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8-K - 8-K - SL GREEN REALTY CORPa14-22798_18k.htm
EX-99.1 - EX-99.1 - SL GREEN REALTY CORPa14-22798_1ex99d1.htm

Exhibit 99.2

 

 

THIRD QUARTER 2014

SUPPLEMENTAL DATA

SEPTEMBER 30, 2014

 

 



 

 

 

 

 

 

 

SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust, or REIT, that primarily acquires, owns, manages, leases and repositions office properties in emerging, high-growth submarkets of Manhattan.

 

·                  SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.

·                  SL Green maintains an internet site at www.slgreen.com at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found.  Such information is not incorporated into this supplemental financial package.  This supplemental financial package is available through the Company’s internet site.

·                  This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings.  The financial data herein is unaudited and is provided from the perspective of timeliness to assist readers of quarterly and annual financial filings.  As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.

 

Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-216-1601.

 

Forward-looking Statement

 

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

 

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

 

2



 

 

 

 

 

 

 

Ratings

 

Ratings are not recommendations to buy, sell or hold the Company’s securities.

 

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, 2014 that will be released on Form 10-Q to be filed on or before November 10, 2014.

 

3



 

 

 

TABLE OF CONTENTS

 

 

 

Highlights of Current Period Financial Performance

 

 

 

 

 

Unaudited Financial Statements

 

 

Corporate Profile

 

5

Highlights

 

6-13

Comparative Balance Sheets

 

14-15

Comparative Statements of Operations

 

16

Comparative Computation of FFO and FAD

 

17

Consolidated Statement of Equity

 

18

Joint Venture Statements

 

19-21

 

 

 

Selected Financial Data

 

22-25

Debt Summary Schedule

 

26-28

Summary of Ground Lease Arrangements

 

29

 

 

 

Debt and Preferred Equity Investments

 

30-32

 

 

 

Selected Property Data

 

 

Composition of Property Portfolio

 

33-36

Largest Tenants

 

37

Tenant Diversification

 

38

Leasing Activity Summary

 

39-42

Annual Lease Expirations

 

43-44

 

 

 

Summary of Real Estate Acquisition/Disposition Activity

 

45-49

Corporate Information

 

50

Analyst Coverage

 

51

Supplemental Definitions

 

52

 

4



 

 

 

CORPORATE PROFILE

 

 

 

SL Green Realty Corp., or the Company, is New York City’s largest commercial office landlord and is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, primarily focused on owning and operating office buildings in Manhattan.

 

The Company was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc., a company that was founded in 1980 by Stephen L. Green, our current Chairman.  For more than 25 years SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan.  The Company’s investment focus is to create value through strategically acquiring, redeveloping and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow.

 

In 2007, SL Green acquired Reckson Associates Realty Corp. and added over 9 million square feet to its portfolio. Included in this total is over 3 million square feet of Class A office space located in Westchester, New York and Stamford, Connecticut.  These suburban portfolios serve as natural extensions of SL Green’s core ownership in the Grand Central submarket of Midtown Manhattan. The Company has since made selective additions and dispositions to the holdings in these areas.

 

Looking forward, SL Green plans to continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and debt and preferred equity investments.  This three-legged investment strategy allows SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.

 

5



 

 

 

THIRD QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

Summary

 

New York, NY, October 22, 2014 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, for the quarter ended September 30, 2014 of $154.7 million, or $1.55 per share, before non-recurring charges related to the refinancing of 420 Lexington Avenue of $24.5 million, or $0.24 per share, and transaction costs of $2.7 million, or $0.03 per share, as compared to FFO for the same quarter of 2013 of $125.0 million, or $1.32 per share, before the recovery of transaction costs of $2.4 million, or $0.02 per share.

 

Net income attributable to common stockholders for the quarter ended September 30, 2014 totaled $64.7 million, or $0.68 per share, compared to net income attributable to common stockholders of $37.0 million, or $0.40 per share, for the same quarter in 2013.

 

All per share amounts in this press release are presented on a diluted basis.

 

Operating and Leasing Activity

 

For the third quarter of 2014, the Company reported consolidated revenues and operating income of $390.3 million and $211.1 million, respectively, compared to $338.8 million and $191.0 million, respectively, for the same period in 2013.

 

Same-store cash NOI on a combined basis increased by 5.7 percent to $167.7 million and by 3.0 percent to $498.3 million for the three and nine months ended September 30, 2014, respectively, as compared to the same periods in 2013.  For the quarter ended September 30, 2014, consolidated property same-store cash NOI increased by 4.7 percent to $149.7 million and unconsolidated joint venture property same-store cash NOI increased 15.1 percent to $18.0 million, as compared to the same period in 2013.  For the nine months ended September 30, 2014, consolidated property same-store cash NOI increased by 1.4 percent to $446.6 million and unconsolidated joint venture property same-store cash NOI increased 19.0 percent to $51.8 million, as compared to the same period in 2013.

 

During the third quarter, the Company signed 46 office leases in its Manhattan portfolio totaling 664,727 square feet.  Twenty-five leases comprising 179,205 square feet represented office leases that replaced previous vacancy. Twenty-one leases comprising 485,522 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 $67.25 per rentable square foot, representing a 17.2 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the third quarter was 9.5 years and average tenant concessions were 2.2 months of free rent with a tenant improvement allowance of $44.09 per rentable square foot.

 

During the first nine months of 2014, the Company signed 185 office leases in its Manhattan portfolio totaling 1,485,434 square feet.  Seventy-three leases comprising 446,711 square feet represented office leases that replaced previous vacancy. One-hundred twelve leases comprising 1,038,723 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

 

6



 

 

 

THIRD QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

had average starting rents of $64.58 per rentable square foot, representing a 15.4 percent increase over the previously fully escalated rents on the same office spaces.

 

Manhattan same-store occupancy increased to 95.3 percent as of September 30, 2014, inclusive of 118,848 square feet of leases signed but not yet commenced, as compared to 94.9 percent at June 30, 2014.

 

During the third quarter, the Company signed 28 office leases in the Suburban portfolio totaling 165,331 square feet.  Seven leases comprising 22,255 square feet represented office leases that replaced previous vacancy. Twenty-one leases comprising the remaining 143,076 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $33.29 per rentable square foot, representing a 0.6 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the third quarter was 8.1 years and average tenant concessions were 5.4 months of free rent with a tenant improvement allowance of $26.57 per rentable square foot.

 

During the first nine months of 2014, the Company signed 95 office leases in its Suburban portfolio totaling 488,242 square feet.  Forty-one leases comprising 214,430 square feet represented office leases that replaced previous vacancy. Fifty-four leases comprising 273,812 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $32.69 per rentable square foot, representing a 1.1 percent increase over the previously fully escalated rents on the same office spaces.

 

Same-store occupancy for the Company’s Suburban portfolio was 82.4 percent at September 30, 2014, inclusive of 95,142 square feet of leases signed but not yet commenced, as compared to 82.8 percent at June 30, 2014 and 80.0 percent at September 30, 2013.

 

Significant leases that were signed during the third quarter included:

 

·                  Early renewal on 283,894 square feet with Schulte Roth & Zabel LLP at 919 Third Avenue, bringing the remaining lease term to 21.8 years;

·                  New lease on 50,365 square feet with Quik Park for 10.0 years at 315 West 33rd Street;

·                  Early renewal on 50,247 square feet with B and E Theaters at 5 Landmark Square, Stamford, Connecticut, bringing the remaining lease term to 6.7 years;

·                  Renewal and expansion on 39,850 square feet with Taconic Capital Advisors, L.P. for 11.0 years at 280 Park Avenue;

·                  New lease on 30,000 square feet with First Niagra Bank for 13.0 years at 520 White Plains Road, Tarrytown, New York;

 

7



 

 

 

THIRD QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

·                  New lease on 28,857 square feet with Blue Mountain Realty, LLC for 9.3 years at 280 Park Avenue;

·                  New lease on 21,342 square feet with Versace USA, Inc. for 11.0 years at 3 Columbus Circle; and

·                  Early renewal on 20,010 square feet with Road Runner Capital Partners LLC at 800 Third Avenue, bringing the remaining lease term to 7.2 years.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2014 decreased to $22.6 million from $23.9 million in the previous quarter.

 

Real Estate Investment Activity

 

In September, the Company entered into an agreement to acquire 319,000 square feet of vacant commercial condominium units on the 22nd through 34th floors in the newly constructed Midtown Manhattan class-A office property located at 55 West 46th Street for $275.0 million.  As part of the agreement, the seller had the option, which has since been exercised, to include the vacant 2nd floor, comprising 28,000 square feet, for an additional purchase price of $20.0 million.  The Company will also acquire a retail store on 46th Street and the building’s parking garage and fitness center.  This transaction is expected to be completed before the end of 2014, subject to the satisfaction of customary closing conditions.

 

In September, the Company closed on the acquisition of the fee interest at 635 Madison Avenue for $145.0 million.  The property is encumbered by a ground lease through April 2030 with one twenty-one year renewal extension option.  The improvements of the fee interest include a 19-story 176,530-square-foot office tower.

 

In September, the Company, together with its joint venture partner, closed on the acquisition of the retail condominium at 121 Greene Street in SoHo for $27.2 million.  The 7,200 square foot prime retail condominium is located along one of SoHo’s most popular shopping corridors, adjacent to Ralph Lauren and directly across the street from Apple’s local flagship.  The acquisition marks the continued growth of the Company’s prime retail property portfolio, which already includes several other assets in Manhattan’s popular SoHo shopping district.

 

In September, the Company, together with its joint venture partner, entered into an agreement to sell 180 Maiden Lane for a gross sales price of $470.0 million, resulting in an internal rate of return on the investment of approximately 16.0 percent.  This transaction is expected to close during the fourth quarter of 2014, subject to the satisfaction of customary closing conditions.

 

In September, the Company, together with its joint venture partner, closed on the sale of all its interests, including the fee position and retail condominium unit, in the mixed-use college dormitory/retail asset at 180 Broadway for a gross sales price of $222.5 million.  The Company recognized a promote of $3.3 million and a gain on sale of $16.5 million.

 

In September, the Company invested $50.0 million in the construction of a large residential rental project at 605 West 42nd Street in Manhattan.  The investment consists of mezzanine loan interests and a fixed-price option for the Company to acquire up

 

8



 

 

 

THIRD QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

to a 20 percent equity stake in the property upon completion of the project. The project, one of several to be constructed in New York’s Midtown West development area over the next decade, will consist of a 1.16 million-square-foot tower that will feature 1,174 rental apartment units.

 

Debt and Preferred Equity Investment Activity

 

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.4 billion at September 30, 2014.  During the third quarter, the Company originated and retained, or acquired new debt and preferred equity investments totaling $155.1 million, at a weighted average current yield of 10.1 percent, and recorded $287.6 million of principal reductions from investments that were sold or repaid.  As of September 30, 2014, the debt and preferred equity investment portfolio had a weighted average maturity of 2.0 years, excluding any extension options, and had a weighted average yield during the third quarter of 10.5 percent.

 

Financing and Capital Activity

 

In October, the Company’s focus on balance sheet management and improvement in credit quality was recognized when Fitch Ratings upgraded the Company to an investment grade rating of BBB- with a stable outlook.  This rating coupled with the Company’s investment grade rating from Standard & Poor’s will allow for future unsecured bond issuances by the Company to be included in the Barclays U.S. Corporate Index.

 

In September, the Company refinanced the Graybar Building at 420 Lexington Avenue, site of the Company’s headquarters.  The new 10-year, $300.0 million leasehold mortgage features a fixed interest rate of 3.98 percent and replaces the previous $181.0 million, 7.15 percent fixed-rate mortgage that the Company initially obtained in 2009 at the trough of the credit markets.  The refinancing reduced the Company’s overall cost of capital, termed out its debt maturities and generated $91.4 million of net cash proceeds, after giving consideration to closing costs and the defeasance charge on the previous financing.

 

In October, the Company and its joint venture partner closed on a new $97.0 million leasehold mortgage at 650 Fifth Avenue.  The new two-year mortgage, which bears interest at 350 basis points over LIBOR, had an initial funding of $65.0 million.

 

Dividends

 

During the third quarter of 2014, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

 

·                  $0.50 per share of common stock, which was paid on October 15, 2014 to stockholders of record on the close of business on September 30, 2014; and

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2014 through and including October 14, 2014, which was paid on October 15, 2014 to stockholders of record on the close of business on September 30, 2014, and reflects the regular quarterly dividend which is the equivalent of an annualized dividend of $1.625 per share.

 

9



 

SL Green Realty Corp.

Key Financial Data

September 30, 2014

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders - diluted

 

$

0.68

 

$

2.46

 

$

1.53

 

$

0.39

 

$

0.40

 

Funds from operations available to common stockholders - diluted

 

$

1.28

 

$

1.62

 

$

1.52

 

$

1.38

 

$

1.34

 

Reported funds available for distribution to common stockholders - diluted

 

$

(0.07

)

$

1.09

 

$

1.18

 

$

0.63

 

$

1.09

 

Recurring funds available for distribution to common stockholders - diluted

 

$

0.75

 

$

1.21

 

$

1.29

 

$

0.81

 

$

1.09

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Price & Dividends

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

 

$

101.32

 

$

109.41

 

$

100.62

 

$

92.38

 

$

88.84

 

High during period

 

$

111.86

 

$

112.79

 

$

100.62

 

$

98.15

 

$

95.61

 

Low during period

 

$

101.32

 

$

107.89

 

$

90.96

 

$

87.63

 

$

85.40

 

Common dividends per share

 

$

0.50

 

$

0.50

 

$

0.50

 

$

0.50

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO payout ratio (trailing 12 months)

 

34.5

%

31.2

%

30.1

%

28.9

%

26.9

%

Reported FAD payout ratio (trailing 12 months)

 

70.4

%

45.7

%

43.5

%

40.7

%

35.0

%

Recurring FAD payout ratio (trailing 12 months)

 

49.1

%

41.5

%

40.3

%

38.7

%

34.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares & Units

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

95,945

 

95,587

 

95,318

 

94,993

 

92,214

 

Units outstanding

 

3,735

 

3,500

 

3,000

 

2,902

 

2,792

 

Total common shares and units outstanding

 

99,680

 

99,087

 

98,318

 

97,895

 

95,006

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding - basic

 

99,319

 

98,970

 

98,196

 

96,831

 

94,780

 

Weighted average common shares and units outstanding - diluted

 

99,706

 

99,484

 

98,716

 

97,148

 

95,016

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

 

 

 

 

 

 

Market value of common equity

 

$

10,099,578

 

$

10,841,109

 

$

9,892,757

 

$

9,043,540

 

$

8,440,333

 

Liquidation value of preferred equity/units

 

303,115

 

279,550

 

279,550

 

279,550

 

279,550

 

Consolidated debt

 

8,736,352

 

8,357,632

 

7,195,419

 

6,919,908

 

6,819,627

 

Consolidated market capitalization

 

$

19,139,045

 

$

19,478,291

 

$

17,367,726

 

$

16,242,998

 

$

15,539,510

 

SLG portion of JV debt

 

1,394,788

 

1,412,618

 

1,916,123

 

2,134,677

 

2,151,395

 

Combined market capitalization

 

$

20,533,833

 

$

20,890,909

 

$

19,283,849

 

$

18,377,675

 

$

17,690,905

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt to market capitalization

 

45.6

%

42.9

%

41.4

%

42.7

%

44.0

%

Combined debt to market capitalization

 

49.3

%

46.8

%

47.2

%

49.4

%

50.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt service coverage (trailing 12 months)

 

2.53

x

2.57

x

2.47

x

2.43

x

2.32

x

Consolidated fixed charge coverage (trailing 12 months)

 

2.24

x

2.26

x

2.13

x

2.10

x

1.99

x

Combined debt service coverage (trailing 12 months)

 

2.24

x

2.25

x

2.16

x

2.12

x

2.04

x

Combined fixed charge coverage (trailing 12 months)

 

2.01

x

2.02

x

1.91

x

1.88

x

1.80

x

 

Supplemental Information

Third Quarter 2014

 

10



 

SL Green Realty Corp.

Key Financial Data

September 30, 2014

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

Real estate assets before depreciation

 

$

14,564,675

 

$

13,952,995

 

$

12,341,269

 

$

12,333,780

 

$

11,713,705

 

Investments in unconsolidated joint ventures

 

$

996,842

 

$

971,926

 

$

1,061,704

 

$

1,113,218

 

$

1,109,815

 

Debt and preferred equity investments

 

$

1,432,951

 

$

1,547,808

 

$

1,493,725

 

$

1,304,839

 

$

1,315,551

 

Cash and cash equivalents

 

$

253,520

 

$

308,103

 

$

447,162

 

$

206,692

 

$

209,098

 

Investment in marketable securities

 

$

39,293

 

$

39,912

 

$

32,130

 

$

32,049

 

$

32,863

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

$

14,959,001

 

$

14,581,167

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt

 

$

5,941,950

 

$

5,905,031

 

$

5,593,899

 

$

5,599,959

 

$

5,606,449

 

Variable rate debt

 

2,347,000

 

2,261,351

 

1,601,520

 

1,319,949

 

1,213,178

 

Total consolidated debt

 

$

8,288,950

 

$

8,166,382

 

$

7,195,419

 

$

6,919,908

 

$

6,819,627

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

9,419,267

 

$

9,016,134

 

$

7,897,297

 

$

7,627,099

 

$

7,514,477

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt - including SLG portion of JV debt

 

$

6,526,496

 

$

6,489,898

 

$

6,683,185

 

$

6,863,469

 

$

6,870,840

 

Variable rate debt - including SLG portion of JV debt

 

3,157,242

 

3,089,102

 

2,428,357

 

2,191,116

 

2,100,182

 

Total combined debt

 

$

9,683,738

 

$

9,579,000

 

$

9,111,542

 

$

9,054,585

 

$

8,971,022

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

335,119

 

$

318,184

 

$

293,783

 

$

296,875

 

$

284,465

 

Property operating expenses

 

(135,747

)

(128,942

)

(130,292

)

(131,849

)

(132,243

)

Property operating NOI

 

$

199,372

 

$

189,242

 

$

163,491

 

$

165,026

 

$

152,222

 

NOI from discontinued operations

 

7,750

(1)

10,661

 

13,938

 

14,120

 

15,852

 

Total property operating NOI - consolidated

 

$

207,122

 

$

199,903

 

$

177,429

 

$

179,146

 

$

168,074

 

SLG share of property NOI from JVs

 

33,232

 

41,508

 

49,320

 

50,197

 

45,918

 

Total property operating NOI - combined

 

$

240,354

 

$

241,411

 

$

226,749

 

$

229,343

 

$

213,992

 

Investment income

 

43,969

 

39,714

 

54,084

 

49,956

 

44,448

 

Other income

 

11,186

 

22,734

 

14,578

 

3,620

 

9,869

 

Marketing general & administrative expenses

 

(22,649

)

(23,872

)

(23,257

)

(22,742

)

(20,869

)

EBITDA - combined

 

$

272,860

 

$

279,987

 

$

272,154

 

$

260,177

 

$

247,440

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Net Debt to EBITDA (trailing-12 months)

 

8.78

x

8.96

x

7.90

x

7.97

x

7.92

x

Combined Net Debt to EBITDA (trailing-12 months)

 

8.65

x

8.71

x

8.29

x

8.62

x

8.68

x

 


(1) Discontinued operations for the quarter ended September 30, 2014 reflects operations from 180 Maiden Lane and 2 Herald Square, which are currently held for sale.

 

11



 

SL Green Realty Corp.

Key Financial Data

September 30, 2014

(Dollars in Thousands Except Per Share)

 

Manhattan Properties

 

 

 

As of or for the three months ended

 

 

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

297,411

 

$

280,020

 

$

257,227

 

$

264,976

 

$

254,878

 

Property operating expenses

 

112,153

 

105,077

 

110,338

 

109,757

 

113,191

 

Property operating NOI

 

$

185,258

 

$

174,943

 

$

146,889

 

$

155,219

 

$

141,687

 

NOI from discontinued operations

 

7,749

(1)

10,688

 

13,935

 

14,088

 

15,664

 

Total property operating NOI - consolidated

 

$

193,007

 

$

185,631

 

$

160,824

 

$

169,307

 

$

157,351

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

285

 

$

384

 

$

157

 

$

1,306

 

$

435

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

29,909

 

$

34,935

 

$

43,646

 

$

45,400

 

$

41,288

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

23

 

23

 

23

 

23

 

26

 

Unconsolidated office buildings in service

 

7

 

7

 

10

 

9

 

9

 

 

 

30

 

30

 

33

 

32

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

18,429,045

 

18,429,045

 

17,306,045

 

17,306,045

 

18,012,945

 

Unconsolidated office buildings in service - square footage

 

3,476,115

 

3,476,115

 

6,465,415

 

5,934,434

 

5,934,434

 

 

 

21,905,160

 

21,905,160

 

23,771,460

 

23,240,479

 

23,947,379

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter end occupancy- same store - combined office (consolidated + JV)

 

94.8

%(2)

93.6

%

93.3

%

93.5

%

93.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

56

 

34

 

65

 

58

 

47

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

164,096

 

106,953

 

124,181

 

278,663

 

208,460

 

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

 

565,219

 

207,985

 

368,464

 

3,049,172

 

156,532

 

Total office square footage commenced

 

729,315

 

314,938

 

492,645

 

3,327,835

 

364,992

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf — office leases commenced

 

$

64.20

 

$

54.18

 

$

60.15

 

$

47.66

 

$

56.78

 

Previously escalated cash rent psf - office leases commenced

 

$

53.98

 

$

53.90

 

$

54.15

 

$

42.71

 

$

59.78

 

Increase in new cash rent over previously escalated cash rent (3)

 

18.9

%

0.5

%

11.1

%

11.6

%

-5.0

%

Average lease term

 

10.3

 

13.2

 

5.6

 

14.4

 

8.7

 

Tenant concession packages psf

 

$

46.60

 

$

49.47

 

$

27.66

 

$

49.18

 

$

38.15

 

Free rent months

 

2.1

 

6.0

 

2.3

 

6.6

 

5.2

 

 


(1) Discontinued operations for the quarter ended September 30, 2014 reflects operations from 180 Maiden Lane and 2 Herald Square, which are currently held for sale.

(2) Manhattan same-store occupancy, inclusive of 118,848 square feet of leases signed but not yet commenced, is 95.3% as of September 30, 2014, as compared to 94.9% as of June 30, 2014.

(3) Calculated on space that was occupied within the previous 12 months

 

12



 

SL Green Realty Corp.

Key Financial Data

September 30, 2014

(Dollars in Thousands Except Per Share)

 

Suburban Properties

 

 

 

As of or for the three months ended

 

 

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

29,230

 

$

29,732

 

$

28,501

 

$

27,616

 

$

28,917

 

Property operating expenses

 

15,925

 

16,505

 

13,836

 

16,109

 

15,545

 

Property operating NOI

 

$

13,305

 

$

13,227

 

$

14,665

 

$

11,507

 

$

13,372

 

NOI from discontinued operations

 

 

 

 

 

178

 

Total property operating NOI - consolidated

 

$

13,305

 

$

13,227

 

$

14,665

 

$

11,507

 

$

13,550

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

1,141

 

$

546

 

$

1,020

 

$

858

 

$

549

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

1,152

 

$

1,245

 

$

1,434

 

$

1,422

 

$

1,496

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

27

 

27

 

27

 

26

 

26

 

Unconsolidated office buildings in service

 

4

 

4

 

4

 

4

 

4

 

 

 

31

 

31

 

31

 

30

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

4,365,400

 

4,365,400

 

4,365,400

 

4,087,400

 

4,087,400

 

Unconsolidated office buildings in service - square footage

 

1,222,100

 

1,222,100

 

1,222,100

 

1,222,100

 

1,222,100

 

 

 

5,587,500

 

5,587,500

 

5,587,500

 

5,309,500

 

5,309,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter end occupancy- same store - combined office (consolidated + JV)

 

80.5

%(1)

81.0

%

80.4

%

80.0

%

78.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

29

 

22

 

38

 

26

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

53,218

 

32,865

 

61,559

 

107,696

 

86,487

 

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

 

118,938

 

38,562

 

91,640

 

73,631

 

143,787

 

Total office square footage commenced

 

172,156

 

71,427

 

153,199

 

181,327

 

230,274

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf — office leases commenced

 

$

31.47

 

$

33.96

 

$

30.86

 

$

33.28

 

$

28.09

 

Previously escalated cash rent psf - office leases commenced

 

$

31.63

 

$

33.44

 

$

30.10

 

$

32.79

 

$

28.11

 

Increase in new cash rent over previously escalated cash rent (2)

 

-0.5

%

1.5

%

2.5

%

1.5

%

0.0

%

Average lease term

 

8.4

 

6.5

 

7.2

 

7.2

 

7.1

 

Tenant concession packages psf

 

$

28.83

 

$

26.12

 

$

21.01

 

$

27.51

 

$

24.47

 

Free rent months

 

5.6

 

3.4

 

3.4

 

7.8

 

5.0

 

 


(1) Suburban same-store occupancy, inclusive of 95,142 square feet of leases signed but not yet commenced, is 82.4% as of September 30, 2014, as compared to 82.8% as of June 30, 2014.

(2) Calculated on space that was occupied within the previous 12 months

 

13



 

COMPARATIVE BALANCE SHEETS

 

Unaudited

(Dollars in Thousands)

 

 

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land & land interests

 

$

3,833,305

 

$

3,466,587

 

$

3,112,013

 

$

3,032,526

 

$

2,868,833

 

Buildings & improvements fee interest

 

8,679,637

 

8,843,315

 

7,767,616

 

7,884,663

 

7,440,543

 

Buildings & improvements leasehold

 

1,405,255

 

1,390,004

 

1,375,007

 

1,366,281

 

1,353,997

 

Buildings & improvements under capital lease

 

27,445

 

27,445

 

27,445

 

50,310

 

50,332

 

 

 

13,945,642

 

13,727,351

 

12,282,081

 

12,333,780

 

11,713,705

 

Less accumulated depreciation

 

(1,826,027

)

(1,769,428

)

(1,695,568

)

(1,646,240

)

(1,574,002

)

Net real estate

 

12,119,615

 

11,957,923

 

10,586,513

 

10,687,540

 

10,139,703

 

Other real estate investments:

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 

996,842

 

971,926

 

1,061,704

 

1,113,218

 

1,109,815

 

Debt and preferred equity investments, net

 

1,432,951

 

1,547,808

 

1,493,725

 

1,304,839

 

1,315,551

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale, net

 

753,457

 

339,809

 

63,925

 

 

 

Cash and cash equivalents

 

253,520

 

308,103

 

447,162

 

206,692

 

209,098

 

Restricted cash

 

159,303

 

157,225

 

154,492

 

142,051

 

356,844

 

Investment in marketable securities

 

39,293

 

39,912

 

32,130

 

32,049

 

32,863

 

Tenant and other receivables, net of $20,719 reserve at 9/30/14

 

64,184

 

51,844

 

47,296

 

60,393

 

57,602

 

Related party receivables

 

13,262

 

8,915

 

19,947

 

8,530

 

7,800

 

Deferred rents receivable, net of reserve for tenant credit loss of $27,185 at 9/30/14

 

364,284

 

354,388

 

378,980

 

386,508

 

374,615

 

Deferred costs, net

 

310,860

 

300,043

 

261,542

 

267,058

 

247,850

 

Other assets

 

729,538

 

679,840

 

815,873

 

750,123

 

729,426

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

$

14,959,001

 

$

14,581,167

 

 

14



 

COMPARATIVE BALANCE SHEETS

 

Unaudited
(Amounts in Thousands)

 

 

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgages and other loans payable

 

$

5,890,782

 

$

5,939,176

 

$

4,971,022

 

$

4,860,578

 

$

4,641,758

 

Term loan and senior unsecured notes

 

2,054,168

 

2,127,206

 

2,124,397

 

1,739,330

 

1,737,869

 

Revolving credit facility

 

244,000

 

 

 

220,000

 

340,000

 

Accrued interest and other liabilities

 

127,811

 

128,730

 

112,852

 

114,622

 

75,607

 

Accounts payable and accrued expenses

 

183,001

 

164,215

 

140,346

 

145,889

 

167,719

 

Deferred revenue

 

215,527

 

223,394

 

259,929

 

263,261

 

293,393

 

Capitalized lease obligations

 

20,728

 

20,635

 

20,541

 

47,671

 

47,492

 

Deferred land lease payable

 

1,129

 

1,044

 

958

 

22,185

 

21,066

 

Dividends and distributions payable

 

53,571

 

53,193

 

52,471

 

52,255

 

34,749

 

Security deposits

 

66,659

 

65,166

 

65,077

 

61,308

 

54,824

 

Liabilities related to assets held for sale

 

461,891

 

193,375

 

49,704

 

 

 

Junior subordinated deferrable interest debentures

 

100,000

 

100,000

 

100,000

 

100,000

 

100,000

 

Total liabilities

 

9,419,267

 

9,016,134

 

7,897,297

 

7,627,099

 

7,514,477

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in operating partnership (3,735 units outstanding) at 9/30/14

 

381,274

 

379,805

 

298,858

 

265,476

 

248,046

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Units

 

73,115

 

49,550

 

49,550

 

49,550

 

49,550

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

Series I Perpetual Preferred Shares

 

221,932

 

221,932

 

221,932

 

221,932

 

221,932

 

Common stock, $.01 par value, 160,000 shares authorized, 99,547 issued and outstanding at 9/30/14

 

996

 

993

 

990

 

986

 

959

 

Additional paid—in capital

 

5,130,858

 

5,085,965

 

5,049,507

 

5,015,904

 

4,757,778

 

Treasury stock (3,602 shares) at 9/30/14

 

(320,222

)

(320,152

)

(320,076

)

(317,356

)

(316,989

)

Accumulated other comprehensive loss

 

(2,896

)

(6,196

)

(14,872

)

(15,211

)

(19,249

)

Retained earnings

 

1,813,956

 

1,797,580

 

1,688,211

 

1,619,150

 

1,636,584

 

Total SL Green Realty Corp. stockholders’ equity

 

6,844,624

 

6,780,122

 

6,625,692

 

6,525,405

 

6,281,015

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in other partnerships

 

518,829

 

492,125

 

491,892

 

491,471

 

488,079

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

7,363,453

 

7,272,247

 

7,117,584

 

7,016,876

 

6,769,094

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

$

14,959,001

 

$

14,581,167

 

 

15



 

COMPARATIVE STATEMENTS OF OPERATIONS

 

Unaudited
(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2014

 

2013

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

291,293

 

$

242,439

 

$

279,608

 

$

826,877

 

$

741,022

 

Escalation and reimbursement revenues

 

43,826

 

42,026

 

38,576

 

120,209

 

114,850

 

Investment income

 

43,969

 

44,448

 

39,714

 

137,767

 

143,887

 

Other income

 

11,186

 

9,869

 

22,734

 

48,498

 

20,855

 

Total Revenues, net

 

390,274

 

338,782

 

380,632

 

1,133,351

 

1,020,614

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

6,034

 

2,939

 

8,619

 

20,781

 

4,251

 

Loss on early extinguishment of debt

 

(24,475

)

 

(1,028

)

(25,500

)

(18,523

)

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

72,111

 

72,784

 

69,098

 

211,118

 

205,921

 

Ground rent

 

8,088

 

7,930

 

8,040

 

24,161

 

23,988

 

Real estate taxes

 

55,548

 

51,529

 

51,804

 

159,702

 

149,857

 

Transaction related costs, net of recoveries

 

2,383

 

(2,368

)

1,697

 

6,554

 

717

 

Marketing, general and administrative

 

22,649

 

20,869

 

23,872

 

69,778

 

63,450

 

Total Operating Expenses

 

160,779

 

150,744

 

154,511

 

471,313

 

443,933

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

211,054

 

190,977

 

233,712

 

657,319

 

562,409

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

82,376

 

78,226

 

77,870

 

236,424

 

232,862

 

Amortization of deferred financing costs

 

6,679

 

4,121

 

5,401

 

15,737

 

12,404

 

Depreciation and amortization

 

94,443

 

84,162

 

93,379

 

274,337

 

238,666

 

Loss on equity investment in marketable securities

 

 

 

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

27,556

 

24,468

 

57,062

 

130,821

 

78,412

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

4,035

 

7,435

 

5,645

 

15,449

 

22,001

 

Gain on sale of discontinued operations

 

29,507

 

13,787

 

114,735

 

144,242

 

14,900

 

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

 

16,496

 

(354

)

1,444

 

122,580

 

(3,937

)

Purchase price fair value adjustment

 

(4,000

)

 

71,446

 

67,446

 

(2,305

)

Depreciable real estate reserves, net of recoveries

 

 

 

 

 

(2,150

)

Net Income

 

73,594

 

45,336

 

250,332

 

480,538

 

106,921

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(4,348

)

(4,011

)

(10,488

)

(21,055

)

(10,715

)

Dividends on preferred units

 

(820

)

(562

)

(565

)

(1,950

)

(1,692

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to SL Green Realty Corp

 

68,426

 

40,763

 

239,279

 

457,533

 

94,514

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock redemption costs

 

 

 

 

 

(12,160

)

Dividends on perpetual preferred shares

 

(3,738

)

(3,738

)

(3,738

)

(11,214

)

(18,144

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

 64,688

 

$

 37,025

 

$

 235,541

 

$

 446,319

 

$

 64,210

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

Net income per share (basic)

 

$

 0.68

 

$

 0.40

 

$

 2.47

 

$

 4.68

 

$

 0.70

 

Net income per share (diluted)

 

$

 0.68

 

$

 0.40

 

$

 2.46

 

$

 4.66

 

$

 0.70

 

 

16



 

COMPARATIVE COMPUTATION OF FFO AND FAD

 

Unaudited
(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2014

 

2013

 

Funds from Operations

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

64,688

 

$

37,025

 

$

235,541

 

$

446,319

 

$

64,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

Depreciation and amortization

 

94,443

 

84,162

 

93,379

 

274,337

 

238,666

 

 

Discontinued operations depreciation adjustments

 

678

 

3,311

 

1,459

 

5,434

 

13,133

 

 

Joint ventures depreciation and noncontrolling interests adjustments

 

5,831

 

12,720

 

8,161

 

26,979

 

37,867

 

 

Net income attributable to noncontrolling interests

 

4,348

 

4,011

 

10,488

 

21,055

 

10,715

 

Less:

Gain on sale of discontinued operations

 

29,507

 

13,787

 

114,735

 

144,242

 

14,900

 

 

Equity in net gain (loss) on sale of joint venture property / real estate

 

16,496

 

(354

)

1,444

 

122,580

 

(3,937

)

 

Purchase price fair value adjustment

 

(4,000

)

 

71,446

 

67,446

 

(2,305

)

 

Depreciable real estate reserves, net of recoveries

 

 

 

 

 

(2,150

)

 

Non-real estate depreciation and amortization

 

503

 

416

 

503

 

1,520

 

1,004

 

 

Funds From Operations

 

$

127,482

 

$

127,380

 

$

160,900

 

$

438,336

 

$

357,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Basic per Share

 

$

1.28

 

$

1.34

 

$

1.63

 

$

4.43

 

$

3.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Diluted per Share

 

$

1.28

 

$

1.34

 

$

1.62

 

$

4.41

 

$

3.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

 

 

 

 

 

 

 

 

 

 

FFO

 

 

$

127,482

 

$

127,380

 

$

160,900

 

$

438,336

 

$

357,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

Non real estate depreciation and amortization

 

503

 

416

 

503

 

1,520

 

1,004

 

 

Amortization of deferred financing costs

 

6,679

 

4,121

 

5,401

 

15,737

 

12,404

 

 

Non-cash deferred compensation

 

9,855

 

8,148

 

13,243

 

38,577

 

28,322

 

Less:

FAD adjustment for Joint Ventures

 

5,885

 

4,210

 

6,447

 

26,251

 

11,572

 

 

FAD adjustment for discontinued operations

 

2,817

 

1,144

 

3,204

 

7,155

 

6,128

 

 

Straight-line rental income and other non cash adjustments

 

16,324

 

7,747

 

14,752

 

45,368

 

33,699

 

 

Second cycle tenant improvements

 

100,085

 

11,907

 

29,717

 

143,784

 

30,477

 

 

Second cycle leasing commissions

 

10,706

 

4,935

 

1,985

 

15,889

 

14,552

 

 

Revenue enhancing recurring CAPEX

 

2,402

 

467

 

5,949

 

10,640

 

1,292

 

 

Non-revenue enhancing recurring CAPEX

 

12,930

 

5,754

 

9,077

 

26,382

 

14,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Funds Available for Distribution

 

$

(6,630

)

$

103,901

 

$

108,916

 

$

218,701

 

$

286,823

 

 

Diluted per Share

 

$

(0.07

)

$

1.09

 

$

1.09

 

$

2.20

 

$

3.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

1515 Broadway - Viacom capital contribution

 

$

12,924

 

$

85

 

$

11,683

 

$

28,086

 

$

408

 

 

388-390 Greenwich - Citi capital contribution (at SLG share)

 

$

68,867

 

$

9

 

$

 

$

76,523

 

$

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Funds Available for Distribution

 

$

75,161

 

$

103,995

 

$

120,599

 

$

323,310

 

$

287,240

 

 

Diluted per Share

 

$

0.75

 

$

1.09

 

$

1.21

 

$

3.26

 

$

3.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvements

 

$

3,483

 

$

9,946

 

$

8,717

 

$

17,123

 

$

27,345

 

First cycle leasing commissions

 

$

871

 

$

4,171

 

$

1,244

 

$

2,582

 

$

4,809

 

Redevelopment costs

 

$

13,468

 

$

7,778

 

$

15,692

 

$

38,656

 

$

17,860

 

Capitalized interest

 

$

7,972

 

$

3,091

 

$

6,447

 

$

18,689

 

$

10,082

 

 

17



 

CONSOLIDATED STATEMENT OF EQUITY

 

Unaudited
(Dollars in Thousands)

 

 

 

Series I

 

 

 

 

 

 

 

 

 

 

 

Accumulated
Other

 

 

 

 

 

Preferred

 

Common

 

Additional

 

Treasury

 

Retained

 

Noncontrolling

 

Comprehensive

 

 

 

 

 

Stock

 

Stock

 

Paid-In Capital

 

Stock

 

Earnings

 

Interests

 

Loss

 

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2013

 

$

221,932

 

$

986

 

$

5,015,904

 

$

(317,356

)

$

1,619,150

 

$

491,471

 

$

(15,211

)

$

7,016,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income attributable to SL Green

 

 

 

 

 

 

 

 

 

457,533

 

5,045

 

 

 

462,578

 

Preferred dividends

 

 

 

 

 

 

 

 

 

(11,214

)

 

 

 

 

(11,214

)

Cash distributions declared ($1.50 per common share)

 

 

 

 

 

 

 

 

 

(143,060

)

 

 

 

 

(143,060

)

Cash distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(5,745

)

 

 

(5,745

)

Other comprehensive income - unrealized gain on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

4,951

 

4,951

 

Other comprehensive income - SLG’s share of joint venture net unrealized gain on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

6,155

 

6,155

 

Other comprehensive income - unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

1,209

 

1,209

 

Proceeds from stock options exercised

 

 

 

4

 

20,506

 

 

 

 

 

 

 

 

 

20,510

 

DRIP proceeds

 

 

 

 

 

40

 

 

 

 

 

 

 

 

 

40

 

Conversion of units of the Operating Partnership to common stock

 

 

 

2

 

26,389

 

 

 

 

 

 

 

 

 

26,391

 

Contributions to consolidated joint ventures

 

 

 

 

 

 

 

 

 

 

 

28,058

 

 

 

28,058

 

Reallocation of noncontrolling interests in the Operating Partnership

 

 

 

 

 

 

 

 

 

(108,453

)

 

 

 

 

(108,453

)

Issuance of common stock

 

 

 

4

 

42,694

 

 

 

 

 

 

 

 

 

42,698

 

Deferred compensation plan and stock awards, net

 

 

 

 

1,503

 

(2,866

)

 

 

 

 

 

 

(1,363

)

Amortization of deferred compensation plan

 

 

 

 

 

23,822

 

 

 

 

 

 

 

 

 

23,822

 

Balance at September 30, 2014

 

$

221,932

 

$

996

 

$

5,130,858

 

$

(320,222

)

$

1,813,956

 

$

518,829

 

$

(2,896

)

$

7,363,453

 

 

 

RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION

 

 

 

 

Common Stock

 

OP Units

 

Stock-Based
Compensation

 

Sub-total

 

Preferred Stock

 

Diluted Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Count at December 31, 2013

 

94,993,284

 

2,902,317

 

 

97,895,601

 

 

97,895,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD share activity

 

951,577

 

833,161

 

 

1,784,738

 

 

 

1,784,738

 

Share Count at September 30, 2014 - Basic

 

95,944,861

 

3,735,478

 

 

99,680,339

 

 

99,680,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighting factor

 

(507,125

)

(312,834

)

461,760

 

(358,199

)

 

 

(358,199

)

Weighted Average Share Count at September 30, 2014 - Diluted

 

95,437,736

 

3,422,644

 

461,760

 

99,322,140

 

 

99,322,140

 

 

18



 

JOINT VENTURE STATEMENTS

Balance Sheet for Unconsolidated Joint Ventures

Unaudited
(Dollars in Thousands)

 

 

 

September 30, 2014

 

June 30, 2014

 

December 31, 2013

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Land and land interests

 

$

1,333,820

 

$

621,548

 

$

1,377,535

 

$

629,243

 

$

1,943,275

 

$

898,652

 

Buildings and improvements

 

3,825,624

 

1,663,426

 

3,838,822

 

1,649,579

 

5,370,424

 

2,391,671

 

Building leasehold

 

13,954

 

6,977

 

9,626

 

4,813

 

8,222

 

5,556

 

Buildings & improvements under capital lease

 

189,558

 

94,779

 

189,558

 

94,779

 

189,558

 

94,779

 

 

 

5,362,956

 

2,386,730

 

5,415,541

 

2,378,414

 

7,511,479

 

3,390,658

 

Less accumulated depreciation

 

(512,807

)

(206,085

)

(490,119

)

(196,017

)

(665,458

)

(287,177

)

Net real estate

 

4,850,149

 

2,180,645

 

4,925,422

 

2,182,397

 

6,846,021

 

3,103,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

97,874

 

41,852

 

105,026

 

44,307

 

96,818

 

40,711

 

Restricted cash

 

98,098

 

39,195

 

91,798

 

36,162

 

119,695

 

50,651

 

Debt and preferred equity investments, net

 

99,557

 

99,557

 

99,487

 

99,487

 

 

 

Tenant and other receivables, net of $3,203 reserve at 9/30/14

 

45,040

 

19,311

 

39,141

 

16,079

 

33,823

 

13,711

 

Deferred rents receivable, net of reserve for tenant credit loss of $2,994 at 9/30/14

 

124,947

 

49,930

 

123,057

 

47,471

 

118,396

 

45,612

 

Deferred costs, net

 

135,785

 

55,750

 

141,257

 

56,785

 

176,615

 

73,751

 

Other assets

 

144,933

 

58,823

 

149,805

 

60,946

 

281,935

 

122,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

5,596,383

 

$

2,545,063

 

$

5,674,993

 

$

2,543,634

 

$

7,673,303

 

$

3,450,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

3,498,755

 

$

1,394,788

 

$

3,575,456

 

$

1,412,618

 

$

5,066,710

 

$

2,134,677

 

Accrued interest and other liabilities

 

8,785

 

3,131

 

6,887

 

2,095

 

24,654

 

11,758

 

Accounts payable and accrued expenses

 

68,016

 

29,981

 

78,959

 

34,138

 

150,278

 

72,704

 

Deferred revenue

 

202,188

 

95,381

 

205,290

 

96,642

 

224,850

 

105,592

 

Capitalized lease obligations

 

179,924

 

89,962

 

179,310

 

89,655

 

178,119

 

89,060

 

Security deposits

 

15,514

 

7,463

 

15,307

 

7,381

 

19,059

 

8,902

 

Contributed Capital (1)

 

1,623,201

 

924,357

 

1,613,784

 

901,105

 

2,009,633

 

1,027,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

5,596,383

 

$

2,545,063

 

$

5,674,993

 

$

2,543,634

 

$

7,673,303

 

$

3,450,461

 

 


(1)  Contributed capital reflects our share of capital based on the fair value of partially sold or contributed properties, while the investment in unconsolidated joint venture balance reflected on the face of the balance sheet reflects the actual capital invested in the joint venture.

 

19



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

  

 

 

 

Three Months Ended September 30, 2014

 

Three Months Ended June 30, 2014

 

Three Months Ended September 30, 2013

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

95,610

 

$

39,879

 

$

112,183

 

$

47,953

 

$

136,229

 

$

57,605

 

Escalation and reimbursement revenues

 

8,772

 

3,847

 

7,952

 

3,572

 

11,291

 

4,725

 

Other income

 

10,449

 

6,081

 

10,360

 

6,426

 

9,051

 

4,306

 

Total Revenues, net

 

$

114,831

 

$

49,807

 

$

130,495

 

$

57,951

 

$

156,571

 

$

66,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

18,530

 

$

8,384

 

$

18,362

 

$

8,374

 

$

29,211

 

$

12,681

 

Ground rent

 

2,638

 

1,319

 

2,632

 

1,316

 

657

 

 

Real estate taxes

 

15,867

 

6,872

 

15,406

 

6,753

 

19,105

 

8,037

 

Total Operating Expenses

 

$

37,035

 

$

16,575

 

$

36,400

 

$

16,443

 

$

48,973

 

$

20,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

77,796

 

$

33,232

 

$

94,095

 

$

41,508

 

$

107,598

 

$

45,918

 

Cash NOI

 

$

69,126

 

$

29,123

 

$

84,405

 

$

37,190

 

$

98,553

 

$

42,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

501

 

$

301

 

$

(207

)

$

27

 

$

 

$

 

Interest expense, net of interest income

 

40,885

 

13,426

 

44,728

 

15,427

 

56,169

 

20,031

 

Amortization of deferred financing costs

 

2,837

 

1,240

 

2,026

 

832

 

2,869

 

1,790

 

Depreciation and amortization

 

28,324

 

11,910

 

33,858

 

14,596

 

49,402

 

21,058

 

Loss on early extinguishment of debt

 

 

 

3,546

 

1,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

5,249

 

$

6,355

 

$

10,144

 

$

8,839

 

$

(842

)

$

3,039

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Real estate depreciation

 

28,306

 

11,902

 

33,840

 

14,587

 

49,394

 

21,055

 

FFO Contribution

 

$

33,555

 

$

18,257

 

$

43,984

 

$

23,426

 

$

48,552

 

$

24,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Non real estate depreciation and amortization

 

$

2,855

 

$

1,249

 

$

1,944

 

$

790

 

$

2,877

 

$

1,793

 

Less: Straight-line rental income and other non-cash adjustments

 

(9,302

)

(4,418

)

(8,873

)

(3,901

)

(10,256

)

(4,284

)

Less: Second cycle tenant improvement

 

(3,373

)

(1,461

)

(3,730

)

(1,806

)

(1,786

)

(750

)

Less: Second cycle leasing commissions

 

(1,369

)

(588

)

(2,324

)

(1,064

)

(1,947

)

(888

)

Less: Recurring CAPEX

 

(1,397

)

(667

)

(993

)

(466

)

(246

)

(81

)

FAD Adjustment

 

$

(12,586

)

$

(5,885

)

$

(13,976

)

$

(6,447

)

$

(11,358

)

$

(4,210

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

10,332

 

$

4,828

 

$

1,331

 

$

678

 

$

20,645

 

$

9,857

 

First cycle leasing commissions

 

$

3,814

 

$

1,928

 

$

1,790

 

$

690

 

$

8,692

 

$

4,093

 

Redevelopment costs

 

$

33,669

 

$

16,730

 

$

48,345

 

$

24,159

 

$

123,851

 

$

60,534

 

Capitalized interest

 

$

10,801

 

$

5,386

 

$

10,636

 

$

5,268

 

$

8,089

 

$

4,001

 

 

20



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

Nine Months Ended September 30, 2014

 

Nine Months Ended September 30, 2013

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

351,061

 

$

149,328

 

$

400,701

 

$

166,203

 

Escalation and reimbursement revenues

 

26,554

 

11,668

 

33,597

 

13,489

 

Other income

 

28,849

 

16,406

 

28,478

 

13,481

 

Total Revenues, net

 

$

406,464

 

$

177,402

 

$

462,776

 

$

193,173

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

63,575

 

$

28,728

 

$

86,027

 

$

36,315

 

Ground rent

 

7,295

 

3,607

 

1,972

 

 

Real estate taxes

 

48,209

 

21,007

 

53,368

 

22,137

 

Total Operating Expenses

 

$

119,079

 

$

53,342

 

$

141,367

 

$

58,452

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

287,385

 

$

124,060

 

$

321,409

 

$

134,721

 

Cash NOI

 

$

271,499

 

$

118,842

 

$

299,499

 

$

126,132

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

565

 

$

401

 

$

 

$

15

 

Interest expense, net of interest income

 

137,949

 

47,556

 

169,137

 

59,419

 

Amortization of deferred financing costs

 

9,496

 

4,698

 

12,454

 

7,131

 

Depreciation and amortization

 

107,786

 

46,429

 

144,552

 

58,854

 

Loss on early extinguishment of debt

 

6,743

 

3,382

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

24,846

 

$

21,594

 

$

(4,734

)

$

9,302

 

 

 

 

 

 

 

 

 

 

 

Add: Real estate depreciation

 

107,733

 

46,402

 

144,536

 

58,849

 

FFO Contribution

 

$

132,579

 

$

67,996

 

$

139,802

 

$

68,151

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

Add: Non real estate depreciation and amortization

 

$

8,460

 

$

3,683

 

$

12,470

 

$

7,136

 

Less: Straight-line rental income and other non-cash adjustments

 

(32,573

)

(13,961

)

(25,520

)

(10,378

)

Less: Second cycle tenant improvement

 

(13,660

)

(6,527

)

(7,556

)

(3,418

)

Less: Second cycle leasing commissions

 

(16,039

)

(7,853

)

(9,378

)

(4,115

)

Less: Recurring CAPEX

 

(3,382

)

(1,593

)

(1,934

)

(797

)

FAD Adjustment

 

$

(57,194

)

$

(26,251

)

$

(31,918

)

$

(11,572

)

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

18,664

 

$

8,979

 

$

20,645

 

$

9,857

 

First cycle leasing commissions

 

$

10,500

 

$

4,778

 

$

8,692

 

$

4,093

 

Redevelopment costs

 

$

123,551

 

$

60,868

 

$

123,851

 

$

60,534

 

Capitalized interest

 

$

33,602

 

$

16,687

 

$

27,018

 

$

12,469

 

 

21



 

SELECTED FINANCIAL DATA

Property NOI and Coverage Ratios

Unaudited

(Dollars in Thousands)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2014

 

2013

 

2014

 

2014

 

2013

 

Property NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating NOI

 

$

199,372

 

$

152,222

 

$

189,242

 

$

552,105

 

$

476,106

 

NOI from discontinued operations

 

7,750

 

15,852

 

10,661

 

32,349

 

50,786

 

Total property operating NOI - consolidated

 

207,122

 

168,074

 

199,903

 

584,454

 

526,892

 

SLG share of property NOI from JVs

 

33,232

 

45,918

 

41,508

 

124,060

 

134,721

 

NOI

 

$

240,354

 

$

213,992

 

$

241,411

 

$

708,514

 

$

661,613

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

4,939

 

3,312

 

2,274

 

8,539

 

7,513

 

 

Net FAS 141 adjustment

 

5,816

 

(2,633

)

5,918

 

16,023

 

5,841

 

 

Straightline revenue adjustment

 

15,929

 

15,793

 

16,953

 

49,470

 

47,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Allowance for S/L tenant credit loss

 

 

937

 

(1,031

)

(2,256

)

1,942

 

 

Ground lease straight-line adjustment

 

687

 

1,254

 

1,324

 

4,014

 

3,323

 

Cash NOI

 

$

214,357

 

$

199,711

 

$

216,559

 

$

636,240

 

$

605,755

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of Consolidated Debt Service and Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

85,250

 

$

83,103

 

$

81,318

 

$

247,408

 

$

247,881

 

Fixed amortization principal payments

 

11,261

 

10,143

 

10,696

 

32,729

 

31,883

 

Total Consolidated Debt Service

 

$

96,511

 

$

93,246

 

$

92,014

 

$

280,137

 

$

279,764

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments under ground lease arrangements

 

$

7,612

 

$

8,873

 

$

8,095

 

$

24,502

 

$

26,443

 

Dividends on preferred units

 

820

 

562

 

565

 

1,950

 

1,692

 

Dividends on perpetual preferred shares

 

3,738

 

3,738

 

3,738

 

11,214

 

18,144

 

Total Consolidated Fixed Charges

 

$

108,681

 

$

106,419

 

$

104,412

 

$

317,803

 

$

326,043

 

 

22



 

SELECTED FINANCIAL DATA

2014 Same Store - Consolidated

Unaudited

(Dollars in Thousands)

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

2014

 

2013

 

%

 

2014

 

2014

 

2013

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

251,748

 

$

236,967

 

6.2

%

$

254,053

 

$

750,354

 

$

731,390

 

2.6

%

 

Escalation & reimbursement revenues

 

40,725

 

39,875

 

2.1

%

35,830

 

111,593

 

109,527

 

1.9

%

 

Other income

 

1,320

 

877

 

50.5

%

773

 

3,300

 

4,780

 

-31.0

%

 

Total Revenues

 

$

293,793

 

$

277,719

 

5.8

%

$

290,656

 

$

865,247

 

$

845,697

 

2.3

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

62,825

 

$

64,870

 

-3.2

%

$

60,408

 

$

185,497

 

$

185,503

 

0.0

%

 

Ground rent

 

8,283

 

8,179

 

1.3

%

8,283

 

24,850

 

24,735

 

0.5

%

 

Real estate taxes

 

51,525

 

49,047

 

5.1

%

47,872

 

147,541

 

142,947

 

3.2

%

 

Transaction related costs, net of recoveries

 

59

 

60

 

0.0

%

18

 

130

 

80

 

0.0

%

 

 

 

$

122,692

 

$

122,156

 

0.4

%

$

116,581

 

$

358,018

 

$

353,265

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

171,101

 

$

155,563

 

10.0

%

$

174,075

 

$

507,229

 

$

492,432

 

3.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

56,313

 

$

56,391

 

-0.1

%

$

55,887

 

$

168,061

 

$

170,825

 

-1.6

%

 

Depreciation & amortization

 

76,685

 

78,554

 

-2.4

%

78,649

 

229,409

 

223,483

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

38,103

 

$

20,618

 

84.8

%

$

39,539

 

$

109,759

 

$

98,124

 

11.9

%

Plus:

Real estate depreciation & amortization

 

76,674

 

78,542

 

-2.4

%

78,638

 

229,375

 

223,450

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

114,777

 

$

99,160

 

15.7

%

$

118,177

 

$

339,134

 

$

321,574

 

5.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

159

 

205

 

-22.4

%

239

 

577

 

1,710

 

-66.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

59

 

60

 

0.0

%

18

 

130

 

80

 

0.0

%

 

Interest expense & amortization of financing costs

 

56,313

 

56,391

 

-0.1

%

55,887

 

168,061

 

170,825

 

-1.6

%

 

Non-real estate depreciation

 

11

 

12

 

-8.3

%

11

 

34

 

33

 

3.0

%

 

NOI

 

$

171,001

 

$

155,418

 

10.0

%

$

173,854

 

$

506,782

 

$

490,802

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

3,961

 

1,215

 

226.0

%

2,591

 

6,222

 

3,168

 

96.4

%

 

Straightline revenue adjustment

 

12,475

 

12,469

 

0.0

%

12,863

 

37,324

 

38,261

 

-2.4

%

 

Rental income - FAS 141

 

5,239

 

(280

)

-1971.1

%

5,939

 

16,783

 

12,236

 

37.2

%

Plus:

Ground lease straight-line adjustment

 

400

 

221

 

81.0

%

400

 

1,201

 

861

 

39.5

%

 

Allowance for S/L tenant credit loss

 

(8

)

807

 

-101.0

%

(4

)

(1,095

)

2,338

 

-146.8

%

 

Cash NOI

 

$

149,718

 

$

143,042

 

4.7

%

$

152,857

 

$

446,559

 

$

440,336

 

1.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

58.2

%

55.8

%

 

 

59.9

%

58.7

%

58.0

%

 

 

 

Cash NOI to real estate revenue, net

 

51.0

%

51.4

%

 

 

52.6

%

51.7

%

52.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

61.1

%

58.8

%

 

 

62.7

%

61.6

%

60.9

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

53.7

%

54.3

%

 

 

55.3

%

54.4

%

54.9

%

 

 

 

23



 

SELECTED FINANCIAL DATA

2014 Same Store - Joint Venture

Unaudited

(Dollars in Thousands)

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

2014

 

2013

 

%

 

2014

 

2014

 

2013

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

27,946

 

$

25,802

 

8.3

%

$

27,375

 

$

82,509

 

$

73,070

 

12.9

%

 

Escalation & reimbursement revenues

 

2,925

 

2,581

 

13.3

%

2,229

 

7,558

 

6,697

 

12.9

%

 

Other income

 

450

 

304

 

48.0

%

184

 

845

 

1,623

 

-47.9

%

 

Total Revenues

 

$

31,321

 

$

28,687

 

9.2

%

$

29,788

 

$

90,912

 

$

81,390

 

11.7

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

5,984

 

$

5,680

 

5.4

%

$

5,470

 

$

17,600

 

$

16,901

 

4.1

%

 

Real estate taxes

 

4,880

 

4,354

 

12.1

%

4,385

 

13,627

 

12,178

 

11.9

%

 

 

 

$

10,864

 

$

10,034

 

8.3

%

$

9,855

 

$

31,227

 

$

29,079

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

20,457

 

$

18,653

 

9.7

%

$

19,933

 

$

59,685

 

$

52,311

 

14.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

7,301

 

$

9,203

 

-20.7

%

$

6,853

 

$

21,422

 

$

21,122

 

1.4

%

 

Depreciation & amortization

 

9,050

 

8,569

 

5.6

%

8,880

 

26,519

 

23,132

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

4,106

 

$

881

 

366.1

%

$

4,200

 

$

11,744

 

$

8,057

 

45.8

%

Plus:

Real estate depreciation & amortization

 

9,041

 

8,566

 

5.5

%

8,872

 

26,494

 

23,126

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

13,147

 

$

9,447

 

39.2

%

$

13,072

 

$

38,238

 

$

31,183

 

22.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

122

 

29

 

320.7

%

38

 

202

 

177

 

14.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Interest expense & amortization of financing costs

 

7,301

 

9,203

 

-20.7

%

6,853

 

21,422

 

21,122

 

1.4

%

 

Non-real estate depreciation

 

9

 

3

 

0.0

%

8

 

25

 

6

 

316.7

%

 

NOI

 

$

20,335

 

$

18,624

 

9.2

%

$

19,895

 

$

59,483

 

$

52,134

 

14.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

956

 

908

 

5.3

%

620

 

2,528

 

3,063

 

-17.5

%

 

Straightline revenue adjustment

 

813

 

1,796

 

-54.7

%

1,446

 

4,007

 

4,232

 

-5.3

%

 

Rental income - FAS 141

 

566

 

378

 

49.7

%

307

 

1,252

 

1,622

 

-22.8

%

Plus:

Allowance for S/L tenant credit loss

 

 

98

 

-100.0

%

(19

)

63

 

266

 

-76.3

%

 

Cash NOI

 

$

18,000

 

$

15,640

 

15.1

%

$

17,503

 

$

51,759

 

$

43,483

 

19.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

65.2

%

65.0

%

 

 

66.9

%

65.6

%

64.2

%

 

 

 

Cash NOI to real estate revenue, net

 

57.7

%

54.6

%

 

 

58.8

%

57.1

%

53.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

65.2

%

65.0

%

 

 

66.9

%

65.6

%

64.2

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

57.7

%

54.2

%

 

 

58.9

%

57.0

%

53.2

%

 

 

 

24



 

SELECTED FINANCIAL DATA

2014 Same Store - Combined

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

 

2014

 

2013

 

%

 

2014

 

2014

 

2013

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

279,694

 

$

262,769

 

6.4

%

$

281,428

 

$

832,863

 

$

804,460

 

3.5

%

 

Escalation & reimbursement revenues

 

43,650

 

42,456

 

2.8

%

38,059

 

119,151

 

116,224

 

2.5

%

 

Other income

 

1,770

 

1,181

 

49.9

%

957

 

4,145

 

6,403

 

-35.3

%

 

Total Revenues

 

$

325,114

 

$

306,406

 

6.1

%

$

320,444

 

$

956,159

 

$

927,087

 

3.1

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

68,809

 

$

70,550

 

-2.5

%

$

65,878

 

$

203,097

 

$

202,404

 

0.3

%

 

Ground rent

 

8,283

 

8,179

 

1.3

%

8,283

 

24,850

 

24,735

 

0.5

%

 

Real estate taxes

 

56,405

 

53,401

 

5.6

%

52,257

 

161,168

 

155,125

 

3.9

%

 

Transaction related costs

 

59

 

60

 

0.0

%

18

 

130

 

80

 

62.5

%

 

 

 

$

133,556

 

$

132,190

 

1.0

%

$

126,436

 

$

389,245

 

$

382,344

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

191,558

 

$

174,216

 

10.0

%

$

194,008

 

$

566,914

 

$

544,743

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

63,614

 

$

65,594

 

-3.0

%

$

62,740

 

$

189,483

 

$

191,947

 

-1.3

%

 

Depreciation & amortization

 

85,735

 

87,123

 

-1.6

%

87,529

 

255,928

 

246,615

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

42,209

 

$

21,499

 

96.3

%

$

43,739

 

$

121,503

 

$

106,181

 

14.4

%

Plus:

Real estate depreciation & amortization

 

85,715

 

87,108

 

-1.6

%

87,510

 

255,869

 

246,576

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

127,924

 

$

108,607

 

17.8

%

$

131,249

 

$

377,372

 

$

352,757

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

281

 

234

 

20.1

%

277

 

779

 

1,887

 

-58.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs

 

59

 

60

 

 

18

 

130

 

80

 

62.5

%

 

Interest expense & amortization of financing costs

 

63,614

 

65,594

 

-3.0

%

62,740

 

189,483

 

191,947

 

-1.3

%

 

Non-real estate depreciation

 

20

 

15

 

33.3

%

19

 

59

 

39

 

51.3

%

 

NOI

 

$

191,336

 

$

174,042

 

9.9

%

$

193,749

 

$

566,265

 

$

542,936

 

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

4,917

 

2,123

 

131.6

%

3,211

 

8,750

 

6,231

 

40.4

%

 

Straightline revenue adjustment

 

13,288

 

14,265

 

-6.8

%

14,309

 

41,331

 

42,493

 

-2.7

%

 

Rental income - FAS 141

 

5,805

 

98

 

5823.5

%

6,246

 

18,035

 

13,858

 

30.1

%

Plus:

Ground lease straight-line adjustment

 

400

 

221

 

81.0

%

400

 

1,201

 

861

 

39.5

%

 

Allowance for S/L tenant credit loss

 

(8

)

905

 

-100.9

%

(23

)

(1,032

)

2,604

 

-139.6

%

 

Cash NOI

 

$

167,718

 

$

158,682

 

5.7

%

$

170,360

 

$

498,318

 

$

483,819

 

3.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

58.8

%

56.8

%

 

 

60.4

%

59.2

%

58.6

%

 

 

 

Cash NOI to real estate revenue, net

 

51.6

%

51.8

%

 

 

53.1

%

52.1

%

52.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

61.4

%

59.5

%

 

 

63.0

%

61.8

%

61.3

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

54.1

%

54.2

%

 

 

55.7

%

54.8

%

54.6

%

 

 

 

25



 

 

 

DEBT SUMMARY SCHEDULE - Consolidated

 

Unaudited

 

(Dollars in Thousands)

 

 

 

Principal

 

 

 

2014

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

9/30/14 (1)

 

Coupon (2)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

$

146,250

 

5.75

%

$

 

Oct-14

(3)

$

146,250

 

 

Open

 

711 Third Avenue

 

120,000

 

4.99

%

 

Jun-15

 

120,000

 

 

Open

 

625 Madison Avenue

 

116,383

 

7.27

%

5,981

 

Nov-15

 

109,537

 

 

Open

 

500 West Putnam Avenue

 

23,112

 

5.52

%

561

 

Jan-16

 

22,376

 

 

Open

 

1-6 Landmark Square

 

81,685

 

4.00

%

1,640

 

Dec-16

 

77,936

 

 

Open

 

485 Lexington Avenue

 

450,000

 

5.61

%

 

Feb-17

 

450,000

 

 

Open

 

120 West 45th Street

 

170,000

 

6.12

%

 

Feb-17

 

170,000

 

 

Open

 

762 Madison Avenue (swapped)

 

8,087

 

3.75

%

166

 

Feb-17

 

7,679

 

 

Open

 

885 Third Avenue

 

267,650

 

6.26

%

 

Jul-17

 

267,650

 

 

Open

 

388-390 Greenwich Street (swapped)

 

504,000

 

3.80

%

 

Jun-18

(4)

504,000

 

Jun-21

 

Jun-15

 

1 Madison Avenue

 

571,284

 

5.91

%

21,595

 

May-20

 

404,531

 

 

Open

 

100 Church Street

 

229,472

 

4.68

%

1,388

 

Jul-22

 

197,784

 

 

Open

 

919 Third Avenue

 

500,000

 

5.12

%

 

Jun-23

 

441,594

 

 

Open

 

400 East 57th Street

 

69,201

 

4.13

%

1,002

 

Feb-24

 

46,195

 

 

Open

 

400 East 58th Street

 

29,658

 

4.13

%

429

 

Feb-24

 

19,798

 

 

Open

 

420 Lexington Avenue

 

300,000

 

3.99

%

 

Oct-24

 

272,749

 

 

Mar-18

 

1515 Broadway

 

900,000

 

3.93

%

 

Mar-25

 

737,436

 

 

Feb-15

 

 

 

$

4,486,782

 

4.92

%

$

32,762

 

 

 

$

3,995,515

 

 

 

 

 

Secured fixed rate debt - other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity Investment

 

$

50,000

 

8.00

%

$

 

Sep-19

 

$

50,000

 

 

Open

 

 

 

$

50,000

 

8.00

%

$

 

 

 

$

50,000

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,238

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Convertible notes

 

306,187

 

3.00

%

 

Oct-17

 

345,000

 

 

Open

 

Unsecured notes

 

249,728

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(5)

30,000

 

 

Open

 

Unsecured notes

 

250,000

 

7.75

%

 

Mar-20

 

250,000

 

 

Open

 

Unsecured notes

 

200,000

 

4.50

%

 

Dec-22

 

200,000

 

 

Open

 

Convertible notes

 

7

 

4.00

%

 

Jun-25

(6)

7

 

 

Jun-15

 

Convertible notes

 

10,008

 

3.00

%

 

Mar-27

(7)

10,008

 

 

Mar-17

 

Junior subordinated deferrable interest debentures

 

100,000

 

5.61

%

 

Jul-35

 

100,000

 

 

Open

 

Series J Preferred Units

 

4,000

 

3.75

%

 

Apr-51

 

4,000

 

 

Open

 

 

 

$

1,405,168

 

5.16

%

$

 

 

 

$

1,444,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

5,941,950

 

5.00

%

$

32,762

 

 

 

$

5,489,838

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 321 bps)

 

$

100,000

 

3.37

%

$

 

Dec-14

 

$

100,000

 

Dec-15

 

Open

 

388-390 Greenwich Street (LIBOR + 175 bps)

 

946,000

 

1.91

%

 

Jun-18

 

946,000

 

Jun-21

 

Jun-15

 

248-252 Bedford Avenue (LIBOR + 150 bps)

 

29,000

 

1.66

%

 

Jun-19

 

28,317

 

 

Open

 

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

 

275,000

 

1.76

%

 

Oct-20

 

275,000

 

 

Open

 

 

 

$

1,350,000

 

1.98

%

$

 

 

 

$

1,349,317

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 145 bps)

 

$

244,000

 

1.61

%

$

 

Mar-17

 

$

244,000

 

Mar-18

 

Open

 

Term loan (LIBOR + 140 bps)

 

753,000

 

1.56

%

 

Jun-19

 

753,000

 

 

Open

 

 

 

$

997,000

 

1.57

%

$

 

 

 

$

997,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

2,347,000

 

1.81

%

$

 

 

 

$

2,346,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

8,288,950

 

4.10

%

$

32,762

 

 

 

$

7,836,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Joint Venture

 

$

1,394,788

 

4.22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt including SLG’s share of JV Debt/Wtd Avg

 

$

9,683,738

 

4.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Balance & Interest Rate for the quarter, including SLG’s share of JV Debt

 

$

9,684,294

 

4.16

%

 

 

 

 

 

 

 

 

 

 

 


(1) Excludes mortgages related to 180 Maiden and 2 Herald Square, which are currently held for sale.

(2) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.

(3) The loan was repaid at maturity.

(4) The interest rate swaps mature in December 2017.

(5) The interest rate swap matures in June 2016.

(6) Notes can be put to the Company, at the option of the holder, on June 15, 2015.

(7) Notes can be put to the Company, at the option of the holder, on March 30, 2017.

 

26



 

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal Outstanding

 

 

 

2014

 

 

 

 

 

As-Of

 

 

 

 

 

9/30/2014

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

Gross Principal

 

SLG Share

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Renaissance

 

$

1,868

 

$

934

 

10.00

%

$

 

Dec-15

 

$

934

 

 

Open

 

11 West 34th Street (swapped)

 

16,982

 

5,095

 

4.82

%

90

 

Jan-16

 

4,977

 

 

Open

 

280 Park Avenue

 

701,928

 

347,184

 

6.57

%

3,321

 

Jun-16

 

341,184

 

 

Open

 

1745 Broadway

 

340,000

 

109,650

 

5.68

%

 

Jan-17

 

109,650

 

 

Open

 

Jericho Plaza

 

163,750

 

33,176

 

5.65

%

 

May-17

 

33,176

 

 

Open

 

800 Third Avenue (swapped)

 

20,910

 

8,981

 

6.00

%

 

Aug-17

 

8,981

 

 

Open

 

315 West 36th Street (swapped)

 

25,000

 

8,875

 

3.16

%

 

Dec-17

 

8,670

 

 

Open

 

717 Fifth Avenue (mortgage)

 

300,000

 

32,750

 

4.45

%

 

Jul-22

 

32,750

 

 

Aug-15

 

21 East 66th Street

 

12,000

 

3,874

 

3.60

%

 

Apr-23

 

3,874

 

 

Open

 

717 Fifth Avenue (mezzanine)

 

311,698

 

34,027

 

9.00

%

 

Jul-24

 

50,969

 

 

Open

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,894,136

 

$

584,546

 

6.28

%

$

3,411

 

 

 

$

595,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meadows (LIBOR + 575 bps)

 

$

67,350

 

$

33,675

 

7.75

%

$

 

Sep-15

 

$

33,675

 

 

Open

 

3 Columbus Circle (LIBOR + 210 bps)

 

233,058

 

113,965

 

2.34

%

4,008

 

Apr-16

 

107,998

 

 

Open

 

1552 Broadway (LIBOR + 405 bps)

 

180,885

 

90,443

 

4.21

%

 

Apr-16

 

90,443

 

 

Open

 

Mezzanine Debt (LIBOR + 90 bps)

 

30,000

 

15,000

 

1.06

%

 

Jun-16

 

15,000

 

 

Open

 

10 East 53rd Street (LIBOR + 250 bps)

 

125,000

 

68,750

 

2.66

%

 

Feb-17

 

68,750

 

 

Open

 

724 Fifth Avenue (LIBOR + 242 bps)

 

275,000

 

137,500

 

2.58

%

 

Apr-17

 

137,500

 

 

Open

 

33 Beekman (LIBOR + 275 bps)

 

43,707

 

20,061

 

2.91

%

 

Aug-17

 

19,884

 

 

Open

 

600 Lexington Avenue (LIBOR + 200 bps)

 

117,717

 

64,744

 

2.24

%

2,114

 

Oct-17

 

58,846

 

 

Open

 

521 Fifth Avenue (LIBOR + 220 bps)

 

170,000

 

85,850

 

2.36

%

 

Nov-19

 

85,850

 

 

Open

 

100 Park Avenue (LIBOR + 175 bps)

 

360,000

 

179,640

 

1.91

%

 

Feb-21

 

175,859

 

 

Feb-16

 

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

 

1,902

 

614

 

2.88

%

25

 

Jun-33

 

4

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,604,619

 

$

810,242

 

2.73

%

$

6,147

 

 

 

$

793,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Debt/Wtd Avg

 

$

3,498,755

 

$

1,394,788

 

4.22

%

$

9,558

 

 

 

$

1,388,974

 

 

 

 

 

 


(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.

 

Covenants

 

SL GREEN REALTY CORP.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

49.2

x

Less than 60%

 

Fixed Charge Coverage

 

2.26

x

Greater than 1.5x

 

 

Unsecured Notes Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

38.6

%

Less than 60%

 

Secured Debt / Total Assets

 

17.9

%

Less than 40%

 

Debt Service Coverage

 

3.17

x

Greater than 1.5x

 

Unencumbered Assets / Unsecured Debt

 

386.1

%

Greater than 150%

 

 

Composition of Debt

 

Fixed Rate Debt

 

 

 

 

 

Consolidated

 

$

5,941,950

 

 

 

SLG Share of JV

 

584,546

 

 

 

Total Fixed Rate Debt

 

$

6,526,496

 

67.4%

 

 

 

 

 

 

 

Floating Rate Debt

 

 

 

 

 

Consolidated

 

$

2,347,000

 

 

 

SLG Share of JV

 

810,242

 

 

 

 

 

3,157,242

 

 

 

Debt & Preferred Equity Investments

 

(525,021

)

 

 

Total Floating Rate Debt

 

$

2,632,221

 

27.2%

 

 

 

 

 

 

 

Total Debt

 

$

9,683,738

 

 

 

 

27



 

 

 

DEBT SUMMARY SCHEDULE - Reckson Operating Partnership

 

Unaudited

(Dollars in Thousands)

 

 

 

Consolidated

 

 

 

Principal

 

 

 

2014

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

9/30/2014

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

919 Third Avenue

 

$

500,000

 

5.12

%

$

 

Jun-23

 

$

441,594

 

 

Open

 

 

 

$

500,000

 

5.12

%

$

 

 

 

$

441,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt - Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity Investment

 

$

50,000

 

8.00

%

$

 

Sep-19

 

$

50,000

 

 

Open

 

 

 

$

50,000

 

8.00

%

$

 

 

 

$

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,238

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Unsecured notes

 

249,728

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(2)

30,000

 

 

Open

 

Unsecured notes

 

250,000

 

7.75

%

 

Mar-20

 

250,000

 

 

Open

 

Unsecured notes

 

200,000

 

4.50

%

 

Dec-22

 

200,000

 

 

Open

 

Convertible notes

 

7

 

4.00

%

 

Jun-25

(3)

7

 

 

Jun-15

 

 

 

$

984,973

 

5.82

%

$

 

 

 

$

985,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,534,973

 

5.66

%

$

 

 

 

$

1,476,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 145 bps)

 

$

244,000

 

1.61

%

$

 

Mar-17

 

$

244,000

 

Mar-18

 

Open

 

Term loan (LIBOR + 140 bps)

 

753,000

 

1.56

%

 

Jun-19

 

753,000

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

997,000

 

1.57

%

$

 

 

 

$

997,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

2,531,973

 

4.05

%

$

 

 

 

$

2,473,909

 

 

 

 

 

 


(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Certain loans are subject to LIBOR floors.

(2) The interest rate swap matures in June 2016.

(3) Notes can be put to the Company, at the option of the holder, on June 15, 2015.

 

Covenants

 

RECKSON OPERATING PARTNERSHIP, L.P.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

47.9

%

Less than 60%

 

Fixed Charge Coverage

 

2.97

x

Greater than 1.5x

 

Secured Debt / Total Assets

 

8.9

%

Less than 40%

 

Unsecured Debt / Unencumbered Assets

 

49.6

%

Less than 60%

 

 

28



 

SUMMARY OF GROUND LEASE ARRANGEMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

2014 Scheduled

 

2015 Scheduled

 

2016 Scheduled

 

2017 Scheduled

 

Land Lease

 

Year of

 

Property

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Obligations(1)

 

Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Ground Lease Arrangements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

625 Madison Avenue

 

$

4,613

 

$

4,613

 

$

4,613

 

$

4,613

 

$

 

2022

(2)

461 Fifth Avenue

 

2,100

 

2,100

 

2,100

 

2,100

 

391

 

2027

(3)

711 Third Avenue

 

5,250

 

5,250

 

5,354

 

5,500

 

738

 

2033

(4)

1185 Avenue of the Americas

 

6,909

 

6,909

 

6,909

 

6,909

 

 

2043

 

420 Lexington Avenue

 

10,899

 

10,899

 

10,899

 

10,899

 

 

2050

(5)

1055 Washington Blvd, Stamford

 

615

 

615

 

615

 

615

 

 

2090

 

1080 Amsterdam Avenue

 

105

 

105

 

122

 

209

 

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

30,491

 

$

30,491

 

$

30,612

 

$

30,845

 

$

1,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

1080 Amsterdam Avenue

 

$

145

 

$

145

 

$

170

 

$

291

 

$

20,728

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

1,167

 

$

1,167

 

$

1,167

 

$

1,167

 

$

 

2062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

6,086

 

$

6,086

 

$

6,086

 

$

6,086

 

$

89,962

 

2062

 

 


(1) Per the balance sheet at September 30, 2014.

(2) Subject to renewal at the Company’s option through 2054.

(3) The Company has an option to purchase the ground lease for a fixed price on a specific date.

(4) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.

(5) Subject to two 15-year renewals at the Company’s option through 2080.

 

29



 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

Weighted Average Book

 

Weighted Average

 

Current

 

 

 

Book Value

 

Value During Quarter

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

6/30/2013

 

$

1,227,421

 

$

1,323,266

 

10.96

%

10.93

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

187,050

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

6,621

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(105,541

)

 

 

 

 

 

 

9/30/2013

 

$

1,315,551

 

$

1,304,561

 

11.20

%

11.19

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

87,412

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

11,031

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(109,155

)

 

 

 

 

 

 

12/31/2013

 

$

1,304,839

 

$

1,304,034

 

11.27

%

11.31

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

142,394

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

44,109

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

2,383

 

 

 

 

 

 

 

3/31/2014

 

$

1,493,725

 

$

1,359,250

 

10.63

%

10.42

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

232,217

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

3,986

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization(3)

 

(182,120

)

 

 

 

 

 

 

6/30/2014

 

$

1,547,808

 

$

1,416,582

 

10.63

%

10.47

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

169,424

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

3,324

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(287,605

)

 

 

 

 

 

 

9/30/2014

 

$

1,432,951

 

$

1,456,997

 

10.53

%

10.48

%

 


(1) Accretion includes original issue discounts and/or compounding investment income.

(2) Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.

(3) Reflects the reclassification of a debt and preferred equity investment originated during the first quarter of 2014 to investment in unconsolidated joint ventures.

 

30



 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

 

 

 

 

 

Weighted Average

 

Weighted Average

 

Current

 

Type of Investment

 

Book Value(1)

 

Senior Financing

 

Exposure PSF

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

New York City

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Mortgage Debt

 

$

140,164

 

$

 

$

528

 

6.98

%

6.60

%

 

 

 

 

 

 

 

 

 

 

 

 

Junior Mortgage Participation

 

178,684

 

2,174,595

 

$

1,508

 

9.84

%

9.77

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Debt

 

758,275

 

3,071,983

 

$

1,086

 

11.50

%

11.71

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

355,828

 

1,546,260

 

$

452

 

9.75

%

9.76

%

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 9/30/14

 

$

1,432,951

 

$

6,792,838

 

$

921

 

10.53

%

10.48

%

 

 


(1)   Approximately 36.2% of our investments are indexed to LIBOR.

(2)   Calculated based on interest, fees and amortized discount recognized in the last month of the quarter.

(3)   The weighted average maturity of the outstanding balance is 2.04 years.  Approximately 54.4% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

 

31



 

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

Book Value(1)

 

 

 

Senior

 

 

 

Current

 

Investment Type

 

9/30/14

 

Location

 

Financing

 

Last $ PSF

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

$

224,720

 

New York City

 

$

926,260

 

$

548

 

9.08

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

121,158

 

New York City

 

550,000

 

$

291

 

11.09

%

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

109,252

 

New York City

 

 

$

373

 

7.06

%

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

97,100

 

New York City

 

1,109,000

 

$

1,166

 

9.54

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

73,602

 

New York City

 

775,000

 

$

1,081

 

18.41

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

71,592

 

New York City

 

165,000

 

$

1,984

 

9.87

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

70,080

 

New York City

 

205,000

 

$

397

 

11.26

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

65,675

 

N/A(3)

 

 

$

 

10.88

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

50,412

 

New York City

 

539,000

 

$

513

 

16.13

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

49,482

 

New York City

 

110,000

 

$

480

 

12.03

%

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

933,073

 

 

 

$

4,379,260

 

 

 

10.78

%

 


(1) Net of unamortized fees and discounts.

(2) Calculated based on interest, fees and amortized discounts recognized in the last month of the quarter.

(3) The loan is collateralized by defeasance securities.

 

32



 

 

 

 

 

SELECTED PROPERTY DATA

 

Manhattan Operating Properties

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Sep-13

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Church Street

 

Downtown

 

Fee Interest

 

1

 

1,047,500

 

4

 

98.7

 

98.7

 

98.7

 

98.7

 

85.7

 

37,964,052

 

4

 

3

 

18

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

215,400

 

1

 

88.7

 

83.2

 

83.6

 

86.5

 

86.5

 

9,367,272

 

1

 

1

 

22

 

120 West 45th Street

 

Midtown

 

Fee Interest

 

1

 

440,000

 

2

 

94.5

 

93.3

 

92.6

 

85.2

 

81.0

 

23,965,716

 

2

 

2

 

40

 

125 Park Avenue

 

Grand Central

 

Fee Interest

 

1

 

604,245

 

2

 

81.9

 

70.8

 

82.2

 

82.0

 

87.8

 

27,975,444

 

3

 

2

 

22

 

220 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

1,135,000

 

4

 

92.0

 

91.5

 

91.5

 

91.5

 

91.1

 

47,581,416

 

5

 

4

 

32

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

1

 

215,000

 

1

 

90.5

 

90.5

 

100.0

 

98.8

 

95.3

 

11,707,392

 

1

 

1

 

13

 

420 Lexington Ave (Graybar)

 

Grand Central North

 

Leasehold Interest

 

1

 

1,188,000

 

4

 

96.7

 

95.0

 

85.5

 

85.8

 

84.1

 

69,242,532

 

7

 

6

 

215

 

461 Fifth Avenue (1)

 

Midtown

 

Leasehold Interest

 

1

 

200,000

 

1

 

96.5

 

96.5

 

99.3

 

99.4

 

99.4

 

16,589,580

 

2

 

1

 

12

 

485 Lexington Avenue

 

Grand Central North

 

Fee Interest

 

1

 

921,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

56,904,024

 

6

 

5

 

24

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

1

 

941,000

 

3

 

99.9

 

99.9

 

99.9

 

99.9

 

99.1

 

37,375,392

 

4

 

3

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

1

 

160,000

 

1

 

81.3

 

79.0

 

79.0

 

77.8

 

85.0

 

14,074,296

 

1

 

1

 

13

 

625 Madison Avenue

 

Plaza District

 

Leasehold Interest

 

1

 

563,000

 

2

 

92.1

 

92.1

 

92.1

 

92.1

 

92.3

 

46,884,912

 

5

 

4

 

21

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

163,000

 

1

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,475,000

 

1

 

1

 

7

 

711 Third Avenue (2)

 

Grand Central North

 

Leasehold Interest

 

1

 

524,000

 

2

 

80.6

 

80.6

 

71.9

 

88.4

 

88.4

 

24,733,440

 

2

 

2

 

17

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

1

 

780,000

 

3

 

96.7

 

96.4

 

96.4

 

95.8

 

96.8

 

43,430,736

 

4

 

4

 

30

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

1

 

692,000

 

3

 

83.4

 

84.2

 

85.1

 

92.0

 

91.5

 

37,036,812

 

4

 

3

 

41

 

919 Third Avenue (3)

 

Grand Central North

 

Fee Interest

 

1

 

1,454,000

 

5

 

90.3

 

90.3

 

90.3

 

90.3

 

96.9

 

84,835,656

 

 

 

4

 

11

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1

 

1,062,000

 

4

 

99.9

 

99.9

 

99.9

 

95.2

 

95.2

 

87,409,152

 

9

 

7

 

19

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

1

 

562,000

 

2

 

99.9

 

95.7

 

95.7

 

99.5

 

98.1

 

39,214,068

 

4

 

3

 

36

 

1515 Broadway

 

Times Square

 

Fee Interest

 

1

 

1,750,000

 

6

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

115,034,916

 

11

 

10

 

12

 

1 Madison Avenue

 

Park Avenue South

 

Fee Interest

 

1

 

1,176,900

 

4

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

68,520,156

 

7

 

6

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

21

 

15,794,045

 

57

%

94.9

%

94.1

%

93.7

%

94.2

%

93.8

%

$

908,321,964

 

80

%

73

%

617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

388 & 390 Greenwich Street

 

Downtown

 

Fee Interest

 

2

 

2,635,000

 

10

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

111,016,908

 

11

 

9

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

2

 

2,635,000

 

10

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$

111,016,908

 

11

%

9

%

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

23

 

18,429,045

 

67

%

95.6

%

94.9

%

94.6

%

95.0

%

94.7

%

$

1,019,338,872

 

91

%

82

%

618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle - 48.9%

 

Columbus Circle

 

Fee Interest

 

1

 

530,981

 

2

 

79.5

 

73.8

 

73.2

 

70.7

 

70.3

 

34,454,004

 

 

 

1

 

24

 

100 Park Avenue - 50%

 

Grand Central South

 

Fee Interest

 

1

 

834,000

 

3

 

96.0

 

96.5

 

96.5

 

95.1

 

94.6

 

58,242,072

 

 

 

2

 

39

 

315 West 36th Street - 35.5%

 

Times Square South

 

Fee Interest

 

1

 

147,619

 

1

 

99.2

 

99.2

 

99.2

 

99.2

 

99.2

 

5,125,404

 

 

 

0

 

6

 

521 Fifth Avenue - 50.5%

 

Grand Central

 

Fee Interest

 

1

 

460,000

 

2

 

99.3

 

95.6

 

95.4

 

94.4

 

94.5

 

27,778,200

 

 

 

1

 

45

 

600 Lexington Avenue - 55%

 

East Side

 

Fee Interest

 

1

 

303,515

 

1

 

89.2

 

75.7

 

75.7

 

75.5

 

69.2

 

20,617,812

 

 

 

1

 

35

 

800 Third Avenue - 42.95%

 

Grand Central North

 

Fee Interest

 

1

 

526,000

 

2

 

94.8

 

93.5

 

93.5

 

95.4

 

95.4

 

30,019,968

 

 

 

1

 

39

 

1745 Broadway - 32.3%

 

Midtown

 

Fee Interest

 

1

 

674,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

40,227,156

 

 

 

1

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

7

 

3,476,115

 

13

%

94.0

%

91.4

%

91.3

%

90.7

%

90.0

%

$

216,464,616

 

 

 

8

%

189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Operating Properties Grand Total / Weighted Average

 

30

 

21,905,160

 

80

%

95.4

%

94.4

%

94.1

%

94.3

%

94.0

%

$

1,235,803,488

 

 

 

 

 

807

 

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,076,796,607

 

 

 

91

%

 

 

Manhattan Operating Properties Same Store Occupancy %

 

 

 

19,270,160

 

88

%

94.8

%(4)

93.6

%

93.3

%

93.5

%

93.1

%

 

 

 

 

 

 

 

 

 


(1) SL Green holds an option to acquire the fee interest.

(2) SL Green owns 50% of the fee interest.

(3) SL Green holds a 51% interest in this consolidated joint venture asset.

(4) Manhattan same-store occupancy, inclusive of 118,848 square feet of leases signed but not yet commenced, is 95.3% as of September 30, 2014, as compared to 94.9% as of June 30, 2014.

 

33



 

 

 

 

 

SELECTED PROPERTY DATA

 

Suburban Operating Properties

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Sep-13

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

74.8

 

74.8

 

74.8

 

74.8

 

74.8

 

1,750,068

 

0

 

0

 

2

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

47.9

 

47.9

 

47.9

 

47.0

 

47.0

 

1,377,192

 

0

 

0

 

3

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

21.7

 

57.2

 

57.2

 

57.2

 

57.2

 

773,856

 

0

 

0

 

3

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

84.6

 

84.6

 

83.9

 

83.9

 

69.6

 

1,974,060

 

0

 

0

 

10

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

92.0

 

92.0

 

81.8

 

82.6

 

80.5

 

1,935,396

 

0

 

0

 

8

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

56.7

 

50.8

 

50.8

 

88.0

 

88.0

 

1,529,676

 

0

 

0

 

4

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

1

 

180,000

 

1

 

75.2

 

57.5

 

55.8

 

57.8

 

57.8

 

3,537,780

 

0

 

0

 

11

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

1

 

178,000

 

1

 

74.3

 

74.8

 

74.8

 

73.4

 

73.4

 

2,724,864

 

0

 

0

 

10

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

250,000

 

1

 

70.7

 

70.7

 

70.7

 

70.7

 

70.7

 

4,349,568

 

0

 

0

 

10

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

245,000

 

1

 

80.2

 

80.2

 

80.2

 

80.2

 

80.2

 

4,617,192

 

0

 

0

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

228,000

 

1

 

97.8

 

96.5

 

90.3

 

90.3

 

90.3

 

4,921,440

 

0

 

0

 

7

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

1

 

130,100

 

0

 

95.7

 

95.7

 

93.6

 

93.6

 

89.5

 

3,928,800

 

0

 

0

 

13

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

1

 

384,000

 

1

 

90.9

 

90.2

 

90.2

 

89.3

 

89.0

 

12,689,784

 

1

 

1

 

18

 

Westchester, New York Subtotal/Weighted Average

 

13

 

2,135,100

 

9

%

78.6

%

78.1

%

76.7

%

78.1

%

77.2

%

$

46,109,676

 

4

%

4

%

107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

312,000

 

1

 

93.1

 

95.9

 

95.1

 

93.8

 

92.8

 

8,546,940

 

1

 

1

 

62

 

2 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

46,000

 

0

 

81.7

 

57.3

 

57.3

 

54.9

 

57.3

 

963,780

 

0

 

0

 

9

 

3 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

130,000

 

0

 

51.7

 

55.1

 

55.1

 

55.1

 

50.1

 

2,056,008

 

0

 

0

 

17

 

4 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

105,000

 

0

 

85.1

 

87.6

 

87.6

 

84.9

 

84.9

 

2,786,628

 

0

 

0

 

13

 

5 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

61,000

 

0

 

98.8

 

98.8

 

98.7

 

99.0

 

99.0

 

968,688

 

0

 

0

 

10

 

6 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

172,000

 

1

 

87.1

 

83.6

 

83.4

 

83.4

 

83.4

 

3,758,412

 

0

 

0

 

7

 

7 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

36,800

 

0

 

76.9

 

76.9

 

76.9

 

76.9

 

76.9

 

325,320

 

0

 

0

 

1

 

680 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

133,000

 

0

 

77.7

 

77.7

 

77.7

 

77.7

 

76.5

 

4,456,596

 

 

 

0

 

9

 

750 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

192,000

 

1

 

99.1

 

93.3

 

93.3

 

93.3

 

93.6

 

6,637,692

 

 

 

0

 

9

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

1

 

182,000

 

1

 

90.6

 

90.6

 

89.7

 

87.7

 

86.7

 

6,275,736

 

1

 

1

 

22

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

1

 

143,400

 

1

 

75.6

 

72.2

 

75.7

 

65.3

 

65.3

 

3,493,752

 

0

 

0

 

22

 

500 West Putnam Avenue

 

Greenwich, Connecticut

 

Fee Interest

 

1

 

121,500

 

0

 

53.8

 

53.8

 

57.0

 

57.0

 

57.0

 

2,975,376

 

0

 

0

 

10

 

Connecticut Subtotal/Weighted Average

 

12

 

1,634,700

 

5

%

82.9

%

81.8

%

82.1

%

80.5

%

79.8

%

$

43,244,928

 

3

%

3

%

191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

Lyndhurst, New Jersey

 

Fee Interest

 

1

 

278,000

 

1

 

61.1

 

61.1

 

61.1

 

59.4

 

58.3

 

3,851,880

 

0

 

0

 

5

 

New Jersey Subtotal/Weighted Average

 

1

 

278,000

 

1

%

61.1

%

61.1

%

61.1

%

59.4

%

58.3

%

$

3,851,880

 

0

%

0

%

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

Brooklyn, New York

 

Fee Interest

 

1

 

317,600

 

1

 

94.4

 

93.8

 

90.3

 

87.2

 

88.4

 

11,388,576

 

1

 

1

 

64

 

Brooklyn, New York Subtotal/Weighted Average

 

1

 

317,600

 

1

%

94.4

%

93.8

%

90.3

%

87.2

%

88.4

%

$

11,388,576

 

1

%

1

%

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

27

 

4,365,400

 

16

%

80.2

%

79.6

%

78.7

%

78.5

%

77.8

%

$

104,595,060

 

9

%

8

%

367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Meadows - 50%

 

Rutherford, New Jersey

 

Fee Interest

 

2

 

582,100

 

2

 

87.1

 

87.9

 

87.1

 

84.2

 

80.5

 

13,618,452

 

 

 

1

 

57

 

Jericho Plaza — 20.26%

 

Jericho, New York

 

Fee Interest

 

2

 

640,000

 

2

 

83.6

 

90.5

 

90.5

 

89.9

 

89.6

 

18,516,504

 

 

 

0

 

35

 

Total / Weighted Average Unconsolidated Properties

 

4

 

1,222,100

 

4

%

85.3

%

89.3

%

88.9

%

87.2

%

85.3

%

$

32,134,956

 

 

 

1

%

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Operating Properties Grand Total / Weighted Average

 

31

 

5,587,500

 

20

%

81.3

%

81.7

%

80.9

%

80.4

%

79.4

%

$

136,730,016

 

 

 

 

 

459

 

Suburban Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

109,719,529

 

 

 

9

%

 

 

Suburban Operating Properties Same Store Occupancy %

 

 

 

5,269,900

 

94

%

80.5

%(2)

81.0

%

80.4

%

80.0

%

78.9

%

 

 

 

 

 

 

 

 

 


(1) SL Green holds a 51% interest in this consolidated joint venture asset.

(2) Suburban same-store occupancy, inclusive of 95,142 square feet of leases signed but not yet commenced, is 82.4% as of September 30, 2014, as compared to 82.8% as of June 30, 2014.

 

34



 

 

 

 

SELECTED PROPERTY DATA

 

Retail, Development / Redevelopment & Land Properties

 

 

 

 

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Sep-13

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 West 34th Street - 30%

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,450,412

 

1

 

15,482,405

 

1

 

19-21 East 65th Street - 80% (1)

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

3

 

66.0

 

83.0

 

83.0

 

100.0

 

100.0

 

1,272,813

 

2

 

7,548,256

 

5

 

21 East 66th Street - 32.28%

 

Plaza District

 

Fee Interest

 

1

 

16,736

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,204,888

 

2

 

83,815,649

 

1

 

131-137 Spring Street

 

Soho

 

Fee Interest

 

2

 

68,342

 

9

 

92.0

 

92.0

 

92.0

 

100.0

 

100.0

 

4,491,408

 

8

 

134,173,361

 

11

 

717 Fifth Avenue - 10.92%

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

16

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

36,120,720

 

7

 

279,966,857

 

7

 

724 Fifth Avenue - 50%

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

9

 

68.2

 

76.7

 

76.7

 

76.6

 

84.6

 

20,866,788

 

19

 

225,159,473

 

6

 

752 Madison Avenue - 80% (2)

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,949,404

 

6

 

11,140,833

 

1

 

762 Madison Avenue - 80% (1)

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

1

 

100.0

 

100.0

 

76.7

 

82.6

 

82.6

 

1,693,584

 

3

 

16,704,723

 

5

 

Williamsburg Terrace

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

7

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,560,492

 

3

 

16,357,696

 

3

 

Subtotal/Weighted Average

 

11

 

389,631

 

53

%

88.0

%

90.4

%

90.1

%

92.6

%

93.9

%

$

75,610,509

 

52

%

$

790,349,252

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115 Spring Street

 

Soho

 

Fee Interest

 

1

 

5,218

 

1

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

928,824

 

2

 

53,125,000

 

1

 

121 Greene Street - 50%

 

Soho

 

Fee Interest

 

1

 

7,131

 

1

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

1,275,696

 

1

 

28,209,044

 

2

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

37

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

14,913,982

 

28

 

213,197,064

 

10

 

1552-1560 Broadway - 50%

 

Times Square

 

Fee Interest

 

2

 

57,718

 

8

 

67.5

 

67.5

 

67.5

 

 

 

19,003,968

 

18

 

249,405,045

 

2

 

Subtotal/Weighted Average

 

5

 

340,199

 

47

%

94.5

%

94.3

%

94.3

%

82.4

%

 

$

36,122,470

 

48

%

$

543,936,153

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Retail Properties

 

16

 

729,830

 

100

%

91.0

%

92.2

%

92.0

%

87.9

%

81.8

%

$

111,732,979

 

100

%

$

1,334,285,405

 

55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150 Grand Street

 

White Plains, New York

 

Fee Interest

 

1

 

85,000

 

2

 

38.0

 

36.1

 

36.1

 

31.5

 

31.5

 

811,452

 

1

 

17,718,514

 

19

 

7 Renaissance Square - 50%

 

White Plains, New York

 

Fee Interest

 

1

 

65,641

 

2

 

66.8

 

51.2

 

46.6

 

46.6

 

46.6

 

1,226,376

 

1

 

6,622,422

 

8

 

33 Beekman Street - 45.9%

 

Downtown

 

Fee Interest

 

1

 

 

 

 

 

 

 

 

 

 

71,477,744

 

 

180 Maiden Lane - 49.9% (1)

 

Financial East

 

Fee Interest

 

1

 

1,090,000

 

29

 

22.9

 

22.9

 

97.6

 

97.6

 

97.6

 

12,481,212

 

9

 

448,092,713

 

4

 

280 Park Avenue - 49.5%

 

Park Avenue

 

Fee Interest

 

1

 

1,219,158

 

33

 

55.5

 

58.2

 

50.1

 

59.4

 

59.4

 

68,575,848

 

48

 

1,202,730,679

 

27

 

51 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

142,000

 

4

 

18.4

 

62.2

 

81.0

 

86.5

 

88.3

 

1,713,408

 

2

 

82,169,799

 

5

 

317 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

450,000

 

12

 

35.1

 

64.2

 

72.9

 

78.6

 

81.9

 

10,955,364

 

15

 

140,148,943

 

22

 

331 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

114,900

 

3

 

74.9

 

77.5

 

83.6

 

83.6

 

83.6

 

4,019,412

 

6

 

81,967,017

 

12

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

104,000

 

3

 

72.5

 

48.8

 

 

 

 

5,441,412

 

8

 

91,930,753

 

1

 

10 East 53rd Street - 55%

 

Plaza District

 

Fee Interest

 

1

 

354,300

 

9

 

26.7

 

26.7

 

90.0

 

90.0

 

90.0

 

6,351,612

 

5

 

273,187,637

 

14

 

Fifth Avenue Retail Assemblage

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

2

 

66.2

 

69.8

 

74.6

 

74.6

 

N/A

 

1,764,600

 

2

 

148,276,947

 

2

 

650 Fifth Avenue - 50%

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

1

 

10.5

 

10.5

 

63.6

 

63.6

 

N/A

 

1,337,316

 

1

 

256,659,390

 

2

 

719 Seventh Avenue - 75% (1)

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

1,397,256

 

1

 

41,149,278

 

2

 

Total / Weighted Average Development / Redevelopment Properties

 

15

 

3,730,285

 

100

 

40.1

%

45.3

%

71.6

%

75.4

%

76.0

%

$

116,075,268

 

100

%

$

2,862,131,836

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Herald Square (3)

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

354,400

 

31

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

11,819,531

 

37

 

229,336,692

 

 

 

635 Madison Avenue (3)

 

Plaza District

 

Fee Interest

 

1

 

176,530

 

16

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

3,677,574

 

11

 

153,745,356

 

 

 

885 Third Avenue (3)

 

Midtown/Plaza District

 

Fee Interest

 

1

 

607,000

 

53

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

16,652,406

 

52

 

329,943,115

 

 

 

Total / Weighted Average Land

 

 

 

 

 

3

 

1,137,930

 

100

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$

32,149,511

 

100

%

$

713,025,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of

 

Useable

 

Total Units

 

Occupancy (%)

 

Average Monthly

 

Annualized

 

Gross Total RE

 

 

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Residential

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Sep-13

 

Rent Per Unit ($’s)

 

Cash Rent ($’s)

 

Book Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400 East 57th Street - 80% (1)

 

Upper East Side

 

Fee Interest

 

1

 

290,482

 

261

 

91.6

 

93.1

 

94.2

 

95.0

 

95.0

 

3,075

 

10,470,599

 

118,935,350

 

 

 

400 East 58th Street - 80% (1)

 

Upper East Side

 

Fee Interest

 

1

 

140,000

 

125

 

96.0

 

96.8

 

98.4

 

94.4

 

96.8

 

3,071

 

4,901,081

 

52,307,987

 

 

 

1080 Amsterdam - 87.5% (1)

 

Upper West Side

 

Leasehold Interest

 

1

 

82,250

 

96

 

94.8

 

2.2

 

2.2

 

2.2

 

2.2

 

3,575

 

4,156,080

 

45,957,357

 

 

 

248-252 Bedford Avenue - 90% (1)

 

Brooklyn, New York

 

Fee Interest

 

1

 

66,611

 

77

 

79.2

 

84.4

 

87.7

 

85.7

 

67.9

 

4,251

 

3,111,964

 

45,372,860

 

 

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

 

 

222,855

 

333

 

96.1

 

91.0

 

93.7

 

92.5

 

N/A

 

3,711

 

14,251,853

 

175,884,500

 

 

 

Total / Weighted Average Residential Properties

 

 

 

4

 

802,198

 

892

 

93.2

%

82.3

%

84.1

%

83.2

%

75.7

%

$

3,468

 

$

36,891,577

 

$

438,458,054

 

 

 

 


(1) Consolidated joint venture assets.

(2) SL Green owns an 80% interest in the leasehold position, which is treated as a consolidated joint venture, and later, through a separate entity, acquired the fee position.

(3) Subject to long-term, third party net operating leases.

 

35


 


 

SELECTED PROPERTY DATA

 

Manhattan Operating Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Sep-13

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

215,400

 

2

 

88.7

 

83.2

 

83.6

 

86.5

 

86.5

 

9,367,272

 

2

 

2

 

22

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

215,000

 

2

 

90.5

 

90.5

 

100.0

 

98.8

 

95.3

 

11,707,392

 

3

 

3

 

13

 

461 Fifth Avenue

 

Midtown

 

Leasehold Interest

 

200,000

 

2

 

96.5

 

96.5

 

99.3

 

99.4

 

99.4

 

16,589,580

 

4

 

4

 

12

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

941,000

 

10

 

99.9

 

99.9

 

99.9

 

99.9

 

99.1

 

37,375,392

 

10

 

9

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

160,000

 

2

 

81.3

 

79.0

 

79.0

 

77.8

 

85.0

 

14,074,296

 

4

 

3

 

13

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

163,000

 

2

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,475,000

 

2

 

2

 

7

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

780,000

 

8

 

96.7

 

96.4

 

96.4

 

95.8

 

96.8

 

43,430,736

 

12

 

10

 

30

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

692,000

 

7

 

83.4

 

84.2

 

85.1

 

92.0

 

91.5

 

37,036,812

 

10

 

9

 

41

 

919 Third Avenue

 

Grand Central North

 

Fee Interest (1)

 

1,454,000

 

15

 

90.3

 

90.3

 

90.3

 

90.3

 

96.9

 

84,835,656

 

 

 

10

 

11

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1,062,000

 

11

 

99.9

 

99.9

 

99.9

 

95.2

 

95.2

 

87,409,152

 

23

 

21

 

19

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

562,000

 

6

 

99.9

 

95.7

 

95.7

 

99.5

 

98.1

 

39,214,068

 

10

 

9

 

36

 

Total / Weighted Average Manhattan Consolidated Properties

 

6,444,400

 

65

%

94.1

%

93.6

%

94.1

%

94.3

%

95.7

%

$

389,515,356

 

81

%

 

 

214

 

Total Manhattan Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

347,945,885

 

 

 

82

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Operating Properties - Reckson Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

74.8

 

74.8

 

74.8

 

74.8

 

74.8

 

1,750,068

 

0

 

0

 

2

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

47.9

 

47.9

 

47.9

 

47.0

 

47.0

 

1,377,192

 

0

 

0

 

3

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

21.7

 

57.2

 

57.2

 

57.2

 

57.2

 

773,856

 

0

 

0

 

3

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

84.6

 

84.6

 

83.9

 

83.9

 

69.6

 

1,974,060

 

1

 

0

 

10

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

92.0

 

92.0

 

81.8

 

82.6

 

80.5

 

1,935,396

 

1

 

0

 

8

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

56.7

 

50.8

 

50.8

 

88.0

 

88.0

 

1,529,676

 

0

 

0

 

4

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

180,000

 

2

 

75.2

 

57.5

 

55.8

 

57.8

 

57.8

 

3,537,780

 

1

 

1

 

11

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

178,000

 

2

 

74.3

 

74.8

 

74.8

 

73.4

 

73.4

 

2,724,864

 

1

 

1

 

10

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

250,000

 

3

 

70.7

 

70.7

 

70.7

 

70.7

 

70.7

 

4,349,568

 

1

 

1

 

10

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

245,000

 

2

 

80.2

 

80.2

 

80.2

 

80.2

 

80.2

 

4,617,192

 

1

 

1

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

228,000

 

2

 

97.8

 

96.5

 

90.3

 

90.3

 

90.3

 

4,921,440

 

1

 

1

 

7

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

130,100

 

1

 

95.7

 

95.7

 

93.6

 

93.6

 

89.5

 

3,928,800

 

1

 

1

 

13

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

384,000

 

4

 

90.9

 

90.2

 

90.2

 

89.3

 

89.0

 

12,689,784

 

3

 

3

 

18

 

125 Chubb Way

 

Lyndhurst, New Jersey

 

Fee Interest

 

278,000

 

3

 

61.1

 

61.1

 

61.1

 

59.4

 

58.3

 

3,851,880

 

1

 

1

 

5

 

7 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

36,800

 

0

 

76.9

 

76.9

 

76.9

 

76.9

 

76.9

 

325,320

 

0

 

0

 

1

 

680 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

133,000

 

1

 

77.7

 

77.7

 

77.7

 

77.7

 

76.5

 

4,456,596

 

 

 

1

 

9

 

750 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

192,000

 

2

 

99.1

 

93.3

 

93.3

 

93.3

 

93.6

 

6,637,692

 

 

 

1

 

9

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

182,000

 

2

 

90.6

 

90.6

 

89.7

 

87.7

 

86.7

 

6,275,736

 

2

 

1

 

22

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

143,400

 

1

 

75.6

 

72.2

 

75.7

 

65.3

 

65.3

 

3,493,752

 

1

 

1

 

22

 

Subtotal / Weighted Average

 

3,100,300

 

31

%

78.8

%

77.9

%

77.1

%

77.3

%

76.5

%

$

71,150,652

 

16

%

15

%

175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

Brooklyn, New York

 

Fee Interest

 

317,600

 

3

 

94.4

 

93.8

 

90.3

 

87.2

 

88.4

 

11,388,576

 

3

 

3

 

64

 

Subtotal / Weighted Average

 

317,600

 

3

%

94.4

%

93.8

%

90.3

%

87.2

%

88.4

%

$

11,388,576

 

3

%

3

%

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Suburban Consolidated Properties

 

3,417,900

 

35

%

80.2

%

79.4

%

78.3

%

78.3

%

77.6

%

$

82,539,228

 

 

 

 

 

239

 

Total Suburban Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

77,103,027

 

 

 

18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reckson Portfolio Grand Total

 

9,862,300

 

100

%

89.3

%

88.7

%

88.6

%

88.8

%

89.4

%

$

472,054,584

 

 

 

 

 

453

 

Portfolio Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

425,048,911

 

100

%

100

%

 

 

 


(1) SL Green holds a 51% interest in this consolidated joint venture asset.

 

Retail, Development / Redevelopment & Land Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Sep-13

 

Cash Rent ($’s)

 

Book Value

 

Tenants

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115 Spring Street

 

Soho

 

Fee Interest

 

5,218

 

2

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

928,824

 

53,125,000

 

1

 

131-137 Spring Street

 

Soho

 

Fee Interest

 

68,342

 

20

 

92.0

 

92.0

 

92.0

 

100.0

 

100.0

 

4,491,408

 

134,173,361

 

11

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

270,132

 

79

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

14,913,982

 

213,197,064

 

10

 

Total Retail Properties

 

 

 

 

 

343,692

 

100

%

98.4

%

98.4

%

98.4

%

100.0

%

100.0

%

$

20,334,214

 

$

400,495,425

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

104,000

 

100

 

72.5

 

48.8

 

 

 

 

5,441,412

 

91,930,753

 

1

 

Total Development Properties

 

 

 

 

 

104,000

 

100

%

72.5

%

48.8

%

0.0

%

0.0

%

0.0

%

$

5,441,412

 

$

91,930,753

 

1

 

 

Residential Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

 

 

Occupancy (%)

 

Annualized

 

Average Monthly

 

Gross Total RE

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Total Units

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Sep-13

 

Cash Rent ($’s)

 

Rent Per Unit ($’s)

 

Book Value

 

Tenants

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

222,855

 

333

 

96.1

 

91.0

 

93.7

 

92.5

 

N/A

 

14,251,853

 

3,711

 

175,884,500

 

320

 

Total Residential Properties

 

 

 

 

 

222,855

 

333

 

96.1

%

91.0

%

93.7

%

92.5

%

 

$

14,251,853

 

$

3,711

 

$

175,884,500

 

320

 

 

36



 

LARGEST TENANTS BY SQUARE FEET LEASED

 

Manhattan and Suburban Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of

 

SLG Share of

 

SLG Share of

 

 

 

 

 

 

 

Lease

 

Total

 

Annualized

 

PSF

 

Annualized

 

Annualized

 

Annualized

 

Credit

 

Tenant Name

 

Property

 

Expiration

 

Square Feet

 

Cash Rent ($)

 

Annualized

 

Cash Rent

 

Cash Rent($)

 

Cash Rent

 

Rating (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup, N.A.

 

388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue, 750 Washington Blvd

 

Various

 

3,023,423

 

$

132,436,554

(1)

$

43.80

 

9.6

%

$

130,380,748

 

11.0

%

A-

 

Viacom International, Inc.

 

1515 Broadway

 

2031

 

1,330,735

 

86,317,022

 

$

64.86

 

6.3

%

86,317,022

 

7.3

%

BBB

 

Credit Suisse Securities (USA), Inc.

 

1 Madison Avenue & 1055 Washington

 

2019 & 2020

 

1,149,406

 

66,666,214

 

$

58.00

 

4.9

%

66,666,214

 

5.6

%

A

 

Random House, Inc.

 

1745 Broadway

 

2018 & 2023

 

644,598

 

40,227,150

 

$

62.41

 

2.9

%

12,977,279

 

1.1

%

BBB+

 

Debevoise & Plimpton, LLP

 

919 Third Avenue

 

2021

 

619,353

 

42,974,833

 

$

69.39

 

3.1

%

21,917,165

 

1.8

%

 

 

The City of New York

 

16 Court Street & 100 Church Street

 

2014, 2017 & 2034

 

541,787

 

17,782,632

 

$

32.82

 

1.3

%

17,782,632

 

1.5

%

Aa2

 

Omnicom Group, Inc.

 

220 East 42nd Street

 

2017

 

493,560

 

21,009,807

 

$

42.57

 

1.5

%

21,009,807

 

1.8

%

BBB+

 

Ralph Lauren Corporation

 

625 Madison Avenue

 

2019

 

339,381

 

23,531,760

 

$

69.34

 

1.7

%

23,531,760

 

2.0

%

A

 

Advance Magazine Group, Fairchild Publications

 

750 Third Avenue & 485 Lexington Avenue

 

2021

 

339,195

 

15,743,755

 

$

46.42

 

1.1

%

15,743,755

 

1.3

%

 

 

C.B.S. Broadcasting, Inc.

 

555 West 57th Street

 

2023

 

295,226

 

12,252,496

 

$

41.50

 

0.9

%

12,252,496

 

1.0

%

BBB

 

Metro-North Commuter Railroad Company

 

420 Lexington Avenue

 

2034

 

273,170

 

12,009,262

 

$

43.96

 

0.9

%

12,009,262

 

1.0

%

Aa2

 

Schulte, Roth & Zabel LLP

 

919 Third Avenue

 

2036

 

263,186

 

17,042,745

 

$

64.76

 

1.2

%

8,691,800

 

0.7

%

 

 

HF Management Services LLC

 

100 Church Street & 521 Fifth Avenue

 

2015 & 2032

 

252,762

 

8,670,089

 

$

34.30

 

0.6

%

7,978,672

 

0.7

%

 

 

BMW of Manhattan

 

555 West 57th Street

 

2022

 

227,782

 

6,281,024

 

$

27.57

 

0.5

%

6,281,024

 

0.5

%

A+

 

The City University of New York - CUNY

 

555 West 57th Street & 16 Court Street

 

2020, 2023 & 2030

 

227,622

 

8,508,172

 

$

37.38

 

0.6

%

8,508,172

 

0.7

%

Aa2

 

Stroock, Stroock & Lavan LLP

 

180 Maiden Lane

 

2023

 

223,434

 

11,312,742

 

$

50.63

 

0.8

%

5,647,321

 

0.5

%

 

 

Amerada Hess Corp.

 

1185 Avenue of the Americas

 

2027

 

181,569

 

13,062,573

 

$

71.94

 

1.0

%

13,062,573

 

1.1

%

BBB

 

The Travelers Indemnity Company

 

485 Lexington Avenue

 

2021

 

173,278

 

9,891,858

 

$

57.09

 

0.7

%

9,891,858

 

0.8

%

AA

 

Verizon

 

120 West 45th Street, 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive

 

Various

 

172,502

 

4,902,564

 

$

28.42

 

0.4

%

4,902,564

 

0.4

%

BBB+

 

United Nations

 

220 East 42nd Street

 

2017, 2021 & 2022

 

171,091

 

7,927,071

 

$

46.33

 

0.6

%

7,927,071

 

0.7

%

A1

 

News America Incorporated

 

1185 Avenue of the Americas

 

2020

 

161,722

 

14,970,684

 

$

92.57

 

1.1

%

14,970,684

 

1.3

%

BBB+

 

King & Spalding

 

1185 Avenue of the Americas

 

2025

 

159,943

 

14,027,168

 

$

87.70

 

1.0

%

14,027,168

 

1.2

%

 

 

Young & Rubicam, Inc.

 

3 Columbus Circle

 

2033

 

159,292

 

9,909,020

 

$

62.21

 

0.7

%

4,845,511

 

0.4

%

BBB

 

Bloomingdales, Inc.

 

919 Third Avenue

 

2024

 

157,961

 

8,811,913

 

$

55.79

 

0.6

%

4,494,076

 

0.4

%

BBB+

 

Amazon Corporate LLC

 

1185 Avenue of the Americas & 1350 Avenue of the Americas

 

2016, 2019 & 2023

 

152,023

 

10,720,501

 

$

70.52

 

0.8

%

10,720,501

 

0.9

%

AA-

 

National Hockey League

 

1185 Avenue of the Americas

 

2022

 

148,217

 

12,820,368

 

$

86.50

 

0.9

%

12,820,368

 

1.1

%

 

 

Beth Israel Medical Center & The Mount Sinai Hospital

 

555 West 57th Street & 625 Madison Avenue

 

2016 & 2030

 

147,613

 

7,100,338

 

$

48.10

 

0.5

%

7,100,338

 

0.6

%

 

 

Banque National De Paris

 

919 Third Avenue

 

2016

 

145,834

 

9,739,145

 

$

66.78

 

0.7

%

4,966,964

 

0.4

%

A+

 

Eisner Amper, LLP

 

750 Third Avenue

 

2020

 

141,546

 

9,525,281

 

$

67.29

 

0.7

%

9,525,281

 

0.8

%

 

 

RSM McGladrey, Inc.

 

1185 Avenue of the Americas

 

2018

 

129,008

 

9,900,274

 

$

76.74

 

0.7

%

9,900,274

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

12,446,219

 

$

666,075,015

 

$

53.52

 

48.5

%

$

586,850,358

 

49.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan and Suburban Portfolio Grand Total

 

 

 

 

 

27,492,660

 

$

1,372,533,504

 

$

49.92

 

 

 

$

1,186,516,136

 

 

 

 

 

 


(1) Reflects the net rent as of September 30, 2014 of $42.14 PSF for the 388-390 Greenwich Street lease.

(2) Corporate or bond rating from S&P or Moody’s.

 

37



 

 

TENANT DIVERSIFICATION

 

 

Based on SLG Share of Annualized Cash Rent

 

Category

 

Manhattan Properties

 

Suburban Properties

 

Advertising

 

5

%

1

%

Arts, Ent. & Recreation

 

4

%

0

%

Business Services

 

3

%

4

%

Financial Services

 

35

%

30

%

Government / Non Profit

 

4

%

5

%

Legal

 

8

%

12

%

Manufacturing

 

2

%

9

%

Media

 

16

%

10

%

Medical

 

2

%

5

%

Other

 

5

%

3

%

Professional Services

 

8

%

17

%

Retail

 

9

%

3

%

 

 

 

 

 

 

Total

 

100

%

100

%

 

38



 

 

Leasing Activity - Manhattan Operating Properties

 

 

Available Space

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 6/30/14

 

 

 

 

 

1,234,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Park Avenue

 

2

 

19,660

 

21,424

 

$

66.31

 

 

 

110 East 42nd Street

 

2

 

3,347

 

3,347

 

$

51.76

 

 

 

125 Park Avenue

 

1

 

12,890

 

12,890

 

$

62.67

 

 

 

315 West 36th Street

 

1

 

61,704

 

61,704

 

$

20.93

 

 

 

420 Lexington Avenue

 

6

 

14,884

 

19,931

 

$

49.66

 

 

 

461 Fifth Avenue

 

1

 

10,595

 

10,788

 

$

60.20

 

 

 

600 Lexington Avenue

 

1

 

3,061

 

3,061

 

$

59.67

 

 

 

750 Third Avenue

 

1

 

5,304

 

5,449

 

$

67.83

 

 

 

800 Third Avenue

 

1

 

2,048

 

2,048

 

$

50.18

 

 

 

810 Seventh Avenue

 

2

 

9,328

 

9,862

 

$

55.62

 

 

 

Total/Weighted Average

 

18

 

142,821

 

150,504

 

$

43.43

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

420 Lexington Avenue

 

1

 

274

 

292

 

$

102.55

 

 

 

810 Seventh Avenue

 

1

 

2,162

 

2,162

 

$

255.14

 

 

 

Total/Weighted Average

 

2

 

2,436

 

2,454

 

$

236.98

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

420 Lexington Avenue

 

1

 

483

 

795

 

$

29.72

 

 

 

461 Fifth Avenue

 

1

 

1,000

 

1,000

 

$

27.50

 

 

 

625 Madison Avenue

 

1

 

302

 

427

 

$

40.00

 

 

 

Total/Weighted Average

 

3

 

1,785

 

2,222

 

$

30.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

Office

 

18

 

142,821

 

150,504

 

$43.43

 

 

 

Retail

 

2

 

2,436

 

2,454

 

$236.98

 

 

 

Storage

 

3

 

1,785

 

2,222

 

$30.70

 

 

 

 

 

23

 

147,042

 

155,180

 

$

46.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,381,533

 

 

 

 

 

 


(1)  Escalated rent is calculated as total annual income less electric charges.

(2)  Includes expiring space, relocating tenants and move-outs where tenants vacated.  Excludes lease expirations where tenants heldover.

 

39



 

Leasing Activity - Manhattan Operating Properties

 

Leased Space

 

 

Activity

 

Building Address

 

# of Leases

 

Term (Yrs)

 

Useable SF

 

Rentable SF

 

New Cash Rent /
Rentable SF(1)

 

Prev. Escalated
Rent/ Rentable SF(2)

 

TI / Rentable SF

 

Free Rent
# of Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space

 

 

 

 

 

 

 

1,381,533

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

3

 

10.0

 

30,188

 

30,188

 

$

72.06

 

$

 

$

74.05

 

9.5

 

 

 

100 Park Avenue

 

2

 

8.9

 

15,156

 

16,485

 

$

64.22

 

$

96.70

 

$

52.98

 

3.6

 

 

 

110 East 42nd Street

 

2

 

12.5

 

15,316

 

15,808

 

$

41.06

 

$

51.17

 

$

99.55

 

0.2

 

 

 

120 West 45th Street

 

1

 

5.2

 

5,224

 

5,397

 

$

62.00

 

$

 

$

7.52

 

2.0

 

 

 

125 Park Avenue

 

2

 

13.6

 

78,171

 

83,019

 

$

55.70

 

$

52.22

 

$

66.58

 

6.4

 

 

 

220 East 42nd Street

 

1

 

5.3

 

5,311

 

6,015

 

$

52.00

 

$

 

$

91.03

 

3.0

 

 

 

315 West 36th Street

 

1

 

0.7

 

61,704

 

61,704

 

$

36.37

 

$

22.13

 

$

 

 

 

 

420 Lexington Avenue

 

17

 

6.5

 

35,692

 

46,504

 

$

55.86

 

$

45.78

 

$

42.23

 

0.7

 

 

 

461 Fifth Avenue

 

1

 

10.7

 

10,595

 

11,232

 

$

67.50

 

$

57.82

 

$

60.00

 

8.0

 

 

 

521 Fifth Avenue

 

3

 

11.0

 

16,837

 

18,172

 

$

58.08

 

$

41.15

 

$

57.37

 

3.9

 

 

 

600 Lexington Avenue

 

6

 

7.1

 

44,047

 

44,726

 

$

66.95

 

$

64.90

 

$

76.09

 

4.0

 

 

 

609 Fifth Avenue

 

1

 

4.0

 

3,582

 

3,826

 

$

52.50

 

$

 

$

0.91

 

 

 

 

750 Third Avenue

 

2

 

6.7

 

7,755

 

7,900

 

$

55.69

 

$

 

$

22.56

 

2.3

 

 

 

800 Third Avenue

 

3

 

8.4

 

9,036

 

9,133

 

$

62.00

 

$

48.66

 

$

20.01

 

4.0

 

 

 

810 Seventh Avenue

 

1

 

5.0

 

3,612

 

3,954

 

$

60.00

 

$

59.15

 

$

15.99

 

5.0

 

 

 

1350 Avenue of the Americas

 

4

 

3.6

 

23,380

 

23,704

 

$

77.26

 

$

52.37

 

$

30.15

 

2.7

 

 

 

Total/Weighted Average

 

50

 

7.9

 

365,606

 

387,767

 

$

56.94

 

$

44.46

 

$

49.06

 

3.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Park Avenue

 

1

 

13.3

 

91

 

91

 

$

49.86

 

$

 

$

 

3.0

 

 

 

420 Lexington Avenue

 

1

 

5.0

 

274

 

334

 

$

93.00

 

$

89.65

 

$

 

 

 

 

810 Seventh Avenue

 

1

 

10.5

 

2,162

 

2,077

 

$

350.00

 

$

265.58

 

$

 

6.0

 

 

 

Total/Weighted Average

 

3

 

9.9

 

2,527

 

2,502

 

$

304.78

 

$

241.21

 

$

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

1

 

10.4

 

1,453

 

1,453

 

$

25.00

 

$

 

$

 

 

 

 

461 Fifth Avenue

 

1

 

8.1

 

1,000

 

1,000

 

$

30.00

 

$

27.50

 

$

 

 

 

 

555 West 57th Street

 

1

 

9.4

 

392

 

566

 

$

24.00

 

$

 

$

 

 

 

 

Total/Weighted Average

 

3

 

9.5

 

2,845

 

3,019

 

$

26.47

 

$

27.50

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

50

 

7.9

 

365,606

 

387,767

 

$

56.94

 

$

44.46

 

$

49.06

 

3.7

 

 

 

Retail

 

3

 

9.9

 

2,527

 

2,502

 

$

304.78

 

$

241.21

 

$

 

5.1

 

 

 

Storage

 

3

 

9.5

 

2,845

 

3,019

 

$

26.47

 

$

27.50

 

$

 

 

 

 

Total

 

56

 

7.9

 

370,978

 

393,288

 

$

58.28

 

$

46.48

 

$

48.37

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 9/30/14

 

 

 

 

 

1,010,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

120 West 45th Street

 

1

 

3.4

 

12,355

 

12,919

 

$

60.00

 

$

49.33

 

$

20.00

 

 

 

 

220 East 42nd Street

 

1

 

5.0

 

2,810

 

2,973

 

$

65.00

 

$

79.13

 

$

 

 

 

 

420 Lexington Avenue

 

1

 

1.0

 

2,040

 

2,413

 

$

63.00

 

$

53.42

 

$

 

 

 

 

800 Third Avenue

 

1

 

7.0

 

18,357

 

20,010

 

$

52.00

 

$

50.38

 

$

30.00

 

7.0

 

 

 

919 Third Avenue

 

1

 

15.0

 

261,683

 

282,391

 

$

73.50

 

$

60.21

 

$

49.95

 

 

 

 

1350 Avenue of the Americas

 

1

 

1.7

 

20,530

 

20,842

 

$

78.53

 

$

74.47

 

$

 

 

 

 

Total/Weighted Average

 

6

 

13.1

 

317,775

 

341,548

 

$

71.89

 

$

60.21

 

$

43.81

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

810 Seventh Avenue

 

1

 

4.6

 

2,641

 

2,641

 

$

374.50

 

$

275.96

 

$

 

 

 

 

Total/Weighted Average

 

1

 

4.6

 

2,641

 

2,641

 

$

374.50

 

$

275.96

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

919 Third Avenue

 

1

 

15.0

 

1,503

 

1,503

 

$

36.75

 

$

27.00

 

$

 

 

 

 

Total/Weighted Average

 

1

 

15.0

 

1,503

 

1,503

 

$

36.75

 

$

27.00

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

6

 

13.1

 

317,775

 

341,548

 

$

71.89

 

$

60.21

 

$

43.81

 

0.4

 

 

 

Early Renewals Retail

 

1

 

4.6

 

2,641

 

2,641

 

$

374.50

 

$

275.96

 

$

 

 

 

 

Early Renewals Storage

 

1

 

15.0

 

1,503

 

1,503

 

$

36.75

 

$

27.00

 

$

 

 

 

 

Total

 

8

 

13.0

 

321,919

 

345,692

 

$

74.05

 

$

61.72

 

$

43.29

 

0.4

 

 


(1)  Annual initial base rent.

(2)  Escalated rent is calculated as total annual income less electric charges.

(3)  Average starting office rent excluding new tenants replacing vacancies is $52.46/rsf for 223,671 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $64.20/rsf for 565,219 rentable SF.

 

40



 

 

Leasing Activity - Suburban Operating Properties

 

 

Available Space

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 6/30/14

 

 

 

 

 

1,136,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 3 Int’l Drive, Rye Brook, New York

 

2

 

31,896

 

31,896

 

$

30.13

 

 

 

1100 King Street - 4 Int’l Drive, Rye Brook, New York

 

1

 

1,360

 

1,360

 

$

24.00

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

2,715

 

2,715

 

$

29.76

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

2,083

 

2,083

 

$

25.70

 

 

 

140 Grand Street, White Plains, New York

 

1

 

17,800

 

17,800

 

$

39.39

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

5,134

 

5,134

 

$

38.94

 

 

 

1 Landmark Square, Stamford, Connecticut

 

4

 

22,989

 

22,989

 

$

36.66

 

 

 

3 Landmark Square, Stamford, Connecticut

 

2

 

5,179

 

5,179

 

$

31.09

 

 

 

4 Landmark Square, Stamford, Connecticut

 

2

 

3,777

 

3,777

 

$

28.81

 

 

 

750 Washington Boulevard, Stamford, Connecticut

 

1

 

12,756

 

8,262

 

$

46.47

 

 

 

The Meadows, Rutherford, New Jersey

 

5

 

19,521

 

17,916

 

$

25.45

 

 

 

Jericho Plaza, Jericho, New York

 

4

 

44,604

 

44,803

 

$

34.45

 

 

 

16 Court Street, Brooklyn, New York

 

3

 

3,150

 

3,443

 

$

33.55

 

 

 

Total/Weighted Average

 

28

 

172,964

 

167,357

 

$

33.71

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

200

 

200

 

$

10.00

 

 

 

Total/Weighted Average

 

1

 

200

 

200

 

$

10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

 

Office

 

28

 

172,964

 

167,357

 

$

33.71

 

 

 

Storage

 

1

 

200

 

200

 

$

10.00

 

 

 

 

 

29

 

173,164

 

167,557

 

$

33.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,309,448

 

 

 

 

 

 


(1)  Escalated rent is calculated as total annual income less electric charges.

(2)  Includes expiring space, relocating tenants and move-outs where tenants vacated.  Excludes lease expirations where tenants heldover.

 

41



 

 

Leasing Activity - Suburban Operating Properties

Leased Space

 

 

Activity

 

Building Address

 

# of Leases

 

Term (Yrs)

 

Useable SF

 

Rentable SF

 

New Cash Rent /
Rentable SF(1)

 

Prev. Escalated Rent/
Rentable SF(2)

 

TI / Rentable SF

 

Free Rent
# of Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space

 

 

 

 

 

 

 

1,309,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 4 Int’l Drive, Rye Brook, New York

 

1

 

3.3

 

1,360

 

1,360

 

$

24.25

 

$

24.00

 

$

3.00

 

3.0

 

 

 

520 White Plains Road, Tarrytown, New York

 

2

 

12.4

 

31,852

 

32,376

 

$

23.04

 

$

17.20

 

$

46.87

 

11.4

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

7.3

 

1,800

 

2,579

 

$

19.00

 

$

 

$

15.71

 

10.0

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

1.3

 

2,083

 

2,083

 

$

25.92

 

$

25.70

 

$

 

1.0

 

 

 

500 Summit Lake Drive, Valhalla, New York

 

1

 

5.3

 

2,944

 

2,944

 

$

24.50

 

$

 

$

19.77

 

4.0

 

 

 

140 Grand Street, White Plains, New York

 

1

 

5.0

 

17,800

 

17,800

 

$

34.00

 

$

39.39

 

$

3.00

 

5.0

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

12.4

 

8,021

 

8,021

 

$

36.00

 

$

 

$

47.50

 

5.0

 

 

 

1 Landmark Square, Stamford, Connecticut

 

4

 

2.1

 

14,352

 

14,352

 

$

39.17

 

$

37.71

 

$

13.28

 

1.3

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

10.2

 

10,541

 

10,541

 

$

28.00

 

$

 

$

65.00

 

5.0

 

 

 

3 Landmark Square, Stamford, Connecticut

 

1

 

6.0

 

850

 

850

 

$

24.93

 

$

24.93

 

$

7.07

 

3.0

 

 

 

4 Landmark Square, Stamford, Connecticut

 

1

 

1.0

 

1,165

 

1,165

 

$

35.00

 

$

35.00

 

$

 

 

 

 

750 Washington Boulevard, Stamford, Connecticut

 

4

 

6.2

 

23,878

 

22,449

 

$

43.04

 

$

46.47

 

$

18.81

 

5.2

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

1

 

7.3

 

4,833

 

4,833

 

$

32.50

 

$

 

$

50.49

 

4.0

 

 

 

The Meadows, Rutherford, New Jersey

 

3

 

9.4

 

14,828

 

13,223

 

$

27.89

 

$

29.04

 

$

31.28

 

6.7

 

 

 

16 Court Street, Brooklyn, New York

 

3

 

8.8

 

5,065

 

5,897

 

$

37.22

 

$

40.63

 

$

39.19

 

1.5

 

 

 

Total/Weighted Average

 

26

 

8.0

 

141,372

 

140,473

 

$

31.88

 

$

29.89

 

$

30.24

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

3.1

 

200

 

200

 

$

10.00

 

$

10.00

 

$

 

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

10.2

 

683

 

733

 

$

15.00

 

$

 

$

 

 

 

 

Total/Weighted Average

 

2

 

8.7

 

883

 

933

 

$

13.93

 

$

10.00

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

26

 

8.0

 

141,372

 

140,473

 

$

31.88

 

$

29.89

 

$

30.24

 

6.0

 

 

 

Storage

 

2

 

8.7

 

883

 

933

 

$

13.93

 

$

10.00

 

$

 

 

 

 

Total

 

28

 

8.0

 

142,255

 

141,406

 

$

31.76

 

$

29.84

 

$

30.04

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 9/30/14

 

 

 

 

 

1,167,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

10.5

 

16,733

 

16,733

 

$

35.00

 

$

34.72

 

$

25.00

 

7.0

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

10.0

 

13,839

 

13,839

 

$

33.00

 

$

38.00

 

$

20.00

 

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

10.0

 

862

 

1,111

 

$

44.56

 

$

41.87

 

$

18.79

 

 

 

 

Total/Weighted Average

 

3

 

10.3

 

31,434

 

31,683

 

$

34.46

 

$

36.40

 

$

22.60

 

3.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5 Landmark Square, Stamford, Connecticut

 

1

 

5.0

 

50,247

 

50,247

 

$

17.78

 

16.79

 

$

 

 

 

 

Total/Weighted Average

 

1

 

5.0

 

50,247

 

50,247

 

$

17.78

 

$

16.79

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

10.0

 

625

 

625

 

$

18.00

 

14.00

 

$

 

 

 

 

Total/Weighted Average

 

1

 

10.0

 

625

 

625

 

$

18.00

 

$

14.00

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

3

 

10.3

 

31,434

 

31,683

 

$

34.46

 

$

36.40

 

$

22.60

 

3.7

 

 

 

Early Renewals Retail

 

1

 

5.0

 

50,247

 

50,247

 

$

17.78

 

$

16.79

 

$

 

 

 

 

Early Renewals Storage

 

1

 

10.0

 

625

 

625

 

$

18.00

 

$

14.00

 

$

 

 

 

 

Total

 

5

 

7.1

 

82,306

 

82,555

 

$

24.18

 

$

24.30

 

$

8.67

 

1.4

 

 


(1)  Annual initial base rent.

(2)  Escalated Rent is calculated as total annual income less electric charges.

(3)  Average starting office rent excluding new tenants replacing vacancies is $30.38/rsf for 87,255 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $31.47/rsf for 118,938 rentable SF.

 

42


 


 

ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties

Office, Retail and Storage Leases

GRAPHIC

 

 

 

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 2014 (1)

 

4

 

43,240

 

0.24

%

$

2,909,712

 

$

67.29

 

$

64.51

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2nd Quarter 2014 (1)

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

3rd Quarter 2014 (1)

 

1

 

1,796

 

0.01

%

$

149,460

 

$

83.22

 

$

207.46

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

4th Quarter 2014

 

20

 

164,946

 

0.91

%

$

12,772,152

 

$

77.43

 

$

156.76

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2014

 

25

 

209,982

 

1.16

%

$

15,831,324

 

$

75.39

 

$

138.19

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015

 

11

 

25,141

 

0.14

%

$

2,945,172

 

$

117.15

 

$

209.96

 

3

 

14,777

 

0.44

%

$

685,493

 

$

46.39

 

$

60.77

 

2nd Quarter 2015

 

18

 

106,793

 

0.59

%

$

6,296,304

 

$

58.96

 

$

66.45

 

9

 

121,447

 

3.62

%

$

6,230,054

 

$

51.30

 

$

55.63

 

3rd Quarter 2015

 

23

 

143,771

 

0.79

%

$

6,588,756

 

$

45.83

 

$

41.44

 

7

 

39,018

 

1.16

%

$

2,228,707

 

$

57.12

 

$

68.61

 

4th Quarter 2015

 

24

 

260,695

 

1.44

%

$

14,775,732

 

$

56.68

 

$

67.32

 

10

 

121,985

 

3.64

%

$

6,838,475

 

$

56.06

 

$

62.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

76

 

536,400

 

2.96

%

$

30,605,964

 

$

57.06

 

$

66.89

 

29

 

297,227

 

8.86

%

$

15,982,728

 

$

53.77

 

$

60.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

82

 

958,955

 

5.30

%

$

60,236,691

 

$

62.81

 

$

73.12

 

20

 

184,437

 

5.50

%

$

10,808,790

 

$

58.60

 

$

66.66

 

2017

 

90

 

1,545,399

 

8.54

%

$

88,161,758

 

$

57.05

 

$

62.00

 

17

 

198,116

 

5.91

%

$

15,127,844

 

$

76.36

 

$

71.16

 

2018

 

66

 

670,102

 

3.70

%

$

49,916,112

 

$

74.49

 

$

98.07

 

24

 

463,194

 

13.81

%

$

32,252,621

 

$

69.63

 

$

68.01

 

2019

 

59

 

949,392

 

5.24

%

$

60,278,266

 

$

63.49

 

$

64.56

 

22

 

238,875

 

7.12

%

$

16,775,178

 

$

70.23

 

$

70.20

 

2020

 

43

 

2,365,001

 

13.06

%

$

139,639,320

 

$

59.04

 

$

66.31

 

12

 

265,793

 

7.93

%

$

13,892,202

 

$

52.27

 

$

63.83

 

2021

 

44

 

1,732,451

 

9.57

%

$

98,559,471

 

$

56.89

 

$

61.72

 

11

 

183,170

 

5.46

%

$

12,737,644

 

$

69.54

 

$

80.64

 

2022

 

33

 

837,514

 

4.63

%

$

50,204,244

 

$

59.94

 

$

75.05

 

10

 

134,334

 

4.01

%

$

7,864,244

 

$

58.54

 

$

64.96

 

2023

 

30

 

635,724

 

3.51

%

$

33,678,904

 

$

52.98

 

$

61.81

 

16

 

777,138

 

23.18

%

$

48,280,406

 

$

62.13

 

$

64.73

 

Thereafter

 

80

 

5,026,655

 

27.77

%

$

281,209,910

 

$

55.94

 

$

68.50

 

32

 

610,887

 

18.22

%

$

42,742,957

 

$

69.97

 

$

79.18

 

 

 

628

 

15,467,575

 

85.45

%

$

908,321,964

 

$

58.72

 

$

69.05

 

193

 

3,353,171

 

100.00

%

$

216,464,616

 

$

64.56

 

$

69.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

1

 

2,634,670

 

14.55

%

$

111,016,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

629

 

18,102,245

 

100.00

%

$

1,019,338,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(1)

Includes month to month holdover tenants that expired prior to September 30, 2014.

(2)

Tenants may have multiple leases.

(3)

Represents in place annualized rent allocated by year of maturity.

(4)

Management’s estimate of average asking rents for currently occupied space as of September 30, 2014. Taking rents are typically lower than asking rents and may vary from property to property.

(5)

Citigroup’s net lease at 388-390 Greenwich Street which expires in 2035.

 

43


 


 

ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties

Office, Retail and Storage Leases

GRAPHIC

 

 

 

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 2014 (1)

 

9

 

10,739

 

0.33

%

$

254,916

 

$

23.74

 

$

24.35

 

3

 

11,948

 

1.20

%

$

489,168

 

$

40.94

 

$

29.40

 

2nd Quarter 2014 (1)

 

1

 

15,018

 

0.46

%

$

625,260

 

$

41.63

 

$

40.00

 

1

 

1,336

 

0.13

%

$

35,148

 

$

26.31

 

$

26.00

 

3rd Quarter 2014 (1)

 

4

 

20,582

 

0.63

%

$

753,252

 

$

36.60

 

$

38.22

 

3

 

12,589

 

1.26

%

$

393,708

 

$

31.27

 

$

26.00

 

4th Quarter 2014

 

11

 

63,783

 

1.95

%

$

2,291,460

 

$

35.93

 

$

35.74

 

5

 

111,652

 

11.18

%

$

4,159,284

 

$

37.25

 

$

35.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2014

 

25

 

110,122

 

3.37

%

$

3,924,888

 

$

35.64

 

$

35.67

 

12

 

137,525

 

13.77

%

$

5,077,308

 

$

36.92

 

$

33.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015

 

9

 

36,456

 

1.12

%

$

1,318,344

 

$

36.16

 

$

37.63

 

3

 

25,492

 

2.55

%

$

812,616

 

$

31.88

 

$

29.67

 

2nd Quarter 2015

 

14

 

60,155

 

1.84

%

$

2,261,676

 

$

37.60

 

$

33.10

 

2

 

5,284

 

0.53

%

$

137,784

 

$

26.08

 

$

27.15

 

3rd Quarter 2015

 

13

 

111,895

 

3.43

%

$

4,180,908

 

$

37.36

 

$

37.44

 

4

 

40,810

 

4.09

%

$

1,339,620

 

$

32.83

 

$

31.57

 

4th Quarter 2015

 

18

 

90,013

 

2.76

%

$

2,779,272

 

$

30.88

 

$

33.25

 

6

 

18,205

 

1.82

%

$

574,056

 

$

31.53

 

$

26.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

54

 

298,519

 

9.14

%

$

10,540,200

 

$

35.31

 

$

35.33

 

15

 

89,791

 

8.99

%

$

2,864,076

 

$

31.90

 

$

29.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

59

 

560,510

 

17.17

%

$

19,066,912

 

$

34.02

 

$

35.62

 

10

 

71,746

 

7.18

%

$

2,180,328

 

$

30.39

 

$

28.09

 

2017

 

45

 

191,726

 

5.87

%

$

7,698,444

 

$

40.15

 

$

39.74

 

10

 

91,939

 

9.20

%

$

3,067,668

 

$

33.37

 

$

34.79

 

2018

 

45

 

286,001

 

8.76

%

$

9,996,156

 

$

34.95

 

$

36.18

 

10

 

98,215

 

9.83

%

$

3,389,688

 

$

34.51

 

$

31.41

 

2019

 

40

 

546,634

 

16.74

%

$

15,251,424

 

$

27.90

 

$

29.85

 

16

 

103,089

 

10.32

%

$

3,122,016

 

$

30.28

 

$

29.64

 

2020

 

23

 

321,533

 

9.85

%

$

10,270,008

 

$

31.94

 

$

33.75

 

3

 

41,357

 

4.14

%

$

1,473,468

 

$

35.63

 

$

33.95

 

2021

 

16

 

227,063

 

6.96

%

$

5,999,784

 

$

26.42

 

$

28.48

 

4

 

83,592

 

8.37

%

$

2,997,396

 

$

35.86

 

$

35.61

 

2022

 

11

 

55,008

 

1.68

%

$

1,733,964

 

$

31.52

 

$

33.85

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2023

 

14

 

171,147

 

5.24

%

$

5,343,624

 

$

31.22

 

$

33.14

 

3

 

69,296

 

6.94

%

$

2,233,728

 

$

32.23

 

$

35.24

 

Thereafter

 

29

 

496,309

 

15.20

%

$

14,769,656

 

$

29.76

 

$

31.41

 

8

 

212,318

 

21.26

%

$

5,729,280

 

$

26.98

 

$

26.00

 

 

 

361

 

3,264,572

 

100.00

%

$

104,595,060

 

$

32.04

 

$

33.44

 

91

 

998,868

 

100.00

%

$

32,134,956

 

$

32.17

 

$

31.06

 

 


(1) Includes month to month holdover tenants that expired prior to September 30, 2014.

(2) Tenants may have multiple leases.

(3) Represents in place annualized rent allocated by year of maturity.

(4) Management’s estimate of average asking rents for currently occupied space as of September 30, 2014. Taking rents are typically lower than asking rents and may vary from property to property.

 

44


 


 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2014

 

Price ($’s) (1)

 

1998 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-98

 

420 Lexington Avenue

 

Operating Sublease

 

Grand Central

 

1,188,000

 

83.0

 

96.7

 

$

78,000,000

 

May-98

 

711 3rd Avenue

 

Operating Sublease

 

Grand Central

 

524,000

 

79.0

 

80.6

 

$

65,600,000

 

Jun-98

 

440 9th Avenue

 

Fee Interest

 

Penn Station

 

339,000

 

76.0

 

N/A

 

$

32,000,000

 

 

 

 

 

 

 

 

 

2,051,000

 

 

 

 

 

$

175,600,000

 

1999 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-99

 

420 Lexington Leasehold

 

Sub-leasehold

 

Grand Central

 

 

 

 

$

27,300,000

 

Jan-99

 

555 West 57th Street - 65% JV

 

Fee Interest

 

Midtown West

 

941,000

 

100.0

 

99.9

 

$

66,700,000

 

Aug-99

 

1250 Broadway - 50% JV

 

Fee Interest

 

Penn Station

 

670,000

 

96.5

 

N/A

 

$

93,000,000

 

Nov-99

 

555 West 57th Street - remaining 35%

 

Fee Interest

 

Midtown West

 

 

 

 

99.9

 

$

34,100,000

 

 

 

 

 

 

 

 

 

1,611,000

 

 

 

 

 

$

221,100,000

 

2000 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-00

 

100 Park Avenue - 50% JV

 

Fee Interest

 

Grand Central

 

834,000

 

96.5

 

96.0

 

$

192,000,000

 

 

 

 

 

 

 

 

 

834,000

 

 

 

 

 

$

192,000,000

 

2001 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-01

 

317 Madison Avenue

 

Fee Interest

 

Grand Central

 

450,000

 

95.0

 

35.1

 

$

105,600,000

 

Acquisition of JV Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-01

 

1250 Broadway - 49.9% JV (2)

 

Fee Interest

 

Penn Station

 

670,000

 

97.7

 

N/A

 

$

126,500,000

 

 

 

 

 

 

 

 

 

1,120,000

 

 

 

 

 

$

232,100,000

 

2002 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May-02

 

1515 Broadway - 55% JV

 

Fee Interest

 

Times Square

 

1,750,000

 

98.0

 

100.0

 

$

483,500,000

 

 

 

 

 

 

 

 

 

1,750,000

 

 

 

 

 

$

483,500,000

 

2003 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-03

 

220 East 42nd Street

 

Fee Interest

 

Grand Central

 

1,135,000

 

91.9

 

92.0

 

$

265,000,000

 

Mar-03

 

125 Broad Street

 

Fee Interest

 

Downtown

 

525,000

 

100.0

 

N/A

 

$

92,000,000

 

Oct-03

 

461 Fifth Avenue

 

Leasehold Interest

 

Midtown

 

200,000

 

93.9

 

96.5

 

$

60,900,000

 

Dec-03

 

1221 Avenue of the Americas - 45% JV

 

Fee Interest

 

Rockefeller Center

 

2,550,000

 

98.8

 

N/A

 

$

1,000,000,000

 

 

 

 

 

 

 

 

 

4,410,000

 

 

 

 

 

$

1,417,900,000

 

2004 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-04

 

19 West 44th Street - 35% JV

 

Fee Interest

 

Midtown

 

292,000

 

86.0

 

N/A

 

$

67,000,000

 

Jul-04

 

750 Third Avenue

 

Fee Interest

 

Grand Central

 

779,000

 

100.0

 

96.7

 

$

255,000,000

 

Jul-04

 

485 Lexington Avenue - 30% JV

 

Fee Interest

 

Grand Central

 

921,000

 

100.0

 

100.0

 

$

225,000,000

 

Oct-04

 

625 Madison Avenue

 

Leasehold Interest

 

Plaza District

 

563,000

 

68.0

 

92.1

 

$

231,500,000

 

 

 

 

 

 

 

 

 

2,555,000

 

 

 

 

 

$

778,500,000

 

2005 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-05

 

28 West 44th Street

 

Fee Interest

 

Midtown

 

359,000

 

87.0

 

N/A

 

$

105,000,000

 

Apr-05

 

1 Madison Avenue - 55% JV

 

Fee Interest

 

Park Avenue South

 

1,177,000

 

96.0

 

100.0

 

$

803,000,000

 

Apr-05

 

5 Madison Avenue Clock Tower

 

Fee Interest

 

Park Avenue South

 

267,000

 

N/A

 

N/A

 

$

115,000,000

 

Jun-05

 

19 West 44th Street - remaining 65%

 

Fee Interest

 

Midtown

 

 

 

 

N/A

 

$

91,200,000

 

 

 

 

 

 

 

 

 

1,803,000

 

 

 

 

 

$

1,114,200,000

 

2006 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

521 Fifth Avenue

 

Leasehold Interest

 

Midtown

 

460,000

 

97.0

 

99.3

 

$

210,000,000

 

Jun-06

 

609 Fifth Avenue

 

Fee Interest

 

Midtown

 

160,000

 

98.5

 

81.3

 

$

182,000,000

 

Dec-06

 

485 Lexington Avenue - remaining 70%

 

Fee Interest

 

Grand Central

 

 

 

 

100.0

 

$

578,000,000

 

Dec-06

 

800 Third Avenue - 42.95% JV

 

Fee Interest

 

Grand Central North

 

526,000

 

96.9

 

94.8

 

$

285,000,000

 

 

 

 

 

 

 

 

 

1,273,400

 

 

 

 

 

$

1,520,000,000

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

Reckson - NYC Portfolio

 

Fee Interests / Leasehold Interest

 

Various

 

5,612,000

 

98.3

 

93.3

 

$

3,679,530,000

 

Apr-07

 

331 Madison Avenue

 

Fee Interest

 

Grand Central

 

114,900

 

97.6

 

74.9

 

$

73,000,000

 

Apr-07

 

1745 Broadway - 32.3% JV

 

Fee Interest

 

Midtown

 

674,000

 

100.0

 

100.0

 

$

520,000,000

 

Jun-07

 

333 West 34th Street

 

Fee Interest

 

Penn Station

 

345,400

 

100.0

 

N/A

 

$

183,000,000

 

Aug-07

 

1 Madison Avenue - remaining 45%

 

Fee Interest

 

Park Avenue South

 

1,177,000

 

99.8

 

100.0

 

$

1,000,000,000

 

Dec-07

 

388 & 390 Greenwich Street - 50.6% JV

 

Fee Interest

 

Downtown

 

2,635,000

 

100.0

 

100.0

 

$

1,575,000,000

 

 

 

 

 

 

 

 

 

10,558,300

 

 

 

 

 

$

7,030,530,000

 

2010 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-10

 

100 Church Street

 

Fee Interest

 

Downtown

 

1,047,500

 

41.3

 

98.7

 

$

181,600,000

 

May-10

 

600 Lexington Avenue - 55% JV

 

Fee Interest

 

East Side

 

303,515

 

93.6

 

89.2

 

$

193,000,000

 

Aug-10

 

125 Park Avenue

 

Fee Interest

 

Grand Central

 

604,245

 

99.1

 

81.9

 

$

330,000,000

 

 

 

 

 

 

 

 

 

1,955,260

 

 

 

 

 

$

704,600,000

 

2011 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-11

 

521 Fifth Avenue - remaining 49.9%

 

Leasehold Interest

 

Midtown

 

460,000

 

80.7

 

99.3

 

$

245,700,000

 

Apr-11

 

1515 Broadway - remaining 45%

 

Fee Interest

 

Times Square

 

1,750,000

 

98.5

 

100.0

 

$

1,210,000,000

 

May-11

 

110 East 42nd Street

 

Fee Interest

 

Grand Central

 

205,000

 

72.6

 

88.7

 

$

85,570,000

 

May-11

 

280 Park Avenue - 49.5% JV

 

Fee Interest

 

Park Avenue

 

1,219,158

 

78.2

 

55.5

 

$

1,110,000,000

 

Nov-11

 

180 Maiden Lane - 49.9% JV

 

Fee Interest

 

Financial East

 

1,090,000

 

97.7

 

22.9

 

$

425,680,000

 

Nov-11

 

51 East 42nd Street

 

Fee Interest

 

Grand Central

 

142,000

 

95.5

 

18.4

 

$

80,000,000

 

 

 

 

 

 

 

 

 

4,866,158

 

 

 

 

 

$

3,156,950,000

 

2012 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-12

 

10 East 53rd Street - 55% JV

 

Fee Interest

 

Plaza District

 

354,300

 

91.9

 

26.7

 

$

252,500,000

 

Jun-12

 

304 Park Avenue South

 

Fee Interest

 

Midtown South

 

215,000

 

95.8

 

90.5

 

$

135,000,000

 

Sep-12

 

641 Sixth Avenue

 

Fee Interest

 

Midtown South

 

163,000

 

92.1

 

92.1

 

$

90,000,000

 

Dec-12

 

315 West 36th Street - 35.5% JV

 

Fee Interest

 

Times Square South

 

147,619

 

99.2

 

99.2

 

$

46,000,000

 

 

 

 

 

 

 

 

 

879,919

 

 

 

 

 

$

523,500,000

 

2014 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May-14

 

388 & 390 Greenwich Street - remaining 49.4%

 

Fee Interest

 

Downtown

 

2,635,000

 

100.0

 

100.0

 

$

1,585,000,000

 

 

 

 

 

 

 

 

 

2,635,000

 

 

 

 

 

$

1,585,000,000

 

 


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

(2) Ownership interest from November 2001 - May 2008 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.)

 

45



 

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

2000 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-00

 

29 West 35th Street

 

Fee Interest

 

Penn Station

 

78,000

 

$

11,700,000

 

$

150

 

Mar-00

 

36 West 44th Street

 

Fee Interest

 

Grand Central

 

178,000

 

$

31,500,000

 

$

177

 

May-00

 

321 West 44th Street - 35% JV

 

Fee Interest

 

Times Square

 

203,000

 

$

28,400,000

 

$

140

 

Nov-00

 

90 Broad Street

 

Fee Interest

 

Financial

 

339,000

 

$

60,000,000

 

$

177

 

Dec-00

 

17 Battery South

 

Fee Interest

 

Financial

 

392,000

 

$

53,000,000

 

$

135

 

 

 

 

 

 

 

 

 

1,190,000

 

$

184,600,000

 

$

156

 

2001 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-01

 

633 Third Ave

 

Fee Interest

 

Grand Central North

 

40,623

 

$

13,250,000

 

$

326

 

May-01

 

1 Park Ave - 45% JV

 

Fee Interest

 

Grand Central South

 

913,000

 

$

233,900,000

 

$

256

 

Jun-01

 

1412 Broadway

 

Fee Interest

 

Times Square South

 

389,000

 

$

90,700,000

 

$

233

 

Jul-01

 

110 East 42nd Street

 

Fee Interest

 

Grand Central

 

69,700

 

$

14,500,000

 

$

208

 

Sep-01

 

1250 Broadway (1)

 

Fee Interest

 

Penn Station

 

670,000

 

$

126,500,000

 

$

189

 

 

 

 

 

 

 

 

 

2,082,323

 

$

478,850,000

 

$

242

 

2002 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-02

 

469 Seventh Avenue

 

Fee Interest

 

Penn Station

 

253,000

 

$

53,100,000

 

$

210

 

 

 

 

 

 

 

 

 

253,000

 

$

53,100,000

 

$

210

 

2003 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-03

 

50 West 23rd Street

 

Fee Interest

 

Chelsea

 

333,000

 

$

66,000,000

 

$

198

 

Jul-03

 

1370 Broadway

 

Fee Interest

 

Times Square South

 

255,000

 

$

58,500,000

 

$

229

 

Dec-03

 

321 West 44th Street

 

Fee Interest

 

Times Square

 

203,000

 

$

35,000,000

 

$

172

 

 

 

 

 

 

 

 

 

791,000

 

$

159,500,000

 

$

202

 

2004 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-04

 

1 Park Avenue (2)

 

Fee Interest

 

Grand Central South

 

913,000

 

$

318,500,000

 

$

349

 

Oct-04

 

17 Battery Place North

 

Fee Interest

 

Financial

 

419,000

 

$

70,000,000

 

$

167

 

Nov-04

 

1466 Broadway

 

Fee Interest

 

Times Square

 

289,000

 

$

160,000,000

 

$

554

 

 

 

 

 

 

 

 

 

1,621,000

 

$

548,500,000

 

$

338

 

2005 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr-05

 

1414 Avenue of the Americas

 

Fee Interest

 

Plaza District

 

111,000

 

$

60,500,000

 

$

545

 

Aug-05

 

180 Madison Avenue

 

Fee Interest

 

Grand Central

 

265,000

 

$

92,700,000

 

$

350

 

 

 

 

 

 

 

 

 

376,000

 

$

153,200,000

 

$

407

 

2006 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-06

 

286 & 290 Madison Avenue

 

Fee Interest

 

Grand Central

 

149,000

 

$

63,000,000

 

$

423

 

Aug-06

 

1140 Avenue of the Americas

 

Leasehold Interest

 

Rockefeller Center

 

191,000

 

$

97,500,000

 

$

510

 

Dec-06

 

521 Fifth Avenue (3)

 

Leasehold Interest

 

Midtown

 

460,000

 

$

240,000,000

 

$

522

 

 

 

 

 

 

 

 

 

800,000

 

$

400,500,000

 

$

501

 

2007 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-07

 

1 Park Avenue

 

Fee Interest

 

Grand Central South

 

913,000

 

$

550,000,000

 

$

602

 

Mar-07

 

70 West 36th Street

 

Fee Interest

 

Garment

 

151,000

 

$

61,500,000

 

$

407

 

Jun-07

 

110 East 42nd Street

 

Fee Interest

 

Grand Central North

 

181,000

 

$

111,500,000

 

$

616

 

Jun-07

 

125 Broad Street

 

Fee Interest

 

Downtown

 

525,000

 

$

273,000,000

 

$

520

 

Jun-07

 

5 Madison Clock Tower

 

Fee Interest

 

Park Avenue South

 

267,000

 

$

200,000,000

 

$

749

 

Jul-07

 

292 Madison Avenue

 

Fee Interest

 

Grand Central South

 

187,000

 

$

140,000,000

 

$

749

 

Jul-07

 

1372 Broadway (4)

 

Fee Interest

 

Penn Station/Garment

 

508,000

 

$

335,000,000

 

$

659

 

Nov-07

 

470 Park Avenue South

 

Fee Interest

 

Park Avenue South/Flatiron

 

260,000

 

$

157,000,000

 

$

604

 

 

 

 

 

 

 

 

 

2,992,000

 

$

1,828,000,000

 

$

611

 

2008 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-08

 

440 Ninth Avenue

 

Fee Interest

 

Penn Station

 

339,000

 

$

160,000,000

 

$

472

 

May-08

 

1250 Broadway

 

Fee Interest

 

Penn Station

 

670,000

 

$

310,000,000

 

$

463

 

Oct-08

 

1372 Broadway (5)

 

Fee Interest

 

Penn Station/Garment

 

508,000

 

$

274,000,000

 

$

539

 

 

 

 

 

 

 

 

 

1,517,000

 

$

744,000,000

 

$

490

 

2010 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-10

 

1221 Avenue of the Americas (6)

 

Fee Interest

 

Rockefeller Center

 

2,550,000

 

$

1,280,000,000

 

$

502

 

Sep-10

 

19 West 44th Street

 

Fee Interest

 

Midtown

 

292,000

 

$

123,150,000

 

$

422

 

 

 

 

 

 

 

 

 

2,842,000

 

$

1,403,150,000

 

$

494

 

2011 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-11

 

28 West 44th Street

 

Fee Interest

 

Midtown

 

359,000

 

$

161,000,000

 

$

448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug-13

 

333 West 34th Street

 

Fee Interest

 

Penn Station

 

345,400

 

$

220,250,000

 

$

638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-14

 

673 First Avenue

 

Leasehold Interest

 

Grand Central South

 

422,000

 

$

145,000,000

 

$

344

 

 


(1) Company sold a 45% JV interest in the property at an implied $126.5 million sales price.

(2) Company sold a 75% JV interest in the property at an implied $318.5 million sales price.

(3) Company sold a 50% JV interest in the property at an implied $240.0 million sales price

(4) Company sold a 85% JV interest in the property at an implied $335.0 million sales price.

(5) Company sold a 15% JV interest in the property at an implied $274.0 million sales price.

(6) Company sold a 45% JV interest in the property at an implied $1.28 billion sales price.

 

46



 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2014

 

Price ($’s) (1)

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

300 Main Street

 

Fee Interest

 

Stamford, Connecticut

 

130,000

 

92.5

 

N/A

 

$

15,000,000

 

Jan-07

 

399 Knollwood Road

 

Fee Interest

 

White Plains, New York

 

145,000

 

96.6

 

N/A

 

$

31,600,000

 

Jan-07

 

Reckson - Connecticut Portfolio

 

Fee Interests / Leasehold Interest

 

Stamford, Connecticut

 

1,369,800

 

88.9

 

86.3

 

$

490,750,000

 

Jan-07

 

Reckson - Westchester Portfolio

 

Fee Interests / Leasehold Interest

 

Westchester

 

2,346,100

 

90.6

 

78.6

 

$

570,190,000

 

Apr-07

 

Jericho Plazas - 20.26% JV

 

Fee Interest

 

Jericho, New York

 

640,000

 

98.4

 

83.6

 

$

210,000,000

 

Jun-07

 

1010 Washington Boulevard

 

Fee Interest

 

Stamford, Connecticut

 

143,400

 

95.6

 

75.6

 

$

38,000,000

 

Jun-07

 

500 West Putnam Avenue

 

Fee Interest

 

Greenwich, Connecticut

 

121,500

 

94.4

 

53.8

 

$

56,000,000

 

Jul-07

 

16 Court Street - 35% JV

 

Fee Interest

 

Brooklyn, New York

 

317,600

 

80.6

 

94.4

 

$

107,500,000

 

Aug-07

 

150 Grand Street

 

Fee Interest

 

White Plains, New York

 

85,000

 

52.9

 

38.0

 

$

6,700,000

 

Sep-07

 

The Meadows - 25% JV

 

Fee Interest

 

Rutherford, New Jersey

 

582,100

 

81.3

 

87.1

 

$

111,500,000

 

 

 

 

 

 

 

 

 

5,880,500

 

 

 

 

 

$

1,637,240,000

 

2013 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr-13

 

16 Court Street - additional JV interest

 

Fee Interest

 

Brooklyn, New York

 

317,600

 

84.9

 

94.4

 

$

96,200,000

 

 

 

 

 

 

 

 

 

317,600

 

 

 

 

 

$

96,200,000

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Suburban

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

2008 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct-08

 

100 & 120 White Plains Road

 

Fee Interest

 

Tarrytown, New York

 

211,000

 

$

48,000,000

 

$

227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-09

 

55 Corporate Drive

 

Fee Interest

 

Bridgewater, New Jersey

 

670,000

 

$

230,000,000

 

$

343

 

Aug-09

 

399 Knollwood Road

 

Fee Interest

 

White Plains, New York

 

145,000

 

$

20,767,307

 

$

143

 

 

 

 

 

 

 

 

 

815,000

 

$

250,767,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-12

 

One Court Square

 

Fee Interest

 

Long Island City, New York

 

1,402,000

 

$

481,100,000

 

$

343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-13

 

300 Main Street

 

Fee Interest

 

Stamford, Connecticut

 

130,000

 

$

13,500,000

 

$

104

 

 


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

 

47



 

 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Retail, Residential, Development / Redevelopment & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2014

 

Price ($’s) (1)

 

2005 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-05

 

1551-1555 Broadway - 10% JV

 

Fee Interest

 

Times Square

 

25,600

 

N/A

 

N/A

 

$

85,000,000

 

Jul-05

 

21 West 34th Street - 50% JV

 

Fee Interest

 

Herald Square

 

30,100

 

N/A

 

N/A

 

$

17,500,000

 

Sep-05

 

141 Fifth Avenue - 50% JV

 

Fee Interest

 

Flatiron

 

21,500

 

N/A

 

N/A

 

$

13,250,000

 

Nov-05

 

1604 Broadway - 63% JV

 

Leasehold Interest

 

Times Square

 

29,876

 

17.2

 

N/A

 

$

4,400,000

 

Dec-05

 

379 West Broadway - 45% JV

 

Leasehold Interest

 

Cast Iron/Soho

 

62,006

 

100.0

 

N/A

 

$

19,750,000

 

 

 

 

 

 

 

 

 

169,082

 

 

 

 

 

$

139,900,000

 

2006 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-06

 

25-29 West 34th Street - 50% JV

 

Fee Interest

 

Herald Square/Penn Station

 

41,000

 

55.8

 

N/A

 

$

30,000,000

 

Sep-06

 

717 Fifth Avenue - 32.75% JV

 

Fee Interest

 

Midtown/Plaza District

 

119,550

 

63.1

 

89.4

 

$

251,900,000

 

 

 

 

 

 

 

 

 

160,550

 

 

 

 

 

$

281,900,000

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug-07

 

180 Broadway - 50% JV

 

Fee Interest

 

Cast Iron / Soho

 

24,300

 

85.2

 

N/A

 

$

13,600,000

 

Apr-07

 

Two Herald Square - 55% JV

 

Fee Interest

 

Herald Square

 

N/A

 

N/A

 

N/A

 

$

225,000,000

 

Jul-07

 

885 Third Avenue - 55% JV

 

Fee Interest

 

Midtown / Plaza District

 

N/A

 

N/A

 

N/A

 

$

317,000,000

 

 

 

 

 

 

 

 

 

24,300

 

 

 

 

 

$

555,600,000

 

2008 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-08

 

125 Chubb Way

 

Fee Interest

 

Lyndhurst, New Jersey

 

278,000

 

 

61.1

 

$

29,364,000

 

Feb-08

 

182 Broadway - 50% JV

 

Fee Interest

 

Cast Iron / Soho

 

46,280

 

83.8

 

N/A

 

$

30,000,000

 

 

 

 

 

 

 

 

 

324,280

 

 

 

 

 

$

59,364,000

 

2010 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nov-10

 

Williamsburg Terrace

 

Fee Interest

 

Brooklyn, New York

 

52,000

 

100.0

 

100.0

 

$

18,000,000

 

Dec-10

 

11 West 34th Street - 30% JV

 

Fee Interest

 

Herald Square/Penn Station

 

17,150

 

100.0

 

100.0

 

$

10,800,000

 

Dec-10

 

7 Renaissance Square - 50% JV

 

Fee Interest

 

White Plains, New York

 

65,641

 

 

66.8

 

$

4,000,000

 

Dec-10

 

Two Herald Square - 45% (2)

 

Fee Interest

 

Herald Square

 

354,400

 

100.0

 

100.0

 

$

247,500,000

 

Dec-10

 

885 Third Avenue - 45% (2)

 

Fee Interest

 

Midtown / Plaza District

 

607,000

 

100.0

 

100.0

 

$

352,000,000

 

Dec-10

 

292 Madison Avenue

 

Fee Interest

 

Grand Central South

 

203,800

 

N/A

 

N/A

 

$

78,300,000

 

 

 

 

 

 

 

 

 

1,299,991

 

 

 

 

 

$

710,600,000

 

2011 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-11

 

3 Columbus Circle - 48.9%

 

Fee Interest

 

Columbus Circle

 

741,500

 

20.1

 

79.5

 

$

500,000,000

 

Aug-11

 

1552-1560 Broadway - 50%

 

Fee Interest

 

Times Square

 

35,897

 

59.7

 

67.5

 

$

136,550,000

 

Sep-11

 

747 Madison Avenue - 33.33%

 

Fee Interest

 

Plaza District

 

10,000

 

100.0

 

N/A

 

$

66,250,000

 

 

 

 

 

 

 

 

 

787,397

 

 

 

 

 

$

702,800,000

 

2012 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-12

 

DFR Residential and Retail Portfolio - 80%

 

Fee Interests / Leasehold Interest

 

Plaza District, Upper East Side

 

489,882

 

95.1

 

92.1

 

$

193,000,000

 

Jan-12

 

724 Fifth Avenue - 50%

 

Fee Interest

 

Plaza District

 

65,010

 

92.9

 

68.2

 

$

223,000,000

 

Jul-12

 

West Coast Office Portfolio - 27.63%

 

Fee Interest

 

 

 

4,473,603

 

76.3

 

N/A

 

$

880,103,924

 

Aug-12

 

33 Beekman Street - 45.9%

 

Fee Interest

 

Downtown

 

 

 

 

$

31,160,000

 

Sep-12

 

635 Sixth Avenue

 

Fee Interest

 

Midtown South

 

104,000

 

 

72.5

 

$

83,000,000

 

Oct-12

 

1080 Amsterdam - 87.5%

 

Leasehold Interest

 

Upper West Side

 

82,250

 

2.2

 

94.8

 

$

 

Dec-12

 

21 East 66th Street - 32.28%

 

Fee Interest

 

Plaza District

 

16,736

 

100.0

 

100.0

 

$

75,000,000

 

Dec-12

 

985-987 Third Avenue

 

Fee Interest

 

Upper East Side

 

13,678

 

 

N/A

 

$

18,000,000

 

Dec-12

 

131-137 Spring Street

 

Fee Interest

 

Soho

 

68,342

 

100.0

 

92.0

 

$

122,300,000

 

 

 

 

 

 

 

 

 

5,313,501

 

 

 

 

 

$

1,625,563,924

 

2013 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-13

 

248-252 Bedford Avenue - 90%

 

Fee Interest

 

Brooklyn, New York

 

66,611

 

 

96.1

 

$

54,900,000

 

Nov-13

 

650 Fifth Avenue - 50%

 

Leasehold Interest

 

Plaza District

 

32,324

 

63.6

 

10.5

 

$

 

Nov-13

 

315 West 33rd Street - The Olivia

 

Fee Interest

 

Penn Station

 

492,987

 

96.6

 

98.2

 

$

386,775,000

 

Nov-13

 

Fifth Avenue Retail Assemblage

 

Fee Interest

 

Plaza District

 

66,962

 

74.6

 

66.2

 

$

146,221,990

 

 

 

 

 

 

 

 

 

658,884

 

 

 

 

 

$

587,896,990

 

2014 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-14

 

719 Seventh Avenue - 75%

 

Fee Interest

 

Times Square

 

6,000

 

100.0

 

100.0

 

$

41,149,000

 

Jul-14

 

115 Spring Street

 

Fee Interest

 

Soho

 

5,218

 

100.0

 

100.0

 

$

52,000,000

 

Jul-14

 

752 Madison Avenue

 

Fee Interest

 

Plaza District

 

21,124

 

100.0

 

100.0

 

$

282,415,000

 

Sep-14

 

121 Greene Street - 50%

 

Fee Interest

 

Soho

 

7,131

 

100.0

 

100.0

 

$

27,400,000

 

Sep-14

 

635 Madison Avenue (2)

 

Fee Interest

 

Plaza District

 

176,530

 

100.0

 

100.0

 

$

145,000,000

 

 

 

 

 

 

 

 

 

216,003

 

 

 

 

 

$

547,964,000

 

 


(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.

 

48



 

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Retail, Residential, Development / Redevelopment & Land

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

2011 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-11

 

1551-1555 Broadway (1)

 

Fee Interest

 

Times Square

 

25,600

 

$

276,757,000

 

$

10,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-12

 

141 Fifth Avenue (2)

 

Fee Interest

 

Flatiron

 

13,000

 

$

46,000,000

 

$

3,538

 

Feb-12

 

292 Madison Avenue

 

Fee Interest

 

Grand Central South

 

203,800

 

$

85,000,000

 

$

417

 

Apr-12

 

379 West Broadway

 

Leasehold Interest

 

Cast Iron/Soho

 

62,006

 

$

48,500,000

 

$

782

 

Jun-12

 

717 Fifth Avenue (3)

 

Fee Interest

 

Midtown/Plaza District

 

119,550

 

$

617,583,774

 

$

5,166

 

Sep-12

 

3 Columbus Circle (4)

 

Fee Interest

 

Columbus Circle

 

214,372

 

$

143,600,000

 

$

670

 

 

 

 

 

 

 

 

 

612,728

 

$

940,683,774

 

 

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-13

 

44 West 55th Street

 

Fee Interest

 

Plaza District

 

8,557

 

$

6,250,000

 

$

730

 

Jun-13

 

West Coast Office Portfolio

 

Fee Interest

 

Los Angeles, California

 

406,740

 

$

111,925,000

 

$

275

 

Aug-13

 

West Coast Office Portfolio

 

Fee Interest

 

Fountain Valley, California

 

302,037

 

$

66,993,750

 

$

222

 

Sep-13

 

West Coast Office Portfolio

 

Fee Interest

 

San Diego, California

 

110,511

 

$

45,400,000

 

$

411

 

Dec-13

 

27-29 West 34th Street

 

Fee Interest

 

Herald Square/Penn Station

 

15,600

 

$

70,052,158

 

$

4,491

 

 

 

 

 

 

 

 

 

843,445

 

$

300,620,908

 

 

 

2014 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-14

 

21-25 West 34th Street

 

Fee Interest

 

Herald Square/Penn Station

 

30,100

 

$

114,947,844

 

$

3,819

 

Mar-14

 

West Coast Office Portfolio

 

Fee Interest

 

 

 

3,654,315

 

$

756,000,000

 

$

207

 

May-14

 

747 Madison Avenue

 

Fee Interest

 

Plaza District

 

10,000

 

$

160,000,000

 

$

16,000

 

Jul-14

 

985-987 Third Avenue

 

Fee Interest

 

Upper East Side

 

13,678

 

$

68,700,000

 

$

5,023

 

Sep-14

 

180-182 Broadway

 

Fee Interest

 

Cast Iron / Soho

 

156,086

 

$

222,500,000

 

$

1,425

 

 

 

 

 

 

 

 

 

3,864,179

 

$

1,322,147,844

 

 

 

 


(1) Company sold our remaining 10% JV interest in the property at an implied $276.8 million sales price.

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

(3) Company sold 50% of its remaining interest after a promote. The Company retained a 10.92% interest in the property.

(4) The joint venture sold a 29% condominium interest in the property.

 

49



 

 

 

Executive & Senior Management

 

 

 

 

Stephen L. Green

Chairman of the Board

 

Marc Holliday

Chief Executive Officer

 

Andrew Mathias

President

 

James Mead

Chief Financial Officer

 

Andrew S. Levine

Chief Legal Officer

 

Steven M. Durels

Executive Vice President, Director of Leasing and Real Property

 

Edward V. Piccinich

Executive Vice President, Property Management and Construction

 

Neil H. Kessner

Executive Vice President, General Counsel - Real Property

 

David M. Schonbraun

Co-Chief Investment Officer

 

Isaac Zion

Co-Chief Investment Officer

 

Matthew J. DiLiberto

Chief Accounting Officer & Treasurer

 

50



 

 

 

ANALYST COVERAGE

 

 

 

 

ANALYST COVERAGE

 

Firm

 

Analyst

 

Phone

 

Email

Bank of America - Merrill Lynch

 

James C. Feldman

 

(646) 855-5808

 

james.feldman@baml.com

Barclays Capital

 

Ross Smotrich

 

(212) 526-2306

 

ross.smotrich@barcap.com

Cantor Fitzgerald

 

David Toti

 

(212) 915-1219

 

dtoti@cantor.com

Citigroup

 

Michael Bilerman

 

(212) 816-1383

 

michael.bilerman@citigroup.com

Cowen and Company

 

James Sullivan

 

(646) 562-1380

 

james.sullivan@cowen.com

Deutsche Bank

 

Vin Chao

 

(212) 250-6799

 

vincent.chao@db.com

Goldman Sachs & Co.

 

Brad Burke

 

(917) 343-2082

 

brad.burke@gs.com

Green Street Advisors

 

Michael Knott

 

(949) 640-8780

 

mknott@greenstreetadvisors.com

ISI Group

 

Steve Sakwa

 

(212) 446-9462

 

ssakwa@isigrp.com

Jefferies & Company

 

Tayo Okusanya

 

(212) 336-7076

 

tokusanya@jefferies.com

JMP Securities

 

Mitchell Germain

 

(212) 906-3546

 

mgermain@jmpsecurities.com

JP Morgan Securities, Inc.

 

Anthony Paolone

 

(212) 622-6682

 

anthony.paolone@jpmorgan.com

KeyBanc Capital Markets

 

Jordan Sadler

 

(917) 368-2280

 

jsadler@keybanccm.com

Morgan Stanley

 

Vance H. Edelson

 

(212) 761-0078

 

vance.edelson@morganstanley.com

RW Baird

 

David Rodgers

 

(216) 737-7341

 

drodgers@rwbaird.com

Sandler O’Neill + Partners, L.P.

 

Alexander D. Goldfarb

 

(212) 466-7937

 

agoldfarb@sandleroneill.com

Stifel Nicolaus

 

John Guinee

 

(443) 224-1307

 

jwguinee@stifel.com

SunTrust Robinson Humphrey

 

Michael Lewis

 

(404) 926-5000

 

michael.lewis@suntrust.com

UBS Securities LLC

 

Ross T. Nussbaum

 

(212) 713-2484

 

ross.nussbaum@ubs.com

Wells Fargo Securities, LLC

 

Brendan Maiorana

 

(443) 263-6516

 

brendan.maiorana@wachovia.com

 

FIXED INCOME COVERAGE

 

Firm

 

Analyst

 

Phone

 

Email

Bank of America — Merrill Lynch

 

Larry Zaccherio

 

(646) 855-7662

 

larry.zaccherio@baml.com

Citigroup

 

Thomas Cook

 

(212) 723-1112

 

thomas.n.cook@citi.com

Goldman Sachs & Co.

 

Louise Pitt

 

(212) 902-3644

 

louise.pitt@gs.com

JP Morgan Securities, Inc.

 

Mark Streeter

 

(212) 834-6601

 

mark.streeter@jpmorgan.com

Wells Fargo Securities, LLC

 

Thierry B. Perrein

 

(704) 715-8455

 

thierry.perrein@wellsfargo.com

 

SL Green Realty Corp. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

 

51



 

 

 

SUPPLEMENTAL DEFINITIONS

 

 

 

 

Adjusted EBITDA is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to operating income.

 

Annualized rent is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.

 

Debt service coverage is adjusted EBITDA divided by total interest and principal payments.

 

Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.

 

Fixed charge coverage is adjusted EBITDA divided by fixed charge.

 

Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, 2% allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG’s unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing cost, and recurring building improvements.

 

Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002, as amended, as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

 

Interest coverage is adjusted EBITDA divided by total interest expense.

 

Junior Mortgage Participations are subordinate interests in first mortgages.

 

Mezzanine Debt Loans are loans secured by ownership interests.

 

Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.

 

Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.

 

Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues.  Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”

 

Redevelopment costs are non-recurring capital expenditures incurred in order to improve buildings to SLG’s “operating standards.” These building costs are taken into consideration during the underwriting for a given property’s acquisition.

 

Same-store NOI growth is the change in the NOI (excluding straight-line rents) of the same-store properties from the prior year reporting period to the current year reporting period.

 

Same-store properties include all properties that were owned in the same manner during both the current and prior year reporting periods, and excludes development properties prior to being stabilized for both the current and prior reporting period.

 

Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition.

 

SLG’s share of total debt to market capitalization is calculated as SLG’s share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures less JV partners’ share of debt.  Market equity assumes conversion of all OP units into common stock.

 

Total square feet owned represents 100% of the square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).

 

52