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 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.
 | ||
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 | ||
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TABLE OF CONTENTS | | |
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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 | ||
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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 | ||
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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 | ||
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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 | ||
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SECOND QUARTER 2016 HIGHLIGHTS Unaudited | | |
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• | 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 | ||
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SECOND QUARTER 2016 HIGHLIGHTS Unaudited | | |
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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 | ||
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KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) | | |
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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 |
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KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) | | |
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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 |
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KEY FINANCIAL DATA Manhattan Properties Unaudited (Dollars in Thousands Except Per Share) | | |
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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 |
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KEY FINANCIAL DATA Suburban Properties Unaudited (Dollars in Thousands Except Per Share) | | |
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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 |
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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 |
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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 |
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SELECTED PROPERTY DATA Development / Redevelopment and Land Properties Unaudited | | |
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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 |
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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 | ||