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Exhibit 99.2

 

 

FOURTH QUARTER 2014

SUPPLEMENTAL DATA

DECEMBER 31, 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 212-594-2700.

 

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 year ended December 31, 2014 that will be released on Form 10-K to be filed on or before March 2, 2015.

 

3



 

 

 

TABLE OF CONTENTS

 

 

 

Highlights of Current Period Financial Performance

 

 

 

Unaudited Financial Statements

 

Corporate Profile

5

Highlights

6-15

Comparative Balance Sheets

16-17

Comparative Statements of Operations

18

Comparative Computation of FFO and FAD

19

Consolidated Statement of Equity

20

Joint Venture Statements

21-23

 

 

Selected Financial Data

24-27

Debt Summary Schedule

28-30

Summary of Ground Lease Arrangements

31

 

 

Debt and Preferred Equity Investments

32-34

 

 

Selected Property Data

 

Composition of Property Portfolio

35-40

Largest Tenants

41

Tenant Diversification

42

Leasing Activity Summary

43-46

Annual Lease Expirations

47-49

 

 

Summary of Real Estate Acquisition/Disposition Activity

50-54

Corporate Information

55

Analyst Coverage

56

Supplemental Definitions

57

 

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



 

 

 

FOURTH QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

Summary

 

New York, NY, January 28, 2015 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, for the quarter ended December 31, 2014 of $146.8 million, or $1.45 per share, before transaction costs of $2.1 million, or $0.02 per share, and net of non-recurring charges of $6.9 million, or $0.07 per share, related to the early repayment of the mortgage on 625 Madison Avenue, as compared to FFO for the same period in 2013 of $138.1 million, or $1.42 per share, before transaction costs of $3.6 million, or $0.04 per share.

 

The Company also reported FFO for the year ended December 31, 2014 of $592.1 million, or $5.94 per share, before transaction costs of $9.1 million, or $0.09 per share, and net of non-recurring charges of $32.4 million, or $0.32 per share, related to the early repayment or refinancing of debt, as compared to FFO for the same period in 2013 of $495.9 million, or $5.21 per share, before transaction costs of $4.3 million, or $0.05 per share.

 

Net income attributable to common stockholders for the quarter ended December 31, 2014 totaled $56.8 million, or $0.59 per share, compared to net income attributable to common stockholders of $37.1 million, or $0.39 per share for the same period in 2013.  Net income attributable to common stockholders for the year ended December 31, 2014 totaled $503.1 million, or $5.23 per share, inclusive of gains recognized on the sales of real estate and purchase price fair value adjustments of $353.8 million, or $3.55 per share, compared to net income attributable to common stockholders of $101.3 million, or $1.10 per share for the same period in 2013.

 

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

 

Operating and Leasing Activity

 

For the quarter ended December 31, 2014, the Company reported consolidated revenues and operating income of $386.6 million and $223.2 million, respectively, compared to $350.5 million and $198.3 million, respectively, for the same period in 2013. For the year ended December 31, 2014, the Company reported consolidated revenues and operating income of $1.5 billion and $880.5 million, respectively, compared to $1.4 billion and $760.7 million, respectively, for the same period in 2013.

 

Same-store cash NOI on a combined basis increased by 4.5 percent to $171.8 million and by 3.5 percent to $665.6 million for the quarter and year ended December 31, 2014, respectively, as compared to the same periods in 2013.  For the quarter ended December 31, 2014, consolidated property same-store cash NOI increased by 4.2 percent to $152.3 million and unconsolidated joint venture property same-store cash NOI increased 6.8 percent to $19.5 million, as compared to the same period in 2013.  For the year ended December 31, 2014, consolidated property same-store cash NOI increased by 2.1 percent to $589.8 million and unconsolidated joint venture property same-store cash NOI increased 14.8 percent to $75.7 million, as compared to the same period in 2013.

 

During the fourth quarter, the Company signed 42 office leases in its Manhattan portfolio totaling 593,883 square feet.  Eleven leases comprising 304,777 square feet represented office leases

 

6



 

 

 

FOURTH QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

that replaced previous vacancy. Thirty-one leases comprising 289,106 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 $59.12 per rentable square foot, representing a 13.0 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 fourth quarter was 11.5 years and average tenant concessions were 5.7 months of free rent with a tenant improvement allowance of $43.28 per rentable square foot.

 

During the year ended December 31, 2014, the Company signed 227 office leases in its Manhattan portfolio totaling 2,079,317 square feet.  Of the 227 office leases signed, 143 leases comprising 1,327,829 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 $63.39 per rentable square foot, representing a 14.9 percent increase over the previously fully escalated rents on the same office spaces.

 

Manhattan same-store occupancy increased to 95.7 percent as of December 31, 2014, inclusive of 211,104 square feet of leases signed but not yet commenced, as compared to 95.3 percent at September 30, 2014.

 

During the fourth quarter, the Company signed 42 office leases in the Suburban portfolio totaling 288,307 square feet.  Twenty-three leases comprising 146,144 square feet represented office leases that replaced previous vacancy. Nineteen leases comprising the remaining 142,163 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 $32.75 per rentable square foot, representing a 2.0 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 fourth quarter was 9.7 years and average tenant concessions were 8.9 months of free rent with a tenant improvement allowance of $31.67 per rentable square foot.

 

During the year ended December 31, 2014, the Company signed 137 office leases in its Suburban portfolio totaling 776,549 square feet.  Of the 137 office leases signed, 73 leases comprising 415,975 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 $32.71 per rentable square foot, representing a 1.4 percent increase over the previously fully escalated rents on the same office spaces.

 

Same-store occupancy for the Company’s Suburban portfolio was 83.3 percent at December 31, 2014, inclusive of 86,154 square feet of leases signed but not yet commenced, as compared to 82.4 percent at September 30, 2014.

 

Significant leases that were signed during the fourth quarter included:

 

7



 

 

 

FOURTH QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

·                  New long-term lease on approximately 200,000 square feet with TD Bank to become the office and retail anchor tenant at One Vanderbilt, the Company’s proposed tower adjacent to Grand Central Terminal.  The space will include a flagship retail store on the northeast corner of 42nd Street and Madison Avenue;

 

·                  Early renewal and expansion on 133,215 square feet with Newmark & Company at 125 Park Avenue, bringing the remaining lease term to 16.8 years;

 

·                  New lease on 57,941 square feet with TD Bank for 15.0 years at 125 Park Avenue;

 

·                  Early renewal on 55,643 square feet with Cummings & Lockwood at 6 Landmark Square, Stamford, Connecticut, bringing the remaining lease term to 11.3 years;

 

·                  New lease on 36,166 square feet with Lowe’s Home Centers, LLC for 15.4 years at 635 Sixth Avenue;

 

·                  New lease on 32,162 square feet with Equinox for 25.0 years at 10 East 53rd Street;

 

·                  New lease on 30,254 square feet with Metropolitan Transportation Authority for 20.0 years at 420 Lexington Avenue;

 

·                  New lease on 30,000 square feet with Clarfeld Financial for 10.0 years at 520 White Plains Road, Tarrytown, New York;

 

·                  New lease on 26,885 square feet with The Legal Aid Society for 16.7 years at 150 Grand Street, White Plains, New York; and

 

·                  Early renewal on 24,754 square feet with MedCon Acquisitions at The Meadows, Rutherford, New Jersey, bringing the remaining lease term to 9.0 years.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended December 31, 2014 were $22.7 million, or 5.2 percent of total revenues and an annualized 48 basis points of total assets including the Company’s share of joint venture revenues and assets.  MG&A expenses for the year ended December 31, 2014 were $92.5 million, or 5.3 percent of total revenues and 49 basis points of total assets including the Company’s share of joint venture revenues and assets.

 

Real Estate Investment Activity

 

In October, the Company closed on the acquisition of 347,000 square feet of vacant commercial condominium units on floors 2 and 22-34 in the newly constructed Midtown Manhattan class-A office property located at 55 West 46th Street for $295.0 million.  The Company also acquired a retail store on 46th Street and the building’s parking garage and fitness center.  Simultaneously, the Company closed on a new $190.0 million mortgage loan. The new three-year mortgage, which bears interest at 230 basis points over LIBOR, had an initial funding of $150.0 million.

 

8



 

 

 

FOURTH QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

In November, the Company and Prudential Real Estate Investors, the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE:PRU), announced the formation of a joint venture for the ownership of the condominium units at 55 West 46th Street.  A fund managed by PREI on behalf of institutional investors now owns a 75 percent stake under the terms of the new joint venture, with the Company keeping a 25 percent ownership interest and retaining management and leasing responsibilities.

 

In October, the Company, together with its joint venture partners, closed on the acquisition of a 140,000 square-foot site in Gowanus, one of Brooklyn’s most exciting and diverse neighborhoods, for $72.5 million. The 3-acre site is located at 225 Third Street between Bond Street and Third Avenue. Situated between Brooklyn’s iconic Park Slope and Carroll Gardens communities and accessible to the F, G and R lines, the property is directly across the street from the recently opened Whole Foods Market and near several of the area’s newest dining and recreational outposts.  In December, the joint venture financed the property with a new $40.0 million mortgage.  The two-year mortgage bears interest at 100 basis points over Prime.

 

In October, the Company acquired the retail property located at 102 Greene Street for $32.3 million. The transaction marks the continued growth of the Company’s prime retail property portfolio, which already includes several other assets in Manhattan’s popular SoHo retail district. The 9,200-square-foot asset currently features the Galeria Melissa footwear store, and also includes two residential units and 5,500 square feet of development rights. The building is located on what is becoming one of the top luxury boutique blocks of SoHo between Prince Street and Spring Street, across the street from Tiffany and Co. and surrounded by such tenants as Ralph Lauren, Apple, Etro, Fendi, Dior, Chloe, and Louis Vuitton.

 

During the fourth quarter, the Company acquired additional ownership interests in the 674,000-square-foot office condominium at 1745 Broadway, which is leased entirely to Random House. The Company, which originally acquired a 32.26 percent stake in the property in 2007, increased its ownership percentage to 56.88 percent as a result of the transactions.

 

In December, the Company entered into an agreement to expand its presence in the New York City residential market by acquiring a stake in a 23-building, 2.55 million square foot portfolio comprised of 2,815 rental apartments and 43,000-square-feet of prime retail space. As a result of the transaction, the Company will own a 50 percent share in both the partnership interests and promotes in the portfolio held through entities affiliated with Stonehenge with Ofer Yardeni retaining the other 50 percent ownership interest. In addition, the properties will continue to be managed and operated by Stonehenge and continue to be owned in partnerships with various institutional partners.  The portfolio consists of properties located in the some of the best and most attractive submarkets of Manhattan, including Gramercy Park, the West Village, Chelsea, Murray Hill and the Upper East and West Sides.  This transaction is expected to close during the first quarter of 2015, subject to the satisfaction of customary closing conditions.

 

9



 

 

 

FOURTH QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

In October, the Company closed on the sale of the leased fee interest in 2 Herald Square, which was improved with an existing 11-story 365,000 square foot commercial office building, for a gross sales price of $365.0 million and recognized a gain on sale of $18.8 million.

 

In January, the Company, together with its joint venture partner, closed on the sale of 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.

 

Debt and Preferred Equity Investment Activity

 

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.4 billion at December 31, 2014.  During the fourth quarter, the Company originated and retained, or acquired, new debt and preferred equity investments totaling $181.1 million, at a weighted average current yield of 8.3 percent, and recorded $228.4 million of principal reductions from investments that were sold or repaid.  As of December 31, 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 fourth quarter of 10.5 percent.

 

Financing and Capital Activity

 

In January, the Company closed on the modification and extension of the $1.2 billion revolving line of credit portion of its $2.0 billion unsecured corporate credit facility. The maturity date of the revolving line of credit was extended from March 2018 to March 2020 and the cost was reduced by 25 basis points. In November, the Company increased the $783.0 million term loan portion of the facility by $50.0 million to $833.0 million.

 

In November, the Company and its joint venture partner closed on a new $15.0 million mortgage at 121 Greene Street.  The new five-year mortgage bears interest at 150 basis points over LIBOR.

 

During the fourth quarter, the Company repaid the $146.3 million mortgage on 125 Park Avenue at maturity and prepaid the $114.8 million mortgage on 625 Madison Avenue, increasing the Company’s unencumbered asset base by $635.0 million.  The Company recorded a charge of $6.9 million related to the early repayment of the 625 Madison Avenue mortgage.

 

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

 

·                  $0.60 per share of common stock, consistent with the previous announcement of a dividend increase in December 2014.  The dividend was paid on January 15, 2015 to stockholders of record on the close of business on January 2, 2015.  The new annual dividend of $2.40 per

 

10



 

 

 

FOURTH QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

share presents a 20 percent increase over the prior period; and

 

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2014 through and including January 14, 2015, which was paid on January 15, 2015 to stockholders of record on the close of business on January 2, 2015, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.

 

11



 

 

SL Green Realty Corp.

Key Financial Data

December 31, 2014

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders - diluted

 

$

0.59

 

$

0.68

 

$

2.46

 

$

1.53

 

$

0.39

 

Funds from operations available to common stockholders - diluted

 

$

1.43

 

$

1.28

 

$

1.62

 

$

1.52

 

$

1.38

 

Reported funds available for distribution to common stockholders - diluted

 

$

0.94

 

$

(0.07

)

$

1.09

 

$

1.18

 

$

0.63

 

Recurring funds available for distribution to common stockholders - diluted

 

$

1.11

 

$

0.75

 

$

1.21

 

$

1.29

 

$

0.81

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Price & Dividends

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

 

$

119.02

 

$

101.32

 

$

109.41

 

$

100.62

 

$

92.38

 

High during period

 

$

123.10

 

$

111.86

 

$

112.79

 

$

100.62

 

$

98.15

 

Low during period

 

$

101.23

 

$

101.32

 

$

107.89

 

$

90.96

 

$

87.63

 

Common dividend per share

 

$

0.60

 

$

0.50

 

$

0.50

 

$

0.50

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO payout ratio (trailing 12 months)

 

35.9

%

34.5

%

31.2

%

30.1

%

28.9

%

Reported FAD payout ratio (trailing 12 months)

 

66.7

%

70.4

%

45.7

%

43.5

%

40.7

%

Recurring FAD payout ratio (trailing 12 months)

 

48.1

%

49.1

%

41.5

%

40.3

%

38.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares & Units

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

97,325

 

95,945

 

95,587

 

95,318

 

94,993

 

Units outstanding

 

3,973

 

3,735

 

3,500

 

3,000

 

2,902

 

Total common shares and units outstanding

 

101,298

 

99,680

 

99,087

 

98,318

 

97,895

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding - basic

 

100,561

 

99,319

 

98,970

 

98,196

 

96,831

 

Weighted average common shares and units outstanding - diluted

 

101,034

 

99,706

 

99,484

 

98,716

 

97,148

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

 

 

 

 

 

 

Market value of common equity

 

$

12,056,488

 

$

10,099,578

 

$

10,841,109

 

$

9,892,757

 

$

9,043,540

 

Liquidation value of preferred equity/units

 

301,115

 

303,115

 

279,550

 

279,550

 

279,550

 

Consolidated debt

 

8,432,729

 

8,736,352

 

8,357,632

 

7,195,419

 

6,919,908

 

Consolidated market capitalization

 

$

20,790,332

 

$

19,139,045

 

$

19,478,291

 

$

17,367,726

 

$

16,242,998

 

SLG portion of JV debt

 

1,601,340

 

1,394,788

 

1,412,618

 

1,916,123

 

2,134,677

 

Combined market capitalization

 

$

22,391,672

 

$

20,533,833

 

$

20,890,909

 

$

19,283,849

 

$

18,377,675

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt to market capitalization

 

40.6

%

45.6

%

42.9

%

41.4

%

42.7

%

Combined debt to market capitalization

 

44.8

%

49.3

%

46.8

%

47.2

%

49.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt service coverage (trailing 12 months)

 

2.53

x

2.53

x

2.57

x

2.47

x

2.43

x

Consolidated fixed charge coverage (trailing 12 months)

 

2.24

x

2.24

x

2.26

x

2.13

x

2.10

x

Combined debt service coverage (trailing 12 months)

 

2.26

x

2.24

x

2.25

x

2.16

x

2.12

x

Combined fixed charge coverage (trailing 12 months)

 

2.03

x

2.01

x

2.02

x

1.91

x

1.88

x

 

Supplemental Information

Fourth Quarter 2014

 

12



 

 

SL Green Realty Corp.

Key Financial Data

December 31, 2014

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

Real estate assets before depreciation

 

$

14,536,503

 

$

14,564,675

 

$

13,952,995

 

$

12,341,269

 

$

12,333,780

 

Investments in unconsolidated joint ventures

 

$

1,172,020

 

$

996,842

 

$

971,926

 

$

1,061,704

 

$

1,113,218

 

Debt and preferred equity investments

 

$

1,408,804

 

$

1,432,951

 

$

1,547,808

 

$

1,493,725

 

$

1,304,839

 

Cash and cash equivalents

 

$

281,409

 

$

253,520

 

$

308,103

 

$

447,162

 

$

206,692

 

Investment in marketable securities

 

$

39,429

 

$

39,293

 

$

39,912

 

$

32,130

 

$

32,049

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

$

14,959,001

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt

 

$

6,140,787

 

$

5,941,950

 

$

5,905,031

 

$

5,593,899

 

$

5,599,959

 

Variable rate debt

 

2,038,000

 

2,347,000

 

2,261,351

 

1,601,520

 

1,319,949

 

Total consolidated debt

 

$

8,178,787

 

$

8,288,950

 

$

8,166,382

 

$

7,195,419

 

$

6,919,908

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

9,096,732

 

$

9,419,267

 

$

9,016,134

 

$

7,897,297

 

$

7,627,099

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

6,898,199

 

$

6,526,496

 

$

6,489,898

 

$

6,683,185

 

$

6,863,469

 

Variable rate debt - including SLG portion of JV debt

 

2,881,928

 

3,157,242

 

3,089,102

 

2,428,357

 

2,191,116

 

Total combined debt

 

$

9,780,127

 

$

9,683,738

 

$

9,579,000

 

$

9,111,542

 

$

9,054,585

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

338,356

 

$

335,119

 

$

318,184

 

$

293,783

 

$

296,875

 

Property operating expenses

 

(137,452

)

(135,747

)

(128,942

)

(130,292

)

(131,849

)

Property operating NOI

 

$

200,904

 

$

199,372

 

$

189,242

 

$

163,491

 

$

165,026

 

NOI from discontinued operations

 

5,441

(1)

7,750

 

10,661

 

13,938

 

14,120

 

Total property operating NOI - consolidated

 

$

206,345

 

$

207,122

 

$

199,903

 

$

177,429

 

$

179,146

 

SLG share of property NOI from JVs

 

34,757

 

33,232

 

41,508

 

49,320

 

50,197

 

Total property operating NOI - combined

 

$

241,102

 

$

240,354

 

$

241,411

 

$

226,749

 

$

229,343

 

Investment income

 

41,048

 

43,969

 

39,714

 

54,084

 

49,956

 

Other income

 

7,223

 

11,186

 

22,734

 

14,578

 

3,620

 

Marketing general & administrative expenses

 

(22,710

)

(22,649

)

(23,872

)

(23,257

)

(22,742

)

EBITDA - combined

 

$

266,663

 

$

272,860

 

$

279,987

 

$

272,154

 

$

260,177

 

 


(1) Discontinued operations for the quarter ended December 31, 2014 includes the results of operations of 180 Maiden Lane, which was held for sale as of December 31, 2014 and sold in January 2015.

 

Supplemental Information

Fourth Quarter 2014

 

13



 

 

SL Green Realty Corp.

Key Financial Data

December 31, 2014

(Dollars in Thousands Except Per Share)

 

Manhattan Properties

 

 

 

As of or for the three months ended

 

 

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

300,026

 

$

297,411

 

$

280,020

 

$

257,227

 

$

264,976

 

Property operating expenses

 

114,297

 

112,153

 

105,077

 

110,338

 

109,757

 

Property operating NOI

 

$

185,729

 

$

185,258

 

$

174,943

 

$

146,889

 

$

155,219

 

NOI from discontinued operations

 

5,438

(1)

7,749

 

10,688

 

13,935

 

14,088

 

Total property operating NOI - consolidated

 

$

191,167

 

$

193,007

 

$

185,631

 

$

160,824

 

$

169,307

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

1,544

 

$

285

 

$

384

 

$

157

 

$

1,306

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

31,039

 

$

29,909

 

$

34,935

 

$

43,646

 

$

45,400

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

23

 

23

 

23

 

23

 

23

 

Unconsolidated office buildings in service

 

7

 

7

 

7

 

10

 

9

 

 

 

30

 

30

 

30

 

33

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

18,429,045

 

18,429,045

 

18,429,045

 

17,306,045

 

17,306,045

 

Unconsolidated office buildings in service - square footage

 

3,476,115

 

3,476,115

 

3,476,115

 

6,465,415

 

5,934,434

 

 

 

21,905,160

 

21,905,160

 

21,905,160

 

23,771,460

 

23,240,479

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

94.7

%(2)

94.8

%

93.6

%

93.3

%

93.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

37

 

56

 

34

 

65

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

72,334

 

164,096

 

106,953

 

124,181

 

278,663

 

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

 

231,343

 

565,219

 

207,985

 

368,464

 

3,049,172

 

Total office square footage commenced

 

303,677

 

729,315

 

314,938

 

492,645

 

3,327,835

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf - office leases commenced

 

$

59.49

 

$

64.20

 

$

54.18

 

$

60.15

 

$

47.66

 

Previously escalated cash rent psf - office leases commenced

 

$

51.85

 

$

53.98

 

$

53.90

 

$

54.15

 

$

42.71

 

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

 

14.7

%

18.9

%

0.5

%

11.1

%

11.6

%

Average lease term

 

10.6

 

10.3

 

13.2

 

5.6

 

14.4

 

Tenant concession packages psf

 

$

40.41

 

$

46.60

 

$

49.47

 

$

27.66

 

$

49.18

 

Free rent months

 

5.0

 

2.1

 

6.0

 

2.3

 

6.6

 

 


(1) Discontinued operations for the quarter ended December 31, 2014 reflects operations from 180 Maiden Lane, which was held for sale as of December 31, 2014 and sold in January 2015.

(2) Manhattan same-store occupancy, inclusive of 211,104 square feet of leases signed but not yet commenced, is 95.7% as of December 31, 2014, as compared to 95.3% as of December 31, 2013 and 95.3% at September 30, 2014.

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

 

Supplemental Information

Fourth Quarter 2014

 

14



 

 

SL Green Realty Corp.

Key Financial Data

December 31, 2014

(Dollars in Thousands Except Per Share)

 

Suburban Properties

 

 

 

As of or for the three months ended

 

 

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

29,969

 

$

29,230

 

$

29,732

 

$

28,501

 

$

27,616

 

Property operating expenses

 

15,341

 

15,925

 

16,505

 

13,836

 

16,109

 

Property operating NOI

 

$

14,628

 

$

13,305

 

$

13,227

 

$

14,665

 

$

11,507

 

NOI from discontinued operations

 

 

 

 

 

 

Total property operating NOI - consolidated

 

$

14,628

 

$

13,305

 

$

13,227

 

$

14,665

 

$

11,507

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

299

 

$

1,141

 

$

546

 

$

1,020

 

$

858

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

1,119

 

$

1,152

 

$

1,245

 

$

1,434

 

$

1,422

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

27

 

27

 

27

 

27

 

26

 

Unconsolidated office buildings in service

 

4

 

4

 

4

 

4

 

4

 

 

 

31

 

31

 

31

 

31

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

4,365,400

 

4,365,400

 

4,365,400

 

4,365,400

 

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

 

5,587,500

 

5,309,500

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

81.7

%(1)

80.5

%

81.0

%

80.4

%

80.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

34

 

29

 

22

 

38

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

138,822

 

53,218

 

32,865

 

61,559

 

107,696

 

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

 

130,333

 

118,938

 

38,562

 

91,640

 

73,631

 

Total office square footage commenced

 

269,155

 

172,156

 

71,427

 

153,199

 

181,327

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf - office leases commenced

 

$

32.74

 

$

31.47

 

$

33.96

 

$

30.86

 

$

33.28

 

Previously escalated cash rent psf - office leases commenced

 

$

33.22

 

$

31.63

 

$

33.44

 

$

30.10

 

$

32.79

 

(Decrease) increase in new cash rent over previously escalated cash rent (2)

 

-1.5

%

-0.5

%

1.5

%

2.5

%

1.5

%

Average lease term

 

9.0

 

8.4

 

6.5

 

7.2

 

7.2

 

Tenant concession packages psf

 

$

29.99

 

$

28.83

 

$

26.12

 

$

21.01

 

$

27.51

 

Free rent months

 

8.2

 

5.6

 

3.4

 

3.4

 

7.8

 

 


(1) Suburban same-store occupancy, inclusive of 86,154 square feet of leases signed but not yet commenced, is 83.3% as of December 31, 2014, as compared to 80.9% at December 31, 2013 and 82.4% as of September 30, 2014.

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

 

Supplemental Information

Fourth Quarter 2014

 

15



 

 

COMPARATIVE BALANCE SHEETS

 

 

Unaudited

(Dollars in Thousands)

 

 

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land & land interests

 

$

3,844,518

 

$

3,833,305

 

$

3,466,587

 

$

3,112,013

 

$

3,032,526

 

Buildings & improvements fee interest

 

8,778,593

 

8,679,637

 

8,843,315

 

7,767,616

 

7,884,663

 

Buildings & improvements leasehold

 

1,418,585

 

1,405,255

 

1,390,004

 

1,375,007

 

1,366,281

 

Buildings & improvements under capital lease

 

27,445

 

27,445

 

27,445

 

27,445

 

50,310

 

 

 

14,069,141

 

13,945,642

 

13,727,351

 

12,282,081

 

12,333,780

 

Less accumulated depreciation

 

(1,905,165

)

(1,826,027

)

(1,769,428

)

(1,695,568

)

(1,646,240

)

Net real estate

 

12,163,976

 

12,119,615

 

11,957,923

 

10,586,513

 

10,687,540

 

Other real estate investments:

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 

1,172,020

 

996,842

 

971,926

 

1,061,704

 

1,113,218

 

Debt and preferred equity investments, net

 

1,408,804

 

1,432,951

 

1,547,808

 

1,493,725

 

1,304,839

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale, net

 

462,430

 

753,457

 

339,809

 

63,925

 

 

Cash and cash equivalents

 

281,409

 

253,520

 

308,103

 

447,162

 

206,692

 

Restricted cash

 

149,176

 

159,303

 

157,225

 

154,492

 

142,051

 

Investment in marketable securities

 

39,429

 

39,293

 

39,912

 

32,130

 

32,049

 

Tenant and other receivables, net of $18,068 reserve at 12/31/14

 

57,369

 

64,184

 

51,844

 

47,296

 

60,393

 

Related party receivables

 

11,735

 

13,262

 

8,915

 

19,947

 

8,530

 

Deferred rents receivable, net of reserve for tenant credit loss of $27,411 at 12/31/14

 

374,944

 

364,284

 

354,388

 

378,980

 

386,508

 

Deferred costs, net

 

327,962

 

310,860

 

300,043

 

261,542

 

267,058

 

Other assets

 

647,333

 

729,538

 

679,840

 

815,873

 

750,123

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

$

14,959,001

 

 

Supplemental Information

Fourth Quarter 2014

 

16



 

 

COMPARATIVE BALANCE SHEETS

 

 

Unaudited

(Amounts in Thousands)

 

 

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

12/31/2013

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgages and other loans payable

 

$

5,586,709

 

$

5,890,782

 

$

5,939,176

 

$

4,971,022

 

$

4,860,578

 

Term loan and senior unsecured notes

 

2,107,078

 

2,054,168

 

2,127,206

 

2,124,397

 

1,739,330

 

Revolving credit facility

 

385,000

 

244,000

 

 

 

220,000

 

Accrued interest and other liabilities

 

137,634

 

127,811

 

128,730

 

112,852

 

114,622

 

Accounts payable and accrued expenses

 

173,246

 

183,001

 

164,215

 

140,346

 

145,889

 

Deferred revenue

 

187,148

 

215,527

 

223,394

 

259,929

 

263,261

 

Capitalized lease obligations

 

20,822

 

20,728

 

20,635

 

20,541

 

47,671

 

Deferred land lease payable

 

1,215

 

1,129

 

1,044

 

958

 

22,185

 

Dividends and distributions payable

 

64,393

 

53,571

 

53,193

 

52,471

 

52,255

 

Security deposits

 

66,614

 

66,659

 

65,166

 

65,077

 

61,308

 

Liabilities related to assets held for sale

 

266,873

 

461,891

 

193,375

 

49,704

 

 

Junior subordinated deferrable interest debentures

 

100,000

 

100,000

 

100,000

 

100,000

 

100,000

 

Total liabilities

 

9,096,732

 

9,419,267

 

9,016,134

 

7,897,297

 

7,627,099

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in operating partnership (3,973 units outstanding) at 12/31/14

 

469,524

 

381,274

 

379,805

 

298,858

 

265,476

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Units

 

71,115

 

73,115

 

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, 97,325 issued and outstanding at 12/31/14

 

1,010

 

996

 

993

 

990

 

986

 

Additional paid—in capital

 

5,289,479

 

5,130,858

 

5,085,965

 

5,049,507

 

5,015,904

 

Treasury stock (3,603 shares) at 12/31/14

 

(320,471

)

(320,222

)

(320,152

)

(320,076

)

(317,356

)

Accumulated other comprehensive loss

 

(6,980

)

(2,896

)

(6,196

)

(14,872

)

(15,211

)

Retained earnings

 

1,752,404

 

1,813,956

 

1,797,580

 

1,688,211

 

1,619,150

 

Total SL Green Realty Corp. stockholders’ equity

 

6,937,374

 

6,844,624

 

6,780,122

 

6,625,692

 

6,525,405

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in other partnerships

 

521,842

 

518,829

 

492,125

 

491,892

 

491,471

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

7,459,216

 

7,363,453

 

7,272,247

 

7,117,584

 

7,016,876

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

$

14,959,001

 

 

Supplemental Information

Fourth Quarter 2014

 

17



 

 

COMPARATIVE STATEMENTS OF OPERATIONS

 

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2014

 

2013

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

294,189

 

$

255,760

 

$

291,293

 

$

1,121,066

 

$

996,782

 

Escalation and reimbursement revenues

 

44,167

 

41,115

 

43,826

 

164,376

 

155,965

 

Investment income

 

41,048

 

49,956

 

43,969

 

178,815

 

193,843

 

Other income

 

7,223

 

3,620

 

11,186

 

55,721

 

24,475

 

Total Revenues, net

 

386,627

 

350,451

 

390,274

 

1,519,978

 

1,371,065

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

5,756

 

5,669

 

6,034

 

26,537

 

9,921

 

(Loss) gain on early extinguishment of debt

 

(6,865

)

5

 

(24,475

)

(32,365

)

(18,518

)

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

71,165

 

70,667

 

72,111

 

282,283

 

276,589

 

Ground rent

 

8,146

 

7,963

 

8,088

 

32,307

 

31,951

 

Real estate taxes

 

58,141

 

53,219

 

55,548

 

217,843

 

203,076

 

Transaction related costs, net of recoveries

 

2,153

 

3,268

 

2,383

 

8,707

 

3,985

 

Marketing, general and administrative

 

22,710

 

22,742

 

22,649

 

92,488

 

86,192

 

Total Operating Expenses

 

162,315

 

157,859

 

160,779

 

633,628

 

601,793

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

223,203

 

198,266

 

211,054

 

880,522

 

760,675

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

80,976

 

78,032

 

82,376

 

317,400

 

310,894

 

Amortization of deferred financing costs

 

6,640

 

3,451

 

6,679

 

22,377

 

15,855

 

Depreciation and amortization

 

97,273

 

85,795

 

94,443

 

371,610

 

324,461

 

(Gain) Loss on equity investment in marketable securities

 

(3,895

)

 

 

(3,895

)

65

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

42,209

 

30,988

 

27,556

 

173,030

 

109,400

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

3,626

 

5,836

 

4,035

 

19,075

 

27,837

 

Gain on sale of discontinued operations

 

18,817

 

 

29,507

 

163,059

 

14,900

 

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

 

673

 

7,538

 

16,496

 

123,253

 

3,601

 

Purchase price fair value adjustment

 

 

 

(4,000

)

67,446

 

(2,305

)

Depreciable real estate reserves, net of recoveries

 

 

 

 

 

(2,150

)

Net Income

 

65,325

 

44,362

 

73,594

 

545,863

 

151,283

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(4,002

)

(2,936

)

(4,348

)

(25,057

)

(13,652

)

Dividends on preferred units

 

(800

)

(568

)

(820

)

(2,750

)

(2,260

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to SL Green Realty Corp

 

60,523

 

40,858

 

68,426

 

518,056

 

135,371

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock redemption costs

 

 

 

 

 

(12,160

)

Dividends on perpetual preferred shares

 

(3,738

)

(3,738

)

(3,738

)

(14,952

)

(21,881

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

56,785

 

$

37,120

 

$

64,688

 

$

503,104

 

$

101,330

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

Net income per share (basic)

 

$

0.59

 

$

0.39

 

$

0.68

 

$

5.25

 

$

1.10

 

Net income per share (diluted)

 

$

0.59

 

$

0.39

 

$

0.68

 

$

5.23

 

$

1.10

 

 

Supplemental Information

Fourth Quarter 2014

 

18



 

 

COMPARATIVE COMPUTATION OF FFO AND FAD

 

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2014

 

2013

 

Funds from Operations

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

56,785

 

$

37,120

 

$

64,688

 

$

503,104

 

$

101,330

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

Depreciation and amortization

 

97,273

 

85,795

 

94,443

 

371,610

 

324,461

 

 

Discontinued operations depreciation adjustments

 

147

 

3,310

 

678

 

5,581

 

16,443

 

 

Joint ventures depreciation and noncontrolling interests adjustments

 

6,508

 

13,399

 

5,831

 

33,487

 

51,266

 

 

Net income attributable to noncontrolling interests

 

4,002

 

2,936

 

4,348

 

25,057

 

13,652

 

Less:

Gain on sale of discontinued operations

 

18,817

 

 

29,507

 

163,059

 

14,900

 

 

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

 

673

 

7,538

 

16,496

 

123,253

 

3,601

 

 

Purchase price fair value adjustment

 

 

 

(4,000

)

67,446

 

(2,305

)

 

Depreciable real estate reserves, net of recoveries

 

 

 

 

 

(2,150

)

 

Non-real estate depreciation and amortization

 

525

 

505

 

503

 

2,045

 

1,509

 

 

Funds From Operations

 

$

144,700

 

$

134,517

 

$

127,482

 

$

583,036

 

$

491,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Basic per Share

 

$

1.44

 

$

1.39

 

$

1.28

 

$

5.87

 

$

5.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Diluted per Share

 

$

1.43

 

$

1.38

 

$

1.28

 

$

5.85

 

$

5.16

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

144,700

 

$

134,517

 

$

127,482

 

$

583,036

 

$

491,597

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

Non real estate depreciation and amortization

 

525

 

505

 

503

 

2,045

 

1,509

 

 

Amortization of deferred financing costs

 

6,640

 

3,451

 

6,679

 

22,377

 

15,855

 

 

Non-cash deferred compensation

 

24,793

 

26,770

 

9,855

 

63,370

 

55,092

 

Less:

FAD adjustment for Joint Ventures

 

8,103

 

18,104

 

5,885

 

34,354

 

29,676

 

 

FAD adjustment for discontinued operations

 

1,545

 

1,001

 

2,817

 

8,700

 

7,129

 

 

Straight-line rental income and other non cash adjustments

 

11,823

 

12,616

 

16,324

 

57,191

 

46,315

 

 

Second cycle tenant improvements

 

31,014

 

37,613

 

100,085

 

174,798

 

68,090

 

 

Second cycle leasing commissions

 

4,433

 

13,482

 

10,706

 

20,322

 

28,034

 

 

Revenue enhancing recurring CAPEX

 

2,458

 

2,446

 

2,402

 

13,098

 

3,738

 

 

Non-revenue enhancing recurring CAPEX

 

22,030

 

18,464

 

12,930

 

48,412

 

32,730

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Funds Available for Distribution

 

$

95,252

 

$

61,517

 

$

(6,630

)

$

313,953

 

$

348,341

 

 

Diluted per Share

 

$

0.94

 

$

0.63

 

$

(0.07

)

$

3.15

 

$

3.66

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

1515 Broadway - Viacom capital contribution

 

$

16,687

 

$

4,226

 

$

12,924

 

$

44,773

 

$

4,634

 

 

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

 

$

 

$

13,374

 

$

68,867

 

$

76,523

 

$

13,383

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Funds Available for Distribution

 

$

111,939

 

$

79,117

 

$

75,161

 

$

435,249

 

$

366,358

 

 

Diluted per Share

 

$

1.11

 

$

0.81

 

$

0.75

 

$

4.37

 

$

3.85

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvements

 

$

8,549

 

$

11,644

 

$

3,483

 

$

25,672

 

$

38,989

 

First cycle leasing commissions

 

$

23,913

 

$

5,034

 

$

871

 

$

26,495

 

$

9,843

 

Redevelopment costs

 

$

21,370

 

$

19,208

 

$

13,468

 

$

60,026

 

$

37,068

 

Capitalized interest

 

$

6,698

 

$

2,251

 

$

7,972

 

$

25,387

 

$

12,333

 

 

Supplemental Information

Fourth Quarter 2014

 

19



 

 

CONSOLIDATED STATEMENT OF EQUITY

 

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Series I

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Preferred

 

Common

 

Additional

 

Treasury

 

Retained

 

Noncontrolling

 

Comprehensive

 

 

 

 

 

Stock

 

Stock

 

Paid-In Capital

 

Stock

 

Earnings

 

Interests

 

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

 

 

 

 

 

 

 

 

 

518,056

 

6,590

 

 

 

524,646

 

Preferred dividends

 

 

 

 

 

 

 

 

 

(14,952

)

 

 

 

 

(14,952

)

Cash distributions declared ($2.10 per common share)

 

 

 

 

 

 

 

 

 

(201,411

)

 

 

 

 

(201,411

)

Cash distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(7,019

)

 

 

(7,019

)

Other comprehensive income - unrealized gain on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

5,627

 

5,627

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

4,775

 

4,775

 

Other comprehensive income - unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,171

)

(2,171

)

Proceeds from stock options exercised

 

 

 

4

 

25,207

 

 

 

 

 

 

 

 

 

25,211

 

DRIP proceeds

 

 

 

 

 

64

 

 

 

 

 

 

 

 

 

64

 

Conversion of units of the Operating Partnership to common stock

 

 

 

3

 

31,650

 

 

 

 

 

 

 

 

 

31,653

 

Contributions to consolidated joint venture

 

 

 

 

 

 

 

 

 

 

 

30,800

 

 

 

30,800

 

Reallocation of noncontrolling interests in the Operating Partnership

 

 

 

 

 

 

 

 

 

(168,439

)

 

 

 

 

(168,439

)

Issuance of common stock

 

 

 

17

 

185,304

 

 

 

 

 

 

 

 

 

185,321

 

Deferred compensation plan and stock awards, net

 

 

 

 

1,601

 

(3,115

)

 

 

 

 

 

 

(1,514

)

Amortization of deferred compensation plan

 

 

 

 

 

29,749

 

 

 

 

 

 

 

 

 

29,749

 

Balance at December 31, 2014

 

$

221,932

 

$

1,010

 

$

5,289,479

 

$

(320,471

)

$

1,752,404

 

$

521,842

 

$

(6,980

)

$

7,459,216

 

 

 

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

 

2,331,916

 

1,070,699

 

 

3,402,615

 

 

 

3,402,615

 

Share Count at December 31, 2014 - Basic

 

97,325,200

 

3,973,016

 

 

101,298,216

 

 

101,298,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighting factor

 

(1,551,682

)

(458,804

)

408,615

 

(1,601,871

)

 

 

(1,601,871

)

Weighted Average Share Count at December 31, 2014 - Diluted

 

95,773,518

 

3,514,212

 

408,615

 

99,696,345

 

 

99,696,345

 

 

Supplemental Information

Fourth Quarter 2014

 

20



 

JOINT VENTURE STATEMENTS

Balance Sheet for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

December 31, 2014

 

September 30, 2014

 

December 31, 2013

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Land and land interests

 

$

1,511,239

 

$

720,231

 

$

1,333,820

 

$

621,548

 

$

1,943,275

 

$

898,652

 

Buildings and improvements

 

4,093,817

 

1,884,057

 

3,825,624

 

1,663,426

 

5,370,424

 

2,391,671

 

Building leasehold

 

18,171

 

9,086

 

13,954

 

6,977

 

8,222

 

5,556

 

Buildings & improvements under capital lease

 

189,558

 

94,779

 

189,558

 

94,779

 

189,558

 

94,779

 

 

 

5,812,785

 

2,708,153

 

5,362,956

 

2,386,730

 

7,511,479

 

3,390,658

 

Less accumulated depreciation

 

(537,153

)

(243,535

)

(512,807

)

(206,085

)

(665,458

)

(287,177

)

Net real estate

 

5,275,632

 

2,464,618

 

4,850,149

 

2,180,645

 

6,846,021

 

3,103,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

116,869

 

51,498

 

97,874

 

41,852

 

96,818

 

40,711

 

Restricted cash

 

91,917

 

37,110

 

98,098

 

39,195

 

119,695

 

50,651

 

Debt and preferred equity investments, net

 

145,875

 

145,875

 

99,557

 

99,557

 

 

 

Tenant and other receivables, net of $2,238 reserve at 12/31/14

 

39,537

 

16,607

 

45,040

 

19,311

 

33,823

 

13,711

 

Deferred rents receivable, net of reserve for tenant credit loss of $2,911 at 12/31/14

 

130,833

 

54,057

 

124,947

 

49,930

 

118,396

 

45,612

 

Deferred costs, net

 

144,280

 

61,462

 

135,785

 

55,750

 

176,615

 

73,751

 

Other assets

 

141,256

 

65,726

 

144,933

 

58,823

 

281,935

 

122,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

6,086,199

 

$

2,896,953

 

$

5,596,383

 

$

2,545,063

 

$

7,673,303

 

$

3,450,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

3,778,704

 

$

1,601,340

 

$

3,498,755

 

$

1,394,788

 

$

5,066,710

 

$

2,134,677

 

Accrued interest and other liabilities

 

13,313

 

6,174

 

8,785

 

3,131

 

24,654

 

11,758

 

Accounts payable and accrued expenses

 

80,206

 

36,584

 

68,016

 

29,981

 

150,278

 

72,704

 

Deferred revenue

 

195,819

 

95,816

 

202,188

 

95,381

 

224,850

 

105,592

 

Capitalized lease obligations

 

180,551

 

90,276

 

179,924

 

89,962

 

178,119

 

89,060

 

Security deposits

 

15,683

 

7,520

 

15,514

 

7,463

 

19,059

 

8,902

 

Equity

 

1,821,923

 

1,059,243

 

1,623,201

 

924,357

 

2,009,633

 

1,027,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

6,086,199

 

$

2,896,953

 

$

5,596,383

 

$

2,545,063

 

$

7,673,303

 

$

3,450,461

 

 

Supplemental Information

Fourth Quarter 2014

 

21



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended December 31, 2014

 

Three Months Ended September 30, 2014

 

Three Months Ended December 31, 2013

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

97,416

 

$

41,742

 

$

95,610

 

$

39,879

 

$

138,827

 

$

59,147

 

Escalation and reimbursement revenues

 

8,336

 

3,669

 

8,772

 

3,847

 

12,406

 

5,218

 

Other income

 

9,916

 

6,251

 

10,449

 

6,081

 

14,640

 

6,466

 

Total Revenues, net

 

$

115,668

 

$

51,662

 

$

114,831

 

$

49,807

 

$

165,873

 

$

70,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

18,861

 

$

8,555

 

$

18,530

 

$

8,384

 

$

28,606

 

$

12,636

 

Ground rent

 

2,603

 

1,302

 

2,638

 

1,319

 

891

 

117

 

Real estate taxes

 

16,008

 

7,048

 

15,867

 

6,872

 

18,387

 

7,881

 

Total Operating Expenses

 

$

37,472

 

$

16,905

 

$

37,035

 

$

16,575

 

$

47,884

 

$

20,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

78,196

 

$

34,757

 

$

77,796

 

$

33,232

 

$

117,989

 

$

50,197

 

Cash NOI

 

$

72,629

 

$

30,286

 

$

69,126

 

$

29,123

 

$

107,409

 

$

45,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

(30

)

$

(29

)

$

501

 

$

301

 

$

808

 

$

341

 

Interest expense, net of interest income

 

40,794

 

14,000

 

40,885

 

13,426

 

56,628

 

20,477

 

Amortization of deferred financing costs

 

2,899

 

1,310

 

2,837

 

1,240

 

4,638

 

2,506

 

Depreciation and amortization

 

30,007

 

12,985

 

28,324

 

11,910

 

47,952

 

20,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

4,526

 

$

6,491

 

$

5,249

 

$

6,355

 

$

7,963

 

$

6,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Real estate depreciation

 

29,991

 

12,977

 

28,306

 

11,902

 

47,939

 

20,780

 

FFO Contribution

 

$

34,517

 

$

19,468

 

$

33,555

 

$

18,257

 

$

55,902

 

$

26,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Non real estate depreciation and amortization

 

$

2,915

 

$

1,320

 

$

2,855

 

$

1,249

 

$

4,651

 

$

2,512

 

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

 

(8,435

)

(3,904

)

(9,302

)

(4,418

)

(11,902

)

(4,902

)

Less: Second cycle tenant improvement

 

(8,008

)

(3,688

)

(3,373

)

(1,461

)

(2,785

)

(1,471

)

Less: Second cycle leasing commissions

 

(241

)

(23

)

(1,369

)

(588

)

(27,667

)

(13,788

)

Less: Recurring CAPEX

 

(3,699

)

(1,808

)

(1,397

)

(667

)

(777

)

(455

)

FAD Adjustment

 

$

(17,468

)

$

(8,103

)

$

(12,586

)

$

(5,885

)

$

(38,480

)

$

(18,104

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

9,499

 

$

4,798

 

$

10,332

 

$

4,828

 

$

7,353

 

$

3,126

 

First cycle leasing commissions

 

$

2,685

 

$

1,339

 

$

3,814

 

$

1,928

 

$

3,984

 

$

1,915

 

Redevelopment costs

 

$

46,238

 

$

23,427

 

$

33,669

 

$

16,730

 

$

61,156

 

$

25,860

 

Capitalized interest

 

$

12,024

 

$

5,821

 

$

10,801

 

$

5,386

 

$

8,954

 

$

4,436

 

 

Supplemental Information

Fourth Quarter 2014

 

22



 

 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Twelve Months Ended December 31, 2014

 

Twelve Months Ended December 31, 2013

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

448,477

 

$

191,070

 

$

539,528

 

$

225,350

 

Escalation and reimbursement revenues

 

34,890

 

15,337

 

46,003

 

18,707

 

Other income

 

38,765

 

22,657

 

43,118

 

19,947

 

Total Revenues, net

 

$

522,132

 

$

229,064

 

$

628,649

 

$

264,004

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

82,436

 

$

37,283

 

$

114,633

 

$

48,951

 

Ground rent

 

9,898

 

4,909

 

2,863

 

117

 

Real estate taxes

 

64,217

 

28,055

 

71,755

 

30,018

 

Total Operating Expenses

 

$

156,551

 

$

70,247

 

$

189,251

 

$

79,086

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

365,581

 

$

158,817

 

$

439,398

 

$

184,918

 

Cash NOI

 

$

328,849

 

$

141,061

 

$

406,908

 

$

172,070

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

535

 

$

372

 

$

808

 

$

356

 

Interest expense, net of interest income

 

178,743

 

61,556

 

225,765

 

79,896

 

Amortization of deferred financing costs

 

12,395

 

6,008

 

17,092

 

9,637

 

Depreciation and amortization

 

137,793

 

59,414

 

192,504

 

79,640

 

Loss on early extinguishment of debt

 

6,743

 

3,382

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

29,372

 

$

28,085

 

$

3,229

 

$

15,389

 

 

 

 

 

 

 

 

 

 

 

Add: Real estate depreciation

 

137,724

 

59,379

 

192,475

 

79,629

 

FFO Contribution

 

$

167,096

 

$

87,464

 

$

195,704

 

$

95,018

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

Add: Non real estate depreciation and amortization

 

$

11,375

 

$

5,003

 

$

17,121

 

$

9,648

 

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

 

(41,008

)

(17,865

)

(37,422

)

(15,280

)

Less: Second cycle tenant improvement

 

(21,668

)

(10,215

)

(10,341

)

(4,889

)

Less: Second cycle leasing commissions

 

(16,280

)

(7,876

)

(37,045

)

(17,903

)

Less: Recurring CAPEX

 

(7,081

)

(3,401

)

(2,711

)

(1,252

)

FAD Adjustment

 

$

(74,662

)

$

(34,354

)

$

(70,398

)

$

(29,676

)

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

28,163

 

$

9,576

 

$

27,998

 

$

12,983

 

First cycle leasing commissions

 

$

13,185

 

$

6,117

 

$

12,676

 

$

6,008

 

Redevelopment costs

 

$

169,787

 

$

84,295

 

$

185,007

 

$

86,394

 

Capitalized interest

 

$

45,626

 

$

22,509

 

$

34,829

 

$

16,905

 

 

Supplemental Information

Fourth Quarter 2014

 

23



 

SELECTED FINANCIAL DATA

Property NOI and Components of Consolidated Debt Service and Fixed Charges

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

 

 

2014

 

2013

 

2014

 

2014

 

2013

 

Property NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating NOI

 

$

200,904

 

$

165,026

 

$

199,372

 

$

753,009

 

$

641,132

 

NOI from discontinued operations

 

5,441

 

14,120

 

7,750

 

37,790

 

64,906

 

Total property operating NOI - consolidated

 

206,345

 

179,146

 

207,122

 

790,799

 

706,038

 

SLG share of property NOI from JVs

 

34,757

 

50,197

 

33,232

 

158,817

 

184,918

 

NOI

 

$

241,102

 

$

229,343

 

$

240,354

 

$

949,616

 

$

890,956

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

1,613

 

2,199

 

4,939

 

10,152

 

9,712

 

 

Net FAS 141 adjustment

 

5,345

 

3,962

 

5,816

 

21,368

 

9,803

 

 

Straightline revenue adjustment

 

15,381

 

15,900

 

15,929

 

64,851

 

63,669

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Allowance for S/L tenant credit loss

 

525

 

741

 

 

(1,731

)

2,682

 

 

Ground lease straight-line adjustment

 

705

 

1,358

 

687

 

4,719

 

4,681

 

Cash NOI

 

$

219,993

 

$

209,381

 

$

214,357

 

$

856,233

 

$

815,135

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of Consolidated Debt Service and Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

82,645

 

$

82,795

 

85,250

 

$

330,053

 

330,676

 

Principal amortization payments

 

11,185

 

10,214

 

11,261

 

43,914

 

42,097

 

Total Consolidated Debt Service

 

$

93,830

 

$

93,009

 

$

96,511

 

$

373,967

 

$

372,773

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments under ground lease arrangements

 

$

7,652

 

$

8,846

 

$

7,612

 

$

32,154

 

35,289

 

Dividends on preferred units

 

800

 

568

 

820

 

2,750

 

2,260

 

Dividends on perpetual preferred shares

 

3,738

 

3,738

 

3,738

 

14,952

 

21,883

 

Total Consolidated Fixed Charges

 

$

106,020

 

$

106,161

 

$

108,681

 

$

423,823

 

$

432,205

 

 

Supplemental Information

Fourth Quarter 2014

 

24



 

SELECTED FINANCIAL DATA

2014 Same Store - Consolidated

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

 

 

December 31,

 

December 31,

 

 

 

September 30,

 

December 31,

 

December 31,

 

 

 

 

 

2014

 

2013

 

%

 

2014

 

2014

 

2013

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

249,541

 

$

241,535

 

3.3

%

$

246,183

 

$

983,181

 

$

955,906

 

2.9

%

 

Escalation & reimbursement revenues

 

41,837

 

38,463

 

8.8

%

40,725

 

153,430

 

147,990

 

3.7

%

 

Other income

 

1,832

 

1,363

 

34.4

%

1,320

 

5,131

 

5,668

 

-9.5

%

 

Total Revenues

 

$

293,210

 

$

281,361

 

4.2

%

$

288,228

 

$

1,141,742

 

$

1,109,564

 

2.9

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

61,946

 

$

61,318

 

1.0

%

$

62,841

 

$

247,445

 

$

246,811

 

0.3

%

 

Ground rent

 

8,283

 

8,214

 

0.8

%

8,283

 

33,133

 

32,948

 

0.6

%

 

Real estate taxes

 

54,929

 

49,579

 

10.8

%

51,525

 

202,470

 

192,526

 

5.2

%

 

Transaction related costs, net of recoveries

 

32

 

55

 

0.0

%

 

104

 

135

 

0.0

%

 

 

$

125,190

 

$

119,166

 

5.1

%

$

122,649

 

$

483,152

 

$

472,420

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

168,020

 

$

162,195

 

3.6

%

$

165,579

 

$

658,590

 

$

637,144

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

51,485

 

$

54,022

 

-4.7

%

$

53,787

 

$

212,052

 

$

217,337

 

-2.4

%

 

Depreciation & amortization

 

78,080

 

76,081

 

2.6

%

76,685

 

307,489

 

299,564

 

2.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

38,455

 

$

32,092

 

19.8

%

$

35,107

 

$

139,049

 

$

120,243

 

15.6

%

Plus:

Real estate depreciation & amortization

 

78,069

 

76,070

 

2.6

%

76,674

 

307,444

 

299,520

 

2.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

116,524

 

$

108,162

 

7.7

%

$

111,781

 

$

446,493

 

$

419,763

 

6.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

420

 

448

 

-6.3

%

159

 

997

 

1,683

 

-40.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

32

 

55

 

0.0

%

 

104

 

135

 

0.0

%

 

Interest expense & amortization of financing costs

 

51,485

 

54,022

 

-4.7

%

53,787

 

212,052

 

217,337

 

-2.4

%

 

Non-real estate depreciation

 

11

 

11

 

0.0

%

11

 

45

 

44

 

2.3

%

 

 

NOI

 

$

167,632

 

$

161,802

 

3.6

%

$

165,420

 

$

657,697

 

$

635,596

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

1,367

 

236

 

479.2

%

3,961

 

7,588

 

3,404

 

122.9

%

 

Straightline revenue adjustment

 

10,189

 

9,769

 

4.3

%

9,913

 

39,730

 

40,033

 

-0.8

%

 

Rental income - FAS 141

 

4,684

 

6,610

 

-29.1

%

5,275

 

21,578

 

18,956

 

13.8

%

Plus:

Ground lease straight-line adjustment

 

400

 

281

 

42.3

%

400

 

1,602

 

1,143

 

40.2

%

 

Allowance for S/L tenant credit loss

 

526

 

742

 

-29.1

%

(8

)

(568

)

3,080

 

-118.4

%

 

 

Cash NOI

 

$

152,318

 

$

146,210

 

4.2

%

$

146,663

 

$

589,835

 

$

577,426

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

57.2

%

57.4

%

 

 

57.4

%

57.7

%

57.2

%

 

 

 

Cash NOI to real estate revenue, net

 

51.9

%

51.9

%

 

 

50.9

%

51.7

%

52.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

60.0

%

60.4

%

 

 

60.3

%

60.6

%

60.2

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

54.6

%

54.7

%

 

 

53.7

%

54.5

%

54.8

%

 

 

 

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.

 

Supplemental Information

Fourth Quarter 2014

 

25



 

SELECTED FINANCIAL DATA

2014 Same Store - Joint Venture

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

 

 

December 31,

 

December 31,

 

 

 

September 30,

 

December 31,

 

December 31,

 

 

 

 

 

2014

 

2013

 

%

 

2014

 

2014

 

2013

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

30,771

 

$

28,124

 

9.4

%

$

29,423

 

$

117,711

 

$

105,625

 

11.4

%

 

Escalation & reimbursement revenues

 

2,642

 

2,612

 

1.1

%

2,925

 

10,200

 

9,309

 

9.6

%

 

Other income

 

198

 

344

 

-42.4

%

516

 

1,236

 

2,151

 

-42.5

%

 

Total Revenues

 

$

33,611

 

$

31,080

 

8.1

%

$

32,864

 

$

129,147

 

$

117,085

 

10.3

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

6,333

 

$

5,566

 

13.8

%

$

6,033

 

$

24,100

 

$

22,634

 

6.5

%

 

Ground rent

 

 

 

0.0

%

 

 

 

0.0

%

 

Real estate taxes

 

5,042

 

4,318

 

16.8

%

4,880

 

18,669

 

16,496

 

13.2

%

 

Transaction related costs, net of recoveries

 

 

 

0.0

%

 

 

2

 

0.0

%

 

 

$

11,375

 

$

9,884

 

15.1

%

$

10,913

 

$

42,769

 

$

39,132

 

9.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

22,236

 

$

21,196

 

4.9

%

$

21,951

 

$

86,378

 

$

77,953

 

10.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

8,658

 

$

8,332

 

3.9

%

$

8,551

 

$

33,794

 

$

33,166

 

1.9

%

 

Depreciation & amortization

 

10,312

 

9,473

 

8.9

%

9,925

 

39,458

 

35,232

 

12.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

3,266

 

$

3,391

 

-3.7

%

$

3,475

 

$

13,126

 

$

9,555

 

37.4

%

Plus:

Real estate depreciation & amortization

 

10,303

 

9,466

 

8.8

%

9,917

 

39,425

 

35,220

 

11.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

13,569

 

$

12,857

 

5.5

%

$

13,392

 

$

52,551

 

$

44,775

 

17.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

38

 

(77

)

-149.4

%

122

 

240

 

99

 

142.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

 

 

0.0

%

 

 

2

 

-100.0

%

 

Interest expense & amortization of financing costs

 

8,658

 

8,332

 

3.9

%

8,551

 

33,794

 

33,166

 

1.9

%

 

Non-real estate depreciation

 

9

 

7

 

0.0

%

8

 

33

 

12

 

175.0

%

 

NOI

 

$

22,198

 

$

21,273

 

4.3

%

$

21,829

 

$

86,138

 

$

77,856

 

10.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

778

 

1,169

 

-33.4

%

956

 

3,306

 

4,233

 

-21.9

%

 

Straightline revenue adjustment

 

1,403

 

1,580

 

-11.2

%

730

 

5,161

 

5,826

 

-11.4

%

 

Rental income - FAS 141

 

543

 

439

 

23.7

%

631

 

1,990

 

2,257

 

-11.8

%

Plus:

Allowance for S/L tenant credit loss

 

 

148

 

-100.0

%

 

63

 

414

 

-84.8

%

 

Cash NOI

 

$

19,474

 

$

18,233

 

6.8

%

$

19,512

 

$

75,744

 

$

65,954

 

14.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

66.1

%

68.3

%

 

 

66.7

%

66.8

%

66.6

%

 

 

 

Cash NOI to real estate revenue, net

 

58.0

%

58.5

%

 

 

59.6

%

58.8

%

56.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

66.1

%

68.3

%

 

 

66.7

%

66.8

%

66.6

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

58.0

%

58.0

%

 

 

59.6

%

58.7

%

56.0

%

 

 

 

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.

 

Supplemental Information

Fourth Quarter 2014

 

26



 

SELECTED FINANCIAL DATA

2014 Same Store - Combined

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

 

 

December 31,

 

December 31,

 

 

 

September 30,

 

December 31,

 

December 31,

 

 

 

 

 

2014

 

2013

 

%

 

2014

 

2014

 

2013

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

280,312

 

$

269,659

 

4.0

%

$

275,606

 

$

1,100,892

 

$

1,061,531

 

3.7

%

 

Escalation & reimbursement revenues

 

44,479

 

41,075

 

8.3

%

43,650

 

163,630

 

157,299

 

4.0

%

 

Other income

 

2,030

 

1,707

 

18.9

%

1,836

 

6,367

 

7,819

 

-18.6

%

 

Total Revenues

 

$

326,821

 

$

312,441

 

4.6

%

$

321,092

 

$

1,270,889

 

$

1,226,649

 

3.6

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

68,279

 

$

66,884

 

2.1

%

$

68,874

 

$

271,545

 

$

269,445

 

0.8

%

 

Ground rent

 

8,283

 

8,214

 

0.8

%

8,283

 

33,133

 

32,948

 

0.6

%

 

Real estate taxes

 

59,971

 

53,897

 

11.3

%

56,405

 

221,139

 

209,022

 

5.8

%

 

Transaction related costs

 

32

 

55

 

0.0

%

 

104

 

137

 

-24.1

%

 

 

$

136,565

 

$

129,050

 

5.8

%

$

133,562

 

$

525,921

 

$

511,552

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

190,256

 

$

183,391

 

3.7

%

$

187,530

 

$

744,968

 

$

715,097

 

4.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

60,143

 

$

62,354

 

-3.5

%

$

62,338

 

$

245,846

 

$

250,503

 

-1.9

%

 

Depreciation & amortization

 

88,392

 

85,554

 

3.3

%

86,610

 

346,947

 

334,796

 

3.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

41,721

 

$

35,483

 

17.6

%

$

38,582

 

$

152,175

 

$

129,798

 

17.2

%

Plus:

Real estate depreciation & amortization

 

88,372

 

85,536

 

3.3

%

86,591

 

346,869

 

334,740

 

3.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

130,093

 

$

121,019

 

7.5

%

$

125,173

 

$

499,044

 

$

464,538

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non—building revenue

 

458

 

371

 

23.5

%

281

 

1,237

 

1,782

 

-30.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

32

 

55

 

 

 

104

 

137

 

-24.1

%

 

Interest expense & amortization of financing costs

 

60,143

 

62,354

 

-3.5

%

62,338

 

245,846

 

250,503

 

-1.9

%

 

Non-real estate depreciation

 

20

 

18

 

11.1

%

19

 

78

 

56

 

39.3

%

 

NOI

 

$

189,830

 

$

183,075

 

3.7

%

$

187,249

 

$

743,835

 

$

713,452

 

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

2,145

 

1,405

 

52.7

%

4,917

 

10,894

 

7,637

 

42.6

%

 

Straightline revenue adjustment

 

11,592

 

11,349

 

2.1

%

10,643

 

44,891

 

45,859

 

-2.1

%

 

Rental income - FAS 141

 

5,227

 

7,049

 

-25.8

%

5,906

 

23,568

 

21,213

 

11.1

%

Plus:

Ground lease straight-line adjustment

 

400

 

281

 

42.3

%

400

 

1,602

 

1,143

 

40.2

%

 

Allowance for S/L tenant credit loss

 

526

 

890

 

-40.9

%

(8

)

(505

)

3,494

 

-114.5

%

 

Cash NOI

 

$

171,792

 

$

164,443

 

4.5

%

$

166,175

 

$

665,579

 

$

643,380

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

58.1

%

58.6

%

 

 

58.3

%

58.5

%

58.2

%

 

 

 

Cash NOI to real estate revenue, net

 

52.6

%

52.6

%

 

 

51.7

%

52.4

%

52.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

60.6

%

61.2

%

 

 

60.9

%

61.1

%

60.9

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

54.9

%

55.0

%

 

 

54.3

%

55.0

%

54.9

%

 

 

 

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.

 

Supplemental Information

Fourth Quarter 2014

 

27



 

DEBT SUMMARY SCHEDULE - Consolidated

 

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

12/31/2014 (1)

 

Coupon (2)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

711 Third Avenue

 

$

120,000

 

4.99

%

 

Jun-15

 

120,000

 

 

Open

 

500 West Putnam Avenue

 

22,968

 

5.52

%

593

 

Jan-16

 

22,376

 

 

Open

 

1-6 Landmark Square

 

81,269

 

4.00

%

1,707

 

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)

 

8,045

 

3.75

%

173

 

Feb-17

 

7,679

 

 

Open

 

885 Third Avenue

 

267,650

 

6.26

%

 

Jul-17

 

267,650

 

 

Open

 

388-390 Greenwich Street (swapped)

 

1,004,000

 

3.25

%

 

Jun-18

(3)

1,004,000

 

Jun-21

 

Jun-15

 

1 Madison Avenue

 

565,742

 

5.91

%

22,925

 

May-20

 

404,531

 

 

Open

 

100 Church Street

 

228,612

 

4.68

%

3,513

 

Jul-22

 

197,784

 

 

Open

 

919 Third Avenue

 

500,000

 

5.12

%

 

Jun-23

 

441,594

 

 

Open

 

400 East 57th Street

 

68,896

 

4.13

%

1,146

 

Feb-24

 

46,195

 

 

Open

 

400 East 58th Street

 

29,527

 

4.13

%

491

 

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

 

 

 

$

4,716,709

 

4.60

%

$

30,548

 

 

 

$

4,239,728

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,250

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Convertible notes

 

309,069

 

3.00

%

 

Oct-17

 

345,000

 

 

Open

 

1745 Broadway

 

16,000

 

4.81

%

 

Jun-18

 

16,000

 

 

Open

 

Unsecured notes

 

249,744

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(4)

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

(5)

7

 

 

Jun-15

 

Convertible notes

 

10,008

 

3.00

%

 

Mar-27

(6)

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

 

 

 

$

1,424,078

 

5.15

%

$

 

 

 

$

1,460,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

6,140,787

 

4.73

%

$

30,548

 

 

 

$

5,700,051

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 325 bps)

 

$

100,000

 

3.42

%

$

 

Dec-15

 

$

100,000

 

 

Open

 

388-390 Greenwich Street (LIBOR + 175 bps)

 

446,000

 

1.92

%

 

Jun-18

 

446,000

 

Jun-21

 

Jun-15

 

248-252 Bedford Avenue (LIBOR + 150 bps)

 

29,000

 

1.67

%

 

Jun-19

 

28,317

 

 

Open

 

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

 

275,000

 

1.76

%

 

Oct-20

 

275,000

 

 

Open

 

 

 

$

850,000

 

2.03

%

$

 

 

 

$

849,317

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

385,000

 

1.42

%(7)

$

 

Mar-19

(7)

$

385,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

803,000

 

1.57

%

 

Jun-19

 

803,000

 

 

Open

 

 

 

$

1,188,000

 

1.52

%

$

 

 

 

$

1,188,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

2,038,000

 

1.74

%

$

 

 

 

$

2,037,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

8,178,787

 

3.98

%

$

30,548

 

 

 

$

7,737,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Joint Venture

 

$

1,601,340

 

4.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,780,127

 

4.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

10,014,742

 

4.04

%

 

 

 

 

 

 

 

 

 

 

 


(1) Excludes mortgage related to 180 Maiden Lane, which was held for sale as of December 31, 2014 and closed in January 2015.

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

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

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

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

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

(7) Reflects the modification closed in January 2015.

 

Supplemental Information

Fourth Quarter 2014

 

28



 

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures

 

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Principal Outstanding

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

12/31/2014

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

Gross Principal

 

SLG Share

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Renaissance

 

$

2,147

 

$

1,074

 

10.00

%

$

 

Dec-15

 

$

1,074

 

 

Open

 

11 West 34th Street (swapped)

 

16,905

 

5,072

 

4.82

%

95

 

Jan-16

 

4,977

 

 

Open

 

280 Park Avenue

 

700,171

 

350,086

 

6.57

%

3,604

 

Jun-16

 

344,899

 

 

Open

 

1745 Broadway

 

340,000

 

193,358

 

5.68

%

 

Jan-17

 

193,358

 

 

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

 

521 Fifth Avenue (swapped)

 

170,000

 

85,850

 

2.86

%

 

Nov-19

 

85,850

 

 

Open

 

717 Fifth Avenue (mortgage)

 

300,000

 

32,748

 

4.45

%

 

Jul-22

 

32,748

 

 

Aug-15

 

21 East 66th Street

 

12,000

 

3,874

 

3.60

%

 

Apr-23

 

3,874

 

 

Open

 

717 Fifth Avenue (mezzanine)

 

314,381

 

34,318

 

9.00

%

 

Jul-24

 

50,965

 

 

Open

 

Total Fixed Rate Debt/Wtd Avg

 

$

2,065,264

 

$

757,412

 

5.83

%

$

3,699

 

 

 

$

768,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meadows (LIBOR + 575 bps)

 

$

67,350

 

$

33,675

 

7.75

%

$

 

Sep-15

 

$

33,675

 

 

Open

 

3 Columbus Circle (LIBOR + 210 bps)

 

230,974

 

112,946

 

2.36

%

4,063

 

Apr-16

 

107,898

 

 

Open

 

1552 Broadway (LIBOR + 408 bps)

 

184,210

 

92,105

 

4.25

%

 

Apr-16

 

92,105

 

 

Open

 

Mezzanine Debt (LIBOR + 90 bps)

 

30,000

 

15,000

 

1.07

%

 

Jun-16

 

15,000

 

 

Open

 

650 Fifth Avenue (LIBOR + 350 bps)

 

65,000

 

32,500

 

3.67

%

 

Oct-16

 

32,500

 

 

Open

 

175-225 3rd Street (Prime + 100 bps)

 

40,000

 

38,000

 

4.25

%

 

Dec-16

 

38,000

 

 

Open

 

10 East 53rd Street (LIBOR + 250 bps)

 

125,000

 

68,750

 

2.67

%

 

Feb-17

 

68,750

 

 

Open

 

724 Fifth Avenue (LIBOR + 242 bps)

 

275,000

 

137,500

 

2.59

%

 

Apr-17

 

137,500

 

 

Open

 

33 Beekman (LIBOR + 275 bps)

 

52,283

 

23,998

 

2.92

%

28

 

Aug-17

 

23,820

 

 

Open

 

600 Lexington Avenue (LIBOR + 200 bps)

 

116,739

 

64,206

 

2.26

%

2,137

 

Oct-17

 

58,615

 

 

Open

 

55 West 46th Street (LIBOR + 230 bps)

 

150,000

 

37,500

 

2.47

%

 

Oct-17

 

37,500

 

 

Open

 

121 Greene Street (LIBOR + 150 bps)

 

15,000

 

7,500

 

1.67

%

 

Nov-19

 

7,500

 

 

Open

 

100 Park Avenue (LIBOR + 175 bps)

 

360,000

 

179,640

 

1.92

%

 

Feb-21

 

175,859

 

 

Feb-16

 

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

 

1,883

 

608

 

2.88

%

25

 

Jun-33

 

4

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,713,439

 

$

843,928

 

2.87

%

$

6,253

 

 

 

$

828,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Debt/Wtd Avg

 

$

3,778,703

 

$

1,601,340

 

4.27

%

$

9,952

 

 

 

$

1,597,298

 

 

 

 

 

 


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

 

Covenants

 

SL GREEN REALTY CORP.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

47.5

x

Less than 60%

 

Fixed Charge Coverage

 

2.27

x

Greater than 1.5x

 

 

Unsecured Notes Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

36.7

%

Less than 60%

 

Secured Debt / Total Assets

 

19.1

%

Less than 40%

 

Debt Service Coverage

 

3.06

x

Greater than 1.5x

 

Unencumbered Assets / Unsecured Debt

 

465.3

%

Greater than 150%

 

 

Composition of Debt

 

Fixed Rate Debt

 

 

 

 

 

Consolidated

 

$

6,140,787

 

 

 

SLG Share of JV

 

757,412

 

 

 

Total Fixed Rate Debt

 

$

6,898,199

 

70.5%

 

 

 

 

 

 

 

Floating Rate Debt

 

 

 

 

 

Consolidated

 

$

2,038,000

 

 

 

SLG Share of JV

 

843,928

 

 

 

 

 

2,881,928

 

 

 

Debt & Preferred Equity Investments

 

(719,819

)

 

 

Total Floating Rate Debt

 

$

2,162,109

 

22.1%

 

 

 

 

 

 

 

Total Debt

 

$

9,780,127

 

 

 

 

Supplemental Information

Fourth Quarter 2014

 

29



 

 

DEBT SUMMARY SCHEDULE - Reckson Operating Partnership

 

Unaudited

(Dollars in Thousands)

 

Consolidated

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

12/31/2014

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,250

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Unsecured notes

 

249,744

 

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

 

 

 

$

985,001

 

5.82

%

$

 

 

 

$

985,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,485,001

 

5.58

%

$

 

 

 

$

1,426,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

385,000

 

1.42

%(4)

$

 

Mar-19

(4)

$

385,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

803,000

 

1.57

%

 

Jun-19

 

803,000

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,188,000

 

1.52

%

$

 

 

 

$

1,188,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

2,673,001

 

3.78

%

$

 

 

 

$

2,614,909

 

 

 

 

 

 


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

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

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

(4) Reflects the modification closed in January 2015.

 

Covenants

 

RECKSON OPERATING PARTNERSHIP, L.P.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

47.0

%

Less than 60%

 

Fixed Charge Coverage

 

2.88

x

Greater than 1.5x

 

Secured Debt / Total Assets

 

7.6

%

Less than 40%

 

Unsecured Debt / Unencumbered Assets

 

49.7

%

Less than 60%

 

 

Supplemental Information

Fourth Quarter 2014

 

30



 

 

SUMMARY OF GROUND LEASE ARRANGEMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

2015 Scheduled

 

2016 Scheduled

 

2017 Scheduled

 

2018 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

 

418

 

2027

(3)

711 Third Avenue

 

5,250

 

5,354

 

5,500

 

5,500

 

797

 

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

 

122

 

209

 

209

 

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

30,491

 

$

30,612

 

$

30,845

 

$

30,845

 

$

1,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

1080 Amsterdam Avenue

 

$

145

 

$

170

 

$

291

 

$

291

 

$

20,822

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

1,167

 

$

1,167

 

$

1,167

 

$

1,183

 

$

 

2062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

6,086

 

$

6,086

 

$

6,086

 

$

6,169

 

$

90,276

 

2062

 

 


(1) Per the balance sheet at December 31, 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.

 

Supplemental Information

Fourth Quarter 2014

 

31



 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

Weighted Average Book

 

Weighted Average

 

Current

 

 

 

Book Value(1)

 

Value During Quarter

 

Yield During Quarter

 

Yield(3)

 

 

 

 

 

 

 

 

 

 

 

12/31/2013

 

$

1,304,839

 

$

1,304,034

 

11.27

%

11.31

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(2)

 

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(2)

 

232,217

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

3,986

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization(4)

 

(182,120

)

 

 

 

 

 

 

6/30/2014

 

$

1,547,808

 

$

1,416,582

 

10.63

%

10.47

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(2)

 

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

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(2)

 

199,997

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

4,256

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(228,400

)

$

1,395,624

 

10.51

%

10.38

%

12/31/2014

 

$

1,408,804

 

 

 

 

 

 

 

 


(1) Net of unamortized fees, discounts, and premiums.

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

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

(4) Reflects the reclassification of a debt and preferred equity investment originated during the first quarter of 2014 to investment in unconsolidated joint ventures. As of December 31, 2014 the investment had a book value of $99.6 million.

 

Supplemental Information

Fourth Quarter 2014

 

32



 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

 

 

 

 

 

Weighted Average

 

Weighted Average

 

Current

 

Type of Investment

 

Book Value(1)(2)

 

Senior Financing

 

Exposure PSF

 

Yield During Quarter

 

Yield(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

New York City

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Mortgage Debt

 

$

150,563

 

$

 

$

561

 

6.64

%

6.65

%

 

 

 

 

 

 

 

 

 

 

 

 

Junior Mortgage Participation

 

179,460

 

2,011,267

 

$

1,682

 

9.83

%

9.80

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Debt

 

945,786

 

3,662,399

 

$

1,102

 

11.55

%

11.02

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

132,995

 

620,000

 

$

289

 

9.97

%

10.89

%

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 12/31/14

 

$

1,408,804

 

$

6,293,666

 

$

1,020

 

10.51

%

10.38

%

 

Current Maturity Profile(3)

 

 


(1)         Net of unamortized fees, discounts, and premiums.

(2)         Approximately 48.5% of our investments are indexed to LIBOR.

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

(4)         The weighted average maturity of the outstanding balance is 2.02 years. Approximately 51.2% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

 

Supplemental Information

Fourth Quarter 2014

 

33



 

 

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

 

Book Value(1)

 

Property

 

 

 

Senior

 

 

 

Current

 

Investment Type

 

12/31/14

 

Type

 

Location

 

Financing

 

Last $ PSF

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

$

123,041

 

Office

 

New York City

 

$

550,000

 

$

291

 

11.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

109,527

 

Retail Land

 

New York City

 

 

$

373

 

7.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

99,023

 

Residential

 

New York City

 

360,000

 

$

842

 

8.09

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

98,934

 

Office

 

New York City

 

1,109,000

 

$

1,169

 

9.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

73,402

 

Office

 

New York City

 

775,000

 

$

1,081

 

18.45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

71,656

 

Office/Retail

 

New York City

 

165,000

 

$

1,985

 

9.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

70,688

 

Office/Retail

 

New York City

 

205,000

 

$

397

 

11.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

65,770

 

N/A(3)

 

N/A(3)

 

 

$

 

10.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

49,629

 

Residential Construction

 

New York City

 

539,000

 

$

512

 

16.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

49,614

 

Office

 

New York City

 

110,000

 

$

481

 

11.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

811,284

 

 

 

 

 

$

3,813,000

 

 

 

10.90

%

 


(1) Net of unamortized fees, discounts, and premiums.

(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.

 

Supplemental Information

Fourth Quarter 2014

 

34



 

 

 

 

 

SELECTED PROPERTY DATA

 

Manhattan Operating Properties

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-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

 

98.7

 

38,229,624

 

3.7

 

3.2

 

18

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

215,400

 

1

 

98.8

 

88.7

 

83.2

 

83.6

 

86.5

 

10,364,856

 

1.0

 

0.9

 

22

 

120 West 45th Street

 

Midtown

 

Fee Interest

 

1

 

440,000

 

2

 

95.6

 

94.5

 

93.3

 

92.6

 

85.2

 

24,519,168

 

2.4

 

2.0

 

40

 

125 Park Avenue

 

Grand Central

 

Fee Interest

 

1

 

604,245

 

2

 

80.4

 

81.9

 

70.8

 

82.2

 

82.0

 

29,298,864

 

2.8

 

2.4

 

22

 

220 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

1,135,000

 

4

 

92.2

 

92.0

 

91.5

 

91.5

 

91.5

 

48,059,376

 

4.7

 

4.0

 

32

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

1

 

215,000

 

1

 

91.9

 

90.5

 

90.5

 

100.0

 

98.8

 

11,976,660

 

1.2

 

1.0

 

13

 

420 Lexington Ave (Graybar)

 

Grand Central North

 

Leasehold Interest

 

1

 

1,188,000

 

4

 

96.5

 

96.7

 

95.0

 

85.5

 

85.8

 

70,997,604

 

6.9

 

5.9

 

215

 

461 Fifth Avenue (1)

 

Midtown

 

Leasehold Interest

 

1

 

200,000

 

1

 

96.5

 

96.5

 

96.5

 

99.3

 

99.4

 

16,606,080

 

1.6

 

1.4

 

12

 

485 Lexington Avenue

 

Grand Central North

 

Fee Interest

 

1

 

921,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

56,904,228

 

5.5

 

4.7

 

24

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

1

 

941,000

 

3

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

37,381,476

 

3.6

 

3.1

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

1

 

160,000

 

1

 

81.3

 

81.3

 

79.0

 

79.0

 

77.8

 

14,085,768

 

1.4

 

1.2

 

13

 

625 Madison Avenue

 

Plaza District

 

Leasehold Interest

 

1

 

563,000

 

2

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

47,157,372

 

4.6

 

3.9

 

21

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

163,000

 

1

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,521,524

 

0.8

 

0.7

 

7

 

711 Third Avenue (2)

 

Grand Central North

 

Leasehold Interest

 

1

 

524,000

 

2

 

80.6

 

80.6

 

80.6

 

71.9

 

88.4

 

24,748,644

 

2.4

 

2.1

 

17

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

1

 

780,000

 

3

 

96.7

 

96.7

 

96.4

 

96.4

 

95.8

 

43,606,644

 

4.2

 

3.6

 

30

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

1

 

692,000

 

3

 

81.0

 

83.4

 

84.2

 

85.1

 

92.0

 

36,652,068

 

3.6

 

3.1

 

41

 

919 Third Avenue (3)

 

Grand Central North

 

Fee Interest

 

1

 

1,454,000

 

5

 

90.3

 

90.3

 

90.3

 

90.3

 

90.3

 

84,800,004

 

 

 

3.6

 

11

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1

 

1,062,000

 

4

 

99.9

 

99.9

 

99.9

 

99.9

 

95.2

 

87,476,904

 

8.5

 

7.3

 

19

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

1

 

562,000

 

2

 

96.9

 

99.9

 

95.7

 

95.7

 

99.5

 

39,094,292

 

3.8

 

3.3

 

36

 

1515 Broadway

 

Times Square

 

Fee Interest

 

1

 

1,750,000

 

6

 

99.6

 

100.0

 

100.0

 

100.0

 

100.0

 

111,268,968

 

10.8

 

9.3

 

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

 

6.7

 

5.7

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

21

 

15,794,045

 

57

%

94.8

%

94.9

%

94.1

%

93.7

%

94.2

%

$

910,270,281

 

80.1

%

72.4

%

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

 

10.8

 

9.3

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

2

 

2,635,000

 

10

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$

111,016,908

 

10.8

%

9.3

%

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

23

 

18,429,045

 

67

%

95.5

%

95.6

%

94.9

%

94.6

%

95.0

%

$

1,021,287,189

 

90.9

%

81.7

%

618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle - 48.9%

 

Columbus Circle

 

Fee Interest

 

1

 

530,981

 

2

 

79.5

 

79.5

 

73.8

 

73.2

 

70.7

 

34,575,816

 

 

 

1.4

 

24

 

100 Park Avenue - 50%

 

Grand Central South

 

Fee Interest

 

1

 

834,000

 

3

 

96.0

 

96.0

 

96.5

 

96.5

 

95.1

 

57,406,716

 

 

 

2.4

 

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

 

5,129,700

 

 

 

0.2

 

6

 

521 Fifth Avenue - 50.5%

 

Grand Central

 

Fee Interest

 

1

 

460,000

 

2

 

99.3

 

99.3

 

95.6

 

95.4

 

94.4

 

27,807,180

 

 

 

1.2

 

45

 

600 Lexington Avenue - 55%

 

East Side

 

Fee Interest

 

1

 

303,515

 

1

 

89.2

 

89.2

 

75.7

 

75.7

 

75.5

 

20,617,776

 

 

 

0.9

 

35

 

800 Third Avenue - 42.95%

 

Grand Central North

 

Fee Interest

 

1

 

526,000

 

2

 

94.8

 

94.8

 

93.5

 

93.5

 

95.4

 

30,160,800

 

 

 

1.1

 

39

 

1745 Broadway - 56.87%

 

Midtown

 

Fee Interest

 

1

 

674,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

40,227,156

 

 

 

1.9

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

 

 

7

 

3,476,115

 

13

%

94.0

%

94.0

%

91.4

%

91.3

%

90.7

%

$

215,925,144

 

 

 

9.1

%

189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Operating Properties Grand Total / Weighted Average

 

30

 

21,905,160

 

80

%

95.3

%

95.4

%

94.4

%

94.1

%

94.3

%

$

1,237,212,333

 

 

 

 

 

807

 

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,088,380,812

 

 

 

90.8

%

 

 

Manhattan Operating Properties Same Store Occupancy %

 

 

 

19,270,160

 

88

%

94.7

%(4)

94.8

%

93.6

%

93.3

%

93.5

%

 

 

 

 

 

 

 

 

 


(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 211,104 square feet of leases signed but not yet commenced, is 95.7% as of December 31, 2014, as compared to 95.3% at December 31, 2013 and 95.3% at September 30, 2014.

 

Supplemental Information

Fourth Quarter 2014

 

35



 

 

 

 

 

SELECTED PROPERTY DATA

 

Suburban Operating Properties

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-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

 

1,752,264

 

0.2

 

0.1

 

2

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

30.3

 

47.9

 

47.9

 

47.9

 

47.0

 

718,512

 

0.1

 

0.1

 

2

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

21.7

 

21.7

 

57.2

 

57.2

 

57.2

 

773,652

 

0.1

 

0.1

 

2

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

85.8

 

84.6

 

84.6

 

83.9

 

83.9

 

1,978,776

 

0.2

 

0.2

 

10

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

92.0

 

92.0

 

92.0

 

81.8

 

82.6

 

1,937,148

 

0.2

 

0.2

 

8

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

56.7

 

56.7

 

50.8

 

50.8

 

88.0

 

1,533,816

 

0.1

 

0.1

 

3

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

1

 

180,000

 

1

 

76.2

 

75.2

 

57.5

 

55.8

 

57.8

 

3,550,248

 

0.3

 

0.3

 

11

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

1

 

178,000

 

1

 

75.1

 

74.3

 

74.8

 

74.8

 

73.4

 

2,753,964

 

0.3

 

0.2

 

10

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

250,000

 

1

 

72.9

 

70.7

 

70.7

 

70.7

 

70.7

 

4,372,248

 

0.4

 

0.4

 

10

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

245,000

 

1

 

80.2

 

80.2

 

80.2

 

80.2

 

80.2

 

4,645,920

 

0.5

 

0.4

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

228,000

 

1

 

97.8

 

97.8

 

96.5

 

90.3

 

90.3

 

4,987,236

 

0.5

 

0.4

 

7

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

1

 

130,100

 

0

 

100.0

 

95.7

 

95.7

 

93.6

 

93.6

 

4,123,920

 

0.4

 

0.3

 

15

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

1

 

384,000

 

1

 

92.3

 

90.9

 

90.2

 

90.2

 

89.3

 

12,840,336

 

1.2

 

1.1

 

19

 

Westchester, New York Subtotal/Weighted Average

 

13

 

2,135,100

 

9

%

78.8

%

78.6

%

78.1

%

76.7

%

78.1

%

$

45,968,040

 

4.5

%

3.8

%

107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

312,000

 

1

 

95.8

 

93.1

 

95.9

 

95.1

 

93.8

 

8,806,908

 

0.9

 

0.7

 

65

 

2 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

46,000

 

0

 

87.8

 

81.7

 

57.3

 

57.3

 

54.9

 

963,300

 

0.1

 

0.1

 

8

 

3 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

130,000

 

0

 

48.4

 

51.7

 

55.1

 

55.1

 

55.1

 

1,925,160

 

0.2

 

0.2

 

15

 

4 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

105,000

 

0

 

87.6

 

85.1

 

87.6

 

87.6

 

84.9

 

2,866,584

 

0.3

 

0.2

 

13

 

5 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

61,000

 

0

 

99.0

 

98.8

 

98.8

 

98.7

 

99.0

 

970,344

 

0.1

 

0.1

 

10

 

6 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

172,000

 

1

 

87.1

 

87.1

 

83.6

 

83.4

 

83.4

 

3,758,412

 

0.4

 

0.3

 

5

 

7 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

36,800

 

0

 

76.9

 

76.9

 

76.9

 

76.9

 

76.9

 

313,536

 

0.0

 

0.0

 

1

 

680 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

133,000

 

0

 

80.9

 

77.7

 

77.7

 

77.7

 

77.7

 

4,646,412

 

 

 

0.2

 

9

 

750 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

192,000

 

1

 

97.8

 

99.1

 

93.3

 

93.3

 

93.3

 

7,721,700

 

 

 

0.3

 

11

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

1

 

182,000

 

1

 

89.2

 

90.6

 

90.6

 

89.7

 

87.7

 

6,279,972

 

0.6

 

0.5

 

23

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

1

 

143,400

 

1

 

77.1

 

75.6

 

72.2

 

75.7

 

65.3

 

3,601,092

 

0.3

 

0.3

 

23

 

500 West Putnam Avenue

 

Greenwich, Connecticut

 

Fee Interest

 

1

 

121,500

 

0

 

53.8

 

53.8

 

53.8

 

57.0

 

57.0

 

2,978,136

 

0.3

 

0.2

 

10

 

Connecticut Subtotal/Weighted Average

 

12

 

1,634,700

 

5

%

83.6

%

82.9

%

81.8

%

82.1

%

80.5

%

$

44,831,556

 

3.2

%

3.2

%

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

Lyndhurst, New Jersey

 

Fee Interest

 

1

 

278,000

 

1

 

62.4

 

61.1

 

61.1

 

61.1

 

59.4

 

3,851,880

 

0.4

 

0.3

 

5

 

New Jersey Subtotal/Weighted Average

 

1

 

278,000

 

1

%

62.4

%

61.1

%

61.1

%

61.1

%

59.4

%

$

3,851,880

 

0.4

%

0.3

%

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

Brooklyn, New York

 

Fee Interest

 

1

 

317,600

 

1

 

94.7

 

94.4

 

93.8

 

90.3

 

87.2

 

11,572,848

 

1.1

 

1.0

 

67

 

Brooklyn, New York Subtotal/Weighted Average

 

1

 

317,600

 

1

%

94.7

%

94.4

%

93.8

%

90.3

%

87.2

%

$

11,572,848

 

1.1

%

1.0

%

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

27

 

4,365,400

 

16

%

80.7

%

80.2

%

79.6

%

78.7

%

78.5

%

$

106,224,324

 

9.1

%

8.4

%

372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Meadows - 50%

 

Rutherford, New Jersey

 

Fee Interest

 

2

 

582,100

 

2

 

91.4

 

87.1

 

87.9

 

87.1

 

84.2

 

13,645,932

 

 

 

0.6

 

56

 

Jericho Plaza — 20.26%

 

Jericho, New York

 

Fee Interest

 

2

 

640,000

 

2

 

86.0

 

83.6

 

90.5

 

90.5

 

89.9

 

19,101,132

 

 

 

0.3

 

36

 

Total / Weighted Average Unconsolidated Properties

 

4

 

1,222,100

 

4

%

88.6

%

85.3

%

89.3

%

88.9

%

87.2

%

$

32,747,064

 

 

 

0.9

%

92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Operating Properties Grand Total / Weighted Average

 

31

 

5,587,500

 

20

%

82.4

%

81.3

%

81.7

%

80.9

%

80.4

%

$

138,971,388

 

 

 

 

 

464

 

Suburban Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

110,856,804

 

 

 

9.2

%

 

 

Suburban Operating Properties Same Store Occupancy %

 

 

 

5,269,900

 

94

%

81.7

%(2)

80.5

%

81.0

%

80.4

%

80.0

%

 

 

 

 

 

 

 

 

 


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

(2) Suburban same-store occupancy, inclusive of 86,154 square feet of leases signed but not yet commenced, is 83.3% as of December 31, 2014, as compared to 80.9% at December 31, 2013 and 82.4% at September 30, 2014.

 

Supplemental Information

Fourth Quarter 2014

 

36



 

 

 

 

 

 

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

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-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

 

1.3

 

15,482,405

 

1

 

19-21 East 65th Street - 80%  (1)

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

3

 

66.0

 

66.0

 

83.0

 

83.0

 

100.0

 

1,214,687

 

1.8

 

7,548,256

 

19

 

21 East 66th Street - 32.28%

 

Plaza District

 

Fee Interest

 

1

 

13,069

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,204,888

 

1.9

 

82,037,466

 

1

 

131-137 Spring Street

 

Soho

 

Fee Interest

 

2

 

68,342

 

9

 

92.0

 

92.0

 

92.0

 

92.0

 

100.0

 

4,548,411

 

8.3

 

135,900,882

 

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

 

36,132,888

 

7.2

 

279,966,857

 

7

 

724 Fifth Avenue - 50%

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

9

 

74.8

 

68.2

 

76.7

 

76.7

 

76.6

 

21,149,304

 

19.2

 

225,651,044

 

7

 

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

 

5.7

 

11,140,833

(5)

1

 

762 Madison Avenue - 80%  (1)

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

1

 

100.0

 

100.0

 

100.0

 

76.7

 

82.6

 

1,709,127

 

2.5

 

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

 

2.8

 

16,357,696

 

3

 

Subtotal/Weighted Average

 

11

 

385,964

 

52

%

89.0

%

88.0

%

90.3

%

90.0

%

92.5

%

$

75,919,613

 

50.7

%

$

790,790,161

 

55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102 Greene Street

 

Soho

 

Fee Interest

 

1

 

9,200

 

1

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

633,132

 

1.2

 

32,250,000

 

3

 

115 Spring Street

 

Soho

 

Fee Interest

 

1

 

5,218

 

1

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

935,748

 

1.7

 

53,246,312

 

1

 

121 Greene Street - 50%

 

Soho

 

Fee Interest

 

1

 

7,131

 

1

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

1,327,320

 

1.2

 

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

 

100.0

 

15,199,764

 

27.6

 

213,652,520

 

10

 

1552-1560 Broadway - 50%

 

Times Square

 

Fee Interest

 

2

 

57,718

 

8

 

67.5

 

67.5

 

67.5

 

67.5

 

 

19,363,968

 

17.6

 

251,377,086

 

2

 

Subtotal/Weighted Average

 

6

 

349,399

 

48

%

94.6

%

94.5

%

94.3

%

94.3

%

82.4

%

$

37,459,932

 

49.3

%

$

578,734,962

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Retail Properties

 

17

 

735,363

 

100

%

91.7

%

91.0

%

92.2

%

92.0

%

87.9

%

$

113,379,545

 

100.0

%

$

1,369,525,123

 

73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150 Grand Street

 

White Plains, New York

 

Fee Interest

 

1

 

85,000

 

2

 

43.8

 

38.0

 

36.1

 

36.1

 

31.5

 

962,544

 

1.5

 

18,041,479

 

20

 

7 Renaissance Square - 50%

 

White Plains, New York

 

Fee Interest

 

1

 

65,641

 

2

 

67.7

 

66.8

 

51.2

 

46.6

 

46.6

 

1,451,376

 

1.1

 

6,754,467

 

8

 

33 Beekman Street - 45.9%

 

Downtown

 

Fee Interest

 

1

 

 

 

 

 

 

 

 

 

 

80,768,295

 

 

180 Maiden Lane - 49.9%  (1)(3)

 

Financial East

 

Fee Interest

 

1

 

1,090,000

 

27

 

22.9

 

22.9

 

22.9

 

97.6

 

97.6

 

12,495,012

 

9.7

 

467,175,983

 

4

 

280 Park Avenue - 50%

 

Park Avenue

 

Fee Interest

 

1

 

1,219,158

 

30

 

55.4

 

55.5

 

58.2

 

50.1

 

59.4

 

67,136,640

 

52.1

 

1,230,579,347

 

28

 

51 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

142,000

 

3

 

10.1

 

18.4

 

62.2

 

81.0

 

86.5

 

1,146,816

 

1.8

 

83,177,067

 

1

 

317 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

450,000

 

11

 

18.6

 

35.1

 

64.2

 

72.9

 

78.6

 

7,093,848

 

11.0

 

142,336,188

 

7

 

331 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

114,900

 

3

 

19.6

 

74.9

 

77.5

 

83.6

 

83.6

 

2,841,372

 

4.4

 

82,685,470

 

7

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

104,000

 

3

 

72.5

 

72.5

 

48.8

 

 

 

5,441,412

 

8.4

 

99,604,391

 

1

 

10 East 53rd Street - 55%

 

Plaza District

 

Fee Interest

 

1

 

354,300

 

9

 

30.1

 

26.7

 

26.7

 

90.0

 

90.0

 

6,344,820

 

5.4

 

291,620,096

 

13

 

Fifth Avenue Retail Assemblage

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

2

 

63.7

 

66.2

 

69.8

 

74.6

 

74.6

 

1,224,600

 

1.9

 

149,356,149

 

1

 

650 Fifth Avenue - 50%

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

1

 

10.5

 

10.5

 

10.5

 

63.6

 

63.6

 

1,337,316

 

1.0

 

261,952,932

 

2

 

719 Seventh Avenue - 75%  (1)

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

1,397,256

 

1.6

 

41,267,887

 

2

 

175-225 Third Street - 95%

 

Brooklyn, New York

 

Fee Interest

 

1

 

 

 

 

N/A

 

N/A

 

N/A

 

N/A

 

 

 

74,751,413

 

 

55 West 46th Street - 25%

 

Midtown

 

Fee Interest

 

1

 

347,000

 

9

 

 

N/A

 

N/A

 

N/A

 

N/A

 

 

 

302,049,241

 

 

Total / Weighted Average Development / Redevelopment Properties

 

17

 

4,077,285

 

100

 

33.4

%

40.1

%

45.3

%

71.6

%

75.4

%

$

108,873,012

 

100.0

%

$

3,332,120,405

 

94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue  (4 )

 

Plaza District

 

Fee Interest

 

1

 

176,530

 

23

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

3,677,574

 

18.1

 

153,745,356

 

 

 

885 Third Avenue  (4 )

 

Midtown/Plaza District

 

Fee Interest

 

1

 

607,000

 

77

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

16,652,406

 

81.9

 

329,943,115

 

 

 

Total / Weighted Average Land

 

 

 

 

 

2

 

783,530

 

100

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$

20,329,980

 

100.0

%

$

483,688,471

 

 

 

 

Residential Properties

 

 

 

 

 

 

 

# of

 

Useable

 

Total Units

 

Occupancy (%)

 

Average Monthly

 

Annualized

 

Gross Total RE

 

 

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Residential

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-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

 

94.3

 

91.6

 

93.1

 

94.2

 

95.0

 

3,128

 

10,935,990

 

120,460,820

 

 

 

400 East 58th Street - 80% (1)

 

Upper East Side

 

Fee Interest

 

1

 

140,000

 

125

 

96.8

 

96.0

 

96.8

 

98.4

 

94.4

 

3,089

 

4,968,418

 

53,138,112

 

 

 

1080 Amsterdam - 87.5% (1)

 

Upper West Side

 

Leasehold Interest

 

1

 

82,250

 

96

 

97.9

 

94.8

 

2.2

 

2.2

 

2.2

 

3,607

 

4,320,780

 

46,236,790

 

 

 

248-252 Bedford Avenue - 90% (1)

 

Brooklyn, New York

 

Fee Interest

 

1

 

66,611

 

77

 

89.6

 

79.2

 

84.4

 

87.7

 

85.7

 

4,059

 

3,360,631

 

45,550,067

 

 

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

 

 

222,855

 

333

 

95.8

 

96.1

 

91.0

 

93.7

 

92.5

 

3,754

 

14,324,721

 

176,260,244

 

 

 

Total / Weighted Average Residential Properties

 

4

 

802,198

 

892

 

95.2

%

93.2

%

82.3

%

84.1

%

83.2

%

$

3,488

 

$

37,910,539

 

$

441,646,033

 

 

 

 


(1) Consolidated joint venture asset.

(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) Sold in January 2015.

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

(5) Excludes the fee position owned through a separate entity.

 

Supplemental Information

Fourth Quarter 2014

 

37



 

 

 

 

 

 

SELECTED PROPERTY DATA

 

RETAIL PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized Retail

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Cash Rent ($’s)

 

Tenants

 

PRIME RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

1

 

66.0

 

66.0

 

83.0

 

83.0

 

100.0

 

1,214,687

 

19

 

102 Greene Street

 

Soho

 

Fee Interest

 

1

 

9,200

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

633,132

 

3

 

115 Spring Street

 

Soho

 

Fee Interest

 

1

 

5,218

 

0

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

935,748

 

1

 

131-137 Spring Street

 

Soho

 

Fee Interest

 

2

 

68,342

 

4

 

92.0

 

92.0

 

92.0

 

92.0

 

100.0

 

4,548,411

 

11

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

14

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,199,764

 

10

 

719 Seventh Avenue - 75% (1)

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

1,397,256

 

2

 

752 Madison Avenue - 80% (2)

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,949,404

 

1

 

762 Madison Avenue - 80% (1)

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

0

 

100.0

 

100.0

 

100.0

 

76.7

 

82.6

 

1,709,127

 

5

 

Fifth Avenue Retail Assemblage

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

3

 

63.7

 

66.2

 

69.8

 

74.6

 

74.6

 

1,224,600

 

1

 

Williamsburg Terrace

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,560,492

 

3

 

Subtotal / Weighted Average

 

14

 

528,697

 

28

%

92.8

%

93.0

%

94.1

%

94.5

%

96.5

%

$

32,372,621

 

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRIME RETAIL - Unconsolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 West 34th Street - 30%

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,450,412

 

1

 

21 East 66th Street - 32.28%

 

Plaza District

 

Fee Interest

 

1

 

13,069

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,204,888

 

1

 

121 Greene Street - 50%

 

Soho

 

Fee Interest

 

1

 

7,131

 

0

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

1,327,320

 

2

 

650 Fifth Avenue - 50%

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

2

 

10.5

 

10.5

 

10.5

 

63.6

 

63.6

 

1,337,316

 

2

 

717 Fifth Avenue - 10.92%

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

6

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

36,132,888

 

7

 

724 Fifth Avenue - 50%

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

3

 

74.8

 

68.2

 

76.7

 

76.7

 

76.6

 

21,149,304

 

7

 

1552-1560 Broadway - 50%

 

Times Square

 

Fee Interest

 

2

 

57,718

 

3

 

67.5

 

67.5

 

67.5

 

67.5

 

 

19,363,968

 

2

 

Subtotal / Weighted Average

 

8

 

311,952

 

16

%

75.4

%

74.0

%

75.2

%

80.9

%

68.1

%

$

84,966,096

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Prime Retail

 

 

 

 

 

22

 

840,649

 

44

%

86.4

%

85.9

%

87.1

%

89.4

%

85.8

%

$

117,338,717

 

78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

23,221

 

1

 

69.0

 

80.3

 

80.3

 

80.3

 

100.0

 

1,146,816

 

1

 

100 Church Street

 

Downtown

 

Fee Interest

 

1

 

49,992

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,598,876

 

7

 

120 West 45th Street

 

Midtown

 

Fee Interest

 

1

 

5,446

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

416,244

 

1

 

125 Park Avenue

 

Grand Central

 

Fee Interest

 

1

 

21,733

 

1

 

43.9

 

43.9

 

43.9

 

43.9

 

43.9

 

1,142,412

 

5

 

180 Maiden Lane - 49.9% (1)

 

Financial East

 

Fee Interest

 

1

 

1,602

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

44,280

 

1

 

220 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

49,970

 

3

 

96.5

 

96.5

 

96.5

 

95.7

 

96.9

 

3,399,569

 

6

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

1

 

25,330

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,924,952

 

6

 

317 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

26,935

 

1

 

25.3

 

25.3

 

100.0

 

100.0

 

100.0

 

2,024,304

 

1

 

331 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

13,722

 

1

 

72.9

 

82.9

 

84.7

 

84.7

 

84.7

 

610,212

 

2

 

400 East 57th Street - 80% (1)

 

Upper East Side

 

Fee Interest

 

1

 

16,605

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,701,928

 

10

 

400 East 58th Street - 80% (1)

 

Upper East Side

 

Fee Interest

 

1

 

3,240

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

483,835

 

5

 

420 Lexington Ave (Graybar)

 

Grand Central North

 

Leasehold Interest

 

1

 

49,375

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,028,160

 

6

 

461 Fifth Avenue

 

Midtown

 

Leasehold Interest

 

1

 

16,248

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,668,336

 

2

 

485 Lexington Avenue

 

Grand Central North

 

Fee Interest

 

1

 

45,394

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,974,376

 

5

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

1

 

60,389

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,694,859

 

2

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

1

 

46,019

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

8,887,020

 

1

 

625 Madison Avenue

 

Plaza District

 

Leasehold Interest

 

1

 

74,937

 

4

 

85.1

 

85.1

 

85.1

 

85.1

 

85.1

 

14,956,284

 

14

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

7,396

 

0

 

 

 

 

 

 

 

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

15,584

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,612,764

 

1

 

711 Third Avenue

 

Grand Central North

 

Leasehold Interest

 

1

 

25,639

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,785,308

 

3

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

1

 

24,827

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,657,388

 

7

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

1

 

13,470

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,659,664

 

4

 

919 Third Avenue - 51.0% (1)

 

Grand Central North

 

Fee Interest

 

1

 

31,004

 

2

 

98.9

 

100.0

 

100.0

 

100.0

 

100.0

 

3,024,744

 

4

 

1080 Amsterdam - 87.5% (1)

 

Upper West Side

 

Leasehold Interest

 

1

 

1,800

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

252,000

 

1

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1

 

37,326

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

5,647,692

 

5

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

1

 

17,797

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,263,740

 

5

 

1515 Broadway

 

Times Square

 

Fee Interest

 

1

 

185,333

 

10

 

95.8

 

100.0

 

100.0

 

100.0

 

100.0

 

15,607,956

 

5

 

Subtotal / Weighted Average

 

27

 

890,334

 

46

%

92.0

%

93.3

%

95.6

%

95.6

%

96.1

%

$

89,213,719

 

110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER RETAIL - Unconsolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle - 48.9%

 

Columbus Circle

 

Fee Interest

 

1

 

40,647

 

2

 

87.2

 

87.2

 

87.2

 

87.2

 

87.2

 

9,100,524

 

4

 

10 East 53rd Street - 55%

 

Plaza District

 

Fee Interest

 

1

 

8,786

 

0

 

81.7

 

100.0

 

100.0

 

100.0

 

100.0

 

713,700

 

2

 

55 West 46th Street - 25%

 

Midtown

 

Leasehold Interest

 

1

 

1,300

 

0

 

 

N/A

 

N/A

 

N/A

 

N/A

 

 

 

100 Park Avenue - 50%

 

Grand Central South

 

Fee Interest

 

1

 

40,022

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

76.0

 

2,849,592

 

9

 

280 Park Avenue - 50%

 

Park Avenue

 

Fee Interest

 

1

 

18,545

 

1

 

18.9

 

18.9

 

18.9

 

8.5

 

 

786,108

 

2

 

315 West 36th Street - 35.5%

 

Times Square South

 

Fee Interest

 

1

 

10,271

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

396,156

 

3

 

521 Fifth Avenue - 50.5%

 

Grand Central

 

Fee Interest

 

1

 

53,157

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,820,652

 

3

 

600 Lexington Avenue - 55%

 

East Side

 

Fee Interest

 

1

 

4,264

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

 

777,216

 

2

 

800 Third Avenue - 42.95%

 

Grand Central North

 

Fee Interest

 

1

 

9,900

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,680,216

 

2

 

Subtotal / Weighted Average

 

 

 

 

 

9

 

186,892

 

10

%

87.6

%

89.1

%

89.1

%

88.1

%

79.7

%

$

21,124,164

 

27

 

Total / Weighted Average Other Retail

 

 

 

 

 

36

 

1,077,226

 

56

%

91.2

%

92.6

%

94.5

%

94.3

%

93.3

%

$

110,337,883

 

137

 

Retail Grand Total / Weighted Average

 

 

 

 

 

58

 

1,917,875

 

100

%

89.1

%

89.7

%

91.3

%

92.2

%

90.1

%

$

227,676,600

 

215

 

Retail Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

155,578,475

 

 

 

 


(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.

 

Supplemental Information

Fourth Quarter 2014

 

38



 

 

SELECTED PROPERTY DATA

 

 

Manhattan Operating Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

215,400

 

2

 

98.8

 

88.7

 

83.2

 

83.6

 

86.5

 

10,364,856

 

2.3

 

2.1

 

22

 

125 Park Avenue

 

Grand Central

 

Fee Interest

 

604,245

 

5

 

80.4

 

81.9

 

70.8

 

82.2

 

82.0

 

29,298,864

 

6.5

 

5.8

 

22

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

215,000

 

2

 

91.9

 

90.5

 

90.5

 

100.0

 

98.8

 

11,976,660

 

2.6

 

2.4

 

13

 

461 Fifth Avenue

 

Midtown

 

Leasehold Interest

 

200,000

 

2

 

96.5

 

96.5

 

96.5

 

99.3

 

99.4

 

16,606,080

 

3.7

 

3.3

 

12

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

941,000

 

9

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

37,381,476

 

8.2

 

7.4

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

160,000

 

1

 

81.3

 

81.3

 

79.0

 

79.0

 

77.8

 

14,085,768

 

3.1

 

2.8

 

13

 

625 Madison Avenue

 

Plaza District

 

Leasehold Interest

 

563,000

 

5

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

47,157,372

 

10.4

 

9.4

 

21

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

163,000

 

1

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,521,524

 

1.9

 

1.7

 

7

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

780,000

 

7

 

96.7

 

96.7

 

96.4

 

96.4

 

95.8

 

43,606,644

 

9.6

 

8.7

 

30

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

692,000

 

6

 

81.0

 

83.4

 

84.2

 

85.1

 

92.0

 

36,652,068

 

8.1

 

7.3

 

41

 

919 Third Avenue

 

Grand Central North

 

Fee Interest (1)

 

1,454,000

 

13

 

90.3

 

90.3

 

90.3

 

90.3

 

90.3

 

84,800,004

 

 

 

8.6

 

11

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1,062,000

 

10

 

99.9

 

99.9

 

99.9

 

99.9

 

95.2

 

87,476,904

 

19.3

 

17.4

 

19

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

562,000

 

5

 

96.9

 

99.9

 

95.7

 

95.7

 

99.5

 

39,094,292

 

8.6

 

7.8

 

36

 

Total / Weighted Average Manhattan Consolidated Properties

 

7,611,645

 

69

%

92.8

%

93.0

%

91.7

%

93.0

%

93.2

%

$

467,022,513

 

84.2

%

 

 

257

 

Total Manhattan Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

425,470,511

 

 

 

84.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,752,264

 

0.4

 

0.3

 

2

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

30.3

 

47.9

 

47.9

 

47.9

 

47.0

 

718,512

 

0.2

 

0.1

 

2

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

21.7

 

21.7

 

57.2

 

57.2

 

57.2

 

773,652

 

0.2

 

0.2

 

2

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

85.8

 

84.6

 

84.6

 

83.9

 

83.9

 

1,978,776

 

0.4

 

0.4

 

10

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

92.0

 

92.0

 

92.0

 

81.8

 

82.6

 

1,937,148

 

0.4

 

0.4

 

8

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

56.7

 

56.7

 

50.8

 

50.8

 

88.0

 

1,533,816

 

0.3

 

0.3

 

3

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

180,000

 

2

 

76.2

 

75.2

 

57.5

 

55.8

 

57.8

 

3,550,248

 

0.8

 

0.7

 

11

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

178,000

 

2

 

75.1

 

74.3

 

74.8

 

74.8

 

73.4

 

2,753,964

 

0.6

 

0.5

 

10

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

250,000

 

2

 

72.9

 

70.7

 

70.7

 

70.7

 

70.7

 

4,372,248

 

1.0

 

0.9

 

10

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

245,000

 

2

 

80.2

 

80.2

 

80.2

 

80.2

 

80.2

 

4,645,920

 

1.0

 

0.9

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

228,000

 

2

 

97.8

 

97.8

 

96.5

 

90.3

 

90.3

 

4,987,236

 

1.1

 

1.0

 

7

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

130,100

 

1

 

100.0

 

95.7

 

95.7

 

93.6

 

93.6

 

4,123,920

 

0.9

 

0.8

 

15

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

384,000

 

3

 

92.3

 

90.9

 

90.2

 

90.2

 

89.3

 

12,840,336

 

2.8

 

2.6

 

19

 

125 Chubb Way

 

Lyndhurst, New Jersey

 

Fee Interest

 

278,000

 

3

 

62.4

 

61.1

 

61.1

 

61.1

 

59.4

 

3,851,880

 

0.8

 

0.8

 

5

 

7 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

36,800

 

0

 

76.9

 

76.9

 

76.9

 

76.9

 

76.9

 

313,536

 

0.1

 

0.1

 

1

 

680 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

133,000

 

1

 

80.9

 

77.7

 

77.7

 

77.7

 

77.7

 

4,646,412

 

 

 

0.5

 

9

 

750 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

192,000

 

2

 

97.8

 

99.1

 

93.3

 

93.3

 

93.3

 

7,721,700

 

 

 

0.8

 

11

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

182,000

 

2

 

89.2

 

90.6

 

90.6

 

89.7

 

87.7

 

6,279,972

 

1.4

 

1.2

 

23

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

143,400

 

1

 

77.1

 

75.6

 

72.2

 

75.7

 

65.3

 

3,601,092

 

0.8

 

0.7

 

23

 

Subtotal / Weighted Average

 

3,100,300

 

28

%

79.1

%

78.8

%

77.9

%

77.1

%

77.3

%

$

72,382,632

 

13.2

%

13.2

%

179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

Brooklyn, New York

 

Fee Interest

 

317,600

 

3

 

94.7

 

94.4

 

93.8

 

90.3

 

87.2

 

11,572,848

 

2.6

 

2.3

 

67

 

Subtotal / Weighted Average

 

317,600

 

3

%

94.7

%

94.4

%

93.8

%

90.3

%

87.2

%

$

11,572,848

 

2.6

%

2.3

%

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Suburban Consolidated Properties

 

3,417,900

 

31

%

80.5

%

80.2

%

79.4

%

78.3

%

78.3

%

$

83,955,480

 

 

 

 

 

246

 

Total Suburban Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

77,895,105

 

 

 

15.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reckson Operating Properties Grand Total

 

11,029,545

 

100

%

89.0

%

89.0

%

87.9

%

88.5

%

88.6

%

$

550,977,993

 

100.0

%

 

 

503

 

Reckson Operating Properties Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

503,365,616

 

 

 

100.0

%

 

 

 


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

 

Supplemental Information

Fourth Quarter 2014

 

39



 

 

SELECTED PROPERTY DATA

 

 

Retail, Development / Redevelopment & Land Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Cash Rent ($’s)

 

Book Value

 

Tenants

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102 Greene Street

 

Soho

 

Fee Interest

 

9,200

 

3

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

633,132

 

32,250,000

 

3

 

115 Spring Street

 

Soho

 

Fee Interest

 

5,218

 

1

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

935,748

 

53,246,312

 

1

 

131-137 Spring Street

 

Soho

 

Fee Interest

 

68,342

 

19

 

92.0

 

92.0

 

92.0

 

92.0

 

100.0

 

4,548,411

 

135,900,882

 

11

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

270,132

 

77

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,199,764

 

213,652,520

 

10

 

Total Retail Properties

 

 

 

 

 

352,892

 

100

%

98.4

%

98.4

%

98.4

%

98.4

%

100.0

%

$

21,317,055

 

$

435,049,714

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

104,000

 

100

 

72.5

 

72.5

 

48.8

 

 

 

5,441,412

 

99,604,391

 

1

 

Total Development Properties

 

 

 

 

 

104,000

 

100

%

72.5

%

72.5

%

48.8

%

 

 

$

5,441,412

 

$

99,604,391

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue

 

Plaza District

 

Fee Interest

 

176,530

 

100

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

3,677,574

 

153,745,356

 

 

 

Total Land Properties

 

 

 

 

 

176,530

 

100

%

100.0

%

100.0

%

 

 

 

$

3,677,574

 

$

153,745,356

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential Properties - Reckson Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Useable

 

 

 

Occupancy (%)

 

Annualized

 

Average Monthly

 

Gross Total RE

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Total Units

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Dec-13

 

Cash Rent ($’s)

 

Rent Per Unit ($’s)

 

Book Value

 

Tenants

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

222,855

 

333

 

89.6

 

79.2

 

91.0

 

93.7

 

92.5

 

3,360,631

 

4,059

 

45,550,067

 

298

 

Total Residential Properties

 

 

 

 

 

222,855

 

333

 

89.6

%

79.2

%

91.0

%

93.7

%

92.5

%

$

3,360,631

 

$

4,059

 

$

45,550,067

 

298

 

 

Supplemental Information

Fourth Quarter 2014

 

40



 

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

 

$

132,520,195

(1)

$

43.83

 

9.6

%

$

130,423,302

 

10.9

%

A-

 

Viacom International, Inc.

 

1515 Broadway

 

2031

 

1,330,735

 

86,384,327

 

$

64.91

 

6.3

%

86,384,327

 

7.2

%

BBB

 

Credit Suisse Securities (USA), Inc.

 

1 Madison Avenue & 1055 Washington

 

2019 & 2020

 

1,149,406

 

66,666,214

 

$

58.00

 

4.8

%

66,666,214

 

5.6

%

A

 

Random House, Inc.

 

1745 Broadway

 

2018 & 2023

 

644,598

 

40,227,150

 

$

62.41

 

2.9

%

22,877,180

 

1.9

%

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

 

20,973,681

 

$

42.49

 

1.5

%

20,973,681

 

1.7

%

BBB+

 

Ralph Lauren Corporation

 

625 Madison Avenue

 

2019

 

339,381

 

23,568,080

 

$

69.44

 

1.7

%

23,568,080

 

2.0

%

A

 

Advance Magazine Group, Fairchild Publications

 

750 Third Avenue & 485 Lexington Avenue

 

2021

 

339,195

 

15,858,384

 

$

46.75

 

1.2

%

15,858,384

 

1.3

%

 

 

C.B.S. Broadcasting, Inc.

 

555 West 57th Street

 

2023

 

295,226

 

12,252,760

 

$

41.50

 

0.9

%

12,252,760

 

1.0

%

BBB

 

Metro-North Commuter Railroad Company

 

420 Lexington Avenue

 

2034

 

273,170

 

12,794,592

 

$

46.84

 

0.9

%

12,794,592

 

1.1

%

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

 

8,552,504

 

$

37.57

 

0.6

%

8,552,504

 

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

 

0.9

%

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

 

4,959,842

 

$

28.75

 

0.4

%

4,959,842

 

0.4

%

BBB+

 

United Nations

 

220 East 42nd Street

 

2017, 2021 & 2022

 

171,091

 

8,042,074

 

$

47.00

 

0.6

%

8,042,074

 

0.7

%

A1

 

News America Incorporated

 

1185 Avenue of the Americas

 

2020

 

161,722

 

14,970,684

 

$

92.57

 

1.1

%

14,970,684

 

1.2

%

BBB+

 

King & Spalding

 

1185 Avenue of the Americas

 

2025

 

159,943

 

14,030,833

 

$

87.72

 

1.0

%

14,030,833

 

1.2

%

 

 

Young & Rubicam, Inc.

 

3 Columbus Circle

 

2033

 

159,292

 

9,909,020

 

$

62.21

 

0.7

%

4,845,511

 

0.4

%

BBB

 

Amazon Corporate LLC

 

1185 Avenue of the Americas & 1350 Avenue of the Americas

 

2016, 2019 & 2023

 

158,688

 

11,261,813

 

$

70.97

 

0.8

%

11,261,813

 

0.9

%

AA-

 

Bloomingdales, Inc.

 

919 Third Avenue

 

2024

 

157,961

 

8,811,913

 

$

55.79

 

0.6

%

4,494,076

 

0.4

%

BBB+

 

National Hockey League

 

1185 Avenue of the Americas

 

2022

 

148,217

 

12,882,692

 

$

86.92

 

0.9

%

12,882,692

 

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

 

9,581,236

 

$

67.69

 

0.7

%

9,581,236

 

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

 

 

 

 

 

12,452,884

 

$

668,006,248

 

$

53.64

 

48.5

%

$

598,640,406

 

49.9

%

 

 

 


(1) Reflects the net rent as of December 31, 2014 of $42.14 PSF for the 388-390 Greenwich Street lease.

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

 

Supplemental Information

Fourth Quarter 2014

 

41



 

 

TENANT DIVERSIFICATION

 

 

Based on SLG Share of Annualized Cash Rent

 

Category

 

Manhattan Properties

 

Suburban Properties

 

Advertising

 

4.7

%

1.0

%

Arts, Ent. & Recreation

 

4.0

%

0.1

%

Business Services

 

2.6

%

3.7

%

Financial Services

 

37.3

%

28.2

%

Government / Non Profit

 

3.5

%

5.3

%

Legal

 

7.5

%

14.4

%

Manufacturing

 

2.1

%

9.8

%

Media

 

16.4

%

10.3

%

Medical

 

1.8

%

4.9

%

Other

 

4.9

%

2.8

%

Professional Services

 

7.0

%

16.8

%

Retail

 

8.1

%

2.7

%

 

 

 

 

 

 

Total

 

100.0

%

100

%

 

Supplemental Information

Fourth Quarter 2014

 

42



 

 

Leasing Activity - Manhattan Operating Properties

 

 

Available Space

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 9/30/14

 

 

 

 

 

1,010,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

3

 

4,469

 

4,515

 

$

50.80

 

 

 

120 West 45th Street

 

2

 

6,254

 

6,406

 

$

60.70

 

 

 

125 Park Avenue

 

3

 

81,873

 

83,394

 

$

55.73

 

 

 

220 East 42nd Street

 

2

 

5,758

 

5,739

 

$

44.43

 

 

 

304 Park Avenue South

 

1

 

4,783

 

5,162

 

$

60.81

 

 

 

420 Lexington Avenue

 

12

 

15,304

 

19,154

 

$

50.74

 

 

 

711 Third Avenue

 

1

 

3,016

 

3,586

 

$

50.46

 

 

 

810 Seventh Avenue

 

2

 

41,867

 

45,507

 

$

58.20

 

 

 

1350 Avenue of the Americas

 

3

 

35,766

 

35,898

 

$

57.54

 

 

 

Total/Weighted Average

 

29

 

199,090

 

209,361

 

$

55.89

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

919 Third Avenue

 

1

 

330

 

330

 

$

115.48

 

 

 

1515 Broadway

 

1

 

6,183

 

7,732

 

$

501.32

 

 

 

Total/Weighted Average

 

2

 

6,513

 

8,062

 

$

485.53

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

1515 Broadway

 

1

 

145

 

171

 

$

35.00

 

 

 

Total/Weighted Average

 

1

 

145

 

171

 

$

35.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

Office

 

29

 

199,090

 

209,361

 

$

55.89

 

 

 

Retail

 

2

 

6,513

 

8,062

 

$

485.53

 

 

 

Storage

 

1

 

145

 

171

 

$

35.00

 

 

 

 

 

32

 

205,748

 

217,594

 

$

71.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,216,303

 

 

 

 

 

 


(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.

 

Supplemental Information

Fourth Quarter 2014

 

43



 

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

 

 

 

 

 

 

 

1,216,303

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

3

 

9.6

 

26,118

 

24,541

 

$

47.18

 

$

49.39

 

$

72.51

 

4.3

 

 

 

120 West 45th Street

 

3

 

4.6

 

11,067

 

11,409

 

$

61.01

 

$

60.70

 

$

46.12

 

1.7

 

 

 

125 Park Avenue

 

3

 

13.9

 

72,982

 

78,777

 

$

55.86

 

$

48.66

 

$

55.66

 

10.3

 

 

 

220 East 42nd Street

 

2

 

5.2

 

8,194

 

9,547

 

$

54.48

 

$

35.00

 

$

43.94

 

1.2

 

 

 

304 Park Avenue South

 

2

 

4.6

 

7,692

 

7,919

 

$

60.82

 

$

49.28

 

$

25.40

 

1.3

 

 

 

420 Lexington Avenue

 

7

 

5.1

 

13,064

 

18,482

 

$

55.37

 

$

47.38

 

$

24.61

 

0.5

 

 

 

711 Third Avenue

 

1

 

1.0

 

3,016

 

3,586

 

$

51.00

 

$

50.46

 

$

 

 

 

 

810 Seventh Avenue

 

4

 

7.9

 

24,952

 

26,832

 

$

56.23

 

$

52.02

 

$

76.09

 

4.1

 

 

 

1350 Avenue of the Americas

 

2

 

5.7

 

18,892

 

19,730

 

$

69.03

 

$

55.27

 

$

11.17

 

4.6

 

 

 

Total/Weighted Average

 

27

 

9.4

 

185,977

 

200,823

 

$

56.43

 

$

50.18

 

$

49.93

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

420 Lexington Avenue

 

2

 

5.1

 

121

 

201

 

$

20.00

 

$

27.59

 

$

 

 

 

 

Total/Weighted Average

 

2

 

5.1

 

121

 

201

 

$

20.00

 

$

27.59

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

27

 

9.4

 

185,977

 

200,823

 

$

56.43

 

$

50.18

 

$

49.93

 

5.8

 

 

 

Storage

 

2

 

5.1

 

121

 

201

 

$

20.00

 

$

27.59

 

$

 

 

 

 

Total

 

29

 

9.4

 

186,098

 

201,024

 

$

56.40

 

$

50.17

 

$

49.88

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 12/31/14

 

 

 

 

 

1,030,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

3

 

15.4

 

67,026

 

70,767

 

$

59.27

 

$

49.42

 

$

31.34

 

5.0

 

 

 

220 East 42nd Street

 

1

 

5.0

 

979

 

1,169

 

$

65.00

 

$

64.41

 

$

 

 

 

 

420 Lexington Avenue

 

3

 

5.0

 

8,678

 

12,140

 

$

63.40

 

$

53.95

 

$

1.20

 

0.0

 

 

 

625 Madison Avenue

 

2

 

10.8

 

14,000

 

14,000

 

$

80.57

 

$

74.63

 

$

 

 

 

 

1350 Avenue of the Americas

 

1

 

3.0

 

4,646

 

4,778

 

$

76.00

 

$

57.36

 

$

2.29

 

1.0

 

 

 

Total/Weighted Average

 

10

 

12.9

 

95,329

 

102,854

 

$

63.50

 

$

53.93

 

$

21.81

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

919 Third Avenue

 

1

 

10.0

 

6,815

 

6,900

 

$

180.75

 

$

172.85

 

$

 

 

 

 

Total/Weighted Average

 

1

 

10.0

 

6,815

 

6,900

 

$

180.75

 

$

172.85

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

1

 

15.4

 

593

 

593

 

$

25.00

 

$

21.01

 

$

 

 

 

 

625 Madison Avenue

 

1

 

0.4

 

612

 

612

 

$

25.00

 

$

25.00

 

$

 

 

 

 

919 Third Avenue

 

1

 

10.0

 

3,843

 

3,840

 

$

30.00

 

$

25.02

 

$

 

 

 

 

Total/Weighted Average

 

3

 

9.5

 

5,048

 

5,045

 

$

28.81

 

$

24.55

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

10

 

12.9

 

95,329

 

102,854

 

$

63.50

 

$

53.93

 

$

21.81

 

3.5

 

 

 

Early Renewals Retail

 

1

 

10.0

 

6,815

 

6,900

 

$

180.75

 

$

172.85

 

$

 

 

 

 

Early Renewals Storage

 

3

 

9.5

 

5,048

 

5,045

 

$

28.81

 

$

24.55

 

$

 

 

 

 

Total

 

14

 

12.5

 

107,192

 

114,799

 

$

69.02

 

$

59.78

 

$

19.54

 

3.1

 

 


(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 $56.29/rsf for 128,489 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $59.49/rsf for 231,343 rentable SF.

 

Supplemental Information

Fourth Quarter 2014

 

44



 

 

Leasing Activity - Suburban Operating Properties

 

 

Available Space

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 9/30/14

 

 

 

 

 

1,167,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 2 Int’l Drive, Rye Brook, New York

 

1

 

15,898

 

15,898

 

$

42.57

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

1

 

1,738

 

1,738

 

$

28.08

 

 

 

140 Grand Street, White Plains, New York

 

1

 

2,200

 

2,200

 

$

32.45

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

2,583

 

2,583

 

$

23.23

 

 

 

3 Landmark Square, Stamford, Connecticut

 

1

 

4,349

 

4,349

 

$

20.12

 

 

 

750 Washington Boulevard, Stamford, Connecticut

 

1

 

18,765

 

18,765

 

$

41.66

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

1

 

2,630

 

2,630

 

$

38.91

 

 

 

The Meadows, Rutherford, New Jersey

 

14

 

69,821

 

71,630

 

$

26.53

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

764

 

734

 

$

38.30

 

 

 

Total/Weighted Average

 

22

 

118,748

 

120,527

 

$

31.17

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

1

 

180

 

180

 

$

10.00

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

332

 

332

 

$

39.41

 

 

 

Total/Weighted Average

 

2

 

512

 

512

 

$

29.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

Office

 

22

 

118,748

 

120,527

 

$

31.17

 

 

 

Storage

 

2

 

512

 

512

 

$

29.07

 

 

 

 

 

24

 

119,260

 

121,039

 

$

31.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,286,453

 

 

 

 

 

 


(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.

 

Supplemental Information

Fourth Quarter 2014

 

45



 

 

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

 

 

 

 

 

 

 

1,286,453

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

1

 

6.0

 

1,738

 

1,738

 

$

27.00

 

$

28.08

 

$

7.00

 

5.0

 

 

 

140 Grand Street, White Plains, New York

 

3

 

8.3

 

7,797

 

10,938

 

$

27.40

 

$

32.45

 

$

31.66

 

3.7

 

 

 

360 Hamilton Avenue, White Plains, New York

 

2

 

9.1

 

5,010

 

5,010

 

$

35.46

 

$

37.91

 

$

39.60

 

6.1

 

 

 

1 Landmark Square, Stamford, Connecticut

 

3

 

8.5

 

8,342

 

7,669

 

$

30.97

 

$

 

$

41.70

 

7.2

 

 

 

4 Landmark Square, Stamford, Connecticut

 

1

 

5.0

 

2,612

 

2,612

 

$

29.00

 

$

25.00

 

$

20.00

 

 

 

 

680 Washington Boulevard, Stamford, Connecticut

 

1

 

5.9

 

4,196

 

4,196

 

$

40.00

 

$

 

$

35.00

 

4.0

 

 

 

750 Washington Boulevard, Stamford, Connecticut

 

1

 

8.8

 

16,315

 

16,315

 

$

41.00

 

$

 

$

45.00

 

9.0

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

1

 

5.4

 

1,648

 

1,648

 

$

28.00

 

$

 

$

13.00

 

5.0

 

 

 

The Meadows, Rutherford, New Jersey

 

7

 

10.2

 

87,746

 

88,687

 

$

24.69

 

$

28.54

 

$

39.27

 

8.2

 

 

 

Jericho Plaza, Jericho, New York

 

3

 

6.0

 

15,862

 

15,926

 

$

30.63

 

$

 

$

39.58

 

5.4

 

 

 

16 Court Street, Brooklyn, New York

 

2

 

8.4

 

1,883

 

1,876

 

$

43.17

 

$

37.31

 

$

19.26

 

 

 

 

Total/Weighted Average

 

25

 

9.0

 

153,149

 

156,615

 

$

28.60

 

$

30.25

 

$

38.18

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

10.5

 

2,583

 

2,583

 

$

23.23

 

$

23.23

 

$

 

6.0

 

 

 

Total/Weighted Average

 

1

 

10.5

 

2,583

 

2,583

 

$

23.23

 

$

23.23

 

$

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

3

 

1.2

 

1,819

 

1,819

 

$

1.32

 

$

10.00

 

$

 

 

 

 

5 Landmark Square, Stamford, Connecticut

 

1

 

8.3

 

100

 

110

 

$

15.00

 

$

 

$

 

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

1

 

0.3

 

78

 

78

 

$

15.00

 

$

 

$

 

 

 

 

Total/Weighted Average

 

5

 

1.6

 

1,997

 

2,007

 

$

2.60

 

$

10.00

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

25

 

9.0

 

153,149

 

156,615

 

$

28.60

 

$

30.25

 

$

38.18

 

7.1

 

 

 

Retail

 

1

 

10.5

 

2,583

 

2,583

 

$

23.23

 

$

23.23

 

$

 

6.0

 

 

 

Storage

 

5

 

1.6

 

1,997

 

2,007

 

$

2.60

 

$

10.00

 

$

 

 

 

 

Total

 

31

 

9.0

 

157,729

 

161,205

 

$

28.19

 

$

29.19

 

$

37.10

 

7.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 12/31/14

 

 

 

 

 

1,128,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

13.4

 

10,430

 

10,430

 

$

38.00

 

$

36.72

 

$

5.00

 

5.0

 

 

 

1 Landmark Square, Stamford, Connecticut

 

2

 

8.8

 

10,776

 

10,776

 

$

34.58

 

$

34.11

 

$

8.92

 

4.3

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

10.0

 

1,600

 

1,600

 

$

21.00

 

$

20.70

 

$

 

4.0

 

 

 

6 Landmark Square, Stamford, Connecticut

 

1

 

10.0

 

55,643

 

55,643

 

$

35.00

 

$

34.89

 

$

25.00

 

14.3

 

 

 

The Meadows, Rutherford, New Jersey

 

3

 

6.6

 

32,791

 

32,791

 

$

26.74

 

$

29.32

 

$

16.84

 

5.5

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

7.0

 

1,300

 

1,300

 

$

92.31

 

$

81.19

 

$

 

 

 

 

Total/Weighted Average

 

9

 

9.2

 

112,540

 

112,540

 

$

33.29

 

$

33.70

 

$

18.58

 

9.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

9

 

9.2

 

112,540

 

112,540

 

$

33.29

 

$

33.70

 

$

18.58

 

9.6

 

 

 

Total

 

9

 

9.2

 

112,540

 

112,540

 

$

33.29

 

$

33.70

 

$

18.58

 

9.6

 

 


(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 $29.26/rsf for 17,793 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $32.74/rsf for 130,333 rentable SF.

 

Supplemental Information

Fourth Quarter 2014

 

46



 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 (1)

 

7

 

44,391

 

0.24

%

$

2,999,832

 

$

67.58

 

$

72.59

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015

 

9

 

19,194

 

0.11

%

$

2,603,340

 

$

135.63

 

$

299.71

 

3

 

14,777

 

0.44

%

$

686,208

 

$

46.44

 

$

60.77

 

2nd Quarter 2015

 

18

 

118,200

 

0.65

%

$

7,126,968

 

$

60.30

 

$

66.35

 

9

 

121,447

 

3.63

%

$

6,229,500

 

$

51.29

 

$

55.63

 

3rd Quarter 2015

 

22

 

139,159

 

0.77

%

$

6,316,488

 

$

45.39

 

$

40.91

 

7

 

42,493

 

1.27

%

$

2,238,000

 

$

52.67

 

$

68.89

 

4th Quarter 2015

 

25

 

261,624

 

1.44

%

$

14,820,744

 

$

56.65

 

$

63.07

 

10

 

121,985

 

3.65

%

$

6,839,820

 

$

56.07

 

$

62.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

74

 

538,177

 

2.97

%

$

30,867,540

 

$

57.36

 

$

66.50

 

29

 

300,702

 

8.99

%

$

15,993,528

 

$

53.19

 

$

60.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

77

 

876,017

 

4.83

%

$

55,245,734

 

$

63.06

 

$

69.33

 

20

 

168,492

 

5.04

%

$

9,921,012

 

$

58.88

 

$

66.80

 

2017

 

87

 

1,536,033

 

8.48

%

$

87,928,958

 

$

57.24

 

$

63.08

 

17

 

198,116

 

5.92

%

$

15,158,796

 

$

76.51

 

$

73.63

 

2018

 

65

 

673,863

 

3.72

%

$

50,333,628

 

$

74.69

 

$

101.26

 

24

 

463,194

 

13.84

%

$

32,253,042

 

$

69.63

 

$

67.80

 

2019

 

66

 

972,016

 

5.36

%

$

61,806,989

 

$

63.59

 

$

65.88

 

23

 

240,923

 

7.20

%

$

16,959,384

 

$

70.39

 

$

73.36

 

2020

 

49

 

2,398,379

 

13.24

%

$

141,850,140

 

$

59.14

 

$

66.45

 

12

 

268,545

 

8.03

%

$

13,882,788

 

$

51.70

 

$

65.40

 

2021

 

45

 

1,733,869

 

9.57

%

$

99,386,343

 

$

57.32

 

$

61.84

 

11

 

183,170

 

5.47

%

$

12,771,528

 

$

69.72

 

$

88.82

 

2022

 

36

 

867,102

 

4.79

%

$

52,263,411

 

$

60.27

 

$

75.66

 

10

 

134,335

 

4.02

%

$

7,890,972

 

$

58.74

 

$

66.65

 

2023

 

30

 

635,376

 

3.51

%

$

33,887,852

 

$

53.34

 

$

60.46

 

16

 

777,138

 

23.23

%

$

48,302,310

 

$

62.15

 

$

64.13

 

Thereafter

 

89

 

5,210,537

 

28.76

%

$

293,699,854

 

$

56.37

 

$

64.29

 

32

 

610,978

 

18.26

%

$

42,791,784

 

$

70.04

 

$

78.67

 

 

 

625

 

15,485,760

 

85.46

%

$

910,270,281

 

$

58.78

 

$

66.80

 

194

 

3,345,593

 

100.00

%

$

215,925,144

 

$

64.54

 

$

69.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

1

 

2,634,670

 

14.54

%

$

111,016,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

626

 

18,120,430

 

100.00

%

$

1,021,287,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(1)

Includes month to month holdover tenants that expired prior to December 31, 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 December 31, 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.

 

Supplemental Information

Fourth Quarter 2014

 

47



 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 (1)

 

20

 

84,845

 

2.57

%

$

3,075,276

 

$

36.25

 

$

35.74

 

5

 

108,656

 

10.62

%

$

4,120,140

 

$

37.92

 

$

36.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015

 

9

 

26,104

 

0.79

%

$

904,968

 

$

34.67

 

$

36.56

 

2

 

13,210

 

1.29

%

$

450,900

 

$

34.13

 

$

33.96

 

2nd Quarter 2015

 

12

 

42,057

 

1.27

%

$

1,532,580

 

$

36.44

 

$

35.24

 

2

 

5,284

 

0.52

%

$

137,784

 

$

26.08

 

$

27.89

 

3rd Quarter 2015

 

13

 

110,698

 

3.35

%

$

4,078,584

 

$

36.84

 

$

36.17

 

3

 

35,106

 

3.43

%

$

1,193,412

 

$

33.99

 

$

33.79

 

4th Quarter 2015

 

18

 

90,013

 

2.72

%

$

2,789,808

 

$

30.99

 

$

32.40

 

5

 

16,612

 

1.62

%

$

530,700

 

$

31.95

 

$

29.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

52

 

268,872

 

8.13

%

$

9,305,940

 

$

34.61

 

$

34.80

 

12

 

70,212

 

6.86

%

$

2,312,796

 

$

32.94

 

$

32.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

55

 

445,211

 

13.46

%

$

16,069,524

 

$

36.09

 

$

37.46

 

10

 

52,656

 

5.15

%

$

1,612,860

 

$

30.63

 

$

31.75

 

2017

 

46

 

194,654

 

5.89

%

$

7,811,844

 

$

40.13

 

$

38.73

 

10

 

91,939

 

8.98

%

$

3,075,132

 

$

33.45

 

$

35.15

 

2018

 

46

 

287,367

 

8.69

%

$

10,066,406

 

$

35.03

 

$

35.84

 

10

 

97,314

 

9.51

%

$

3,412,032

 

$

35.06

 

$

32.89

 

2019

 

41

 

549,246

 

16.61

%

$

15,415,632

 

$

28.07

 

$

29.43

 

20

 

115,878

 

11.32

%

$

3,456,612

 

$

29.83

 

$

31.35

 

2020

 

26

 

330,411

 

9.99

%

$

10,620,828

 

$

32.14

 

$

33.94

 

3

 

41,357

 

4.04

%

$

1,473,468

 

$

35.63

 

$

34.57

 

2021

 

19

 

288,599

 

8.73

%

$

7,134,156

 

$

24.72

 

$

25.60

 

6

 

101,097

 

9.88

%

$

3,472,944

 

$

34.35

 

$

35.18

 

2022

 

12

 

57,303

 

1.73

%

$

1,878,972

 

$

32.79

 

$

33.79

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2023

 

16

 

187,572

 

5.67

%

$

6,029,844

 

$

32.15

 

$

34.07

 

3

 

88,750

 

8.67

%

$

2,879,340

 

$

32.44

 

$

34.05

 

Thereafter

 

38

 

612,449

 

18.52

%

$

18,815,902

 

$

30.72

 

$

32.11

 

9

 

255,543

 

24.97

%

$

6,931,740

 

$

27.13

 

$

29.00

 

 

 

371

 

3,306,529

 

100.00

%

$

106,224,324

 

$

32.13

 

$

33.17

 

88

 

1,023,402

 

100.00

%

$

32,747,064

 

$

32.00

 

$

32.57

 

 


(1) Includes month to month holdover tenants that expired prior to December 31, 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 December 31, 2014. Taking rents are typically lower than asking rents and may vary from property to property.

 

Supplemental Information

Fourth Quarter 2014

 

48



 

 

ANNUAL LEASE EXPIRATIONS

RETAIL PROPERTIES

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prime Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 (1)

 

3

 

31,739

 

6.41

%

$

178,212

 

$

5.61

 

$

5.72

 

1

 

5,200

 

2.26

%

$

276,396

 

$

53.15

 

$

53.15

 

2015

 

16

 

35,346

 

7.14

%

$

2,924,393

 

$

82.74

 

$

197.53

 

2

 

15,002

 

6.51

%

$

884,616

 

$

58.97

 

$

59.46

 

2016

 

7

 

59,653

 

12.05

%

$

2,930,237

 

$

49.12

 

$

51.00

 

1

 

16,504

 

7.16

%

$

1,445,976

 

$

87.61

 

$

88.00

 

2017

 

5

 

57,294

 

11.58

%

$

3,192,661

 

$

55.72

 

$

110.44

 

2

 

8,800

 

3.82

%

$

790,728

 

$

89.86

 

$

145.72

 

2018

 

5

 

27,420

 

5.54

%

$

2,734,608

 

$

99.73

 

$

255.28

 

1

 

4,500

 

1.95

%

$

397,428

 

$

88.32

 

$

88.32

 

2019

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2020

 

7

 

28,100

 

5.68

%

$

3,251,561

 

$

115.71

 

$

380.32

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2021

 

1

 

108,148

 

21.85

%

$

7,364,952

 

$

68.10

 

$

70.00

 

3

 

21,724

 

9.42

%

$

3,683,928

 

$

169.58

 

$

251.54

 

2022

 

1

 

1,366

 

0.28

%

$

200,292

 

$

146.63

 

$

167.54

 

3

 

55,437

 

24.04

%

$

17,731,536

 

$

319.85

 

$

469.54

 

2023

 

1

 

6,476

 

1.31

%

$

642,060

 

$

99.14

 

$

100.00

 

2

 

7,131

 

3.09

%

$

1,327,320

 

$

186.13

 

$

350.00

 

Thereafter

 

10

 

139,315

 

28.15

%

$

8,953,646

 

$

64.27

 

$

260.00

 

8

 

96,262

 

41.75

%

$

58,428,168

 

$

606.97

 

$

740.37

 

 

 

56

 

494,857

 

100.00

%

$

32,372,621

 

$

65.42

 

$

159.42

 

23

 

230,560

 

100.00

%

$

84,966,096

 

$

368.52

 

$

475.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy

 

 

 

23,856

 

 

 

 

 

 

 

$

476.67

 

 

 

45,358

 

 

 

 

 

 

 

$

939.42

 

 

 

 

 

518,713

 

 

 

 

 

 

 

$

174.01

 

 

 

275,918

 

 

 

 

 

 

 

$

551.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 (1)

 

3

 

8,356

 

1.03

%

$

578,573

 

$

69.24

 

$

115.43

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2015

 

12

 

50,931

 

6.25

%

$

5,792,435

 

$

113.73

 

$

232.90

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2016

 

10

 

69,343

 

8.51

%

$

7,197,025

 

$

103.79

 

$

140.02

 

2

 

15,158

 

9.24

%

$

781,956

 

$

51.59

 

$

80.57

 

2017

 

9

 

41,779

 

5.13

%

$

6,531,680

 

$

156.34

 

$

226.87

 

2

 

5,396

 

3.29

%

$

1,628,376

 

$

301.77

 

$

472.12

 

2018

 

9

 

61,942

 

7.60

%

$

11,234,747

 

$

181.38

 

$

464.87

 

4

 

11,443

 

6.98

%

$

1,305,540

 

$

114.09

 

$

160.42

 

2019

 

6

 

55,628

 

6.83

%

$

3,146,960

 

$

56.57

 

$

100.53

 

1

 

7,100

 

4.33

%

$

978,636

 

$

137.84

 

$

260.00

 

2020

 

6

 

52,688

 

6.47

%

$

5,842,896

 

$

110.90

 

$

112.95

 

2

 

28,450

 

17.35

%

$

743,460

 

$

26.13

 

$

49.57

 

2021

 

8

 

13,392

 

1.64

%

$

1,285,774

 

$

96.01

 

$

123.92

 

1

 

10,000

 

6.10

%

$

3,831,744

 

$

383.17

 

$

500.00

 

2022

 

12

 

110,371

 

13.55

%

$

12,770,079

 

$

115.70

 

$

167.54

 

2

 

4,467

 

2.72

%

$

709,068

 

$

158.73

 

$

183.41

 

2023

 

5

 

38,637

 

4.74

%

$

5,006,057

 

$

129.57

 

$

132.46

 

1

 

1,290

 

0.79

%

$

212,412

 

$

164.66

 

$

180.00

 

Thereafter

 

30

 

311,735

 

38.26

%

$

29,827,493

 

$

95.68

 

$

137.50

 

12

 

80,673

 

49.20

%

$

10,932,972

 

$

135.52

 

$

153.31

 

 

 

110

 

814,802

 

100.00

%

$

89,213,719

 

$

109.49

 

$

172.42

 

27

 

163,977

 

100.00

%

$

21,124,164

 

$

128.82

 

$

166.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy

 

 

 

65,077

 

 

 

 

 

 

 

$

369.30

 

 

 

91,874

 

 

 

 

 

 

 

$

124.89

 

 

 

 

 

879,879

 

 

 

 

 

 

 

$

186.98

 

 

 

255,851

 

 

 

 

 

 

 

$

151.47

 

 


(1) Includes month to month holdover tenants that expired prior to December 31, 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 December 31, 2014. Taking rents are typically lower than asking rents and may vary from property to property.

 

Supplemental Information

Fourth Quarter 2014

 

49



 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

12/31/2014

 

Price ($’s) (1)

 

1998 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-98

 

420 Lexington Avenue

 

Operating Sublease

 

Grand Central

 

1,188,000

 

83.0

 

96.5

 

$

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

 

18.6

 

$

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

 

99.6

 

$

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

 

92.2

 

$

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

 

92.6

 

$

3,679,530,000

 

Apr-07

 

331 Madison Avenue

 

Fee Interest

 

Grand Central

 

114,900

 

97.6

 

19.6

 

$

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

 

80.4

 

$

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

 

99.6

 

$

1,210,000,000

 

May-11

 

110 East 42nd Street

 

Fee Interest

 

Grand Central

 

205,000

 

72.6

 

98.8

 

$

85,570,000

 

May-11

 

280 Park Avenue - 49.5% JV

 

Fee Interest

 

Park Avenue

 

1,219,158

 

78.2

 

55.4

 

$

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

 

10.1

 

$

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

 

25.3

 

$

252,500,000

 

Jun-12

 

304 Park Avenue South

 

Fee Interest

 

Midtown South

 

215,000

 

95.8

 

91.9

 

$

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.)

 

Supplemental Information

Fourth Quarter 2014

 

50



 

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

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.

 

Supplemental Information

Fourth Quarter 2014

 

51



 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

12/31/2014

 

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

 

86.9

 

$

490,750,000

 

Jan-07

 

Reckson - Westchester Portfolio

 

Fee Interests / Leasehold Interest

 

Westchester

 

2,346,100

 

90.6

 

78.8

 

$

570,190,000

 

Apr-07

 

Jericho Plazas - 20.26% JV

 

Fee Interest

 

Jericho, New York

 

640,000

 

98.4

 

86.0

 

$

210,000,000

 

Jun-07

 

1010 Washington Boulevard

 

Fee Interest

 

Stamford, Connecticut

 

143,400

 

95.6

 

77.1

 

$

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

 

94.7

 

$

107,500,000

 

Aug-07

 

150 Grand Street

 

Fee Interest

 

White Plains, New York

 

85,000

 

52.9

 

43.8

 

$

6,700,000

 

Sep-07

 

The Meadows - 25% JV

 

Fee Interest

 

Rutherford, New Jersey

 

582,100

 

81.3

 

91.4

 

$

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

 

94.7

 

$

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.

 

Supplemental Information

Fourth Quarter 2014

 

52



 

 

 

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

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

12/31/2014

 

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

 

 

62.4

 

$

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

 

 

67.7

 

$

4,000,000

 

Dec-10

 

Two Herald Square - 45% (2)

 

Fee Interest

 

Herald Square

 

354,400

 

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

 

81.3

 

$

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

 

93.9

 

$

193,000,000

 

Jan-12

 

724 Fifth Avenue - 50%

 

Fee Interest

 

Plaza District

 

65,010

 

92.9

 

74.8

 

$

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

 

97.9

 

$

 

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

 

 

89.6

 

$

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

 

98.1

 

$

386,775,000

 

Nov-13

 

Fifth Avenue Retail Assemblage

 

Fee Interest

 

Plaza District

 

66,962

 

74.6

 

63.7

 

$

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

 

 

$

145,000,000

 

Oct-14

 

102 Greene Street

 

Fee Interest

 

Soho

 

9,200

 

100.0

 

100.0

 

$

32,250,000

 

Oct-14

 

175-225 Third Street - 95%

 

Fee Interest

 

Brooklyn, New York

 

 

 

 

$

72,500,000

 

Nov-14

 

55 West 46th Street

 

Fee Interest

 

Midtown

 

347,000

 

 

 

$

295,000,000

 

 

 

 

 

 

 

 

 

572,203

 

 

 

 

 

$

947,714,000

 

 


(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.

 

Supplemental Information

Fourth Quarter 2014

 

53



 

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

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

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

 

Nov-14

 

2 Herald Square

 

Fee Interest

 

Herald Square/Penn Station

 

354,400

 

$

365,000,000

 

$

1,030

 

 

 

 

 

 

 

 

 

4,218,579

 

$

1,687,147,844

 

 

 

 


(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.

 

Supplemental Information

Fourth Quarter 2014

 

54



 

 

 

Executive & Senior Management

 

 

 

 

Stephen L. Green

Chairman of the Board

 

Marc Holliday

Chief Executive Officer

 

Andrew Mathias

President

 

Matthew J. DiLiberto

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

 

Maggie Hui

Chief Accounting Officer

 

55



 

 

 

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

Credit Suisse

 

Ian C. Weissman

 

(212) 538-6889

 

ian.weissman@credit-suisse.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.

 

56



 

 

 

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).

 

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