Document



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

FORM 8-K


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

Date of Report (Date of earliest event reported):

July 20, 2017

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]






Item 2.02.    Results of Operations and Financial Condition

Following the issuance of a press release on July 19, 2017 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 2017, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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

Item 7.01.    Regulation FD Disclosure

As discussed in Item 2.02 above, on July 19, 2017, the Company issued a press release announcing its results for the quarter ended June 30, 2017.

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

Item 9.01.    Financial Statements and Exhibits

(d)     Exhibits

99.1    Press Release regarding results for the quarter ended June 30, 2017.
99.2    Supplemental package.

Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP 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 Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, debt restructurings 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, and 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 calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, and 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.
FAD 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)

EBITDA is a non-GAAP financial measure that is calculated as Operating income before transaction related costs and gains/losses on early extinguishment of debt. Adjusted EBITDA adds income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.
The Company presents 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.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is calculated by subtracting free rent (net of amortization), straight-line rent, FAS 141 rental income from NOI, while adding ground lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and our reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income (determined in accordance with GAAP). These measures provide information on trends in the revenue generated and expenses incurred in operating our properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these measures internally as performance measures. 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
Debt to Market Capitalization is a non-GAAP measure that is calculated as the Company’s estimated market value 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 divided by consolidated debt.
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 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, such measure may not be comparable to those used by other REITs that do not compute such measure 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 represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).





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

 
SL GREEN REALTY CORP.
 
 
 
/s/ Matthew J. DiLiberto
 
Matthew J. DiLiberto
 
Chief Financial Officer
 
 
Date: July 20, 2017
 




Exhibit
Exhibit 99.1

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

SL GREEN REALTY CORP. REPORTS SECOND QUARTER 2017 EPS OF $0.08 PER SHARE; AND FFO OF $1.78 PER SHARE


Financial and Operating Highlights
Net income attributable to common stockholders of $0.08 per share for the second quarter as compared to $1.33 per share for the same period in 2016. Net income attributable to common stockholders for the second quarter of 2016 includes $75.2 million, or $0.72 per share, of income related to 388-390 Greenwich Street, which was sold in the second quarter of 2016.
FFO of $1.78 per share for the second quarter compared to $3.39 per share for the same period in 2016. FFO for the second quarter of 2017 included $9.4 million, or $0.09 per share, of previously unrecognized income on the Company’s preferred equity investment in 885 Third Avenue and $10.3 million, or $0.10 per share, of net fees related to the closing of the One Vanderbilt joint venture. FFO for the second quarter of 2016 included $185.8 million or $1.77 per share, of income related to 388-390 Greenwich Street, which was sold in the second quarter of 2016.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 0.6% for the first six months of 2017, or 1.4%, excluding the effect of lease termination income, as compared to the same period in the prior year. The Company is reaffirming its full-year 2017 same store cash NOI guidance range of 2.0% - 3.0%.
Signed 45 Manhattan office leases covering 314,399 square feet in the second quarter and 89 Manhattan office leases covering 660,744 square feet in the first six months of 2017. The mark-to-market on signed Manhattan office leases was 13.2% higher for the second quarter and 17.5% higher for the first six months over the previously fully escalated rents on the same spaces.
Signed 21 Suburban office leases covering 159,581 square feet in the second quarter and 47 Suburban office leases covering 305,838 square feet in the first six months of 2017. The mark-to-market on signed Suburban office leases was 7.1% higher for the second quarter and 4.7% higher for the first six months over the previously fully escalated rents on the same spaces.
Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, was 94.9% as of June 30, 2017. Suburban same-store occupancy, inclusive of leases signed but not yet commenced, was 85.1% as of June 30, 2017.





Investing Highlights
In the second quarter, the Company repurchased 2.4 million shares of common stock under the previously announced $1.0 billion share repurchase plan, at an average price of $103.41 per share.
Executed a Guaranteed Maximum Price (GMP) contract, secured a New Building Permit and commenced vertical construction at One Vanderbilt Avenue.
The Company, along with its joint venture partner, entered into an agreement to sell 680-750 Washington Boulevard, in Stamford, Connecticut, also known as Stamford Towers, for a gross sale price of $97.0 million, or $298 per square foot. The transaction closed in July and generated net proceeds of $45.5 million.
Entered into an agreement to sell 125 Chubb Avenue in Lyndhurst, New Jersey for a gross sale price of $29.5 million. The transaction is expected to close in August and generate net proceeds of approximately $28.8 million.
Closed on the previously announced sale of a 90% interest in 102 Greene Street, a 9,200 square-foot retail property in SoHo, at a gross asset valuation of $43.5 million, or $4,728 per square foot. The Company recognized net proceeds of $38.0 million and a gain on sale of $4.9 million.
Closed on the sale of 520 White Plains Road, a 180,000 square-foot office property located in Tarrytown, New York, for a gross sale price of $21.0 million, or $117 per square foot. The sale generated net proceeds of $5.0 million to the Company.
Originated new debt and preferred equity investments totaling $431.0 million in the second quarter, of which $369.8 million was retained at a yield of 10.2%.
Financing Highlights
Closed on a new $300.0 million debt and preferred equity liquidity facility, which provides for favorable financing of senior mortgage loan investments. The new facility has a 1-year term with two 1-year extension options.
Summary
New York, NY, July 19, 2017 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended June 30, 2017 of $8.2 million, or $0.08 per share, as compared to net income attributable to common stockholders of $133.5 million, or $1.33 per share, for the same quarter in 2016. Net income attributable to common stockholders for the quarter ended June 30, 2017 includes $9.3 million, or $0.09 per share, of net gains recognized from the sale of real estate as compared to $230.0 million, or $2.20 per share, for the same quarter in 2016.
The Company also reported net income attributable to common stockholders for the six months ended June 30, 2017 of $19.6 million, or $0.19 per share, as compared to net income attributable to common stockholders of $156.7 million, or $1.56 per share, for the same period in 2016. Net income attributable to common stockholders for the six months ended June 30, 2017 includes $11.9 million, or $0.11 per share, of net gains recognized from the





sale of real estate as compared to $253.7 million, or $2.43 per share, for the same period in 2016.
The Company reported funds from operations, or FFO, for the quarter ended June 30, 2017 of $186.8 million, or $1.78 per share, as compared to FFO for the same period in 2016 of $355.7 million, or $3.39 per share. FFO for the second quarter of 2017 included $9.4 million, or $0.09 per share, of previously unrecognized income on the Company’s preferred equity investment in 885 Third Avenue and $10.3 million, or $0.10 per share, of net fees related to the closing of the One Vanderbilt joint venture. FFO for the second quarter of 2016 included $185.8 million, or $1.77 per share, of income from 388-390 Greenwich Street, which was sold in the second quarter of 2016.
The Company also reported FFO for the six months ended June 30, 2017 of $352.7 million, or $3.36 per share, as compared to FFO for the same period in 2016 of $547.5 million, or $5.24 per share. FFO for the first six months of 2016 included $207.6 million, or $1.99 per share, of income from 388-390 Greenwich Street, which was sold in the second quarter of 2016.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended June 30, 2017, the Company reported consolidated revenues and operating income of $398.2 million and $237.2 million, respectively, compared to $617.6 million and $451.1 million, respectively, for the same period in 2016.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 0.5% for the quarter ended June 30, 2017 as compared to the same period in 2016. For the quarter, consolidated property same-store cash NOI decreased by 2.0% to $165.9 million, primarily as a result of expected tenant move-outs at 485 Lexington Avenue, 1515 Broadway and 220 E 42nd Street, while unconsolidated joint venture property same-store cash NOI increased by 9.2% to $29.0 million in 2017 as compared to the same period in 2016.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 0.6% for the six months ended June 30, 2017, or 1.4% excluding the effect of lease termination income, as compared to the same period in 2016. For the six months, consolidated property same-store cash NOI decreased by 0.6% to $326.6 million, primarily as a result of expected tenant move-outs at 485 Lexington Avenue, 1515 Broadway and 220 E 42nd Street, while unconsolidated joint venture property same-store cash NOI increased by 8.0% to $57.7 million in 2017 as compared to the same period in 2016.
In the second quarter, the Company signed 45 office leases in its Manhattan portfolio totaling 314,399 square feet. Thirty-two leases comprising 190,949 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $66.91 per rentable square foot, representing a 13.2% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the second quarter was 8.6 years and average tenant concessions were 5.3 months of free rent with a tenant improvement allowance of $61.26 per rentable square foot.





During the first six months of 2017, the Company signed 89 office leases in its Manhattan portfolio totaling 660,744 square feet. Sixty-one leases comprising 378,045 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 $72.60 per rentable square foot, representing a 17.5% 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 six months of 2017 was 9.2 years and average tenant concessions were 4.8 months of free rent with a tenant improvement allowance of $55.73 per rentable square foot.
Occupancy in the Company's Manhattan same-store portfolio was 94.9% at June 30, 2017, inclusive of 505,984 square feet of leases signed but not yet commenced, as compared to 95.7% at March 31, 2017.
In the second quarter, the Company signed 21 office leases in its Suburban portfolio totaling 159,581 square feet. Eleven leases comprising 64,742 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 $35.59 per rentable square foot, representing a 7.1% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the second quarter was 8.1 years and average tenant concessions were 7.0 months of free rent with a tenant improvement allowance of $37.67 per rentable square foot.
During the first six months of 2017, the Company signed 47 office leases in its Suburban portfolio totaling 305,838 square feet. Twenty-six leases comprising 143,471 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.80 per rentable square foot, representing a 4.7% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first six months of 2017 was 6.8 years and average tenant concessions were 5.4 months of free rent with a tenant improvement allowance of $29.66 per rentable square foot.
Occupancy in the Company's Suburban same-store portfolio was 85.1% at June 30, 2017, inclusive of 19,643 square feet of leases signed but not yet commenced, as compared to 84.6% at March 31, 2017.
Significant leases that were signed in the second quarter included:
New lease on 65,000 square feet with Ascensia Diabetes Care US Inc. at 100 Summit in Valhalla, New York, for 11.0 years;
New lease on 46,492 square feet with 100 Church Street Tenant LLC at 100 Church Street, for 15.6 years;
New lease on 22,522 square feet with Soroban Capital Partners at 55 West 46th Street, also known as Tower 46, for 10.0 years;
New lease on 20,132 square feet with Ermenegildo Zegna at 10 East 53rd Street, for 11.0 years;
New lease on 17,587 square feet with Schlesinger Associates at 711 Third Avenue, for 10.5 years;





New lease on 17,320 square feet with Pretium Partners at 810 Seventh Avenue, for 10.5 years;
New lease on 16,442 square feet with Exelon Generation Company at 500 Summit in Valhalla, New York, for 7.0 years;
Marketing, general and administrative, or MG&A, expenses for the three months ended June 30, 2017 were $24.3 million, or 5.0% of total combined revenues and an annualized 52 basis points of total assets, including our share of assets from unconsolidated joint ventures.
Investment Activity
During the second quarter, the Company repurchased 2.4 million shares of common stock under the previously announced $1.0 billion share repurchase plan, at an average price of $103.41 per share.
In April, the Company, along with its joint venture partners, executed a Guaranteed Maximum Price (GMP) contract with AECOM Tishman and secured a New Building Permit from New York City for the construction at One Vanderbilt Avenue. The GMP contract includes the procurement of more than 25,000 tons of domestically-fabricated structural steel from Banker Steel Company, a Virginia-based steel fabrication firm. Vertical construction commenced in June.
In May, the Company, along with its joint venture partner, reached an agreement to sell 680-750 Washington Boulevard, in Stamford, Connecticut, also known as Stamford Towers, for a gross sale price of $97.0 million, or $298 per square foot. The transaction closed in July and generated net proceeds of $45.5 million.
In May, the Company reached an agreement to sell 125 Chubb Avenue, a 278,000 square-foot office property located in Lyndhurst, New Jersey, for a gross sale price of $29.5 million. The transaction is expected to close in August and generate net proceeds of approximately $28.8 million.
In April, the Company closed on the previously announced sale of a 90% interest in 102 Greene Street, a 9,200 square-foot retail property in SoHo, at a gross asset valuation of $43.5 million, or $4,728 per square foot. The Company recognized net proceeds of $38.0 million and a gain on sale of $4.9 million.
In April, the Company closed on the sale of 520 White Plains Road, a 180,000 square-foot office property located in Tarrytown, New York, for a gross sale price of $21.0 million, or $117 per square foot. The Company recognized net proceeds from the sale of $5.0 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio totaled $2.13 billion at June 30, 2017, including $1.99 billion of investments at a weighted average current yield of 9.5% that are classified in the debt and preferred equity line item on the balance sheet, and investments aggregating $0.14 billion at a weighted average current yield of 8.3% that are included in other balance sheet line items for accounting purposes. In the second quarter, the Company originated new debt and preferred equity investments totaling $431.0 million, of which $369.8 million was retained and $368.6 million was funded, at a weighted average current yield of 10.2%. In the second quarter, the Company recorded $235.4 million of principal reductions from investments that were repaid, sold or syndicated.





Financing Activity
In June, the Company closed on a new $300.0 million debt and preferred equity liquidity facility. The facility, which will be secured by select senior mortgage loans in the Company's debt portfolio, has a 1-year term with two 1-year extension option and bears interest on a floating rate basis at a spread to LIBOR based on the pledged collateral and advance rate.
Dividends
In the second quarter of 2017, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
$0.775 per share of common stock, which was paid on July 17, 2017 to shareholders of record on the close of business on June 30, 2017; and
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period April 15, 2017 through and including July 14, 2017, which was paid on July 17, 2017 to shareholders of record on the close of business on June 30, 2017, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 20, 2017 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 43379728.
A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 43379728. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Event Calendar & Webcasts”.
Company Profile
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2017, SL Green held interests in 119 Manhattan buildings totaling 47.4 million square feet. This included ownership interests in 27.5 million square feet of Manhattan buildings and debt and preferred equity investments secured by 19.9 million square feet of buildings. In addition, SL Green held ownership interests in 29 suburban buildings totaling 4.6 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.





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

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





SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 
 
 
Rental revenue, net
$
279,407

 
$
416,809

 
$
560,736

 
$
762,416

Escalation and reimbursement
42,620

 
48,616

 
86,812

 
94,227

Investment income
60,622

 
44,214

 
100,921

 
98,951

Other income
15,501

 
107,975

 
27,062

 
117,464

        Total revenues
398,150

 
617,614

 
775,531

 
1,073,058

Expenses:
 
 
 
 
 
 
 
Operating expenses, including related party expenses of $5,262 and $9,436 in 2017 and $6,667 and $10,129 in 2016.
70,852

 
75,324

 
145,358

 
154,844

Real estate taxes
60,945

 
62,124

 
122,013

 
123,798

Ground rent
8,308

 
8,307

 
16,616

 
16,615

Interest expense, net of interest income
64,856

 
89,089

 
130,478

 
183,761

Amortization of deferred financing costs
3,432

 
7,433

 
8,193

 
15,365

Depreciation and amortization
133,054

 
425,042

 
227,188

 
604,350

Transaction related costs
46

 
2,115

 
179

 
3,394

Marketing, general and administrative
24,256

 
24,484

 
48,399

 
48,516

        Total expenses
365,749

 
693,918

 
698,424

 
1,150,643

Net income (loss) before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, (loss) gain on sale of real estate net, depreciable real estate reserve, and (loss) gain on sale of marketable securities
32,401

 
(76,304
)
 
77,107

 
(77,585
)
Equity in net income from unconsolidated joint ventures
3,412

 
5,841

 
10,026

 
15,937

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
13,089

 
33,448

 
15,136

 
43,363

(Loss) gain on sale of real estate, net
(3,823
)
 
196,580

 
(3,256
)
 
210,353

Depreciable real estate reserves
(29,064
)
 
(10,387
)
 
(85,336
)
 
(10,387
)
(Loss) gain on sale of marketable securities

 
(83
)
 
3,262

 
(83
)
        Net income
16,015

 
149,095

 
16,939

 
181,598

Net income attributable to noncontrolling interests in the Operating Partnership
(419
)
 
(5,586
)
 
(895
)
 
(6,508
)
Net (income) loss attributable to noncontrolling interests in other partnerships
(786
)
 
(3,435
)
 
16,705

 
(5,409
)
Preferred unit distributions
(2,851
)
 
(2,880
)
 
(5,701
)
 
(5,528
)
Net income attributable to SL Green
11,959

 
137,194

 
27,048

 
164,153

Perpetual preferred stock dividends
(3,737
)
 
(3,737
)
 
(7,475
)
 
(7,475
)
        Net income attributable to SL Green common stockholders
$
8,222

 
$
133,457

 
$
19,573

 
$
156,678

 
 
 
 
 
 
 
 
Earnings Per Share (EPS)
 
 
 
 
 
 
 
Net income per share (Basic)
$
0.08

 
$
1.33

 
$
0.20

 
$
1.57

Net income per share (Diluted)
$
0.08

 
$
1.33

 
$
0.19

 
$
1.56

 
 
 
 
 
 
 
 
Funds From Operations (FFO)
 
 
 
 
 
 
 
FFO per share (Basic)
$
1.79

 
$
3.40

 
$
3.36

 
$
5.25

FFO per share (Diluted)
$
1.78

 
$
3.39

 
$
3.36

 
$
5.24

 
 
 
 
 
 
 
 
Basic ownership interest
 
 
 
 
 
 
 
Weighted average REIT common shares for net income per share
99,900

 
100,134

 
100,268

 
100,093

Weighted average partnership units held by noncontrolling interests
4,562

 
4,342

 
4,584

 
4,158

Basic weighted average shares and units outstanding
104,462

 
104,476

 
104,852

 
104,251

 
 
 
 
 
 
 
 
Diluted ownership interest
 
 
 
 
 
 
 
Weighted average REIT common share and common share equivalents
100,170

 
100,450

 
100,556

 
100,375

Weighted average partnership units held by noncontrolling interests
4,562

 
4,342

 
4,584

 
4,158

Diluted weighted average shares and units outstanding
104,732

 
104,792

 
105,140

 
104,533






SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
June 30,
 
December 31,
 
2017
 
2016
Assets
(Unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land and land interests
$
2,936,879

 
$
3,309,710

Building and improvements
7,476,108

 
7,948,852

Building leasehold and improvements
1,441,587

 
1,437,325

Properties under capital lease
47,445

 
47,445

 
11,902,019

 
12,743,332

Less accumulated depreciation
(2,397,299
)
 
(2,264,694
)
 
9,504,720

 
10,478,638

Assets held for sale
119,224

 

Cash and cash equivalents
270,965

 
279,443

Restricted cash
109,959

 
90,524

Investment in marketable securities
29,524

 
85,110

Tenant and other receivables, net of allowance of $17,677 and $16,592 in 2017 and 2016, respectively
50,946

 
53,772

Related party receivables
23,725

 
15,856

Deferred rents receivable, net of allowance of $23,270 and $25,203 in 2017 and 2016, respectively
385,040

 
442,179

Debt and preferred equity investments, net of discounts and deferred origination fees of $15,079 and $16,705 in 2017 and 2016, respectively
1,986,413

 
1,640,412

Investments in unconsolidated joint ventures
2,219,371

 
1,890,186

Deferred costs, net
249,724

 
267,600

Other assets
360,096

 
614,067

        Total assets
$
15,309,707

 
$
15,857,787

 
 
 
 
Liabilities
 
 
 
Mortgages and other loans payable
$
3,857,421

 
$
4,140,712

Revolving credit facility
200,000

 

Unsecured term loan
1,183,000

 
1,183,000

Unsecured notes
1,091,332

 
1,133,957

Deferred financing costs, net
(56,820
)
 
(82,258
)
Total debt, net of deferred financing costs
6,274,933

 
6,375,411

Accrued interest payable
36,478

 
36,052

Other liabilities
197,261

 
212,493

Accounts payable and accrued expenses
134,294

 
190,583

Deferred revenue
229,692

 
217,955

Capitalized lease obligations
42,480

 
42,132

Deferred land leases payable
2,911

 
2,583

Dividend and distributions payable
86,081

 
87,271

Security deposits
68,286

 
66,504

Liabilities related to assets held for sale
106

 

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

 
100,000

        Total liabilities
7,172,522

 
7,330,984

 
 
 
 
Commitments and contingencies

 

Noncontrolling interest in the Operating Partnership
487,660

 
473,882

Preferred units
301,885

 
302,010

 
 
 
 
Equity
 
 
 
Stockholders’ equity:
 
 
 
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2017 and December 31, 2016
221,932

 
221,932

Common stock, $0.01 par value 160,000 shares authorized, 99,422 and 101,617 issued and outstanding at June 30, 2017 and December 31, 2016, respectively (including 1,055 held in Treasury at June 30, 2017 and December 31, 2016)
995

 
1,017

Additional paid-in capital
5,391,038

 
5,624,545

Treasury stock at cost
(124,049
)
 
(124,049
)
Accumulated other comprehensive income
14,354

 
22,137

Retained earnings
1,431,442

 
1,578,893

Total SL Green Realty Corp. stockholders’ equity
6,935,712

 
7,324,475

Noncontrolling interests in other partnerships
411,928

 
426,436

        Total equity
7,347,640

 
7,750,911

Total liabilities and equity
$
15,309,707

 
$
15,857,787






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

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
Funds From Operations (FFO) Reconciliation:
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Net income attributable to SL Green common stockholders
$
8,222

 
$
133,457

 
$
19,573

 
$
156,678

Add:
 
 
 
 
 
 
 
Depreciation and amortization
133,054

 
425,042

 
227,188

 
604,350

Joint venture depreciation and noncontrolling interest adjustments
25,086

 
8,328

 
49,419

 
18,842

Net income attributable to noncontrolling interests
1,205

 
9,021

 
(15,810
)
 
11,917

Less:
 
 
 
 
 
 
 
(Loss) gain on sale of real estate and discontinued operations, net
(3,823
)
 
196,580

 
(3,256
)
 
210,353

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
13,089

 
33,448

 
15,136

 
43,363

Depreciable real estate reserve
(29,064
)
 
(10,387
)
 
(85,336
)
 
(10,387
)
Depreciation on non-rental real estate assets
564

 
500

 
1,080

 
996

FFO attributable to SL Green common stockholders and noncontrolling interests
$
186,801

 
$
355,707

 
$
352,746

 
$
547,462



 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
Operating income and Same-store NOI Reconciliation:
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Net income
$
16,015

 
$
149,095

 
$
16,939

 
$
181,598

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
(13,089
)
 
(33,448
)
 
(15,136
)
 
(43,363
)
Loss (gain) on sale of real estate, net
3,823

 
(196,580
)
 
3,256

 
(210,353
)
Depreciable real estate reserves
29,064

 
10,387

 
85,336

 
10,387

Loss on sale of marketable securities

 
83

 
(3,262
)
 
83

Depreciation and amortization
133,054

 
425,042

 
227,188

 
604,350

Interest expense, net of interest income
64,856

 
89,089

 
130,478

 
183,761

Amortization of deferred financing costs
3,432

 
7,433

 
8,193

 
15,365

Operating income
237,155

 
451,101

 
452,992

 
741,828

 
 
 
 
 
 
 
 
Equity in net (income) from unconsolidated joint ventures
(3,412
)
 
(5,841
)
 
(10,026
)
 
(15,937
)
Marketing, general and administrative expense
24,256

 
24,484

 
48,399

 
48,516

Transaction related costs, net
46

 
2,115

 
179

 
3,394

Investment income
(60,622
)
 
(44,214
)
 
(100,921
)
 
(98,951
)
Non-building revenue
(1,548
)
 
1,006

 
(8,118
)
 
(3,432
)
Net operating income (NOI)
195,875

 
428,651

 
382,505

 
675,418

 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
3,412

 
5,841

 
10,026

 
15,937

SLG share of unconsolidated JV depreciation and amortization
31,286

 
14,910

 
62,501

 
29,813

SLG share of unconsolidated JV interest expense, net of interest income
22,876

 
17,391

 
43,969

 
34,650

SLG share of unconsolidated JV amortization of deferred financing costs
2,314

 
2,136

 
4,935

 
3,432

SLG share of unconsolidated JV transaction related costs
56

 

 
110

 

SLG share of unconsolidated JV investment income
(3,916
)
 
(4,108
)
 
(8,746
)
 
(10,007
)
SLG share of unconsolidated JV non-building revenue
(1,158
)
 
188

 
(2,108
)
 
277

NOI including SLG share of unconsolidated JVs
250,745

 
465,009

 
493,192

 
749,520

 
 
 
 
 
 
 
 
NOI from other properties/affiliates
(38,265
)
 
(251,621
)
 
(72,783
)
 
(334,694
)
Same-Store NOI
212,480

 
213,388

 
420,409

 
414,826

 
 
 
 
 
 
 
 
Ground lease straight-line adjustment
524

 
608

 
1,048

 
1,216

 
 
 
 
 
 
 
 
Straight-line and free rent
(10,780
)
 
(8,954
)
 
(21,995
)
 
(16,868
)
Rental income - FAS 141
(4,471
)
 
(3,740
)
 
(9,240
)
 
(7,434
)
Joint Venture straight-line and free rent
(2,436
)
 
(4,960
)
 
(5,043
)
 
(8,895
)
Joint Venture rental income - FAS 141
(409
)
 
(440
)
 
(888
)
 
(883
)
Same-store cash NOI
$
194,908

 
$
195,902

 
$
384,291

 
$
381,962






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

Funds from Operations (FFO)
FFO is a widely recognized non-GAAP 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 Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, debt restructurings 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, and 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 calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, and 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.
FAD 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)
EBITDA is a non-GAAP financial measure that is calculated as Operating income before transaction related costs and gains/losses on early extinguishment of debt. Adjusted EBITDA adds income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.
The Company presents 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.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is calculated by subtracting free rent (net of amortization), straight-line rent, FAS 141 rental income from NOI, while adding ground lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and our reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income (determined in accordance with GAAP). These measures provide information on trends in the revenue generated and expenses incurred in operating our properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these measures internally as performance measures. 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
Debt to Market Capitalization is a non-GAAP measure that is calculated as the Company’s estimated market value 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 divided by consolidated debt.
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 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, such measure may not be comparable to those used by other REITs that do not compute such measure 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 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).




Exhibit


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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing.

As of June 30, 2017, the Company held interests in 119 Manhattan buildings totaling 47.4 million square feet. This included ownership interests in 27.5 million square feet of Manhattan buildings and debt and preferred equity investments secured by 19.9 million square feet of buildings. In addition, the Company held ownership interests in 29 suburban buildings totaling 4.6 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
 
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 Share' or 'Share of JV' 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 supplemental reporting package 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 June 30, 2017 that will be released on Form 10-Q to be filed on or before August 9, 2017.


Supplemental Information
2
Second Quarter 2017

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TABLE OF CONTENTS


 
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Supplemental Definitions
 
 
 
 
Highlights
-
 
 
 
 
Comparative Balance Sheets
 
 
Comparative Statements of Operations
 
 
Comparative Computation of FFO and FAD
 
 
Consolidated Statement of Equity
 
 
 
 
Joint Venture Statements
-
 
 
 
 
Selected Financial Data
-
 
 
 
 
Debt Summary Schedule
-
 
 
 
 
Summary of Ground Lease Arrangements
 
 
 
 
Debt and Preferred Equity Investments
-
 
 
 
 
Selected Property Data
 
 
 
Composition of Property Portfolio
-
Largest Tenants
Tenant Diversification
Leasing Activity Summary
-
Annual Lease Expirations
-
 
 
 
 
Summary of Real Estate Acquisition/Disposition Activity
-
 
 
 
 
Corporate Information
 
 
Non-GAAP Disclosures and Reconciliations
 
 
Analyst Coverage



Supplemental Information
3
Second Quarter 2017

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SUPPLEMENTAL DEFINITIONS
                               
                          
                         
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Annualized cash rent - Monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.
Debt service coverage - Adjusted EBITDA divided by total interest and principal payments.
Debt to Market Capitalization Ratio - Debt to Market Capitalization is a non-GAAP measure that is calculated as the Company’s estimated market value 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 divided by consolidated debt.
Fixed charge - Total payments for interest, principal amortization, ground leases and preferred stock dividend.
Fixed charge coverage - Adjusted EBITDA divided by fixed charge.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA - EBITDA is a non-GAAP financial measure that is calculated as Operating income before transaction related costs and gains/losses on early extinguishment of debt. Adjusted EBITDA adds income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.
Funds from Operations (FFO) - FFO is a widely recognized non-GAAP 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 Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, debt restructurings and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, and 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.
Interest coverage - Adjusted EBITDA divided by total interest expense.
Junior Mortgage Participations - Subordinate interests in first mortgages.
Mezzanine Debt Loans - Loans secured by ownership interests.
 
Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is calculated by subtracting free rent (net of amortization), straight-line rent, FAS 141 rental income from NOI, while adding ground lease straight-line adjustment and the allowance for straight-line tenant credit loss.
Percentage leased - 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 - Equity investments entitled to preferential returns that are senior to common equity.
Recurring capital expenditures - 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 - 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 Properties (Same-Store) - Same-Store refers to properties 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 - 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 - 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 - The total square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).



Supplemental Information
4
Second Quarter 2017

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SECOND QUARTER 2017 HIGHLIGHTS

Unaudited

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New York, NY, July 19, 2017 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended June 30, 2017 of $8.2 million, or $0.08 per share, as compared to net income attributable to common stockholders of $133.5 million, or $1.33 per share, for the same quarter in 2016. Net income attributable to common stockholders for the quarter ended June 30, 2017 includes $9.3 million, or $0.09 per share, of net gains recognized from the sale of real estate as compared to $230.0 million, or $2.20 per share, for the same quarter in 2016.
The Company also reported net income attributable to common stockholders for the six months ended June 30, 2017 of $19.6 million, or $0.19 per share, as compared to net income attributable to common stockholders of $156.7 million, or $1.56 per share, for the same period in 2016. Net income attributable to common stockholders for the six months ended June 30, 2017 includes $11.9 million, or $0.11 per share, of net gains recognized from the sale of real estate as compared to $253.7 million, or $2.43 per share, for the same period in 2016.
The Company reported funds from operations, or FFO, for the quarter ended June 30, 2017 of $186.8 million, or $1.78 per share, as compared to FFO for the same period in 2016 of $355.7 million, or $3.39 per share. FFO for the second quarter of 2017 included $9.4 million, or $0.09 per share, of previously unrecognized income on the Company’s preferred equity investment in 885 Third Avenue and $10.3 million, or $0.10 per share, of net fees related to the closing of the One Vanderbilt joint venture. FFO for the second quarter of 2016 included $185.8 million, or $1.77 per share, of income from 388-390 Greenwich Street, which was sold in the second quarter of 2016.
The Company also reported FFO for the six months ended June 30, 2017 of $352.7 million, or $3.36 per share, as compared to FFO for the same period in 2016 of $547.5 million, or $5.24 per share. FFO for the first six months of 2016 included $207.6 million, or $1.99 per share, of income from 388-390 Greenwich Street, which was sold in the second quarter of 2016.
All per share amounts in this press release are presented on a diluted basis.
 
Operating and Leasing Activity
For the quarter ended June 30, 2017, the Company reported consolidated revenues and operating income of $398.2 million and $237.2 million, respectively, compared to $617.6 million and $451.1 million, respectively, for the same period in 2016.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 0.5% for the quarter ended June 30, 2017 as compared to the same period in 2016. For the quarter, consolidated property same-store cash NOI decreased by 2.0% to $165.9 million, primarily as a result of expected tenant move-outs at 485 Lexington Avenue, 1515 Broadway and 220 E 42nd Street, while unconsolidated joint venture property same-store cash NOI increased by 9.2% to $29.0 million in 2017 as compared to the same period in 2016.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 0.6% for the six months ended June 30, 2017, or 1.4% excluding the effect of lease termination income, as compared to the same period in 2016. For the six months, consolidated property same-store cash NOI decreased by 0.6% to $326.6 million, primarily as a result of expected tenant move-outs at 485 Lexington Avenue, 1515 Broadway and 220 E 42nd Street, while unconsolidated joint venture property same-store cash NOI increased by 8.0% to $57.7 million in 2017 as compared to the same period in 2016.
In the second quarter, the Company signed 45 office leases in its Manhattan portfolio totaling 314,399 square feet. Thirty-two leases comprising 190,949 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $66.91 per rentable square foot, representing a 13.2% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the second quarter was 8.6 years and average tenant concessions were 5.3 months of free rent with a tenant improvement allowance of $61.26 per rentable square foot.
During the first six months of 2017, the Company signed 89 office leases in its Manhattan portfolio totaling 660,744 square feet. Sixty-one leases comprising 378,045 square feet, representing office leases on space that

Supplemental Information
5
Second Quarter 2017

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SECOND QUARTER 2017 HIGHLIGHTS

Unaudited

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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 $72.60 per rentable square foot, representing a 17.5% 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 six months of 2017 was 9.2 years and average tenant concessions were 4.8 months of free rent with a tenant improvement allowance of $55.73 per rentable square foot.
Occupancy in the Company's Manhattan same-store portfolio was 94.9% at June 30, 2017, inclusive of 505,984 square feet of leases signed but not yet commenced, as compared to 95.7% at March 31, 2017.
In the second quarter, the Company signed 21 office leases in its Suburban portfolio totaling 159,581 square feet. Eleven leases comprising 64,742 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 $35.59 per rentable square foot, representing a 7.1% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the second quarter was 8.1 years and average tenant concessions were 7.0 months of free rent with a tenant improvement allowance of $37.67 per rentable square foot.
During the first six months of 2017, the Company signed 47 office leases in its Suburban portfolio totaling 305,838 square feet. Twenty-six leases comprising 143,471 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $32.80 per rentable square foot, representing a 4.7% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first six months of 2017 was 6.8 years and average tenant concessions were 5.4 months of free rent with a tenant improvement allowance of $29.66 per rentable square foot.
Occupancy in the Company's Suburban same-store portfolio was 85.1% at June 30, 2017, inclusive of 19,643 square feet of leases signed but not yet commenced, as compared to 84.6% at March 31, 2017.
 
Significant leases that were signed in the second quarter included:
New lease on 65,000 square feet with Ascensia Diabetes Care US Inc. at 100 Summit in Valhalla, New York, for 11.0 years;
New lease on 46,492 square feet with 100 Church Street Tenant LLC at 100 Church Street, for 15.6 years;
New lease on 22,522 square feet with Soroban Capital Partners at 55 West 46th Street, also known as Tower 46, for 10.0 years;
New lease on 20,132 square feet with Ermenegildo Zegna at 10 East 53rd Street, for 11.0 years;
New lease on 17,587 square feet with Schlesinger Associates at 711 Third Avenue, for 10.5 years;
New lease on 17,320 square feet with Pretium Partners at 810 Seventh Avenue, for 10.5 years;
New lease on 16,442 square feet with Exelon Generation Company at 500 Summit in Valhalla, New York, for 7.0 years;
Marketing, general and administrative, or MG&A, expenses for the three months ended June 30, 2017 were $24.3 million, or 5.0% of total combined revenues and an annualized 52 basis points of total assets, including our share of assets from unconsolidated joint ventures.
Investment Activity
During the second quarter, the Company repurchased 2.4 million shares of common stock under the previously announced $1.0 billion share repurchase plan, at an average price of $103.41 per share.
In April, the Company, along with its joint venture partners, executed a Guaranteed Maximum Price (GMP) contract with AECOM Tishman and secured a New Building Permit from New York City for the construction at One Vanderbilt Avenue. The GMP contract includes the procurement of more than 25,000 tons of domestically-fabricated structural steel from Banker Steel Company, a Virginia-based steel fabrication firm. Vertical construction commenced in June.
In May, the Company, along with its joint venture partner, reached an agreement to sell 680-750 Washington Boulevard, in Stamford, Connecticut, also known as Stamford Towers, for a gross sale price of $97.0 million, or $298 per square foot. The transaction closed in July and generated net proceeds of $45.5 million.

Supplemental Information
6
Second Quarter 2017

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SECOND QUARTER 2017 HIGHLIGHTS

Unaudited

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In May, the Company reached an agreement to sell 125 Chubb Avenue, a 278,000 square-foot office property located in Lyndhurst, New Jersey, for a gross sale price of $29.5 million. The transaction is expected to close in August and generate net proceeds of approximately $28.8 million.
In April, the Company closed on the previously announced sale of a 90% interest in 102 Greene Street, a 9,200 square-foot retail property in SoHo, at a gross asset valuation of $43.5 million, or $4,728 per square foot. The Company recognized net proceeds of $38.0 million and a gain on sale of $4.9 million.
In April, the Company closed on the sale of 520 White Plains Road, a 180,000 square-foot office property located in Tarrytown, New York, for a gross sale price of $21.0 million, or $117 per square foot. The Company recognized net proceeds from the sale of $5.0 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio totaled $2.13 billion at June 30, 2017, including $1.99 billion of investments at a weighted average current yield of 9.5% that are classified in the debt and preferred equity line item on the balance sheet, and investments aggregating $0.14 billion at a weighted average current yield of 8.3% that are included in other balance sheet line items for accounting purposes. In the second quarter, the Company originated new debt and preferred equity investments totaling $431.0 million, of which $369.8 million was retained and $368.6 million was funded, at a weighted average current yield of 10.2%. In the second quarter, the Company recorded $235.4 million of principal reductions from investments that were repaid, sold or syndicated.
Financing Activity
In June, the Company closed on a new $300.0 million debt and preferred equity liquidity facility. The facility, which will be secured by select senior mortgage loans in the Company's debt portfolio, has a 1-year term with two 1-year extension option and bears interest on a floating rate basis at a spread to LIBOR based on the pledged collateral and advance rate.
 
Dividends
In the second quarter of 2017, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
$0.775 per share of common stock, which was paid on July 17, 2017 to shareholders of record on the close of business on June 30, 2017; and
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period April 15, 2017 through and including July 14, 2017, which was paid on July 17, 2017 to shareholders of record on the close of business on June 30, 2017, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.


Supplemental Information
7
Second Quarter 2017

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KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
9/30/2016
 
6/30/2016
Earnings Per Share
 
 
 
 
 
 
 
 
 
Net income available to common stockholders - diluted
$
0.08

 
$
0.11

 
$
0.44

 
$
0.34

 
$
1.33

Funds from operations (FFO) available to common stockholders - diluted
$
1.78

 
$
1.57

 
$
1.43

 
$
1.63

 
$
3.39

 
 
 
 
 
 
 
 
 
 
Common Share Price & Dividends
 
 
 
 
 
 
 
 
 
Closing price at the end of the period
$
105.80

 
$
106.62

 
$
107.55

 
$
108.10

 
$
106.47

Closing high price during period
$
109.73

 
$
113.75

 
$
112.89

 
$
119.20

 
$
106.72

Closing low price during period
$
101.03

 
$
104.62

 
$
94.23

 
$
102.56

 
$
95.51

Common dividend per share
$
0.775

 
$
0.775

 
$
0.775

 
$
0.720

 
$
0.720

 
 
 
 
 
 
 
 
 
 
FFO payout ratio (trailing 12 months)
47.4
%
 
37.2
%
 
35.4
%
 
34.0
%
 
32.5
%
Funds available for distribution (FAD) payout ratio (trailing 12 months)
77.6
%
 
63.4
%
 
59.4
%
 
61.9
%
 
58.5
%
 
 
 
 
 
 
 
 
 
 
Common Shares & Units
 
 
 
 
 
 
 
 
 
Common shares outstanding
98,367

 
100,776

 
100,562

 
100,264

 
100,164

Units outstanding
4,562

 
4,563

 
4,364

 
4,495

 
4,504

Total common shares and units outstanding
102,929

 
105,339

 
104,926

 
104,759

 
104,668

 
 
 
 
 
 
 
 
 
 
Weighted average common shares and units outstanding - basic
104,462

 
105,250

 
104,794

 
104,730

 
104,476

Weighted average common shares and units outstanding - diluted
104,732

 
105,554

 
105,168

 
105,143

 
104,792

 
 
 
 
 
 
 
 
 
 
Market Capitalization
 
 
 
 
 
 
 
 
 
Market value of common equity
$
10,889,888

 
$
11,231,244

 
$
11,284,791

 
$
11,324,448

 
$
11,144,002

Liquidation value of preferred equity/units
531,884

 
532,009

 
532,009

 
532,309

 
532,460

Consolidated debt (1)
6,431,753

 
6,389,254

 
6,290,019

 
6,237,641

 
7,796,092

Consolidated market capitalization
$
17,853,525

 
$
18,152,507

 
$
18,106,819

 
$
18,094,398

 
$
19,472,554

SLG share of unconsolidated JV debt
2,924,816

 
2,775,302

 
2,742,857

 
2,694,274

 
1,854,131

Market capitalization including SLG share of unconsolidated JVs
$
20,778,341

 
$
20,927,809

 
$
20,849,676

 
$
20,788,672

 
$
21,326,685

 
 
 
 
 
 
 
 
 
 
Consolidated debt to market capitalization (2)
36.0
%
 
35.2
%
 
34.7
%
 
34.5
%
 
40.0
%
Debt to market capitalization including SLG share of unconsolidated JVs (2)
45.0
%
 
43.8
%
 
43.3
%
 
43.0
%
 
45.2
%
 
 
 
 
 
 
 
 
 
 
Consolidated debt service coverage (trailing 12 months)
3.07x

 
3.46x

 
3.39x

 
3.33x

 
3.29x

Consolidated fixed charge coverage (trailing 12 months)
2.59x

 
2.95x

 
2.91x

 
2.89x

 
2.87x

Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)
2.66x

 
3.02x

 
2.97x

 
2.93x

 
2.90x

Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)
2.29x

 
2.61x

 
2.58x

 
2.57x

 
2.56x

 
 
 
 
 
 
 
 
 
 

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

Supplemental Information
8
Second Quarter 2017

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KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
9/30/2016
 
6/30/2016
Selected Balance Sheet Data
 
 
 
 
 
 
 
 
 
Real estate assets before depreciation (1)
$
12,021,243

 
$
12,837,493

 
$
12,743,332

 
$
12,608,861

 
$
15,015,226

Investments in unconsolidated joint ventures
$
2,219,371

 
$
1,861,077

 
$
1,890,186

 
$
1,860,912

 
$
1,126,486

Debt and preferred equity investments
$
1,986,413

 
$
1,627,836

 
$
1,640,412

 
$
1,453,234

 
$
1,357,181

Cash and cash equivalents
$
270,965

 
$
468,035

 
$
279,443

 
$
405,896

 
$
276,226

Investment in marketable securities
$
29,524

 
$
29,260

 
$
85,110

 
$
60,352

 
$
39,339

 
 
 
 
 
 
 
 
 
 
Total assets
$
15,309,707

 
$
15,877,271

 
$
15,857,787

 
$
15,790,942

 
$
17,544,223

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt
$
5,190,393

 
$
5,249,091

 
$
5,184,434

 
$
5,226,651

 
$
6,344,936

Variable rate debt (2)
1,241,360

 
1,140,163

 
1,105,585

 
1,010,990

 
1,451,155

Total consolidated debt
$
6,431,753

 
$
6,389,254

 
$
6,290,019


$
6,237,641


$
7,796,091

Deferred financing costs, net of amortization
(56,820
)
 
(82,988
)
 
(82,258
)
 
(87,591
)
 
(101,521
)
Total consolidated debt, net
$
6,374,933

 
$
6,306,266

 
$
6,207,761

 
$
6,150,050

 
$
7,694,570

 
 
 
 
 
 
 
 
 
 
Total liabilities
$
7,172,522

 
$
7,380,279

 
$
7,330,984

 
$
7,275,544

 
$
9,008,192

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt
$
6,532,638

 
$
6,589,967

 
$
6,718,900

 
$
6,720,214

 
$
6,998,500

Variable rate debt, including SLG share of unconsolidated JV debt (2)
2,823,931

 
2,574,589

 
2,313,976

 
2,211,700

 
2,651,723

Total debt, including SLG share of unconsolidated JV debt
$
9,356,569

 
$
9,164,556

 
$
9,032,876

 
$
8,931,914

 
$
9,650,223

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
322,027

 
$
325,521

 
$
329,370

 
$
334,612

 
$
465,425

Property operating expenses
(140,105
)
 
(143,882
)
 
(147,355
)
 
(151,896
)
 
(145,755
)
Property NOI
$
181,922

 
$
181,639

 
$
182,015

 
$
182,716

 
$
319,670

SLG share of unconsolidated JV Property NOI
55,002

 
55,424

 
53,733

 
41,365

 
36,306

Property NOI, including SLG share of unconsolidated JV Property NOI
$
236,924

 
$
237,063

 
$
235,748

 
$
224,081

 
$
355,976

Investment income
60,622

 
40,299

 
38,661

 
75,396

 
44,214

Other income
15,501

 
11,561

 
6,211

 
6,673

 
107,975

Marketing general & administrative expenses
(24,256
)
 
(24,143
)
 
(25,785
)
 
(25,458
)
 
(24,484
)
SLG share of investment income and other income from unconsolidated JVs
5,078

 
5,789

 
6,962

 
5,389

 
3,953

EBITDA, including SLG share of unconsolidated JV EBITDA
$
293,869

 
$
270,569

 
$
261,797

 
$
286,081

 
$
487,634

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes assets held for sale of $119.2 million at 6/30/2017
(2) Does not reflect $1.3 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
Second Quarter 2017

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KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
9/30/2016
 
6/30/2016
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
294,596

 
$
292,520

 
$
297,431

 
$
301,165

 
$
432,422

Property operating expenses
120,518

 
125,387

 
124,022

 
133,725

 
127,057

Property NOI
$
174,078

 
$
167,133

 
$
173,409

 
$
167,440

 
$
305,365

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
608

 
$
2,417

 
$
851

 
$
1,951

 
$
95,333

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JVs
$
54,856

 
$
55,171

 
$
53,522

 
$
44,249

 
$
36,083

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
24

 
24

 
24

 
24

 
25

Unconsolidated office buildings in service
7

 
7

 
7

 
7

 
6

 
31

 
31

 
31

 
31

 
31

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

 
16,054,606

 
16,054,606

 
16,054,606

 
18,368,606

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

 
6,558,139

 
6,558,139

 
6,558,139

 
4,244,139

 
22,612,745

 
22,612,745

 
22,612,745

 
22,612,745

 
22,612,745

 
 
 
 
 
 
 
 
 
 
Same-store office occupancy (consolidated + JVs) (2)
92.6%
 
93.9%
 
94.6%
 
95.1%
 
95.3%
Same-store office occupancy inclusive of leases signed not yet commenced
94.9%
 
95.7%
 
96.2%
 
96.4%
 
96.4%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
Total office leases commenced
45

 
41

 
21

 
42

 
50

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
118,230

 
114,996

 
17,202

 
109,247

 
37,556

Commenced office square footage on previously occupied space (M-T-M leasing) (3)
156,558

 
204,076

 
154,379

 
1,085,757

 
661,197

Total office square footage commenced
274,788

 
319,072

 
171,581

 
1,195,004

 
698,753

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$71.43
 
$78.11
 
$70.94
 
$73.22
 
$67.55
Previously escalated cash rent psf - office leases commenced
$66.92
 
$69.26
 
$67.47
 
$61.84
 
$60.41
Increase in new cash rent over previously escalated cash rent (3)
6.7%
 
12.8%
 
5.1%
 
18.4%
 
11.8%
Average lease term
7.1
 
7.7
 
7.1
 
10.5
 
6.8
Tenant concession packages psf
$45.12
 
$53.87
 
$48.53
 
$40.40
 
$20.64
Free rent months
4.6
 
5.6
 
4.9
 
4.2
 
2.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Property data includes operating office, retail, residential, development, redevelopment, and land properties.
(2) The Manhattan same-store portfolio was revised on January 1, 2017 to include 280 Park Avenue, 600 Lexington Avenue, 110 Greene Street, 30 East 40th Street, and the Stonehenge Portfolio.
(3) Calculated on space that was occupied within the previous 12 months.

Supplemental Information
10
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
KEY FINANCIAL DATA
Suburban Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
As of or for the three months ended
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
9/30/2016
 
6/30/2016
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
26,844

 
$
28,531

 
$
27,405

 
$
28,942

 
$
28,276

Property operating expenses
13,890

 
14,636

 
15,199

 
15,211

 
14,838

Property NOI
$
12,954

 
$
13,895

 
$
12,206

 
$
13,731

 
$
13,438

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
1,300

 
$
107

 
$
1,047

 
$
118

 
$
624

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JVs
$
192

 
$
207

 
$
211

 
$
120

 
$
228

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
24

 
25

 
25

 
25

 
26

Unconsolidated office buildings in service
2

 
2

 
2

 
2

 
2

 
26

 
27

 
27

 
27

 
28

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
3,933,800

 
4,113,800

 
4,113,800

 
4,113,800

 
4,235,300

Unconsolidated office buildings in service - square footage
640,000

 
640,000

 
640,000

 
640,000

 
640,000

 
4,573,800

 
4,753,800

 
4,753,800

 
4,753,800

 
4,875,300

 
 
 
 
 
 
 
 
 
 
Same-store office occupancy (consolidated + JVs)
84.6%
 
83.5%
 
83.8%
 
83.1%
 
82.4%
Same-store office occupancy inclusive of leases signed not yet commenced
85.1%
 
84.6%
 
84.6%
 
84.9%
 
83.3%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
Total office leases commenced
22

 
22

 
24

 
20

 
19

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
98,500

 
37,184

 
66,425

 
43,111

 
63,105

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
28,915

 
73,789

 
63,040

 
77,869

 
104,704

Total office square footage commenced
127,415

 
110,973

 
129,465

 
120,980

 
167,809

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$46.80
 
$30.04
 
$35.86
 
$35.40
 
$38.42
Previously escalated cash rent psf - office leases commenced
$39.36
 
$29.33
 
$32.29
 
$34.61
 
$37.46
Increase in new cash rent over previously escalated cash rent (2)
18.9%
 
2.4%
 
11.1%
 
2.3%
 
2.8%
Average lease term
7.5
 
4.8
 
7.0
 
5.5
 
9.4
Tenant concession packages psf
$35.70
 
$13.69
 
$17.92
 
$26.04
 
$36.77
Free rent months
5.2
 
5.6
 
6.5
 
3.1
 
8.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Property data includes operating office, retail, residential, development, redevelopment, and land properties.
(2) Calculated on space that was occupied within the previous 12 months.

Supplemental Information
11
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
9/30/2016
 
6/30/2016
Assets
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
     Land and land interests
$
2,936,879

 
$
3,295,050

 
$
3,309,710

 
$
3,347,482

 
$
4,108,821

     Building and improvements
7,476,108

 
7,977,713

 
7,948,852

 
7,777,647

 
9,362,614

     Building leasehold and improvements
1,441,587

 
1,439,083

 
1,437,325

 
1,436,287

 
1,435,255

     Properties under capital lease
47,445

 
47,445

 
47,445

 
47,445

 
47,445

 
11,902,019

 
12,759,291

 
12,743,332

 
12,608,861

 
14,954,135

Less: accumulated depreciation
(2,397,299
)
 
(2,372,082
)
 
(2,264,694
)
 
(2,190,142
)
 
(2,166,059
)
Net real estate
9,504,720

 
10,387,209

 
10,478,638

 
10,418,719

 
12,788,076

 
 
 
 
 
 
 
 
 
 
Other real estate investments:
 
 
 
 
 
 
 
 
 
    Investment in unconsolidated joint ventures
2,219,371

 
1,861,077

 
1,890,186

 
1,860,912

 
1,126,486

    Debt and preferred equity investments, net (1)
1,986,413

 
1,627,836

 
1,640,412

 
1,453,234

 
1,357,181

 
 
 
 
 
 
 
 
 
 
Assets held for sale, net
119,224

 
54,694

 

 
117,159

 
39,642

Cash and cash equivalents
270,965

 
468,035

 
279,443

 
405,896

 
276,226

Restricted cash
109,959

 
71,215

 
90,524

 
100,195

 
166,905

Investment in marketable securities
29,524

 
29,260

 
85,110

 
60,352

 
39,339

Tenant and other receivables, net of $17,677 reserve at 6/30/2017
50,946

 
52,197

 
53,772

 
55,976

 
57,551

Related party receivables
23,725

 
19,067

 
15,856

 
14,840

 
13,059

Deferred rents receivable, net of reserve for
 
 
 
 
 
 
 
 
 
     tenant credit loss of $23,270 at 6/30/2017
385,040

 
453,747

 
442,179

 
430,642

 
443,981

Deferred costs, net
249,724

 
267,948

 
267,600

 
252,179

 
256,303

Other assets
360,096

 
584,986

 
614,067

 
620,838

 
979,474

 
 
 
 
 
 
 
 
 
 
 Total Assets
$
15,309,707

 
$
15,877,271

 
$
15,857,787

 
$
15,790,942

 
$
17,544,223

 
 
 
 
 
 
 
 
 
 
(1) Excludes debt and preferred equity investments totaling $144.9 million with a weighted average current yield of 8.3% that are included in other balance sheet line items.

Supplemental Information
12
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
9/30/2016
 
6/30/2016
Liabilities
 
 
 
 
 
 
 
 
 
Mortgages and other loans payable
$
3,857,421

 
$
4,236,545

 
$
4,140,712

 
$
4,024,896

 
$
5,608,400

Unsecured term loan
1,183,000

 
1,183,000

 
1,183,000

 
1,183,000

 
933,000

Unsecured notes
1,091,332

 
1,137,359

 
1,133,957

 
1,130,616

 
1,137,341

Revolving credit facility
200,000

 

 

 

 
285,000

Deferred financing costs
(56,820
)
 
(82,988
)
 
(82,258
)
 
(87,591
)
 
(101,521
)
Total debt, net of deferred financing costs
6,274,933

 
6,473,916

 
6,375,411

 
6,250,921

 
7,862,220

Accrued interest
36,478

 
33,859

 
36,052

 
30,734

 
36,378

Other liabilities
197,261

 
168,533

 
212,493

 
218,404

 
243,011

Accounts payable and accrued expenses
134,294

 
169,244

 
190,583

 
178,946

 
189,690

Deferred revenue
229,692

 
235,208

 
217,955

 
237,548

 
384,145

Capitalized lease obligations
42,480

 
42,305

 
42,132

 
41,951

 
41,751

Deferred land lease payable
2,911

 
2,747

 
2,583

 
2,419

 
2,236

Dividends and distributions payable
86,081

 
87,617

 
87,271

 
81,392

 
80,555

Security deposits
68,286

 
66,807

 
66,504

 
67,709

 
68,199

Liabilities related to assets held for sale
106

 
43

 

 
65,520

 
7

Junior subordinated deferrable interest debentures
100,000

 
100,000

 
100,000

 
100,000

 
100,000

Total liabilities
7,172,522

 
7,380,279

 
7,330,984

 
7,275,544

 
9,008,192

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in operating partnership
 
 
 
 
 
 
 
 
 
     (4,562 units outstanding) at 6/30/2017
487,660

 
491,298

 
473,882

 
490,440

 
486,452

Preferred units
301,885

 
302,010

 
302,010

 
302,310

 
302,460

 
 
 
 
 
 
 
 
 
 
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, 99,422
 
 
 
 
 
 
 
 
 
issued and outstanding at 6/30/2017, including 1,055 shares held in treasury
995

 
1,019

 
1,017

 
1,013

 
1,003

Additional paid–in capital
5,391,038

 
5,651,089

 
5,624,545

 
5,596,026

 
5,466,593

Treasury stock
(124,049
)
 
(124,049
)
 
(124,049
)
 
(124,049
)
 
(10,000
)
Accumulated other comprehensive income
14,354

 
16,511

 
22,137

 
(14,074
)
 
(16,558
)
Retained earnings
1,431,442

 
1,496,759

 
1,578,893

 
1,612,707

 
1,655,320

Total SL Green Realty Corp. stockholders' equity
6,935,712

 
7,263,261

 
7,324,475

 
7,293,555

 
7,318,290

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in other partnerships
411,928

 
440,423

 
426,436

 
429,093

 
428,829

 
 
 
 
 
 
 
 
 
 
Total equity
7,347,640

 
7,703,684

 
7,750,911

 
7,722,648

 
7,747,119

 
 
 
 
 
 
 
 
 
 
 Total Liabilities and Equity
$
15,309,707

 
$
15,877,271

 
$
15,857,787

 
$
15,790,942

 
$
17,544,223


Supplemental Information
13
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg



Three Months Ended
Three Months Ended
Six Months Ended

June 30,
 
June 30,
 
 
March 31,
 
 
June 30,
 
June 30,
 
2017
 
2016
 
 
2017
 
 
2017

2016
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
279,407

 
$
416,809

 
 
$
281,329

 
 
$
560,736

 
$
762,416

Escalation and reimbursement revenues
42,620

 
48,616

 
 
44,192

 
 
86,812

 
94,227

Investment income
60,622

 
44,214

 
 
40,299

 
 
100,921

 
98,951

Other income
15,501

 
107,975

 
 
11,561

 
 
27,062

 
117,464

Total Revenues, net
398,150

 
617,614

 
 
377,381

 
 
775,531

 
1,073,058

 
 
 
 
 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
3,412

 
5,841

 
 
6,614

 
 
10,026


15,937

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
70,852

 
75,324

 
 
74,506

 
 
145,358

 
154,844

Ground rent
8,308

 
8,307

 
 
8,308

 
 
16,616

 
16,615

Real estate taxes
60,945

 
62,124

 
 
61,068

 
 
122,013

 
123,798

Transaction related costs
46


2,115

 
 
133

 
 
179


3,394

Marketing, general and administrative
24,256

 
24,484

 
 
24,143

 
 
48,399


48,516

Total Operating Expenses
164,407

 
172,354

 
 
168,158

 
 
332,565

 
347,167

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
237,155

 
451,101

 
 
215,837

 
 
452,992

 
741,828

 
 
 
 
 
 
 
 
 

 
 
Interest expense, net of interest income
64,856

 
89,089

 
 
65,622

 
 
130,478


183,761

Amortization of deferred financing costs
3,432

 
7,433

 
 
4,761

 
 
8,193


15,365

Depreciation and amortization
133,054

 
425,042

 
 
94,134

 
 
227,188


604,350

 
35,813

 
(70,463
)
 
 
51,320

 
 
87,133

 
(61,648
)
(Loss) gain on sale of marketable securities

 
(83
)
 
 
3,262

 
 
3,262

 
(83
)
 
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations (1)
35,813

 
(70,546
)
 
 
54,582

 
 
90,395


(61,731
)
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) gain on sale of real estate and discontinued operations
(3,823
)
 
196,580

 
 
567

 
 
(3,256
)
 
210,353

Equity in net gain on sale of joint venture interest / real estate
13,089

 
33,448

 
 
2,047

 
 
15,136

 
43,363

Depreciable real estate reserves
(29,064
)
 
(10,387
)
 
 
(56,272
)
 
 
(85,336
)
 
(10,387
)
Net Income
16,015

 
149,095

 
 
924

 
 
16,939

 
181,598

 
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interests
(1,205
)
 
(9,021
)
 
 
17,015

 
 
15,810


(11,917
)
Dividends on preferred units
(2,851
)
 
(2,880
)
 
 
(2,850
)
 
 
(5,701
)
 
(5,528
)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to SL Green Realty Corp
11,959

 
137,194

 
 
15,089

 
 
27,048

 
164,153

 
 
 
 
 
 
 
 
 
 
 
 
Dividends on perpetual preferred shares
(3,737
)
 
(3,737
)
 
 
(3,738
)
 
 
(7,475
)
 
(7,475
)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
8,222

 
$
133,457

 
 
$
11,351

 
 
$
19,573

 
$
156,678

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share - Net income per share (basic)
$
0.08

 
$
1.33

 
 
$
0.11

 
 
$
0.20

 
$
1.57

Earnings per share - Net income per share (diluted)
$
0.08

 
$
1.33

 
 
$
0.11

 
 
$
0.19

 
$
1.56

(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below.

Supplemental Information
14
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
Three Months Ended
Three Months Ended
Six Months Ended
 
 
June 30,
 
June 30,
 
 
March 31,
 
 
June 30,
 
June 30,
 
 
2017
 
2016
 
 
2017
 
 
2017
 
2016
Funds from Operations
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
8,222

 
$
133,457

 
 
$
11,351

 
 
$
19,573

 
$
156,678

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
133,054

 
425,042

 
 
94,134

 
 
227,188

 
604,350

 
Unconsolidated JV depreciation and noncontrolling interests adjustments
25,086

 
8,328

 
 
24,282

 
 
49,419

 
18,842

 
Net income (loss) attributable to noncontrolling interests
1,205

 
9,021

 
 
(17,015
)
 
 
(15,810
)
 
11,917

 
Loss (gain) on sale of real estate and discontinued operations
3,823

 
(196,580
)
 
 
(567
)
 
 
3,256

 
(210,353
)
 
Equity in net gain on sale of joint venture property / real estate
(13,089
)
 
(33,448
)
 
 
(2,047
)
 
 
(15,136
)
 
(43,363
)
 
Depreciable real estate reserves
29,064

 
10,387

 
 
56,272

 
 
85,336

 
10,387

 
Non-real estate depreciation and amortization
(564
)
 
(500
)
 
 
(516
)
 
 
(1,080
)
 
(996
)
 
Funds From Operations
$
186,801

 
$
355,707

 
 
$
165,894

 
 
$
352,746


$
547,462

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Basic per Share
$
1.79

 
$
3.40

 
 
$
1.58

 
 
$
3.36

 
$
5.25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Diluted per Share
$
1.78

 
$
3.39

 
 
$
1.57

 
 
$
3.36

 
$
5.24

 
 
 
 
 
 
 
 
 
 
 
 
 
Funds Available for Distribution
 
 
 
 
 
 
 
 
 
 
 
FFO
$
186,801

 
$
355,707

 
 
$
165,894

 
 
$
352,746

 
$
547,462

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
564

 
500

 
 
516

 
 
1,080


996

 
Amortization of deferred financing costs
3,432

 
7,433

 
 
4,761

 
 
8,193

 
15,365

 
Non-cash deferred compensation
11,499

 
10,293

 
 
16,307

 
 
27,806

 
24,570

 
FAD adjustment for joint ventures
(10,242
)
 
(5,874
)
 
 
(9,448
)
 
 
(19,690
)
 
(11,701
)
 
Straight-line rental income and other non cash adjustments
(16,270
)
 
(105,387
)
 
 
(15,939
)
 
 
(32,209
)
 
(135,091
)
 
Second cycle tenant improvements
(29,964
)
 
(34,672
)
 
 
(13,444
)
 
 
(43,408
)
 
(44,800
)
 
Second cycle leasing commissions
(6,741
)
 
(8,072
)
 
 
(7,833
)
 
 
(14,574
)
 
(16,943
)
 
Revenue enhancing recurring CAPEX
(1,871
)
 
(1,098
)
 
 
(354
)
 
 
(2,225
)
 
(1,331
)
 
Non-revenue enhancing recurring CAPEX
(14,802
)
 
(13,683
)
 
 
(5,955
)
 
 
(20,757
)
 
(17,371
)
Reported Funds Available for Distribution
$
122,406

 
$
205,147

 
 
$
134,505

 
 
$
256,962

 
$
361,156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1515 Broadway - Viacom capital contribution
$
3,692

 
$
8,996

 
 
$
1,108

 
 
$
4,800

 
$
9,477

 
 
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvements
$
4,956

 
$
8,090

 
 
$
893

 
 
$
5,849

 
$
12,413

 
First cycle leasing commissions
$
198

 
$
7,078

 
 
$
404

 
 
$
602

 
$
10,261

 
Development costs
$
1,844

 
$
50,547

 
 
$
62,321

 
 
$
64,165

 
$
64,136

 
Redevelopment costs
$
3,745

 
$
11,047

 
 
$
4,940

 
 
$
8,685

 
$
14,211

 
Capitalized interest
$
6,743

 
$
5,433

 
 
$
6,279

 
 
$
13,022

 
$
12,051


Supplemental Information
15
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.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, 2016
 
$
221,932

 
$
1,017

 
$
5,624,545

 
$
(124,049
)
 
$
1,578,893

 
$
426,436

 
$
22,137

 
$
7,750,911

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income attributable to SL Green
 
 
 
 
 
 
 
 
 
27,048

 
(16,706
)
 
 
 
10,342

Acquisition of subsidiary interest from noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Preferred dividends
 
 
 
 
 
 
 
 
 
(7,475
)
 
 
 
 
 
(7,475
)
Cash distributions declared ($1.55 per common share)
 
 
 
 
 
 
 
 
 
(154,312
)
 
 
 
 
 
(154,312
)
Cash distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
(609
)
 
 
 
(609
)
Other comprehensive income - unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(3,069
)
 
(3,069
)
Other comprehensive income - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(357
)
 
(357
)
Other comprehensive income - unrealized loss on marketable securities
 
 
 
 
 
 
 
 
 
 
 
 
 
(4,357
)
 
(4,357
)
Proceeds from stock options exercised
 
 
 
1

 
11,594

 
 
 
 
 
 
 
 
 
11,595

DRSPP proceeds
 
 
 
 
 
111

 
 
 
 
 
 
 
 
 
111

Repurchase of common stock
 
 
 
(24
)
 
(253,173
)
 
 
 
 
 
 
 
 
 
(253,197
)
Conversion of units of the Operating Partnership to common stock
 
 
 
1

 
13,241

 
 
 
 
 
 
 
 
 
13,242

Equity component of repurchased exchangeable senior notes
 
 
 
 
 
(18,824
)
 
 
 
 
 
 
 
 
 
(18,824
)
Contributions to consolidated joint venture
 
 
 
 
 
 
 
 
 
 
 
2,807

 
 
 
2,807

Reallocation of noncontrolling interests in the Operating Partnership
 
 
 
 
 
 
 
 
 
(12,712
)
 
 
 
 
 
(12,712
)
Deferred compensation plan and stock awards, net
 
 
 
 
 
(1,943
)
 
 
 
 
 
 
 
 
 
(1,943
)
Amortization of deferred compensation plan
 
 
 
 
 
15,487

 
 
 
 
 
 
 
 
 
15,487

Balance at June 30, 2017
 
$
221,932

 
$
995

 
$
5,391,038

 
$
(124,049
)
 
$
1,431,442

 
$
411,928

 
$
14,354

 
$
7,347,640

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
OP Units
 
Stock-Based Compensation
 
Diluted Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share Count at December 31, 2016
 
 
100,562,349

 
4,363,716

 

 
104,926,065

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
YTD share activity
 
 
(2,195,365
)
 
197,797

 

 
(1,997,568
)
 
 
 
 
 
 
 
 
Share Count at June 30, 2017 - Basic
 
98,366,984

 
4,561,513

 

 
102,928,497

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighting factor
 
 
1,901,341

 
22,701

 
287,742

 
2,211,784

 
 
 
 
 
 
 
 
Weighted Average Share Count at June 30, 2017 - Diluted
 
100,268,325

 
4,584,214

 
287,742

 
105,140,281

 
 
 
 
 
 
 
 


Supplemental Information
16
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2017
 
March 31, 2017
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
SLG Share
 
Total
 
SLG Share
 
Total
 
SLG Share
Assets
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
 
 
     Land and land interests
$
3,052,899

 
$
1,542,073

 
$
2,362,348

 
$
1,128,789

 
$
2,434,194

 
$
1,129,515

     Building and improvements
7,465,572

 
3,457,666

 
6,983,090

 
3,119,609

 
7,316,847

 
3,108,664

     Building leasehold and improvements
65,471

 
32,735

 
59,409

 
29,704

 
53,790

 
26,895

     Properties under capital lease
189,558

 
94,779

 
189,558

 
94,779

 
189,558

 
94,779

 
10,773,500

 
5,127,253

 
9,594,405

 
4,372,881

 
9,994,389

 
4,359,853

Less: accumulated depreciation
(904,594
)
 
(383,704
)
 
(860,306
)
 
(360,991
)
 
(862,672
)
 
(337,599
)
 Net real estate
9,868,906

 
4,743,549

 
8,734,099

 
4,011,890

 
9,131,717

 
4,022,254

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
179,646

 
92,711

 
118,970

 
52,943

 
159,916

 
63,561

Restricted cash
137,295

 
54,448

 
144,331

 
59,551

 
168,539

 
68,228

Debt and preferred equity investments, net
201,299

 
184,397

 
336,518

 
229,612

 
336,164

 
229,258

Tenant and other receivables, net of $6,650 reserve at 6/30/2017, of which $3,348 is SLG share
16,192

 
6,115

 
18,015

 
7,836

 
16,881

 
4,520

Deferred rents receivables, net of $7,109 reserve at 6/30/2017 for tenant credit loss, of which $3,365 is SLG share
245,030

 
112,109

 
230,477

 
104,123

 
215,897

 
95,864

Deferred costs, net
183,139

 
87,379

 
166,554

 
76,266

 
170,243

 
76,145

Other assets
448,404

 
245,383

 
527,830

 
265,842

 
513,238

 
262,195

Total Assets
$
11,279,911

 
$
5,526,091

 
$
10,276,794

 
$
4,808,063

 
$
10,712,595

 
$
4,822,025

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
Mortgage and other loans payable, net of deferred financing costs of $121,291 at 6/30/2017, of which $51,425 is SLG share
$
6,689,487

 
$
2,873,391

 
$
6,498,732

 
$
2,743,257

 
$
6,453,966

 
$
2,712,539

Accrued interest
15,628

 
6,954

 
13,252

 
6,167

 
12,569

 
6,149

Other liabilities
5,606

 
2,351

 
2,159

 
1,632

 
9,407

 
2,415

Accounts payable and accrued expenses
153,066

 
72,195

 
133,165

 
56,223

 
147,807

 
64,176

Deferred revenue
340,253

 
177,926

 
351,614

 
183,694

 
356,414

 
186,021

Capitalized lease obligations
187,570

 
93,785

 
186,802

 
93,401

 
186,050

 
93,025

Security deposits
33,792

 
12,104

 
32,602

 
11,652

 
35,667

 
11,693

Equity
3,854,509

 
2,287,385

 
3,058,468

 
1,712,037

 
3,510,715

 
1,746,007

Total Liabilities and Equity
$
11,279,911

 
$
5,526,091

 
$
10,276,794

 
$
4,808,063

 
$
10,712,595

 
$
4,822,025



Supplemental Information
17
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
June 30, 2017
 
March 31, 2017
 
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total
 
 SLG Share
 
 Total
 
 SLG Share
 
 Total
 
 SLG Share
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
186,710

 
$
77,912

 
$
188,771

 
$
76,283

 
$
135,799

 
$
51,377

Escalation and reimbursement revenues
15,954

 
7,092

 
17,847

 
8,481

 
9,180

 
3,752

Investment income
5,073

 
3,916

 
7,870

 
4,830

 
6,710

 
4,108

Other income
2,851

 
1,162

 
2,033

 
959

 
(114
)
 
(155
)
Total Revenues, net
$
210,588

 
$
90,082

 
$
216,521

 
$
90,553

 
$
151,575

 
$
59,082

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
$
39,147

   
$
14,373

 
$
38,794

   
$
14,242

 
$
27,166

   
$
8,618

Ground rent
4,179

 
1,996

 
4,251

 
2,033

 
3,715

 
1,857

Real estate taxes
35,170

 
13,633

 
34,939

 
13,065

 
24,332

 
8,348

Transaction related costs, net of recoveries
57

 
56

 
89

 
54

 

 

Total Operating Expenses
$
78,553

 
$
30,058

 
$
78,073

 
$
29,394

 
$
55,213

 
$
18,823

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
132,035

 
$
60,024

 
$
138,448

 
$
61,159

 
$
96,362

 
$
40,259

 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of interest income
$
59,702

 
$
22,876

 
$
55,328

 
$
21,093

 
$
46,351

 
$
17,391

Amortization of deferred financing costs
7,458

 
2,314

 
6,505

 
2,621

 
7,276

 
2,136

Depreciation and amortization
65,945

 
31,286

 
71,164

 
31,215

 
37,294

 
14,910

Net (loss) Income
$
(1,070
)
 
$
3,548

 
$
5,451

 
$
6,230

 
$
5,441

 
$
5,822

 
 
 
 
 
 
 
 
 
 
 
 
Real estate depreciation
64,918

 
31,083

 
70,912

 
31,172

 
37,234

 
14,909

FFO Contribution
$
63,848

 
$
34,631

 
$
76,363

 
$
37,402

 
$
42,675

 
$
20,731

 
 
 
 
 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
8,485

 
$
2,517

 
$
6,757

 
$
2,664

 
$
7,337

 
$
2,137

Straight-line rental income and other non-cash adjustments
(18,337
)
 
(10,349
)
 
(21,667
)
 
(11,126
)
 
(12,391
)
 
(6,059
)
Second cycle tenant improvement
(2,869
)
 
(1,149
)
 
(1,245
)
 
(627
)
 
(2,263
)
 
(1,175
)
Second cycle leasing commissions
(1,631
)
 
(561
)
 
(271
)
 
(154
)
 
(582
)
 
(142
)
Recurring CAPEX
(2,577
)
 
(700
)
 
(340
)
 
(205
)
 
(1,142
)
 
(635
)
Total FAD Adjustments
$
(16,929
)
 
$
(10,242
)
 
$
(16,766
)
 
$
(9,448
)
 
$
(9,041
)
 
$
(5,874
)
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
13,500

 
$
5,973

 
$
12,298

 
$
3,852

 
$
19,660

 
$
9,009

First cycle leasing commissions
$
3,477

 
$
1,457

 
$
3,086

 
$
1,039

 
$
2,487

 
$
1,071

Development costs
$
117,819

 
$
82,857

 
$
4,173

 
$
1,225

 
$
666

 
$
632

Redevelopment costs
$
7,599

 
$
3,954

 
$
16,215

 
$
8,444

 
$
6,516

 
$
4,162

Capitalized interest
$
5,899

 
$
3,207

 
$
5,457

 
$
2,966

 
$
6,519

 
$
3,491


Supplemental Information
18
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
Six Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
 
 
 
 
 
 
 
 
 Total
 
 SLG Share
 
 Total
 
 SLG Share
Revenues
 
 
 
 
 
 
 
Rental revenue, net
$
375,481

 
$
154,195

 
$
275,574

 
$
103,917

Escalation and reimbursement revenues
33,801

 
15,573

 
17,409

 
6,930

Investment income
12,943

 
8,746

 
16,010

 
10,007

Other income
4,884

 
2,121

 
5,094

 
2,493

Total Revenues, net
$
427,109

 
$
180,635

 
$
314,087

 
$
123,347

 
 
 
 
 
 
 
 
Loss on early extinguishment of debt

 

 
(1,606
)
 
(972
)
Expenses
 
 
 
 
 
 
 
Operating expenses
$
77,941

   
$
28,615

 
$
54,420

   
$
17,947

Ground rent
8,430

 
4,029

 
6,926

 
3,463

Real estate taxes
70,109

 
26,698

 
48,542

 
17,007

Transaction related costs, net of recoveries
146

 
110

 

 

Total Operating Expenses
$
156,626

 
$
59,452

 
$
109,888

 
$
38,417

 
 
 
 
 
 
 
 
Operating Income
$
270,483

 
$
121,183

 
$
202,593

 
$
83,958

 
 
 
 
 
 
 
 
Interest expense, net of interest income
$
115,030

 
$
43,969

 
$
96,087

 
$
34,650

Amortization of deferred financing costs
13,963

 
4,935

 
10,512

 
3,432

Depreciation and amortization
137,109

 
62,501

 
75,145

 
29,813

Net Income
$
4,381

 
$
9,778

 
$
20,849

 
$
16,063

 
 
 
 
 
 
 
 
Real estate depreciation
135,830

 
62,255

 
75,023

 
29,810

FFO Contribution
$
140,211

 
$
72,033

 
$
95,872

 
$
45,873

 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
15,242

 
$
5,181

 
$
10,634

 
$
3,435

Straight-line rental income and other non-cash adjustments
(40,004
)
 
(21,475
)
 
(25,981
)
 
(11,672
)
Second cycle tenant improvement
(4,114
)
 
(1,776
)
 
(3,641
)
 
(1,899
)
Second cycle leasing commissions
(1,902
)
 
(715
)
 
(1,585
)
 
(686
)
Recurring CAPEX
(2,917
)
 
(905
)
 
(1,589
)
 
(879
)
Total FAD Adjustments
$
(33,695
)
 
$
(19,690
)
 
$
(22,162
)
 
$
(11,701
)
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
25,798

 
$
9,825

 
$
30,195

 
$
11,912

First cycle leasing commissions
$
6,563

 
$
2,496

 
$
12,992

 
$
6,353

Development costs
$
121,992

 
$
84,082

 
$
1,337

 
$
1,268

Redevelopment costs
$
23,814

 
$
12,398

 
$
21,206

 
$
8,801

Capitalized interest
$
11,356

 
$
6,173

 
$
12,623

 
$
6,776



Supplemental Information
19
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED FINANCIAL DATA
Net Operating Income and Components of Consolidated Debt Service and Fixed Charges Coverage - Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
Three Months Ended
Three Months Ended
Six Months Ended
 
 
June 30,
 
June 30,
 
 
March 31,
 
 
June 30,
 
June 30,
 
 
2017
 
2016
 
 
2017
 
 
2017
 
2016
 
Net Operating Income (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI including SL Green Management Corp. and Eemerge 212
$
185,974

 
$
315,753

 
 
$
185,126

 
 
$
371,099

 
$
559,867

 
SLG share of property NOI from unconsolidated JVs
56,072

 
40,259

 
 
56,464

 
 
112,536

 
84,930

 
NOI including SLG share of unconsolidated JVs
$
242,046

 
$
356,012

 
 
$
241,590

 
 
$
483,635

 
$
644,797

 
Partners' share of NOI - consolidated JVs
(9,589
)
 
(9,068
)
 
 
(9,768
)
 
 
(19,356
)
 
(17,636
)
 
NOI - SLG share
$
232,457

 
$
346,944

 
 
$
231,822

 
 
$
464,279

 
$
627,161

 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI, including SLG share of unconsolidated JVs
$
242,046

 
$
356,012

 
 
$
241,590

 
 
$
483,635

 
$
644,797

 
Free rent (net of amortization)
(6,057
)
 
52,341

 
 
(4,421
)
 
 
(10,448
)
 
62,590

 
Net FAS 141 adjustment
(8,675
)
 
(157,703
)
 
 
(7,860
)
 
 
(16,534
)
 
(193,340
)
 
Straight-line revenue adjustment
(14,059
)
 
(5,349
)
 
 
(15,923
)
 
 
(29,960
)
 
(21,976
)
 
Allowance for straight-line tenant credit loss
(108
)
 
301

 
 
(944
)
 
 
(1,052
)
 
1,966

 
Ground lease straight-line adjustment
959

 
912

 
 
991

 
 
1,951

 
1,729

 
Cash NOI, including SLG share of unconsolidated JVs
$
214,106

 
$
246,514

 
 
$
213,433

 
 
$
427,592

 
$
495,766

 
Partners' share of cash NOI - consolidated JVs
(7,845
)
 
(7,284
)
 
 
(7,423
)
 
 
(15,269
)
 
(14,145
)
 
Cash NOI - SLG share
$
206,261

 
$
239,230

 
 
$
206,010

 
 
$
412,323

 
$
481,621

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Components of Consolidated Debt Service and Fixed Charges - Cash Basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
65,057

 
$
88,459

 
 
$
62,692

 
 
$
127,754

 
$
185,177

 
Principal amortization payments
12,671

 
7,910

 
 
13,201

 
 
25,872

 
15,904

 
Total Consolidated Debt Service
$
77,728

 
$
96,369

 
 
$
75,893

 
 
$
153,626

 
$
201,081

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments under ground lease arrangements
$
7,784

 
$
7,698

 
 
$
7,784

 
 
$
15,568

 
$
15,398

 
Dividends on preferred units
2,851

 
2,880

 
 
2,850

 
 
2,854

 
5,528

 
Dividends on perpetual preferred shares
3,737

 
3,737

 
 
3,738

 
 
3,738

 
7,475

 
Total Consolidated Fixed Charges
$
92,100

 
$
110,684

 
 
$
90,265

 
 
$
175,786

 
$
229,482

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes lease termination income and the activity of 885 Third Avenue, which was sold in February 2016 but did not meet the criteria for sale accounting at that time and, therefore, remained consolidated until the first quarter of 2017.
 
 

Supplemental Information
20
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED FINANCIAL DATA
2017 Same Store Net Operating Income - Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg




Three Months Ended
 
Three Months Ended
Six Months Ended
 



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



2017
 
2016
%
 
 
2017
 
 
2017
 
2016
%
Revenues

 
 
 
 
 
 
 
 
 
 
 
 
 

Rental revenue, net

$
273,363

 
$
267,727

2.1
 %
 
 
$
271,435

 
 
$
544,797

 
$
530,164

2.8
 %

Escalation & reimbursement revenues

40,399

 
43,343

(6.8
)%
 
 
42,564

 
 
82,963

 
84,938

(2.3
)%

Other income

1,789

 
1,530

16.9
 %
 
 
1,426

 
 
3,215

 
3,635

(11.6
)%

Total Revenues

$
315,551

 
$
312,600

0.9
 %
 
 
$
315,425

 
 
$
630,975

 
$
618,737

2.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses


 
 
 
 
 
 
 
 
 
 
 
 

Operating expenses

$
64,703

 
$
63,850

1.3
 %
 
 
$
69,382

 
 
$
134,085

 
$
132,754

1.0
 %

Ground rent

8,520

 
8,520

0.0
 %
 
 
8,520

 
 
17,041

 
17,040

0.0
 %

Real estate taxes

60,695

 
58,075

4.5
 %
 
 
60,452

 
 
121,147

 
116,095

4.4
 %



$
133,918

 
$
130,445

2.7
 %
 
 
$
138,354

 
 
$
272,273

 
$
265,889

2.4
 %




 
 
 
 
 
 
 
 
 
 
 
 

Operating Income

$
181,633

 
$
182,155

(0.3
)%
 
 
$
177,071

 
 
$
358,702

 
$
352,848

1.7
 %




 
 
 
 
 
 
 
 
 
 
 
 

Interest expense & amortization of financing costs
$
43,550

 
$
45,566

(4.4
)%
 
 
$
43,968

 
 
$
87,518

 
$
90,624

(3.4
)%

Depreciation & amortization

82,507

 
81,093

1.7
 %
 
 
85,008

 
 
167,516

 
161,299

3.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Income before noncontrolling interest

$
55,576

 
$
55,496

0.1
 %
 
 
$
48,095

 
 
$
103,668

 
$
100,925

2.7
 %
Plus:
Real estate depreciation & amortization

82,440

 
81,023

1.7
 %
 
 
84,941

 
 
167,381

 
161,161

3.9
 %

FFO Contribution

$
138,016

 
$
136,519

1.1
 %
 
 
$
133,036

 
 
$
271,049

 
$
262,086

3.4
 %




 
 
 
 
 
 
 
 
 
 
 
 
Less:
Non–building revenue

1,015

 
738

37.5
 %
 
 
895

 
 
1,910

 
1,201

59.0
 %




 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
43,550

 
45,566

(4.4
)%
 
 
43,968

 
 
87,518

 
90,624

(3.4
)%

Non-real estate depreciation

67

 
70

(4.3
)%
 
 
67

 
 
135

 
138

(2.2
)%

NOI

$
180,618

 
$
181,417

(0.4
)%
 
 
$
176,176

 
 
$
356,792


$
351,647

1.5
 %




 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments


 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)

$
5,104

 
$
657

676.9
 %
 
 
$
3,267

 
 
$
8,371


$
1,583

428.8
 %

Straightline revenue adjustment

5,787

 
8,541

(32.2
)%
 
 
6,914

 
 
12,699


17,185

(26.1
)%

Rental income - FAS 141

4,471

 
3,740

19.5
 %
 
 
4,769

 
 
9,240


7,434

24.3
 %
Plus:
Ground lease straight-line adjustment

524

 
608

(13.8
)%
 
 
524

 
 
1,048


1,216

(13.8
)%

Allowance for S/L tenant credit loss

111

 
244

(54.5
)%
 
 
(1,036
)
 
 
(925
)
 
1,900

(148.7
)%

Cash NOI

$
165,891

 
$
169,331

(2.0
)%
 
 
$
160,714

 
 
$
326,605

 
$
328,561

(0.6
)%




 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins


 
 
 
 
 
 
 
 
 
 
 
 

NOI to real estate revenue, net

57.4
%
 
58.2
%


 
 
56.0
%
 
 
56.7
%
 
56.9
%
 

Cash NOI to real estate revenue, net

52.7
%
 
54.3
%


 
 
51.1
%
 
 
51.9
%
 
53.2
%
 




 
 


 
 
 
 
 
 
 
 
 

NOI before ground rent/real estate revenue, net

60.1
%
 
60.9
%


 
 
58.7
%
 
 
59.4
%
 
59.7
%
 

Cash NOI before ground rent/real estate revenue, net

55.3
%
 
56.8
%


 
 
53.6
%
 
 
54.5
%
 
55.8
%
 

Supplemental Information
21
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED FINANCIAL DATA
2017 Same Store Net Operating Income - Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
Three Months Ended
 
Three Months Ended
Six Months Ended
 
 
 
 
June 30,
 
June 30,
 
 
 
March 31,
 
 
June 30,
 
June 30,
 
 
 
 
2017
 
2016
%
 
 
2017
 
 
2017
 
2016
%
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
 
$
44,021

 
$
43,539

1.1
 %
 
 
$
44,134

 
 
$
88,156

 
$
85,629

3.0
 %
 
Escalation & reimbursement revenues
 
3,848

 
3,257

18.1
 %
 
 
4,119

 
 
7,967

 
6,047

31.8
 %
 
Other income
 
412

 
338

21.9
 %
 
 
312

 
 
724

 
2,398

(69.8
)%
 
Total Revenues
 
$
48,281

 
$
47,134

2.4
 %
 
 
$
48,565

 
 
$
96,847

 
$
94,074

2.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
$
7,978

 
$
7,487

6.6
 %
 
 
$
8,460

 
 
$
16,439

 
$
15,453

6.4
 %
 
Ground rent
 

 

 %
 
 

 
 

 

 %
 
Real estate taxes
 
8,212

 
7,536

9.0
 %
 
 
8,208

 
 
16,421

 
15,163

8.3
 %
 
 
 
$
16,190

 
$
15,023

7.8
 %
 
 
$
16,668

 
 
$
32,860

 
$
30,616

7.3
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
$
32,091

 
$
32,111

(0.1
)%
 
 
$
31,897

 
 
$
63,987

 
$
63,458

0.8
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
$
14,024

 
$
16,452

(14.8
)%
 
 
$
13,013

 
 
$
27,037

 
$
35,754

(24.4
)%
 
Depreciation & amortization
 
14,499

 
12,873

12.6
 %
 
 
14,598

 
 
29,097

 
25,978

12.0
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Income before noncontrolling interest
$
3,568

 
$
2,786

28.1
 %
 
 
$
4,286

 
 
$
7,853

 
$
1,726

355.0
 %
Plus:
Real estate depreciation & amortization
14,498

 
12,872

12.6
 %
 
 
14,597

 
 
29,096

 
25,977

12.0
 %
 
FFO Contribution
 
$
18,066

 
$
15,658

15.4
 %
 
 
$
18,883

 
 
$
36,949

 
$
27,703

33.4
 %
 
 
 

 
 


 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
 
229

 
140

63.6
 %
 
 
140

 
 
370

 
279

32.6
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
14,024

 
16,452

(14.8
)%
 
 
13,013

 
 
27,037

 
35,754

(24.4
)%
 
Non-real estate depreciation
 
1

 
1

 %
 
 
1

 
 
1

 
1

 %
 
NOI
 
$
31,862

 
$
31,971

(0.3
)%
 
 
$
31,757

 
 
$
63,617


$
63,179

0.7
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)
 
$
(237
)
 
$
3,690

(106.4
)%
 
 
$
(144
)
 
 
$
(383
)

$
6,188

(106.2
)%
 
Straightline revenue adjustment
 
2,759

 
1,270

117.2
 %
 
 
2,753

 
 
5,512


2,707

103.6
 %
 
Rental income - FAS 141
 
409

 
440

(7.0
)%
 
 
479

 
 
888


883

0.6
 %
Plus:
Ground lease straight-line adjustment
 

 

 %
 
 

 
 

 

 %
 
Allowance for S/L tenant credit loss
 
86

 

 %
 
 

 
 
86

 

 %
 
Cash NOI
 
$
29,017

 
$
26,571

9.2
 %
 
 
$
28,669


 
$
57,686

 
$
53,401

8.0
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
 
66.3
%
 
68.0
%


 
 
65.6
%
 
 
65.9
%
 
67.4
%
 
 
Cash NOI to real estate revenue, net
60.4
%
 
56.5
%


 
 
59.2
%
 
 
59.8
%
 
56.9
%
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before ground rent/real estate revenue, net
66.3
%
 
68.0
%


 
 
65.6
%
 
 
65.9
%
 
67.4
%
 
 
Cash NOI before ground rent/real estate revenue, net
60.4
%
 
56.5
%


 
 
59.2
%
 
 
59.8
%
 
56.9
%
 

Supplemental Information
22
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED FINANCIAL DATA
2017 Same Store Net Operating Income
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
 
 
Three Months Ended
 
Three Months Ended
Six Months Ended
 
 
 
 
June 30,
 
June 30,
 
 
 
March 31,
 
 
June 30,
 
June 30,
 
 
 
 
2017
 
2016
%
 
 
2017
 
 
2017
 
2016
%
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
 
$
273,363

 
$
267,727

2.1
 %
 
 
$
271,435

 
 
$
544,797

 
$
530,164

2.8
 %
 
Escalation & reimbursement revenues
 
40,399

 
43,343

(6.8
)%
 
 
42,564

 
 
82,963

 
84,938

(2.3
)%
 
Other income
 
1,789

 
1,530

16.9
 %
 
 
1,426

 
 
3,215

 
3,635

(11.6
)%
 
Total Revenues
 
$
315,551

 
$
312,600

0.9
 %
 
 
$
315,425

 
 
$
630,975

 
$
618,737

2.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity in Net Income from Unconsolidated Joint Ventures (1)
 
$
3,568

 
$
2,786

28.1
 %
 
 
$
4,286

 
 
$
7,853

 
$
1,726

355.0
 %
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
$
64,703

 
$
63,850

1.3
 %
 
 
$
69,382

 
 
$
134,085

 
$
132,754

1.0
 %
 
Ground rent
 
8,520

 
8,520

0.0
 %
 
 
$
8,520

 
 
$
17,041

 
17,040

 %
 
Real estate taxes
 
$
60,695

 
$
58,075

4.5
 %
 
 
$
60,452

 
 
$
121,147

 
$
116,095

4.4
 %
 
 
 
$
133,918

 
$
130,445

2.7
 %
 
 
$
138,354

 
 
$
272,273

 
$
265,889

2.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
185,201

 
184,941

0.1
 %
 
 
181,357

 
 
366,555

 
354,574

3.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
 
$
43,550

 
$
45,566

(4.4
)%
 
 
$
43,968

 
 
$
87,518

 
$
90,624

(3.4
)%
 
Depreciation & amortization
 
82,507

 
81,093

1.7
 %
 
 
85,008

 
 
167,516

 
161,299

3.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before noncontrolling interest
 
$
59,144

 
$
58,282

1.5
 %
 
 
$
52,381

 
 
$
111,521

 
$
102,651

8.6
 %
Plus:
Real estate depreciation & amortization
 
82,440

 
81,023

1.7
 %
 
 
84,941

 
 
167,381

 
161,161

3.9
 %
 
Joint Ventures Real estate depreciation & amortization (1)
 
14,498

 
12,872

12.6
 %
 
 
14,597

 
 
29,096

 
$
25,977

12.0
 %
 
FFO Contribution
$
156,082

 
$
152,177

2.6
 %
 
 
$
151,919

 
 
$
307,998

 
$
289,789

6.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
 
$
1,015

 
$
738

37.5
 %
 
 
$
895

 
 
$
1,910

 
$
1,201

59.0
 %
 
Joint Ventures Non–building revenue (1)
 
229

 
140

63.6
 %
 
 
$
140

 
 
$
370

 
$
279

32.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
 
43,550

 
45,566

(4.4
)%
 
 
43,968

 
 
87,518

 
90,624

(3.4
)%
 
Joint Ventures Interest expense & amortization of financing costs (1)
 
$
14,024

 
$
16,452

(14.8
)%
 
 
$
13,013

 
 
$
27,037

 
$
35,754

(24.4
)%
 
Non-real estate depreciation
 
67

 
70

(4.3
)%
 
 
67

 
 
135

 
138

(2.2
)%
 
Joint Ventures Non-real estate depreciation (1)
 
1

 
1

0.0
 %
 
 
1

 
 
1

 
1

 %
 
NOI
 
$
212,480

 
$
213,388

(0.4
)%
 
 
$
207,933

 
 
$
420,409

 
$
414,826

1.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-cash adjustments
 
(14,727
)
 
(12,086
)
21.9
 %
 
 
(15,462
)
 
 
(30,187
)
 
(23,086
)
30.8
 %
 
Joint Venture non-cash adjustments (1)
 
$
(2,845
)
 
$
(5,400
)
(47.3
)%
 
 
$
(3,088
)
 
 
$
(5,931
)
 
$
(9,778
)
(39.3
)%
 
Cash NOI
 
$
194,908

 
$
195,902

(0.5
)%
 
 
$
189,383

 

$
384,291

 
$
381,962

0.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
 
58.6
%
 
59.5
%
 
 
 
57.3
%
 
 
57.9
%
 
58.3
%
 
 
Cash NOI to real estate revenue, net
 
53.8
%
 
54.6
%
 
 
 
52.2
%
 
 
53.0
%
 
53.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before ground rent/real estate revenue, net
 
61.0
%
 
61.8
%
 
 
 
59.6
%
 
 
60.3
%
 
60.7
%
 
 
Cash NOI before ground rent/real estate revenue, net
 
56.0
%
 
56.8
%
 
 
 
54.4
%
 
 
55.2
%
 
55.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.

Supplemental Information
23
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
 
Principal

 
 
 
2017

 
Initial
 
Principal

 
As-Of

 
 
 
 
 
Ownership
 
 
Outstanding

 

 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
 
Interest (%)
 
 
6/30/2017

 
Coupon (1)
 
Amortization

 
Date
 
Maturity

 
Extension

Prepayment
Secured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Madison Avenue
100.0
 
 
$
502,175

 
5.91%
 
$
31,653

 
May-20
 
$
404,531

 

Nov-19
 
762 Madison Avenue
90.0
 
 
771

 
5.00%
 

 
Feb-22
 
771

 

Open
 
100 Church Street
100.0
 
 
219,190

 
4.68%
 
3,860

 
Jul-22
 
197,784

 

Apr-22
 
919 Third Avenue
51.0
 
 
500,000

 
5.12%
 

 
Jun-23
 
500,000

 

Feb-23
 
420 Lexington Avenue
100.0
 
 
300,000

 
3.99%
 

 
Oct-24
 
272,749

 

Jul-24
 
1515 Broadway
100.0
 
 
880,562

 
3.93%
 
16,003

 
Mar-25
 
737,436

 

Sep-24
 
400 East 58th Street
90.0
 
 
40,000

 
3.00%
 

 
Nov-26
 
33,840

 

Aug-21
 
Landmark Square
100.0
 
 
100,000

 
4.90%
 

 
Jan-27
 
100,000

 

Oct-26
 
485 Lexington Avenue
100.0
 
 
450,000

 
4.25%
 

 
Feb-27
 
450,000

 

Oct-26
 
1080 Amsterdam
92.5
 
 
36,363

 
3.58%
 

 
Feb-27
 
29,358

 

Open
 
315 West 33rd Street - The Olivia
100.0
 
 
250,000

 
4.17%
 

 
Feb-27
 
250,000

 

Open
 
 
 
 
 
 
 
$
3,279,061

 
4.55%
 
$
51,516

 
 
 
$
2,976,469

 
 
 
Unsecured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible notes
 
 
 
$
291,416

 
3.00%
 
$

 
Oct-17
 
$
294,967

 

Open
 
Unsecured loan
 
 
 
16,000

 
4.81%
 

 
Jun-18
 
16,000

 

Open
 
Unsecured notes
 
 
 
249,916

 
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
(3)
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
 
 
 
 
 
 
 
$
1,911,332

 
3.88%
 
$

 
 
 
$
1,914,967

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt
 
 
$
5,190,393

 
4.30%
 
$
51,516

 
 
 
$
4,891,436

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
719 Seventh Avenue (LIBOR + 305 bps)
75.0
 
 
$
40,718

 
4.27%
 
$

 
Feb-18
 
$
40,718

 

Open
 
187 Broadway & 5-7 Dey Street (LIBOR + 269.5 bps)
100.0
 
 
58,000

 
3.92%
 

 
May-18
 
58,000

 

Open
 
Debt & preferred equity facility (LIBOR + 313 bps)
 
 
184,642

 
4.35%
 

 
Jul-18
 
184,642

 
Jul-19

Open
 
220 East 42nd St. (LIBOR + 160 bps)
100.0
 
 
275,000

 
2.82%
 

 
Oct-20
 
275,000

 

Open
 
 
 
 
 
 
 
$
558,360

 
3.55%
 
$

 
 
 
$
558,360

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

 
2.62%
 
$

 
Jun-19
 
$
383,000

 

Open
 
Revolving credit facility (LIBOR + 125 bps)
 
 
 
 
200,000

 
2.47%
 

 
Mar-20
 
200,000

 
Mar-21

Open
 
Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps)
 
100,000

 
2.55%
 

 
Jul-35
 
100,000

 

Open
 
 
 
 
 
 
 
$
683,000

 
2.57%
 
$

 
 
 
$
683,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt
 
 
$
1,241,360

 
3.01%
 
$

 
 
 
$
1,241,360

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt - Consolidated
 
 
$
6,431,753

 
4.05%
 
$
51,516

 
 
 
$
6,132,796

 
 
 
 
 
Deferred financing costs
 
 
(56,820
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt - Consolidated, net
 
 
$
6,374,933

 
4.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt - Joint Venture, net
 
 
$
2,873,391

 
3.69%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt including SLG share of unconsolidated JV Debt
 
 
$
9,356,569

 
3.94%
 
 
 
 
 
 
 
 
 
 
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt
 
 
$
9,416,201

 
3.84%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 mature in December 2017.
(3) The interest rate swaps mature in July 2023.

Supplemental Information
24
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
Principal Outstanding
 
 
 
2017

 
Initial
 
Principal

 
As-Of

 
 
 
 
Ownership
 
 
6/30/2017
 
 
 
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
 
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

 

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
 
400 East 57th Street
41.0
 
 
100,000

 
41,000

 
3.00%
 

 
Nov-26
 
35,889

 

Open
 
Stonehenge Portfolio
Various
 
 
360,889

(2)
21,715

 
4.17%
 
431

 
Various
(2)
19,735

 

Open
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt
 
 
$
3,225,217

 
$
1,342,245

 
3.81%
(3)
$
431

 
 
 
$
1,335,154

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55 West 46th Street - Tower 46 (LIBOR + 230 bps)
25.0
 
 
$
160,727

 
$
40,182

 
3.52%
 
$

 
Oct-17
 
$
40,182

 

Open
 
175-225 3rd Street (Prime + 100 bps)
95.0
 
 
40,000

 
38,000

 
5.25%
 

 
Dec-17
 
38,000

 

Open
 
Jericho Plaza (LIBOR + 415 bps)
11.7
 
 
78,454

 
9,156

 
5.37%
 

 
Mar-18
 
9,156

 
Mar-19

Open
 
724 Fifth Avenue (LIBOR + 243 bps)
50.0
 
 
275,000

 
137,500

 
3.65%
 

 
Apr-18
 
137,500

 
Apr-19

Open
 
1552 Broadway (LIBOR + 418 bps)
50.0
 
 
185,410

 
92,705

 
5.40%
 

 
Apr-18
 
92,705

 

Open
 
605 West 42nd Street - Sky (Various)
20.0
 
 
539,000

 
107,800

 
3.11%
 

 
Jul-18
 
107,800

 

Open
 
650 Fifth Avenue (LIBOR + 375 bps)
50.0
 
 
86,500

 
43,250

 
4.97%
 

 
Aug-18
 
43,250

 

Open
 
280 Park Avenue (LIBOR + 200 bps)
50.0
 
 
900,000

 
450,000

 
3.22%
 

 
Jun-19
 
450,000

 

Open
 
121 Greene Street (LIBOR + 150 bps)
50.0
 
 
15,000

 
7,500

 
2.72%
 

 
Nov-19
 
7,500

 

Open
 
1745 Broadway (LIBOR + 185 bps)
56.9
 
 
345,000

 
196,202

 
3.07%
 

 
Jan-20
 
196,202

 

Open
 
10 East 53rd Street (LIBOR + 225 bps)
55.0
 
 
170,000

 
93,500

 
3.47%
 

 
Feb-20
 
93,500

 

Open
 
131-137 Spring Street (LIBOR + 155 bps)
20.0
 
 
141,000

 
28,200

 
2.77%
 

 
Aug-20
 
28,200

 

Open
 
11 West 34th Street (LIBOR + 145 bps)
30.0
 
 
23,000

 
6,900

 
2.67%
 

 
Jan-21
 
6,900

 
Jan-23

Open
 
100 Park Avenue (LIBOR + 175 bps)
49.9
 
 
360,000

 
179,640

 
2.97%
 

 
Feb-21
 
175,859

 

Open
 
One Vanderbilt (LIBOR + 350 bps)
71.0
 
 
209,444

 
148,726

 
4.72%
 

 
Sep-21
 
148,705

 

Open
 
21 East 66th Street (T 12 mos + 275 bps)
32.3
 
 
1,686

 
544

 
3.99%
 
26

 
Jun-33
 
4

 

Open
 
Stonehenge Portfolio (Various)
Various
 
 
55,340

 
2,766

 
2.47%
 

 
Various
 
2,767

 

Open
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt
 
 
$
3,585,561

 
$
1,582,571

 
3.59%
(3)
$
26

 
 
 
$
1,578,230

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total unconsolidated JV Debt
 
 
$
6,810,778

 
$
2,924,816

 
3.69%
(3)
$
457

 
 
 
$
2,913,384

 
 
 
 
 
Deferred financing costs
 
 
(121,291
)
 
(51,425
)
 
 
 
 
 
 
 
 
 
 
 
 
Total unconsolidated JV Debt, net
 
 
$
6,689,487

 
$
2,873,391

 
3.69%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $34.2 million, $138.3 million, $173.4 million, and $15.0 million in fixed-rate mortgages that mature in November 2017, August 2019, June 2024, and February 2027, 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
 
$
5,190,393

 
 
 
 
Total Debt / Total Assets
36.8%
Less than 60%
 
 
 
 
 
SLG Share of JV
 
1,342,245

 
 
 
 
Fixed Charge Coverage
2.57x
Greater than 1.5x
 
 
 
 
 
Total Fixed Rate Debt
 
$
6,532,638

 
69.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
1,241,360

 
 
 
 
Unsecured Notes Covenants
 
 
 
 
 
SLG Share of JV
 
1,582,571

 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
2,823,931

 
 
 
 
Total Debt / Total Assets
30.8%
Less than 60%
 
 
 
Debt & Preferred Equity and Other Investments
 
(1,254,964
)
 
 
 
 
Secured Debt / Total Assets
18.9%
Less than 40%
 
 
 
 
Total Floating Rate Debt
 
$
1,568,967

 
16.8%
 
 
Debt Service Coverage
5.94x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
 
 
Unencumbered Assets / Unsecured Debt
617.8%
Greater than 150%
 
 
 
 
 
 
Total Debt
 
$
9,356,569

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
25
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
DEBT SUMMARY SCHEDULE 
Reckson Operating Partnership
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-recksonlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
Principal

 
 
 
2017

 
Initial
 
Principal

 
As-Of

 
 
 
 
Ownership
 
 
Outstanding

 
 
 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
Interest (%)
 
 
6/30/2017

 
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
 
315 West 33rd Street
100.0
 
 
250,000

 
4.17
%
 

 
Feb-27
 
250,000

 

Open
 
 
 
 
 
 
$
750,000

 
4.80
%
 
$

 
 
 
$
750,000

 
 
 
Unsecured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured notes
 
 
 
$
249,916

 
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
(3)
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
 
 
 
 
 
 
$
1,599,916

 
4.03
%
 
$

 
 
 
$
1,600,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt
$
2,349,916

 
4.28
%
 
$

 
 
 
$
2,350,000

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt & preferred equity facility (LIBOR + 313 bps)
$
184,642

 
4.35
%
 
$

 
Jul-18
 
$
184,642

 
Jul-19

Open
 
 
 
 
 
 
$
184,642

 
4.35
%
 
$

 
 
 
$
184,642

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

 
2.62
%
 

 
Jun-19
 
383,000

 

Open
 
Revolving credit facility (LIBOR + 125 bps)
200,000

 
2.47
%
 

 
Mar-20
 
200,000

 
Mar-21

Open
 
 
 
 
 
 
$
583,000

 
2.57
%
 
$

 
 
 
$
583,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt
$
767,642

 
3.00
%
 
$

 
 
 
$
767,642

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt - Consolidated
$
3,117,558

 
3.96
%
 
$

 
 
 
$
3,117,642

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 mature in December 2017.
 
 
 
(3) The interest rate swaps mature in July 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECKSON OPERATING PARTNERSHIP, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility Covenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
 
 
 
Total Debt / Total Assets
 
36.3%
Less than 60%
 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Coverage
 
5.45x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
Secured Debt / Total Assets
 
9.7%
Less than 40%
 
 
 
 
 
 
 
 
 
 
 
Unsecured Debt / Unencumbered Assets
 
41.6%
Less than 60%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Notes Covenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
 
 
 
Total Debt / Total Assets
 
30.8%
Less than 60%
 
 
 
 
 
 
 
 
 
 
 
Secured Debt / Total Assets
 
18.9%
Less than 40%
 
 
 
 
 
 
 
 
 
 
 
Debt Service Coverage
 
5.94x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
Unencumbered Assets / Unsecured Debt
 
617.8%
Greater than 150%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
26
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SUMMARY OF GROUND LEASE ARRANGEMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Land
 
 
 
 
 
2017 Scheduled
2018 Scheduled
2019 Scheduled
2020 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

 
 
695

 
 
2027
(3)
711 Third Avenue
 
 
5,500

 
 
5,500

 
 
5,500

 
 
5,500

 
 
1,147

 
 
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

 
 
11,174

 
 

 
 
2050
(5)
1055 Washington Blvd, Stamford
 
 
615

 
 
615

 
 
615

 
 
615

 
 

 
 
2090
 
1080 Amsterdam Avenue
 
 
209

 
 
209

 
 
226

 
 
314

 
 

 
 
2111
 
30 East 40th Street
 
 
204

 
 
204

 
 
204

 
 
212

 
 
1,070

 
 
2114
 
Total
 
 
$
31,049

 
 
$
31,049

 
 
$
31,066

 
 
$
31,437

 
 
$
2,912

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1080 Amsterdam Avenue
 
 
$
291

 
 
$
291

 
 
$
315

 
 
$
436

 
 
$
21,703

 
 
2111
 
30 East 40th Street
 
 
2,096

 
 
2,096

 
 
2,096

 
 
2,183

 
 
20,777

 
 
2114
 
Total
 
 
$
2,387

 
 
$
2,387

 
 
$
2,411

 
 
$
2,619

 
 
$
42,480

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue (Floors Bsmt-3)
 
 
$
1,167

 
 
$
1,183

 
 
$
1,284

 
 
$
1,284

 
 
$
2,454

 
 
2062
 
650 Fifth Avenue (Floors 4-6)
 
 

 
 
18

 
 
1,645

 
 
1,645

 
 
935

 
 
2033
 
333 East 22nd Street
 
 
108

 
 
135

 
 
217

 
 
217

 
 
477

 
 
2115
 
Total
 
 
$
1,275

 
 
$
1,336

 
 
$
3,146

 
 
$
3,146

 
 
$
3,866

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue (Floors 1-3)
 
 
$
6,086

 
 
$
6,169

 
 
$
6,695

 
 
$
6,695

 
 
$
93,785

 
 
2062
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Per the balance sheet at June 30, 2017.
(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
27
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
Weighted Average Book
 
Weighted Average
 
Current
 
 
 
Book Value (1)
 
Value During Quarter
 
Yield During Quarter (2)
 
Yield (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
 
$
1,383,096

 
 
9.37%
 
9.23%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(4)
 
424,414

 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(4)
 
30

 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
(237,266
)
 
 
 
 
 
 
 
 
 
 
12/31/2016
 
$
1,640,412

 
 
 
$
1,511,273

 
 
9.30%
 
9.31%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(4)
 
403,888

 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(4)
 
30

 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
(416,494
)
 
 
 
 
 
 
 
 
 
 
3/31/2017
 
$
1,627,836

 
 
 
$
1,647,359

 
 
9.35%
 
9.39%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt originations/accretion(4)
 
455,667

 
 
 
 
 
 
 
 
 
 
Preferred Equity originations/accretion(4)
 
143,323

 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
(240,413
)
 
 
 
 
 
 
 
 
 
 
6/30/2017
 
$
1,986,413

(5) 
 
 
$
2,064,131

 
 
9.37%
 
9.49%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $144.9 million with a weighted average current yield of 8.31% that are included in other balance sheet line items.


Supplemental Information
28
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.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
 
$
328,287

 
$
226,786

 
$
555,073

 
 
$

 
 
 
$
494

 
 
 
8.42%
 
 
8.49%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Junior Mortgage Participation
 
75,059

 
50,013

 
125,072

 
 
288,664

 
 
 
$
2,115

 
 
 
10.23%
 
 
10.29%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Debt
 
809,137

 
353,812

 
1,162,949

 
 
6,693,717

 
 
 
$
1,595

 
 
 
10.08%
 
 
10.27%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 

 
143,319

 
143,319

 
 
272,000

 
 
 
$
654

 
 
 
6.49%
 
 
6.41%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of 6/30/17
 
$
1,212,483

 
$
773,930

 
$
1,986,413

(3) 
 
$
7,254,381

 
 
 
$
1,252

 
 
 
9.37%
 
 
9.49%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $144.9 million with a weighted average current yield of 8.31% that are included in other balance sheet line items.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt and Preferred Equity Maturity Profile (1)
 
 
 
 
2017
2018
2019
2020
2021 & Thereafter
 
 
 
Floating Rate
100,184

480,071

512,929

103,680

15,620

 
 
 
Fixed Rate
250,150


26,338

343,163

154,278

 
 
 
Total
350,334
480,071
539,267
446,843
169,898
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The weighted average maturity of the outstanding balance is 2.39 years. Approximately 61.0% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average maturity of the fully extended outstanding balance is 3.66 years.


Supplemental Information
29
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS
Unaudited

(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
 
Book Value(1)
Property
 
 
 
Senior
 
 
 
Current
Investment Type
 
 
6/30/2017
 
Type
 
Location
 
Financing
 
Last $ PSF(2)
 
Yield(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
$
250,150

 
Office/Retail
 
Manhattan
 
$

 
$
694

 
11.07%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
199,533

 
Office
 
Manhattan
 
1,160,000

 
$
1,185

 
9.36%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
175,792

 
Commercial/Multi-Family Rental Land
 
Manhattan
 

 
$
339

 
9.04%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
 
143,319

 
Office
 
Manhattan
 
272,000

 
$
654

 
6.41%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
130,067

 
Retail/Multi-Family Rental
 
Manhattan
 

 
$
880

 
9.18%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
74,612

 
Multi-Family Rental
 
Manhattan
 
335,000

 
$
752

 
8.42%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
71,760

 
Office
 
Manhattan
 
221,568

 
$
553

 
10.16%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
69,409

 
Multi-Family Rental
 
Manhattan
 
521,213

 
$
829

 
9.95%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
68,437

 
Office
 
Manhattan
 
279,563

 
$
61

 
11.92%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Jr. Mortgage Participation Loans
 
 
67,655

 
Office/Retail
 
Brooklyn
 
188,664

 
$
353

 
9.53%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
$
1,250,734

 
 
 
 
 
$
2,978,008

 
 
 
9.47%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net of unamortized fees, discounts, and premiums.
(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
30
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
Ownership
 
 
 # of
Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs
 Sq. Feet

 
Sq. Feet

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Cash Rent ($'s)
100
%
SLG%

Tenants

CONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Church Street
100.0
Downtown
Fee Interest
1
1,047,500

 
3.9

 
99.6

 
99.4

 
99.5

 
99.5

 
99.5

 
$42,606
4.3

3.2

18

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

 
0.8

 
73.3

 
91.0

 
92.0

 
99.9

 
91.8

 
8,021

0.8

0.6

21

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

 
2.2

 
99.3

 
98.4

 
99.9

 
99.9

 
98.7

 
41,010

4.1

3.1

25

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

 
4.2

 
57.9

 
76.0

 
75.8

 
79.5

 
88.1

 
37,663

3.8

2.8

30

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

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
99.1

 
15,237

1.5

1.1

12

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

 
4.4

 
98.1

 
96.8

 
97.0

 
98.6

 
98.1

 
82,244

8.2

6.2

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

 
18,560

1.9

1.4

10

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

 
3.4

 
69.7

 
75.7

 
96.8

 
96.6

 
98.1

 
46,239

4.6

3.5

28

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

 
3.5

 
99.9

 
99.9

 
99.9

 
99.9

 
99.9

 
40,693

4.1

3.1

9

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

 
0.6

 
72.8

 
72.8

 
76.6

 
76.6

 
76.1

 
15,505

1.6

1.2

13

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

 
2.1

 
98.8

 
98.8

 
98.8

 
98.8

 
98.2

 
59,660

6.0

4.5

25

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

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
9,141

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

 
13,863

1.4

1.0

6

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

 
1.9

 
88.7

 
92.2

 
92.2

 
88.7

 
68.3

 
32,492

3.3

2.4

19

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

 
2.9

 
98.0

 
98.8

 
99.0

 
97.5

 
97.5

 
47,638

4.8

3.6

29

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

 
2.5

 
94.6

 
93.6

 
93.6

 
94.1

 
94.1

 
45,992

4.6

3.5

47

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

 
5.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
97,918

 
3.8

9

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

 
3.9

 
99.0

 
99.0

 
99.0

 
94.3

 
99.0

 
91,521

9.2

6.9

16

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

 
2.1

 
88.6

 
90.2

 
87.9

 
98.8

 
98.5

 
39,072

3.9

2.9

36

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

 
6.4

 
97.7

 
97.3

 
97.3

 
97.3

 
98.4

 
124,223

12.4

9.4

12

1 Madison Avenue
100.0
Park Avenue South
Fee Interest
1
1,176,900

 
4.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
74,212

7.4

5.6

2

Added to Same Store in 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 East 40th Street
60.0
Grand Central South
Leasehold Interest
1
69,446

 
0.3

 
93.2

 
93.2

 
94.5

 
96.3

 
99.2

 
4,517

 
0.2

57

110 Greene Street
90.0
Soho
Fee Interest
1
223,600

 
0.8

 
72.9

 
70.3

 
69.3

 
74.7

 
77.3

 
10,429

 
0.7

57

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

 
1.1

 
86.6

 
86.6

 
85.1

 
90.2

 
92.5

 
20,238

2.0

1.5

31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
24
16,054,606

 
59.1
%
 
92.3
%
 
94.1
%
 
95.4
%
 
95.9
%
 
96.2
%
 
$1,018,694
90.6
%
73.0
%
725

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

 
59.1
%
 
92.3
%
 
94.1
%
 
95.4
%
 
95.9
%
 
96.2
%
 
$1,018,694
90.6
%
73.0
%
725

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

 
2.0

 
91.0

 
90.6

 
96.8

 
96.2

 
96.4

 
$45,615
 
1.7

32

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

 
3.1

 
90.3

 
92.5

 
92.3

 
96.4

 
97.7

 
60,822

 
2.3

37

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

 
1.7

 
90.2

 
93.6

 
89.2

 
89.2

 
86.8

 
28,983

 
1.1

42

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

 
1.9

 
99.1

 
98.2

 
97.8

 
97.1

 
96.2

 
36,150

 
1.6

44

1745 Broadway
56.9
Midtown
Fee Interest
1
674,000

 
2.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
43,432

 
1.9

1

Added to Same Store in 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
280 Park Avenue
50.0
Park Avenue
Fee Interest
1
1,219,158

 
4.5

 
91.8

 
87.4

 
82.3

 
82.3

 
81.7

 
116,288

 
4.4

36

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
6
4,244,139

 
15.6
%
 
93.4
%
 
92.8
%
 
91.6
%
 
92.2
%
 
91.9
%
 
$331,289
 
13.0
%
192

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"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

 
98.0

 
98.0

 
$141,299
 
6.4

10

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
1
2,314,000

 
8.5
%
 
98.0
%
 
98.0
%
 
98.0
%
 
98.0
%
 
98.0
%
 
$141,299
 
6.4
%
10

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

 
24.1
%
 
95.1
%
 
94.7
%
 
93.8
%
 
94.3
%
 
94.1
%
 
$472,588
 
19.4
%
202

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

 
83.2
%
 
93.1
%
 
94.3
%
 
94.9
%
 
95.4
%
 
95.6
%
 
$1,491,283
 
 
927

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$1,224,716
 
92.3
%
 
Manhattan Operating Properties Same Store Occupancy %
 
 
20,298,745

 
89.8
%
 
92.6
%
 
93.9
%
 
94.6
%
 
95.1
%
 
95.3
%
 
 
 
 
 
Manhattan Operating Properties Same Store Leased Occupancy %
 
 
 
 
 
 
94.9
%
 
95.7
%
 
96.2
%
 
96.4
%
 
96.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
31
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA
Suburban Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
Ownership
 
 
 # of
Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs
 Sq. Feet

 
Sq. Feet

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
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

 
$1,892
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

 
63.5

 
61.3

 
61.3

 
59.2

 
59.2

 
1,552

0.2

0.1

5

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

 
0.3

 
58.4

 
58.4

 
52.2

 
52.2

 
52.2

 
1,071

0.1

0.1

3

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

 
0.3

 
51.2

 
68.8

 
85.8

 
85.8

 
85.8

 
1,200

0.1

0.1

8

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

 
0.3

 
96.6

 
96.6

 
91.3

 
91.3

 
88.8

 
2,122

0.2

0.2

11

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

 
0.3

 
68.7

 
56.7

 
56.7

 
56.7

 
56.7

 
1,855

0.2

0.1

4

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

 
0.7

 
66.7

 
60.3

 
49.5

 
49.5

 
49.5

 
2,286

0.2

0.2

12

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

 
0.9

 
79.4

 
66.0

 
66.0

 
52.2

 
52.2

 
5,164

0.5

0.4

12

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

 
0.9

 
95.8

 
95.8

 
95.8

 
95.8

 
94.5

 
5,983

0.6

0.5

9

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

 
0.8

 
100.0

 
97.8

 
97.8

 
97.8

 
97.8

 
6,006

0.6

0.5

7

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

 
1.4

 
98.4

 
98.4

 
98.4

 
98.4

 
97.8

 
14,872

1.5

1.1

21

                               "Same Store" Westchester, New York Subtotal/Weighted Average
11
1,825,000

 
7.7
%
 
83.8
%
 
81.2
%
 
80.4
%
 
78.5
%
 
78.0
%
 
$44,003
4.4
%
3.3
%
94

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

 
1.1

 
86.5

 
86.0

 
88.7

 
88.8

 
88.2

 
$8,994
0.9

0.7

63

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

 
0.2

 
80.1

 
80.1

 
75.2

 
68.4

 
73.9

 
843

0.1

0.1

8

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

 
0.5

 
76.9

 
76.9

 
81.8

 
76.4

 
76.4

 
3,434

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

 
92.4

 
92.4

 
3,228

0.3

0.2

14

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

 
0.2

 
98.3

 
98.3

 
99.0

 
99.0

 
99.0

 
1,029

0.1

0.1

9

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

 
0.6

 
93.7

 
93.7

 
93.7

 
93.7

 
93.7

 
4,127

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

 
747

0.1

0.1

2

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

 
0.5

 
87.0

 
87.0

 
87.0

 
87.0

 
87.6

 
5,286

 
0.2

9

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

 
0.7

 
76.7

 
91.2

 
95.0

 
96.4

 
96.4

 
6,440

 
0.2

9

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

 
0.7

 
67.9

 
66.5

 
66.5

 
76.9

 
79.6

 
4,676

0.5

0.4

20

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

 
0.5

 
92.1

 
88.1

 
91.3

 
88.2

 
79.3

 
4,406

0.4

0.3

27

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

 
4.6
%
 
84.6
%
 
85.8
%
 
87.5
%
 
87.9
%
 
87.5
%
 
$43,210
3.1
%
2.8
%
188

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

 
1.0

 
78.0

 
73.3

 
73.3

 
73.3

 
66.2

 
$5,081
0.5

0.4

9

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

 
1.0
%
 
78.0
%
 
73.3
%
 
73.3
%
 
73.3
%
 
66.2
%
 
$5,081
0.5
%
0.4
%
9

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

 
1.2

 
95.2

 
94.9

 
95.2

 
95.9

 
97.3

 
$13,218
1.3

1.0

65

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

 
1.2
%
 
95.2
%
 
94.9
%
 
95.2
%
 
95.9
%
 
97.3
%
 
$13,218
1.3
%
1.0
%
65

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Consolidated Properties
 
24
3,933,800

 
14.5
%
 
84.6
%
 
83.5
%
 
83.8
%
 
83.1
%
 
82.4
%
 
$105,512
9.4
%
7.5
%
356

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

 
2.4

 
71.2

 
71.0

 
71.0

 
71.0

 
71.0

 
$16,033
 
0.1

35

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

 
2.4
%
 
71.2
%
 
71.0
%
 
71.0
%
 
71.0
%
 
71.0
%
 
$16,033
 
0.1
%
35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Unconsolidated Properties
 
2
640,000

 
2.4
%
 
71.2
%
 
71.0
%
 
71.0
%
 
71.0
%
 
71.0
%
 
$16,033
 
0.1
%
35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Suburban Operating Properties Grand Total / Weighted Average
 
26
4,573,800

 
16.8
%
 
82.7
%
 
81.8
%
 
82.0
%
 
81.4
%
 
80.8
%
 
$121,546
 
 
391

Suburban Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$101,638
 
7.7
%
 
Suburban Operating Properties Same Store Occupancy %
 
 
3,933,800

 
86.0
%
 
84.6
%
 
83.5
%

83.8
%

83.1
%

82.4
%
 
 
 
 
 
Suburban Operating Properties Same Store Leased Occupancy %
 
 
 
 
 
 
85.1
%
 
84.6
%
 
84.6
%
 
84.9
%
 
83.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
32
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA
Retail and Residential Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
Ownership
 
 
# of
Usable

 
% of Total

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

 
Sq. Feet

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Cash Rent ($'s)
Cash Rent (SLG%)
Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 West 34th Street
30.0
Herald Square/Penn Station
Fee Interest
1
17,150

 
2.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$2,707
1.1

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

 
1.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,786

1.7

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

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,474

1.0

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

 
38.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
16,224

22.9

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

 
17.0

 
100.0

 
81.1

 
81.1

 
81.1

 
81.1

 
45,574

7

6
 
724 Fifth Avenue
50.0
Plaza District
Fee Interest
1
65,010

 
9.3

 
92.1

 
100.0

 
100.0

 
100.0

 
90.1

 
23,745

16.8

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

 
3.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
13,839

19.6

1
 
762 Madison Avenue (1)

90.0
Plaza District
Fee Interest
1
6,109

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,827

2.3

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

 
7.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,791

2.5

3
 
Added to Same Store in 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
131-137 Spring Street
20.0
Soho
Fee Interest
2
68,342

 
9.7

 
89.6

 
90.7

 
93.9

 
93.9

 
93.9

 
12,115

3.4

8
 
                               Subtotal/Weighted Average
 
 
11
639,617

 
91.0
%
 
98.1
%
 
95.5
%
 
95.8
%
 
95.8
%
 
94.8
%
 
$123,081
78.5
%
46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store" Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115 Spring Street
100.0
Soho
Fee Interest
1
5,218

 
0.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,903

4.1

1
 
1552-1560 Broadway
50.0
Times Square
Fee Interest
2
57,718

 
8.2

 
67.5

 
67.5

 
67.5

 
67.5

 
67.5

 
24,678

17.4

2
 
                               Subtotal/Weighted Average
 
 
3
62,936

 
9.0
%
 
70.2
%
 
70.2
%
 
70.2
%
 
70.2
%
 
70.2
%
 
$27,581
21.5
%
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Retail Properties
 
 
14
702,553

 
100.0
%
 
95.6
%
 
93.2
%
 
93.5
%
 
93.5
%
 
92.6
%
 
$150,663
100.0
%
49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
# of
 Useable

 
Total

 
Occupancy (%)
 
Average Monthly (2)

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

 
Units

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Rent Per Unit ($'s)
Cash Rent ($'s)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
315 West 33rd Street - The Olivia
100.0
Penn Station
Fee Interest
 
222,855

 
333

 
91.9

 
94.0

 
93.1

 
94.0

 
92.8

 
$4,189
$15,330
 
 
400 East 57th Street (1)
41.0
Upper East Side
Fee Interest
1
290,482

 
259

 
93.1

 
89.2

 
88.9

 
91.6

 
93.5

 
3,449

11,518

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

 
126

 
93.7

 
92.9

 
91.3

 
91.3

 
92.9

 
3,410

5,346

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

 
97

 
88.5

 
100.0

 
96.9

 
88.5

 
91.7

 
3,896

4,293

 
 
Added to Same Store in 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stonehenge Portfolio
Various
 
Fee Interest
10
1,439,016

 
1,536

 
94.2

 
93.2

 
91.0

 
92.6

 
94.8

 
3,575

72,354

 
 
                               Subtotal/Weighted Average
 
 
13
2,174,603

 
2,351

 
93.5
%
 
93.2
%
 
91.3
%
 
92.4
%
 
94.1
%
 
$3,650
$108,841
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store" Residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Upper East Side Residential
95.1
Upper East Side
Fee Interest
1
27,000

 
28

 
39.3

 
39.3

 
39.3

 
42.9

 
42.9

 
$1,264
$635
 
 
605 West 42nd Street - Sky
20.0
Midtown West
Fee Interest
1
927,358

 
1,175

 
81.0

 
76.3

 
65.1

 
55.0

 

 
3,979

45,453

 
 
                               Subtotal/Weighted Average
 
 
2
954,358

 
1,203

 
80.0
%
 
75.5
%
 
64.5
%
 
54.7
%
 
1.0
%
 
$3,948
$46,088
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Residential Properties
 
 
15
3,128,961

 
3,554

 
88.9
%
 
87.2
%
 
82.2
%
 
79.7
%
 
62.6
%
 
$3,741
$154,929
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Stonehenge Portfolio Property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Calculated based on occupied units. Amounts in dollars.
 
 
 
 
 




Supplemental Information
33
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA
Development / Redevelopment, Land and Construction in Progress
Unaudited
(Dollars in Thousands)

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
Ownership
 
 
# of
 Usable

 
% of Total
 
Occupancy (%)
 
Annualized
Annualized
Gross R/E
Total
 
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Sq. Feet

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Cash Rent ($'s)
Cash Rent (SLG%)
Book Value
Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development / Redevelopment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10 East 53rd Street
55.0
Plaza District
Fee Interest
1
354,300

 
37.7

 
66.8

 
66.1

 
58.3

 
48.1

 
46.1

 

$22,425

67.0

361,199

31

19-21 East 65th Street
100.0
Plaza District
Fee Interest
2
23,610

 
2.5

 
26.6

 
26.6

 
26.6

 
77.5

 
77.5

 
467

2.5

7,623

9

5-7 Dey Street, 183 & 187 Broadway
100.0
Lower Manhattan
Fee Interest
3
82,700

 
8.8

 

 
41.4

 
49.9

 
54.1

 
61.1

 


95,741


102 Greene Street
10.0
Soho
Fee Interest
1
9,200

 
1.0

 

 

 
54.3

 
54.3

 
54.3

 


35,052


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

 
4.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,100

11.4

68,752

1

650 Fifth Avenue
50.0
Plaza District
Leasehold Interest
1
69,214

 
7.4

 

 

 
2.9

 
4.9

 
4.9

 


339,626


719 Seventh Avenue
75.0
Times Square
Fee Interest
1
10,040

 
1.1

 

 

 

 

 

 


72,172


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

 

 

 

 

 

 

 


79,956


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

 
36.9

 
50.1

 
50.1

 
50.1

 
17.1

 
17.1

 
13,700

18.6

322,562

5

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

 
0.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
85

0.5

6,784

1

Total / Weighted Average Development / Redevelopment Properties
 
13
939,699

 
100.0
%
 
49.0
%
 
52.4
%
 
50.9
%
 
36.7
%
 
36.6
%
 
$38,776
100.0
%
1,389,467

47

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

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$3,678
100.0

 
 
Total / Weighted Average Land
 
1
176,530

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


Construction in Progress
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future Equity
 
 
 
Fees Payable to the Company
 
 
 
 
 
 
 
 
 
 
Land Contributed
 
Equity Contributed
 
Contributions
 
Financing
 
and JV Contingencies (1)
 
Total
Building
Gross
Ownership
 
Estimated
 
Percentage
 
 
Market
 
 
 
 
 
 
 
 
 
 
 
 
 
Development
Address
 Sq. Feet
Interest (%)
 
Occupancy
 
Leased
 
Cost
Value Adj
 
Company
Partners
 
Company
Partners
 
Drawn
Available
 
Funded
Remaining
 
Budget
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One Vanderbilt
1,730,989
71.0
 
Q3 2020
 
12.7
 
331,490
235,946
 
242,904
30,203
 
334,660
494,797
 
209,444
1,290,556
 
39,881
100,119
 
3,310,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Construction In Progress
 
 
 
 
 
$331,490
$235,946
 
$242,904
$30,203
 
$334,660
$494,797
 
$209,444
$1,290,556
 
$39,881
$100,119
 
$3,310,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes joint venture fees paid to the Company, including development fee, direct personnel expense, leasing commissions and financing fee. Also includes up to $50.0 million of additional discretionary owner contingencies


Supplemental Information
34
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA
Retail Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
Ownership
 
 
 # of

 Useable

 
% of Total

 
Occupancy (%)
 
Annualized Retail
Annualized Retail Cash Rent
Total

Properties
Interest (%)
SubMarket
Ownership
 Bldgs

 Sq. Feet

 
Sq. Feet

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Cash Rent ($'s)
100%
SLG
Tenants

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HIGH STREET RETAIL - Consolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19-21 East 65th Street
100.0
Plaza District
Fee Interest
2

23,610

 
1.2

 
26.6

 
26.6

 
26.6

 
77.5

 
77.5

 
$467
0.2

0.2

9

115 Spring Street
100.0
Soho
Fee Interest
1

5,218

 
0.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,903
0.9

1.4

1

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

217,519

 
11.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
12,773
4.1

6.2

9

719 Seventh Avenue
75.0
Times Square
Fee Interest
1

10,040

 
0.5

 

 

 

 

 

 




752-760 Madison Avenue
100.0
Plaza District
Fee Interest
1

21,124

 
1.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
13,839
4.5

6.8

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

 
1,827
0.6

0.8

5

Williamsburg Terrace
100.0
Brooklyn, New York
Fee Interest
1

52,000

 
2.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,791
0.6

0.9

3

1640 Flatbush Avenue
100.0
Brooklyn, New York
Fee Interest
1

1,000

 
0.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
85


1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
9

336,620

 
17.3
%
 
91.9
%
 
91.9
%
 
91.9
%
 
95.4
%
 
95.4
%
 
$33,685
10.9
%
16.4
%
29

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

17,150

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$2,707
0.9

0.4

1

21 East 66th Street
32.3
Plaza District
Fee Interest
1

13,069

 
0.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,786
1.2

0.6

1

102 Greene Street
10.0
Soho
Fee Interest
1

9,200

 
0.5

 

 

 
54.3

 
54.3

 
54.3

 




121 Greene Street
50.0
Soho
Fee Interest
1

7,131

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,474
0.5

0.4

2

131-137 Spring Street
20.0
Soho
Fee Interest
2

68,342

 
3.5

 
89.6

 
90.7

 
93.9

 
93.9

 
93.9

 
12,115
3.9

1.2

8

650 Fifth Avenue
50.0
Plaza District
Leasehold Interest
1

69,214

 
3.5

 

 

 
2.9

 
4.9

 
4.9

 




717 Fifth Avenue
10.9
Midtown/Plaza District
Fee Interest
1

119,550

 
6.1

 
100.0

 
81.1

 
81.1

 
81.1

 
81.1

 
45,574
14.7

2.4

6

724 Fifth Avenue
50.0
Plaza District
Fee Interest
1

65,010

 
3.3

 
92.1

 
100.0

 
100.0

 
100.0

 
90.1

 
23,745
7.7

5.8

9

1552-1560 Broadway
50.0
Times Square
Fee Interest
2

57,718

 
3.0

 
67.5

 
67.5

 
67.5

 
67.5

 
67.5

 
24,678
8.0

6.0

2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
11

426,384

 
21.9
%
 
74.3
%
 
70.4
%
 
72.6
%
 
72.9
%
 
71.4
%
 
$114,079
36.8
%
16.8
%
29

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Prime Retail
 
20

763,004

 
39.1
%
 
82.1
%
 
79.9
%
 
81.1
%
 
82.9
%
 
82.0
%
 
$147,764
47.6
%
33.2
%
58

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

61,708

 
3.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$3,150
1.0

1.5

7

110 Greene Street
90.0
Soho
Fee Interest
1

16,121

 
0.8

 
86.8

 
100.0

 
100.0

 
100.0

 
100.0

 
2,455
0.8

1.1

4

125 Park Avenue
100.0
Grand Central
Fee Interest
1

32,124

 
1.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
4,703
1.5

2.3

6

220 East 42nd Street
100.0
Grand Central
Fee Interest
1

35,332

 
1.8

 
68.4

 
68.4

 
59.0

 
59.0

 
77.6

 
2,139
0.7

1.0

4

Upper East Side Residential
95.1
Upper East Side
Fee Interest
1

4,150

 
0.2

 
88.0

 
88.0

 
88.0

 
88.0

 
88.0

 
468
0.2

0.2

4

304 Park Avenue South
100.0
Midtown South
Fee Interest
1

25,330

 
1.3

 
100.0

 
100.0

 
100.0

 
100.0

 
87.0

 
3,356
1.1

1.6

6

400 East 57th Street
41.0
Upper East Side
Fee Interest
1

13,772

 
0.7

 
52.6

 
34.1

 
34.1

 
49.2

 
49.2

 
1,625
0.5

0.3

9

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

 
558
0.2

0.2

5

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

45,263

 
2.3

 
100.0

 
89.1

 
86.0

 
96.8

 
100.0

 
4,554
1.5

2.2

6

461 Fifth Avenue
100.0
Midtown
Leasehold Interest
1

16,248

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,205
0.7

1.1

2

485 Lexington Avenue
100.0
Grand Central North
Fee Interest
1

41,701

 
2.1

 
100.0

 
56.5

 
65.5

 
62.1

 
62.1

 
5,364
1.7

2.6

4

555 West 57th Street
100.0
Midtown West
Fee Interest
1

60,389

 
3.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,878
0.6

0.9

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

 
839
0.3

0.4

2

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
1

46,019

 
2.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
9,689
3.1

4.7

1

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
1

74,937

 
3.8

 
100.0

 
100.0

 
100.0

 
100.0

 
97.8

 
22,365
7.2

10.9

19

635 Sixth Avenue
100.0
Midtown South
Fee Interest
1

23,250

 
1.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,118
1.0

1.5

1

641 Sixth Avenue
100.0
Midtown South
Fee Interest
1

28,500

 
1.5

 
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

 
2,916
0.9

1.4

3

750 Third Avenue
100.0
Grand Central North
Fee Interest
1

24,827

 
1.3

 
96.8

 
100.0

 
100.0

 
100.0

 
100.0

 
2,608
0.8

1.3

6

810 Seventh Avenue
100.0
Times Square
Fee Interest
1

13,470

 
0.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,795
1.2

1.9

4

919 Third Avenue
51.0
Grand Central North
Fee Interest
1

31,004

 
1.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,588
1.2

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

 
284
0.1

0.1

1

1185 Avenue of the Americas
100.0
Rockefeller Center
Leasehold Interest
1

37,326

 
1.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
6,437
2.1

3.1

5

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
1

17,797

 
0.9

 
100.0

 
100.0

 
100.0

 
65.7

 
100.0

 
2,767
0.9

1.4

6

1515 Broadway
100.0
Times Square
Fee Interest
1

184,369

 
9.5

 
95.3

 
89.5

 
89.5

 
89.5

 
100.0

 
25,291
8.2

12.4

7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
25

868,496

 
44.5
%
 
96.6
%
 
92.7
%
 
92.6
%
 
92.5
%
 
95.8
%
 
$119,540
38.5
%
56.9
%
121


Supplemental Information
35
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA - CONTINUED
Retail Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
Ownership
 
 
 # of

 Useable

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

Properties
Interest (%)
SubMarket
Ownership
Bldgs
 Sq. Feet

 
Sq. Feet
 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Cash Rent ($'s)
100%
SLG
Tenants

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

75,165

 
3.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
$20,251
6.5

4.8


10 East 53rd Street
55.0
Plaza District
Fee Interest
1

39,340

 
2.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,366
1.1

0.9

3

11 Madison Avenue
60.0
Park Avenue South
Fee Interest
1

38,800

 
2.0

 
96.6

 
97.7

 
97.7

 
97.7

 
97.7

 
3,436
1.1

1.0

4

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

 
468
0.2

0.1

5

55 West 46th Street - Tower 46
25.0
Midtown
Leasehold Interest
1

1,191

 
0.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
210
0.1


1

100 Park Avenue
50.0
Grand Central South
Fee Interest
1

40,022

 
2.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,459
1.1

0.8

9

280 Park Avenue
50.0
Park Avenue
Fee Interest
1

27,896

 
1.4

 
12.5

 
12.5

 
12.5

 
12.5

 
12.5

 
837
0.3

0.2

2

521 Fifth Avenue
50.5
Grand Central
Fee Interest
1

53,157

 
2.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
5,328
1.7

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
4

28,941

 
1.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,561
1.1

0.1

12

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
13

318,873

 
16.3
%
 
91.9
%
 
92.1
%
 
92.1
%
 
92.1
%
 
92.1
%
 
$42,840
13.8
%
9.9
%
41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Other Retail
 
38

1,187,369

 
60.9
%
 
95.3
%
 
92.5
%
 
92.5
%
 
92.4
%
 
94.1
%
 
$162,379
52.4
%
66.8
%
162

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Grand Total / Weighted Average
 
 
58

1,950,373

 
100.0
%
 
90.1
%
 
87.6
%
 
88.0
%
 
88.7
%
 
89.8
%
 
$310,143
100.0
%
 
220

Retail Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$204,643
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
36
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA
Reckson Operating Portfolio - Consolidated Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-recksonlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
Ownership
 
 
 Useable

 
% of Total

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

Properties
Interest (%)
SubMarket
Ownership
 Sq. Feet

 
Sq. Feet

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
100
%
SLG%

Tenants

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

 
1.9

 
73.3

 
91.0

 
92.0

 
99.9

 
91.8

 
$8,021
1.5

1.3

21

125 Park Avenue
100.0
Grand Central
Fee Interest
604,245

 
5.2

 
99.3

 
98.4

 
99.9

 
99.9

 
98.7

 
41,010

7.5

6.7

25

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

 
1.9

 
100.0

 
100.0

 
100.0

 
100.0

 
99.1

 
15,237

2.8

2.5

12

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

 
1.7

 
99.9

 
99.9

 
99.9

 
99.9

 
99.9

 
18,560

3.4

3.0

10

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

 
8.2

 
99.9

 
99.9

 
99.9

 
99.9

 
99.9

 
40,693

7.4

6.6

9

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
160,000

 
1.4

 
72.8

 
72.8

 
76.6

 
76.6

 
76.1

 
15,505

2.8

2.5

13

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
563,000

 
4.9

 
98.8

 
98.8

 
98.8

 
98.8

 
98.2

 
59,660

10.9

9.7

25

635 Sixth Avenue
100.0
Midtown South
Fee Interest
104,000

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
9,141

1.7

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

 
13,863

2.5

2.3

6

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

 
4.5

 
88.7

 
92.2

 
92.2

 
88.7

 
68.3

 
32,492

5.9

5.3

19

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

 
6.8

 
98.0

 
98.8

 
99.0

 
97.5

 
97.5

 
47,638

8.7

7.7

29

810 Seventh Avenue
100.0
Times Square
Fee Interest
692,000

 
6.0

 
94.6

 
93.6

 
93.6

 
94.1

 
94.1

 
45,992

8.4

7.5

47

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

 
12.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
97,918

 
8.1

9

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

 
9.2

 
99.0

 
99.0

 
99.0

 
94.3

 
99.0

 
91,521

16.6

14.9

16

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

 
4.9

 
88.6

 
90.2

 
87.9

 
98.8

 
98.5

 
39,072

7.1

6.4

36

Added to Same Store in 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
110 Greene Street
90.0
Soho
Fee Interest
223,600

 
1.9

 
72.9

 
70.3

 
69.3

 
74.7

 
77.3

 
10,429

 
1.5

57

Subtotal / Weighted Average
 
8,463,245

 
73.4
%
 
95.7
%
 
96.4
%
 
96.4
%
 
96.6
%
 
95.6
%
 
$586,753
87.0
%
87.4
%
336

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

 
73.4
%
 
95.7
%
 
96.4
%
 
96.4
%
 
96.6
%
 
95.6
%
 
$586,753
87.0
%
 
336

Total Manhattan Consolidated Properties - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$537,730
 
87.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
$1,892
0.3

0.3

2

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

 
0.8

 
63.5

 
61.3

 
61.3

 
59.2

 
59.2

 
1,552

0.3

0.3

5

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

 
0.8

 
58.4

 
58.4

 
52.2

 
52.2

 
52.2

 
1,071

0.2

0.2

3

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

 
0.8

 
51.2

 
68.8

 
85.8

 
85.8

 
85.8

 
1,200

0.2

0.2

8

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

 
0.8

 
96.6

 
96.6

 
91.3

 
91.3

 
88.8

 
2,122

0.4

0.3

11

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

 
0.8

 
68.7

 
56.7

 
56.7

 
56.7

 
56.7

 
1,855

0.3

0.3

4

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

 
1.5

 
66.7

 
60.3

 
49.5

 
49.5

 
49.5

 
2,286

0.4

0.4

12

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

 
2.2

 
79.4

 
66.0

 
66.0

 
52.2

 
52.2

 
5,164

0.9

0.8

12

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

 
2.1

 
95.8

 
95.8

 
95.8

 
95.8

 
94.5

 
5,983

1.1

1.0

9

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

 
2.0

 
100.0

 
97.8

 
97.8

 
97.8

 
97.8

 
6,006

1.1

1.0

7

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

 
3.3

 
98.4

 
98.4

 
98.4

 
98.4

 
97.8

 
14,872

2.7

2.4

21

                               Westchester, New York Subtotal / Weighted Average
 
1,825,000

 
15.8
%
 
83.8
%
 
81.2
%
 
80.4
%
 
78.5
%
 
78.0
%
 
$44,003
8.0
%
7.2
%
94

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Connecticut
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
680 Washington Boulevard
51.0
Stamford, Connecticut
Fee Interest
133,000

 
1.2

 
87.0

 
87.0

 
87.0

 
87.0

 
87.6

 
$5,286
 
0.4

9

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

 
1.7

 
76.7

 
91.2

 
95.0

 
96.4

 
96.4

 
6,440

 
0.5

9

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

 
1.6

 
67.9

 
66.5

 
66.5

 
76.9

 
79.6

 
4,676

0.9

0.8

20

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

 
1.2

 
92.1

 
88.1

 
91.3

 
88.2

 
79.3

 
4,406

0.8

0.7

27

                              Connecticut Subtotal/Weighted Average
 
650,400

 
5.6
%
 
79.7
%
 
82.7
%
 
84.6
%
 
87.2
%
 
86.1
%
 
$20,808
1.7
%
2.4
%
65

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

 
2.4

 
78.0

 
73.3

 
73.3

 
73.3

 
66.2

 
$5,081
0.9

0.8

9

                              New Jersey Subtotal / Weighted Average
 
278,000

 
2.4
%
 
78.0
%
 
73.3
%
 
73.3
%
 
73.3
%
 
66.2
%
 
$5,081
0.9
%
0.8
%
9

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

 
2.8

 
95.2

 
94.9

 
95.2

 
95.9

 
97.3

 
$13,218
2.4

2.1

65

                              Brooklyn, New York Subtotal / Weighted Average
 
317,600

 
2.8
%
 
95.2
%
 
94.9
%
 
95.2
%
 
95.9
%
 
97.3
%
 
$13,218
2.4
%
2.1
%
65

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Suburban Consolidated Properties
 
3,071,000

 
26.6
%
 
83.6
%
 
82.2
%
 
82.2
%
 
81.7
%
 
80.7
%
 
$83,111
13.0
%
 
233

Total Suburban Consolidated Properties - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$77,365
 
12.6
%
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reckson Operating Properties Grand Total / Weighted Average
 
11,534,245

 
100.0
%
 
91.1
%
 
91.2
%
 
91.3
%
 
91.2
%
 
90.1
%
 
$669,863
100.0
%
 
569

Reckson Operating Properties Grand Total - SLG Share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$615,095
 
100.0
%
 
Reckson Operating Properties Same Store Occupancy %
 
11,534,245

 
100.0
%
 
91.1
%
 
91.2
%
 
91.3
%
 
91.2
%
 
90.1
%
 
 
 
 
 
(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
37
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SELECTED PROPERTY DATA
Reckson Operating Portfolio - Retail, Land, and Residential Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-recksonlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
Ownership
 
 
 
 Useable

 
% of Total
 
Occupancy (%)
 
Annualized
Annualized
Total

Properties
Interest (%)
SubMarket
Ownership
 
 Sq. Feet

 
Sq. Feet
 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Cash Rent ($'s)
Cash Rent (SLG%)
Tenants

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102 Greene Street
10.0
Soho
Fee Interest
 
9,200
 
2.2
 

 

 
54.3

 
54.3

 
54.3

 



115 Spring Street
100.0
Soho
Fee Interest
 
5,218
 
1.2
 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,903

7.8

1

131-137 Spring Street
20.0
Soho
Fee Interest
 
68,342
 
16.0
 
89.6

 
90.7

 
93.9

 
93.9

 
93.9

 
12,115

6.5

8

315 West 33rd Street - The Olivia
100.0
Penn Station
Fee Interest
 
270,132
 
63.4
 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
16,224

43.6

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

 
13,839

37.2

1

Williamsburg Terrace
100.0
Brooklyn, New York
Fee Interest
 
52,000
 
12.2
 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,791

4.8

3

Total Retail Properties
 
 
 
 
426,016
 
100.0%
 
96.2
%
 
96.3
%
 
98.0
%
 
98.0
%
 
98.0
%
 
$46,872
100.0
%
23

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
Total Land Properties
 
 
176,530

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

 
 
 
Occupancy (%)
Annualized
Average Monthly
Total

Properties
Interest (%)
SubMarket
Ownership
 
 Sq. Feet

 
 Total Units

 
Jun-17
 
Mar-17
 
Dec-16
 
Sep-16
 
Jun-16
 
Cash Rent ($'s)
Rent Per Unit ($'s) (1)
Tenants

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

 
333

 
91.9

 
94.0

 
93.1

 
94.0

 
92.8

 
$15,330
$4,189
306

Total Residential Properties
 
 
222,855

 
333

 
91.9
%
 
94.0
%
 
93.1
%
 
94.0
%
 
92.8
%
 
$15,330
$4,189
306

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Calculated based on occupied units
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
38
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
LARGEST TENANTS BY SQUARE FEET LEASED
Manhattan and Suburban Properties
Unaudited
(Dollars in Thousands Except Per SF)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
 
 
 
% of
 
 
 
 
 
 
 
 
% of
SLG Share of
SLG Share of
 
 
 
Lease
  Total Rentable
  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 &
2019, 2020 &
2,415,457


$137,746

(2) 
$57.03
8.5%
$111,465
8.4%
A
 
1055 Washington Blvd
2037
 
 
 
 
 
 
 
 
Viacom International, Inc.
1515 Broadway
2031
1,472,784

88,986

 
$60.42
5.5%
88,986

6.7%
BBB-
Penguin Random House, Inc.
1745 Broadway
2020 & 2033
644,598

43,432

 
$67.38
2.7%
24,700

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

42,817

 
$73.98
2.7%
25,690

1.9%
BBB
Debevoise & Plimpton, LLP
919 Third Avenue
2021
577,438

46,580

 
$80.67
2.9%
23,756

1.8%
 
The City of New York
16 Court Street, 100 Church Street &
 2017, 2020,
555,008

19,743

 
$35.57
1.2%
19,743

1.5%
Aa2
 
420 Lexington Avenue
2030 & 2034
 
 
 
 
 
 
 
 
Ralph Lauren Corporation
625 Madison Avenue
2019
386,785

29,039

 
$75.08
1.8%
29,039

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

17,851

 
$52.63
1.1%
17,851

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

15,008

 
$44.33
0.9%
15,008

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

17,486

 
$53.16
1.1%
17,486

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

18,735

 
$71.19
1.2%
9,555

0.7%
 
Bloomberg LP
919 Third Avenue
2029
256,107

14,312

 
$55.88
0.9%
7,299

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

8,308

 
$36.06
0.5%
8,308

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

6,954

 
$30.53
0.4%
6,954

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

9,595

 
$42.15
0.6%
9,595

0.7%
Aa2
Omnicom Group, Inc., Cardinia Real Estate
220 East 42nd Street
2032
225,622

14,890

 
$65.99
0.9%
14,890

1.1%
BBB+
WME IMG, LLC
11 Madison Avenue & 304 Park Avenue
2028 & 2030
214,707

16,502

 
$76.86
1.0%
12,975

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

12,030

 
$58.45
0.7%
6,135

0.5%
BBB-
Amerada Hess Corp.
1185 Avenue of the Americas
2027
181,569

14,562

 
$80.20
0.9%
14,562

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

11,334

 
$64.09
0.7%
11,334

0.9%
AA
Newmark & Company Real Estate Inc.
125 Park Avenue, 110 East 42nd Street &
2026 & 2031
173,438

9,661

 
$55.70
0.6%
9,446

0.7%
BBB-
 
680 Washington Blvd
 
 
 
 
 
 
 
 
 
News America Incorporated
1185 Avenue of the Americas
2020
165,086

15,955

 
$96.65
1.0%
15,955

1.2%
BBB+
RSM McGladrey, Inc.
1185 Avenue of the Americas
2018
164,771

11,058

 
$67.11
0.7%
11,058

0.8%
 
Verizon
1100 King Street Bldg 1, 1 Landmark Square,
2018, 2019
162,409

4,687

 
$28.86
0.3%
4,687

0.4%
BBB+
 
2 Landmark Square & 500 Summit Lake Drive
& 2026
 
 
 
 
 
 
 
 
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

10,016

 
$62.84
0.6%
4,898

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

12,997

 
$85.38
0.8%
7,798

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

13,747

 
$92.75
0.9%
13,747

1.0%
 
EisnerAmper, LLP
750 Third Avenue
2020
142,795

9,863

 
$69.07
0.6%
9,863

0.7%
 
United Nations
220 East 42nd Street
2021 & 2022
139,200

6,421

 
$46.13
0.4%
6,421

0.5%
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
11,414,673

$695,141
(2) 
$60.90
43.1%
$574,031
43.3%
 
 
 
 
 
 
 
 
 
 
 
 
(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 $65.09 and total PSF annualized rent for the largest tenants would be $62.60.

Supplemental Information
39
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
TENANT DIVERSIFICATION
Based on SLG Share of Annualized Cash Rent
Unaudited

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


  Category
 
Manhattan Properties
Suburban Properties
 
 
 
 
 
 
 
 
 
  Arts, Ent. & Recreation
4.4
%
 
 
0.2
%
 
  Business Services
 
2.3
%
 
 
2.4
%
 
  Financial Services
 
31.7
%
 
 
31.0
%
 
  Government / Non Profit
3.1
%
 
 
4.4
%
 
  Legal
 
 
6.7
%
 
 
13.2
%
 
  Manufacturing
 
2.3
%
 
 
6.4
%
 
  Medical
 
 
2.4
%
 
 
2.3
%
 
  Other
 
 
6.6
%
 
 
3.2
%
 
  Professional Services
6.7
%
 
 
13.6
%
 
  Retail
 
 
10.0
%
 
 
3.3
%
 
 
 
 
 
 
 
 
 
 
TAMI
 
 
 
 
 
 
 
 
  Technology
 
1.6
%
 
 
7.2
%
 
 
  Advertising
 
4.0
%
 
 
0.8
%
 
 
  Media
 
 
17.8
%
 
 
12.0
%
 
 
  Information
 
0.4
%
 
 
0.0%

 
 
 
 
 
 
 
 
 
 
Total
 
 
100.0
%
 
 
100.0
%
 


Supplemental Information
40
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


Activity
Building Address
# of Leases

Useable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 3/31/17
 
 
1,292,381

 
 
 
 
 
 
 
 
 
 
Space which became available during the Quarter (2):
 
 
 
 
 
Office
 
 
 
 
 
 
 
30 East 40th Street
2

1,229

1,095

 
$65.27
 
100 Park Avenue
2

28,773

30,578

 
76.47

 
110 East 42nd Street
5

46,697

47,176

 
51.02

 
110 Greene Street
2

2,486

1,914

 
88.59

 
125 Park Avenue
1

2,779

2,779

 
66.82

 
220 East 42nd Street
10

194,406

204,411

 
48.31

 
420 Lexington Avenue
6

24,744

36,537

 
60.97

 
485 Lexington Avenue
4

97,931

97,931

 
67.10

 
521 Fifth Avenue
1

15,842

17,538

 
70.24

 
711 Third Avenue
1

18,390

19,587

 
49.54

 
750 Third Avenue
1

5,104

5,480

 
61.98

 
810 Seventh Avenue
1

15,500

17,320

 
57.40

 
1350 Avenue of the Americas
6

45,094

45,768

 
88.05

 
Total/Weighted Average
42

498,975

528,114

 
$59.48
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
110 Greene Street
1

2,359

2,128

 
$293.23
 
220 East 42nd Street
1

6,323

6,323

 
39.25

 
Total/Weighted Average
2

8,682

8,451

 
$103.20
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
220 East 42nd Street
2

5,122

5,122

 
$25.19
 
750 Third Avenue
2

1,144

1,144

 
31.09

 
Total/Weighted Average
4

6,266

6,266

 
$26.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Space which became available during the quarter
 
 
 
 
 
 
Office
42

498,975

528,114

 
$59.48
 
Retail
2

8,682

8,451

 
$103.20
 
Storage
4

6,266

6,266

 
$26.27
 
 
48

513,923

542,831

 
$59.77
 
 
 
 
 
 
 
 
Total Available Space
 
1,806,304

 
 
 
 
 
 
 
 
 
 
(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
41
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

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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
 
 
 
 
 
 
1,806,304

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Columbus Circle
 
1

 
8.0
 
1,807

 
3,111

 
$74.00
 
$73.00
 
$10.14
 
2.0

 
30 East 40th Street
 
2

 
5.0
 
1,229

 
1,372

 
63.29
 
52.09
 

 
1.3

 
100 Park Avenue
 
1

 
10.3
 
10,370

 
10,889

 
79.00
 
64.78
 
114.61
 
4.0

 
110 East 42nd Street
 
1

 
0.5
 
8,536

 
8,770

 
58.00
 
56.69
 

 

 
110 Greene Street
 
5

 
5.1
 
10,603

 
10,695

 
81.77
 
57.91
 
45.54
 
1.7

 
125 Park Avenue
 
1

 
10.0
 
8,404

 
8,404

 
65.00
 
54.86
 
100.73
 
1.0

 
220 East 42nd Street
 
1

 
4.7
 
979

 
1,169

 
66.00
 
69.09
 
32.93
 

 
280 Park Avenue
 
4

 
9.6
 
54,368

 
57,432

 
92.98
 

 
82.07
 
10.0

 
420 Lexington Avenue
 
9

 
8.5
 
36,306

 
50,479

 
60.39
 
57.99
 
47.74
 
4.5

 
485 Lexington Avenue
 
3

 
3.1
 
27,530

 
28,285

 
75.49
 
76.04
 
20.09
 
2.0

 
800 Third Avenue
 
2

 
5.0
 
4,577

 
5,959

 
66.07
 
67.91

 

 
2.8

 
810 Seventh Avenue
 
2

 
9.3
 
22,558

 
26,162

 
60.86
 

 
28.45
 
4.1

 
1350 Avenue of the Americas
 
5

 
5.8
 
36,495

 
37,709

 
79.41
 
79.60
 
31.51
 
4.5

 
Total/Weighted Average
 
37

 
7.4
 
223,762

 
250,436

 
$74.62
 
$66.05
 
$49.02
 
4.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Church Street
 
1

 
10.5
 
2,500

 
2,570

 
$98.05
 
$47.91
 
$29.85
 
6.0

 
420 Lexington Avenue
 
1

 
10.5
 
3,317

 
4,408

 
215.52
 
162.35
 
90.19
 
6.0

 
485 Lexington Avenue
 
4

 
15.5
 
15,649

 
16,030

 
109.05
 
50.95
 
15.60
 
5.9

 
1515 Broadway
 
1

 
10.5
 
7,775

 
7,711

 
862.40
 
491.01
 

 
6.0

 
Total/Weighted Average
 
7

 
13.1
 
29,241

 
30,719

 
$312.51
 
$177.14
 
$23.58
 
6.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
37

 
7.4
 
223,762

 
250,436

 
$74.62
 
$66.05
 
$49.02
 
4.9

 
Retail
 
7

 
13.1
 
29,241

 
30,719

 
$312.51
 
$177.14
 
$23.58
 
6.0

 
Total
 
44

 
8.0
 
253,003

 
281,155

 
$100.61
 
$87.00
 
$46.24
 
5.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 6/30/17
 
 
 
 
 
 
1,553,301

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 East 40th Street
 
1

 
5.0
 
3,640

 
3,640

 
$60.00
 
$55.15
 

 
2.0

 
110 Greene Street
 
1

 
0.5
 
1,342

 
1,342

 
85.00
 
85.00
 

 

 
420 Lexington Avenue
 
4

 
4.4
 
4,958

 
6,738

 
61.78
 
63.55
 
8.55
 
0.7

 
521 Fifth Avenue
 
1

 
5.2
 
5,822

 
6,580

 
70.00
 
68.30
 
10.00
 
2.0

 
800 Third Avenue
 
1

 
1.5
 
6,052

 
6,052

 
91.15
 
91.15
 

 

 
Total/Weighted Average
 
8

 
3.8
 
21,814

 
24,352

 
$72.31
 
$71.62
 
$5.07
 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800 Third Avenue
 
1

 
1.5
 
950

 
950

 
25.00
 
25.00
 

 

 
 
 
1

 
1.5
 
950

 
950

 
$25.00
 
$25.00
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
8

 
3.8
 
21,814

 
24,352

 
$72.31
 
$71.62
 
$5.07
 
1.0

 
Early Renewals Storage
 
1

 
1.5
 
950

 
950

 
$25.00
 
$25.00
 

 

 
Total
 
9

 
3.7
 
22,764

 
25,302

 
$70.54
 
$69.87
 
$4.88
 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $71.27/rsf for 132,206 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $71.43/rsf for 156,558 rentable SF.

Supplemental Information
42
Second Quarter 2017

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LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Available Space
Unaudited

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Activity
Building Address
# of Leases

Useable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 3/31/17
 
982,195

 
 
 
 
 
 
 
 
 
 
Less: Sold Vacancies
520 White Plains Road, Tarrytown, New York
 
(11,965
)
 
 
 
 
 
 
 
 
 
 
Space which became available during the Quarter (2):
 
 
 
 
 
Office
 
 
 
 
 
 
 
1100 King Street - 4 Int'l Drive, Rye Brook, New York
1

15,810

15,810

 
$27.66
 
1 Landmark Square, Stamford, Connecticut
3

3,148

3,148

 
33.80

 
4 Landmark Square, Stamford, Connecticut
1

2,900

2,900

 
34.50

 
750 Washington Boulevard, Stamford, Connecticut
1

27,833

27,833

 
25.18

 
1010 Washington Boulevard, Stamford, Connecticut
1

370

370

 
24.00

 
16 Court Street, Brooklyn, New York
2

13,250

13,510

 
46.65

 
Total/Weighted Average
9

63,311

63,571

 
$31.21
 
 
 
 
 
 
 
 
Total Space which became available during the Quarter
 
 
 
 
 
Office
9

63,311

63,571

 
$31.21
 
 
9

63,311

63,571

 
$31.21
 
 
 
 
 
 
 
 
Total Available Space
 
1,033,541

 
 
 
 
 
 
 
 
 
 
(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
Second Quarter 2017

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LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

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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
 
 
 
 
 
1,033,541

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1100 King Street - 2 Int'l Drive, Rye Brook, New York
 
1
 
3.3

 
2,039

 
2,039

 
$25.50
 

 
$42.00
 
4.0

 
1100 King Street - 6 Int'l Drive, Rye Brook, New York
 
1
 
10.7

 
10,817

 
10,817

 
25.00
 

 
59.00
 
8.0

 
115-117 Stevens Avenue, Valhalla, New York
 
2
 
8.7

 
10,657

 
9,087

 
22.62
 

 
43.20
 
5.0

 
100 Summit Lake Drive, Valhalla, New York
 
1
 
11.0

 
33,500

 
33,500

 
25.00
 

 
45.15
 
12.0

 
500 Summit Lake Drive, Valhalla, New York
 
1
 
7.0

 
5,117

 
16,442

 
27.68
 

 
47.00
 

 
1 Landmark Square, Stamford, Connecticut
 
2
 
5.1

 
4,550

 
4,550

 
47.95
 
33.00
 
39.56
 
4.4

 
4 Landmark Square, Stamford, Connecticut
 
1
 
3.1

 
2,900

 
2,900

 
34.50
 
34.50
 

 
1.0

 
1010 Washington Boulevard, Stamford, Connecticut
 
3
 
4.5

 
6,113

 
6,113

 
33.70
 
32.27
 
3.26
 
3.8

 
1055 Washington Boulevard, Stamford, Connecticut
 
1
 
3.3

 
2,580

 
2,580

 
36.00
 

 
56.20
 
3.0

 
125 Chubb Way, Lyndhurst, New Jersey
 
2
 
9.2

 
13,108

 
13,843

 
24.98
 

 
48.05
 
2.5

 
Jericho Plaza, Jericho, New York
 
1
 
5.0

 
814

 
814

 
34.50
 

 
35.00
 

 
16 Court Street, Brooklyn, New York
 
3
 
2.5

 
14,220

 
15,775

 
58.02
 
44.40
 
4.19
 
0.9

 
Total/Weighted Average
 
19
 
7.8

 
106,415

 
118,460

 
$31.46
 
$41.45
 
$38.04
 
5.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115-117 Stevens Avenue, Valhalla, New York
 
1
 
9.6

 
827

 
827

 
$22.00
 

 
$35.0
 
2.0

 
16 Court Street, Brooklyn, New York
 
1
 
7.8

 
160

 
227

 
30.00
 
15.87
 

 
4.0

 
Total/Weighted Average
 
2
 
9.2

 
987

 
1,054

 
$23.72
 
$15.87
 

$27.46

 
2.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
19
 
7.8


106,415


118,460

 
$31.46
 
$41.45
 
$38.04
 
5.4

 
Storage
 
2
 
9.2

 
987

 
1,054

 
$23.72
 
$15.87
 
$27.46
 
2.4

 
Total
 
21
 
7.8

 
107,402

 
119,514

 
$31.39
 
$41.18
 
$37.95
 
5.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 6/30/17
 
 
 
 
 
926,139

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Summit Lake Drive, Valhalla, New York
 
1
 
2.3

 
3,045

 
3,045

 
$29.26
 
$29.26
 

 
2.0

 
1055 Washington Boulevard, Stamford, Connecticut
 
1
 
5.3

 
4,281

 
4,281

 
36.00
 
36.00
 
10.00
 
4.0

 
Jericho Plaza, Jericho, New York
 
1
 
5.0

 
1,564

 
1,629

 
36.00
 
38.07
 

 

 
Total/Weighted Average
 
3
 
4.2

 
8,890

 
8,955

 
$33.71
 
$34.08
 
$4.78
 
2.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
3
 
4.2


8,890

 
8,955

 
$33.71
 
$34.08
 
$4.78
 
2.6

 
Total
 
3
 
4.2

 
8,890

 
8,955

 
$33.71
 
$34.08
 
$4.78
 
2.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $51.42/rsf for 21,589 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $46.23/rsf for 30,544 rentable SF.

Supplemental Information
44
Second Quarter 2017

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

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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 2017 (1)
 
6

7,138

0.05
%
$296,509
 
$41.54
$49.34
 
1

291

%
$6,600
 
$22.68
$25.00
2nd Quarter 2017 (1)
 
9

67,115

0.43
%
4,044,547

 
60.26

62.88

 
2

2,828

0.04
%
186,072

 
65.80

70.04

3rd Quarter 2017
 
14

41,828

0.27
%
2,756,565

 
65.90

72.47

 
2

11,627

0.18
%
842,978

 
72.50

74.63

4th Quarter 2017
 
21

141,199

0.91
%
11,320,020

 
80.17

77.96

 
5

36,374

0.57
%
2,545,707

 
69.99

73.36

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2017
 
50

257,280

1.66
%
$18,417,641
 
$71.59
$72.34
 
10

51,120

0.80
%
$3,581,357
 
$70.06
$73.19
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
88

551,846

3.55
%
$46,422,187
 
$84.12
$101.11
 
22

171,294

2.70
%
$18,600,179
 
$108.59
$83.21
2019
 
83

1,092,855

7.04
%
76,876,166

 
70.34

75.73

 
25

401,519

6.32
%
32,311,000

 
80.47

84.45

2020
 
96

2,338,368

15.05
%
151,983,985

 
65.00

70.09

 
22

305,721

4.81
%
19,040,664

 
62.28

72.47

2021
 
95

1,782,741

11.48
%
114,426,092

 
64.19

66.89

 
23

309,354

4.87
%
19,270,781

 
62.29

70.67

2022
 
84

1,119,645

7.21
%
74,695,023

 
66.71

75.70

 
22

220,035

3.46
%
15,758,065

 
71.62

75.15

2023
 
39

788,591

5.08
%
46,075,779

 
58.43

65.36

 
14

470,246

7.40
%
36,068,545

 
76.70

74.46

2024
 
29

270,186

1.74
%
19,099,554

 
70.69

74.31

 
14

314,727

4.95
%
29,201,608

 
92.78

90.33

2025
 
35

685,403

4.41
%
60,445,076

 
88.19

87.63

 
13

410,981

6.47
%
34,326,411

 
83.52

85.95

2026
 
33

806,122

5.19
%
58,237,020

 
72.24

76.77

 
10

316,654

4.98
%
29,724,492

 
93.87

96.38

Thereafter
 
102

5,839,959

37.60
%
347,340,640

 
59.48

66.89

 
28

3,382,460

53.23
%
234,705,115

 
69.39

89.10

 
 
734

15,532,996

100.00
%
$1,014,019,163
 
$65.28
$71.41
 
203

6,354,111

100.00
%
$472,588,217
 
$74.38
$85.48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE: Data excludes space currently occupied by SL Green's corporate offices
 
 

 
 
 
 
(1) Includes month to month holdover tenants that expired prior to June 30, 2017.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of current average asking rents for currently occupied space as of June 30, 2017. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 


Supplemental Information
45
Second Quarter 2017

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

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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 2017 (1)
 
14

50,646

1.61
%
$2,051,677
 
$40.51
$35.98
 
2

4,060

0.90
%
$116,797
 
$28.77
$36.00
2nd Quarter 2017 (1)
 
4

13,135

0.42
%
493,827

 
37.60

40.60

 
1

8,887

1.98
%
323,122

 
36.36

35.27

3rd Quarter 2017
 
5

14,637

0.46
%
631,848

 
43.17

44.21

 
2

19,124

4.26
%
708,073

 
37.03

35.60

4th Quarter 2017
 
7

44,285

1.40
%
1,952,873

 
44.10

47.87

 
2

6,935

1.55
%
206,666

 
29.80

31.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2017
 
30

122,703

3.89
%
$5,130,225
 
$41.81
$41.75
 
7

39,006

8.69
%
$1,354,658
 
$34.73
$34.78
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
56

288,738

9.15
%

$10,066,778

 

$34.86


$36.53

 
3

22,538

5.02
%
$926,265
 
$41.10
$36.00
2019
 
54

443,755

14.07
%
13,612,382

 
30.68

31.25

 
6

31,879

7.10
%
1,091,619

 
34.24

36.00

2020
 
44

341,154

10.82
%
12,437,906

 
36.46

39.08

 
4

45,004

10.03
%
1,756,073

 
39.02

35.65

2021
 
42

445,762

14.13
%
14,434,381

 
32.38

33.17

 
5

104,296

23.24
%
3,930,065

 
37.68

36.00

2022
 
37

164,856

5.23
%
6,316,887

 
38.32

41.96

 
3

20,352

4.54
%
661,803

 
32.52

36.00

2023
 
20

171,233

5.43
%
5,759,976

 
33.64

35.33

 
2

42,334

9.44
%
1,462,845

 
34.55

36.00

2024
 
17

233,708

7.41
%
7,867,668

 
33.66

42.74

 
2

52,707

11.75
%
1,813,269

 
34.40

36.00

2025
 
15

138,862

4.40
%
4,960,423

 
35.72

37.44

 
1

1,729

0.39
%
57,597

 
33.31

36.00

2026
 
17

282,400

8.95
%
10,071,000

 
35.66

33.65

 
4

88,854

19.80
%
2,979,288

 
33.53

35.96

Thereafter
 
24

521,241

16.52
%
14,854,678

 
28.50

30.58

 


%

 


 
 
356

3,154,412

100.00
%
$105,512,305
 
$33.45
$35.27
 
37

448,699

100.00
%
$16,033,487
 
$35.73
$35.85
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to June 30, 2017.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of current average asking rents for currently occupied space as of June 30, 2017. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
46
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
ANNUAL LEASE EXPIRATIONS
Retail Leases Excluding Suburban Properties
Unaudited

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017 (1)

 
4

4,191

1.35
%
$374,558
 
$89.37
$351.03
 
3

12,860

4.12
%
$672,233
 
$52.27
$109.47
2018

 
6

6,549

2.10
%
571,226

 
87.22

105.56

 
2

27,932

8.94
%
1,867,984

 
66.88

75.06

2019

 
1

800

0.26
%
23,498

 
29.37

30.84

 
2

4,935

1.58
%
57,222

 
11.60

12.17

2020

 
2

6,601

2.12
%
845,428

 
128.08

349.13

 
3

25,424

8.14
%
5,417,460

 
213.08

277.01

2021

 
1

108,148

34.72
%
7,264,989

 
67.18

70

 
3

22,544

7.22
%
4,310,158

 
191.19

241.42

2022

 
1

1,366

0.44
%
223,932

 
163.93

299.00

 
2

50,808

16.26
%
22,244,350

 
437.81

501.10

2023

 
1

6,476

2.08
%
709,986

 
109.63

125.00

 
2

7,131

2.28
%
1,474,305

 
206.75

350.00

2024

 
5

76,039

24.41
%
16,556,667

 
217.74

224.4

 
1

7,793

2.49
%
4,881,024

 
626.33

898.00

2025

 
3

33,944

10.90
%
855,957

 
25.22

24.15

 
3

16,143

5.17
%
1,130,022

 
70.00

70.43

2026

 

5,218

1.68
%
2,903,424

 
556.42

537

 
2

62,332

19.95
%
25,116,101

 
402.94

403.69

Thereafter

 
4

62,131

19.95
%
3,355,601

 
54.01

85.62

 
5

74,521

23.85
%
46,907,688

 
629.46

663.33

 
 
28

311,463

100.00
%
$33,685,266
 
$108.15
$126.13
 
28

312,423

100.00
%
$114,078,548
 
$365.14
$405.65
Vacancy (5)
 
 
24,740

 
 
 
 
203.77

 
 
113,383

 
 
 
 
355.30

 
 
 
336,203

 
 
 
 
$131.84
 
 
425,806

 
 
 
 
$392.25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017 (1)

 
2

3,508

0.42
%
$743,704
 
$212.00
$221.02
 
2

690

0.24
%
$65,000
 
$94.20
$104.78
2018

 
8

62,051

7.34
%
12,046,718

 
194.14

348.35

 
5

12,226

4.15
%
1,826,861

 
149.42

160.96

2019

 
5

56,212

6.65
%
5,008,077

 
89.09

223.00

 
2

7,400

2.51
%
1,209,143

 
163.40

195.41

2020

 
8

26,155

3.10
%
5,560,898

 
212.61

303.06

 
2

32,390

11.00
%
1,430,262

 
44.16

52.96

2021

 
12

24,579

2.91
%
2,792,707

 
113.62

149.75

 


%

 


2022

 
14

130,693

15.47
%
16,795,691

 
128.51

158.93

 
6

12,603

4.28
%
1,708,028

 
135.53

175.49

2023

 
5

38,875

4.60
%
5,264,149

 
135.41

146.93

 
3

13,051

4.44
%
1,249,153

 
95.71

91.92

2024

 
7

28,143

3.33
%
4,840,732

 
172.00

163.24

 
6

17,035

5.79
%
1,578,933

 
92.69

100.38

2025

 
12

36,345

4.30
%
13,039,073

 
358.76

393.19

 


%

 


2026

 
7

30,437

3.60
%
10,117,635

 
332.41

324.93

 
3

27,877

9.47
%
4,623,574

 
165.86

184.78

Thereafter

 
41

408,009

48.28
%
43,330,139

 
106.20

117.04

 
12

171,063

58.12
%
29,148,995

 
170.40

175.51

 
 
121

845,007

100.00
%
$119,539,522
 
$141.47
$176.98
 
41

294,335

100.00
%
$42,839,949
 
$145.55
$154.57
Vacancy (5)
 
 
24,324

 
 
 
 
217.69

 
 
24,249

 
 
 
 
51.55

 
 
 
869,331

 
 
 
 
$178.12
 
 
318,584

 
 
 
 
$146.73
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to June 30, 2017.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of average asking rents for currently occupied space as of June 30, 2017. 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
47
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


















 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
 
Submarket
 
Net Rentable SF
 
at acquisition
6/30/2017
 
Price ($'s) (1)
1998 - 2017 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
Mar-98
420 Lexington Avenue
Operating Sublease
 
Grand Central
 
1,188,000

 
83.0

98.1

 
$
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

90.3

 
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

97.7

 
483,500

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

 
91.9

57.9

 
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

98.0

 
255,000

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

 
100.0

69.7

 
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

90.2

 
210,000

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

 
98.5

72.8

 
182,000

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

 
 
69.7

 
578,000

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

 
96.9

99.0

 
285,000

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

 
98.3

97.0

 
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

99.6

 
181,600

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

 
93.6

86.6

 
193,000

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

 
99.1

99.3

 
330,000

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

 
80.7

90.2

 
245,700

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

 
98.5

97.7

 
1,210,000

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

 
72.6

73.3

 
85,570

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

 
78.2

91.8

 
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

66.8

 
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

72.9

 
255,000

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

 
100.0

93.2

 
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

86.6

 
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
48
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.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
49
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)            
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

 
 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
at acquisition
6/30/2017
 
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

83.8

 
490,750

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

 
 
90.6

83.8

 
570,190

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

 
 
98.4

71.2

 
210,000

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

 
 
95.6

92.1

 
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

95.2

 
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

95.2

 
96,200

 
 
 
 
 
 
6,198,100

 
 
 
 
 
$
1,733,440

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.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

 
2017 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apr-17
520 White Plains Road
Fee Interest
Tarrytown, New York
 
 
180,000

 
 
 
$
21,000

 
 
 
$
117

 
 
 
 
 
 
 
180,000

 
 
 
$
21,000

 
 
 
$
117

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

Supplemental Information
50
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Retail, Residential, Development / Redevelopment & Land
Unaudited
(Dollars in Thousands)            

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


 
 
 
 
 
 
 
 
 
Occupancy (%)
 
Acquisition
 
Property
Type of Ownership
Submarket
 
Net Rentable SF
 
at acquisition
6/30/2017
 
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

100.0

 
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

 
 

78.0

 
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

91.0

 
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

90.4

 
193,000

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

 
 
92.9

92.1

 
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

89.6

 
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


 

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

 
 
96.6

96.3

 
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


 
32,250

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

 
 


 
72,500

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

 
 

50.1

 
295,000

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

 
 
96.5

94.2

 
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

39.3

 
50,074

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

 
 
90.5


 
63,690

 
 
 
 
 
 
12,164,472

 
 
 
 
 
$
5,771,902

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

 
 
58.3


 
$
28,500

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

 
 

76.3

 
759,046

 
 
 
 
 
 
936,458

 
 
 
 
 
$
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.
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
51
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Retail, Residential, Development / Redevelopment and Land
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.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

 
Oct-16
400 East 57th Street (5)
Fee Interest
Upper East Side
 
 
290,482

 
 
 
170,000

 
 
 
585

 
 
 
 
 
 
 
1,127,593

 
 
 
$
874,000

 
 
 
$
775

 
2017 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apr-17
102 Greene Street (6)
Fee Interest
Soho
 
 
9,200

 
 
 
$
43,500

 
 
 
$
4,728

 
 
 
 
 
 
 
9,200

 
 
 
$
43,500

 
 
 
$
4,728

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
(5) Company sold a 49% JV interest in the property at an implied $170.0 million gross asset valuation.
 
 
 
 
 
 
 
 
 
 
 
(6) Company sold a 90% JV interest in the property.
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
52
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
EXECUTIVE AND SENIOR MANAGEMENT
                               
                          
                         
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.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
 

Supplemental Information
53
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, and 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.
FAD 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)

EBITDA is a non-GAAP financial measure that is calculated as Operating income before transaction related costs and gains/losses on early extinguishment of debt. Adjusted EBITDA adds income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.
The Company presents 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.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is calculated by subtracting free rent (net of amortization), straight-line rent, FAS 141 rental income from NOI, while adding ground lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and our reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income (determined in accordance with GAAP). These measures provide information on trends in the revenue generated and expenses incurred in operating our properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these measures internally as performance measures. 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
Debt to Market Capitalization is a non-GAAP measure that is calculated as the Company’s estimated market value 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 divided by consolidated debt.
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 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, such measure may not be comparable to those used by other REITs that do not compute such measure 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.

Supplemental Information
54
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

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 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).


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Funds From Operations (FFO) Reconciliation


 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Net income attributable to SL Green common stockholders
$
8,222

 
$
133,457

 
$
19,573

 
$
156,678

Add:
 
 
 
 
 
 
 
Depreciation and amortization
133,054

 
425,042

 
227,188

 
604,350

Joint venture depreciation and noncontrolling interest adjustments
25,086

 
8,328

 
49,419

 
18,842

Net income attributable to noncontrolling interests
1,205

 
9,021

 
(15,810
)
 
11,917

Less:
 
 
 
 
 
 
 
(Loss) gain on sale of real estate and discontinued operations, net
(3,823
)
 
196,580

 
(3,256
)
 
210,353

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
13,089

 
33,448

 
15,136

 
43,363

Depreciable real estate reserve
(29,064
)
 
(10,387
)
 
(85,336
)
 
(10,387
)
Depreciation on non-rental real estate assets
564

 
500

 
1,080

 
996

FFO attributable to SL Green common stockholders and noncontrolling interests
$
186,801

 
$
355,707

 
$
352,746

 
$
547,462














Supplemental Information
55
Second Quarter 2017

https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-topborder17q02.jpg
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Operating income and Same-store NOI Reconciliation
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Net income
$
16,015

 
$
149,095

 
$
16,939

 
$
181,598

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
(13,089
)
 
(33,448
)
 
(15,136
)
 
(43,363
)
Loss (gain) on sale of real estate, net
3,823

 
(196,580
)
 
3,256

 
(210,353
)
Depreciable real estate reserves
29,064

 
10,387

 
85,336

 
10,387

Loss on sale of marketable securities

 
83

 
(3,262
)
 
83

Depreciation and amortization
133,054

 
425,042

 
227,188

 
604,350

Interest expense, net of interest income
64,856

 
89,089

 
130,478

 
183,761

Amortization of deferred financing costs
3,432

 
7,433

 
8,193

 
15,365

Operating income
237,155

 
451,101

 
452,992

 
741,828

 
 
 
 
 
 
 
 
Equity in net (income) from unconsolidated joint ventures
(3,412
)
 
(5,841
)
 
(10,026
)
 
(15,937
)
Marketing, general and administrative expense
24,256

 
24,484

 
48,399

 
48,516

Transaction related costs, net
46

 
2,115

 
179

 
3,394

Investment income
(60,622
)
 
(44,214
)
 
(100,921
)
 
(98,951
)
Non-building revenue
(1,548
)
 
1,006

 
(8,118
)
 
(3,432
)
Net operating income (NOI)
195,875

 
428,651

 
382,505

 
675,418

 
 
 
 
 
 
 
 
Equity in net income from unconsolidated joint ventures
3,412

 
5,841

 
10,026

 
15,937

SLG share of unconsolidated JV depreciation and amortization
31,286

 
14,910

 
62,501

 
29,813

SLG share of unconsolidated JV interest expense, net of interest income
22,876

 
17,391

 
43,969

 
34,650

SLG share of unconsolidated JV amortization of deferred financing costs
2,314

 
2,136

 
4,935

 
3,432

SLG share of unconsolidated JV transaction related costs
56

 

 
110

 

SLG share of unconsolidated JV investment income
(3,916
)
 
(4,108
)
 
(8,746
)
 
(10,007
)
SLG share of unconsolidated JV non-building revenue
(1,158
)
 
188

 
(2,108
)
 
277

NOI including SLG share of unconsolidated JVs
250,745

 
465,009

 
493,192

 
749,520

 
 
 
 
 
 
 
 
NOI from other properties/affiliates
(38,265
)
 
(251,621
)
 
(72,783
)
 
(334,694
)
Same-Store NOI
212,480

 
213,388

 
420,409

 
414,826

 
 
 
 
 
 
 
 
Ground lease straight-line adjustment
524

 
608

 
1,048

 
1,216

 
 
 
 
 
 
 
 
Straight-line and free rent
(10,780
)
 
(8,954
)
 
(21,995
)
 
(16,868
)
Rental income - FAS 141
(4,471
)
 
(3,740
)
 
(9,240
)
 
(7,434
)
Joint Venture straight-line and free rent
(2,436
)
 
(4,960
)
 
(5,043
)
 
(8,895
)
Joint Venture rental income - FAS 141
(409
)
 
(440
)
 
(888
)
 
(883
)
Same-store cash NOI
$
194,908

 
$
195,902

 
$
384,291

 
$
381,962


Supplemental Information
56
Second Quarter 2017

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SELL-SIDE ANALYST COVERAGE
                               
                          
                         
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-slgreenlogo17q02.jpg
https://cdn.kscope.io/7aa3d08152c38073b5b38df7e05240b3-bottomborder17q02.jpg


EQUITY 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
Deutsche Bank
Vin Chao
(212) 250-6799
vincent.chao@db.com
Goldman Sachs & Co.
Andrew Rosivach
(212) 902-2796
andrew.rosivach@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.

Supplemental Information
57
Second Quarter 2017