual Lease Expirations
 
46-48
 
 
 
Summary of Real Estate Acquisition/Disposition Activity
 
49-53
Corporate Information
 
54
Analyst Coverage
 
55
Supplemental Definitions
 
56





 
3
 


CORPORATE PROFILE



 


SL Green Realty Corp., or the Company, is an S&P 500 company and New York City's largest office landlord. The Company is a self-managed Real Estate Investment Trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing.
 
SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies, which are referred to as the Service Corporation, a consolidated variable interest entity. All of the management, leasing and construction services with respect to the properties that are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership.
 
Substantially all of our assets are held by, and all of our operations are conducted through the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership.
 
Reckson Operating Partnership, L.P., or ROP, commenced operations in June 1995 and became a wholly-owned subsidiary of the Operating Partnership, in January 2007.
 
As of June 30, 2016, the Company held interests in 150 Manhattan buildings totaling 49.6 million square feet. This included ownership interests in 28.3 million square feet of commercial buildings and debt and preferred equity investments secured by 16.7 million million square feet of buildings. In addition, the Company held ownership interests in 28 suburban buildings totaling 4.9 million million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.


 
4
 


SECOND QUARTER 2016 HIGHLIGHTS

Unaudited



Summary
New York, NY, July 20, 2016 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported funds from operations, or FFO, for the quarter ended June 30, 2016 of $357.8 million, or $3.41 per share, before transaction related costs of $2.1 million, or $0.02 per share, as compared to FFO for the same period in 2015 of $171.7 million, or $1.65 per share, before transaction related costs of $3.1 million, or $0.03 per share.
Second quarter 2016 FFO includes a lease termination fee of $94.0 million, or $0.90 per share, and a write-off of accounting related balances of $75.3 million, of $0.72 per share, related to the early lease termination and sale of 388-390 Greenwich Street to Citigroup, Inc. (“Citi”) as well as a receipts of promote income of $10.8 million, or $0.10 per share, related to the sale of 33 Beekman Street.
The Company also reported funds from operations, or FFO, for the six month period ended June 30, 2016 of $550.9 million, or $5.27 per share, before transaction related costs of $3.4 million, or $0.03 per share, as compared to FFO for the same period in 2015 of $327.3 million, or $3.16 per share, before transaction related costs of $4.2 million, or $0.04 per share.
Net income attributable to common stockholders for the quarter ended June 30, 2016 totaled $133.5 million, or $1.33 per share as compared to net loss attributable to common stockholders of $39.1 million, or $0.39 per share for the same quarter in 2015. Net income attributable to common stockholders for the quarter ended June 30, 2016 includes $230.0 million, or $2.20 per share, of net gains recognized from the sale of real estate as compared to $0.8 million, or $0.01 per share for the same quarter in 2015.
Net income attributable to common stockholders for the six month period ended June 30, 2016 totaled $156.7 million, or $1.56 per share as compared to net income attributable to common stockholders of $4.2 million, or $0.04 per share for the same period in 2015. Net income attributable to common stockholders for the six month period
 
ended June 30, 2016 includes $253.7 million, or $2.43 per share, of net gains recognized from the sale of real estate as compared to $13.8 million, or $0.13 per share for the same period in 2015.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended June 30, 2016, the Company reported consolidated revenues and operating income of $617.6 million and $451.1 million, respectively, compared to $409.1 million and $251.3 million, respectively, for the same period in 2015. For the six months ended June 30, 2016, the Company reported consolidated revenues and operating income of $1.1 billion and $741.8 million, respectively, compared to $805.4 million and $484.3 million, respectively, for the same period in 2015.
Same-store cash NOI on a combined basis increased by 6.5 percent to $186.1 million for the quarter as compared to the same period in 2015. For the quarter ended June 30, 2016, consolidated property same-store cash NOI increased by 6.1 percent to $166.3 million and unconsolidated joint venture property same-store cash NOI increased by 9.3 percent to $19.9 million, as compared to the same period in 2015.
Same-store cash NOI on a combined basis increased by 8.4 percent to $362.2 million for the six months ended June 30, 2016 as compared to the same period in 2015. For the six months ended June 30, 2016, consolidated property same-store cash NOI increased by 8.2 percent to $322.9 million and unconsolidated joint venture property same-store cash NOI increased by 9.4 percent to $39.3 million, as compared to the same period in 2015.
During the second quarter, the Company signed 50 office leases in its Manhattan portfolio totaling 621,150 square feet. Eight leases comprising 35,130 square feet represented office leases that replaced previous vacancy. Forty-two leases comprising 586,020 square feet,


 
5
 


SECOND QUARTER 2016 HIGHLIGHTS

Unaudited



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 $64.75 per rentable square foot, representing a 16.1 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the second quarter was 6.8 years and average tenant concessions were 2.3 months of free rent with a tenant improvement allowance of $25.93 per rentable square foot.
During the first six months of 2016, the Company signed 97 office leases in its Manhattan portfolio totaling 1,470,736 square feet. Sixteen leases comprising 162,558 square feet represented office leases that replaced previous vacancy. Eighty-one leases comprising 1,308,178 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 $68.33 per rentable square foot, representing a 28.5 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 first six months of 2016 was 9.6 years and average tenant concessions were 3.5 months of free rent with a tenant improvement allowance of $37.93 per rentable square foot.
Manhattan same-store occupancy was 97.4 percent at June 30, 2016, inclusive of 194,733 square feet of leases signed but not yet commenced as compared to 97.1 percent at June 30, 2015 and 97.4 percent at March 31, 2016.
During the second quarter, the Company signed 19 office leases in its Suburban portfolio totaling 177,684 square feet. Eight leases comprising 80,761 square feet represented office leases that replaced previous vacancy. Eleven leases comprising the remaining 96,923 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 $40.24 per rentable square foot, representing a 2.5 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 second quarter was 8.5 years and average tenant concessions were 7.2 months of free rent with a tenant improvement allowance of $33.79 per rentable square foot.
During the first six months of 2016, the Company signed 46 office leases in its Suburban portfolio totaling 422,479 square feet. Seventeen leases comprising 142,085 square feet represented office leases that replaced previous vacancy. Twenty nine leases comprising the remaining 280,394 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 $39.84 per rentable square foot, representing a 5.6 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 first six months of 2016 was 7.1 years and average tenant concessions were 6.1 months of free rent with a tenant improvement allowance of $29.92 per rentable square foot.
Same-store occupancy for the Company's Suburban portfolio was 83.0 percent at June 30, 2016, inclusive of 38,815 square feet of leases signed but not yet commenced as compared to 83.6 percent at June 30, 2015 and 84.0 percent at March 31, 2016.
Significant leases that were signed during the second quarter included:
Expansion on 204,442 square feet with Bloomberg at 919 Third Avenue;
Renewal and expansion on 114,709 square feet with New York Life Insurance Company at 420 Lexington Avenue, bringing the remaining lease term to 14.3 years;


 
6
 


SECOND QUARTER 2016 HIGHLIGHTS

Unaudited



Renewal on 47,278 square feet with Citi at 750 Washington Boulevard in Stamford, Connecticut, bringing the remaining lease term to 11.5 years; and
Renewal on 31,514 square feet with Morgan Stanley Smith Barney at Jericho Plaza in Jericho, New York, bringing the remaining lease term to 10.3 years.
Marketing, general and administrative, or MG&A, expenses for the quarter ended June 30, 2016 were $24.5 million, or 3.6 percent of total combined revenues and an annualized 50 basis points of total combined assets.
Real Estate Investment Activity
In June, the Company closed on the previously announced sale of 388-390 Greenwich Street to an affiliate of Citigroup, Inc. ("Citi") for $2.0 billion, net of $242.5 million of unfunded tenant concessions. Separately, the Company received a $94.0 million payment from Citi for the early termination of Citi's lease at 388-390 Greenwich Street. Proceeds from the sale and the termination payment were used by the Company to repay $350.0 million of its corporate credit facility and retire the $1.45 billion mortgage on the property, resulting in reduction of Company indebtedness of approximately $1.8 billion. The Company recognized a gain on sale of $206.5 million.
In May, the Company and its joint venture partner, the Naftali Group, closed on the previously announced sale of the Pace University dormitory tower at 33 Beekman Street for a gross sale price of $196.0 million or approximately $1,199 per square foot. The Company recognized a gain on sale of $33.0 million.
In April, the Company completed the acquisition of a 20 percent interest in the newly completed, 1,176 unit "Sky" residential tower, located at 605 West 42nd Street. The Company was granted an option to purchase the interest at an agreed upon valuation in July 2014 when it originated a $50.0 million mezzanine loan on the property to The Moinian Group, the project's developer. The
 
mezzanine loan was repaid prior to the closing of the Company's acquisition.
In April, the Company reached an agreement to sell 500 West Putnam Avenue, a 121,500-square-foot office property located in Greenwich, Connecticut, for a gross sale price of $41.0 million, or $337 per square foot. The transaction closed in July and the Company recognized net proceeds of $39.5 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.4 billion at June 30, 2016 at a weighted average current yield of 9.4 percent, excluding $0.3 billion of debt and preferred equity investments that are included in other balance sheet line items for accounting purposes. During the second quarter, the Company originated new debt and preferred equity investments totaling $458.5 million, of which $120.5 million was retained and $103.2 million was funded, at a weighted average current yield of 9.5 percent. During the second quarter, the Company recorded $147.7 million of principal reductions from investments that were repaid.
Financing Activity
In July, the Company signed a final and comprehensive term sheet for a $1.5 billion construction loan facility with Wells Fargo Bank, N.A., The Bank of New York Mellon, JP Morgan Chase Bank, Bank of China New York Branch and TD Bank, N.A. for the development of One Vanderbilt Avenue. Commitment and closing are expected to occur within the third quarter of 2016.
In July, the Company closed on a refinancing of our $300 million debt and preferred equity liquidity facility. The facility, which is secured by select assets in the Company's debt portfolio, has a 2-year term with a 1-year extension option and bears interest ranging from 225 and 400 basis points over LIBOR, depending on the pledged collateral and advance rate. The new facility is favorable, providing higher advance rates than the previous facility.


 
7
 


SECOND QUARTER 2016 HIGHLIGHTS

Unaudited



In July, the Company entered into $300.0 million of 7-year interest rate swaps with a fixed rate of 1.14 percent, taking advantage of the current favorable interest environment to lock in rates on our corporate unsecured debt.
In May, the Company, along with its joint venture partner, Vornado Realty Trust, successfully closed on the refinancing of 280 Park Avenue. The new $900.0 million facility has a 3-year term (subject to four 1-year extension options), carries a floating interest rate of LIBOR plus 2.00 percent, and replaces the previous $721.0 million of indebtedness on the property that was set to mature in June 2016. The Company, which owns a 50.0 percent interest in the asset, received approximately $75.9 million in net proceeds from the refinancing, inclusive of $30.0 million which was held at the property for future operating and capital costs.
Dividends
During the second quarter of 2016, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
$0.72 per share of common stock, which was paid on July 15, 2016 to shareholders of record on the close of business on June 30, 2016; and
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period April 15, 2016 through and including July 14, 2016, which was paid on July 15, 2016 to shareholders of record on the close of business on June 30, 2016, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.



 






 
8
 


KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 



 
As of or for the three months ended
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
Earnings Per Share
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders - diluted
$
1.33

 
$
0.23

 
$
0.96

 
$
1.64

 
$
(0.39
)
Funds from operations available to common stockholders - diluted
$
3.39

 
$
1.84

 
$
1.61

 
$
1.65

 
$
1.62

Reported funds available for distribution to common stockholders - diluted
$
1.96

 
$
1.50

 
$
0.22

 
$
1.04

 
$
0.96

Recurring funds available for distribution to common stockholders - diluted
$
2.04

 
$
1.50

 
$
1.12

 
$
1.29

 
$
1.30

 
 
 
 
 
 
 
 
 
 
Common Share Price & Dividends
 
 
 
 
 
 
 
 
 
Closing price at the end of the period
$
106.47

 
$
96.88

 
$
112.98

 
$
108.16

 
$
109.89

Closing high price during period
$
106.72

 
$
110.92

 
$
121.80

 
$
116.97

 
$
131.64

Closing low price during period
$
95.51

 
$
80.54

 
$
108.56

 
$
100.95

 
$
109.89

Common dividend per share
$
0.72

 
$
0.72

 
$
0.72

 
$
0.60

 
$
0.60

 
 
 
 
 
 
 
 
 
 
FFO payout ratio (trailing 12 months)
32.5
%
 
39.3
%
 
39.6
%
 
38.7
%
 
39.4
%
Reported FAD payout ratio (trailing 12 months)
58.5
%
 
71.0
%
 
77.5
%
 
60.2
%
 
79.8
%
Recurring FAD payout ratio (trailing 12 months)
46.3
%
 
50.6
%
 
50.5
%
 
48.1
%
 
51.6
%
 
 
 
 
 
 
 
 
 
 
Common Shares & Units
 
 
 
 
 
 
 
 
 
Common shares outstanding
100,164

 
100,081

 
99,975

 
99,659

 
99,590

Units outstanding
4,504

 
4,001

 
3,746

 
3,875

 
3,907

Total common shares and units outstanding
104,668

 
104,082

 
103,721

 
103,534

 
103,497

 
 
 
 
 
 
 
 
 
 
Weighted average common shares and units outstanding - basic
104,476

 
104,025

 
103,587

 
103,522

 
103,487

Weighted average common shares and units outstanding - diluted
104,792

 
104,259

 
104,055

 
103,929

 
103,946

 
 
 
 
 
 
 
 
 
 
Market Capitalization
 
 
 
 
 
 
 
 
 
Market value of common equity
$
11,144,002

 
$
10,083,464

 
$
11,718,399

 
$
11,198,237

 
$
11,373,285

Liquidation value of preferred equity/units
532,460

 
534,869

 
512,516

 
512,516

 
354,723

Consolidated debt
7,796,092

 
9,796,167

 
10,434,748

 
10,130,502

 
8,375,984

Consolidated market capitalization
$
19,472,554

 
$
20,414,500

 
$
22,665,663

 
$
21,841,255

 
$
20,103,992

SLG portion of JV debt
1,854,131

 
1,690,200

 
1,718,031

 
1,683,320

 
1,695,340

Combined market capitalization
$
21,326,685

 
$
22,104,700

 
$
24,383,694

 
$
23,524,575

 
$
21,799,332

 
 
 
 
 
 
 
 
 
 
Consolidated debt to market capitalization (1)
40.0
%
 
48.0
%
 
46.0
%
 
46.4
%
 
41.7
%
Combined debt to market capitalization (1)
45.2
%
 
52.0
%
 
49.8
%
 
50.2
%
 
46.2
%
 
 
 
 
 
 
 
 
 
 
Consolidated debt service coverage (trailing 12 months)
3.29x

 
2.88x

 
2.85x

 
2.78x

 
2.63x

Consolidated fixed charge coverage (trailing 12 months)
2.87x

 
2.52x

 
2.50x

 
2.45x

 
2.33x

Combined debt service coverage (trailing 12 months)
2.90x

 
2.54x

 
2.52x

 
2.47x

 
2.36x

Combined fixed charge coverage (trailing 12 months)
2.56x

 
2.25x

 
2.23x

 
2.20x

 
2.10x

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


Supplemental Information
9
Second Quarter 2016

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 



 
As of or for the three months ended
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
Selected Balance Sheet Data
 
 
 
 
 
 
 
 
 
Real estate assets before depreciation
$
15,015,226

 
$
16,550,051

 
$
16,718,324

 
$
16,381,149

 
$
14,059,561

Investments in unconsolidated joint ventures
$
1,126,486

 
$
1,146,085

 
$
1,203,858

 
$
1,239,008

 
$
1,262,723

Debt and preferred equity investments
$
1,357,181

 
$
1,378,616

 
$
1,670,020

 
$
1,501,619

 
$
1,685,234

Cash and cash equivalents
$
276,226

 
$
316,205

 
$
255,399

 
$
244,360

 
$
215,896

Investment in marketable securities
$
39,339

 
$
43,915

 
$
45,138

 
$
46,432

 
$
46,251

 
 
 
 
 
 
 
 
 
 
Total assets
$
17,544,223

 
$
19,585,715

 
$
19,727,426

 
$
19,382,712

 
$
17,171,784

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt
$
6,344,936

 
$
6,887,280

 
$
7,232,254

 
$
7,137,994

 
$
5,841,563

Variable rate debt (1)
1,451,155

 
2,908,887

 
3,173,494

 
2,992,508

 
2,364,421

Total consolidated debt
$
7,796,091

 
$
9,796,167

 
$
10,405,748


$
10,130,502


$
8,205,984

Deferred financing costs, net of amortization
(101,521
)
 
(105,543
)
 
(130,515
)
 
(107,858
)
 
(95,173
)
Total consolidated debt, net
$
7,694,570

 
$
9,690,624

 
$
10,275,233

 
$
10,022,644

 
$
8,110,811

 
 
 
 
 
 
 
 
 
 
Total liabilities
$
9,008,192

 
$
11,178,777

 
$
11,301,387

 
$
11,005,016

 
$
9,091,261

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt - including SLG portion of JV debt
$
6,998,500

 
$
7,895,076

 
$
8,275,130

 
$
8,085,553

 
$
6,798,495

Variable rate debt - including SLG portion of JV debt (1)
2,651,723

 
3,591,291

 
3,848,649

 
3,728,269

 
3,102,829

Total combined debt
$
9,650,223

 
$
11,486,367

 
$
12,123,779

 
$
11,813,822

 
$
9,901,324

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
465,425

 
$
391,218

 
$
367,843

 
$
366,719

 
$
345,633

Property operating expenses
(145,755
)
 
(149,502
)
 
(144,077
)
 
(147,909
)
 
(134,486
)
Property NOI
$
319,670

 
$
241,716

 
$
223,766

 
$
218,810

 
$
211,147

SLG share of property NOI from JVs
40,259

 
44,671

 
39,879

 
38,804

 
38,640

Total property NOI - combined
$
359,929

 
$
286,387

 
$
263,645

 
$
257,614

 
$
249,787

Investment income
44,214

 
54,737

 
44,540

 
49,328

 
45,191

Other income
107,975

 
9,489

 
13,007

 
16,019

 
18,250

Marketing general & administrative expenses
(24,484
)
 
(24,032
)
 
(22,734
)
 
(23,475
)
 
(23,200
)
EBITDA - combined
$
487,634

 
$
326,581

 
$
298,458

 
$
299,486

 
$
290,028

 
 
 
 
 
 
 
 
 
 
(1) Does not reflect $1.1 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt





Supplemental Information
10
Second Quarter 2016

KEY FINANCIAL DATA
Manhattan Properties
Unaudited
(Dollars in Thousands Except Per Share)
 

 
As of or for the three months ended
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
432,422

 
$
361,584

 
$
338,254

 
$
334,809

 
$
314,960

Property operating expenses
127,057

 
131,267

 
124,302

 
127,382

 
115,174

Property NOI
$
305,365

 
$
230,317

 
$
213,952

 
$
207,427

 
$
199,786

NOI from discontinued operations

 

 

 

 

Total property NOI - consolidated
$
305,365

 
$
230,317

 
$
213,952

 
$
207,427

 
$
199,786

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
95,333

 
$
1,648

 
$
3,088

 
$
7,337

 
$
13,230

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JV
$
36,083

 
$
40,714

 
$
36,171

 
$
35,145

 
$
34,150

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
25

 
27

 
27

 
26

 
24

Unconsolidated office buildings in service
6

 
6

 
5

 
6

 
7

 
31

 
33

 
32

 
32

 
31

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
18,368,606

 
21,003,606

 
21,003,606

 
20,700,091

 
18,533,045

Unconsolidated office buildings in service - square footage
4,244,139

 
4,244,139

 
3,024,981

 
3,328,496

 
3,476,115

 
22,612,745

 
25,247,745

 
24,028,587

 
24,028,587

 
22,009,160

 
 
 
 
 
 
 
 
 
 
Quarter end occupancy- same store - combined office (consolidated + JV)
96.5%
(1) 
96.2%
 
96.2%
 
96.7%
 
96.6%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
Total office leases commenced
50

 
47

 
42

 
38

 
43

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
37,556

 
643,979

 
91,396

 
56,387

 
269,446

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
661,197

 
617,028

 
299,375

 
232,629

 
303,986

Total office square footage commenced
698,753

 
1,261,007

 
390,771

 
289,016

 
573,432

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$67.55
 
$70.66
 
$65.48
 
$70.45
 
$61.66
Previously escalated cash rent psf - office leases commenced
$60.41
 
$48.71
 
$56.80
 
$55.57
 
$52.94
Increase in new cash rent over previously escalated cash rent (2)
11.8%
 
45.1%
 
15.3%
 
26.8%
 
16.5%
Average lease term
6.8
 
13.0
 
9.1
 
7.8
 
11.3
Tenant concession packages psf
$20.64
 
$57.64
 
$23.70
 
$39.44
 
$54.43
Free rent months
2.6
 
7.5
 
4.1
 
3.7
 
6.2
 
 
 
 
 
 
 
 
 
 
(1) Manhattan same-store occupancy, inclusive of 194,733 square feet of leases signed but not yet commenced, is 97.4% as of June 30, 2016, as compared to 97.1% at June 30, 2015 and 97.4% at March 31, 2016.
(2) Calculated on space that was occupied within the previous 12 months



Supplemental Information
11
Second Quarter 2016

KEY FINANCIAL DATA
Suburban Properties
Unaudited
(Dollars in Thousands Except Per Share)

 
As of or for the three months ended
 
6/30/2016

 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
28,276

 
$
27,934

 
$
29,897

 
$
30,231

 
$
29,355

Property operating expenses
14,838

 
14,891

 
16,247

 
16,221

 
16,045

Property NOI
$
13,438

 
$
13,043

 
$
13,650

 
$
14,010

 
$
13,310

NOI from discontinued operations

 

 

 

 

Total property NOI - consolidated
$
13,438

 
$
13,043

 
$
13,650

 
$
14,010

 
$
13,310

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
624

 
$
759

 
$
80

 
$
240

 
$
395

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JV
$
228

 
$
647

 
$
409

 
$
271

 
$
1,301

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
26

 
26

 
26

 
28

 
28

Unconsolidated office buildings in service
2

 
2

 
3

 
3

 
5

 
28

 
28

 
29

 
31

 
33

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
4,235,300

 
4,235,300

 
4,235,300

 
4,450,400

 
4,450,400

Unconsolidated office buildings in service - square footage
640,000

 
640,000

 
705,641

 
705,641

 
1,287,741

 
4,875,300

 
4,875,300

 
4,940,941

 
5,156,041

 
5,738,141

 
 
 
 
 
 
 
 
 
 
Quarter end occupancy- same store - combined office (consolidated + JV) 
82.1%
(1) 
83.4%
 
80.6%
 
81.7%
 
81.9%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
Total office leases commenced
19

 
34

 
30

 
19

 
32

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
63,105

 
112,469

 
43,516

 
59,812

 
111,895

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
104,704

 
203,690

 
167,798

 
80,403

 
102,088

Total office square footage commenced
167,809

 
316,159

 
211,314

 
140,215

 
213,983

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$38.42
 
$37.66
 
$32.16
 
$33.64
 
$36.28
Previously escalated cash rent psf - office leases commenced
$37.46
 
$35.84
 
$31.58
 
$35.48
 
$36.72
Increase/(decrease) in new cash rent over previously escalated cash rent (2)
2.8%
 
5.1%
 
1.8%
 
(5.2)%
 
(1.2)%
Average lease term
9.4
 
6.7
 
5.9
 
6.4
 
8.0
Tenant concession packages psf
$36.77
 
$30.61
 
$25.56
 
$30.19
 
$31.92
Free rent months
8.8
 
5.4
 
3.4
 
5.1
 
6.0
 
 
 
 
 
 
 
 
 
 
(1) Suburban same-store occupancy, inclusive of 38,815 square feet of leases signed but not yet commenced, is 83.0% as of June 30, 2016, as compared to 83.6% at June 30, 2015 and 84.0% at March 31, 2016.
(2) Calculated on space that was occupied within the previous 12 months
 

Supplemental Information
12
Second Quarter 2016

COMPARATIVE BALANCE SHEETS

Unaudited
(In Thousands, Except Per Share Data)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
Assets
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
     Land and land interests
$
4,108,821

 
$
4,115,982

 
$
4,779,159

 
$
4,689,031

 
$
3,756,488

     Building and improvements
9,362,614

 
9,334,385

 
10,423,739

 
10,079,151

 
8,397,117

     Building leasehold and improvements
1,435,255

 
1,431,238

 
1,431,259

 
1,425,299

 
1,424,822

     Properties under capital lease
47,445

 
47,445

 
47,445

 
47,445

 
27,445

 
14,954,135

 
14,929,050

 
16,681,602

 
16,240,926

 
13,605,872

Less: accumulated depreciation
(2,166,059
)
 
(2,100,109
)
 
(2,060,706
)
 
(1,979,824
)
 
(2,081,646
)
Net real estate
12,788,076

 
12,828,941

 
14,620,896

 
14,261,102

 
11,524,226

 
 
 
 
 
 
 
 
 
 
Other real estate investments:
 
 
 
 
 
 
 
 
 
    Investment in unconsolidated joint ventures
1,126,486

 
1,146,085

 
1,203,858

 
1,239,008

 
1,262,723

    Debt and preferred equity investments, net (1)
1,357,181

 
1,378,616

 
1,670,020

 
1,501,619

 
1,685,234

 
 
 
 
 
 
 
 
 
 
Assets held for sale, net
39,642

 
1,891,575

 
34,981

 
117,885

 
420,569

Cash and cash equivalents
276,226

 
316,205

 
255,399

 
244,360

 
215,896

Restricted cash
166,905

 
179,938

 
233,578

 
279,592

 
128,234

Investment in marketable securities
39,339

 
43,915

 
45,138

 
46,432

 
46,251

Tenant and other receivables, net of $18,728 reserve at 6/30/16
57,551

 
55,441

 
63,491

 
66,896

 
64,873

Related party receivables
13,059

 
15,148

 
10,650

 
11,089

 
11,395

Deferred rents receivable, net of reserve for
 
 
 
 
 
 
 
 
 
     tenant credit loss of $22,917 at 6/30/16
443,981

 
428,334

 
498,776

 
467,627

 
433,999

Deferred costs, net
256,303

 
246,503

 
239,920

 
235,079

 
233,664

Other assets
979,474

 
1,055,014

 
850,719

 
912,023

 
1,144,720

 
 
 
 
 
 
 
 
 
 
 Total Assets
$
17,544,223

 
$
19,585,715

 
$
19,727,426

 
$
19,382,712

 
$
17,171,784

 
 
 
 
 
 
 
 
 
 
(1) Excludes debt and preferred equity investments totaling $310.8 million with a weighted average current yield of 7.8% that are included in other balance sheet line items.

Supplemental Information
13
Second Quarter 2016

COMPARATIVE BALANCE SHEETS

Unaudited
(In Thousands, Except Per Share Data)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
Liabilities
 
 
 
 
 
 
 
 
 
Mortgages and other loans payable
$
5,608,400

 
$
5,671,700

 
$
6,992,504

 
$
6,865,383

 
$
5,287,934

Term loan and senior unsecured notes
2,070,341

 
2,067,117

 
2,319,244

 
2,216,120

 
2,113,050

Revolving credit facility
285,000

 
775,000

 
994,000

 
949,000

 
705,000

Deferred Financing costs
(101,521
)
 
(105,543
)
 
(130,515
)
 
(107,858
)
 
(95,173
)
Total debt, net of deferred financing costs
7,862,220

 
8,408,274

 
10,175,233

 
9,922,645

 
8,010,811

Accrued interest
36,378

 
36,941

 
42,406

 
43,632

 
39,621

Other liabilities
243,011

 
247,950

 
168,477

 
160,592

 
121,567

Accounts payable and accrued expenses
189,690

 
168,322

 
196,213

 
173,228

 
147,028

Deferred revenue
384,145

 
414,686

 
399,102

 
428,334

 
337,571

Capitalized lease obligations
41,751

 
41,554

 
41,360

 
41,171

 
21,013

Deferred land lease payable
2,236

 
2,010

 
1,783

 
1,557

 
1,387

Dividends and distributions payable
80,555

 
80,038

 
79,790

 
67,109

 
66,026

Security deposits
68,199

 
67,001

 
68,023

 
66,654

 
67,985

Liabilities related to assets held for sale
7

 
1,612,001

 
29,000

 
94

 
178,252

Junior subordinated deferrable interest debentures
100,000

 
100,000

 
100,000

 
100,000

 
100,000

Total liabilities
9,008,192

 
11,178,777

 
11,301,387

 
11,005,016

 
9,091,261

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in operating partnership
 
 
 
 
 
 
 
 
 
     (4,504 units outstanding) at 6/30/16
486,452

 
407,046

 
424,206

 
423,421

 
431,418

Preferred Units
302,460

 
304,869

 
282,516

 
282,516

 
124,723

 
 
 
 
 
 
 
 
 
 
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, 100,252
 
 
 
 
 
 
 
 
 
issued and outstanding at 6/30/16, including 87 shares held in treasury
1,003

 
1,002

 
1,001

 
998

 
996

Additional paid–in capital
5,466,593

 
5,451,787

 
5,439,735

 
5,268,379

 
5,245,575

Treasury stock
(10,000
)
 
(10,000
)
 
(10,000
)
 
(10,000
)
 

Accumulated other comprehensive loss
(16,558
)
 
(17,222
)
 
(8,749
)
 
(15,821
)
 
(10,906
)
Retained earnings
1,655,320

 
1,620,669

 
1,643,546

 
1,772,833

 
1,657,911

Total SL Green Realty Corp. stockholders' equity
7,318,290

 
7,268,168

 
7,287,465

 
7,238,321

 
7,115,508

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in other partnerships
428,829

 
426,855

 
431,852

 
433,438

 
408,874

 
 
 
 
 
 
 
 
 
 
Total equity
7,747,119

 
7,695,023

 
7,719,317

 
7,671,759

 
7,524,382

 
 
 
 
 
 
 
 
 
 
 Total Liabilities and Equity
$
17,544,223

 
$
19,585,715

 
$
19,727,426

 
$
19,382,712

 
$
17,171,784


Supplemental Information
14
Second Quarter 2016

COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)


 
Three Months Ended
 
Three Months Ended

 
Six Months Ended

June 30,
 
June 30,
 
 
March 31,
 
 
June 30,
 
June 30,
 
2016
 
2015
 
 
2016
 
 
2016

2015
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
416,809

 
$
304,226

 
 
$
345,607

 
 
$
762,416

 
$
607,555

Escalation and reimbursement revenues
48,616

 
41,407

 
 
45,611

 
 
94,227

 
82,376

Investment income
44,214

 
45,191

 
 
54,737

 
 
98,951

 
87,260

Other income
107,975

 
18,250

 
 
9,489

 
 
117,464

 
28,182

Total Revenues, net
617,614

 
409,074

 
 
455,444

 
 
1,073,058

 
805,373

 
 
 
 
 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
5,841

 
2,994

 
 
10,096

 
 
15,937


7,024

Loss on early extinguishment of debt

 

 
 

 
 


(49
)
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
75,324

 
70,114

 
 
79,520

 
 
154,844

 
146,891

Ground rent
8,307

 
8,086

 
 
8,308

 
 
16,615

 
16,274

Real estate taxes
62,124

 
56,286

 
 
61,674

 
 
123,798

 
112,009

Transaction related costs
2,115


3,067

 
 
1,279

 
 
3,394


4,210

Marketing, general and administrative
24,484

 
23,200

 
 
24,032

 
 
48,516


48,664

Total Operating Expenses
172,354

 
160,753

 
 
174,813

 
 
347,167

 
328,048

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
451,101

 
251,315

 
 
290,727

 
 
741,828

 
484,300

 
 
 
 
 
 
 
 
 


 
 
Interest expense, net of interest income
89,089

 
75,746

 
 
94,672

 
 
183,761


151,553

Amortization of deferred financing costs
7,433

 
5,952

 
 
7,932

 
 
15,365


12,567

Depreciation and amortization
425,042

 
199,565

 
 
179,308

 
 
604,350


307,902

Loss on equity investment in marketable securities
83

 

 
 

 
 
83

 

 
 
 
 
 
 
 
 
 
 
 
 
(Loss) Income from Continuing Operations (1)
(70,546
)
 
(29,948
)
 
 
8,815

 
 
(61,731
)
 
12,278

 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations

 

 
 

 
 


427

Gain on sale of real estate and discontinued operations
196,580

 

 
 
13,773

 
 
210,353

 
12,983

Equity in net gain (loss) on sale of joint venture interest / real estate
33,448

 
769

 
 
9,915

 
 
43,363

 
769

Depreciable real estate reserves
(10,387
)
 

 
 

 
 
(10,387
)
 

Net Income
149,095

 
(29,179
)
 
 
32,503

 
 
181,598

 
26,457

 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
(9,021
)
 
(5,049
)
 
 
(2,896
)
 
 
(11,917
)

(12,719
)
Dividends on preferred units
(2,880
)
 
(1,140
)
 
 
(2,648
)
 
 
(5,528
)
 
(2,091
)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to SL Green Realty Corp
137,194

 
(35,368
)
 
 
26,959

 
 
164,153

 
11,647

 
 
 
 
 
 
 
 
 
 
 
 
Dividends on perpetual preferred shares
(3,737
)
 
(3,738
)
 
 
(3,738
)
 
 
(7,475
)
 
(7,476
)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
133,457

 
$
(39,106
)
 
 
$
23,221

 
 
$
156,678

 
$
4,171

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per Share - Net income per share (basic)
$1.33
 
$
(0.39
)
 
 
$
0.23

 
 
$
1.57

 
$
0.04

Earnings per share - Net income per share (diluted)
$1.33
 
$
(0.39
)
 
 
$
0.23

 
 
$
1.56

 
$
0.04

(1) Before gains on sale and equity in net gains (losses) shown below
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
15
Second Quarter 2016

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)


 
 
Three Months Ended
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
March 31,
 
 
June 30,
 
June 30,
 
 
2016
 
2015
 
 
2016
 
 
2016
 
2015
Funds from Operations
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
133,457

 
$
(39,106
)
 
 
$
23,221

 
 
$
156,678

 
$
4,171

 
 

 

 
 

 
 

 

 
Depreciation and amortization
425,042

 
199,565

 
 
179,308

 
 
604,350

 
307,902

 
Joint ventures depreciation and noncontrolling interests adjustments
8,328

 
4,435

 
 
10,514

 
 
18,842

 
13,057

 
Net income attributable to noncontrolling interests
9,021

 
5,049

 
 
2,896

 
 
11,917

 
12,719

 
Gain on sale of real estate and discontinued operations
(196,580
)
 

 
 
(13,773
)
 
 
(210,353
)
 
(12,983
)
 
Equity in net loss (gain) on sale of joint venture property / real estate
(33,448
)
 
(769
)
 
 
(9,915
)
 
 
(43,363
)
 
(769
)
 
Depreciable Real Estate Reserves
10,387

 

 
 

 
 
10,387

 

 
Non-real estate depreciation and amortization
(500
)
 
(500
)
 
 
(496
)
 
 
(996
)
 
(1,025
)
 
Funds From Operations
$
355,707

 
$
168,674

 
 
$
191,755

 
 
$
547,462


$
323,072

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Basic per Share
$
3.40

 
$
1.63

 
 
$
1.84

 
 
$
5.25

 
$
3.14

 
 

 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Diluted per Share
$
3.39

 
$
1.62

 
 
$
1.84

 
 
$
5.24

 
$
3.12

 
 
 
 
 
 
 
 
 
 
 
 
 
Funds Available for Distribution
 
 
 
 
 
 
 
 
 
 
 
FFO
 
$
355,707

 
$
168,674

 
 
$
191,755

 
 
$
547,462

 
$
323,072

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
500

 
500

 
 
496

 
 
996


1,025

 
Amortization of deferred financing costs
7,433

 
5,952

 
 
7,932

 
 
15,365

 
12,567

 
Non-cash deferred compensation
10,293

 
10,701

 
 
14,277

 
 
24,570

 
29,578

 
FAD adjustment for Joint Ventures
(5,874
)
 
(2,357
)
 
 
(5,827
)
 
 
(11,701
)
 
(11,047
)
 
FAD adjustment for discontinued operations

 

 
 

 
 

 
5

 
Straight-line rental income and other non cash adjustments
(105,387
)
 
(36,127
)
 
 
(29,704
)
 
 
(135,091
)
 
(80,018
)
 
Second cycle tenant improvements
(34,672
)
 
(26,299
)
 
 
(10,128
)
 
 
(44,800
)
 
(35,675
)
 
Second cycle leasing commissions
(8,072
)
 
(10,671
)
 
 
(8,871
)
 
 
(16,943
)
 
(16,509
)
 
Revenue enhancing recurring CAPEX
(1,098
)
 
(1,423
)
 
 
(233
)
 
 
(1,331
)
 
(1,637
)
 
Non-revenue enhancing recurring CAPEX
(13,683
)
 
(9,160
)
 
 
(3,688
)
 
 
(17,371
)
 
(13,978
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Reported Funds Available for Distribution
$
205,147

 
$
99,790

 
 
$
156,009

 
 
$
361,156

 
$
207,383

 
Diluted per Share
$
1.96

 
$
0.96

 
 
$
1.50

 
 
$
3.45

 
$
2.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
1515 Broadway - Viacom capital contribution
$
8,996

 
$
9,391

 
 
$
481

 
 
$
9,477

 
$
14,530

 
388-390 Greenwich - Citi capital contribution
$

 
$
5,542

 
 
$

 
 
$

 
$
5,542

 
388-390 Greenwich - free rent
$

 
$
20,459

 
 
$

 
 
$

 
$
40,918

 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring Funds Available for Distribution
$
214,143

 
$
135,182

 
 
$
156,490

 
 
$
370,633

 
$
268,373

 
Diluted per Share
$
2.04

 
$
1.30

 
 
$
1.50

 
 
$
3.55

 
$
2.59

 
 
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvements
$
8,090

 
$
7,530

 
 
$
4,323

 
 
$
12,413

 
$
10,336

 
First cycle leasing commissions
$
7,078

 
$
3,818

 
 
$
3,183

 
 
$
10,261

 
$
4,150

 
Redevelopment costs
$
61,594

 
$
18,316

 
 
$
16,753

 
 
$
78,347

 
$
24,973

 
Capitalized interest
$
5,433

 
$
7,528

 
 
$
6,618

 
 
$
12,051

 
$
15,967


Supplemental Information
16
Second Quarter 2016

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, 2015
 
$
221,932

 
$
1,001

 
$
5,439,735

 
$
(10,000
)
 
$
1,643,546

 
$
431,852

 
$
(8,749
)
 
$
7,719,317

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income attributable to SL Green
 
 
 
 
 
 
 
 
 
164,153

 
5,409

 
 
 
169,562

Acquisition of subsidiary interest from noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Preferred dividends
 
 
 
 
 
 
 
 
 
(7,475
)
 
 
 
 
 
(7,475
)
Cash distributions declared ($1.44 per common share)
 
 
 
 
 
 
 
 
 
(143,998
)
 
 
 
 
 
(143,998
)
Cash distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
(9,866
)
 
 
 
(9,866
)
Other comprehensive income - unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,372
)
 
(1,372
)
Other comprehensive income - SLG's share of joint venture net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(5,599
)
 
(5,599
)
Other comprehensive income - unrealized loss on marketable securities
 
 
 
 
 
 
 
 
 
 
 
 
 
(838
)
 
(838
)
Proceeds from stock options exercised
 
 
 
1

 
4,342

 
 
 
 
 
 
 
 
 
4,343

DRSPP proceeds
 
 
 
 
 
89

 
 
 
 
 
 
 
 
 
89

Conversion of units of the Operating Partnership to common stock
 
 
 
1

 
11,794

 
 
 
 
 
 
 
 
 
11,795

Contributions to consolidated joint venture
 
 
 
 
 
 
 
 
 
 
 
1,434

 
 
 
1,434

Reallocation of noncontrolling interests in the Operating Partnership
 
 
 
 
 
 
 
 
 
(906
)
 
 
 
 
 
(906
)
Reallocation of capital account relating to sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Issuance of common stock
 
 
 
 
 
(40
)
 
 
 
 
 
 
 
 
 
(40
)
Deferred compensation plan and stock awards, net
 
 
 
 
 
(2,150
)
 
 
 
 
 
 
 
 
 
(2,150
)
Amortization of deferred compensation plan
 
 
 
 
 
12,823

 
 
 
 
 
 
 
 
 
12,823

Balance at June 30, 2016
 
$
221,932

 
$
1,003

 
$
5,466,593

 
$
(10,000
)
 
$
1,655,320

 
$
428,829

 
$
(16,558
)
 
$
7,747,119

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2015
 
 
99,975,238

 
3,745,766

 

 
103,721,004

 

 
103,721,004

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
YTD share activity
 
 
189,120

 
758,446

 

 
947,566

 

 
947,566

 
 
 
 
Share Count at June 30, 2016 - Basic
 
100,164,358

 
4,504,212

 

 
104,668,570

 

 
104,668,570

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighting factor
 
 
(71,392
)
 
(346,443
)
 
282,417

 
(135,418
)
 

 
(135,418
)
 
 
 
 
Weighted Average Share Count at June 30, 2016 - Diluted
 
100,092,966

 
4,157,769

 
282,417

 
104,533,152

 

 
104,533,152

 
 
 
 


Supplemental Information
17
Second Quarter 2016

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)


 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2016
 
March 31, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
SLG Interest
 
Total
 
SLG Interest
 
Total
 
SLG Interest
Assets
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
 
 
     Land and land interests
$
1,672,348

 
$
695,932

 
$
1,565,697

 
$
682,896

 
$
1,609,720

 
$
716,021

     Building and improvements
5,381,439

 
1,999,579

 
4,948,597

 
1,914,246

 
5,044,397

 
2,042,794

     Building leasehold and improvements
44,029

 
22,014

 
39,497

 
19,748

 
32,726

 
16,363

     Properties under capital lease
189,558

 
94,779

 
189,558

 
94,779

 
189,558

 
94,779

 
7,287,374

 
2,812,304

 
6,743,349

 
2,711,669

 
6,876,401

 
2,869,957

Less: accumulated depreciation
(776,599
)
 
(297,563
)
 
(744,657
)
 
(285,205
)
 
(753,933
)
 
(307,639
)
 Net real estate
6,510,775

 
2,514,741

 
5,998,692

 
2,426,464

 
6,122,468

 
2,562,318

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
180,336

 
62,835

 
112,181

 
47,599

 
164,973

 
59,701

Restricted cash
101,794

 
28,897

 
90,180

 
32,475

 
93,591

 
28,748

Debt and preferred equity investments, net
304,901

 
202,544

 
284,014

 
191,849

 
145,878

 
145,878

Tenant and other receivables, net of $5,441 reserve at 6/30/2016, of which $2,338 is SLG's share.
32,786

 
13,514

 
31,817

 
14,499

 
30,059

 
13,033

Deferred rents receivables, net of $5,999 reserve for tenant credit loss (of which $2,591 is SLG's
189,557

 
81,996

 
180,672

 
77,325

 
178,743

 
79,985

share) at 6/30/2016

 
 
 
 
 
 
 
 
 
 
 
Deferred costs, net
111,928

 
45,926

 
116,278

 
48,176

 
108,727

 
47,041

Other assets
125,438

 
52,610

 
142,189

 
58,266

 
139,747

 
63,242

Total Assets
$
7,557,515

 
$
3,003,063

 
$
6,956,023

 
$
2,896,653

 
$
6,984,186

 
$
2,999,946

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans payable, net of deferred financing costs of $109,083 at 6/30/2016
$
4,922,493

 
$
1,819,430

 
4,319,655

 
1,672,002

 
$
4,266,548

 
$
1,702,057

Accrued interest
11,459

 
4,287

 
11,410

 
5,076

 
9,804

 
4,201

Other liabilities
12,202

 
7,289

 
6,873

 
4,148

 
5,438

 
4,404

Accounts payable and accrued expenses
95,239

 
36,339

 
87,357

 
34,432

 
87,736

 
38,911

Deferred revenue
200,672

 
91,132

 
206,143

 
93,667

 
209,095

 
94,110

Capitalized lease obligations
184,590

 
92,295

 
183,882

 
91,941

 
183,189

 
91,594

Security deposits
30,449

 
9,527

 
27,694

 
8,709

 
27,898

 
8,957

Equity
2,100,411

 
942,764

 
2,113,009

 
986,678

 
2,194,478

 
1,055,712

Total Liabilities and Equity
$
7,557,515

 
$
3,003,063

 
$
6,956,023

 
$
2,896,653

 
$
6,984,186

 
$
2,999,946



Supplemental Information
18
Second Quarter 2016

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)

 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
June 30, 2016
 
March 31, 2016
 
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total
 
 SLG Interest
 
 Total
 
 SLG Interest
 
 Total
 
 SLG Interest
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
135,799

 
$
51,377

 
$
139,775

 
$
52,540

 
$
124,307

 
$
46,664

Escalation and reimbursement revenues
9,180

 
3,752

 
8,229

 
3,178

 
9,041

 
3,910

Investment income
6,710

 
4,108

 
9,300

 
5,899

 
8,877

 
5,783

Other income
(114
)
 
(155
)
 
5,208

 
2,648

 
1,310

 
623

Total Revenues, net
$
151,575

 
$
59,082

 
$
162,512

 
$
64,265

 
$
143,535

 
$
56,980

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
$
27,166

   
$
8,618

 
$
27,254

 
$
9,329

 
$
26,345

 
$
9,175

Ground rent
3,715

   
1,857

 
3,211

 
1,606

 
2,572

 
1,286

Real estate taxes
24,332

   
8,348

 
24,210

 
8,659

 
22,335

 
7,879

Total Operating Expenses
$
55,213

 
$
18,823

 
$
54,675

 
$
19,594

 
$
51,252

 
$
18,340

 
 
 
 
 
 
 
 
 
 
 
 
NOI
$
96,362

 
$
40,259

 
$
107,837

 
$
44,671

 
$
92,283

 
$
38,640

Cash NOI
$
90,239

 
$
35,840

 
$
91,089

 
$
37,288

 
$
86,611

 
$
33,050

 
 
 
 
 
 
 
 
 
 
 
 
Transaction related costs, net of recoveries
$

 
$

 
$

 
$

 
$
3

 
$
3

Interest expense, net of interest income
46,351

 
17,391

 
49,736

 
17,259

 
51,715

 
18,259

Amortization of deferred financing costs
7,276

 
2,136

 
3,236

 
1,296

 
3,145

 
1,344

Depreciation and amortization
37,294

 
14,910

 
37,851

 
14,903

 
37,894

 
15,494

Loss on early extinguishment of debt

 

 
1,606

 
972

 

 

 
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
5,441

 
$
5,822

 
$
15,408

 
$
10,241

 
$
(474
)
 
$
3,540

 
 
 
 
 
 
 
 
 
 
 
 
Real estate depreciation
37,234

 
14,909

 
37,789

 
14,902

 
37,816

 
15,484

FFO Contribution
$
42,675

 
$
20,731

 
$
53,197

 
$
25,143

 
$
37,342

 
$
19,024

 
 
 
 
 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
7,337

 
$
2,137

 
$
3,297

 
$
1,298

 
$
3,223

 
$
1,354

Straight-line rental income and other non-cash adjustments
(12,391
)
 
(6,059
)
 
(13,590
)
 
(5,613
)
 
(9,793
)
 
(5,042
)
Second cycle tenant improvement
(2,263
)
 
(1,175
)
 
(1,378
)
 
(724
)
 
(4,099
)
 
(1,837
)
Second cycle leasing commissions
(582
)
 
(142
)
 
(1,003
)
 
(544
)
 
(1,238
)
 
(731
)
Recurring CAPEX
(1,142
)
 
(635
)
 
(447
)
 
(244
)
 
(1,563
)
 
(831
)
FAD Adjustment
$
(9,041
)
 
$
(5,874
)
 
$
(13,121
)
 
$
(5,827
)
 
$
(13,470
)
 
$
(7,087
)
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
19,660

 
$
9,009

 
$
10,535

 
$
2,903

 
$
8,913

 
$
4,367

First cycle leasing commissions
$
2,487

 
$
1,071

 
$
10,505

 
$
5,282

 
$
9,533

 
$
4,356

Redevelopment costs
$
7,182

 
$
4,794

 
$
15,361

 
$
5,275

 
$
27,093

 
$
12,667

Capitalized interest
$
6,519

 
$
3,491

 
$
6,104

 
$
3,285

 
$
8,427

 
$
4,215


Supplemental Information
19
Second Quarter 2016

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)

 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2016
 
 
Six Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 

 Total
 
 SLG Interest
 
 
 Total
 
 SLG Interest
Revenues
 
 
 
 
 
 
 
 
Rental revenue, net
$
275,574

 
$
103,917

 
 
$
234,449

 
$
90,097

Escalation and reimbursement revenues
17,409

 
6,930

 
 
17,587

 
7,537

Investment income
16,010

 
10,007

 
 
17,599

 
11,473

Other income
5,094

 
2,493

 
 
2,816

 
1,337

Total Revenues, net
$
314,087

 
$
123,347

 
 
$
272,451

 
$
110,444

 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
Operating expenses
$
54,420

 
$
17,947

 
 
$
51,831

 
$
18,909

Ground rent
6,926

 
3,463

 
 
5,164

 
2,582

Real estate taxes
48,542

 
17,007

 
 
41,711

 
15,259

Total Operating Expenses
$
109,888

 
$
38,417

 
 
$
98,706

 
$
36,750

 
 
 
 
 
 
 
 
 
NOI
$
204,199

 
$
84,930

 
 
$
173,745

 
$
73,694

Cash NOI
$
181,328

 
$
73,128

 
 
$
160,901

 
$
63,583

 
 
 
 
 
 
 
 
 
Transaction related costs, net of recoveries
$

 
$

 
 
$
11

 
$
10

Interest expense, net of interest income
96,087

 
34,650

 
 
95,722

 
33,514

Amortization of deferred financing costs
10,512

 
3,432

 
 
6,155

 
2,665

Depreciation and amortization
75,145

 
29,813

 
 
70,878

 
29,354

Loss on early extinguishment of debt
1,606

 
972

 
 
833

 
407

 
 
 
 
 
 
 
 
 
Net Income
$
20,849

 
$
16,063

 
 
$
146

 
$
7,744

 
 
 
 
 
 
 
 
 
Real estate depreciation
75,023

 
29,810

 
 
70,750

 
29,335

FFO Contribution
$
95,872

 
$
45,873

 
 
$
70,896

 
$
37,079

 
 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
10,634

 
$
3,435

 
 
$
6,283

 
$
2,685

Straight-line rental income and other non-cash adjustments
(25,981
)
 
(11,672
)
 
 
(17,291
)
 
(8,501
)
Second cycle tenant improvement
(3,641
)
 
(1,899
)
 
 
(5,854
)
 
(2,588
)
Second cycle leasing commissions
(1,585
)
 
(686
)
 
 
(3,481
)
 
(1,680
)
Recurring CAPEX
(1,589
)
 
(879
)
 
 
(1,817
)
 
(963
)
FAD Adjustment
$
(22,162
)
 
$
(11,701
)
 
 
$
(22,160
)
 
$
(11,047
)
 
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
30,195

 
$
11,912

 
 
$
12,121

 
$
5,833

First cycle leasing commissions
$
12,992

 
$
6,353

 
 
$
20,865

 
$
10,079

Redevelopment costs
$
22,543

 
$
10,069

 
 
$
57,823

 
$
27,081

Capitalized interest
$
12,623

 
$
6,776

 
 
$
20,735

 
$
10,253


Supplemental Information
20
Second Quarter 2016

SELECTED FINANCIAL DATA
Net Operating Income and Components of Consolidated Debt Service and Fixed Charge Coverage - Unaudited
(Dollars in Thousands)


 
 
Three Months Ended
Three Months Ended
Six Months Ended
 
 
June 30,

June 30,
 
March 31,
 
June 30,
 
June 30,
 
 
2016

2015
 
2016
 
2016
 
2015
 
Net Operating Income (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI
$
316,061

 
$
211,147

 
$
239,693

 
$
555,754

 
$
414,757

 
NOI from discontinued operations

 

 

 

 
488

 
Total NOI - consolidated
316,061

 
211,147

 
239,693

 
555,754

 
415,245

 
SLG share of property NOI from unconsolidated JVs
40,259

 
38,640

 
44,671

 
84,930

 
73,694

 
Combined NOI
$
356,320

 
$
249,787

 
$
284,364

 
$
640,684

 
$
488,939

 
Partners' share of NOI - consolidated JVs
(9,068
)
 
(9,219
)
 
(8,568
)
 
(17,636
)
 
(18,003
)
 
NOI - SLG share
$
347,252

 
$
240,568

 
$
275,796

 
$
623,048

 
$
470,936

 
 
 
 
 
 
 
 
 
 
 
 
NOI
$
356,320

 
$
249,787

 
$
284,364

 
$
640,684

 
$
488,939

 
Free rent (net of amortization)
52,341

 
(25,067
)
 
10,249

 
62,590

 
(47,540
)
 
Net FAS 141 adjustment
(157,703
)
 
(8,903
)
 
(35,637
)
 
(193,340
)
 
(23,446
)
 
Straightline revenue adjustment
(5,349
)
 
(12,494
)
 
(16,627
)
 
(21,976
)
 
(25,896
)
 
Allowance for S/L tenant credit loss
301

 
(71
)
 
1,665

 
1,966

 
(983
)
 
Ground lease straight-line adjustment
912

 
705

 
817

 
1,729

 
1,410

 
Combined Cash NOI
$
246,822

 
$
203,957

 
$
244,831

 
$
491,653

 
$
392,484

 
Partners' share of NOI - consolidated JVs
(7,284
)
 
(5,713
)
 
(6,861
)
 
(14,145
)
 
(13,328
)
 
Cash NOI - SLG share
$
239,538

 
$
198,244

 
$
237,970

 
$
477,508

 
$
379,156

 
 
 
 
 
 
 
 
 
 
 
 
Components of Consolidated Debt Service and Fixed Charges - Cash Basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
88,459

 
$
75,746

 
$
96,718

 
$
185,177

 
$
151,662

 
Principal amortization payments
7,910

 
7,530

 
7,994

 
15,904

 
15,196

 
Total Consolidated Debt Service
$
96,369

 
$
83,276

 
$
104,712

 
$
201,081

 
$
166,858

 
 
 
 
 
 
 
 
 
 
 
 
Payments under ground lease arrangements
$
7,698

 
$
7,592

 
$
7,700

 
$
15,398

 
$
15,286

 
Dividends on preferred units
2,880

 
1,140

 
2,648

 
5,528

 
2,091

 
Dividends on perpetual preferred shares
3,737

 
3,738

 
3,738

 
7,475

 
7,476

 
Total Consolidated Fixed Charges
$
110,684

 
$
95,746

 
$
118,798

 
$
229,482

 
$
191,711

 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes the operating income of SL Green Management Corp. and Eemerge 212. Excludes lease termination income and the activity of 885 Third Avenue which was sold but did not meet the criteria for sale accounting and remains consolidated.
 

Supplemental Information
21
Second Quarter 2016

SELECTED FINANCIAL DATA
2016 Same Store - Consolidated
Unaudited
(Dollars in Thousands)




Three Months Ended
 
 
Three Months Ended
 
Six Months Ended
 



June 30,
 
June 30,
 
 
 
March 31,
 
 
June 30,
 
June 30,
 



2016
 
2015
%

 
 
2016
 
 
2016
 
2015
%

Revenues


 
 
 
 
 
 
 
 
 
 
 
 

Rental revenue, net

$
263,316

 
$
254,219

3.6
 %
 
 
$
258,395

 
 
$
521,711

 
$
498,050

4.8
 %

Escalation & reimbursement revenues

42,796

 
39,536

8.2
 %
 
 
40,711

 
 
83,507

 
78,534

6.3
 %

Other income

1,537

 
13,597

(88.7
)%
 
 
2,026

 
 
3,563

 
15,110

(76.4
)%

Total Revenues

$
307,649

 
$
307,352

0.1
 %
 
 
$
301,132

 
 
$
608,781

 
$
591,694

2.9
 %
Expenses


 
 
 
 
 
 
 
 
 
 
 
 

Operating expenses

63,081

 
$
63,493

(0.6
)%
 
 
$
67,780

 
 
$
130,861

 
$
133,239

(1.8
)%

Ground rent

8,328

 
8,276

0.6
 %
 
 
8,328

 
 
16,655

 
16,655

0.0
 %

Real estate taxes

57,355

 
53,760

6.7
 %
 
 
57,237

 
 
114,592

 
106,852

7.2
 %



$
128,764

 
$
125,529

2.6
 %
 
 
$
133,345

 
 
$
262,108

 
$
256,746

2.1
 %




 
 
 
 
 
 
 
 
 
 
 
 

Operating Income

$
178,885

 
$
181,823

(1.6
)%
 
 
$
167,787

 
 
$
346,673

 
$
334,948

3.5
 %




 
 
 
 
 
 
 
 
 
 
 
 

Interest expense & amortization of financing costs
$
44,976

 
$
41,148

9.3
 %
 
 
$
44,519

 
 
$
89,495

 
$
83,078

7.7
 %

Depreciation & amortization

79,811

 
79,118

0.9
 %
 
 
79,422

 
 
159,233


156,310

1.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Income before noncontrolling interest

$
54,098

 
$
61,557

(12.1
)%
 
 
$
43,846

 
 
$
97,945

 
$
95,560

2.5
 %
Plus:
Real estate depreciation & amortization

79,740

 
79,049

0.9
 %
 
 
79,353

 
 
159,093

 
156,154

 

FFO Contribution

$
133,838

 
$
140,606

(4.8
)%
 
 
$
123,199

 
 
$
257,038

 
$
251,714

2.1
 %




 
 
 
 
 

 
 
 
 
 
 
Less:
Non–building revenue

746

 
307

143.0
 %
 
 
384

 
 
1,129


782

44.4
 %




 
 
 
 
 

 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
44,976

 
41,148

9.3
 %
 
 
44,519

 
 
89,495

 
83,078

7.7
 %

Non-real estate depreciation

71

 
69

2.9
 %
 
 
69

 
 
140

 
156

(10.3
)%

NOI

$
178,139

 
$
181,516

(1.9
)%
 
 
$
167,403

 
 
$
345,544


$
334,166

3.4
 %




 
 
 
 
 

 
 
 
 
 
 
Cash Adjustments


 
 
 
 
 

 
 
 
 
 
 
Less:
Free rent (net of amortization)

444

 
3,350

(86.7
)%
 
 
885

 
 
1,330


5,540

(76.0
)%

Straightline revenue

8,347

 
16,279

(48.7
)%
 
 
8,285

 
 
16,632


21,826

(23.8
)%

Rental income - FAS 141

3,792

 
4,996

(24.1
)%
 
 
3,741

 
 
7,532


7,815

(3.6
)%
Plus:
Ground lease straight-line adjustment

467

 
472

(1.1
)%
 
 
467

 
 
935


944

(1.0
)%

Allowance for S/L tenant credit loss

247

 
(688
)
(135.9
)%
 
 
1,665

 
 
1,912

 
(1,608
)
(218.9
)%

Cash NOI

$
166,270

 
$
156,675

6.1
 %
 
 
$
156,624

 
 
$
322,897

 
$
298,321

8.2
 %




 
 
 
 
 

 
 
 
 
 
 
Operating Margins


 
 
 
 
 
 
 
 
 
 
 
 

NOI to real estate revenue, net

58.0
%
 
59.2
%


 
 
55.4
%
 
 
56.7
%
 
56.7
%
 

Cash NOI to real estate revenue, net

54.1
%
 
51.1
%


 
 
51.8
%
 
 
53.0
%
 
50.6
%
 




 
 


 
 
 
 
 
 
 
 
 

NOI before ground rent/real estate revenue, net
60.7
%
 
62.0
%


 
 
58.1
%
 
 
59.4
%
 
59.5
%
 

Cash NOI before ground rent/real estate revenue, net
56.7
%
 
53.7
%


 
 
54.4
%
 
 
55.6
%
 
53.3
%
 

Supplemental Information
22
Second Quarter 2016

SELECTED FINANCIAL DATA
2016 Same Store - Joint Venture
Unaudited
(Dollars in Thousands)


 
 
 
Three Months Ended
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
June 30,
 
June 30,
 
 
 
March 31,
 
 
June 30,
 
June 30,
 
 
 
 
2016
 
2015
%

 
 
2016
 
 
2016
 
2015
%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
 
$
28,049

 
$
26,721

5.0
 %
 
 
$
28,565

 
 
$
56,614

 
$
53,503

5.8
 %
 
Escalation & reimbursement revenues
 
2,297

 
2,163

6.2
 %
 
 
2,166

 
 
4,462

 
4,262

4.7
 %
 
Other income
 
255

 
196

30.1
 %
 
 
226

 
 
481

 
3

15,933
 %
 
Total Revenues
 
$
30,601

 
$
29,080

5.2
 %
 
 
$
30,957

 
 
$
61,557

 
$
57,768

6.6
 %
Expenses
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
$
4,378

 
$
4,550

(3.8
)%
 
 
$
4,684

 
 
$
9,063

 
$
9,376

(3.3
)%
 
Ground rent
 

 

 %
 
 

 
 

 

 %
 
Real estate taxes
 
4,324

 
4,119

5.0
 %
 
 
4,414

 
 
8,738

 
8,235

6.1
 %
 
 
 
$
8,702

 
$
8,669

0.4
 %
 
 
$
9,098

 
 
$
17,801

 
$
17,611

1.1
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
$
21,899

 
$
20,411

7.3
 %
 
 
$
21,859

 
 
$
43,756

 
$
40,157

9.0
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
$
9,675

 
$
8,025

20.6
 %
 
 
$
8,878

 
 
$
18,552

 
$
15,354

20.8
 %
 
Depreciation & amortization
 
9,033

 
8,833

2.3
 %
 
 
8,888

 
 
17,922

 
17,634

1.6
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Income before noncontrolling interest
$
3,191

 
$
3,553

(10.2
)%
 
 
$
4,093

 
 
$
7,282

 
$
7,169

1.6
 %
Plus:
Real estate depreciation & amortization
9,033

 
8,833

2.3
 %
 
 
8,888

 
 
17,922

 
17,633

1.6
 %
 
FFO Contribution
 
$
12,224

 
$
12,386

(1.3
)%
 
 
$
12,981

 
 
$
25,204

 
$
24,802

1.6
 %
 
 
 

 
 


 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
 
60

 
32

87.5
 %
 
 
63

 
 
122

 
91

34.1
 %
 
 
 

 
 
 
 
 
 
 
 

 
 
 
Plus:
Interest expense & amortization of financing costs
9,675

 
8,025

20.6
 %
 
 
8,878

 
 
18,552

 
15,354

20.8
 %
 
Non-real estate depreciation
 

 

 %
 
 

 
 

 
1

(100.0
)%
 
NOI
 
$
21,839

 
$
20,379

7.2
 %
 
 
$
21,796

 
 
$
43,634


$
40,066

8.9
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)
 
866

 
694

24.8
 %
 
 
703

 
 
1,569


1,152

36.2
 %
 
Straightline revenue adjustment
 
723

 
966

(25.2
)%
 
 
1,303

 
 
2,026


1,949

4.0
 %
 
Rental income - FAS 141
 
391

 
439

(10.9
)%
 
 
391

 
 
782


963

(18.8
)%
Plus:
Ground lease straight-line adjustment
 

 

 %
 
 

 
 

 

 %
 
Allowance for S/L tenant credit loss
 

 
(117
)
(100.0
)%
 
 

 
 

 
(117
)
(100.0
)%
 
Cash NOI
 
$
19,859

 
$
18,163

9.3
 %
 
 
$
19,399


 
$
39,257

 
$
35,885

9.4
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
 
71.5
%
 
70.4
%


 
 
70.6
%
 
 
71.0
%
 
69.6
%
 
 
Cash NOI to real estate revenue, net
65.0
%
 
62.8
%


 
 
62.8
%
 
 
63.9
%
 
62.3
%
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before ground rent/real estate revenue, net
71.5
%
 
70.4
%


 
 
70.6
%
 
 
71.0
%
 
69.6
%
 
 
Cash NOI before ground rent/real estate revenue, net
65.0
%
 
62.8
%


 
 
62.8
%
 
 
63.9
%
 
62.3
%
 

Supplemental Information
23
Second Quarter 2016

SELECTED FINANCIAL DATA
2016 Same Store - Combined
Unaudited
(Dollars in Thousands)


 
 
 
Three Months Ended
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
June 30,
 
June 30,
 
 
 
March 31,
 
 
June 30,
 
June 30,
 
 
 
 
2016
 
2015
%

 
 
2016
 
 
2016
 
2015
%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
291,365

 
$
280,940

3.7
 %
 
 
$
286,960

 
 
$
578,325

 
$
551,553

4.9
 %
 
Escalation & reimbursement revenues
45,093

 
41,699

8.1
 %
 
 
42,877

 
 
87,969

 
82,796

6.2
 %
 
Other income
1,792

 
13,793

(87.0
)%
 
 
2,252

 
 
4,044

 
15,113

(73.2
)%
 
Total Revenues
 
$
338,250

 
$
336,432

0.5
 %
 
 
$
332,089

 
 
$
670,338

 
$
649,462

3.2
 %
Expenses
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
$
67,459

 
$
68,043

(0.9
)%
 
 
$
72,464

 
 
$
139,924

 
$
142,615

(1.9
)%
 
Ground rent
8,328

 
8,276

0.6
 %
 
 
8,328

 
 
16,655

 
16,655

 %
 
Real estate taxes
61,679

 
57,879

6.6
 %
 
 
61,651

 
 
123,330

 
115,087

7.2
 %
 
 
 
$
137,466

 
$
134,198

2.4
 %
 
 
$
142,443

 
 
$
279,909

 
$
274,357

2.0
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
$
200,784

 
$
202,234

(0.7
)%
 
 
$
189,646

 
 
$
390,429

 
$
375,105

4.1
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
$
54,651

 
$
49,173

11.1
 %
 
 
$
53,397

 
 
$
108,047

 
$
98,432

9.8
 %
 
Depreciation & amortization
88,844

 
87,951

1.0
 %
 
 
88,310

 
 
177,155

 
173,944

1.8
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Income before noncontrolling interest
$
57,289

 
$
65,110

(12.0
)%
 
 
$
47,939

 
 
$
105,227

 
$
102,729

2.4
 %
Plus:
Real estate depreciation & amortization
88,773

 
87,882

1.0
 %
 
 
88,241

 
 
177,015

 
173,787

1.9
 %
 
FFO Contribution
 
$
146,062

 
$
152,992

(4.5
)%
 
 
$
136,180

 
 
$
282,242

 
$
276,516

2.1
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
806

 
339

137.8
 %
 
 
447

 
 
1,251

 
873

43.3
 %
 
 
 

 
 
 
 
 
 
 
 

 
 
 
Plus:
Interest expense & amortization of financing costs
54,651

 
49,173

11.1
 %
 
 
53,397

 
 
108,047

 
98,432

100.0
 %
 
Non-real estate depreciation
71

 
69

2.9
 %
 
 
69

 
 
140

 
157

(10.8
)%
 
NOI
 
$
199,978

 
$
201,895

(0.9
)%
 
 
$
189,199

 
 
$
389,178

 
$
374,232

4.0
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)
1,310

 
4,044

(67.6
)%
 
 
1,588

 
 
2,899

 
6,692

(56.7
)%
 
Straightline revenue adjustment
9,070

 
17,245

(47.4
)%
 
 
9,588

 
 
18,658

 
23,775

(21.5
)%
 
Rental income - FAS 141
4,183

 
5,435

(23.0
)%
 
 
4,132

 
 
8,314

 
8,778

(5.3
)%
Plus:
Ground lease straight-line adjustment
467

 
472

(1.1
)%
 
 
467

 
 
935

 
944

(1.0
)%
 
Allowance for S/L tenant credit loss
247

 
(805
)
(130.7
)%
 
 
1,665

 
 
1,912

 
(1,725
)
(210.8
)%
 
Cash NOI
 
$
186,129

 
$
174,838

6.5
 %
 
 
$
176,023

 
 
$
362,154

 
$
334,206

8.4
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
59.2
%
 
60.2
%


 
 
56.8
%
 
 
58.0
%
 
57.9
%
 
 
Cash NOI to real estate revenue, net
55.1
%
 
52.1
%


 
 
52.8
%
 
 
54.0
%
 
51.7
%
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before ground rent/real estate revenue, net
61.7
%
 
62.7
%


 
 
59.3
%
 
 
60.5
%
 
60.4
%
 
 
Cash NOI before ground rent/real estate revenue, net
57.4
%
 
54.5
%


 
 
55.2
%
 
 
56.3
%
 
54.1
%
 

Supplemental Information
24
Second Quarter 2016

DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)


 
 
 
 
 
 
 
Principal

 
 
 
2016

 
Initial
 
Principal

 
As-Of

 
 
 
 
 
Ownership
 
Outstanding

 
 
 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
 
Interest (%)
 
6/30/2016

 
Coupon (1)

 
Amortization

 
Date
 
Maturity

 
Extension

Prepayment
Secured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-6 Landmark Square
100.0

 
 
$
78,681

 
4.00
%
 
$
1,626

 
Dec-16
 
$
77,936

 

Open
 
FHLB Facility
100.0

 
 
105,000

 
1.03
%
 

 
Jan-17
 
105,000

 

Open
 
FHLB Facility
100.0

 
 
100,000

 
0.80
%
 

 
Jan-17
 
100,000

 

Open
 
485 Lexington Avenue
100.0

 
 
450,000

 
5.61
%
 

 
Feb-17
 
450,000

 

Open
 
762 Madison Avenue (swapped)
90.0

 
 
7,784

 
3.86
%
 
178

 
Feb-17
 
7,679

 

Open
 
1 Madison Avenue
100.0

 
 
530,876

 
5.91
%
 
25,010

 
May-20
 
404,531

 

Open
 
100 Church Street
100.0

 
 
223,294

 
4.68
%
 
3,653

 
Jul-22
 
197,784

 

Open
 
919 Third Avenue
51.0

 
 
500,000

 
5.12
%
 
3,566

 
Jun-23
 
441,594

 

Open
 
400 East 57th Street
90.0

 
 
66,998

 
4.13
%
 
1,194

 
Feb-24
 
48,588

 

Open
 
400 East 58th Street
90.0

 
 
28,713

 
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

 
 
896,248

 
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
 
 
 
 
 
 
 
$
4,687,594

 
4.33
%
 
$
47,208

 
 
 
$
4,264,120

 
 
 
Unsecured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes
 
 
 
$
327,489

 
3.00
%
 
$

 
Oct-17
 
$
345,000

 

Open
 
Unsecured loan
 
 
 
16,000

 
4.81
%
 

 
Jun-18
 
16,000

 

Open
 
Unsecured notes
 
 
 
249,845

 
5.00
%
 

 
Aug-18
 
250,000

 

Open
 
Term loan (swapped)
 
 
 
500,000

 
2.34
%
 

 
Jun-19
(2)
500,000

 

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
(3)
10,008

 

Mar-17
 
Series J Preferred Units
 
 
 
4,000

 
3.75
%
 

 
Apr-51
 
4,000

 

Open
 
 
 
 
 
 
 
$
1,657,342

 
4.10
%
 
$

 
 
 
$
1,675,008

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt/Wtd Avg
 
$
6,344,936

 
4.27
%
 
$
47,208

 
 
 
$
5,939,128

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt & preferred equity facility (LIBOR + 310 bps)
 
 
 
$
134,259

 
3.57
%
 
$

 
Jul-16
 
$
134,259

 

Open
 
FHLB Facility (LIBOR + 28 bps)
 
 
 
24,000

 
0.75
%
 

 
Dec-16
 
24,000

 

Open
 
600 Lexington (LIBOR + 200 bps)
100.0

 
 
110,857

 
2.65
%
 
3,810

 
Oct-17
 
106,219

 

Open
 
719 Seventh Avenue (LIBOR + 305 bps)
75.0

 
 
27,514

 
3.49
%
 

 
Feb-18
 
27,514

 

Open
 
187 Broadway & 5-7 Dey Street (LIBOR + 269.5 bps)
100.0

 
 
58,000

 
3.16
%
 

 
May-18
 
58,000

 

Open
 
1080 Amsterdam (LIBOR + 375 bps)
92.5

 
 
3,525

 
4.22
%
 

 
Nov-18
 
3,525

 

Open
 
220 East 42nd St. (LIBOR + 160 bps)
100.0

 
 
275,000

 
2.07
%
 

 
Oct-20
 
275,000

 

Open
 
 
 
 
 
 
 
$
633,155

 
2.61
%
 
$
3,810

 
 
 
$
628,517

 
 
 
Unsecured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facility (LIBOR + 125 bps)
 
 
 
 
$
285,000

 
1.72
%
 
$

 
Mar-19
 
$
285,000

 
Mar-20

Open
 
Term loan (LIBOR + 140 bps)
 
 
 
 
433,000

 
1.87
%
 

 
Jun-19
 
433,000

 

Open
 
Junior subordinated deferrable interest debentures (LIBOR + 125 bps)
 
100,000

 
1.90
%
 

 
Jul-35
 
100,000

 

Open
 
 
 
 
 
 
 
$
818,000

 
1.82
%
 
$

 
 
 
$
818,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt/Wtd Avg
 
$
1,451,155

 
2.16
%
 
$
3,810

 
 
 
$
1,446,517

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Consolidated
 
$
7,796,091

 
3.88
%
 
$
51,018

 
 
 
$
7,385,645

 
 
 
 
 
885 Third Avenue (4)
 
267,650

 
6.26
%
 
 
 
 
 
 
 
 
 
 
 
Deferred financing costs
 
(101,521
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Consolidated, net
 
$
7,962,220

 
3.95
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Joint Venture, net
 
$
1,819,430

 
3.41
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt including SLG's share of JV Debt/Wtd Avg
 
$
9,917,873

 
3.67
%
 
 
 
 
 
 
 
 
 
 
Weighted Average Balance & Interest Rate for the quarter, including SLG's share of JV Debt
 
$
14,700,671

 
3.81
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(3) Notes can be put to the Company, at the option of the holder, on March 30, 2017.
(2) The interest rate swap matures in December 2017.
 
(4) 885 Third Avenue was sold but did not meet the criteria for sale accounting and, therefore, remains consolidated.

Supplemental Information
25
Second Quarter 2016

DEBT SUMMARY SCHEDULE
Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Outstanding
 
 
 
2016

 
Initial
 
Principal

 
As-Of

 
 
 
 
Ownership
 
6/30/2016
 
 
 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
Interest (%)
 
Gross Principal
 
SLG Share
 
Coupon (1)

 
Amortization

 
Date
 
Maturity

 
Extension

Prepayment
 
1745 Broadway
56.9

 
 
$
340,000

 
$
193,358

 
5.68
%
 
$

 
Jan-17
 
$
193,358

 

Open
 
521 Fifth Avenue (swapped)
50.5

 
 
170,000

 
85,850

 
3.73
%
 

 
Nov-19
 
85,850

 

Open
 
717 Fifth Avenue (mortgage)
10.9

 
 
300,000

 
32,748

 
4.45
%
 

 
Jul-22
 
32,748

 

Open
 
717 Fifth Avenue (mezzanine)
10.9

 
 
355,328

 
38,788

 
5.50
%
 

 
Jul-22
 
38,788

 

Open
 
21 East 66th Street
32.3

 
 
12,000

 
3,874

 
3.60
%
 

 
Apr-23
 
3,874

 

Open
 
3 Columbus Circle
48.9

 
 
350,000

 
171,150

 
3.61
%
 

 
Mar-25
 
171,150

 

Open
 
800 Third Avenue (swapped)
60.5

 
 
177,000

 
107,120

 
3.17
%
 

 
Feb-26
 
107,120

 

Open
 
Stonehenge Portfolio
Various

 
 
364,249

(2)
20,676

 
4.19
%
 
454

 
Various
(2)
18,716

 

Open
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt/Wtd Avg
 
$
2,068,577

 
$
653,564

 
4.34
%
(3)
$
454

 
 
 
$
651,604

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue (LIBOR + 350 bps)
50.0

 
 
$
65,000

 
$
32,500

 
3.97
%
 
$

 
Oct-16
 
$
32,500

 

Open
 
175-225 3rd Street (Prime + 100 bps)
95.0

 
 
40,000

 
38,000

 
4.50
%
 

 
Dec-16
 
38,000

 

Open
 
10 East 53rd Street (LIBOR + 250 bps)
55.0

 
 
125,000

 
68,750

 
2.97
%
 

 
Feb-17
 
68,750

 

Open
 
724 Fifth Avenue (LIBOR + 240 bps)
50.0

 
 
275,000

 
137,500

 
2.89
%
 

 
Apr-17
 
137,500

 

Open
 
1552 Broadway (LIBOR + 420 bps)
50.0

 
 
185,410

 
92,705

 
4.64
%
 

 
Apr-17
(4)
92,705

 

Open
 
55 West 46th Street (LIBOR + 227 bps)
25.0

 
 
151,536

 
37,884

 
2.77
%
 

 
Oct-17
 
37,884

 

Open
 
Jericho Plaza (LIBOR + 415 bps)
11.7

 
 
75,799

 
8,846

 
4.62
%
 

 
Mar-18
 
8,846

 

Open
 
280 Park Avenue (LIBOR + 200 bps)
50.0

 
 
900,000

 
450,000

 
2.47
%
 

 
Jun-19
 
450,000

 

Open
 
121 Greene Street (LIBOR + 150 bps)
50.0

 
 
15,000

 
7,500

 
1.97
%
 

 
Nov-19
 
7,500

 

Open
 
131-137 Spring Street (LIBOR + 155 bps)
20.0

 
 
141,000

 
28,200

 
2.02
%
 

 
Aug-20
 
28,200

 

Aug-16
 
11 West 34th Street (LIBOR + 145 bps)
30.0

 
 
23,000

 
6,900

 
1.92
%
 

 
Jan-21
 
6,900

 

Open
 
100 Park Avenue (LIBOR + 175 bps)
49.9

 
 
360,000

 
179,640

 
2.22
%
 

 
Feb-21
 
175,859

 

Open
 
21 East 66th Street (T 12 mos + 275 bps)
32.3

 
 
1,765

 
570

 
3.20
%
 
26

 
Jun-33
 
4

 

Open
 
605 West 42nd Street (Various)
20.0

 
 
539,000

 
107,800

 
2.56
%
 

 
Jul-18
 
107,800

 

Open
 
Stonehenge Portfolio (Various)
Various

 
 
65,489

 
3,773

 
5.82
%
 
19

 
Various
 
3,719

 

Open
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt/Wtd Avg
 
$
2,962,999

 
$
1,200,568

 
2.81
%
(3)
$
45

 
 
 
$
1,196,167

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture Debt/Wtd Avg
 
$
5,031,576

 
$
1,854,132

 
3.35
%
(3)
$
499

 
 
 
$
1,847,771

 
 
 
 
 
Deferred financing cost
 
(109,083
)
 
(34,702
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture Debt/Wtd Avg, net
 
$
4,922,493

 
$
1,819,430

 
3.41
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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) Amount is comprised of $13.2 million, $34.6 million, $176.2 million, and $140.3 million in fixed-rate mortgages that mature in October 2016, November 2017, June 2019, and August 2019, respectively.
(3) The weighted average coupon is calculated based on SL Green's share of the outstanding debt.
(4) The loan was modified in April 2016 including extension of the maturity date to April 2017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenants
 
 
 
 
 
 
 
 
 
Composition of Debt
 
 
 SL GREEN REALTY CORP.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility Covenants
 
 
 
 
Fixed Rate Debt
 
 
 
 
 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
Consolidated
 
$
6,344,936

 
 
 
 
Total Debt / Total Assets
44.6%
Less than 60%
 
 
 
 
 
SLG Share of JV
 
653,564

 
 
 
 
Fixed Charge Coverage
2.98
Greater than 1.5x
 
 
 
 
 
Total Fixed Rate Debt
 
$
6,998,500

 
72.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
1,451,155

 
 
 
 
Unsecured Notes Covenants
 
 
 
 
 
SLG Share of JV
 
1,200,568

 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
2,651,723

 
 
 
 
Total Debt / Total Assets
27.2%
Less than 60%
 
 
 
Debt & Preferred Equity and Other Investments
 
(1,121,250
)
 
 
 
 
Secured Debt / Total Assets
16.1%
Less than 40%
 
 
 
 
Total Floating Rate Debt
 
$
1,530,473

 
15.9%
 
 
Debt Service Coverage
6.72x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
 
 
Unencumbered Assets / Unsecured Debt
719.3%
Greater than 150%
 
 
 
 
 
 
Total Debt
 
$
9,650,223

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
26
Second Quarter 2016

DEBT SUMMARY SCHEDULE 
Reckson Operating Partnership
Unaudited
(Dollars in Thousands)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal

 
 
 
2016

 
Initial
 
Principal

 
As-Of

 
 
 
 
Ownership
 
Outstanding

 
 
 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
Interest (%)
 
6/30/2016

 
Coupon (1)

 
Amortization

 
Date
 
Maturity

 
Extension

Prepayment
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
 
 
 
$
249,845

 
5.00
%
 
$

 
Aug-18
 
$
250,000

 

Open
 
Term loan (swapped)
 
 
 
500,000

 
2.34
%
 

 
Jun-19
(2)
500,000

 

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
 
 
 
 
 
 
$
1,299,845

 
4.37
%
 
$

 
 
 
$
1,300,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt/Wtd Avg
$
1,799,845

 
4.58
%
 
$
3,566

 
 
 
$
1,741,594

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt & preferred equity facility (LIBOR + 310 bps)
$
134,259

 
3.57
%
 
$

 
Jul-16
 
$
134,259

 

Open
 
 
 
 
 
 
$
134,259

 
3.57
%
 
$

 
 
 
$
134,259

 
 
 
Unsecured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facility (LIBOR + 125 bps)
$
285,000

 
1.72
%
 
$

 
Mar-19
 
$
285,000

 
Mar-20

Open
 
Term loan (LIBOR + 140 bps)
433,000

 
1.87
%
 

 
Jun-19
 
433,000

 

Open
 
 
 
 
 
 
$
718,000

 
1.81
%
 
$

 
 
 
$
718,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt/Wtd Avg
$
852,259

 
2.08
%
 
$

 
 
 
$
852,259

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Consolidated
$
2,652,104

 
3.78
%
 
$
3,566

 
 
 
$
2,593,853

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 December 2017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECKSON OPERATING PARTNERSHIP, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility Covenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
 
 
 
Total Debt / Total Assets
34.9%
Less than 60%
 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Coverage
4.68x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
Secured Debt / Total Assets
7.3%
Less than 40%
 
 
 
 
 
 
 
 
 
 
 
Unsecured Debt / Unencumbered Assets
39.2%
Less than 60%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
27
Second Quarter 2016

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

 
 
584

 
 
2027
(3)
711 Third Avenue
 
 
5,354

 
 
5,500

 
 
5,500

 
 
5,500

 
 
1,146

 
 
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

 
 
506

 
 
2114
 
Total
 
 
$
30,816

 
 
$
31,049

 
 
$
31,049

 
 
$
31,066

 
 
$
2,236

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1080 Amsterdam Avenue
 
 
$
170

 
 
$
291

 
 
$
291

 
 
$
315

 
 
$
21,402

 
 
2111
 
30 East 40th Street
 
 
2,096

 
 
2,096

 
 
2,096

 
 
2,096

 
 
20,350

 
 
2114
 
Total
 
 
$
2,266

 
 
$
2,387

 
 
$
2,387

 
 
$
2,411

 
 
$
41,752

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue
 
 
$
1,167

 
 
$
1,167

 
 
$
1,183

 
 
$
1,284

 
 
$
1,778

 
 
2062
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue
 
 
$
6,086

 
 
$
6,086

 
 
$
6,169

 
 
$
6,695

 
 
$
92,295

 
 
2062
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Per the balance sheet at June 30, 2016.
(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
28
Second Quarter 2016

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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2015
 
$
1,685,234

 
 
 
$
1,694,194

 
 
 
10.18%
 
10.15%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(3)
 
78,631

 
 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(3)
 
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(3)
 
27

 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
(148,134
)
 
 
 
 
 
 
 
 
 
 
 
12/31/2015
 
$
1,670,020

 
 
 
$
1,553,949

 
 
 
10.29%
 
10.17%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(3)
 
128,193

 
 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(3)
 
604

 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
(420,201
)
 
 
 
 
 
 
 
 
 
 
 
3/31/2016
 
$
1,378,616

(4) 
 
 
$
1,652,321

 
 
 
10.35%
 
10.39%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(3)
 
125,993

 
 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(3)
 
255

 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
(147,683
)
 
 
 
 
 
 
 
 
 
 
 
6/30/2016
 
$
1,357,181

(4) 
 
 
$
1,373,151

 
 
 
9.50%
 
9.40%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net of unamortized fees, discounts, and premiums.
(2) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.
(3) Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(4) Excludes debt and preferred equity investments totaling $310.8 million with a weighted average current yield of 7.8% that are included in other balance sheet line items.


Supplemental Information
29
Second Quarter 2016

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
 
$
279,703

 
 
$

 
 
 
$
453

 
 
 
6.73%
 
 
6.97%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Junior Mortgage Participation
 
57,941

 
 
1,204,000

 
 
 
$
3,663

 
 
 
10.08%
 
 
10.07%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Debt
 
976,501

 
 
2,869,279

 
 
 
$
1,876

 
 
 
10.21%
 
 
10.12%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
43,036

 
 
131,452

 
 
 
$
407

 
 
 
7.97%
 
 
7.97%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
 
 
 
Balance as of 6/30/16
 
$
1,357,181

 
 
$
4,204,731

 
 
 
$
1,613

 
 
 
9.50%
 
 
9.40%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $310.8 million with a weighted average current yield of 7.8% that are included in
 
     other balance sheet line items.
 
 
 
 
 
 
 
 
(2) Approximately 67.2% of our investments are indexed to LIBOR.
 
 
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.
 
(4) The weighted average maturity of the outstanding balance is 1.36 years. Approximately 64.9% of our portfolio of investments have extension options, some of which may be subject to
 
     certain conditions for extension.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
30
Second Quarter 2016

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)


 
 
Book Value(1)
Property
 
 
 
Senior
 
 
 
Current
Investment Type
 
 
6/30/2016
 
Type
 
Location
 
Financing
 
Last $ PSF(3)
 
Yield(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jr. Mortgage Participation and Mezzanine Loans
 
 
$
189,380

 
Office
 
NYC
 
$
1,109,000

 
$
1,179

 
9.66%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
137,150

 
Commercial/Multi-Family Rental Land
 
NYC
 

 
$
265

 
9.60%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
105,278

 
Retail/Multi-Family Rental
 
NYC
 

 
$
712

 
9.74%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
99,811

 
Multi-Family Rental
 
NYC
 
360,000

 
$
844

 
8.37%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
72,271

 
Office/Retail
 
NYC
 
165,000

 
$
1,990

 
9.70%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
55,988

 
Office
 
NYC
 
502,100

 
$
512

 
8.77%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
55,217

 
Office
 
NYC
 
228,295

 
$
50

 
11.51%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
54,731

 
Office
 
NYC
 
156,383

 
$
532

 
9.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
52,827

 
Office
 
NYC
 
141,894

 
$
467

 
9.64%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
34,785

 
Residential
 
Brooklyn
 
175,000

 
$
623

 
8.35%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
$
857,438

 
 
 
 
 
$
2,837,672

 
 
 
9.48%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $310.8 million with a weighted average current yield of 7.8% which are included in other balance sheet
     line items.
(2) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.
(3) Reflects the last dollar of exposure to the Company's most junior position.


Supplemental Information
31
Second Quarter 2016

SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited


 
Ownership
 
 
 # of

Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs

 Sq. Feet

 
Sq. Feet

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
Cash Rent ($'s)
100
%
SLG%

Tenants

CONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Church Street
100.0
Downtown
Fee Interest
1

1,047,500

 
3.8

 
99.5

 
99.0

 
99.0

 
99.0

 
99.0

 
$
40,310,628

3.6

3.0

19

110 East 42nd Street
100.0
Grand Central
Fee Interest
1

215,400

 
0.8

 
91.8

 
97.8

 
98.5

 
98.5

 
99.9

 
10,077,496

0.9

0.7

23

125 Park Avenue
100.0
Grand Central
Fee Interest
1

604,245

 
2.2

 
98.7

 
98.7

 
97.8

 
88.0

 
87.1

 
40,267,805

3.6

3.0

24

220 East 42nd Street
100.0
Grand Central
Fee Interest
1

1,135,000

 
4.1

 
88.1

 
90.8

 
90.9

 
91.6

 
91.6

 
48,489,196

4.3

3.6

31

304 Park Avenue South
100.0
Midtown South
Fee Interest
1

215,000

 
0.8

 
99.1

 
83.8

 
75.7

 
90.9

 
90.3

 
14,125,740

1.3

1.0

12

420 Lexington Ave (Graybar)
100.0
Grand Central North
Leasehold Interest
1

1,188,000

 
4.3

 
98.1

 
97.1

 
98.4

 
97.0

 
99.3

 
78,382,264

6.9

5.8

206

461 Fifth Avenue (1)
100.0
Midtown
Leasehold Interest
1

200,000

 
0.7

 
99.9

 
99.9

 
99.9

 
99.9

 
96.8

 
18,359,564

1.6

1.3

12

485 Lexington Avenue
100.0
Grand Central North
Fee Interest
1

921,000

 
3.4

 
98.1

 
98.1

 
100.0

 
100.0

 
100.0

 
58,701,940

5.2

4.3

23

555 West 57th Street
100.0
Midtown West
Fee Interest
1

941,000

 
3.4

 
99.9

 
99.7

 
99.9

 
99.9

 
99.9

 
39,602,001

3.5

2.9

9

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
1

160,000

 
0.6

 
76.1

 
76.1

 
76.1

 
75.6

 
81.3

 
14,939,947

1.3

1.1

13

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
1

563,000

 
2.0

 
98.2

 
97.2

 
97.2

 
97.1

 
97.1

 
57,192,862

5.1

4.2

22

635 Sixth Avenue
100.0
Midtown South
Fee Interest
1

104,000

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
8,643,483

0.8

0.6

2

641 Sixth Avenue
100.0
Midtown South
Fee Interest
1

163,000

 
0.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
13,133,715

1.2

1.0

7

711 Third Avenue (2)
100.0
Grand Central North
Leasehold Interest
1

524,000

 
2.3

 
68.3

 
66.4

 
65.8

 
84.1

 
83.5

 
22,586,456

2.0

1.7

15

750 Third Avenue
100.0
Grand Central North
Fee Interest
1

780,000

 
2.8

 
97.5

 
96.0

 
97.5

 
97.5

 
97.3

 
46,193,391

4.1

3.4

32

810 Seventh Avenue
100.0
Times Square
Fee Interest
1

692,000

 
2.5

 
94.1

 
92.4

 
93.0

 
92.6

 
84.8

 
43,858,651

3.9

3.2

47

919 Third Avenue
51.0
Grand Central North
Fee Interest
1

1,454,000

 
5.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
96,378,816

 
3.6

11

1185 Avenue of the Americas
100.0
Rockefeller Center
Leasehold Interest
1

1,062,000

 
3.9

 
99.0

 
99.0

 
99.0

 
99.0

 
99.9

 
89,083,829

7.9

6.5

17

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
1

562,000

 
2.0

 
98.5

 
99.6

 
99.6

 
99.4

 
98.5

 
41,865,057

3.7

3.1

36

1515 Broadway
100.0
Times Square
Fee Interest
1

1,750,000

 
6.4

 
98.4

 
98.4

 
98.4

 
100.0

 
100.0

 
123,670,785

11.0

9.1

12

1 Madison Avenue
100.0
Park Avenue South
Fee Interest
1

1,176,900

 
4.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
68,378,145

6.1

5.0

2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
21

15,458,045

 
56.2
%
 
96.6
%
 
96.3
%
 
96.5
%
 
97.0
%
 
96.8
%
 
$
974,241,769

77.8
%
68.1
%
575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 Madison Avenue
100.0
Park Avenue South
Fee Interest
1

2,314,000

 
8.4

 
98.0

 
98.0

 
73.0

 
71.6

 
 N/A

 
$
132,900,969

11.8

9.8

9

30 East 40th Street
60.0
Grand Central South
Leasehold Interest
1

69,446

 
0.3

 
99.2

 
99.2

 
100.0

 
100.0

 
 N/A

 
4,574,184

 
0.2

61

110 Greene Street
90.0
Soho
Fee Interest
1

223,600

 
0.8

 
77.3

 
80.3

 
78.1

 
84.0

 
 N/A

 
10,341,078

 
0.7

61

600 Lexington Avenue
100.0
East Side
Fee Interest
1

303,515

 
1.1

 
92.5

 
95.3

 
95.5

 
91.1

 
89.6

 
21,495,054

1.9

1.6

33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
4

2,910,561

 
10.6
%
 
95.9
%
 
96.4
%
 
76.4
%
 
75.3
%
 
89.6
%
 
$
169,311,284

13.7
%
12.2
%
164

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Consolidated Properties
 
25

18,368,606

 
66.8
%
 
96.5
%
 
96.3
%
 
93.3
%
 
93.6
%
 
96.7
%
 
$
1,143,553,053

91.5
%
80.3
%
739

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNCONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
48.9
Columbus Circle
Fee Interest
1

530,981

 
1.9

 
96.4

 
95.5

 
86.8

 
86.8

 
83.4

 
$
47,549,952

 
1.7

33

100 Park Avenue
50.0
Grand Central South
Fee Interest
1

834,000

 
3.0

 
97.7

 
96.6

 
95.5

 
96.6

 
96.6

 
62,614,429

 
2.3

40

521 Fifth Avenue
50.5
Grand Central
Fee Interest
1

460,000

 
1.7

 
86.8

 
87.3

 
91.9

 
91.9

 
97.6

 
26,624,521

 
1.0

42

800 Third Avenue
60.5
Grand Central North
Fee Interest
1

526,000

 
1.9

 
96.2

 
95.6

 
96.1

 
97.2

 
98.4

 
33,628,824

 
1.5

41

1745 Broadway
56.9
Midtown
Fee Interest
1

674,000

 
2.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
41,529,618

 
1.7

1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
5

3,024,981

 
11.0
%
 
96.0
%
 
95.6
%
 
94.5
%
 
94.7
%
 
95.0
%
 
$
211,947,345

 
8.2
%
157

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
280 Park Avenue
50.0
Park Avenue
Fee Interest
1

1,219,158

 
4.4

 
81.7

 
81.0

 
80.7

 
72.9

 
69.3

 
$
102,208,090

 
3.8

30

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
1

1,219,158

 
4.4
%
 
81.7
%
 
81.0
%
 
80.7
%
 
72.9
%
 
69.3
%
 
$
102,208,090

 
3.8
%
30

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Unconsolidated Properties
 
6

4,244,139

 
15.4
%
 
91.9
%
 
91.4
%
 
90.6
%
 
88.7
%
 
88.0
%
 
$
314,155,435

 
12.0
%
187

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Manhattan Operating Properties Grand Total / Weighted Average
31

22,612,745

 
82.3
%
 
95.6
%
 
95.4
%
 
92.8
%
 
92.6
%
 
94.9
%
 
$
1,457,708,488

 
 
926

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
1,256,535,553

 
92.3
%
 
Manhattan Operating Properties Same Store Occupancy % (3)
 
 
18,483,026

 
81.7
%
 
96.5
%
 
96.2
%
 
96.2
%
 
96.7
%
 
96.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.
(2) The Company owns 50% of the fee interest.
(3) Manhattan same-store occupancy, inclusive of 194,733 square feet of leases signed but not yet commenced, is 97.4% as of June 30, 2016, as compared to 97.1% at June 30, 2015 and 97.4% at March 31, 2016.

Supplemental Information
32
Second Quarter 2016

SELECTED PROPERTY DATA
Suburban Operating Properties
Unaudited



 
Ownership
 
 
 # of
Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs
 Sq. Feet

 
Sq. Feet

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
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

 
0.3

 
74.8

 
74.8

 
74.8

 
74.8

 
74.8

 
$
1,834,632

0.2

0.1

2

1100 King Street - 2 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
1
90,000

 
0.3

 
59.2

 
59.2

 
59.2

 
30.3

 
30.3

 
1,377,860

0.1

0.1

3

1100 King Street - 3 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
1
90,000

 
0.3

 
52.2

 
52.2

 
5.8

 
21.7

 
21.7

 
1,039,659

0.1

0.1

2

1100 King Street - 4 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
1
90,000

 
0.3

 
85.8

 
85.8

 
85.8

 
85.8

 
85.8

 
2,147,293

0.2

0.2

10

1100 King Street - 5 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
1
90,000

 
0.3

 
88.8

 
87.7

 
87.7

 
87.7

 
93.1

 
1,961,461

0.2

0.1

9

1100 King Street - 6 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
1
90,000

 
0.3

 
56.7

 
56.7

 
56.7

 
56.7

 
56.7

 
1,524,007

0.1

0.1

3

520 White Plains Road
100.0
Tarrytown, New York
Fee Interest
1
180,000

 
0.7

 
94.4

 
98.3

 
98.3

 
99.0

 
99.0

 
4,176,038

0.4

0.3

12

115-117 Stevens Avenue
100.0
Valhalla, New York
Fee Interest
1
178,000

 
0.6

 
49.5

 
78.7

 
77.2

 
75.1

 
75.6

 
1,588,204

0.1

0.1

10

100 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
1
250,000

 
0.9

 
52.2

 
52.2

 
47.1

 
72.9

 
72.9

 
3,427,664

0.3

0.3

10

200 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
1
245,000

 
0.9

 
94.5

 
94.5

 
82.7

 
81.2

 
81.1

 
5,757,253

0.5

0.4

8

500 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
1
228,000

 
0.8

 
97.8

 
97.8

 
97.8

 
97.8

 
96.6

 
5,328,780

0.5

0.4

7

360 Hamilton Avenue
100.0
White Plains, New York
Fee Interest
1
384,000

 
1.4

 
97.8

 
98.4

 
94.7

 
94.0

 
92.3

 
14,341,151

1.3

1.1

20

                               "Same Store" Westchester, New York Subtotal/Weighted Average
12
2,005,000

 
8.3
%
 
79.5
%
 
82.5
%
 
77.5
%
 
79.7
%
 
79.5
%
 
$
44,504,002

3.9
%
3.3
%
96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Connecticut
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1
312,000

 
1.1

 
88.2

 
92.5

 
94.6

 
98.3

 
95.9

 
$
8,742,606

0.8

0.6

63

2 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1
46,000

 
0.2

 
73.9

 
73.9

 
76.5

 
76.5

 
76.5

 
753,773

0.1

0.1

7

3 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1
130,000

 
0.5

 
76.4

 
73.0

 
69.1

 
59.0

 
59.0

 
3,278,888

0.3

0.2

20

4 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1
105,000

 
0.4

 
92.4

 
92.4

 
86.5

 
86.5

 
87.6

 
3,266,083

0.3

0.2

14

5 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1
61,000

 
0.2

 
99.0

 
99.0

 
99.0

 
99.3

 
99.3

 
1,049,119

0.1

0.1

10

6 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1
172,000

 
0.6

 
93.7

 
91.9

 
86.0

 
86.0

 
86.0

 
4,064,063

0.4

0.3

7

7 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1
36,800

 
0.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
728,423

0.1

0.1

2

680 Washington Boulevard
51.0
Stamford, Connecticut
Fee Interest
1
133,000

 
0.5

 
87.6

 
87.0

 
88.9

 
88.9

 
88.9

 
5,151,462

 
0.2

9

750 Washington Boulevard
51.0
Stamford, Connecticut
Fee Interest
1
192,000

 
0.7

 
96.4

 
97.9

 
99.1

 
97.8

 
97.8

 
7,961,168

 
0.3

9

1055 Washington Boulevard
100.0
Stamford, Connecticut
Leasehold Interest
1
182,000

 
0.7

 
79.6

 
75.6

 
74.7

 
80.4

 
88.0

 
5,319,754

0.5

0.4

22

1010 Washington Boulevard
100.0
Stamford, Connecticut
Fee Interest
1
143,400

 
0.5

 
79.3

 
76.9

 
75.3

 
73.8

 
75.6

 
3,662,830

0.3

0.3

22

500 West Putnam Avenue
100.0
Greenwich, Connecticut
Fee Interest
1
121,500

 
0.4

 
53.8

 
53.8

 
53.8

 
53.8

 
53.8

 
3,093,417

0.3

0.2

10

                              "Same Store" Connecticut Subtotal/Weighted Average
12
1,634,700

 
4.9
%
 
85.0
%
 
84.8
%
 
84.1
%
 
84.3
%
 
84.9
%
 
$
47,071,587

3.0
%
3.0
%
195

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" New Jersey
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
125 Chubb Way
100.0
Lyndhurst, New Jersey
Fee Interest
1
278,000

 
1.0

 
66.2

 
66.2

 
66.2

 
66.2

 
66.2

 
$
4,379,383

0.4

0.3

6

                              "Same Store" New Jersey Subtotal/Weighted Average
1
278,000

 
1.0
%
 
66.2
%
 
66.2
%
 
66.2
%
 
66.2
%
 
66.2
%
 
$
4,379,383

0.4
%
0.3
%
6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Brooklyn, New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16 Court Street
100.0
Brooklyn, New York
Fee Interest
1
317,600

 
1.2

 
97.3

 
96.4

 
95.5

 
94.6

 
95.6

 
$
12,961,524

1.1

1.0

70

                              "Same Store" Brooklyn, New York Subtotal/Weighted Average
1
317,600

 
1.2
%
 
97.3
%
 
96.4
%
 
95.5
%
 
94.6
%
 
95.6
%
 
$
12,961,524

1.1
%
1.0
%
70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Consolidated Properties
 
26
4,235,300

 
15.4
%
 
82.1
%
 
83.4
%
 
80.6
%
 
81.7
%
 
81.9
%
 
$
108,916,496

8.5
%
7.5
%
367

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNCONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jericho Plaza
11.67
Jericho, New York
Fee Interest
2
640,000

 
2.3

 
71.0

 
71.0

 
66.9

 
66.8

 
70.0

 
$
15,881,340

 
0.1

34

                              "Non Same Store" Subtotal/Weighted Average
 
2
640,000

 
2.3
%
 
71.0
%
 
71.0
%
 
66.9
%
 
66.8
%
 
70.0
%
 
$
15,881,340

 
0.1
%
34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Unconsolidated Properties
 
2
640,000

 
2.3
%
 
71.0
%
 
71.0
%
 
68.9
%
 
68.9
%
 
71.8
%
 
$
15,881,340

 
0.1
%
34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Suburban Operating Properties Grand Total / Weighted Average
 
28
4,875,300

 
17.7
%
 
80.6
%
 
81.7
%
 
78.8
%
 
79.8
%
 
80.4
%
 
$
124,797,836

 
 
401

Suburban Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
104,344,659

 
7.7
%
 
Suburban Operating Properties Same Store Occupancy % (1)
 
 
4,235,300

 
86.9
%
 
82.1
%
 
83.4
%

80.6
%

81.7
%

81.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Suburban same-store occupancy, inclusive of 38,815 square feet of leases signed but not yet commenced, is 83.0% as of June 30, 2016, as compared to 83.6% at June 30, 2015 and 84.0% at March 31, 2016.
 
 

Supplemental Information
33
Second Quarter 2016

SELECTED PROPERTY DATA
Retail and Residential Properties
Unaudited



 
Ownership
 
 
# of
Usable

 
% of Total

 
Occupancy (%)
Annualized
Annualized
Gross Total RE

Total
Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Sq. Feet

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
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

 
2.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$
2,586,670

1.1

$
15,482,404

1
19-21 East 65th Street (1)
90.0
Plaza District
Leasehold Interest
2
23,610

 
3.0

 
77.5

 
77.5

 
60.5

 
66.0

 
66.0

 
1,145,068

1.5

7,550,881

15
21 East 66th Street
32.3
Plaza District
Fee Interest
1
13,069

 
2.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,672,295

1.7

81,646,928

1
121 Greene Street
50.0
Soho
Fee Interest
1
7,131

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,369,639

1.0

28,255,044

2
315 West 33rd Street - The Olivia
100.0
Penn Station
Fee Interest
1
270,132

 
33.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
14,903,527

21.1

215,650,986

10
717 Fifth Avenue
10.9
Midtown/Plaza District
Fee Interest
1
119,550

 
15.0

 
81.1

 
85.0

 
85.0

 
85.0

 
89.4

 
39,634,729

6.1

279,917,006

5
724 Fifth Avenue
50.0
Plaza District
Fee Interest
1
65,010

 
8.0

 
90.1

 
83.1

 
83.1

 
83.1

 
83.1

 
22,678,212

16.0

226,658,547

9
752-760 Madison Avenue
100.0
Plaza District
Fee Interest
1
21,124

 
3.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
12,954,824

18.3

295,426,572

1
762 Madison Avenue (1)
90.0
Plaza District
Fee Interest
1
6,109

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,786,880

2.3

16,704,723

5
Williamsburg Terrace
100.0
Brooklyn, New York
Fee Interest
1
52,000

 
6.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,786,484

2.5

16,357,696

3
                               Subtotal/Weighted Average
 
 
11
594,885

 
73.0
%
 
94.2
%
 
94.3
%
 
93.6
%
 
93.8
%
 
94.7
%
 
$
102,518,328

71.5
%
$
1,183,650,787

52
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store" Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5-7 Dey Street
100.0
Lower Manhattan
Fee Interest
1
70,000

 
9.0

 
59.4

 
69.6

 
75.4

 
90.0

 
 N/A

 
$
1,490,427

2.1

$
49,708,863

22
183 Broadway
100.0
Lower Manhattan
Fee Interest
1
9,100

 
1.0

 
58.3

 
58.3

 
 N/A

 
 N/A

 
 N/A

 
447,420

0.6

29,600,000

3
187 Broadway
100.0
Lower Manhattan
Fee Interest
1
3,600

 
0.0

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
625,900

0.9

13,447,452

1
102 Greene Street
100.0
Soho
Fee Interest
1
9,200

 
1.0

 
54.3

 

 
54.3

 
54.3

 
54.3

 
360,000

0.5

34,586,359

1
115 Spring Street
100.0
Soho
Fee Interest
1
5,218

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,800,000

4.0

53,606,046

1
131-137 Spring Street
20.0
Soho
Fee Interest
2
68,342

 
8.0

 
93.9

 
93.9

 
93.9

 
100.0

 
100.0

 
11,676,003

3.3

277,736,039

9
1552-1560 Broadway
50.0
Times Square
Fee Interest
2
57,718

 
7.0

 
67.5

 
67.5

 
67.5

 
67.5

 
67.5

 
24,252,528

17.1

254,797,584

2
                               Subtotal/Weighted Average
 
 
9
223,178

 
27.0
%
 
73.4
%
 
74.4
%
 
79.3
%
 
86.0
%
 
83.7
%
 
$
41,652,278

28.5
%
$
713,482,343

39
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Retail Properties
 
 
20
818,063

 
100.0
%
 
88.6
%
 
88.8
%
 
89.8
%
 
91.7
%
 
92.6
%
 
$
144,170,605

100.0
%
$
1,897,133,131

91
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
# of
 Useable

 
 
 
Occupancy (%)
 
Average Monthly (2)
Annualized
Gross Total RE

 
Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Total Units

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
Rent Per Unit ($'s)
Cash Rent ($'s)
Book Value

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
315 West 33rd Street - The Olivia
100.0
Penn Station
Fee Interest
 
222,855

 
333

 
92.8

 
95.2

 
89.5

 
91.0

 
96.4

 
$
4,059

$
15,001,116

$
177,908,950

 
400 East 57th Street (1)
90.0
Upper East Side
Fee Interest
1
290,482

 
261

 
93.5

 
92.7

 
92.3

 
94.6

 
93.9

 
3,340

11,104,820

125,367,235

 
400 East 58th Street (1)
90.0
Upper East Side
Fee Interest
1
140,000

 
126

 
92.9

 
92.8

 
95.2

 
95.2

 
94.4

 
3,292

5,124,412

55,078,789

 
1080 Amsterdam (1)
92.5
Upper West Side
Leasehold Interest
1
82,250

 
96

 
91.7

 
96.9

 
96.9

 
96.9

 
96.9

 
3,803

4,267,500

46,592,216

 
                               Subtotal/Weighted Average
 
 
3
735,587

 
816

 
92.9
%
 
94.2
%
 
92.2
%
 
93.5
%
 
95.3
%
 
$
3,679

$
35,497,848

$
404,947,190

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store" Residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upper East Side Residential
95.1
Upper East Side
Fee Interest
1
27,000

 
28

 
42.9

 
42.9

 
85.7

 
85.7

 
96.4

 
$
1,379

$
648,395

$
48,883,635

 
605 West 42nd Street
20.0
Midtown West
Fee Interest
1
927,358

 
1,176

 

 
 N/A

 
 N/A

 
 N/A

 
 N/A

 


680,008,718

 
Stonehenge Portfolio
Various
 
Fee Interest
16
2,029,924

 
2,191

 
94.6

 
94.8

 
94.3

 
94.6

 
96.9

 
3,722

103,304,402

975,954,101

 
                               Subtotal/Weighted Average
 
 
18
2,984,282

 
3,395

 
61.4
%
 
94.1
%
 
94.2
%
 
94.5
%
 
96.9
%
 
$
3,708

$
103,952,797

$
1,704,846,454

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Residential Properties
 
 
21
3,719,869

 
4,211

 
67.5
%
 
94.2
%
 
93.6
%
 
94.2
%
 
96.5
%
 
$
3,701

$
139,450,644

$
2,109,793,644

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Stonehenge Portfolio Property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Calculated based on occupied units
 
 
 
 
 




Supplemental Information
34
Second Quarter 2016

SELECTED PROPERTY DATA
Development / Redevelopment and Land Properties
Unaudited



 
Ownership
 
 
# of
 Useable

 
% of Total
 
Occupancy (%)
Annualized
Annualized
Gross Total RE

Total

Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Sq. Feet

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
Cash Rent ($'s)
Cash Rent (SLG%)
Book Value

Tenants

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development / Redevelopment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One Vanderbilt
100.0
Grand Central
Fee Interest
1

 

 

 

 

 

 
 N/A

 
$


$
293,388,907


10 East 53rd Street
55.0
Plaza District
Fee Interest
1
354,300

 
46.0

 
46.1

 
45.9

 
41.6

 
43.9

 
31.1

 
14,224,892

68.2

335,847,105

17

562 Fifth Avenue
100.0
Plaza District
Fee Interest
1
42,635

 
5.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,100,000

18.3

68,753,742

1

650 Fifth Avenue
50.0
Plaza District
Leasehold Interest
1
32,324

 
4.0

 
10.5

 
10.5

 
10.5

 
10.5

 
10.5

 
1,341,662

5.9

294,609,513

3

719 Seventh Avenue
75.0
Times Square
Fee Interest
1

 

 

 

 

 

 

 


55,666,108


175-225 Third Street
95.0
Brooklyn, New York
Fee Interest
1

 

 

 

 

 

 

 


77,872,928


55 West 46th Street
25.0
Midtown
Fee Interest
1
347,000

 
45.0

 
17.1

 
8.1

 

 

 

 
3,135,698

6.8

316,693,905

2

1640 Flatbush Avenue
100.0
Brooklyn, New York
Fee Interest
1
1,000

 

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
85,152

0.7

6,654,208

1

Total / Weighted Average Development / Redevelopment Properties
 
8
777,259

 
100.0
%
 
34.7
%
 
30.6
%
 
25.0
%
 
26.1
%
 
20.2
%
 
$
20,887,404

100.0
%
$
1,449,486,415

24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
635 Madison Avenue (1)
100.0
Plaza District
Fee Interest
1
176,530

 
100.0
 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$
3,677,574

100.0

$
153,745,356

 
Total / Weighted Average Land
 
1
176,530

 
100.0%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
$
3,677,574

100.0
%
$
153,745,356

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


Supplemental Information
35
Second Quarter 2016

SELECTED PROPERTY DATA
Retail Properties
Unaudited



 
Ownership
 
 
 # of

 Useable

 
% of Total

 
Occupancy (%)
 
Annualized Retail
Annualized Retail Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs

 Sq. Feet

 
Sq. Feet

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
Cash Rent ($'s)
100
%
SLG

Tenants

HIGH STREET RETAIL - Consolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5-7 Dey Street
100.0
Lower Manhattan
Fee Interest
1

70,000

 
3.4

 
59.4

 
69.6

 
75.4

 
90.0

 
 N/A

 
$
1,490,427

0.5

0.7

22

19-21 East 65th Street
90.0
Plaza District
Leasehold Interest
2

23,610

 
1.2

 
77.5

 
77.5

 
60.5

 
66.0

 
66.0

 
1,145,068

0.4

0.5

15

102 Greene Street
100.0
Soho
Fee Interest
1

9,200

 
0.4

 
54.3

 

 
54.3

 
54.3

 
54.3

 
360,000

0.1

0.2

1

115 Spring Street
100.0
Soho
Fee Interest
1

5,218

 
0.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,800,000

0.9

1.4

1

183 Broadway
100.0
Lower Manhattan
Fee Interest
1

9,100

 
0.4

 
58.3

 
58.3

 
 N/A

 
 N/A

 
 N/A

 
447,420

0.1

0.2

3

187 Broadway
100.0
Lower Manhattan
Fee Interest
1

3,600

 
0.2

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
625,900

0.2

0.3

1

315 West 33rd Street - The Olivia
100.0
Penn Station
Fee Interest
1

217,519

 
10.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
12,082,681

3.9

5.9

9

719 Seventh Avenue
75.0
Times Square
Fee Interest
1


 
0.0

 

 

 

 

 

 

0.0

0.0


752-760 Madison Avenue
100.0
Plaza District
Fee Interest
1

21,124

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
12,954,824

4.2

6.3

1

762 Madison Avenue
90.0
Plaza District
Fee Interest
1

6,109

 
0.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,786,880

0.6

0.8

5

Williamsburg Terrace
100.0
Brooklyn, New York
Fee Interest
1

52,000

 
2.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,786,484

0.6

0.9

3

1640 Flatbush Avenue
100.0
Brooklyn, New York
Fee Interest
1

1,000

 
0.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
85,152

0.0

0.0

1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
13

418,480

 
20.4
%
 
90.0
%
 
90.5
%
 
92.5
%
 
95.3
%
 
96.4
%
 
$
35,564,835

11.6
%
17.3
%
62

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HIGH STREET RETAIL - Unconsolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 West 34th Street
30.0
Herald Square/Penn Station
Fee Interest
1

17,150

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$
2,586,670

0.8

0.4

1

21 East 66th Street
32.28
Plaza District
Fee Interest
1

13,069

 
0.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,672,295

1.2

0.6

1

121 Greene Street
50.0
Soho
Fee Interest
1

7,131

 
0.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,369,639

0.4

0.3

2

131-137 Spring Street
20.0
Soho
Fee Interest
2

68,342

 
3.3

 
93.9

 
93.9

 
93.9

 
100.0

 
100.0

 
11,676,003

3.8

1.1

9

650 Fifth Avenue
50.0
Plaza District
Leasehold Interest
1

32,324

 
1.6

 
10.5

 
10.5

 
10.5

 
10.5

 
10.5

 
1,341,662

0.4

0.3

3

717 Fifth Avenue
10.92
Midtown/Plaza District
Fee Interest
1

119,550

 
5.8

 
81.1

 
85.0

 
85.0

 
85.0

 
89.4

 
39,634,729

12.9

2.1

5

724 Fifth Avenue
50.0
Plaza District
Fee Interest
1

65,010

 
3.2

 
90.1

 
83.1

 
83.1

 
83.1

 
83.1

 
22,678,212

7.4

5.5

9

1552-1560 Broadway
50.0
Times Square
Fee Interest
2

57,718

 
2.8

 
67.5

 
67.5

 
67.5

 
67.5

 
67.5

 
24,252,528

7.9

5.9

2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
10

380,294

 
18.6
%
 
78.7
%
 
78.8
%
 
78.8
%
 
79.9
%
 
81.3
%
 
$
107,211,738

34.9
%
16.4
%
32

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Prime Retail
 
23

798,774

 
39.0
%
 
84.7
%
 
84.9
%
 
85.9
%
 
87.9
%
 
88.3
%
 
$
142,776,573

46.5
%
33.6
%
94

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER RETAIL - Consolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 Madison Avenue
100.0
Park Avenue South
Fee Interest
1

38,800

 
1.9

 
97.7

 
97.7

 
90.2

 
90.2

 
 N/A

 
$
3,530,249

1.2

1.7

5

100 Church Street
100.0
Downtown
Fee Interest
1

49,992

 
2.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,770,817

0.9

1.4

7

110 Greene Street
90.0
Soho
Fee Interest
1

16,121

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
2,856,469

0.9

1.3

5

125 Park Avenue
100.0
Grand Central
Fee Interest
1

32,124

 
1.6

 
100.0

 
100.0

 
68.4

 
64.3

 
43.9

 
4,662,481

1.5

2.3

6

220 East 42nd Street
100.0
Grand Central
Fee Interest
1

49,970

 
2.4

 
77.6

 
84.3

 
96.5

 
96.5

 
96.5

 
2,811,018

0.9

1.4

4

Upper East Side Residential
95.1
Upper East Side
Fee Interest
1

4,150

 
0.2

 
88.0

 
88.0

 
88.0

 
88.0

 
88.0

 
449,868

0.1

0.2

4

304 Park Avenue South
100.0
Midtown South
Fee Interest
1

25,330

 
1.2

 
87.0

 
87.0

 
87.0

 
87.0

 
100.0

 
2,688,301

0.9

1.3

5

400 East 57th Street
90.0
Upper East Side
Fee Interest
1

13,772

 
0.7

 
49.2

 
55.4

 
55.4

 
55.4

 
55.4

 
1,406,718

0.5

0.6

8

400 East 58th Street
90.0
Upper East Side
Fee Interest
1

3,156

 
0.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
541,366

0.2

0.2

5

420 Lexington Ave (Graybar)
100.0
Grand Central North
Leasehold Interest
1

49,375

 
2.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
4,211,129

1.4

2.1

6

461 Fifth Avenue
100.0
Midtown
Leasehold Interest
1

16,248

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,061,360

0.7

1.0

2

485 Lexington Avenue
100.0
Grand Central North
Fee Interest
1

45,394

 
2.2

 
62.1

 
62.1

 
100.0

 
100.0

 
100.0

 
3,226,203

1.1

1.6

4

555 West 57th Street
100.0
Midtown West
Fee Interest
1

60,389

 
2.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,742,869

0.6

0.9

2

600 Lexington Avenue
100.0
East Side
Fee Interest
1

4,264

 
0.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
813,927

0.3

0.4

2

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
1

46,019

 
2.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
9,403,528

3.1

4.6

1

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
1

74,937

 
3.7

 
97.8

 
90.6

 
89.3

 
89.3

 
89.3

 
21,514,001

7.0

10.5

16

635 Sixth Avenue
100.0
Midtown South
Fee Interest
1

23,250

 
1.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,094,589

1.0

1.5

1

641 Sixth Avenue
100.0
Midtown South
Fee Interest
1

28,500

 
1.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,358,063

1.1

1.6

2

711 Third Avenue
100.0
Grand Central North
Leasehold Interest
1

25,639

 
1.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,852,928

0.9

1.4

3

750 Third Avenue
100.0
Grand Central North
Fee Interest
1

24,827

 
1.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,617,736

0.9

1.3

7

810 Seventh Avenue
100.0
Times Square
Fee Interest
1

13,470

 
0.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,772,009

1.2

1.8

4

919 Third Avenue
51.0
Grand Central North
Fee Interest
1

31,004

 
1.5

 
100.0

 
100.0

 
100.0

 
100.0

 
98.9

 
3,488,646

1.1

0.9

5

1080 Amsterdam
92.5
Upper West Side
Leasehold Interest
1

1,800

 
0.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
252,000

0.1

0.1

1

1185 Avenue of the Americas
100.0
Rockefeller Center
Leasehold Interest
1

37,326

 
1.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
6,289,484

2.0

3.1

5

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
1

17,797

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,291,568

0.7

1.1

5

1515 Broadway
100.0
Times Square
Fee Interest
1

185,333

 
9.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
27,713,832

9.0

13.6

7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
26

918,987

 
44.9
%
 
95.5
%
 
95.3
%
 
96.3
%
 
96.2
%
 
96.0
%
 
$
120,421,158

39.2
%
57.8
%
122


Supplemental Information
36
Second Quarter 2016

SELECTED PROPERTY DATA - CONTINUED
Retail Properties
Unaudited



 
Ownership
 
 
 # of

 Useable

 
% of Total
 
Occupancy (%)
 
Annualized Retail
Annualized Retail Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Sq. Feet
 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
Cash Rent ($'s)
100%
SLG
Tenants

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER RETAIL - Unconsolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
48.9
Columbus Circle
Fee Interest
1

75,165

 
3.7

 
100.0

 
100.0

 
87.2

 
87.2

 
87.2

 
$
19,348,779

6.3

4.6

6

10 East 53rd Street
55.0
Plaza District
Fee Interest
1

39,340

 
1.9

 
100.0

 
100.0

 
100.0

 
81.7

 
81.7

 
3,263,920

1.1

0.9

3

30 East 40th Street
60.0
Grand Central South
Leasehold Interest
1

4,461

 
0.2

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
406,951

0.1

0.1

5

55 West 46th Street
25.0
Midtown
Leasehold Interest
1

1,191

 
0.1

 
100.0

 
100.0

 

 

 

 
209,854

0.1

0.0

1

100 Park Avenue
50.0
Grand Central South
Fee Interest
1

40,022

 
2.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,300,654

1.1

0.8

9

280 Park Avenue
50.0
Park Avenue
Fee Interest
1

18,545

 
0.9

 
18.9

 
18.9

 
18.9

 
18.9

 
18.9

 
786,093

0.3

0.2

2

521 Fifth Avenue
50.5
Grand Central
Fee Interest
1

53,157

 
2.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
4,943,809

1.6

1.2

3

800 Third Avenue
60.5
Grand Central North
Fee Interest
1

9,900

 
0.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,915,648

0.6

0.6

2

Stonehenge Portfolio
Various
 
Fee Interest
10

88,984

 
4.3

 
82.7

 
80.3

 
80.3

 
82.5

 
79.0

 
9,502,384

3.1

0.1

33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
18

330,765

 
16.1
%
 
90.8
%
 
90.1
%
 
86.9
%
 
85.3
%
 
84.1
%
 
$
43,678,091

14.2
%
8.5
%
64

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Other Retail
 
44

1,249,752

 
61.0
%
 
94.1
%
 
93.8
%
 
93.8
%
 
93.3
%
 
92.7
%
 
$
164,099,249

53.5
%
66.4
%
186

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Grand Total / Weighted Average
 
 
67

2,048,526

 
100.0
%
 
90.5
%
 
90.4
%
 
90.8
%
 
91.2
%
 
91.1
%
 
$
306,875,823

100.0
%
 
280

Retail Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
204,343,084

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
37
Second Quarter 2016

SELECTED PROPERTY DATA
Reckson Operating Portfolio - Consolidated Properties
Unaudited



 
Ownership
 
 
 Useable

 
% of Total

 
Occupancy (%)
 
Annualized Cash Rent ($'s)
Annualized Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Sq. Feet

 
Sq. Feet

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
100
%
SLG%

Tenants

Manhattan Operating Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
110 East 42nd Street
100.0
Grand Central
Fee Interest
215,400

 
1.8

 
91.8

 
97.8

 
98.5

 
98.5

 
99.9

 
$
10,077,496

1.9

1.7

23

125 Park Avenue
100.0
Grand Central
Fee Interest
604,245

 
5.1

 
98.7

 
98.7

 
97.8

 
88.0

 
87.1

 
40,267,805

7.6

6.7

24

304 Park Avenue South (1)
100.0
Midtown South
Fee Interest
215,000

 
1.8

 
99.1

 
83.8

 
75.7

 
90.9

 
90.3

 
14,125,740

2.7

2.4

12

461 Fifth Avenue
100.0
Midtown
Leasehold Interest
200,000

 
1.7

 
99.9

 
99.9

 
99.9

 
99.9

 
96.8

 
18,359,564

3.5

3.1

12

555 West 57th Street
100.0
Midtown West
Fee Interest
941,000

 
8.0

 
99.9

 
99.7

 
99.9

 
99.9

 
99.9

 
39,602,001

7.5

6.6

9

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
160,000

 
1.4

 
76.1

 
76.1

 
76.1

 
75.6

 
81.3

 
14,939,947

2.8

2.5

13

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
563,000

 
4.8

 
98.2

 
97.2

 
97.2

 
97.1

 
97.1

 
57,192,862

10.8

9.6

22

635 Sixth Avenue
100.0
Midtown South
Fee Interest
104,000

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
8,643,483

1.6

1.4

2

641 Sixth Avenue
100.0
Midtown South
Fee Interest
163,000

 
1.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
13,133,715

2.5

2.2

7

711 Third Avenue (2)
100.0
Grand Central North
Leasehold Interest
524,000

 
4.5

 
68.3

 
66.4

 
65.8

 
84.1

 
83.5

 
22,586,456

4.2

3.8

15

750 Third Avenue
100.0
Grand Central North
Fee Interest
780,000

 
6.6

 
97.5

 
96.0

 
97.5

 
97.5

 
97.3

 
46,193,391

8.7

7.7

32

810 Seventh Avenue
100.0
Times Square
Fee Interest
692,000

 
5.9

 
94.1

 
92.4

 
93.0

 
92.6

 
84.8

 
43,858,651

8.3

7.4

47

919 Third Avenue
51.0
Grand Central North
Fee Interest
1,454,000

 
12.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
96,378,816

 
8.2

11

1185 Avenue of the Americas
100.0
Rockefeller Center
Leasehold Interest
1,062,000

 
9.0

 
99.0

 
99.0

 
99.0

 
99.0

 
99.9

 
89,083,829

16.8

14.9

17

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
562,000

 
4.8

 
98.5

 
99.6

 
99.6

 
99.4

 
98.5

 
41,865,057

7.9

7.0

36

Subtotal / Weighted Average
 
8,239,645

 
70.1
%
 
96.1
%
 
95.4
%
 
95.3
%
 
96.1
%
 
95.5
%
 
$
556,308,812

86.5
%
85.3
%
282

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
110 Greene Street
90.0
Soho
Fee Interest
223,600

 
1.9

 
77.3

 
80.3

 
78.1

 
84.0

 
 N/A

 
$
10,341,078

 
1.6

61

Subtotal / Weighted Average
 
223,600

 
1.9
%
 
77.3
%
 
80.3
%
 
78.1
%
 
84.0
%
 
%
 
$
10,341,078

 
1.6
%
61

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Manhattan Consolidated Properties
 
8,463,245

 
72.0
%
 
95.6
%
 
95.0
%
 
94.9
%
 
95.8
%
 
95.5
%
 
$
566,649,890

86.5
%
 
343

Total Manhattan Consolidated Properties - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
518,390,162

 
86.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Suburban Operating Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Westchester, New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1100 King Street - 1 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
90,000

 
0.8

 
74.8

 
74.8

 
74.8

 
74.8

 
74.8

 
$
1,834,632

0.3

0.3

2

1100 King Street - 2 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
90,000

 
0.8

 
59.2

 
59.2

 
59.2

 
30.3

 
30.3

 
1,377,860

0.3

0.2

3

1100 King Street - 3 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
90,000

 
0.8

 
52.2

 
52.2

 
5.8

 
21.7

 
21.7

 
1,039,659

0.2

0.2

2

1100 King Street - 4 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
90,000

 
0.8

 
85.8

 
85.8

 
85.8

 
85.8

 
85.8

 
2,147,293

0.4

0.4

10

1100 King Street - 5 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
90,000

 
0.8

 
88.8

 
87.7

 
87.7

 
87.7

 
93.1

 
1,961,461

0.4

0.3

9

1100 King Street - 6 Int'l Drive
100.0
Rye Brook, New York
Fee Interest
90,000

 
0.8

 
56.7

 
56.7

 
56.7

 
56.7

 
56.7

 
1,524,007

0.3

0.3

3

520 White Plains Road
100.0
Tarrytown, New York
Fee Interest
180,000

 
1.5

 
94.4

 
98.3

 
98.3

 
99.0

 
99.0

 
4,176,038

0.8

0.7

12

115-117 Stevens Avenue
100.0
Valhalla, New York
Fee Interest
178,000

 
1.5

 
49.5

 
78.7

 
77.2

 
75.1

 
75.6

 
1,588,204

0.3

0.3

10

100 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
250,000

 
2.1

 
52.2

 
52.2

 
47.1

 
72.9

 
72.9

 
3,427,664

0.6

0.6

10

200 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
245,000

 
2.1

 
94.5

 
94.5

 
82.7

 
81.2

 
81.1

 
5,757,253

1.1

1.0

8

500 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
228,000

 
1.9

 
97.8

 
97.8

 
97.8

 
97.8

 
96.6

 
5,328,780

1.0

0.9

7

360 Hamilton Avenue
100.0
White Plains, New York
Fee Interest
384,000

 
3.3

 
97.8

 
98.4

 
94.7

 
94.0

 
92.3

 
14,341,151

2.7

2.4

20

                               Westchester, New York Subtotal / Weighted Average
 
2,005,000

 
17.1
%
 
79.5
%
 
82.5
%
 
77.5
%
 
79.7
%
 
79.5
%
 
$
44,504,002

8.4
%
7.5
%
96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Connecticut
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
36,800

 
0.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$
728,423

0.1

0.1

2

680 Washington Boulevard
51.0
Stamford, Connecticut
Fee Interest
133,000

 
1.1

 
87.6

 
87.0

 
88.9

 
88.9

 
88.9

 
5,151,462

 
0.4

9

750 Washington Boulevard
51.0
Stamford, Connecticut
Fee Interest
192,000

 
1.6

 
96.4

 
97.9

 
99.1

 
97.8

 
97.8

 
7,961,168

 
0.7

9

1055 Washington Boulevard
100.0
Stamford, Connecticut
Leasehold Interest
182,000

 
1.5

 
79.6

 
75.6

 
74.7

 
80.4

 
88.0

 
5,319,754

1.0

0.9

22

1010 Washington Boulevard
100.0
Stamford, Connecticut
Fee Interest
143,400

 
1.2

 
79.3

 
76.9

 
75.3

 
73.8

 
75.6

 
3,662,830

0.7

0.6

22

                              Connecticut Subtotal/Weighted Average
 
687,200

 
5.8
%
 
86.9
%
 
85.6
%
 
85.8
%
 
86.6
%
 
89.0
%
 
$
22,823,637

1.8
%
2.7
%
64

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" New Jersey
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
125 Chubb Way
100.0
Lyndhurst, New Jersey
Fee Interest
278,000

 
2.4

 
66.2

 
66.2

 
66.2

 
66.2

 
66.2

 
$
4,379,383

0.8

0.7

6

                              New Jersey Subtotal / Weighted Average
 
278,000

 
2.4
%
 
66.2
%
 
66.2
%
 
66.2
%
 
66.2
%
 
66.2
%
 
$
4,379,383

0.8
%
0.7
%
6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Brooklyn, New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16 Court Street
100.0
Brooklyn, New York
Fee Interest
317,600

 
2.7

 
97.3

 
96.4

 
95.5

 
94.6

 
95.6

 
$
12,961,524

2.4

2.2

70

                              Brooklyn, New York Subtotal / Weighted Average
 
317,600

 
2.7
%
 
97.3
%
 
96.4
%
 
95.5
%
 
94.6
%
 
95.6
%
 
$
12,961,524

2.4
%
2.2
%
70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Suburban Consolidated Properties
 
3,287,800

 
28.0
%
 
81.6
%
 
83.1
%
 
80.0
%
 
81.5
%
 
81.9
%
 
$
84,668,546

13.5
%
 
236

Total Suburban Consolidated Properties - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
78,243,357

 
13.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reckson Operating Properties Grand Total / Weighted Average
 
11,751,045

 
100.0
%
 
91.7
%
 
91.7
%
 
90.7
%
 
91.8
%
 
91.6
%
 
$
651,318,436

100.0
%
 
579

Reckson Operating Properties Grand Total - SLG Share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
596,633,520

 
100.0
%
 
Reckson Operating Properties Same Store Occupancy %
 
11,527,445

 
98.1
%
 
92.0
%
 
91.9
%
 
91.0
%
 
91.9
%
 
91.6
%
 
 
 
 
 
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) The Company owns 50% of the fee interest.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
38
Second Quarter 2016

SELECTED PROPERTY DATA
Reckson Operating Portfolio - Retail, Land, and Residential Properties
Unaudited



 
Ownership
 
 
 
 Useable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized
Gross Total RE

Total

Properties
Interest (%)
SubMarket
Ownership
 
 Sq. Feet

 
Sq. Feet

 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
Cash Rent ($'s)
Cash Rent (SLG%)
Book Value

Tenants

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102 Greene Street
100.0%
Soho
Fee Interest
 
9,200

 
2.0

 
54.3

 

 
54.3

 
54.3

 
54.3

 
$
360,000

1.0

$
34,586,359

1

115 Spring Street
100.0%
Soho
Fee Interest
 
5,218

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,800,000

8.0

53,606,046

1

131-137 Spring Street
20.0%
Soho
Fee Interest
 
68,342

 
16.0

 
93.9

 
93.9

 
93.9

 
100.0

 
100.0

 
11,676,003

6.6

277,736,039

9

315 West 33rd Street - The Olivia
100.0%
Penn Station
Fee Interest
 
270,132

 
63.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
14,903,527

42.4

215,650,986

10

752-760 Madison Avenue
100.0%
Plaza District
Fee Interest
 
21,124

 
5.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
12,954,824

36.9

295,426,572

1

Williamsburg Terrace
100.0%
Brooklyn, New York
Fee Interest
 
52,000

 
12.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,786,484

5.1

16,357,696

3

Total Retail Properties
 
 
 
 
426,016

 
100.0
%
 
98.0
%
 
96.9
%
 
98.0
%
 
99.0
%
 
99.0
%
 
$
44,480,838

100.0
%
$
893,363,698

25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
635 Madison Avenue
100.0%
Plaza District
Fee Interest
 
176,530

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$
3,677,574

100.0

$
153,745,356

 
Total Land Properties
 
 
176,530

 
100.0
%
 
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

 
Mar-16
 
Dec-15
 
Sep-15
 
Jun-15
 
Mar-15
 
Cash Rent ($'s)
Rent Per Unit ($'s)(1)
Book Value

Tenants

315 West 33rd Street - The Olivia
100.0%
Penn Station
Fee Interest
 
222,855

 
333

 
92.8

 
95.2

 
89.5

 
91.0

 
96.4

 
$
15,001,116

4,059

$
177,908,950

309

Total Residential Properties
 
 
222,855

 
333

 
92.8
%
 
95.2
%
 
89.5
%
 
91.0
%
 
96.4
%
 
$
15,001,116

$
4,059

$
177,908,950

309

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Calculated based on occupied units
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
39
Second Quarter 2016

LARGEST TENANTS BY SQUARE FEET LEASED
Manhattan and Suburban Properties
Unaudited



 
 
 
 
 
 
 
 
% of
 
 
 
 
 
 
 
% of
SLG Share of
SLG Share of
 
 
 
Lease
  Total
  Annualized
Rent PSF
Annualized
Annualized
Annualized
Credit
Tenant Name
Property
Expiration
  Square Feet
 Cash Rent ($)
Annualized
Cash Rent
Cash Rent ($)
Cash Rent
Rating (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Suisse Securities (USA), Inc.
1 Madison Avenue, 11 Madison Avenue &
1055 Washington Blvd
2017, 2019, 2020 & 2037
2,403,080

$
124,432,990

$51.78
7.9%
$
124,432,990

9.1%
A
Viacom International, Inc.
1515 Broadway
2031
1,330,735

86,422,248

$64.94
5.5%
86,422,248

6.4%
BBB-
Penguin Random House, Inc.
1745 Broadway
2018 & 2023
644,598

41,529,629

$64.43
2.6%
23,617,900

1.7%
BBB+
Sony Corporation
11 Madison Avenue
2031
578,791

42,688,648

$73.75
2.7%
42,688,648

3.1%
BBB-
Debevoise & Plimpton, LLP
919 Third Avenue
2021
575,324

43,990,650

$76.46
2.8%
22,435,231

1.6%
 
The City of New York
16 Court Street, 100 Church Street &
420 Lexington Avenue
 2017, 2020, 2030 & 2034
554,694

18,840,382

$33.97
1.2%
18,840,382

1.4%
Aa2
Omnicom Group, Inc., Cardinia Real Estate
220 East 42nd Street
2017 & 2032
493,560

21,469,826

$43.50
1.4%
21,469,826

1.6%
BBB+
Citigroup, N.A.
485 Lexington Avenue, 750 Third Avenue,
800 Third Avenue & 750 Washington Blvd
 2017, 2019 & 2027
388,753

22,609,381

$58.16
1.4%
20,527,624

1.5%
BBB+
Ralph Lauren Corporation
625 Madison Avenue
2019
385,325

27,850,057

$72.28
1.8%
27,850,057

2.0%
A
Advance Magazine Group, Fairchild Publications
750 Third Avenue & 485 Lexington Avenue
2021
339,195

17,242,647

$50.83
1.1%
17,242,647

1.3%
 
C.B.S. Broadcasting, Inc.
555 West 57th Street
2023
338,527

14,916,352

$44.06
0.9%
14,916,352

1.1%
BBB
Metro-North Commuter Railroad Company
110 East 42nd Street & 420 Lexington Avenue
2021 & 2034
328,957

17,962,761

$54.61
1.1%
17,962,761

1.3%
Aa2
Schulte, Roth & Zabel LLP
919 Third Avenue
2036
263,186

18,585,108

$70.62
1.2%
9,478,405

0.7%
 
HF Management Services LLC
100 Church Street
2032
230,394

7,610,993

$33.03
0.5%
7,610,993

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

9,406,250

$41.32
0.6%
9,406,250

0.7%
Aa2
Bloomberg LP
919 Third Avenue
2029
225,579

11,783,619

$52.24
0.7%
6,009,646

0.4%
 
WME IMG, LLC
11 Madison Avenue & 304 Park Avenue
2028 & 2030
214,707

16,105,323

$75.01
1.0%
16,105,323

1.2%
 
Newmark & Company Real Estate Inc.
125 Park Avenue, 110 East 42nd Street &
680 Washington Blvd
2016, 2026 & 2031
182,696

10,354,722

$56.68
0.7%
10,146,295

0.7%
BBB-
Amerada Hess Corp.
1185 Avenue of the Americas
2027
181,569

14,130,831

$77.83
0.9%
14,130,831

1.0%
BBB-
The Travelers Indemnity Company
485 Lexington Avenue
2021
173,278

10,359,890

$59.79
0.7%
10,359,890

0.8%
AA
United Nations
220 East 42nd Street
2017, 2021 & 2022
171,091

8,215,963

$48.02
0.5%
8,215,963

0.6%
 
RSM McGladrey, Inc.
1185 Avenue of the Americas
2018
164,771

10,754,081

$65.27
0.7%
10,754,081

0.8%
 
Verizon
1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive
2018, 2019 & 2026
162,409

4,491,225

$27.65
0.3%
4,491,225

0.3%
BBB+
News America Incorporated
1185 Avenue of the Americas
2020
161,722

15,427,693

$95.40
1.0%
15,427,693

1.1%
BBB+
King & Spalding
1185 Avenue of the Americas
2025
159,943

14,428,113

$90.21
0.9%
14,428,113

1.1%
 
Young & Rubicam, Inc.
3 Columbus Circle
2033
159,394

9,909,020

$62.17
0.6%
4,845,511

0.4%
BBB
Amazon Corporate LLC
1185 Avenue of the Americas & 1350 Avenue of the Americas
2016 & 2023
158,688

11,613,814

$73.19
0.7%
11,613,814

0.9%
AA-
Bloomingdales, Inc.
919 Third Avenue
2024
157,961

9,061,557

$57.37
0.6%
4,621,394

0.3%
BBB
Yelp, Inc.
11 Madison Avenue
2025
152,232

12,939,720

$85.00
0.8%
12,939,720

1.0%
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
11,736,563

$
681,582,720

$58.07
43.1%
$
615,441,041

45.2%
 
 
 
 
 
 
 
 
 
 
 
(1) Corporate or bond rating from S&P or Moody's.
 
 
 
 
 
 
 

Supplemental Information
40
Second Quarter 2016

TENANT DIVERSIFICATION
Based on SLG Share of Annualized Cash Rent
Unaudited



  Category
 
Manhattan Properties
Suburban Properties
 
 
 
 
 
 
 
 
 
  Arts, Ent. & Recreation
4.0
%
 
 
0.2
%
 
  Business Services
 
2.5
%
 
 
3.3
%
 
  Financial Services
 
31.2
%
 
 
31.9
%
 
  Government / Non Profit
3.3
%
 
 
4.8
%
 
  Legal
 
 
6.8
%
 
 
13.7
%
 
  Manufacturing
 
2.2
%
 
 
6.6
%
 
  Medical
 
 
2.2
%
 
 
3.4
%
 
  Other
 
 
6.6
%
 
 
2.2
%
 
  Professional Services
6.4
%
 
 
11.1
%
 
  Retail
 
 
8.6
%
 
 
3.3
%
 
 
 
 
 
 
 
 
 
 
TAMI
 
 
 
 
 
 
 
 
  Technology
 
1.6
%
 
 
6.8
%
 
 
  Advertising
 
5.3
%
 
 
0.9
%
 
 
  Media
 
 
19.0
%
 
 
11.8
%
 
 
  Information
 
0.4
%
 
 
0.0%

 
 
 
 
 
 
 
 
 
 
Total
 
 
100.0
%
 
 
100.0
%
 


Supplemental Information
41
Second Quarter 2016

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited



Activity
Building Address
# of Leases

Useable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 3/31/16
 
 
1,040,027

 
 
 
 
 
 
 
 
 
 
Space which became available during the Quarter (2):
 
 
 
 
 
Office
 
 
 
 
 
 
 
3 Columbus Circle
1

3,886

3,886

 
$
78.00

 
110 East 42nd Street
1

17,505

17,505

 
51.97

 
110 Greene Street
6

10,740

9,489

 
75.86

 
220 East 42nd Street
2

27,901

28,308

 
39.11

 
280 Park Avenue
2

43,316

46,618

 
80.43

 
420 Lexington Avenue
5

13,926

17,150

 
51.63

 
461 Fifth Avenue
1

10,595

10,932

 
83.54

 
521 Fifth Avenue
1

5,822

5,822

 
70.32

 
600 Lexington Avenue
1

8,607

8,001

 
62.99

 
625 Madison Avenue
1

24,247

23,933

 
76.26

 
711 Third Avenue
1

4,975

5,443

 
51.57

 
800 Third Avenue
1

2,973

2,973

 
64.41

 
810 Seventh Avenue
1

7,721

8,698

 
66.61

 
1185 Avenue of the Americas
1

26,500

27,508

 
89.29

 
Total/Weighted Average
25

208,714

216,266

 
$
68.59

 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
220 East 42nd Street
1

2,908

3,309

 
$
100.12

 
625 Madison Avenue
1

3,618

3,618

 
153.23

 
1350 Avenue of the Americas
1

9,400

9,400

 
119.05

 
Total/Weighted Average
3

15,926

16,327

 
$
122.79

 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
280 Park Avenue
1

1

30

 
$
30.00

 
Total/Weighted Average
1

1

30

 
$
30.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Space which became available during the quarter
 
 
 
 
 
 
Office
25

208,714

216,266

 
$
68.59

 
Retail
3

15,926

16,327

 
$
122.79

 
Storage
1

1

30

 
$
30.00

 
 
29

224,641

232,623

 
$
72.39

 
 
 
 
 
 
 
 
Total Available Space
 
1,264,668

 
 
 
 
 
 
 
 
 
 
(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
42
Second Quarter 2016

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited



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
 
 
 
 
 
 
1,264,668

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
 
2

 
6.6
 
8,337

 
8,334

 
$81.93
 
$78.00
 
$40.88
 
2.5

 
100 Park Avenue
 
1

 
10.3
 
8,493

 
9,620

 
$76.00
 

 
$133.83
 
4.0

 
110 East 42nd Street
 
2

 
8.6
 
4,589

 
4,714

 
$59.00
 
$65.61
 
$22.16
 
4.0

 
110 Greene Street
 
3

 
2.9
 
4,020

 
4,020

 
$76.61
 
$55.22
 
$6.43
 
1.0

 
280 Park Avenue
 
3

 
10.2
 
51,622

 
56,229

 
$97.16
 
$82.22
 
$31.02
 
7.7

 
304 Park Avenue South
 
2

 
12.3
 
32,861

 
36,090

 
$68.00
 
$50.09
 
$55.00
 
9.0

 
420 Lexington Avenue
 
9

 
3.0
 
26,452

 
38,094

 
$57.72
 
$46.99
 
$3.86
 
0.4

 
461 Fifth Avenue
 
1

 
8.8
 
10,595

 
11,242

 
$82.00
 
$81.24
 
$38.00
 
5.0

 
521 Fifth Avenue
 
1

 
4.2
 
3,494

 
3,509

 
$58.00
 
$51.26
 

 

 
555 West 57th Street
 
1

 
3.1
 
1,700

 
2,071

 
$60.00
 
$51.86
 
$99.51
 
1.0

 
625 Madison Avenue
 
1

 
3.8
 
24,247

 
23,260

 
$72.48
 
$78.47
 

 

 
711 Third Avenue
 
1

 
10.5
 
14,760

 
19,025

 
$58.00
 
$46.77
 
$73.60
 
6.0

 
750 Third Avenue
 
1

 
10.4
 
11,465

 
11,779

 
$65.00
 

 
$70.00
 
5.0

 
800 Third Avenue
 
2

 
5.2
 
5,671

 
7,695

 
$66.06
 
$62.58
 
$22.96
 
2.6

 
810 Seventh Avenue
 
3

 
9.1
 
19,726

 
21,803

 
$62.39
 
$56.60
 
$60.51
 
5.4

 
1185 Avenue of the Americas
 
1

 
2.3
 
26,500

 
27,508

 
$65.75
 
$89.29
 

 

 
1350 Avenue of the Americas
 
1

 
5.2
 
3,375

 
3,391

 
$80.00
 

 
$12.82
 
2.0

 
Total/Weighted Average
 
35

 
7.6
 
257,907

 
288,384

 
$72.37
 
$65.96
 
$34.79
 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Park Avenue
 
1

 
13.6
 
65

 
65

 
$55.38
 

 
$0.00
 

 
625 Madison Avenue
 
2

 
5.0
 
9,020

 
10,484

 
$71.06
 
$154.30
 
$48.25
 

 
Total/Weighted Average
 
3

 
5.1
 
9,085

 
10,549

 
$70.96
 
$154.30
 
$47.95
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Church Street
 
1

 
11.3
 
5,782

 
10,999

 
$4.25
 
$0.00
 

 
15.0

 
Total/Weighted Average
 
1

 
11.3
 
5,782

 
10,999

 
$4.25
 
$0.00
 
$0.00
 
15.0

 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
35

 
7.6
 
257,907

 
288,384

 
$72.37
 
$65.96
 
$34.79
 
4.3

 
Retail
 
3

 
5.1
 
9,085

 
10,549

 
$70.96
 
$154.30
 
$47.95
 

 
Storage
 
1

 
11.3
 
5,782

 
10,999

 
$4.25
 
$0.00
 
$0.00
 
15.0

 
Total
 
39

 
7.6
 
272,774

 
309,932

 
$69.90
 
$67.21
 
$34.00
 
4.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 6/30/16
 
 
 
 
 
 
991,894

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
 
1

 
5.3
 
5,789

 
5,789

 
$83.00
 
$78.00
 
$0.00
 
1.0

 
110 East 42nd Street
 
1

 
3.0
 
4,136

 
4,250

 
$61.00
 
$57.33
 
$0.29
 

 
420 Lexington Avenue
 
5

 
9.1
 
91,828

 
109,725

 
$60.55
 
$48.23
 
$20.06
 
2.9

 
485 Lexington Avenue
 
3

 
7.0
 
41,359

 
42,490

 
$74.33
 
$71.81
 
$29.51
 
3.7

 
521 Fifth Avenue
 
1

 
5.4
 
6,238

 
6,580

 
$62.00
 
$55.67
 
$10.00
 
5.0

 
625 Madison Avenue
 
1

 
1.5
 
4,000

 
4,000

 
$82.00
 
$88.10
 

 

 
750 Third Avenue
 
2

 
8.1
 
29,450

 
33,093

 
$60.49
 
$60.07
 
$26.20
 
2.4

 
919 Third Avenue
 
1

 
4.6
 
190,112

 
204,442

 
$65.00
 
$57.01
 

 

 
Total/Weighted Average
 
15

 
6.3
 
372,912

 
410,369

 
$64.74
 
$57.02
 
$10.70
 
1.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 Madison Avenue
 
1

 
19.3
 
12,770

 
11,900

 
$86.13
 
$36.22
 
$73.53
 

 
1350 Avenue of the Americas
 
1

 
10.0
 
29,566

 
29,984

 
$40.02
 
$33.04
 

 

 
Total/Weighted Average
 
2

 
12.7
 
42,336

 
41,884

 
$53.12
 
$33.95
 
$20.89
 

Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
625 Madison Avenue
 
1

 
1.5
 
612

 
612

 
$26.00
 
$25.00
 

 

 
Total/Weighted Average
 
1

 
1.5
 
612

 
612

 
$26.00
 
$25.00
 

 

Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
15

 
6.3
 
372,912

 
410,369

 
$64.74
 
$57.02
 
$10.70
 
1.4

 
Early Renewals Retail
 
2

 
12.7
 
42,336

 
41,884

 
$53.12
 
$33.95
 
$20.89
 

 
Early Renewals Storage
 
1

 
1.5
 
612

 
612

 
$26.00
 
$25.00
 

 

 
Total
 
18

 
6.9
 
415,860

 
452,865

 
$63.61
 
$54.85
 
$11.62
 
1.3

(1) Annual initial base rent.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Escalated rent is calculated as total annual lease related income excluding electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $72.14/rsf for 250,828 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $67.55/rsf for 661,197 rentable SF.

Supplemental Information
43
Second Quarter 2016

LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Available Space
Unaudited



Activity
Building Address
# of Leases

Useable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 3/31/16
 
1,026,123

 
 
 
 
 
 
 
 
 
 
Space which became available during the Quarter (2):
 
 
 
 
 
Office
 
 
 
 
 
 
 
520 White Plains Road, Tarrytown, New York
1

7,009

7,009

 
$
29.60

 
115-117 Stevens Avenue, Valhalla, New York
1

52,000

52,000

 
27.57

 
360 Hamilton Avenue, White Plains, New York
1

2,419

2,419

 
23.02

 
1 Landmark Square, Stamford, Connecticut
2

13,642

13,642

 
39.86

 
6 Landmark Square, Stamford, Connecticut
1

23,145

23,145

 
34.88

 
680 Washington Boulevard, Stamford, Connecticut
1

1,670

1,670

 
512.82

 
750 Washington Boulevard, Stamford, Connecticut
1

2,824

2,824

 
45.53

 
1010 Washington Boulevard, Stamford, Connecticut
2

5,595

5,595

 
33.29

 
1055 Washington Boulevard, Stamford, Connecticut
1

2,465

2,465

 
32.25

 
Jericho Plaza, Jericho, New York
1

15,004

15,004

 
37.71

 
Total/Weighted Average
12

125,773

125,773

 
$
38.68

 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
1 Landmark Square, Stamford, Connecticut
1

2,016

2,016

 
32.00

 
Total/Weighted Average
1

2,016

2,016

 
$
32.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Space which became available during the Quarter
 
 
 
 
 
Office
12

125,773

125,773

 
$
38.68

 
Retail
1

2,016

2,016

 
$
32.00

 
 
13

127,789

127,789

 
$
38.57

 
 
 
 
 
 
 
 
Total Available Space
 
1,153,912

 
 
 
 
 
 
 
 
 
 
(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
44
Second Quarter 2016

LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Commenced Leasing
Unaudited



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
 
 
 
 
 
1,153,912

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Landmark Square, Stamford, Connecticut
 
1
 
3.4

 
4,349

 
4,349

 
$33.00
 

 
$37.75
 
2.0

 
6 Landmark Square, Stamford, Connecticut
 
2
 
16.4

 
26,385

 
26,385

 
$35.00
 
$34.88
 
$67.50
 
17.0

 
680 Washington Boulevard, Stamford, Connecticut
 
1
 
3.0

 
2,458

 
2,458

 
$45.00
 
$47.03
 
$2.50
 
1.6

 
1010 Washington Boulevard, Stamford, Connecticut
 
2
 
5.6

 
9,048

 
9,048

 
$33.60
 
$33.00
 
$33.11
 
2.2

 
1055 Washington Boulevard, Stamford, Connecticut
 
3
 
7.2

 
9,795

 
9,795

 
$32.67
 
$35.06
 
$40.84
 
4.1

 
Jericho Plaza, Jericho, New York
 
1
 
5.0

 
15,004

 
15,004

 
$39.45
 
$37.71
 
$5.00
 

 
16 Court Street, Brooklyn, New York
 
2
 
5.1

 
3,083

 
3,146

 
$50.00
 
$29.26
 
$56.76
 
1.0

 
Total/Weighted Average
 
12
 
9.5

 
70,122

 
70,185

 
$36.34
 
$35.89
 
$41.38
 
7.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Landmark Square, Stamford, Connecticut
 
1
 
10.0

 
2,016

 
2,016

 
$32.00
 
$32.00
 
7.50

 
4.0

 
Total/Weighted Average
 
1
 
10.0

 
2,016

 
2,016

 
$32.00
 
$32.00
 
7.50

 
4.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1100 King Street - 5 Int'l Drive, Rye Brook, New York
 
1
 
15.0

 
1,028

 
514

 
$12.00
 

 

 

 
Jericho Plaza, Jericho, New York
 
1
 
1.0

 
332

 
352

 
$18.00
 

 

 

 
Total/Weighted Average
 
2
 
9.3

 
1,360

 
866

 
$14.44
 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
12
 
9.5


70,122


70,185

 
$36.34
 
$35.89
 
$41.38
 
7.5

 
Retail
 
1
 
10.0

 
2,016

 
2,016

 
$32.00
 
$32.00
 
$7.50
 
4.0

 
Storage
 
2
 
9.3

 
1,360

 
866

 
$14.44
 

 
$0.00
 

 
Total
 
15
 
9.5

 
73,498

 
73,067

 
$35.97
 
$35.75
 
$39.96
 
7.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 6/30/16
 
 
 
 
 
1,080,414

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
520 White Plains Road, Tarrytown, New York
 
1
 
10.8

 
5,333

 
5,333

 
$25.50
 
$27.00
 
$16.00
 
10.0

 
1 Landmark Square, Stamford, Connecticut
 
1
 
5.3

 
2,479

 
2,479

 
$39.00
 
$40.48
 
$10.52
 
4.0

 
750 Washington Boulevard, Stamford, Connecticut
 
1
 
11.3

 
47,278

 
47,278

 
$40.00
 
$40.49
 
$55.10
 
15.0

 
1055 Washington Boulevard, Stamford, Connecticut
 
1
 
5.3

 
2,435

 
2,435

 
$37.00
 
$38.75
 
$8.00
 
4.0

 
Jericho Plaza, Jericho, New York
 
1
 
7.7

 
31,514

 
31,514

 
$35.00
 
$43.33
 
$15.00
 
4.0

 
16 Court Street, Brooklyn, New York
 
2
 
5.4

 
7,105

 
8,585

 
$50.00
 
$35.06
 
$6.67
 
5.0

 
Total/Weighted Average
 
7
 
9.3

 
96,144

 
97,624

 
$38.37
 
$40.15
 
$33.45
 
9.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
360 Hamilton Avenue, White Plains, New York
 
1
 
8.8

 
220

 
220

 
$18.00
 
$18.00
 

 

 
1 Landmark Square, Stamford, Connecticut
 
1
 
5.3

 
150

 
150

 
$15.00
 
$15.00
 

 

 
Total/Weighted Average
 
2
 
7.4

 
370

 
370

 
$16.78
 
$16.78
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
7
 
9.3


96,144

 
97,624

 
$38.37
 
$40.15
 
$33.45
 
9.7

 
Early Renewals Storage
 
2
 
7.4

 
370

 
370

 
$16.78
 
$16.78
 

 

 
Total
 
9
 
9.3

 
96,514

 
97,994

 
$38.29
 
$40.06
 
$33.33
 
9.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annual initial base rent.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Escalated rent is calculated as total annual lease related income excluding electric charges.
 
 
 
 
 
 
 
 
 
 
 
 
(3) Avg. starting office rent excluding new tenants replacing vacancies is $36.79/rsf for 53,598 rentable SF. Avg. starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $37.81/rsf for 151,222 rentable SF.

Supplemental Information
45
Second Quarter 2016

ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES
Office, Retail and Storage Leases
Unaudited



 
 
Consolidated Properties
 
Joint Venture Properties
Year of Lease Expiration
 
Number of Expiring Leases (2)
Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
Number of Expiring Leases (2)

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter 2016 (1)
 
6
3,445

0.02
%
$
86,627

 
$
25.15

$
38.20

 
1

291

0.01
%
$
6,600

 
$
22.68

$
25.00

2nd Quarter 2016 (1)
 
6
72,823

0.40
%
4,899,096

 
67.27

76.88

 


%

 


3rd Quarter 2016
 
14
67,361

0.37
%
4,428,166

 
65.74

72.32

 
2

14,554

0.36
%
894,362

 
61.45

70.24

4th Quarter 2016
 
25
171,852

0.95
%
10,288,835

 
59.87

68.93

 
3

44,490

1.10
%
3,052,433

 
68.61

70.70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2016
 
51
315,481

1.75
%
$
19,702,723

 
$
62.45

$
71.15

 
6

59,335

1.47
%
$
3,953,395

 
$
66.63

$
70.36

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
101
1,255,223

6.95
%
$
74,990,973

 
$
59.74

$
66.94

 
13

149,765

3.71
%
$
12,652,990

 
$
84.49

$
76.31

2018
 
83
628,346

3.48
%
49,186,272

 
78.28

115.85

 
26

438,790

10.88
%
36,649,693

 
83.52

76.11

2019
 
83
1,170,644

6.48
%
80,184,853

 
68.50

76.00

 
22

292,677

7.25
%
23,165,282

 
79.15

83.27

2020
 
95
2,379,593

13.17
%
146,936,330

 
61.75

69.32

 
22

258,363

6.40
%
15,136,785

 
58.59

68.61

2021
 
82
1,736,476

9.61
%
106,257,845

 
61.19

65.34

 
14

271,343

6.73
%
15,918,015

 
58.66

69.83

2022
 
54
953,464

5.28
%
62,347,597

 
65.39

79.26

 
17

176,391

4.37
%
11,989,035

 
67.97

76.50

2023
 
38
763,622

4.23
%
44,042,217

 
57.68

64.96

 
14

857,924

21.27
%
58,451,412

 
68.13

70.26

2024
 
27
263,374

1.46
%
18,308,486

 
69.52

72.38

 
17

368,575

9.14
%
32,486,414

 
88.14

88.75

2025
 
35
800,905

4.43
%
77,422,972

 
96.67

105.34

 
12

240,548

5.96
%
19,289,590

 
80.19

83.70

Thereafter
 
104
7,802,103

43.18
%
459,497,564

 
58.89

68.17

 
24

920,633

22.82
%
84,462,824

 
91.74

103.45

 
 
753
18,069,231

100.00
%
$
1,138,877,833

 
$
63.03

$
72.34

 
187

4,034,344

100.00
%
$
314,155,435

 
$
77.87

$
82.27

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE: Data excludes space currently occupied by SL Green's corporate offices
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to June 30, 2016.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of current average asking rents for currently occupied space as of June 30, 2016. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 


Supplemental Information
46
Second Quarter 2016

ANNUAL LEASE EXPIRATIONS - SUBURBAN OPERATING PROPERTIES
Office, Retail and Storage Leases
Unaudited



 
 
Consolidated Properties
 
Joint Venture Properties
Year of Lease Expiration
 
Number of Expiring Leases (2)
Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
Number of Expiring Leases (2)

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter 2016 (1)
 
14
40,895

1.25
%
$
1,442,293

 
$
35.27

$
39.50

 
2

4,060

0.91
%
$
116,797

 
$
28.77

$
36.00

2nd Quarter 2016 (1)
 
2
22,767

0.70
%
962,954

 
42.30

44.08

 


%

 


3rd Quarter 2016
 
13
48,031

1.47
%
1,655,229

 
34.46

38.20

 


%

 


4th Quarter 2016
 
13
56,323

1.72
%
2,140,083

 
38.00

39.69

 


%

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2016
 
42
168,016

5.14
%
$
6,200,559

 
$
36.90

$
39.81

 
2

4,060

0.91
%
$
116,797

 
$
28.77

$
36.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
46
243,344

7.44
%
$
9,467,904

 
$
38.91

$
41.24

 
6

43,017

9.64
%
$
1,469,115

 
$
34.15

$
34.52

2018
 
55
279,603

8.55
%
10,133,777

 
36.24

38.11

 
3

54,052

12.11
%
2,262,701

 
41.86

36.00

2019
 
48
466,613

14.27
%
13,382,076

 
28.68

29.84

 
6

31,879

7.14
%
1,065,888

 
33.44

36.00

2020
 
35
303,619

9.29
%
11,240,064

 
37.02

39.42

 
3

38,562

8.64
%
1,496,230

 
38.80

36.00

2021
 
40
459,803

14.07
%
14,111,938

 
30.69

32.17

 
5

104,296

23.37
%
3,787,392

 
36.31

36.00

2022
 
21
115,584

3.54
%
4,563,024

 
39.48

41.27

 
1

16,383

3.67
%
585,204

 
35.72

36.00

2023
 
20
171,862

5.26
%
5,642,747

 
32.83

35.19

 
2

42,334

9.48
%
1,422,001

 
33.59

36.00

2024
 
13
207,798

6.36
%
6,780,802

 
32.63

40.25

 
2

52,707

11.81
%
1,798,161

 
34.12

36.00

2025
 
16
167,698

5.13
%
5,469,077

 
32.61

33.99

 
1

1,729

0.39
%
56,193

 
32.50

36.00

Thereafter
 
31
684,877

20.95
%
21,924,528

 
32.01

33.81

 
3

57,340

12.85
%
1,821,657

 
31.77

35.93

 
 
367
3,268,817

100.00
%
$
108,916,496

 
$
33.32

$
35.52

 
34

446,359

100.00
%
$
15,881,340

 
$
35.58

$
35.85

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to June 30, 2016.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of current average asking rents for currently occupied space as of June 30, 2016. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
47
Second Quarter 2016

ANNUAL LEASE EXPIRATIONS
Retail Leases
Unaudited



 
 
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)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
High Street Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016 (1)
 
10

11,460

3.14
%
$
572,324

 
$
49.94

$
59.82

 
1

5,455

1.79
%
$
308,571

 
$
56.57

$
59.39

2017
 
16

61,300

16.79
%
3,450,757

 
56.29

175.81

 
5

19,854

6.50
%
1,017,201

 
51.23

72.54

2018
 
11

18,949

5.19
%
996,332

 
52.58

67.99

 
2

22,571

7.39
%
1,470,072

 
65.13

74.39

2019
 
4

5,350

1.47
%
515,516

 
96.36

97.42

 


%

 


2020
 
6

12,491

3.42
%
1,814,842

 
145.29

337.20

 
3

25,424

8.32
%
5,213,956

 
205.08

277.01

2021
 
1

108,148

29.62
%
6,740,732

 
62.33

70.00

 
5

26,753

8.76
%
4,402,416

 
164.56

216.26

2022
 
1

1,366

0.37
%
216,124

 
158.22

299.00

 
2

50,808

16.63
%
20,230,080

 
398.17

501.10

2023
 
3

12,703

3.48
%
1,076,966

 
84.78

97.42

 
2

7,131

2.33
%
1,369,639

 
192.07

350.00

2024
 
5

76,039

20.83
%
15,629,117

 
205.54

212.77

 
1

7,793

2.55
%
4,869,792

 
624.89

898.00

2025
 
3

33,944

9.30
%
813,986

 
23.98

23.84

 
3

16,143

5.28
%
993,065

 
61.52

61.09

Thereafter
 
4

23,318

6.39
%
3,738,140

 
160.31

228.31

 
8

123,559

40.45
%
67,336,947

 
544.98

617.40

 
 
64

365,068

100.00
%
$
35,564,835

 
$
97.42

$
134.26

 
32

305,491

100.00
%
$
107,211,738

 
$
350.95

$
420.63

Vacancy (5)
 
 
10,040

 
 
 
 
517.93

 
 
51,002

 
 
 
 
550.49

 
 
 
375,108

 
 
 
 
$
144.53

 
 
356,493

 
 
 
 
$
439.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016 (1)
 
6

41,510

4.70
%
$
3,807,801

 
$
91.73

$
137.28

 
2

2,120

0.70
%
$
134,790

 
$
63.58

$
66.51

2017
 
12

39,032

4.42
%
5,262,738

 
134.83

214.49

 
1

2,133

0.71
%
303,855

 
142.45

143.76

2018
 
8

62,051

7.02
%
11,661,203

 
187.93

537.79

 
7

13,587

4.51
%
1,997,101

 
146.99

159.83

2019
 
7

58,084

6.57
%
5,039,237

 
86.76

213.40

 
2

7,400

2.45
%
1,201,049

 
162.30

195.41

2020
 
11

59,121

6.69
%
7,336,795

 
124.10

158.08

 
3

32,800

10.88
%
1,473,302

 
44.92

54.77

2021
 
10

26,548

3.00
%
2,782,982

 
104.83

142.28

 
2

5,992

1.99
%
634,337

 
105.86

103.52

2022
 
14

130,693

14.79
%
16,025,849

 
122.62

158.93

 
6

12,603

4.18
%
1,597,224

 
126.73

175.49

2023
 
5

38,875

4.40
%
5,149,530

 
132.46

146.06

 
4

15,009

4.98
%
1,397,306

 
93.10

94.67

2024
 
7

28,143

3.19
%
4,747,831

 
168.70

163.24

 
11

30,774

10.21
%
3,399,608

 
110.47

150.11

2025
 
12

54,438

6.16
%
22,278,489

 
409.25

557.12

 
4

3,147

1.04
%
662,275

 
210.45

207.62

Thereafter
 
30

345,109

39.06
%
36,328,703

 
105.27

114.09

 
22

175,894

58.35
%
30,877,245

 
175.54

201.14

 
 
122

883,604

100.00
%
$
120,421,158

 
$
136.28

$
196.59

 
64

301,459

100.00
%
$
43,678,091

 
$
144.89

$
168.41

Vacancy (5)
 
 
31,856

 
 
 
 
130.89

 
 
33,461

 
 
 
 
137.54

 
 
 
915,460

 
 
 
 
$
194.30

 
 
334,920

 
 
 
 
$
165.32

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to June 30, 2016.
 
 
 
 
 
 
 
 
 
 
(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 June 30, 2016. 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
48
Second Quarter 2016

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan
Unaudited



















 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
 
Submarket
 
Net Rentable SF
 
at acquisition
6/30/2016

 
Price ($'s) (1)
1998 - 2015 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
Mar-98
420 Lexington Avenue
Operating Sublease
 
Grand Central
 
1,188,000

 
83.0

98.1

 
$
78,000,000

May-98
711 3rd Avenue
Operating Sublease
 
Grand Central
 
524,000

 
79.0

68.3

 
65,600,000

Jun-98
440 9th Avenue
Fee Interest
 
Penn Station
 
339,000

 
76.0

 N/A

 
32,000,000

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

Feb-00
100 Park Avenue - 50% JV
Fee Interest
 
Grand Central
 
834,000

 
96.5

97.7

 
192,000,000

Jun-01
317 Madison Avenue
Fee Interest
 
Grand Central
 
450,000

 
95.0

 N/A

 
105,600,000

Sep-01
1250 Broadway - 49.9% JV (2)
Fee Interest
 
Penn Station
 
670,000

 
97.7

 N/A

 
126,500,000

May-02
1515 Broadway - 55% JV
Fee Interest
 
Times Square
 
1,750,000

 
98.0

98.4

 
483,500,000

Feb-03
220 East 42nd Street
Fee Interest
 
Grand Central
 
1,135,000

 
91.9

88.1

 
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

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

98.1

 
225,000,000

Oct-04
625 Madison Avenue
Leasehold Interest
 
Plaza District
 
563,000

 
68.0

98.2

 
231,500,000

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

Mar-06
521 Fifth Avenue
Leasehold Interest
 
Midtown
 
460,000

 
97.0

86.8

 
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
 

 

98.1

 
578,000,000

Dec-06
800 Third Avenue - 42.95% JV
Fee Interest
 
Grand Central North
 
526,000

 
96.9

96.2

 
285,000,000

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

 N/A

 
1,575,000,000

Jan-10
100 Church Street
Fee Interest
 
Downtown
 
1,047,500

 
41.3

99.5

 
181,600,000

May-10
600 Lexington Avenue - 55% JV
Fee Interest
 
East Side
 
303,515

 
93.6

92.5

 
193,000,000

Aug-10
125 Park Avenue
Fee Interest
 
Grand Central
 
604,245

 
99.1

98.7

 
330,000,000

Jan-11
521 Fifth Avenue - remaining 49.9%
Leasehold Interest
 
Midtown
 
460,000

 
80.7

86.8

 
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

91.8

 
85,570,000

May-11
280 Park Avenue - 49.5% JV
Fee Interest
 
Park Avenue
 
1,219,158

 
78.2

81.7

 
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

Feb-12
10 East 53rd Street - 55% JV
Fee Interest
 
Plaza District
 
354,300

 
91.9

46.1

 
252,500,000

Jun-12
304 Park Avenue South
Fee Interest
 
Midtown South
 
215,000

 
95.8

99.1

 
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

May-14
388 & 390 Greenwich Street - remaining 49.4%
Fee Interest
 
Downtown
 
2,635,000

 
100.0

 N/A

 
1,585,000,000

Jul-15
110 Greene Street - 90% JV
Fee Interest
 
Soho
 
223,600

 
84.0

77.3

 
255,000,000

Aug-15
30 East 40th Street - 60% JV
Leasehold Interest
 
Grand Central South
 
69,446

 
100.0

99.2

 
4,650,000

Aug-15
11 Madison Avenue
Fee Interest
 
Park Avenue South
 
2,313,916

 
71.6

98.0

 
2,285,000,000

Dec-15
600 Lexington Avenue - remaining 45%
Fee Interest
 
East Side
 
303,515

 
95.5

92.5

 
284,000,000

 
 
 
 
 
 
41,085,114

 
 
 
 
$
21,699,130,000

(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
49
Second Quarter 2016

SUMMARY OF REAL ESTATE SALES ACTIVITY
Manhattan
Unaudited



 
 
 
 
 
 
 
 
 
Sales
 
Sales
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
Price ($'s)
 
Price ($'s/SF)
2000 - 2015 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

 
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

 
Jun-02
469 Seventh Avenue
Fee Interest
Penn Station
 
 
253,000

 
 
 
53,100,000

 
 
 
210

 
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

 
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

 
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

 
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

 
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

 
Jan-08
440 Ninth Avenue
Fee Interest
Penn Station
 
 
339,000

 
 
 
160,000,000

 
 
 
472

 
Oct-08
1372 Broadway (5)
Fee Interest
Penn Station/Garment
 
 
508,000

 
 
 
274,000,000

 
 
 
539

 
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

 
May-11
28 West 44th Street
Fee Interest
Midtown
 
 
359,000

 
 
 
161,000,000

 
 
 
448

 
Aug-13
333 West 34th Street
Fee Interest
Penn Station
 
 
345,400

 
 
 
220,250,000

 
 
 
638

 
May-14
673 First Avenue
Leasehold Interest
Grand Central South
 
 
422,000

 
 
 
145,000,000

 
 
 
344

 
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

 
 
 
 
 
 
 
16,178,723

 
 
 
$
6,959,650,000

 
 
 
$
430

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jun-16
388 & 390 Greenwich Street
Fee Interest
Downtown
 
 
2,635,000

 
 
 
$
2,000,000,000

 
 
 
$
759

 
 
 
 
 
 
 
2,635,000

 
 
 
$
2,000,000,000

 
 
 
$
759

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Company sold a 45% JV interest in the property at an implied $126.5 million sales price.
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Company sold a 75% JV interest in the property at an implied $318.5 million sales price.
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) Company sold a 50% JV interest in the property at an implied $240.0 million sales price
 
 
 
 
 
 
 
 
 
 
 
 
 
(4) Company sold a 85% JV interest in the property at an implied $335.0 million sales price.
 
 
 
 
 
 
 
 
 
 
 
 
 
(5) Company sold a 15% JV interest in the property at an implied $274.0 million sales price.
 
 
 
 
 
 
 
 
 
 
 
 
 
(6) Company sold a 45% JV interest in the property at an implied $1.28 billion sales price.
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
50
Second Quarter 2016

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Suburban
Unaudited
            

 
 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
at acquisition
6/30/2016

 
Price ($'s) (1)
2007 - 2015 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
Jan-07
300 Main Street
Fee Interest
Stamford, Connecticut
 
 
130,000

 
 
92.5

 N/A

 
15,000,000

Jan-07
399 Knollwood Road
Fee Interest
White Plains, New York
 
 
145,000

 
 
96.6

 N/A

 
31,600,000

Jan-07
Reckson - Connecticut Portfolio
Fee Interests / Leasehold Interest
Stamford, Connecticut
 
 
1,369,800

 
 
88.9

88.4

 
490,750,000

Jan-07
Reckson - Westchester Portfolio
Fee Interests / Leasehold Interest
Westchester
 
 
2,346,100

 
 
90.6

79.5

 
570,190,000

Apr-07
Jericho Plazas - 20.26% JV
Fee Interest
Jericho, New York
 
 
640,000

 
 
98.4

71.0

 
210,000,000

Jun-07
1010 Washington Boulevard
Fee Interest
Stamford, Connecticut
 
 
143,400

 
 
95.6

79.3

 
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

97.3

 
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

Apr-13
16 Court Street - additional JV interest
Fee Interest
Brooklyn, New York
 
 
317,600

 
 
84.9

97.3

 
96,200,000

 
 
 
 
 
 
$6,198,100
 
 
 
 
 
$1,733,440,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUMMARY OF REAL ESTATE SALES ACTIVITY
Suburban
Unaudited
            
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
Price ($'s)
 
Price ($'s/SF)
2008 - 2015 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oct-08
100 & 120 White Plains Road
Fee Interest
Tarrytown, New York
 
 
211,000

 
 
 
48,000,000

 
 
 
227

 
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

 
Jul-12
One Court Square
Fee Interest
Long Island City, New York
 
 
1,402,000

 
 
 
481,100,000

 
 
 
343

 
Sep-13
300 Main Street
Fee Interest
Stamford, Connecticut
 
 
130,000

 
 
 
13,500,000

 
 
 
104

 
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

 
 
 
 
 
 
 
3,355,200

 
 
 
$946,467,307
 
 
 
$282
 
2016 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mar-16
7 Renaissance Square
Fee Interest
White Plains, New York
 
 
65,641

 
 
 
21,000,000

 
 
 
320

 
 
 
 
 
 
 
65,641

 
 
 
$
21,000,000

 
 
 
$
320

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

Supplemental Information
51
Second Quarter 2016

SUMMARY OF REAL ESTATE SALES ACTIVITY
Suburban
Unaudited
            



 
 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
at acquisition
6/30/2016
 
Price ($'s) (1)
2005 - 2015 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
Lower Manhattan
 
 
62,006

 
 
100.0

 N/A

 
19,750,000

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

81.1

 
251,900,000

Aug-07
180 Broadway - 50% JV
Fee Interest
Lower Manahattan
 
 
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

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
Lower Manhattan
 
 
46,280

 
 
83.8

 N/A

 
30,000,000

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

 
 

 N/A

 
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

 N/A

 
352,000,000

Dec-10
292 Madison Avenue
Fee Interest
Grand Central South
 
 
203,800

 
 
 N/A

 N/A

 
78,300,000

Jan-11
3 Columbus Circle - 48.9%
Fee Interest
Columbus Circle
 
 
741,500

 
 
20.1

96.4

 
500,000,000

Aug-11
1552-1560 Broadway - 50%
Fee Interest
Times Square
 
 
35,897

 
 
59.7

67.5

 
136,550,000

Sep-11
747 Madison Avenue - 33.33%
Fee Interest
Plaza District
 
 
10,000

 
 
100.0

 N/A

 
66,250,000

Jan-12
DFR Residential and Retail Portfolio - 80%
Fee Interests / Leasehold Interest
Plaza District, Upper East Side
 
 
489,882

 
 
95.1

92.9

 
193,000,000

Jan-12
724 Fifth Avenue - 50%
Fee Interest
Plaza District
 
 
65,010

 
 
92.9

90.1

 
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
 
 

 
 

 N/A

 
31,160,000

Sep-12
635 Sixth Avenue
Fee Interest
Midtown South
 
 
104,000

 
 


 
83,000,000

Oct-12
1080 Amsterdam - 87.5%
Leasehold Interest
Upper West Side
 
 
82,250

 
 
2.2

91.7

 

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

Mar-13
248-252 Bedford Avenue - 90%
Fee Interest
Brooklyn, New York
 
 
66,611

 
 

 N/A

 
54,900,000

Nov-13
650 Fifth Avenue - 50%
Leasehold Interest
Plaza District
 
 
32,324

 
 
63.6

10.5

 

Nov-13
315 West 33rd Street - The Olivia
Fee Interest
Penn Station
 
 
492,987

 
 
96.6

96.7

 
386,775,000

Nov-13
562, 570 & 574 Fifth Avenue
Fee Interest
Plaza District
 
 
66,962

 
 
74.6

 N/A

 
146,221,990

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

 
 

17.1

 
295,000,000

Feb-15
Stonehenge Portfolio
Fee Interest
 
 
2,589,184

 
 
96.5

94.6

 
40,000,000

Mar-15
1640 Flatbush Avenue
Fee Interest
Brooklyn, New York
 
 
1,000

 
 
100.0

100.0

 
6,798,627

Jun-15
Upper East Side Residential - 90%
Fee Interest
Upper East Side Residential
 
 
27,000

 
 
96.4

42.9

 
50,073,674

Aug-15
187 Broadway & 5-7 Dey Street
Fee Interest
Lower Manhattan
 
 
73,600

 
 
90.5

61.1

 
63,690,000

 
 
 
 
 
 
12,000,972

 
 
 
 
 
$
5,771,901,215

2016 Acquisition
 
 
 
 
 
 
 
 
 
 
 
 
Mar-16
183 Broadway
Fee Interest
Lower Manhattan
 
 
9,100

 
 
58.3

58.3

 
$
28,500,000

Apr-16
605 West 42nd Street - 20%
Fee Interest
Midtown West
 
 
927,358

 
 


 
759,045,973

 
 
 
 
 
 
936,458

 
 
 
 
 
$
787,545,973

(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
52
Second Quarter 2016

SUMMARY OF REAL ESTATE SALES ACTIVITY
Retail, Residential, Development / Redevelopment and Land
Unaudited



 
 
 
 
 
 
 
 
 
Sales
 
Sales
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
Price ($'s)
 
Price ($'s/SF)
2011 - 2015 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sep-11
1551-1555 Broadway (1)
Fee Interest
Times Square
 
 
25,600

 
 
 
$
276,757,000

 
 
 
$
10,811

 
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
Lower Manhattan
 
 
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

 
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

 
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
Lower Manhattan
 
 
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

 
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

 
 
 
 
 
 
 
6,814,679

 
 
 
$
3,800,609,526

 
 
 
$
558

 
2016 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Feb-16
248-252 Bedford Avenue - 90%
Fee Interest
Brooklyn, New York
 
 
66,611

 
 
 
55,000,000

 
 
 
826

 
Feb-16
885 Third Avenue
Fee Interest
Midtown / Plaza District
 
 
607,000

 
 
 
453,000,000

 
 
 
746

 
May-16
33 Beekman Street
Fee Interest
Downtown
 
 
163,500

 
 
 
196,000,000

 
 
 
1,199

 
 
 
 
 
 
 
837,111

 
 
 
$
704,000,000

 
 
 
$
840

 
(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
53
Second Quarter 2016

EXECUTIVE AND 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
 

 
54
 


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
BB&T Capital Markets
David Toti
(212) 419-4620
dtoti@bbandtcm.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
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
Evercore ISI
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
Vikram Malhotra
(212) 761-7064
vikram.malhotra@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
Nicholas Yulico
(212) 713-3402
nick.yulico@ubs.com
Wells Fargo Securities, LLC
Blaine Heck
(443) 263-6529
blaine.heck@wellsfargo.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.


 
55
 


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), 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).




 
56