Document
false0001040971 0001040971 2019-10-16 2019-10-16



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

FORM 8-K


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

Date of Report (Date of earliest event reported):

October 16, 2019

SL GREEN REALTY CORP.
(Exact name of registrant as specified in its charter)


Maryland
(State of Incorporation)

1-13199
13-3956775
(Commission File Number)
       (I.R.S. employer identification number)

420 Lexington Avenue
               10170
New York,
New York
             (Zip Code)
(Address of principal executive offices)

(212) 594-2700
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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






Item 2.02.    Results of Operations and Financial Condition

Following the issuance of a press release on October 16, 2019 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended September 30, 2019, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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

Item 7.01.    Regulation FD Disclosure

As discussed in Item 2.02 above, on October 16, 2019, the Company issued a press release announcing its results for the quarter ended September 30, 2019.

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

Item 9.01.    Financial Statements and Exhibits

(d)     Exhibits

99.1    Press release regarding results for the quarter ended September 30, 2019.
99.2    Supplemental package.

Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including our ability to make cash distributions.






Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and a pro-rata adjustment for FAD from SLG’s unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and amortization of acquired above and below-market leases, net from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and our reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating our properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).





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

 
SL GREEN REALTY CORP.
 
 
 
/s/ Matthew J. DiLiberto
 
Matthew J. DiLiberto
 
Chief Financial Officer
 
 
Date: October 17, 2019
 




Exhibit
Exhibit 99.1


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

SL GREEN REALTY CORP. REPORTS
THIRD QUARTER 2019 EPS OF $0.40 PER SHARE;
AND FFO OF $1.75 PER SHARE



Financial and Operating Highlights
Net income attributable to common stockholders of $0.40 per share for the third quarter as compared to $1.03 per share for the same period in 2018. Net income attributable to common stockholders for the third quarter of 2019 includes $3.5 million, or $0.04 per share, of net gains recognized from the sale of real estate as compared to $68.4 million, or $0.76 per share, for the same period in 2018.
Funds from operations, or FFO, of $1.75 per share for the third quarter as compared to $1.66 per share for the same period in 2018.
Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 2.6% for the first nine months of 2019 excluding lease termination income and free rent given to Viacom at 1515 Broadway, as compared to the same period in the prior year.
Signed 31 Manhattan office leases covering 268,349 square feet in the third quarter and 104 Manhattan leases covering 1,184,895 square feet in the first nine months of 2019. The mark-to-market on signed Manhattan office leases for the first nine months of 2019 was 22.0% higher than the previous fully escalated rents on the same spaces.
Topped out steel at One Vanderbilt Avenue at 1,401 feet.  Construction is more than three months ahead of schedule and $100 million under budget with an expected opening in August 2020.
Manhattan same-store occupancy was 95.3% as of September 30, 2019, inclusive of leases signed but not yet commenced.
Investing Highlights
To date in 2019, the Company has repurchased a combined 2.7 million shares of common stock and common units of its Operating Partnership, or OP units, under the previously announced $2.5 billion share repurchase plan, at an average price of $84.08 per share. Since inception of the program, the Company has repurchased a total of 20.6 million shares of its common stock and redeemed 0.6 million OP units.





Entered into a contract to sell 220 East 42nd Street, also known as The News Building, for total consideration of $815.0 million, or approximately $715 per square foot. Net proceeds from the sale will be available for share repurchases, debt repayment or new investments. This marks one of the highest valuations for an office building ever sold on Second Avenue. The transaction is expected to close in the first quarter of 2020.
Entered into a contract to acquire a six-story, 160,000-square-foot office property on the far west side of midtown Manhattan for a gross purchase price of $90.0 million. The property will be redeveloped into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants. The transaction is expected to close within 90 days.
Entered into a contract to sell 1010 Washington Boulevard in Stamford, Connecticut, for sale price of $23.1 million. The transaction is expected to generate cash proceeds of $21.6 million and close in the fourth quarter of 2019.
Entered into a 25-year ground lease for the high street retail property at 712 Madison Avenue to Graff Diamonds.
Sold a 49% interest in the prime retail condominium at 115 Spring Street in Soho at a gross asset valuation of $66.6 million. The property was acquired in 2014 for $52.0 million.
Financing Highlights
Together with our joint venture partner, closed on the refinancing of 55 West 46th Street, also known as Tower 46. The new $198.0 million mortgage replaces the previous $195.0 million mortgage, has a 3-year term, with two one-year extension options, and bears interest at a floating rate of 1.25% over LIBOR.
Together with our joint venture partner, closed on a $75.0 million upsize of our existing financing at 2 Herald Square to $225.0 million and reduced the interest rate on the loan by 10 basis points to a floating rate of 1.45% over LIBOR.
Summary
New York, NY, October 16, 2019 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2019 of $33.2 million, or $0.40 per share, as compared to net income attributable to common stockholders of $88.2 million, or $1.03 per share, for the same quarter in 2018. Net income attributable to common stockholders for the three months ended September 30, 2019 includes $3.5 million, or $0.04 per share, of net gains recognized from the sale of real estate as compared to $68.4 million, or $0.76 per share, for the same period in 2018.
The Company also reported net income attributable to common stockholders for the nine months ended September 30, 2019 of $238.1 million, or $2.87 per share, as compared to net income attributable to common stockholders of $293.5 million, or $3.34 per share, for the same period in 2018. Net income attributable to common stockholders for the nine months ended September 30, 2019 includes $78.7 million, or $0.90 per share, of net gains recognized from the sale of real estate as compared to $142.7 million, or $1.54 per share, for the same period in 2018.





The Company reported FFO for the quarter ended September 30, 2019 of $151.4 million, or $1.75 per share, as compared to FFO for the same period in 2018 of $149.8 million, or $1.66 per share.
The Company also reported FFO for the nine months ended September 30, 2019 of $458.1 million, or $5.25 per share, as compared to FFO for the same period in 2018 of $463.1 million, or $5.00 per share.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended September 30, 2019, the Company reported consolidated revenues and operating income of $313.6 million and $162.1 million, respectively, compared to $307.5 million and $169.3 million, respectively, for the same period in 2018.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 1.5% for the third quarter and 2.6% for the nine months ended September 30, 2019, excluding lease termination income and free rent given to Viacom at 1515 Broadway.
During the third quarter, the Company signed 31 office leases in its Manhattan portfolio totaling 268,349 square feet. Twenty-three leases comprising 222,785 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $71.15 per rentable square foot, representing a 3.2% increase over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the third quarter was 7.2 years and average tenant concessions were 3.9 months of free rent with a tenant improvement allowance of $53.18 per rentable square foot.
During the first nine months of 2019, the Company signed 104 office leases in its Manhattan portfolio totaling 1,184,895 square feet. Seventy-seven leases comprising 820,536 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $73.18 per rentable square foot, representing a 22.0% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first nine months of 2019 was 10.7 years, or 11.2 years including the office leases signed at One Vanderbilt, and average tenant concessions were 5.6 months of free rent with a tenant improvement allowance of $62.08 per rentable square foot.
Occupancy in the Company's Manhattan same-store portfolio was 95.3% as of September 30, 2019, inclusive of 213,515 square feet of leases signed but not yet commenced, as compared to 95.2% as of June 30, 2019.
Significant leases that were signed in the third quarter included:
Renewal and expansion with Kobre & Kim LLP for 67,230 square feet at 800 Third Avenue, for 10.8 years;
New lease with IMG Worldwide Inc. for 36,077 square feet at 304 Park Avenue South, for 8.1 years;





New lease with Chicago Title Insurance Company for 32,826 square feet at 711 Third Avenue, for 10.5 years; and
New retail lease with Ulta Beauty, Inc. for 21,706 square feet at 2 Herald Square, for 10.1 years.
Investment Activity
To date in 2019, the Company has repurchased a combined 2.7 million shares of common stock and common units of its Operating Partnership, or OP units, under the previously announced $2.5 billion share repurchase plan, at an average price of $84.08 per share. Since inception of the program, the Company has repurchased a total of 20.6 million shares of its common stock and redeemed 0.6 million OP units, at an average price of $96.88 per share, saving the Company approximately $72.2 million of common dividends and distributions on an annualized basis.
In October, the Company entered into a contract to acquire a six-story, 160,000-square-foot office property on the far west side of midtown Manhattan for a gross purchase price of $90.0 million. The property will be redeveloped into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants. The transaction is expected to close within 90 days.
In October, the Company entered into a 25-year ground lease for the high street retail property at 712 Madison Avenue to Graff Diamonds. The five-story building is located on Madison Avenue between 63rd and 64th Streets on Manhattan's Upper East Side and is adjacent to Graff Diamonds' flagship store.
In September, the Company entered into a contract to sell 220 East 42nd Street in Midtown Manhattan for total consideration of $815.0 million, or approximately $715 per square foot. Net proceeds will be available for share repurchases, debt repayment or new investments. Located on the corner of 42nd Street and Second Avenue, 220 East 42nd Street, also known as The News Building, is a 37-story art-deco skyscraper that was originally the headquarters for The New York Daily News. The property was acquired by the Company in 2003 for $265.0 million and the transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.
In September, the Company entered into a contract to sell 1010 Washington Boulevard in Stamford, Connecticut, for sale price of $23.1 million. The transaction is expected to generate cash proceeds of $21.6 million and close in the fourth quarter of 2019.
In August, the Company sold a 49% interest in the 5,218 square foot prime retail condominium at 115 Spring Street in Soho at a gross asset valuation of $66.6 million. The property was acquired in 2014 for $52.0 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio decreased to $1.99 billion at September 30, 2019, including $1.95 billion of investments at a weighted average current yield of 9.0% that are classified in the debt and preferred equity line item on the balance sheet, and mortgage investments aggregating $0.04 billion at a weighted average current yield of 6.6% that are included in other balance sheet line items for accounting purposes.





Financing Activity
In October, the Company, along with its joint venture partner, closed on a $75.0 million upsize of our existing financing at 2 Herald Square, $40.0 million of which was funded at closing, increasing the mortgage to $225.0 million, and reducing the interest rate on the entire mortgage loan by 10 basis points to a floating rate of 1.45% over LIBOR.
In August, the Company, along with its joint venture partner, closed on the refinancing of 55 West 46th Street, known as Tower 46. The new $198.0 million mortgage, of which $192.5 million was funded at closing, has a 3-year term, with two one-year extension options, bears interest at a floating rate of 1.25% over LIBOR and replaces the previous $195.0 million of indebtedness on the property that bore interest at a floating rate of 2.125% over LIBOR.
Dividends
In the third quarter of 2019, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
$0.85 per share of common stock, which was paid on October 15, 2019 to shareholders of record on the close of business on September 30, 2019; and
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2019 through and including October 14, 2019, which was paid on October 15, 2019 to shareholders of record on the close of business on September 30, 2019, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 17, 2019 at 2:00 pm ET to discuss the financial results.
The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Financial Reports.”
The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”. The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 2683935.
A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 2683935. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”.





Company Profile
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2019, SL Green held interests in 93 Manhattan buildings totaling 45.0 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 17.8 million square feet securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.






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

Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.





SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Rental revenue, net
$
215,447

 
$
221,763

 
$
644,566

 
$
648,501

Escalation and reimbursement
32,581

 
29,103

 
88,539

 
82,554

Investment income
51,518

 
48,977

 
153,167

 
143,540

Other income
14,088

 
7,702

 
44,641

 
35,761

        Total revenues
313,634

 
307,545

 
930,913

 
910,356

Expenses:
 
 
 
 
 
 
 
Operating expenses, including related party expenses of $5,460 and $13,575 in 2019 and $4,790 and $13,289 in 2018
59,847

 
56,852

 
175,862

 
172,871

Real estate taxes
49,626

 
48,805

 
143,008

 
139,788

Operating lease rent
8,295

 
9,507

 
24,891

 
26,661

Interest expense, net of interest income
48,112

 
55,168

 
145,797

 
156,695

Amortization of deferred financing costs
3,112

 
2,630

 
8,566

 
9,713

Depreciation and amortization
70,464

 
70,747

 
208,268

 
208,049

Loan loss and other investment reserves, net of recoveries

 
1,087

 

 
1,087

Transaction related costs
44

 
163

 
360

 
673

Marketing, general and administrative
23,841

 
20,594

 
75,300

 
66,601

        Total expenses
263,341

 
265,553

 
782,052

 
782,138

 

 

 
 
 
 
Equity in net (loss) income from unconsolidated joint ventures
(9,864
)
 
971

 
(22,644
)
 
9,709

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

 
70,937

 
76,181

 
136,522

Purchase price and other fair value adjustment
3,799

 
(3,057
)
 
69,389

 
57,385

Gain (loss) on sale of real estate, net
3,541

 
(2,504
)
 
2,492

 
6,227

Depreciable real estate reserves
(7,047
)
 
(6,691
)
 
(7,047
)
 
(6,691
)
Loss on early extinguishment of debt

 
(2,194
)
 

 
(2,194
)
        Net income
40,722

 
99,454

 
267,232

 
329,176

Net income attributable to noncontrolling interests in the Operating Partnership
(1,719
)
 
(4,797
)
 
(12,306
)
 
(15,656
)
Net loss (income) attributable to noncontrolling interests in other partnerships
624

 
136

 
2,524

 
(234
)
Preferred unit distributions
(2,732
)
 
(2,846
)
 
(8,185
)
 
(8,542
)
Net income attributable to SL Green
36,895

 
91,947

 
249,265

 
304,744

Perpetual preferred stock dividends
(3,738
)
 
(3,738
)
 
(11,213
)
 
(11,213
)
        Net income attributable to SL Green common stockholders
$
33,157

 
$
88,209

 
$
238,052

 
$
293,531

 
 
 
 
 
 
 
 
Earnings Per Share (EPS)
 
 
 
 
 
 
 
Net income per share (Basic)
$
0.40

 
$
1.03

 
$
2.87

 
$
3.34

Net income per share (Diluted)
$
0.40

 
$
1.03

 
$
2.87

 
$
3.34

 
 
 
 
 
 
 
 
Funds From Operations (FFO)

 
 
 
 
 
 
FFO per share (Basic)
$
1.75

 
$
1.66

 
$
5.26

 
$
5.01

FFO per share (Diluted)
$
1.75

 
$
1.66

 
$
5.25

 
$
5.00

 
 
 
 
 
 
 
 
Basic ownership interest
 
 
 
 
 
 
 
Weighted average REIT common shares for net income per share
82,292

 
85,566

 
82,855

 
87,692

Weighted average partnership units held by noncontrolling interests
4,258

 
4,643

 
4,283

 
4,677

Basic weighted average shares and units outstanding
86,550

 
90,209

 
87,138

 
92,369

 
 
 
 
 
 
 
 
Diluted ownership interest
 
 
 
 
 
 
 
Weighted average REIT common share and common share equivalents
82,456

 
85,785

 
83,026

 
87,903

Weighted average partnership units held by noncontrolling interests
4,258

 
4,643

 
4,283

 
4,677

Diluted weighted average shares and units outstanding
86,714

 
90,428

 
87,309

 
92,580






SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
September 30,
 
December 31,
 
2019
 
2018
Assets
(Unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land and land interests
$
1,860,922

 
$
1,774,899

Building and improvements
5,352,144

 
5,268,484

Building leasehold and improvements
1,431,183

 
1,423,107

Right of use asset - financing leases
47,445

 
47,445

Right of use asset - operating leases
396,795

 

 
9,088,489

 
8,513,935

Less: accumulated depreciation
(2,147,395
)
 
(2,099,137
)
 
6,941,094

 
6,414,798

Assets held for sale
403,488

 

Cash and cash equivalents
121,751

 
129,475

Restricted cash
94,793

 
149,638

Investment in marketable securities
30,208

 
28,638

Tenant and other receivables
44,950

 
41,589

Related party receivables
20,030

 
28,033

Deferred rents receivable
306,431

 
335,985

Debt and preferred equity investments, net of discounts and deferred origination fees of $16,224 and $22,379 and allowances of $1,750 and $5,750 in 2019 and 2018, respectively
1,954,556

 
2,099,393

Investments in unconsolidated joint ventures
2,923,595

 
3,019,020

Deferred costs, net
182,621

 
209,110

Other assets
271,467

 
295,679

        Total assets
$
13,294,984

 
$
12,751,358

 
 
 
 
Liabilities
 
 
 
Mortgages and other loans payable
$
2,454,684

 
$
1,988,160

Revolving credit facility
335,000

 
500,000

Unsecured term loan
1,500,000

 
1,500,000

Unsecured notes
1,503,072

 
1,503,758

Deferred financing costs, net
(56,988
)
 
(50,218
)
Total debt, net of deferred financing costs
5,735,768

 
5,441,700

Accrued interest payable
27,568

 
23,154

Accounts payable and accrued expenses
143,361

 
147,061

Deferred revenue
126,321

 
94,453

Lease liability - financing leases
44,251

 
43,616

Lease liability - operating leases
384,661

 
3,603

Dividend and distributions payable
78,541

 
80,430

Security deposits
62,166

 
64,688

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

 
100,000

Other liabilities
140,899

 
116,566

        Total liabilities
6,843,536

 
6,115,271

 
 
 
 
Commitments and contingencies

 

Noncontrolling interest in the Operating Partnership
401,863

 
387,805

Preferred units
286,285

 
300,427

 
 
 
 
Equity
 
 
 
Stockholders’ equity:
 
 
 
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2019 and December 31, 2018
221,932

 
221,932

Common stock, $0.01 par value 160,000 shares authorized, 82,570 and 84,739 issued and outstanding at September 30, 2019 and December 31, 2018, respectively (including 1,055 held in Treasury at both September 30, 2019 and December 31, 2018)
826

 
847

Additional paid-in capital
4,407,667

 
4,508,685

Treasury stock at cost
(124,049
)
 
(124,049
)
Accumulated other comprehensive (loss) income
(40,132
)
 
15,108

Retained earnings
1,225,904

 
1,278,998

Total SL Green Realty Corp. stockholders’ equity
5,692,148

 
5,901,521

Noncontrolling interests in other partnerships
71,152

 
46,334

        Total equity
5,763,300

 
5,947,855

Total liabilities and equity
$
13,294,984

 
$
12,751,358






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

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
Funds From Operations (FFO) Reconciliation:
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income attributable to SL Green common stockholders
$
33,157

 
$
88,209

 
$
238,052

 
$
293,531

Add:
 
 
 
 
 
 
 
Depreciation and amortization
70,464

 
70,747

 
208,268

 
208,049

Joint venture depreciation and noncontrolling interest adjustments
47,674

 
45,485

 
145,202

 
140,799

Net income attributable to noncontrolling interests
1,095

 
4,661

 
9,782

 
15,890

Less:
 
 
 
 
 
 
 
Gain (loss) on sale of real estate, net
3,541

 
(2,504
)
 
2,492

 
6,227

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

 
70,937

 
76,181

 
136,522

Purchase price and other fair value adjustments
3,799

 
(3,057
)
 
69,389

 
57,385

Depreciable real estate reserves
(7,047
)
 
(6,691
)
 
(7,047
)
 
(6,691
)
Depreciation on non-rental real estate assets
740

 
616

 
2,193

 
1,766

FFO attributable to SL Green common stockholders
$
151,357

 
$
149,801

 
$
458,096

 
$
463,060



 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
Operating income and Same-store NOI Reconciliation:
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income
$
40,722

 
$
99,454

 
$
267,232

 
$
329,176

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

 
(70,937
)
 
(76,181
)
 
(136,522
)
Purchase price and other fair value adjustments
(3,799
)
 
3,057

 
(69,389
)
 
(57,385
)
(Gain) loss on sale of real estate, net
(3,541
)
 
2,504

 
(2,492
)
 
(6,227
)
Depreciable real estate reserves
7,047

 
6,691

 
7,047

 
6,691

Depreciation and amortization
70,464

 
70,747

 
208,268

 
208,049

Interest expense, net of interest income
48,112

 
55,168

 
145,797

 
156,695

Amortization of deferred financing costs
3,112

 
2,630

 
8,566

 
9,713

Operating income
162,117

 
169,314

 
488,848

 
510,190

 
 
 
 
 
 
 
 
Equity in net loss (income) from unconsolidated joint ventures
9,864

 
(971
)
 
22,644

 
(9,709
)
Marketing, general and administrative expense
23,841

 
20,594

 
75,300

 
66,601

Transaction related costs, net
44

 
163

 
360

 
673

Investment income
(51,518
)
 
(48,977
)
 
(153,167
)
 
(143,540
)
Loan loss and other investment reserves, net of recoveries

 
1,087

 

 
1,087

Non-building revenue
(6,055
)
 
(2,531
)
 
(22,468
)
 
(15,708
)
Loss on early extinguishment of debt

 
2,194

 

 
2,194

Net operating income (NOI)
138,293

 
140,873

 
411,517

 
411,788

 
 
 
 
 
 
 
 
Equity in net (loss) income from unconsolidated joint ventures
(9,864
)
 
971

 
(22,644
)
 
9,709

SLG share of unconsolidated JV depreciation and amortization
46,557

 
45,839

 
142,861

 
141,023

SLG share of unconsolidated JV interest expense, net of interest income
38,295

 
34,947

 
115,983

 
107,397

SLG share of unconsolidated JV amortization of deferred financing costs
1,505

 
1,390

 
4,664

 
4,815

SLG share of unconsolidated JV loss on early extinguishment of debt
258

 

 
258

 

SLG share of unconsolidated JV investment income
(314
)
 
(4,469
)
 
(3,017
)
 
(9,263
)
SLG share of unconsolidated JV non-building revenue
(798
)
 
(901
)
 
(2,724
)
 
(2,911
)
NOI including SLG share of unconsolidated JVs
213,932

 
218,650

 
646,898

 
662,558

 
 
 
 
 
 
 
 
NOI from other properties/affiliates
(7,362
)
 
(14,097
)
 
(26,408
)
 
(52,295
)
Same-Store NOI
206,570

 
204,553

 
620,490

 
610,263

 
 
 
 
 
 
 
 
Ground lease straight-line adjustment
514

 
524

 
1,542

 
1,572

Joint Venture ground lease straight-line adjustment
107

 
258

 
573

 
773

Straight-line and free rent
(2,339
)
 
(5,536
)
 
(5,943
)
 
(8,979
)
Amortization of acquired above and below-market leases, net
(902
)
 
(1,320
)
 
(2,770
)
 
(4,241
)
Joint Venture straight-line and free rent
(15,739
)
 
(3,878
)
 
(45,765
)
 
(14,975
)
Joint Venture amortization of acquired above and below-market leases, net
(4,122
)
 
(4,065
)
 
(12,632
)
 
(11,616
)
Same-store cash NOI
$
184,089

 
$
190,536

 
$
555,495

 
$
572,797






SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES
Funds from Operations (FFO)
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including our ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and a pro-rata adjustment for FAD from SLG’s unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and amortization of acquired above and below-market leases, net from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and our reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating our properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
SLG EARN



Exhibit


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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development, redevelopment, construction and leasing.
As of September 30, 2019, the Company held interests in 93 Manhattan buildings totaling 45.0 million square feet. This included ownership interests in 27.2 million square feet in Manhattan buildings and 17.8 million square feet securing debt and preferred equity investments. In addition, the Company held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
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 https://slgreen.com where key investor relations data can be found. 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 to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-594-2700.
Ratings
Ratings are not recommendations to buy, sell or hold the Company’s securities.







 
Forward-looking Statements
This supplemental reporting package includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this supplement that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this supplemental financial package and related press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended September 30, 2019 that will be released on Form 10-Q to be filed on or before November 12, 2019.

Supplemental Information
2
Third Quarter 2019

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TABLE OF CONTENTS


 
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Supplemental Definitions
 
 
 
 
Highlights
-
 
 
 
 
Comparative Balance Sheets
 
 
Comparative Statements of Operations
 
 
Comparative Computation of FFO and FAD
 
 
Consolidated Statement of Equity
 
 
 
 
Joint Venture Statements
-
 
 
 
 
Selected Financial Data
-
 
 
 
 
Debt Summary Schedule
-
 
 
 
 
Lease Liability Schedule
 
 
 
 
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
Third Quarter 2019

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SUPPLEMENTAL DEFINITIONS
                               
                          
                         
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Annualized cash rent - Monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.
Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company’s equity investment in those properties multiplied by the Company’s weighted average corporate borrowing rate.  Capitalized Interest is a component of the book basis in a development or redevelopment property.
Debt service coverage - Operating Income adding back income taxes, loan loss reserves and our share of joint venture depreciation and amortization, divided by total interest and principal payments.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs that were taken into consideration when underwriting the acquisition of a property, which are generally incurred during the first 4-5 years following acquisition.
Fixed charge - Total payments for interest, loan principal amortization, operating lease rent and preferred stock dividends.
Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and our share of joint venture depreciation and amortization, divided by Fixed Charge.
Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and a pro-rata adjustment for FAD from SLG’s unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.
Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
 
Junior Mortgage Participations - Subordinate interests in first mortgages.
Mezzanine Debt - Loans secured by ownership interests in real estate.
Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and amortization of acquired above and below-market leases, net from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns.
Recurring capital expenditures - Building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standards.”
Redevelopment costs - Non-recurring capital expenditures incurred to improve buildings to SLG’s “operating standards.”
Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured, at inception, as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On our balance sheets, financing leases include the amounts previously captioned "Properties under capital lease."
Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2019 are as follows:
Added to Same-Store in 2019:
Removed from Same-Store in 2019:
1515 Broadway
131-137 Spring Street (sold)
Worldwide Plaza
521 Fifth Avenue (sold)
55 West 46th Street - Tower 46
115 Spring Street (deconsolidated)
Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.
SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership in the respective joint ventures and may not accurately depict the legal and economic implications of holding a non-controlling interest in the joint ventures.
Total square feet owned - The total square footage of properties either owned directly by SLG or in which SLG has a joint venture interest.

Supplemental Information
4
Third Quarter 2019

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THIRD QUARTER 2019 HIGHLIGHTS

Unaudited

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New York, NY, October 16, 2019 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2019 of $33.2 million, or $0.40 per share, as compared to net income attributable to common stockholders of $88.2 million, or $1.03 per share, for the same quarter in 2018. Net income attributable to common stockholders for the three months ended September 30, 2019 includes $3.5 million, or $0.04 per share, of net gains recognized from the sale of real estate as compared to $68.4 million, or $0.76 per share, for the same period in 2018.
The Company also reported net income attributable to common stockholders for the nine months ended September 30, 2019 of $238.1 million, or $2.87 per share, as compared to net income attributable to common stockholders of $293.5 million, or $3.34 per share, for the same period in 2018. Net income attributable to common stockholders for the nine months ended September 30, 2019 includes $78.7 million, or $0.90 per share, of net gains recognized from the sale of real estate as compared to $142.7 million, or $1.54 per share, for the same period in 2018.
The Company reported FFO for the quarter ended September 30, 2019 of $151.4 million, or $1.75 per share, as compared to FFO for the same period in 2018 of $149.8 million, or $1.66 per share.
The Company also reported FFO for the nine months ended September 30, 2019 of $458.1 million, or $5.25 per share, as compared to FFO for the same period in 2018 of $463.1 million, or $5.00 per share.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended September 30, 2019, the Company reported consolidated revenues and operating income of $313.6 million and $162.1 million, respectively, compared to $307.5 million and $169.3 million, respectively, for the same period in 2018.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 1.5% for the third quarter and 2.6% for the nine months ended September 30, 2019, excluding lease termination income and free rent given to Viacom at 1515 Broadway.
During the third quarter, the Company signed 31 office leases in its Manhattan portfolio totaling 268,349 square feet. Twenty-three leases comprising 222,785 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $71.15 per rentable square foot, representing a 3.2% increase over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office
 
leases signed in the third quarter was 7.2 years and average tenant concessions were 3.9 months of free rent with a tenant improvement allowance of $53.18 per rentable square foot.
During the first nine months of 2019, the Company signed 104 office leases in its Manhattan portfolio totaling 1,184,895 square feet. Seventy-seven leases comprising 820,536 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $73.18 per rentable square foot, representing a 22.0% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first nine months of 2019 was 10.7 years, or 11.2 years including the office leases signed at One Vanderbilt, and average tenant concessions were 5.6 months of free rent with a tenant improvement allowance of $62.08 per rentable square foot.
Occupancy in the Company's Manhattan same-store portfolio was 95.3% as of September 30, 2019, inclusive of 213,515 square feet of leases signed but not yet commenced, as compared to 95.2% as of June 30, 2019.
Significant leases that were signed in the third quarter included:
Renewal and expansion with Kobre & Kim LLP for 67,230 square feet at 800 Third Avenue, for 10.8 years;
New lease with IMG Worldwide Inc. for 36,077 square feet at 304 Park Avenue South, for 8.1 years;
New lease with Chicago Title Insurance Company for 32,826 square feet at 711 Third Avenue, for 10.5 years; and
New retail lease with Ulta Beauty, Inc. for 21,706 square feet at 2 Herald Square, for 10.1 years.
Investment Activity
To date in 2019, the Company has repurchased a combined 2.7 million shares of common stock and common units of its Operating Partnership, or OP units, under the previously announced $2.5 billion share repurchase plan, at an average price of $84.08 per share. Since inception of the program, the Company has repurchased a total of 20.6 million shares of its common stock and redeemed 0.6 million OP units, at an average price of $96.88 per share, saving the Company approximately $72.2 million of common dividends and distributions on an annualized basis.
In October, the Company entered into a contract to acquire a six-story, 160,000-square-foot office property on the far west side of midtown Manhattan for a gross purchase price of $90.0 million. The property will be redeveloped into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants. The transaction is expected to close within 90 days.

Supplemental Information
5
Third Quarter 2019

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THIRD QUARTER 2019 HIGHLIGHTS

Unaudited

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In October, the Company entered into a 25-year ground lease for the high street retail property at 712 Madison Avenue to Graff Diamonds. The five-story building is located on Madison Avenue between 63rd and 64th Streets on Manhattan's Upper East Side and is adjacent to Graff Diamonds' flagship store.
In September, the Company entered into a contract to sell 220 East 42nd Street in Midtown Manhattan for total consideration of $815.0 million, or approximately $715 per square foot. Net proceeds will be available for share repurchases, debt repayment or new investments. Located on the corner of 42nd Street and Second Avenue, 220 East 42nd Street, also known as The News Building, is a 37-story art-deco skyscraper that was originally the headquarters for The New York Daily News. The property was acquired by the Company in 2003 for $265.0 million and the transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.
In September, the Company entered into a contract to sell 1010 Washington Boulevard in Stamford, Connecticut, for sale price of $23.1 million. The transaction is expected to generate cash proceeds of $21.6 million and close in the fourth quarter of 2019.
In August, the Company sold a 49% interest in the 5,218 square foot prime retail condominium at 115 Spring Street in Soho at a gross asset valuation of $66.6 million. The property was acquired in 2014 for $52.0 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio decreased to $1.99 billion at September 30, 2019, including $1.95 billion of investments at a weighted average current yield of 9.0% that are classified in the debt and preferred equity line item on the balance sheet, and mortgage investments aggregating $0.04 billion at a weighted average current yield of 6.6% that are included in other balance sheet line items for accounting purposes.
Financing Activity
In October, the Company, along with its joint venture partner, closed on a $75.0 million upsize of our existing financing at 2 Herald Square, $40.0 million of which was funded at closing, increasing the mortgage to $225.0 million, and reducing the interest rate on the entire mortgage loan by 10 basis points to a floating rate of 1.45% over LIBOR.
In August, the Company, along with its joint venture partner, closed on the refinancing of 55 West 46th Street, known as Tower 46. The new $198.0 million mortgage, of which $192.5 million was funded at closing, has a 3-year term, with two one-year extension options, bears interest at a floating rate of 1.25% over LIBOR and replaces the previous $195.0 million of indebtedness on the property that bore interest at a floating rate of 2.125% over LIBOR.
 
Dividends
In the third quarter of 2019, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
$0.85 per share of common stock, which was paid on October 15, 2019 to shareholders of record on the close of business on September 30, 2019; and
$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2019 through and including October 14, 2019, which was paid on October 15, 2019 to shareholders of record on the close of business on September 30, 2019, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 17, 2019 at 2:00 pm ET to discuss the financial results.
The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Financial Reports.”
The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”. The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 2683935.
A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 2683935. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”.

Supplemental Information
6
Third Quarter 2019

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THIRD QUARTER 2019 HIGHLIGHTS

Unaudited

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Company Profile
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2019, SL Green held interests in 93 Manhattan buildings totaling 45.0 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 17.8 million square feet securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.


Supplemental Information
7
Third Quarter 2019

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KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
9/30/2018
 
 
 
 
 
 
 
 
 
 
Earnings Per Share
 
 
 
 
 
 
 
 
 
Net income (loss) available to common stockholders - diluted
$
0.40

 
$
1.94

 
$
0.52

 
$
(0.73
)
 
$
1.03

Funds from operations (FFO) available to common stockholders - diluted
$
1.75

 
$
1.82

 
$
1.68

 
$
1.61

 
$
1.66

 
 
 
 
 
 
 
 
 
 
Common Share Price & Dividends
 
 
 
 
 
 
 
 
 
Closing price at the end of the period
$
81.75

 
$
80.37

 
$
89.92

 
$
79.08

 
$
97.53

Closing high price during period
$
83.38

 
$
92.60

 
$
93.47

 
$
96.88

 
$
105.86

Closing low price during period
$
76.79

 
$
79.59

 
$
77.46

 
$
77.63

 
$
96.01

Common dividend per share
$
0.8500

 
$
0.8500

 
$
0.8500

 
$
0.8500

 
$
0.8125

 
 
 
 
 
 
 
 
 
 
FFO payout ratio (trailing 12 months)
49.6
%
 
49.7
%
 
50.1%

 
49.7%

 
49.2%

Funds available for distribution (FAD) payout ratio (trailing 12 months)
92.5
%
 
87.3
%
 
83.9%

 
86.8%

 
77.0%

 
 
 
 
 
 
 
 
 
 
Common Shares & Units
 
 
 
 
 
 
 
 
 
Common shares outstanding
81,515

 
82,409

 
83,272

 
83,684

 
85,594

Units outstanding
4,258

 
4,259

 
4,261

 
4,131

 
4,601

Total common shares and units outstanding
85,773

 
86,668

 
87,533

 
87,815

 
90,195

 
 
 
 
 
 
 
 
 
 
Weighted average common shares and units outstanding - basic
86,550

 
87,231

 
87,646

 
88,187

 
90,209

Weighted average common shares and units outstanding - diluted
86,714

 
87,398

 
87,810

 
88,376

 
90,428

 
 
 
 
 
 
 
 
 
 
Market Capitalization
 
 
 
 
 
 
 
 
 
Market value of common equity
$
7,011,943

 
$
6,965,507

 
$
7,870,967

 
$
6,944,410

 
$
8,796,718

Liquidation value of preferred equity/units
516,285

 
516,285

 
515,285

 
530,427

 
531,285

Consolidated debt
5,892,756

 
6,140,212

 
5,940,440

 
5,591,918

 
5,633,016

Consolidated market capitalization
$
13,420,984

 
$
13,622,004

 
$
14,326,692

 
$
13,066,755

 
$
14,961,019

SLG share of unconsolidated JV debt
3,930,470

 
3,799,897

 
3,815,230

 
3,845,901

 
3,949,528

Market capitalization including SLG share of unconsolidated JVs
$
17,351,454

 
$
17,421,901

 
$
18,141,922

 
$
16,912,656

 
$
18,910,547

 
 
 
 
 
 
 
 
 
 
Consolidated debt service coverage (trailing 12 months)
3.26x

 
3.20x

 
3.10x

 
3.10x

 
3.13x

Consolidated fixed charge coverage (trailing 12 months)
2.68x

 
2.63x

 
2.57x

 
2.57x

 
2.60x

Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)
2.35x

 
2.34x

 
2.30x

 
2.32x

 
2.39x

Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)
2.03x

 
2.03x

 
2.00x

 
2.02x

 
2.08x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Supplemental Information
8
Third Quarter 2019

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KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
9/30/2018
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Data
 
 
 
 
 
 
 
 
 
Real estate assets before depreciation (1)
$
9,560,878

 
$
9,550,222

 
$
8,936,493

 
$
8,513,935

 
$
9,283,952

Investments in unconsolidated joint ventures
$
2,923,595

 
$
2,937,153

 
$
3,055,368

 
$
3,019,020

 
$
3,070,825

Debt and preferred equity investments
$
1,954,556

 
$
2,228,912

 
$
2,272,241

 
$
2,099,393

 
$
1,977,057

Cash and cash equivalents
$
121,751

 
$
148,978

 
$
144,323

 
$
129,475

 
$
160,248

Investment in marketable securities
$
30,208

 
$
29,978

 
$
29,406

 
$
28,638

 
$
28,538

 
 
 
 
 
 
 
 
 
 
Total assets
$
13,294,984

 
$
13,629,941

 
$
13,385,774

 
$
12,751,358

 
$
13,455,002

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt
$
3,538,829

 
$
3,540,487

 
$
3,542,126

 
$
3,543,476

 
$
3,506,466

Variable rate debt
2,353,927

(2) 
2,599,725

 
2,398,314

 
2,048,442

 
2,126,550

Total consolidated debt
$
5,892,756

 
$
6,140,212

 
$
5,940,440


$
5,591,918


$
5,633,016

Deferred financing costs, net of amortization
(56,988
)
 
(57,423
)
 
(50,376
)
 
(50,218
)
 
(47,220
)
Total consolidated debt, net
$
5,835,768

 
$
6,082,789

 
$
5,890,064

 
$
5,541,700

 
$
5,585,796

 
 
 
 
 
 
 
 
 
 
Total liabilities
$
6,843,536

 
$
7,062,331

 
$
6,843,805

 
$
6,115,271

 
$
6,418,799

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt
$
5,777,022

 
$
5,781,333

 
$
5,880,322

 
$
5,884,452

 
$
6,021,150

Variable rate debt, including SLG share of unconsolidated JV debt
4,046,204

(2) 
4,158,776

 
3,875,348

 
3,553,367

 
3,561,394

Total debt, including SLG share of unconsolidated JV debt
$
9,823,226

 
$
9,940,109

 
$
9,755,670

 
$
9,437,819

 
$
9,582,544

 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
248,028

 
$
244,959

 
$
240,118

 
$
247,519

 
$
250,866

Property operating expenses
(117,768
)
 
(113,309
)
 
(112,684
)
 
(109,343
)
 
(115,164
)
Property NOI
$
130,260

 
$
131,650

 
$
127,434

 
$
138,176

 
$
135,702

SLG share of unconsolidated JV Property NOI
75,442

 
78,472

 
80,635

 
79,578

 
77,389

Property NOI, including SLG share of unconsolidated JV Property NOI
$
205,702

 
$
210,122

 
$
208,069

 
$
217,754

 
$
213,091

Investment income
51,518

 
51,618

 
50,031

 
57,952

 
48,977

Other income
14,088

 
16,447

 
14,106

 
11,565

 
7,702

Marketing general & administrative expenses
(23,841
)
 
(25,480
)
 
(25,979
)
 
(26,030
)
 
(20,594
)
SLG share of investment income and other income from unconsolidated JVs
1,437

 
2,141

 
3,291

 
3,810

 
5,642

Income taxes
(995
)
 
680

 
770

 
964

 
168

Transaction costs, including SLG share of unconsolidated JVs
(44
)
 
(261
)
 
(55
)
 
(426
)
 
(163
)
Loan loss and other investment reserves, net of recoveries

 

 

 
(5,752
)
 
(1,087
)
Loss on early extinguishment of debt

 

 

 
(14,889
)
 
(2,194
)
EBITDAre
$
247,865

 
$
255,267

 
$
250,233

 
$
244,948

 
$
251,542

 
 
 
 
 
 
 
 
 
 
(1) Includes assets held for sale totaling $472.4 million for 220 East 42nd Street and 1010 Washington Boulevard, Stamford, Connecticut.
(2) Does not reflect $1.0 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
Third Quarter 2019

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KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
9/30/2018
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
230,443

 
$
227,427

 
$
222,780

 
$
229,798

 
$
234,173

Property operating expenses
101,871

 
97,927

 
98,198

 
97,272

 
101,332

Property NOI
$
128,572

 
$
129,500

 
$
124,582

 
$
132,526

 
$
132,841

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
6,210

 
$
4,493

 
$
4,572

 
$
1,453

 
$
1,333

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JVs
$
76,552

 
$
78,979

 
$
80,636

 
$
79,580

 
$
77,393

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
20

 
20

 
20

 
20

 
21

Unconsolidated office buildings in service
10

 
10

 
11

 
10

 
10

 
30

 
30

 
31

 
30

 
31

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
12,387,091

 
12,387,091

 
12,387,091

 
12,387,091

 
12,756,091

Unconsolidated office buildings in service - square footage
11,216,183

 
11,216,183

 
11,676,183

 
11,329,183

 
11,491,164

 
23,603,274

 
23,603,274

 
24,063,274

 
23,716,274

 
24,247,255

 
 
 
 
 
 
 
 
 
 
Same-Store office occupancy (consolidated + JVs)
94.4%
 
94.1%
 
94.3%
 
94.5%
 
94.3%
Same-Store office occupancy inclusive of leases signed not yet commenced
95.3%
 
95.2%
 
95.8%
 
96.0%
 
96.1%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
New leases commenced
27

 
25

 
25

 
33

 
27

Renewal leases commenced
9

 
7

 
10

 
11

 
11

Total office leases commenced
36

 
32

 
35

 
44

 
38

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
170,062

 
74,425

 
132,241

 
60,961

 
412,540

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
181,226

 
279,649

 
270,602

 
294,886

 
137,808

Total office square footage commenced
351,288

 
354,074

 
402,843

 
355,847

 
550,348

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$77.09
 
$70.53
 
$69.38
 
$78.47
 
$69.09
Previous escalated cash rent psf - office leases commenced (3)
$73.39
 
$62.82
 
$67.90
 
$71.70
 
$66.03
Increase in new cash rent over previously escalated cash rent (2) (3)
5.0%
 
12.3%
 
2.2%
 
9.4%
 
4.6%
Average lease term
16.1
 
11.5
 
11.0
 
6.8
 
21.1
Tenant concession packages psf
$77.97
 
$79.94
 
$67.08
 
$43.57
 
$69.64
Free rent months
4.4
 
7.1
 
5.7
 
4.9
 
5.8
 
 
 
 
 
 
 
 
 
 
(1) Property data includes operating office, retail, residential, development, and redevelopment properties.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.

Supplemental Information
10
Third Quarter 2019

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KEY FINANCIAL DATA
Suburban Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
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https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
As of or for the three months ended
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
9/30/2018
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
16,933

 
$
16,933

 
$
17,121

 
$
17,707

 
$
17,338

Property operating expenses
9,123

 
8,598

 
8,807

 
8,153

 
9,480

Property NOI
$
7,810

 
$
8,335

 
$
8,314

 
$
9,554

 
$
7,858

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
53

 
$
135

 
$
117

 
$
(588
)
 
$
(529
)
 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JVs
$

 
$

 
$

 
$

 
$

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
13

 
13

 
13

 
13

 
13

Unconsolidated office buildings in service

 

 

 

 

 
13

 
13

 
13

 
13

 
13

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
2,295,200

 
2,295,200

 
2,295,200

 
2,295,200

 
2,295,200

Unconsolidated office buildings in service - square footage

 

 

 

 

 
2,295,200

 
2,295,200

 
2,295,200

 
2,295,200

 
2,295,200

 
 
 
 
 
 
 
 
 
 
Same-Store office occupancy (consolidated + JVs)
89.4%
 
90.0%
 
90.4%
 
91.3%
 
91.6%
Same-Store office occupancy inclusive of leases signed not yet commenced
89.6%
 
90.0%
 
91.1%
 
91.8%
 
92.1%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
New leases commenced
4

 
5

 
2

 
4

 
3

Renewal leases commenced
3

 
7

 
6

 
4

 
5

Total office leases commenced
7

 
12

 
8

 
8

 
8

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
2,854

 
14,994

 
1,165

 
10,348

 
5,732

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
26,281

 
75,796

 
31,025

 
125,609

 
21,463

Total office square footage commenced
29,135

 
90,790

 
32,190

 
135,957

 
27,195

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$32.37
 
$38.59
 
$32.93
 
$26.17
 
$36.77
Previous escalated cash rent psf - office leases commenced (3)
$30.97
 
$39.87
 
$32.73
 
$27.79
 
$36.97
Increase (decrease) in new cash rent over previously escalated cash rent (2) (3)
4.5%
 
(3.2)%
 
0.6%
 
(5.8)%
 
(0.5)%
Average lease term
1.5
 
8.6
 
4.5
 
7.5
 
2.5
Tenant concession packages psf
$2.31
 
$14.27
 
$11.72
 
$24.73
 
$5.20
Free rent months
0.4
 
7.8
 
3.5
 
6.9
 
1.0
 
 
 
 
 
 
 
 
 
 
(1) Property data includes operating office, retail, and development properties.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.

Supplemental Information
11
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
As of
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
9/30/2018
Assets
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
     Land and land interests
$
1,860,922

 
$
1,929,496

 
$
1,775,006

 
$
1,774,899

 
$
1,827,999

     Building and improvements
5,352,144

 
5,749,261

 
5,294,612

 
5,268,484

 
5,271,442

     Building leasehold and improvements
1,431,183

 
1,427,225

 
1,423,282

 
1,423,107

 
1,427,381

     Right of use asset - financing leases
47,445

 
47,445

 
47,445

 
47,445

 
47,445

     Right of use asset - operating leases
396,795

 
396,795

 
396,148

 

 

 
9,088,489

 
9,550,222

 
8,936,493

 
8,513,935

 
8,574,267

Less: accumulated depreciation
(2,147,395
)
 
(2,217,013
)
 
(2,154,075
)
 
(2,099,137
)
 
(2,049,338
)
Net real estate
6,941,094

 
7,333,209

 
6,782,418

 
6,414,798

 
6,524,929

 
 
 
 
 
 
 
 
 
 
Other real estate investments:
 
 
 
 
 
 
 
 
 
    Investment in unconsolidated joint ventures
2,923,595

 
2,937,153

 
3,055,368

 
3,019,020

 
3,070,825

    Debt and preferred equity investments, net
1,954,556

(1) 
2,228,912

 
2,272,241

 
2,099,393

 
1,977,057

 
 
 
 
 
 
 
 
 
 
Assets held for sale, net
403,488

(2) 

 

 

 
696,069

Cash and cash equivalents
121,751

 
148,978

 
144,323

 
129,475

 
160,248

Restricted cash
94,793

 
92,169

 
151,388

 
149,638

 
98,344

Investment in marketable securities
30,208

 
29,978

 
29,406

 
28,638

 
28,538

Tenant and other receivables, net of $14,082 of cumulative charge-offs at 9/30/2019
44,950

 
38,270

 
47,829

 
41,589

 
44,614

Related party receivables
20,030

 
23,686

 
29,458

 
28,033

 
21,425

Deferred rents receivable, net of $13,311 of cumulative charge-offs at 9/30/2019
306,431

 
341,659

 
337,099

 
335,985

 
329,325

Deferred costs, net
182,621

 
220,572

 
211,615

 
209,110

 
202,500

Other assets
271,467

 
235,355

 
324,629

 
295,679

 
301,128

 
 
 
 
 
 
 
 
 
 
 Total Assets
$
13,294,984

 
$
13,629,941

 
$
13,385,774

 
$
12,751,358

 
$
13,455,002

 
 
 
 
 
 
 
 
 
 
(1) Excludes debt and preferred equity investments totaling $34.6 million with a weighted average current yield of 6.57% that are included in other balance sheet line items.
(2) Includes 220 East 42nd Street and 1010 Washington Boulevard, Stamford, Connecticut.
 
 
 
 
 
 
 
 
 

Supplemental Information
12
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
As of
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
9/30/2018
Liabilities
 
 
 
 
 
 
 
 
 
Mortgages and other loans payable
$
2,454,684

 
$
2,366,907

 
$
2,046,906

 
$
1,988,160

 
$
2,339,030

Unsecured term loans
1,500,000

 
1,500,000

 
1,500,000

 
1,500,000

 
1,500,000

Unsecured notes
1,503,072

 
1,503,305

 
1,503,534

 
1,503,758

 
1,503,986

Revolving credit facility
335,000

 
670,000

 
790,000

 
500,000

 
145,000

Deferred financing costs
(56,988
)
 
(57,423
)
 
(50,376
)
 
(50,218
)
 
(47,220
)
Total debt, net of deferred financing costs
5,735,768

 
5,982,789

 
5,790,064

 
5,441,700

 
5,440,796

Accrued interest
27,568

 
25,564

 
28,930

 
23,154

 
27,211

Accounts payable and accrued expenses
143,361

 
133,473

 
111,899

 
147,061

 
141,082

Deferred revenue
126,321

 
122,941

 
102,598

 
94,453

 
110,283

Lease liability - financing leases
44,251

 
44,034

 
43,823

 
43,616

 
43,416

Lease liability - operating leases
384,661

 
387,602

 
389,857

 

 

Dividends and distributions payable
78,541

 
79,272

 
80,047

 
80,430

 
79,165

Security deposits
62,166

 
62,735

 
61,139

 
64,688

 
64,501

Liabilities related to assets held for sale

 

 

 

 
311,049

Junior subordinated deferrable interest debentures
100,000

 
100,000

 
100,000

 
100,000

 
100,000

Other liabilities
140,899

 
123,921

 
135,448

 
120,169

 
101,296

Total liabilities
6,843,536

 
7,062,331

 
6,843,805

 
6,115,271

 
6,418,799

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in operating partnership
 
 
 
 
 
 
 
 
 
     (4,258 units outstanding) at 9/30/2019
401,863

 
401,824

 
412,361

 
387,805

 
467,743

Preferred units
286,285

 
286,285

 
285,285

 
300,427

 
301,285

 
 
 
 
 
 
 
 
 
 
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, 82,570
 
 
 
 
 
 
 
 
 
issued and outstanding at 9/30/2019, including 1,055 shares held in treasury
826

 
835

 
843

 
847

 
867

Additional paid–in capital
4,407,667

 
4,451,209

 
4,492,581

 
4,508,685

 
4,602,650

Treasury stock
(124,049
)
 
(124,049
)
 
(124,049
)
 
(124,049
)
 
(124,049
)
Accumulated other comprehensive (loss) income
(40,132
)
 
(28,395
)
 
(4,005
)
 
15,108

 
36,299

Retained earnings
1,225,904

 
1,288,390

 
1,210,497

 
1,278,998

 
1,476,959

Total SL Green Realty Corp. stockholders' equity
5,692,148

 
5,809,922

 
5,797,799

 
5,901,521

 
6,214,658

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in other partnerships
71,152

 
69,579

 
46,524

 
46,334

 
52,517

 
 
 
 
 
 
 
 
 
 
Total equity
5,763,300

 
5,879,501

 
5,844,323

 
5,947,855

 
6,267,175

 
 
 
 
 
 
 
 
 
 
 Total Liabilities and Equity
$
13,294,984

 
$
13,629,941

 
$
13,385,774

 
$
12,751,358

 
$
13,455,002

 
 
 
 
 
 
 
 
 
 

Supplemental Information
13
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg



Three Months Ended
 
Three Months Ended
 
Nine Months Ended

September 30,
 
September 30,
 
 
June 30,
 
 
September 30,
 
September 30,
 
2019
 
2018
 
 
2019
 
 
2019

2018
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
215,447

 
$
221,763

 
 
$
216,480

 
 
$
644,566

 
$
648,501

Escalation and reimbursement revenues
32,581

 
29,103

 
 
28,479

 
 
88,539

 
82,554

Investment income
51,518

 
48,977

 
 
51,618

 
 
153,167

 
143,540

Other income
14,088

 
7,702

 
 
16,447

 
 
44,641

 
35,761

Total Revenues, net
313,634

 
307,545

 
 
313,024

 
 
930,913

 
910,356

 
 
 
 
 
 
 
 
 
 
 
 
Equity in net (loss) income from unconsolidated joint ventures
(9,864
)
 
971

 
 
(7,546
)
 
 
(22,644
)

9,709

Loss on early extinguishment of debt

 
(2,194
)
 
 

 
 


(2,194
)
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
59,847

 
56,852

 
 
58,317

 
 
175,862

 
172,871

Operating lease rent
8,295

 
9,507

 
 
8,298

 
 
24,891

 
26,661

Real estate taxes
49,626

 
48,805

 
 
46,694

 
 
143,008

 
139,788

Loan loss and other investment reserves, net of recoveries

 
1,087

 
 

 
 

 
1,087

Transaction related costs
44


163

 
 
261

 
 
360


673

Marketing, general and administrative
23,841

 
20,594

 
 
25,480

 
 
75,300


66,601

Total Operating Expenses
141,653

 
137,008

 
 
139,050

 
 
419,421

 
407,681

 
 
 

 
 
 
 
 
 
 
 
Operating Income
162,117

 
169,314

 
 
166,428

 
 
488,848

 
510,190

 
 
 
 
 
 
 
 
 

 
 
Interest expense, net of interest income
48,112

 
55,168

 
 
47,160

 
 
145,797


156,695

Amortization of deferred financing costs
3,112

 
2,630

 
 
2,712

 
 
8,566


9,713

Depreciation and amortization
70,464

 
70,747

 
 
69,461

 
 
208,268


208,049

Income from Continuing Operations (1)
40,429

 
40,769

 
 
47,095

 
 
126,217


135,733

 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on sale of real estate
3,541

 
(2,504
)
 
 

 
 
2,492

 
6,227

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

 
70,937

 
 
59,015

 
 
76,181

 
136,522

Purchase price and other fair value adjustments
3,799

 
(3,057
)
 
 
67,631

 
 
69,389

 
57,385

Depreciable real estate reserves
(7,047
)
 
(6,691
)
 
 

 
 
(7,047
)
 
(6,691
)
Net Income
40,722

 
99,454

 
 
173,741

 
 
267,232

 
329,176

 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
(1,095
)
 
(4,661
)
 
 
(6,172
)
 
 
(9,782
)

(15,890
)
Dividends on preferred units
(2,732
)
 
(2,846
)
 
 
(2,729
)
 
 
(8,185
)
 
(8,542
)
 
 
 

 
 
 
 
 
 
 
 
Net Income Attributable to SL Green Realty Corp
36,895

 
91,947

 
 
164,840

 
 
249,265

 
304,744

 
 
 
 
 
 
 
 
 
 
 
 
Dividends on perpetual preferred shares
(3,738
)
 
(3,738
)
 
 
(3,737
)
 
 
(11,213
)
 
(11,213
)
 
 
 

 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
33,157

 
$
88,209

 
 
$
161,103

 
 
$
238,052

 
$
293,531

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share - Net income per share (basic)
$
0.40

 
$
1.03

 
 
$
1.94

 
 
$
2.87

 
$
3.34

Earnings per share - Net income per share (diluted)
$
0.40

 
$
1.03

 
 
$
1.94

 
 
$
2.87

 
$
3.34

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

Supplemental Information
14
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
Three Months Ended
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
June 30,
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
 
2019
 
 
2019
 
2018
Funds from Operations
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
33,157

 
$
88,209

 
 
$
161,103

 
 
$
238,052

 
$
293,531

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
70,464

 
70,747

 
 
69,461

 
 
208,268

 
208,049

 
Unconsolidated JV depreciation and noncontrolling interests adjustments
47,674

 
45,485

 
 
49,903

 
 
145,202

 
140,799

 
Net income attributable to noncontrolling interests
1,095

 
4,661

 
 
6,172

 
 
9,782

 
15,890

 
(Gain) loss on sale of real estate
(3,541
)
 
2,504

 
 

 
 
(2,492
)
 
(6,227
)
 
Equity in net gain on sale of joint venture property / real estate

 
(70,937
)
 
 
(59,015
)
 
 
(76,181
)
 
(136,522
)
 
Purchase price and other fair value adjustments
(3,799
)
 
3,057

 
 
(67,631
)
 
 
(69,389
)
 
(57,385
)
 
Depreciable real estate reserves
7,047

 
6,691

 
 

 
 
7,047

 
6,691

 
Non-real estate depreciation and amortization
(740
)
 
(616
)
 
 
(746
)
 
 
(2,193
)
 
(1,766
)
 
Funds From Operations
$
151,357

 
$
149,801

 
 
$
159,247

 
 
$
458,096


$
463,060

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Basic per Share
$
1.75

 
$
1.66

 
 
$
1.83

 
 
$
5.26

 
$
5.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Diluted per Share
$
1.75

 
$
1.66

 
 
$
1.82

 
 
$
5.25

 
$
5.00

 
 
 
 
 
 
 
 
 
 
 
 
 
Funds Available for Distribution
 
 
 
 
 
 
 
 
 
 
 
FFO
$
151,357

 
$
149,801

 
 
$
159,247

 
 
$
458,096

 
$
463,060

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
740

 
616

 
 
746

 
 
2,193


1,766

 
Amortization of deferred financing costs
3,112

 
2,630

 
 
2,712

 
 
8,566

 
9,713

 
Non-cash deferred compensation
6,953

 
6,640

 
 
5,570

 
 
25,339

 
26,323

 
FAD adjustment for joint ventures
(29,706
)
 
(12,573
)
 
 
(29,320
)
 
 
(81,791
)
 
(52,396
)
 
Straight-line rental income and other non cash adjustments
(8,403
)
 
(9,580
)
 
 
(8,121
)
 
 
(21,119
)
 
(22,185
)
 
Second cycle tenant improvements
(22,832
)
 
(16,434
)
 
 
(19,248
)
 
 
(50,501
)
 
(42,082
)
 
Second cycle leasing commissions
(5,718
)
 
(8,892
)
 
 
(4,945
)
 
 
(17,673
)
 
(17,191
)
 
Revenue enhancing recurring CAPEX
(558
)
 
(663
)
 
 
(665
)
 
 
(1,556
)
 
(2,168
)
 
Non-revenue enhancing recurring CAPEX
(13,626
)
 
(17,027
)
 
 
(15,323
)
 
 
(37,333
)
 
(36,079
)
Reported Funds Available for Distribution
$
81,319

 
$
94,518

 
 
$
90,653

 
 
$
284,221

 
$
328,761

 
 
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvements
$
750

 
$
1,325

 
 
$
1,388

 
 
$
2,498

 
$
4,190

 
First cycle leasing commissions
$

 
$
337

 
 
$
8,965

 
 
$
14,034

 
$
1,259

 
Development costs
$
8,850

 
$
5,050

 
 
$
5,257

 
 
$
18,762

 
$
23,666

 
Redevelopment costs
$
21,613

 
$
4,437

 
 
$
12,898

 
 
$
40,624

 
$
14,463

 
Capitalized interest
$
15,699

 
$
8,505

 
 
$
12,019

 
 
$
38,227

 
$
22,785

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
15
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
Series I
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
Preferred
 
Common
 
Additional
 
Treasury
 
Retained
 
Noncontrolling
 
Comprehensive
 
 
 
 
 
 
Stock
 
Stock
 
Paid-In Capital
 
Stock
 
Earnings
 
Interests
 
Income (Loss)
 
TOTAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
$
221,932

 
$
847

 
$
4,508,685

 
$
(124,049
)
 
$
1,278,998

 
$
46,334

 
$
15,108

 
$
5,947,855

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
249,265

 
(2,523
)
 
 
 
246,742

Acquisition of subsidiary interest from noncontrolling interest
 
 
 
 
 
(569
)
 
 
 
 
 
(25,276
)
 
 
 
(25,845
)
Preferred dividends
 
 
 
 
 
 
 
 
 
(11,213
)
 
 
 
 
 
(11,213
)
Cash distributions declared ($2.55 per common share)
 
 
 
 
 
 
 
 
 
(209,517
)
 
 
 
 
 
(209,517
)
Cash distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
(478
)
 
 
 
(478
)
Other comprehensive loss - unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(42,249
)
 
(42,249
)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(14,484
)
 
(14,484
)
Other comprehensive gain - unrealized gain on marketable securities
 
 
 
 
 
 
 
 
 
 
 
 
 
1,493

 
1,493

DRSPP proceeds
 
 
 
 
 
302

 
 
 
 
 
 
 
 
 
302

Repurchases of common stock
 
 
 
(21
)
 
(117,703
)
 
 
 
(66,120
)
 
 
 
 
 
(183,844
)
Conversion of units of the Operating Partnership to common stock
 
 
 
 
 
471

 
 
 
 
 
 
 
 
 
471

Contributions to consolidated joint ventures
 
 
 
 
 
 
 
 
 
 
 
53,095

 
 
 
53,095

Reallocation of noncontrolling interests in the Operating Partnership
 
 
 
 
 
 
 
 
 
(15,509
)
 
 
 
 
 
(15,509
)
Deferred compensation plan and stock awards, net
 
 
 
 
 
16,481

 
 
 
 
 
 
 
 
 
16,481

Balance at September 30, 2019
 
$
221,932

 
$
826

 
$
4,407,667

 
$
(124,049
)
 
$
1,225,904

 
$
71,152

 
$
(40,132
)
 
$
5,763,300

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
OP Units
 
Stock-Based Compensation
 
Diluted Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share Count at December 31, 2018
 
 
83,683,847

 
4,130,579

 

 
87,814,426

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
YTD share activity
 
 
(2,168,781
)
 
127,175

 

 
(2,041,606
)
 
 
 
 
 
 
 
 
Share Count at September 30, 2019 - Basic
 
81,515,066

 
4,257,754

 

 
85,772,820

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighting factor
 
 
1,340,107

 
25,474

 
171,029

 
1,536,610

 
 
 
 
 
 
 
 
Weighted Average Share Count at September 30, 2019 - Diluted
 
82,855,173

 
4,283,228

 
171,029

 
87,309,430

 
 
 
 
 
 
 
 


Supplemental Information
16
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
June 30, 2019
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
SLG Share
 
Total
 
SLG Share
 
Total
 
SLG Share
Assets
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
 
 
     Land and land interests
$
3,903,665

 
$
1,886,617

 
$
3,892,587

 
$
1,880,967

 
$
4,014,425

 
$
1,937,418

     Building and improvements
10,255,247

 
5,086,802

 
10,026,975

 
4,952,690

 
10,150,482

 
4,944,693

     Building leasehold and improvements
416,668

 
211,258

 
394,503

 
200,176

 
394,722

 
200,287

     Right of use asset - financing leases
634,822

 
321,864

 
634,822

 
321,864

 
634,663

 
321,783

     Right of use asset - operating leases
236,519

 
116,376

 
236,519

 
116,376

 
236,519

 
116,376

 
15,446,921

 
7,622,917

 
15,185,406

 
7,472,073

 
15,430,811

 
7,520,557

Less: accumulated depreciation
(1,166,763
)
 
(516,005
)
 
(1,034,345
)
 
(459,917
)
 
(1,067,859
)
 
(458,371
)
 Net real estate
14,280,158

 
7,106,912

 
14,151,061

 
7,012,156

 
14,362,952

 
7,062,186

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
226,208

 
112,547

 
217,981

 
109,455

 
225,382

 
117,440

Restricted cash
73,491

 
34,600

 
101,447

 
47,937

 
145,450

 
72,082

Debt and preferred equity investments, net

 

 

 

 
44,824

 
44,824

Tenant and other receivables, net of $6,513 of cumulative charge-offs at 9/30/2019, of which $3,541 is SLG share
44,472

 
17,418

 
40,699

 
15,469

 
56,346

 
26,345

Deferred rents receivable, net of $3,405 of cumulative charge-offs at 9/30/2019, of which $1,364 is SLG share
315,922

 
151,590

 
280,903

 
132,579

 
265,350

 
122,640

Deferred costs, net
189,627

 
105,152

 
175,521

 
97,512

 
176,920

 
96,081

Other assets
1,894,794

 
844,474

 
1,917,972

 
849,865

 
2,014,521

 
896,875

Total Assets
$
17,024,672

 
$
8,372,693

 
$
16,885,584

 
$
8,264,973

 
$
17,291,745

 
$
8,438,473

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
Mortgage and other loans payable, net of deferred financing costs of $97,400 at 9/30/2019,
of which $46,832 is SLG share
$
8,799,015

 
$
3,883,638

 
$
8,591,391

 
$
3,749,889

 
$
8,760,333

 
$
3,760,385

Accrued interest
26,911

 
11,393

 
28,360

 
11,573

 
29,839

 
12,399

Accounts payable and accrued expenses
233,823

 
122,393

 
224,112

 
118,010

 
265,314

 
143,048

Deferred revenue
1,535,067

 
684,525

 
1,558,660

 
692,369

 
1,620,437

 
720,421

Lease liability - financing leases
637,314

 
323,089

 
637,347

 
323,112

 
637,199

 
323,042

Lease liability - operating leases
261,682

 
128,215

 
263,255

 
129,016

 
264,609

 
129,706

Security deposits
26,960

 
9,966

 
26,989

 
10,034

 
33,820

 
12,680

Other liabilities
12,882

 
7,547

 
10,547

 
5,379

 
12,161

 
6,664

Equity
5,491,018

 
3,201,927

 
5,544,923

 
3,225,591

 
5,668,033

 
3,330,128

Total Liabilities and Equity
$
17,024,672

 
$
8,372,693

 
$
16,885,584

 
$
8,264,973

 
$
17,291,745

 
$
8,438,473



Supplemental Information
17
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
September 30, 2019
 
June 30, 2019
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total
 
 SLG Share
 
 Total
 
 SLG Share
 
 Total
 
 SLG Share
Revenues
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
$
239,246

 
$
105,169

 
$
248,446

 
$
108,310

 
$
253,280

 
$
107,543

Escalation and reimbursement revenues
42,464

 
19,852

 
36,451

 
17,017

 
43,910

 
20,702

Investment income
1,264

 
314

 
1,417

 
476

 
4,663

 
4,469

Other income
3,036

 
1,123

 
4,134

 
1,665

 
3,016

 
1,173

Total Revenues, net
$
286,010

 
$
126,458

 
$
290,448

 
$
127,468

 
$
304,869

 
$
133,887

 
 
 
 
 
 
 
 
 
 
 
 
Loss on early extinguishment of debt
(1,031
)
 
(258
)
 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
$
50,759

 
$
22,389

 
$
48,514

 
$
20,683

 
$
56,304

 
$
23,887

Operating lease rent
6,713

 
3,270

 
6,234

 
3,026

 
4,397

 
2,108

Real estate taxes
53,321

 
23,920

 
51,987

 
23,146

 
56,747

 
24,861

Total Operating Expenses
$
110,793

 
$
49,579

 
$
106,735

 
$
46,855

 
$
117,448

 
$
50,856

 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
174,186

 
$
76,621

 
$
183,713

 
$
80,613

 
$
187,421

 
$
83,031

 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of interest income
$
92,601

 
$
38,295

 
$
93,693

 
$
38,281

 
$
88,328

 
$
34,947

Amortization of deferred financing costs
4,436

 
1,505

 
4,782

 
1,591

 
4,446

 
1,390

Depreciation and amortization
100,736

 
46,557

 
103,681

 
48,176

 
101,538

 
45,839

Net (Loss) Income
$
(23,587
)
 
$
(9,736
)
 
$
(18,443
)
 
$
(7,435
)
 
$
(6,891
)
 
$
855

 
 
 
 
 
 
 
 
 
 
 
 
Real estate depreciation
100,449

 
46,500

 
103,392

 
48,120

 
101,247

 
45,782

FFO Contribution
$
76,862

 
$
36,764

 
$
84,949

 
$
40,685

 
$
94,356

 
$
46,637

 
 
 
 
 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
287

 
$
57

 
$
289

 
$
56

 
$
291

 
$
57

Amortization of deferred financing costs
4,436

 
1,505

 
4,782

 
1,591

 
4,446

 
1,390

Straight-line rental income and other non-cash adjustments
(39,890
)
 
(21,563
)
 
(38,144
)
 
(20,386
)
 
(19,483
)
 
(9,164
)
Second cycle tenant improvement
(9,755
)
 
(4,885
)
 
(12,766
)
 
(6,712
)
 
(4,460
)
 
(2,340
)
Second cycle leasing commissions
(2,851
)
 
(1,610
)
 
(983
)
 
(499
)
 
(1,786
)
 
(960
)
Revenue enhancing recurring CAPEX
(1,485
)
 
(563
)
 
(1,054
)
 
(368
)
 
(220
)
 
(68
)
Non-revenue enhancing recurring CAPEX
(5,383
)
 
(2,647
)
 
(6,907
)
 
(3,002
)
 
(2,813
)
 
(1,488
)
Total FAD Adjustments
$
(54,641
)
 
$
(29,706
)
 
$
(54,783
)
 
$
(29,320
)
 
$
(24,025
)
 
$
(12,573
)
 
 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
373

 
$
110

 
$
5,943

 
$
3,106

 
$
40,089

 
$
19,242

First cycle leasing commissions
$
123

 
$
75

 
$
133

 
$
68

 
$
752

 
$
284

Development costs
$
127,656

 
$
90,649

 
$
147,326

 
$
104,617

 
$
125,459

 
$
89,088

Redevelopment costs
$
25,822

 
$
13,120

 
$
5,115

 
$
2,258

 
$
8,743

 
$
4,534

Capitalized interest
$
7,164

 
$
5,087

 
$
5,571

 
$
3,956

 
$
12,496

 
$
7,362


Supplemental Information
18
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 Total
 
 SLG Share
 
 Total
 
 SLG Share
Revenues
 
 
 
 
 
 
 
Rental revenue, net
$
745,584

 
$
325,211

 
$
799,256

 
$
341,442

Escalation and reimbursement revenues
117,959

 
55,127

 
121,736

 
57,125

Investment income
10,332

 
3,017

 
10,027

 
9,263

Other income
10,102

 
3,852

 
8,986

 
3,507

Total Revenues, net
$
883,977

 
$
387,207

 
$
940,005

 
$
411,337

 
 
 
 
 
 
 
 
Loss on early extinguishment of debt
(1,031
)
 
(258
)
 

 

 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Operating expenses
$
153,397

 
$
65,928

 
$
166,433

 
$
69,014

Operating lease rent
18,848

 
9,156

 
13,247

 
6,351

Real estate taxes
159,544

 
70,705

 
169,612

 
72,970

Total Operating Expenses
$
331,789

 
$
145,789

 
$
349,292

 
$
148,335

 
 
 
 
 


 


Operating Income
$
551,157

 
$
241,160

 
$
590,713

 
$
263,002

 
 
 
 
 
 
 
 
Interest expense, net of interest income
$
282,917

 
$
115,983

 
$
269,717

 
$
107,397

Amortization of deferred financing costs
14,434

 
4,664

 
16,912

 
4,815

Depreciation and amortization
308,748

 
142,861

 
318,113

 
141,023

Net (Loss) income
$
(54,942
)
 
$
(22,348
)
 
$
(14,029
)
 
$
9,767

 
 
 
 
 
 
 
 
Real estate depreciation
307,883

 
142,691

 
317,222

 
140,851

FFO Contribution
$
252,941

 
$
120,343

 
$
303,193

 
$
150,618

 
 
 
 
 
 
 
 
FAD Adjustments:
 
 
 
 
 
 
 
Non real estate depreciation and amortization
$
865

 
$
170

 
$
891

 
$
172

Amortization of deferred financing costs
14,434

 
4,664

 
16,912

 
4,815

Straight-line rental income and other non-cash adjustments
(119,500
)
 
(63,975
)
 
(64,933
)
 
(32,904
)
Second cycle tenant improvement
(24,811
)
 
(12,479
)
 
(50,745
)
 
(17,125
)
Second cycle leasing commissions
(5,431
)
 
(2,833
)
 
(10,264
)
 
(3,808
)
Revenue enhancing recurring CAPEX
(2,771
)
 
(1,026
)
 
(1,419
)
 
(308
)
Non-revenue enhancing recurring CAPEX
(14,268
)
 
(6,312
)
 
(6,447
)
 
(3,238
)
Total FAD Adjustments
$
(151,482
)
 
$
(81,791
)
 
$
(116,005
)
 
$
(52,396
)
 
 
 
 
 
 
 
 
First cycle tenant improvement
$
12,180

 
$
5,195

 
$
99,133

 
$
52,198

First cycle leasing commissions
$
501

 
$
268

 
$
4,372

 
$
1,195

Development costs
$
424,031

 
$
301,106

 
$
363,638

 
$
155,896

Redevelopment costs
$
30,161

 
$
14,754

 
$
25,149

 
$
13,733

Capitalized Interest
$
17,664

 
$
12,543

 
$
37,275

 
$
22,128


Supplemental Information
19
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED FINANCIAL DATA
Net Operating Income
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
Three Months Ended
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
June 30,
 

September 30,
 
September 30,
 
 
2019
 
2018
 
 
2019
 
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Income (1)
$
135,744

 
$
140,223

 
 
$
138,358

 

$
409,607

 
$
408,767

 
SLG share of property NOI from unconsolidated JVs
76,552

 
78,497

 
 
79,556

 

237,811

 
253,324

 
NOI including SLG share of unconsolidated JVs
$
212,296

 
$
218,720

 
 
$
217,914

 

$
647,418

 
$
662,091

 
Partners' share of NOI - consolidated JVs
(536
)
 
(601
)
 
 
(488
)
 
 
(1,532
)
 
(1,662
)
 
NOI - SLG share
$
211,760

 
$
218,119

 
 
$
217,426

 

$
645,886

 
$
660,429

 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI, including SLG share of unconsolidated JVs
$
212,296

 
$
218,720

 
 
$
217,914

 

$
647,418

 
$
662,091

 
Free rent (net of amortization)
(16,729
)
 
(6,058
)
 
 
(16,012
)
 

(49,187
)
 
(15,377
)
 
Amortization of acquired above and below-market leases, net
(5,281
)
 
(5,592
)
 
 
(5,503
)
 

(16,393
)
 
(17,808
)
 
Straight-line revenue adjustment
(5,822
)
 
(5,915
)
 
 
(4,615
)
 

(15,493
)
 
(15,742
)
 
Straight-line tenant credit loss
848

 
161

 
 
18

 

3,602

 
(890
)
 
Operating lease straight-line adjustment
888

 
1,344

 
 
988

 

2,848

 
3,337

 
Cash NOI, including SLG share of unconsolidated JVs
$
186,200

 
$
202,660

 
 
$
192,790

 

$
572,795

 
$
615,611

 
Partners' share of cash NOI - consolidated JVs
(564
)
 
(529
)
 
 
(502
)
 

(1,570
)
 
(1,603
)
 
Cash NOI - SLG share
$
185,636

 
$
202,131

 
 
$
192,288

 

$
571,225

 
$
614,008

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
 
 
 
 
 
 
 
 
 
 
 
 
NOI Summary by Portfolio (1) - SLG Share
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
 
 
 
 
 
 
 
NOI
 
Cash NOI
 
NOI
 
Cash NOI
 
 
 
 
 
 
 
 
 
 
 
 
Manhattan Operating Properties
$
181,509

 
$
159,025

 
$
545,620

 
$
480,135

 
 
Suburban Operating Properties
7,429

 
6,857

 
23,324

 
22,577

 
 
Retail Operating Properties
12,897

 
11,732

 
39,741

 
36,058

 
 
Residential Operating Properties
7,768

 
7,614

 
23,854

 
23,400

 
 
Development/Redevelopment
3,034

 
1,175

 
6,821

 
3,228

 
 
Total Operating and Development
212,637

 
186,403

 
639,360

 
565,398

 
 
Property Dispositions
(65
)
 
(65
)
 
4,426

 
3,418

 
 
Other (2)
(812
)
 
(702
)
 
2,100

 
2,409

 
 
Total
$
211,760

 
$
185,636

 
$
645,886

 
$
571,225

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Portfolio composition consistent with property tables found on pages 29-32
 
 
(2) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
20
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED FINANCIAL DATA
2019 Same Store Net Operating Income - Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg




Three Months Ended
 
Three Months Ended
Nine Months Ended
 



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



2019
 
2018
%
 
 
2019
 
 
2019
 
2018
%
Revenues

 
 
 
 
 
 
 
 
 
 
 
 
 

Rental revenue, net

$
209,230

 
$
209,914

(0.3
)%
 
 
$
211,369

 
 
$
628,354

 
$
618,600

1.6
 %

Escalation & reimbursement revenues

31,924

 
28,874

10.6
 %
 
 
27,950

 
 
87,130

 
81,713

6.6
 %

Other income

6,251

 
1,289

384.9
 %
 
 
4,541

 
 
11,388

 
10,307

10.5
 %

Total Revenues

$
247,405

 
$
240,077

3.1
 %
 
 
$
243,860

 
 
$
726,872

 
$
710,620

2.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses


 
 
 
 
 
 
 
 
 
 
 
 

Operating expenses

$
52,720

 
$
51,406

2.6
 %
 
 
$
51,400

 
 
$
155,930

 
$
153,852

1.4
 %

Operating lease rent

8,295

 
8,308

(0.2
)%
 
 
8,298

 
 
24,891

 
24,923

(0.1
)%

Real estate taxes

48,929

 
46,173

6.0
 %
 
 
46,067

 
 
141,057

 
134,311

5.0
 %



$
109,944

 
$
105,887

3.8
 %
 
 
$
105,765

 
 
$
321,878

 
$
313,086

2.8
 %




 
 
 
 
 
 
 
 
 
 
 
 

Operating Income

$
137,461

 
$
134,190

2.4
 %
 
 
$
138,095

 
 
$
404,994

 
$
397,534

1.9
 %




 
 
 
 
 
 
 
 
 
 
 
 

Interest expense & amortization of financing costs
$
21,001

 
$
25,001

(16.0
)%
 
 
$
17,368

 
 
$
55,645

 
$
79,331

(29.9
)%

Depreciation & amortization

61,958

 
65,002

(4.7
)%
 
 
61,715

 
 
184,617

 
188,071

(1.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Income before noncontrolling interest

$
54,502

 
$
44,187

23.3
 %
 
 
$
59,012

 

$
164,732

 
$
130,132

26.6
 %
Plus:
Real estate depreciation & amortization

61,895

 
64,939

(4.7
)%
 
 
61,651

 
 
184,427

 
187,873

(1.8
)%

FFO Contribution

$
116,397

 
$
109,126

6.7
 %
 
 
$
120,663

 
 
$
349,159

 
$
318,005

9.8
 %




 
 
 
 
 
 
 
 
 
 
 
 
Less:
Non–building revenue

2,664

 
239

1,014.6
 %
 
 
196

 
 
2,942

 
5,099

(42.3
)%




 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
21,001

 
25,001

(16.0
)%
 
 
17,368

 
 
55,645

 
79,331

(29.9
)%

Non-real estate depreciation

63

 
63

 %
 
 
64

 
 
190

 
198

(4.0
)%

NOI

$
134,797

 
$
133,951

0.6
 %
 
 
$
137,899

 
 
$
402,052


$
392,435

2.5
 %




 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments


 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)

$
4,744

 
$
6,948

(31.7
)%
 
 
$
6,078

 
 
$
16,445


$
16,801

(2.1
)%

Straight-line revenue adjustment

(1,557
)
 
(1,254
)
24.2
 %
 
 
(2,529
)
 
 
(6,763
)

(8,746
)
(22.7
)%

Amortization of acquired above and below-market leases, net

902

 
1,320

(31.7
)%
 
 
922

 
 
2,770


4,241

(34.7
)%
Plus:
Operating lease straight-line adjustment

514

 
524

(1.9
)%
 
 
514

 
 
1,542


1,572

(1.9
)%

Straight-line tenant credit loss

848

 
158

436.7
 %
 
 
17

 
 
3,739

 
(924
)
(504.7
)%

Cash NOI

$
132,070

 
$
127,619

3.5
 %
 
 
$
133,959

 
 
$
394,881

 
$
380,787

3.7
 %




 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins


 
 
 
 
 
 
 
 
 
 
 
 

NOI to real estate revenue, net

55.1
%
 
55.9
%


 
 
56.6
%
 
 
55.5
%
 
55.6
%
 

Cash NOI to real estate revenue, net

54.0
%
 
53.2
%


 
 
55.0
%
 
 
54.5
%
 
54.0
%
 




 
 


 
 
 
 
 
 
 
 
 

NOI before operating lease rent/real estate revenue, net

58.5
%
 
59.3
%


 
 
60.0
%
 
 
59.0
%
 
59.2
%
 

Cash NOI before operating lease rent/real estate revenue, net

57.1
%
 
56.5
%


 
 
58.2
%
 
 
57.8
%
 
57.3
%
 

Supplemental Information
21
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED FINANCIAL DATA
2019 Same Store Net Operating Income - Unconsolidated JVs
Unaudited
(Dollars in Thousands, SLG Share)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
Three Months Ended
 
Three Months Ended
Nine Months Ended
 
 
 
 
September 30,
 
September 30,
 
 
 
June 30,
 
 
September 30,
 
September 30,
 
 
 
 
2019
 
2018
%
 
 
2019
 
 
2019
 
2018
%
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
 
$
97,457

 
$
97,001

0.5
 %
 
 
$
98,562

 
 
$
295,562

 
$
296,413

(0.3
)%
 
Escalation & reimbursement revenues
 
19,715

 
19,649

0.3
 %
 
 
16,302

 
 
53,533

 
54,163

(1.2
)%
 
Other income
 
567

 
452

25.4
 %
 
 
1,105

 
 
2,237

 
1,148

94.9
 %
 
Total Revenues
 
$
117,739

 
$
117,102

0.5
 %
 
 
$
115,969

 
 
$
351,332

 
$
351,724

(0.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
$
21,543

 
$
21,823

(1.3
)%
 
 
$
19,224

 
 
$
61,581

 
$
62,297

(1.1
)%
 
Operating lease rent
 
1,927

 
1,922

 %
 
 
1,937

 
 
5,785

 
5,793

 %
 
Real estate taxes
 
22,263

 
22,590

(1.4
)%
 
 
21,086

 
 
64,440

 
65,296

(1.3
)%
 
 
 
$
45,733

 
$
46,335

(1.3
)%
 
 
$
42,247

 
 
$
131,806

 
$
133,386

(1.2
)%
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
$
72,006

 
$
70,767

1.8
 %
 
 
$
73,722

 
 
$
219,526

 
$
218,338

0.5
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
$
34,571

 
$
34,188

1.1
 %
 
 
$
34,783

 
 
$
104,354

 
$
99,677

4.7
 %
 
Depreciation & amortization
 
40,822

 
41,982

(2.8
)%
 
 
42,174

 
 
124,216

 
125,339

(0.9
)%
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Loss before noncontrolling interest
$
(3,387
)
 
$
(5,403
)
(37.3
)%
 
 
$
(3,235
)
 
 
$
(9,044
)
 
$
(6,678
)
35.4
 %
Plus:
Real estate depreciation & amortization
40,765

 
41,925

(2.8
)%
 
 
42,117

 
 
124,047

 
125,171

(0.9
)%
 
FFO Contribution
 
$
37,378

 
$
36,522

2.3
 %
 
 
$
38,882

 
 
$
115,003

 
$
118,493

(2.9
)%
 
 
 

 
 


 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
 
233

 
165

41.2
 %
 
 
649

 
 
1,088

 
510

113.3
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
34,571

 
34,188

1.1
 %
 
 
34,783

 
 
104,354

 
99,677

4.7
 %
 
Non-real estate depreciation
 
57

 
57

 %
 
 
57

 
 
169

 
168

0.6
 %
 
NOI
 
$
71,773

 
$
70,602

1.7
 %
 
 
$
73,073

 
 
$
218,438


$
217,828

0.3
 %
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 

 
 
 
 
 
 
 
 
 
 
 
 
Less:
Free rent (net of amortization)
 
$
11,150

 
$
(1,244
)
(996.3
)%
 
 
$
9,815

 
 
$
31,475


$
(1,648
)
(2,009.9
)%
 
Straight-line revenue adjustment
 
4,589

 
5,122

(10.4
)%
 
 
4,827

 
 
14,588


16,623

(12.2
)%
 
Amortization of acquired above and below-market leases, net
 
4,122

 
4,065

1.4
 %
 
 
4,248

 
 
12,632


11,616

8.7
 %
Plus:
Operating lease straight-line adjustment
 
107

 
258

 %
 
 
208

 
 
573

 
773

 %
 
Straight-line tenant credit loss
 

 

 %
 
 
1

 
 
298

 

 %
 
Cash NOI
 
$
52,019

 
$
62,917

(17.3
)%
 
 
$
54,392

 
 
$
160,614

 
$
192,010

(16.4
)%
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
 
61.1
%
 
60.4
%


 
 
63.4
%
 
 
62.4
%
 
62.0
%
 
 
Cash NOI to real estate revenue, net
44.3
%
 
53.8
%


 
 
47.2
%
 
 
45.9
%
 
54.7
%
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before operating lease rent/real estate revenue, net
62.7
%
 
62.0
%


 
 
65.0
%
 
 
64.0
%
 
63.7
%
 
 
Cash NOI before operating lease rent/real estate revenue, net
45.8
%
 
55.2
%


 
 
48.7
%
 
 
47.3
%
 
56.1
%
 

Supplemental Information
22
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED FINANCIAL DATA
2019 Same Store Net Operating Income
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
 
 
Three Months Ended
 
Three Months Ended
Nine Months Ended
 
 
 
 
September 30,
 
September 30,
 
 
 
June 30,
 
 
September 30,
 
September 30,
 
 
 
 
2019
 
2018
%
 
 
2019
 
 
2019
 
2018
%
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental revenue, net
 
$
209,230

 
$
209,914

(0.3
)%
 
 
$
211,369

 
 
$
628,354

 
$
618,600

1.6
 %
 
Escalation & reimbursement revenues
 
31,924

 
28,874

10.6
 %
 
 
27,950

 
 
87,130

 
81,713

6.6
 %
 
Other income
 
6,251

 
1,289

384.9
 %
 
 
4,541

 
 
11,388

 
10,307

10.5
 %
 
Total Revenues
 
$
247,405

 
$
240,077

3.1
 %
 
 
$
243,860

 
 
$
726,872

 
$
710,620

2.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity in Net Loss from Unconsolidated Joint Ventures (1)
 
$
(3,387
)
 
$
(5,403
)
(37.3
)%
 
 
$
(3,235
)
 
 
$
(9,044
)
 
$
(6,678
)
35.4
 %
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
$
52,720

 
$
51,406

2.6
 %
 
 
$
51,400

 
 
$
155,930

 
$
153,852

1.4
 %
 
Operating lease rent
 
8,295

 
8,308

(0.2
)%
 
 
8,298

 
 
24,891

 
24,923

(0.1
)%
 
Real estate taxes
 
48,929

 
46,173

6.0
 %
 
 
46,067

 
 
141,057

 
134,311

5.0
 %
 
 
 
$
109,944

 
$
105,887

3.8
 %
 
 
$
105,765

 
 
$
321,878

 
$
313,086

2.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
$
134,074

 
$
128,787

4.1
 %
 
 
$
134,860

 
 
$
395,950

 
$
390,856

1.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense & amortization of financing costs
 
$
21,001

 
$
25,001

(16.0
)%
 
 
$
17,368

 
 
$
55,645

 
$
79,331

(29.9
)%
 
Depreciation & amortization
 
61,958

 
65,002

(4.7
)%
 
 
61,715

 
 
184,617

 
188,071

(1.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before noncontrolling interest
 
$
51,115

 
$
38,784

31.8
 %
 
 
$
55,777

 
 
$
155,688

 
$
123,454

26.1
 %
Plus:
Real estate depreciation & amortization
 
61,895

 
64,939

(4.7
)%
 
 
61,651

 
 
184,427

 
187,873

(1.8
)%
 
Joint Ventures Real estate depreciation & amortization (1)
 
40,765

 
41,925

(2.8
)%
 
 
42,117

 
 
124,047

 
$
125,171

(0.9
)%
 
FFO Contribution
$
153,775

 
$
145,648

5.6
 %
 
 
$
159,545

 
 
$
464,162

 
$
436,498

6.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less:
Non–building revenue
 
$
2,664

 
$
239

1,014.6
 %
 
 
$
196

 
 
$
2,942

 
$
5,099

(42.3
)%
 
Joint Ventures Non–building revenue (1)
 
233

 
165

41.2
 %
 
 
649

 
 
1,088

 
510

113.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plus:
Interest expense & amortization of financing costs
 
21,001

 
25,001

(16.0
)%
 
 
17,368

 
 
55,645

 
79,331

(29.9
)%
 
Joint Ventures Interest expense & amortization of financing costs (1)
 
34,571

 
34,188

1.1
 %
 
 
34,783

 
 
104,354

 
99,677

4.7
 %
 
Non-real estate depreciation
 
63

 
63

 %
 
 
64

 
 
190

 
198

(4.0
)%
 
Joint Ventures Non-real estate depreciation (1)
 
57

 
57

 %
 
 
57

 
 
169

 
168

0.6
 %
 
NOI
 
$
206,570

 
$
204,553

1.0
 %
 
 
$
210,972

 
 
$
620,490

 
$
610,263

1.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Adjustments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-cash adjustments
 
$
(2,727
)
 
$
(6,332
)
(56.9
)%
 
 
$
(3,940
)
 
 
$
(7,171
)
 
$
(11,648
)
(38.4
)%
 
Joint Venture non-cash adjustments (1)
 
(19,754
)
 
(7,685
)
157.0
 %
 
 
(18,681
)
 
 
(57,824
)
 
(25,818
)
124.0
 %
 
Cash NOI
 
$
184,089

 
$
190,536

(3.4
)%
 
 
$
188,351

 

$
555,495

 
$
572,797

(3.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI to real estate revenue, net
 
57.0
%
 
57.3
%
 
 
 
58.8
%
 
 
57.8
%
 
57.7
%
 
 
Cash NOI to real estate revenue, net
 
50.8
%
 
53.4
%
 
 
 
52.5
%
 
 
51.7
%
 
54.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI before operating lease rent/real estate revenue, net
 
59.8
%
 
60.2
%
 
 
 
61.6
%
 
 
60.6
%
 
60.7
%
 
 
Cash NOI before operating lease rent/real estate revenue, net
 
53.5
%
 
56.1
%
 
 
 
55.1
%
 
 
54.4
%
 
56.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.
 
 

Supplemental Information
23
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
 
Principal

 
 
 
2019

 
Initial
 
Principal

 
As-Of

 
 
 
 
 
Ownership
 
 
Outstanding

 

 
Principal

 
Maturity
 
Due at

 
Right

Earliest
Fixed rate debt
 
 
Interest (%)
 
 
9/30/2019

 
Coupon (1)
 
Amortization

 
Date
 
Maturity

 
Extension

Prepayment (2)
Secured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
762 Madison Avenue
90.0
 
 
$
771

 
5.00%
 
$

 
Feb-22
 
$
771

 

Open
 
100 Church Street
100.0
 
 
210,382

 
4.68%
 
3,885

 
Jul-22
 
197,784

 

Apr-22
 
420 Lexington Avenue
100.0
 
 
300,000

 
3.99%
 
835

 
Oct-24
 
272,749

 

Jul-24
 
400 East 58th Street
90.0
 
 
39,306

 
3.00%
 
837

 
Nov-26
 
33,840

 

Open
 
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
 
 
35,297

 
3.59%
 
684

 
Feb-27
 
29,527

 

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

 
4.17%
 

 
Feb-27
 
250,000

 

Open
 
 
 
 
 
 
 
$
1,385,756

 
4.24%
 
$
6,241

 
 
 
$
1,334,671

 
 
 
Unsecured fixed rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured notes
 
 
 
$
250,000

 
7.75%
 
$

 
Mar-20
 
$
250,000

 

Open
 
Unsecured notes
 
 
 
499,669

 
3.25%
 

 
Oct-22
 
500,000

 

Open
 
Unsecured notes
 
 
 
303,404

 
4.50%
 

 
Dec-22
 
300,000

 

Open
 
Term loan (swapped)
 
 
 
1,000,000

 
3.19%
(3)

 
Mar-23
(3)
1,000,000

 

Open
 
Unsecured notes
 
 
 
100,000

 
4.27%
 

 
Dec-25
 
100,000

 

Open
 
 
 
 
 
 
 
$
2,153,073

 
3.97%
 
$

 
 
 
$
2,150,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt
 
 
$
3,538,829

 
4.07%
 
$
6,241

 
 
 
$
3,484,671

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FHLB Facility (LIBOR + 18 bps)
 
 
$
14,500

 
2.20%
 
$

 
Dec-19
 
$
14,500

 

Open
 
FHLB Facility (LIBOR + 26 bps)
 
 
10,000

 
2.28%
 

 
Jan-20
 
10,000

 

Open
 
FHLB Facility (LIBOR + 31.5 bps)
 
 
15,000

 
2.33%
 

 
Feb-20
 
15,000

 

Open
 
Debt & preferred equity facility (LIBOR + 222 bps)
 
 
190,107

 
4.24%
(4)

 
Jun-20
 
190,107

 
Jun-22

Open
 
133 Greene Street (LIBOR + 200 bps)
100.0
 
 
15,523

 
4.02%
 

 
Aug-20
 
15,523

 

Open
 
106 Spring Street (LIBOR + 250 bps)
100.0
 
 
38,025

 
4.52%
 

 
Jan-21
 
38,025

 

Open
 
609 Fifth Avenue (LIBOR + 240 bps)
100.0
 
 
52,990

 
4.42%
 

 
Mar-21
 
52,990

 
Mar-22

Open
 
185 Broadway (LIBOR + 285 bps)
100.0
 
 
115,886

 
4.87%
 

 
Nov-21
 
115,886

 

Open
 
712 Madison Avenue (LIBOR + 250 bps)
100.0
 
 
28,000

 
4.52%
 

 
Dec-21
 
28,000

 

Open
 
460 West 34th Street (LIBOR + 222.5 bps)
70.9
 
 
310,236

 
4.24%
 

 
May-22
 
310,236

 

Open
 
Suburban Loan (LIBOR + 279 bps)
100.0
 
 
228,660

(5)
4.80%
 

 
Jul-22
 
228,660

 

Open
 
719 Seventh Avenue (LIBOR + 120 bps)
75.0
 
 
50,000

 
3.22%
 

 
Sep-23
 
50,000

 

Open
 
 
 
 
 
 
 
$
1,068,927

 
4.33%
 
$

 
 
 
$
1,068,927

 
 
 
Unsecured floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured notes (3mo. LIBOR + 98 bps)
 
$
350,000

 
3.07%
 
$

 
Aug-21
 
$
350,000

 

Open
 
Revolving credit facility (LIBOR + 100 bps)
 
335,000

 
3.02%
 

 
Mar-22
 
335,000

 
Mar-23

Open
 
Term loan (LIBOR + 110 bps)
 
300,000

 
3.12%
 

 
Mar-23
 
300,000

 

Open
 
Term loan (LIBOR + 165 bps)
 
200,000

 
3.67%
(6)

 
Nov-24
 
200,000

 

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

 
3.34%
 

 
Jul-35
 
100,000

 

Open
 
 
 
 
 
 
 
$
1,285,000

 
3.18%
 
$

 
 
 
$
1,285,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Floating Rate Debt
 
 
$
2,353,927

 
3.70%
 
$

 
 
 
$
2,353,927

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt - Consolidated
 
 
$
5,892,756

 
3.93%
 
$
6,241

 
 
 
$
5,838,598

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred financing costs
 
 
(56,988
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt - Consolidated, net
 
 
$
5,835,768

 
3.93%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt - Joint Venture, net
 
 
$
3,883,638

 
4.08%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt including SLG share of unconsolidated JV Debt
 
 
$
9,823,226

 
3.99%
 
 
 
 
 
 
 
 
 
 
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt
 
 
$
9,990,392

 
4.09%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 2.02% or the 3-month LIBOR rate at the end of the quarter of 2.09%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
 
(2) Loans noted as "open" may be subject to certain fees, premiums or penalties.
 
(3) Represents a blended fixed rate inclusive of the effect of the following swaps: $200 million @ 1.93% maturing November 2020, $200 million @ 1.13% and $100 million @ 1.16% maturing July 2023, $150 million @ 2.70% maturing January 2024, $200 million @ 2.74% and $150 million @ 2.72% maturing January 2026.
 
(4) The debt and preferred equity facility bears interest on a floating rate basis at a spread to 1-month LIBOR based on the pledged collateral and advance rate.
 
(5) Collateralized by the properties located at 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive and 500 Summit Lake Drive.
 
(6) Entered into an agreement to reduce the interest rate spread by 65 basis points to LIBOR + 100 bps. This reduction will be effective in November 2019.
 

Supplemental Information
24
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
Principal Outstanding
 
 
 
2019

 
Initial
 
Principal

 
As-Of

 
 
 
Ownership
 
 
9/30/19
 
 
 
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)
 
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
 
919 Third Avenue
51.0
 
 
500,000

 
255,000

 
5.12%
 

 
Jun-23
 
255,000

 

Feb-23
 
1515 Broadway
56.9
 
 
842,966

 
479,386

 
3.93%
 
9,855

 
Mar-25
 
419,372

 

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
 
 
98,265

 
40,288

 
3.00%
 
858

 
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
 
196,112

(3)
11,289

 
3.50%
 

 
Various
(3)
10,114

 

Open
 
Total Fixed Rate Debt
 
 
$
5,356,671

 
$
2,238,193

 
4.07%
(4)
$
10,713

 
 
 
$
2,172,605

 
 
 
Floating rate debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
121 Greene Street (LIBOR + 150 bps)
50.0
 
 
$
15,000

 
$
7,500

 
3.52%
 
$

 
Nov-19
 
$
7,500

 

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

 
93,500

 
4.27%
 

 
Feb-20
 
93,500

 

Open
 
280 Park Avenue (LIBOR + 173 bps)
50.0
 
 
1,200,000

 
600,000

 
3.75%
 

 
Sep-20
 
600,000

 
Sep-24

Open
 
1552 Broadway (LIBOR + 265 bps)
50.0
 
 
195,000

 
97,500

 
4.67%
 

 
Oct-20
 
97,500

 

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

 
6,900

 
3.47%
 

 
Jan-21
 
6,900

 
Jan-23

Open
 
100 Park Avenue (LIBOR + 175 bps)
49.9
 
 
357,897

 
178,591

 
3.77%
 
1,512

 
Feb-21
 
175,858

 

Open
 
One Vanderbilt (LIBOR + 275 bps)
71.0
 
 
619,258

 
439,735

 
4.77%
 

 
Sep-21
 
439,735

 

Open
 
2 Herald Square (LIBOR + 155 bps)
51.0
 
 
150,000

 
76,500

 
3.57%
 

 
Nov-21
 
76,500

 

Open
 
55 West 46th Street - Tower 46 (LIBOR + 125 bps)
25.0
 
 
192,524

 
48,131

 
3.27%
 

 
Aug-22
 
48,131

 

Open
 
115 Spring Street (LIBOR + 340 bps)
51.0
 
 
65,550

 
33,431

 
5.42%
 

 
Sep-23
 
33,431

 

Open
 
605 West 42nd Street - Sky (LIBOR + 144 bps)
20.0
 
 
550,000

 
110,000

 
3.46%
 

 
Aug-27
 
110,000

 

Open
 
21 East 66th Street (T 12 mos + 275 bps)
32.3
 
 
1,515

 
489

 
4.50%
 
28

 
Jun-33
 
4

 

Open
 
Total Floating Rate Debt
 
 
$
3,539,744

 
$
1,692,277

 
4.09%
(4)
$
1,540

 
 
 
$
1,689,059

 
 
 
 
Total unconsolidated JV Debt
 
 
$
8,896,415

 
$
3,930,470

 
4.08%
(4)
$
12,253

 
 
 
$
3,861,664

 
 
 
 
 
Deferred financing costs
 
 
(97,400
)
 
(46,832
)
 
 
 
 
 
 
 
 
 
 
 
 
Total unconsolidated JV Debt, net
 
 
$
8,799,015

 
$
3,883,638

 
4.08%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 2.02%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
 
 
(2) Loans noted as "open" may be subject to certain fees, premiums or penalties.
 
 
(3) Amount is comprised of $132.6 million and $63.5 million in fixed-rate mortgages that mature in April 2028 and July 2029, 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
 
$
3,538,829

 
 
 
 
Total Debt / Total Assets
38.6%
Less than 60%
 
 
 
 
 
SLG Share of JV
 
2,238,193

 
 
 
 
Fixed Charge Coverage
2.49x
Greater than 1.4x
 
 
 
 
Total Fixed Rate Debt
 
$
5,777,022

 
58.8%
 
 
Maximum Secured Indebtedness
16.4%
Less than 50%
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum Unencumbered Leverage Ratio
41.1%
Less than 60%
 
 
 
 
Floating Rate Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
$
2,353,927

 
 
 
 
Unsecured Notes Covenants
 
 
 
 
 
SLG Share of JV
 
1,692,277

 
 
 
 
 
 
Actual
Required
 
 
 
 
 
 
 
 
4,046,204

 
41.2%
 
 
Total Debt / Total Assets
39.8%
Less than 60%
 
 
 
Debt & Preferred Equity and Other Investments
 
(1,019,740
)
 
(10.4)%
 
 
Secured Debt / Total Assets
21.8%
Less than 40%
 
 
 
 
Total Floating Rate Debt
 
$
3,026,464

 
30.8%
 
 
Debt Service Coverage
2.80x
Greater than 1.5x
 
 
 
 
 
 
 
 
 
 
 
 
 
Unencumbered Assets / Unsecured Debt
305.5%
Greater than 150%
 
 
 
 
 
 
Total Debt
 
$
9,823,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
25
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SUMMARY OF GROUND LEASE ARRANGEMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 Scheduled
2020 Scheduled
2021 Scheduled
2022 Scheduled
 
Lease
 
 
Year of Final
 
Property
 
Cash Payment
Cash Payment
Cash Payment
Cash Payment
Liabilities (1)
 
Expiration (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Ground Lease Arrangements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1185 Avenue of the Americas
 
 
$
6,909

 
 
$
6,909

 
 
$
6,909

 
 
$
6,909

 
 
$
96,228

 
 
2043
 
625 Madison Avenue
 
 
4,613

 
 
4,613

 
 
4,613

 
 
2,306

(3)
 
12,024

 
 
2054
 
420 Lexington Avenue
 
 
10,899

 
 
11,174

 
 
11,199

 
 
11,199

 
 
181,525

 
 
2080
 
711 Third Avenue
 
 
5,500

 
 
5,500

 
 
5,500

 
 
5,500

 
 
56,291

 
 
2083
(4)
461 Fifth Avenue
 
 
2,100

 
 
2,100

 
 
2,250

 
 
2,400

 
 
15,331

 
 
2084
(5)
1055 Washington Blvd, Stamford
 
 
615

 
 
615

 
 
615

 
 
615

 
 
10,093

 
 
2090
 
1080 Amsterdam Avenue
 
 
226

 
 
314

 
 
314

 
 
314

 
 
7,228

 
 
2111
 
30 East 40th Street
 
 
204

 
 
212

 
 
229

 
 
229

 
 
5,308

 
 
2114
 
Other
 
 
41

 
 
71

 
 
73

 
 
76

 
 
633

 
 
Various
 
Total
 
 
$
31,107

 
 
$
31,508

 
 
$
31,702

 
 
$
29,548

 
 
$
384,661

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1080 Amsterdam Avenue
 
 
$
315

 
 
$
436

 
 
$
436

 
 
$
436

 
 
$
22,297

 
 
2111
 
30 East 40th Street
 
 
2,096

 
 
2,183

 
 
2,358

 
 
2,358

 
 
21,954

 
 
2114
 
Total
 
 
$
2,411

 
 
$
2,619

 
 
$
2,794

 
 
$
2,794

 
 
$
44,251

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Joint Venture Ground Lease Arrangements (SLG Share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue (Floors 4-6)
 
 
$
1,645

 
 
$
1,645

 
 
$
1,659

 
 
$
1,790

 
 
$
18,783

 
 
2053
 
650 Fifth Avenue (Floors b-3)
 
 
1,284

 
 
1,284

 
 
1,284

 
 
1,283

 
 
27,406

 
 
2062
 
1560 Broadway
 
 
6,491

 
 
6,811

 
 
6,861

 
 
6,861

 
 
76,775

 
 
2114
 
333 East 22nd Street
 
 
217

 
 
217

 
 
222

 
 
238

 
 
5,251

 
 
2115
 
Total
 
 
$
9,637

 
 
$
9,957

 
 
$
10,026

 
 
$
10,172

 
 
$
128,215

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
650 Fifth Avenue (Floors b-3)
 
 
$
6,695

 
 
$
6,695

 
 
$
6,695

 
 
$
6,695

 
 
$
97,056

 
 
2062
 
2 Herald Square
 
 
6,765

 
 
6,934

 
 
7,107

 
 
7,285

 
 
226,033

 
 
2077
(5)
Total
 
 
$
13,460

 
 
$
13,629

 
 
$
13,802

 
 
$
13,980

 
 
$
323,089

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Per the balance sheet at September 30, 2019.
(2) Reflects exercise of all available renewal options.
(3) Reflects known cash payments through ground rent reset date.
(4) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.
(5) The Company has an option to purchase the ground lease for a fixed price on a specific date.

Supplemental Information
26
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
Weighted Average Book
 
Weighted Average
 
Weighted Average Yield
 
 
    Book Value (1)
 
Value During Quarter
 
  Yield During Quarter (2)
 
At End Of Quarter (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2018
 
 
$
1,977,057

 
 
 
$
2,072,310

 
 
 
8.70%
 
 
 
8.68%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt investment originations/fundings/accretion(4)
 
 
171,832

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity investment originations/accretion(4)
 
 
145,399

 
 
 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
 
(194,895
)
 
 
 
 
 
 
 
 
 
 
 
 
 
12/31/2018
 
 
$
2,099,393

 
 
 
$
2,053,913

 
 
 
8.88%
 
 
 
9.01%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt investment originations/fundings/accretion(4)
 
 
436,819

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity investment originations/accretion(4)
 
 
3,416

 
 
 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
 
(267,387
)
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/2019
 
 
$
2,272,241

 
 
 
$
2,239,180

 
 
 
8.76%
 
 
 
8.78%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt investment originations/fundings/accretion(4)
 
 
98,878

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity investment originations/accretion(4)
 
 
3,807

 
 
 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
 
(146,014
)
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2019
 
 
$
2,228,912

 
 
 
$
2,216,132

 
 
 
8.99%
 
 
 
9.05%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt investment originations/fundings/accretion(4)
 
 
33,009

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity investment originations/accretion(4)
 
 
3,746

 
 
 
 
 
 
 
 
 
 
 
 
 
Redemptions/Sales/Syndications/Amortization
 
 
(311,111
)
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2019
 
 
$
1,954,556

(5) 
 
 
$
2,115,865

 
 
 
9.05%
 
 
 
8.96%
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.
(5) Excludes debt and preferred equity investments totaling $34.6 million with a weighted average current yield of 6.56% that are included in other balance sheet line items.


Supplemental Information
27
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
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
 
$
446,827

 
$
930

 
$
447,757

 
 
$

 
 
 
$
539

 
 
 
7.44%
 
 
 
7.58%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Junior Mortgage Participation
 
31,953

 

 
31,953

 
 
100,000

 
 
 
$
6,746

 
 
 
10.94%
 
 
 
8.61%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Debt
 
540,960

 
693,377

 
1,234,337

 
 
6,484,666

 
 
 
$
911

 
 
 
9.60%
 
 
 
9.37%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 

 
240,509

 
240,509

 
 
272,000

 
 
 
$
812

 
 
 
9.47%
 
 
 
9.51%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of 9/30/19
 
$
1,019,740

 
$
934,816

 
$
1,954,556

(3) 
 
$
6,856,666

 
 
 
$
909

 
 
 
9.05%
 
 
 
8.96%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes accelerated fee income resulting from early repayment.
(2) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment.
(3) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $34.6 million with a weighted average current yield of 6.56% that are included in other balance sheet line items.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt and Preferred Equity Principal Maturity Profile (1)
 
 
 
 
2019
2020
2021
2022
2023 & Thereafter
 
 
 
Floating Rate
135,630

498,759

385,352



 
 
 
Fixed Rate

419,283

3,500

210,539

301,493

 
 
 
Sub-total
135,630

918,042

388,852

210,539

301,493

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The weighted average maturity of the outstanding balance is 1.61 years. Approximately 57.0% 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 2.67 years.


Supplemental Information
28
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS
Unaudited

(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
 
       Book Value (1)
Property
 
 
 
Senior
 
 
 
 
 
Yield At End
Investment Type
 
 
9/30/2019
 
Type
 
Location
 
Financing
 
Last $ PSF (2)
 
Of Quarter (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
$
220,321

 
Office
 
Manhattan
 
$
1,160,000

 
 
$
1,202

 
 
9.32%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
211,105

 
Fee
 
Manhattan
 
323,003

 
 
$
916

 
 
8.58%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
194,545

 
Residential
 
Manhattan
 

 
 
$
832

 
 
7.15%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan and Preferred Equity
 
 
152,145

 
Office
 
Manhattan
 
1,768,000

 
 
$
1,044

 
 
11.03%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
 
143,614

 
Office
 
Manhattan
 
272,000

 
 
$
655

 
 
7.06%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
98,960

 
Office
 
Manhattan
 
402,237

 
 
$
88

 
 
12.47%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and Mezzanine Loans
 
 
94,730

 
Multi-Family Rental
 
Manhattan
 
579,997

 
 
$
947

 
 
9.55%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
92,922

 
Office
 
Manhattan
 

 
 
$
305

 
 
5.22%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine Loan
 
 
92,185

 
Residential
 
Manhattan
 

 
 
$
854

 
 
11.12%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage Loan
 
 
69,661

 
Multi-Family Rental
 
Brooklyn
 

 
 
$
115

 
 
9.93%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
$
1,370,188

 
 
 
 
 
$
4,505,237

 
 
 
 
 
8.97%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net of unamortized fees, discounts, and premiums.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.
 


Supplemental Information
29
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
Ownership
 
 
 # of

Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total
Properties
Interest (%)
SubMarket
Ownership
Bldgs

 Sq. Feet

 
Sq. Feet

 
Sep-19
 
Jun-19
 
Mar-19
 
Dec-18
 
Sep-18
 
Cash Rent ($'s)
100%
SLG%
Tenants
CONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 East 40th Street
60.0
Grand Central South
Leasehold Interest
1

69,446

 
0.3

 
93.9

 
93.9

 
94.9

 
94.3

 
92.9

 

$5,132

 
0.2
56

100 Church Street
100.0
Downtown
Fee Interest
1

1,047,500

 
4.0

 
99.3

 
99.3

 
99.6

 
99.6

 
99.6

 
48,295

5.4
3.7
19

110 East 42nd Street
100.0
Grand Central
Fee Interest
1

215,400

 
0.8

 
84.9

 
84.0

 
85.4

 
79.2

 
77.5

 
11,424

1.3
0.9
26

110 Greene Street
100.0
Soho
Fee Interest
1

223,600

 
0.9

 
93.1

 
93.3

 
90.3

 
77.3

 
83.0

 
15,725

1.8
1.2
61

125 Park Avenue
100.0
Grand Central
Fee Interest
1

604,245

 
2.3

 
95.6

 
95.5

 
94.5

 
99.5

 
99.6

 
43,655

4.9
3.3
26

220 East 42nd Street
100.0
Grand Central
Fee Interest
1

1,135,000

 
4.4

 
97.0

 
90.9

 
90.9

 
88.8

 
89.3

 
68,274

7.6
5.2
37

304 Park Avenue South
100.0
Midtown South
Fee Interest
1

215,000

 
0.8

 
96.1

 
100.0

 
97.8

 
100.0

 
91.9

 
15,206

1.7
1.2
8

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

1,188,000

 
4.6

 
91.2

 
93.0

 
93.1

 
95.7

 
95.4

 
81,000

9.0
6.2
191

461 Fifth Avenue
100.0
Midtown
Leasehold Interest (1)
1

200,000

 
0.8

 
90.6

 
82.2

 
79.0

 
79.0

 
79.0

 
17,449

1.9
1.3
12

485 Lexington Avenue
100.0
Grand Central North
Fee Interest
1

921,000

 
3.6

 
84.2

 
84.2

 
84.2

 
81.0

 
81.0

 
57,522

6.4
4.4
29

555 West 57th Street
100.0
Midtown West
Fee Interest
1

941,000

 
3.6

 
99.9

 
99.9

 
99.9

 
99.9

 
99.9

 
45,916

5.1
3.5
9

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
1

563,000

 
2.2

 
97.1

 
97.1

 
98.0

 
98.8

 
98.8

 
58,881

6.6
4.5
22

635 Sixth Avenue
100.0
Midtown South
Fee Interest
1

104,000

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
10,112

1.1
0.8
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

 
15,474

1.7
1.2
6

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

524,000

 
2.0

 
97.0

 
97.0

 
97.0

 
93.7

 
90.3

 
36,358

4.1
2.8
22

750 Third Avenue
100.0
Grand Central North
Fee Interest
1

780,000

 
3.0

 
92.7

 
92.7

 
93.3

 
98.0

 
96.5

 
46,899

5.2
3.6
28

810 Seventh Avenue
100.0
Times Square
Fee Interest
1

692,000

 
2.7

 
94.1

 
93.8

 
97.6

 
97.6

 
94.2

 
48,028

5.4
3.7
48

1185 Avenue of the Americas
100.0
Rockefeller Center
Leasehold Interest
1

1,062,000

 
4.1

 
92.7

 
92.7

 
85.6

 
85.5

 
82.2

 
94,611

10.5
7.2
14

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
1

562,000

 
2.2

 
91.0

 
91.2

 
89.5

 
89.8

 
88.5

 
42,553

4.7
3.3
41

1 Madison Avenue
100.0
Park Avenue South
Fee Interest
1

1,176,900

 
4.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
74,842

8.3
5.7
3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
20

12,387,091

 
47.8
%
 
94.7
%
 
94.2
%
 
93.7
%
 
93.7
%
 
92.8
%
 

$837,357

92.8%
64.0%
660

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Consolidated Properties
 
20

12,387,091

 
47.8
%
 
94.7
%
 
94.2
%
 
93.7
%
 
93.7
%
 
92.8
%
 

$837,357

92.8%
64.0%
660

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNCONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10 East 53rd Street
55.0
Plaza District
Fee Interest
1

354,300

 
1.4

 
94.3

 
95.4

 
95.4

 
83.7

 
83.7

 

$32,248

 
1.4
39

11 Madison Avenue
60.0
Park Avenue South
Fee Interest
1

2,314,000

 
8.9

 
95.7

 
95.7

 
100.0

 
100.0

 
100.0

 
153,137

 
7.0
10

100 Park Avenue
50.0
Grand Central South
Fee Interest
1

834,000

 
3.2

 
81.3

 
78.6

 
79.0

 
90.0

 
91.2

 
57,209

 
2.2
33

280 Park Avenue
50.0
Park Avenue
Fee Interest
1

1,219,158

 
4.7

 
88.0

 
91.1

 
89.5

 
89.5

 
92.8

 
116,407

 
4.5
36

800 Third Avenue
60.5
Grand Central North
Fee Interest
1

526,000

 
2.0

 
96.5

 
91.9

 
93.1

 
93.1

 
92.4

 
38,691

 
1.8
40

919 Third Avenue
51.0
Grand Central North
Fee Interest
1

1,454,000

 
5.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
101,087

 
4.0
9

Added to Same Store in 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55 West 46th Street - Tower 46
25.0
Midtown
Fee Interest
1

347,000

 
1.3

 
86.5

 
86.5

 
73.5

 
72.1

 
62.4

 
25,464

 
0.5
14

1515 Broadway
57.0
Times Square
Fee Interest
1

1,750,000

 
6.8

 
94.9

 
94.9

 
98.5

 
98.5

 
98.5

 
133,644

 
5.8
12

Worldwide Plaza
24.4
Westside
Fee Interest
1

2,048,725

 
7.9

 
96.8

 
96.8

 
96.9

 
96.9

 
98.5

 
143,739

 
2.7
25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
9

10,847,183

 
41.9
%
 
94.1
%
 
94.0
%
 
95.0
%
 
95.5
%
 
95.9
%
 

$801,627

 
29.8%
218

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 Herald Square
51.0
Herald Square
Leasehold Interest
1

369,000

 
1.4

 
81.9

 
73.6

 
73.6

 
73.4

 
81.6

 

$31,848

 
1.2
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
1

369,000

 
1.4
%
 
81.9
%
 
73.6
%
 
73.6
%
 
73.4
%
 
81.6
%
 

$31,848

 
1.2%
4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Unconsolidated Properties
 
10

11,216,183

 
43.3
%
 
93.7
%
 
93.4
%
 
94.3
%
 
94.7
%
 
95.4
%
 

$833,476

 
31.0%
222

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Manhattan Operating Properties Grand Total / Weighted Average
30

23,603,274

 
91.1
%
 
94.2
%
 
93.8
%
 
94.0
%
 
94.2
%
 
94.1
%
 

$1,670,832

 
 
882

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

$1,240,480

 
95.0%
 
Manhattan Operating Properties Same Store Occupancy %
 
 
23,234,274

 
98.4
%
 
94.4
%
 
94.1
%
 
94.3
%
 
94.5
%
 
94.3
%
 
 
 
 
 
Manhattan Operating Properties Same Store Leased Occupancy %
 
 
 
 
 
 
95.3
%
 
95.2
%
 
95.8
%
 
96.0
%
 
96.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
30
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED PROPERTY DATA
Suburban Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
Ownership
 
 
 # of

Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized Cash Rent
Total
Properties
Interest (%)
SubMarket
Ownership
Bldgs

 Sq. Feet

 
Sq. Feet

 
Sep-19
 
Jun-19
 
Mar-19
 
Dec-18
 
Sep-18
 
Cash Rent ($'s)
100%
SLG%
Tenants
CONSOLIDATED PROPERTIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Westchester, New York
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
1

250,000

 
1.0

 
98.1

 
97.5

 
97.5

 
97.5

 
92.9

 

$6,415

0.7

0.5

16
200 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
1

245,000

 
0.9

 
90.0

 
90.0

 
86.1

 
86.1

 
87.3

 
5,604

0.6

0.4

7
500 Summit Lake Drive
100.0
Valhalla, New York
Fee Interest
1

228,000

 
0.9

 
99.9

 
99.9

 
99.9

 
99.9

 
100.0

 
6,298

0.7

0.5

9
360 Hamilton Avenue
100.0
White Plains, New York
Fee Interest
1

384,000

 
1.5

 
91.9

 
91.9

 
97.3

 
100.0

 
100.0

 
14,862

1.7

1.1

21
                               "Same Store" Westchester, New York Subtotal/Weighted Average
4

1,107,000

 
4.3
%
 
94.5
%
 
94.4
%
 
95.4
%
 
96.3
%
 
95.6
%
 

$33,180

3.7
%
2.5
%
53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Connecticut
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1

312,000

 
1.2

 
83.8

 
84.3

 
85.9

 
88.4

 
87.7

 

$8,694

1.0

0.7

56
2 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1

46,000

 
0.2

 
99.5

 
99.5

 
99.5

 
99.5

 
97.0

 
1,185

0.1

0.1

9
3 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1

130,000

 
0.5

 
59.2

 
59.2

 
57.8

 
58.0

 
70.9

 
2,713

0.3

0.2

17
4 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1

105,000

 
0.4

 
86.2

 
86.4

 
88.0

 
85.3

 
85.3

 
2,805

0.3

0.2

14
5 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1

61,000

 
0.2

 
99.4

 
99.3

 
98.6

 
98.6

 
98.6

 
1,053

0.1

0.1

11
6 Landmark Square
100.0
Stamford, Connecticut
Fee Interest
1

172,000

 
0.7

 
93.7

 
93.7

 
93.7

 
93.7

 
93.7

 
4,288

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

 
770

0.1

0.1

2
1055 Washington Boulevard
100.0
Stamford, Connecticut
Leasehold Interest
1

182,000

 
0.7

 
88.5

 
88.5

 
85.5

 
85.5

 
85.5

 
6,137

0.7

0.5

25
1010 Washington Boulevard
100.0
Stamford, Connecticut
Fee Interest
1

143,400

 
0.6

 
78.2

 
87.0

 
87.0

 
89.7

 
90.4

 
3,861

0.4

0.3

23
                              "Same Store" Connecticut Subtotal/Weighted Average
9

1,188,200

 
4.6
%
 
84.7
%
 
85.9
%
 
85.8
%
 
86.6
%
 
87.8
%
 

$31,504

3.5
%
2.4
%
164
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Consolidated Properties
 
13

2,295,200

 
8.9
%
 
89.4
%
 
90.0
%
 
90.4
%
 
91.3
%
 
91.6
%
 

$64,684

7.2
%
5.0
%
217
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Suburban Operating Properties Grand Total / Weighted Average
 
13

2,295,200

 
8.9
%
 
89.4
%
 
90.0
%
 
90.4
%
 
91.3
%
 
91.6
%
 

$64,684

 
 
217
Suburban Operating Properties Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

$64,684

 
5.0
%
 
Suburban Operating Properties Same Store Occupancy %
 
 
2,295,200

 
100.0
%
 
89.4
%
 
90.0
%

90.4
%

91.3
%

91.6
%
 
 
 
 
 
Suburban Operating Properties Same Store Leased Occupancy %
 
 
 
 
 
 
89.6
%
 
90.0
%
 
91.1
%
 
91.8
%
 
92.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
31
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED PROPERTY DATA
Retail and Residential Operating Properties
Unaudited
(Dollars in Thousands)
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Ownership
 
 
 # of
Usable

 
% of Total

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

 
Sq. Feet

 
Sep-19
 
Jun-19
 
Mar-19
 
Dec-18
 
Sep-18
 
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

 
2.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 

$3,013

1.1

1

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

 
2.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,815

1.4

1

121 Greene Street
50.0
Soho
Fee Interest
1
7,131

 
1.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,711

1.0

2

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

 
40.8

 
100.0

 
100.0

 
100.0

 
100.0

 
99.4

 
16,818

19.6

10

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

 
18.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
53,619

6.8

6

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

 
3.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
16,053

18.7

1

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

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,983

2.1

5

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

 
7.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,801

2.1

3

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

 
8.7

 
88.3

 
88.3

 
88.3

 
88.3

 
88.3

 
29,115

16.9

3

                               Subtotal/Weighted Average
 
 
10
563,983

 
85.3
%
 
98.8
%
 
98.8
%
 
98.8
%
 
98.8
%
 
98.5
%
 

$127,927

69.6
%
32

 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Non Same Store" Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115 Spring Street
51.0
Soho
Fee Interest
1
5,218

 
0.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 

$3,610

2.1

1

133 Greene Street
100.0
Soho
Fee Interest
1
6,425

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
590

0.7

1

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

 
10.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
34,186

19.9

1

712 Madison Avenue
100.0
Plaza District
Fee Interest
1
6,600

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
3,512

4.1

1

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

 
1.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
4,127

3.6

1

                               Subtotal/Weighted Average
 
 
5
97,497

 
14.7
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 

$46,025

30.4
%
5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Retail Properties
 
 
15
661,480

 
100.0
%
 
99.0
%
 
99.0
%
 
99.0
%
 
99.0
%
 
98.7
%
 

$173,952

100.0
%
37

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
# of
 Useable

 
Total

 
Occupancy (%)
 
Average Monthly (1)

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

 
Units

 
Sep-19
 
Jun-19
 
Mar-19
 
Dec-18
 
Sep-18
 
Rent Per Unit ($'s)
Cash Rent ($'s)
Cash Rent (SLG %)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Store" Residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
315 West 33rd Street - "The Olivia"
100.0
Penn Station
Fee Interest
 
222,855

 
333

 
97.3

 
94.9

 
96.1

 
96.1

 
95.8

 

$4,265


$16,530

38.3

400 East 57th Street
41.0
Upper East Side
Fee Interest
1
290,482

 
263

 
92.4

 
95.8

 
95.4

 
92.8

 
91.6

 
3,778

12,547

11.9

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

 
126

 
93.7

 
93.7

 
96.8

 
95.2

 
95.2

 
3,679

5,721

11.9

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

 
97

 
100.0

 
92.7

 
90.6

 
94.8

 
99.0

 
4,206

5,171

11.1

Stonehenge Portfolio
Various
 
Fee Interest
6
445,934

 
538

 
95.9

 
96.1

 
94.8

 
94.3

 
95.4

 
3,873

27,287

1.7

605 West 42nd Street - Sky
20.0
Westside
Fee Interest
1
927,358

 
1,175

 
94.3

 
93.5

 
90.9

 
86.0

 
88.9

 
3,624

54,132

25.1

                               Subtotal/Weighted Average
 
 
10
2,108,879

 
2,532

 
95.0
%
 
94.5
%
 
93.2
%
 
90.6
%
 
92.2
%
 

$3,806


$121,388

100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Residential Properties
 
 
10
2,108,879

 
2,532

 
95.0
%
 
94.5
%
 
93.2
%
 
90.6
%
 
92.2
%
 

$3,806

$121,388
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Calculated based on occupied units. Amounts in dollars.
 
 
 
 




Supplemental Information
32
Third Quarter 2019

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SELECTED PROPERTY DATA
Development / Redevelopment and Construction in Progress
Unaudited
(Dollars in Thousands)

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Ownership
 
 
# of

 Usable

 
% of Total

 
Occupancy (%)
 
Annualized
Annualized
Gross R/E
Total
Properties
Interest (%)
SubMarket
Ownership
Bldgs

 Sq. Feet

 
Sq. Feet

 
Sep-19
 
Jun-19
 
Mar-19
 
Dec-18
 
Sep-18
 
Cash Rent ($'s)
Cash Rent (SLG%)
Book Value
Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development / Redevelopment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19-21 East 65th Street
100.0
Plaza District
Fee Interest
2

23,610

 
2.7

 
3.6

 
3.6

 
3.6

 
18.0

 
17.0

 

$31

0.1


$10,358

1

106 Spring Street
100.0
Soho
Fee Interest
1

5,928

 
0.7

 

 

 
 N/A

 
 N/A

 
 N/A

 


80,197


460 West 34th Street
70.9
Hudson Yards
Fee Interest
1

638,000

 
73.2

 
73.8

 
76.3

 
 N/A

 
 N/A

 
 N/A

 
15,340

29.8

456,045

17

562 Fifth Avenue (1)
100.0
Plaza District
Fee Interest
1

42,635

 
4.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
4,500

12.3

68,753

1

609 Fifth Avenue
100.0
Rockefeller Center
Fee Interest
1

160,000

 
18.4

 
100.0

 
96.0

 
96.0

 
96.0

 

 
21,119

57.8

265,812

3

1640 Flatbush Avenue
100.0
Brooklyn, New York
Fee Interest
1

1,000

 
0.1

 

 

 

 

 

 


7,374


Total / Weighted Average Development / Redevelopment Properties
 
7

871,173

 
100.0
%
 
77.4
%
 
78.5
%
 
86.7
%
 
88.2
%
 
20.5
%
 

$40,990

100.0
%

$888,539

22

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Construction in Progress
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future Equity
 
 
 
 
 
 
 
 
 
 
 
 
Land Contributed
 
Equity Contributed
 
Contributions
 
Financing
 
Total
Building
Gross
Ownership
 
Estimated
 
Percentage
 
 
Market
 
 
 
 
 
 
 
 
 
 
Development
Address
 Sq. Feet
Interest (%)
 
Occupancy
 
Leased
 
Cost
Value Adj
 
Company
Partners
 
Company
Partners
 
Drawn
Available
 
Budget
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One Vanderbilt
1,730,989
71.0
 
Q3 2020
 
59.0
 
$331,490
$235,946
 
$540,051
$452,513
 
 
$619,258
$1,130,742
 
$3,310,000 (1)
185 Broadway
259,856
100.0
 
Q2 2021
 
 
39,167
 
3,639
 
43,594
 
115,886
109,114
 
311,400
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Construction In Progress
 
 
 
 
 
$370,657
$235,946
 
$543,690
$452,513
 
$43,594
 
$735,144
$1,239,856
 
$3,621,400
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes joint venture fees paid to the Company, including development and financing fees, direct personnel expense and leasing commissions, $66.8 million of which have been funded as of September 30, 2019. Also includes up to $50.0 million of additional discretionary owner contingencies.


Supplemental Information
33
Third Quarter 2019

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SELECTED PROPERTY DATA
Retail Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
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Ownership
 
 
 # of

 Usable

 
% of Total

 
Occupancy (%)
 
Annualized Retail
Annualized Retail Cash Rent
Total
Properties
Interest (%)
SubMarket
Ownership
Bldgs

 Sq. Feet

 
Sq. Feet

 
Sep-19
 
Jun-19
 
Mar-19
 
Dec-18
 
Sep-18
 
Cash Rent ($'s)
100%
SLG
Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HIGH STREET RETAIL - Consolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
106 Spring Street (1)
100.0
Soho
Fee Interest
1

5,928

 
0.3

 

 

 
 N/A

 
 N/A

 
 N/A

 

$—




133 Greene Street
100.0
Soho
Fee Interest
1

6,425

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
590

0.2

0.3

1

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

217,519

 
12.3

 
100.0

 
100.0

 
100.0

 
100.0

 
99.4

 
13,164

4.0

6.4

9

712 Madison Avenue
100.0
Plaza District
Fee Interest
1

6,600

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
 N/A

 
3,512

1.1

1.7

1

719 Seventh Avenue
75.0
Times Square
Fee Interest
1

10,040

 
0.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
4,127

1.3

1.5

1

752-760 Madison Avenue
100.0
Plaza District
Fee Interest
1

21,124

 
1.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
16,053

4.9

7.8

1

762 Madison Avenue
90.0
Plaza District
Fee Interest
1

6,109

 
0.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,983

0.6

0.9

5

Williamsburg Terrace
100.0
Brooklyn, New York
Fee Interest
1

52,000

 
2.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,801

0.5

0.9

3

1640 Flatbush Avenue (1)
100.0
Brooklyn, New York
Fee Interest
1

1,000

 
0.1

 

 

 

 

 

 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
9

326,745

 
18.5
%
 
97.9
%
 
97.9
%
 
97.9
%
 
99.7
%
 
99.3
%
 

$41,230

12.6
%
19.5
%
21

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

17,150

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 

$3,013

0.9

0.4

1

21 East 66th Street
32.3
Plaza District
Fee Interest
1

13,069

 
0.7

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,815

1.2

0.6

1

115 Spring Street
51.0
Soho
Fee Interest
1

5,218

 
0.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,610

1.1

0.9

1

121 Greene Street
50.0
Soho
Fee Interest
1

7,131

 
0.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,711

0.5

0.4

2

650 Fifth Avenue
50.0
Plaza District
Leasehold Interest
1

69,214

 
3.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
34,186

10.4

8.3

1

717 Fifth Avenue
10.9
Midtown/Plaza District
Fee Interest
1

119,550

 
6.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
53,619

16.4

2.8

6

1552-1560 Broadway
50.0
Times Square
Fee Interest
2

57,718

 
3.3

 
88.3

 
88.3

 
88.3

 
88.3

 
88.3

 
29,115

8.9

7.1

3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
8

289,050

 
16.4
%
 
97.7
%
 
97.7
%
 
97.7
%
 
97.7
%
 
97.7
%
 

$129,069

39.4
%
20.6
%
15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Prime Retail
 
17

615,795

 
34.9
%
 
97.8
%
 
97.8
%
 
98.7
%
 
98.7
%
 
98.5
%
 

$170,299

52.0
%
40.1
%
36

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER RETAIL - Consolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 East 40th Street
60.0
Grand Central South
Leasehold Interest
1

4,461

 
0.3

 
81.1

 
81.1

 
81.1

 
81.1

 
100.0

 

$465

0.1

0.1

4

100 Church Street
100.0
Downtown
Fee Interest
1

61,708

 
3.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,551

1.1

1.7

9

110 Greene Street
100.0
Soho
Fee Interest
1

16,121

 
0.9

 
86.8

 
86.8

 
86.8

 
98.7

 
98.7

 
2,672

0.8

1.3

3

125 Park Avenue
100.0
Grand Central
Fee Interest
1

32,124

 
1.8

 
100.0

 
100.0

 
79.9

 
100.0

 
100.0

 
4,969

1.5

2.4

7

220 East 42nd Street
100.0
Grand Central
Fee Interest
1

35,332

 
2.0

 
85.6

 
85.6

 
85.6

 
85.6

 
85.6

 
2,927

0.9

1.4

5

304 Park Avenue South
100.0
Midtown South
Fee Interest
1

25,330

 
1.4

 
66.9

 
100.0

 
100.0

 
100.0

 
100.0

 
2,188

0.7

1.1

4

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

 
556

0.2

0.2

5

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

45,263

 
2.6

 
90.3

 
90.3

 
100.0

 
100.0

 
100.0

 
3,882

1.2

1.9

5

461 Fifth Avenue
100.0
Midtown
Leasehold Interest
1

16,248

 
0.9

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,403

0.7

1.2

2

485 Lexington Avenue
100.0
Grand Central North
Fee Interest
1

41,701

 
2.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
5,924

1.8

2.9

8

555 West 57th Street
100.0
Midtown West
Fee Interest
1

60,389

 
3.4

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
2,161

0.7

1.1

2

609 Fifth Avenue (1)
100.0
Rockefeller Center
Fee Interest
1

26,811

 
1.5

 
100.0

 
100.0

 
89.2

 
89.2

 

 
9,895

3.0

4.8

2

625 Madison Avenue
100.0
Plaza District
Leasehold Interest
1

74,937

 
4.2

 
91.3

 
91.3

 
100.0

 
100.0

 
100.0

 
17,648

5.4

8.6

18

635 Sixth Avenue
100.0
Midtown South
Fee Interest
1

23,250

 
1.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,500

1.1

1.7

1

641 Sixth Avenue
100.0
Midtown South
Fee Interest
1

28,500

 
1.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,839

1.2

1.9

2

711 Third Avenue
100.0
Grand Central North
Leasehold Interest
1

25,639

 
1.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,186

1.0

1.6

3

750 Third Avenue
100.0
Grand Central North
Fee Interest
1

24,827

 
1.4

 
72.3

 
72.3

 
72.3

 
72.3

 
72.3

 
2,595

0.8

1.3

6

810 Seventh Avenue
100.0
Times Square
Fee Interest
1

18,207

 
1.0

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
4,335

1.3

2.1

4

1080 Amsterdam
92.5
Upper West Side
Leasehold Interest
1

1,800

 
0.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
292

0.1

0.1

1

1185 Avenue of the Americas
100.0
Rockefeller Center
Leasehold Interest
1

37,326

 
2.1

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
6,834

2.1

3.3

5

1350 Avenue of the Americas
100.0
Rockefeller Center
Fee Interest
1

17,797

 
1.0

 
62.6

 
100.0

 
100.0

 
100.0

 
100.0

 
2,387

0.7

1.2

5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
21

620,927

 
35.2
%
 
93.4
%
 
95.8
%
 
96.1
%
 
97.4
%
 
93.7
%
 

$86,210

26.3
%
41.8
%
101

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Development / Redevelopment properties.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
34
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELECTED PROPERTY DATA - CONTINUED
Retail Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
Ownership
 
 
 # of

 Usable

 
% of Total

 
Occupancy (%)
 
Annualized Retail
Annualized Retail Cash Rent
Total
Properties
Interest (%)
SubMarket
Ownership
Bldgs

 Sq. Feet

 
Sq. Feet

 
Sep-19
 
Jun-19
 
Mar-19
 
Dec-18
 
Sep-18
 
Cash Rent ($'s)
100%
SLG
Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER RETAIL - Unconsolidated Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 Herald Square
51.0
Herald Square
Leasehold Interest
1

94,531

 
5.4

 
60.6

 
60.6

 
60.6

 
59.9

 
59.9

 
$14,278
4.4

3.5

2

10 East 53rd Street
55.0
Plaza District
Fee Interest
1

39,340

 
2.2

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,604
1.1

1.0

3

11 Madison Avenue
60.0
Park Avenue South
Fee Interest
1

38,800

 
2.2

 
100.0

 
98.7

 
98.7

 
98.7

 
98.7

 
3,900
1.2

1.1

5

55 West 46th Street
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

 
2.3

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,812
1.2

0.9

9

280 Park Avenue
50.0
Park Avenue
Fee Interest
1

27,896

 
1.6

 
13.1

 
100.0

 
100.0

 
100.0

 
100.0

 
940
0.3

0.2

2

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

9,717

 
0.6

 
66.6

 
66.6

 
75.4

 
75.4

 
75.4

 
1,576
0.5

0.3

8

460 West 34th Street (1)
70.9
Hudson Yards
Fee Interest
1

20,850

 
1.2

 
71.2

 
100.0

 
 N/A

 
 N/A

 
 N/A

 
520
0.2

0.2

5

800 Third Avenue
60.5
Grand Central North
Fee Interest
1

9,900

 
0.6

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
1,942
0.6

0.6

2

919 Third Avenue
51.0
Grand Central North
Fee Interest
1

31,004

 
1.8

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
3,632
1.1

0.9

5

1515 Broadway
57.0
Times Square
Fee Interest
1

185,956

 
10.5

 
100.0

 
100.0

 
100.0

 
100.0

 
100.0

 
32,922
10.1

9.1

9

Worldwide Plaza
24.4
Westside
Fee Interest
1

10,592

(2) 
0.6

 
100.0

 
100.0

 
97.2

 
97.2

 
97.2

 
1,447
0.4

0.2

8

Stonehenge Portfolio
Various
 
Fee Interest
2

19,231

 
1.1

 
87.0

 
87.0

 
88.9

 
88.9

 
83.1

 
2,285
0.7

0.0

8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal / Weighted Average
 
14

529,030

 
30.0
%
 
86.2
%
 
91.8
%
 
91.6
%
 
91.5
%
 
91.3
%
 

$71,065

21.7
%
18.1
%
67

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total / Weighted Average Other Retail
 
35

1,149,957

 
65.1
%
 
90.1
%
 
94.0
%
 
94.1
%
 
94.8
%
 
92.6
%
 

$157,275

48.0
%
59.9
%
168

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Grand Total / Weighted Average
 
 
52

1,765,752

 
100.0
%
 
92.8
%
 
95.3
%
 
95.7
%
 
96.2
%
 
94.6
%
 

$327,574

100.0
%
 
204

Retail Grand Total - SLG share of Annualized Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

$205,558

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Development / Redevelopment properties.
(2) Excludes the theater, parking garage, fitness gym and other amenity space totaling 241,371 square feet.


Supplemental Information
35
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT
Manhattan, Suburban, Retail, Residential and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands Except Per SF)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
Ownership
Lease
  Total Rentable
  Annualized
SLG Share of
% of SLG Share of
Annualized
 
Credit
Tenant Name
Property
Interest %
Expiration
  Square Feet
 Cash Rent
Annualized Cash Rent ($)
Annualized Cash Rent (2) 
Rent PSF
 
Rating (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Suisse Securities (USA), Inc.
1 Madison Avenue
100.0
Dec 2020
1,142,091


$72,529


$72,529

 
4.9%
$63.51
 
 
 
11 Madison Avenue
60.0
May 2037
1,265,841

78,881

47,328

 
3.2%
62.31
 
 
 
1055 Washington Blvd
100.0
Jan 2022
2,525

100

100

 
—%
39.60
 
 
 
 
 
 
2,410,457

$151,510
$119,957
 
8.1%
$62.85
 
A+
 
 
 
 
 
 
 
 
 
 
 
 
Viacom International, Inc.
1515 Broadway
57.0
Jun 2031
1,470,289

94,011

53,586

 
3.6%
$63.94
 
 
 
 
 
Mar 2028
9,106

1,928

1,099

 
0.1%
211.72
 
 
 
 
 
 
1,479,395

$95,939
$54,685
 
3.7%
$64.85
 
BBB-
 
 
 
 
 
 
 
 
 
 
 
 
Ralph Lauren Corporation
625 Madison Avenue
100.0
Dec 2019
386,785

32,373

32,373

 
2.2%
$83.70
 
A-
Sony Corporation
11 Madison Avenue
60.0
Jan 2031
578,791

44,577

26,746

 
1.8%
$77.02
 
A-
Debevoise & Plimpton, LLP
919 Third Avenue
51.0
June 2022
577,438

47,434

24,191

 
1.6%
$82.14
 
 
King & Spalding
1185 Avenue of the Americas
100.0
Oct 2025
218,275

20,805

20,805

 
1.4%
$95.32
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The City of New York
100 Church Street
100.0
Mar 2034
510,007

20,010

20,010

 
1.4%
$39.23
 
 
 
420 Lexington Avenue
100.0
Oct 2030
4,077

281

281

 
0.1%
68.83
 
 
 
 
 
 
514,084

$20,291
$20,291
 
1.5%
$39.47
 
Aa1
 
 
 
 
 
 
 
 
 
 
 
 
Visiting Nurse Service of New York
220 East 42nd Street
100.0
Sep 2048
308,115

18,933

18,933

 
1.3%
$61.45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Giorgio Armani Corporation
752-760 Madison Avenue
100.0
Dec 2024
21,124

16,053

16,053

 
1.1%
$759.92
 
 
 
717 Fifth Avenue
10.9
Sep 2022
46,940

23,972

2,613

 
0.2%
$510.69
 
 
 
762 Madison Avenue
90.0
Dec 2024
1,264

254

228

 
—%
$200.66
 
 
 
 
 
 
69,328

$40,279
$18,894
 
1.3%
$580.98
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advance Magazine Group, Fairchild Publications
750 Third Avenue
100.0
Feb 2021
286,622

15,053

15,053

 
1.0%
$52.52
 
 
 
485 Lexington Avenue
100.0
Feb 2021
52,573

3,705

3,705

 
0.3%
70.47
 
 
 
 
 
 
339,195

$18,758
$18,758
 
1.3%
$55.30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Metro-North Commuter Railroad Company
420 Lexington Avenue
100.0
Nov 2034
334,654

18,034

18,034

 
1.2%
$53.89
 
 
 
110 East 42nd Street
100.0
Oct 2021
1,840

130

130

 
—%
70.43
 
 
 
 
 
 
336,494

$18,164
$18,164
 
1.2%
$53.98
 
Aaa
 
 
 
 
 
 
 
 
 
 
 
 
News America Incorporated
1185 Avenue of the Americas
100.0
Nov 2020
165,086

18,095

18,095

 
1.2%
$109.61
 
A
 
 
 
 
 
 
 
 
 
 
 
 
C.B.S. Broadcasting, Inc.
555 West 57th Street
100.0
Dec 2023
338,527

16,768

16,768

 
1.1%
$49.53
 
 
 
Worldwide Plaza
24.35
Jan 2027
32,598

2,224

542

 
0.1%
$68.23
 
 
 
 
 
 
371,125

$18,992
$17,310
 
1.2%
$51.17
 
BBB
 
 
 
 
 
 
 
 
 
 
 
 
Nike Retail Services, Inc.
650 Fifth Avenue
50.0
Jan 2033
69,214

34,186

17,093

 
1.2%
$493.91
 
AA-
Cravath, Swaine & Moore LLP
Worldwide Plaza
24.35
Aug 2024
617,135

67,019

16,319

 
1.1%
$108.60
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Omnicom Group, Inc., Cardinia Real Estate
220 East 42nd Street
100.0
Apr 2032
231,114

14,869

14,869

 
1.0%
$64.34
 
 
 
1055 Washington Blvd.
100.0
Oct 2028
23,800

863

863

 
0.1%
36.25
 
 
 
 
 
 
254,914

$15,732
$15,732
 
1.1%
$61.71
 
BBB+
 
 
 
 
 
 
 
 
 
 
 
 
National Hockey League
1185 Avenue of the Americas
100.0
Nov 2022
148,217

15,571

15,571

 
1.1%
$105.06
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WME IMG, LLC
304 Park Avenue
100.0
Apr 2028
134,475

9,417

9,417

 
0.6%
$70.03
 
 
 
11 Madison Avenue
60.0
Sep 2030
103,426

9,136

5,482

 
0.4%
88.33
 
 
 
 
 
 
237,901

$18,553
$14,899
 
1.0%
$77.99
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amerada Hess Corp.
1185 Avenue of the Americas
100.0
Dec 2027
167,169

14,833

14,833

 
1.0%
$88.73
 
BBB-
 
 
 
 
 
 
 
 
 
 
 
 
WeWork
609 Fifth Avenue
100.0
Apr 2035
138,563

11,224

11,224

 
0.8%
$81.00
 
 
 
2 Herald Sqaure
51.0
Feb 2036
123,633

7,063

3,602

 
0.2%
57.13
 
 
 
 
 
 
262,196

$18,287
$14,826
 
1.0%
$69.74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
9,511,314

$730,331
$518,475
 
35.3%
$76.78
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Corporate or bond rating from S&P or Moody's.
 
 
 
 
 
 
 
 
(2) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, and Development / Redevelopment properties.

Supplemental Information
36
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
TENANT DIVERSIFICATION
Based on SLG Share of Annualized Cash Rent
Unaudited

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


  Category
 
Manhattan Properties
Suburban Properties
 
 
 
 
 
 
 
 
 
  Arts, Ent. & Recreation
4.6
%
 
 
%
 
  Business Services
 
2.4
%
 
 
%
 
  Financial Services
 
32.2
%
 
 
30.3
%
 
  Government / Non Profit
3.7
%
 
 
1.1
%
 
  Legal
 
 
8.8
%
 
 
15.6
%
 
  Manufacturing
 
2.5
%
 
 
9.8
%
 
  Medical
 
 
3.3
%
 
 
0.2
%
 
  Other
 
 
5.1
%
 
 
6.2
%
 
  Professional Services
7.2
%
 
 
12.0
%
 
  Retail
 
 
11.0
%
 
 
1.0
%
 
 
 
 
 
 
 
 
 
 
TAMI
 
 
 
 
 
 
 
 
  Technology
 
1.8
%
 
 
7.5
%
 
 
  Advertising
 
3.5
%
 
 
%
 
 
  Media
 
 
13.7
%
 
 
16.3
%
 
 
  Information
 
0.2
%
 
 
%
 
 
 
 
 
 
 
 
 
 
Total
 
 
100.0
%
 
 
100.0
%
 


Supplemental Information
37
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


Activity
Building Address
# of Leases

Usable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 6/30/19
 
 
1,460,517

 
 
 
 
 
 
 
 
 
 
Space which became available during the Quarter (2):
 
 
 
 
 
Office
 
 
 
 
 
 
 
10 East 53rd Street
1

3,618

4,019

 

$100.98

 
100 Park Avenue
2

6,517

4,978

 
92.40

 
110 Greene Street
2

836

836

 
90.87

 
125 Park Avenue
1

3,885

4,815

 
62.31

 
280 Park Avenue
3

25,554

26,229

 
109.89

 
420 Lexington Avenue
9

35,275

42,217

 
65.93

 
800 Third Avenue
2

2,943

4,013

 
70.36

 
810 Seventh Avenue
2

11,354

12,295

 
67.63

 
2 Herald Square
1

27,130

27,892

 
90.54

 
Total/Weighted Average
23

117,112

127,294

 

$82.85

 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
280 Park Avenue
1

27,799

24,249

 

$52.73

 
304 Park Avenue South
2

8,310

8,380

 
181.37

 
1350 Avenue of the Americas
1

5,204

6,652

 
82.90

 
Total/Weighted Average
4

41,313

39,281

 

$85.28

 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
280 Park Avenue
1

142

142

 

$3.52

 
420 Lexington Avenue
1

291

291

 
35.72

 
Total/Weighted Average
2

433

433

 

$25.16

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Space which became available during the quarter
 
 
 
 
 
 
Office
23

117,112

127,294

 

$82.85

 
Retail
4

41,313

39,281

 

$85.28

 
Storage
2

433

433

 

$25.16

 
 
29

158,858

167,008

 

$83.27

 
 
 
 
 
 
 
 
Total Available Space
 
1,619,375

 
 
 
 
 
 
 
 
 
 
(1) Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
 
 
 


Supplemental Information
38
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg



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
 
 
 
 
 
 
1,619,375

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Park Avenue
 
5

 
5.8
 
15,852

 
16,246

 
$88.80
 

$92.40

 

$123.39

 
3.3

 
110 East 42nd Street
 
1

 
3.1
 
1,968

 
1,502

 
63.00

 

 

 
1.0

 
110 Greene Street
 
1

 
0.6
 
595

 
595

 
87.55

 
85.26

 

 

 
125 Park Avenue
 
1

 
5.2
 
4,869

 
5,833

 
64.00

 
63.60

 
42.73

 
3.0

 
220 East 42nd Street
 
2

 
29.1
 
68,623

 
75,353

 
60.48

 

 
125.72

 
6.0

 
280 Park Avenue
 
2

 
7.8
 
16,510

 
17,848

 
95.50

 
117.28

 
55.07

 
9.0

 
420 Lexington Avenue
 
6

 
6.1
 
14,675

 
19,720

 
66.13

 
61.63

 
27.84

 
0.7

 
461 Fifth Avenue
 
2

 
10.5
 
16,964

 
17,945

 
87.11

 

 
115.00

 
5.4

 
800 Third Avenue
 
3

 
9.9
 
27,451

 
29,515

 
64.50

 
62.24

 
69.10

 
7.8

 
810 Seventh Avenue
 
2

 
4.0
 
13,486

 
15,143

 
67.42

 

 
0.26

 
1.9

 
1350 Avenue of the Americas
 
1

 
5.3
 
4,109

 
4,160

 
81.00

 

 

 
3.0

 
2 Herald Square
 
2

 
31.0
 
57,875

 
66,352

 
102.17

 
63.28

 
113.46

 
6.0

 
Total/Weighted Average
 
28

 
19.2
 
242,977

 
270,212

 

$78.21

 

$71.87

 

$92.13

 
5.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 Madison Avenue
 
1

 
10.0
 
420

 
496

 
$90.73
 

$—

 

$—

 
4.0

 
Total/Weighted Average
 
1

 
10.0
 
420

 
496

 

$90.73

 

$—

 

$—

 
4.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
28

 
19.2
 
242,977

 
270,212

 

$78.21

 

$71.87

 
$92.13
 
5.4

 
Retail
 
1

 
10.0
 
420

 
496

 

$90.73

 

$—

 

$—

 
4.0

 
Total
 
29

 
19.2
 
243,397

 
270,708

 

$78.23

 

$71.74

 
$91.96
 
5.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 9/30/19
 
 
 
 
 
1,375,978

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 East 40th Street
 
1

 
5.1
 
1,885

 
2,296

 
$62.43
 
$60.26
 

$—

 
1.0

 
110 Greene Street
 
1

 
25.0
 
2,829

 
1,450

 
35.23
 
35.23
 

 

 
420 Lexington Avenue
 
3

 
4.8
 
16,149

 
26,725

 
63.75
 
56.83
 
18.09

 
2.2

 
800 Third Avenue
 
2

 
5.3
 
48,612

 
48,617

 
75.53
 
86.21
 
41.28

 
0.1

 
1350 Avenue of the Americas
 
1

 
3.3
 
1,980

 
1,988

 
101.00
 
101.72
 
2.03

 
2.0

 
Total/Weighted Average
 
8

 
5.4
 
71,455

 
81,076

 

$71.18

 

$75.26

 
$30.76
 
0.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 Madison Avenue
 
1

 
1.8
 
671

 
428

 
$159.12
 
$119.21
 

$—

 

 
750 Third Avenue
 
1

 
10.0
 
4,327

 
4,327

 
226.18

 
202.46

 

 

 
Total/Weighted Average
 
2

 
9.3
 
4,998

 
4,755

 

$220.14

 

$194.97

 

$—

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
8

 
5.4
 
71,455

 
81,076

 

$71.18

 

$75.26

 
$30.76
 
0.8

 
Early Renewals Retail
 
2

 
9.3
 
4,998

 
4,755

 

$220.14

 

$194.97

 

$—

 

 
Total
 
10

 
5.7
 
76,453

 
85,831

 

$79.43

 

$81.89

 
$29.06
 
0.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annual initial base rent.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(3) Average starting office rent excluding new tenants replacing vacancies is $81.87/rsf for 100,150 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $77.09/rsf for 181,226 rentable SF.

Supplemental Information
39
Third Quarter 2019

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LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Available Space
Unaudited

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Activity
Building Address
# of Leases

Usable SF

Rentable SF

 
Escalated
Rent/Rentable SF ($'s)(1)

 
 
 
 
 
 
 
Available Space at 6/30/19
 
232,313

 
 
 
 
 
 
 
 
 
 
Space which became available during the Quarter (2):
 
 
 
 
 
Office
 
 
 
 
 
 
 
1 Landmark Square, Stamford, Connecticut
2

5,036

5,036

 
$37.99
 
4 Landmark Square, Stamford, Connecticut
1

2,900

2,900

 
35.47

 
1010 Washington Boulevard, Stamford, Connecticut
5

14,888

14,888

 
36.20

 
1055 Washington Boulevard, Stamford, Connecticut
1

6,540

6,540

 
29.86

 
Total/Weighted Average
9

29,364

29,364

 

$35.02

 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
4 Landmark Square, Stamford, Connecticut
2

1,091

1,091

 
$19.74
 
 
2

1,091

1,091

 

$19.74

 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
1055 Washington Boulevard, Stamford, Connecticut
1

561

561

 
$12.00
 
Total/Weighted Average
1

561

561

 
$12.00
 
 
 
 
 
 
 
 
Total Space which became available during the Quarter
 
 
 
 
 
Office
9

29,364

29,364

 

$35.02

 
Retail
2

1,091

1,091

 

$19.74

 
Storage
1

561

561

 

$12.00

 
 
12

31,016

31,016

 

$34.07

 
 
 
 
 
 
 
 
Total Available Space
 
263,329

 
 
 
 
 
 
 
 
 
 
(1) Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
 
 
 
 
 
 
 
 
 


Supplemental Information
40
Third Quarter 2019

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LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

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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
 
 
 
 
 
263,329

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Summit Lake Drive, Valhalla, New York
 
1
 
3.1

 
1,322

 
1,184

 
27.00

 

 

$—

 
1.0

 
1 Landmark Square, Stamford, Connecticut
 
2
 
3.1

 
3,570

 
3,570

 
40.00

 
40.59

 
4.61

 
1.1

 
1010 Washington Boulevard, Stamford, Connecticut
 
1
 
5.3

 
2,266

 
2,266

 
37.00

 
35.15

 
22.50

 
3.0

 
1055 Washington Boulevard, Stamford, Connecticut
 
1
 
1.0

 
6,540

 
6,540

 
31.00

 
29.86

 

 

 
Total/Weighted Average
 
5
 
2.4

 
13,698

 
13,560

 

$34.02

 

$32.88

 

$4.97

 
0.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 Landmark Square, Stamford, Connecticut
 
3
 
10.8

 
3,797

 
3,797

 

$11.46

 

$19.74

 

$—

 

 
Total/Weighted Average
 
3
 
10.8

 
3,797

 
3,797

 

$11.46

 

$19.74

 

$—

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Storage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 Landmark Square, Stamford, Connecticut
 
1
 
3.0

 
100

 
100

 
$15.00
 

$—

 

$—

 

 
1055 Washington Boulevard, Stamford, Connecticut
 
1
 
1.0

 
561

 
561

 
$12.00
 

$12.00

 

 

 
Total/Weighted Average
 
2
 
1.3

 
661

 
661

 

$12.45

 

$12.00

 

$—

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Leased Space
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office (3)
 
5
 
2.4


13,698


13,560

 

$34.02

 

$32.88

 

$4.97

 
0.9

 
Retail
 
3
 
10.8

 
3,797

 
3,797

 

$11.46

 

$19.74

 

$—

 

 
Storage
 
2
 
1.3

 
661

 
661

 

$12.45

 

$12.00

 

$—

 

 
Total
 
10
 
4.2

 
18,156

 
18,018

 

$28.48

 

$30.78

 

$3.74

 
0.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Available Space as of 9/30/19
 
 
 
 
 
245,173

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Summit Lake Drive, Valhalla, New York
 
1
 
0.5

 
11,780

 
11,780

 

$30.00

 

$28.36

 

$—

 

 
1 Landmark Square, Stamford, Connecticut
 
1
 
1.4

 
3,795

 
3,795

 
35.50

 
33.68

 

 

 
Total/Weighted Average
 
2
 
0.7

 
15,575

 
15,575

 

$31.34

 

$29.66

 

$—

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early Renewals Office
 
2
 
0.7


15,575

 
15,575

 

$31.34

 

$29.66

 

$—

 

 
Total
 
2
 
0.7

 
15,575

 
15,575

 

$31.34

 

$29.66

 

$—

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annual initial base rent.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(3) Average starting office rent excluding new tenants replacing vacancies is $33.87/rsf for 10,706 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $32.37/rsf for 26,281 rentable SF.

Supplemental Information
41
Third Quarter 2019

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

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

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

 
Current Weighted Average Asking Rent $/psf (4)

 
Number of Expiring Leases (2)

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter 2019(1)
 


%

$—

 

$—

 

$—

 


%

$—

 

$—


$—

2nd Quarter 2019(1)
 
1

2,786

0.02
%
194,674

 
69.88

 
65.00

 


%

 


3rd Quarter 2019(1)
 
6

7,499

0.06
%
407,466

 
54.34

 
54.16

 
2

1,714

0.02
%
54,600

 
31.86

32.47

4th Quarter 2019
 
22

534,850

4.33
%
43,929,120

 
82.13

 
69.32

 
2

7,911

0.07
%
626,571

 
79.20

73.19

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2019
 
29

545,135

4.41
%
$44,531,260
 

$81.69

 

$69.09

 
4

9,625

0.09
%

$681,171

 

$70.77


$65.94

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
83

2,056,727

16.66
%

$139,172,754

 

$73.28

(5) 

$68.62

(5) 
19

254,076

2.36
%

$18,043,395

 

$71.02


$78.51

2021
 
106

1,174,583

9.52
%
72,648,179

 
61.85

 
67.81

 
26

291,807

2.71
%
22,266,899

 
76.31

79.20

2022
 
94

1,043,042

8.45
%
73,759,056

 
70.72

 
76.87

 
30

891,085

8.27
%
83,056,309

 
93.21

95.12

2023
 
74

879,323

7.12
%
57,288,834

 
65.15

 
66.00

 
16

438,826

4.07
%
38,190,378

 
87.03

80.68

2024
 
56

381,275

3.09
%
26,881,725

 
70.50

 
71.52

 
24

1,003,426

9.32
%
106,258,522

 
105.90

87.20

2025
 
38

554,454

4.49
%
50,959,630

 
91.91

 
83.38

 
11

422,853

3.93
%
33,843,730

 
80.04

84.94

2026
 
29

702,298

5.69
%
49,432,842

 
70.39

 
68.93

 
19

493,695

4.58
%
49,977,715

 
101.23

103.95

2027
 
36

597,379

4.84
%
46,158,199

 
77.27

 
72.43

 
18

386,265

3.59
%
33,835,834

 
87.60

94.32

2028
 
38

599,486

4.86
%
44,064,540

 
73.50

 
76.07

 
19

222,034

2.06
%
23,473,305

 
105.72

101.12

Thereafter
 
84

3,810,550

30.87
%
226,286,458

 
59.38

 
66.85

 
44

6,355,251

59.02
%
423,848,338

 
66.69

82.86

 
 
667

12,344,252

100.00
%
$831,183,477
 

$67.76

(5) 

$69.97

(5) 
230

10,768,943

100.00
%

$833,475,596

 

$77.40


$85.81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE: Data excludes space currently occupied by SL Green's corporate offices
 
 

 
 
 
 
(1) Includes month to month holdover tenants that expired prior to September 30, 2019.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of current average asking rents for currently occupied space as of September 30, 2019. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 
 
(5) Excludes Credit Suisse at One Madison Avenue
 
 
 
 
 
 


Supplemental Information
42
Third Quarter 2019

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

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

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
Number of Expiring Leases (2)

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter 2019(1)
 
6

34,263

1.79
%

$898,648

 

$26.23


$37.09

 


%

$—

 

$—


$—

2nd Quarter 2019(1)
 


%

 


 


%

 


3rd Quarter 2019(1)
 
1

2,709

0.14
%
126,108

 
46.55

44.12

 


%

 


4th Quarter 2019
 
5

163,393

8.52
%
5,056,331

 
30.95

28.05

 


%

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2019
 
12

200,365

10.45
%

$6,081,087

 

$30.35


$29.81

 


%

$—

 

$—


$—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
40

203,564

10.62
%

$6,955,831

 

$34.17


$36.37

 


%

$—

 

$—


$—

2021
 
40

278,039

14.50
%
10,487,126

 
37.72

37.98

 


%

 


2022
 
32

122,681

6.40
%
4,855,266

 
39.58

40.47

 


%

 


2023
 
23

155,995

8.14
%
5,593,003

 
35.85

35.42

 


%

 


2024
 
18

64,161

3.35
%
2,131,979

 
33.23

32.63

 


%

 


2025
 
10

99,911

5.21
%
3,418,874

 
34.22

35.86

 


%

 


2026
 
15

248,975

12.99
%
9,275,560

 
37.25

37.70

 


%

 


2027
 
7

217,768

11.36
%
5,612,289

 
25.77

28.07

 


%

 


2028
 
4

131,230

6.85
%
3,815,893

 
29.08

29.92

 


%

 


Thereafter
 
16

194,264

10.13
%
6,456,848

 
33.24

32.86

 


%

 


 
 
217

1,916,953

100.00
%

$64,683,756

 

$33.74


$34.38

 


%

$—

 

$—


$—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to September 30, 2019.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of current average asking rents for currently occupied space as of September 30, 2019. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
43
Third Quarter 2019

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ANNUAL LEASE EXPIRATIONS
Retail Operating and Development / Redevelopment Leases
Unaudited

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Consolidated Properties
 
Joint Venture Properties
Year of Lease Expiration

 
Number of Expiring Leases (2)

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
Number of Expiring Leases (2)

Rentable Square Footage of Expiring Leases

Percentage of Total
Sq. Ft.

 Annualized Cash Rent of Expiring Leases

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

Current Weighted Average Asking Rent $/psf (4)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
High Street Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 (1)

 


%

$—

 

$—


$—

 
1

3,600

1.33
%

$244,777

 

$67.99


$250.00

2020

 
3

9,901

3.07
%
1,463,342

 
147.80

254.52

 
1

1,698

0.63
%
129,000

 
75.97

79.77

2021

 


%

 


 
2

13,637

5.03
%
4,198,634

 
307.89

136.99

2022

 
1

1,165

0.36
%
217,176

 
186.42

299.00

 
2

50,808

18.74
%
27,610,398

 
543.43

510.78

2023

 
3

9,825

3.05
%
1,180,632

 
120.17

138.76

 
2

7,131

2.63
%
1,710,960

 
239.93

350.00

2024

 
4

74,286

23.05
%
18,721,672

 
252.02

255.72

 
1

7,793

2.87
%
5,730,456

 
735.33

898.00

2025

 
3

33,944

10.53
%
994,200

 
29.29

24.15

 


%

 


2026

 


%

 


 
4

74,424

27.46
%
31,135,474

 
418.35

384.06

2027

 
1

1,358

0.42
%
135,468

 
99.76

96.00

 
1

3,655

1.35
%
737,477

 
201.77

158.00

2028

 
1

10,040

3.12
%
4,127,400

 
411.10

411.10

 


%

 


Thereafter

 
5

181,791

56.40
%
14,390,740

 
79.16

89.62

 
3

108,328

39.96
%
57,570,648

 
531.45

532.79

 
 
21

322,310

100.00
%

$41,230,630

 

$127.92


$138.37

 
17

271,074

100.00
%

$129,067,824

 

$476.14


$461.96

Vacancy (5)
 
 
5,928

 
 
 
 
623.53

 
 

 
 
 
 

 
 
 
328,238

 
 
 
 

$147.13

 
 
271,074

 
 
 
 

$461.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 (1)

 


%

$—

 

$—


$—

 


%

$—

 

$—


$—

2020

 
5

7,238

1.22
%
1,700,630

 
234.96

503.10

 
4

57,984

12.68
%
3,454,394

 
59.57

121.28

2021

 
11

23,069

3.90
%
2,975,634

 
128.99

160.69

 
5

5,995

1.31
%
590,132

 
98.44

118.81

2022

 
10

121,564

20.55
%
14,230,316

 
117.06

153.74

 
10

85,094

18.61
%
20,698,515

 
243.24

276.40

2023

 
8

35,519

6.00
%
5,591,061

 
157.41

154.68

 
6

24,613

5.38
%
3,082,274

 
125.23

139.50

2024

 
5

22,420

3.79
%
4,278,255

 
190.82

160.10

 
6

15,829

3.46
%
3,442,485

 
217.48

210.72

2025

 
8

28,753

4.86
%
7,618,758

 
264.97

274.00

 
2

946

0.21
%
224,539

 
237.36

213.60

2026

 
5

12,677

2.14
%
1,632,475

 
128.77

120.24

 
6

24,573

5.37
%
9,839,372

 
400.41

393.83

2027

 
7

34,269

5.79
%
4,741,708

 
138.37

155.94

 
7

22,008

4.81
%
10,842,485

 
492.66

542.77

2028

 
9

36,611

6.19
%
4,988,470

 
136.26

152.17

 
7

19,727

4.31
%
4,039,732

 
204.78

197.43

Thereafter

 
33

269,530

45.56
%
38,452,782

 
142.67

145.58

 
14

200,483

43.86
%
14,851,324

 
74.08

78.43

 
 
101

591,650

100.00
%

$86,210,089

 

$145.71


$160.02

 
67

457,252

100.00
%

$71,065,252

 

$155.42


$173.81

Vacancy (5)
 
 
43,197

 
 
 
 
291.58

 
 
73,434

 
 
 
 
182.93

 
 
 
634,847

 
 
 
 

$168.97

 
 
530,686

 
 
 
 

$175.07

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes month to month holdover tenants that expired prior to September 30, 2019.
 
 
 
 
 
 
 
(2) Tenants may have multiple leases.
 
 
 
 
 
 
 
(3) Represents in place annualized rent allocated by year of expiration.
 
 
 
 
 
 
 
(4) Management's estimate of average asking rents for currently occupied space as of September 30, 2019. Taking rents are
typically lower than asking rents and may vary from property to property.
 
 
 
 
 
 
 
(5) Includes square footage of leases signed but not yet commenced.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Information
44
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


















 
 
 
 
 
 
 
 
 
Gross Asset
 
Occupancy (%)
 
Property
Submarket
Interest Acquired
 
Type of Ownership
 
Net Rentable SF
 
Valuation ($'s) (1)
 
at acquisition
9/30/2019
1998 - 2018 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
Mar-98
420 Lexington Avenue
Grand Central
100.0%
 
Operating Sublease
 
1,188,000

 
$
78,000

 
83.0

91.2

May-98
711 3rd Avenue
Grand Central
100.0
 
Operating Sublease
 
524,000

 
65,600

 
79.0

97.0

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

81.3

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

94.9

Feb-03
220 East 42nd Street
Grand Central
100.0
 
Fee Interest
 
1,135,000

 
265,000

 
91.9

97.0

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

90.6

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

92.7

Jul-04
485 Lexington Avenue
Grand Central
30.0
 
Fee Interest
 
921,000

 
225,000

 
100.0

84.2

Oct-04
625 Madison Avenue
Plaza District
100.0
 
Leasehold Interest
 
563,000

 
231,500

 
68.0

97.1

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

 N/A

Jun-06
609 Fifth Avenue
Midtown
100.0
 
Fee Interest
 
160,000

 
182,000

 
98.5

96.0

Dec-06
485 Lexington Avenue
Grand Central
70.0
 
Fee Interest
 

 
578,000

 
 
84.2

Dec-06
800 Third Avenue
Grand Central North
43.0
 
Fee Interest
 
526,000

 
285,000

 
96.9

96.5

Jan-07
Reckson - NYC Portfolio
Various
100.0
 
Fee Interests / Leasehold Interest
 
5,612,000

 
3,679,530

 
98.3

95.5

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
 
Leasehold Interest
 
674,000

 
520,000

 
100.0

 N/A

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

99.3

May-10
600 Lexington Avenue
Grand Central North
55.0
 
Fee Interest
 
303,515

 
193,000

 
93.6

 N/A

Aug-10
125 Park Avenue
Grand Central
100.0
 
Fee Interest
 
604,245

 
330,000

 
99.1

95.6

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

 
245,700

 
80.7

 N/A

Apr-11
1515 Broadway
Times Square
45.0
 
Fee Interest
 
1,750,000

 
1,210,000

 
98.5

94.9

May-11
110 East 42nd Street
Grand Central
100.0
 
Fee Interest
 
205,000

 
85,570

 
72.6

84.9

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

 
1,110,000

 
78.2

88.0

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

94.3

Jun-12
304 Park Avenue South
Midtown South
100.0
 
Fee Interest
 
215,000

 
135,000

 
95.8

96.1

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

93.1

Aug-15
30 East 40th Street
Grand Central South
60.0
 
Leasehold Interest
 
69,446

 
4,650

 
100.0

93.9

Aug-15
11 Madison Avenue
Park Avenue South
100.0
 
Fee Interest
 
2,314,000

 
2,285,000

 
71.6

95.7

Dec-15
600 Lexington Avenue
Grand Central North
45.0
 
Fee Interest
 
303,515

 
284,000

 
95.5

 N/A

Oct-17
Worldwide Plaza
Westside
24.4
 
Fee Interest
 
2,048,725

 
1,725,000

 
100.0

96.8

May-18
2 Herald Square
Herald Square
100.0
 
Leasehold Interest
 
369,000

 
266,000

 
81.6

81.9

 
 
 
 
 
 
 
43,502,923

 
$
23,690,130

 
 
 
2019 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
May-19
110 Greene Street
Soho
10.0%
 
Leasehold Interest
 
223,600

 
$
256,500

 
93.3

93.1

 
 
 
 
 
 
 
223,600

 
$
256,500

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

Supplemental Information
45
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
 
 
 
 
 
Gross Asset Valuation
 
Property
Submarket
Interest Sold
 
Type of Ownership
 
Net Rentable SF
 
($'s)
 
($'s/SF)
2000 - 2018 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

 
Jun-16
388 & 390 Greenwich Street
Downtown
1.0
 
Fee Interest
 
 
2,635,000

 
 
 
2,000,000

 
 
 
759

 
Aug-16
11 Madison Avenue
Park Avenue South
0.4
 
Fee Interest
 
 
2,314,000

 
 
 
2,600,000

 
 
 
1,124

 
Nov-17
1515 Broadway
Times Square
0.3
 
Fee Interest
 
 
1,750,000

 
 
 
1,950,000

 
 
 
1,114

 
Jan-18
600 Lexington Avenue
Grand Central North
1.0
 
Fee Interest
 
 
303,515

 
 
 
305,000

 
 
 
1,005

 
Feb-18
1515 Broadway
Times Square
13.0
 
Fee Interest
 
 
1,750,000

 
 
 
1,950,000

 
 
 
1,114

 
May-18
1745 Broadway
Midtown
56.9
 
Leasehold Interest
 
 
674,000

 
 
 
633,000

 
 
 
939

 
Nov-18
3 Columbus Circle
Columbus Circle
48.9
 
Fee Interest
 
 
530,981

 
 
 
851,000

 
 
 
1,603

 
Nov-18
2 Herald Square
Herald Square
49.0
 
Leasehold Interest
 
 
369,000

 
 
 
265,000

 
 
 
718

 
 
 
 
 
 
 
 
 
26,505,219

 
 
 
$
17,513,650

 
 
 
$
661

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May-19
521 Fifth Avenue
Grand Central
50.5%
 
Fee Interest
 
 
460,000

 
 
 
$
381,000

 
 
 
$
828

 
 
 
 
 
 
 
 
 
460,000

 
 
 
$
381,000

 
 
 
$
828

 

Supplemental Information
46
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)            
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

 
 
 
 
 
 
 
 
 
Gross Asset
 
Occupancy (%)
 
Property
Submarket
Interest Acquired
 
Type of Ownership
 
Net Rentable SF
 
Valuation ($'s) (1)
 
at acquisition
9/30/2019
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

85.8

Jan-07
Reckson - Westchester Portfolio
Westchester
100.0
 
Fee Interests / Leasehold Interest
 
2,346,100

 
570,190

 
90.6

94.4

Apr-07
Jericho Plazas
Jericho, New York
20.3
 
Fee Interest
 
640,000

 
210,000

 
98.4

 N/A

Jun-07
1010 Washington Boulevard
Stamford, Connecticut
100.0
 
Fee Interest
 
143,400

 
38,000

 
95.6

87.0

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
51.0
 
Fee Interest
 
 
133,000

 
 
 
42,011

 
 
 
316

 
Jul-17
750 Washington Avenue
Stamford, Connecticut
51.0
 
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

 
2018 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May-18
115-117 Stevens Avenue
Valhalla, New York
100.0%
 
Fee Interest
 
 
178,000

 
 
 
$
12,000

 
 
 
$
67

 
Jun-18
Jericho Plaza
Jericho, New York
11.67
 
Fee Interest
 
 
640,000

 
 
 
117,400

 
 
 
183

 
Jul-18
1-6 International Drive
Rye Brook, New York
100.0
 
Fee Interest
 
 
540,000

 
 
 
55,000

 
 
 
102

 
 
 
 
 
 
 
 
 
1,358,000

 
 
 
$
184,400

 
 
 
$
136

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

Supplemental Information
47
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Retail, Residential, and Development / Redevelopment
Unaudited
(Dollars in Thousands)            

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
 
 
 
Gross Asset
 
Occupancy (%)
 
Property
Submarket
Interest Acquired
 
Type of Ownership
 
Net Rentable SF
 
Valuation ($'s) (1)
 
at acquisition
9/30/2019
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
2 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

94.5

Aug-11
1552-1560 Broadway
Times Square
50.0
 
Fee Interest
 
35,897

 
136,550

 
59.7

88.3

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

88.8

Jan-12
724 Fifth Avenue
Plaza District
50.0
 
Fee Interest
 
65,010

 
223,000

 
92.9

 N/A

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

100.0

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

 N/A

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

98.8

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

100.0

Jul-14
115 Spring Street
Soho
100.0
 
Fee Interest
 
5,218

 
52,000

 
100.0

100.0

Jul-14
752-760 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

 N/A

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

 

 N/A

Nov-14
55 West 46th Street - Tower 46
Midtown
100.0
 
Fee Interest
 
347,000

 
295,000

 

86.5

Feb-15
Stonehenge Portfolio
 
100.0
 
Fee Interest
 
2,589,184

 
40,000

 
96.5

95.9

Mar-15
1640 Flatbush Avenue
Brooklyn, New York
100.0
 
Fee Interest
 
1,000

 
6,799

 
100.0


Jun-15
Upper East Side Residential
Upper East Side Residential
90.0
 
Fee Interest
 
27,000

 
50,074

 
96.4

 N/A

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

 

94.3

 
 
 
 
 
 
 
936,458

 
$
787,546

 
 
 
2018 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
Jul-18
1231 Third Avenue
Upper East Side
100.0%
 
Fee Interest
 
38,992

 
$
55,355

 
100.0

 N/A

Oct-18
133 Greene Street
Soho
100.0
 
Fee Interest
 
6,425

 
30,999

 
100.0

100.0

Dec-18
712 Madison Avenue
Plaza District
100.0
 
Fee Interest
 
6,600

 
57,996

 
100.0

100.0

 
 
 
 
 
 
 
52,017

 
$
144,350

 
 
 
2019 Acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
Apr-19
106 Spring Street
Soho
100.0%
 
Fee Interest
 
5,928

 
$
80,150

 


May-19
460 West 34th Street
Hudson Yards
70.9
 
Fee Interest
 
638,000

 
440,000

 
76.3

73.8

 
 
 
 
 
 
 
643,928

 
$
520,150

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
48
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SUMMARY OF REAL ESTATE SALES ACTIVITY
Retail, Residential, and Development / Redevelopment
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


 
 
 
 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apr-18
175-225 Third Street
Brooklyn, New York
95.0%
 
Fee Interest
 
 

 
 
 
$
115,000

 
 
 
$

 
June-18
635 Madison Avenue
Plaza District
100.0
 
Fee Interest
 
 
176,530

 
 
 
153,000

 
 
 
867

 
Jul-18
724 Fifth Avenue
Plaza District
50.0
 
Fee Interest
 
 
65,010

 
 
 
365,000

 
 
 
5,615

 
Oct-18
72nd Street Assemblage & 1231 Third Avenue
Upper East Side
Various
 
Fee Interest
 
 

 
 
 
143,800

 
 
 

 
 
 
 
 
 
 
 
 
241,540

 
 
 
$
776,800

 
 
 
$
3,216

 
2019 Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jan-19
131-137 Spring Street
Soho
20.0
 
Fee Interest
 
 
68,342

 
 
 
216,000

 
 
 
3,161

 
Aug-19
115 Spring Street
Soho
49.0
 
Fee Interest
 
 
5,218

 
 
 
66,050

 
 
 
12,658

 
 
 
 
 
 
 
 
 
73,560

 
 
 
$
282,050

 
 
 
$
3,834

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option.
 
 
 
 
 
 
 
 
 


Supplemental Information
49
Third Quarter 2019

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EXECUTIVE MANAGEMENT
                               
                          
                         
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https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg



Marc Holliday
Edward V. Piccinich
Chairman and Chief Executive Officer
Chief Operating Officer
 
 
Andrew Mathias
Neil H. Kessner
President
Executive Vice President, General
 
Counsel - Real Property
Matthew J. DiLiberto
 
Chief Financial Officer
David M. Schonbraun
 
Co-Chief Investment Officer
Andrew S. Levine
 
Chief Legal Officer
Isaac Zion
 
Co-Chief Investment Officer
Steven M. Durels
 
Executive Vice President, Director of
Maggie Hui
Leasing and Real Property
Chief Accounting Officer
 
 
 
 
 
 

Supplemental Information
50
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and a pro-rata adjustment for FAD from SLG’s unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and amortization of acquired above and below-market leases, net from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and our reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating our properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).





Supplemental Information
51
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Funds From Operations (FFO) Reconciliation
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income attributable to SL Green common stockholders
$
33,157

 
$
88,209

 
$
238,052

 
$
293,531

Add:
 
 
 
 
 
 
 
Depreciation and amortization
70,464

 
70,747

 
208,268

 
208,049

Joint venture depreciation and noncontrolling interest adjustments
47,674

 
45,485

 
145,202

 
140,799

Net income attributable to noncontrolling interests
1,095

 
4,661

 
9,782

 
15,890

Less:
 
 
 
 
 
 
 
Gain (loss) on sale of real estate, net
3,541

 
(2,504
)
 
2,492

 
6,227

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

 
70,937

 
76,181

 
136,522

Purchase price and other fair value adjustment
3,799

 
(3,057
)
 
69,389

 
57,385

Depreciable real estate reserves
(7,047
)
 
(6,691
)
 
(7,047
)
 
(6,691
)
Depreciation on non-rental real estate assets
740

 
616

 
2,193

 
1,766

FFO attributable to SL Green common stockholders and noncontrolling interests
$
151,357

 
$
149,801

 
$
458,096

 
$
463,060


Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
 
As of or for the three months ended
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
9/30/2018
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
40,722

 
173,741

 
$
52,769

 
$
(58,320
)
 
$
99,454

Interest expense, net of interest income
48,112

 
47,160

 
50,525

 
51,974

 
55,168

Amortization of deferred financing costs
3,112

 
2,712

 
2,742

 
2,695

 
2,630

Income taxes
(995
)
 
680

 
770

 
964

 
168

Depreciation and amortization
70,464

 
69,461

 
68,343

 
71,458

 
70,747

Loss on sale of real estate
(3,541
)
 

 
1,049

 
36,984

 
2,504

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

 
(59,015
)
 
(17,166
)
 
(167,445
)
 
(70,937
)
Purchase price and other fair value adjustments
(3,799
)
 
(67,631
)
 
2,041

 

 
3,057

Depreciable real estate reserves
7,047

 

 

 
220,852

 
6,691

Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates
86,743

 
88,159

 
89,160

 
85,786

 
82,060

EBITDAre
$
247,865

 
$
255,267

 
$
250,233

 
$
244,948

 
$
251,542


Supplemental Information
52
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - Operating income and Same-store NOI Reconciliation
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income
$
40,722

 
$
99,454

 
$
267,232

 
$
329,176

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

 
(70,937
)
 
(76,181
)
 
(136,522
)
Purchase price and other fair value adjustments
(3,799
)
 
3,057

 
(69,389
)
 
(57,385
)
Loss (gain) on sale of real estate, net
(3,541
)
 
2,504

 
(2,492
)
 
(6,227
)
Depreciable real estate reserves
7,047

 
6,691

 
7,047

 
6,691

Depreciation and amortization
70,464

 
70,747

 
208,268

 
208,049

Interest expense, net of interest income
48,112

 
55,168

 
145,797

 
156,695

Amortization of deferred financing costs
3,112

 
2,630

 
8,566

 
9,713

Operating income
162,117

 
169,314

 
488,848

 
510,190

 
 
 
 
 
 
 
 
Equity in net loss (income) from unconsolidated joint ventures
9,864

 
(971
)
 
22,644

 
(9,709
)
Marketing, general and administrative expense
23,841

 
20,594

 
75,300

 
66,601

Transaction related costs, net
44

 
163

 
360

 
673

Investment income
(51,518
)
 
(48,977
)
 
(153,167
)
 
(143,540
)
Loan loss and other investment reserves, net of recoveries

 
1,087

 

 
1,087

Non-building revenue
(6,055
)
 
(2,531
)
 
(22,468
)
 
(15,708
)
Loss on early extinguishment of debt

 
2,194

 

 
2,194

Net operating income (NOI)
138,293

 
140,873

 
411,517

 
411,788

 
 
 
 
 
 
 
 
Equity in net (loss) income from unconsolidated joint ventures
(9,864
)
 
971

 
(22,644
)
 
9,709

SLG share of unconsolidated JV depreciation and amortization
46,557

 
45,839

 
142,861

 
141,023

SLG share of unconsolidated JV interest expense, net of interest income
38,295

 
34,947

 
115,983

 
107,397

SLG share of unconsolidated JV amortization of deferred financing costs
1,505

 
1,390

 
4,664

 
4,815

SLG share of unconsolidated JV loss on early extinguishment of debt
258

 

 
258

 

SLG share of unconsolidated JV investment income
(314
)
 
(4,469
)
 
(3,017
)
 
(9,263
)
SLG share of unconsolidated JV non-building revenue
(798
)
 
(901
)
 
(2,724
)
 
(2,911
)
NOI including SLG share of unconsolidated JVs
213,932

 
218,650

 
646,898

 
662,558

 
 
 
 
 
 
 
 
NOI from other properties/affiliates
(7,362
)
 
(14,097
)
 
(26,408
)
 
(52,295
)
Same-Store NOI
206,570

 
204,553

 
620,490

 
610,263

 
 
 
 
 
 
 
 
Operating lease straight-line adjustment
514

 
524

 
1,542

 
1,572

Joint Venture operating lease straight-line adjustment
107

 
258

 
573

 
773

Straight-line and free rent
(2,339
)
 
(5,536
)
 
(5,943
)
 
(8,979
)
Amortization of acquired above and below-market leases, net
(902
)
 
(1,320
)
 
(2,770
)
 
(4,241
)
Joint Venture straight-line and free rent
(15,739
)
 
(3,878
)
 
(45,765
)
 
(14,975
)
Joint Venture amortization of acquired above and below-market leases, net
(4,122
)
 
(4,065
)
 
(12,632
)
 
(11,616
)
Same-store cash NOI
$
184,089

 
$
190,536

 
$
555,495

 
$
572,797


Supplemental Information
53
Third Quarter 2019

https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-topborder19q3a01.jpg
SELL-SIDE ANALYST COVERAGE
                               
                          
                         
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-slgreenlogo19q3a01.jpg
https://cdn.kscope.io/52c75a73f8f0c1371240d4b97571c87b-bottomborder19q3a01.jpg


EQUITY COVERAGE
 
 
 
 
 
 
 
Firm
Analyst
Phone
Email
Bank of America - Merrill Lynch
James C. Feldman
(646) 855-5808
james.feldman@baml.com
Barclays Capital
Ross Smotrich
(212) 526-2306
ross.smotrich@barcap.com
BMO Capital Markets Corp.
John P. Kim
(212) 885-4115
jp.kim@bmo.com
BTIG
James Sullivan
(212) 738-6139
jsullivan@btig.com
Citigroup
Michael Bilerman
(212) 816-1383
michael.bilerman@citigroup.com
Deutsche Bank
Derek Johnston
(904) 520-4973
derek.johnston@db.com
Green Street Advisors
Daniel Ismail
(949) 640-8780
dismail@greenstreetadvisors.com
Evercore ISI
Steve Sakwa
(212) 446-9462
ssakwa@isigrp.com
Jefferies & Company
Jonathan Peterson
(212) 284-2300
jpeterson@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
Scotiabank
Nick Yulico
(212) 225 6904
nicholas.yulico@scotiabank.com
Stifel Nicolaus
John Guinee
(443) 224-1307
jwguinee@stifel.com
SunTrust Robinson Humphrey
Michael Lewis
(404) 926-5000
michael.lewis@suntrust.com
Wells Fargo Securities, LLC
Blaine Heck
(443) 263-6529
blaine.heck@wellsfargo.com
FIXED INCOME COVERAGE
 
 
 
 
 
 
 
Firm
Analyst
Phone
Email
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
54
Third Quarter 2019