View:
Download DOC
Download PDF
Download XLS
Document



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

FORM 8-K


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

Date of Report (Date of earliest event reported):
October 20, 2016 (October 19, 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 October 19, 2016 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended September 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 October 19, 2016, the Company issued a press release announcing its results for the quarter ended September 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 September 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: October 20, 2016
 




Exhibit
Exhibit 99.1

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

SL GREEN REALTY CORP. REPORTS
THIRD QUARTER 2016 EPS OF $0.34 PER SHARE;
AND FFO OF $1.63 PER SHARE

Financial and Operating Highlights
•
Third quarter 2016 net income attributable to common stockholders of $0.34 per share compared to third quarter 2015 net income attributable to common stockholders of $1.64 per share. Third quarter 2015 net income attributable to common stockholders includes $155.8 million, or $1.50 per share, of net gains recognized from the sale of real estate.
•
Third quarter 2016 FFO of $1.63 per share net of transaction related costs of $0.05 per share compared to third quarter 2015 FFO of $1.65 per share net of transaction related costs of $0.06 per share. Third quarter 2016 FFO includes $41.1 million, or $0.39 per share, of additional income related to the recapitalization of a debt investment, offset by $19.6 million, or $0.19 per share, of lost income and accounting write-offs related to space previously leased to Aeropostale at 1515 Broadway.
•
Combined same-store cash NOI increased 6.0% for the first nine months of 2016 as compared to the same period in the prior year.
•
Signed 41 Manhattan office leases covering 1,282,518 square feet during the third quarter. The mark-to-market on signed Manhattan office leases was 28.6% higher in the third quarter than the previously fully escalated rents on the same spaces.
•
Signed 22 Suburban office leases covering 156,002 square feet during the third quarter. The mark-to-market on signed Suburban office leases was 4.4% higher in the third quarter than the previous fully escalated rents on the same spaces.
•
Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, was 97.5% as of September 30, 2016 as compared to 97.3% as of September 30, 2015 and 97.4% as of June 30, 2016.
Investing Highlights
•
Closed on the sale of a 40% interest in Eleven Madison Avenue for a total gross asset valuation of $2.6 billion, inclusive of the costs associated with lease stipulated improvements to the property. The Company received $484.2 million in net proceeds from the sale.




•
In October, closed on the sale of a 49% interest in 400 East 57th Street for a total gross asset valuation of $170.0 million. The Company recognized net proceeds of $65.0 million from the recapitalization of the property which included obtaining a new 10-year $100 million mortgage loan with a fixed interest rate of 3.0%. The new mortgage replaces the previous $66.7 million mortgage loan, which bore interest at a fixed rate of 4.13%.
•
Closed on the previously announced sale of 500 West Putnam Avenue in Greenwich, Connecticut, for a total gross asset valuation of $41.0 million. The Company recognized net proceeds of $39.5 million from the sale.
•
Originated new debt and preferred equity investments totaling $472.0 million in the third quarter, of which $434.5 million was retained at a yield of 9.2%.
Financing Highlights
•
Closed on $1.5 billion of construction financing for One Vanderbilt Avenue. The facility has a term of up to 7 years and bears interest at a floating rate of 3.50% over LIBOR, with the ability to reduce the spread to as low as 3.00% upon achieving certain pre-leasing and completion milestones.
•
Closed on an expansion of the term loan portion of the Company's unsecured corporate credit facility by $250.0 million, increasing the total facility size to $2.783 billion.
•
Together with our joint venture partner, closed on a $97.0 million refinancing of 650 Fifth Avenue, which replaces the previous $65.0 million mortgage.
Summary
New York, NY, October 19, 2016 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2016 of $34.3 million, or $0.34 per share as compared to net income attributable to common stockholders of $163.7 million, or $1.64 per share for the same quarter in 2015. Net income attributable to common stockholders for the quarter ended September 30, 2016 includes $0.6 million, or $0.01 per share, of net gains recognized from the sale of real estate as compared to $155.8 million, or $1.50 per share, of net gains recognized from the sale of real estate for the same quarter in 2015.
The Company also reported net income attributable to common stockholders for the nine months ended September 30, 2016 of $190.9 million, or $1.90 per share as compared to net income attributable to common stockholders of $167.8 million, or $1.68 per share for the same period in 2015. Net income attributable to common stockholders for the nine months ended September 30, 2016 includes $244.0 million, or $2.33 per share, of net gains recognized from the sale of real estate as compared to $169.5 million, or $1.64 per share, of net gains recognized from the sale of real estate for the same period in 2015.
The Company reported funds from operations, or FFO, for the quarter ended September 30, 2016 of $171.6 million, or $1.63 per share, net of transaction related costs of $5.6 million, or $0.05 per share, as compared to FFO for the same period in 2015 of $171.5 million, or $1.65 per share, net of transaction related costs of $5.9 million, or $0.06 per share. Third quarter 2016 FFO includes $41.1 million, or $0.39 per share, of additional income related to the recapitalization of a debt investment, offset by $19.6 million, or $0.19 per share, of




lost income and accounting write-offs related to space previously leased to Aeropostale at 1515 Broadway.
The Company also reported FFO for the nine months ended September 30, 2016 of $719.1 million, or $6.86 per share, net of transaction related costs of $9.0 million, or $0.09 per share, as compared to FFO for the same period in 2015 of $494.6 million, or $4.77 per share, net of transaction related costs of $10.1 million, or $0.10 per share.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended September 30, 2016, the Company reported consolidated revenues and operating income of $416.7 million and $232.8 million, respectively, compared to $432.1 million and $258.5 million, respectively, for the same period in 2015. For the nine months ended September 30, 2016, the Company reported consolidated revenues and operating income of $1.5 billion and $974.6 million, respectively, compared to $1.2 billion and $742.8 million, respectively, for the same period in 2015.
Same-store cash NOI on a combined basis increased by 1.6% to $177.4 million for the quarter ended September 30, 2016 as compared to the same period in 2015. For the quarter, consolidated property same-store cash NOI increased by 1.7% to $158.1 million and unconsolidated joint venture property same-store cash NOI increased by 0.3% to $19.4 million in 2016 as compared to the same period in 2015.
Same-store cash NOI on a combined basis increased by 6.0% to $538.6 million for the nine months ended September 30, 2016 as compared to $508.0 million for the same period in 2015. For the nine months ended September 30, 2016, consolidated property same-store cash NOI increased by 6.0% to $480.0 million and unconsolidated joint venture property same-store cash NOI increased by 6.2% to $58.6 million, as compared to the same period in 2015.
During the third quarter, the Company signed 41 office leases in its Manhattan portfolio totaling 1,282,518 square feet. Twenty-seven leases comprising 1,113,043 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 $74.34 per rentable square foot, representing a 28.6% increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the third quarter was 15.7 years and average tenant concessions were 4.8 months of free rent with a tenant improvement allowance of $54.51 per rentable square foot.
During the first nine months of 2016, the Company signed 138 office leases in its Manhattan portfolio totaling 2,753,254 square feet. One hundred eight leases comprising 2,421,221 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 $71.09 per rentable square foot, representing a 28.5% 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 nine months of 2016 was 12.4 years and average tenant concessions were 4.1 months of free rent with a tenant improvement allowance of $45.65 per rentable square foot.




Manhattan same-store occupancy was 97.5% at September 30, 2016, inclusive of 238,234 square feet of leases signed but not yet commenced as compared to 97.3% at September 30, 2015 and 97.4% at June 30, 2016.
During the third quarter, the Company signed 22 office leases in its Suburban portfolio totaling 156,002 square feet. Nine leases comprising the remaining 54,514 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 $33.09 per rentable square foot, representing a 4.4% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the third quarter was 6.6 years and average tenant concessions were 6.1 months of free rent with a tenant improvement allowance of $23.99 per rentable square foot.
During the first nine months of 2016, the Company signed 65 office leases in its Suburban portfolio totaling 555,933 square feet. Thirty-seven leases comprising the remaining 334,179 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 $38.72 per rentable square foot, representing a 5.3% 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 nine months of 2016 was 7 years and average tenant concessions were 6.4 months of free rent with a tenant improvement allowance of $27.52 per rentable square foot.
Same-store occupancy for the Company's Suburban portfolio was 85.4% at September 30, 2016, inclusive of 67,639 square feet of leases signed but not yet commenced as compared to 84.3% at September 30, 2015 and 83.9% at June 30, 2016.
Significant leases that were signed during the third quarter included:
•
Renewal on 603,650 square feet with Penguin Random House at 1745 Broadway, bringing the remaining lease term to 16.8 years;
•
New lease on 308,115 square feet with Visiting Nurse Service of New York at 220 East 42nd Street for 30.5 years;
•
Renewal on 64,111 square feet with Omnicom Group at 220 East 42nd Street bringing the remaining lease terms to 15.6 years;
•
Renewal on 28,650 square feet with Newmark & Company at 110 East 42nd Street bringing the remaining lease terms to 15.1 years;
•
New lease on 34,393 square feet with Pace University at 100 Summit Lake Drive in Valhalla, New York, for 11.0 years; and
•
New lease on 16,210 square feet with Canon U.S.A, Inc. at 125 Chubb Way, Lyndhurst, New Jersey, for 7.8 years.
Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2016 were $25.5 million, or 5.2% of total combined revenues and an annualized 53 basis points of total combined assets.




Real Estate Investment Activity
In October, the Company closed on the sale of a 49% interest in the entity that owns 400 East 57th Street at a gross asset valuation of $170.0 million and obtained a new 10-year $100 million mortgage loan, which bears interest at a fixed rate of 3.0%, replacing the previous $66.7 million mortgage loan, which bore interest at a fixed rate of 4.13%. The Company recognized net proceeds of $65.0 million from the recapitalization of the property.
In August, the Company closed on the sale of a 40% interest in Eleven Madison Avenue to PGIM Real Estate, the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU) for a total gross asset valuation of $2.6 billion, inclusive of the costs associated with lease stipulated improvements to the property. PGIM Real Estate has a one-year option to acquire an additional 9% stake in the venture at the same total gross property valuation of $2.6 billion. The Company received $484.2 million in cash proceeds from the sale. The partnership is seeking a modification to the mortgage on the property, which, if not obtained within six months after the closing, may result in the Company repurchasing the sold interest. The modification is expected to be granted during the fourth quarter of 2016.
In July, the Company sold 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 $1.5 billion at September 30, 2016 at a weighted average current yield of 9.2%, excluding $0.3 billion of debt and preferred equity investments that are included in other balance sheet line items for accounting purposes. During the third quarter, the Company originated new debt and preferred equity investments totaling $472.0 million, of which $434.5 million was retained and $309.6 million was funded, at a weighted average current yield of 9.2%. During the third quarter, the Company recorded $239.3 million of principal reductions from investments that were repaid and sold/syndicated.
Financing Activity
In September, the Company closed on $1.5 billion of construction financing for One Vanderbilt Avenue. The facility, which paves the way for the development of the 1,401 foot tower adjacent to Grand Central Terminal, was led by Wells Fargo Bank, N.A. as Administrative Agent, The Bank of New York Mellon, JP Morgan Chase Bank, TD Bank, N.A., and Bank of China, as Syndication Agents, and Landesbank Baden-Württemberg as Documentation Agent, has a term of up to 7 years and bears interest at a floating interest rate of 3.50% over LIBOR, with the ability to reduce the spread to as low as 3.00% upon achieving certain pre-leasing and completion milestones.
In September, the Company closed on the expansion of its unsecured corporate credit facility by $250.0 million, to $2.783 billion. The term loan portion of the facility, which matures in June 2019, has been increased from $933.0 million to $1.183 billion while the revolving line of credit portion of the facility, which matures in March 2020, remains at $1.6 billion.
In July, the Company, along with its joint venture partner, closed on the refinancing of 650 Fifth Avenue. The $97.0 million facility has a 2-year term (subject to two 1-year extension




options), carries a floating interest rate of LIBOR plus 3.75%, and replaces the previous $65.0 million of indebtedness on the property.
Dividends
During the third 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 October 17, 2016 to shareholders of record on the close of business on September 30, 2016; and
•
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2016 through and including October 14, 2016, which was paid on October 17, 2016 to shareholders of record on the close of business on September 30, 2016, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.
Annual Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on Monday, December 5, 2016 in New York City beginning at 9:00am EST. For more information on the Conference, please email SLG2016@slgreen.com .
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, October 20, 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 85055428.
A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using pass-code 85055428. 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 September 30, 2016, SL Green held interests in 125 Manhattan buildings totaling 46.6 million square feet. This included ownership interests in 28.1 million square feet of commercial buildings and debt and preferred equity investments secured by 18.6 million square feet of buildings. In addition, SL Green held ownership interests in 30 suburban buildings totaling 4.8 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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Rental revenue, net
$
281,482

 
$
318,465

 
$
1,043,898

 
$
926,020

Escalation and reimbursement
53,130

 
48,254

 
147,357

 
130,630

Investment income
75,396

 
49,328

 
174,347

 
136,588

Other income
6,673

 
16,019

 
124,137

 
44,201

        Total revenues
416,681

 
432,066

 
1,489,739

 
1,237,439

Expenses:
 
 
 
 
 
 
 
Operating expenses, including related party expenses of $5,042 and $15,171 in 2016 and $5,238 and $13,415 in 2015.
79,425

 
78,648

 
234,269

 
225,539

Real estate taxes
64,133

 
61,009

 
187,931

 
173,018

Ground rent
8,338

 
8,252

 
24,953

 
24,526

Interest expense, net of interest income
72,565

 
84,141

 
256,326

 
235,694

Amortization of deferred financing costs
4,815

 
7,160

 
20,180

 
19,727

Depreciation and amortization
112,665

 
146,185

 
717,015

 
454,087

Transaction related costs
2,593

 
5,829

 
5,987

 
10,039

Marketing, general and administrative
25,458

 
23,475

 
73,974

 
72,139

        Total expenses
369,992

 
414,699

 
1,520,635

 
1,214,769

Income (loss) 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
46,689

 
17,367

 
(30,896
)
 
22,670

Equity in net (loss) income from unconsolidated joint ventures
(3,968
)
 
3,627

 
11,969

 
10,651

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
225

 
15,281

 
43,588

 
16,050

Gain on sale of real estate, net
397

 
159,704

 
210,750

 
159,704

Depreciable real estate reserves
—

 
(19,226
)
 
(10,387
)
 
(19,226
)
Loss on sale of marketable securities
—

 
—

 
(83
)
 
—

Loss on early extinguishment of debt
—

 
—

 
—

 
(49
)
Income from continuing operations
43,343

 
176,753

 
224,941

 
189,800

Net income from discontinued operations
—

 
—

 
—

 
427

Gain on sale of discontinued operations
—

 
—

 
—

 
12,983

        Net income
43,343

 
176,753

 
224,941

 
203,210

Net income attributable to noncontrolling interests in the Operating Partnership
(1,663
)
 
(6,467
)
 
(8,171
)
 
(6,634
)
Net income attributable to noncontrolling interests in other partnerships
(836
)
 
(665
)
 
(6,245
)
 
(13,217
)
Preferred unit distributions
(2,854
)
 
(2,225
)
 
(8,382
)
 
(4,316
)
Net income attributable to SL Green
37,990

 
167,396

 
202,143

 
179,043

Perpetual preferred stock dividends
(3,738
)
 
(3,738
)
 
(11,213
)
 
(11,214
)
        Net income attributable to SL Green common stockholders
$
34,252

 
$
163,658

 
$
190,930

 
$
167,829

 
 
 
 
 
 
 
 
Earnings Per Share (EPS)
 
 
 
 
 
 
 
Net income per share (Basic)
$
0.34

 
$
1.64

 
$
1.91

 
$
1.69

Net income per share (Diluted)
$
0.34

 
$
1.64

 
$
1.90

 
$
1.68

 
 
 
 
 
 
 
 
Funds From Operations (FFO)
 
 
 
 
 
 
 
FFO per share (Basic)
$
1.64

 
$
1.66

 
$
6.89

 
$
4.80

FFO per share (Diluted)
$
1.63

 
$
1.65

 
$
6.86

 
$
4.77

 
 
 
 
 
 
 
 
Basic ownership interest
 
 
 
 
 
 
 
Weighted average REIT common shares for net income per share
100,233

 
99,621

 
100,140

 
99,205

Weighted average partnership units held by noncontrolling interests
4,497

 
3,901

 
4,272

 
3,924

Basic weighted average shares and units outstanding
104,730

 
103,522

 
104,412

 
103,129

 
 
 
 
 
 
 
 
Diluted ownership interest
 
 
 
 
 
 
 
Weighted average REIT common share and common share equivalents
100,646

 
100,028

 
100,489

 
99,685

Weighted average partnership units held by noncontrolling interests
4,497

 
3,901

 
4,272

 
3,924

Diluted weighted average shares and units outstanding
105,143

 
103,929

 
104,761

 
103,609





SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
September 30,
 
December 31,
 
2016
 
2015
Assets
(Unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land and land interests
$
3,347,482

 
$
4,779,159

Building and improvements
7,777,647

 
10,423,739

Building leasehold and improvements
1,436,287

 
1,431,259

Properties under capital lease
47,445

 
47,445

 
12,608,861

 
16,681,602

Less accumulated depreciation
(2,190,142
)
 
(2,060,706
)
 
10,418,719

 
14,620,896

Assets held for sale
117,159

 
34,981

Cash and cash equivalents
405,896

 
255,399

Restricted cash
100,195

 
233,578

Investment in marketable securities
60,352

 
45,138

Tenant and other receivables, net of allowance of $18,278 and $17,618 in 2016 and 2015, respectively
55,976

 
63,491

Related party receivables
14,840

 
10,650

Deferred rents receivable, net of allowance of $24,922 and $21,730 in 2016 and 2015, respectively
430,642

 
498,776

Debt and preferred equity investments, net of discounts and deferred origination fees of $14,630 and $18,759 in 2016 and
    2015, respectively
1,453,234

 
1,670,020

Investments in unconsolidated joint ventures
1,860,912

 
1,203,858

Deferred costs, net
252,179

 
239,920

Other assets
620,838

 
850,939

        Total assets
$
15,790,942

 
$
19,727,646

 
 
 
 
Liabilities
 
 
 
Mortgages and other loans payable
$
4,024,896

 
$
6,992,504

Revolving credit facility
—

 
994,000

Term loan and senior unsecured notes
2,313,616

 
2,319,244

Deferred financing costs, net
(87,591
)
 
(130,295
)
Total debt, net of deferred financing costs
6,250,921

 
10,175,453

Accrued interest payable
30,734

 
42,406

Other liabilities
218,404

 
168,477

Accounts payable and accrued expenses
178,946

 
196,213

Deferred revenue
237,548

 
399,102

Capitalized lease obligations
41,951

 
41,360

Deferred land leases payable
2,419

 
1,783

Dividend and distributions payable
81,392

 
79,790

Security deposits
67,709

 
68,023

Liabilities related to assets held for sale
65,520

 
29,000

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

 
100,000

        Total liabilities
7,275,544

 
11,301,607

 
 
 
 
Commitments and contingencies
—

 
—

Noncontrolling interest in the Operating Partnership
490,440

 
424,206

Preferred units
302,310

 
282,516

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

 
221,932

Common stock, $0.01 par value 160,000 shares authorized, 101,319 and 100,063 issued and outstanding at September 30, 2016 and December 31, 2015, respectively (including 1,055 and 87 shares held in Treasury at September 30, 2016 and December 31, 2015, respectively)
1,013

 
1,001

Additional paid-in capital
5,596,026

 
5,439,735

Treasury stock at cost
(124,049
)
 
(10,000
)
Accumulated other comprehensive loss
(14,074
)
 
(8,749
)
Retained earnings
1,612,707

 
1,643,546

Total SL Green Realty Corp. stockholders’ equity
7,293,555

 
7,287,465

Noncontrolling interests in other partnerships
429,093

 
431,852

        Total equity
7,722,648

 
7,719,317

Total liabilities and equity
$
15,790,942

 
$
19,727,646





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

 
Three Months Ended
 
September 30,
 
2016
 
2015
FFO Reconciliation:
 
 
 
Net income attributable to SL Green common stockholders
$
34,252

 
$
163,658

Add:
 
 
 
Depreciation and amortization
112,665

 
146,185

Joint venture depreciation and noncontrolling interest adjustments
23,349

 
10,796

Net income attributable to noncontrolling interests
2,499

 
7,132

Less:
 
 
 
Gain on sale of real estate and discontinued operations, net
397

 
159,704

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
225

 
15,281

Depreciable real estate reserve
—

 
(19,226
)
Depreciation on non-rental real estate assets
509

 
500

Funds From Operations attributable to SL Green common stockholders and noncontrolling interests
$
171,634


$
171,512



 
Consolidated Properties
 
Unconsolidated Joint Ventures (100%)
 
Three Months Ended
 
Three Months Ended
 
September 30,
 
September 30,
Operating income and Same-store NOI Reconciliation:
2016
 
2015
 
2016
 
2015
Income (loss) 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
$
46,689

 
$
17,367

 
$
(6,255
)
 
$
1,169

 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
(3,968
)
 
3,627

 
 
 
 
Depreciation and amortization
112,665

 
146,185

 
56,890

 
38,144

Interest expense, net of interest income
72,565

 
84,141

 
51,789

 
51,430

Amortization of deferred financing costs
4,815

 
7,160

 
7,155

 
3,473

Loss on early extinguishment of debt
—

 
—

 
—

 
(248
)
Operating income
232,766

 
258,480

 
109,579

 
93,968

 
 
 
 
 
 
 
 
Marketing, general and administrative expense
25,458

 
23,475

 
—

 
—

Net operating income from discontinued operations
—

 
—

 
—

 
—

Transaction related costs, net
2,593

 
5,829

 
5,359

 
604

Non-building revenue
(77,962
)
 
(55,707
)
 
(8,990
)
 
(2,990
)
Equity in net income from unconsolidated joint ventures
3,968

 
(3,627
)
 
—

 
—

Loss on early extinguishment of debt
—

 
—

 
—


(248
)
Net operating income (NOI)
$
186,823

 
$
228,450

 
$
105,948

 
$
91,334

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI from discontinued operations
—

 
—

 
—

 
—

NOI from other properties/affiliates
(33,531
)
 
(59,000
)
 
(84,620
)
 
(70,244
)
Same-Store NOI
153,292

 
169,450

 
21,328

 
21,090

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ground lease straight-line adjustment
424

 
472

 
—

 
—

 
 
 
 
 
 
 
 
Straight-line and free rent
(2,843
)
 
(9,194
)
 
(1,577
)
 
(1,334
)
Rental income - FAS 141
7,192

 
(5,330
)
 
(388
)
 
(454
)
Same-store cash NOI
$
158,065

 
$
155,398

 
$
19,363

 
$
19,302






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

 
Nine Months Ended
 
September 30,
 
2016
 
2015
FFO Reconciliation:
 
 
 
Net income attributable to SL Green common stockholders
$
190,930

 
$
167,829

Add:
 
 
 
Depreciation and amortization
717,015

 
454,087

Joint venture depreciation and noncontrolling interest adjustments
42,191

 
23,853

Net income attributable to noncontrolling interests
14,416

 
19,851

Less:
 
 
 
Gain on sale of real estate and discontinued operations, net
210,750

 
172,687

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
43,588

 
16,050

Depreciable real estate reserve
(10,387
)
 
(19,226
)
Depreciation on non-rental real estate assets
1,505

 
1,525

Funds From Operations attributable to SL Green common stockholders and noncontrolling interests
$
719,096

 
$
494,584



 
Consolidated Properties
 
Unconsolidated Joint Ventures (100%)
 
Nine Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
Operating income and Same-store NOI Reconciliation:
2016
 
2015
 
2016
 
2015
Income (loss) 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
$
(30,896
)
 
$
22,670

 
$
16,198

 
$
2,148

 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
11,969

 
10,651

 
 
 
 
Depreciation and amortization
717,015

 
454,087

 
132,035

 
109,022

Interest expense, net of interest income
256,326

 
235,694

 
147,876

 
147,152

Amortization of deferred financing costs
20,180

 
19,727

 
17,667

 
9,628

Loss on early extinguishment of debt
—

 
(49
)
 
(1,606
)
 
(1,081
)
Operating income
974,594

 
742,780

 
312,170

 
266,869

 
 
 
 
 
 
 
 
Marketing, general and administrative expense
73,974

 
72,139

 
—

 
—

Net operating income from discontinued operations
—

 
427

 
—

 
—

Transaction related costs, net
5,987

 
10,039

 
5,359

 
615

Non-building revenue
(180,345
)
 
(151,112
)
 
(20,531
)
 
(8,853
)
Equity in net income from unconsolidated joint ventures
(11,969
)
 
(10,651
)
 
—

 
—

Loss on early extinguishment of debt
—

 
49

 
1,606

 
1,081

Net operating income (NOI)
$
862,241

 
$
663,671

 
$
298,604

 
$
259,712

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI from discontinued operations
—

 
—

 
—

 
—

NOI from other properties/affiliates
(364,355
)
 
(160,909
)
 
(233,642
)
 
(198,555
)
Same-Store NOI
497,886

 
502,762

 
64,962

 
61,157

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ground lease straight-line adjustment
1,359

 
1,415

 
—

 
—

 
 
 
 
 
 
 
 
Straight-line and free rent
(18,937
)
 
(38,181
)
 
(5,172
)
 
(4,551
)
Rental income - FAS 141
(346
)
 
(13,155
)
 
(1,170
)
 
(1,417
)
Same-store cash NOI
$
479,962

 
$
452,841

 
$
58,620

 
$
55,189









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

 
24,029

Portfolio percentage leased at end of period
95.4
%
 
94.5
%
Same-Store percentage leased at end of period
96.3
%
 
96.7
%
Number of properties in operation
31
 
32

 
 
 
 
Office square feet where leases commenced during quarter ended (rentable)
1,195,004

 
289,016

Average mark-to-market percentage-office
18.4
%
 
26.8
%
Average starting cash rent per rentable square foot-office
$
73.22

 
$
70.45


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






Exhibit


https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-supplementalcover21169x827re.jpg

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
 
 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg



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.

SLG Interest
We highlight to investors that 'SLG Interest' is computed by multiplying each financial statement line items by the Company's percentage ownership in the respective joint ventures and may not accurately depict the legal and economic implications of holding a non-controlling interest in the joint ventures.

 
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.

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 September 30, 2016 that will be released on Form 10-Q to be filed on or before November 9, 2016.



 
2
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
TABLE OF CONTENTS


 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg








Highlights of Current Period Financial Performance
 
 
 
 
 
Unaudited Financial Statements
 
 
Supplemental Definitions
 
4
          Corporate Profile
 
5
          Highlights
 
6-13
Comparative Balance Sheets
 
14-15
Comparative Statements of Operations
 
16
Comparative Computation of FFO and FAD
 
17
Consolidated Statement of Equity
 
18
          Joint Venture Statements
 
19-21
 
 
 
Selected Financial Data
 
22-25
Debt Summary Schedule
 
26-28
Summary of Ground Lease Arrangements
 
29
 
 
 
Debt and Preferred Equity Investments
 
30-32
 
 
 
Selected Property Data
 
 
Composition of Property Portfolio
 
33-40
Largest Tenants
 
41
Tenant Diversification
 
42
          Leasing Activity Summary
 
43-47
          Annual Lease Expirations
 
48-50
 
 
 
Summary of Real Estate Acquisition/Disposition Activity
 
51-55
Corporate Information
 
56
Analyst Coverage
 
57
 
 
 




 
3
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUPPLEMENTAL DEFINITIONS
                               
                          
                         
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


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.
 
EBITDA is calculated by adding transaction related costs and losses on early extinguishment of debt to operating income. Adjusted EBITDA is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.

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, and excludes development properties prior to being stabilized for both the current and prior year.
 
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).









 
4
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
CORPORATE PROFILE



 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg






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.


Our core business is the ownership of high-quality commercial properties, and our primary business objective is to maximize the total return to stockholders, through strategically acquiring, redeveloping, and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow. The commercial real estate expertise resulting from owning, operating, investing, and lending in Manhattan for over 34 years has enabled us to invest in a collection of premier office and retail properties, selected multifamily residential assets, and high-quality debt and preferred equity investments. 


As of September 30, 2016, the Company held interests in 125 Manhattan buildings totaling 46.6 million square feet. This included ownership interests in 28.1 million square feet of commercial buildings and debt and preferred equity investments secured by 18.6 million square feet of buildings. In addition, the Company held ownership interests in 30 suburban buildings totaling 4.8 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.


 
5
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
THIRD QUARTER 2016 HIGHLIGHTS

Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


Summary
New York, NY, October 19, 2016 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2016 of $34.3 million, or $0.34 per share as compared to net income attributable to common stockholders of $163.7 million, or $1.64 per share for the same quarter in 2015. Net income attributable to common stockholders for the quarter ended September 30, 2016 includes $0.6 million, or $0.01 per share, of net gains recognized from the sale of real estate as compared to $155.8 million, or $1.50 per share, of net gains recognized from the sale of real estate for the same quarter in 2015.
The Company also reported net income attributable to common stockholders for the nine months ended September 30, 2016 of $190.9 million, or $1.90 per share as compared to net income attributable to common stockholders of $167.8 million, or $1.68 per share for the same period in 2015. Net income attributable to common stockholders for the nine months ended September 30, 2016 includes $244.0 million, or $2.33 per share, of net gains recognized from the sale of real estate as compared to $169.5 million, or $1.64 per share, of net gains recognized from the sale of real estate for the same period in 2015.
The Company reported funds from operations, or FFO, for the quarter ended September 30, 2016 of $171.6 million, or $1.63 per share, net of transaction related costs of $5.6 million, or $0.05 per share, as compared to FFO for the same period in 2015 of $171.5 million, or $1.65 per share, net of transaction related costs of $5.9 million, or $0.06 per share. Third quarter 2016 FFO includes $41.1 million, or $0.39 per share, of additional income related to the recapitalization of a debt investment, offset by $19.6 million, or $0.19 per share, of lost income and accounting write-offs related to space previously leased to Aeropostale at 1515 Broadway.
The Company also reported FFO for the nine months ended September 30, 2016 of $719.1 million, or $6.86 per share, net of
 
transaction related costs of $9.0 million, or $0.09 per share, as compared to FFO for the same period in 2015 of $494.6 million, or $4.77 per share, net of transaction related costs of $10.1 million, or $0.10 per share.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended September 30, 2016, the Company reported consolidated revenues and operating income of $416.7 million and $232.8 million, respectively, compared to $432.1 million and $258.5 million, respectively, for the same period in 2015. For the nine months ended September 30, 2016, the Company reported consolidated revenues and operating income of $1.5 billion and $974.6 million, respectively, compared to $1.2 billion and $742.8 million, respectively, for the same period in 2015.
Same-store cash NOI on a combined basis increased by 1.6% to $177.4 million for the quarter ended September 30, 2016 as compared to the same period in 2015. For the quarter, consolidated property same-store cash NOI increased by 1.7% to $158.1 million and unconsolidated joint venture property same-store cash NOI increased by 0.3% to $19.4 million in 2016 as compared to the same period in 2015.
Same-store cash NOI on a combined basis increased by 6.0% to $538.6 million for the nine months ended September 30, 2016 as compared to $508.0 million for the same period in 2015. For the nine months ended September 30, 2016, consolidated property same-store cash NOI increased by 6.0% to $480.0 million and unconsolidated joint venture property same-store cash NOI increased by 6.2% to $58.6 million, as compared to the same period in 2015.
During the third quarter, the Company signed 41 office leases in its Manhattan portfolio totaling 1,282,518 square feet. Twenty-seven leases comprising 1,113,043 square feet, representing office leases


 
6
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
THIRD QUARTER 2016 HIGHLIGHTS

Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


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 $74.34 per rentable square foot, representing a 28.6% increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the third quarter was 15.7 years and average tenant concessions were 4.8 months of free rent with a tenant improvement allowance of $54.51 per rentable square foot.
During the first nine months of 2016, the Company signed 138 office leases in its Manhattan portfolio totaling 2,753,254 square feet. One hundred eight leases comprising 2,421,221 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 $71.09 per rentable square foot, representing a 28.5% 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 nine months of 2016 was 12.4 years and average tenant concessions were 4.1 months of free rent with a tenant improvement allowance of $45.65 per rentable square foot.
Manhattan same-store occupancy was 97.5% at September 30, 2016, inclusive of 238,234 square feet of leases signed but not yet commenced as compared to 97.3% at September 30, 2015 and 97.4% at June 30, 2016.
During the third quarter, the Company signed 22 office leases in its Suburban portfolio totaling 156,002 square feet. Nine leases comprising the remaining 54,514 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 $33.09 per rentable square foot, representing a 4.4% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the third quarter was 6.6 years and average tenant concessions were 6.1
 
months of free rent with a tenant improvement allowance of $23.99 per rentable square foot.
During the first nine months of 2016, the Company signed 65 office leases in its Suburban portfolio totaling 555,933 square feet. Thirty-seven leases comprising the remaining 334,179 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 $38.72 per rentable square foot, representing a 5.3% 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 nine months of 2016 was 7 years and average tenant concessions were 6.4 months of free rent with a tenant improvement allowance of $27.52 per rentable square foot.
Same-store occupancy for the Company's Suburban portfolio was 85.4% at September 30, 2016, inclusive of 67,639 square feet of leases signed but not yet commenced as compared to 84.3% at September 30, 2015 and 83.9% at June 30, 2016.
Significant leases that were signed during the third quarter included:
•
Renewal on 603,650 square feet with Penguin Random House at 1745 Broadway, bringing the remaining lease term to 16.8 years;
•
New lease on 308,115 square feet with Visiting Nurse Service of New York at 220 East 42nd Street for 30.5 years;
•
Renewal on 64,111 square feet with Omnicom Group at 220 East 42nd Street bringing the remaining lease terms to 15.6 years;
•
Renewal on 28,650 square feet with Newmark & Company at 110 East 42nd Street bringing the remaining lease terms to 15.1 years;


 
7
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
THIRD QUARTER 2016 HIGHLIGHTS

Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


•
New lease on 34,393 square feet with Pace University at 100 Summit Lake Drive in Valhalla, New York, for 11.0 years; and
•
New lease on 16,210 square feet with Canon U.S.A, Inc. at 125 Chubb Way, Lyndhurst, New Jersey, for 7.8 years.
Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2016 were $25.5 million, or 5.2% of total combined revenues and an annualized 53 basis points of total combined assets.
Real Estate Investment Activity
In October, the Company closed on the sale of a 49% interest in the entity that owns 400 East 57th Street at a gross asset valuation of $170.0 million and obtained a new 10-year $100 million mortgage loan, which bears interest at a fixed rate of 3.0%, replacing the previous $66.7 million mortgage loan, which bore interest at a fixed rate of 4.13%. The Company recognized net proceeds of $65.0 million from the recapitalization of the property.
In August, the Company closed on the sale of a 40% interest in Eleven Madison Avenue to PGIM Real Estate, the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU) for a total gross asset valuation of $2.6 billion, inclusive of the costs associated with lease stipulated improvements to the property. PGIM Real Estate has a one-year option to acquire an additional 9% stake in the venture at the same total gross property valuation of $2.6 billion. The Company received $484.2 million in cash proceeds from the sale. The partnership is seeking a modification to the mortgage on the property, which, if not obtained within six months after the closing, may result in the Company repurchasing the sold interest. The modification is expected to be granted during the fourth quarter of 2016.
In July, the Company sold 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 $1.5 billion at September 30, 2016 at a weighted average current yield of 9.2%, excluding $0.3 billion of debt and preferred equity investments that are included in other balance sheet line items for accounting purposes. During the third quarter, the Company originated new debt and preferred equity investments totaling $472.0 million, of which $434.5 million was retained and $309.6 million was funded, at a weighted average current yield of 9.2%. During the third quarter, the Company recorded $239.3 million of principal reductions from investments that were repaid and sold/syndicated.
Financing Activity
In September, the Company closed on $1.5 billion of construction financing for One Vanderbilt Avenue. The facility, which paves the way for the development of the 1,401 foot tower adjacent to Grand Central Terminal, was led by Wells Fargo Bank, N.A. as Administrative Agent, The Bank of New York Mellon, JP Morgan Chase Bank, TD Bank, N.A., and Bank of China, as Syndication Agents, and Landesbank Baden-Württemberg as Documentation Agent, has a term of up to 7 years and bears interest at a floating interest rate of 3.50% over LIBOR, with the ability to reduce the spread to as low as 3.00% upon achieving certain pre-leasing and completion milestones.
In September, the Company closed on the expansion of its unsecured corporate credit facility by $250.0 million, to $2.783 billion. The term loan portion of the facility, which matures in June 2019, has been increased from $933.0 million to $1.183 billion while the revolving line of credit portion of the facility, which matures in March 2020, remains at $1.6 billion.


 
8
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
THIRD QUARTER 2016 HIGHLIGHTS

Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


In July, the Company, along with its joint venture partner, closed on the refinancing of 650 Fifth Avenue. The $97.0 million facility has a 2-year term (subject to two 1-year extension options), carries a floating interest rate of LIBOR plus 3.75%, and replaces the previous $65.0 million of indebtedness on the property.
Dividends
During the third 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 October 17, 2016 to shareholders of record on the close of business on September 30, 2016; and
•
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2016 through and including October 14, 2016, which was paid on October 17, 2016 to shareholders of record on the close of business on September 30, 2016, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.
Annual Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on Monday, December 5, 2016 in New York City beginning at 9:00am EST. For more information on the Conference, please email SLG2016@slgreen.com .






 




 
9
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
As of or for the three months ended
 
9/30/2016
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
Earnings Per Share
 
 
 
 
 
 
 
 
 
Net income available to common stockholders - diluted
$
0.34

 
$
1.33

 
$
0.23

 
$
0.96

 
$
1.64

Funds from operations (FFO) available to common stockholders - diluted
$
1.63

 
$
3.39

 
$
1.84

 
$
1.61

 
$
1.65

 
 
 
 
 
 
 
 
 
 
Common Share Price & Dividends
 
 
 
 
 
 
 
 
 
Closing price at the end of the period
$
108.10

 
$
106.47

 
$
96.88

 
$
112.98

 
$
108.16

Closing high price during period
$
119.20

 
$
106.72

 
$
110.92

 
$
121.80

 
$
116.97

Closing low price during period
$
102.56

 
$
95.51

 
$
80.54

 
$
108.56

 
$
100.95

Common dividend per share
$
0.72

 
$
0.72

 
$
0.72

 
$
0.72

 
$
0.60

 
 
 
 
 
 
 
 
 
 
FFO payout ratio (trailing 12 months)
34.0
%
 
32.5
%
 
39.3
%
 
39.6
%
 
38.7
%
Funds available for distribution (FAD) payout ratio (trailing 12 months)
61.9
%
 
58.5
%
 
71.0
%
 
77.5
%
 
60.2
%
 
 
 
 
 
 
 
 
 
 
Common Shares & Units
 
 
 
 
 
 
 
 
 
Common shares outstanding
100,264

 
100,164

 
100,081

 
99,975

 
99,659

Units outstanding
4,495

 
4,504

 
4,001

 
3,746

 
3,875

Total common shares and units outstanding
104,759

 
104,668

 
104,082

 
103,721

 
103,534

 
 
 
 
 
 
 
 
 
 
Weighted average common shares and units outstanding - basic
104,730

 
104,476

 
104,025

 
103,587

 
103,522

Weighted average common shares and units outstanding - diluted
105,143

 
104,792

 
104,259

 
104,055

 
103,929

 
 
 
 
 
 
 
 
 
 
Market Capitalization
 
 
 
 
 
 
 
 
 
Market value of common equity
$
11,324,448

 
$
11,144,002

 
$
10,083,464

 
$
11,718,399

 
$
11,198,237

Liquidation value of preferred equity/units
532,309

 
532,460

 
534,869

 
512,516

 
512,516

Consolidated debt (1)
6,237,641

 
7,796,092

 
9,796,167

 
10,434,748

 
10,130,502

Consolidated market capitalization
$
18,094,398

 
$
19,472,554

 
$
20,414,500

 
$
22,665,663

 
$
21,841,255

SLG portion of JV debt
2,694,274

 
1,854,131

 
1,690,200

 
1,718,031

 
1,683,320

Combined market capitalization
$
20,788,672

 
$
21,326,685

 
$
22,104,700

 
$
24,383,694

 
$
23,524,575

 
 
 
 
 
 
 
 
 
 
Consolidated debt to market capitalization (2)
34.5
%
 
40.0
%
 
48.0
%
 
46.0
%
 
46.4
%
Combined debt to market capitalization (2)
43.0
%
 
45.2
%
 
52.0
%
 
49.8
%
 
50.2
%
 
 
 
 
 
 
 
 
 
 
Consolidated debt service coverage (trailing 12 months)
3.33x

 
3.29x

 
2.88x

 
2.85x

 
2.78x

Consolidated fixed charge coverage (trailing 12 months)
2.89x

 
2.87x

 
2.52x

 
2.50x

 
2.45x

Combined debt service coverage (trailing 12 months)
2.93x

 
2.90x

 
2.54x

 
2.52x

 
2.47x

Combined fixed charge coverage (trailing 12 months)
2.57x

 
2.56x

 
2.25x

 
2.23x

 
2.20x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes debt associated with assets held for sale.
(2) Includes the liquidation value of preferred equity/units.


Supplemental Information
10
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
As of or for the three months ended
 
9/30/2016
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
Selected Balance Sheet Data
 
 
 
 
 
 
 
 
 
Real estate assets before depreciation
$
12,608,861

 
$
15,015,226

 
$
16,550,051

 
$
16,718,324

 
$
16,381,149

Investments in unconsolidated joint ventures
$
1,860,912

 
$
1,126,486

 
$
1,146,085

 
$
1,203,858

 
$
1,239,008

Debt and preferred equity investments
$
1,453,234

 
$
1,357,181

 
$
1,378,616

 
$
1,670,020

 
$
1,501,619

Cash and cash equivalents
$
405,896

 
$
276,226

 
$
316,205

 
$
255,399

 
$
244,360

Investment in marketable securities
$
60,352

 
$
39,339

 
$
43,915

 
$
45,138

 
$
46,432

 
 
 
 
 
 
 
 
 
 
Total assets
$
15,790,942

 
$
17,544,223

 
$
19,585,715

 
$
19,727,426

 
$
19,382,712

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt
$
5,226,651

 
$
6,344,936

 
$
6,887,280

 
$
7,232,254

 
$
7,137,994

Variable rate debt (1)
1,010,990

 
1,451,155

 
2,908,887

 
3,173,494

 
2,992,508

Total consolidated debt
$
6,237,641

 
$
7,796,091

 
$
9,796,167


$
10,405,748


$
10,130,502

Deferred financing costs, net of amortization
(87,591
)
 
(101,521
)
 
(105,543
)
 
(130,515
)
 
(107,858
)
Total consolidated debt, net
$
6,150,050

 
$
7,694,570

 
$
9,690,624

 
$
10,275,233

 
$
10,022,644

 
 
 
 
 
 
 
 
 
 
Total liabilities
$
7,275,544

 
$
9,008,192

 
$
11,178,777

 
$
11,301,387

 
$
11,005,016

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt - including SLG portion of JV debt
$
6,720,214

 
$
6,998,500

 
$
7,895,076

 
$
8,275,130

 
$
8,085,553

Variable rate debt - including SLG portion of JV debt (1)
2,211,700

 
2,651,723

 
3,591,291

 
3,848,649

 
3,728,269

Total combined debt
$
8,931,914

 
$
9,650,223

 
$
11,486,367

 
$
12,123,779

 
$
11,813,822

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
334,612

 
$
465,425

 
$
391,218

 
$
367,843

 
$
366,719

Property operating expenses
(151,896
)
 
(145,755
)
 
(149,502
)
 
(144,077
)
 
(147,909
)
Property NOI
$
182,716

 
$
319,670

 
$
241,716

 
$
223,766

 
$
218,810

SLG share of property NOI from JVs
44,369

 
36,306

 
36,124

 
33,488

 
32,307

Total property NOI - combined
$
227,085

 
$
355,976

 
$
277,840

 
$
257,254

 
$
251,117

Investment income
75,396

 
44,214

 
54,737

 
44,540

 
49,328

Other income
6,673

 
107,975

 
9,489

 
13,007

 
16,019

Marketing general & administrative expenses
(25,458
)
 
(24,484
)
 
(24,032
)
 
(22,734
)
 
(23,475
)
SLG share of investment income and other income from JVs
5,389

 
3,953

 
8,547

 
6,391

 
6,497

EBITDA - combined
$
289,085

 
$
487,634

 
$
326,581

 
$
298,458

 
$
299,486

 
 
 
 
 
 
 
 
 
 
(1) Does not reflect $1.3 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.





Supplemental Information
11
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg

 
As of or for the three months ended
 
9/30/2016
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
301,165

 
$
432,422

 
$
361,584

 
$
338,254

 
$
334,809

Property operating expenses
133,725

 
127,057

 
131,267

 
124,302

 
127,382

Property NOI
$
167,440

 
$
305,365

 
$
230,317

 
$
213,952

 
$
207,427

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
1,951

 
$
95,333

 
$
1,648

 
$
3,088

 
$
7,337

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JV
$
44,249

 
$
36,083

 
$
40,714

 
$
36,171

 
$
35,145

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
24

 
25

 
27

 
27

 
26

Unconsolidated office buildings in service
7

 
6

 
6

 
5

 
6

 
31

 
31

 
33

 
32

 
32

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
16,054,606

 
18,368,606

 
21,003,606

 
21,003,606

 
20,700,091

Unconsolidated office buildings in service - square footage
6,558,139

 
4,244,139

 
4,244,139

 
3,024,981

 
3,328,496

 
22,612,745

 
22,612,745

 
25,247,745

 
24,028,587

 
24,028,587

 
 
 
 
 
 
 
 
 
 
Same-store combined office occupancy (consolidated + JV)
96.3%
 
96.5%
 
96.2%
 
96.2%
 
96.7%
Same-store combined office occupancy inclusive of leases signed not yet commenced
97.5%
 
97.4%
 
97.4%
 
97.2%
 
97.3%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
Total office leases commenced
42

 
50

 
47

 
42

 
38

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
109,247

 
37,556

 
643,979

 
91,396

 
56,387

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
1,085,757

 
661,197

 
617,028

 
299,375

 
232,629

Total office square footage commenced
1,195,004

 
698,753

 
1,261,007

 
390,771

 
289,016

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$73.22
 
$67.55
 
$70.66
 
$65.48
 
$70.45
Previously escalated cash rent psf - office leases commenced
$61.84
 
$60.41
 
$48.71
 
$56.80
 
$55.57
Increase in new cash rent over previously escalated cash rent (2)
18.4%
 
11.8%
 
45.1%
 
15.3%
 
26.8%
Average lease term
10.5
 
6.8
 
13.0
 
9.1
 
7.8
Tenant concession packages psf
$40.40
 
$20.64
 
$57.64
 
$23.70
 
$39.44
Free rent months
4.2
 
2.6
 
7.5
 
4.1
 
3.7
 
 
 
 
 
 
 
 
 
 
(1) Property data for in service buildings only.
(2) Calculated on space that was occupied within the previous 12 months.


Supplemental Information
12
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
KEY FINANCIAL DATA
Suburban Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg

 
As of or for the three months ended
 
9/30/2016
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
28,942

 
$
28,276

 
$
27,934

 
$
29,897

 
$
30,231

Property operating expenses
15,211

 
14,838

 
14,891

 
16,247

 
16,221

Property NOI
$
13,731

 
$
13,438

 
$
13,043

 
$
13,650

 
$
14,010

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
118

 
$
624

 
$
759

 
$
80

 
$
240

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JV
$
120

 
$
228

 
$
647

 
$
409

 
$
271

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
25

 
26

 
26

 
26

 
28

Unconsolidated office buildings in service
2

 
2

 
2

 
3

 
3

 
27

 
28

 
28

 
29

 
31

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
4,113,800

 
4,235,300

 
4,235,300

 
4,235,300

 
4,450,400

Unconsolidated office buildings in service - square footage
640,000

 
640,000

 
640,000

 
705,641

 
705,641

 
4,753,800

 
4,875,300

 
4,875,300

 
4,940,941

 
5,156,041

 
 
 
 
 
 
 
 
 
 
Same-store combined office occupancy (consolidated + JV) 
83.7%
 
82.9%
 
84.3%
 
81.4%
 
82.6%
Same-store combined office occupancy inclusive of leases signed not yet commenced
85.4%
 
83.9%
 
84.9%
 
83.3%
 
84.3%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
Total office leases commenced
20

 
19

 
34

 
30

 
19

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
43,111

 
63,105

 
112,469

 
43,516

 
59,812

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
77,869

 
104,704

 
203,690

 
167,798

 
80,403

Total office square footage commenced
120,980

 
167,809

 
316,159

 
211,314

 
140,215

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$35.40
 
$38.42
 
$37.66
 
$32.16
 
$33.64
Previously escalated cash rent psf - office leases commenced
$34.61
 
$37.46
 
$35.84
 
$31.58
 
$35.48
Increase/(decrease) in new cash rent over previously escalated cash rent (2)
2.3%
 
2.8%
 
5.1%
 
1.8%
 
(5.2)%
Average lease term
5.5
 
9.4
 
6.7
 
5.9
 
6.4
Tenant concession packages psf
$26.04
 
$36.77
 
$30.61
 
$25.56
 
$30.19
Free rent months
3.1
 
8.8
 
5.4
 
3.4
 
5.1
 
 
 
 
 
 
 
 
 
 
(1) Property data for in service buildings only.
(2) Calculated on space that was occupied within the previous 12 months.

Supplemental Information
13
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(In Thousands, Except Per Share Data)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2016
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
Assets
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
     Land and land interests
$
3,347,482

 
$
4,108,821

 
$
4,115,982

 
$
4,779,159

 
$
4,689,031

     Building and improvements
7,777,647

 
9,362,614

 
9,334,385

 
10,423,739

 
10,079,151

     Building leasehold and improvements
1,436,287

 
1,435,255

 
1,431,238

 
1,431,259

 
1,425,299

     Properties under capital lease
47,445

 
47,445

 
47,445

 
47,445

 
47,445

 
12,608,861

 
14,954,135

 
14,929,050

 
16,681,602

 
16,240,926

Less: accumulated depreciation
(2,190,142
)
 
(2,166,059
)
 
(2,100,109
)
 
(2,060,706
)
 
(1,979,824
)
Net real estate
10,418,719

 
12,788,076

 
12,828,941

 
14,620,896

 
14,261,102

 
 
 
 
 
 
 
 
 
 
Other real estate investments:
 
 
 
 
 
 
 
 
 
    Investment in unconsolidated joint ventures
1,860,912

 
1,126,486

 
1,146,085

 
1,203,858

 
1,239,008

    Debt and preferred equity investments, net (1)
1,453,234

 
1,357,181

 
1,378,616

 
1,670,020

 
1,501,619

 
 
 
 
 
 
 
 
 
 
Assets held for sale, net
117,159

 
39,642

 
1,891,575

 
34,981

 
117,885

Cash and cash equivalents
405,896

 
276,226

 
316,205

 
255,399

 
244,360

Restricted cash
100,195

 
166,905

 
179,938

 
233,578

 
279,592

Investment in marketable securities
60,352

 
39,339

 
43,915

 
45,138

 
46,432

Tenant and other receivables, net of $18,278 reserve at 9/30/16
55,976

 
57,551

 
55,441

 
63,491

 
66,896

Related party receivables
14,840

 
13,059

 
15,148

 
10,650

 
11,089

Deferred rents receivable, net of reserve for
 
 
 
 
 
 
 
 
 
     tenant credit loss of $24,922 at 9/30/16
430,642

 
443,981

 
428,334

 
498,776

 
467,627

Deferred costs, net
252,179

 
256,303

 
246,503

 
239,920

 
235,079

Other assets
620,838

 
979,474

 
1,055,014

 
850,719

 
912,023

 
 
 
 
 
 
 
 
 
 
 Total Assets
$
15,790,942

 
$
17,544,223

 
$
19,585,715

 
$
19,727,426

 
$
19,382,712

 
 
 
 
 
 
 
 
 
 
(1) Excludes debt and preferred equity investments totaling $338.0 million with a weighted average current yield of 7.84% that are included in other balance sheet line items.

Supplemental Information
14
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(In Thousands, Except Per Share Data)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2016
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
Liabilities
 
 
 
 
 
 
 
 
 
Mortgages and other loans payable
$
4,024,896

 
$
5,608,400

 
$
5,671,700

 
$
6,992,504

 
$
6,865,383

Term loan and senior unsecured notes
2,313,616

 
2,070,341

 
2,067,117

 
2,319,244

 
2,216,120

Revolving credit facility
—

 
285,000

 
775,000

 
994,000

 
949,000

Deferred financing costs
(87,591
)
 
(101,521
)
 
(105,543
)
 
(130,515
)
 
(107,858
)
Total debt, net of deferred financing costs
6,250,921

 
7,862,220

 
8,408,274

 
10,175,233

 
9,922,645

Accrued interest
30,734

 
36,378

 
36,941

 
42,406

 
43,632

Other liabilities
218,404

 
243,011

 
247,950

 
168,477

 
160,592

Accounts payable and accrued expenses
178,946

 
189,690

 
168,322

 
196,213

 
173,228

Deferred revenue
237,548

 
384,145

 
414,686

 
399,102

 
428,334

Capitalized lease obligations
41,951

 
41,751

 
41,554

 
41,360

 
41,171

Deferred land lease payable
2,419

 
2,236

 
2,010

 
1,783

 
1,557

Dividends and distributions payable
81,392

 
80,555

 
80,038

 
79,790

 
67,109

Security deposits
67,709

 
68,199

 
67,001

 
68,023

 
66,654

Liabilities related to assets held for sale
65,520

 
7

 
1,612,001

 
29,000

 
94

Junior subordinated deferrable interest debentures
100,000

 
100,000

 
100,000

 
100,000

 
100,000

Total liabilities
7,275,544

 
9,008,192

 
11,178,777

 
11,301,387

 
11,005,016

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in operating partnership
 
 
 
 
 
 
 
 
 
     (4,495 units outstanding) at 9/30/16
490,440

 
486,452

 
407,046

 
424,206

 
423,421

Preferred units
302,310

 
302,460

 
304,869

 
282,516

 
282,516

 
 
 
 
 
 
 
 
 
 
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, 100,319
 
 
 
 
 
 
 
 
 
issued and outstanding at 9/30/16, including 1,055 shares held in treasury
1,013

 
1,003

 
1,002

 
1,001

 
998

Additional paid–in capital
5,596,026

 
5,466,593

 
5,451,787

 
5,439,735

 
5,268,379

Treasury stock
(124,049
)
 
(10,000
)
 
(10,000
)
 
(10,000
)
 
(10,000
)
Accumulated other comprehensive loss
(14,074
)
 
(16,558
)
 
(17,222
)
 
(8,749
)
 
(15,821
)
Retained earnings
1,612,707

 
1,655,320

 
1,620,669

 
1,643,546

 
1,772,833

Total SL Green Realty Corp. stockholders' equity
7,293,555

 
7,318,290

 
7,268,168

 
7,287,465

 
7,238,321

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in other partnerships
429,093

 
428,829

 
426,855

 
431,852

 
433,438

 
 
 
 
 
 
 
 
 
 
Total equity
7,722,648

 
7,747,119

 
7,695,023

 
7,719,317

 
7,671,759

 
 
 
 
 
 
 
 
 
 
 Total Liabilities and Equity
$
15,790,942

 
$
17,544,223

 
$
19,585,715

 
$
19,727,426

 
$
19,382,712


Supplemental Information
15
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Three Months Ended
Three Months Ended
Nine Months Ended

September 30,
 
September 30,
 
 
June 30,
 
 
September 30,
 
September 30,
 
2016
 
2015
 
 
2016
 
 
2016

2015
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
281,482

 
$
318,465

 
 
$
416,809

 
 
$
1,043,898

 
$
926,020

Escalation and reimbursement revenues
53,130

 
48,254

 
 
48,616

 
 
147,357

 
130,630

Investment income
75,396

 
49,328

 
 
44,214

 
 
174,347

 
136,588

Other income
6,673

 
16,019

 
 
107,975

 
 
124,137

 
44,201

Total Revenues, net
416,681

 
432,066

 
 
617,614

 
 
1,489,739

 
1,237,439

 
 
 
 
 
 
 
 
 
 
 
 
Equity in net (loss) income from unconsolidated joint ventures
(3,968
)
 
3,627

 
 
5,841

 
 
11,969


10,651

Loss on early extinguishment of debt
—

 
—

 
 
—

 
 
—


(49
)
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
79,425

 
78,648

 
 
75,324

 
 
234,269

 
225,539

Ground rent
8,338

 
8,252

 
 
8,307

 
 
24,953

 
24,526

Real estate taxes
64,133

 
61,009

 
 
62,124

 
 
187,931

 
173,018

Transaction related costs
2,593


5,829

 
 
2,115

 
 
5,987


10,039

Marketing, general and administrative
25,458

 
23,475

 
 
24,484

 
 
73,974


72,139

Total Operating Expenses
179,947

 
177,213

 
 
172,354

 
 
527,114

 
505,261

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
232,766

 
258,480

 
 
451,101

 
 
974,594

 
742,780

 
 
 
 
 
 
 
 
 

 
 
Interest expense, net of interest income
72,565

 
84,141

 
 
89,089

 
 
256,326


235,694

Amortization of deferred financing costs
4,815

 
7,160

 
 
7,433

 
 
20,180


19,727

Depreciation and amortization
112,665

 
146,185

 
 
425,042

 
 
717,015


454,087

Loss on equity investment in marketable securities
—

 
—

 
 
83

 
 
83

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) from Continuing Operations (1)
42,721

 
20,994

 
 
(70,546
)
 
 
(19,010
)
 
33,272

 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations
—

 
—

 
 
—

 
 
—


427

Gain on sale of real estate and discontinued operations
397

 
159,704

 
 
196,580

 
 
210,750

 
172,687

Equity in net gain on sale of joint venture interest / real estate
225

 
15,281

 
 
33,448

 
 
43,588

 
16,050

Depreciable real estate reserves
—

 
(19,226
)
 
 
(10,387
)
 
 
(10,387
)
 
(19,226
)
Net Income
43,343

 
176,753

 
 
149,095

 
 
224,941

 
203,210

 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
(2,499
)
 
(7,132
)
 
 
(9,021
)
 
 
(14,416
)

(19,851
)
Dividends on preferred units
(2,854
)
 
(2,225
)
 
 
(2,880
)
 
 
(8,382
)
 
(4,316
)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to SL Green Realty Corp
37,990

 
167,396

 
 
137,194

 
 
202,143

 
179,043

 
 
 
 
 
 
 
 
 
 
 
 
Dividends on perpetual preferred shares
(3,738
)
 
(3,738
)
 
 
(3,737
)
 
 
(11,213
)
 
(11,214
)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
34,252

 
$
163,658

 
 
$
133,457

 
 
$
190,930

 
$
167,829

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per Share - Net income per share (basic)
$
0.34

 
$
1.64

 
 
$
1.33

 
 
$
1.91

 
$
1.69

Earnings per share - Net income per share (diluted)
$
0.34

 
$
1.64

 
 
$
1.33

 
 
$
1.90

 
$
1.68

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

Supplemental Information
16
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
Three Months Ended
Three Months Ended
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
June 30,
 
 
September 30,
 
September 30,
 
 
2016
 
2015
 
 
2016
 
 
2016
 
2015
Funds from Operations
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
34,252

 
$
163,658

 
 
$
133,457

 
 
$
190,930

 
$
167,829

 
 

 

 
 

 
 

 

 
Depreciation and amortization
112,665

 
146,185

 
 
425,042

 
 
717,015

 
454,087

 
Joint ventures depreciation and noncontrolling interests adjustments
23,349

 
10,796

 
 
8,328

 
 
42,191

 
23,853

 
Net income attributable to noncontrolling interests
2,499

 
7,132

 
 
9,021

 
 
14,416

 
19,851

 
Gain on sale of real estate and discontinued operations
(397
)
 
(159,704
)
 
 
(196,580
)
 
 
(210,750
)
 
(172,687
)
 
Equity in net loss (gain) on sale of joint venture property / real estate
(225
)
 
(15,281
)
 
 
(33,448
)
 
 
(43,588
)
 
(16,050
)
 
Depreciable real estate reserves
—

 
19,226

 
 
10,387

 
 
10,387

 
19,226

 
Non-real estate depreciation and amortization
(509
)
 
(500
)
 
 
(500
)
 
 
(1,505
)
 
(1,525
)
 
Funds From Operations
$
171,634

 
$
171,512

 
 
$
355,707

 
 
$
719,096


$
494,584

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Basic per Share
$
1.64

 
$
1.66

 
 
$
3.40

 
 
$
6.89

 
$
4.80

 
 

 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Diluted per Share
$
1.63

 
$
1.65

 
 
$
3.39

 
 
$
6.86

 
$
4.77

 
 
 
 
 
 
 
 
 
 
 
 
 
Funds Available for Distribution
 
 
 
 
 
 
 
 
 
 
 
FFO
 
$
171,634

 
$
171,512

 
 
$
355,707

 
 
$
719,096

 
$
494,584

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
509

 
500

 
 
500

 
 
1,505


1,525

 
Amortization of deferred financing costs
4,815

 
7,160

 
 
7,433

 
 
20,180

 
19,727

 
Non-cash deferred compensation
9,234

 
8,894

 
 
10,293

 
 
33,803

 
38,472

 
FAD adjustment for joint ventures
(23,315
)
 
(6,421
)
 
 
(5,874
)
 
 
(35,016
)
 
(17,468
)
 
FAD adjustment for discontinued operations
—

 
—

 
 
—

 
 
—

 
5

 
Straight-line rental income and other non cash adjustments
(7,393
)
 
(42,128
)
 
 
(105,387
)
 
 
(142,485
)
 
(122,146
)
 
Second cycle tenant improvements
(32,536
)
 
(11,340
)
 
 
(34,672
)
 
 
(77,336
)
 
(47,015
)
 
Second cycle leasing commissions
(7,697
)
 
(5,636
)
 
 
(8,072
)
 
 
(24,640
)
 
(22,145
)
 
Revenue enhancing recurring CAPEX
(630
)
 
(1,362
)
 
 
(1,098
)
 
 
(1,961
)
 
(2,999
)
 
Non-revenue enhancing recurring CAPEX
(12,272
)
 
(12,904
)
 
 
(13,683
)
 
 
(29,644
)
 
(26,882
)
Reported Funds Available for Distribution
$
102,349

 
$
108,275

 
 
$
205,147

 
 
$
463,502

 
$
315,658

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1515 Broadway - Viacom capital contribution
$
11,321

 
$
5,048

 
 
$
8,996

 
 
$
20,798

 
$
19,578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvements
$
4,542

 
$
33,288

 
 
$
8,090

 
 
$
16,955

 
$
43,624

 
First cycle leasing commissions
$
752

 
$
2,487

 
 
$
7,078

 
 
$
11,013

 
$
6,637

 
Development costs
$
6,310

 
$
8,302

 
 
$
11,047

 
 
$
20,521

 
$
16,457

 
Redevelopment costs
$
37,165

 
$
12,195

 
 
$
50,547

 
 
$
101,301

 
$
29,013

 
Capitalized interest
$
6,084

 
$
7,529

 
 
$
5,433

 
 
$
18,135

 
$
23,496


Supplemental Information
17
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
202,143

 
6,245

 
 
 
208,388

Acquisition of subsidiary interest from noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—

Preferred dividends
 
 
 
 
 
 
 
 
 
(11,213
)
 
 
 
 
 
(11,213
)
Cash distributions declared ($2.16 per common share)
 
 
 
 
 
 
 
 
 
(216,810
)
 
 
 
 
 
(216,810
)
Cash distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
(11,023
)
 
 
 
(11,023
)
Other comprehensive income - unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(6
)
 
(6
)
Other comprehensive income - SLG's share of joint venture net unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(4,508
)
 
(4,508
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income - unrealized loss on marketable securities
 
 
 
 
 
 
 
 
 
 
 
 
 
(811
)
 
(811
)
Proceeds from stock options exercised
 
 
 
1

 
12,257

 
 
 
 
 
 
 
 
 
12,258

DRSPP proceeds
 
 
 
 
 
146

 
 
 
 
 
 
 
 
 
146

Conversion of units of the Operating Partnership to common stock
 
 
 
1

 
12,745

 
 
 
 
 
 
 
 
 
12,746

Contributions to consolidated joint venture
 
 
 
 
 
 
 
 
 
 
 
2,019

 
 
 
2,019

Reallocation of noncontrolling interests in the Operating Partnership
 
 
 
 
 
 
 
 
 
(4,959
)
 
 
 
 
 
(4,959
)
Reallocation of capital account relating to sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—

Intercompany issuance of common stock
 
 
 
10

 
113,999

 
(114,049
)
 
 
 
 
 
 
 
(40
)
Deferred compensation plan and stock awards, net
 
 
 
 
 
(2,086
)
 
 
 
 
 
 
 
 
 
(2,086
)
Amortization of deferred compensation plan
 
 
 
 
 
19,230

 
 
 
 
 
 
 
 
 
19,230

Balance at September 30, 2016
 
$
221,932

 
$
1,013

 
$
5,596,026

 
$
(124,049
)
 
$
1,612,707

 
$
429,093

 
$
(14,074
)
 
$
7,722,648

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
OP Units
 
Stock-Based Compensation
 
Diluted Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share Count at December 31, 2015
 
 
99,975,238

 
3,745,766

 
—

 
103,721,004

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
YTD share activity
 
 
289,015

 
749,644

 
—

 
1,038,659

 
 
 
 
 
 
 
 
Share Count at September 30, 2016 - Basic
 
100,264,253

 
4,495,410

 
—

 
104,759,663

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighting factor
 
 
(124,534
)
 
(223,583
)
 
349,132

 
1,015

 
 
 
 
 
 
 
 
Weighted Average Share Count at September 30, 2016 - Diluted
 
100,139,719

 
4,271,827

 
349,132

 
104,760,678

 
 
 
 
 
 
 
 


Supplemental Information
18
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2016
 
June 30, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
SLG Interest
 
Total
 
SLG Interest
 
Total
 
SLG Interest
Assets
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
 
 
     Land and land interests
$
2,370,650

 
$
1,103,304

 
$
1,672,348

 
$
695,932

 
$
1,609,720

 
$
716,021

     Building and improvements
7,118,788

 
3,026,466

 
5,381,439

 
1,999,579

 
5,044,397

 
2,042,794

     Building leasehold and improvements
48,406

 
24,203

 
44,029

 
22,014

 
32,726

 
16,363

     Properties under capital lease
189,558

 
94,779

 
189,558

 
94,779

 
189,558

 
94,779

 
9,727,402

 
4,248,752

 
7,287,374

 
2,812,304

 
6,876,401

 
2,869,957

Less: accumulated depreciation
(800,017
)
 
(313,182
)
 
(776,599
)
 
(297,563
)
 
(753,933
)
 
(307,639
)
 Net real estate
8,927,385

 
3,935,570

 
6,510,775

 
2,514,741

 
6,122,468

 
2,562,318

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
140,768

 
56,496

 
180,336

 
62,835

 
164,973

 
59,701

Restricted cash
179,550

 
73,289

 
101,794

 
28,897

 
93,591

 
28,748

Debt and preferred equity investments, net
332,506

 
227,793

 
304,901

 
202,544

 
145,878

 
145,878

Tenant and other receivables, net of $6,245 reserve at 9/30/2016, of which $2,856 is SLG's share
22,910

 
6,579

 
32,786

 
13,514

 
30,059

 
13,033

Deferred rents receivables, net of $5,999 reserve at 9/30/2016 for tenant credit loss, of which $2,707 is SLG's share
205,027

 
89,605

 
189,557

 
81,996

 
178,743

 
79,985

 
 
 
 
 
 
 
 
 
 
 
Deferred costs, net
137,056

 
61,500

 
111,928

 
45,926

 
108,727

 
47,041

Other assets
533,609

 
269,421

 
125,438

 
52,610

 
139,747

 
63,242

Total Assets
$
10,478,811

 
$
4,720,253

 
$
7,557,515

 
$
3,003,063

 
$
6,984,186

 
$
2,999,946

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans payable, net of deferred financing costs of $100,426 at 9/30/2016
$
6,332,506

 
$
2,662,319

 
$
4,922,493

 
$
1,819,430

 
$
4,266,548

 
$
1,702,057

Accrued interest
20,466

 
6,797

 
11,459

 
4,287

 
9,804

 
4,201

Other liabilities
29,931

 
12,075

 
12,202

 
7,289

 
5,438

 
4,404

Accounts payable and accrued expenses
105,908

 
41,905

 
95,239

 
36,339

 
87,736

 
38,911

Deferred revenue
367,873

 
192,069

 
200,672

 
91,132

 
209,095

 
94,110

Capitalized lease obligations
185,312

 
92,656

 
184,590

 
92,295

 
183,189

 
91,594

Security deposits
32,581

 
10,541

 
30,449

 
9,527

 
27,898

 
8,957

Equity
3,404,234

 
1,701,891

 
2,100,411

 
942,764

 
2,194,478

 
1,055,712

Total Liabilities and Equity
$
10,478,811

 
$
4,720,253

 
$
7,557,515

 
$
3,003,063

 
$
6,984,186

 
$
2,999,946



Supplemental Information
19
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg

 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
September 30, 2016
 
June 30, 2016
 
September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total
 
 SLG Interest
 
 Total
 
 SLG Interest
 
 Total
 
 SLG Interest
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
162,193

 
$
62,604

 
$
135,799

 
$
51,377

 
$
130,067

 
$
48,506

Escalation and reimbursement revenues
12,954

 
5,582

 
9,180

 
3,752

 
10,260

 
4,542

Investment income
7,009

 
4,601

 
6,710

 
4,108

 
2,990

 
2,856

Other income
2,066

 
788

 
(114
)
 
(155
)
 
7,321

 
3,641

Total Revenues, net
$
184,222

 
$
73,575

 
$
151,575

 
$
59,082

 
$
150,638

 
$
59,545

 
 
 
 
 
 
 
 
 
 
 
 
Loss on early extinguishment of debt
—

 
—

 
—

 
—

 
(248
)
 
(88
)
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
$
34,726

 
$
11,517

 
$
27,166

   
$
8,618

 
$
27,647

 
$
9,998

Ground rent
3,744

 
1,872

 
3,715

 
1,857

 
4,677

 
2,339

Real estate taxes
30,814

 
10,428

 
24,332

 
8,348

 
23,494

 
8,404

Transaction related costs, net of recoveries
5,359

 
3,019

 
—

 
—

 
604

 
27

Total Operating Expenses
$
74,643

 
$
26,836

 
$
55,213

 
$
18,823

 
$
56,422

 
$
20,768

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
109,579

 
$
46,739

 
$
96,362

 
$
40,259

 
$
93,968

 
$
38,689

Cash NOI
$
87,683

 
$
36,332

 
$
90,239

 
$
35,840

 
$
81,675

 
$
32,393

 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of interest income
$
51,789

 
$
19,036

 
$
46,351

 
$
17,391

 
$
51,430

 
$
17,794

Amortization of deferred financing costs
7,155

 
2,651

 
7,276

 
2,136

 
3,473

 
1,416

Depreciation and amortization
56,890

 
24,102

 
37,294

 
14,910

 
38,144

 
15,480

Net Income
$
(6,255
)
 
$
950

 
$
5,441

 
$
5,822

 
$
921

 
$
3,999

 
 
 
 
 
 
 
 
 
 
 
 
Real estate depreciation
56,830

 
24,101

 
37,234

 
14,909

 
38,073

 
15,474

FFO Contribution
$
50,575

 
$
25,051

 
$
42,675

 
$
20,731

 
$
38,994

 
$
19,473

 
 
 
 
 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
7,215

 
$
2,652

 
$
7,337

 
$
2,137

 
$
3,544

 
$
1,423

Straight-line rental income and other non-cash adjustments
(18,671
)
 
(9,214
)
 
(12,391
)
 
(6,059
)
 
(11,113
)
 
(5,454
)
Second cycle tenant improvement
(766
)
 
(396
)
 
(2,263
)
 
(1,175
)
 
(4,035
)
 
(1,393
)
Second cycle leasing commissions
(28,253
)
 
(15,801
)
 
(582
)
 
(142
)
 
(730
)
 
(260
)
Recurring CAPEX
(1,146
)
 
(556
)
 
(1,142
)
 
(635
)
 
(1,391
)
 
(738
)
Total FAD Adjustments
$
(41,621
)
 
$
(23,315
)
 
$
(9,041
)
 
$
(5,874
)
 
$
(13,725
)
 
$
(6,422
)
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
11,422

 
$
5,255

 
$
19,660

 
$
9,009

 
$
14,282

 
$
4,750

First cycle leasing commissions
$
4,539

 
$
2,213

 
$
2,487

 
$
1,071

 
$
4,880

 
$
2,250

Development/Redevelopment costs
$
13,665

 
$
7,292

 
$
7,182

 
$
4,794

 
$
25,955

 
$
10,981

Capitalized interest
$
4,998

 
$
2,732

 
$
6,519

 
$
3,491

 
$
9,724

 
$
4,901


Supplemental Information
20
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg

 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
Nine Months Ended September 30, 2015
 
 
 
 
 
 
 
 

 Total
 
 SLG Interest
 
 Total
 
 SLG Interest
Revenues
 
 
 
 
 
 
 
Rental revenue, net
$
437,766

 
$
166,521

 
$
364,516

 
$
138,603

Escalation and reimbursement revenues
30,363

 
12,512

 
27,847

 
12,079

Investment income
17,204

 
11,700

 
8,853

 
8,461

Other income
12,975

 
6,189

 
21,873

 
10,846

Total Revenues, net
$
498,308

 
$
196,922

 
$
423,089

 
$
169,989

 
 
 
 
 
 
 
 
Loss on early extinguishment of debt
(1,606
)
 
(972
)
 
(1,081
)
 
(495
)
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Operating expenses
$
89,147

 
$
29,464

 
$
79,478

 
$
28,907

Ground rent
10,670

 
5,335

 
9,841

 
4,921

Real estate taxes
79,356

 
27,435

 
65,205

 
23,663

Transaction related costs, net of recoveries
5,359

 
3,019

 
615

 
37

Total Operating Expenses
$
184,532

 
$
65,253

 
$
155,139

 
$
57,528

 
 
 
 
 
 
 
 
Operating Income
$
312,170

 
$
130,697

 
$
266,869

 
$
111,966

Cash NOI
$
252,390

 
$
100,933

 
$
237,309

 
$
95,976

 
 
 
 
 
 
 
 
Interest expense, net of interest income
$
147,876

 
$
53,686

 
$
147,152

 
$
51,308

Amortization of deferred financing costs
17,667

 
6,083

 
9,628

 
4,081

Depreciation and amortization
132,035

 
53,915

 
109,022

 
44,834

Net Income
$
14,592

 
$
17,013

 
$
1,067

 
$
11,743

 
 
 
 
 
 
 
 
Real estate depreciation
131,854

 
53,911

 
108,823

 
44,809

FFO Contribution
$
146,446

 
$
70,924

 
$
109,890

 
$
56,552

 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
17,848

 
$
6,087

 
$
9,827

 
$
4,108

Straight-line rental income and other non-cash adjustments
(44,652
)
 
(20,886
)
 
(28,404
)
 
(13,955
)
Second cycle tenant improvement
(4,407
)
 
(2,295
)
 
(9,889
)
 
(3,981
)
Second cycle leasing commissions
(29,838
)
 
(16,487
)
 
(4,211
)
 
(1,940
)
Recurring CAPEX
(2,735
)
 
(1,435
)
 
(3,208
)
 
(1,701
)
Total FAD Adjustments
$
(63,784
)
 
$
(35,016
)
 
$
(35,885
)
 
$
(17,469
)
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
41,617

 
$
17,167

 
$
26,403

 
$
10,583

First cycle leasing commissions
$
17,531

 
$
8,566

 
$
25,745

 
$
12,329

Development/Redevelopment costs
$
36,208

 
$
17,361

 
$
83,778

 
$
38,062

Capitalized interest
$
17,621

 
$
9,508

 
$
30,459

 
$
15,154


Supplemental Information
21
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED FINANCIAL DATA
Net Operating Income and Components of Consolidated Debt Service and Fixed Charge Coverage - Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
Three Months Ended
Three Months Ended
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
June 30,
 
 
September 30,
 
September 30,
 
 
2016
 
2015
 
 
2016
 
 
2016
 
2015
 
Net Operating Income (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI
$
179,074

 
$
218,810

 
 
$
316,061

 
 
$
734,828

 
$
633,567

 
NOI from discontinued operations
—

 
—

 
 
—

 
 
—

 
488

 
Total NOI - consolidated
179,074

 
218,810

 
 
316,061

 
 
734,828

 
634,055

 
SLG share of property NOI from unconsolidated JVs
44,390

 
41,759

 
 
40,259

 
 
119,779

 
121,320

 
Combined NOI
$
223,464

 
$
260,569

 
 
$
356,320

 
 
$
854,607

 
$
755,375

 
Partners' share of NOI - consolidated JVs
(9,479
)
 
(7,984
)
 
 
(9,068
)
 
 
(27,116
)
 
(25,987
)
 
NOI - SLG share
$
213,985

 
$
252,585

 
 
$
347,252

 
 
$
827,491

 
$
729,388

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined NOI
$
223,464

 
$
260,569

 
 
$
356,320

 
 
$
854,607

 
$
755,375

 
Free rent (net of amortization)
(5,410
)
 
(24,266
)
 
 
52,341

 
 
57,181

 
(71,806
)
 
Net FAS 141 adjustment
(1,850
)
 
(10,752
)
 
 
(157,703
)
 
 
(195,190
)
 
(34,198
)
 
Straightline revenue adjustment
(20,134
)
 
(14,830
)
 
 
(5,349
)
 
 
(42,110
)
 
(40,726
)
 
Allowance for S/L tenant credit loss
8,424

 
(1,732
)
 
 
301

 
 
10,390

 
(2,715
)
 
 
869

 
913

 
 
912

 
 
2,598

 
2,323

 
Combined Cash NOI
$
205,363

 
$
209,902

 
 
$
246,822

 
 
$
687,476

 
$
608,253

 
Partners' share of NOI - consolidated JVs
(7,572
)
 
(6,616
)
 
 
(7,284
)
 
 
(21,717
)
 
(19,944
)
 
Cash NOI - SLG share
$
197,791

 
$
203,286

 
 
$
239,538

 
 
$
665,759

 
$
588,309

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Components of Consolidated Debt Service and Fixed Charges - Cash Basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
72,842

 
$
89,217

 
 
$
88,459

 
 
$
258,019

 
$
252,277

 
Principal amortization payments
12,207

 
7,638

 
 
7,910

 
 
15,820

 
22,834

 
Total Consolidated Debt Service
$
85,049

 
$
96,855

 
 
$
96,369

 
 
$
273,839

 
$
275,111

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments under ground lease arrangements
$
7,774

 
$
7,674

 
 
$
7,698

 
 
$
23,172

 
$
22,960

 
Dividends on preferred units
2,854

 
2,225

 
 
2,880

 
 
8,382

 
4,316

 
Dividends on perpetual preferred shares
3,738

 
3,738

 
 
3,737

 
 
11,213

 
11,214

 
Total Consolidated Fixed Charges
$
99,415

 
$
110,492

 
 
$
110,684

 
 
$
316,606

 
$
313,601

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
22
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED FINANCIAL DATA
2016 Same Store - Consolidated
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg




Three Months Ended
 
Three Months Ended
Nine Months Ended
 



September 30,
 
September 30,
 
 
 
June 30,
 
 
September 30,
 
September 30,
 



2016
 
2015
%

 
 
2016
 
 
2016
 
2015
%

Revenues

 
 
 
 
 
 
 
 
 
 
 
 
 

Rental revenue, net

$
241,803

 
$
254,950

(5.2
)%
 
 
$
262,639

 
 
$
762,153

 
$
751,637

1.4
 %

Escalation & reimbursement revenues

49,719

 
44,823

10.9
 %
 
 
42,716

 
 
133,092

 
123,259

8.0
 %

Other income

1,779

 
4,821

(63.1
)%
 
 
1,537

 
 
5,342

 
19,931

(73.2
)%

Total Revenues

$
293,301

 
$
304,594

(3.7
)%
 
 
$
306,892

 
 
$
900,587

 
$
894,827

0.6
 %
Expenses


 
 
 
 
 
 
 
 
 
 
 
 

Operating expenses

$
70,710

 
$
69,238

2.1
 %
 
 
$
62,913

 
 
$
201,220

 
$
202,060

(0.4
)%

Ground rent

8,358

 
8,328

0.4
 %
 
 
8,328

 
 
25,013

 
24,983

0.1
 %

Real estate taxes

60,444

 
57,252

5.6
 %
 
 
57,258

 
 
174,841

 
163,914

6.7
 %



$
139,512

 
$
134,818

3.5
 %
 
 
$
128,499

 
 
$
401,074

 
$
390,957

2.6
 %




 
 
 
 
 
 
 
 
 
 
 
 

Operating Income

$
153,789

 
$
169,776

(9.4
)%
 
 
$
178,393

 
 
$
499,513

 
$
503,870

(0.9
)%




 
 
 
 
 
 
 
 
 
 
 
 

Interest expense & amortization of financing costs
$
45,360

 
$
41,394

9.6
 %
 
 
$
44,976

 
 
$
134,820

 
$
123,834

8.9
 %

Depreciation & amortization

83,998

 
77,608

8.2
 %
 
 
79,811

 
 
242,835

 
233,152

4.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Income before noncontrolling interest

$
24,431

 
$
50,774

(51.9
)%
 
 
$
53,606

 
 
$
121,858

 
$
146,884

(17.0
)%
Plus:
Real estate depreciation & amortization

83,928

 
77,539

8.2
 %
 
 
79,740

 
 
242,624

 
232,928

 

FFO Contribution

$
108,359

 
$
128,313

(15.6
)%
 
 
$
133,346

 
 
$
364,482

 
$
379,812

(4.0
)%




 
 
 
 
 
 
 
 
 
 
 
 
Less:
Non–building revenue

497

 
326

52.5
 %
 
 
746

 
 
1,627

 
1,108

46.8
 %




 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
45,360

 
41,394

9.6
 %
 
 
44,976

 
 
134,820

 
123,834

8.9
 %

Non-real estate depreciation

70

 
69

1.4
 %
 
 
71

 
 
211

 
224

(5.8
)%

NOI

$
153,292

 
$
169,450

(9.5
)%
 
 
$
177,647

 
 
$
497,886


$
502,762

(1.0
)%




 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments


 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)

2,707

 
1,812

49.4
 %
 
 
444

 
 
4,060


7,334

(44.6
)%

Straightline revenue adjustment

8,507

 
7,615

11.7
 %
 
 
8,347

 
 
25,165


29,474

(14.6
)%

Rental income - FAS 141

(7,192
)
 
5,330

(234.9
)%
 
 
3,792

 
 
346


13,155

(97.4
)%
Plus:
Ground lease straight-line adjustment

424

 
472

(10.2
)%
 
 
467

 
 
1,359


1,415

(4.0
)%

Allowance for S/L tenant credit loss

8,371

 
233

3,492.7
 %
 
 
247

 
 
10,288

 
(1,373
)
(849.3
)%

Cash NOI

$
158,065

 
$
155,398

1.7
 %
 
 
$
165,778

 
 
$
479,962

 
$
452,841

6.0
 %




 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins


 
 
 
 
 
 
 
 
 
 
 
 

NOI to real estate revenue, net

52.4
%
 
55.7
%


 
 
58.0
%
 
 
55.4
%
 
56.3
%
 

Cash NOI to real estate revenue, net

54.0
%
 
51.1
%


 
 
54.1
%
 
 
53.4
%
 
50.7
%
 




 
 


 
 
 
 
 
 
 
 
 

NOI before ground rent/real estate revenue, net
55.2
%
 
58.4
%


 
 
60.7
%
 
 
58.2
%
 
59.1
%
 

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


 
 
56.7
%
 
 
56.0
%
 
53.3
%
 

Supplemental Information
23
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED FINANCIAL DATA
2016 Same Store - Joint Venture
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
Three Months Ended
 
Three Months Ended
Nine Months Ended
 
 
 
 
September 30,
 
September 30,
 
 
 
June 30,
 
 
September 30,
 
September 30,
 
 
 
 
2016
 
2015
%

 
 
2016
 
 
2016
 
2015
%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
 
$
28,187

 
$
27,392

2.9
 %
 
 
$
28,049

 
 
$
84,801

 
$
80,895

4.8
 %
 
Escalation & reimbursement revenues
 
2,669

 
2,691

(0.8
)%
 
 
2,297

 
 
7,131

 
6,953

2.6
 %
 
Other income
 
207

 
208

(0.5
)%
 
 
255

 
 
687

 
211

226
 %
 
Total Revenues
 
$
31,063

 
$
30,291

2.5
 %
 
 
$
30,601

 
 
$
92,619

 
$
88,059

5.2
 %
Expenses
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
$
4,797

 
$
4,824

(0.6
)%
 
 
$
4,378

 
 
$
13,859

 
$
14,199

(2.4
)%
 
Ground rent
 
—

 
—

—
 %
 
 
—

 
 
—

 
—

—
 %
 
Real estate taxes
 
4,904

 
4,335

13.1
 %
 
 
4,324

 
 
13,642

 
12,570

8.5
 %
 
 
 
$
9,701

 
$
9,159

5.9
 %
 
 
$
8,702

 
 
$
27,501

 
$
26,769

2.7
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
$
21,362

 
$
21,132

1.1
 %
 
 
$
21,899

 
 
$
65,118

 
$
61,290

6.2
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
$
8,537

 
$
8,054

6.0
 %
 
 
$
9,675

 
 
$
27,090

 
$
23,407

15.7
 %
 
Depreciation & amortization
 
9,696

 
8,861

9.4
 %
 
 
9,033

 
 
27,617

 
26,494

4.2
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Income before noncontrolling interest
$
3,129

 
$
4,217

(25.8
)%
 
 
$
3,191

 
 
$
10,411

 
$
11,389

(8.6
)%
Plus:
Real estate depreciation & amortization
9,696

 
8,861

9.4
 %
 
 
9,033

 
 
27,617

 
26,494

4.2
 %
 
FFO Contribution
 
$
12,825

 
$
13,078

(1.9
)%
 
 
$
12,224

 
 
$
38,028

 
$
37,883

0.4
 %
 
 
 

 
 


 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
 
34

 
42

(19.0
)%
 
 
60

 
 
156

 
133

17.3
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
8,537

 
8,054

6.0
 %
 
 
9,675

 
 
27,090

 
23,407

15.7
 %
 
Non-real estate depreciation
 
—

 
—

—
 %
 
 
—

 
 
—

 
—

—
 %
 
NOI
 
$
21,328

 
$
21,090

1.1
 %
 
 
$
21,839

 
 
$
64,962


$
61,157

6.2
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)
 
276

 
405

(31.9
)%
 
 
866

 
 
1,845


1,557

18.5
 %
 
Straightline revenue adjustment
 
1,301

 
929

40.0
 %
 
 
723

 
 
3,327


2,877

15.6
 %
 
Rental income - FAS 141
 
388

 
454

(14.5
)%
 
 
391

 
 
1,170


1,417

(17.4
)%
Plus:
Ground lease straight-line adjustment
 
—

 
—

—
 %
 
 
—

 
 
—

 
—

—
 %
 
Allowance for S/L tenant credit loss
 
—

 
—

—
 %
 
 
—

 
 
—

 
(117
)
(100.0
)%
 
Cash NOI
 
$
19,363

 
$
19,302

0.3
 %
 
 
$
19,859


 
$
58,620

 
$
55,189

6.2
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
 
68.7
%
 
69.7
%


 
 
71.5
%
 
 
70.3
%
 
69.6
%
 
 
Cash NOI to real estate revenue, net
62.4
%
 
63.8
%


 
 
65.0
%
 
 
63.4
%
 
62.8
%
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before ground rent/real estate revenue, net
68.7
%
 
69.7
%


 
 
71.5
%
 
 
70.3
%
 
69.6
%
 
 
Cash NOI before ground rent/real estate revenue, net
62.4
%
 
63.8
%


 
 
65.0
%
 
 
63.4
%
 
62.8
%
 

Supplemental Information
24
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED FINANCIAL DATA
2016 Same Store - Combined
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
Three Months Ended
 
Three Months Ended
Nine Months Ended
 
 
 
 
September 30,
 
September 30,
 
 
 
June 30,
 
 
September 30,
 
September 30,
 
 
 
 
2016
 
2015
%

 
 
2016
 
 
2016
 
2015
%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
269,990

 
$
282,342

(4.4
)%
 
 
$
290,688

 
 
$
846,954

 
$
832,532

1.7
 %
 
Escalation & reimbursement revenues
52,388

 
47,514

10.3
 %
 
 
45,013

 
 
140,223

 
130,212

7.7
 %
 
Other income
1,986

 
5,029

(60.5
)%
 
 
1,792

 
 
6,029

 
20,142

(70.1
)%
 
Total Revenues
 
$
324,364

 
$
334,885

(3.1
)%
 
 
$
337,493

 
 
$
993,206

 
$
982,886

1.0
 %
Expenses
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
$
75,507

 
$
74,062

2.0
 %
 
 
$
67,291

 
 
$
215,079

 
$
216,259

(0.5
)%
 
Ground rent
8,358

 
8,328

0.4
 %
 
 
8,328

 
 
25,013

 
24,983

0.1
 %
 
Real estate taxes
65,348

 
61,587

6.1
 %
 
 
61,582

 
 
188,483

 
173,484

8.6
 %
 
 
 
$
149,213

 
$
143,977

3.6
 %
 
 
$
137,201

 
 
$
428,575

 
$
414,726

3.3
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
$
175,151

 
$
190,908

(8.3
)%
 
 
$
200,292

 
 
$
564,631

 
$
568,160

(0.6
)%
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
$
53,897

 
$
49,448

9.0
 %
 
 
$
54,651

 
 
$
161,910

 
$
147,241

10.0
 %
 
Depreciation & amortization
93,694

 
86,469

8.4
 %
 
 
88,844

 
 
270,452

 
259,646

4.2
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Income before noncontrolling interest
$
27,560

 
$
54,991

(49.9
)%
 
 
$
56,797

 
 
$
132,269

 
$
158,273

(16.4
)%
Plus:
Real estate depreciation & amortization
93,624

 
86,400

8.4
 %
 
 
88,773

 
 
270,241

 
259,422

4.2
 %
 
FFO Contribution
 
$
121,184

 
$
141,391

(14.3
)%
 
 
$
145,570

 
 
$
402,510

 
$
417,695

(3.6
)%
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
531

 
368

44.3
 %
 
 
806

 
 
1,783

 
1,241

43.7
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
53,897

 
49,448

9.0
 %
 
 
54,651

 
 
161,910

 
147,241

100.0
 %
 
Non-real estate depreciation
70

 
69

1.4
 %
 
 
71

 
 
211

 
224

(5.8
)%
 
NOI
 
$
174,620

 
$
190,540

(8.4
)%
 
 
$
199,486

 
 
$
562,848

 
$
563,919

(0.2
)%
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)
2,983

 
2,217

34.6
 %
 
 
1,310

 
 
5,905

 
8,891

(33.6
)%
 
Straightline revenue adjustment
9,808

 
8,544

14.8
 %
 
 
9,070

 
 
28,492

 
32,351

(11.9
)%
 
Rental income - FAS 141
(6,804
)
 
5,784

(217.6
)%
 
 
4,183

 
 
1,516

 
14,572

(89.6
)%
Plus:
Ground lease straight-line adjustment
424

 
472

(10.2
)%
 
 
467

 
 
1,359

 
1,415

(4.0
)%
 
Allowance for S/L tenant credit loss
8,371

 
233

3,492.7
 %
 
 
247

 
 
10,288

 
(1,490
)
(790.5
)%
 
Cash NOI
 
$
177,428

 
$
174,700

1.6
 %
 
 
$
185,637

 
 
$
538,582

 
$
508,030

6.0
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
53.9
%
 
57.0
%


 
 
59.2
%
 
 
56.8
%
 
57.4
%
 
 
Cash NOI to real estate revenue, net
54.8
%
 
52.2
%


 
 
55.1
%
 
 
54.3
%
 
51.8
%
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before ground rent/real estate revenue, net
56.5
%
 
59.4
%


 
 
61.7
%
 
 
59.3
%
 
60.0
%
 
 
Cash NOI before ground rent/real estate revenue, net
57.2
%
 
54.6
%


 
 
57.5
%
 
 
56.7
%
 
54.2
%
 

Supplemental Information
25
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
Principal

 
 
 
2016

 
Initial
 
Principal

 
As-Of

 
 
 
 
 
Ownership
 
Outstanding

 

 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
 
Interest (%)
 
9/30/2016

 
Coupon (1)
 
Amortization

 
Date
 
Maturity

 
Extension

Prepayment
Secured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-6 Landmark Square
100.0

 
 
$
78,236

 
4.00
%
 
$
1,626

 
Dec-16
 
$
77,936

 
—

Open
 
FHLB Facility
100.0

 
 
205,000

 
0.92
%
 
—

 
Jan-17
 
205,000

 
—

Open
 
485 Lexington Avenue
100.0

 
 
450,000

 
5.61
%
 
—

 
Feb-17
 
450,000

 
—

Nov-16
 
762 Madison Avenue (swapped)
90.0

 
 
7,739

 
3.86
%
 
178

 
Feb-17
 
7,679

 
—

Open
 
1 Madison Avenue
100.0

 
 
524,814

 
5.91
%
 
25,010

 
May-20
 
404,531

 
—

Nov-19
 
100 Church Street
100.0

 
 
222,390

 
4.68
%
 
3,653

 
Jul-22
 
197,784

 
—

Apr-22
 
919 Third Avenue
51.0

 
 
500,000

 
5.12
%
 
—

 
Jun-23
 
500,000

 
—

Feb-23
 
400 East 57th Street
90.0

 
 
66,779

 
4.13
%
 
1,194

 
Feb-24
 
48,588

 
—

Feb-18
 
400 East 58th Street
90.0

 
 
28,620

 
4.13
%
 
512

 
Feb-24
 
20,823

 
—

Feb-18
 
420 Lexington Avenue
100.0

 
 
300,000

 
3.99
%
 
—

 
Oct-24
 
272,749

 
Oct-40

Jul-24
 
1515 Broadway
100.0

 
 
892,457

 
3.93
%
 
11,469

 
Mar-25
 
737,436

 
—

Sep-24
 
 
 
 
 
 
 
$
3,276,035

 
4.53
%
 
$
43,642

 
 
 
$
2,922,526

 
 
 
Unsecured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes
 
 
 
$
330,754

 
3.00
%
 
$
—

 
Oct-17
 
$
345,000

 
—

Open
 
Unsecured loan
 
 
 
16,000

 
4.81
%
 
—

 
Jun-18
 
16,000

 
—

Open
 
Unsecured notes
 
 
 
249,862

 
5.00
%
 
—

 
Aug-18
 
250,000

 
—

Jun-18
 
Term loan (swapped)
 
 
 
500,000

 
2.34
%
 
—

 
Jun-19
(2)
500,000

 
—

Open
 
Term loan (swapped)
 
 
 
300,000

 
2.54
%
 
—

 
Jun-19
(2)
300,000

 
—

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
 
Series J Preferred Units
 
 
 
4,000

 
3.75
%
 
—

 
Apr-51
 
4,000

 
—

Open
 
 
 
 
 
 
 
$
1,950,616

 
3.86
%
 
$
—

 
 
 
$
1,965,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt/Wtd Avg
 
$
5,226,651

 
4.28
%
 
$
43,642

 
 
 
$
4,887,526

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FHLB Facility (LIBOR + 28 bps)
 
 
 
$
24,000

 
0.81
%
 
$
—

 
Dec-16
 
$
24,000

 
—

Open
 
719 Seventh Avenue (LIBOR + 305 bps)
75.0

 
 
32,823

 
3.58
%
 
—

 
Feb-18
 
32,823

 
—

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

 
 
58,000

 
3.23
%
 
—

 
May-18
 
58,000

 
—

Open
 
Debt & preferred equity facility (LIBOR + 273 bps)
 
 
 
134,642

 
3.26
%
 
—

 
Jul-18
 
134,642

 
Jul-19

Open
 
1080 Amsterdam (LIBOR + 375 bps)
92.5

 
 
3,525

 
4.28
%
 
—

 
Nov-18
 
3,525

 
Sep-20

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

 
 
275,000

 
2.13
%
 
—

 
Oct-20
 
275,000

 
—

Open
 
 
 
 
 
 
 
$
527,990

 
2.58
%
 
$
—

 
 
 
$
527,990

 
 
 
Unsecured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan (LIBOR + 140 bps)
 
 
 
 
$
383,000

 
1.93
%
 
$
—

 
Jun-19
 
$
383,000

 
—

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

 
2.10
%
 
—

 
Jul-35
 
100,000

 
—

Open
 
 
 
 
 
 
 
$
483,000

 
1.97
%
 
$
—

 
 
 
$
483,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt/Wtd Avg
 
$
1,010,990

 
2.29
%
 
$
—

 
 
 
$
1,010,990

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Consolidated
 
$
6,237,641

 
3.96
%
 
$
43,642

 
 
 
$
5,898,516

 
 
 
 
 
885 Third Avenue (3)
 
267,650

 
6.26
%
 
 
 
 
 
 
 
 
 
 
 
Deferred financing costs
 
(87,591
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Consolidated, net
 
$
6,417,700

 
4.05
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Joint Venture, net
 
$
2,662,319

 
3.59
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt including SLG's share of JV Debt/Wtd Avg
 
$
8,931,914

 
3.84
%
 
 
 
 
 
 
 
 
 
 
Weighted Average Balance & Interest Rate for the quarter, including SLG's share of JV Debt
 
$
9,565,753

 
3.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 swaps matures in June 2019.
(3) 885 Third Avenue was sold but did not meet the criteria for sale accounting and, therefore, remains consolidated.

Supplemental Information
26
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
DEBT SUMMARY SCHEDULE
Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Outstanding
 
 
 
2016

 
Initial
 
Principal

 
As-Of

 
 
 
 
Ownership
 
9/30/2016
 
 
 
Principal Amortization

 
Maturity
 
Due at Maturity

 
Right

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

 
Date
 
(SLG Share)

 
Extension

Prepayment
 
1745 Broadway
56.9

 
 
$
340,000

 
$
193,358

 
5.68
%
 
$
—

 
Jan-17
 
$
193,358

 
—

Oct-16
 
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

 
—

Mar-22
 
21 East 66th Street
32.3

 
 
12,000

 
3,874

 
3.60
%
 
—

 
Apr-23
 
3,874

 
Apr-28

Open
 
3 Columbus Circle
48.9

 
 
350,000

 
171,150

 
3.61
%
 
—

 
Mar-25
 
171,150

 
—

Sep-24
 
11 Madison Avenue
60.0

 
 
1,400,000

 
840,000

 
3.84
%
 
—

 
Sep-25
 
840,000

 
—

Mar-25
 
800 Third Avenue (swapped)
60.5

 
 
177,000

 
107,120

 
3.37
%
 
—

 
Feb-26
 
107,120

 
—

Feb-17
 
Stonehenge Portfolio
Various

 
 
364,255

(2)
20,675

 
4.19
%
 
454

 
Various
(2)
18,716

 
—

Open
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt/Wtd Avg
 
$
3,468,583

 
$
1,493,563

 
4.07
%
(3)
$
454

 
 
 
$
1,491,604

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
175-225 3rd Street (Prime + 100 bps)
95.0

 
 
$
40,000

 
$
38,000

 
4.50
%
 
$
—

 
Dec-16
 
$
38,000

 
Dec-17

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

 
 
125,000

 
68,750

 
3.03
%
 
—

 
Feb-17
 
68,750

 
—

Open
 
724 Fifth Avenue (LIBOR + 242 bps)
50.0

 
 
275,000

 
137,500

 
2.96
%
 
—

 
Apr-17
 
137,500

 
Apr-19

Open
 
1552 Broadway (LIBOR + 417 bps)
50.0

 
 
185,410

 
92,705

 
4.70
%
 
—

 
Apr-17
 
92,705

 
—

Open
 
55 West 46th Street (LIBOR + 230 bps)
25.0

 
 
151,536

 
37,884

 
2.83
%
 
—

 
Oct-17
 
37,884

 
—

Open
 
Jericho Plaza (LIBOR + 415 bps)
11.7

 
 
76,993

 
8,985

 
4.68
%
 
—

 
Mar-18
 
8,985

 
Mar-21

Open
 
605 West 42nd Street (Various)
20.0

 
 
539,000

 
107,800

 
2.85
%
 
—

 
Jul-18
 
107,800

 
—

Open
 
650 Fifth Avenue (LIBOR + 375 bps)
50.0

 
 
65,000

 
32,500

 
4.28
%
 
—

 
Aug-18
 
32,500

 
Aug-20

Open
 
280 Park Avenue (LIBOR + 200 bps)
50.0

 
 
900,000

 
450,000

 
2.53
%
 
—

 
Jun-19
 
450,000

 
—

Open
 
121 Greene Street (LIBOR + 150 bps)
50.0

 
 
15,000

 
7,500

 
2.03
%
 
—

 
Nov-19
 
7,500

 
—

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

 
 
141,000

 
28,200

 
2.08
%
 
—

 
Aug-20
 
28,200

 
—

Open
 
11 West 34th Street (LIBOR + 145 bps)
30.0

 
 
23,000

 
6,900

 
1.98
%
 
—

 
Jan-21
 
6,900

 
Jan-23

Open
 
100 Park Avenue (LIBOR + 175 bps)
49.9

 
 
360,000

 
179,640

 
2.28
%
 
—

 
Feb-21
 
175,859

 
—

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

 
 
1,746

 
564

 
3.34
%
 
26

 
Jun-33
 
4

 
—

Open
 
Stonehenge Portfolio (Various)
Various

 
 
65,664

 
3,782

 
5.82
%
 
19

 
Various
 
3,719

 
—

Open
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt/Wtd Avg
 
$
2,964,349

 
$
1,200,710

 
2.90
%
(3)
$
45

 
 
 
$
1,196,306

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture Debt/Wtd Avg
 
$
6,432,932

 
$
2,694,273

 
3.55
%
(3)
$
499

 
 
 
$
2,687,910

 
 
 
 
 
Deferred financing cost
 
(100,426
)
 
(31,954
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture Debt/Wtd Avg, net
 
$
6,332,506

 
$
2,662,319

 
3.59
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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, $176.1 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenants
 
 
 
 
 
 
 
 
 
Composition of Debt
 
 
 SL GREEN REALTY CORP.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility Covenants
 
 
 
 
Fixed Rate Debt
 
 
 
 
 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
Consolidated
 
$
5,226,651

 
 
 
 
Total Debt / Total Assets
40.0%
Less than 60%
 
 
 
 
 
SLG Share of JV
 
1,493,563

 
 
 
 
Fixed Charge Coverage
2.68x
Greater than 1.5x
 
 
 
 
 
Total Fixed Rate Debt
 
$
6,720,214

 
75.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
1,010,990

 
 
 
 
Unsecured Notes Covenants
 
 
 
 
 
SLG Share of JV
 
1,200,710

 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
2,211,700

 
 
 
 
Total Debt / Total Assets
26.9%
Less than 60%
 
 
 
Debt & Preferred Equity and Other Investments
 
(1,304,360
)
 
 
 
 
Secured Debt / Total Assets
16.4%
Less than 40%
 
 
 
 
Total Floating Rate Debt
 
$
907,340

 
10.2%
 
 
Debt Service Coverage
5.72x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
 
 
Unencumbered Assets / Unsecured Debt
763.8%
Greater than 150%
 
 
 
 
 
 
Total Debt
 
$
8,931,914

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
27
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
DEBT SUMMARY SCHEDULE 
Reckson Operating Partnership
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-recksonlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal

 
 
 
2016

 
Initial
 
Principal

 
As-Of

 
 
 
 
Ownership
 
Outstanding

 
 
 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
Interest (%)
 
9/30/2016

 
Coupon (1)
 
Amortization

 
Date
 
Maturity

 
Extension

Prepayment
Secured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
919 Third Avenue
51.0

 
 
$
500,000

 
5.12
%
 
$
—

 
Jun-23
 
$
500,000

 
—

Feb-23
 
 
 
 
 
 
$
500,000

 
5.12
%
 
$
—

 
 
 
$
500,000

 
 
 
Unsecured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured notes
 
 
 
$
249,862

 
5.00
%
 
$
—

 
Aug-18
 
$
250,000

 
—

Jun-18
 
Term loan (swapped)
 
 
 
500,000

 
2.34
%
 
—

 
Jun-19
(2)
500,000

 
—

Open
 
Term loan (swapped)
 
 
 
300,000

 
2.54
%
 
—

 
Jun-19
(2)
300,000

 
—

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
 
 
 
 
 
 
$
1,599,862

 
4.03
%
 
$
—

 
 
 
$
1,600,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt/Wtd Avg
$
2,099,862

 
4.29
%
 
$
—

 
 
 
$
2,100,000

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt & preferred equity facility (LIBOR + 273 bps)
$
134,642

 
3.26
%
 
$
—

 
Jul-18
 
$
134,642

 
Jul-19

Open
 
 
 
 
 
 
$
134,642

 
3.26
%
 
$
—

 
 
 
$
134,642

 
 
 
Unsecured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan (LIBOR + 140 bps)
$
383,000

 
1.93
%
 
$
—

 
Jun-19
 
$
383,000

 
—

Open
 
 
 
 
 
 
$
383,000

 
1.93
%
 
$
—

 
 
 
$
383,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt/Wtd Avg
$
517,642

 
2.28
%
 
$
—

 
 
 
$
517,642

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt/Wtd Avg - Consolidated
$
2,617,504

 
3.89
%
 
$
—

 
 
 
$
2,617,642

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 swaps matures in June 2019.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECKSON OPERATING PARTNERSHIP, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility Covenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
 
 
 
Total Debt / Total Assets
34.0%
Less than 60%
 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Coverage
5.26x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
Secured Debt / Total Assets
7.2%
Less than 40%
 
 
 
 
 
 
 
 
 
 
 
Unsecured Debt / Unencumbered Assets
38.5%
Less than 60%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
28
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUMMARY OF GROUND LEASE ARRANGEMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
612

 
 
2027
(3)
711 Third Avenue
 
 
5,354

 
 
5,500

 
 
5,500

 
 
5,500

 
 
1,160

 
 
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

 
 
647

 
 
2114
 
Total
 
 
$
30,816

 
 
$
31,049

 
 
$
31,049

 
 
$
31,066

 
 
$
2,419

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1080 Amsterdam Avenue
 
 
$
170

 
 
$
291

 
 
$
291

 
 
$
315

 
 
$
21,500

 
 
2111
 
30 East 40th Street
 
 
2,096

 
 
2,096

 
 
2,096

 
 
2,096

 
 
20,452

 
 
2114
 
Total
 
 
$
2,266

 
 
$
2,387

 
 
$
2,387

 
 
$
2,411

 
 
$
41,952

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

 
 
$
1,167

 
 
$
1,183

 
 
$
1,284

 
 
$
1,947

 
 
2062
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue
 
 
$
6,086

 
 
$
6,086

 
 
$
6,169

 
 
$
6,695

 
 
$
92,656

 
 
2062
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Per the balance sheet at September 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
29
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
Weighted Average Book
 
Weighted Average
 
Current
 
 
 
Book Value (1)
 
Value During Quarter (2)
 
Yield During Quarter
 
Yield (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2015
 
$
1,501,619

 
 
 
$
1,599,153

 
 
 
10.10%
 
10.25%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(4)
 
316,508

 
 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(4)
 
27

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

 
 
 
$
1,553,949

 
 
 
10.29%
 
10.17%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(4)
 
128,193

 
 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(4)
 
604

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

 
 
 
$
1,652,321

 
 
 
10.35%
 
10.39%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(4)
 
125,993

 
 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(4)
 
255

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

 
 
 
$
1,373,151

 
 
 
9.50%
 
9.40%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(4)
 
330,576

 
 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(4)
 
4,809

 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
(239,332
)
 
 
 
 
 
 
 
 
 
 
 
9/30/2016
 
$
1,453,234

(5) 
 
 
$
1,383,096

 
 
 
9.37%
 
9.23%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes accelerated fee income resulting from early repayment.
(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, excluding accelerated fee income
      resulting from early repayment.
(4) Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(5) Excludes debt and preferred equity investments totaling $338.0 million with a weighted average current yield of 7.84% that are included in other balance sheet line items.


Supplemental Information
30
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
Book Value
 
 
Senior
 
 
Weighted Average
 
Weighted Average
 
Current
 
Type of Investment
 
Floating rate
 
Fixed rate
 
Total

 
Financing
 
 
Exposure PSF
 
Yield During Quarter (1)
 
Yield (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Mortgage Debt
 
$
313,762

 
$
26,712

 
$
340,474

 
 
$
—

 
 
 
$
422

 
 
 
7.07%
 
 
7.08%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Junior Mortgage Participation
 
73,010

 
29,557

 
102,567

 
 
1,389,740

 
 
 
$
2,521

 
 
 
9.66%
 
 
9.81%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Debt
 
682,483

 
279,865

 
962,348

 
 
3,175,071

 
 
 
$
1,802

 
 
 
10.18%
 
 
10.02%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
47,845

 
—

 
47,845

 
 
130,520

 
 
 
$
426

 
 
 
8.03%
 
 
7.32%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of 9/30/16
 
$
1,117,100

 
$
336,134

 
$
1,453,234

(3) 
 
$
4,695,331

 
 
 
$
1,484

 
 
 
9.37%
 
 
9.23%
 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-dpea07.jpg
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes accelerated fee income resulting from early repayment.
 
(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, excluding accelerated fee income resulting from early repayment.
 
(3) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $338.0 million with a weighted average current yield of 7.84% that are included in other balance sheet line items.
 
(4) The weighted average maturity of the outstanding balance is 1.62 years. Approximately 61.1% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.


Supplemental Information
31
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg

 
 
Book Value(1)
Property
 
 
 
Senior
 
 
 
Current
Investment Type
 
 
9/30/2016
 
Type
 
Location
 
Financing
 
Last $ PSF(2)
 
Yield(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jr. Mortgage Participation and Mezzanine Loans
 
 
$
189,250

 
Office
 
Manhattan
 
$
1,109,000

 
$
1,179

 
9.69%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
140,920

 
Commercial/Multi-Family Rental Land
 
Manhattan
 
—

 
$
256

 
9.63%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
107,061

 
Retail/Multi-Family Rental
 
Manhattan
 
—

 
$
725

 
8.56%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
99,945

 
Multi-Family Rental
 
Manhattan
 
360,000

 
$
844

 
8.42%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Jr. Mortgage Participation Loans
 
 
64,549

 
Office/Retail
 
Brooklyn
 
180,740

 
$
338

 
9.01%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
61,059

 
Office
 
Manhattan
 
502,100

 
$
521

 
7.91%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
59,917

 
Office
 
Manhattan
 
246,758

 
$
54

 
11.23%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
55,264

 
Office
 
Manhattan
 
156,383

 
$
533

 
9.11%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
53,405

 
Office
 
Manhattan
 
144,009

 
$
473

 
9.66%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
 
37,867

 
Office
 
Manhattan
 
59,034

 
$
471

 
6.85%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
$
869,237

 
 
 
 
 
$
2,758,024

 
 
 
9.16%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $338.0 million with a weighted average current yield of 7.84% which are included in other balance sheet line
      items.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(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, excluding accelerated fee income
      resulting from early repayment.


Supplemental Information
32
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg

 
Ownership
 
 
 # of
Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs
 Sq. Feet

 
Sq. Feet

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

 
99.5

 
99.0

 
99.0

 
99.0

 
$41,639
4.2

3.2

19

110 East 42nd Street
100.0
Grand Central
Fee Interest
1
215,400

 
0.8

 
99.9

 
91.8

 
97.8

 
98.5

 
98.5

 
10,462

1.0

0.8

23

125 Park Avenue
100.0
Grand Central
Fee Interest
1
604,245

 
2.2

 
99.9

 
98.7

 
98.7

 
97.8

 
88.0

 
40,497

4.1

3.1

25

220 East 42nd Street
100.0
Grand Central
Fee Interest
1
1,135,000

 
4.1

 
79.5

 
88.1

 
90.8

 
90.9

 
91.6

 
44,109

4.4

3.4

29

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

 
0.8

 
100.0

 
99.1

 
83.8

 
75.7

 
90.9

 
14,832

1.5

1.1

13

420 Lexington Ave (Graybar)
100.0
Grand Central North
Leasehold Interest
1
1,188,000

 
4.3

 
98.6

 
98.1

 
97.1

 
98.4

 
97.0

 
79,514

8.0

6.0

211

461 Fifth Avenue
100.0
Midtown
Leasehold Interest (1)
1
200,000

 
0.7

 
99.9

 
99.9

 
99.9

 
99.9

 
99.9

 
18,508

1.9

1.4

11

485 Lexington Avenue
100.0
Grand Central North
Fee Interest
1
921,000

 
3.4

 
96.6

 
98.1

 
98.1

 
100.0

 
100.0

 
60,938

6.1

4.6

23

555 West 57th Street
100.0
Midtown West
Fee Interest
1
941,000

 
3.4

 
99.9

 
99.9

 
99.7

 
99.9

 
99.9

 
40,497

4.1

3.1

9

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
1
160,000

 
0.6

 
76.6

 
76.1

 
76.1

 
76.1

 
75.6

 
15,359

1.5

1.2

13

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
1
563,000

 
2.1

 
98.8

 
98.2

 
97.2

 
97.2

 
97.1

 
58,838

5.9

4.5

24

635 Sixth Avenue
100.0
Midtown South
Fee Interest
1
104,000

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
8,979

0.9

0.7

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

 
13,406

1.3

1.0

7

711 Third Avenue
        100.0 (2)
Grand Central North
Leasehold Interest
1
524,000

 
2.3

 
88.7

 
68.3

 
66.4

 
65.8

 
84.1

 
26,390

2.6

2.0

17

750 Third Avenue
100.0
Grand Central North
Fee Interest
1
780,000

 
2.9

 
97.5

 
97.5

 
96.0

 
97.5

 
97.5

 
46,836

4.7

3.6

32

810 Seventh Avenue
100.0
Times Square
Fee Interest
1
692,000

 
2.5

 
94.1

 
94.1

 
92.4

 
93.0

 
92.6

 
45,228

4.5

3.4

48

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

 
95,412

 
3.7

9

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

 
3.9

 
94.3

 
99.0

 
99.0

 
99.0

 
99.0

 
89,933

9.0

6.8

16

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
1
562,000

 
2.1

 
98.8

 
98.5

 
99.6

 
99.6

 
99.4

 
41,989

4.2

3.2

34

1515 Broadway
100.0
Times Square
Fee Interest
1
1,750,000

 
6.4

 
97.3

 
98.4

 
98.4

 
98.4

 
100.0

 
117,148

11.7

8.9

11

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

 
68,376

6.8

5.2

2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
21
15,458,045

 
56.5
%
 
96.3
%
 
96.6
%
 
96.3
%
 
96.5
%
 
97.0
%
 
$978,891
88.4
%
70.9
%
578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 East 40th Street
60.0
Grand Central South
Leasehold Interest
1
69,446

 
0.3

 
96.3

 
99.2

 
99.2

 
100.0

 
100.0

 
$4,493
 
0.2

61

110 Greene Street
90.0
Soho
Fee Interest
1
223,600

 
0.8

 
74.7

 
77.3

 
80.3

 
78.1

 
84.0

 
10,226

 
0.7

56

600 Lexington Avenue
100.0
Grand Central North
Fee Interest
1
303,515

 
1.1

 
90.2

 
92.5

 
95.3

 
95.5

 
91.1

 
21,694

2.2

1.6

33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
3
596,561

 
2.2
%
 
85.1
%
 
87.6
%
 
90.1
%
 
89.5
%
 
89.5
%
 
$36,414
2.2
%
2.6
%
150

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Consolidated Properties
 
24
16,054,606

 
58.7
%
 
95.9
%
 
96.2
%
 
96.1
%
 
96.2
%
 
96.7
%
 
$1,015,305
90.6
%
73.4
%
728

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNCONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
48.9
Columbus Circle
Fee Interest
1
530,981

 
1.9

 
96.2

 
96.4

 
95.5

 
86.8

 
86.8

 
$47,934
 
1.8

32

100 Park Avenue
50.0
Grand Central South
Fee Interest
1
834,000

 
3.0

 
96.4

 
97.7

 
96.6

 
95.5

 
96.6

 
63,759

 
2.4

40

521 Fifth Avenue
50.5
Grand Central
Fee Interest
1
460,000

 
1.7

 
89.2

 
86.8

 
87.3

 
91.9

 
91.9

 
28,046

 
1.1

42

800 Third Avenue
60.5
Grand Central North
Fee Interest
1
526,000

 
1.9

 
97.1

 
96.2

 
95.6

 
96.1

 
97.2

 
34,446

 
1.6

42

1745 Broadway
56.9
Midtown
Fee Interest
1
674,000

 
2.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
43,512

 
1.9

1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
5
3,024,981

 
11.1
%
 
96.2
%
 
96.0
%
 
95.6
%
 
94.5
%
 
94.7
%
 
$217,697
 
8.7
%
157

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 Madison Avenue
60.0
Park Avenue South
Fee Interest
1
2,314,000

 
8.5

 
98.0

 
98.0

 
98.0

 
73.0

 
71.6

 
$134,677
 
6.1

9

280 Park Avenue
50.0
Park Avenue
Fee Interest
1
1,219,158

 
4.5

 
82.3

 
81.7

 
81.0

 
80.7

 
72.9

 
102,296

 
3.9

30

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
2
3,533,158

 
12.9
%
 
92.6
%
 
92.4
%
 
92.1
%
 
75.7
%
 
72.1
%
 
$236,973
 
10.0
%
39

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Unconsolidated Properties
 
7
6,558,139

 
24.0
%
 
94.3
%
 
94.1
%
 
93.7
%
 
84.4
%
 
82.7
%
 
$454,670
 
18.8
%
196

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Manhattan Operating Properties Grand Total / Weighted Average
31
22,612,745

 
82.6
%
 
95.4
%
 
95.6
%
 
95.4
%
 
92.8
%
 
92.6
%
 
$1,469,976
 
 
924

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$1,212,760
 
92.2
%
 
Manhattan Operating Properties Same Store Occupancy %
 
 
18,483,026

 
81.7
%
 
96.3
%
 
96.5
%
 
96.2
%
 
96.2
%
 
96.7
%
 
 
 
 
 
Manhattan Operating Properties Same Store Leased Occupancy %
 
 
 
 
 
 
97.5
%
 
97.4
%
 
97.4
%
 
97.2
%
 
97.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
33
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA
Suburban Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Ownership
 
 
 # of
Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs
 Sq. Feet

 
Sq. Feet

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

 
$1,862
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

 
59.2

 
30.3

 
1,381

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

 
52.2

 
5.8

 
21.7

 
1,040

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

 
2,145

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

 
91.3

 
88.8

 
87.7

 
87.7

 
87.7

 
2,006

0.2

0.2

10

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

 
1,573

0.2

0.1

3

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

 
0.7

 
96.1

 
94.4

 
98.3

 
98.3

 
99.0

 
4,309

0.4

0.3

12

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

 
0.7

 
49.5

 
49.5

 
78.7

 
77.2

 
75.1

 
1,608

0.2

0.1

10

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

 
0.9

 
52.2

 
52.2

 
52.2

 
47.1

 
72.9

 
3,438

0.3

0.3

10

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

 
0.9

 
95.8

 
94.5

 
94.5

 
82.7

 
81.2

 
5,878

0.6

0.4

10

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

 
0.8

 
97.8

 
97.8

 
97.8

 
97.8

 
97.8

 
5,359

0.5

0.4

7

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

 
1.4

 
98.4

 
97.8

 
98.4

 
94.7

 
94.0

 
14,464

1.4

1.1

21

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

 
8.3
%
 
80.0
%
 
79.5
%
 
82.5
%
 
77.5
%
 
79.7
%
 
$45,063
4.5
%
3.4
%
100

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

 
1.1

 
88.8

 
88.2

 
92.5

 
94.6

 
98.3

 
$8,868
0.9

0.7

64

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

 
0.2

 
68.4

 
73.9

 
73.9

 
76.5

 
76.5

 
669

0.1

0.1

7

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

 
0.5

 
76.4

 
76.4

 
73.0

 
69.1

 
59.0

 
3,305

0.3

0.3

20

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

 
0.4

 
92.4

 
92.4

 
92.4

 
86.5

 
86.5

 
3,203

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

 
99.0

 
99.3

 
1,055

0.1

0.1

10

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

 
0.6

 
93.7

 
93.7

 
91.9

 
86.0

 
86.0

 
4,073

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

 
732

0.1

0.1

2

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

 
0.5

 
87.0

 
87.6

 
87.0

 
88.9

 
88.9

 
5,197

 
0.2

9

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

 
0.7

 
96.4

 
96.4

 
97.9

 
99.1

 
97.8

 
7,986

 
0.3

9

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

 
0.7

 
76.9

 
79.6

 
75.6

 
74.7

 
80.4

 
5,235

0.5

0.4

21

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

 
0.5

 
88.2

 
79.3

 
76.9

 
75.3

 
73.8

 
4,193

0.4

0.3

25

                              "Same Store" Connecticut Subtotal/Weighted Average
11
1,513,200

 
4.5
%
 
87.9
%
 
87.5
%
 
87.3
%
 
86.5
%
 
86.8
%
 
$44,516
3.1
%
2.9
%
188

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

 
1.0

 
73.3

 
66.2

 
66.2

 
66.2

 
66.2

 
$4,783
0.5

0.4

7

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

 
1.0
%
 
73.3
%
 
66.2
%
 
66.2
%
 
66.2
%
 
66.2
%
 
$4,783
0.5
%
0.4
%
7

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

 
1.2

 
95.9

 
97.3

 
96.4

 
95.5

 
94.6

 
$12,896
1.3

1.0

68

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

 
1.2
%
 
95.9
%
 
97.3
%
 
96.4
%
 
95.5
%
 
94.6
%
 
$12,896
1.1
%
1.0
%
68

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Consolidated Properties
 
25
4,113,800

 
15.0
%
 
83.7
%
 
82.9
%
 
84.3
%
 
81.4
%
 
82.6
%
 
$107,257
9.4
%
7.7
%
363

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNCONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jericho Plaza
11.7
Jericho, New York
Fee Interest
2
640,000

 
2.3

 
71.0

 
71.0

 
71.0

 
66.9

 
66.8

 
$15,744
 
0.1
%
34

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

 
2.3
%
 
71.0
%
 
71.0
%
 
71.0
%
 
66.9
%
 
66.8
%
 
$15,744
 
0.1
%
34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Unconsolidated Properties
 
2
640,000

 
2.3
%
 
71.0
%
 
71.0
%
 
71.0
%
 
68.9
%
 
68.9
%
 
$15,744
 
0.1
%
34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Suburban Operating Properties Grand Total / Weighted Average
 
27
4,753,800

 
17.4
%
 
82.0
%
 
81.3
%
 
82.5
%
 
79.5
%
 
80.4
%
 
$123,002
 
 
397

Suburban Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$102,635
 
7.8
%
 
Suburban Operating Properties Same Store Occupancy % (1)
 
 
4,113,800

 
86.5
%
 
83.7
%
 
82.9
%

84.3
%

81.4
%

82.6
%
 
 
 
 
 
Suburban Operating Properties Same Store Leased Occupancy %
 
 
 
 
 
 
85.4
%
 
83.9
%
 
84.9
%
 
83.3
%
 
84.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
34
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA
Retail and Residential Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Ownership
 
 
# of
Usable

 
% of Total

 
Occupancy (%)
Annualized
Annualized
Gross Total RE

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

 
Sq. Feet

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

 
$2,648
1.1

$15,482
1
 
19-21 East 65th Street (1)
90.0
Plaza District
Fee Interest
2
23,610

 
3.0

 
77.5

 
77.5

 
77.5

 
60.5

 
66.0

 
1,080

1.3

7,556

12
 
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

 
3,728

1.7

81,647

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

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,459

1.0

28,255

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

 
14,904

20.5

216,116

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

 
15.0

 
81.1

 
81.1

 
85.0

 
85.0

 
85.0

 
42,383

6.4

279,917

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

 
8.0

 
97.0

 
90.1

 
83.1

 
83.1

 
83.1

 
24,111

16.6

226,661

10
 
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

 
13,597

18.7

295,427

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

 
1,787

2.2

16,705

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

2.5

16,358

3
 
                               Subtotal/Weighted Average
 
 
11
594,885

 
73.0
%
 
95.0
%
 
94.2
%
 
94.3
%
 
93.6
%
 
93.8
%
 
$107,483
72.0
%
$1,184,123
50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store" Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
183-187 Broadway, 5-7 Dey Street

100.0
Lower Manhattan
Fee Interest
3
82,700

 
10.0

 
54.1

 
61.1

 
69.7

 
76.6

 
90.5

 
$2,636
3.6

$93,233
23
 
102 Greene Street
100.0
Soho
Fee Interest
1
9,200

 
1.0

 
54.3

 
54.3

 
—

 
54.3

 
54.3

 
360

0.5

35,062

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

3.9

54,034

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

 
8.0

 
93.9

 
93.9

 
93.9

 
93.9

 
100.0

 
12,024

3.3

277,814

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

 
24,324

16.7

254,827

2
 
                               Subtotal/Weighted Average
 
 
9
223,178

 
27.0
%
 
70.8
%
 
73.4
%
 
74.4
%
 
79.3
%
 
86.0
%
 
$42,144
28.0
%
$714,969
36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Retail Properties
 
 
20
818,063

 
100.0
%
 
88.4
%
 
88.6
%
 
88.8
%
 
89.8
%
 
91.7
%
 
$149,626
100.0
%
$1,899,092
86
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
# of
 Useable

 
 
 
Occupancy (%)
 
Average Monthly (2)

Annualized
Gross Total RE

 
 
Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Total Units

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

 
94.0

 
92.8

 
95.2

 
89.5

 
91.0

 
$4,113
$
15,399

$178,292
 
 
400 East 57th Street (1)
90.0
Upper East Side
Fee Interest
1
290,482

 
261

 
91.6

 
93.5

 
92.7

 
92.3

 
94.6

 
3,362

10,983

125,554

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

 
126

 
91.3

 
92.9

 
92.8

 
95.2

 
95.2

 
3,301

5,059

55,163

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

 
96

 
88.5

 
91.7

 
96.9

 
96.9

 
96.9

 
3,895

4,225

46,640

 
 
                               Subtotal/Weighted Average
 
 
3
735,587

 
816

 
92.2
%
 
92.9
%
 
94.2
%
 
92.2
%
 
93.5
%
 
$3,725
$35,666
$405,649
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store" Residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upper East Side Residential
95.1
Upper East Side
Fee Interest
1
27,000

 
28

 
42.9

 
42.9

 
42.9

 
85.7

 
85.7

 
$1,381
$650
$48,152
 
 
605 West 42nd Street
20.0
Midtown West
Fee Interest
1
927,358

 
1,180

 
55.0

 
—

 
 N/A

 
 N/A

 
 N/A

 
4,200

32,707

629,719

 
 
Stonehenge Portfolio
Various
 
Fee Interest
16
2,029,924

 
2,190

 
92.2

 
94.6

 
94.8

 
94.3

 
94.6

 
3,857

102,466

975,615

 
 
                               Subtotal/Weighted Average
 
 
18
2,984,282

 
3,398

 
78.9
%
 
61.3
%
 
94.1
%
 
94.2
%
 
94.5
%
 
$3,929
$135,823
$1,653,486
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Residential Properties
 
 
21
3,719,869

 
4,214

 
81.4
%
 
67.4
%
 
94.2
%
 
93.6
%
 
94.2
%
 
$3,884
$171,489
$2,059,135
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Stonehenge Portfolio Property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Calculated based on occupied units. Amounts in dollars.
 
 
 
 
 
 




Supplemental Information
35
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA
Development / Redevelopment and Land Properties
Unaudited
(Dollars in Thousands)

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Ownership
 
 
# of
 Useable

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

Total

Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Sq. Feet

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

Tenants

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development / Redevelopment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One Vanderbilt
100.0
Grand Central
Fee Interest
1
—

 
—

 
—

 
—

 
—

 
—

 
—

 
$0
—

$330,339
—

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

 
46.0

 
48.1

 
46.1

 
45.9

 
41.6

 
43.9

 
15,791

70.4

340,936

19

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

17.0

68,754

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

 
1,352

5.5

302,364

3

719 Seventh Avenue
75.0
Times Square
Fee Interest
1
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

—

59,637

—

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

 
—

 
—

 
—

 
—

 
—

 
—

 
—

—

78,469

—

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

 
45.0

 
17.1

 
17.1

 
8.1

 
—

 
—

 
3,136

6.4

316,859

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

0.7

6,755

1

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

 
100.0
%
 
35.6
%
 
34.7
%
 
30.6
%
 
25.0
%
 
26.1
%
 
$22,464
100.0
%
$1,504,113
26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
333 East 22nd Street
33.3
Midtown South
Leasehold Interest
1
26,926

 
13.0

 
—

 
 N/A

 
 N/A

 
 N/A

 
 N/A

 
$0
—

$0
 
635 Madison Avenue (1)                 
100.0
Plaza District
Fee Interest
1
176,530

 
87.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,678

100.0

153,745

 
Total / Weighted Average Land
 
2
203,456

 
100.0
%
 
86.8
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
$3,678
100.0
%
$153,745
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Subject to a long-term, third party net operating lease.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
36
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA
Retail Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Ownership
 
 
 # of

 Useable

 
% of Total

 
Occupancy (%)
 
Annualized Retail
Annualized Retail Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs

 Sq. Feet

 
Sq. Feet

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

HIGH STREET RETAIL - Consolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
183-187 Broadway, 5-7 Dey Street
100.0
Lower Manhattan
Fee Interest
3

82,700

 
4.1

 
54.1

 
61.1

 
69.7

 
76.6

 
90.5

 
$2,636
0.9

1.3

23

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

23,610

 
1.2

 
77.5

 
77.5

 
77.5

 
60.5

 
66.0

 
1,080

0.4

0.5

12

102 Greene Street
100.0
Soho
Fee Interest
1

9,200

 
0.5

 
54.3

 
54.3

 
—

 
54.3

 
54.3

 
360

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

0.9

1.4

1

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

217,519

 
10.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
12,083

4.0

6.2

9

719 Seventh Avenue
75.0
Times Square
Fee Interest
1

—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

—

—

—

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

 
13,597

4.5

7.0

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

 
1,787

0.6

0.8

5

Williamsburg Terrace
100.0
Brooklyn, New York
Fee Interest
1

52,000

 
2.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,786

0.6

0.9

3

1640 Flatbush Avenue
100.0
Brooklyn, New York
Fee Interest
1

1,000

 
—

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
85

—

—

1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
13

418,480

 
20.6
%
 
88.6
%
 
90.0
%
 
90.5
%
 
92.5
%
 
95.3
%
 
$36,214
11.9
%
18.4
%
56

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
$2,648
0.9

0.4

1

21 East 66th Street
32.3
Plaza District
Fee Interest
1

13,069

 
0.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,728

1.2

0.6

1

121 Greene Street
50.0
Soho
Fee Interest
1

7,131

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,459

0.5

0.4

2

131-137 Spring Street
20.0
Soho
Fee Interest
2

68,342

 
3.4

 
93.9

 
93.9

 
93.9

 
93.9

 
100.0

 
12,024

4.0

1.2

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

 
1,352

0.4

0.3

3

717 Fifth Avenue
10.9
Midtown/Plaza District
Fee Interest
1

119,550

 
5.9

 
81.1

 
81.1

 
85.0

 
85.0

 
85.0

 
42,383

14.0

2.4

5

724 Fifth Avenue
50.0
Plaza District
Fee Interest
1

65,010

 
3.2

 
97.0

 
90.1

 
83.1

 
83.1

 
83.1

 
24,111

7.9

6.2

10

1552-1560 Broadway
50.0
Times Square
Fee Interest
2

57,718

 
2.8

 
67.5

 
67.5

 
67.5

 
67.5

 
67.5

 
24,324

8.0

6.2

2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
10

380,294

 
18.7
%
 
79.9
%
 
78.7
%
 
78.8
%
 
78.8
%
 
79.9
%
 
$112,028
36.9
%
17.7
%
33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Prime Retail
 
23

798,774

 
39.3
%
 
84.5
%
 
84.7
%
 
84.9
%
 
85.9
%
 
87.9
%
 
$148,243
48.9
%
36.1
%
89

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER RETAIL - Consolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Church Street
100.0
Downtown
Fee Interest
1

49,992

 
2.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$2,815
0.9

1.4

6

110 Greene Street
90.0
Soho
Fee Interest
1

16,121

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,897

1.0

1.3

5

125 Park Avenue
100.0
Grand Central
Fee Interest
1

32,124

 
1.6

 
100.0

 
100.0

 
100.0

 
68.4

 
64.3

 
4,668

1.5

2.4

6

220 East 42nd Street
100.0
Grand Central
Fee Interest
1

35,332

 
1.7

 
59.0

 
77.6

 
84.3

 
96.5

 
96.5

 
1,720

0.6

0.9

3

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

 
451

0.1

0.2

4

304 Park Avenue South
100.0
Midtown South
Fee Interest
1

25,330

 
1.2

 
100.0

 
87.0

 
87.0

 
87.0

 
87.0

 
3,319

1.1

1.7

6

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

13,772

 
0.7

 
49.2

 
49.2

 
55.4

 
55.4

 
55.4

 
1,422

0.5

0.7

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

 
543

0.2

0.2

5

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

49,375

 
2.4

 
96.8

 
100.0

 
100.0

 
100.0

 
100.0

 
3,894

1.3

2.0

5

461 Fifth Avenue
100.0
Midtown
Leasehold Interest
1

16,248

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,094

0.7

1.1

2

485 Lexington Avenue
100.0
Grand Central North
Fee Interest
1

45,394

 
2.2

 
62.1

 
62.1

 
62.1

 
100.0

 
100.0

 
3,252

1.1

1.7

4

555 West 57th Street
100.0
Midtown West
Fee Interest
1

60,389

 
3.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,880

0.6

1.0

2

600 Lexington Avenue
100.0
Grand Central North
Fee Interest
1

4,264

 
0.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
830

0.3

0.4

2

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
1

46,019

 
2.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
9,545

3.1

4.9

1

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
1

74,937

 
3.7

 
100.0

 
97.8

 
90.6

 
89.3

 
89.3

 
21,912

7.2

11.2

18

635 Sixth Avenue
100.0
Midtown South
Fee Interest
1

23,250

 
1.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,119

1.0

1.6

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

 
3,388

1.1

1.7

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

 
2,884

1.0

1.5

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

 
2,638

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

 
3,781

1.2

1.9

4

919 Third Avenue
51.0
Grand Central North
Fee Interest
1

31,004

 
1.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,424

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

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

 
6,366

2.1

3.3

5

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
1

17,797

 
0.9

 
65.7

 
100.0

 
100.0

 
100.0

 
100.0

 
2,151

0.7

1.1

5

1515 Broadway
100.0
Times Square
Fee Interest
1

185,333

 
9.1

 
89.5

 
100.0

 
100.0

 
100.0

 
100.0

 
18,258

6.0

9.3

6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
25

865,549

 
42.6
%
 
92.3
%
 
95.7
%
 
95.4
%
 
96.6
%
 
96.5
%
 
$107,503
35.4
%
53.8
%
116


Supplemental Information
37
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA - CONTINUED
Retail Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Ownership
 
 
 # of

 Useable

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

Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Sq. Feet
 
Sep-16
 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-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

 
100.0

 
87.2

 
87.2

 
$19,390
6.4

4.8

6

10 East 53rd Street
55.0
Plaza District
Fee Interest
1

39,340

 
1.9

 
100.0

 
100.0

 
100.0

 
100.0

 
81.7

 
3,359

1.1

0.9

3

11 Madison Avenue
60.0
Park Avenue South
Fee Interest
1

38,800

 
1.9

 
97.7

 
97.7

 
97.7

 
90.2

 
90.2

 
3,534

1.2

1.1

5

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

4,461

 
0.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
459

0.2

0.1

5

55 West 46th Street
25.0
Midtown
Leasehold Interest
1

1,191

 
0.1

 
100.0

 
100.0

 
100.0

 
—

 
—

 
210

0.1

—

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

 
3,371

1.1

0.9

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

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

 
4,990

1.6

1.3

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

 
1,924

0.6

0.6

2

Stonehenge Portfolio
Various
 
Fee Interest
10

88,984

 
4.4

 
82.7

 
82.7

 
80.3

 
80.3

 
82.5

 
9,561

3.2

0.1

33

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
19

369,565

 
18.2
%
 
91.5
%
 
91.5
%
 
90.9
%
 
87.2
%
 
85.8
%
 
$47,584
15.7
%
10.1
%
69

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Other Retail
 
44

1,235,114

 
60.7
%
 
92.1
%
 
94.1
%
 
94.1
%
 
93.8
%
 
93.3
%
 
$155,087
51.1
%
63.9
%
185

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Grand Total / Weighted Average
 
 
67

2,033,888

 
100.0
%
 
89.1
%
 
90.6
%
 
90.5
%
 
90.7
%
 
91.2
%
 
$303,330
100.0
%
 
274

Retail Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$195,604
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
38
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA
Reckson Operating Portfolio - Consolidated Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-recksonlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Ownership
 
 
 Useable

 
% of Total

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

Properties
Interest (%)
SubMarket
Ownership
 Sq. Feet

 
Sq. Feet

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

Tenants

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

 
1.8

 
99.9

 
91.8

 
97.8

 
98.5

 
98.5

 
$10,462
1.9

1.7

23

125 Park Avenue
100.0
Grand Central
Fee Interest
604,245

 
5.1

 
99.9

 
98.7

 
98.7

 
97.8

 
88.0

 
40,497

7.4

6.6

25

304 Park Avenue South
100.0
Midtown South
Fee Interest
215,000

 
1.8

 
100.0

 
99.1

 
83.8

 
75.7

 
90.9

 
14,832

2.7

2.4

13

461 Fifth Avenue
100.0
Midtown
Leasehold Interest (1)
200,000

 
1.7

 
99.9

 
99.9

 
99.9

 
99.9

 
99.9

 
18,508

3.4

3.0

11

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

 
8.0

 
99.9

 
99.9

 
99.7

 
99.9

 
99.9

 
40,497

7.4

6.6

9

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
160,000

 
1.4

 
76.6

 
76.1

 
76.1

 
76.1

 
75.6

 
15,359

2.8

2.5

13

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
563,000

 
4.8

 
98.8

 
98.2

 
97.2

 
97.2

 
97.1

 
58,838

10.8

9.7

24

635 Sixth Avenue
100.0
Midtown South
Fee Interest
104,000

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
8,979

1.6

1.5

2

641 Sixth Avenue
100.0
Midtown South
Fee Interest
163,000

 
1.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
13,406

2.5

2.2

7

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

 
4.5

 
88.7

 
68.3

 
66.4

 
65.8

 
84.1

 
26,390

4.8

4.3

17

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

 
6.6

 
97.5

 
97.5

 
96.0

 
97.5

 
97.5

 
46,836

8.6

7.7

32

810 Seventh Avenue
100.0
Times Square
Fee Interest
692,000

 
5.9

 
94.1

 
94.1

 
92.4

 
93.0

 
92.6

 
45,228

8.3

7.4

48

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

 
95,412

—

8.0

9

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

 
9.0

 
94.3

 
99.0

 
99.0

 
99.0

 
99.0

 
89,933

16.5

14.8

16

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

 
4.8

 
98.8

 
98.5

 
99.6

 
99.6

 
99.4

 
41,989

7.7

6.9

34

Subtotal / Weighted Average
 
8,239,645

 
70.1
%
 
97.2
%
 
96.1
%
 
95.4
%
 
95.3
%
 
96.1
%
 
$567,167
86.6
%
85.4
%
283

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

 
1.9

 
74.7

 
77.3

 
80.3

 
78.1

 
84.0

 
$10,226
 
1.5

56

Subtotal / Weighted Average
 
223,600

 
1.9
%
 
74.7
%
 
77.3
%
 
80.3
%
 
78.1
%
 
84.0
%
 
$10,226
 
1.5
%
56

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

 
72.0
%
 
96.6
%
 
95.6
%
 
95.0
%
 
94.9
%
 
95.8
%
 
$577,394
86.6
%
 
339

Total Manhattan Consolidated Properties - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$529,619
 
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

 
$1,862
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

 
59.2

 
30.3

 
1,381

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

 
52.2

 
5.8

 
21.7

 
1,040

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

 
2,145

0.4

0.4

10

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

 
0.8

 
91.3

 
88.8

 
87.7

 
87.7

 
87.7

 
2,006

0.4

0.3

10

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

 
1,573

0.3

0.3

3

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

 
1.5

 
96.1

 
94.4

 
98.3

 
98.3

 
99.0

 
4,309

0.8

0.7

12

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

 
1.5

 
49.5

 
49.5

 
78.7

 
77.2

 
75.1

 
1,608

0.3

0.3

10

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

 
2.1

 
52.2

 
52.2

 
52.2

 
47.1

 
72.9

 
3,438

0.6

0.6

10

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

 
2.1

 
95.8

 
94.5

 
94.5

 
82.7

 
81.2

 
5,878

1.1

1.0

10

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

 
1.9

 
97.8

 
97.8

 
97.8

 
97.8

 
97.8

 
5,359

1.0

0.9

7

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

 
3.3

 
98.4

 
97.8

 
98.4

 
94.7

 
94.0

 
14,464

2.7

2.4

21

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

 
17.1
%
 
80.0
%
 
79.5
%
 
82.5
%
 
77.5
%
 
79.7
%
 
$45,063
8.3
%
7.4
%
100

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"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

 
$732
0.1

0.1

2

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

 
1.1

 
87.0

 
87.6

 
87.0

 
88.9

 
88.9

 
5,197

—

0.4

9

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

 
1.6

 
96.4

 
96.4

 
97.9

 
99.1

 
97.8

 
7,986

—

0.7

9

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

 
1.5

 
76.9

 
79.6

 
75.6

 
74.7

 
80.4

 
5,235

1.0

0.9

21

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

 
1.2

 
88.2

 
79.3

 
76.9

 
75.3

 
73.8

 
4,193

0.8

0.7

25

                              Connecticut Subtotal/Weighted Average
 
687,200

 
5.8
%
 
87.9
%
 
86.9
%
 
85.6
%
 
85.8
%
 
86.6
%
 
$23,343
1.9
%
2.8
%
66

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

 
2.4

 
73.3

 
66.2

 
66.2

 
66.2

 
66.2

 
$4,783
0.9

0.8

7

                              New Jersey Subtotal / Weighted Average
 
278,000

 
2.4
%
 
73.3
%
 
66.2
%
 
66.2
%
 
66.2
%
 
66.2
%
 
$4,783
0.9
%
0.8
%
7

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

 
2.7

 
95.9

 
97.3

 
96.4

 
95.5

 
94.6

 
$12,896
2.4

2.1

68

                              Brooklyn, New York Subtotal / Weighted Average
 
317,600

 
2.7
%
 
95.9
%
 
97.3
%
 
96.4
%
 
95.5
%
 
94.6
%
 
$12,896
2.4
%
2.1
%
68

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

 
28.0
%
 
82.6
%
 
81.6
%
 
83.1
%
 
80.0
%
 
81.5
%
 
$86,084
13.4
%
 
241

Total Suburban Consolidated Properties - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$79,624
 
13.1
%
 
 
 
 
 

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

 
100.0
%
 
92.7
%
 
91.7
%
 
91.7
%
 
90.7
%
 
91.8
%
 
$663,478
100.0
%
 
580

Reckson Operating Properties Grand Total - SLG Share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$609,244
 
100.0
%
 
Reckson Operating Properties Same Store Occupancy %
 
11,527,445

 
98.1
%
 
93.0
%
 
92.0
%
 
91.9
%
 
91.0
%
 
91.9
%
 
 
 
 
 
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) The Company owns 50% of the fee interest.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
39
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SELECTED PROPERTY DATA
Reckson Operating Portfolio - Retail, Land, and Residential Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-recksonlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
Ownership
 
 
 
 Useable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized
Gross Total RE

Total

Properties
Interest (%)
SubMarket
Ownership
 
 Sq. Feet

 
Sq. Feet

 
Sep-16
 
Jun-16
 
Mar-16
 
Dec-15
 
Sep-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
1.0

$35,062
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

7.8

54,034

1

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

 
16.0

 
93.9

 
93.9

 
93.9

 
93.9

 
100.0

 
12,024

6.7

277,814

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

 
14,904

41.6

216,116

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

 
13,597

37.9

295,427

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

5.0

16,358

3

Total Retail Properties
 
 
 
 
426,016

 
100.0
%
 
98.0
%
 
98.0
%
 
96.9
%
 
98.0
%
 
99.0
%
 
$45,471
100.0
%
$894,810
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

 
$3,678
100.0

$153,745
 
Total Land Properties
 
 
176,530

 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
$3,678
100.0
%
$153,745
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
 
 Useable

 
 
 
Occupancy (%)
Annualized
Average Monthly
Gross Total RE

Total

Properties
Interest (%)
SubMarket
Ownership
 
 Sq. Feet

 
 Total Units

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

 
94.0

 
92.8

 
95.2

 
89.5

 
91.0

 
$15,399
$4,113
$178,292
313

Total Residential Properties
 
 
222,855

 
333

 
94.0
%
 
92.8
%
 
95.2
%
 
89.5
%
 
91.0
%
 
$15,399
$4,113
$178,292
313

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Calculated based on occupied units
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
40
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
LARGEST TENANTS BY SQUARE FEET LEASED
Manhattan and Suburban Properties
Unaudited
(Dollars in Thousands Except Per SF)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
% 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
2,401,307

$ 125,968 (2)

$52.46
7.9%
$
102,150

7.8%
A
Viacom International, Inc.
1515 Broadway
2031
1,330,735

89,080

$66.94
5.6%
89,080

6.8%
BBB-
Penguin Random House, Inc.
1745 Broadway
2018 & 2033
644,598

43,512

$67.50
2.7%
24,745

1.9%
BBB+
Sony Corporation
11 Madison Avenue
2031
578,791

42,857

$74.05
2.7%
25,714

2.0%
BBB-
Debevoise & Plimpton, LLP
919 Third Avenue
2021
575,324

44,407

$77.19
2.8%
22,648

1.7%
 
The City of New York
16 Court Street, 100 Church Street &
420 Lexington Avenue
 2017, 2020, 2030 & 2034
554,694

19,759

$35.62
1.2%
19,759

1.5%
Aa2
Omnicom Group, Inc., Cardinia Real Estate
220 East 42nd Street
2017 & 2032
403,457

17,752

$44.00
1.1%
17,752

1.3%
BBB+
Citigroup, N.A.
485 Lexington Avenue, 750 Third Avenue,
800 Third Avenue & 750 Washington Blvd
 2017, 2019 & 2027
388,753

23,032

$59.25
1.4%
20,942

1.6%
BBB+
Ralph Lauren Corporation
625 Madison Avenue
2019
385,325

28,916

$75.04
1.8%
28,916

2.2%
A
Advance Magazine Group, Fairchild Publications
750 Third Avenue & 485 Lexington Avenue
2021
339,195

17,800

$52.48
1.1%
17,800

1.4%
 
C.B.S. Broadcasting, Inc.
555 West 57th Street
2023
338,527

15,023

$44.38
0.9%
15,023

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

17,371

$52.80
1.1%
17,371

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

18,773

$71.33
1.2%
9,574

0.7%
 
Bloomberg LP
919 Third Avenue
2029
256,107

14,213

$55.50
0.9%
7,249

0.6%
 
HF Management Services LLC
100 Church Street
2032
230,394

7,802

$33.86
0.5%
7,802

0.6%
 
BMW of Manhattan
555 West 57th Street
2022
227,782

6,964

$30.57
0.4%
6,964

0.5%
A+
The City University of New York - CUNY
555 West 57th Street & 16 Court Street
 2020, 2024 & 2030
227,622

9,532

$41.88
0.6%
9,532

0.7%
Aa2
WME IMG, LLC
11 Madison Avenue & 304 Park Avenue
2028 & 2030
214,707

16,232

$75.60
1.0%
12,706

1.0%
 
Bloomingdales, Inc.
919 Third Avenue
2024
205,821

11,879

$57.72
0.7%
6,058

0.5%
BBB
Newmark & Company Real Estate Inc.
125 Park Avenue, 110 East 42nd Street &
680 Washington Blvd
2016, 2026 & 2031
182,696

10,466

$57.28
0.7%
10,257

0.8%
BBB-
Amerada Hess Corp.
1185 Avenue of the Americas
2027
181,569

14,566

$80.22
0.9%
14,566

1.1%
BBB-
The Travelers Indemnity Company
485 Lexington Avenue
2021
176,838

11,306

$63.94
0.7%
11,306

0.9%
AA
United Nations
220 East 42nd Street
2017, 2021 & 2022
171,091

8,581

$50.16
0.5%
8,581

0.7%
 
RSM McGladrey, Inc.
1185 Avenue of the Americas
2018
164,771

11,061

$67.13
0.7%
11,061

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

4,514

$27.79
0.3%
4,514

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

15,958

$98.68
1.0%
15,958

1.2%
BBB+
King & Spalding
1185 Avenue of the Americas
2025
159,943

14,828

$92.71
0.9%
14,828

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

9,909

$62.17
0.6%
4,846

0.4%
BBB
Yelp, Inc.
11 Madison Avenue
2025
152,232

12,974

$85.22
0.8%
7,784

0.6%
 
National Hockey League
1185 Avenue of the Americas
2022
148,217

13,684

$92.32
0.9%
13,684

1.0%
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
11,716,164

$ 698,720 (2)

$59.64
43.9%
$
579,170

44.0%
 
 
 
 
 
 
 
 
 
 
 
(1) Corporate or bond rating from S&P or Moody's.
 
 
 
 
 
 
 
(2) Reflects the net rent for the 1 Madison Avenue lease. If this lease were included on a gross basis, Credit Suisse's total PSF annualized rent would be $60.63 and total PSF annualized rent for the largest tenants would be $61.31.

Supplemental Information
41
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
TENANT DIVERSIFICATION
Based on SLG Share of Annualized Cash Rent
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


  Category
 
Manhattan Properties
Suburban Properties
 
 
 
 
 
 
 
 
 
  Arts, Ent. & Recreation
4.4
%
 
 
0.2
%
 
  Business Services
 
2.7
%
 
 
2.9
%
 
  Financial Services
 
32.6
%
 
 
31.4
%
 
  Government / Non Profit
3.6
%
 
 
4.8
%
 
  Legal
 
 
7.7
%
 
 
13.2
%
 
  Manufacturing
 
2.4
%
 
 
5.8
%
 
  Medical
 
 
2.4
%
 
 
2.1
%
 
  Other
 
 
7.1
%
 
 
3.1
%
 
  Professional Services
6.6
%
 
 
12.8
%
 
  Retail
 
 
6.9
%
 
 
3.3
%
 
 
 
 
 
 
 
 
 
 
TAMI
 
 
 
 
 
 
 
 
  Technology
 
1.7
%
 
 
6.7
%
 
 
  Advertising
 
4.3
%
 
 
0.9
%
 
 
  Media
 
 
17.3
%
 
 
12.6
%
 
 
  Information
 
0.4
%
 
 
0.0%

 
 
 
 
 
 
 
 
 
 
Total
 
 
100.0
%
 
 
100.0
%
 


Supplemental Information
42
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


Activity
Building Address
# of Leases

Useable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 6/30/16
 
 
991,894

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

6,703

8,007

 
$77.28
 
30 East 40th Street
4

4,540

4,540

 
60.03

 
100 Park Avenue
1

10,370

10,889

 
64.78

 
110 East 42nd Street
3

24,849

24,849

 
63.64

 
110 Greene Street
5

8,232

5,498

 
71.54

 
220 East 42nd Street
4

90,103

90,103

 
41.16

 
420 Lexington Avenue
1

1,891

2,129

 
66.58

 
485 Lexington Avenue
1

13,827

13,827

 
72.06

 
521 Fifth Avenue
1

3,000

3,665

 
59.57

 
600 Lexington Avenue
1

6,780

6,334

 
74.24

 
800 Third Avenue
2

7,350

8,227

 
61.30

 
810 Seventh Avenue
1

15,500

17,320

 
62.00

 
919 Third Avenue
2

160,894

161,797

 
71.83

 
1185 Avenue of the Americas
2

50,000

55,272

 
67.35

 
1350 Avenue of the Americas
1

2,102

2,102

 
71.39

 
Total/Weighted Average
31

406,141

414,559

 
$63.15
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
220 East 42nd Street
3

17,938

17,938

 
$61.07
 
304 Park Avenue South
1

3,070

3,070

 
147.31

 
420 Lexington Avenue
2

1,741

1,866

 
173.45

 
1515 Broadway
1

19,538

19,487

 
503.08

 
Total/Weighted Average
7

42,287

42,361

 
$275.60
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
919 Third Avenue
1

1,500

1,500

 
$27.50
 
Total/Weighted Average
1

1,500

1,500

 
$27.50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Space which became available during the quarter
 
 
 
 
 
 
Office
31

406,141

414,559

 
$63.15
 
Retail
7

42,287

42,361

 
$275.60
 
Storage
1

1,500

1,500

 
$27.50
 
 
39

449,928

458,420

 
$82.67
 
 
 
 
 
 
 
 
Total Available Space
 
1,441,822

 
 
 
 
 
 
 
 
 
 
(1) Escalated rent is calculated as total annual lease related income excluding electric charges.
 
 
 
 
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
 
 
 


Supplemental Information
43
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


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
 
 
 
 
 
 
1,441,822

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
 
1

 
5.0
 
5,930

 
6,190

 
$77.00
 
$51.88
 
—

 
—

 
30 East 40th Street
 
2

 
9.5
 
2,540

 
3,083

 
$67.01
 
$49.06
 
$32.44
 
6.4

 
110 East 42nd Street
 
2

 
9.2
 
42,354

 
46,634

 
$54.91
 
$53.42
 
$43.01
 
5.8

 
110 Greene Street
 
1

 
5.1
 
2,426

 
2,426

 
$82.60
 
$57.51
 
$21.78
 
1.0

 
125 Park Avenue
 
1

 
10.4
 
7,340

 
7,786

 
$63.00
 
—

 
$89.98
 
5.0

 
220 East 42nd Street
 
1

 
10.3
 
8,754

 
9,809

 
$67.00
 
—

 
$110.38
 
4.0

 
280 Park Avenue
 
1

 
10.0
 
7,926

 
8,941

 
$120.00
 
—

 
$110.63
 
4.0

 
420 Lexington Avenue
 
6

 
3.7
 
8,376

 
12,268

 
$59.70
 
$56.30
 
$14.94
 
1.4

 
521 Fifth Avenue
 
3

 
7.4
 
14,022

 
16,106

 
$68.14
 
$52.88
 
$84.27
 
4.0

 
609 Fifth Avenue
 
1

 
2.1
 
695

 
746

 
$60.00
 
$76.84
 
—

 
—

 
711 Third Avenue
 
4

 
13.3
 
106,945

 
128,314

 
$60.95
 
$46.77
 
$91.75
 
6.0

 
800 Third Avenue
 
3

 
6.0
 
12,209

 
13,138

 
$61.77
 
$51.56
 
$12.73
 
1.6

 
810 Seventh Avenue
 
1

 
10.6
 
15,500

 
17,320

 
$69.00
 
$68.40
 
$25.00
 
7.0

 
919 Third Avenue
 
5

 
5.2
 
160,868

 
174,005

 
$58.10
 
$66.47
 
$17.28
 
2.9

 
Total/Weighted Average
 
32

 
8.5
 
395,885

 
446,766

 
$61.50
 
$59.81
 
$48.91
 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
304 Park Avenue South
 
2

 
10.5
 
5,070

 
5,733

 
$185.14
 
$113.70
 
—

 
6.0

 
420 Lexington Avenue
 
1

 
5.0
 
274

 
205

 
$91.00
 
$157.78
 
—

 
0.4

 
625 Madison Avenue
 
2

 
10.4
 
3,313

 
3,313

 
$71.26
 
—

 
$26.27
 
5.0

 
1350 Avenue of the Americas
 
2

 
15.0
 
2,874

 
2,874

 
$332.77
 
$119.05
 
$20.29
 
3.1

 
Total/Weighted Average
 
7

 
11.5
 
11,531

 
12,125

 
$187.42
 
$116.47
 
$11.99
 
4.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
220 East 42nd Street
 
1

 
16.3
 
875

 
848

 
$25.00
 
—

 
—

 
—

 
919 Third Avenue
 
1

 
5.4
 
1,500

 
1,543

 
$25.00
 
$26.73
 
—

 
3.0

 
1350 Avenue of the Americas
 
1

 
15.0
 
428

 
428

 
$25.00
 
—

 
—

 
5.0

 
Total/Weighted Average
 
3

 
10.2
 
2,803

 
2,819

 
$25.00
 
$26.73
 
$0.00
 
2.4

 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
32

 
8.5
 
395,885

 
446,766

 
$61.50
 
$59.81
 
$48.91
 
4.3

 
Retail
 
7

 
11.5
 
11,531

 
12,125

 
$187.42
 
$116.47
 
$11.99
 
4.9

 
Storage
 
3

 
10.2
 
2,803

 
2,819

 
$25.00
 
$26.73
 
—

 
2.4

 
Total
 
42

 
8.6
 
410,219

 
461,710

 
$64.58
 
$61.10
 
$47.64
 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 9/30/16
 
 
 
 
 
 
1,031,603

 
 
 
 
 
 
 
 
 
 
(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 $59.69/rsf for 337,519 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $73.22/rsf for 1,085,757 rentable SF.


Supplemental Information
44
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
 
1

 
5.0
 
5,930

 
6,190

 
$85.00
 
$85.00
 
—

 
—

 
110 East 42nd Street
 
1

 
5.2
 
4,154

 
4,240

 
$60.00
 
$60.56
 
—

 
2.0

 
220 East 42nd Street
 
2

 
15.2
 
88,193

 
97,566

 
$61.31
 
$52.17
 
$68.35
 
5.3

 
420 Lexington Avenue
 
2

 
3.5
 
4,655

 
5,981

 
$57.24
 
$48.07
 
—

 
1.8

 
600 Lexington Avenue
 
1

 
5.3
 
25,482

 
25,995

 
$80.00
 
$94.35
 
$40.01
 
3.0

 
800 Third Avenue
 
1

 
5.0
 
4,616

 
4,616

 
$65.44
 
$66.00
 
—

 
1.0

 
1745 Broadway
 
2

 
11.6
 
567,561

 
603,650

 
$82.60
 
$63.01
 
$31.01
 
4.1

 
Total/Weighted Average
 
10

 
11.6
 
700,591

 
748,238

 
$79.32
 
$62.75
 
$35.32
 
4.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
711 Third Avenue
 
1

 
10.1
 
3,187

 
3,100

 
$102.00
 
$95.21
 
—

 
—

 
810 Seventh Avenue
 
1

 
10.0
 
6,356

 
11,058

 
$187.00
 
$155.53
 
—

 
—

 
Total/Weighted Average
 
2

 
10.0
 
9,543

 
14,158

 
$168.39
 
$142.32
 
—

 
—

Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
220 East 42nd Street
 
1

 
15.0
 
452

 
452

 
$25.00
 
$29.99
 
—

 
4.0

 
420 Lexington Avenue
 
1

 
6.0
 
198

 
198

 
$25.00
 
$22.84
 
—

 
—

 
Total/Weighted Average
 
2

 
12.3
 
650

 
650

 
$25.00
 
$27.81
 
—

 
2.8

Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
10

 
11.6
 
700,591

 
748,238

 
$79.32
 
$62.75
 
$35.32
 
4.2

 
Early Renewals Retail
 
2

 
10.0
 
9,543

 
14,158

 
$168.39
 
$142.32
 
—

 
—

 
Early Renewals Storage
 
2

 
12.3
 
650

 
650

 
$25.00
 
$27.81
 
—

 
2.8

 
Total
 
14

 
11.6
 
710,784

 
763,046

 
$80.92
 
$64.20
 
$34.64
 
4.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annual initial base rent.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Escalated rent is calculated as total annual lease related income excluding electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $59.69/rsf for 337,519 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $73.22/rsf for 1,085,757 rentable SF.
 
 


Supplemental Information
45
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Available Space
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


Activity
Building Address
# of Leases

Useable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 6/30/16
 
1,080,414

 
 
 
 
 
 
 
 
 
 
Less: Sold Vacancies
500 West Putnam Avenue, Greenwich, Connecticut
 
(56,158
)
 
 
 
 
 
 
 
 
 
 
Space which became available during the Quarter (2):
 
 
 
 
 
Office
 
 
 
 
 
 
 
1100 King Street - 5 Int'l Drive, Rye Brook, New York
1

520

520

 
$27.76
 
2 Landmark Square, Stamford, Connecticut
1

2,550

2,550

 
36.32

 
4 Landmark Square, Stamford, Connecticut
1

4,570

4,570

 
33.05

 
680 Washington Boulevard, Stamford, Connecticut
2

21,017

21,017

 
42.55

 
1055 Washington Boulevard, Stamford, Connecticut
2

5,782

5,782

 
22.21

 
125 Chubb Way, Lyndhurst, New Jersey
1

2,573

3,308

 
24.26

 
16 Court Street, Brooklyn, New York
4

5,990

7,094

 
45.16

 
Total/Weighted Average
12

43,002

44,841

 
$37.50
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
4 Landmark Square, Stamford, Connecticut
1

200

200

 
12.00

 
16 Court Street, Brooklyn, New York
1

160

160

 
22.51

 
Total/Weighted Average
2

360

360

 
$16.67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Space which became available during the Quarter
 
 
 
 
 
Office
12

43,002

44,841

 
$37.50
 
Retail
2

360

360

 
$16.67
 
 
14

43,362

45,201

 
$37.33
 
 
 
 
 
 
 
 
Total Available Space
 
1,067,618

 
 
 
 
 
 
 
 
 
 
(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
46
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


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
 
 
 
 
 
1,067,618

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1100 King Street - 5 Int'l Drive, Rye Brook, New York
 
1
 
4.2

 
1,725

 
1,725

 
$24.00
 
—

 
$2.00
 
2.0

 
520 White Plains Road, Tarrytown, New York
 
1
 
5.5

 
3,138

 
3,138

 
$26.50
 
$30.66
 
$23.07
 
6.0

 
200 Summit Lake Drive, Valhalla, New York
 
1
 
3.1

 
3,110

 
3,110

 
$26.50
 
—

 
$48.95
 
2.2

 
360 Hamilton Avenue, White Plains, New York
 
1
 
10.0

 
2,419

 
2,419

 
$37.00
 
$23.02
 
$32.96
 
—

 
1 Landmark Square, Stamford, Connecticut
 
1
 
3.2

 
1,900

 
1,900

 
$40.00
 
—

 
$52.90
 
2.0

 
4 Landmark Square, Stamford, Connecticut
 
1
 
6.3

 
4,570

 
4,570

 
$33.00
 
$28.50
 
$4.38
 
6.0

 
680 Washington Boulevard, Stamford, Connecticut
 
1
 
10.8

 
20,217

 
20,217

 
$43.00
 
$43.05
 
$55.00
 
10.0

 
1010 Washington Boulevard, Stamford, Connecticut
 
3
 
7.2

 
12,760

 
12,760

 
$33.53
 
—

 
$31.96
 
7.3

 
1055 Washington Boulevard, Stamford, Connecticut
 
1
 
3.1

 
901

 
901

 
$36.50
 
$35.32
 
$12.50
 
1.0

 
125 Chubb Way, Lyndhurst, New Jersey
 
2
 
7.6

 
22,168

 
21,819

 
$23.76
 
—

 
$49.54
 
0.2

 
16 Court Street, Brooklyn, New York
 
2
 
3.7

 
1,605

 
2,526

 
$52.43
 
$39.39
 
$41.77
 
0.7

 
Total/Weighted Average
 
15
 
7.7

 
74,513

 
75,085

 
$33.35
 
$37.94
 
$41.90
 
4.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1100 King Street - 5 Int'l Drive, Rye Brook, New York
 
1
 
0.4

 
1,058

 
1,058

 
$13.00
 
—

 
—

 
—

 
4 Landmark Square, Stamford, Connecticut
 
1
 
6.3

 
200

 
200

 
$12.00
 
$12.00
 
—

 
—

 
Total/Weighted Average
 
2
 
1.4

 
1,258

 
1,258

 
$12.84
 
$12.00
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
15
 
7.7


74,513


75,085

 
$33.35
 
$37.94
 
$41.90
 
4.8

 
Storage
 
2
 
1.4

 
1,258

 
1,258

 
$12.84
 
$12.00
 
—

 
—

 
Total
 
17
 
7.6

 
75,771

 
76,343

 
$33.01
 
$37.78
 
$41.21
 
4.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 9/30/16
 
 
 
 
 
991,847

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1100 King Street - 4 Int'l Drive, Rye Brook, New York
 
1
 
1.1

 
1,740

 
1,950

 
$32.00
 
$32.00
 
$2.00
 
1.0

 
1100 King Street - 6 Int'l Drive, Rye Brook, New York
 
1
 
1.0

 
31,520

 
31,520

 
$29.00
 
$29.00
 
—

 
—

 
1 Landmark Square, Stamford, Connecticut
 
3
 
3.6

 
11,894

 
12,425

 
$41.62
 
$40.71
 
—

 
0.9

 
Total/Weighted Average
 
5
 
1.7

 
45,154

 
45,895

 
$32.55
 
$32.30
 
$0.08
 
0.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
5
 
1.7


45,154

 
45,895

 
$32.55
 
$32.30
 
$0.08
 
0.3

 
Total
 
5
 
1.7

 
45,154

 
45,895

 
$32.55
 
$32.30
 
$0.08
 
0.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $39.50/rsf for 31,974 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $35.40/rsf for 77,869 rentable SF.

Supplemental Information
47
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES
Office, Retail and Storage Leases
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
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)
 
5

2,913

0.02
%
$62,627
 
$21.50
$30.56
 
1

291

—

$6,600
 
$22.68
$25.00
2nd Quarter 2016 (1)
 
3

21,239

0.13
%
1,642,843

 
77.35

100.23

 
—

—

—

—

 
—

—

3rd Quarter 2016 (1)
 
2

20,161

0.13
%
1,466,587

 
72.74

76.83

 
—

—

—

—

 
—

—

4th Quarter 2016
 
23

123,146

0.78
%
8,229,404

 
66.83

71.67

 
3

44,490

0.71
%
3,152,049

 
70.85

70.70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2016
 
33

167,459

1.06
%
$11,401,461
 
$68.09
$75.20
 
4

44,781

0.72
%
$3,158,649
 
$70.54
$70.40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
96

881,309

5.56
%
$58,941,410
 
$66.88
$69.72
 
15

175,154

2.80
%
$13,403,155
 
$76.52
$78.30
2018
 
82

629,092

3.97
%
50,232,969

 
79.85

115.80

 
26

235,358

3.76
%
23,142,699

 
98.33

84.68

2019
 
82

1,073,622

6.77
%
74,159,687

 
69.07

74.33

 
23

391,784

6.26
%
31,280,404

 
79.84

84.97

2020
 
96

2,384,035

15.04
%
148,605,356

 
62.33

69.39

 
21

254,363

4.06
%
15,150,385

 
59.56

68.67

2021
 
89

1,753,405

11.06
%
109,753,498

 
62.59

65.41

 
17

293,394

4.69
%
17,587,359

 
59.94

69.67

2022
 
57

964,091

6.08
%
64,597,544

 
67.00

79.06

 
17

176,391

2.82
%
12,279,431

 
69.61

76.50

2023
 
38

763,622

4.82
%
44,525,734

 
58.31

64.96

 
13

468,116

7.48
%
35,064,678

 
74.91

74.30

2024
 
27

263,374

1.66
%
18,519,048

 
70.31

72.38

 
16

358,900

5.73
%
31,998,406

 
89.16

88.91

2025
 
33

629,496

3.97
%
55,856,104

 
88.73

88.37

 
13

397,559

6.35
%
33,216,229

 
83.55

86.13

Thereafter
 
109

6,339,966

40.00
%
374,037,013

 
59.00

65.99

 
31

3,463,751

55.34
%
238,389,021

 
68.82

82.56

 
 
742

15,849,471

100.00
%
$1,010,629,825
 
$63.76
$71.02
 
196

6,259,551

100.00
%
$454,670,417
 
$72.64
$81.22
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE: Data excludes space currently occupied by SL Green's corporate offices
 
 

 
 
 
 
(1) Includes month to month holdover tenants that expired prior to September 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 September 30, 2016. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 


Supplemental Information
48
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
ANNUAL LEASE EXPIRATIONS - SUBURBAN OPERATING PROPERTIES
Office, Retail and Storage Leases
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
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)
 
11

33,973

1.05
%
$1,110,262
 
$32.68
$39.28
 
2

4,060

0.91
%
$116,797
 
$28.77
$36.00
2nd Quarter 2016 (1)
 
—

—

—

—

 
—

—

 
—

—

—

—

 
—

—

3rd Quarter 2016 (1)
 
8

38,211

1.18
%
1,361,413

 
35.63

39.70

 
—

—

—

—

 
—

—

4th Quarter 2016
 
11

47,888

1.48
%
1,817,217

 
37.95

38.90

 
—

—

—

—

 
—

—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2016
 
30

120,072

3.70
%
$4,288,891
 
$35.72
$39.26
 
2

4,060

0.91
%
$116,797
 
$28.77
$36.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
42

204,796

6.31
%
$8,132,946
 
$39.71
$43.64
 
6

43,017

9.64
%
$1,482,031
 
$34.45
$34.52
2018
 
54

291,029

8.97
%
10,002,772

 
34.37

36.28

 
2

22,538

5.05
%
912,780

 
40.50

36.00

2019
 
51

458,386

14.13
%
13,267,405

 
28.94

29.70

 
6

31,879

7.14
%
1,073,486

 
33.67

36.00

2020
 
35

304,137

9.37
%
11,288,791

 
37.12

39.50

 
3

38,562

8.64
%
1,496,230

 
38.80

36.00

2021
 
41

461,829

14.24
%
14,382,511

 
31.14

32.41

 
5

104,296

23.37
%
3,875,128

 
37.16

36.00

2022
 
26

133,961

4.13
%
5,196,648

 
38.79

41.23

 
1

16,383

3.67
%
585,204

 
35.72

36.00

2023
 
19

170,872

5.27
%
5,599,592

 
32.77

34.66

 
2

42,334

9.48
%
1,422,001

 
33.59

36.00

2024
 
13

207,526

6.40
%
6,482,197

 
31.24

39.65

 
2

52,707

11.81
%
1,798,161

 
34.12

36.00

2025
 
16

167,698

5.17
%
5,497,146

 
32.78

33.91

 
1

1,729

0.39
%
57,600

 
33.31

36.00

Thereafter
 
34

723,872

22.31
%
23,118,520

 
31.94

33.54

 
4

88,854

19.91
%
2,924,761

 
32.92

35.96

 
 
361

3,244,178

100.00
%
$107,257,419
 
$33.06
$35.28
 
34

446,359

100.00
%
$15,744,180
 
$35.27
$35.85
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to September 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 September 30, 2016. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
49
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
ANNUAL LEASE EXPIRATIONS
Retail Leases Excluding Suburban Properties
Unaudited

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
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)

 
7

10,944

3.06
%
$1,128,661
 
$103.13
$104.91
 
1

3,553

1.14
%
$138,471
 
$38.97
$40.92
2017

 
16

63,327

17.70
%
3,807,109

 
60.12

174.65

 
5

19,854

6.34
%
1,067,169

 
53.75

75.43

2018

 
10

18,599

5.20
%
1,037,927

 
55.81

68.39

 
2

24,473

7.82
%
1,722,552

 
70.39

78.29

2019

 
4

5,350

1.50
%
574,016

 
107.29

108.78

 
—

—

—

—

 
—

—

2020

 
4

8,757

2.45
%
1,184,969

 
135.32

407.16

 
3

25,424

8.12
%
5,283,088

 
207.80

277.01

2021

 
1

108,148

30.23
%
6,740,732

 
62.33

70.00

 
5

26,753

8.55
%
4,664,292

 
174.35

221.41

2022

 
1

1,366

0.38
%
216,124

 
158.22

299.00

 
2

50,808

16.23
%
21,778,494

 
428.64

501.10

2023

 
2

8,776

2.45
%
723,210

 
82.41

99.84

 
2

7,131

2.28
%
1,458,648

 
204.55

350.00

2024

 
5

76,039

21.25
%
16,271,644

 
213.99

221.22

 
1

7,793

2.49
%
4,882,620

 
626.54

898.00

2025

 
3

33,944

9.49
%
813,986

 
23.98

23.84

 
3

16,143

5.16
%
1,108,925

 
68.69

68.69

Thereafter

 
3

22,518

6.29
%
3,716,018

 
165.02

235.39

 
9

131,070

41.88
%
69,924,215

 
533.49

592.01

 
 
56

357,768

100.00
%
$36,214,396
 
$101.22
$138.12
 
33

313,002

100.00
%
$112,028,475
 
$357.92
$415.91
Vacancy (5)
 
 
10,040

 
 
 
 
517.93

 
 
51,002

 
 
 
 
550.49

 
 
 
367,808

 
 
 
 
$148.48
 
 
364,004

 
 
 
 
$434.77
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016 (1)

 
2

$
10,768

1.34
%
$1,093,050
 
$101.51
$227.49
 
1

120

0.04
%
$21,000
 
$175.00
$175.00
2017

 
8

31,942

3.96
%
4,641,804

 
145.32

233.32

 
3

3,123

0.92
%
462,296

 
148.03

145.82

2018

 
8

62,051

7.69
%
11,811,587

 
190.35

539.64

 
7

13,587

4.00
%
2,027,428

 
149.22

159.83

2019

 
6

56,522

7.01
%
4,825,692

 
85.38

209.62

 
2

7,400

2.18
%
1,206,653

 
163.06

195.41

2020

 
11

59,121

7.33
%
7,395,043

 
125.08

158.08

 
3

32,800

9.65
%
1,493,318

 
45.53

54.77

2021

 
11

26,753

3.32
%
2,822,123

 
105.49

141.96

 
2

5,992

1.76
%
636,484

 
106.22

103.52

2022

 
14

130,693

16.21
%
16,338,309

 
125.01

158.93

 
6

12,603

3.71
%
1,613,397

 
128.02

175.49

2023

 
5

38,875

4.82
%
5,262,678

 
135.37

146.06

 
4

15,009

4.42
%
1,398,578

 
93.18

94.67

2024

 
7

28,143

3.49
%
4,810,348

 
170.93

163.24

 
11

30,774

9.06
%
3,429,868

 
111.45

150.11

2025

 
11

34,951

4.33
%
12,676,528

 
362.69

399.30

 
4

3,147

0.93
%
664,060

 
211.01

207.62

Thereafter

 
33

326,578

40.50
%
35,826,096

 
109.70

119.61

 
26

215,270

63.35
%
34,630,923

 
160.87

182.65

 
 
116

806,397

100.00
%
$107,503,258
 
$133.31
$189.04
 
69

339,825

100.00
%
$47,584,005
 
$140.03
$161.07
Vacancy (5)
 
 
57,116

 
 
 
 
365.32

 
 
33,461

 
 
 
 
137.54

 
 
 
863,513

 
 
 
 
$200.70
 
 
373,286

 
 
 
 
$158.96
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to September 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 September 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
50
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


















 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
 
Submarket
 
Net Rentable SF
 
at acquisition
9/30/2016
 
Price ($'s) (1)
1998 - 2016 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
Mar-98
420 Lexington Avenue
Operating Sublease
 
Grand Central
 
1,188,000

 
83.0

98.6

 
$
78,000

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

 
79.0

88.7

 
65,600

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

 
76.0

 N/A

 
32,000

Jan-99
420 Lexington Leasehold
Sub-leasehold
 
Grand Central
 
—

 
—

—

 
27,300

Jan-99
555 West 57th Street - 65% JV
Fee Interest
 
Midtown West
 
941,000

 
100.0

99.9

 
66,700

Aug-99
1250 Broadway - 50% JV
Fee Interest
 
Penn Station
 
670,000

 
96.5

 N/A

 
93,000

Nov-99
555 West 57th Street - remaining 35%
Fee Interest
 
Midtown West
 
—

 
—

99.9

 
34,100

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

 
96.5

96.4

 
192,000

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

 
95.0

 N/A

 
105,600

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

 
97.7

 N/A

 
126,500

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

 
98.0

97.3

 
483,500

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

 
91.9

79.5

 
265,000

Mar-03
125 Broad Street
Fee Interest
 
Downtown
 
525,000

 
100.0

 N/A

 
92,000

Oct-03
461 Fifth Avenue
Leasehold Interest
 
Midtown
 
200,000

 
93.9

99.9

 
60,900

Dec-03
1221 Avenue of the Americas - 45% JV
Fee Interest
 
Rockefeller Center
 
2,550,000

 
98.8

 N/A

 
1,000,000

Mar-04
19 West 44th Street - 35% JV
Fee Interest
 
Midtown
 
292,000

 
86.0

 N/A

 
67,000

Jul-04
750 Third Avenue
Fee Interest
 
Grand Central
 
779,000

 
100.0

97.5

 
255,000

Jul-04
485 Lexington Avenue - 30% JV
Fee Interest
 
Grand Central
 
921,000

 
100.0

96.6

 
225,000

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

 
68.0

98.8

 
231,500

Feb-05
28 West 44th Street
Fee Interest
 
Midtown
 
359,000

 
87.0

 N/A

 
105,000

Apr-05
1 Madison Avenue - 55% JV
Fee Interest
 
Park Avenue South
 
1,177,000

 
96.0

100.0

 
803,000

Apr-05
5 Madison Avenue Clock Tower
Fee Interest
 
Park Avenue South
 
267,000

 
 N/A

 N/A

 
115,000

Jun-05
19 West 44th Street - remaining 65%
Fee Interest
 
Midtown
 
—

 
—

 N/A

 
91,200

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

 
97.0

89.2

 
210,000

Jun-06
609 Fifth Avenue
Fee Interest
 
Midtown
 
160,000

 
98.5

76.6

 
182,000

Dec-06
485 Lexington Avenue - remaining 70%
Fee Interest
 
Grand Central
 
—

 
—

96.6

 
578,000

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

 
96.9

97.1

 
285,000

Jan-07
Reckson - NYC Portfolio
Fee Interests / Leasehold Interest
 
Various
 
5,612,000

 
98.3

97.1

 
3,679,530

Apr-07
331 Madison Avenue
Fee Interest
 
Grand Central
 
114,900

 
97.6

 N/A

 
73,000

Apr-07
1745 Broadway - 32.3% JV
Fee Interest
 
Midtown
 
674,000

 
100.0

100.0

 
520,000

Jun-07
333 West 34th Street
Fee Interest
 
Penn Station
 
345,400

 
100.0

 N/A

 
183,000

Aug-07
1 Madison Avenue - remaining 45%
Fee Interest
 
Park Avenue South
 
1,177,000

 
99.8

100.0

 
1,000,000

Dec-07
388 & 390 Greenwich Street - 50.6% JV
Fee Interest
 
Downtown
 
2,635,000

 
100.0

 N/A

 
1,575,000

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

 
41.3

99.5

 
181,600

May-10
600 Lexington Avenue - 55% JV
Fee Interest
 
Grand Central North
 
303,515

 
93.6

90.2

 
193,000

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

 
99.1

99.9

 
330,000

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

 
80.7

89.2

 
245,700

Apr-11
1515 Broadway - remaining 45%
Fee Interest
 
Times Square
 
1,750,000

 
98.5

97.3

 
1,210,000

May-11
110 East 42nd Street
Fee Interest
 
Grand Central
 
205,000

 
72.6

99.9

 
85,570

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

 
78.2

82.3

 
1,110,000

Nov-11
180 Maiden Lane - 49.9% JV
Fee Interest
 
Financial East
 
1,090,000

 
97.7

 N/A

 
425,680

Nov-11
51 East 42nd Street
Fee Interest
 
Grand Central
 
142,000

 
95.5

 N/A

 
80,000

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

 
91.9

48.1

 
252,500

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

 
95.8

100.0

 
135,000

Sep-12
641 Sixth Avenue
Fee Interest
 
Midtown South
 
163,000

 
92.1

100.0

 
90,000

Dec-12
315 West 36th Street - 35.5% JV
Fee Interest
 
Times Square South
 
147,619

 
99.2

 N/A

 
46,000

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

 
100.0

 N/A

 
1,585,000

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

 
84.0

74.7

 
255,000

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

 
100.0

96.3

 
4,650

Aug-15
11 Madison Avenue
Fee Interest
 
Park Avenue South
 
2,314,000

 
71.6

98.0

 
2,285,000

Dec-15
600 Lexington Avenue - remaining 45%
Fee Interest
 
Grand Central North
 
303,515

 
95.5

90.2

 
284,000

 
 
 
 
 
 
41,085,198

 
 
 
 
$
21,699,130

(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
 
 
 
 
 
 
 
(2) Ownership interest from November 2001 - May 2008 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.)
 
 
 
 
 
 
 


Supplemental Information
51
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
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

 
 
 
$
150

 
Mar-00
36 West 44th Street
Fee Interest
Grand Central
 
 
178,000

 
 
 
31,500

 
 
 
177

 
May-00
321 West 44th Street - 35% JV
Fee Interest
Times Square
 
 
203,000

 
 
 
28,400

 
 
 
140

 
Nov-00
90 Broad Street
Fee Interest
Financial
 
 
339,000

 
 
 
60,000

 
 
 
177

 
Dec-00
17 Battery South
Fee Interest
Financial
 
 
392,000

 
 
 
53,000

 
 
 
135

 
Jan-01
633 Third Ave
Fee Interest
Grand Central North
 
 
40,623

 
 
 
13,250

 
 
 
326

 
May-01
1 Park Ave - 45% JV
Fee Interest
Grand Central South
 
 
913,000

 
 
 
233,900

 
 
 
256

 
Jun-01
1412 Broadway
Fee Interest
Times Square South
 
 
389,000

 
 
 
90,700

 
 
 
233

 
Jul-01
110 East 42nd Street
Fee Interest
Grand Central
 
 
69,700

 
 
 
14,500

 
 
 
208

 
Sep-01
1250 Broadway (1)
Fee Interest
Penn Station
 
 
670,000

 
 
 
126,500

 
 
 
189

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

 
 
 
53,100

 
 
 
210

 
Mar-03
50 West 23rd Street
Fee Interest
Chelsea
 
 
333,000

 
 
 
66,000

 
 
 
198

 
Jul-03
1370 Broadway
Fee Interest
Times Square South
 
 
255,000

 
 
 
58,500

 
 
 
229

 
Dec-03
321 West 44th Street
Fee Interest
Times Square
 
 
203,000

 
 
 
35,000

 
 
 
172

 
May-04
1 Park Avenue (2)
Fee Interest
Grand Central South
 
 
913,000

 
 
 
318,500

 
 
 
349

 
Oct-04
17 Battery Place North
Fee Interest
Financial
 
 
419,000

 
 
 
70,000

 
 
 
167

 
Nov-04
1466 Broadway
Fee Interest
Times Square
 
 
289,000

 
 
 
160,000

 
 
 
554

 
Apr-05
1414 Avenue of the Americas
Fee Interest
Plaza District
 
 
111,000

 
 
 
60,500

 
 
 
545

 
Aug-05
180 Madison Avenue
Fee Interest
Grand Central
 
 
265,000

 
 
 
92,700

 
 
 
350

 
Jul-06
286 & 290 Madison Avenue
Fee Interest
Grand Central
 
 
149,000

 
 
 
63,000

 
 
 
423

 
Aug-06
1140 Avenue of the Americas
Leasehold Interest
Rockefeller Center
 
 
191,000

 
 
 
97,500

 
 
 
510

 
Dec-06
521 Fifth Avenue (3)
Leasehold Interest
Midtown
 
 
460,000

 
 
 
240,000

 
 
 
522

 
Mar-07
1 Park Avenue
Fee Interest
Grand Central South
 
 
913,000

 
 
 
550,000

 
 
 
602

 
Mar-07
70 West 36th Street
Fee Interest
Garment
 
 
151,000

 
 
 
61,500

 
 
 
407

 
Jun-07
110 East 42nd Street
Fee Interest
Grand Central North
 
 
181,000

 
 
 
111,500

 
 
 
616

 
Jun-07
125 Broad Street
Fee Interest
Downtown
 
 
525,000

 
 
 
273,000

 
 
 
520

 
Jun-07
5 Madison Clock Tower
Fee Interest
Park Avenue South
 
 
267,000

 
 
 
200,000

 
 
 
749

 
Jul-07
292 Madison Avenue
Fee Interest
Grand Central South
 
 
187,000

 
 
 
140,000

 
 
 
749

 
Jul-07
1372 Broadway (4)
Fee Interest
Penn Station/Garment
 
 
508,000

 
 
 
335,000

 
 
 
659

 
Nov-07
470 Park Avenue South
Fee Interest
Park Avenue South/Flatiron
 
 
260,000

 
 
 
157,000

 
 
 
604

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

 
 
 
160,000

 
 
 
472

 
May-08
1250 Broadway
Fee Interest
Penn Station
 
 
670,000

 
 
 
310,000

 
 
 
463

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

 
 
 
274,000

 
 
 
539

 
May-10
1221 Avenue of the Americas (6)
Fee Interest
Rockefeller Center
 
 
2,550,000

 
 
 
1,280,000

 
 
 
502

 
Sep-10
19 West 44th Street
Fee Interest
Midtown
 
 
292,000

 
 
 
123,150

 
 
 
422

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

 
 
 
161,000

 
 
 
448

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

 
 
 
220,250

 
 
 
638

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

 
 
 
145,000

 
 
 
344

 
Sep-15
120 West 45th Street
Fee Interest
Midtown
 
 
440,000

 
 
 
365,000

 
 
 
830

 
Sep-15
315 West 36th Street
Fee Interest
Times Square South
 
 
148,000

 
 
 
115,000

 
 
 
777

 
 
 
 
 
 
 
16,178,723

 
 
 
$
6,959,650

 
 
 
$
430

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

 
 
 
$
2,000,000

 
 
 
$
759

 
Aug-16
11 Madison Avenue (7)
Fee Interest
Park Avenue South
 
 
2,314,000

 
 
 
2,600,000

 
 
 
1,124

 
 
 
 
 
 
 
4,949,000

 
 
 
$
4,600,000

 
 
 
$
929

 
(1) Company sold a 45% JV interest in the property at an implied $126.5 million gross asset valuation.
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Company sold a 75% JV interest in the property at an implied $318.5 million gross asset valuation.
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) Company sold a 50% JV interest in the property at an implied $240.0 million gross asset valuation.
 
 
 
 
 
 
 
 
 
 
 
 
 
(4) Company sold a 85% JV interest in the property at an implied $335.0 million gross asset valuation.
 
 
 
 
 
 
 
 
 
 
 
 
 
(5) Company sold a 15% JV interest in the property at an implied $274.0 million gross asset valuation.
 
 
 
 
 
 
 
 
 
 
 
 
 
(6) Company sold a 45% JV interest in the property at an implied $1.28 billion gross asset valuation.
 
 
 
 
 
 
 
 
 
 
 
 
 
(7) Company sold a 40% JV interest in the property at an implied $2.6 billion gross asset valuation, inclusive of the cost associated with lease stipulated improvements to the property.

Supplemental Information
52
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)            
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg

 
 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
at acquisition
9/30/2016

 
Price ($'s) (1)
2007 - 2016 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
Jan-07
300 Main Street
Fee Interest
Stamford, Connecticut
 
 
130,000

 
 
92.5

 N/A

 
$
15,000

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

 
 
96.6

 N/A

 
31,600

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

 
 
88.9

87.9

 
490,750

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

 
 
90.6

80.0

 
570,190

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

 
 
98.4

71.0

 
210,000

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

 
 
95.6

88.2

 
38,000

Jun-07
500 West Putnam Avenue
Fee Interest
Greenwich, Connecticut
 
 
121,500

 
 
94.4

 N/A

 
56,000

Jul-07
16 Court Street - 35% JV
Fee Interest
Brooklyn, New York
 
 
317,600

 
 
80.6

95.9

 
107,500

Aug-07
150 Grand Street
Fee Interest
White Plains, New York
 
 
85,000

 
 
52.9

 N/A

 
6,700

Sep-07
The Meadows - 25% JV
Fee Interest
Rutherford, New Jersey
 
 
582,100

 
 
81.3

 N/A

 
111,500

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

 
 
84.9

95.9

 
96,200

 
 
 
 
 
 
6,198,100

 
 
 
 
 
$1,733,440
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
 
$
227

 
Jan-09
55 Corporate Drive
Fee Interest
Bridgewater, New Jersey
 
 
670,000

 
 
 
230,000

 
 
 
343

 
Aug-09
399 Knollwood Road
Fee Interest
White Plains, New York
 
 
145,000

 
 
 
20,767

 
 
 
143

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

 
 
 
481,100

 
 
 
343

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

 
 
 
13,500

 
 
 
104

 
Aug-15
The Meadows
Fee Interest
Rutherford, New Jersey
 
 
582,100

 
 
 
121,100

 
 
 
208

 
Dec-15
140 Grand Street
Fee Interest
White Plains, New York
 
 
130,100

 
 
 
22,400

 
 
 
172

 
Dec-15
150 Grand Street
Fee Interest
White Plains, New York
 
 
85,000

 
 
 
9,600

 
 
 
113

 
 
 
 
 
 
 
3,355,200

 
 
 
$
946,467

 
 
 
$
282

 
2016 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mar-16
7 Renaissance Square
Fee Interest
White Plains, New York
 
 
65,641

 
 
 
$
21,000

 
 
 
$
320

 
Jul-16
500 West Putnam Avenue
Fee Interest
Greenwich, Connecticut
 
 
121,500

 
 
 
41,000

 
 
 
337

 
 
 
 
 
 
 
187,141

 
 
 
$
62,000

 
 
 
$
331

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

Supplemental Information
53
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Retail, Residential, Development / Redevelopment & Land
Unaudited
(Dollars in Thousands)            

 
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
at acquisition
9/30/2016
 
Price ($'s) (1)
2005 - 2015 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
Jul-05
1551-1555 Broadway - 10% JV
Fee Interest
Times Square
 
 
25,600

 
 
 N/A

 N/A

 
$
85,000

Jul-05
21 West 34th Street - 50% JV
Fee Interest
Herald Square
 
 
30,100

 
 
 N/A

 N/A

 
17,500

Sep-05
141 Fifth Avenue - 50% JV
Fee Interest
Flatiron
 
 
21,500

 
 
 N/A

 N/A

 
13,250

Nov-05
1604 Broadway - 63% JV
Leasehold Interest
Times Square
 
 
29,876

 
 
17.2

 N/A

 
4,400

Dec-05
379 West Broadway - 45% JV
Leasehold Interest
Lower Manhattan
 
 
62,006

 
 
100.0

 N/A

 
19,750

Jan-06
25-29 West 34th Street - 50% JV
Fee Interest
Herald Square/Penn Station
 
 
41,000

 
 
55.8

 N/A

 
30,000

Sep-06
717 Fifth Avenue - 32.75% JV
Fee Interest
Midtown/Plaza District
 
 
119,550

 
 
63.1

81.1

 
251,900

Aug-07
180 Broadway - 50% JV
Fee Interest
Lower Manahattan
 
 
24,300

 
 
85.2

 N/A

 
13,600

Apr-07
Two Herald Square - 55% JV
Fee Interest
Herald Square
 
 
 N/A

 
 
 N/A

 N/A

 
225,000

Jul-07
885 Third Avenue - 55% JV
Fee Interest
Midtown / Plaza District
 
 
 N/A

 
 
 N/A

 N/A

 
317,000

Jan-08
125 Chubb Way
Fee Interest
Lyndhurst, New Jersey
 
 
278,000

 
 
—

73.3

 
29,364

Feb-08
182 Broadway - 50% JV
Fee Interest
Lower Manhattan
 
 
46,280

 
 
83.8

 N/A

 
30,000

Nov-10
Williamsburg Terrace
Fee Interest
Brooklyn, New York
 
 
52,000

 
 
100.0

100.0

 
18,000

Dec-10
11 West 34th Street - 30% JV
Fee Interest
Herald Square/Penn Station
 
 
17,150

 
 
100.0

100.0

 
10,800

Dec-10
7 Renaissance Square - 50% JV
Fee Interest
White Plains, New York
 
 
65,641

 
 
—

 N/A

 
4,000

Dec-10
Two Herald Square - 45% (2)
Fee Interest
Herald Square
 
 
354,400

 
 
100.0

 N/A

 
247,500

Dec-10
885 Third Avenue - 45% (2)
Fee Interest
Midtown / Plaza District
 
 
607,000

 
 
100.0

 N/A

 
352,000

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

 
 
 N/A

 N/A

 
78,300

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

 
 
20.1

96.2

 
500,000

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

 
 
59.7

67.5

 
136,550

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

 
 
100.0

 N/A

 
66,250

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

 
 
95.1

91.3

 
193,000

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

 
 
92.9

97.0

 
223,000

Jul-12
West Coast Office Portfolio - 27.63%
Fee Interest
—
 
 
4,473,603

 
 
76.3

 N/A

 
880,104

Aug-12
33 Beekman Street - 45.9%
Fee Interest
Downtown
 
 
163,500

 
 
—

 N/A

 
31,160

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

 
 
—

100.0

 
83,000

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

 
 
2.2

88.5

 
—

Dec-12
21 East 66th Street - 32.28%
Fee Interest
Plaza District
 
 
16,736

 
 
100.0

100.0

 
75,000

Dec-12
985-987 Third Avenue
Fee Interest
Upper East Side
 
 
13,678

 
 
—

 N/A

 
18,000

Dec-12
131-137 Spring Street
Fee Interest
Soho
 
 
68,342

 
 
100.0

93.9

 
122,300

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

 
 
—

 N/A

 
54,900

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

97.3

 
386,775

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

 
 
74.6

 N/A

 
146,222

Jul-14
719 Seventh Avenue - 75%
Fee Interest
Times Square
 
 
6,000

 
 
100.0

—

 
41,149

Jul-14
115 Spring Street
Fee Interest
Soho
 
 
5,218

 
 
100.0

100.0

 
52,000

Jul-14
752 Madison Avenue
Fee Interest
Plaza District
 
 
21,124

 
 
100.0

100.0

 
282,415

Sep-14
121 Greene Street - 50%
Fee Interest
Soho
 
 
7,131

 
 
100.0

100.0

 
27,400

Sep-14
635 Madison Avenue (2)
Fee Interest
Plaza District
 
 
176,530

 
 
100.0

100.0

 
145,000

Oct-14
102 Greene Street
Fee Interest
Soho
 
 
9,200

 
 
100.0

54.3

 
32,250

Oct-14
175-225 Third Street - 95%
Fee Interest
Brooklyn, New York
 
 
—

 
 
—

—

 
72,500

Nov-14
55 West 46th Street
Fee Interest
Midtown
 
 
347,000

 
 
—

17.1

 
295,000

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

 
 
96.5

92.2

 
40,000

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

 
 
100.0

100.0

 
6,799

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

 
 
96.4

42.9

 
50,074

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

 
 
90.5

54.1

 
63,690

 
 
 
 
 
 
12,164,472

 
 
 
 
 
$
5,771,901

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

 
 
58.3

37.4

 
$
28,500

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

 
 
—

55.0

 
759,046

Aug-16
333 East 22nd Street - 33.3% (3)
Leasehold Interest
Midtown South
 
 
26,926

 
 
—

—

 
—

 
 
 
 
 
 
963,384

 
 
 
 
 
$
787,546

(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.
 
 
 
 
 
 
 
 
 
 
 
(3) Ground lease will commence on 10/1/2016.
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
54
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Retail, Residential, Development / Redevelopment and Land
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


 
 
 
 
 
 
 
 
 
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

 
 
 
$
10,811

 
Feb-12
141 Fifth Avenue (2)
Fee Interest
Flatiron
 
 
13,000

 
 
 
46,000

 
 
 
3,538

 
Feb-12
292 Madison Avenue
Fee Interest
Grand Central South
 
 
203,800

 
 
 
85,000

 
 
 
417

 
Apr-12
379 West Broadway
Leasehold Interest
Lower Manhattan
 
 
62,006

 
 
 
48,500

 
 
 
782

 
Jun-12
717 Fifth Avenue (3)                         
Fee Interest
Midtown/Plaza District
 
 
119,550

 
 
 
617,584

 
 
 
5,166

 
Sep-12
3 Columbus Circle (4)                    
Fee Interest
Columbus Circle
 
 
214,372

 
 
 
143,600

 
 
 
670

 
Feb-13
44 West 55th Street
Fee Interest
Plaza District
 
 
8,557

 
 
 
6,250

 
 
 
730

 
Jun-13
West Coast Office Portfolio
Fee Interest
Los Angeles, California
 
 
406,740

 
 
 
111,925

 
 
 
275

 
Aug-13
West Coast Office Portfolio
Fee Interest
Fountain Valley, California
 
 
302,037

 
 
 
66,994

 
 
 
222

 
Sep-13
West Coast Office Portfolio
Fee Interest
San Diego, California
 
 
110,511

 
 
 
45,400

 
 
 
411

 
Dec-13
27-29 West 34th Street
Fee Interest
Herald Square/Penn Station
 
 
15,600

 
 
 
70,052

 
 
 
4,491

 
Jan-14
21-25 West 34th Street
Fee Interest
Herald Square/Penn Station
 
 
30,100

 
 
 
114,948

 
 
 
3,819

 
Mar-14
West Coast Office Portfolio
Fee Interest
 
 
 
3,654,315

 
 
 
756,000

 
 
 
207

 
May-14
747 Madison Avenue
Fee Interest
Plaza District
 
 
10,000

 
 
 
160,000

 
 
 
16,000

 
Jul-14
985-987 Third Avenue
Fee Interest
Upper East Side
 
 
13,678

 
 
 
68,700

 
 
 
5,023

 
Sep-14
180-182 Broadway
Fee Interest
Lower Manhattan
 
 
156,086

 
 
 
222,500

 
 
 
1,425

 
Nov-14
2 Herald Square
Fee Interest
Herald Square/Penn Station
 
 
354,400

 
 
 
365,000

 
 
 
1,030

 
Jan-15
180 Maiden Lane
Fee Interest
Financial East
 
 
1,090,000

 
 
 
470,000

 
 
 
431

 
Dec-15
570 & 574 Fifth Avenue
Fee Interest
Plaza District
 
 
24,327

 
 
 
125,400

 
 
 
5,155

 
 
 
 
 
 
 
6,814,679

 
 
 
$
3,800,610

 
 
 
$
558

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

 
 
 
$
55,000

 
 
 
$
826

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

 
 
 
453,000

 
 
 
746

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

 
 
 
196,000

 
 
 
1,199

 
 
 
 
 
 
 
837,111

 
 
 
$
704,000

 
 
 
$
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
55
Third Quarter 2016
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
EXECUTIVE AND SENIOR MANAGEMENT
                               
                          
                         
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg



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
 

 
56
 

https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-topborder1q16aa02.jpg
ANALYST COVERAGE
                               
                          
                         
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-slgreenlogo1q16aa02.jpg
https://cdn.kscope.io/34b5c6b1d23701431b7ffbc39bd19722-bottomborder1q16aa02.jpg


ANALYST COVERAGE
 
 
 
 
 
 
 
Firm
Analyst
Phone
Email
Bank of America - Merrill Lynch
James C. Feldman
(646) 855-5808
james.feldman@baml.com
Barclays Capital
Ross Smotrich
(212) 526-2306
ross.smotrich@barcap.com
BMO Capital Markets Corp.
John P. Kim
(212) 885-4115
jp.kim@bmo.com
BTIG
James Sullivan
212-738-6139
jsullivan@btig.com
Citigroup
Michael Bilerman
(212) 816-1383
michael.bilerman@citigroup.com
Credit Suisse
Derek J. van Dijkum
212-325-9752
derek.vandijkum@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.

 
57