1-13199 | 13-3956775 |
(COMMISSION FILE NUMBER) | (IRS EMPLOYER ID. NUMBER) |
420 Lexington Avenue | 10170 |
New York, New York | (ZIP CODE) |
Year ended December 31, | ||||||||
2018 | 2018 | |||||||
Net income per share attributable to SL Green stockholders | $ | 2.32 | $ | 2.42 | ||||
Add: | ||||||||
Depreciation and amortization | 3.26 | 3.26 | ||||||
Joint ventures depreciation and noncontrolling interests adjustments | 1.39 | 1.39 | ||||||
Net income attributable to noncontrolling interests | 0.04 | 0.04 | ||||||
Less: | ||||||||
Gain on sale of real estate | 0.29 | 0.29 | ||||||
Equity in net gain on sale of interest in unconsolidated joint venture / real estate | — | — | ||||||
Depreciation and amortization on non-real estate assets | 0.02 | 0.02 | ||||||
Funds from Operations per share attributable to SL Green common stockholders and noncontrolling interests | $ | 6.70 | $ | 6.80 |
SL GREEN REALTY CORP. | |
/s/ Matthew J. DiLiberto | |
Matthew J. DiLiberto | |
Chief Financial Officer | |
Date: January 25, 2018 |
• | Net income attributable to common stockholders of $0.29 per share for the fourth quarter and $0.87 per share for the full year 2017 as compared to $0.44 and $2.34 per share for the same periods in 2016. |
• | FFO of $1.60 per share for the fourth quarter and $6.45 per share for the year ended December 31, 2017 as compared to $1.43 and $8.29 per share for the same periods in 2016. FFO for the fourth quarter of 2017 included a $4.1 million charge to MG&A expense related to forfeiture of the Company's 2014 Outperformance Plan awards, partially offset by a $3.2 million real estate tax refund that was received in the Suburban portfolio. |
• | Raising 2018 earnings guidance by $0.05 per share to net income per share of $2.32 to $2.42, and NAREIT defined FFO per share of $6.70 to $6.80 after taking into consideration the $4.1 million charge taken in the fourth quarter of 2017 related to forfeiture of the Company's 2014 Outperformance Plan awards, which was previously projected to be a 2018 expense. |
• | Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 2.0% for the full year, or 2.7% excluding lease termination income, as compared to the prior year. |
• | Signed 47 Manhattan office leases covering 358,135 square feet in the fourth quarter and 191 Manhattan office leases covering 1,472,657 square feet during the year ended December 31, 2017. The mark-to-market on signed Manhattan office leases was 12.1% higher for the fourth quarter and 11.3% higher for the year over the previously fully escalated rents on the same spaces. |
• | Signed 22 Suburban office leases covering 116,212 square feet in the fourth quarter and 89 Suburban office leases covering 542,084 square feet during the year ended December 31, 2017. The mark-to-market on signed Suburban office leases was 3.7% higher for the fourth quarter and 2.9% higher for the year over the previously fully escalated rents on the same spaces. |
• | Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, increased by 50 basis points to 95.3% as of December 31, 2017. |
• | Suburban same-store occupancy, inclusive of leases signed but not yet commenced, increased by 60 basis points to 87.2% as of December 31, 2017. |
• | During the fourth quarter, the Company repurchased 4.9 million shares of common stock at an average price of $100.76 per share and announced a $500 million increase to the size of its share repurchase program to $1.5 billion. To date, the Company has acquired 9.3 million shares of its common stock under the program at an average price of $101.46 per share. |
• | Closed on the sale of a 30% interest in 1515 Broadway at a gross asset valuation of $1.950 billion, or $1,045 per square foot, pursuant to the previously announced agreement to sell interests totaling 43%. The balance of the transaction is scheduled to close in the first quarter. The two closings, in total, are expected to generate net proceeds of $433.8 million. |
• | Closed on the previously announced sale of 600 Lexington Avenue in January at a gross asset valuation of $305.0 million, or $1,005 per square foot. The transaction generated net proceeds of $290.4 million. |
• | Closed on the previously announced sale of 125 Chubb Avenue in Lyndhurst, New Jersey, for a total gross asset valuation of $29.5 million. The transaction generated net proceeds of $28.7 million. |
• | Together with our joint venture partner, entered into an agreement to sell the multi-family property at 1274 Fifth Avenue at a gross asset valuation of $44.1 million. The transaction is expected to close during the first quarter and generate net proceeds of $4.0 million. |
• | Fitch Ratings upgraded the corporate credit ratings for the Company, including the Company's Issuer Default Rating (IDR), to 'BBB' from 'BBB-' with a Rating Outlook of Stable. |
• | Refinanced, extended and expanded our unsecured corporate credit facility by $217 million, to $3.0 billion. The new facility, which reduced overall borrowing costs, includes a $1.5 billion revolving line of credit and $1.3 billion funded term loan component that both mature in 2023 as well as a new $200.0 million 7-year term loan component that matures in 2024. |
• | Together with our joint venture partner, closed on a $195.0 million refinancing of 1552 Broadway, which bears interest at a floating rate of 2.65% over LIBOR. The new loan matures in 2022, as extended, and replaces the previous $185.4 million of indebtedness on the property. |
• | Issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The Notes priced at 105.334% plus accrued interest with a yield to maturity of 3.298% and generated net proceeds of $104.7 million. |
• | Together with our joint venture partner, closed on a $195.0 million refinancing of 55 West 46th Street, known as Tower 46, which bears interest at a floating rate of 2.125% over LIBOR. The new loan matures in 2023, as extended, and replaces the previous $165.6 million of indebtedness on the property. |
• | Together with our joint venture partner, closed on a new $65.0 million mezzanine loan at 650 Fifth Avenue. The loan matures in October 2022 and carries a fixed interest rate of 5.450%. The property is also financed with a $210.0 million mortgage that matures in October 2022 and bears interest at a fixed interest rate of 4.460%. |
• | Renewal and expansion with Consolidated Edison Solutions, Inc. for 47,868 square feet at 100 Summit Lake Drive in Valhalla, New York, for 5.9 years; |
• | Renewal with Pride Technologies LLC and Pride Global Finance, LLC for 40,075 square feet at 420 Lexington Avenue, for 8.9 years; |
• | New lease with Columbia Management Investment Advisors for 38,651 square feet at 485 Lexington Avenue, for 11.2 years; |
• | New lease with Ankura Consulting Group, LLC for 29,574 square feet at 485 Lexington Avenue, for 15.7 years; and |
• | New lease with Laidlaw & Company (UK) Ltd. for 20,987 square feet at 521 Fifth Avenue, for 10.8 years. |
• | $0.8125 per share of common stock, which was paid on January 16, 2018 to shareholders of record on the close of business on January 2, 2018; and |
• | $0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2017 through and including January 14, 2018, which was paid on January 16, 2018 to shareholders of record on the close of business on January 2, 2018, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rental revenue, net | $ | 265,492 | $ | 279,869 | $ | 1,100,993 | $ | 1,323,767 | |||||||
Escalation and reimbursement | 41,378 | 49,501 | 172,939 | 196,858 | |||||||||||
Investment income | 45,130 | 38,661 | 193,871 | 213,008 | |||||||||||
Other income | 9,342 | 6,211 | 43,670 | 130,348 | |||||||||||
Total revenues | 361,342 | 374,242 | 1,511,473 | 1,863,981 | |||||||||||
Expenses: | |||||||||||||||
Operating expenses, including related party expenses of $6,459 and $21,400 in 2017 and $6,719 and $21,890 in 2016. | 72,079 | 78,590 | 293,364 | 312,859 | |||||||||||
Real estate taxes | 58,150 | 60,457 | 244,323 | 248,388 | |||||||||||
Ground rent | 8,308 | 8,308 | 33,231 | 33,261 | |||||||||||
Interest expense, net of interest income | 60,933 | 64,873 | 257,045 | 321,199 | |||||||||||
Amortization of deferred financing costs | 4,297 | 4,384 | 16,498 | 24,564 | |||||||||||
Depreciation and amortization | 84,404 | 104,026 | 403,320 | 821,041 | |||||||||||
Transaction related costs | (2,199 | ) | 1,541 | (1,834 | ) | 7,528 | |||||||||
Marketing, general and administrative | 28,136 | 25,785 | 100,498 | 99,759 | |||||||||||
Total expenses | 314,108 | 347,964 | 1,346,445 | 1,868,599 | |||||||||||
Net income (loss) before equity in net income (loss) from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate net, depreciable real estate reserves, and gain (loss) on sale of marketable securities | 47,234 | 26,278 | 165,028 | (4,618 | ) | ||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 7,788 | (95 | ) | 21,892 | 11,874 | ||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 421 | 16,166 | 44,009 | |||||||||||
Gain on sale of real estate, net | 76,497 | 27,366 | 73,241 | 238,116 | |||||||||||
Depreciable real estate reserves | (93,184 | ) | — | (178,520 | ) | (10,387 | ) | ||||||||
Gain (loss) on sale of marketable securities | — | — | 3,262 | (83 | ) | ||||||||||
Net income | 38,335 | 53,970 | 101,069 | 278,911 | |||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | (1,288 | ) | (1,966 | ) | (3,995 | ) | (10,136 | ) | |||||||
Net (income) loss attributable to noncontrolling interests in other partnerships | (2,478 | ) | (1,398 | ) | 15,701 | (7,644 | ) | ||||||||
Preferred unit distributions | (2,850 | ) | (2,853 | ) | (11,401 | ) | (11,235 | ) | |||||||
Net income attributable to SL Green | 31,719 | 47,753 | 101,374 | 249,896 | |||||||||||
Perpetual preferred stock dividends | (3,737 | ) | (3,737 | ) | (14,950 | ) | (14,950 | ) | |||||||
Net income attributable to SL Green common stockholders | $ | 27,982 | $ | 44,016 | $ | 86,424 | $ | 234,946 | |||||||
Earnings Per Share (EPS) | |||||||||||||||
Net income per share (Basic) | $ | 0.29 | $ | 0.44 | $ | 0.88 | $ | 2.35 | |||||||
Net income per share (Diluted) | $ | 0.29 | $ | 0.44 | $ | 0.87 | $ | 2.34 | |||||||
Funds From Operations (FFO) | |||||||||||||||
FFO per share (Basic) | $ | 1.61 | $ | 1.44 | $ | 6.47 | $ | 8.32 | |||||||
FFO per share (Diluted) | $ | 1.60 | $ | 1.43 | $ | 6.45 | $ | 8.29 | |||||||
Basic ownership interest | |||||||||||||||
Weighted average REIT common shares for net income per share | 96,018 | 100,321 | 98,571 | 100,186 | |||||||||||
Weighted average partnership units held by noncontrolling interests | 4,514 | 4,473 | 4,556 | 4,322 | |||||||||||
Basic weighted average shares and units outstanding | 100,532 | 104,794 | 103,127 | 104,508 | |||||||||||
Diluted ownership interest | |||||||||||||||
Weighted average REIT common share and common share equivalents | 96,265 | 100,695 | 98,847 | 100,558 | |||||||||||
Weighted average partnership units held by noncontrolling interests | 4,514 | 4,473 | 4,556 | 4,322 | |||||||||||
Diluted weighted average shares and units outstanding | 100,779 | 105,168 | 103,403 | 104,880 |
December 31, | December 31, | ||||||
2017 | 2016 | ||||||
Assets | (Unaudited) | ||||||
Commercial real estate properties, at cost: | |||||||
Land and land interests | $ | 2,357,051 | $ | 3,309,710 | |||
Building and improvements | 6,351,012 | 7,948,852 | |||||
Building leasehold and improvements | 1,450,614 | 1,437,325 | |||||
Properties under capital lease | 47,445 | 47,445 | |||||
10,206,122 | 12,743,332 | ||||||
Less accumulated depreciation | (2,300,116 | ) | (2,264,694 | ) | |||
7,906,006 | 10,478,638 | ||||||
Assets held for sale | 338,354 | — | |||||
Cash and cash equivalents | 127,888 | 279,443 | |||||
Restricted cash | 122,138 | 90,524 | |||||
Investment in marketable securities | 28,579 | 85,110 | |||||
Tenant and other receivables, net of allowance of $18,637 and $16,592 in 2017 and 2016, respectively | 57,644 | 53,772 | |||||
Related party receivables | 23,039 | 15,856 | |||||
Deferred rents receivable, net of allowance of $17,207 and $25,203 in 2017 and 2016, respectively | 365,337 | 442,179 | |||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $25,507and $16,705 in 2017 and 2016, respectively | 2,114,041 | 1,640,412 | |||||
Investments in unconsolidated joint ventures | 2,362,989 | 1,890,186 | |||||
Deferred costs, net | 226,201 | 267,600 | |||||
Other assets | 310,688 | 614,067 | |||||
Total assets | $ | 13,982,904 | $ | 15,857,787 | |||
Liabilities | |||||||
Mortgages and other loans payable | $ | 2,865,991 | $ | 4,140,712 | |||
Revolving credit facility | 40,000 | — | |||||
Unsecured term loan | 1,500,000 | 1,183,000 | |||||
Unsecured notes | 1,404,605 | 1,133,957 | |||||
Deferred financing costs, net | (56,690 | ) | (82,258 | ) | |||
Total debt, net of deferred financing costs | 5,753,906 | 6,375,411 | |||||
Accrued interest payable | 38,142 | 36,052 | |||||
Other liabilities | 189,231 | 212,493 | |||||
Accounts payable and accrued expenses | 137,142 | 190,583 | |||||
Deferred revenue | 208,119 | 217,955 | |||||
Capitalized lease obligations | 42,843 | 42,132 | |||||
Deferred land leases payable | 3,239 | 2,583 | |||||
Dividend and distributions payable | 85,138 | 87,271 | |||||
Security deposits | 67,927 | 66,504 | |||||
Liabilities related to assets held for sale | 4,074 | — | |||||
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |||||
Total liabilities | 6,629,761 | 7,330,984 | |||||
Commitments and contingencies | — | — | |||||
Noncontrolling interest in the Operating Partnership | 461,954 | 473,882 | |||||
Preferred units | 301,735 | 302,010 | |||||
Equity | |||||||
Stockholders’ equity: | |||||||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2017 and December 31, 2016 | 221,932 | 221,932 | |||||
Common stock, $0.01 par value 160,000 shares authorized, 93,858 and 101,617 issued and outstanding at December 31, 2017 and December 31, 2016, respectively (including 1,055 held in Treasury at December 31, 2017 and December 31, 2016) | 939 | 1,017 | |||||
Additional paid-in capital | 4,741,697 | 5,624,545 | |||||
Treasury stock at cost | (124,049 | ) | (124,049 | ) | |||
Accumulated other comprehensive income | 18,604 | 22,137 | |||||
Retained earnings | 1,365,970 | 1,578,893 | |||||
Total SL Green Realty Corp. stockholders’ equity | 6,225,093 | 7,324,475 | |||||
Noncontrolling interests in other partnerships | 364,361 | 426,436 | |||||
Total equity | 6,589,454 | 7,750,911 | |||||
Total liabilities and equity | $ | 13,982,904 | $ | 15,857,787 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Funds From Operations (FFO) Reconciliation: | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income attributable to SL Green common stockholders | $ | 27,982 | $ | 44,016 | $ | 86,424 | $ | 234,946 | |||||||
Add: | |||||||||||||||
Depreciation and amortization | 84,404 | 104,026 | 403,320 | 821,041 | |||||||||||
Joint venture depreciation and noncontrolling interest adjustments | 29,397 | 27,662 | 102,334 | 69,853 | |||||||||||
Net income (loss) attributable to noncontrolling interests | 3,766 | 3,364 | (11,706 | ) | 17,780 | ||||||||||
Less: | |||||||||||||||
Gain on sale of real estate, net | 76,497 | 27,366 | 73,241 | 238,116 | |||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 421 | 16,166 | 44,009 | |||||||||||
Depreciable real estate reserve | (93,184 | ) | — | (178,520 | ) | (10,387 | ) | ||||||||
Depreciation on non-rental real estate assets | 554 | 522 | 2,191 | 2,027 | |||||||||||
FFO attributable to SL Green common stockholders and noncontrolling interests | $ | 161,682 | $ | 150,759 | $ | 667,294 | $ | 869,855 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Operating income and Same-store NOI Reconciliation: | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income | $ | 38,335 | $ | 53,970 | $ | 101,069 | $ | 278,911 | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | (421 | ) | (16,166 | ) | (44,009 | ) | ||||||||
Gain on sale of real estate, net | (76,497 | ) | (27,366 | ) | (73,241 | ) | (238,116 | ) | |||||||
Depreciable real estate reserves | 93,184 | — | 178,520 | 10,387 | |||||||||||
(Gain) loss on sale of marketable securities | — | — | (3,262 | ) | 83 | ||||||||||
Depreciation and amortization | 84,404 | 104,026 | 403,320 | 821,041 | |||||||||||
Interest expense, net of interest income | 60,933 | 64,873 | 257,045 | 321,199 | |||||||||||
Amortization of deferred financing costs | 4,297 | 4,384 | 16,498 | 24,564 | |||||||||||
Operating income | 204,656 | 199,466 | 863,783 | 1,174,060 | |||||||||||
Equity in net (income) loss from unconsolidated joint ventures | (7,788 | ) | 95 | (21,892 | ) | (11,874 | ) | ||||||||
Marketing, general and administrative expense | 28,136 | 25,785 | 100,498 | 99,759 | |||||||||||
Transaction related costs, net | (2,199 | ) | 1,541 | (1,834 | ) | 7,528 | |||||||||
Investment income | (45,130 | ) | (38,661 | ) | (193,871 | ) | (213,008 | ) | |||||||
Non-building revenue | (4,522 | ) | 1,061 | (23,781 | ) | (4,937 | ) | ||||||||
Net operating income (NOI) | 173,153 | 189,287 | 722,903 | 1,051,528 | |||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 7,788 | (95 | ) | 21,892 | 11,874 | ||||||||||
SLG share of unconsolidated JV depreciation and amortization | 35,136 | 30,018 | 126,456 | 83,346 | |||||||||||
SLG share of unconsolidated JV interest expense, net of interest income | 28,692 | 22,296 | 96,554 | 72,015 | |||||||||||
SLG share of unconsolidated JV amortization of deferred financing costs | 1,696 | 2,471 | 8,220 | 8,309 | |||||||||||
SLG share of unconsolidated JV loss on early extinguishment of debt | 131 | — | 3,950 | 972 | |||||||||||
SLG share of unconsolidated JV transaction related costs | — | 97 | 110 | 3,116 | |||||||||||
SLG share of unconsolidated JV investment income | (4,438 | ) | (4,550 | ) | (16,777 | ) | (16,250 | ) | |||||||
SLG share of unconsolidated JV non-building revenue | (2,005 | ) | (3,852 | ) | (4,989 | ) | (7,179 | ) | |||||||
NOI including SLG share of unconsolidated JVs | 240,153 | 235,672 | 958,319 | 1,207,731 | |||||||||||
NOI from other properties/affiliates | (50,128 | ) | (44,248 | ) | (216,513 | ) | (466,762 | ) | |||||||
Same-Store NOI | 190,025 | 191,424 | 741,806 | 740,969 | |||||||||||
Ground lease straight-line adjustment | 524 | 531 | 2,096 | 2,312 | |||||||||||
Straight-line and free rent | (4,244 | ) | (7,061 | ) | (25,276 | ) | (30,231 | ) | |||||||
Rental income - FAS 141 | (4,318 | ) | (4,035 | ) | (17,144 | ) | (19,802 | ) | |||||||
Joint Venture straight-line and free rent | (2,538 | ) | (3,560 | ) | (10,195 | ) | (15,517 | ) | |||||||
Joint Venture rental income - FAS 141 | (608 | ) | (411 | ) | (1,852 | ) | (1,723 | ) | |||||||
Same-store cash NOI | $ | 178,841 | $ | 176,888 | $ | 689,435 | $ | 676,008 |
• | SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG. |
• | SL Green maintains a website 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 website. |
• | 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. |
Supplemental Information | 2 | Fourth Quarter 2017 |
TABLE OF CONTENTS | ||
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 | Fourth Quarter 2017 |
SUPPLEMENTAL DEFINITIONS | ||
Added to Same-Store in 2017: | Removed from Same-Store in 2017: |
30 East 40th Street | 520 White Plains Road (sold) |
110 Greene Street | 102 Greene Street (sold) |
600 Lexington Avenue | 680-750 Washington Boulevard (sold) |
280 Park Avenue | 125 Chubb Avenue (sold) |
131-137 Spring Street | 16 Court Street (sold) |
Stonehenge Portfolio | 1515 Broadway (sold interest & deconsolidated) |
Supplemental Information | 4 | Fourth Quarter 2017 |
FOURTH QUARTER 2017 HIGHLIGHTS Unaudited | ||
• | Renewal and expansion with Consolidated Edison Solutions, Inc. for 47,868 square feet at 100 Summit Lake Drive in Valhalla, New York, for 5.9 years; |
• | Renewal with Pride Technologies LLC and Pride Global Finance, LLC for 40,075 square feet at 420 Lexington Avenue, for 8.9 years; |
• | New lease with Columbia Management Investment Advisors for 38,651 square feet at 485 Lexington Avenue, for 11.2 years; |
Supplemental Information | 5 | Fourth Quarter 2017 |
FOURTH QUARTER 2017 HIGHLIGHTS Unaudited | ||
• | New lease with Ankura Consulting Group, LLC for 29,574 square feet at 485 Lexington Avenue, for 15.7 years; and |
• | New lease with Laidlaw & Company (UK) Ltd. for 20,987 square feet at 521 Fifth Avenue, for 10.8 years. |
Supplemental Information | 6 | Fourth Quarter 2017 |
FOURTH QUARTER 2017 HIGHLIGHTS Unaudited | ||
• | $0.8125 per share of common stock, which was paid on January 16, 2018 to shareholders of record on the close of business on January 2, 2018; and |
• | $0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2017 through and including January 14, 2018, which was paid on January 16, 2018 to shareholders of record on the close of business on January 2, 2018, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share. |
Supplemental Information | 7 | Fourth Quarter 2017 |
KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Earnings Per Share | |||||||||||||||||||
Net income available to common stockholders - diluted | $ | 0.29 | $ | 0.40 | $ | 0.08 | $ | 0.11 | $ | 0.44 | |||||||||
Funds from operations (FFO) available to common stockholders - diluted | $ | 1.60 | $ | 1.49 | $ | 1.78 | $ | 1.57 | $ | 1.43 | |||||||||
Common Share Price & Dividends | |||||||||||||||||||
Closing price at the end of the period | $ | 100.93 | $ | 101.32 | $ | 105.80 | $ | 106.62 | $ | 107.55 | |||||||||
Closing high price during period | $ | 105.01 | $ | 107.52 | $ | 109.73 | $ | 113.75 | $ | 112.89 | |||||||||
Closing low price during period | $ | 94.15 | $ | 95.45 | $ | 101.03 | $ | 104.62 | $ | 94.23 | |||||||||
Common dividend per share | $ | 0.8125 | $ | 0.775 | $ | 0.775 | $ | 0.775 | $ | 0.775 | |||||||||
FFO payout ratio (trailing 12 months) | 48.7 | % | 49.4 | % | 47.4 | % | 37.2 | % | 35.4 | % | |||||||||
Funds available for distribution (FAD) payout ratio (trailing 12 months) | 76.9 | % | 83.0 | % | 77.6 | % | 63.4 | % | 59.4 | % | |||||||||
Common Shares & Units | |||||||||||||||||||
Common shares outstanding | 92,803 | 97,446 | 98,367 | 100,776 | 100,562 | ||||||||||||||
Units outstanding | 4,453 | 4,542 | 4,562 | 4,563 | 4,364 | ||||||||||||||
Total common shares and units outstanding | 97,256 | 101,988 | 102,929 | 105,339 | 104,926 | ||||||||||||||
Weighted average common shares and units outstanding - basic | 100,532 | 102,326 | 104,462 | 105,250 | 104,794 | ||||||||||||||
Weighted average common shares and units outstanding - diluted | 100,779 | 102,570 | 104,732 | 105,554 | 105,168 | ||||||||||||||
Market Capitalization | |||||||||||||||||||
Market value of common equity | $ | 9,816,048 | $ | 10,333,424 | $ | 10,889,888 | $ | 11,231,244 | $ | 11,284,791 | |||||||||
Liquidation value of preferred equity/units | 531,734 | 531,884 | 531,884 | 532,009 | 532,009 | ||||||||||||||
Consolidated debt (1) | 5,910,596 | 6,476,623 | 6,431,753 | 6,389,254 | 6,290,019 | ||||||||||||||
Consolidated market capitalization | $ | 16,258,378 | $ | 17,341,931 | $ | 17,853,525 | $ | 18,152,507 | $ | 18,106,819 | |||||||||
SLG share of unconsolidated JV debt | 4,184,387 | 3,191,302 | 2,924,816 | 2,775,302 | 2,742,857 | ||||||||||||||
Market capitalization including SLG share of unconsolidated JVs | $ | 20,442,765 | $ | 20,533,233 | $ | 20,778,341 | $ | 20,927,809 | $ | 20,849,676 | |||||||||
Consolidated debt to market capitalization | 36.4 | % | 37.3 | % | 36.0 | % | 35.2 | % | 34.7 | % | |||||||||
Debt to market capitalization including SLG share of unconsolidated JVs | 49.4 | % | 47.1 | % | 45.0 | % | 43.8 | % | 43.3 | % | |||||||||
Consolidated debt service coverage (trailing 12 months) | 3.07x | 3.04x | 3.07x | 3.46x | 3.39x | ||||||||||||||
Consolidated fixed charge coverage (trailing 12 months) | 2.60x | 2.56x | 2.59x | 2.95x | 2.91x | ||||||||||||||
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months) | 2.60x | 2.61x | 2.66x | 3.02x | 2.97x | ||||||||||||||
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months) | 2.26x | 2.25x | 2.29x | 2.61x | 2.58x | ||||||||||||||
(1) Includes debt associated with assets held for sale. |
Supplemental Information | 8 | Fourth Quarter 2017 |
KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Selected Balance Sheet Data | |||||||||||||||||||
Real estate assets before depreciation (1) | $ | 10,665,993 | $ | 12,013,814 | $ | 12,021,243 | $ | 12,837,493 | $ | 12,743,332 | |||||||||
Investments in unconsolidated joint ventures | $ | 2,362,989 | $ | 2,045,796 | $ | 2,219,371 | $ | 1,861,077 | $ | 1,890,186 | |||||||||
Debt and preferred equity investments | $ | 2,114,041 | $ | 2,020,739 | $ | 1,986,413 | $ | 1,627,836 | $ | 1,640,412 | |||||||||
Cash and cash equivalents | $ | 127,888 | $ | 241,489 | $ | 270,965 | $ | 468,035 | $ | 279,443 | |||||||||
Investment in marketable securities | $ | 28,579 | $ | 28,802 | $ | 29,524 | $ | 29,260 | $ | 85,110 | |||||||||
Total assets | $ | 13,982,904 | $ | 15,109,870 | $ | 15,309,707 | $ | 15,877,271 | $ | 15,857,787 | |||||||||
Fixed rate & hedged debt | $ | 4,305,165 | $ | 5,154,810 | $ | 5,190,393 | $ | 5,249,091 | $ | 5,184,434 | |||||||||
Variable rate debt (2) | 1,605,431 | 1,321,813 | 1,241,360 | 1,140,163 | 1,105,585 | ||||||||||||||
Total consolidated debt | $ | 5,910,596 | $ | 6,476,623 | $ | 6,431,753 | $ | 6,389,254 | $ | 6,290,019 | |||||||||
Deferred financing costs, net of amortization | (56,690 | ) | (52,667 | ) | (56,820 | ) | (82,988 | ) | (82,258 | ) | |||||||||
Total consolidated debt, net | $ | 5,853,906 | $ | 6,423,956 | $ | 6,374,933 | $ | 6,306,266 | $ | 6,207,761 | |||||||||
Total liabilities | $ | 6,629,761 | $ | 7,153,035 | $ | 7,172,522 | $ | 7,380,279 | $ | 7,330,984 | |||||||||
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt | $ | 6,686,521 | $ | 6,609,447 | $ | 6,532,638 | $ | 6,589,967 | $ | 6,718,900 | |||||||||
Variable rate debt, including SLG share of unconsolidated JV debt (2) | 3,408,462 | 3,058,478 | 2,823,931 | 2,574,589 | 2,313,976 | ||||||||||||||
Total debt, including SLG share of unconsolidated JV debt | $ | 10,094,983 | $ | 9,667,925 | $ | 9,356,569 | $ | 9,164,556 | $ | 9,032,876 | |||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 306,870 | $ | 319,514 | $ | 322,027 | $ | 325,521 | $ | 329,370 | |||||||||
Property operating expenses | (138,537 | ) | (148,394 | ) | (140,105 | ) | (143,882 | ) | (147,355 | ) | |||||||||
Property NOI | $ | 168,333 | $ | 171,120 | $ | 181,922 | $ | 181,639 | $ | 182,015 | |||||||||
SLG share of unconsolidated JV Property NOI | 67,757 | 57,650 | 55,002 | 55,424 | 53,733 | ||||||||||||||
Property NOI, including SLG share of unconsolidated JV Property NOI | $ | 236,090 | $ | 228,770 | $ | 236,924 | $ | 237,063 | $ | 235,748 | |||||||||
Investment income | 45,130 | 47,820 | 60,622 | 40,299 | 38,661 | ||||||||||||||
Other income | 9,342 | 7,266 | 15,501 | 11,561 | 6,211 | ||||||||||||||
Marketing general & administrative expenses | (28,136 | ) | (23,963 | ) | (24,256 | ) | (24,143 | ) | (25,785 | ) | |||||||||
SLG share of investment income and other income from unconsolidated JVs | 6,683 | 4,524 | 5,078 | 5,789 | 6,962 | ||||||||||||||
Income taxes | 1,432 | 77 | 2,201 | 559 | 1,707 | ||||||||||||||
Transaction costs, including SLG share of unconsolidated JVs | 2,199 | (186 | ) | (102 | ) | (187 | ) | (1,638 | ) | ||||||||||
EBITDAre | $ | 272,740 | $ | 264,308 | $ | 295,968 | $ | 270,941 | $ | 261,866 | |||||||||
(1) Includes assets held for sale of $459.9 million at 12/31/2017. | |||||||||||||||||||
(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 | Fourth Quarter 2017 |
KEY FINANCIAL DATA Manhattan Properties (1) Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 285,131 | $ | 294,126 | $ | 294,596 | $ | 292,520 | $ | 297,431 | |||||||||
Property operating expenses | 120,741 | 130,395 | 120,518 | 125,387 | 124,022 | ||||||||||||||
Property NOI | $ | 164,390 | $ | 163,731 | $ | 174,078 | $ | 167,133 | $ | 173,409 | |||||||||
Other income - consolidated | $ | 666 | $ | 1,467 | $ | 608 | $ | 2,417 | $ | 851 | |||||||||
SLG share of property NOI from unconsolidated JVs | $ | 67,374 | $ | 57,486 | $ | 54,856 | $ | 55,171 | $ | 53,522 | |||||||||
Portfolio Statistics | |||||||||||||||||||
Consolidated office buildings in service | 23 | 24 | 24 | 24 | 24 | ||||||||||||||
Unconsolidated office buildings in service | 9 | 7 | 7 | 7 | 7 | ||||||||||||||
32 | 31 | 31 | 31 | 31 | |||||||||||||||
Consolidated office buildings in service - square footage | 14,304,606 | 16,054,606 | 16,054,606 | 16,054,606 | 16,054,606 | ||||||||||||||
Unconsolidated office buildings in service - square footage | 10,356,864 | 6,558,139 | 6,558,139 | 6,558,139 | 6,558,139 | ||||||||||||||
24,661,470 | 22,612,745 | 22,612,745 | 22,612,745 | 22,612,745 | |||||||||||||||
Same-Store office occupancy (consolidated + JVs) | 92.2% | 92.1% | 92.1% | 93.5% | 94.3% | ||||||||||||||
Same-Store office occupancy inclusive of leases signed not yet commenced | 95.3% | 94.8% | 94.5% | 95.3% | 95.9% | ||||||||||||||
Office Leasing Statistics | |||||||||||||||||||
New leases commenced | 24 | 30 | 34 | 26 | 11 | ||||||||||||||
Renewal leases commenced | 12 | 17 | 11 | 15 | 10 | ||||||||||||||
Total office leases commenced | 36 | 47 | 45 | 41 | 21 | ||||||||||||||
Commenced office square footage filling vacancy | 58,594 | 118,590 | 118,230 | 114,996 | 17,202 | ||||||||||||||
Commenced office square footage on previously occupied space (M-T-M leasing) (2) | 217,384 | 181,974 | 156,558 | 204,076 | 154,379 | ||||||||||||||
Total office square footage commenced | 275,978 | 300,564 | 274,788 | 319,072 | 171,581 | ||||||||||||||
Average starting cash rent psf - office leases commenced | $72.83 | $71.73 | $71.43 | $78.11 | $70.94 | ||||||||||||||
Previously escalated cash rent psf - office leases commenced | $60.72 | $70.30 | $66.92 | $69.26 | $67.47 | ||||||||||||||
Increase in new cash rent over previously escalated cash rent (2) | 19.9% | 2.0% | 6.7% | 12.8% | 5.1% | ||||||||||||||
Average lease term | 8.1 | 6.3 | 7.1 | 7.7 | 7.1 | ||||||||||||||
Tenant concession packages psf | $37.30 | $45.36 | $45.12 | $53.87 | $48.53 | ||||||||||||||
Free rent months | 2.2 | 3.2 | 4.6 | 5.6 | 4.9 | ||||||||||||||
(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 | 10 | Fourth Quarter 2017 |
KEY FINANCIAL DATA Suburban Properties (1) Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 21,120 | $ | 25,102 | $ | 26,844 | $ | 28,531 | $ | 27,405 | |||||||||
Property operating expenses | 10,941 | 13,194 | 13,890 | 14,636 | 15,199 | ||||||||||||||
Property NOI | $ | 10,179 | $ | 11,908 | $ | 12,954 | $ | 13,895 | $ | 12,206 | |||||||||
Other income - consolidated | $ | 3,456 | $ | 471 | $ | 1,300 | $ | 107 | $ | 1,047 | |||||||||
SLG share of property NOI from unconsolidated JVs | $ | 384 | $ | 145 | $ | 192 | $ | 207 | $ | 211 | |||||||||
Portfolio Statistics | |||||||||||||||||||
Consolidated office buildings in service | 20 | 22 | 24 | 25 | 25 | ||||||||||||||
Unconsolidated office buildings in service | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
22 | 24 | 26 | 27 | 27 | |||||||||||||||
Consolidated office buildings in service - square footage | 3,013,200 | 3,608,800 | 3,933,800 | 4,113,800 | 4,113,800 | ||||||||||||||
Unconsolidated office buildings in service - square footage | 640,000 | 640,000 | 640,000 | 640,000 | 640,000 | ||||||||||||||
3,653,200 | 4,248,800 | 4,573,800 | 4,753,800 | 4,753,800 | |||||||||||||||
Same-Store office occupancy (consolidated + JVs) | 87.0% | 85.0% | 84.5% | 82.6% | 82.7% | ||||||||||||||
Same-Store office occupancy inclusive of leases signed not yet commenced | 87.2% | 86.6% | 85.1% | 83.9% | 83.7% | ||||||||||||||
Office Leasing Statistics | |||||||||||||||||||
New leases commenced | 15 | 8 | 16 | 10 | 15 | ||||||||||||||
Renewal leases commenced | 12 | 9 | 6 | 12 | 9 | ||||||||||||||
Total office leases commenced | 27 | 17 | 22 | 22 | 24 | ||||||||||||||
Commenced office square footage filling vacancy | 75,016 | 53,971 | 98,500 | 37,184 | 66,425 | ||||||||||||||
Commenced office square footage on previously occupied space (M-T-M leasing) (2) | 82,181 | 79,408 | 28,915 | 73,789 | 63,040 | ||||||||||||||
Total office square footage commenced | 157,197 | 133,379 | 127,415 | 110,973 | 129,465 | ||||||||||||||
Average starting cash rent psf - office leases commenced | $35.47 | $30.75 | $46.80 | $30.04 | $35.86 | ||||||||||||||
Previously escalated cash rent psf - office leases commenced | $34.27 | $32.28 | $39.36 | $29.33 | $32.29 | ||||||||||||||
Increase in new cash rent over previously escalated cash rent (2) | 3.5% | (4.7)% | 18.9% | 2.4% | 11.1% | ||||||||||||||
Average lease term | 5.7 | 7.2 | 7.5 | 4.8 | 7.0 | ||||||||||||||
Tenant concession packages psf | $23.34 | $28.73 | $35.70 | $13.69 | $17.92 | ||||||||||||||
Free rent months | 3.9 | 7.5 | 5.2 | 5.6 | 6.5 | ||||||||||||||
(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 | Fourth Quarter 2017 |
COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands) | ||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Assets | |||||||||||||||||||
Commercial real estate properties, at cost: | |||||||||||||||||||
Land and land interests | $ | 2,357,051 | $ | 2,917,993 | $ | 2,936,879 | $ | 3,295,050 | $ | 3,309,710 | |||||||||
Building and improvements | 6,351,012 | 7,468,436 | 7,476,108 | 7,977,713 | 7,948,852 | ||||||||||||||
Building leasehold and improvements | 1,450,614 | 1,444,698 | 1,441,587 | 1,439,083 | 1,437,325 | ||||||||||||||
Properties under capital lease | 47,445 | 47,445 | 47,445 | 47,445 | 47,445 | ||||||||||||||
10,206,122 | 11,878,572 | 11,902,019 | 12,759,291 | 12,743,332 | |||||||||||||||
Less: accumulated depreciation | (2,300,116 | ) | (2,457,071 | ) | (2,397,299 | ) | (2,372,082 | ) | (2,264,694 | ) | |||||||||
Net real estate | 7,906,006 | 9,421,501 | 9,504,720 | 10,387,209 | 10,478,638 | ||||||||||||||
Other real estate investments: | |||||||||||||||||||
Investment in unconsolidated joint ventures | 2,362,989 | 2,045,796 | 2,219,371 | 1,861,077 | 1,890,186 | ||||||||||||||
Debt and preferred equity investments, net (1) | 2,114,041 | 2,020,739 | 1,986,413 | 1,627,836 | 1,640,412 | ||||||||||||||
Assets held for sale, net | 338,354 | 127,663 | 119,224 | 54,694 | — | ||||||||||||||
Cash and cash equivalents | 127,888 | 241,489 | 270,965 | 468,035 | 279,443 | ||||||||||||||
Restricted cash | 122,138 | 107,763 | 109,959 | 71,215 | 90,524 | ||||||||||||||
Investment in marketable securities | 28,579 | 28,802 | 29,524 | 29,260 | 85,110 | ||||||||||||||
Tenant and other receivables, net of $18,637 reserve at 12/31/2017 | 57,644 | 54,663 | 50,946 | 52,197 | 53,772 | ||||||||||||||
Related party receivables | 23,039 | 24,068 | 23,725 | 19,067 | 15,856 | ||||||||||||||
Deferred rents receivable, net of reserve for | |||||||||||||||||||
tenant credit loss of $17,207 at 12/31/2017 | 365,337 | 393,793 | 385,040 | 453,747 | 442,179 | ||||||||||||||
Deferred costs, net | 226,201 | 247,981 | 249,724 | 267,948 | 267,600 | ||||||||||||||
Other assets | 310,688 | 395,612 | 360,096 | 584,986 | 614,067 | ||||||||||||||
Total Assets | $ | 13,982,904 | $ | 15,109,870 | $ | 15,309,707 | $ | 15,877,271 | $ | 15,857,787 | |||||||||
(1) Excludes debt and preferred equity investments totaling $152.2 million with a weighted average current yield of 8.91% that are included in other balance sheet line items. |
Supplemental Information | 12 | Fourth Quarter 2017 |
COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands) | ||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Liabilities | |||||||||||||||||||
Mortgages and other loans payable | $ | 2,865,991 | $ | 3,845,061 | $ | 3,857,421 | $ | 4,236,545 | $ | 4,140,712 | |||||||||
Unsecured term loan | 1,500,000 | 1,183,000 | 1,183,000 | 1,183,000 | 1,183,000 | ||||||||||||||
Unsecured notes | 1,404,605 | 1,068,562 | 1,091,332 | 1,137,359 | 1,133,957 | ||||||||||||||
Revolving credit facility | 40,000 | 280,000 | 200,000 | — | — | ||||||||||||||
Deferred financing costs | (56,690 | ) | (52,667 | ) | (56,820 | ) | (82,988 | ) | (82,258 | ) | |||||||||
Total debt, net of deferred financing costs | 5,753,906 | 6,323,956 | 6,274,933 | 6,473,916 | 6,375,411 | ||||||||||||||
Accrued interest | 38,142 | 34,367 | 36,478 | 33,859 | 36,052 | ||||||||||||||
Other liabilities | 189,231 | 96,818 | 197,261 | 168,533 | 212,493 | ||||||||||||||
Accounts payable and accrued expenses | 137,142 | 144,767 | 134,294 | 169,244 | 190,583 | ||||||||||||||
Deferred revenue | 208,119 | 252,779 | 229,692 | 235,208 | 217,955 | ||||||||||||||
Capitalized lease obligations | 42,843 | 42,660 | 42,480 | 42,305 | 42,132 | ||||||||||||||
Deferred land lease payable | 3,239 | 3,075 | 2,911 | 2,747 | 2,583 | ||||||||||||||
Dividends and distributions payable | 85,138 | 85,007 | 86,081 | 87,617 | 87,271 | ||||||||||||||
Security deposits | 67,927 | 68,465 | 68,286 | 66,807 | 66,504 | ||||||||||||||
Liabilities related to assets held for sale | 4,074 | 1,141 | 106 | 43 | — | ||||||||||||||
Junior subordinated deferrable interest debentures | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||
Total liabilities | 6,629,761 | 7,153,035 | 7,172,522 | 7,380,279 | 7,330,984 | ||||||||||||||
Noncontrolling interest in operating partnership | |||||||||||||||||||
(4,453 units outstanding) at 12/31/2017 | 461,954 | 470,898 | 487,660 | 491,298 | 473,882 | ||||||||||||||
Preferred units | 301,735 | 301,885 | 301,885 | 302,010 | 302,010 | ||||||||||||||
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, 93,858 | |||||||||||||||||||
issued and outstanding at 12/31/2017, including 1,055 shares held in treasury | 939 | 985 | 995 | 1,019 | 1,017 | ||||||||||||||
Additional paid–in capital | 4,741,697 | 5,294,500 | 5,391,038 | 5,651,089 | 5,624,545 | ||||||||||||||
Treasury stock | (124,049 | ) | (124,049 | ) | (124,049 | ) | (124,049 | ) | (124,049 | ) | |||||||||
Accumulated other comprehensive income | 18,604 | 14,185 | 14,354 | 16,511 | 22,137 | ||||||||||||||
Retained earnings | 1,365,970 | 1,410,332 | 1,431,442 | 1,496,759 | 1,578,893 | ||||||||||||||
Total SL Green Realty Corp. stockholders' equity | 6,225,093 | 6,817,885 | 6,935,712 | 7,263,261 | 7,324,475 | ||||||||||||||
Noncontrolling interest in other partnerships | 364,361 | 366,167 | 411,928 | 440,423 | 426,436 | ||||||||||||||
Total equity | 6,589,454 | 7,184,052 | 7,347,640 | 7,703,684 | 7,750,911 | ||||||||||||||
Total Liabilities and Equity | $ | 13,982,904 | $ | 15,109,870 | $ | 15,309,707 | $ | 15,877,271 | $ | 15,857,787 |
Supplemental Information | 13 | Fourth Quarter 2017 |
COMPARATIVE STATEMENT OF OPERATIONS Unaudited (Dollars in Thousands Except Per Share) | ||
Three Months Ended | Three Months Ended | Year Ended | |||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
2017 | 2016 | 2017 | 2017 | 2016 | |||||||||||||||||
Revenues | |||||||||||||||||||||
Rental revenue, net | $ | 265,492 | $ | 279,869 | $ | 274,765 | $ | 1,100,993 | $ | 1,323,767 | |||||||||||
Escalation and reimbursement revenues | 41,378 | 49,501 | 44,749 | 172,939 | 196,858 | ||||||||||||||||
Investment income | 45,130 | 38,661 | 47,820 | 193,871 | 213,008 | ||||||||||||||||
Other income | 9,342 | 6,211 | 7,266 | 43,670 | 130,348 | ||||||||||||||||
Total Revenues, net | 361,342 | 374,242 | 374,600 | 1,511,473 | 1,863,981 | ||||||||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 7,788 | (95 | ) | 4,078 | 21,892 | 11,874 | |||||||||||||||
Expenses | |||||||||||||||||||||
Operating expenses | 72,079 | 78,590 | 75,927 | 293,364 | 312,859 | ||||||||||||||||
Ground rent | 8,308 | 8,308 | 8,307 | 33,231 | 33,261 | ||||||||||||||||
Real estate taxes | 58,150 | 60,457 | 64,160 | 244,323 | 248,388 | ||||||||||||||||
Transaction related costs | (2,199 | ) | 1,541 | 186 | (1,834 | ) | 7,528 | ||||||||||||||
Marketing, general and administrative | 28,136 | 25,785 | 23,963 | 100,498 | 99,759 | ||||||||||||||||
Total Operating Expenses | 164,474 | 174,681 | 172,543 | 669,582 | 701,795 | ||||||||||||||||
Operating Income | 204,656 | 199,466 | 206,135 | 863,783 | 1,174,060 | ||||||||||||||||
Interest expense, net of interest income | 60,933 | 64,873 | 65,634 | 257,045 | 321,199 | ||||||||||||||||
Amortization of deferred financing costs | 4,297 | 4,384 | 4,008 | 16,498 | 24,564 | ||||||||||||||||
Depreciation and amortization | 84,404 | 104,026 | 91,728 | 403,320 | 821,041 | ||||||||||||||||
55,022 | 26,183 | 44,765 | 186,920 | 7,256 | |||||||||||||||||
Gain (loss) on sale of marketable securities | — | — | — | 3,262 | (83 | ) | |||||||||||||||
Income from Continuing Operations (1) | 55,022 | 26,183 | 44,765 | 190,182 | 7,173 | ||||||||||||||||
Gain on sale of real estate | 76,497 | 27,366 | — | 73,241 | 238,116 | ||||||||||||||||
Equity in net gain on sale of joint venture interest / real estate | — | 421 | 1,030 | 16,166 | 44,009 | ||||||||||||||||
Depreciable real estate reserves | (93,184 | ) | — | — | (178,520 | ) | (10,387 | ) | |||||||||||||
Net Income | 38,335 | 53,970 | 45,795 | 101,069 | 278,911 | ||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (3,766 | ) | (3,364 | ) | (338 | ) | 11,706 | (17,780 | ) | ||||||||||||
Dividends on preferred units | (2,850 | ) | (2,853 | ) | (2,850 | ) | (11,401 | ) | (11,235 | ) | |||||||||||
Net Income Attributable to SL Green Realty Corp | 31,719 | 47,753 | 42,607 | 101,374 | 249,896 | ||||||||||||||||
Dividends on perpetual preferred shares | (3,737 | ) | (3,737 | ) | (3,738 | ) | (14,950 | ) | (14,950 | ) | |||||||||||
Net Income Attributable to Common Stockholders | $ | 27,982 | $ | 44,016 | $ | 38,869 | $ | 86,424 | $ | 234,946 | |||||||||||
Earnings per share - Net income per share (basic) | $ | 0.29 | $ | 0.44 | $ | 0.40 | $ | 0.88 | $ | 2.35 | |||||||||||
Earnings per share - Net income per share (diluted) | $ | 0.29 | $ | 0.44 | $ | 0.40 | $ | 0.87 | $ | 2.34 | |||||||||||
(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below. |
Supplemental Information | 14 | Fourth Quarter 2017 |
COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited (Dollars in Thousands Except Per Share) | ||
Three Months Ended | Three Months Ended | Year Ended | ||||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||
2017 | 2016 | 2017 | 2017 | 2016 | ||||||||||||||||||
Funds from Operations | ||||||||||||||||||||||
Net Income Attributable to Common Stockholders | $ | 27,982 | $ | 44,016 | $ | 38,869 | $ | 86,424 | $ | 234,946 | ||||||||||||
Depreciation and amortization | 84,404 | 104,026 | 91,728 | 403,320 | 821,041 | |||||||||||||||||
Unconsolidated JV depreciation and noncontrolling interests adjustments | 29,397 | 27,662 | 23,517 | 102,334 | 69,853 | |||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 3,766 | 3,364 | 338 | (11,706 | ) | 17,780 | ||||||||||||||||
Gain on sale of real estate | (76,497 | ) | (27,366 | ) | — | (73,241 | ) | (238,116 | ) | |||||||||||||
Loss on equity investment in marketable securities | — | — | — | — | — | |||||||||||||||||
Equity in net gain on sale of joint venture property / real estate | — | (421 | ) | (1,030 | ) | (16,166 | ) | (44,009 | ) | |||||||||||||
Purchase price fair value adjustment | — | — | — | — | — | |||||||||||||||||
Depreciable real estate reserves | 93,184 | — | — | 178,520 | 10,387 | |||||||||||||||||
Non-real estate depreciation and amortization | (554 | ) | (522 | ) | (557 | ) | (2,191 | ) | (2,027 | ) | ||||||||||||
Funds From Operations | $ | 161,682 | $ | 150,759 | $ | 152,865 | $ | 667,294 | $ | 869,855 | ||||||||||||
Funds From Operations - Basic per Share | $ | 1.61 | $ | 1.44 | $ | 1.49 | $ | 6.47 | $ | 8.32 | ||||||||||||
Funds From Operations - Diluted per Share | $ | 1.60 | $ | 1.43 | $ | 1.49 | $ | 6.45 | $ | 8.29 | ||||||||||||
Funds Available for Distribution | ||||||||||||||||||||||
FFO | $ | 161,682 | $ | 150,759 | $ | 152,865 | $ | 667,294 | $ | 869,855 | ||||||||||||
Non real estate depreciation and amortization | 554 | 522 | 557 | 2,191 | 2,027 | |||||||||||||||||
Amortization of deferred financing costs | 4,297 | 4,384 | 4,008 | 16,498 | 24,564 | |||||||||||||||||
Non-cash deferred compensation | 21,312 | 18,196 | 8,690 | 57,808 | 51,999 | |||||||||||||||||
FAD adjustment for joint ventures | (10,321 | ) | (10,350 | ) | (8,887 | ) | (38,898 | ) | (45,608 | ) | ||||||||||||
Straight-line rental income and other non cash adjustments | (14,479 | ) | (13,322 | ) | (15,384 | ) | (62,072 | ) | (155,807 | ) | ||||||||||||
Second cycle tenant improvements | (42,515 | ) | (50,554 | ) | (37,512 | ) | (123,435 | ) | (127,962 | ) | ||||||||||||
Second cycle leasing commissions | (4,807 | ) | (18,870 | ) | (4,875 | ) | (24,256 | ) | (43,510 | ) | ||||||||||||
Revenue enhancing recurring CAPEX | (10,359 | ) | (3,561 | ) | (4,037 | ) | (16,621 | ) | (5,522 | ) | ||||||||||||
Non-revenue enhancing recurring CAPEX | (19,015 | ) | (23,085 | ) | (15,048 | ) | (54,820 | ) | (52,729 | ) | ||||||||||||
Reported Funds Available for Distribution | $ | 86,349 | $ | 54,119 | $ | 80,377 | $ | 423,689 | $ | 517,307 | ||||||||||||
First cycle tenant improvements | $ | 8,565 | $ | 2,178 | $ | 2,716 | $ | 17,130 | $ | 19,061 | ||||||||||||
First cycle leasing commissions | $ | 1,188 | $ | 692 | $ | 331 | $ | 2,121 | $ | 11,705 | ||||||||||||
Development costs | $ | 5,320 | $ | 61,822 | $ | 3,695 | $ | 61,381 | $ | 163,123 | ||||||||||||
Redevelopment costs | $ | 13,067 | $ | 9,483 | $ | 7,763 | $ | 29,515 | $ | 30,004 | ||||||||||||
Capitalized Interest | $ | 6,129 | $ | 5,931 | $ | 6,869 | $ | 26,020 | $ | 24,067 |
Supplemental Information | 15 | Fourth Quarter 2017 |
CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands) | ||
Accumulated | ||||||||||||||||||||||||||||||||||
Series I | Other | |||||||||||||||||||||||||||||||||
Preferred | Common | Additional | Treasury | Retained | Noncontrolling | Comprehensive | ||||||||||||||||||||||||||||
Stock | Stock | Paid-In Capital | Stock | Earnings | Interests | Income | 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 (loss) | 101,374 | (15,701 | ) | 85,673 | ||||||||||||||||||||||||||||||
Preferred dividends | (14,950 | ) | (14,950 | ) | ||||||||||||||||||||||||||||||
Cash distributions declared ($3.1375 per common share) | (305,059 | ) | (305,059 | ) | ||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (52,446 | ) | (52,446 | ) | ||||||||||||||||||||||||||||||
Other comprehensive loss - unrealized loss on derivative instruments | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income - SLG share of unconsolidated joint venture net unrealized gain on derivative instruments | 999 | 999 | ||||||||||||||||||||||||||||||||
Other comprehensive loss - unrealized loss on marketable securities | (4,530 | ) | (4,530 | ) | ||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 2 | 23,312 | 23,314 | |||||||||||||||||||||||||||||||
DRSPP proceeds | 223 | 223 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | (83 | ) | (847,965 | ) | (848,048 | ) | ||||||||||||||||||||||||||||
Conversion of units of the Operating Partnership to common stock | 2 | 21,572 | 21,574 | |||||||||||||||||||||||||||||||
Equity component of repurchased exchangeable senior notes | (109,776 | ) | (109,776 | ) | ||||||||||||||||||||||||||||||
Contributions to consolidated joint ventures | 36,275 | 36,275 | ||||||||||||||||||||||||||||||||
Deconsolidation of partially owned entity | (30,203 | ) | (30,203 | ) | ||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the Operating Partnership | 5,712 | 5,712 | ||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net | 1 | (2,375 | ) | (2,374 | ) | |||||||||||||||||||||||||||||
Amortization of deferred compensation plan | 32,161 | 32,161 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 221,932 | $ | 939 | $ | 4,741,697 | $ | (124,049 | ) | $ | 1,365,970 | $ | 364,361 | $ | 18,604 | $ | 6,589,454 | |||||||||||||||||
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 | (7,759,050 | ) | 89,263 | — | (7,669,787 | ) | ||||||||||||||||||||||||||||
Share Count at December 31, 2017 - Basic | 92,803,299 | 4,452,979 | — | 97,256,278 | ||||||||||||||||||||||||||||||
Weighting factor | 5,767,280 | 103,294 | 276,251 | 6,146,825 | ||||||||||||||||||||||||||||||
Weighted Average Share Count at December 31, 2017 - Diluted | 98,570,579 | 4,556,273 | 276,251 | 103,403,103 |
Supplemental Information | 16 | Fourth Quarter 2017 |
JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||
Total | SLG Share | Total | SLG Share | Total | SLG Share | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Commercial real estate properties, at cost: | |||||||||||||||||||||||
Land and land interests | $ | 4,076,973 | $ | 2,016,744 | $ | 3,071,017 | $ | 1,559,972 | $ | 2,434,194 | $ | 1,129,515 | |||||||||||
Building and improvements | 9,648,939 | 4,477,189 | 7,554,820 | 3,520,273 | 7,316,847 | 3,108,664 | |||||||||||||||||
Building leasehold and improvements | 78,628 | 39,314 | 72,250 | 36,125 | 53,790 | 26,895 | |||||||||||||||||
Properties under capital lease | 189,558 | 94,779 | 189,558 | 94,779 | 189,558 | 94,779 | |||||||||||||||||
13,994,098 | 6,628,026 | 10,887,645 | 5,211,149 | 9,994,389 | 4,359,853 | ||||||||||||||||||
Less: accumulated depreciation | (1,171,965 | ) | (542,888 | ) | (943,365 | ) | (400,946 | ) | (862,672 | ) | (337,599 | ) | |||||||||||
Net real estate | 12,822,133 | 6,085,138 | 9,944,280 | 4,810,203 | 9,131,717 | 4,022,254 | |||||||||||||||||
Cash and cash equivalents | 220,306 | 109,901 | 192,772 | 103,538 | 159,916 | 63,561 | |||||||||||||||||
Restricted cash | 274,603 | 148,258 | 177,824 | 75,848 | 168,539 | 68,228 | |||||||||||||||||
Debt and preferred equity investments, net | 202,539 | 185,638 | 201,731 | 184,830 | 336,164 | 229,258 | |||||||||||||||||
Tenant and other receivables, net of $6,834 reserve at 12/31/2017, of which $3,375 is SLG share | 58,376 | 14,511 | 10,548 | 3,619 | 16,881 | 4,520 | |||||||||||||||||
Deferred rents receivables, net of $5,207 reserve at 12/31/2017 for tenant credit loss, of which $2,259 is SLG share | 291,568 | 139,868 | 256,696 | 117,700 | 215,897 | 95,864 | |||||||||||||||||
Deferred costs, net | 207,045 | 103,062 | 183,098 | 87,573 | 170,243 | 76,145 | |||||||||||||||||
Other assets | 1,200,761 | 440,824 | 453,267 | 242,637 | 513,238 | 262,195 | |||||||||||||||||
Total Assets | $ | 15,277,331 | $ | 7,227,200 | $ | 11,420,216 | $ | 5,625,948 | $ | 10,712,595 | $ | 4,822,025 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Mortgage and other loans payable, net of deferred financing costs of $136,103 at 12/31/17, of which $61,627 is SLG share | $ | 9,412,101 | $ | 4,122,760 | $ | 7,198,609 | $ | 3,135,983 | $ | 6,453,966 | $ | 2,712,539 | |||||||||||
Accrued interest | 26,357 | 11,182 | 16,178 | 7,433 | 12,569 | 6,149 | |||||||||||||||||
Other liabilities | 2,258 | 1,722 | 2,153 | 1,635 | 9,407 | 2,415 | |||||||||||||||||
Accounts payable and accrued expenses | 159,586 | 79,630 | 170,515 | 87,194 | 147,807 | 64,176 | |||||||||||||||||
Deferred revenue | 985,648 | 339,586 | 340,310 | 178,289 | 356,414 | 186,021 | |||||||||||||||||
Capitalized lease obligations | 189,152 | 94,576 | 188,353 | 94,176 | 186,050 | 93,025 | |||||||||||||||||
Security deposits | 33,700 | 12,214 | 34,062 | 12,054 | 35,667 | 11,693 | |||||||||||||||||
Equity | 4,468,529 | 2,565,530 | 3,470,036 | 2,109,184 | 3,510,715 | 1,746,007 | |||||||||||||||||
Total Liabilities and Equity | $ | 15,277,331 | $ | 7,227,200 | $ | 11,420,216 | $ | 5,625,948 | $ | 10,712,595 | $ | 4,822,025 |
Supplemental Information | 17 | Fourth Quarter 2017 |
JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||
Total | SLG Share | Total | SLG Share | Total | SLG Share | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental revenue, net | $ | 218,732 | $ | 88,276 | $ | 186,382 | $ | 78,088 | $ | 184,102 | $ | 73,492 | |||||||||||
Escalation and reimbursement revenues | 29,501 | 14,166 | 23,638 | 11,165 | 17,885 | 7,221 | |||||||||||||||||
Investment income | 4,853 | 4,438 | 3,992 | 3,593 | 7,531 | 4,550 | |||||||||||||||||
Other income | 7,934 | 2,245 | 2,089 | 931 | 4,862 | 2,412 | |||||||||||||||||
Total Revenues, net | $ | 261,020 | $ | 109,125 | $ | 216,101 | $ | 93,777 | $ | 214,380 | $ | 87,675 | |||||||||||
Loss on early extinguishment of debt | (261 | ) | (131 | ) | (7,638 | ) | (3,819 | ) | — | — | |||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | $ | 41,614 | $ | 16,673 | $ | 38,055 | $ | 14,974 | $ | 37,767 | $ | 13,613 | |||||||||||
Ground rent | 4,182 | 1,998 | 4,182 | 1,998 | 4,255 | 2,034 | |||||||||||||||||
Real estate taxes | 35,383 | 16,014 | 37,282 | 14,631 | 32,317 | 11,333 | |||||||||||||||||
Transaction related costs, net of recoveries | — | — | — | — | 207 | 97 | |||||||||||||||||
Total Operating Expenses | $ | 81,179 | $ | 34,685 | $ | 79,519 | $ | 31,603 | $ | 74,546 | $ | 27,077 | |||||||||||
Operating Income | $ | 179,580 | $ | 74,309 | $ | 128,944 | $ | 58,355 | $ | 139,834 | $ | 60,598 | |||||||||||
Interest expense, net of interest income | $ | 73,967 | $ | 28,692 | $ | 61,066 | $ | 23,893 | $ | 49,865 | $ | 22,296 | |||||||||||
Amortization of deferred financing costs | 5,032 | 1,696 | 4,031 | 1,589 | 7,162 | 2,471 | |||||||||||||||||
Depreciation and amortization | 80,863 | 35,136 | 61,447 | 28,819 | 66,976 | 30,018 | |||||||||||||||||
Net Income | $ | 19,718 | $ | 8,785 | $ | 2,400 | $ | 4,054 | $ | 15,831 | $ | 5,813 | |||||||||||
Real estate depreciation | 80,622 | 35,089 | 61,715 | 28,874 | 66,916 | 30,016 | |||||||||||||||||
FFO Contribution | $ | 100,340 | $ | 43,874 | $ | 64,115 | $ | 32,928 | $ | 82,747 | $ | 35,829 | |||||||||||
FAD Adjustments: | |||||||||||||||||||||||
Non real estate depreciation and amortization | $ | 5,273 | $ | 1,743 | $ | 3,763 | $ | 1,534 | $ | 7,222 | $ | 2,472 | |||||||||||
Straight-line rental income and other non-cash adjustments | (11,400 | ) | (4,191 | ) | (15,025 | ) | (7,633 | ) | (15,413 | ) | (8,888 | ) | |||||||||||
Second cycle tenant improvement | (4,835 | ) | (2,355 | ) | (2,037 | ) | (1,052 | ) | (3,177 | ) | (1,602 | ) | |||||||||||
Second cycle leasing commissions | (5,759 | ) | (1,427 | ) | (502 | ) | (240 | ) | (1,220 | ) | (797 | ) | |||||||||||
Recurring CAPEX | (14,607 | ) | (4,091 | ) | (6,023 | ) | (1,496 | ) | (3,315 | ) | (1,535 | ) | |||||||||||
Total FAD Adjustments | $ | (31,328 | ) | $ | (10,321 | ) | $ | (19,824 | ) | $ | (8,887 | ) | $ | (15,903 | ) | $ | (10,350 | ) | |||||
First cycle tenant improvement | $ | 20,482 | $ | 8,718 | $ | 31,207 | $ | 13,285 | $ | 31,855 | $ | 15,710 | |||||||||||
First cycle leasing commissions | $ | 4,848 | $ | 3,115 | $ | 3,599 | $ | 1,815 | $ | 33,450 | $ | 15,001 | |||||||||||
Development costs | $ | 93,638 | $ | 77,378 | $ | 93,737 | $ | 66,919 | $ | 4,197 | $ | 1,303 | |||||||||||
Redevelopment costs | $ | 15,463 | $ | 8,057 | $ | 3,910 | $ | 3,588 | $ | 27,724 | $ | 13,920 | |||||||||||
Capitalized Interest | $ | 11,432 | $ | 6,770 | $ | 9,368 | $ | 5,660 | $ | 5,340 | $ | 2,906 |
Supplemental Information | 18 | Fourth Quarter 2017 |
JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
Twelve Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||
Total | SLG Share | Total | SLG Share | ||||||||||||
Revenues | |||||||||||||||
Rental revenue, net | $ | 780,595 | $ | 320,559 | $ | 621,869 | $ | 237,063 | |||||||
Escalation and reimbursement revenues | 86,940 | 40,904 | 48,248 | 19,284 | |||||||||||
Investment income | 21,788 | 16,777 | 24,735 | 16,250 | |||||||||||
Other income | 14,907 | 5,297 | 17,837 | 8,601 | |||||||||||
Total Revenues, net | $ | 904,230 | $ | 383,537 | $ | 712,689 | $ | 281,198 | |||||||
Loss on early extinguishment of debt | (7,899 | ) | (3,950 | ) | (1,606 | ) | (972 | ) | |||||||
Expenses | |||||||||||||||
Operating expenses | $ | 157,610 | $ | 60,262 | $ | 126,913 | $ | 42,958 | |||||||
Ground rent | 16,794 | 8,025 | 14,924 | 7,369 | |||||||||||
Real estate taxes | 142,774 | 57,343 | 111,673 | 38,492 | |||||||||||
Transaction related costs, net of recoveries | 146 | 110 | 5,566 | 3,116 | |||||||||||
Total Operating Expenses | $ | 317,324 | $ | 125,740 | $ | 259,076 | $ | 91,935 | |||||||
Operating Income | $ | 579,007 | $ | 253,847 | $ | 452,007 | $ | 188,291 | |||||||
Interest expense, net of interest income | $ | 250,063 | $ | 96,554 | $ | 197,741 | $ | 72,015 | |||||||
Amortization of deferred financing costs | 23,026 | 8,220 | 24,829 | 8,309 | |||||||||||
Depreciation and amortization | 279,419 | 126,456 | 199,011 | 83,346 | |||||||||||
Net Income | $ | 26,499 | $ | 22,617 | $ | 30,426 | $ | 24,621 | |||||||
Real estate depreciation | 278,167 | 126,218 | 198,769 | 83,341 | |||||||||||
FFO Contribution | $ | 304,666 | $ | 148,835 | $ | 229,195 | $ | 107,962 | |||||||
FAD Adjustments: | |||||||||||||||
Non real estate depreciation and amortization | $ | 24,278 | $ | 8,458 | $ | 25,071 | $ | 8,314 | |||||||
Straight-line rental income and other non-cash adjustments | (66,429 | ) | (33,299 | ) | (60,065 | ) | (29,771 | ) | |||||||
Second cycle tenant improvement | (10,986 | ) | (5,183 | ) | (7,584 | ) | (3,897 | ) | |||||||
Second cycle leasing commissions | (8,163 | ) | (2,382 | ) | (31,058 | ) | (17,284 | ) | |||||||
Recurring CAPEX | (23,547 | ) | (6,492 | ) | (6,050 | ) | (2,970 | ) | |||||||
Total FAD Adjustments | $ | (84,847 | ) | $ | (38,898 | ) | $ | (79,686 | ) | $ | (45,608 | ) | |||
First cycle tenant improvement | $ | 77,487 | $ | 31,828 | $ | 73,472 | $ | 32,877 | |||||||
First cycle leasing commissions | $ | 15,010 | $ | 7,426 | $ | 50,981 | $ | 23,567 | |||||||
Development costs | $ | 309,367 | $ | 228,379 | $ | 7,164 | $ | 3,400 | |||||||
Redevelopment costs | $ | 43,187 | $ | 24,043 | $ | 60,965 | $ | 29,184 | |||||||
Capitalized Interest | $ | 32,156 | $ | 18,603 | $ | 22,961 | $ | 12,414 |
Supplemental Information | 19 | Fourth Quarter 2017 |
SELECTED FINANCIAL DATA Net Operating Income Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
December 31, | December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||
2017 | 2016 | 2017 | 2017 | 2016 | ||||||||||||||||||
Net Operating Income (1) | $ | 173,349 | $ | 182,390 | $ | 174,344 | $ | 718,791 | $ | 924,486 | ||||||||||||
SLG share of property NOI from unconsolidated JVs | 68,858 | 54,771 | 58,730 | 240,144 | 171,571 | |||||||||||||||||
NOI including SLG share of unconsolidated JVs | $ | 242,207 | $ | 237,161 | $ | 233,074 | $ | 958,935 | $ | 1,096,057 | ||||||||||||
Partners' share of NOI - consolidated JVs | (9,986 | ) | (10,368 | ) | (8,832 | ) | (38,174 | ) | (37,484 | ) | ||||||||||||
NOI - SLG share | $ | 232,221 | $ | 226,793 | $ | 224,242 | $ | 920,761 | $ | 1,058,573 | ||||||||||||
NOI, including SLG share of unconsolidated JVs | $ | 242,207 | $ | 237,161 | $ | 233,074 | $ | 958,935 | $ | 1,096,057 | ||||||||||||
Free rent (net of amortization) | 1,734 | (7,624 | ) | (4,888 | ) | (13,601 | ) | 49,556 | ||||||||||||||
Net FAS 141 adjustment | (6,882 | ) | (7,539 | ) | (6,532 | ) | (29,947 | ) | (202,729 | ) | ||||||||||||
Straight-line revenue adjustment | (7,459 | ) | (11,787 | ) | (10,360 | ) | (47,778 | ) | (53,897 | ) | ||||||||||||
Allowance for straight-line tenant credit loss | (4,554 | ) | 2,623 | (2,013 | ) | (7,617 | ) | 13,012 | ||||||||||||||
Ground lease straight-line adjustment | 941 | 995 | 941 | 3,832 | 3,592 | |||||||||||||||||
Cash NOI, including SLG share of unconsolidated JVs | $ | 225,987 | $ | 213,829 | $ | 210,222 | $ | 863,824 | $ | 905,591 | ||||||||||||
Partners' share of cash NOI - consolidated JVs | (7,494 | ) | (8,214 | ) | (7,109 | ) | (29,874 | ) | (29,930 | ) | ||||||||||||
Cash NOI - SLG share | $ | 218,493 | $ | 205,615 | $ | 203,113 | $ | 833,950 | $ | 875,661 | ||||||||||||
(1) Includes SL Green Management Corp. and Emerge 212. 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. |
NOI Summary by Portfolio (1) - SLG Share | |||||||||||||||||
Three Months Ended December 31, 2017 | Twelve Months Ended December 31, 2017 | ||||||||||||||||
NOI | Cash NOI | NOI | Cash NOI | ||||||||||||||
Manhattan Operating Properties | $ | 197,128 | $ | 187,923 | $ | 769,560 | $ | 704,487 | |||||||||
Suburban Operating Properties | 9,968 | 9,563 | 35,762 | 33,849 | |||||||||||||
Retail Operating Properties | 11,387 | 10,355 | 44,819 | 39,644 | |||||||||||||
Residential Operating Properties | 8,945 | 8,507 | 31,428 | 29,665 | |||||||||||||
Development/Redevelopment/Land | 6,030 | 3,294 | 25,553 | 13,509 | |||||||||||||
Total Operating and Development | 233,458 | 219,642 | 907,122 | 821,154 | |||||||||||||
Property Dispositions | 99 | 76 | 13,332 | 11,976 | |||||||||||||
Other (2) | (1,336 | ) | (1,225 | ) | 307 | 820 | |||||||||||
Total | $ | 232,221 | $ | 218,493 | $ | 920,761 | $ | 833,950 | |||||||||
(1) Portfolio composition consistent with property tables found on pages 31-38 | |||||||||||||||||
(2) Includes SL Green Management Corp., Emerge 212 and Belmont | |||||||||||||||||
Supplemental Information | 20 | Fourth Quarter 2017 |
SELECTED FINANCIAL DATA 2017 Same Store Net Operating Income - Wholly Owned and Consolidated JVs Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | June 30, | December 31, | December 31, | |||||||||||||||||||||||
2017 | 2016 | % | 2017 | 2017 | 2016 | % | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||
Rental revenue, net | $ | 242,780 | $ | 240,256 | 1.1 | % | $ | 239,804 | $ | 961,781 | $ | 942,636 | 2.0 | % | |||||||||||||
Escalation & reimbursement revenues | 34,440 | 36,818 | (6.5 | )% | 33,695 | 131,369 | 141,978 | (7.5 | )% | ||||||||||||||||||
Other income | 4,080 | 1,578 | 158.6 | % | 1,756 | 8,903 | 6,789 | 31.1 | % | ||||||||||||||||||
Total Revenues | $ | 281,300 | $ | 278,652 | 1.0 | % | $ | 275,255 | $ | 1,102,053 | $ | 1,091,403 | 1.0 | % | |||||||||||||
Expenses | |||||||||||||||||||||||||||
Operating expenses | $ | 60,321 | $ | 60,652 | (0.5 | )% | $ | 62,165 | $ | 239,559 | $ | 239,428 | 0.1 | % | |||||||||||||
Ground rent | 8,520 | 8,520 | 0.0 | % | 8,520 | 34,081 | 34,111 | (0.1 | )% | ||||||||||||||||||
Real estate taxes | 52,355 | 50,552 | 3.6 | % | 54,280 | 208,907 | 200,701 | 4.1 | % | ||||||||||||||||||
$ | 121,196 | $ | 119,724 | 1.2 | % | $ | 124,965 | $ | 482,547 | $ | 474,240 | 1.8 | % | ||||||||||||||
Operating Income | $ | 160,104 | $ | 158,928 | 0.7 | % | $ | 150,290 | $ | 619,506 | $ | 617,163 | 0.4 | % | |||||||||||||
Interest expense & amortization of financing costs | $ | 33,971 | $ | 36,043 | (5.7 | )% | $ | 34,280 | $ | 137,693 | $ | 144,709 | (4.8 | )% | |||||||||||||
Depreciation & amortization | 73,695 | 80,941 | (9.0 | )% | 77,323 | 299,393 | 300,914 | (0.5 | )% | ||||||||||||||||||
Income before noncontrolling interest | $ | 52,438 | $ | 41,944 | 25.0 | % | $ | 38,687 | $ | 182,420 | $ | 171,540 | 6.3 | % | |||||||||||||
Plus: | Real estate depreciation & amortization | 73,639 | 80,873 | (8.9 | )% | 77,258 | 299,136 | 300,639 | (0.5 | )% | |||||||||||||||||
FFO Contribution | $ | 126,077 | $ | 122,817 | 2.7 | % | $ | 115,945 | $ | 481,556 | $ | 472,179 | 2.0 | % | |||||||||||||
Less: | Non–building revenue | 3,832 | 219 | 1,649.8 | % | 951 | 6,561 | 1,766 | 271.5 | % | |||||||||||||||||
Plus: | Interest expense & amortization of financing costs | 33,971 | 36,043 | (5.7 | )% | 34,280 | 137,693 | 144,709 | (4.8 | )% | |||||||||||||||||
Non-real estate depreciation | 56 | 68 | (17.6 | )% | 65 | 257 | 275 | (6.5 | )% | ||||||||||||||||||
NOI | $ | 156,272 | $ | 158,709 | (1.5 | )% | $ | 149,339 | $ | 612,945 | $ | 615,397 | (0.4 | )% | |||||||||||||
Cash Adjustments | |||||||||||||||||||||||||||
Less: | Free rent (net of amortization) | $ | 5,635 | $ | 7,175 | (21.5 | )% | $ | 1,728 | $ | 15,138 | $ | 14,675 | 3.2 | % | ||||||||||||
Straightline revenue adjustment | (4,346 | ) | 1,394 | (411.8 | )% | 1,889 | 4,784 | 19,458 | (75.4 | )% | |||||||||||||||||
Rental income - FAS 141 | 4,318 | 4,035 | 7.0 | % | 4,216 | 17,144 | 19,802 | (13.4 | )% | ||||||||||||||||||
Plus: | Ground lease straight-line adjustment | 524 | 531 | (1.3 | )% | 524 | 2,096 | 2,312 | (9.3 | )% | |||||||||||||||||
Allowance for S/L tenant credit loss | (2,955 | ) | 1,508 | (296.0 | )% | (1,808 | ) | (5,354 | ) | 3,902 | (237.2 | )% | |||||||||||||||
Cash NOI | $ | 148,234 | $ | 148,144 | 0.1 | % | $ | 140,222 | $ | 572,621 | $ | 567,676 | 0.9 | % | |||||||||||||
Operating Margins | |||||||||||||||||||||||||||
NOI to real estate revenue, net | 56.3 | % | 57.0 | % | 54.4 | % | 56.0 | % | 56.5 | % | |||||||||||||||||
Cash NOI to real estate revenue, net | 53.4 | % | 53.2 | % | 51.1 | % | 52.3 | % | 52.1 | % | |||||||||||||||||
NOI before ground rent/real estate revenue, net | 59.4 | % | 60.1 | % | 57.5 | % | 59.1 | % | 59.6 | % | |||||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 56.3 | % | 56.1 | % | 54.0 | % | 55.2 | % | 55.0 | % |
Supplemental Information | 21 | Fourth Quarter 2017 |
SELECTED FINANCIAL DATA 2017 Same Store Net Operating Income - Unconsolidated JVs Unaudited (Dollars in Thousands, SLG Share) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | June 30, | December 31, | December 31, | |||||||||||||||||||||||
2017 | 2016 | % | 2017 | 2017 | 2016 | % | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||
Rental revenue, net | $ | 46,336 | $ | 45,170 | 2.6 | % | $ | 44,893 | $ | 179,385 | $ | 173,611 | 3.3 | % | |||||||||||||
Escalation & reimbursement revenues | 4,628 | 4,434 | 4.4 | % | 4,881 | 17,476 | 14,356 | 21.7 | % | ||||||||||||||||||
Other income | 178 | 709 | (74.9 | )% | 142 | 707 | 2,885 | (75.5 | )% | ||||||||||||||||||
Total Revenues | $ | 51,142 | $ | 50,313 | 1.6 | % | $ | 49,916 | $ | 197,568 | $ | 190,852 | 3.5 | % | |||||||||||||
Expenses | |||||||||||||||||||||||||||
Operating expenses | $ | 8,180 | $ | 8,295 | (1.4 | )% | $ | 8,876 | $ | 33,494 | $ | 32,196 | 4.0 | % | |||||||||||||
Ground rent | — | — | — | % | — | — | — | — | % | ||||||||||||||||||
Real estate taxes | 9,036 | 8,218 | 10.0 | % | 9,078 | 34,535 | 31,622 | 9.2 | % | ||||||||||||||||||
$ | 17,216 | $ | 16,513 | 4.3 | % | $ | 17,954 | $ | 68,029 | $ | 63,818 | 6.6 | % | ||||||||||||||
Operating Income | $ | 33,926 | $ | 33,800 | 0.4 | % | $ | 31,962 | $ | 129,539 | $ | 127,034 | 2.0 | % | |||||||||||||
Interest expense & amortization of financing costs | $ | 14,958 | $ | 14,052 | 6.4 | % | $ | 14,835 | $ | 56,830 | $ | 64,327 | (11.7 | )% | |||||||||||||
Depreciation & amortization | 14,760 | 14,338 | 2.9 | % | 13,761 | 57,618 | 54,233 | 6.2 | % | ||||||||||||||||||
Income before noncontrolling interest | $ | 4,208 | $ | 5,410 | (22.2 | )% | $ | 3,366 | $ | 15,091 | $ | 8,474 | 78.1 | % | |||||||||||||
Plus: | Real estate depreciation & amortization | 14,759 | 14,338 | 2.9 | % | 13,760 | 57,615 | 54,230 | 6.2 | % | |||||||||||||||||
FFO Contribution | $ | 18,967 | $ | 19,748 | (4.0 | )% | $ | 17,126 | $ | 72,706 | $ | 62,704 | 16.0 | % | |||||||||||||
Less: | Non–building revenue | 173 | 1,085 | (84.1 | )% | 134 | 678 | 1,462 | (53.6 | )% | |||||||||||||||||
Plus: | Interest expense & amortization of financing costs | 14,958 | 14,052 | 6.4 | % | 14,835 | 56,830 | 64,327 | (11.7 | )% | |||||||||||||||||
Non-real estate depreciation | 1 | — | — | % | 1 | 3 | 3 | — | % | ||||||||||||||||||
NOI | $ | 33,753 | $ | 32,715 | 3.2 | % | $ | 31,828 | $ | 128,861 | $ | 125,572 | 2.6 | % | |||||||||||||
Cash Adjustments | |||||||||||||||||||||||||||
Less: | Free rent (net of amortization) | $ | 1,025 | $ | 594 | 72.6 | % | $ | (91 | ) | $ | 551 | $ | 8,131 | (93.2 | )% | |||||||||||
Straightline revenue adjustment | 1,337 | 2,966 | (54.9 | )% | 2,705 | 9,555 | 7,386 | 29.4 | % | ||||||||||||||||||
Rental income - FAS 141 | 608 | 411 | 47.9 | % | 357 | 1,852 | 1,723 | 7.5 | % | ||||||||||||||||||
Plus: | Ground lease straight-line adjustment | — | — | — | % | — | — | — | — | % | |||||||||||||||||
Allowance for S/L tenant credit loss | (176 | ) | — | — | % | — | (89 | ) | — | — | % | ||||||||||||||||
Cash NOI | $ | 30,607 | $ | 28,744 | 6.5 | % | $ | 28,857 | $ | 116,814 | $ | 108,332 | 7.8 | % | |||||||||||||
Operating Margins | |||||||||||||||||||||||||||
NOI to real estate revenue, net | 66.2 | % | 66.5 | % | 63.9 | % | 65.4 | % | 66.3 | % | |||||||||||||||||
Cash NOI to real estate revenue, net | 60.1 | % | 58.4 | % | 58.0 | % | 59.3 | % | 57.2 | % | |||||||||||||||||
NOI before ground rent/real estate revenue, net | 66.2 | % | 66.5 | % | 63.9 | % | 65.4 | % | 66.3 | % | |||||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 60.1 | % | 58.4 | % | 58.0 | % | 59.3 | % | 57.2 | % |
Supplemental Information | 22 | Fourth Quarter 2017 |
SELECTED FINANCIAL DATA 2017 Same Store Net Operating Income Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | June 30, | December 31, | December 31, | |||||||||||||||||||||||
2017 | 2016 | % | 2017 | 2017 | 2016 | % | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||
Rental revenue, net | $ | 242,780 | $ | 240,256 | 1.1 | % | $ | 239,804 | $ | 961,781 | $ | 942,636 | 2.0 | % | |||||||||||||
Escalation & reimbursement revenues | 34,440 | 36,818 | (6.5 | )% | 33,695 | 131,369 | 141,978 | (7.5 | )% | ||||||||||||||||||
Other income | 4,080 | 1,578 | 158.6 | % | 1,756 | 8,903 | 6,789 | 31.1 | % | ||||||||||||||||||
Total Revenues | $ | 281,300 | $ | 278,652 | 1.0 | % | $ | 275,255 | $ | 1,102,053 | $ | 1,091,403 | 1.0 | % | |||||||||||||
Equity in Net Income from Unconsolidated Joint Ventures (1) | $ | 4,208 | $ | 5,410 | (22.2 | )% | $ | 3,366 | $ | 15,091 | $ | 8,474 | 78.1 | % | |||||||||||||
Expenses | |||||||||||||||||||||||||||
Operating expenses | $ | 60,321 | $ | 60,652 | (0.5 | )% | $ | 62,165 | $ | 239,559 | $ | 239,428 | 0.1 | % | |||||||||||||
Ground rent | 8,520 | 8,520 | 0.0 | % | 8,520 | 34,081 | 34,111 | (0.1 | )% | ||||||||||||||||||
Real estate taxes | 52,355 | 50,552 | 3.6 | % | 54,280 | 208,907 | 200,701 | 4.1 | % | ||||||||||||||||||
$ | 121,196 | $ | 119,724 | 1.2 | % | $ | 124,965 | $ | 482,547 | $ | 474,240 | 1.8 | % | ||||||||||||||
Operating Income | $ | 164,312 | $ | 164,338 | 0.0 | % | $ | 153,656 | $ | 634,597 | $ | 625,637 | 1.4 | % | |||||||||||||
Interest expense & amortization of financing costs | $ | 33,971 | $ | 36,043 | (5.7 | )% | $ | 34,280 | $ | 137,693 | $ | 144,709 | (4.8 | )% | |||||||||||||
Depreciation & amortization | 73,695 | 80,941 | (9.0 | )% | 77,323 | 299,393 | 300,914 | (0.5 | )% | ||||||||||||||||||
Income before noncontrolling interest | $ | 56,646 | $ | 47,354 | 19.6 | % | $ | 42,053 | $ | 197,511 | $ | 180,014 | 9.7 | % | |||||||||||||
Plus: | Real estate depreciation & amortization | 73,639 | 80,873 | (8.9 | )% | 77,258 | 299,136 | 300,639 | (0.5 | )% | |||||||||||||||||
Joint Ventures Real estate depreciation & amortization (1) | 14,759 | 14,338 | 2.9 | % | 13,760 | 57,615 | $ | 54,230 | 6.2 | % | |||||||||||||||||
FFO Contribution | $ | 145,044 | $ | 142,565 | 1.7 | % | $ | 133,071 | $ | 554,262 | $ | 534,883 | 3.6 | % | |||||||||||||
Less: | Non–building revenue | $ | 3,832 | $ | 219 | 1,649.8 | % | $ | 951 | $ | 6,561 | $ | 1,766 | 271.5 | % | ||||||||||||
Joint Ventures Non–building revenue (1) | 173 | 1,085 | (84.1 | )% | 134 | 678 | 1,462 | (53.6 | )% | ||||||||||||||||||
Plus: | Interest expense & amortization of financing costs | 33,971 | 36,043 | (5.7 | )% | 34,280 | 137,693 | 144,709 | (4.8 | )% | |||||||||||||||||
Joint Ventures Interest expense & amortization of financing costs (1) | 14,958 | 14,052 | 6.4 | % | 14,835 | 56,830 | 64,327 | (11.7 | )% | ||||||||||||||||||
Non-real estate depreciation | 56 | 68 | (17.6 | )% | 65 | 257 | 275 | (6.5 | )% | ||||||||||||||||||
Joint Ventures Non-real estate depreciation (1) | 1 | — | — | % | 1 | 3 | 3 | — | % | ||||||||||||||||||
NOI | $ | 190,025 | $ | 191,424 | (0.7 | )% | $ | 181,167 | $ | 741,806 | $ | 740,969 | 0.1 | % | |||||||||||||
Cash Adjustments | |||||||||||||||||||||||||||
Non-cash adjustments | $ | (8,038 | ) | $ | (10,565 | ) | (23.9 | )% | $ | (9,117 | ) | $ | (40,324 | ) | $ | (47,721 | ) | (15.5 | )% | ||||||||
Joint Venture non-cash adjustments (1) | (3,146 | ) | (3,971 | ) | (20.8 | )% | (2,971 | ) | (12,047 | ) | (17,240 | ) | (30.1 | )% | |||||||||||||
Cash NOI | $ | 178,841 | $ | 176,888 | 1.1 | % | $ | 169,079 | $ | 689,435 | $ | 676,008 | 2.0 | % | |||||||||||||
Operating Margins | |||||||||||||||||||||||||||
NOI to real estate revenue, net | 57.9 | % | 58.4 | % | 55.9 | % | 57.4 | % | 57.9 | % | |||||||||||||||||
Cash NOI to real estate revenue, net | 54.5 | % | 54.0 | % | 52.2 | % | 53.3 | % | 52.9 | % | |||||||||||||||||
NOI before ground rent/real estate revenue, net | 60.5 | % | 61.0 | % | 58.5 | % | 60.0 | % | 60.6 | % | |||||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 56.9 | % | 56.4 | % | 54.6 | % | 55.8 | % | 55.3 | % | |||||||||||||||||
(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 | Fourth Quarter 2017 |
DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands) | ||
Principal | 2018 | Initial | Principal | As-Of | ||||||||||||||||||||||
Ownership | Outstanding | Principal | Maturity | Due at | Right | Earliest | ||||||||||||||||||||
Fixed rate debt | Interest (%) | 12/31/2017 | Coupon (1) | Amortization | Date | Maturity | Extension | Prepayment (2) | ||||||||||||||||||
Secured fixed rate debt | ||||||||||||||||||||||||||
1 Madison Avenue | 100.0 | $ | 486,153 | 5.91% | $ | 33,602 | May-20 | $ | 404,531 | — | Nov-19 | |||||||||||||||
762 Madison Avenue | 90.0 | 771 | 5.00% | — | Feb-22 | 771 | — | Open | ||||||||||||||||||
100 Church Street | 100.0 | 217,273 | 4.68% | 3,734 | 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 | ||||||||||||||||||
400 East 58th Street | 90.0 | 40,000 | 3.00% | 69 | 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% | 566 | Feb-27 | 29,358 | — | Open | ||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | 250,000 | 4.17% | — | Feb-27 | 250,000 | — | Open | ||||||||||||||||||
$ | 2,380,560 | 4.77% | $ | 37,971 | $ | 2,239,033 | ||||||||||||||||||||
Unsecured fixed rate debt | ||||||||||||||||||||||||||
Unsecured loan | $ | 16,000 | 4.81% | $ | — | Jun-18 | $ | 16,000 | — | Open | ||||||||||||||||
Unsecured notes | 249,953 | 5.00% | (43 | ) | Aug-18 | 250,000 | — | Jun-18 | ||||||||||||||||||
Unsecured notes | 250,000 | 7.75% | — | Mar-20 | 250,000 | — | Open | |||||||||||||||||||
Unsecured notes | 499,489 | 3.25% | (101 | ) | Oct-22 | 500,000 | — | Open | ||||||||||||||||||
Unsecured notes | 305,163 | 4.50% | 995 | Dec-22 | 300,000 | — | Open | |||||||||||||||||||
Term loan (swapped) | 200,000 | 3.03% | — | Mar-23 | (3) | 200,000 | — | Open | ||||||||||||||||||
Term loan (swapped) | 300,000 | 2.24% | — | Mar-23 | (4) | 300,000 | — | 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 | |||||||||||||||||||
$ | 1,924,605 | 4.15% | $ | 851 | $ | 1,920,000 | ||||||||||||||||||||
Total Fixed Rate Debt | $ | 4,305,165 | 4.49% | $ | 38,822 | $ | 4,159,033 | |||||||||||||||||||
Floating rate debt | ||||||||||||||||||||||||||
Secured floating rate debt | ||||||||||||||||||||||||||
719 Seventh Avenue (LIBOR + 305 bps) | 75.0 | $ | 41,622 | 4.61% | $ | — | Feb-18 | $ | 41,622 | — | Open | |||||||||||||||
187 Broadway & 5-7 Dey Street (LIBOR + 269.5 bps) | 100.0 | 58,000 | 4.26% | — | May-18 | 58,000 | — | Open | ||||||||||||||||||
Debt & preferred equity facility (LIBOR + 238 bps) | 90,809 | 3.94% | (5) | — | Jul-18 | 90,809 | Jun-20 | Open | ||||||||||||||||||
220 East 42nd St. (LIBOR + 160 bps) | 100.0 | 275,000 | 3.16% | — | Oct-20 | 275,000 | — | Open | ||||||||||||||||||
$ | 465,431 | 3.58% | $ | — | $ | 465,431 | ||||||||||||||||||||
Unsecured floating rate debt | ||||||||||||||||||||||||||
Revolving credit facility (LIBOR + 100 bps) | $ | 40,000 | 2.56% | $ | — | Mar-22 | $ | 40,000 | Mar-23 | Open | ||||||||||||||||
Term loan (LIBOR + 110 bps) | 800,000 | 2.66% | — | Mar-23 | 800,000 | — | Open | |||||||||||||||||||
Term loan (LIBOR + 165 bps) | 200,000 | 3.21% | — | Nov-24 | 200,000 | — | Open | |||||||||||||||||||
Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps) | 100,000 | 2.94% | — | Jul-35 | 100,000 | — | Open | |||||||||||||||||||
$ | 1,140,000 | 2.78% | $ | — | $ | 1,140,000 | ||||||||||||||||||||
Total Floating Rate Debt | $ | 1,605,431 | 3.01% | $ | — | $ | 1,605,431 | |||||||||||||||||||
Total Debt - Consolidated | $ | 5,910,596 | 4.09% | $ | 38,822 | $ | 5,764,464 | |||||||||||||||||||
Deferred financing costs | (56,690 | ) | ||||||||||||||||||||||||
Total Debt - Consolidated, net | $ | 5,853,906 | 4.09% | |||||||||||||||||||||||
Total Debt - Joint Venture, net | $ | 4,122,760 | 3.83% | |||||||||||||||||||||||
Total Debt including SLG share of unconsolidated JV Debt | $ | 10,094,983 | 3.98% | |||||||||||||||||||||||
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt | $ | 10,455,606 | 3.88% | |||||||||||||||||||||||
(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) Loans which show as open may nevertheless be subject to certain fees, premiums or penalties. | ||||||||||||||||||||||||||
(3) The interest rate swaps mature in November 2020. | ||||||||||||||||||||||||||
(4) The interest rate swaps mature in July 2023. | ||||||||||||||||||||||||||
(5) The debt and preferred equity facility bears interest on a floating rate basis at a spread to 1-mo LIBOR based on the pledged collateral and advance rate. |
Supplemental Information | 24 | Fourth Quarter 2017 |
DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands) | ||
Principal Outstanding | 2018 | Initial | Principal | As-Of | |||||||||||||||||||||||||
Ownership | 12/31/2017 | 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 (2) | ||||||||||||||||||||
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 | ||||||||||||||||||||
650 Fifth Avenue (mortgage) | 50.0 | 210,000 | 105,000 | 4.46% | — | Oct-22 | 105,000 | — | Open | ||||||||||||||||||||
650 Fifth Avenue (mezzanine) | 50.0 | 65,000 | 32,500 | 5.45% | — | Oct-22 | 32,500 | — | Open | ||||||||||||||||||||
21 East 66th Street | 32.3 | 12,000 | 3,874 | 3.60% | — | Apr-23 | 3,874 | — | Open | ||||||||||||||||||||
3 Columbus Circle | 48.9 | 350,000 | 171,150 | 3.61% | — | Mar-25 | 171,150 | — | Sep-24 | ||||||||||||||||||||
1515 Broadway | 69.9 | 872,528 | 609,627 | 3.93% | 11,635 | Mar-25 | 515,239 | — | 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 | — | Open | ||||||||||||||||||||
400 East 57th Street | 41.0 | 100,000 | 41,000 | 3.00% | 70 | Nov-26 | 35,889 | — | Open | ||||||||||||||||||||
Worldwide Plaza | 24.4 | 1,200,000 | 292,200 | 3.98% | — | Nov-27 | 292,200 | — | Jul-27 | ||||||||||||||||||||
Stonehenge Portfolio | Various | 357,282 | (3) | 21,499 | 4.17% | 449 | Various | (3) | 19,733 | — | Open | ||||||||||||||||||
Total Fixed Rate Debt | $ | 5,569,138 | $ | 2,381,356 | 3.91% | (4) | $ | 12,154 | $ | 2,280,091 | |||||||||||||||||||
Floating rate debt | |||||||||||||||||||||||||||||
Jericho Plaza (LIBOR + 415 bps) | 11.7 | $ | 81,099 | $ | 9,464 | 5.71% | $ | — | Mar-18 | $ | 9,464 | Mar-19 | Open | ||||||||||||||||
724 Fifth Avenue (LIBOR + 243 bps) | 50.0 | 275,000 | 137,500 | 3.99% | — | Apr-18 | 137,500 | Apr-19 | Open | ||||||||||||||||||||
175-225 3rd Street (Prime + 100 bps) | 95.0 | 40,000 | 38,000 | 5.50% | — | Jun-18 | 38,000 | — | Open | ||||||||||||||||||||
280 Park Avenue (LIBOR + 173 bps) | 50.0 | 1,200,000 | 600,000 | 3.29% | — | Sep-19 | 600,000 | Sep-24 | Open | ||||||||||||||||||||
121 Greene Street (LIBOR + 150 bps) | 50.0 | 15,000 | 7,500 | 3.06% | — | Nov-19 | 7,500 | — | Open | ||||||||||||||||||||
1745 Broadway (LIBOR + 185 bps) | 56.9 | 345,000 | 196,202 | 3.41% | — | Jan-20 | 196,202 | — | Open | ||||||||||||||||||||
10 East 53rd Street (LIBOR + 225 bps) | 55.0 | 170,000 | 93,500 | 3.81% | — | Feb-20 | 93,500 | — | Open | ||||||||||||||||||||
131-137 Spring Street (LIBOR + 155 bps) | 20.0 | 141,000 | 28,200 | 3.11% | — | Aug-20 | 28,200 | — | Open | ||||||||||||||||||||
1552 Broadway (LIBOR + 265 bps) | 50.0 | 195,000 | 97,500 | 4.21% | — | Oct-20 | 97,500 | — | Open | ||||||||||||||||||||
55 West 46th Street - Tower 46 (LIBOR + 212.5 bps) | 25.0 | 171,444 | 42,861 | 3.69% | — | Nov-20 | 42,861 | — | Open | ||||||||||||||||||||
11 West 34th Street (LIBOR + 145 bps) | 30.0 | 23,000 | 6,900 | 3.01% | — | Jan-21 | 6,900 | Jan-23 | Open | ||||||||||||||||||||
100 Park Avenue (LIBOR + 175 bps) | 49.9 | 360,000 | 179,640 | 3.31% | — | Feb-21 | 175,859 | — | Open | ||||||||||||||||||||
One Vanderbilt (LIBOR + 350 bps) | 71.0 | 355,535 | 252,465 | 5.06% | — | Sep-21 | 252,465 | — | Open | ||||||||||||||||||||
605 West 42nd Street - Sky (LIBOR + 144 bps) | 20.0 | 550,000 | 110,000 | 3.00% | — | Aug-27 | 110,000 | — | Open | ||||||||||||||||||||
21 East 66th Street (T 12 mos + 275 bps) | 32.3 | 1,648 | 532 | 4.51% | 27 | Jun-33 | 4 | — | Open | ||||||||||||||||||||
Stonehenge Portfolio (Various) | Various | 55,340 | 2,767 | 2.81% | — | Various | 2,767 | — | Open | ||||||||||||||||||||
Total Floating Rate Debt | $ | 3,979,066 | $ | 1,803,031 | 3.73% | (4) | $ | 27 | $ | 1,798,722 | |||||||||||||||||||
Total unconsolidated JV Debt | $ | 9,548,204 | $ | 4,184,387 | 3.83% | (4) | $ | 12,181 | $ | 4,078,813 | |||||||||||||||||||
Deferred financing costs | (136,103 | ) | (61,627 | ) | |||||||||||||||||||||||||
Total unconsolidated JV Debt, net | $ | 9,412,101 | $ | 4,122,760 | 3.83% | ||||||||||||||||||||||||
(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) Loans which show as open may nevertheless be subject to certain fees, premiums or penalties. | |||||||||||||||||||||||||||||
(3) Amount is comprised of $137.1 million, $33.8 million, $171.6 million, and $14.8 million in fixed-rate mortgages that mature in August 2019, January 2021, June 2024, and February 2027, respectively. | |||||||||||||||||||||||||||||
(4) The weighted average coupon is calculated based on SL Green's share of the outstanding debt. | |||||||||||||||||||||||||||||
SL GREEN REALTY CORP. | Composition of Debt | ||||||||||||||||||||||||||||
Revolving Credit Facility Covenants | Fixed Rate Debt | ||||||||||||||||||||||||||||
Actual | Required | Consolidated | $ | 4,305,165 | |||||||||||||||||||||||||
Total Debt / Total Assets | 38.6% | Less than 60% | SLG Share of JV | 2,381,356 | |||||||||||||||||||||||||
Fixed Charge Coverage | 2.39x | Greater than 1.4x | Total Fixed Rate Debt | $ | 6,686,521 | 66.2% | |||||||||||||||||||||||
Maximum Secured Indebtedness | 19.2% | Less than 50% | |||||||||||||||||||||||||||
Maximum Unencumbered Leverage Ratio | 39.6% | Less than 60% | Floating Rate Debt | ||||||||||||||||||||||||||
Consolidated | $ | 1,605,431 | |||||||||||||||||||||||||||
Unsecured Notes Covenants | SLG Share of JV | 1,803,031 | |||||||||||||||||||||||||||
Actual | Required | 3,408,462 | |||||||||||||||||||||||||||
Total Debt / Total Assets | 37.8% | Less than 60% | Debt & Preferred Equity and Other Investments | (1,325,166 | ) | ||||||||||||||||||||||||
Secured Debt / Total Assets | 17.3% | Less than 40% | Total Floating Rate Debt | $ | 2,083,296 | 20.6% | |||||||||||||||||||||||
Debt Service Coverage | 5.15x | Greater than 1.5x | |||||||||||||||||||||||||||
Unencumbered Assets / Unsecured Debt | 389.0% | Greater than 150% | Total Debt | $ | 10,094,983 | ||||||||||||||||||||||||
Supplemental Information | 25 | Fourth Quarter 2017 |
DEBT SUMMARY SCHEDULE Reckson Operating Partnership Unaudited (Dollars in Thousands) | ||
Principal | 2018 | Initial | Principal | As-Of | ||||||||||||||||||||||
Ownership | Outstanding | Principal | Maturity | Due at | Right | Earliest | ||||||||||||||||||||
Fixed rate debt | Interest (%) | 12/31/2017 | Coupon (1) | Amortization | Date | Maturity | Extension | Prepayment (2) | ||||||||||||||||||
Secured fixed rate debt | ||||||||||||||||||||||||||
919 Third Avenue | 51.0 | $ | 500,000 | 5.12 | % | $ | — | Jun-23 | $ | 500,000 | — | Feb-23 | ||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | 250,000 | 4.17 | % | — | Feb-27 | 250,000 | — | Open | |||||||||||||||||
$ | 750,000 | 4.80 | % | $ | — | $ | 750,000 | |||||||||||||||||||
Unsecured fixed rate debt | ||||||||||||||||||||||||||
Unsecured notes | $ | 249,953 | 5.00 | % | $ | (43 | ) | Aug-18 | $ | 250,000 | — | Jun-18 | ||||||||||||||
Unsecured notes | 250,000 | 7.75 | % | — | Mar-20 | 250,000 | — | Open | ||||||||||||||||||
Unsecured notes | 305,163 | 4.50 | % | 995 | Dec-22 | 300,000 | — | Open | ||||||||||||||||||
Unsecured notes | 100,000 | 4.27 | % | — | Dec-25 | 100,000 | — | Open | ||||||||||||||||||
$ | 905,116 | 5.51 | % | $ | 952 | $ | 900,000 | |||||||||||||||||||
Total Fixed Rate Debt | $ | 1,655,116 | 5.19 | % | $ | 952 | $ | 1,650,000 | ||||||||||||||||||
Floating rate debt | ||||||||||||||||||||||||||
Secured floating rate debt | ||||||||||||||||||||||||||
Debt & preferred equity facility (LIBOR + 238 bps) | $ | 90,809 | 3.94 | % | (3) | $ | — | Jul-18 | $ | 90,809 | Jun-20 | Open | ||||||||||||||
$ | 90,809 | 3.94 | % | $ | — | $ | 90,809 | |||||||||||||||||||
Total Floating Rate Debt | $ | 90,809 | 3.94 | % | $ | — | $ | 90,809 | ||||||||||||||||||
Total Debt - Consolidated | $ | 1,745,925 | 5.12 | % | $ | 952 | $ | 1,740,809 | ||||||||||||||||||
(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) Loans which show as open may nevertheless be subject to certain fees, premiums or penalties. | ||||||||||||||||||||||||||
(3) The debt and preferred equity facility bears interest on a floating rate basis at a spread to 1-mo LIBOR based on the pledged collateral and advance rate. | ||||||||||||||||||||||||||
RECKSON OPERATING PARTNERSHIP, L.P. | ||||||||||||||||||||||||||
Unsecured Notes Covenants | ||||||||||||||||||||||||||
Actual | Required | |||||||||||||||||||||||||
Total Debt / Total Assets | 37.8% | Less than 60% | ||||||||||||||||||||||||
Secured Debt / Total Assets | 17.3% | Less than 40% | ||||||||||||||||||||||||
Debt Service Coverage | 5.15x | Greater than 1.5x | ||||||||||||||||||||||||
Unencumbered Assets / Unsecured Debt | 389.0% | Greater than 150% | ||||||||||||||||||||||||
Supplemental Information | 26 | Fourth Quarter 2017 |
SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands) | ||
Deferred Land | |||||||||||||||||||||||||||||
2018 Scheduled | 2019 Scheduled | 2020 Scheduled | 2021 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 | 2,250 | 750 | 2027 | (3) | ||||||||||||||||||||||
711 Third Avenue | 5,500 | 5,500 | 5,500 | 5,500 | 1,138 | 2033 | (4) | ||||||||||||||||||||||
1185 Avenue of the Americas | 6,909 | 6,909 | 6,909 | 6,909 | — | 2043 | |||||||||||||||||||||||
420 Lexington Avenue | 10,899 | 10,899 | 11,174 | 11,199 | — | 2050 | (5) | ||||||||||||||||||||||
1055 Washington Blvd, Stamford | 615 | 615 | 615 | 615 | — | 2090 | |||||||||||||||||||||||
1080 Amsterdam Avenue | 209 | 226 | 314 | 314 | — | 2111 | |||||||||||||||||||||||
30 East 40th Street | 204 | 204 | 212 | 229 | 1,351 | 2114 | |||||||||||||||||||||||
Total | $ | 31,049 | $ | 31,066 | $ | 31,437 | $ | 31,629 | $ | 3,239 | |||||||||||||||||||
Capitalized Leases | |||||||||||||||||||||||||||||
1080 Amsterdam Avenue | $ | 291 | $ | 315 | $ | 436 | $ | 436 | $ | 21,831 | 2111 | ||||||||||||||||||
30 East 40th Street | 2,096 | 2,096 | 2,183 | 2,358 | 21,011 | 2114 | |||||||||||||||||||||||
Total | $ | 2,387 | $ | 2,411 | $ | 2,619 | $ | 2,794 | $ | 42,842 | |||||||||||||||||||
Unconsolidated Joint Venture Ground Lease Arrangements (SLG Share) | |||||||||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||||||||
650 Fifth Avenue (Floors b-3) | $ | 1,183 | $ | 1,284 | $ | 1,284 | $ | 1,284 | $ | 2,792 | 2062 | ||||||||||||||||||
650 Fifth Avenue (Floors 4-6) | 18 | 1,645 | 1,645 | 1,659 | 1,736 | 2033 | |||||||||||||||||||||||
333 East 22nd Street | 135 | 217 | 217 | 222 | 795 | 2115 | |||||||||||||||||||||||
Total | $ | 1,336 | $ | 3,146 | $ | 3,146 | $ | 3,165 | $ | 5,323 | |||||||||||||||||||
Capitalized Leases | |||||||||||||||||||||||||||||
650 Fifth Avenue (Floors b-3) | $ | 6,169 | $ | 6,695 | $ | 6,695 | $ | 6,695 | $ | 94,576 | 2062 | ||||||||||||||||||
(1) Per the balance sheet at December 31, 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 | Fourth Quarter 2017 |
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands) | ||
Weighted Average Book | Weighted Average | Weighted Average Yield | ||||||||||||||||||
Book Value (1) | Value During Quarter | Yield During Quarter (2) | At End Of Quarter (3) | |||||||||||||||||
12/31/2016 | $ | 1,640,412 | $ | 1,511,273 | 9.30% | 9.31% | ||||||||||||||
Debt investment originations/accretion(4) | 403,888 | |||||||||||||||||||
Preferred Equity investment originations/accretion(4) | 30 | |||||||||||||||||||
Redemptions/Sales/Syndications/Amortization | (416,494 | ) | ||||||||||||||||||
3/31/2017 | $ | 1,627,836 | $ | 1,647,359 | 9.35% | 9.39% | ||||||||||||||
Debt investment originations/accretion(4) | 455,667 | |||||||||||||||||||
Preferred Equity investment originations/accretion(4) | 143,323 | |||||||||||||||||||
Redemptions/Sales/Syndications/Amortization | (240,413 | ) | ||||||||||||||||||
6/30/2017 | $ | 1,986,413 | $ | 2,064,131 | 9.16% | (5) | 9.28% | (5) | ||||||||||||
Debt investment originations/accretion(4) | 84,939 | |||||||||||||||||||
Preferred Equity investment originations/accretion(4) | 660 | |||||||||||||||||||
Redemptions/Sales/Syndications/Amortization | (51,273 | ) | ||||||||||||||||||
9/30/2017 | $ | 2,020,739 | $ | 2,032,166 | 9.40% | (5) | 9.28% | (5) | ||||||||||||
Debt investment originations/accretion(4) | 198,097 | |||||||||||||||||||
Preferred Equity investment originations/accretion(4) | 443 | |||||||||||||||||||
Redemptions/Sales/Syndications/Amortization | (105,238 | ) | ||||||||||||||||||
12/31/2017 | $ | 2,114,041 | (6) | $ | 2,051,254 | 9.25% | (5) | 9.13% | (5) | |||||||||||
(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 loans secured by the leasehold interest in 2 Herald Square which were in maturity default at the time of acquisition in April and May 2017. The loans were put on non-accrual in August 2017 when one of the investors in the borrower did not repay the loan notwithstanding the approval to do so rendered by a court in a litigation separate from the foreclosure. No impairment was recorded as the Company believes that the fair value of the property exceeds the carrying amount of the loans. The loans had an outstanding balance, including accrued interest, of $259.3 million at the time that they were put on non-accrual status. | ||||||||||||||||||||
(6) Excludes debt and preferred equity investments totaling $152.2 million with a weighted average current yield of 8.91% that are included in other balance sheet line items. |
Supplemental Information | 28 | Fourth Quarter 2017 |
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts) | ||
Book Value | Senior | Weighted Average | Weighted Average | Weighted Average Yield | ||||||||||||||||||||||||||||
Type of Investment | Floating rate | Fixed rate | Total | Financing | Exposure PSF | Yield During Quarter (1) | At End Of Quarter (2) | |||||||||||||||||||||||||
Senior Mortgage Debt | $ | 459,386 | $ | 227,055 | $ | 686,441 | $ | — | $ | 490 | 7.43% | (3) | 7.33% | (3) | ||||||||||||||||||
Junior Mortgage Participation | 77,772 | 50,013 | 127,785 | 299,733 | $ | 2,102 | 10.12% | (3) | 10.25% | (3) | ||||||||||||||||||||||
Mezzanine Debt | 762,492 | 392,900 | 1,155,392 | 6,929,187 | $ | 1,621 | 10.10% | 10.08% | ||||||||||||||||||||||||
Preferred Equity | — | 144,423 | 144,423 | 272,000 | $ | 656 | 6.98% | 6.99% | ||||||||||||||||||||||||
Balance as of 12/31/17 | $ | 1,299,650 | $ | 814,391 | $ | 2,114,041 | (4) | $ | 7,500,920 | $ | 1,217 | 9.25% | (3) | 9.13% | (3) | |||||||||||||||||
(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) Excludes loans secured by the leasehold interest in 2 Herald Square which were in maturity default at the time of acquisition in April and May 2017. The loans were put on non-accrual in August 2017 when one of the investors in the borrower did not repay the loan notwithstanding the approval to do so rendered by a court in a litigation separate from the foreclosure. No impairment was recorded as the Company believes that the fair value of the property exceeds the carrying amount of the loans. The loans had an outstanding balance including accrued interest of $259.3 million at the time that they were put on non accrual status. | ||||||||||||||||||||||||||||||||
(4) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $152.2 million with a weighted average current yield of 8.91% that are included in other balance sheet line items. | ||||||||||||||||||||||||||||||||
Debt and Preferred Equity Maturity Profile (1) | |||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 & Thereafter | |||||||||
Floating Rate | 397,872 | 555,635 | 330,509 | 15,635 | — | ||||||||
Fixed Rate | 300 | 26,366 | 348,428 | 3,739 | 185,393 | ||||||||
Sub-total | 398,172 | 582,001 | 678,937 | 19,374 | 185,393 | ||||||||
2 Herald Square | 250,164 | — | — | — | |||||||||
Grand Total | 648,336 | 582,001 | 678,937 | 19,374 | 185,393 | ||||||||
(1) Excluding 2 Herald Square, the weighted average maturity of the outstanding balance is 2.21 years. Approximately 61.5% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average fully extended maturity of the outstanding balance is 3.45 years. |
Supplemental Information | 29 | Fourth Quarter 2017 |
10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts) | ||
Book Value (1)(2) | Property | Senior | Yield At End | ||||||||||||||||||
Investment Type | 12/31/2017 | Type | Location | Financing | Last $ PSF (3) | Of Quarter (4) | |||||||||||||||
Mezzanine Loan | $ | 204,005 | Office | Manhattan | $ | 1,160,000 | $ | 1,189 | 9.35% | ||||||||||||
Mortgage and Mezzanine Loans | 162,553 | Commercial/Multi-Family Rental Land | Manhattan | — | $ | 315 | 9.05% | ||||||||||||||
Preferred Equity | 144,423 | Office | Manhattan | 272,000 | $ | 656 | 6.99% | ||||||||||||||
Mortgage and Mezzanine Loans | 143,919 | Retail/Multi-Family Rental | Manhattan | — | $ | 1,071 | 9.21% | ||||||||||||||
Mortgage and Mezzanine Loans | 88,989 | Office | Manhattan | — | $ | 415 | 5.60% | ||||||||||||||
Mezzanine Loan | 75,834 | Multi-Family Rental | Manhattan | 555,379 | $ | 886 | 10.19% | ||||||||||||||
Mezzanine Loan | 75,428 | Office | Brooklyn | 310,654 | $ | 68 | 12.20% | ||||||||||||||
Mezzanine Loan | 74,755 | Multi-Family Rental | Manhattan | 335,000 | $ | 752 | 8.76% | ||||||||||||||
Mortgage and Jr. Mortgage Participation Loans | 71,832 | Office/Retail | Brooklyn | 199,733 | $ | 412 | 9.86% | ||||||||||||||
Mezzanine Loan | 59,723 | Office | Manhattan | 175,000 | $ | 591 | 9.96% | ||||||||||||||
Total | $ | 1,101,461 | $ | 3,007,766 | 8.95% | ||||||||||||||||
(1) Net of unamortized fees, discounts, and premiums. | |||||||||||||||||||||
(2) Excludes loans secured by the leasehold interest in 2 Herald Square which were in maturity default at the time of acquisition in April and May 2017. The loans were put on non-accrual in August 2017 when one of the investors in the borrower did not repay the loan notwithstanding the approval to do so rendered by a court in a litigation separate from the foreclosure. No impairment was recorded as the Company believes that the fair value of the property exceeds the carrying amount of the loans. The loans had an outstanding balance, including accrued interest of $259.3 million at the time that they were put on non-accrual status. | |||||||||||||||||||||
(3) Reflects the last dollar of exposure to the Company's most junior position. | |||||||||||||||||||||
(4) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment. |
Supplemental Information | 30 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA Manhattan Operating Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized Cash Rent | Total | |||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'s) | 100% | SLG% | Tenants | |||||||||||||||||
CONSOLIDATED PROPERTIES | ||||||||||||||||||||||||||||||||
"Same Store" | ||||||||||||||||||||||||||||||||
100 Church Street | 100.0 | Downtown | Fee Interest | 1 | 1,047,500 | 3.7 | 99.6 | 99.6 | 99.6 | 99.4 | 99.5 | $43,580 | 5.0 | 3.3 | 18 | |||||||||||||||||
110 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 215,400 | 0.8 | 74.0 | 66.6 | 73.3 | 91.0 | 92.0 | 9,076 | 1.0 | 0.7 | 22 | |||||||||||||||||
125 Park Avenue | 100.0 | Grand Central | Fee Interest | 1 | 604,245 | 2.1 | 99.6 | 99.6 | 99.3 | 98.4 | 99.9 | 41,455 | 4.7 | 3.1 | 26 | |||||||||||||||||
220 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 1,135,000 | 4.0 | 60.7 | 58.0 | 57.9 | 76.0 | 75.8 | 39,689 | 4.5 | 3.0 | 31 | |||||||||||||||||
304 Park Avenue South | 100.0 | Midtown South | Fee Interest | 1 | 215,000 | 0.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 15,793 | 1.8 | 1.2 | 12 | |||||||||||||||||
420 Lexington Ave (Graybar) | 100.0 | Grand Central North | Leasehold Interest | 1 | 1,188,000 | 4.2 | 95.3 | 97.6 | 98.1 | 96.8 | 97.0 | 79,973 | 9.2 | 6.0 | 203 | |||||||||||||||||
461 Fifth Avenue | 100.0 | Midtown | Leasehold Interest (1) | 1 | 200,000 | 0.7 | 96.6 | 99.9 | 99.9 | 99.9 | 99.9 | 18,245 | 2.1 | 1.4 | 9 | |||||||||||||||||
485 Lexington Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 921,000 | 3.2 | 68.2 | 69.7 | 69.7 | 75.7 | 96.8 | 46,057 | 5.3 | 3.4 | 26 | |||||||||||||||||
555 West 57th Street | 100.0 | Midtown West | Fee Interest | 1 | 941,000 | 3.3 | 99.9 | 99.9 | 99.9 | 99.9 | 99.9 | 41,999 | 4.8 | 3.1 | 9 | |||||||||||||||||
609 Fifth Avenue | 100.0 | Rockefeller Center | Fee Interest | 1 | 160,000 | 0.6 | 67.8 | 68.3 | 72.8 | 72.8 | 76.6 | 15,124 | 1.7 | 1.1 | 11 | |||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 1 | 563,000 | 2.0 | 98.8 | 98.8 | 98.8 | 98.8 | 98.8 | 61,527 | 7.0 | 4.6 | 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 | 9,343 | 1.1 | 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 | 14,269 | 1.6 | 1.1 | 6 | |||||||||||||||||
711 Third Avenue | 100.0 (2) | Grand Central North | Leasehold Interest | 1 | 524,000 | 1.8 | 86.2 | 90.7 | 88.7 | 92.2 | 92.2 | 30,998 | 3.5 | 2.3 | 18 | |||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 780,000 | 2.7 | 98.8 | 98.1 | 98.0 | 98.8 | 99.0 | 48,691 | 5.6 | 3.6 | 29 | |||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 1 | 692,000 | 2.4 | 97.9 | 96.8 | 94.6 | 93.6 | 93.6 | 48,572 | 5.6 | 3.6 | 50 | |||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1 | 1,454,000 | 5.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 98,501 | 3.8 | 9 | ||||||||||||||||||
1185 Avenue of the Americas | 100.0 | Rockefeller Center | Leasehold Interest | 1 | 1,062,000 | 3.7 | 98.1 | 98.1 | 99.0 | 99.0 | 99.0 | 94,475 | 10.8 | 7.1 | 15 | |||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 1 | 562,000 | 2.0 | 90.0 | 88.0 | 88.6 | 90.2 | 87.9 | 41,108 | 4.7 | 3.1 | 34 | |||||||||||||||||
1 Madison Avenue | 100.0 | Park Avenue South | Fee Interest | 1 | 1,176,900 | 4.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 74,848 | 8.6 | 5.6 | 2 | |||||||||||||||||
Added to Same Store in 2017 | ||||||||||||||||||||||||||||||||
30 East 40th Street | 60.0 | Grand Central South | Leasehold Interest | 1 | 69,446 | 0.2 | 91.4 | 93.2 | 93.2 | 93.2 | 94.5 | 4,632 | 0.2 | 54 | ||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 1 | 223,600 | 0.8 | 76.5 | 73.4 | 72.9 | 70.3 | 69.3 | 11,607 | 0.8 | 58 | ||||||||||||||||||
600 Lexington Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 303,515 | 1.1 | 90.7 | 87.8 | 86.6 | 86.6 | 85.1 | 21,196 | 2.4 | 1.6 | 31 | |||||||||||||||||
Subtotal / Weighted Average | 23 | 14,304,606 | 50.2 | % | 91.7 | % | 91.6 | % | 91.7 | % | 93.7 | % | 95.1 | % | $910,758 | 91.1% | 64.3% | 700 | ||||||||||||||
Total / Weighted Average Consolidated Properties | 23 | 14,304,606 | 50.2 | % | 91.7 | % | 91.6 | % | 91.7 | % | 93.7 | % | 95.1 | % | $910,758 | 91.1% | 64.3% | 700 | ||||||||||||||
UNCONSOLIDATED PROPERTIES | ||||||||||||||||||||||||||||||||
"Same Store" | ||||||||||||||||||||||||||||||||
3 Columbus Circle | 48.9 | Columbus Circle | Fee Interest | 1 | 530,981 | 1.9 | 91.1 | 91.3 | 91.0 | 90.6 | 96.8 | $45,971 | 1.7 | 32 | ||||||||||||||||||
100 Park Avenue | 50.0 | Grand Central South | Fee Interest | 1 | 834,000 | 2.9 | 93.4 | 89.4 | 90.3 | 92.5 | 92.3 | 64,676 | 2.4 | 38 | ||||||||||||||||||
521 Fifth Avenue | 50.5 | Grand Central | Fee Interest | 1 | 460,000 | 1.6 | 90.2 | 90.2 | 90.2 | 93.6 | 89.2 | 29,572 | 1.1 | 43 | ||||||||||||||||||
800 Third Avenue | 60.5 | Grand Central North | Fee Interest | 1 | 526,000 | 1.8 | 95.0 | 99.1 | 99.1 | 98.2 | 97.8 | 35,471 | 1.6 | 42 | ||||||||||||||||||
1745 Broadway | 56.9 | Midtown | Fee Interest | 1 | 674,000 | 2.4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 45,633 | 1.9 | 1 | ||||||||||||||||||
Added to Same Store in 2017 | ||||||||||||||||||||||||||||||||
280 Park Avenue | 50.0 | Park Avenue | Fee Interest | 1 | 1,219,158 | 4.3 | 93.0 | 93.0 | 91.8 | 87.4 | 82.3 | 119,311 | 4.5 | 38 | ||||||||||||||||||
Subtotal / Weighted Average | 6 | 4,244,139 | 15.8 | % | 93.9 | % | 93.6 | % | 93.4 | % | 92.8 | % | 91.6 | % | $340,634 | 13.2% | 194 | |||||||||||||||
"Non Same Store" | ||||||||||||||||||||||||||||||||
11 Madison Avenue | 60.0 | Park Avenue South | Fee Interest | 1 | 2,314,000 | 8.1 | 100.0 | 100.0 | 98.0 | 98.0 | 98.0 | $158,249 | 7.1 | 9 | ||||||||||||||||||
1515 Broadway | 70.0 | Times Square | Fee Interest | 1 | 1,750,000 | 6.1 | 98.4 | 98.4 | 97.7 | 97.3 | 97.3 | 133,684 | 7.0 | 13 | ||||||||||||||||||
Worldwide Plaza | 24.4 | Westside | Fee Interest | 1 | 2,048,725 | 7.2 | 98.5 | N/A | N/A | N/A | N/A | 131,946 | 2.4 | 28 | ||||||||||||||||||
Subtotal / Weighted Average | 3 | 6,112,725 | 21.4 | % | 99.0 | % | 99.3 | % | 97.9 | % | 97.7 | % | 97.7 | % | $423,879 | 16.5% | 50 | |||||||||||||||
Total / Weighted Average Unconsolidated Properties | 9 | 10,356,864 | 36.3 | % | 96.9 | % | 96.4 | % | 95.6 | % | 95.2 | % | 94.6 | % | $764,513 | 29.7% | 244 | |||||||||||||||
Manhattan Operating Properties Grand Total / Weighted Average | 32 | 24,661,470 | 87.1 | % | 93.9 | % | 93.4 | % | 93.1 | % | 94.3 | % | 94.9 | % | $1,675,271 | 944 | ||||||||||||||||
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent | $1,256,961 | 94.0% | ||||||||||||||||||||||||||||||
Manhattan Operating Properties Same Store Occupancy % | 18,548,745 | 75.2 | % | 92.2 | % | 92.1 | % | 92.1 | % | 93.5 | % | 94.3 | % | |||||||||||||||||||
Manhattan Operating Properties Same Store Leased Occupancy % | 95.3 | % | 94.8 | % | 94.5 | % | 95.3 | % | 95.9 | % | ||||||||||||||||||||||
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date. | ||||||||||||||||||||||||||||||||
(2) The Company owns 50% of the fee interest. |
Supplemental Information | 31 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA Suburban Operating Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized Cash Rent | Total | |||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'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 | $1,928 | 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 | 65.4 | 63.5 | 63.5 | 61.3 | 61.3 | 1,596 | 0.2 | 0.1 | 7 | |||||||||||||||||
1100 King Street - 3 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.3 | 58.4 | 58.4 | 58.4 | 58.4 | 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 | 67.3 | 51.2 | 51.2 | 68.8 | 85.8 | 1,167 | 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 | 96.6 | 96.6 | 91.3 | 2,131 | 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 | 62.8 | 68.7 | 68.7 | 56.7 | 56.7 | 1,853 | 0.2 | 0.1 | 4 | |||||||||||||||||
115-117 Stevens Avenue | 100.0 | Valhalla, New York | Fee Interest | 1 | 178,000 | 0.6 | 67.3 | 66.7 | 66.7 | 60.3 | 49.5 | 2,285 | 0.3 | 0.2 | 12 | |||||||||||||||||
100 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 250,000 | 0.9 | 92.2 | 92.2 | 79.4 | 66.0 | 66.0 | 5,872 | 0.7 | 0.4 | 13 | |||||||||||||||||
200 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 245,000 | 0.9 | 87.5 | 87.5 | 95.8 | 95.8 | 95.8 | 5,508 | 0.6 | 0.4 | 8 | |||||||||||||||||
500 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 228,000 | 0.8 | 100.0 | 100.0 | 100.0 | 97.8 | 97.8 | 6,032 | 0.7 | 0.5 | 8 | |||||||||||||||||
360 Hamilton Avenue | 100.0 | White Plains, New York | Fee Interest | 1 | 384,000 | 1.3 | 99.3 | 99.3 | 98.4 | 98.4 | 98.4 | 14,990 | 1.7 | 1.1 | 22 | |||||||||||||||||
"Same Store" Westchester, New York Subtotal/Weighted Average | 11 | 1,825,000 | 7.4 | % | 85.3 | % | 84.6 | % | 83.8 | % | 81.2 | % | 80.4 | % | $44,434 | 5.1% | 3.3% | 98 | ||||||||||||||
"Same Store" Connecticut | ||||||||||||||||||||||||||||||||
1 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 312,000 | 1.1 | 90.0 | 84.9 | 86.5 | 86.0 | 88.7 | $9,446 | 1.1 | 0.7 | 66 | |||||||||||||||||
2 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 46,000 | 0.2 | 97.0 | 85.7 | 80.1 | 80.1 | 75.2 | 1,103 | 0.1 | 0.1 | 8 | |||||||||||||||||
3 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 130,000 | 0.5 | 76.9 | 76.9 | 76.9 | 76.9 | 81.8 | 3,469 | 0.4 | 0.3 | 20 | |||||||||||||||||
4 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 105,000 | 0.4 | 92.4 | 93.5 | 92.4 | 92.4 | 92.4 | 3,327 | 0.4 | 0.2 | 13 | |||||||||||||||||
5 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 61,000 | 0.2 | 98.3 | 98.3 | 98.3 | 98.3 | 99.0 | 1,035 | 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 | 4,142 | 0.5 | 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 | 763 | 0.1 | 0.1 | 2 | |||||||||||||||||
1055 Washington Boulevard | 100.0 | Stamford, Connecticut | Leasehold Interest | 1 | 182,000 | 0.6 | 80.9 | 67.9 | 67.9 | 66.5 | 66.5 | 5,527 | 0.6 | 0.4 | 21 | |||||||||||||||||
1010 Washington Boulevard | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 143,400 | 0.5 | 94.6 | 92.1 | 92.1 | 88.1 | 91.3 | 4,613 | 0.5 | 0.3 | 27 | |||||||||||||||||
"Same Store" Connecticut Subtotal/Weighted Average | 9 | 1,188,200 | 3.2 | % | 89.5 | % | 85.5 | % | 85.6 | % | 84.8 | % | 86.3 | % | $33,424 | 3.8% | 2.5% | 173 | ||||||||||||||
Total / Weighted Average Consolidated Properties | 20 | 3,013,200 | 10.6 | % | 87.0 | % | 85.0 | % | 84.5 | % | 82.6 | % | 82.7 | % | $77,858 | 8.9% | 5.8% | 271 | ||||||||||||||
UNCONSOLIDATED PROPERTIES | ||||||||||||||||||||||||||||||||
"Non Same Store" | ||||||||||||||||||||||||||||||||
Jericho Plaza | 11.7 | Jericho, New York | Fee Interest | 2 | 640,000 | 2.2 | 70.3 | 69.8 | 71.2 | 71.0 | 71.0 | $15,895 | 0.1 | 32 | ||||||||||||||||||
"Non Same Store" Subtotal/Weighted Average | 2 | 640,000 | 2.2 | % | 70.3 | % | 69.8 | % | 71.2 | % | 71.0 | % | 71.0 | % | $15,895 | 0.1% | 32 | |||||||||||||||
Total / Weighted Average Unconsolidated Properties | 2 | 640,000 | 2.2 | % | 70.3 | % | 69.8 | % | 71.2 | % | 71.0 | % | 71.0 | % | $15,895 | 0.1% | 32 | |||||||||||||||
Suburban Operating Properties Grand Total / Weighted Average | 22 | 3,653,200 | 12.9 | % | 84.0 | % | 82.3 | % | 82.2 | % | 80.6 | % | 80.7 | % | $93,753 | 303 | ||||||||||||||||
Suburban Operating Properties Grand Total - SLG share of Annualized Rent | $79,713 | 6.0% | ||||||||||||||||||||||||||||||
Suburban Operating Properties Same Store Occupancy % | 3,013,200 | 82.5 | % | 87.0 | % | 85.0 | % | 84.5 | % | 82.6 | % | 82.7 | % | |||||||||||||||||||
Suburban Operating Properties Same Store Leased Occupancy % | 87.2 | % | 86.6 | % | 85.1 | % | 83.9 | % | 83.7 | % | ||||||||||||||||||||||
Supplemental Information | 32 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA Retail and Residential Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized | Total | ||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'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 | $2,838 | 1.2 | 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 | 3,845 | 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 | 1,524 | 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 | 17,180 | 23.7 | 10 | |||||||||||||||||
717 Fifth Avenue | 10.9 | Midtown/Plaza District | Fee Interest | 1 | 119,550 | 17.0 | 100.0 | 100.0 | 100.0 | 81.1 | 81.1 | 45,574 | 6.9 | 6 | |||||||||||||||||
724 Fifth Avenue | 50.0 | Plaza District | Fee Interest | 1 | 65,010 | 9.3 | 84.7 | 84.7 | 92.1 | 100.0 | 100.0 | 24,353 | 16.8 | 8 | |||||||||||||||||
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 | 14,136 | 19.5 | 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 | 1,874 | 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 | 1,796 | 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 | 89.6 | 89.6 | 90.7 | 93.9 | 12,613 | 3.5 | 8 | |||||||||||||||||
Subtotal/Weighted Average | 11 | 639,617 | 91.1 | % | 97.3 | % | 97.3 | % | 98.1 | % | 95.5 | % | 95.8 | % | $125,733 | 78.9% | 45 | ||||||||||||||
"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 | 4.0 | 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 | 24,811 | 17.1 | 2 | |||||||||||||||||
Subtotal/Weighted Average | 3 | 62,936 | 8.9 | % | 70.2 | % | 70.2 | % | 70.2 | % | 70.2 | % | 70.2 | % | $27,714 | 21.1% | 3 | ||||||||||||||
Total / Weighted Average Retail Properties | 14 | 702,553 | 100.0 | % | 94.9 | % | 94.9 | % | 95.6 | % | 93.2 | % | 93.5 | % | $153,446 | 100.0% | 48 | ||||||||||||||
Residential Properties | |||||||||||||||||||||||||||||||
Ownership | # of | Useable | Total | Occupancy (%) | Average Monthly (2) | Annualized | |||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Units | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Rent Per Unit ($'s) | Cash Rent ($'s) | ||||||||||||||||||
"Same Store" Residential | |||||||||||||||||||||||||||||||
315 West 33rd Street - "The Olivia" | 100.0 | Penn Station | Fee Interest | 222,855 | 333 | 85.9 | 88.0 | 91.9 | 94.0 | 93.1 | $4,164 | $14,242 | |||||||||||||||||||
400 East 57th Street (1) | 41.0 | Upper East Side | Fee Interest | 1 | 290,482 | 259 | 92.3 | 92.3 | 93.1 | 89.2 | 88.9 | 3,527 | 11,671 | ||||||||||||||||||
400 East 58th Street (1) | 90.0 | Upper East Side | Fee Interest | 1 | 140,000 | 126 | 96.8 | 94.4 | 93.7 | 92.9 | 91.3 | 3,488 | 5,624 | ||||||||||||||||||
1080 Amsterdam (1) | 92.5 | Upper West Side | Leasehold Interest | 1 | 82,250 | 97 | 99.0 | 100.0 | 88.5 | 100.0 | 96.9 | 3,987 | 4,863 | ||||||||||||||||||
Added to Same Store in 2017 | |||||||||||||||||||||||||||||||
Stonehenge Portfolio | Various | Fee Interest | 10 | 1,439,016 | 1,536 | 94.1 | 92.6 | 94.2 | 93.2 | 91.0 | 3,596 | 72,474 | |||||||||||||||||||
Subtotal/Weighted Average | 13 | 2,174,603 | 2,351 | 93.1 | % | 92.3 | % | 93.5 | % | 93.2 | % | 91.3 | % | $3,674 | $108,874 | ||||||||||||||||
"Non Same Store" Residential | |||||||||||||||||||||||||||||||
Upper East Side Residential | 95.1 | Upper East Side | Fee Interest | 1 | 27,000 | 28 | 42.9 | 42.9 | 39.3 | 39.3 | 39.3 | $1,167 | $641 | ||||||||||||||||||
605 West 42nd Street - "Sky" | 20.0 | Midtown West | Fee Interest | 1 | 927,358 | 1,175 | 77.6 | 75.5 | 81.0 | 76.3 | 65.1 | 4,070 | 50,628 | ||||||||||||||||||
Subtotal/Weighted Average | 2 | 954,358 | 1,203 | 76.8 | % | 74.7 | % | 80.0 | % | 75.5 | % | 64.5 | % | $4,033 | $51,269 | ||||||||||||||||
Total / Weighted Average Residential Properties | 15 | 3,128,961 | 3,554 | 87.6 | % | 86.4 | % | 88.9 | % | 87.2 | % | 82.2 | % | $3,780 | $160,144 | ||||||||||||||||
(1) Stonehenge Portfolio Property. | |||||||||||||||||||||||||||||||
(2) Calculated based on occupied units. Amounts in dollars. |
Supplemental Information | 33 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA Development / Redevelopment, Land and Construction in Progress Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized | Gross R/E | Total | |||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'s) | Cash Rent (SLG%) | Book Value | Tenants | ||||||||||||||||||
Development / Redevelopment | |||||||||||||||||||||||||||||||||
10 East 53rd Street | 55.0 | Plaza District | Fee Interest | 1 | 354,300 | 38.1 | 77.6 | 69.0 | 66.8 | 66.1 | 58.3 | $26,293 | 38.5 | $377,543 | 34 | ||||||||||||||||||
19-21 East 65th Street | 100.0 | Plaza District | Fee Interest | 2 | 23,610 | 2.5 | 17.0 | 17.0 | 26.6 | 26.6 | 26.6 | 231 | 0.6 | 7,753 | 8 | ||||||||||||||||||
5-7 Dey Street, 183 & 187 Broadway | 100.0 | Lower Manhattan | Fee Interest | 3 | 82,700 | 8.9 | — | — | — | 41.4 | 49.9 | — | — | 103,613 | — | ||||||||||||||||||
562 Fifth Avenue (1) | 100.0 | Plaza District | Fee Interest | 1 | 42,635 | 4.6 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,100 | 5.6 | 68,752 | 1 | ||||||||||||||||||
650 Fifth Avenue | 50.0 | Plaza District | Leasehold Interest | 1 | 69,214 | 7.4 | 100.0 | 100.0 | — | — | 2.9 | 33,190 | 44.2 | 360,859 | 1 | ||||||||||||||||||
719 Seventh Avenue | 75.0 | Times Square | Fee Interest | 1 | 10,040 | 1.1 | — | — | — | — | — | — | — | 74,782 | — | ||||||||||||||||||
175-225 Third Street | 95.0 | Brooklyn, New York | Fee Interest | 1 | — | — | — | — | — | — | — | — | — | 80,797 | — | ||||||||||||||||||
55 West 46th Street - Tower 46 | 25.0 | Midtown | Fee Interest | 1 | 347,000 | 37.3 | 58.2 | 56.6 | 50.1 | 50.1 | 50.1 | 16,360 | 10.9 | 336,046 | 7 | ||||||||||||||||||
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 | 0.2 | 6,885 | 1 | ||||||||||||||||||
Total / Weighted Average Development / Redevelopment Properties | 12 | 930,499 | 100.0 | % | 63.8 | % | 60.0 | % | 49.5 | % | 52.9 | % | 50.9 | % | $78,259 | 100.0% | $1,417,029 | 52 | |||||||||||||||
Land | |||||||||||||||||||||||||||||||||
635 Madison Avenue (2) | 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. The lease contains a property purchase option for $100.0 million with annual escalations in the purchase price starting in December 2018. | |||||||||||||||||||||||||||||||||
(2) Subject to a long-term, third party net operating lease. | |||||||||||||||||||||||||||||||||
Construction in Progress | |||||||||||||||||||||||
Future Equity | Fees Payable to the Company | ||||||||||||||||||||||
Land Contributed | Equity Contributed (1) | Contributions (2) | 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 | 15.0 | $331,490 | $235,946 | $244,598 | $30,203 | $332,966 | $494,797 | $355,535 | $1,144,465 | $45,254 | $94,746 | $3,310,000 | ||||||||
Total Construction In Progress | $331,490 | $235,946 | $244,598 | $30,203 | $332,966 | $494,797 | $355,535 | $1,144,465 | $45,254 | $94,746 | $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 $50.0 million of additional discretionary owner contingencies. |
Supplemental Information | 34 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA Retail Operating and Development / Redevelopment Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized Retail | Annualized Retail Cash Rent | Total | ||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'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 | 17.0 | 17.0 | 26.6 | 26.6 | 26.6 | $231 | 0.1 | 0.1 | 8 | ||||||||||||||||||
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 | 0.8 | 1.3 | 1 | ||||||||||||||||||
315 West 33rd Street - "The Olivia" | 100.0 | Penn Station | Fee Interest | 1 | 217,519 | 11.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 13,693 | 3.8 | 6.1 | 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 | 14,136 | 4.0 | 6.3 | 1 | ||||||||||||||||||
762 Madison Avenue | 90.0 | Plaza District | Fee Interest | 1 | 6,109 | 0.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,874 | 0.5 | 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 | 1,796 | 0.5 | 0.8 | 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 | 17.2 | % | 91.2 | % | 91.2 | % | 91.9 | % | 91.9 | % | 91.9 | % | $34,718 | 9.7% | 15.5% | 28 | |||||||||||||||
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 | $2,838 | 0.8 | 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 | 3,845 | 1.1 | 0.6 | 1 | ||||||||||||||||||
121 Greene Street | 50.0 | Soho | Fee Interest | 1 | 7,131 | 0.4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,524 | 0.4 | 0.3 | 2 | ||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 2 | 68,342 | 3.5 | 89.6 | 89.6 | 89.6 | 90.7 | 93.9 | 12,613 | 3.5 | 1.1 | 8 | ||||||||||||||||||
650 Fifth Avenue | 50.0 | Plaza District | Leasehold Interest | 1 | 69,214 | 3.5 | 100.0 | 100.0 | — | — | 2.9 | 33,190 | 9.3 | 7.4 | 1 | ||||||||||||||||||
717 Fifth Avenue | 10.9 | Midtown/Plaza District | Fee Interest | 1 | 119,550 | 6.1 | 100.0 | 100.0 | 100.0 | 81.1 | 81.1 | 45,574 | 12.8 | 2.2 | 6 | ||||||||||||||||||
724 Fifth Avenue | 50.0 | Plaza District | Fee Interest | 1 | 65,010 | 3.3 | 84.7 | 84.7 | 92.1 | 100.0 | 100.0 | 24,353 | 6.8 | 5.5 | 8 | ||||||||||||||||||
1552-1560 Broadway | 50.0 | Times Square | Fee Interest | 2 | 57,718 | 3.0 | 67.5 | 67.5 | 67.5 | 67.5 | 67.5 | 24,811 | 6.9 | 5.6 | 2 | ||||||||||||||||||
Subtotal / Weighted Average | 10 | 417,184 | 21.3 | % | 91.4 | % | 91.4 | % | 76.0 | % | 72.0 | % | 73.0 | % | $148,748 | 41.7% | 23.1% | 29 | |||||||||||||||
Total / Weighted Average Prime Retail | 19 | 753,804 | 38.6 | % | 91.3 | % | 91.3 | % | 83.1 | % | 80.9 | % | 81.4 | % | $183,466 | 51.4% | 38.6% | 57 | |||||||||||||||
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 | $3,205 | 0.9 | 1.4 | 7 | ||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 1 | 16,121 | 0.8 | 86.8 | 86.8 | 86.8 | 100.0 | 100.0 | 2,491 | 0.7 | 1.0 | 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 | 4,705 | 1.3 | 2.1 | 6 | ||||||||||||||||||
220 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 35,332 | 1.8 | 85.6 | 68.4 | 68.4 | 68.4 | 59.0 | 2,633 | 0.7 | 1.2 | 5 | ||||||||||||||||||
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 | 473 | 0.1 | 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 | 100.0 | 3,456 | 1.0 | 1.5 | 6 | ||||||||||||||||||
400 East 57th Street | 41.0 | Upper East Side | Fee Interest | 1 | 9,717 | 0.5 | 75.4 | 75.4 | 52.6 | 34.1 | 34.1 | 1,639 | 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 | 560 | 0.2 | 0.2 | 5 | ||||||||||||||||||
420 Lexington Ave (Graybar) | 100.0 | Grand Central North | Leasehold Interest | 1 | 45,263 | 2.3 | 96.5 | 96.5 | 100.0 | 89.1 | 86.0 | 4,160 | 1.2 | 1.9 | 5 | ||||||||||||||||||
461 Fifth Avenue | 100.0 | Midtown | Leasehold Interest | 1 | 16,248 | 0.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,279 | 0.6 | 1.0 | 2 | ||||||||||||||||||
485 Lexington Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 41,701 | 2.1 | 100.0 | 100.0 | 100.0 | 56.5 | 65.5 | 5,444 | 1.5 | 2.4 | 8 | ||||||||||||||||||
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 | 1,923 | 0.5 | 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 | 858 | 0.2 | 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 | 9,770 | 2.7 | 4.4 | 1 | ||||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 1 | 74,937 | 3.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 22,871 | 6.4 | 10.3 | 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 | 3,133 | 0.9 | 1.4 | 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 | 3,573 | 1.0 | 1.6 | 2 | ||||||||||||||||||
711 Third Avenue | 100.0 | Grand Central North | Leasehold Interest | 1 | 25,639 | 1.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,921 | 0.8 | 1.3 | 3 | ||||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 24,827 | 1.3 | 100.0 | 100.0 | 96.8 | 100.0 | 100.0 | 2,710 | 0.8 | 1.2 | 6 | ||||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 1 | 18,207 | 0.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 4,201 | 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 | 3,596 | 1.0 | 0.8 | 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 | 6,585 | 1.8 | 3.0 | 5 | ||||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 1 | 17,797 | 0.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,779 | 0.8 | 1.2 | 6 | ||||||||||||||||||
1515 Broadway | 70.0 | Times Square | Fee Interest | 1 | 185,956 | 9.5 | 100.0 | 100.0 | 95.3 | 89.5 | 89.5 | 32,783 | 9.2 | 10.3 | 9 | ||||||||||||||||||
Subtotal / Weighted Average | 25 | 870,765 | 44.6 | % | 98.7 | % | 98.0 | % | 96.8 | % | 93.0 | % | 92.9 | % | $129,032 | 36.1% | 52.1% | 127 |
Supplemental Information | 35 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA - CONTINUED Retail Operating and Development / Redevelopment Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized Retail | Annualized Retail Cash Rent | Total | ||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'s) | 100% | SLG | Tenants | ||||||||||||||||||
OTHER RETAIL - Unconsolidated Properties | |||||||||||||||||||||||||||||||||
3 Columbus Circle | 48.9 | Columbus Circle | Fee Interest | 1 | 75,165 | 3.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $20,325 | 5.7 | 4.5 | 4 | ||||||||||||||||||
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 | 3,469 | 1.0 | 0.9 | 3 | ||||||||||||||||||
11 Madison Avenue | 60.0 | Park Avenue South | Fee Interest | 1 | 38,800 | 2.0 | 96.6 | 96.6 | 96.6 | 97.7 | 97.7 | 3,507 | 1.0 | 0.9 | 5 | ||||||||||||||||||
30 East 40th Street | 60.0 | Grand Central South | Leasehold Interest | 1 | 4,461 | 0.2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 499 | 0.1 | 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 | 2.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,641 | 1.0 | 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 | 893 | 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 | 5,388 | 1.5 | 1.2 | 3 | ||||||||||||||||||
800 Third Avenue | 60.5 | Grand Central North | Fee Interest | 1 | 9,900 | 0.5 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,933 | 0.5 | 0.5 | 2 | ||||||||||||||||||
Worldwide Plaza | 24.4 | Westside | Fee Interest | 1 | 10,592 | (1) | 0.5 | 100.0 | N/A | N/A | N/A | N/A | 1,342 | 0.4 | 0.1 | 8 | |||||||||||||||||
Stonehenge Portfolio | Various | Fee Interest | 4 | 28,941 | 1.5 | 91.4 | 100.0 | 100.0 | 100.0 | 100.0 | 3,311 | 0.9 | — | 11 | |||||||||||||||||||
Subtotal / Weighted Average | 14 | 329,465 | 16.9 | % | 91.9 | % | 91.9 | % | 91.9 | % | 92.1 | % | 92.1 | % | $44,518 | 12.5% | 9.4% | 53 | |||||||||||||||
Total / Weighted Average Other Retail | 39 | 1,200,230 | 61.4 | % | 96.7 | % | 96.3 | % | 95.5 | % | 92.8 | % | 92.7 | % | $173,550 | 48.6% | 61.4% | 180 | |||||||||||||||
Retail Grand Total / Weighted Average | 58 | 1,954,034 | 100.0 | % | 94.7 | % | 94.4 | % | 90.7 | % | 88.2 | % | 88.3 | % | $357,016 | 100.0% | 237 | ||||||||||||||||
Retail Grand Total - SLG share of Annualized Rent | $223,074 | 100.0% | |||||||||||||||||||||||||||||||
(1) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet. |
Supplemental Information | 36 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA Reckson Operating Portfolio - Consolidated Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized Cash Rent | Total | |||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'s) | 100 | % | SLG% | Tenants | ||||||||||||||||||
Manhattan Operating Properties - Reckson Portfolio | ||||||||||||||||||||||||||||||||||
"Same Store" | ||||||||||||||||||||||||||||||||||
110 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 215,400 | 2.0 | 74.0 | 66.6 | 73.3 | 91.0 | 92.0 | $9,076 | 1.7 | 1.5 | 22 | |||||||||||||||||||
125 Park Avenue | 100.0 | Grand Central | Fee Interest | 1 | 604,245 | 5.7 | 99.6 | 99.6 | 99.3 | 98.4 | 99.9 | 41,455 | 7.6 | 6.8 | 26 | |||||||||||||||||||
304 Park Avenue South | 100.0 | Midtown South | Fee Interest | 1 | 215,000 | 2.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 15,793 | 2.9 | 2.6 | 12 | |||||||||||||||||||
461 Fifth Avenue | 100.0 | Midtown | Leasehold Interest (1) | 1 | 200,000 | 1.9 | 96.6 | 99.9 | 99.9 | 99.9 | 99.9 | 18,245 | 3.3 | 3.0 | 9 | |||||||||||||||||||
555 West 57th Street | 100.0 | Midtown West | Fee Interest | 1 | 941,000 | 8.9 | 99.9 | 99.9 | 99.9 | 99.9 | 99.9 | 41,999 | 7.7 | 6.9 | 9 | |||||||||||||||||||
609 Fifth Avenue | 100.0 | Rockefeller Center | Fee Interest | 1 | 160,000 | 1.5 | 67.8 | 68.3 | 72.8 | 72.8 | 76.6 | 15,124 | 2.8 | 2.5 | 11 | |||||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 1 | 563,000 | 5.3 | 98.8 | 98.8 | 98.8 | 98.8 | 98.8 | 61,527 | 11.3 | 10.2 | 25 | |||||||||||||||||||
635 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 104,000 | 1.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 9,343 | 1.7 | 1.5 | 2 | |||||||||||||||||||
641 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 163,000 | 1.5 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 14,269 | 2.6 | 2.4 | 6 | |||||||||||||||||||
711 Third Avenue | 100.0 (2) | Grand Central North | Leasehold Interest | 1 | 524,000 | 4.9 | 86.2 | 90.7 | 88.7 | 92.2 | 92.2 | 30,998 | 5.7 | 5.1 | 18 | |||||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 780,000 | 7.3 | 98.8 | 98.1 | 98.0 | 98.8 | 99.0 | 48,691 | 8.9 | 8.0 | 29 | |||||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 1 | 692,000 | 6.5 | 97.9 | 96.8 | 94.6 | 93.6 | 93.6 | 48,572 | 8.9 | 8.0 | 50 | |||||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1 | 1,454,000 | 13.7 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 98,501 | 8.3 | 9 | ||||||||||||||||||||
1185 Avenue of the Americas | 100.0 | Rockefeller Center | Leasehold Interest | 1 | 1,062,000 | 10.0 | 98.1 | 98.1 | 99.0 | 99.0 | 99.0 | 94,475 | 17.3 | 15.6 | 15 | |||||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 1 | 562,000 | 5.3 | 90.0 | 88.0 | 88.6 | 90.2 | 87.9 | 41,108 | 7.5 | 6.8 | 34 | |||||||||||||||||||
Added to Same Store in 2017 | ||||||||||||||||||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 1 | 223,600 | 2.1 | 76.5 | 73.4 | 72.9 | 70.3 | 69.3 | 11,607 | 1.7 | 58 | ||||||||||||||||||||
Subtotal / Weighted Average | 16 | 8,463,245 | 79.7 | % | 95.9 | % | 95.7 | % | 95.7 | % | 96.4 | % | 96.4 | % | $600,783 | 90.0% | 91.0% | 335 | ||||||||||||||||
Total / Weighted Average Manhattan Consolidated Properties | 16 | 8,463,245 | 79.7 | % | 95.9 | % | 95.7 | % | 95.7 | % | 96.4 | % | 96.4 | % | $600,783 | 90.0% | 335 | |||||||||||||||||
Total Manhattan Consolidated Properties - SLG share of Annualized Rent | $551,358 | 91.0% | ||||||||||||||||||||||||||||||||
Suburban Operating Properties | ||||||||||||||||||||||||||||||||||
"Same Store" Westchester, New York | ||||||||||||||||||||||||||||||||||
1100 King Street - 1 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.8 | 74.8 | 74.8 | 74.8 | 74.8 | 74.8 | $1,928 | 0.4 | 0.3 | 2 | |||||||||||||||||||
1100 King Street - 2 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.8 | 65.4 | 63.5 | 63.5 | 61.3 | 61.3 | 1,596 | 0.3 | 0.3 | 7 | |||||||||||||||||||
1100 King Street - 3 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.8 | 58.4 | 58.4 | 58.4 | 58.4 | 52.2 | 1,071 | 0.2 | 0.2 | 3 | |||||||||||||||||||
1100 King Street - 4 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.8 | 67.3 | 51.2 | 51.2 | 68.8 | 85.8 | 1,167 | 0.2 | 0.2 | 8 | |||||||||||||||||||
1100 King Street - 5 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.8 | 96.6 | 96.6 | 96.6 | 96.6 | 91.3 | 2,131 | 0.4 | 0.4 | 11 | |||||||||||||||||||
1100 King Street - 6 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.8 | 62.8 | 68.7 | 68.7 | 56.7 | 56.7 | 1,853 | 0.3 | 0.3 | 4 | |||||||||||||||||||
115-117 Stevens Avenue | 100.0 | Valhalla, New York | Fee Interest | 1 | 178,000 | 1.7 | 67.3 | 66.7 | 66.7 | 60.3 | 49.5 | 2,285 | 0.4 | 0.4 | 12 | |||||||||||||||||||
100 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 250,000 | 2.4 | 92.2 | 92.2 | 79.4 | 66.0 | 66.0 | 5,872 | 1.1 | 1.0 | 13 | |||||||||||||||||||
200 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 245,000 | 2.3 | 87.5 | 87.5 | 95.8 | 95.8 | 95.8 | 5,508 | 1.0 | 0.9 | 8 | |||||||||||||||||||
500 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 228,000 | 2.1 | 100.0 | 100.0 | 100.0 | 97.8 | 97.8 | 6,032 | 1.1 | 1.0 | 8 | |||||||||||||||||||
360 Hamilton Avenue | 100.0 | White Plains, New York | Fee Interest | 1 | 384,000 | 3.6 | 99.3 | 99.3 | 98.4 | 98.4 | 98.4 | 14,990 | 2.7 | 2.5 | 22 | |||||||||||||||||||
Westchester, New York Subtotal / Weighted Average | 11 | 1,825,000 | 17.2 | % | 85.3 | % | 84.6 | % | 83.8 | % | 81.2 | % | 80.4 | % | $44,433 | 8.1% | 7.3% | 98 | ||||||||||||||||
"Same Store" Connecticut | ||||||||||||||||||||||||||||||||||
1055 Washington Boulevard | 100.0 | Stamford, Connecticut | Leasehold Interest | 1 | 182,000 | 1.7 | 80.9 | 67.9 | 67.9 | 66.5 | 66.5 | $5,527 | 1.0 | 0.9 | 21 | |||||||||||||||||||
1010 Washington Boulevard | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 143,400 | 1.4 | 94.6 | 92.1 | 92.1 | 88.1 | 91.3 | 4,613 | 0.8 | 0.8 | 27 | |||||||||||||||||||
Connecticut Subtotal/Weighted Average | 2 | 325,400 | 3.1 | % | 87.0 | % | 78.6 | % | 78.6 | % | 76.0 | % | 77.4 | % | $10,140 | 1.9% | 1.7% | 48 | ||||||||||||||||
Total / Weighted Average Suburban Consolidated Properties | 13 | 2,150,400 | 20.3 | % | 85.5 | % | 83.7 | % | 83.0 | % | 80.4 | % | 80.0 | % | $54,574 | 10.0% | 146 | |||||||||||||||||
Total Suburban Consolidated Properties - SLG share of Annualized Rent | $54,574 | 9.0% | ||||||||||||||||||||||||||||||||
Reckson Operating Properties Grand Total / Weighted Average | 29 | 10,613,645 | 100.0 | % | 93.8 | % | 93.3 | % | 93.2 | % | 93.1 | % | 93.1 | % | $655,358 | 100.0% | 481 | |||||||||||||||||
Reckson Operating Properties Grand Total - SLG Share of Annualized Rent | $605,932 | 100.0% | ||||||||||||||||||||||||||||||||
Reckson Operating Properties Same Store Occupancy % | 10,613,645 | 100.0 | % | 93.8 | % | 93.3 | % | 93.2 | % | 93.1 | % | 93.1 | % | |||||||||||||||||||||
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date. | ||||||||||||||||||||||||||||||||||
(2) The Company owns 50% of the fee interest. |
Supplemental Information | 37 | Fourth Quarter 2017 |
SELECTED PROPERTY DATA Reckson Operating Portfolio - Retail, Land, and Residential Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized | Total | |||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'s) | Cash Rent (SLG%) | Tenants | ||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||
115 Spring Street | 100.0 | Soho | Fee Interest | 1 | 5,218 | 1.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $2,903 | 7.5 | 1 | ||||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 2 | 68,342 | 16.4 | 89.6 | 89.6 | 89.6 | 90.7 | 93.9 | 12,613 | 6.5 | 8 | ||||||||||||||||||||
315 West 33rd Street - "The Olivia" | 100.0 | Penn Station | Fee Interest | 1 | 270,132 | 64.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 17,180 | 44.6 | 10 | ||||||||||||||||||||
752-760 Madison Avenue | 100.0 | Plaza District | Fee Interest | 1 | 21,124 | 5.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 14,136 | 36.7 | 1 | ||||||||||||||||||||
Williamsburg Terrace | 100.0 | Brooklyn, New York | Fee Interest | 1 | 52,000 | 12.5 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,796 | 4.7 | 3 | ||||||||||||||||||||
Total Retail Properties | 6 | 416,816 | 100.0% | 98.3 | % | 98.3 | % | 98.3 | % | 98.5 | % | 99.0 | % | $48,628 | 100.0% | 23 | ||||||||||||||||||
Land | ||||||||||||||||||||||||||||||||||
635 Madison Avenue | 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 Land Properties | 1 | 176,530 | 100.0% | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | $3,678 | 100.0% | |||||||||||||||||||
Residential Properties | ||||||||||||||||||||||||||||||||||
Ownership | Useable | Total | Occupancy (%) | Annualized | Average Monthly | Total | ||||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Sq. Feet | Units | Dec-17 | Sep-17 | Jun-17 | Mar-17 | Dec-16 | Cash Rent ($'s) | Rent Per Unit ($'s) (1) | Tenants | |||||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 1 | 222,855 | 333 | 85.9 | 88.0 | 91.9 | 94.0 | 93.1 | $14,242 | $4,164 | 286 | ||||||||||||||||||||
Total Residential Properties | 1 | 222,855 | 333 | 85.9 | % | 88.0 | % | 91.9 | % | 94.0 | % | 93.1 | % | $14,242 | $4,164 | 286 | ||||||||||||||||||
(1) Calculated based on occupied units | ||||||||||||||||||||||||||||||||||
Supplemental Information | 38 | Fourth Quarter 2017 |
LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT Manhattan and Suburban Properties Unaudited (Dollars in Thousands Except Per SF) | ||
% of | ||||||||||||
SLG Share of | SLG Share of | |||||||||||
Lease | Total Rentable | Annualized | Annualized | Annualized | Annualized | Credit | ||||||
Tenant Name | Property | Expiration | Square Feet | Cash Rent | Cash Rent ($) | Cash Rent (3) | Rent PSF | Rating (1) | ||||
Credit Suisse Securities (USA), Inc. | 1 Madison Avenue, 11 Madison Avenue & 1055 Washington Blvd | 2019, 2020 & 2037 | 2,415,247 | $150,123 | (2) | $119,140 | 8.0% | $62.16 | A | |||
Viacom International, Inc. | 1515 Broadway | 2028 & 2031 | 1,479,390 | 92,527 | 64,769 | 4.4% | 62.54 | BBB- | ||||
Ralph Lauren Corporation | 625 Madison Avenue | 2019 | 386,785 | 30,052 | 30,052 | 2.0% | 77.70 | A- | ||||
Sony Corporation | 11 Madison Avenue | 2031 | 578,791 | 43,870 | 26,322 | 1.8% | 75.80 | BBB | ||||
Penguin Random House, Inc. | 1745 Broadway | 2020 & 2033 | 644,598 | 45,633 | 25,952 | 1.8% | 70.79 | BBB+ | ||||
Debevoise & Plimpton, LLP | 919 Third Avenue | 2021 | 577,438 | 46,852 | 23,894 | 1.6% | 81.14 | |||||
The City of New York | 100 Church Street & 420 Lexington Avenue | 2030 & 2034 | 513,145 | 18,347 | 18,347 | 1.2% | 35.75 | Aa2 | ||||
Advance Magazine Group, Fairchild Publications | 750 Third Avenue & 485 Lexington Avenue | 2021 | 339,195 | 18,146 | 18,146 | 1.2% | 53.50 | |||||
Metro-North Commuter Railroad Company | 110 East 42nd Street & 420 Lexington Avenue | 2021 & 2034 | 328,957 | 17,493 | 17,493 | 1.2% | 53.18 | Aa2 | ||||
Nike Retail Services, Inc. | 650 Fifth Avenue | 2033 | 69,214 | 33,190 | 16,595 | 1.1% | 479.53 | AA- | ||||
News America Incorporated | 1185 Avenue of the Americas | 2020 | 165,086 | 16,398 | 16,398 | 1.1% | 99.33 | BBB+ | ||||
Giorgio Armani Corporation | 717 Fifth Avenue, 752-760 Madison Avenue & 762 Madison Avenue | 2022 & 2024 | 69,328 | 33,247 | 16,397 | 1.1% | 479.56 | |||||
King & Spalding | 1185 Avenue of the Americas | 2025 | 159,943 | 15,714 | 15,714 | 1.1% | 98.25 | |||||
C.B.S. Broadcasting, Inc. | 555 West 57th Street & Worldwide Plaza | 2023 & 2027 | 371,125 | 17,029 | 15,459 | 1.0% | 45.88 | BBB | ||||
Omnicom Group, Inc., Cardinia Real Estate | 220 East 42nd Street & 1055 Washington Blvd. | 2028 & 2032 | 254,914 | 15,348 | 15,348 | 1.0% | 60.21 | BBB+ | ||||
Amerada Hess Corp. | 1185 Avenue of the Americas | 2027 | 181,569 | 15,091 | 15,091 | 1.0% | 83.12 | BBB- | ||||
Cravath, Swaine & Moore LLP | Worldwide Plaza | 2024 | 617,134 | 61,226 | 14,909 | 1.0% | 99.21 | |||||
National Hockey League | 1185 Avenue of the Americas | 2022 | 148,217 | 14,907 | 14,907 | 1.0% | 100.58 | |||||
WME IMG, LLC | 11 Madison Avenue & 304 Park Avenue | 2028 & 2030 | 214,707 | 16,896 | 13,291 | 0.9% | 78.69 | |||||
Nomura Holding America Inc. | 810 Seventh Avenue, Worldwide Plaza & 1100 King Street Blgd 5 | 2026, 2028 & 2033 | 888,762 | 43,263 | 12,429 | 0.8% | 48.68 | A- | ||||
Infor (USA) Inc. | 635 Sixth Avenue & 641 Sixth Avenue | 2022, 2025, 2026 & 2027 | 149,119 | 12,057 | 12,057 | 0.8% | 80.85 | |||||
The Travelers Indemnity Company | 485 Lexington Avenue | 2021 | 176,838 | 11,666 | 11,666 | 0.8% | 65.97 | AA | ||||
RSM McGladrey, Inc. | 1185 Avenue of the Americas | 2018 | 164,771 | 11,457 | 11,457 | 0.8% | 69.53 | |||||
Prada USA Corp | 724 Fifth Avenue | 2028 | 20,760 | 21,332 | 10,666 | 0.7% | 1,027.57 | |||||
Yelp, Inc. | 11 Madison Avenue | 2025 | 191,797 | 16,647 | 9,988 | 0.7% | 86.79 | |||||
EisnerAmper, LLP | 750 Third Avenue | 2020 | 152,961 | 9,971 | 9,971 | 0.7% | 65.19 | |||||
Schulte, Roth & Zabel LLP | 919 Third Avenue | 2036 | 263,186 | 18,863 | 9,620 | 0.6% | 71.67 | |||||
Newmark & Company Real Estate Inc. | 125 Park Avenue & 110 East 42nd Street | 2031 | 162,804 | 9,271 | 9,271 | 0.6% | 56.94 | BBB- | ||||
HF Management Services LLC | 100 Church Street | 2032 | 230,394 | 8,526 | 8,526 | 0.6% | 37.00 | |||||
KPMG LLP | 1350 Avenue of the Americas | 2026 | 112,061 | 8,385 | 8,385 | 0.6% | 74.82 | |||||
Total | 12,028,236 | $873,527 | (2) | $612,260 | 41.2% | $72.62 | ||||||
(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 $70.40 and total PSF annualized rent for the largest tenants would be $74.28. | ||||||||||||
(3) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, Development / Redevelopment and Land properties. |
Supplemental Information | 39 | Fourth Quarter 2017 |
TENANT DIVERSIFICATION Based on SLG Share of Annualized Cash Rent Unaudited | ||
Category | Manhattan Properties | Suburban Properties | ||||||||
Arts, Ent. & Recreation | 4.4 | % | 0.1 | % | ||||||
Business Services | 2.5 | % | — | % | ||||||
Financial Services | 32.0 | % | 33.1 | % | ||||||
Government / Non Profit | 3.1 | % | 2.9 | % | ||||||
Legal | 8.0 | % | 13.5 | % | ||||||
Manufacturing | 2.3 | % | 8.2 | % | ||||||
Medical | 2.3 | % | 1.9 | % | ||||||
Other | 6.3 | % | 3.3 | % | ||||||
Professional Services | 6.7 | % | 12.0 | % | ||||||
Retail | 10.7 | % | 0.8 | % | ||||||
TAMI | ||||||||||
Technology | 1.8 | % | 9.2 | % | ||||||
Advertising | 4.1 | % | 1.0 | % | ||||||
Media | 15.5 | % | 14.0 | % | ||||||
Information | 0.3 | % | — | % | ||||||
Total | 100.0 | % | 100.0 | % |
Supplemental Information | 40 | Fourth Quarter 2017 |
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited | ||
Activity | Building Address | # of Leases | Usable SF | Rentable SF | Escalated Rent/Rentable SF ($'s)(1) | ||||||
Available Space at 9/30/17 | 1,496,409 | ||||||||||
Space which became available during the Quarter (2): | |||||||||||
Office | |||||||||||
3 Columbus Circle | 1 | 3,976 | 4,052 | $75.66 | |||||||
30 East 40th Street | 1 | 1,215 | 1,215 | 66.13 | |||||||
110 East 42nd Street | 1 | 8,536 | 8,770 | 58.00 | |||||||
110 Greene Street | 4 | 12,352 | 9,336 | 78.61 | |||||||
420 Lexington Avenue | 11 | 34,347 | 43,920 | 60.39 | |||||||
461 Fifth Avenue | 1 | 6,639 | 7,134 | 106.28 | |||||||
485 Lexington Avenue | 1 | 13,703 | 14,078 | 78.00 | |||||||
600 Lexington Avenue | 1 | 8,607 | 8,321 | 103.96 | |||||||
609 Fifth Avenue | 1 | 917 | 977 | 85.68 | |||||||
711 Third Avenue | 2 | 29,534 | 31,885 | 58.81 | |||||||
800 Third Avenue | 3 | 19,796 | 19,222 | 68.12 | |||||||
1350 Avenue of the Americas | 1 | 4,482 | 4,587 | 89.90 | |||||||
World Wide Plaza | 1 | 30,341 | 30,518 | 70.03 | |||||||
Total/Weighted Average | 29 | 174,445 | 184,015 | $69.67 | |||||||
Retail | |||||||||||
11 Madison | 2 | 881 | 780 | $80.29 | |||||||
Total/Weighted Average | 2 | 881 | 780 | $80.29 | |||||||
Storage | |||||||||||
110 Greene Street | 1 | 422 | 422 | $75.36 | |||||||
420 Lexington Avenue | 1 | 183 | 201 | 21.22 | |||||||
800 Third Avenue | 1 | 1,800 | 362 | 25.00 | |||||||
Total/Weighted Average | 3 | 2,405 | 985 | $45.80 | |||||||
Total Space which became available during the quarter | |||||||||||
Office | 29 | 174,445 | 184,015 | $69.67 | |||||||
Retail | 2 | 881 | 780 | $80.29 | |||||||
Storage | 3 | 2,405 | 985 | $45.80 | |||||||
34 | 177,731 | 185,780 | $69.59 | ||||||||
Total Available Space | 1,674,140 | ||||||||||
(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 | Fourth Quarter 2017 |
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Commenced Leasing Unaudited | ||
Activity | Building Address | # of Leases | Term (Yrs) | Usable SF | Rentable SF | New Cash Rent / Rentable SF(1) | Prev. Escalated Rent/ Rentable SF(2) | TI / Rentable SF | Free Rent # of Months | ||||||||||||||||||||
Available Space | 1,674,140 | ||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||
3 Columbus Circle | 1 | 5.1 | 3,057 | 3,057 | $85.00 | $87.17 | $— | 1.0 | |||||||||||||||||||||
100 Park Avenue | 2 | 2.8 | 34,129 | 37,823 | 68.00 | — | 66.29 | — | |||||||||||||||||||||
110 East 42nd Street | 3 | 10.0 | 24,608 | 25,280 | 60.95 | 50.22 | 88.57 | 5.2 | |||||||||||||||||||||
110 Greene Street | 6 | 5.2 | 19,201 | 20,611 | 71.23 | 55.58 | 21.72 | 2.4 | |||||||||||||||||||||
220 East 42nd Street | 1 | 30.7 | 24,639 | 28,939 | 66.25 | 30.02 | 11.74 | — | |||||||||||||||||||||
420 Lexington Avenue | 4 | 4.2 | 7,123 | 9,491 | 62.43 | 54.72 | 11.01 | 0.9 | |||||||||||||||||||||
600 Lexington Avenue | 2 | 3.3 | 17,214 | 17,214 | 77.70 | 79.53 | 55.64 | 1.5 | |||||||||||||||||||||
711 Third Avenue | 1 | 5.3 | 5,986 | 6,516 | 59.00 | — | 106.94 | 3.0 | |||||||||||||||||||||
750 Third Avenue | 1 | 3.5 | 5,104 | 5,480 | 66.00 | 61.98 | 27.44 | 1.0 | |||||||||||||||||||||
810 Seventh Avenue | 1 | 10.6 | 7,773 | 8,686 | 62.00 | 57.40 | 102.39 | 5.0 | |||||||||||||||||||||
1350 Avenue of the Americas | 3 | 13.4 | 15,781 | 16,063 | 89.78 | 59.61 | 95.81 | 8.4 | |||||||||||||||||||||
Total/Weighted Average | 25 | 10.2 | 164,615 | 179,160 | $69.29 | $53.46 | $55.10 | 2.4 | |||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||
11 Madison Avenue | 2 | 10.3 | 881 | 703 | $139.97 | $89.09 | $14.22 | 4.0 | |||||||||||||||||||||
220 East 42nd Street | 1 | 10.6 | 4,503 | 4,937 | 103.00 | — | 6.49 | 7.0 | |||||||||||||||||||||
Total/Weighted Average | 3 | 10.5 | 5,384 | 5,640 | $107.61 | $89.09 | $7.45 | 6.6 | |||||||||||||||||||||
Storage | |||||||||||||||||||||||||||||
110 Greene Street | 1 | 5.0 | 422 | 422 | $80.00 | $75.36 | $— | — | |||||||||||||||||||||
220 East 42nd Street | 1 | 10.6 | 1,481 | 1,481 | 25.00 | — | 6.49 | 7.0 | |||||||||||||||||||||
Total/Weighted Average | 2 | 9.3 | 1,903 | 1,903 | $37.20 | $75.36 | $5.05 | 5.4 | |||||||||||||||||||||
Leased Space | |||||||||||||||||||||||||||||
Office (3) | 25 | 10.2 | 164,615 | 179,160 | $69.29 | $53.46 | $55.10 | 2.4 | |||||||||||||||||||||
Retail | 3 | 10.5 | 5,384 | 5,640 | $107.61 | $89.09 | $7.45 | 6.6 | |||||||||||||||||||||
Storage | 2 | 9.3 | 1,903 | 1,903 | $37.20 | $75.36 | $5.05 | 5.4 | |||||||||||||||||||||
Total | 30 | 10.2 | 171,902 | 186,703 | $70.12 | $53.75 | $53.15 | 2.5 | |||||||||||||||||||||
Total Available Space as of 12/31/17 | 1,502,238 | ||||||||||||||||||||||||||||
Early Renewals | |||||||||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||
30 East 40th Street | 1 | 3.0 | 611 | 722 | $62.00 | $54.74 | $— | $— | |||||||||||||||||||||
110 Greene Street | 1 | 6.2 | 2,393 | 2,393 | 88.10 | 76.65 | — | — | |||||||||||||||||||||
420 Lexington Avenue | 11 | 6.3 | 33,253 | 46,827 | 77.63 | 65.73 | 7.38 | 3.4 | |||||||||||||||||||||
461 Fifth Avenue | 1 | 10.0 | 3,898 | 4,051 | 96.00 | 90.20 | 18.82 | 4.0 | |||||||||||||||||||||
485 Lexington Avenue | 1 | 0.9 | 12,499 | 12,790 | 76.43 | 76.43 | — | — | |||||||||||||||||||||
711 Third Avenue | 1 | 1.6 | 27,955 | 30,035 | 70.22 | 70.22 | — | — | |||||||||||||||||||||
Total/Weighted Average | 16 | 4.2 | 80,609 | 96,818 | $76.09 | $69.75 | $4.36 | 1.8 | |||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||
125 Park Avenue | 1 | 5.0 | 1,050 | 1,277 | $154.82 | $138.76 | $— | — | |||||||||||||||||||||
Total/Weighted Average | 1 | 5.0 | 1,050 | 1,277 | $154.82 | $138.76 | $— | — | |||||||||||||||||||||
Storage | |||||||||||||||||||||||||||||
420 Lexington Avenue | |||||||||||||||||||||||||||||
Total/Weighted Average | 1 | 5.6 | 494 | 526 | $27.00 | $28.35 | $— | 7.0 | |||||||||||||||||||||
1 | 5.6 | 494 | 526 | $27.00 | $28.35 | $— | 7.0 | ||||||||||||||||||||||
Renewals | |||||||||||||||||||||||||||||
Early Renewals Office | 16 | 4.2 | 80,609 | 96,818 | $76.09 | $69.75 | $4.36 | 1.8 | |||||||||||||||||||||
Early Renewals Retail | 1 | 5.0 | 1,050 | 1,277 | $154.82 | $138.76 | $— | — | |||||||||||||||||||||
Early Renewals Storage | 1 | 5.6 | 494 | 526 | $27.00 | $28.35 | $— | 7.0 | |||||||||||||||||||||
Total | 18 | 4.3 | 82,153 | 98,621 | $76.84 | $70.42 | $4.28 | 1.8 | |||||||||||||||||||||
(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 $70.21/rsf for 120,566 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $72.83/rsf for 217,384 rentable SF. |
Supplemental Information | 42 | Fourth Quarter 2017 |
LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Available Space Unaudited | ||
Activity | Building Address | # of Leases | Usable SF | Rentable SF | Escalated Rent/Rentable SF ($'s)(1) | ||||||
Available Space at 9/30/17 | 856,316 | ||||||||||
Less: Sold Vacancies | (148,331 | ) | |||||||||
Space which became available during the Quarter (2): | |||||||||||
Office | |||||||||||
1100 King Street - 4 Int'l Drive, Rye Brook, New York | 1 | 1,360 | 1,360 | $25.58 | |||||||
360 Hamilton Avenue, White Plains, New York | 1 | 10,507 | 10,507 | 28.45 | |||||||
1 Landmark Square, Stamford, Connecticut | 3 | 11,642 | 11,440 | 42.08 | |||||||
4 Landmark Square, Stamford, Connecticut | 1 | 1,165 | 1,165 | 34.00 | |||||||
1055 Washington Boulevard, Stamford, Connecticut | 1 | 1,969 | 1,969 | 40.00 | |||||||
Jericho Plaza, Jericho, New York | 2 | 8,650 | 8,650 | 37.14 | |||||||
Total/Weighted Average | 9 | 35,293 | 35,091 | $35.76 | |||||||
Retail | |||||||||||
1 Landmark Square, Stamford, Connecticut | 1 | 1,000 | 1,000 | $45.65 | |||||||
1 | 1,000 | 1,000 | $45.65 | ||||||||
Storage | |||||||||||
2 Landmark Square, Stamford, Connecticut | 1 | 100 | 100 | $15.00 | |||||||
5 Landmark Square, Stamford, Connecticut | 1 | 125 | 125 | 15.00 | |||||||
Jericho Plaza, Jericho, New York | 1 | 752 | 752 | 13.00 | |||||||
Total/Weighted Average | 3 | 977 | 977 | $13.46 | |||||||
Total Space which became available during the Quarter | |||||||||||
Office | 9 | 35,293 | 35,091 | $35.76 | |||||||
Retail | 1 | 1,000 | 1,000 | $45.65 | |||||||
Storage | 3 | 977 | 977 | $13.46 | |||||||
13 | 37,270 | 37,068 | $35.44 | ||||||||
Total Available Space | 745,255 | ||||||||||
(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 | Fourth Quarter 2017 |
LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Commenced Leasing Unaudited | ||
Activity | Building Address | # of Leases | Term (Yrs) | Usable SF | Rentable SF | New Cash Rent / Rentable SF(1) | Prev. Escalated Rent/ Rentable SF(2) | TI / Rentable SF | Free Rent # of Months | |||||||||||||||||||
Available Space | 745,255 | |||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||
1100 King Street - 2 Int'l Drive, Rye Brook, New York | 2 | 4.2 | 1,689 | 1,689 | $26.00 | $— | $— | 2.0 | ||||||||||||||||||||
115-117 Stevens Avenue, Valhalla, New York | 1 | 2.7 | 900 | 911 | 24.00 | — | 9.23 | — | ||||||||||||||||||||
360 Hamilton Avenue, White Plains, New York | 1 | 5.3 | 10,497 | 7,774 | 38.00 | 28.45 | 15.00 | 3.0 | ||||||||||||||||||||
1 Landmark Square, Stamford, Connecticut | 8 | 5.1 | 28,707 | 28,707 | 41.09 | 44.38 | 26.76 | 3.5 | ||||||||||||||||||||
2 Landmark Square, Stamford, Connecticut | 1 | 7.0 | 5,189 | 5,189 | 30.75 | — | 45.32 | 3.0 | ||||||||||||||||||||
1010 Washington Boulevard, Stamford, Connecticut | 1 | 5.4 | 3,591 | 4,899 | 34.00 | — | 35.00 | 5.0 | ||||||||||||||||||||
1055 Washington Boulevard, Stamford, Connecticut | 2 | 10.2 | 25,769 | 25,769 | 34.32 | 40.00 | 53.24 | 11.1 | ||||||||||||||||||||
Jericho Plaza, Jericho, New York | 3 | 6.9 | 11,437 | 11,437 | 33.72 | 35.28 | — | 5.6 | ||||||||||||||||||||
Total/Weighted Average | 19 | 7.0 | 87,779 | 86,375 | $36.32 | $37.38 | $30.93 | 6.0 | ||||||||||||||||||||
Storage | ||||||||||||||||||||||||||||
2 Landmark Square, Stamford, Connecticut | 1 | 10 | 100 | 100 | $15.00 | $15.00 | $— | — | ||||||||||||||||||||
5 Landmark Square, Stamford, Connecticut | 1 | 2.6 | 100 | 100 | 15.00 | — | — | — | ||||||||||||||||||||
Jericho Plaza, Jericho, New York | 3 | — | 1,604 | 1,604 | 13.58 | 13.58 | — | — | ||||||||||||||||||||
Total/Weighted Average | 5 | 0.7 | 1,804 | 1,804 | $13.74 | $13.66 | $— | — | ||||||||||||||||||||
. | ||||||||||||||||||||||||||||
Leased Space | ||||||||||||||||||||||||||||
Office (3) | 19 | 7.0 | 87,779 | 86,375 | $36.32 | $37.38 | $30.93 | 6.0 | ||||||||||||||||||||
Storage | 5 | 0.7 | 1,804 | 1,804 | $13.74 | $13.66 | $— | — | ||||||||||||||||||||
Total | 24 | 6.8 | 89,583 | 88,179 | $35.85 | $35.92 | $30.30 | 5.9 | ||||||||||||||||||||
Total Available Space as of 12/31/17 | 655,672 | |||||||||||||||||||||||||||
Early Renewals | ||||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||
115-117 Stevens Avenue, Valhalla, New York | 1 | 1.5 | 2,177 | 2,177 | $25.00 | $24.00 | $— | — | ||||||||||||||||||||
100 Summit Lake Drive, Valhalla, New York | 1 | 5.0 | 32,599 | 32,599 | 30.00 | 27.81 | 20.03 | — | ||||||||||||||||||||
360 Hamilton Avenue, White Plains, New York | 2 | 2.5 | 18,879 | 18,879 | 40.00 | 39.05 | 7.72 | 1.5 | ||||||||||||||||||||
1 Landmark Square, Stamford, Connecticut | 1 | 5.4 | 5,217 | 5,219 | 46.50 | 48.43 | 10.00 | 6.0 | ||||||||||||||||||||
3 Landmark Square, Stamford, Connecticut | 2 | 3.2 | 2,772 | 2,772 | 32.19 | 31.98 | 3.07 | 1.8 | ||||||||||||||||||||
Jericho Plaza, Jericho, New York | 1 | 5.3 | 8,669 | 9,176 | 33.00 | 52.47 | 15.00 | 3.0 | ||||||||||||||||||||
Total/Weighted Average | 8 | 4.2 | 70,313 | 70,822 | $34.20 | $35.57 | $14.08 | 1.3 | ||||||||||||||||||||
Storage | ||||||||||||||||||||||||||||
360 Hamilton Avenue, White Plains, New York | 1 | 5.3 | 303 | 303 | $15.00 | $15.00 | $— | — | ||||||||||||||||||||
Jericho Plaza, Jericho, New York | 1 | 5.3 | 500 | 500 | 24.53 | 24.53 | — | — | ||||||||||||||||||||
Total/Weighted Average | 2 | 5.3 | 803 | 803 | $20.93 | $20.93 | $— | — | ||||||||||||||||||||
Renewals | ||||||||||||||||||||||||||||
Early Renewals Office | 8 | 4.2 | 70,313 | 70,822 | $34.20 | $35.57 | $14.08 | 1.3 | ||||||||||||||||||||
Early Renewals Storage | 2 | 5.3 | 803 | 803 | $20.93 | $20.93 | $— | — | ||||||||||||||||||||
Total | 10 | 4.2 | 71,116 | 71,625 | $34.05 | $35.40 | $13.92 | 1.3 | ||||||||||||||||||||
(1) Annual initial base rent. | ||||||||||||||||||||||||||||
(2) Escalated rent is calculated as total annual lease related income excluding electric charges. | ||||||||||||||||||||||||||||
(3) Average starting office rent excluding new tenants replacing vacancies is $37.88/rsf for 25,866 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $35.19/rsf 96,688 rentable SF. |
Supplemental Information | 44 | Fourth Quarter 2017 |
ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited | ||
Consolidated Properties | Joint Venture Properties | |||||||||||||||||||||||||||||||||
Year of Lease Expiration | Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases | Percentage of Total Sq. Ft. | Annualized Cash Rent of Expiring Leases | Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3) | Current Weighted Average Asking Rent $/psf (4) | Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases | Percentage of Total Sq. Ft. | Annualized Cash Rent of Expiring Leases | Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3) | Current Weighted Average Asking Rent $/psf (4) | ||||||||||||||||||||||
2017 (1) | 9 | 10,006 | 0.07 | % | $460,049 | $45.98 | $50.24 | 2 | 9,390 | 0.09 | % | $838,610 | $89.31 | $86.81 | ||||||||||||||||||||
1st Quarter 2018 | 19 | 175,633 | 1.28 | % | $19,756,616 | $112.49 | $147.33 | 4 | 32,921 | 0.32 | % | $3,149,806 | $95.68 | $88.74 | ||||||||||||||||||||
2nd Quarter 2018 | 12 | 22,359 | 0.16 | % | 1,157,748 | 51.78 | 49.77 | 4 | 17,004 | 0.17 | % | 1,326,190 | 77.99 | 72.98 | ||||||||||||||||||||
3rd Quarter 2018 | 15 | 205,231 | 1.49 | % | 14,262,717 | 69.50 | 72.89 | 6 | 34,434 | 0.34 | % | 3,115,836 | 90.49 | 71.64 | ||||||||||||||||||||
4th Quarter 2018 | 26 | 127,928 | 0.93 | % | 10,383,082 | 81.16 | 80.69 | 10 | 85,572 | 0.83 | % | 9,956,499 | 116.35 | 84.55 | ||||||||||||||||||||
Total 2018 | 72 | 531,151 | 3.87 | % | $45,560,163 | $85.78 | $98.41 | 24 | 169,931 | 1.65 | % | $17,548,331 | $103.27 | $81.59 | ||||||||||||||||||||
2019 | 82 | 1,044,922 | 7.61 | % | $76,410,441 | $73.13 | $70.38 | 26 | 441,261 | 4.30 | % | $35,603,350 | $80.69 | $84.85 | ||||||||||||||||||||
2020 | 98 | 2,328,968 | 16.95 | % | 154,071,400 | 66.15 | 70.50 | 23 | 311,702 | 3.03 | % | 20,180,982 | 64.74 | 70.73 | ||||||||||||||||||||
2021 | 98 | 1,786,589 | 13.01 | % | 116,415,234 | 65.16 | 67.50 | 29 | 369,113 | 3.59 | % | 24,084,040 | 65.25 | 74.12 | ||||||||||||||||||||
2022 | 100 | 1,143,613 | 8.32 | % | 76,759,862 | 67.12 | 75.58 | 31 | 289,323 | 2.82 | % | 24,224,560 | 83.73 | 86.48 | ||||||||||||||||||||
2023 | 48 | 832,935 | 6.06 | % | 49,899,730 | 59.91 | 64.56 | 15 | 468,914 | 4.57 | % | 37,810,443 | 80.63 | 77.77 | ||||||||||||||||||||
2024 | 31 | 278,486 | 2.03 | % | 19,641,171 | 70.53 | 74.41 | 17 | 990,382 | 9.64 | % | 95,723,469 | 96.65 | 86.24 | ||||||||||||||||||||
2025 | 32 | 550,101 | 4.00 | % | 54,587,969 | 99.23 | 95.42 | 16 | 591,141 | 5.76 | % | 45,575,954 | 77.10 | 81.52 | ||||||||||||||||||||
2026 | 29 | 799,693 | 5.82 | % | 51,742,849 | 64.70 | 68.62 | 15 | 432,478 | 4.21 | % | 43,371,726 | 100.29 | 109.34 | ||||||||||||||||||||
Thereafter | 112 | 4,430,805 | 32.25 | % | 260,536,204 | 58.80 | 65.81 | 48 | 6,197,422 | 60.34 | % | 419,550,447 | 67.70 | 83.66 | ||||||||||||||||||||
711 | 13,737,269 | 100.00 | % | $906,085,072 | $65.96 | $70.68 | 246 | 10,271,057 | 100.00 | % | $764,511,912 | $74.43 | $83.96 | |||||||||||||||||||||
NOTE: Data excludes space currently occupied by SL Green's corporate offices | ||||||||||||||||||||||||||||||||||
(1) Includes month to month holdover tenants that expired prior to December 31, 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 December 31, 2017. Taking rents are typically lower than asking rents and may vary from property to property. |
Supplemental Information | 45 | Fourth Quarter 2017 |
ANNUAL LEASE EXPIRATIONS - SUBURBAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited | ||
Consolidated Properties | Joint Venture Properties | |||||||||||||||||||||||||||||||||
Year of Lease Expiration | Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases | Percentage of Total Sq. Ft. | Annualized Cash Rent of Expiring Leases | Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3) | Current Weighted Average Asking Rent $/psf (4) | Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases | Percentage of Total Sq. Ft. | Annualized Cash Rent of Expiring Leases | Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3) | Current Weighted Average Asking Rent $/psf (4) | ||||||||||||||||||||||
2017 (1) | 14 | 53,994 | 2.20 | % | $2,309,173 | $42.77 | $38.00 | 3 | 19,684 | 4.50 | % | $771,937 | $39.22 | $35.61 | ||||||||||||||||||||
1st Quarter 2018 | 14 | 55,557 | 2.27 | % | $1,753,503 | $31.56 | $30.49 | — | — | — | % | $— | $— | $— | ||||||||||||||||||||
2nd Quarter 2018 | 6 | 31,525 | 1.29 | % | 981,528 | 31.13 | 32.05 | — | — | — | % | — | — | — | ||||||||||||||||||||
3rd Quarter 2018 | 10 | 49,044 | 2.00 | % | 1,672,657 | 34.11 | 34.13 | — | — | — | % | — | — | — | ||||||||||||||||||||
4th Quarter 2018 | 9 | 68,782 | 2.81 | % | 2,243,941 | 32.62 | 36.31 | — | — | — | % | — | — | — | ||||||||||||||||||||
Total 2018 | 39 | 204,908 | 8.37 | % | $6,651,629 | $32.46 | $33.55 | — | — | — | % | $— | $— | $— | ||||||||||||||||||||
2019 | 37 | 395,568 | 16.15 | % | $11,387,110 | $28.79 | $29.12 | 8 | 39,354 | 9.00 | % | $1,322,125 | $33.60 | $36.00 | ||||||||||||||||||||
2020 | 46 | 284,734 | 11.63 | % | 9,905,255 | 34.79 | 35.64 | 5 | 47,964 | 10.96 | % | 1,837,847 | 38.32 | 35.67 | ||||||||||||||||||||
2021 | 32 | 296,334 | 12.10 | % | 9,716,915 | 32.79 | 32.85 | 5 | 104,296 | 23.84 | % | 4,001,316 | 38.36 | 36.00 | ||||||||||||||||||||
2022 | 28 | 124,214 | 5.07 | % | 4,579,117 | 36.86 | 39.02 | 2 | 18,012 | 4.12 | % | 658,428 | 36.55 | 36.00 | ||||||||||||||||||||
2023 | 24 | 193,443 | 7.90 | % | 6,604,408 | 34.14 | 33.29 | 3 | 52,010 | 11.89 | % | 1,956,588 | 37.62 | 35.80 | ||||||||||||||||||||
2024 | 6 | 113,413 | 4.63 | % | 3,220,430 | 28.40 | 28.46 | 2 | 52,707 | 12.05 | % | 1,860,324 | 35.30 | 36.00 | ||||||||||||||||||||
2025 | 10 | 109,013 | 4.45 | % | 3,434,309 | 31.50 | 33.51 | 1 | 1,729 | 0.40 | % | 59,040 | 34.15 | 36.00 | ||||||||||||||||||||
2026 | 15 | 284,252 | 11.61 | % | 9,523,950 | 33.51 | 33.18 | 4 | 88,854 | 20.31 | % | 3,009,736 | 33.87 | 35.96 | ||||||||||||||||||||
Thereafter | 21 | 389,273 | 15.89 | % | 10,526,113 | 27.04 | 27.96 | 1 | 12,862 | 2.93 | % | 417,546 | 32.46 | 36.00 | ||||||||||||||||||||
272 | 2,449,146 | 100.00 | % | $77,858,409 | $31.79 | $32.18 | 34 | 437,472 | 100.00 | % | $15,894,888 | $36.33 | $35.91 | |||||||||||||||||||||
(1) Includes month to month holdover tenants that expired prior to December 31, 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 December 31, 2017. Taking rents are typically lower than asking rents and may vary from property to property. | ||||||||||||||||||||||||||||||||||
Supplemental Information | 46 | Fourth Quarter 2017 |
ANNUAL LEASE EXPIRATIONS Retail Leases Excluding Suburban Properties Unaudited | ||
Consolidated Properties | Joint Venture Properties | ||||||||||||||||||||||||||||||||||
Year of Lease Expiration | Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases | Percentage of Total Sq. Ft. | Annualized Cash Rent of Expiring Leases | Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3) | Current Weighted Average Asking Rent $/psf (4) | Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases | Percentage of Total Sq. Ft. | Annualized Cash Rent of Expiring Leases | Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3) | Current Weighted Average Asking Rent $/psf (4) | |||||||||||||||||||||||
High Street Retail | |||||||||||||||||||||||||||||||||||
2017 (1) | 2 | 2,527 | 0.80 | % | $121,152 | $47.94 | $489.83 | 1 | 5,805 | 1.52 | % | $202,140 | $34.82 | $163.38 | |||||||||||||||||||||
2018 | 6 | 6,549 | 2.07 | % | 573,851 | 87.62 | 105.56 | 2 | 27,932 | 7.30 | % | 1,977,365 | 70.79 | 75.46 | |||||||||||||||||||||
2019 | 2 | 1,600 | 0.51 | % | 40,828 | 25.52 | 26.79 | 3 | 6,790 | 1.77 | % | 69,942 | 10.30 | 10.82 | |||||||||||||||||||||
2020 | 2 | 6,601 | 2.09 | % | 851,848 | 129.05 | 222.74 | 3 | 25,424 | 6.64 | % | 5,580,140 | 219.48 | 226.48 | |||||||||||||||||||||
2021 | 1 | 108,148 | 34.24 | % | 7,354,818 | 68.01 | 70.00 | 2 | 16,911 | 4.42 | % | 3,903,706 | 230.84 | 134.85 | |||||||||||||||||||||
2022 | 1 | 1,366 | 0.43 | % | 226,404 | 165.74 | 299.00 | 2 | 50,808 | 13.27 | % | 22,291,324 | 438.74 | 510.78 | |||||||||||||||||||||
2023 | 1 | 6,476 | 2.05 | % | 715,494 | 110.48 | 125.00 | 3 | 12,331 | 3.22 | % | 2,058,888 | 166.97 | 238.67 | |||||||||||||||||||||
2024 | 5 | 76,039 | 24.08 | % | 16,962,051 | 223.07 | 228.3 | 1 | 7,793 | 2.04 | % | 4,899,372 | 628.69 | 898.00 | |||||||||||||||||||||
2025 | 3 | 33,944 | 10.75 | % | 897,611 | 26.44 | 24.15 | 3 | 16,143 | 4.22 | % | 1,243,584 | 77.04 | 70.43 | |||||||||||||||||||||
2026 | — | 5,218 | 1.65 | % | 2,903,400 | 556.42 | 537.00 | 3 | 69,206 | 18.08 | % | 25,247,240 | 364.81 | 372.53 | |||||||||||||||||||||
Thereafter | 4 | 67,371 | 21.33 | % | 4,071,477 | 60.43 | 84.22 | 6 | 143,735 | 37.54 | % | 81,273,167 | 565.44 | 575.05 | |||||||||||||||||||||
27 | 315,839 | 100.00 | % | $34,718,934 | $109.93 | $123.12 | 29 | 382,878 | 100.00 | % | $148,746,868 | $388.50 | $409.10 | ||||||||||||||||||||||
Vacancy (5) | 22,503 | 233.63 | 38,297 | 100.82 | |||||||||||||||||||||||||||||||
338,342 | $130.47 | 421,175 | $381.07 | ||||||||||||||||||||||||||||||||
Other Retail | |||||||||||||||||||||||||||||||||||
2017 (1) | — | — | — | % | $— | $— | $— | 1 | 120 | 0.04 | % | $21,000 | $175.00 | $175.00 | |||||||||||||||||||||
2018 | 6 | 58,743 | 6.79 | % | 11,516,580 | 196.05 | 316.12 | 3 | 4,381 | 1.45 | % | 575,892 | 131.45 | 155.61 | |||||||||||||||||||||
2019 | 5 | 56,212 | 6.49 | % | 5,079,732 | 90.37 | 124.56 | 2 | 7,400 | 2.45 | % | 1,220,123 | 164.88 | 199.35 | |||||||||||||||||||||
2020 | 8 | 26,155 | 3.02 | % | 5,633,706 | 215.40 | 316.95 | 2 | 32,390 | 10.71 | % | 1,477,063 | 45.60 | 34.62 | |||||||||||||||||||||
2021 | 12 | 24,579 | 2.84 | % | 2,855,991 | 116.20 | 163.27 | 4 | 5,185 | 1.71 | % | 419,178 | 80.84 | 90.51 | |||||||||||||||||||||
2022 | 14 | 130,693 | 15.10 | % | 17,218,063 | 131.74 | 177.18 | 7 | 14,422 | 4.77 | % | 1,959,079 | 135.84 | 167.01 | |||||||||||||||||||||
2023 | 6 | 39,983 | 4.62 | % | 5,656,438 | 141.47 | 153.94 | 4 | 15,851 | 5.24 | % | 2,071,037 | 130.66 | 123.70 | |||||||||||||||||||||
2024 | 8 | 29,730 | 3.43 | % | 7,114,272 | 239.30 | 223.48 | 5 | 14,543 | 4.81 | % | 1,320,431 | 90.79 | 87.59 | |||||||||||||||||||||
2025 | 12 | 36,389 | 4.20 | % | 13,174,768 | 362.05 | 393.01 | — | — | — | % | — | — | — | |||||||||||||||||||||
2026 | 7 | 30,437 | 3.52 | % | 10,158,821 | 333.77 | 324.93 | 5 | 29,780 | 9.84 | % | 5,042,216 | 169.32 | 188.65 | |||||||||||||||||||||
Thereafter | 49 | 432,830 | 49.99 | % | 50,623,674 | 116.96 | 125.89 | 20 | 178,496 | 58.99 | % | 30,411,995 | 170.38 | 176.24 | |||||||||||||||||||||
127 | 865,751 | 100.00 | % | $129,032,045 | $149.04 | $176.16 | 53 | 302,568 | 100.00 | % | $44,518,014 | $147.13 | $153.65 | ||||||||||||||||||||||
Vacancy (5) | 8,955 | 302.88 | 26,741 | 63.05 | |||||||||||||||||||||||||||||||
874,706 | $177.46 | 329,309 | $146.29 | ||||||||||||||||||||||||||||||||
(1) Includes month to month holdover tenants that expired prior to December 31, 2017. | |||||||||||||||||||||||||||||||||||
(2) Tenants may have multiple leases. | |||||||||||||||||||||||||||||||||||
(3) Represents in place annualized rent allocated by year of expiration. | |||||||||||||||||||||||||||||||||||
(4) Management's estimate of average asking rents for currently occupied space as of December 31, 2017. Taking rents are typically lower than asking rents and may vary from property to property. | |||||||||||||||||||||||||||||||||||
(5) Includes square footage on leases signed but not yet commenced. | |||||||||||||||||||||||||||||||||||
Supplemental Information | 47 | Fourth Quarter 2017 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan Unaudited (Dollars in Thousands) | ||
Gross Asset | Occupancy (%) | ||||||||||||||||
Property | Submarket | Interest Acquired | Type of Ownership | Net Rentable SF | Valuation ($'s) (1) | at acquisition | 12/31/2017 | ||||||||||
1998 - 2017 Acquisitions | |||||||||||||||||
Mar-98 | 420 Lexington Avenue | Grand Central | 100.0% | Operating Sublease | 1,188,000 | $ | 78,000 | 83.0 | 95.3 | ||||||||
May-98 | 711 3rd Avenue | Grand Central | 100.0 | Operating Sublease | 524,000 | 65,600 | 79.0 | 86.2 | |||||||||
Jun-98 | 440 9th Avenue | Penn Station | 100.0 | Fee Interest | 339,000 | 32,000 | 76.0 | N/A | |||||||||
Jan-99 | 420 Lexington Leasehold | Grand Central | 100.0 | Sub-leasehold | — | 27,300 | — | — | |||||||||
Jan-99 | 555 West 57th Street | Midtown West | 65.0 | Fee Interest | 941,000 | 66,700 | 100.0 | 99.9 | |||||||||
Aug-99 | 1250 Broadway | Penn Station | 50.0 | Fee Interest | 670,000 | 93,000 | 96.5 | N/A | |||||||||
Nov-99 | 555 West 57th Street | Midtown West | 35.0 | Fee Interest | — | 34,100 | 99.9 | ||||||||||
Feb-00 | 100 Park Avenue | Grand Central | 50.0 | Fee Interest | 834,000 | 192,000 | 96.5 | 93.4 | |||||||||
Jun-01 | 317 Madison Avenue | Grand Central | 100.0 | Fee Interest | 450,000 | 105,600 | 95.0 | N/A | |||||||||
Sep-01 | 1250 Broadway | Penn Station | 49.9 | Fee Interest | 670,000 | 126,500 | 97.7 | N/A | |||||||||
May-02 | 1515 Broadway | Times Square | 55.0 | Fee Interest | 1,750,000 | 483,500 | 98.0 | — | |||||||||
Feb-03 | 220 East 42nd Street | Grand Central | 100.0 | Fee Interest | 1,135,000 | 265,000 | 91.9 | 60.7 | |||||||||
Mar-03 | 125 Broad Street | Downtown | 100.0 | Fee Interest | 525,000 | 92,000 | 100.0 | N/A | |||||||||
Oct-03 | 461 Fifth Avenue | Midtown | 100.0 | Leasehold Interest | 200,000 | 60,900 | 93.9 | 96.6 | |||||||||
Dec-03 | 1221 Avenue of the Americas | Rockefeller Center | 45.0 | Fee Interest | 2,550,000 | 1,000,000 | 98.8 | N/A | |||||||||
Mar-04 | 19 West 44th Street | Midtown | 35.0 | Fee Interest | 292,000 | 67,000 | 86.0 | N/A | |||||||||
Jul-04 | 750 Third Avenue | Grand Central | 100.0 | Fee Interest | 779,000 | 255,000 | 100.0 | 98.8 | |||||||||
Jul-04 | 485 Lexington Avenue | Grand Central | 30.0 | Fee Interest | 921,000 | 225,000 | 100.0 | 68.2 | |||||||||
Oct-04 | 625 Madison Avenue | Plaza District | 100.0 | Leasehold Interest | 563,000 | 231,500 | 68.0 | 98.8 | |||||||||
Feb-05 | 28 West 44th Street | Midtown | 100.0 | Fee Interest | 359,000 | 105,000 | 87.0 | N/A | |||||||||
Apr-05 | 1 Madison Avenue | Park Avenue South | 55.0 | Fee Interest | 1,177,000 | 803,000 | 96.0 | 100.0 | |||||||||
Apr-05 | 5 Madison Avenue Clock Tower | Park Avenue South | 100.0 | Fee Interest | 267,000 | 115,000 | N/A | N/A | |||||||||
Jun-05 | 19 West 44th Street | Midtown | 65.0 | Fee Interest | — | 91,200 | N/A | ||||||||||
Mar-06 | 521 Fifth Avenue | Midtown | 100.0 | Leasehold Interest | 460,000 | 210,000 | 97.0 | 90.2 | |||||||||
Jun-06 | 609 Fifth Avenue | Midtown | 100.0 | Fee Interest | 160,000 | 182,000 | 98.5 | 67.8 | |||||||||
Dec-06 | 485 Lexington Avenue | Grand Central | 70.0 | Fee Interest | — | 578,000 | 68.2 | ||||||||||
Dec-06 | 800 Third Avenue | Grand Central North | 43.0 | Fee Interest | 526,000 | 285,000 | 96.9 | 95.0 | |||||||||
Jan-07 | Reckson - NYC Portfolio | Various | 100.0 | Fee Interests / Leasehold Interest | 5,612,000 | 3,679,530 | 98.3 | 97.6 | |||||||||
Apr-07 | 331 Madison Avenue | Grand Central | 100.0 | Fee Interest | 114,900 | 73,000 | 97.6 | N/A | |||||||||
Apr-07 | 1745 Broadway | Midtown | 32.3 | Fee Interest | 674,000 | 520,000 | 100.0 | 100.0 | |||||||||
Jun-07 | 333 West 34th Street | Penn Station | 100.0 | Fee Interest | 345,400 | 183,000 | 100.0 | N/A | |||||||||
Aug-07 | 1 Madison Avenue | Park Avenue South | 45.0 | Fee Interest | 1,177,000 | 1,000,000 | 99.8 | 100.0 | |||||||||
Dec-07 | 388 & 390 Greenwich Street | Downtown | 50.6 | Fee Interest | 2,635,000 | 1,575,000 | 100.0 | N/A | |||||||||
Jan-10 | 100 Church Street | Downtown | 100.0 | Fee Interest | 1,047,500 | 181,600 | 41.3 | 99.6 | |||||||||
May-10 | 600 Lexington Avenue | Grand Central North | 55.0 | Fee Interest | 303,515 | 193,000 | 93.6 | 90.7 | |||||||||
Aug-10 | 125 Park Avenue | Grand Central | 100.0 | Fee Interest | 604,245 | 330,000 | 99.1 | 99.6 | |||||||||
Jan-11 | 521 Fifth Avenue | Midtown | 49.9 | Leasehold Interest | 460,000 | 245,700 | 80.7 | 90.2 | |||||||||
Apr-11 | 1515 Broadway | Times Square | 45.0 | Fee Interest | 1,750,000 | 1,210,000 | 98.5 | — | |||||||||
May-11 | 110 East 42nd Street | Grand Central | 100.0 | Fee Interest | 205,000 | 85,570 | 72.6 | 74.0 | |||||||||
May-11 | 280 Park Avenue | Park Avenue | 49.5 | Fee Interest | 1,219,158 | 1,110,000 | 78.2 | 93.0 | |||||||||
Nov-11 | 180 Maiden Lane | Financial East | 49.9 | Fee Interest | 1,090,000 | 425,680 | 97.7 | N/A | |||||||||
Nov-11 | 51 East 42nd Street | Grand Central | 100.0 | Fee Interest | 142,000 | 80,000 | 95.5 | N/A | |||||||||
Feb-12 | 10 East 53rd Street | Plaza District | 55.0 | Fee Interest | 354,300 | 252,500 | 91.9 | 77.6 | |||||||||
Jun-12 | 304 Park Avenue South | Midtown South | 100.0 | Fee Interest | 215,000 | 135,000 | 95.8 | 100.0 | |||||||||
Sep-12 | 641 Sixth Avenue | Midtown South | 100.0 | Fee Interest | 163,000 | 90,000 | 92.1 | 100.0 | |||||||||
Dec-12 | 315 West 36th Street | Times Square South | 35.5 | Fee Interest | 147,619 | 46,000 | 99.2 | N/A | |||||||||
May-14 | 388 & 390 Greenwich Street | Downtown | 49.4 | Fee Interest | 2,635,000 | 1,585,000 | 100.0 | N/A | |||||||||
Jul-15 | 110 Greene Street | Soho | 90.0 | Fee Interest | 223,600 | 255,000 | 84.0 | 76.5 | |||||||||
Aug-15 | 30 East 40th Street | Grand Central South | 60.0 | Leasehold Interest | 69,446 | 4,650 | 100.0 | 91.4 | |||||||||
Aug-15 | 11 Madison Avenue | Park Avenue South | 100.0 | Fee Interest | 2,314,000 | 2,285,000 | 71.6 | 100.0 | |||||||||
Dec-15 | 600 Lexington Avenue | Grand Central North | 45.0 | Fee Interest | 303,515 | 284,000 | 95.5 | 90.7 | |||||||||
Oct-17 | Worldwide Plaza | Westside | 24.4 | Fee Interest | 2,048,725 | 1,725,000 | 100.0 | 98.5 | |||||||||
43,133,923 | $ | 23,424,130 | |||||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. |
Supplemental Information | 48 | Fourth Quarter 2017 |
SUMMARY OF REAL ESTATE SALES ACTIVITY Manhattan Unaudited (Dollars in Thousands) | ||
Gross Asset Valuation | ||||||||||||||||||||||
Property | Submarket | Interest Sold | Type of Ownership | Net Rentable SF | ($'s) | ($'s/SF) | ||||||||||||||||
2000 - 2015 Sales | ||||||||||||||||||||||
Feb-00 | 29 West 35th Street | Penn Station | 100.0% | Fee Interest | 78,000 | $ | 11,700 | $ | 150 | |||||||||||||
Mar-00 | 36 West 44th Street | Grand Central | 100.0 | Fee Interest | 178,000 | 31,500 | 177 | |||||||||||||||
May-00 | 321 West 44th Street | Times Square | 35.0 | Fee Interest | 203,000 | 28,400 | 140 | |||||||||||||||
Nov-00 | 90 Broad Street | Financial | 100.0 | Fee Interest | 339,000 | 60,000 | 177 | |||||||||||||||
Dec-00 | 17 Battery South | Financial | 100.0 | Fee Interest | 392,000 | 53,000 | 135 | |||||||||||||||
Jan-01 | 633 Third Ave | Grand Central North | 100.0 | Fee Interest | 40,623 | 13,250 | 326 | |||||||||||||||
May-01 | 1 Park Ave | Grand Central South | 45.0 | Fee Interest | 913,000 | 233,900 | 256 | |||||||||||||||
Jun-01 | 1412 Broadway | Times Square South | 100.0 | Fee Interest | 389,000 | 90,700 | 233 | |||||||||||||||
Jul-01 | 110 East 42nd Street | Grand Central | 100.0 | Fee Interest | 69,700 | 14,500 | 208 | |||||||||||||||
Sep-01 | 1250 Broadway | Penn Station | 45.0 | Fee Interest | 670,000 | 126,500 | 189 | |||||||||||||||
Jun-02 | 469 Seventh Avenue | Penn Station | 100.0 | Fee Interest | 253,000 | 53,100 | 210 | |||||||||||||||
Mar-03 | 50 West 23rd Street | Chelsea | 100.0 | Fee Interest | 333,000 | 66,000 | 198 | |||||||||||||||
Jul-03 | 1370 Broadway | Times Square South | 100.0 | Fee Interest | 255,000 | 58,500 | 229 | |||||||||||||||
Dec-03 | 321 West 44th Street | Times Square | 100.0 | Fee Interest | 203,000 | 35,000 | 172 | |||||||||||||||
May-04 | 1 Park Avenue | Grand Central South | 75.0 | Fee Interest | 913,000 | 318,500 | 349 | |||||||||||||||
Oct-04 | 17 Battery Place North | Financial | 100.0 | Fee Interest | 419,000 | 70,000 | 167 | |||||||||||||||
Nov-04 | 1466 Broadway | Times Square | 100.0 | Fee Interest | 289,000 | 160,000 | 554 | |||||||||||||||
Apr-05 | 1414 Avenue of the Americas | Plaza District | 100.0 | Fee Interest | 111,000 | 60,500 | 545 | |||||||||||||||
Aug-05 | 180 Madison Avenue | Grand Central | 100.0 | Fee Interest | 265,000 | 92,700 | 350 | |||||||||||||||
Jul-06 | 286 & 290 Madison Avenue | Grand Central | 100.0 | Fee Interest | 149,000 | 63,000 | 423 | |||||||||||||||
Aug-06 | 1140 Avenue of the Americas | Rockefeller Center | 100.0 | Leasehold Interest | 191,000 | 97,500 | 510 | |||||||||||||||
Dec-06 | 521 Fifth Avenue | Midtown | 50.0 | Leasehold Interest | 460,000 | 240,000 | 522 | |||||||||||||||
Mar-07 | 1 Park Avenue | Grand Central South | 100.0 | Fee Interest | 913,000 | 550,000 | 602 | |||||||||||||||
Mar-07 | 70 West 36th Street | Garment | 100.0 | Fee Interest | 151,000 | 61,500 | 407 | |||||||||||||||
Jun-07 | 110 East 42nd Street | Grand Central North | 100.0 | Fee Interest | 181,000 | 111,500 | 616 | |||||||||||||||
Jun-07 | 125 Broad Street | Downtown | 100.0 | Fee Interest | 525,000 | 273,000 | 520 | |||||||||||||||
Jun-07 | 5 Madison Clock Tower | Park Avenue South | 100.0 | Fee Interest | 267,000 | 200,000 | 749 | |||||||||||||||
Jul-07 | 292 Madison Avenue | Grand Central South | 100.0 | Fee Interest | 187,000 | 140,000 | 749 | |||||||||||||||
Jul-07 | 1372 Broadway | Penn Station/Garment | 85.0 | Fee Interest | 508,000 | 335,000 | 659 | |||||||||||||||
Nov-07 | 470 Park Avenue South | Park Avenue South/Flatiron | 100.0 | Fee Interest | 260,000 | 157,000 | 604 | |||||||||||||||
Jan-08 | 440 Ninth Avenue | Penn Station | 100.0 | Fee Interest | 339,000 | 160,000 | 472 | |||||||||||||||
May-08 | 1250 Broadway | Penn Station | 100.0 | Fee Interest | 670,000 | 310,000 | 463 | |||||||||||||||
Oct-08 | 1372 Broadway | Penn Station/Garment | 15.0 | Fee Interest | 508,000 | 274,000 | 539 | |||||||||||||||
May-10 | 1221 Avenue of the Americas | Rockefeller Center | 45.0 | Fee Interest | 2,550,000 | 1,280,000 | 502 | |||||||||||||||
Sep-10 | 19 West 44th Street | Midtown | 100.0 | Fee Interest | 292,000 | 123,150 | 422 | |||||||||||||||
May-11 | 28 West 44th Street | Midtown | 100.0 | Fee Interest | 359,000 | 161,000 | 448 | |||||||||||||||
Aug-13 | 333 West 34th Street | Penn Station | 100.0 | Fee Interest | 345,400 | 220,250 | 638 | |||||||||||||||
May-14 | 673 First Avenue | Grand Central South | 100.0 | Leasehold Interest | 422,000 | 145,000 | 344 | |||||||||||||||
Sep-15 | 120 West 45th Street | Midtown | 100.0 | Fee Interest | 440,000 | 365,000 | 830 | |||||||||||||||
Sep-15 | 315 West 36th Street | Times Square South | 100.0 | Fee Interest | 148,000 | 115,000 | 777 | |||||||||||||||
16,178,723 | $ | 6,959,650 | $ | 430 | ||||||||||||||||||
2016 Sales | ||||||||||||||||||||||
Jun-16 | 388 & 390 Greenwich Street | Downtown | 100.0% | Fee Interest | 2,635,000 | $ | 2,000,000 | $ | 759 | |||||||||||||
Aug-16 | 11 Madison Avenue | Park Avenue South | 40.0 | Fee Interest | 2,314,000 | 2,600,000 | 1,124 | |||||||||||||||
4,949,000 | $ | 4,600,000 | $ | 929 | ||||||||||||||||||
2017 Sales | ||||||||||||||||||||||
Nov-17 | 1515 Broadway | Times Square | 30.0% | Fee Interest | 1,750,000 | $ | 1,950,000 | $ | 1,114 | |||||||||||||
1,750,000 | $ | 1,950,000 | $ | 1,114 | ||||||||||||||||||
Supplemental Information | 49 | Fourth Quarter 2017 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Suburban Unaudited (Dollars in Thousands) | ||
Gross Asset | Occupancy (%) | ||||||||||||||||
Property | Submarket | Interest Acquired | Type of Ownership | Net Rentable SF | Valuation ($'s) (1) | at acquisition | 12/31/2017 | ||||||||||
2007 - 2016 Acquisitions | |||||||||||||||||
Jan-07 | 300 Main Street | Stamford, Connecticut | 100.0% | Fee Interest | 130,000 | $ | 15,000 | 92.5 | N/A | ||||||||
Jan-07 | 399 Knollwood Road | White Plains, New York | 100.0 | Fee Interest | 145,000 | 31,600 | 96.6 | N/A | |||||||||
Jan-07 | Reckson - Connecticut Portfolio | Stamford, Connecticut | 100.0 | Fee Interests / Leasehold Interest | 1,369,800 | 490,750 | 88.9 | 88.8 | |||||||||
Jan-07 | Reckson - Westchester Portfolio | Westchester | 100.0 | Fee Interests / Leasehold Interest | 2,346,100 | 570,190 | 90.6 | 85.3 | |||||||||
Apr-07 | Jericho Plazas | Jericho, New York | 20.3 | Fee Interest | 640,000 | 210,000 | 98.4 | 70.3 | |||||||||
Jun-07 | 1010 Washington Boulevard | Stamford, Connecticut | 100.0 | Fee Interest | 143,400 | 38,000 | 95.6 | 94.6 | |||||||||
Jun-07 | 500 West Putnam Avenue | Greenwich, Connecticut | 100.0 | Fee Interest | 121,500 | 56,000 | 94.4 | N/A | |||||||||
Jul-07 | 16 Court Street | Brooklyn, New York | 35.0 | Fee Interest | 317,600 | 107,500 | 80.6 | N/A | |||||||||
Aug-07 | 150 Grand Street | White Plains, New York | 100.0 | Fee Interest | 85,000 | 6,700 | 52.9 | N/A | |||||||||
Sep-07 | The Meadows | Rutherford, New Jersey | 25.0 | Fee Interest | 582,100 | 111,500 | 81.3 | N/A | |||||||||
Apr-13 | 16 Court Street | Brooklyn, New York | 49.0 | Fee Interest | 317,600 | 96,200 | 84.9 | N/A | |||||||||
6,198,100 | $ | 1,733,440 | |||||||||||||||
SUMMARY OF REAL ESTATE SALES ACTIVITY Suburban Unaudited (Dollars in Thousands) | ||||||||||||||||||||||
Property | Submarket | Interest Sold | Type of Ownership | Net Rentable SF | Gross Asset Valuation ($'s) | Price ($'s/SF) | ||||||||||||||||
2008 - 2015 Sales | ||||||||||||||||||||||
Oct-08 | 100 & 120 White Plains Road | Tarrytown, New York | 100.0% | Fee Interest | 211,000 | $ | 48,000 | $ | 227 | |||||||||||||
Jan-09 | 55 Corporate Drive | Bridgewater, New Jersey | 100.0 | Fee Interest | 670,000 | 230,000 | 343 | |||||||||||||||
Aug-09 | 399 Knollwood Road | White Plains, New York | 100.0 | Fee Interest | 145,000 | 20,767 | 143 | |||||||||||||||
Jul-12 | One Court Square | Long Island City, New York | 100.0 | Fee Interest | 1,402,000 | 481,100 | 343 | |||||||||||||||
Sep-13 | 300 Main Street | Stamford, Connecticut | 100.0 | Fee Interest | 130,000 | 13,500 | 104 | |||||||||||||||
Aug-15 | The Meadows | Rutherford, New Jersey | 100.0 | Fee Interest | 582,100 | 121,100 | 208 | |||||||||||||||
Dec-15 | 140 Grand Street | White Plains, New York | 100.0 | Fee Interest | 130,100 | 22,400 | 172 | |||||||||||||||
Dec-15 | 150 Grand Street | White Plains, New York | 100.0 | Fee Interest | 85,000 | 9,600 | 113 | |||||||||||||||
3,355,200 | $ | 946,467 | $ | 282 | ||||||||||||||||||
2016 Sales | ||||||||||||||||||||||
Mar-16 | 7 Renaissance Square | White Plains, New York | 100.0% | Fee Interest | 65,641 | $ | 21,000 | $ | 320 | |||||||||||||
Jul-16 | 500 West Putnam Avenue | Greenwich, Connecticut | 100.0 | Fee Interest | 121,500 | 41,000 | 337 | |||||||||||||||
187,141 | $ | 62,000 | $ | 331 | ||||||||||||||||||
2017 Sales | ||||||||||||||||||||||
Apr-17 | 520 White Plains Road | Tarrytown, New York | 100.0% | Fee Interest | 180,000 | $ | 21,000 | $ | 117 | |||||||||||||
Jul-17 | 680 Washington Avenue | Stamford, Connecticut | 100.0 | Fee Interest | 133,000 | 42,011 | 316 | |||||||||||||||
Jul-17 | 750 Washington Avenue | Stamford, Connecticut | 100.0 | Fee Interest | 192,000 | 53,745 | 280 | |||||||||||||||
Oct-17 | 16 Court Street | Brooklyn, New York | 100.0 | Fee Interest | 317,600 | 171,000 | 538 | |||||||||||||||
Oct-17 | 125 Chubb Way | Lyndhurst, New Jersey | 100.0 | Fee Interest | 278,000 | 29,500 | 106 | |||||||||||||||
1,100,600 | $ | 317,256 | $ | 288 | ||||||||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. |
Supplemental Information | 50 | Fourth Quarter 2017 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Retail, Residential, Development / Redevelopment & Land Unaudited (Dollars in Thousands) | ||
Gross Asset | Occupancy (%) | ||||||||||||||||
Property | Submarket | Interest Acquired | Type of Ownership | Net Rentable SF | Valuation ($'s) (1) | at acquisition | 12/31/2017 | ||||||||||
2005 - 2015 Acquisitions | |||||||||||||||||
Jul-05 | 1551-1555 Broadway | Times Square | 10.0% | Fee Interest | 25,600 | $ | 85,000 | N/A | N/A | ||||||||
Jul-05 | 21 West 34th Street | Herald Square | 50.0 | Fee Interest | 30,100 | 17,500 | N/A | N/A | |||||||||
Sep-05 | 141 Fifth Avenue | Flatiron | 50.0 | Fee Interest | 21,500 | 13,250 | N/A | N/A | |||||||||
Nov-05 | 1604 Broadway | Times Square | 63.0 | Leasehold Interest | 29,876 | 4,400 | 17.2 | N/A | |||||||||
Dec-05 | 379 West Broadway | Cast Iron/Soho | 45.0 | Leasehold Interest | 62,006 | 19,750 | 100.0 | N/A | |||||||||
Jan-06 | 25-29 West 34th Street | Herald Square/Penn Station | 50.0 | Fee Interest | 41,000 | 30,000 | 55.8 | N/A | |||||||||
Sep-06 | 717 Fifth Avenue | Midtown/Plaza District | 32.8 | Fee Interest | 119,550 | 251,900 | 63.1 | 100.0 | |||||||||
Aug-07 | 180 Broadway | Lower Manhattan | 50.0 | Fee Interest | 24,300 | 13,600 | 85.2 | N/A | |||||||||
Apr-07 | Two Herald Square | Herald Square | 55.0 | Fee Interest | N/A | 225,000 | N/A | N/A | |||||||||
Jul-07 | 885 Third Avenue | Midtown / Plaza District | 55.0 | Fee Interest | N/A | 317,000 | N/A | N/A | |||||||||
Jan-08 | 125 Chubb Way | Lyndhurst, New Jersey | 100.0 | Fee Interest | 278,000 | 29,364 | — | N/A | |||||||||
Feb-08 | 182 Broadway | Lower Manhattan | 50.0 | Fee Interest | 46,280 | 30,000 | 83.8 | N/A | |||||||||
Nov-10 | Williamsburg Terrace | Brooklyn, New York | 100.0 | Fee Interest | 52,000 | 18,000 | 100.0 | 100.0 | |||||||||
Dec-10 | 11 West 34th Street | Herald Square/Penn Station | 30.0 | Fee Interest | 17,150 | 10,800 | 100.0 | 100.0 | |||||||||
Dec-10 | 7 Renaissance Square | White Plains, New York | 50.0 | Fee Interest | 65,641 | 4,000 | — | N/A | |||||||||
Dec-10 | Two Herald Square (2) | Herald Square | 45.0 | Fee Interest | 354,400 | 247,500 | 100.0 | N/A | |||||||||
Dec-10 | 885 Third Avenue (2) | Midtown / Plaza District | 45.0 | Fee Interest | 607,000 | 352,000 | 100.0 | N/A | |||||||||
Dec-10 | 292 Madison Avenue | Grand Central South | 100.0 | Fee Interest | 203,800 | 78,300 | N/A | N/A | |||||||||
Jan-11 | 3 Columbus Circle | Columbus Circle | 48.9 | Fee Interest | 741,500 | 500,000 | 20.1 | 91.1 | |||||||||
Aug-11 | 1552-1560 Broadway | Times Square | 50.0 | Fee Interest | 35,897 | 136,550 | 59.7 | 67.5 | |||||||||
Sep-11 | 747 Madison Avenue | Plaza District | 33.3 | Fee Interest | 10,000 | 66,250 | 100.0 | N/A | |||||||||
Jan-12 | DFR Residential and Retail Portfolio | Plaza District, Upper East Side | 80.0 | Fee Interests / Leasehold Interest | 489,882 | 193,000 | 95.1 | 90.3 | |||||||||
Jan-12 | 724 Fifth Avenue | Plaza District | 50.0 | Fee Interest | 65,010 | 223,000 | 92.9 | 84.7 | |||||||||
Jul-12 | West Coast Office Portfolio | 27.6 | Fee Interest | 4,473,603 | 880,104 | 76.3 | N/A | ||||||||||
Aug-12 | 33 Beekman Street | Downtown | 45.9 | Fee Interest | 163,500 | 31,160 | — | N/A | |||||||||
Sep-12 | 635 Sixth Avenue | Midtown South | 100.0 | Fee Interest | 104,000 | 83,000 | — | 100.0 | |||||||||
Oct-12 | 1080 Amsterdam | Upper West Side | 87.5 | Leasehold Interest | 82,250 | — | 2.2 | 99.0 | |||||||||
Dec-12 | 21 East 66th Street | Plaza District | 32.3 | Fee Interest | 16,736 | 75,000 | 100.0 | 100.0 | |||||||||
Dec-12 | 985-987 Third Avenue | Upper East Side | 100.0 | Fee Interest | 13,678 | 18,000 | — | N/A | |||||||||
Dec-12 | 131-137 Spring Street | Soho | 100.0 | Fee Interest | 68,342 | 122,300 | 100.0 | 89.6 | |||||||||
Mar-13 | 248-252 Bedford Avenue | Brooklyn, New York | 90.0 | Fee Interest | 66,611 | 54,900 | — | N/A | |||||||||
Nov-13 | 650 Fifth Avenue | Plaza District | 50.0 | Leasehold Interest | 32,324 | — | 63.6 | 100.0 | |||||||||
Nov-13 | 315 West 33rd Street - The Olivia | Penn Station | 100.0 | Fee Interest | 492,987 | 386,775 | 96.6 | 93.6 | |||||||||
Nov-13 | 562, 570 & 574 Fifth Avenue | Plaza District | 100.0 | Fee Interest | 66,962 | 146,222 | 74.6 | N/A | |||||||||
Jul-14 | 719 Seventh Avenue | Times Square | 75.0 | Fee Interest | 6,000 | 41,149 | 100.0 | — | |||||||||
Jul-14 | 115 Spring Street | Soho | 100.0 | Fee Interest | 5,218 | 52,000 | 100.0 | 100.0 | |||||||||
Jul-14 | 752 Madison Avenue | Plaza District | 100.0 | Fee Interest | 21,124 | 282,415 | 100.0 | 100.0 | |||||||||
Sep-14 | 121 Greene Street | Soho | 50.0 | Fee Interest | 7,131 | 27,400 | 100.0 | 100.0 | |||||||||
Sep-14 | 635 Madison Avenue (2) | Plaza District | 100.0 | Fee Interest | 176,530 | 145,000 | 100.0 | 100.0 | |||||||||
Oct-14 | 102 Greene Street | Soho | 100.0 | Fee Interest | 9,200 | 32,250 | 100.0 | N/A | |||||||||
Oct-14 | 175-225 Third Street | Brooklyn, New York | 95.0 | Fee Interest | — | 72,500 | — | — | |||||||||
Nov-14 | 55 West 46th Street - Tower 46 | Midtown | 100.0 | Fee Interest | 347,000 | 295,000 | — | 58.2 | |||||||||
Feb-15 | Stonehenge Portfolio | 100.0 | Fee Interest | 2,589,184 | 40,000 | 96.5 | 94.1 | ||||||||||
Mar-15 | 1640 Flatbush Avenue | Brooklyn, New York | 100.0 | Fee Interest | 1,000 | 6,799 | 100.0 | 100.0 | |||||||||
Jun-15 | Upper East Side Residential | Upper East Side Residential | 90.0 | Fee Interest | 27,000 | 50,074 | 96.4 | 42.9 | |||||||||
Aug-15 | 187 Broadway & 5-7 Dey Street | Lower Manhattan | 100.0 | Fee Interest | 73,600 | 63,690 | 90.5 | — | |||||||||
12,164,472 | $ | 5,771,902 | |||||||||||||||
2016 Acquisitions | |||||||||||||||||
Mar-16 | 183 Broadway | Lower Manhattan | 100.0% | Fee Interest | 9,100 | $ | 28,500 | 58.3 | — | ||||||||
Apr-16 | 605 West 42nd Street - Sky | Midtown West | 20.0 | Fee Interest | 927,358 | 759,046 | — | 75.5 | |||||||||
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 | Fourth Quarter 2017 |
SUMMARY OF REAL ESTATE SALES ACTIVITY Retail, Residential, Development / Redevelopment and Land Unaudited (Dollars in Thousands) | ||
Gross Asset Valuation | ||||||||||||||||||||||
Property | Submarket | Interest Sold | Type of Ownership | Net Rentable SF | ($'s) | ($'s/SF) | ||||||||||||||||
2011 - 2015 Sales | ||||||||||||||||||||||
Sep-11 | 1551-1555 Broadway | Times Square | 10.0% | Fee Interest | 25,600 | $ | 276,757 | $ | 10,811 | |||||||||||||
Feb-12 | 141 Fifth Avenue (1) | Flatiron | 100.0 | Fee Interest | 13,000 | 46,000 | 3,538 | |||||||||||||||
Feb-12 | 292 Madison Avenue | Grand Central South | 100.0 | Fee Interest | 203,800 | 85,000 | 417 | |||||||||||||||
Apr-12 | 379 West Broadway | Lower Manhattan | 100.0 | Leasehold Interest | 62,006 | 48,500 | 782 | |||||||||||||||
Jun-12 | 717 Fifth Avenue | Midtown/Plaza District | 50.0 | Fee Interest | 119,550 | 617,584 | 5,166 | |||||||||||||||
Sep-12 | 3 Columbus Circle | Columbus Circle | 29.0 | Fee Interest | 214,372 | 143,600 | 670 | |||||||||||||||
Feb-13 | 44 West 55th Street | Plaza District | 100.0 | Fee Interest | 8,557 | 6,250 | 730 | |||||||||||||||
Jun-13 | West Coast Office Portfolio | Los Angeles, California | 100.0 | Fee Interest | 406,740 | 111,925 | 275 | |||||||||||||||
Aug-13 | West Coast Office Portfolio | Fountain Valley, California | 100.0 | Fee Interest | 302,037 | 66,994 | 222 | |||||||||||||||
Sep-13 | West Coast Office Portfolio | San Diego, California | 100.0 | Fee Interest | 110,511 | 45,400 | 411 | |||||||||||||||
Dec-13 | 27-29 West 34th Street | Herald Square/Penn Station | 100.0 | Fee Interest | 15,600 | 70,052 | 4,491 | |||||||||||||||
Jan-14 | 21-25 West 34th Street | Herald Square/Penn Station | 100.0 | Fee Interest | 30,100 | 114,948 | 3,819 | |||||||||||||||
Mar-14 | West Coast Office Portfolio | 100.0 | Fee Interest | 3,654,315 | 756,000 | 207 | ||||||||||||||||
May-14 | 747 Madison Avenue | Plaza District | 100.0 | Fee Interest | 10,000 | 160,000 | 16,000 | |||||||||||||||
Jul-14 | 985-987 Third Avenue | Upper East Side | 100.0 | Fee Interest | 13,678 | 68,700 | 5,023 | |||||||||||||||
Sep-14 | 180-182 Broadway | Lower Manhattan | 100.0 | Fee Interest | 156,086 | 222,500 | 1,425 | |||||||||||||||
Nov-14 | 2 Herald Square | Herald Square/Penn Station | 100.0 | Fee Interest | 354,400 | 365,000 | 1,030 | |||||||||||||||
Jan-15 | 180 Maiden Lane | Financial East | 100.0 | Fee Interest | 1,090,000 | 470,000 | 431 | |||||||||||||||
Aug-15 | 131-137 Spring Street | Soho | 80.0 | Fee Interest | 68,342 | 277,750 | 4,064 | |||||||||||||||
Dec-15 | 570 & 574 Fifth Avenue | Plaza District | 100.0 | Fee Interest | 24,327 | 125,400 | 5,155 | |||||||||||||||
6,883,021 | $ | 4,078,360 | $ | 593 | ||||||||||||||||||
2016 Sales | ||||||||||||||||||||||
Feb-16 | 248-252 Bedford Avenue | Brooklyn, New York | 90.0% | Fee Interest | 66,611 | $ | 55,000 | $ | 826 | |||||||||||||
Feb-16 | 885 Third Avenue | Midtown / Plaza District | 100.0 | Fee Interest | 607,000 | 453,000 | 746 | |||||||||||||||
May-16 | 33 Beekman Street | Downtown | 100.0 | Fee Interest | 163,500 | 196,000 | 1,199 | |||||||||||||||
Oct-16 | 400 East 57th Street | Upper East Side | 49.0 | Fee Interest | 290,482 | 170,000 | 585 | |||||||||||||||
1,127,593 | $ | 874,000 | $ | 775 | ||||||||||||||||||
2017 Sales | ||||||||||||||||||||||
Apr-17 | 102 Greene Street | Soho | 90.0% | Fee Interest | 9,200 | $ | 43,500 | $ | 4,728 | |||||||||||||
Sep-17 | 102 Greene Street | Soho | 10.0 | Fee Interest | 9,200 | 43,500 | 4,728 | |||||||||||||||
18,400 | $ | 87,000 | $ | 4,728 | ||||||||||||||||||
(1) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option. |
Supplemental Information | 52 | Fourth Quarter 2017 |
EXECUTIVE MANAGEMENT | ||
Stephen L. Green | Edward V. Piccinich |
Chairman of the Board | Chief Operating Officer |
Marc Holliday | Neil H. Kessner |
Chief Executive Officer | Executive Vice President, General |
Counsel - Real Property | |
Andrew Mathias | |
President | David M. Schonbraun |
Co-Chief Investment Officer | |
Matthew J. DiLiberto | |
Chief Financial Officer | Isaac Zion |
Co-Chief Investment Officer | |
Andrew S. Levine | |
Chief Legal Officer | Maggie Hui |
Chief Accounting Officer | |
Steven M. Durels | |
Executive Vice President, Director of | |
Leasing and Real Property |
Supplemental Information | 53 | Fourth Quarter 2017 |
Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data) | ||
Supplemental Information | 54 | Fourth Quarter 2017 |
Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data) | ||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income attributable to SL Green common stockholders | $ | 27,982 | $ | 44,016 | $ | 86,424 | $ | 234,946 | |||||||
Add: | |||||||||||||||
Depreciation and amortization | 84,404 | 104,026 | 403,320 | 821,041 | |||||||||||
Joint venture depreciation and noncontrolling interest adjustments | 29,397 | 27,662 | 102,334 | 69,853 | |||||||||||
Net income (loss) attributable to noncontrolling interests | 3,766 | 3,364 | (11,706 | ) | 17,780 | ||||||||||
Less: | |||||||||||||||
Gain on sale of real estate, net | 76,497 | 27,366 | 73,241 | 238,116 | |||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | 421 | 16,166 | 44,009 | |||||||||||
Depreciable real estate reserve | (93,184 | ) | — | (178,520 | ) | (10,387 | ) | ||||||||
Depreciation on non-rental real estate assets | 554 | 522 | 2,191 | 2,027 | |||||||||||
FFO attributable to SL Green common stockholders and noncontrolling interests | $ | 161,682 | $ | 150,759 | $ | 667,294 | $ | 869,855 |
As of or for the three months ended | |||||||||||||||||||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Net income | $ | 38,335 | $ | 45,795 | $ | 16,015 | $ | 924 | $ | 53,970 | |||||||||
Interest expense, net of interest income | 60,933 | 65,634 | 64,856 | 65,622 | 64,873 | ||||||||||||||
Amortization of deferred financing costs | 4,297 | 4,008 | 3,432 | 4,761 | 4,384 | ||||||||||||||
Income taxes | 1,432 | 77 | 2,201 | 559 | 1,707 | ||||||||||||||
Depreciation and amortization | 84,404 | 91,728 | 133,054 | 94,134 | 104,026 | ||||||||||||||
Gain on sale of marketable securities | — | — | — | (3,262 | ) | — | |||||||||||||
Loss (gain) on sale of real estate | (76,497 | ) | — | 3,823 | (567 | ) | (27,366 | ) | |||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | (1,030 | ) | (13,089 | ) | (2,047 | ) | (421 | ) | ||||||||||
Depreciable real estate reserve | 93,184 | — | 29,064 | 56,272 | — | ||||||||||||||
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates | 66,652 | 58,096 | 56,612 | 54,545 | 60,693 | ||||||||||||||
EBITDAre | $ | 272,740 | $ | 264,308 | $ | 295,968 | $ | 270,941 | $ | 261,866 |
Supplemental Information | 55 | Fourth Quarter 2017 |
Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data) | ||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 38,335 | $ | 53,970 | $ | 101,069 | $ | 278,911 | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | — | (421 | ) | (16,166 | ) | (44,009 | ) | ||||||||
Gain on sale of real estate, net | (76,497 | ) | (27,366 | ) | (73,241 | ) | (238,116 | ) | |||||||
Depreciable real estate reserves | 93,184 | — | 178,520 | 10,387 | |||||||||||
(Gain) loss on sale of marketable securities | — | — | (3,262 | ) | 83 | ||||||||||
Depreciation and amortization | 84,404 | 104,026 | 403,320 | 821,041 | |||||||||||
Interest expense, net of interest income | 60,933 | 64,873 | 257,045 | 321,199 | |||||||||||
Amortization of deferred financing costs | 4,297 | 4,384 | 16,498 | 24,564 | |||||||||||
Operating income | 204,656 | 199,466 | 863,783 | 1,174,060 | |||||||||||
Equity in net (income) loss from unconsolidated joint ventures | (7,788 | ) | 95 | (21,892 | ) | (11,874 | ) | ||||||||
Marketing, general and administrative expense | 28,136 | 25,785 | 100,498 | 99,759 | |||||||||||
Transaction related costs, net | (2,199 | ) | 1,541 | (1,834 | ) | 7,528 | |||||||||
Investment income | (45,130 | ) | (38,661 | ) | (193,871 | ) | (213,008 | ) | |||||||
Non-building revenue | (4,522 | ) | 1,061 | (23,781 | ) | (4,937 | ) | ||||||||
Net operating income (NOI) | 173,153 | 189,287 | 722,903 | 1,051,528 | |||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 7,788 | (95 | ) | 21,892 | 11,874 | ||||||||||
SLG share of unconsolidated JV depreciation and amortization | 35,136 | 30,018 | 126,456 | 83,346 | |||||||||||
SLG share of unconsolidated JV interest expense, net of interest income | 28,692 | 22,296 | 96,554 | 72,015 | |||||||||||
SLG share of unconsolidated JV amortization of deferred financing costs | 1,696 | 2,471 | 8,220 | 8,309 | |||||||||||
SLG share of unconsolidated JV loss on early extinguishment of debt | 131 | — | 3,950 | 972 | |||||||||||
SLG share of unconsolidated JV transaction related costs | — | 97 | 110 | 3,116 | |||||||||||
SLG share of unconsolidated JV investment income | (4,438 | ) | (4,550 | ) | (16,777 | ) | (16,250 | ) | |||||||
SLG share of unconsolidated JV non-building revenue | (2,005 | ) | (3,852 | ) | (4,989 | ) | (7,179 | ) | |||||||
NOI including SLG share of unconsolidated JVs | 240,153 | 235,672 | 958,319 | 1,207,731 | |||||||||||
NOI from other properties/affiliates | (50,128 | ) | (44,248 | ) | (216,513 | ) | (466,762 | ) | |||||||
Same-Store NOI | 190,025 | 191,424 | 741,806 | 740,969 | |||||||||||
Ground lease straight-line adjustment | 524 | 531 | 2,096 | 2,312 | |||||||||||
Straight-line and free rent | (4,244 | ) | (7,061 | ) | (25,276 | ) | (30,231 | ) | |||||||
Rental income - FAS 141 | (4,318 | ) | (4,035 | ) | (17,144 | ) | (19,802 | ) | |||||||
Joint Venture straight-line and free rent | (2,538 | ) | (3,560 | ) | (10,195 | ) | (15,517 | ) | |||||||
Joint Venture rental income - FAS 141 | (608 | ) | (411 | ) | (1,852 | ) | (1,723 | ) | |||||||
Same-store cash NOI | $ | 178,841 | $ | 176,888 | $ | 689,435 | $ | 676,008 |
Supplemental Information | 56 | Fourth Quarter 2017 |
SELL-SIDE ANALYST COVERAGE | ||
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 | Fourth Quarter 2017 |