SEC Filing | SL Green Realty Corp.

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slg-20210331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13199 (SL Green Realty Corp.)

Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)

______________________________________________________________________

SL GREEN REALTY CORP.

SL GREEN OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

______________________________________________________________________


SL Green Realty Corp.	Maryland	13-3956775
SL Green Operating Partnership, L.P.	Delaware	13-3960938
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Vanderbilt Avenue, New York, NY 10017

(Address of principal executive offices—Zip Code)

(212) 594-2700

(Registrant's telephone number, including area code)

420 Lexington Avenue, New York, NY 10170

(Former name or former address, if changed since last report)

______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

SL Green Realty Corp.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller Reporting Company

☐

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.

☐

SL Green Operating Partnership, L.P.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

Smaller Reporting Company

☐

Emerging Growth Company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

SL Green Realty Corp. Yes ☐ No x SL Green Operating Partnership, L.P. Yes ☐ No x

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Trading Symbol

Title of Each Class

Name of Each Exchange on Which Registered

SL Green Realty Corp.

SLG

Common Stock, $0.01 par value

New York Stock Exchange

SL Green Realty Corp.

SLG.PRI

6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value

New York Stock Exchange

As of May 7, 2021, 69,353,968 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of May 7, 2021, 1,025,366 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2021 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.

The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.

As of March 31, 2021 the Company owns 94.35% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of March 31, 2021, noncontrolling investors held, in aggregate, a 5.65% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.

The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.

Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:

•Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and

•Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

•consolidated financial statements;

•the following notes to the consolidated financial statements:

◦Note 11, Noncontrolling Interests on the Company’s Consolidated Financial Statements;

◦Note 12, Stockholders' Equity of the Company; and

◦Note 13, Partners' Capital of the Operating Partnership.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.

On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. As a result of the elections made, the cash option was oversubscribed and was prorated. Shareholders who elected to receive cash received, for each share of common stock they

owned as of the Record Date, approximately $0.3735 in cash and 0.0279 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0343 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2021, of $58.15 per share.

To mitigate the dilutive impact of the common stock issued in the special dividend, the board of directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.

All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS	7

	FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
	Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020	7
	Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited)	9
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 (unaudited)	10
	Consolidated Statements of Equity for the three months ended March 31, 2021 and 2020 (unaudited)	11
	Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)	13

	FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
	Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020	16
	Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited)	18
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 (unaudited)	19
	Consolidated Statements of Capital for the three months ended March 31, 2021 and 2020 (unaudited)	20
	Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)	22
	Notes to Consolidated Financial Statements (unaudited)	23
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	61
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	74
Item 4.	Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)	75
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	76
Item 1A.	Risk Factors	76
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
Item 3.	Defaults Upon Senior Securities	78
Item 4.	Mine Safety Disclosures	79
Item 5.	Other Information	80
Item 6.	Exhibits	81
	Signatures	82

Table of Contents

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Table of Contents

SL Green Realty Corp.

Consolidated Balance Sheets

(in thousands)


	March 31, 2021		December 31, 2020
	(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,445,199	$	1,315,832
Building and improvements	4,096,930		4,168,193
Building leasehold and improvements	1,730,418		1,448,134
Right of use asset - financing leases	55,711		55,711
Right of use asset - operating leases	502,316		367,209
	7,830,574		7,355,079
Less: accumulated depreciation	(2,004,945)		(1,956,077)
	5,825,629		5,399,002

Cash and cash equivalents	304,999		266,059
Restricted cash	96,608		106,736
Investments in marketable securities	23,784		28,570
Tenant and other receivables	42,505		44,507
Related party receivables	34,310		34,657
Deferred rents receivable	304,420		302,791
Debt and preferred equity investments, net of discounts and deferred origination fees of $9,817 and $11,232 and allowances of $13,213 and $13,213 in 2021 and 2020, respectively	1,097,202		1,076,542
Investments in unconsolidated joint ventures	3,698,701		3,823,322
Deferred costs, net	170,252		177,168
Other assets	445,635		448,213
Total assets (1)	$	12,044,045	$	11,707,567
Liabilities
Mortgages and other loans payable, net	$	1,848,701	$	1,979,972
Revolving credit facility, net	625,809		105,262
Unsecured term loans, net	1,495,620		1,495,275
Unsecured notes, net	1,248,622		1,248,219
Accrued interest payable	22,796		14,825
Other liabilities	267,908		302,798
Accounts payable and accrued expenses	120,015		151,309
Deferred revenue	119,215		118,572
Lease liability - financing leases	152,622		152,521
Lease liability - operating leases	455,385		339,458
Dividend and distributions payable	24,924		149,294
Security deposits	54,181		53,836

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	6,535,798		6,211,341

Table of Contents

SL Green Realty Corp.

Consolidated Balance Sheets

(in thousands)


	March 31, 2021		December 31, 2020
	(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership	374,124		358,262
Preferred units	198,503		202,169

Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2021 and December 31, 2020	221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized and 70,380 and 69,534 issued and outstanding at March 31, 2021 and December 31, 2020, respectively (including 1,026 and 1,026 shares held in treasury at March 31, 2021 and December 31, 2020, respectively)	705		716
Additional paid-in-capital	3,913,258		3,862,949
Treasury stock at cost	(124,049)		(124,049)
Accumulated other comprehensive loss	(18,897)		(67,247)
Retained earnings	918,077		1,015,462
Total SL Green stockholders' equity	4,911,026		4,909,763
Noncontrolling interests in other partnerships	24,594		26,032
Total equity	4,935,620		4,935,795
Total liabilities and equity	$	12,044,045	$	11,707,567

(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $179.6 million and $41.2 million of land, $282.3 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $16.4 million and $10.3 million of accumulated depreciation, $297.1 million and $289.5 million of other assets included in other line items, $368.6 million and $94.0 million of real estate debt, net, $0.9 million and $0.7 million of accrued interest payable, $45.3 million and $29.9 million of lease liabilities, and $31.2 million and $56.6 million of other liabilities included in other line items as of March 31, 2021 and December 31, 2020, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)


	Three Months Ended March 31,
	2021		2020
Revenues
Rental revenue, net	$	188,089	$	222,631
Investment income	19,273		38,533
Other income	18,740		53,139
Total revenues	226,102		314,303
Expenses
Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 2020	42,284		53,866
Real estate taxes	45,411		46,622
Operating lease rent	6,739		7,367
Interest expense, net of interest income	23,388		37,494
Amortization of deferred financing costs	3,774		2,500
Depreciation and amortization	62,996		68,279
Loan loss and other investment reserves, net of recoveries	—		11,248
Transaction related costs	22		65
Marketing, general and administrative	22,885		19,570
Total expenses	207,499		247,011

Equity in net loss from unconsolidated joint ventures	(2,864)		(12,814)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate	(12,629)		—
Purchase price and other fair value adjustments	2,664		—
(Loss) gain on sale of real estate, net	(1,388)		72,636
Depreciable real estate reserves and impairment	(8,241)		—





Net (loss) income	(3,855)		127,114
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	476		(6,202)
Noncontrolling interests in other partnerships	1,499		293
Preferred units distributions	(1,846)		(2,666)
Net (loss) income attributable to SL Green	(3,726)		118,539
Perpetual preferred stock dividends	(3,738)		(3,738)
Net (loss) income attributable to SL Green common stockholders	$	(7,464)	$	114,801






















Basic earnings per share	$	(0.11)	$	1.51










Diluted earnings per share	$	(0.11)	$	1.51

Basic weighted average common shares outstanding	69,010		75,656
Diluted weighted average common shares and common share equivalents outstanding	74,070		80,352

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Comprehensive Income

(unaudited, in thousands)


	Three Months Ended March 31,
	2021		2020
Net (loss) income	$	(3,855)	$	127,114
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	51,263		(50,735)
Decrease in unrealized value of marketable securities	(258)		(4,534)
Other comprehensive income (loss)	51,005		(55,269)
Comprehensive income	47,150		71,845
Net loss (income) attributable to noncontrolling interests and preferred units distributions	129		(8,575)
Other comprehensive (income) loss attributable to noncontrolling interests	(2,655)		2,886
Comprehensive income attributable to SL Green	$	44,624	$	66,156

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)


	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Noncontrolling Interests		Total
Balance at December 31, 2020		$	221,932	68,508	$	716	$	3,862,949	$	(124,049)	$	(67,247)	$	1,015,462	$	26,032	$	4,935,795


Net loss													(3,726)		(1,499)		(5,225)

Other comprehensive income											48,350						48,350
Preferred dividends													(3,738)				(3,738)
DRSPP proceeds				5			351										351

Reallocation of noncontrolling interest in the Operating Partnership													(26,609)				(26,609)

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				113	2		6,726										6,728


Repurchases of common stock				(1,306)	(13)		(80,297)						—				(80,310)

Contributions to consolidated joint venture interests															171		171

Cash distributions to noncontrolling interests															(110)		(110)
Issuance of special dividend paid primarily in stock				2,034			123,529										123,529
Cash distributions declared ($0.910 per common share, none of which represented a return of capital for federal income tax purposes)													(63,312)				(63,312)
Balance at March 31, 2021		$	221,932	69,354	$	705	$	3,913,258	$	(124,049)	$	(18,897)	$	918,077	$	24,594	$	4,935,620

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SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)


	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Noncontrolling Interests		Total
Balance at December 31, 2019		$	221,932	76,956	$	803	$	4,286,395	$	(124,049)	$	(28,485)	$	1,084,719	$	75,883	$	5,517,198
Cumulative adjustment upon adoption of ASC 326													(39,184)				(39,184)
Balance at January 1, 2020		$	221,932	76,956	$	803	$	4,286,395	$	(124,049)	$	(28,485)	$	1,045,535	$	75,883	$	5,478,014
Net income (loss)													118,539		(293)		118,246
Acquisition of subsidiary interest from noncontrolling interest							(3,123)								1,587		(1,536)
Other comprehensive loss											(52,383)						(52,383)
Preferred dividends													(3,738)				(3,738)
DRSPP proceeds				2			166										166
Conversion of units in the Operating Partnership for common stock				1			84										84
Reallocation of noncontrolling interest in the Operating Partnership													38,529				38,529

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(32)	(1)		5,503										5,502


Repurchases of common stock				(2,562)	(26)		(142,719)						(76,831)				(219,576)

Contributions to consolidated joint venture interests															3,814		3,814

Cash distributions to noncontrolling interests															(492)		(492)
Cash distributions declared ($0.304 per common share, none of which represented a return of capital for federal income tax purposes)													(22,665)				(22,665)
Balance at March 31, 2020		$	221,932	74,365	$	776	$	4,146,306	$	(124,049)	$	(80,868)	$	1,099,369	$	80,499	$	5,343,965

The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Three Months Ended March 31,
	2021		2020
Operating Activities
Net (loss) income	$	(3,855)	$	127,114
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	66,770		70,779
Equity in net loss from unconsolidated joint ventures	2,864		12,814
Distributions of cumulative earnings from unconsolidated joint ventures	69		108
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate	12,629		—
Purchase price and other fair value adjustments	(2,664)		—
Depreciable real estate reserves and impairment	8,241		—
Loss (gain) on sale of real estate, net	1,388		(72,636)
Loan loss reserves and other investment reserves, net of recoveries	—		11,248



Deferred rents receivable	(2,685)		3,717
Non-cash lease expense	3,375		3,390
Other non-cash adjustments	15,564		1,110
Changes in operating assets and liabilities:
Tenant and other receivables	(4,138)		(44,960)
Related party receivables	(683)		(4,711)
Deferred lease costs	(240)		(8,603)
Other assets	(24,354)		(48,130)
Accounts payable, accrued expenses, other liabilities and security deposits	(38,640)		(13,877)
Deferred revenue	4,121		7,622
Lease liability - operating leases	(19,160)		(2,959)
Net cash provided by operating activities	18,602		42,026
Investing Activities
Acquisitions of real estate property	—		(86,846)
Additions to land, buildings and improvements	(49,328)		(101,726)

Investments in unconsolidated joint ventures	(21,027)		(8,906)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	19,692		53,516
Net proceeds from disposition of real estate/joint venture interest	62,800		91,156
Cash assumed from consolidation of real estate investment	9,475		—
Proceeds from sale or redemption of marketable securities	4,528		—

Other investments	(54)		(4,786)
Origination of debt and preferred equity investments	(5,905)		(223,374)
Repayments or redemption of debt and preferred equity investments	—		151,548
Net cash provided by (used in) investing activities	20,181		(129,418)

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Three Months Ended March 31,
	2021	2020

Financing Activities
Proceeds from mortgages and other loans payable	10,391	101,103
Repayments of mortgages and other loans payable	(362,542)	(102,777)
Proceeds from revolving credit facility and unsecured notes	530,000	1,125,000
Repayments of revolving credit facility and unsecured notes	(10,000)	(315,000)
Proceeds from stock options exercised and DRSPP issuance	351	166

Repurchase of common stock	(84,089)	(219,576)
Redemption of preferred stock	(3,631)	(19,392)
Redemption of OP units	(13,261)	(18,066)
Distributions to noncontrolling interests in other partnerships	(110)	(492)
Contributions from noncontrolling interests in other partnerships	171	3,814
Acquisition of subsidiary interest from noncontrolling interest	—	(1,536)
Distributions to noncontrolling interests in the Operating Partnership	(4,148)	(1,284)
Dividends paid on common and preferred stock	(69,772)	(79,662)

Tax withholdings related to restricted share awards	(2,788)	(4,752)
Deferred loan costs	(288)	(562)
Principal payments of on financing lease liabilities