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EX-99.1 - EX-99.1 - SL GREEN REALTY CORPa15-9694_1ex99d1.htm
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Exhibit 99.2

 

 

FIRST QUARTER 2015

SUPPLEMENTAL DATA

MARCH 31, 2015

 

 



 

 

 

 

 

 

 

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 quarter ended March 31, 2015 that will be released on Form 10-Q to be filed on or before May 11, 2015.

 

3



 

 

 

TABLE OF CONTENTS

 

 

 

Highlights of Current Period Financial Performance

 

 

 

 

 

 

 

Unaudited Financial Statements

 

 

 

Corporate Profile

 

5

 

Highlights

 

6-13

 

Comparative Balance Sheets

 

14-15

 

Comparative Statements of Operations

 

16

 

Comparative Computation of FFO and FAD

 

17

 

Consolidated Statement of Equity

 

18

 

Joint Venture Statements

 

19-20

 

 

 

 

 

Selected Financial Data

 

21-24

 

Debt Summary Schedule

 

25-27

 

Summary of Ground Lease Arrangements

 

28

 

 

 

 

 

Debt and Preferred Equity Investments

 

29-31

 

 

 

 

 

Selected Property Data

 

 

 

Composition of Property Portfolio

 

32-38

 

Largest Tenants

 

39

 

Tenant Diversification

 

40

 

Leasing Activity Summary

 

41-44

 

Annual Lease Expirations

 

45-47

 

 

 

 

 

Summary of Real Estate Acquisition/Disposition Activity

 

48-52

 

Corporate Information

 

53

 

Analyst Coverage

 

54

 

Supplemental Definitions

 

55

 

 

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



 

 

 

FIRST QUARTER 2015 HIGHLIGHTS

UNAUDITED

 

 

 

Summary

 

New York, NY, April 22, 2015 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, for the quarter ended March 31, 2015 of $155.5 million, or $1.51 per share, before transaction costs of $1.1 million, or $0.01 per share, as compared to FFO for the same period in 2014 of $152.5 million, or $1.54 per share, before transaction costs of $2.5 million, or $0.02 per share.  Prior year FFO included the recognition of $10.1 million, or $0.10 per share, of interest income on a mezzanine investment that was previously on non-accrual.

 

Net income attributable to common stockholders for the quarter ended March 31, 2015 totaled $43.3 million, or $0.44 per share, compared to net income attributable to common stockholders of $146.1 million, or $1.53 per share for the same period in 2014, inclusive of gains recognized on the sales of real estate of $104.6 million, $1.06 per share.

 

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

 

Operating and Leasing Activity

 

For the quarter ended March 31, 2015, the Company reported consolidated revenues and operating income of $396.3 million and $233.0 million, respectively, compared to $362.4 million and $212.6 million, respectively, for the same period in 2014.

 

Same-store cash NOI on a combined basis increased by 3.0 percent to $169.8 million for the quarter as compared to the same period in 2014.  For the quarter ended March 31, 2015, consolidated property same-store cash NOI increased by 2.3 percent to $149.8 million and unconsolidated joint venture property same-store cash NOI increased by 8.8 percent to $20.0 million, as compared to the same period in 2014.

 

During the first quarter, the Company signed 44 office leases in its Manhattan portfolio totaling 466,248 square feet.  Fifteen leases comprising 314,278 square feet represented office leases that replaced previous vacancy. Twenty-nine leases comprising 151,970 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 $68.26 per rentable square foot, representing a 17.1 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 first quarter was 10.3 years and average tenant concessions were 7.2 months of free rent with a tenant improvement allowance of $64.93 per rentable square foot.  Tenant improvement allowances trended higher than average as a result of a high proportion of leasing at 280 Park Avenue.

 

Manhattan same-store occupancy increased to 95.9 percent at March 31, 2015, inclusive of 103,319 square feet of leases signed but not yet commenced, as compared to 94.9 percent at March 31, 2014 and 95.7 percent at December 31, 2014.

 

During the first quarter, the Company signed 33 office leases in the Suburban portfolio totaling 210,910 square feet.  Eleven leases comprising 96,141 square feet represented office leases

 

6



 

 

 

FIRST QUARTER 2015 HIGHLIGHTS

UNAUDITED

 

 

 

that replaced previous vacancy. Twenty-two leases comprising the remaining 114,769 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 $32.93 per rentable square foot, representing a 7.1 percent decrease over the previously fully escalated rents on the same office spaces.  Excluding Jericho Plaza, the Company’s only property on Long Island, the mark-to-market on those replacement leases represented a 4.7 percent decrease over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the first quarter was 7.3 years and average tenant concessions were 5.6 months of free rent with a tenant improvement allowance of $29.48 per rentable square foot.

 

Same-store occupancy for the Company’s Suburban portfolio was 83.5 percent at March 31, 2015, inclusive of 153,378 square feet of leases signed but not yet commenced, as compared to 82.1 percent at March 31, 2014 and 84.0 percent at December 31, 2014.  Excluding Jericho Plaza, same-store occupancy for the Company’s Suburban portfolio was 84.7 percent at March 31, 2015, inclusive of 125,510 square feet of leases signed but not yet commenced, as compared to 81.6 percent at March 31, 2014 and 83.7 percent at December 31, 2014.

 

Significant leases that were signed during the first quarter included:

 

·                  New lease on 128,993 square feet with Franklin Templeton Companies LLC for 16.0 years at 280 Park Avenue;

 

·                  New lease on 98,740 square feet with New Advisory L.P. for 10.5 years at 280 Park Avenue;

 

·                  Early renewal and expansion on 25,854 square feet with P. Schoenfeld Asset Management at 1350 Avenue of the Americas, bringing the remaining lease term to 9.6 years;

 

·                  New 17,850 square foot office lease with Swarovski North America Ltd, encompassing two floors for 11.3 years at 10 East 53rd Street;

 

·                  Early renewal and expansion on 17,750 square feet with U.S. Specialty Insurance Company at 600 Lexington Avenue, bringing the remaining lease term to 10.5 years;

 

·                  New retail lease on 2,845 square feet with Swatch for 15.5 years on the ground floor of 1515 Broadway; and

 

·                  New retail lease on 2,773 square feet with Diesel for 10.6 years for a new flagship store at 625 Madison Avenue.

 

7



 

 

 

FIRST QUARTER 2015 HIGHLIGHTS

UNAUDITED

 

 

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended March 31, 2015 were $25.5 million, which is consistent with the Company’s expectations for the first quarter and reflects the impact of stock based compensation related charges as a result of the issuance of stock based awards in the first quarter.

 

Real Estate Investment Activity

 

In March, the Company acquired additional ownership interests in the 526,000 square foot office building at 800 Third Avenue. The Company, which originally acquired a stake in the property in 2006, increased its ownership percentage to 60.50 percent as a result of the transactions.

 

In February, the Company significantly expanded its presence in the New York City residential market when it closed on its acquisition of a stake in the 22-building, 2.6 million square foot Stonehenge portfolio, which was comprised of 2,724 rental apartments and 88,984 square feet of retail space as of closing. As a result of the transaction, the Company now owns a 50 percent share in both the partnership interests and promotes in the portfolio held through entities affiliated with Stonehenge.

 

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, generating net proceeds to the Company of $120.5 million and 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 $1.5 billion at March 31, 2015.  During the first quarter, the Company originated and retained new debt and preferred equity investments totaling $230.7 million, of which $142.0 million was funded during the quarter, at a weighted average current yield of 9.70 percent, and recorded $28.5 million of principal reductions from investments that were sold or repaid.  As of March 31, 2015, the debt and preferred equity investment portfolio had a weighted average maturity of 1.9 years, excluding any extension options, and had a weighted average yield during the first quarter of 10.37 percent.

 

Financing and Capital Activity

 

In March, the Company and its joint venture partner refinanced the previous $229.6 million floating rate mortgage at 3 Columbus Circle with a new $350.0 million 10-year mortgage which bears interest at a fixed rate of 3.61 percent.

 

In March, the Company repaid the $120.0 million mortgage on 711 Third Avenue, further increasing the Company’s unencumbered asset base.

 

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.

 

8



 

 

 

FIRST QUARTER 2015 HIGHLIGHTS

UNAUDITED

 

 

 

In January, Standard & Poor’s Ratings Services upgraded the Company’s ratings outlook from Stable to Positive.  In March, Moody’s Investors Service upgraded the Company’s senior unsecured debt rating to an investment grade rating of Baa3, from Ba1, with a stable outlook. These rating actions follow the upgrade to an investment grade rating of BBB- that the Company obtained from Fitch Ratings in October 2014.  These upgrades acknowledge the Company’s credit quality, focus on balance sheet management and leadership position as an owner and operator in the New York City market.

 

In March, in recognition of its stature among U.S. publicly traded companies, the Company was added to the S&P 500 Index, which is widely recognized as the leading indicator of domestic stock performance.

 

In April, the Company was recognized by the U.S. Environmental Protection Agency (EPA) as a 2015 ENERGY STAR Partner of the Year for its efforts to strategically manage and improve energy efficiency across its entire Manhattan and Suburban New York City portfolios.  The 2015 Partner of the Year Award is given to organizations for their contributions toward superior energy efficiency and reducing greenhouse gas emissions. From 2010 through 2014, the Company has invested more than $35 million toward energy efficiency projects, which have resulted in significant savings of more than $10 million per year, and has increased the number of properties with an ENERGY STAR Label from 1.0 million square feet to 10.4 million square feet.

 

Dividends

 

During the first quarter of 2015, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

 

·                  $0.60 per share of common stock, which was paid on April 15, 2015 to stockholders of record on the close of business on March 31, 2015; and

 

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period January 15, 2015 through and including April 14, 2015, which was paid on April 15, 2015 to stockholders of record on the close of business on March 31, 2015, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.

 

9



 

 

SL Green Realty Corp.

Key Financial Data

March 31, 2015

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders - diluted

 

$

0.44

 

$

0.59

 

$

0.68

 

$

2.46

 

$

1.53

 

Funds from operations available to common stockholders - diluted

 

$

1.50

 

$

1.43

 

$

1.28

 

$

1.62

 

$

1.52

 

Reported funds available for distribution to common stockholders - diluted

 

$

1.04

 

$

0.94

 

$

(0.07

)

$

1.09

 

$

1.18

 

Recurring funds available for distribution to common stockholders - diluted

 

$

1.09

 

$

1.11

 

$

0.75

 

$

1.21

 

$

1.29

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Price & Dividends

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

 

$

128.38

 

$

119.02

 

$

101.32

 

$

109.41

 

$

100.62

 

High during period

 

$

134.00

 

$

123.10

 

$

111.86

 

$

112.79

 

$

100.62

 

Low during period

 

$

121.32

 

$

101.23

 

$

101.32

 

$

107.89

 

$

90.96

 

Common dividend per share

 

$

0.60

 

$

0.60

 

$

0.50

 

$

0.50

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO payout ratio (trailing 12 months)

 

37.8

%

35.9

%

34.5

%

31.2

%

30.1

%

Reported FAD payout ratio (trailing 12 months)

 

73.0

%

66.7

%

70.4

%

45.7

%

43.5

%

Recurring FAD payout ratio (trailing 12 months)

 

52.8

%

48.1

%

49.1

%

41.5

%

40.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares & Units

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

99,533

 

97,325

 

95,945

 

95,587

 

95,318

 

Units outstanding

 

3,913

 

3,973

 

3,735

 

3,500

 

3,000

 

Total common shares and units outstanding

 

103,446

 

101,298

 

99,680

 

99,087

 

98,318

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding - basic

 

102,366

 

100,561

 

99,319

 

98,970

 

98,196

 

Weighted average common shares and units outstanding - diluted

 

103,019

 

101,034

 

99,706

 

99,484

 

98,716

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

 

 

 

 

 

 

Market value of common equity

 

$

13,280,397

 

$

12,056,488

 

$

10,099,578

 

$

10,841,109

 

$

9,892,757

 

Liquidation value of preferred equity/units

 

340,915

 

301,115

 

303,115

 

279,550

 

279,550

 

Consolidated debt

 

8,089,085

 

8,432,729

 

8,736,352

 

8,357,632

 

7,195,419

 

Consolidated market capitalization

 

$

21,710,397

 

$

20,790,332

 

$

19,139,045

 

$

19,478,291

 

$

17,367,726

 

SLG portion of JV debt

 

1,693,466

 

1,601,340

 

1,394,788

 

1,412,618

 

1,916,123

 

Combined market capitalization

 

$

23,403,863

 

$

22,391,672

 

$

20,533,833

 

$

20,890,909

 

$

19,283,849

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt to market capitalization

 

37.3

%

40.6

%

45.6

%

42.9

%

41.4

%

Combined debt to market capitalization

 

41.8

%

44.8

%

49.3

%

46.8

%

47.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt service coverage (trailing 12 months)

 

2.60

x

2.53

x

2.53

x

2.57

x

2.47

x

Consolidated fixed charge coverage (trailing 12 months)

 

2.30

x

2.24

x

2.24

x

2.26

x

2.13

x

Combined debt service coverage (trailing 12 months)

 

2.31

x

2.26

x

2.24

x

2.25

x

2.16

x

Combined fixed charge coverage (trailing 12 months)

 

2.07

x

2.03

x

2.01

x

2.02

x

1.91

x

 

Supplemental Information

First Quarter 2015

 

10



 

 

SL Green Realty Corp.

Key Financial Data

March 31, 2015

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

Real estate assets before depreciation

 

$

13,978,464

 

$

14,536,503

 

$

14,564,675

 

$

13,952,995

 

$

12,341,269

 

Investments in unconsolidated joint ventures

 

$

1,244,185

 

$

1,172,020

 

$

996,842

 

$

971,926

 

$

1,061,704

 

Debt and preferred equity investments

 

$

1,548,739

 

$

1,408,804

 

$

1,432,951

 

$

1,547,808

 

$

1,493,725

 

Cash and cash equivalents

 

$

330,770

 

$

281,409

 

$

253,520

 

$

308,103

 

$

447,162

 

Investment in marketable securities

 

$

47,716

 

$

39,429

 

$

39,293

 

$

39,912

 

$

32,130

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt

 

$

6,016,084

 

$

6,140,787

 

$

5,941,950

 

$

5,905,031

 

$

5,593,899

 

Variable rate debt

 

2,073,000

 

2,038,000

 

2,347,000

 

2,261,351

 

1,601,520

 

Total consolidated debt

 

$

8,089,084

 

$

8,178,787

 

$

8,288,950

 

$

8,166,382

 

$

7,195,419

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

8,927,560

 

$

9,096,732

 

$

9,419,267

 

$

9,016,134

 

$

7,897,297

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

6,973,410

 

$

6,898,199

 

$

6,526,496

 

$

6,489,898

 

$

6,683,185

 

Variable rate debt - including SLG portion of JV debt

 

2,809,140

 

2,881,928

 

3,157,242

 

3,089,102

 

2,428,357

 

Total combined debt

 

$

9,782,550

 

$

9,780,127

 

$

9,683,738

 

$

9,579,000

 

$

9,111,542

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

344,298

 

$

338,356

 

$

335,119

 

$

318,184

 

$

293,783

 

Property operating expenses

 

(140,688

)

(137,452

)

(135,747

)

(128,942

)

(130,292

)

Property operating NOI

 

$

203,610

 

$

200,904

 

$

199,372

 

$

189,242

 

$

163,491

 

NOI from discontinued operations

 

488

(1)

5,441

 

7,750

 

10,661

 

13,938

 

Total property operating NOI - consolidated

 

$

204,098

 

$

206,345

 

$

207,122

 

$

199,903

 

$

177,429

 

SLG share of property NOI from JVs

 

35,054

 

34,757

 

33,232

 

41,508

 

49,320

 

Total property operating NOI - combined

 

$

239,152

 

$

241,102

 

$

240,354

 

$

241,411

 

$

226,749

 

Investment income

 

42,069

 

41,048

 

43,969

 

39,714

 

54,084

 

Other income

 

9,932

 

7,223

 

11,186

 

22,734

 

14,578

 

Marketing general & administrative expenses

 

(25,464

)

(22,710

)

(22,649

)

(23,872

)

(23,257

)

EBITDA - combined

 

$

265,689

 

$

266,663

 

$

272,860

 

$

279,987

 

$

272,154

 

 


(1) Includes the results of operations of 180 Maiden Lane, which was sold in January 2015.

 

Supplemental Information

First Quarter 2015

 

11



 

 

SL Green Realty Corp.

Key Financial Data

March 31, 2015

(Dollars in Thousands Except Per Share)

 

Manhattan Properties

 

 

 

As of or for the three months ended

 

 

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

306,206

 

$

300,026

 

$

297,411

 

$

280,020

 

$

257,227

 

Property operating expenses

 

116,733

 

114,297

 

112,153

 

105,077

 

110,338

 

Property operating NOI

 

$

189,473

 

$

185,729

 

$

185,258

 

$

174,943

 

$

146,889

 

NOI from discontinued operations

 

490

(1)

5,438

 

7,749

 

10,688

 

13,935

 

Total property operating NOI - consolidated

 

$

189,963

 

$

191,167

 

$

193,007

 

$

185,631

 

$

160,824

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

5,211

 

$

1,544

 

$

285

 

$

384

 

$

157

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

30,823

 

$

31,039

 

$

29,909

 

$

34,935

 

$

43,646

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

23

 

23

 

23

 

23

 

23

 

Unconsolidated office buildings in service

 

7

 

7

 

7

 

7

 

10

 

 

 

30

 

30

 

30

 

30

 

33

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

18,429,045

 

18,429,045

 

18,429,045

 

18,429,045

 

17,306,045

 

Unconsolidated office buildings in service - square footage

 

3,476,115

 

3,476,115

 

3,476,115

 

3,476,115

 

6,465,415

 

 

 

21,905,160

 

21,905,160

 

21,905,160

 

21,905,160

 

23,771,460

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

95.4

%(2)

94.7

%

94.8

%

93.6

%

93.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

47

 

37

 

56

 

34

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

113,796

 

72,334

 

164,096

 

106,953

 

124,181

 

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

 

186,511

 

231,343

 

565,219

 

207,985

 

368,464

 

Total office square footage commenced

 

300,307

 

303,677

 

729,315

 

314,938

 

492,645

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf - office leases commenced

 

$

62.99

 

$

59.49

 

$

64.20

 

$

54.18

 

$

60.15

 

Previously escalated cash rent psf - office leases commenced

 

$

57.67

 

$

51.85

 

$

53.98

 

$

53.90

 

$

54.15

 

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

 

9.2

%

14.7

%

18.9

%

0.5

%

11.1

%

Average lease term

 

8.1

 

10.6

 

10.3

 

13.2

 

5.6

 

Tenant concession packages psf

 

$

45.05

 

$

40.41

 

$

46.60

 

$

49.47

 

$

27.66

 

Free rent months

 

4.2

 

5.0

 

2.1

 

6.0

 

2.3

 

 


(1) Includes the results of operations of 180 Maiden Lane, which was sold in January 2015.

(2) Manhattan same-store occupancy, inclusive of 103,319 square feet of leases signed but not yet commenced, is 95.9% as of March 31, 2015, as compared to 94.9% at March 31, 2014 and 95.7% at December 31, 2014.

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

 

Supplemental Information

First Quarter 2015

 

12



 

 

 

SL Green Realty Corp.

Key Financial Data

March 31, 2015

(Dollars in Thousands Except Per Share)

 

Suburban Properties

 

 

 

As of or for the three months ended

 

 

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

29,170

 

$

29,969

 

$

29,230

 

$

29,732

 

$

28,501

 

Property operating expenses

 

16,797

 

15,341

 

15,925

 

16,505

 

13,836

 

Property operating NOI

 

$

12,373

 

$

14,628

 

$

13,305

 

$

13,227

 

$

14,665

 

NOI from discontinued operations

 

 

 

 

 

 

Total property operating NOI - consolidated

 

$

12,373

 

$

14,628

 

$

13,305

 

$

13,227

 

$

14,665

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

299

 

$

299

 

$

1,141

 

$

546

 

$

1,020

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

966

 

$

1,119

 

$

1,152

 

$

1,245

 

$

1,434

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

27

 

27

 

27

 

27

 

27

 

Unconsolidated office buildings in service

 

4

 

4

 

4

 

4

 

4

 

 

 

31

 

31

 

31

 

31

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

4,365,400

 

4,365,400

 

4,365,400

 

4,365,400

 

4,365,400

 

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

 

5,587,500

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

80.8

%(1)

81.7

%

80.5

%

81.0

%

80.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

31

 

34

 

29

 

22

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

39,609

 

138,822

 

53,218

 

32,865

 

61,559

 

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

 

122,986

 

130,333

 

118,938

 

38,562

 

91,640

 

Total office square footage commenced

 

162,595

 

269,155

 

172,156

 

71,427

 

153,199

 

 

 

 

 

 

 

 

 

 

 

 

 

Average starting cash rent psf - office leases commenced

 

$

34.78

 

$

32.74

 

$

31.47

 

$

33.96

 

$

30.86

 

Previously escalated cash rent psf - office leases commenced

 

$

34.99

 

$

33.22

 

$

31.63

 

$

33.44

 

$

30.10

 

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

 

-0.6

%

-1.5

%

-0.5

%

1.5

%

2.5

%

Average lease term

 

6.5

 

9.0

 

8.4

 

6.5

 

7.2

 

Tenant concession packages psf

 

$

14.30

 

$

29.99

 

$

28.83

 

$

26.12

 

$

21.01

 

Free rent months

 

4.7

 

8.2

 

5.6

 

3.4

 

3.4

 

 


(1) Suburban same-store occupancy, inclusive of 153,378 square feet of leases signed but not yet commenced, is 83.5% as of March 31, 2015, as compared to 82.1% at March 31, 2014 and 84.0% at December 31, 2014.

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

 

Supplemental Information

First Quarter 2015

 

13



 

 

COMPARATIVE BALANCE SHEETS

 

 

Unaudited

(Dollars in Thousands)

 

 

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land & land interests

 

$

3,830,787

 

$

3,844,518

 

$

3,833,305

 

$

3,466,587

 

$

3,112,013

 

Buildings & improvements fee interest

 

8,697,145

 

8,778,593

 

8,679,637

 

8,843,315

 

7,767,616

 

Buildings & improvements leasehold

 

1,423,087

 

1,418,585

 

1,405,255

 

1,390,004

 

1,375,007

 

Buildings & improvements under capital lease

 

27,445

 

27,445

 

27,445

 

27,445

 

27,445

 

 

 

13,978,464

 

14,069,141

 

13,945,642

 

13,727,351

 

12,282,081

 

Less accumulated depreciation

 

(1,973,674

)

(1,905,165

)

(1,826,027

)

(1,769,428

)

(1,695,568

)

Net real estate

 

12,004,790

 

12,163,976

 

12,119,615

 

11,957,923

 

10,586,513

 

Other real estate investments:

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 

1,244,185

 

1,172,020

 

996,842

 

971,926

 

1,061,704

 

Debt and preferred equity investments, net

 

1,548,739

 

1,408,804

 

1,432,951

 

1,547,808

 

1,493,725

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale, net

 

 

462,430

 

753,457

 

339,809

 

63,925

 

Cash and cash equivalents

 

330,770

 

281,409

 

253,520

 

308,103

 

447,162

 

Restricted cash

 

128,834

 

149,176

 

159,303

 

157,225

 

154,492

 

Investment in marketable securities

 

47,716

 

39,429

 

39,293

 

39,912

 

32,130

 

Tenant and other receivables, net of $18,047 reserve at 3/31/15

 

50,156

 

57,369

 

64,184

 

51,844

 

47,296

 

Related party receivables

 

12,088

 

11,735

 

13,262

 

8,915

 

19,947

 

Deferred rents receivable, net of reserve for tenant credit loss of $26,480 at 3/31/15

 

408,229

 

374,944

 

364,284

 

354,388

 

378,980

 

Deferred costs, net

 

326,555

 

327,962

 

310,860

 

300,043

 

261,542

 

Other assets

 

978,670

 

647,333

 

729,538

 

679,840

 

815,873

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

 

Supplemental Information

First Quarter 2015

 

14



 

 

COMPARATIVE BALANCE SHEETS

 

 

Unaudited

(Amounts in Thousands)

 

 

 

3/31/2015

 

12/31/2014

 

9/30/2014

 

6/30/2014

 

3/31/2014

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgages and other loans payable

 

$

5,359,043

 

$

5,586,709

 

$

5,890,782

 

$

5,939,176

 

$

4,971,022

 

Term loan and senior unsecured notes

 

2,110,041

 

2,107,078

 

2,054,168

 

2,127,206

 

2,124,397

 

Revolving credit facility

 

520,000

 

385,000

 

244,000

 

 

 

Accrued interest and other liabilities

 

162,910

 

137,634

 

127,811

 

128,730

 

112,852

 

Accounts payable and accrued expenses

 

151,427

 

173,246

 

183,001

 

164,215

 

140,346

 

Deferred revenue

 

369,626

 

187,148

 

215,527

 

223,394

 

259,929

 

Capitalized lease obligations

 

20,917

 

20,822

 

20,728

 

20,635

 

20,541

 

Deferred land lease payable

 

1,301

 

1,215

 

1,129

 

1,044

 

958

 

Dividends and distributions payable

 

65,868

 

64,393

 

53,571

 

53,193

 

52,471

 

Security deposits

 

66,427

 

66,614

 

66,659

 

65,166

 

65,077

 

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

 

8,927,560

 

9,096,732

 

9,419,267

 

9,016,134

 

7,897,297

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in operating partnership (3,913 units outstanding) at 3/31/15

 

498,881

 

469,524

 

381,274

 

379,805

 

298,858

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Units

 

110,915

 

71,115

 

73,115

 

49,550

 

49,550

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

Series I Perpetual Preferred Shares

 

221,932

 

221,932

 

221,932

 

221,932

 

221,932

 

Common stock, $.01 par value, 160,000 shares authorized, 99,532 issued and outstanding at 3/31/15

 

1,032

 

1,010

 

996

 

993

 

990

 

Additional paid—in capital

 

5,572,410

 

5,289,479

 

5,130,858

 

5,085,965

 

5,049,507

 

Treasury stock (3,643 shares) at 3/31/15

 

(325,207

)

(320,471

)

(320,222

)

(320,152

)

(320,076

)

Accumulated other comprehensive loss

 

(11,810

)

(6,980

)

(2,896

)

(6,196

)

(14,872

)

Retained earnings

 

1,690,578

 

1,752,404

 

1,813,956

 

1,797,580

 

1,688,211

 

Total SL Green Realty Corp. stockholders’ equity

 

7,148,935

 

6,937,374

 

6,844,624

 

6,780,122

 

6,625,692

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in other partnerships

 

394,441

 

521,842

 

518,829

 

492,125

 

491,892

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

7,543,376

 

7,459,216

 

7,363,453

 

7,272,247

 

7,117,584

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

17,080,732

 

$

17,096,587

 

$

17,237,109

 

$

16,717,736

 

$

15,363,289

 

 

Supplemental Information

First Quarter 2015

 

15



 

 

COMPARATIVE STATEMENTS OF OPERATIONS

 

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

December 31,

 

September 30,

 

 

 

2015

 

2014

 

2014

 

2014

 

Revenues

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

303,329

 

$

255,976

 

$

294,189

 

$

291,293

 

Escalation and reimbursement revenues

 

40,969

 

37,807

 

44,167

 

43,826

 

Investment income

 

42,069

 

54,084

 

41,048

 

43,969

 

Other income

 

9,932

 

14,578

 

7,223

 

11,186

 

Total Revenues, net

 

396,299

 

362,445

 

386,627

 

390,274

 

 

 

 

 

 

 

 

 

 

 

Equity in net income from unconsolidated joint ventures

 

4,030

 

6,128

 

5,756

 

6,034

 

(Loss) gain on early extinguishment of debt

 

(49

)

3

 

(6,865

)

(24,475

)

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

76,777

 

69,909

 

71,165

 

72,111

 

Ground rent

 

8,188

 

8,033

 

8,146

 

8,088

 

Real estate taxes

 

55,723

 

52,350

 

58,141

 

55,548

 

Transaction related costs

 

1,143

 

2,474

 

2,153

 

2,383

 

Marketing, general and administrative

 

25,464

 

23,257

 

22,710

 

22,649

 

Total Operating Expenses

 

167,295

 

156,023

 

162,315

 

160,779

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

232,985

 

212,553

 

223,203

 

211,054

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

75,807

 

76,178

 

80,976

 

82,376

 

Amortization of deferred financing costs

 

6,615

 

3,657

 

6,640

 

6,679

 

Depreciation and amortization

 

108,337

 

86,515

 

97,273

 

94,443

 

(Gain) Loss on equity investment in marketable securities

 

 

 

(3,895

)

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

42,226

 

46,203

 

42,209

 

27,556

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

427

 

5,769

 

3,626

 

4,035

 

Gain on sale of discontinued operations

 

12,983

 

 

18,817

 

29,507

 

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

 

 

104,640

 

673

 

16,496

 

Purchase price fair value adjustment

 

 

 

 

(4,000

)

Net Income

 

55,636

 

156,612

 

65,325

 

73,594

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(7,670

)

(6,219

)

(4,002

)

(4,348

)

Dividends on preferred units

 

(951

)

(565

)

(800

)

(820

)

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to SL Green Realty Corp

 

47,015

 

149,828

 

60,523

 

68,426

 

 

 

 

 

 

 

 

 

 

 

Dividends on perpetual preferred shares

 

(3,738

)

(3,738

)

(3,738

)

(3,738

)

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

43,277

 

$

146,090

 

$

56,785

 

$

64,688

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

Net income per share (basic)

 

$

0.44

 

$

1.54

 

$

0.59

 

$

0.68

 

Net income per share (diluted)

 

$

0.44

 

$

1.53

 

$

0.59

 

$

0.68

 

 

Supplemental Information

First Quarter 2015

 

16



 

 

COMPARATIVE COMPUTATION OF FFO AND FAD

 

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

December 31,

 

September 30,

 

 

 

2015

 

2014

 

2014

 

2014

 

Funds from Operations

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

43,277

 

$

146,090

 

$

56,785

 

$

64,688

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

108,337

 

86,515

 

97,273

 

94,443

 

Discontinued operations depreciation adjustments

 

 

3,297

 

147

 

678

 

Joint ventures depreciation and noncontrolling interests adjustments

 

8,622

 

12,987

 

6,508

 

5,831

 

Net income attributable to noncontrolling interests

 

7,670

 

6,219

 

4,002

 

4,348

 

Gain on sale of discontinued operations

 

(12,983

)

 

(18,817

)

(29,507

)

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

 

 

(104,640

)

(673

)

(16,496

)

Purchase price fair value adjustment

 

 

 

 

4,000

 

Non-real estate depreciation and amortization

 

(525

)

(514

)

(525

)

(503

)

Funds From Operations

 

$

154,398

 

$

149,954

 

$

144,700

 

$

127,482

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Basic per Share

 

$

1.51

 

$

1.53

 

$

1.44

 

$

1.28

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Diluted per Share

 

$

1.50

 

$

1.52

 

$

1.43

 

$

1.28

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

 

 

 

 

 

 

 

 

FFO

 

$

154,398

 

$

149,954

 

$

144,700

 

$

127,482

 

 

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

525

 

514

 

525

 

503

 

Amortization of deferred financing costs

 

6,615

 

3,657

 

6,640

 

6,679

 

Non-cash deferred compensation

 

18,877

 

15,479

 

24,793

 

9,855

 

FAD adjustment for Joint Ventures

 

(8,690

)

(13,919

)

(8,103

)

(5,885

)

FAD adjustment for discontinued operations

 

5

 

(1,134

)

(1,545

)

(2,817

)

Straight-line rental income and other non cash adjustments

 

(43,891

)

(14,292

)

(11,823

)

(16,324

)

Second cycle tenant improvements

 

(9,376

)

(13,982

)

(31,014

)

(100,085

)

Second cycle leasing commissions

 

(5,838

)

(3,198

)

(4,433

)

(10,706

)

Revenue enhancing recurring CAPEX

 

(214

)

(2,289

)

(2,458

)

(2,402

)

Non-revenue enhancing recurring CAPEX

 

(4,818

)

(4,375

)

(22,030

)

(12,930

)

 

 

 

 

 

 

 

 

 

 

Reported Funds Available for Distribution

 

$

107,593

 

$

116,415

 

$

95,252

 

$

(6,630

)

Diluted per Share

 

$

1.04

 

$

1.18

 

$

0.94

 

$

(0.07

)

 

 

 

 

 

 

 

 

 

 

1515 Broadway - Viacom capital contribution

 

$

5,139

 

$

3,479

 

$

16,687

 

$

12,924

 

388-390 Greenwich - Citi capital contribution

 

$

 

$

7,656

 

$

 

$

68,867

 

388-390 Greenwich - free rent

 

$

20,459

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

Recurring Funds Available for Distribution

 

$

133,191

 

$

127,550

 

$

111,939

 

$

75,161

 

Diluted per Share

 

$

1.29

 

$

1.29

 

$

1.11

 

$

0.75

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvements

 

$

2,806

 

$

4,923

 

$

8,549

 

$

3,483

 

First cycle leasing commissions

 

$

332

 

$

467

 

$

23,913

 

$

871

 

Redevelopment costs

 

$

6,657

 

$

9,496

 

$

21,370

 

$

13,468

 

Capitalized interest

 

$

8,439

 

$

12,165

 

$

6,698

 

$

7,972

 

 

Supplemental Information

First Quarter 2015

 

17



 

 

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, 2014

 

$

221,932

 

$

1,010

 

$

5,289,479

 

$

(320,471

)

$

1,752,404

 

$

521,842

 

$

(6,980

)

$

7,459,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income attributable to SL Green

 

 

 

 

 

 

 

 

 

47,015

 

5,927

 

 

 

52,942

 

Acquisition of subsidiary interest from noncontrolling interest

 

 

 

 

 

7,564

 

 

 

 

 

(11,084

)

 

 

(3,520

)

Preferred dividends

 

 

 

 

 

 

 

 

 

(3,738

)

 

 

 

 

(3,738

)

Cash distributions declared ($0.60 per common share)

 

 

 

 

 

 

 

 

 

(59,647

)

 

 

 

 

(59,647

)

Cash distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(122,244

)

 

 

(122,244

)

Other comprehensive income - unrealized gain on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,557

)

(4,557

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

(870

)

(870

)

Other comprehensive income - unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

597

 

597

 

Proceeds from stock options exercised

 

 

 

1

 

10,298

 

 

 

 

 

 

 

 

 

10,299

 

DRIP proceeds

 

 

 

8

 

99,519

 

 

 

 

 

 

 

 

 

99,527

 

Conversion of units of the Operating Partnership to common stock

 

 

 

3

 

37,404

 

 

 

 

 

 

 

 

 

37,407

 

Reallocation of noncontrolling interests in the Operating Partnership

 

 

 

 

 

 

 

 

 

(45,456

)

 

 

 

 

(45,456

)

Issuance of common stock

 

 

 

10

 

120,591

 

 

 

 

 

 

 

 

 

120,601

 

Deferred compensation plan and stock awards, net

 

 

 

 

1,306

 

(4,736

)

 

 

 

 

 

 

(3,430

)

Amortization of deferred compensation plan

 

 

 

 

 

6,249

 

 

 

 

 

 

 

 

 

6,249

 

Balance at March 31, 2015

 

$

221,932

 

$

1,032

 

$

5,572,410

 

$

(325,207

)

$

1,690,578

 

$

394,441

 

$

(11,810

)

$

7,543,376

 

 

 

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, 2014

 

97,325,200

 

3,973,016

 

 

101,298,216

 

 

101,298,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD share activity

 

2,207,617

 

(60,072

)

 

2,147,545

 

 

 

2,147,545

 

Share Count at March 31, 2015 - Basic

 

99,532,817

 

3,912,944

 

 

103,445,761

 

 

103,445,761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighting factor

 

(1,130,945

)

50,884

 

653,514

 

(426,547

)

 

 

(426,547

)

Weighted Average Share Count at March 31, 2015 - Diluted

 

98,401,872

 

3,963,828

 

653,514

 

103,019,214

 

 

103,019,214

 

 

Supplemental Information

First Quarter 2015

 

18



 

JOINT VENTURE STATEMENTS

Balance Sheet for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

March 31, 2015

 

December 31, 2014

 

September 30, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Land and land interests

 

$

1,664,878

 

$

732,356

 

$

1,511,239

 

$

720,231

 

$

1,333,820

 

$

621,548

 

Buildings and improvements

 

4,945,158

 

1,973,644

 

4,093,817

 

1,884,057

 

3,825,624

 

1,663,426

 

Building leasehold

 

22,467

 

11,234

 

18,171

 

9,086

 

13,954

 

6,977

 

Buildings & improvements under capital lease

 

189,558

 

94,779

 

189,558

 

94,779

 

189,558

 

94,779

 

 

 

6,822,061

 

2,812,013

 

5,812,785

 

2,708,153

 

5,362,956

 

2,386,730

 

Less accumulated depreciation

 

(717,489

)

(273,237

)

(537,153

)

(243,535

)

(512,807

)

(206,085

)

Net real estate

 

6,104,572

 

2,538,776

 

5,275,632

 

2,464,618

 

4,850,149

 

2,180,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

142,301

 

51,280

 

116,869

 

51,498

 

97,874

 

41,852

 

Restricted cash

 

126,902

 

47,722

 

91,917

 

37,110

 

98,098

 

39,195

 

Debt and preferred equity investments, net

 

145,665

 

145,665

 

145,875

 

145,875

 

99,557

 

99,557

 

Tenant and other receivables, net of $2,612 reserve at 3/31/15

 

44,525

 

18,138

 

39,537

 

16,607

 

45,040

 

19,311

 

Deferred rents receivable, net of reserve for tenant credit loss of $3,138 at 3/31/15

 

140,246

 

58,642

 

130,833

 

54,057

 

124,947

 

49,930

 

Deferred costs, net

 

167,343

 

69,152

 

144,280

 

61,462

 

135,785

 

55,750

 

Other assets

 

152,866

 

68,275

 

141,256

 

65,726

 

144,933

 

58,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

7,024,420

 

$

2,997,650

 

$

6,086,199

 

$

2,896,953

 

$

5,596,383

 

$

2,545,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

4,354,674

 

$

1,693,466

 

$

3,778,704

 

$

1,601,340

 

$

3,498,755

 

$

1,394,788

 

Accrued interest and other liabilities

 

13,508

 

6,230

 

13,313

 

6,174

 

8,785

 

3,131

 

Accounts payable and accrued expenses

 

87,803

 

37,601

 

80,206

 

36,584

 

68,016

 

29,981

 

Deferred revenue

 

198,708

 

97,055

 

195,819

 

95,816

 

202,188

 

95,381

 

Capitalized lease obligations

 

181,191

 

90,595

 

180,551

 

90,276

 

179,924

 

89,962

 

Security deposits

 

25,558

 

8,699

 

15,683

 

7,520

 

15,514

 

7,463

 

Equity

 

2,162,978

 

1,064,004

 

1,821,923

 

1,059,243

 

1,623,201

 

924,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

7,024,420

 

$

2,997,650

 

$

6,086,199

 

$

2,896,953

 

$

5,596,383

 

$

2,545,063

 

 

Supplemental Information

First Quarter 2015

 

19



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended March 31, 2015

 

Three Months Ended December 31, 2014

 

Three Months Ended March 31, 2014

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

110,142

 

$

43,433

 

$

97,416

 

$

41,742

 

$

143,268

 

$

61,496

 

Escalation and reimbursement revenues

 

8,546

 

3,627

 

8,336

 

3,669

 

9,830

 

4,249

 

Other income

 

10,228

 

6,404

 

9,916

 

6,251

 

8,040

 

3,899

 

Total Revenues, net

 

$

128,916

 

$

53,464

 

$

115,668

 

$

51,662

 

$

161,138

 

$

69,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

25,486

 

$

9,734

 

$

18,861

 

$

8,555

 

$

26,683

 

$

11,970

 

Ground rent

 

2,592

 

1,296

 

2,603

 

1,302

 

2,025

 

972

 

Real estate taxes

 

19,376

 

7,380

 

16,008

 

7,048

 

16,936

 

7,382

 

Total Operating Expenses

 

$

47,454

 

$

18,410

 

$

37,472

 

$

16,905

 

$

45,644

 

$

20,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

81,462

 

$

35,054

 

$

78,196

 

$

34,757

 

$

115,494

 

$

49,320

 

Cash NOI

 

$

74,290

 

$

30,533

 

$

72,629

 

$

30,286

 

$

102,689

 

$

44,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

8

 

$

7

 

$

(30

)

$

(29

)

$

271

 

$

73

 

Interest expense, net of interest income

 

44,007

 

15,255

 

40,794

 

14,000

 

52,336

 

18,703

 

Amortization of deferred financing costs

 

3,010

 

1,321

 

2,899

 

1,310

 

4,633

 

2,626

 

Depreciation and amortization

 

32,984

 

13,860

 

30,007

 

12,985

 

45,604

 

19,923

 

Loss on early extinguishment of debt

 

833

 

407

 

 

 

3,197

 

1,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

620

 

$

4,204

 

$

4,526

 

$

6,491

 

$

9,453

 

$

6,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate depreciation

 

32,934

 

13,851

 

29,991

 

12,977

 

45,587

 

19,913

 

FFO Contribution

 

$

33,554

 

$

18,055

 

$

34,517

 

$

19,468

 

$

55,040

 

$

26,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non real estate depreciation and amortization

 

$

3,060

 

$

1,331

 

$

2,915

 

$

1,320

 

$

3,661

 

$

1,644

 

Straight-line rental income and other non-cash adjustments

 

(7,498

)

(3,459

)

(8,435

)

(3,904

)

(14,398

)

(5,642

)

Second cycle tenant improvement

 

(1,755

)

(751

)

(8,008

)

(3,688

)

(6,557

)

(3,260

)

Second cycle leasing commissions

 

(2,243

)

(949

)

(241

)

(23

)

(12,346

)

(6,201

)

Recurring CAPEX

 

(254

)

(132

)

(3,699

)

(1,808

)

(992

)

(460

)

FAD Adjustment

 

$

(8,690

)

$

(3,960

)

$

(17,468

)

$

(8,103

)

$

(30,632

)

$

(13,919

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvement

 

$

3,208

 

$

1,466

 

$

9,499

 

$

4,798

 

$

7,001

 

$

3,472

 

First cycle leasing commissions

 

$

11,332

 

$

5,723

 

$

2,685

 

$

1,339

 

$

4,895

 

$

2,160

 

Redevelopment costs

 

$

30,730

 

$

14,414

 

$

46,238

 

$

23,427

 

$

93,256

 

$

45,843

 

Capitalized interest

 

$

12,308

 

$

6,038

 

$

12,024

 

$

5,821

 

$

12,165

 

$

6,033

 

 

Supplemental Information

First Quarter 2015

 

20



 

SELECTED FINANCIAL DATA

Property NOI and Components of Consolidated Debt Service and Fixed Charges

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

December 31,

 

September 30,

 

 

 

2015

 

2014

 

2014

 

2014

 

Property NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating NOI

 

$

203,610

 

$

163,491

 

$

200,904

 

$

199,372

 

NOI from discontinued operations

 

488

 

13,938

 

5,441

 

7,750

 

Total property operating NOI - consolidated

 

204,098

 

177,429

 

206,345

 

207,122

 

SLG share of property NOI from unconsolidated JVs

 

35,054

 

49,320

 

34,757

 

33,232

 

Combined NOI

 

$

239,152

 

$

226,749

 

$

241,102

 

$

240,354

 

Partners’ share of property NOI - consolidated JVs

 

(8,784

)

(11,067

)

(10,442

)

(9,919

)

NOI - SLG share

 

$

230,368

 

$

215,682

 

$

230,660

 

$

230,435

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

239,152

 

$

226,749

 

$

241,102

 

$

240,354

 

Free rent (net of amortization)

 

(22,473

)

(1,326

)

(1,613

)

(4,939

)

Net FAS 141 adjustment

 

(14,543

)

(4,289

)

(5,345

)

(5,816

)

Straightline revenue adjustment

 

(13,402

)

(16,588

)

(15,381

)

(15,929

)

Allowance for S/L tenant credit loss

 

(912

)

(1,225

)

525

 

 

Ground lease straight-line adjustment

 

705

 

2,003

 

705

 

687

 

Combined Cash NOI

 

$

188,527

 

$

205,324

 

$

219,993

 

$

214,357

 

Partners’ share of property NOI - consolidated JVs

 

(7,615

)

(9,888

)

(8,122

)

(7,715

)

Cash NOI - SLG share

 

$

180,912

 

$

195,436

 

$

211,871

 

$

206,642

 

 

 

 

 

 

 

 

 

 

 

Components of Consolidated Debt Service and Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

75,916

 

$

80,840

 

$

82,645

 

$

85,250

 

Principal amortization payments

 

7,666

 

10,772

 

11,185

 

11,261

 

Total Consolidated Debt Service

 

$

83,582

 

$

91,612

 

$

93,830

 

$

96,511

 

 

 

 

 

 

 

 

 

 

 

Payments under ground lease arrangements

 

$

7,694

 

$

8,795

 

$

7,652

 

$

7,612

 

Dividends on preferred units

 

951

 

565

 

800

 

820

 

Dividends on perpetual preferred shares

 

3,738

 

3,738

 

3,738

 

3,738

 

Total Consolidated Fixed Charges

 

$

95,965

 

$

104,710

 

$

106,020

 

$

108,681

 

 

Supplemental Information

First Quarter 2015

 

21



 

SELECTED FINANCIAL DATA

2015 Same Store - Consolidated

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

December 31,

 

September

 

 

 

2015

 

2014

 

%

 

2014

 

2014

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

258,770

 

$

248,784

 

4.0

%

$

259,335

 

$

255,828

 

Escalation & reimbursement revenues

 

40,294

 

36,541

 

10.3

%

43,238

 

42,352

 

Other income

 

1,518

 

1,213

 

25.1

%

1,841

 

1,386

 

Total Revenues

 

$

300,582

 

$

286,538

 

4.9

%

$

304,414

 

$

299,566

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

71,004

 

$

65,296

 

8.7

%

$

65,180

 

$

65,723

 

Ground rent

 

8,334

 

8,283

 

0.6

%

8,283

 

8,283

 

Real estate taxes

 

55,158

 

50,630

 

8.9

%

57,184

 

54,144

 

Transaction related costs, net of recoveries

 

 

776

 

0.0

%

136

 

(99

)

 

 

$

134,496

 

$

124,985

 

7.6

%

$

130,783

 

$

128,051

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

166,086

 

$

161,553

 

2.8

%

$

173,631

 

$

171,515

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

48,986

 

$

54,308

 

-9.8

%

$

51,660

 

$

53,963

 

Depreciation & amortization

 

80,767

 

80,970

 

-0.3

%

81,834

 

80,948

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

36,333

 

$

26,275

 

38.3

%

$

40,137

 

$

36,604

 

Real estate depreciation & amortization

 

80,715

 

80,904

 

-0.2

%

81,782

 

80,896

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

117,048

 

$

107,179

 

9.2

%

$

121,919

 

$

117,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Non—building revenue

 

(484

)

(185

)

161.6

%

(430

)

(225

)

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

 

776

 

0.0

%

136

 

(99

)

Interest expense & amortization of financing costs

 

48,986

 

54,308

 

-9.8

%

51,660

 

53,963

 

Non-real estate depreciation

 

52

 

66

 

-21.2

%

52

 

52

 

NOI

 

$

165,602

 

$

162,144

 

2.1

%

$

173,337

 

$

171,191

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

Free rent (net of amortization)

 

(2,265

)

222

 

-1120.3

%

(1,404

)

(3,966

)

Straightline revenue adjustment

 

(9,760

)

(9,439

)

3.4

%

(10,365

)

(10,086

)

Rental income - FAS 141

 

(3,262

)

(5,986

)

-45.5

%

(4,477

)

(5,080

)

Ground lease straight-line adjustment

 

400

 

400

 

0.0

%

400

 

400

 

Allowance for S/L tenant credit loss

 

(914

)

(945

)

-3.3

%

626

 

(8

)

Cash NOI

 

$

149,801

 

$

146,396

 

2.3

%

$

158,117

 

$

152,451

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

55.4

%

56.8

%

 

 

56.9

%

57.2

%

Cash NOI to real estate revenue, net

 

50.1

%

51.3

%

 

 

51.9

%

50.9

%

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

58.1

%

59.7

%

 

 

59.6

%

60.0

%

Cash NOI before ground rent/real estate revenue, net

 

52.7

%

54.1

%

 

 

54.5

%

53.6

%

 

Supplemental Information

First Quarter 2015

 

22



 

SELECTED FINANCIAL DATA

2015 Same Store - Joint Venture

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

December 31,

 

September

 

 

 

2015

 

2014

 

%

 

2014

 

2014

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

31,887

 

$

30,094

 

6.0

%

$

32,106

 

$

30,761

 

Escalation & reimbursement revenues

 

2,846

 

2,513

 

13.3

%

2,758

 

3,045

 

Other income

 

312

 

274

 

13.9

%

199

 

518

 

Total Revenues

 

$

35,045

 

$

32,881

 

6.6

%

$

35,063

 

$

34,324

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

6,968

 

$

6,637

 

5.0

%

$

6,675

 

$

6,435

 

Real estate taxes

 

5,314

 

4,635

 

14.6

%

5,327

 

5,165

 

 

 

$

12,282

 

$

11,272

 

9.0

%

$

12,002

 

$

11,600

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

22,763

 

$

21,609

 

5.3

%

$

23,061

 

$

22,724

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

9,099

 

$

8,547

 

6.5

%

$

8,713

 

$

8,609

 

Depreciation & amortization

 

10,658

 

9,859

 

8.1

%

10,719

 

10,328

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

3,006

 

$

3,203

 

-6.2

%

$

3,629

 

$

3,787

 

Real estate depreciation & amortization

 

10,649

 

9,851

 

8.1

%

10,711

 

10,320

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

13,655

 

$

13,054

 

4.6

%

$

14,340

 

$

14,107

 

 

 

 

 

 

 

 

 

 

 

 

 

Non—building revenue

 

(116

)

(43

)

169.8

%

(38

)

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

9,099

 

8,547

 

6.5

%

8,713

 

8,609

 

Non-real estate depreciation

 

9

 

8

 

0.0

%

8

 

8

 

NOI

 

$

22,647

 

$

21,566

 

5.0

%

$

23,023

 

$

22,600

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

Free rent (net of amortization)

 

(531

)

(984

)

-46.0

%

(778

)

(974

)

Straightline revenue adjustment

 

(1,616

)

(1,835

)

-11.9

%

(1,469

)

(800

)

Rental income - FAS 141

 

(535

)

(465

)

15.1

%

(555

)

(645

)

Ground lease straight-line adjustment

 

 

 

0.0

%

 

 

Allowance for S/L tenant credit loss

 

 

71

 

-100.0

%

 

 

Cash NOI

 

$

19,965

 

$

18,353

 

8.8

%

$

20,221

 

$

20,181

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

64.8

%

65.7

%

 

 

65.7

%

66.1

%

Cash NOI to real estate revenue, net

 

57.2

%

55.9

%

 

 

57.7

%

59.0

%

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

64.8

%

65.7

%

 

 

65.7

%

66.1

%

Cash NOI before ground rent/real estate revenue, net

 

57.2

%

55.7

%

 

 

57.7

%

59.0

%

 

Supplemental Information

First Quarter 2015

 

23



 

SELECTED FINANCIAL DATA

2015 Same Store - Combined

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

December 31,

 

September

 

 

 

2015

 

2014

 

%

 

2014

 

2014

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

290,657

 

$

278,878

 

4.2

%

$

291,441

 

$

286,589

 

Escalation & reimbursement revenues

 

43,140

 

39,054

 

10.5

%

45,996

 

45,397

 

Other income

 

1,830

 

1,487

 

23.1

%

2,040

 

1,904

 

Total Revenues

 

$

335,627

 

$

319,419

 

5.1

%

$

339,477

 

$

333,890

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

77,972

 

$

71,933

 

8.4

%

$

71,855

 

$

72,158

 

Ground rent

 

8,334

 

8,283

 

0.6

%

8,283

 

8,283

 

Real estate taxes

 

60,472

 

55,265

 

9.4

%

62,511

 

59,309

 

Transaction related costs

 

 

776

 

0.0

%

136

 

(99

)

 

 

$

146,778

 

$

136,257

 

7.7

%

$

142,785

 

$

139,651

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

188,849

 

$

183,162

 

3.1

%

$

196,692

 

$

194,239

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

58,085

 

$

62,855

 

-7.6

%

$

60,373

 

$

62,572

 

Depreciation & amortization

 

91,425

 

90,829

 

0.7

%

92,553

 

91,276

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

39,339

 

$

29,478

 

33.5

%

$

43,766

 

$

40,391

 

Real estate depreciation & amortization

 

91,364

 

90,755

 

0.7

%

92,493

 

91,216

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

130,703

 

$

120,233

 

8.7

%

$

136,259

 

$

131,607

 

 

 

 

 

 

 

 

 

 

 

 

 

Non—building revenue

 

(600

)

(228

)

163.2

%

(468

)

(349

)

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs

 

 

776

 

 

136

 

(99

)

Interest expense & amortization of financing costs

 

58,085

 

62,855

 

-7.6

%

60,373

 

62,572

 

Non-real estate depreciation

 

61

 

74

 

-17.6

%

60

 

60

 

NOI

 

$

188,249

 

$

183,710

 

2.5

%

$

196,360

 

$

193,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

Free rent (net of amortization)

 

(2,796

)

(762

)

266.9

%

(2,182

)

(4,940

)

Straightline revenue adjustment

 

(11,376

)

(11,274

)

0.9

%

(11,834

)

(10,886

)

Rental income - FAS 141

 

(3,797

)

(6,451

)

-41.1

%

(5,032

)

(5,725

)

Ground lease straight-line adjustment

 

400

 

400

 

0.0

%

400

 

400

 

Allowance for S/L tenant credit loss

 

(914

)

(874

)

4.6

%

626

 

(8

)

Cash NOI

 

$

169,766

 

$

164,749

 

3.0

%

$

178,338

 

$

172,632

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

56.1

%

57.5

%

 

 

57.9

%

58.0

%

Cash NOI to real estate revenue, net

 

50.6

%

51.5

%

 

 

52.5

%

51.7

%

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

58.6

%

60.1

%

 

 

60.3

%

60.5

%

Cash NOI before ground rent/real estate revenue, net

 

53.4

%

54.4

%

 

 

54.8

%

54.2

%

 

Supplemental Information

First Quarter 2015

 

24



 

DEBT SUMMARY SCHEDULE - Consolidated

 

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

3/31/2015

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500 West Putnam Avenue

 

22,823

 

5.52

%

593

 

Jan-16

 

22,376

 

 

Open

 

1-6 Landmark Square

 

80,848

 

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)

 

8,001

 

3.86

%

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

(2)

1,004,000

 

Jun-21

 

Jun-15

 

1 Madison Avenue

 

560,025

 

5.91

%

22,925

 

May-20

 

404,531

 

 

Open

 

100 Church Street

 

227,713

 

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

 

68,588

 

4.13

%

1,146

 

Feb-24

 

48,588

 

 

Open

 

400 East 58th Street

 

29,395

 

4.13

%

491

 

Feb-24

 

20,823

 

 

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

 

 

 

$

4,589,043

 

4.59

%

$

30,548

 

 

 

$

4,123,146

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

255,261

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Convertible notes

 

312,005

 

3.00

%

 

Oct-17

 

345,000

 

 

Open

 

1745 Broadway

 

16,000

 

4.81

%

 

Jun-18

 

16,000

 

 

Open

 

Unsecured notes

 

249,760

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(3)

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

(4)

7

 

 

Jun-15

 

Convertible notes

 

10,008

 

3.00

%

 

Mar-27

(5)

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

 

 

 

$

1,427,041

 

5.15

%

$

 

 

 

$

1,460,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

6,016,084

 

4.72

%

$

30,548

 

 

 

$

5,583,469

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 325 bps)

 

$

 

3.43

%

$

 

Dec-15

 

$

 

 

Open

 

388-390 Greenwich Street (LIBOR + 175 bps)

 

446,000

 

1.93

%

 

Jun-18

 

446,000

 

Jun-21

 

Jun-15

 

248-252 Bedford Avenue (LIBOR + 150 bps)

 

29,000

 

1.68

%

 

Jun-19

 

28,317

 

 

Open

 

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

 

275,000

 

1.78

%

 

Oct-20

 

275,000

 

 

Open

 

 

 

$

750,000

 

1.86

%

$

 

 

 

$

749,317

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

520,000

 

1.43

%

$

 

Mar-19

 

$

520,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

803,000

 

1.58

%

 

Jun-19

 

803,000

 

 

Open

 

 

 

$

1,323,000

 

1.52

%

$

 

 

 

$

1,323,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

2,073,000

 

1.64

%

$

 

 

 

$

2,072,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

8,089,084

 

3.93

%

$

30,548

 

 

 

$

7,655,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Joint Venture

 

$

1,693,466

 

4.38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,782,550

 

4.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,900,521

 

3.94

%

 

 

 

 

 

 

 

 

 

 

 


(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 swaps mature in December 2017.

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

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

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

 

Supplemental Information

First Quarter 2015

 

25



 

 

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures

 

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Principal Outstanding

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

3/31/2015

 

 

 

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)

 

16,825

 

5,048

 

4.82

%

95

 

Jan-16

 

4,977

 

 

Open

 

280 Park Avenue

 

698,249

 

349,125

 

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

 

12,655

 

6.00

%

 

Aug-17

 

12,655

 

 

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

 

3.73

%

 

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)

 

317,126

 

34,617

 

9.00

%

 

Jul-24

 

50,965

 

 

Open

 

3 Columbus Circle

 

350,000

 

171,150

 

3.61

%

 

Mar-25

 

171,150

 

 

Open

 

Stonehenge Portfolio

 

435,416

(2)

25,776

 

4.18

%

285

 

Various

(2)

23,182

 

 

Open

 

Total Fixed Rate Debt/Wtd Avg

 

$

2,851,423

 

$

957,326

 

5.47

%(3)

$

3,984

 

 

 

$

966,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meadows (LIBOR + 575 bps)

 

$

67,350

 

$

33,675

 

7.75

%

$

 

Sep-15

 

$

33,675

 

 

Open

 

1552 Broadway (LIBOR + 411 bps)

 

188,409

 

94,205

 

4.29

%

 

Apr-16

 

94,205

 

 

Open

 

Mezzanine Debt (LIBOR + 90 bps)

 

30,000

 

15,000

 

1.08

%

 

Jun-16

 

15,000

 

 

Open

 

650 Fifth Avenue (LIBOR + 350 bps)

 

65,000

 

32,500

 

3.68

%

 

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

 

2.68

%

 

Feb-17

 

68,750

 

 

Open

 

724 Fifth Avenue (LIBOR + 242 bps)

 

275,000

 

137,500

 

2.60

%

 

Apr-17

 

137,500

 

 

Open

 

33 Beekman (LIBOR + 275 bps)

 

59,370

 

27,251

 

2.93

%

28

 

Aug-17

 

27,074

 

 

Open

 

600 Lexington Avenue (LIBOR + 200 bps)

 

115,758

 

63,667

 

2.26

%

2,137

 

Oct-17

 

58,539

 

 

Open

 

55 West 46th Street (LIBOR + 230 bps)

 

150,000

 

37,500

 

2.48

%

 

Oct-17

 

37,500

 

 

Open

 

Stonehenge Portfolio (Prime)

 

10,500

 

350

 

3.25

%

 

Dec-17

 

338

 

 

Open

 

121 Greene Street (LIBOR + 150 bps)

 

15,000

 

7,500

 

1.68

%

 

Nov-19

 

7,500

 

 

Open

 

100 Park Avenue (LIBOR + 175 bps)

 

360,000

 

179,640

 

1.93

%

 

Feb-21

 

175,859

 

 

Feb-16

 

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

 

1,864

 

602

 

2.88

%

25

 

Jun-33

 

4

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,503,251

 

$

736,140

 

2.97

%(3)

$

2,190

 

 

 

$

726,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Debt/Wtd Avg

 

$

4,354,674

 

$

1,693,466

 

4.38

%(3)

$

6,174

 

 

 

$

1,693,022

 

 

 

 

 

 


(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) Amount is comprised of $13.5 million, $56.3 million, $35.0 million, $7.4 million, $143.3 million, and $179.9 million in fixed-rate mortgages that mature in July 2016, June 2017, November 2017, February 2018, August 2019, and June 2024, respectively.

(3) The weighted average coupon rates are calculated based on SL Green’s share in the outstanding debt.

 

Covenants

 

SL GREEN REALTY CORP.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

46.0

x

Less than 60%

 

Fixed Charge Coverage

 

2.26

x

Greater than 1.5x

 

 

Unsecured Notes Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

37.0

%

Less than 60%

 

Secured Debt / Total Assets

 

19.9

%

Less than 40%

 

Debt Service Coverage

 

3.07

x

Greater than 1.5x

 

Unencumbered Assets / Unsecured Debt

 

483.7

%

Greater than 150%

 

 

 

Composition of Debt

 

Fixed Rate Debt

 

 

 

 

 

Consolidated

 

$

6,016,084

 

 

 

SLG Share of JV

 

957,326

 

 

 

Total Fixed Rate Debt

 

$

6,973,410

 

71.3%

 

 

 

 

 

 

 

Floating Rate Debt

 

 

 

 

 

Consolidated

 

$

2,073,000

 

 

 

SLG Share of JV

 

736,140

 

 

 

 

 

2,809,140

 

 

 

Debt & Preferred Equity Investments

 

(876,681

)

 

 

Total Floating Rate Debt

 

$

1,932,459

 

19.8%

 

 

 

 

 

 

 

Total Debt

 

$

9,782,550

 

 

 

 

Supplemental Information

First Quarter 2015

 

26



 

 

DEBT SUMMARY SCHEDULE - Reckson Operating Partnership

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal

 

 

 

2015

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

3/31/2015

 

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

 

$

255,261

 

6.00

%

$

 

Mar-16

 

$

255,308

 

 

Open

 

Unsecured notes

 

249,760

 

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

 

 

 

$

985,028

 

5.82

%

$

 

 

 

$

985,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,485,028

 

5.58

%

$

 

 

 

$

1,426,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 125 bps)

 

$

520,000

 

1.43

%

$

 

Mar-19

 

$

520,000

 

Mar-20

 

Open

 

Term loan (LIBOR + 140 bps)

 

803,000

 

1.58

%

 

Jun-19

 

803,000

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,323,000

 

1.52

%

$

 

 

 

$

1,323,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

2,808,028

 

3.67

%

$

 

 

 

$

2,749,909

 

 

 

 

 

 


(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.

 

Covenants

 

RECKSON OPERATING PARTNERSHIP, L.P.

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

47.8

%

Less than 60%

 

Fixed Charge Coverage

 

2.76

x

Greater than 1.5x

 

Secured Debt / Total Assets

 

7.4

%

Less than 40%

 

Unsecured Debt / Unencumbered Assets

 

50.5

%

Less than 60%

 

 

Supplemental Information

First Quarter 2015

 

27



 

 

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

 

446

 

2027

(3)

711 Third Avenue

 

5,250

 

5,354

 

5,500

 

5,500

 

855

 

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

 

$

1,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

1080 Amsterdam Avenue

 

$

145

 

$

170

 

$

291

 

$

291

 

$

20,917

 

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

 

$

90,595

 

2062

 

 


(1) Per the balance sheet at March 31, 2015.

(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

First Quarter 2015

 

28



 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

Weighted Average Book

 

Weighted Average

 

Current

 

 

 

Book Value(1)

 

Value During Quarter

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

3/31/2014

 

$

1,493,725

 

$

1,359,250

 

10.63

%

10.42

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(3)

 

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(3)

 

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(3)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(3)

 

134,429

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

34,003

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(28,496

)

 

 

 

 

 

 

3/31/2015

 

$

1,548,739

 

$

1,503,047

 

10.37

%

10.26

%

 


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

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

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

(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 March 31, 2015 the investment had a book value of $99.7 million.

 

Supplemental Information

First Quarter 2015

 

29



 

 

 

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

 

$

233,611

 

$

 

$

416

 

6.99

%

7.05

%

 

 

 

 

 

 

 

 

 

 

 

 

Junior Mortgage Participation

 

168,320

 

1,614,393

 

$

1,678

 

9.75

%

9.54

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Debt

 

981,325

 

3,489,616

 

$

1,072

 

11.18

%

11.16

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

165,483

 

680,795

 

$

318

 

10.92

%

10.20

%

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 3/31/15

 

$

1,548,739

 

$

5,784,803

 

$

939

 

10.37

%

10.26

%

 

 


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

(2)         Approximately 54.2% 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 1.85 years. Approximately 55.0% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

 

Supplemental Information

First Quarter 2015

 

30



 

 

 

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands, Except Per Square Foot Amounts)

 

 

 

 

Book Value(1)

 

Property

 

 

 

Senior

 

 

 

Current

 

Investment Type

 

3/31/15

 

Type

 

Location

 

Financing

 

Last $ PSF

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

$

124,907

 

Office

 

New York City

 

$

550,000

 

$

292

 

11.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

111,613

 

Residential Land

 

New York City

 

 

$

205

 

10.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage and Mezzanine

 

109,802

 

Retail Land

 

New York City

 

 

$

373

 

7.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

100,758

 

Office

 

New York City

 

1,109,000

 

$

1,172

 

9.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

99,144

 

Residential

 

New York City

 

360,000

 

$

842

 

8.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

73,699

 

Office

 

New York City

 

775,000

 

$

1,082

 

18.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

71,721

 

Office/Retail

 

New York City

 

165,000

 

$

1,985

 

9.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jr. Mortgage Participation and Mezzanine

 

71,291

 

Office/Retail

 

New York City

 

205,000

 

$

398

 

11.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

65,868

 

N/A(3)

 

N/A(3)

 

 

$

 

10.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Loan

 

49,745

 

Office

 

New York City

 

110,000

 

$

481

 

11.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

878,548

 

 

 

 

 

$

3,274,000

 

 

 

10.55

%

 


(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

First Quarter 2015

 

31



 

 

 

 

 

SELECTED PROPERTY DATA

 

Manhattan Operating Properties

 

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Church Street

 

100.0

 

Downtown

 

Fee Interest

 

1

 

1,047,500

 

4

 

99.0

 

98.7

 

98.7

 

98.7

 

98.7

 

38,557,716

 

3.6

 

3.1

 

18

 

110 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

215,400

 

1

 

99.4

 

98.8

 

88.7

 

83.2

 

83.6

 

10,635,264

 

1.0

 

0.9

 

23

 

120 West 45th Street

 

100.0

 

Midtown

 

Fee Interest

 

1

 

440,000

 

2

 

96.5

 

95.6

 

94.5

 

93.3

 

92.6

 

25,241,772

 

2.4

 

2.0

 

40

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

604,245

 

2

 

88.7

 

80.4

 

81.9

 

70.8

 

82.2

 

32,395,008

 

3.1

 

2.6

 

23

 

220 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

1,135,000

 

4

 

92.4

 

92.2

 

92.0

 

91.5

 

91.5

 

48,640,956

 

4.6

 

3.9

 

32

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

215,000

 

1

 

91.9

 

91.9

 

90.5

 

90.5

 

100.0

 

12,093,624

 

1.1

 

1.0

 

14

 

420 Lexington Ave (Graybar)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

1,188,000

 

4

 

97.1

 

96.5

 

96.7

 

95.0

 

85.5

 

73,392,600

 

6.9

 

5.9

 

218

 

461 Fifth Avenue(1)

 

100.0

 

Midtown

 

Leasehold Interest

 

1

 

200,000

 

1

 

95.5

 

96.5

 

96.5

 

96.5

 

99.3

 

16,970,937

 

1.6

 

1.4

 

11

 

485 Lexington Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

921,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

57,263,856

 

5.4

 

4.6

 

24

 

555 West 57th Street

 

100.0

 

Midtown West

 

Fee Interest

 

1

 

941,000

 

3

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

37,896,216

 

3.6

 

3.1

 

10

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

160,000

 

1

 

81.3

 

81.3

 

81.3

 

79.0

 

79.0

 

14,231,964

 

1.3

 

1.2

 

13

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

1

 

563,000

 

2

 

96.6

 

92.1

 

92.1

 

92.1

 

92.1

 

51,387,192

 

4.9

 

4.2

 

21

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

163,000

 

1

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,627,328

 

0.8

 

0.7

 

7

 

711 Third Avenue(2)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

524,000

 

2

 

84.1

 

80.6

 

80.6

 

80.6

 

71.9

 

25,865,388

 

2.4

 

2.1

 

18

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

780,000

 

3

 

97.3

 

96.7

 

96.7

 

96.4

 

96.4

 

44,360,784

 

4.2

 

3.6

 

31

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

1

 

692,000

 

3

 

85.6

 

81.0

 

83.4

 

84.2

 

85.1

 

38,541,336

 

3.6

 

3.1

 

46

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1

 

1,454,000

 

5

 

90.3

 

90.3

 

90.3

 

90.3

 

90.3

 

85,689,348

 

 

 

3.5

 

10

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1

 

1,062,000

 

4

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

88,850,904

 

8.4

 

7.2

 

19

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

562,000

 

2

 

96.9

 

96.9

 

99.9

 

95.7

 

95.7

 

39,556,740

 

3.7

 

3.2

 

34

 

1515 Broadway

 

100.0

 

Times Square

 

Fee Interest

 

1

 

1,750,000

 

6

 

99.7

 

99.6

 

100.0

 

100.0

 

100.0

 

116,893,524

 

11.0

 

9.5

 

12

 

1 Madison Avenue

 

100.0

 

Park Avenue South

 

Fee Interest

 

1

 

1,176,900

 

4

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

68,578,128

 

6.5

 

5.5

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

21

 

15,794,045

 

57

%

95.7

%

94.8

%

94.9

%

94.1

%

93.7

%

$935,670,585

 

80.3

%

72.3

%

626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

388 & 390 Greenwich Street

 

100.0

 

Downtown

 

Fee Interest

 

2

 

2,635,000

 

10

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

112,498,596

 

10.6

 

9.1

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

2

 

2,635,000

 

10

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$112,498,596

 

10.6

%

9.1

%

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

23

 

18,429,045

 

67

%

96.3

%

95.5

%

95.6

%

94.9

%

94.6

%

$

1,048,169,181

 

90.9

%

81.4

%

627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

48.9

 

Columbus Circle

 

Fee Interest

 

1

 

530,981

 

2

 

80.2

 

79.5

 

79.5

 

73.8

 

73.2

 

34,684,464

 

 

 

1.4

 

26

 

100 Park Avenue

 

50.0

 

Grand Central South

 

Fee Interest

 

1

 

834,000

 

3

 

96.3

 

96.0

 

96.0

 

96.5

 

96.5

 

58,233,852

 

 

 

2.4

 

39

 

315 West 36th Street

 

35.5

 

Times Square South

 

Fee Interest

 

1

 

147,619

 

1

 

88.4

 

99.2

 

99.2

 

99.2

 

99.2

 

4,699,464

 

 

 

0.1

 

5

 

521 Fifth Avenue

 

50.5

 

Grand Central

 

Fee Interest

 

1

 

460,000

 

2

 

99.0

 

99.3

 

99.3

 

95.6

 

95.4

 

28,473,696

 

 

 

1.2

 

45

 

600 Lexington Avenue

 

55.0

 

East Side

 

Fee Interest

 

1

 

303,515

 

1

 

89.2

 

89.2

 

89.2

 

75.7

 

75.7

 

20,748,468

 

 

 

0.9

 

35

 

800 Third Avenue

 

60.5

 

Grand Central North

 

Fee Interest

 

1

 

526,000

 

2

 

97.5

 

94.8

 

94.8

 

93.5

 

93.5

 

32,081,052

 

 

 

1.6

 

42

 

1745 Broadway

 

56.88

 

Midtown

 

Fee Interest

 

1

 

674,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

42,805,380

 

 

 

2.0

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

7

 

3,476,115

 

13

%

94.1

%

94.0

%

94.0

%

91.4

%

91.3

%

$

221,726,376

 

 

 

9.5

%

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Operating Properties Grand Total / Weighted Average

 

30

 

21,905,160

 

80

%

96.0

%

95.3

%

95.4

%

94.4

%

94.1

%

$

1,269,895,557

 

 

 

 

 

820

 

Manhattan Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,123,470,670

 

 

 

90.9

%

 

 

Manhattan Operating Properties Same Store Occupancy %

 

 

 

19,270,160

 

88

%

95.4

%(3)

94.7

%

94.8

%

93.6

%

93.3

%

 

 

 

 

 

 

 

 

 


(1)                 The Company has an option to acquire the fee interest for a fixed price on a specific date.

(2)                 The Company owns 50% of the fee interest.

(3)                 Manhattan same-store occupancy, inclusive of 103,319 square feet of leases signed but not yet commenced, is 95.9% as of March 31, 2015, as compared to 94.9% at March 31, 2014 and 95.7% at December 31, 2014.

 

Supplemental Information

First Quarter 2015

 

32



 

 

 

 

 

SELECTED PROPERTY DATA

 

Suburban Operating Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

74.8

 

74.8

 

74.8

 

74.8

 

74.8

 

1,754,304

 

0.2

 

0.1

 

2

 

1100 King Street - 2 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

30.3

 

30.3

 

47.9

 

47.9

 

47.9

 

721,572

 

0.1

 

0.1

 

2

 

1100 King Street - 3 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

21.7

 

21.7

 

21.7

 

57.2

 

57.2

 

793,056

 

0.1

 

0.1

 

2

 

1100 King Street - 4 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

85.8

 

85.8

 

84.6

 

84.6

 

83.9

 

2,019,600

 

0.2

 

0.2

 

10

 

1100 King Street - 5 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

93.1

 

92.0

 

92.0

 

92.0

 

81.8

 

1,987,524

 

0.2

 

0.2

 

9

 

1100 King Street - 6 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

56.7

 

56.7

 

56.7

 

50.8

 

50.8

 

1,544,916

 

0.1

 

0.1

 

3

 

520 White Plains Road

 

100.0

 

Tarrytown, New York

 

Fee Interest

 

1

 

180,000

 

1

 

76.2

 

76.2

 

75.2

 

57.5

 

55.8

 

3,594,840

 

0.3

 

0.3

 

11

 

115-117 Stevens Avenue

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

178,000

 

1

 

75.6

 

75.1

 

74.3

 

74.8

 

74.8

 

2,817,984

 

0.3

 

0.2

 

10

 

100 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

250,000

 

1

 

72.9

 

72.9

 

70.7

 

70.7

 

70.7

 

4,559,376

 

0.4

 

0.4

 

10

 

200 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

245,000

 

1

 

81.1

 

80.2

 

80.2

 

80.2

 

80.2

 

4,742,832

 

0.4

 

0.4

 

8

 

500 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

1

 

228,000

 

1

 

96.6

 

97.8

 

97.8

 

96.5

 

90.3

 

5,212,584

 

0.5

 

0.4

 

7

 

140 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

130,100

 

0

 

97.7

 

100.0

 

95.7

 

95.7

 

93.6

 

4,161,888

 

0.4

 

0.3

 

13

 

360 Hamilton Avenue

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

384,000

 

1

 

92.3

 

92.3

 

90.9

 

90.2

 

90.2

 

13,041,624

 

1.2

 

1.1

 

19

 

Westchester, New York Subtotal/Weighted Average

 

 

 

13

 

2,135,100

 

9

%

78.7

%

78.8

%

78.6

%

78.1

%

76.7

%

$

46,952,100

 

4.4

%

3.8

%

106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

312,000

 

1

 

94.3

 

95.8

 

93.1

 

95.9

 

95.1

 

9,331,836

 

0.9

 

0.8

 

67

 

2 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

46,000

 

0

 

85.4

 

87.8

 

81.7

 

57.3

 

57.3

 

938,676

 

0.1

 

0.1

 

7

 

3 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

130,000

 

0

 

48.4

 

48.4

 

51.7

 

55.1

 

55.1

 

1,981,440

 

0.2

 

0.2

 

16

 

4 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

105,000

 

0

 

87.6

 

87.6

 

85.1

 

87.6

 

87.6

 

2,886,408

 

0.3

 

0.2

 

14

 

5 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

61,000

 

0

 

99.0

 

99.0

 

98.8

 

98.8

 

98.7

 

978,756

 

0.1

 

0.1

 

11

 

6 Landmark Square

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

172,000

 

1

 

91.9

 

87.1

 

87.1

 

83.6

 

83.4

 

4,086,288

 

0.4

 

0.3

 

7

 

7 Landmark Square

 

100.0

 

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

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

133,000

 

0

 

80.9

 

80.9

 

77.7

 

77.7

 

77.7

 

4,708,920

 

 

 

0.2

 

9

 

750 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

192,000

 

1

 

97.8

 

97.8

 

99.1

 

93.3

 

93.3

 

7,865,268

 

 

 

0.3

 

11

 

1055 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Leasehold Interest

 

1

 

182,000

 

1

 

89.2

 

89.2

 

90.6

 

90.6

 

89.7

 

6,276,036

 

0.6

 

0.5

 

22

 

1010 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

1

 

143,400

 

1

 

77.1

 

77.1

 

75.6

 

72.2

 

75.7

 

3,681,840

 

0.3

 

0.3

 

23

 

500 West Putnam Avenue

 

100.0

 

Greenwich, Connecticut

 

Fee Interest

 

1

 

121,500

 

0

 

53.8

 

53.8

 

53.8

 

53.8

 

57.0

 

3,044,172

 

0.3

 

0.2

 

10

 

Connecticut Subtotal/Weighted Average

 

 

 

12

 

1,634,700

 

5

%

83.7

%

83.6

%

82.9

%

81.8

%

82.1

%

$

46,093,176

 

3.2

%

3.2

%

198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

100.0

 

Lyndhurst, New Jersey

 

Fee Interest

 

1

 

278,000

 

1

 

66.2

 

62.4

 

61.1

 

61.1

 

61.1

 

4,097,892

 

0.4

 

0.3

 

6

 

New Jersey Subtotal/Weighted Average

 

 

 

1

 

278,000

 

1

%

66.2

%

62.4

%

61.1

%

61.1

%

61.1

%

$

4,097,892

 

0.4

%

0.3

%

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

317,600

 

1

 

94.7

 

94.7

 

94.4

 

93.8

 

90.3

 

11,671,692

 

1.1

 

0.9

 

66

 

Brooklyn, New York Subtotal/Weighted Average

 

 

 

1

 

317,600

 

1

%

94.7

%

94.7

%

94.4

%

93.8

%

90.3

%

$

11,671,692

 

1.1

%

0.9

%

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

 

 

27

 

4,365,400

 

16

%

81.0

%

80.7

%

80.2

%

79.6

%

78.7

%

$

108,814,860

 

9.1

%

8.3

%

376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Meadows

 

50.0

 

Rutherford, New Jersey

 

Fee Interest

 

2

 

582,100

 

2

 

91.4

 

91.4

 

87.1

 

87.9

 

87.1

 

13,231,512

 

 

 

0.5

 

55

 

Jericho Plaza

 

20.26

 

Jericho, New York

 

Fee Interest

 

2

 

640,000

 

2

 

69.8

 

86.0

 

83.6

 

90.5

 

90.5

 

15,550,920

 

 

 

0.3

 

35

 

Total / Weighted Average Unconsolidated Properties

 

 

 

4

 

1,222,100

 

4

%

80.1

%

88.6

%

85.3

%

89.3

%

88.9

%

$

28,782,432

 

 

 

0.8

%

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Operating Properties Grand Total / Weighted Average

 

 

 

31

 

5,587,500

 

20

%

80.8

%

82.4

%

81.3

%

81.7

%

80.9

%

$

137,597,292

 

 

 

 

 

466

 

Suburban Operating Properties Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112,419,880

 

 

 

9.1

%

 

 

Suburban Operating Properties Same Store Occupancy %

 

 

 

 

 

5,587,500

 

100

%

80.8

%(1)

82.4

%

81.3

%

81.7

%

80.9

%

 

 

 

 

 

 

 

 

 


(1) Suburban same-store occupancy, inclusive of 153,378 square feet of leases signed but not yet commenced, is 83.5% as of March 31, 2015, as compared to 82.1% at March 31, 2014 and 84.0% at December 31, 2014.

 

Supplemental Information

First Quarter 2015

 

33



 

 

 

 

 

SELECTED PROPERTY DATA

 

Retail & Residential Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

“Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 West 34th Street

 

30.0

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,450,412

 

1.2

 

15,482,405

 

1

 

19-21 East 65th Street (1)

 

90.0

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

3

 

66.0

 

66.0

 

66.0

 

83.0

 

83.0

 

1,197,621

 

1.8

 

7,548,256

 

18

 

21 East 66th Street

 

32.28

 

Plaza District

 

Fee Interest

 

1

 

13,069

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,494,095

 

1.9

 

81,646,928

 

1

 

131-137 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

2

 

68,342

 

9

 

92.0

 

92.0

 

92.0

 

92.0

 

92.0

 

7,589,868

 

12.8

 

135,974,082

 

11

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

37

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,209,160

 

25.7

 

213,871,271

 

10

 

717 Fifth Avenue

 

10.92

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

16

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

36,488,196

 

6.7

 

279,917,007

 

7

 

724 Fifth Avenue

 

50.0

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

9

 

74.8

 

74.8

 

68.2

 

76.7

 

76.7

 

21,219,204

 

17.9

 

226,096,235

 

7

 

752 Madison Avenue (2)

 

90.0

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,316,652

 

6.6

 

11,140,833

(3)

1

 

762 Madison Avenue (1)

 

90.0

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

76.7

 

1,714,668

 

2.6

 

16,704,723

 

5

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

7

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,561,500

 

2.6

 

16,357,696

 

3

 

Subtotal/Weighted Average

 

 

 

 

 

12

 

656,096

 

89

%

93.5

%

93.5

%

92.9

%

94.3

%

94.1

%

$

95,241,375

 

79.9

%

$

1,004,739,436

 

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

9,200

 

1

 

77.2

 

100.0

 

N/A

 

N/A

 

N/A

 

585,120

 

1.0

 

32,274,930

 

2

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

5,218

 

1

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

963,612

 

1.6

 

53,284,499

 

1

 

121 Greene Street

 

50.0

 

Soho

 

Fee Interest

 

1

 

7,131

 

1

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

1,344,312

 

1.1

 

28,209,045

 

2

 

1552-1560 Broadway

 

50.0

 

Times Square

 

Fee Interest

 

2

 

57,718

 

8

 

67.5

 

67.5

 

67.5

 

67.5

 

67.5

 

19,430,796

 

16.4

 

253,181,141

 

2

 

Subtotal/Weighted Average

 

 

 

 

5

 

79,267

 

11

%

73.7

%

76.3

%

73.2

%

67.5

%

67.5

%

$

22,323,840

 

20.1

%

$

366,949,615

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Retail Properties

 

 

 

 

17

 

735,363

 

100

%

91.4

%

91.7

%

91.0

%

92.2

%

92.0

%

$

117,565,215

 

100.0

%

$

1,371,689,051

 

71

 

 

Residential Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

Total Units

 

Occupancy (%)

 

Average Monthly

 

Annualized

 

Gross Total RE

 

 

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Residential

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Rent Per Unit ($’s)

 

Cash Rent ($’s)

 

Book Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400 East 57th Street (1)

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

290,482

 

261

 

98.9

 

94.3

 

91.6

 

93.1

 

94.2

 

3,155

 

11,446,105

 

120,786,437

 

 

 

400 East 58th Street (1)

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

140,000

 

125

 

97.6

 

96.8

 

96.0

 

96.8

 

98.4

 

3,104

 

5,034,540

 

53,539,081

 

 

 

1080 Amsterdam (1)

 

92.5

 

Upper West Side

 

Leasehold Interest

 

1

 

82,250

 

96

 

96.9

 

97.9

 

94.8

 

2.2

 

2.2

 

3,610

 

4,280,640

 

46,250,734

 

 

 

Stonehenge Portfolio

 

Various

 

 

 

Fee Interest

 

17

 

2,046,733

 

2,225

 

96.5

 

N/A

 

N/A

 

N/A

 

N/A

 

3,442

 

100,352,525

 

968,256,567

 

 

 

248-252 Bedford Avenue

 

90.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

66,611

 

77

 

84.4

 

89.6

 

79.2

 

84.4

 

87.7

 

3,976

 

3,101,133

 

45,569,905

 

 

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

 

 

222,855

 

333

 

96.1

 

95.8

 

96.1

 

91.0

 

93.7

 

3,798

 

14,537,400

 

176,440,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Residential Properties

 

 

 

 

 

21

 

2,848,931

 

3,117

 

96.4

%

95.2

%

93.2

%

82.3

%

84.1

%

$

3,590

 

$

138,752,343

 

$

1,410,843,435

 

 

 

 


(1) Stonehenge Portfolio Property.

(2) The Company owns an 90% interest in the leasehold position, which is treated as a consolidated joint venture, and later, through a separate entity, acquired 100% of the fee position.

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

 

Supplemental Information

First Quarter 2015

 

34



 

 

 

 

 

SELECTED PROPERTY DATA

 

Development / Redevelopment & Land Properties

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

1

 

85,000

 

3

 

41.7

 

43.8

 

38.0

 

36.1

 

36.1

 

929,100

 

1.6

 

18,209,957

 

19

 

7 Renaissance Square

 

50.0

 

White Plains, New York

 

Fee Interest

 

1

 

65,641

 

2

 

77.2

 

67.7

 

66.8

 

51.2

 

46.6

 

1,462,044

 

1.3

 

6,985,552

 

9

 

33 Beekman Street

 

45.9

 

Downtown

 

Fee Interest

 

1

 

 

 

 

 

 

 

 

 

 

87,951,927

 

 

280 Park Avenue

 

50.0

 

Park Avenue

 

Fee Interest

 

1

 

1,219,158

 

41

 

65.2

 

55.4

 

55.5

 

58.2

 

50.1

 

78,655,608

 

68.0

 

1,249,637,819

 

28

 

51 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

142,000

 

5

 

 

10.1

 

18.4

 

62.2

 

81.0

 

 

 

84,703,003

 

 

317 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

450,000

 

15

 

10.6

 

18.6

 

35.1

 

64.2

 

72.9

 

4,648,248

 

8.0

 

144,796,811

 

1

 

331 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

114,900

 

4

 

9.8

 

19.6

 

74.9

 

77.5

 

83.6

 

610,212

 

1.1

 

83,878,548

 

3

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

104,000

 

3

 

72.5

 

72.5

 

72.5

 

48.8

 

 

5,459,412

 

9.4

 

101,749,979

 

1

 

10 East 53rd Street

 

55.0

 

Plaza District

 

Fee Interest

 

1

 

354,300

 

12

 

29.1

 

25.3

 

26.7

 

26.7

 

90.0

 

7,471,992

 

7.1

 

297,169,002

 

14

 

Fifth Avenue Retail Assemblage

 

100.0

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

2

 

63.7

 

63.7

 

66.2

 

69.8

 

74.6

 

1,224,600

 

2.1

 

150,798,697

 

1

 

650 Fifth Avenue

 

50.0

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

1

 

10.5

 

10.5

 

10.5

 

10.5

 

63.6

 

1,339,020

 

1.2

 

267,300,419

 

3

 

719 Seventh Avenue

 

75.0

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

 

100.0

 

100.0

 

N/A

 

N/A

 

 

 

41,397,140

 

 

175-225 Third Street

 

95.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

 

 

 

 

N/A

 

N/A

 

N/A

 

 

 

75,083,160

 

 

55 West 46th Street

 

25.0

 

Midtown

 

Fee Interest

 

1

 

347,000

 

12

 

 

 

N/A

 

N/A

 

N/A

 

 

 

304,126,616

 

 

1640 Flatbush Avenue

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

1,000

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

85,152

 

0.1

 

6,800,000

 

1

 

Total / Weighted Average Development / Redevelopment Properties

 

 

 

17

 

2,988,285

 

100

 

39.0

%

36.6

%

47.2

%

54.5

%

60.8

%

$

101,885,388

 

100.0

%

$

2,920,588,630

 

80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue (1)

 

100.0

 

Plaza District

 

Fee Interest

 

1

 

176,530

 

23

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

3,677,574

 

18.1

 

153,745,356

 

 

 

885 Third Avenue (1)

 

100.0

 

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

 

 

 

 


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

 

Supplemental Information

First Quarter 2015

 

35



 

 

 

 

 

SELECTED PROPERTY DATA

 

Retail Properties

 

 

 

 

 

 

Ownership

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized Retail

 

Annualized Retail Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

PRIME RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19-21 East 65th Street

 

90.0

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

1

 

66.0

 

66.0

 

66.0

 

83.0

 

83.0

 

1,197,621

 

0

 

1

 

18

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

9,200

 

0

 

77.2

 

100.0

 

N/A

 

N/A

 

N/A

 

585,120

 

0

 

0

 

2

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

1

 

5,218

 

0

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

963,612

 

0

 

1

 

1

 

131-137 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

2

 

68,342

 

3

 

92.0

 

92.0

 

92.0

 

92.0

 

92.0

 

7,589,868

 

3

 

5

 

11

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

13

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,209,160

 

6

 

9

 

10

 

719 Seventh Avenue

 

75.0

 

Times Square

 

Fee Interest

 

1

 

6,000

 

0

 

 

100.0

 

100.0

 

N/A

 

N/A

 

 

 

 

 

752 Madison Avenue (1)

 

90.0

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,316,652

 

2

 

2

 

1

 

762 Madison Avenue

 

90.0

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

76.7

 

1,714,668

 

1

 

1

 

5

 

Fifth Avenue Retail Assemblage

 

100.0

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

3

 

63.7

 

63.7

 

66.2

 

69.8

 

74.6

 

1,224,600

 

1

 

1

 

1

 

Williamsburg Terrace

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,561,500

 

1

 

1

 

3

 

1640 Flatbush Avenue

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

1

 

1,000

 

0

 

100.0

 

N/A

 

N/A

 

N/A

 

N/A

 

85,152

 

0

 

0

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

 

15

 

529,697

 

26

%

91.3

%

92.8

%

93.0

%

94.1

%

94.5

%

$

34,447,953

 

14

%

20

%

53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRIME RETAIL - Unconsolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 West 34th Street

 

30.0

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,450,412

 

1

 

0

 

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

 

3,494,095

 

1

 

1

 

1

 

121 Greene Street

 

50.0

 

Soho

 

Fee Interest

 

1

 

7,131

 

0

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

1,344,312

 

1

 

0

 

2

 

650 Fifth Avenue

 

50.0

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

2

 

10.5

 

10.5

 

10.5

 

10.5

 

63.6

 

1,339,020

 

1

 

0

 

3

 

717 Fifth Avenue

 

10.92

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

6

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

36,488,196

 

15

 

2

 

7

 

724 Fifth Avenue

 

50.0

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

3

 

74.8

 

74.8

 

68.2

 

76.7

 

76.7

 

21,219,204

 

9

 

6

 

7

 

1552-1560 Broadway

 

50.0

 

Times Square

 

Fee Interest

 

2

 

57,718

 

3

 

67.5

 

67.5

 

67.5

 

67.5

 

67.5

 

19,430,796

 

8

 

6

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

 

8

 

311,952

 

16

%

75.4

%

75.4

%

74.0

%

75.2

%

80.9

%

$

85,766,035

 

35

%

17

%

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Prime Retail

 

 

 

 

 

 

 

23

 

841,649

 

42

%

85.4

%

86.4

%

85.9

%

87.1

%

89.4

%

$

120,213,987

 

49

%

37

%

76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER RETAIL - Consolidated Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

23,221

 

1

 

 

69.0

 

80.3

 

80.3

 

80.3

 

 

 

 

 

100 Church Street

 

100.0

 

Downtown

 

Fee Interest

 

1

 

49,992

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,644,116

 

1

 

2

 

7

 

120 West 45th Street

 

100.0

 

Midtown

 

Fee Interest

 

1

 

5,446

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

420,288

 

0

 

0

 

1

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

21,733

 

1

 

43.9

 

43.9

 

43.9

 

43.9

 

43.9

 

1,155,972

 

0

 

1

 

5

 

220 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

49,970

 

2

 

96.5

 

96.5

 

96.5

 

96.5

 

95.7

 

3,447,355

 

1

 

2

 

6

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

25,330

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,945,556

 

1

 

2

 

6

 

317 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

26,935

 

1

 

25.3

 

25.3

 

25.3

 

100.0

 

100.0

 

2,025,612

 

1

 

1

 

1

 

331 Madison Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

1

 

13,722

 

1

 

72.9

 

72.9

 

82.9

 

84.7

 

84.7

 

610,212

 

0

 

0

 

2

 

400 East 57th Street

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

16,605

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,715,737

 

1

 

1

 

10

 

400 East 58th Street

 

90.0

 

Upper East Side

 

Fee Interest

 

1

 

3,240

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

490,756

 

0

 

0

 

5

 

420 Lexington Ave (Graybar)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

49,375

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,054,332

 

2

 

2

 

6

 

461 Fifth Avenue

 

100.0

 

Midtown

 

Leasehold Interest

 

1

 

16,248

 

1

 

88.6

 

100.0

 

100.0

 

100.0

 

100.0

 

1,319,232

 

1

 

1

 

1

 

485 Lexington Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

45,394

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,992,700

 

2

 

2

 

5

 

555 West 57th Street

 

100.0

 

Midtown West

 

Fee Interest

 

1

 

60,389

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,726,905

 

1

 

1

 

2

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

46,019

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

8,922,984

 

4

 

5

 

1

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

1

 

74,937

 

4

 

85.1

 

85.1

 

85.1

 

85.1

 

85.1

 

16,476,432

 

7

 

10

 

14

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

7,396

 

0

 

 

 

 

 

 

 

 

 

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

1

 

15,584

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,618,368

 

1

 

1

 

1

 

711 Third Avenue

 

100.0

 

Grand Central North

 

Leasehold Interest

 

1

 

25,639

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,794,824

 

1

 

2

 

3

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

1

 

24,827

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,675,640

 

1

 

2

 

7

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

1

 

13,470

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,752,520

 

2

 

2

 

4

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1

 

31,004

 

2

 

98.9

 

98.9

 

100.0

 

100.0

 

100.0

 

3,039,768

 

1

 

1

 

4

 

1080 Amsterdam

 

92.5

 

Upper West Side

 

Leasehold Interest

 

1

 

1,800

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

252,000

 

0

 

0

 

1

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1

 

37,326

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

5,837,257

 

2

 

4

 

5

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

1

 

17,797

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,295,420

 

1

 

1

 

5

 

1515 Broadway

 

100.0

 

Times Square

 

Fee Interest

 

1

 

185,333

 

9

 

97.0

 

95.8

 

100.0

 

100.0

 

100.0

 

20,117,556

 

8

 

12

 

6

 

Subtotal / Weighted Average

 

 

 

 

26

 

888,732

 

44

%

90.2

%

91.9

%

93.3

%

95.6

%

95.5

%

$

94,331,541

 

39

%

56

%

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3

 

4

 

10 East 53rd Street

 

55.0

 

Plaza District

 

Fee Interest

 

1

 

8,786

 

0

 

81.7

 

81.7

 

100.0

 

100.0

 

100.0

 

721,488

 

0

 

0

 

2

 

55 West 46th Street

 

25.0

 

Midtown

 

Leasehold Interest

 

1

 

1,300

 

0

 

 

 

N/A

 

N/A

 

N/A

 

 

 

 

 

100 Park Avenue

 

50.0

 

Grand Central South

 

Fee Interest

 

1

 

40,022

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,892,564

 

1

 

1

 

9

 

280 Park Avenue

 

50.0

 

Park Avenue

 

Fee Interest

 

1

 

18,545

 

1

 

18.9

 

18.9

 

18.9

 

18.9

 

8.5

 

788,856

 

0

 

0

 

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

 

404,160

 

0

 

0

 

3

 

521 Fifth Avenue

 

50.5

 

Grand Central

 

Fee Interest

 

1

 

53,157

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,909,296

 

2

 

2

 

3

 

600 Lexington Avenue

 

55.0

 

East Side

 

Fee Interest

 

1

 

4,264

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

788,256

 

0

 

0

 

2

 

800 Third Avenue

 

60.5

 

Grand Central North

 

Fee Interest

 

1

 

9,900

 

0

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,826,496

 

1

 

1

 

2

 

Stonehenge Portfolio

 

Various

 

 

 

Fee Interest

 

10

 

88,984

 

4

 

78.5

 

N/A

 

N/A

 

N/A

 

N/A

 

8,356,342

 

3

 

0

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

 

 

 

 

19

 

275,876

 

14

%

84.7

%

59.4

%

60.2

%

60.2

%

59.5

%

$

29,787,982

 

12

%

7

%

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Other Retail

 

 

 

 

 

 

 

45

 

1,164,608

 

58

%

88.9

%

84.2

%

85.5

%

87.2

%

87.0

%

$

124,119,524

 

51

%

63

%

167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Grand Total / Weighted Average

 

 

 

 

 

 

 

68

 

2,006,257

 

100

%

87.4

%

85.1

%

85.6

%

87.1

%

88.0

%

$

244,333,511

 

100

%

 

 

243

 

Retail Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

164,853,787

 

 

 

100

%

 

 

 


(1) SL Green owns an 90% interest in the leasehold position, which is treated as a consolidated joint venture, and later, through a separate entity, acquired 100% of the fee position.

 

Supplemental Information

First Quarter 2015

 

36



 

 

SELECTED PROPERTY DATA

 

 

Manhattan Operating Properties - Reckson Portfolio

 

 

 

Ownership

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

100%

 

SLG%

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

100.0

 

Grand Central

 

Fee Interest

 

215,400

 

2

 

99.4

 

98.8

 

88.7

 

83.2

 

83.6

 

10,635,264

 

2.2

 

2.0

 

23

 

125 Park Avenue

 

100.0

 

Grand Central

 

Fee Interest

 

604,245

 

5

 

88.7

 

80.4

 

81.9

 

70.8

 

82.2

 

32,395,008

 

6.6

 

5.9

 

23

 

304 Park Avenue South

 

100.0

 

Midtown South

 

Fee Interest

 

215,000

 

2

 

91.9

 

91.9

 

90.5

 

90.5

 

100.0

 

12,093,624

 

2.4

 

2.2

 

14

 

461 Fifth Avenue (1)

 

100.0

 

Midtown

 

Leasehold Interest

 

200,000

 

2

 

95.5

 

96.5

 

96.5

 

96.5

 

99.3

 

16,970,937

 

3.4

 

3.1

 

11

 

555 West 57th Street

 

100.0

 

Midtown West

 

Fee Interest

 

941,000

 

8

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

37,896,216

 

7.7

 

7.0

 

10

 

609 Fifth Avenue

 

100.0

 

Rockefeller Center

 

Fee Interest

 

160,000

 

1

 

81.3

 

81.3

 

81.3

 

79.0

 

79.0

 

14,231,964

 

2.9

 

2.6

 

13

 

625 Madison Avenue

 

100.0

 

Plaza District

 

Leasehold Interest

 

563,000

 

5

 

96.6

 

92.1

 

92.1

 

92.1

 

92.1

 

51,387,192

 

10.4

 

9.4

 

21

 

641 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

163,000

 

1

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,627,328

 

1.7

 

1.6

 

7

 

711 Third Avenue (2)

 

100.0

 

Grand Central North

 

Leasehold Interest

 

524,000

 

5

 

84.1

 

80.6

 

80.6

 

80.6

 

71.9

 

25,865,388

 

5.2

 

4.8

 

18

 

750 Third Avenue

 

100.0

 

Grand Central North

 

Fee Interest

 

780,000

 

7

 

97.3

 

96.7

 

96.7

 

96.4

 

96.4

 

44,360,784

 

9.0

 

8.1

 

31

 

810 Seventh Avenue

 

100.0

 

Times Square

 

Fee Interest

 

692,000

 

6

 

85.6

 

81.0

 

83.4

 

84.2

 

85.1

 

38,541,336

 

7.8

 

7.1

 

46

 

919 Third Avenue

 

51.0

 

Grand Central North

 

Fee Interest

 

1,454,000

 

13

 

90.3

 

90.3

 

90.3

 

90.3

 

90.3

 

85,689,348

 

 

 

8.0

 

10

 

1185 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Leasehold Interest

 

1,062,000

 

9

 

99.9

 

99.9

 

99.9

 

99.9

 

99.9

 

88,850,904

 

18.0

 

16.3

 

19

 

1350 Avenue of the Americas

 

100.0

 

Rockefeller Center

 

Fee Interest

 

562,000

 

5

 

96.9

 

96.9

 

99.9

 

95.7

 

95.7

 

39,556,740

 

8.0

 

7.3

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Manhattan Consolidated Properties

 

 

 

 

 

 

 

8,135,645

 

70

%

93.6

%

92.0

%

92.2

%

90.9

%

91.6

%

$

507,102,033

 

85.2

%

 

 

280

 

Total Manhattan Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

465,114,253

 

 

 

85.4

%

 

 

 

Suburban Operating Properties - Reckson Portfolio

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

74.8

 

74.8

 

74.8

 

74.8

 

74.8

 

1,754,304

 

0.4

 

0.3

 

2

 

1100 King Street - 2 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

30.3

 

30.3

 

47.9

 

47.9

 

47.9

 

721,572

 

0.1

 

0.1

 

2

 

1100 King Street - 3 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

21.7

 

21.7

 

21.7

 

57.2

 

57.2

 

793,056

 

0.2

 

0.1

 

2

 

1100 King Street - 4 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

85.8

 

85.8

 

84.6

 

84.6

 

83.9

 

2,019,600

 

0.4

 

0.4

 

10

 

1100 King Street - 5 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

93.1

 

92.0

 

92.0

 

92.0

 

81.8

 

1,987,524

 

0.4

 

0.4

 

9

 

1100 King Street - 6 Int’l Drive

 

100.0

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

56.7

 

56.7

 

56.7

 

50.8

 

50.8

 

1,544,916

 

0.3

 

0.3

 

3

 

520 White Plains Road

 

100.0

 

Tarrytown, New York

 

Fee Interest

 

180,000

 

2

 

76.2

 

76.2

 

75.2

 

57.5

 

55.8

 

3,594,840

 

0.7

 

0.7

 

11

 

115-117 Stevens Avenue

 

100.0

 

Valhalla, New York

 

Fee Interest

 

178,000

 

2

 

75.6

 

75.1

 

74.3

 

74.8

 

74.8

 

2,817,984

 

0.6

 

0.5

 

10

 

100 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

250,000

 

2

 

72.9

 

72.9

 

70.7

 

70.7

 

70.7

 

4,559,376

 

0.9

 

0.8

 

10

 

200 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

245,000

 

2

 

81.1

 

80.2

 

80.2

 

80.2

 

80.2

 

4,742,832

 

1.0

 

0.9

 

8

 

500 Summit Lake Drive

 

100.0

 

Valhalla, New York

 

Fee Interest

 

228,000

 

2

 

96.6

 

97.8

 

97.8

 

96.5

 

90.3

 

5,212,584

 

1.1

 

1.0

 

7

 

140 Grand Street

 

100.0

 

White Plains, New York

 

Fee Interest

 

130,100

 

1

 

97.7

 

100.0

 

95.7

 

95.7

 

93.6

 

4,161,888

 

0.8

 

0.8

 

13

 

360 Hamilton Avenue

 

100.0

 

White Plains, New York

 

Fee Interest

 

384,000

 

3

 

92.3

 

92.3

 

90.9

 

90.2

 

90.2

 

13,041,624

 

2.6

 

2.4

 

19

 

Westchester, New York Subtotal/Weighted Average

 

 

 

 

 

2,135,100

 

18

%

78.7

%

78.8

%

78.6

%

78.1

%

76.7

%

$

46,952,100

 

9.5

%

8.6

%

106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Landmark Square

 

100.0

 

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

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

133,000

 

1

 

80.9

 

80.9

 

77.7

 

77.7

 

77.7

 

4,708,920

 

 

 

0.4

 

9

 

750 Washington Boulevard

 

51.0

 

Stamford, Connecticut

 

Fee Interest

 

192,000

 

2

 

97.8

 

97.8

 

99.1

 

93.3

 

93.3

 

7,865,268

 

 

 

0.7

 

11

 

1055 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Leasehold Interest

 

182,000

 

2

 

89.2

 

89.2

 

90.6

 

90.6

 

89.7

 

6,276,036

 

1.3

 

1.2

 

22

 

1010 Washington Boulevard

 

100.0

 

Stamford, Connecticut

 

Fee Interest

 

143,400

 

1

 

77.1

 

77.1

 

75.6

 

72.2

 

75.7

 

3,681,840

 

0.7

 

0.7

 

23

 

Connecticut Subtotal/Weighted Average

 

 

 

 

 

687,200

 

6

%

86.8

%

86.8

%

86.6

%

84.3

%

84.8

%

$

22,845,600

 

2.1

%

3.1

%

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

100.0

 

Lyndhurst, New Jersey

 

Fee Interest

 

278,000

 

2

 

66.2

 

62.4

 

61.1

 

61.1

 

61.1

 

4,097,892

 

0.8

 

0.8

 

6

 

New Jersey Subtotal/Weighted Average

 

 

 

 

278,000

 

2

%

66.2

%

62.4

%

61.1

%

61.1

%

61.1

%

$

4,097,892

 

0.8

%

0.8

%

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

100.0

 

Brooklyn, New York

 

Fee Interest

 

317,600

 

3

 

94.7

 

94.7

 

94.4

 

93.8

 

90.3

 

11,671,692

 

2.4

 

2.1

 

66

 

Brooklyn, New York Subtotal/Weighted Average

 

 

 

 

 

317,600

 

3

%

94.7

%

94.7

%

94.4

%

93.8

%

90.3

%

$

11,671,692

 

2.4

%

2.1

%

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Suburban Consolidated Properties

 

 

 

 

 

 

 

3,417,900

 

30

%

80.8

%

80.5

%

80.2

%

79.4

%

78.3

%

$

85,567,284

 

14.8

%

 

 

244

 

Total Suburban Consolidated Properties - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

79,405,932

 

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reckson Operating Properties Grand Total

 

 

 

 

 

 

 

11,553,545

 

100

%

89.8

%

88.6

%

88.7

%

87.5

%

87.7

%

$

592,669,317

 

100.0

%

 

 

524

 

Reckson Operating Properties Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

544,520,185

 

 

 

100.0

%

 

 

 


(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.

(2) The Company owns 50% of the fee interest.

 

Supplemental Information

First Quarter 2015

 

37



 

 

SELECTED PROPERTY DATA

 

 

Retail, Development / Redevelopment & Land Properties - Reckson Portfolio

 

 

 

Ownership

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102 Greene Street

 

100.0

 

Soho

 

Fee Interest

 

9,200

 

3

 

77.2

 

100.0

 

N/A

 

N/A

 

N/A

 

585,120

 

2.4

 

32,274,930

 

2

 

115 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

5,218

 

1

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

963,612

 

4.0

 

53,284,499

 

1

 

131-137 Spring Street

 

100.0

 

Soho

 

Fee Interest

 

68,342

 

19

 

92.0

 

92.0

 

92.0

 

92.0

 

92.0

 

7,589,868

 

31.2

 

135,974,082

 

11

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

270,132

 

77

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

15,209,160

 

62.5

 

213,871,271

 

10

 

Total Retail Properties

 

 

 

 

 

 

 

352,892

 

100

%

97.8

%

98.4

%

98.4

%

98.4

%

98.4

%

$

24,347,760

 

100.0

%

$

435,404,782

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Sixth Avenue

 

100.0

 

Midtown South

 

Fee Interest

 

104,000

 

100

 

72.5

 

72.5

 

72.5

 

48.8

 

 

5,459,412

 

100.0

 

101,749,979

 

1

 

Total Development Properties

 

 

 

 

 

 

 

104,000

 

100

%

72.5

%

72.5

%

72.5

%

48.8

%

 

$

5,459,412

 

100.0

%

$

101,749,979

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Madison Avenue

 

100.0

 

Plaza District

 

Fee Interest

 

176,530

 

100

 

100.0

 

100.0

 

100.0

 

N/A

 

N/A

 

3,677,574

 

100.0

 

153,745,356

 

 

 

Total Land Properties

 

 

 

 

 

 

 

176,530

 

100

%

100.0

%

100.0

%

100.0

%

 

 

$

3,677,574

 

100.0

%

$

153,745,356

 

 

 

 

Residential Properties - Reckson Portfolio

 

 

 

Ownership

 

 

 

 

 

Useable

 

 

 

Occupancy (%)

 

Annualized

 

Average Monthly

 

Gross Total RE

 

Total

 

Properties

 

Interest (%)

 

SubMarket

 

Ownership

 

Sq. Feet

 

Total Units

 

Mar-15

 

Dec-14

 

Sep-14

 

Jun-14

 

Mar-14

 

Cash Rent ($’s)

 

Rent Per Unit ($’s)

 

Book Value

 

Tenants

 

315 West 33rd Street - The Olivia

 

100.0

 

Penn Station

 

Fee Interest

 

222,855

 

333

 

96.1

 

95.8

 

96.1

 

91.0

 

93.7

 

14,537,400

 

3,798

 

176,440,711

 

320

 

Total Residential Properties

 

 

 

 

 

 

 

222,855

 

333

 

96.1

%

95.8

%

96.1

%

91.0

%

93.7

%

$

14,537,400

 

$

3,798

 

$

176,440,711

 

320

 

 

Supplemental Information

First Quarter 2015

 

38



 

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

 

$

134,315,213

(1)

$

44.42

 

9.5

%

$

132,307,695

 

10.7

%

A-

 

Viacom International, Inc.

 

1515 Broadway

 

2031

 

1,330,735

 

87,216,347

 

$

65.54

 

6.2

%

87,216,347

 

7.1

%

BBB

 

Credit Suisse Securities (USA), Inc.

 

1 Madison Avenue & 1055 Washington Blvd

 

2019 & 2020

 

1,149,406

 

66,666,214

 

$

58.00

 

4.7

%

66,666,214

 

5.4

%

A

 

Random House, Inc.

 

1745 Broadway

 

2018 & 2023

 

644,598

 

40,374,919

 

$

62.64

 

2.9

%

22,961,216

 

1.9

%

BBB+

 

Debevoise & Plimpton, LLP

 

919 Third Avenue

 

2021

 

619,353

 

43,341,901

 

$

69.98

 

3.1

%

22,104,369

 

1.8

%

 

 

The City of New York

 

16 Court Street & 100 Church Street

 

2015, 2017 & 2034

 

546,075

 

17,983,830

 

$

32.93

 

1.3

%

17,983,830

 

1.5

%

Aa2

 

Omnicom Group, Inc.

 

220 East 42nd Street

 

2017

 

493,560

 

21,182,361

 

$

42.92

 

1.5

%

21,182,361

 

1.7

%

BBB+

 

Ralph Lauren Corporation

 

625 Madison Avenue

 

2019

 

359,125

 

25,777,820

 

$

71.78

 

1.8

%

25,777,820

 

2.1

%

A

 

Advance Magazine Group, Fairchild Publications

 

750 Third Avenue & 485 Lexington Avenue

 

2021

 

339,195

 

16,010,388

 

$

47.20

 

1.1

%

16,010,388

 

1.3

%

 

 

C.B.S. Broadcasting, Inc.

 

555 West 57th Street

 

2023

 

295,226

 

12,384,088

 

$

41.95

 

0.9

%

12,384,088

 

1.0

%

BBB

 

Metro-North Commuter Railroad Company

 

420 Lexington Avenue

 

2021 & 2034

 

273,170

 

12,794,592

 

$

46.84

 

0.9

%

12,794,592

 

1.0

%

Aa2

 

Schulte, Roth & Zabel LLP

 

919 Third Avenue

 

2036

 

263,186

 

17,197,773

 

$

65.34

 

1.2

%

8,770,864

 

0.7

%

 

 

HF Management Services LLC

 

100 Church Street & 521 Fifth Avenue

 

2015 & 2032

 

252,762

 

8,728,349

 

$

34.53

 

0.6

%

8,027,440

 

0.6

%

 

 

BMW of Manhattan

 

555 West 57th Street

 

2022

 

227,782

 

6,392,708

 

$

28.07

 

0.5

%

6,392,708

 

0.5

%

A+

 

The City University of New York - CUNY

 

555 West 57th Street & 16 Court Street

 

2020, 2024 & 2030

 

227,622

 

8,564,939

 

$

37.63

 

0.6

%

8,564,939

 

0.7

%

Aa2

 

Newmark & Company Real Estate Inc.

 

125 Park Avenue, 110 East 42nd Street & The Meadows

 

2016, 2024 & 2031

 

182,982

 

9,550,335

 

$

52.19

 

0.7

%

9,354,690

 

0.8

%

BBB-

 

Amerada Hess Corp.

 

1185 Avenue of the Americas

 

2027

 

181,569

 

13,781,826

 

$

75.90

 

1.0

%

13,781,826

 

1.1

%

BBB

 

The Travelers Indemnity Company

 

485 Lexington Avenue

 

2021

 

173,278

 

9,960,222

 

$

57.48

 

0.7

%

9,960,222

 

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

 

5,177,141

 

$

30.01

 

0.4

%

5,177,141

 

0.4

%

BBB+

 

United Nations

 

220 East 42nd Street

 

2017, 2021 & 2022

 

171,091

 

8,120,827

 

$

47.46

 

0.6

%

8,120,827

 

0.7

%

A1

 

News America Incorporated

 

1185 Avenue of the Americas

 

2020

 

161,722

 

15,060,624

 

$

93.13

 

1.1

%

15,060,624

 

1.2

%

BBB+

 

King & Spalding

 

1185 Avenue of the Americas

 

2025

 

159,943

 

14,118,433

 

$

88.27

 

1.0

%

14,118,433

 

1.1

%

 

 

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

 

11,147,531

 

$

70.25

 

0.8

%

11,147,531

 

0.9

%

AA-

 

Bloomingdales, Inc.

 

919 Third Avenue

 

2024

 

157,961

 

8,885,197

 

$

56.25

 

0.6

%

4,531,451

 

0.4

%

BBB+

 

National Hockey League

 

1185 Avenue of the Americas

 

2022

 

148,217

 

12,963,908

 

$

87.47

 

0.9

%

12,963,908

 

1.0

%

 

 

Beth Israel Medical Center & The Mount Sinai Hospital

 

555 West 57th Street & 625 Madison Avenue

 

2030 & 2031

 

147,613

 

7,174,570

 

$

48.60

 

0.5

%

7,174,570

 

0.6

%

 

 

Banque National De Paris

 

919 Third Avenue

 

2016

 

145,834

 

9,825,665

 

$

67.38

 

0.7

%

5,011,089

 

0.4

%

A+

 

Eisner Amper, LLP

 

750 Third Avenue

 

2020

 

141,546

 

9,646,708

 

$

68.15

 

0.7

%

9,646,708

 

0.8

%

 

 

RSM McGladrey, Inc.

 

1185 Avenue of the Americas

 

2018

 

129,008

 

9,972,298

 

$

77.30

 

0.7

%

9,972,298

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

12,436,464

 

$

674,225,745

 

$

54.21

 

47.9

%

$

610,011,699

 

49.4

%

 

 

 


(1) Reflects the net rent as of March 31, 2015 of $42.70 PSF for the 388-390 Greenwich Street lease.

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

 

Supplemental Information

First Quarter 2015

 

39



 

 

TENANT DIVERSIFICATION

 

 

Based on SLG Share of Annualized Cash Rent

 

Category

 

Manhattan Properties

 

Suburban Properties

 

Arts, Ent. & Recreation

 

3.8

%

0.1

%

Business Services

 

2.6

%

3.9

%

Financial Services

 

34.5

%

30.6

%

Government / Non Profit

 

3.9

%

5.3

%

Legal

 

8.4

%

11.4

%

Manufacturing

 

2.3

%

10.4

%

Medical

 

2.3

%

4.8

%

Other

 

5.3

%

3.1

%

Professional Services

 

6.2

%

12.2

%

Retail

 

5.5

%

3.1

%

 

 

 

 

 

 

TAMI

 

 

 

 

 

Technology

 

1.4

%

3.3

%

Advertising

 

5.4

%

1.1

%

Media

 

17.9

%

10.6

%

Information

 

0.5

%

0.1

%

 

 

 

 

 

 

Total

 

100.0

%

100.0

%

 

Supplemental Information

First Quarter 2015

 

40



 

 

Leasing Activity - Manhattan Operating Properties

 

 

Available Space

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space at 12/31/14

 

 

 

 

 

1,030,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

1

 

1,242

 

1,242

 

$

57.31

 

 

 

120 West 45th Street

 

1

 

2,086

 

2,105

 

$

62.99

 

 

 

315 West 36th Street

 

1

 

15,969

 

15,969

 

$

31.65

 

 

 

420 Lexington Avenue

 

5

 

9,403

 

11,329

 

$

42.61

 

 

 

461 Fifth Avenue

 

1

 

1,850

 

1,850

 

$

191.82

 

 

 

521 Fifth Avenue

 

1

 

7,000

 

5,700

 

$

46.33

 

 

 

600 Lexington Avenue

 

1

 

4,135

 

4,144

 

$

79.37

 

 

 

800 Third Avenue

 

3

 

24,785

 

24,985

 

$

53.69

 

 

 

1350 Avenue of the Americas

 

1

 

1,980

 

1,988

 

$

71.64

 

 

 

Total/Weighted Average

 

15

 

68,450

 

69,312

 

$

52.28

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

625 Madison Avenue

 

2

 

1,701

 

2,421

 

$

112.61

 

 

 

Total/Weighted Average

 

2

 

1,701

 

2,421

 

$

112.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

Office

 

15

 

68,450

 

69,312

 

$

52.28

 

 

 

Retail

 

2

 

1,701

 

2,421

 

$

112.61

 

 

 

 

 

17

 

70,151

 

71,733

 

$

54.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,100,356

 

 

 

 

 

 


(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

First Quarter 2015

 

41



 

Leasing Activity - Manhattan Operating Properties

 

Commenced Leasing

 

 

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

 

 

 

 

 

 

 

1,100,356

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

1

 

5.3

 

3,874

 

3,874

 

$

79.00

 

$

 

$

70.00

 

3.0

 

 

 

100 Church Street

 

1

 

19.1

 

2,560

 

3,507

 

$

32.93

 

$

 

$

111.88

 

11.0

 

 

 

100 Park Avenue

 

1

 

4.2

 

2,774

 

2,517

 

$

77.00

 

$

46.75

 

$

85.67

 

2.0

 

 

 

110 East 42nd Street

 

2

 

5.0

 

2,538

 

2,607

 

$

55.39

 

$

53.60

 

$

20.04

 

0.4

 

 

 

120 West 45th Street

 

2

 

5.4

 

6,197

 

5,955

 

$

60.53

 

$

62.99

 

$

3.43

 

1.9

 

 

 

125 Park Avenue

 

1

 

15.0

 

49,197

 

51,707

 

$

56.50

 

$

53.10

 

$

70.00

 

11.0

 

 

 

220 East 42nd Street

 

1

 

5.2

 

2,676

 

2,657

 

$

60.00

 

$

55.36

 

$

33.40

 

2.0

 

 

 

420 Lexington Avenue

 

11

 

4.8

 

16,625

 

22,237

 

$

55.71

 

$

47.74

 

$

15.38

 

1.4

 

 

 

521 Fifth Avenue

 

1

 

5.3

 

5,613

 

8,449

 

$

64.00

 

$

 

$

105.51

 

3.0

 

 

 

600 Lexington Avenue

 

1

 

3.0

 

4,135

 

4,144

 

$

72.00

 

$

79.37

 

$

 

 

 

 

625 Madison Avenue

 

2

 

6.3

 

25,328

 

25,861

 

$

72.00

 

$

 

$

88.31

 

2.5

 

 

 

711 Third Avenue

 

1

 

2.3

 

18,390

 

19,587

 

$

46.00

 

$

 

$

63.42

 

1.0

 

 

 

750 Third Avenue

 

1

 

6.0

 

4,723

 

5,993

 

$

65.17

 

$

 

$

23.65

 

1.0

 

 

 

800 Third Avenue

 

6

 

8.0

 

38,965

 

40,937

 

$

59.62

 

$

52.05

 

$

12.76

 

3.1

 

 

 

810 Seventh Avenue

 

4

 

8.8

 

31,882

 

36,675

 

$

57.80

 

$

55.20

 

$

73.19

 

4.2

 

 

 

1350 Avenue of the Americas

 

1

 

5.0

 

1,980

 

1,988

 

$

86.00

 

$

70.30

 

$

9.26

 

2.0

 

 

 

Total/Weighted Average

 

37

 

8.4

 

217,457

 

238,695

 

$

59.34

 

$

53.94

 

$

53.57

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

625 Madison Avenue

 

2

 

5.4

 

1,701

 

1,570

 

$

249.03

 

$

173.64

 

$

 

 

 

 

1515 Broadway

 

1

 

15.5

 

1,783

 

2,845

 

$

1,529.00

 

$

392.95

 

$

 

6.0

 

 

 

Total/Weighted Average

 

3

 

11.9

 

3,484

 

4,415

 

$

1,073.83

 

$

314.96

 

$

 

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Church Street

 

1

 

19.1

 

781

 

781

 

$

13.39

 

$

 

$

 

11.0

 

 

 

125 Park Avenue

 

1

 

3.9

 

964

 

964

 

$

6.22

 

$

 

$

 

 

 

 

Total/Weighted Average

 

2

 

10.7

 

1,745

 

1,745

 

$

9.43

 

$

 

$

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

37

 

8.4

 

217,457

 

238,695

 

$

59.34

 

$

53.94

 

$

53.57

 

4.5

 

 

 

Retail

 

3

 

11.9

 

3,484

 

4,415

 

$

1,073.83

 

$

314.96

 

$

 

3.9

 

 

 

Storage

 

2

 

10.7

 

1,745

 

1,745

 

$

9.43

 

$

 

$

 

4.9

 

 

 

Total

 

42

 

8.5

 

222,686

 

244,855

 

$

77.28

 

$

62.85

 

$

52.22

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 3/31/15

 

 

 

 

 

877,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

220 East 42nd Street

 

2

 

7.4

 

10,133

 

11,200

 

$

61.64

 

$

46.36

 

$

13.45

 

4.0

 

 

 

420 Lexington Avenue

 

4

 

3.5

 

4,515

 

6,031

 

$

58.54

 

$

48.20

 

$

3.54

 

 

 

 

485 Lexington Avenue

 

1

 

5.1

 

13,703

 

14,078

 

$

72.52

 

$

72.53

 

$

 

1.0

 

 

 

600 Lexington Avenue

 

1

 

10.7

 

8,875

 

8,875

 

$

73.50

 

$

64.56

 

$

15.00

 

3.0

 

 

 

609 Fifth Avenue

 

1

 

3.3

 

807

 

921

 

$

74.75

 

$

74.25

 

$

6.63

 

1.5

 

 

 

1350 Avenue of the Americas

 

1

 

8.3

 

20,068

 

20,507

 

$

78.00

 

$

75.47

 

$

20.97

 

5.0

 

 

 

Total/Weighted Average

 

10

 

7.2

 

58,101

 

61,612

 

$

71.17

 

$

65.25

 

$

12.03

 

3.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

420 Lexington Avenue

 

1

 

6.2

 

381

 

443

 

$

35.00

 

$

33.94

 

$

 

 

 

 

Total/Weighted Average

 

1

 

6.2

 

381

 

443

 

$

35.00

 

$

33.94

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

10

 

7.2

 

58,101

 

61,612

 

$

71.17

 

$

65.25

 

$

12.03

 

3.1

 

 

 

Early Renewals Storage

 

1

 

6.2

 

381

 

443

 

$

35.00

 

$

33.94

 

$

 

 

 

 

Total

 

11

 

7.2

 

58,482

 

62,055

 

$

70.91

 

$

65.02

 

$

11.94

 

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 $58.96/rsf for 124,899 rentable SF.

 

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $62.99/rsf for 186,511 rentable SF.

 

Supplemental Information

First Quarter 2015

 

42



 

Leasing Activity - Suburban Operating Properties

 

Available Space

 

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space at 12/31/14

 

 

 

 

 

1,128,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

2,177

 

2,177

 

$

23.30

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

1

 

2,042

 

2,042

 

$

24.00

 

 

 

500 Summit Lake Drive, Valhalla, New York

 

1

 

2,700

 

2,700

 

$

25.62

 

 

 

140 Grand Street, White Plains, New York

 

1

 

3,000

 

3,000

 

$

43.18

 

 

 

1 Landmark Square, Stamford, Connecticut

 

4

 

25,373

 

25,373

 

$

41.75

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

1,108

 

1,108

 

$

32.12

 

 

 

4 Landmark Square, Stamford, Connecticut

 

1

 

7,807

 

7,807

 

$

34.81

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

2

 

1,012

 

1,012

 

$

24.93

 

 

 

Jericho Plaza, Jericho, New York

 

9

 

152,459

 

152,459

 

$

38.89

 

 

 

16 Court Street, Brooklyn, New York

 

2

 

1,925

 

2,603

 

$

36.87

 

 

 

Total/Weighted Average

 

23

 

199,603

 

200,281

 

$

38.52

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

1

 

78

 

78

 

$

12.00

 

 

 

Jericho Plaza, Jericho, New York

 

2

 

3,594

 

3,594

 

$

13.75

 

 

 

Total/Weighted Average

 

3

 

3,672

 

3,672

 

$

13.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

 

Office

 

23

 

199,603

 

200,281

 

$

38.52

 

 

 

Storage

 

3

 

3,672

 

3,672

 

$

13.71

 

 

 

 

 

26

 

203,275

 

203,953

 

$

38.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,331,999

 

 

 

 

 

 


(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

First Quarter 2015

 

43



 

Leasing Activity - Suburban Operating Properties

 

Commenced Leasing

 

 

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

 

 

 

 

 

 

 

1,331,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 5 Int’l Drive, Rye Brook, New York

 

1

 

3.1

 

1,068

 

1,068

 

$

26.00

 

$

 

$

27.50

 

1.0

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

10.7

 

3,096

 

3,096

 

$

21.50

 

$

 

$

51.12

 

8.0

 

 

 

100 Summit Lake Drive, Valhalla, New York

 

1

 

2.1

 

2,042

 

2,042

 

$

25.00

 

$

24.00

 

$

4.00

 

1.0

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

1.0

 

2,011

 

2,011

 

$

24.00

 

$

 

$

2.00

 

 

 

 

1 Landmark Square, Stamford, Connecticut

 

5

 

4.8

 

20,925

 

20,967

 

$

41.12

 

$

40.68

 

$

15.49

 

4.2

 

 

 

4 Landmark Square, Stamford, Connecticut

 

1

 

3.6

 

7,807

 

7,807

 

$

30.00

 

$

34.81

 

$

2.60

 

7.0

 

 

 

6 Landmark Square, Stamford, Connecticut

 

2

 

8.2

 

8,153

 

8,555

 

$

29.67

 

$

11.46

 

$

21.43

 

4.7

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

2

 

1.5

 

1,012

 

1,012

 

$

24.63

 

$

24.63

 

$

 

 

 

 

125 Chubb Way, Lyndhurst, New Jersey

 

1

 

11.0

 

10,696

 

10,696

 

$

23.00

 

$

 

$

45.00

 

12.0

 

 

 

Jericho Plaza, Jericho, New York

 

5

 

9.1

 

51,783

 

51,783

 

$

33.10

 

$

37.09

 

$

15.55

 

5.5

 

 

 

16 Court Street, Brooklyn, New York

 

2

 

1.5

 

1,925

 

2,674

 

$

42.90

 

$

35.89

 

$

 

 

 

 

Total/Weighted Average

 

22

 

7.5

 

110,518

 

111,711

 

$

32.61

 

$

35.10

 

$

18.03

 

5.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

5.0

 

450

 

450

 

$

18.00

 

$

12.00

 

$

 

 

 

 

Total/Weighted Average

 

1

 

5.0

 

450

 

450

 

$

18.00

 

$

12.00

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

22

 

7.5

 

110,518

 

111,711

 

$

32.61

 

$

35.10

 

$

18.03

 

5.6

 

 

 

Storage

 

1

 

5.0

 

450

 

450

 

$

18.00

 

$

12.00

 

$

 

 

 

 

Total

 

23

 

7.5

 

110,968

 

112,161

 

$

32.56

 

$

34.95

 

$

17.96

 

5.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 3/31/15

 

 

 

 

 

1,221,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Landmark Square, Stamford, Connecticut

 

2

 

1.6

 

19,844

 

19,874

 

$

31.91

 

$

31.27

 

$

0.78

 

0.3

 

 

 

4 Landmark Square, Stamford, Connecticut

 

1

 

5.0

 

2,500

 

2,500

 

$

30.00

 

$

32.03

 

$

19.83

 

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

1

 

5.0

 

5,642

 

5,642

 

$

37.50

 

$

37.00

 

$

11.07

 

6.0

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

1

 

1.2

 

2,500

 

3,000

 

$

28.00

 

$

28.00

 

$

 

 

 

 

500 West Putnam Avenue, Greenwich, Connecticut

 

2

 

7.4

 

17,689

 

17,689

 

$

40.00

 

$

40.16

 

$

10.34

 

5.7

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

4.0

 

2,165

 

2,179

 

$

43.00

 

$

31.04

 

$

 

3.0

 

 

 

Total/Weighted Average

 

8

 

4.3

 

50,340

 

50,884

 

$

35.49

 

$

34.83

 

$

6.10

 

2.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

8

 

4.3

 

50,340

 

50,884

 

$

35.49

 

$

34.83

 

$

6.10

 

2.9

 

 

 

Total

 

8

 

4.3

 

50,340

 

50,884

 

$

35.49

 

$

34.83

 

$

6.10

 

2.9

 

 


(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 $34.28/rsf for 72,102 rentable SF.

 

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $34.78/rsf for 122,986 rentable SF.

 

Supplemental Information

First Quarter 2015

 

44



 

ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties

Office, Retail and Storage Leases

GRAPHIC

 

 

 

Consolidated Properties

 

Joint Venture Properties

 

Year of Lease Expiration 

 

Number of
Expiring
Leases (2)

 

Rentable
Square
Footage of
Expiring
Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized Cash
Rent of Expiring
Leases

 

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

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

Number of
Expiring
Leases (2)

 

Rentable
Square
Footage of
Expiring
Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring
Leases

 

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

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015 (1)

 

5

 

33,476

 

0.18

%

$

2,524,128

 

$

75.40

 

$

65.23

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2nd Quarter 2015

 

12

 

105,199

 

0.57

%

$

6,686,328

 

$

63.56

 

$

70.18

 

8

 

113,173

 

3.38

%

$

5,700,924

 

$

50.37

 

$

56.79

 

3rd Quarter 2015

 

20

 

135,508

 

0.74

%

$

6,194,364

 

$

45.71

 

$

49.65

 

7

 

42,493

 

1.27

%

$

2,255,496

 

$

53.08

 

$

71.09

 

4th Quarter 2015

 

25

 

261,624

 

1.43

%

$

15,055,896

 

$

57.55

 

$

63.60

 

10

 

121,985

 

3.64

%

$

6,875,148

 

$

56.36

 

$

63.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

62

 

535,807

 

2.93

%

$

30,460,716

 

$

56.85

 

$

61.47

 

25

 

277,651

 

8.29

%

$

14,831,568

 

$

53.42

 

$

61.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

78

 

862,225

 

4.71

%

$

54,910,795

 

$

63.68

 

$

70.34

 

18

 

148,440

 

4.43

%

$

8,760,336

 

$

59.02

 

$

68.74

 

2017

 

87

 

1,541,390

 

8.42

%

$

88,619,837

 

$

57.49

 

$

64.05

 

17

 

190,641

 

5.69

%

$

15,407,700

 

$

80.82

 

$

77.08

 

2018

 

67

 

679,446

 

3.71

%

$

50,977,008

 

$

75.03

 

$

101.65

 

25

 

467,338

 

13.95

%

$

33,844,410

 

$

72.42

 

$

71.11

 

2019

 

67

 

1,002,437

 

5.47

%

$

64,844,592

 

$

64.69

 

$

67.23

 

23

 

243,440

 

7.27

%

$

17,412,468

 

$

71.53

 

$

75.24

 

2020

 

64

 

2,412,017

 

13.17

%

$

143,695,692

 

$

59.57

 

$

66.73

 

14

 

280,994

 

8.39

%

$

15,380,208

 

$

54.74

 

$

66.75

 

2021

 

47

 

1,767,902

 

9.66

%

$

101,708,457

 

$

57.53

 

$

62.22

 

11

 

183,170

 

5.47

%

$

12,840,228

 

$

70.10

 

$

90.20

 

2022

 

40

 

889,787

 

4.86

%

$

53,883,324

 

$

60.56

 

$

76.32

 

10

 

134,335

 

4.01

%

$

7,927,164

 

$

59.01

 

$

67.91

 

2023

 

31

 

637,196

 

3.48

%

$

34,417,072

 

$

54.01

 

$

61.43

 

16

 

777,138

 

23.20

%

$

49,832,898

 

$

64.12

 

$

66.86

 

2024

 

22

 

507,236

 

2.77

%

$

31,627,188

 

$

62.35

 

$

67.68

 

13

 

146,694

 

4.38

%

$

9,255,372

 

$

63.09

 

$

67.99

 

Thereafter

 

73

 

4,839,326

 

26.43

%

$

280,525,904

 

$

57.97

 

$

66.47

 

22

 

500,434

 

14.94

%

$

36,234,024

 

$

72.41

 

$

83.12

 

 

 

638

 

15,674,769

 

85.61

%

$

935,670,585

 

$

59.69

 

$

67.80

 

194

 

3,350,275

 

100.00

%

$

221,726,376

 

$

66.18

 

$

72.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

1

 

2,634,670

 

14.39

%

$

112,498,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

639

 

18,309,439

 

100.00

%

$

1,048,169,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


(1)

Includes month to month holdover tenants that expired prior to March 31, 2015.

(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 March 31, 2015. 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

First Quarter 2015

 

45



 

ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties

Office, Retail and Storage Leases

GRAPHIC

 

 

 

Consolidated Properties

 

Joint Venture Properties

 

Year of Lease Expiration 

 

Number of
Expiring
Leases (2)

 

Rentable
Square
Footage of
Expiring
Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized Cash
Rent of Expiring
Leases

 

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

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

Number of
Expiring
Leases (2)

 

Rentable
Square
Footage of
Expiring
Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring
Leases

 

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

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015 (1)

 

19

 

66,975

 

2.01

%

$

2,376,575

 

$

35.48

 

$

34.99

 

3

 

11,659

 

1.27

%

$

486,840

 

$

41.76

 

$

36.00

 

2nd Quarter 2015

 

12

 

42,260

 

1.27

%

$

1,654,440

 

$

39.15

 

$

35.35

 

2

 

5,284

 

0.57

%

$

137,784

 

$

26.08

 

$

27.15

 

3rd Quarter 2015

 

11

 

91,424

 

2.74

%

$

3,598,992

 

$

39.37

 

$

36.41

 

3

 

35,106

 

3.82

%

$

1,185,240

 

$

33.76

 

$

32.84

 

4th Quarter 2015

 

17

 

86,194

 

2.59

%

$

2,733,420

 

$

31.71

 

$

32.25

 

5

 

16,612

 

1.81

%

$

532,704

 

$

32.07

 

$

26.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

59

 

286,853

 

8.61

%

$

10,363,427

 

$

36.13

 

$

34.67

 

13

 

68,661

 

7.46

%

$

2,342,568

 

$

34.12

 

$

31.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

54

 

443,932

 

13.32

%

$

15,910,080

 

$

35.84

 

$

37.01

 

9

 

46,992

 

5.11

%

$

1,443,060

 

$

30.71

 

$

29.19

 

2017

 

49

 

212,338

 

6.37

%

$

8,485,224

 

$

39.96

 

$

38.74

 

9

 

74,654

 

8.12

%

$

2,491,716

 

$

33.38

 

$

34.50

 

2018

 

50

 

300,169

 

9.01

%

$

10,620,096

 

$

35.38

 

$

35.79

 

11

 

99,647

 

10.83

%

$

3,498,372

 

$

35.11

 

$

31.42

 

2019

 

42

 

551,443

 

16.55

%

$

15,852,180

 

$

28.75

 

$

29.47

 

20

 

108,472

 

11.79

%

$

3,009,240

 

$

27.74

 

$

28.91

 

2020

 

29

 

337,318

 

10.12

%

$

11,083,104

 

$

32.86

 

$

34.32

 

4

 

47,021

 

5.11

%

$

1,688,976

 

$

35.92

 

$

34.20

 

2021

 

21

 

291,449

 

8.75

%

$

7,607,004

 

$

26.10

 

$

27.10

 

7

 

101,097

 

10.99

%

$

3,475,860

 

$

34.38

 

$

35.00

 

2022

 

12

 

57,303

 

1.72

%

$

1,897,776

 

$

33.12

 

$

33.79

 

1

 

16,383

 

1.78

%

$

557,028

 

$

34.00

 

$

36.00

 

2023

 

18

 

196,372

 

5.89

%

$

6,639,072

 

$

33.81

 

$

34.64

 

3

 

88,750

 

9.65

%

$

2,805,228

 

$

31.61

 

$

33.21

 

2024

 

16

 

243,445

 

7.31

%

$

8,082,144

 

$

33.20

 

$

34.62

 

3

 

110,718

 

12.04

%

$

3,408,888

 

$

30.79

 

$

26.91

 

Thereafter

 

26

 

411,437

 

12.35

%

$

12,274,753

 

$

29.83

 

$

31.99

 

8

 

157,484

 

17.12

%

$

4,061,496

 

$

25.79

 

$

27.04

 

 

 

376

 

3,332,059

 

100.00

%

$

108,814,860

 

$

32.66

 

$

33.43

 

88

 

919,879

 

100.00

%

$

28,782,432

 

$

31.29

 

$

30.75

 

 


(1) Includes month to month holdover tenants that expired prior to March 31, 2015.

(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 March 31, 2015. Taking rents are typically lower than asking rents and may vary from property to property.

 

Supplemental Information

First Quarter 2015

 

46



 

 

 

ANNUAL LEASE EXPIRATIONS

Retail 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prime Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 (1)

 

12

 

50,450

 

10.34

%

$

2,292,281

 

$

45.44

 

$

122.54

 

5

 

20,406

 

8.71

%

$

1,404,336

 

$

68.82

 

$

69.79

 

2016

 

9

 

61,253

 

12.56

%

$

3,005,248

 

$

49.06

 

$

50.90

 

2

 

18,202

 

7.77

%

$

1,477,809

 

$

81.19

 

$

81.50

 

2017

 

8

 

59,894

 

12.28

%

$

3,361,915

 

$

56.13

 

$

123.32

 

3

 

10,498

 

4.48

%

$

837,022

 

$

79.73

 

$

126.27

 

2018

 

3

 

21,420

 

4.39

%

$

1,375,632

 

$

64.22

 

$

74.69

 

1

 

4,500

 

1.92

%

$

403,668

 

$

89.70

 

$

90.00

 

2019

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2020

 

8

 

39,535

 

8.10

%

$

6,878,474

 

$

173.98

 

$

294.19

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2021

 

1

 

108,148

 

22.17

%

$

7,364,952

 

$

68.10

 

$

70.00

 

4

 

21,724

 

9.28

%

$

3,803,724

 

$

175.09

 

$

252.59

 

2022

 

1

 

1,366

 

0.28

%

$

205,836

 

$

150.69

 

$

299.00

 

3

 

55,437

 

23.67

%

$

17,888,604

 

$

322.68

 

$

469.54

 

2023

 

1

 

6,476

 

1.33

%

$

642,060

 

$

99.14

 

$

134.07

 

2

 

7,131

 

3.05

%

$

1,344,312

 

$

188.52

 

$

350.00

 

2024

 

3

 

53,651

 

11.00

%

$

2,401,692

 

$

44.77

 

$

53.68

 

1

 

7,793

 

3.33

%

$

944,856

 

$

121.24

 

$

898.00

 

Thereafter

 

7

 

85,664

 

17.56

%

$

6,919,862

 

$

80.78

 

$

389.23

 

7

 

88,469

 

37.78

%

$

57,661,704

 

$

651.77

 

$

739.67

 

 

 

53

 

487,857

 

100.00

%

$

34,447,953

 

$

70.61

 

$

153.71

 

28

 

234,160

 

100.00

%

$

85,766,035

 

$

366.27

 

$

474.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy (5)

 

 

 

29,856

 

 

 

 

 

 

 

561.74

 

 

 

45,358

 

 

 

 

 

 

 

$

713.14

 

 

 

 

 

517,713

 

 

 

 

 

 

 

$ 

177.24

 

 

 

279,518

 

 

 

 

 

 

 

$

513.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 (1)

 

10

 

34,253

 

4.29

%

$

3,150,661

 

$

91.98

 

$

114.49

 

3

 

1,573

 

0.67

%

$

250,891

 

$

159.50

 

$

129.21

 

2016

 

10

 

69,343

 

8.69

%

$

7,271,137

 

$

104.86

 

$

140.44

 

3

 

15,452

 

6.61

%

$

869,520

 

$

56.27

 

$

83.65

 

2017

 

8

 

35,021

 

4.39

%

$

4,519,400

 

$

129.05

 

$

227.13

 

4

 

6,940

 

2.97

%

$

1,891,271

 

$

272.52

 

$

408.42

 

2018

 

9

 

63,064

 

7.90

%

$

11,303,142

 

$

179.23

 

$

457.04

 

7

 

16,104

 

6.89

%

$

1,938,698

 

$

120.39

 

$

157.79

 

2019

 

6

 

55,654

 

6.97

%

$

3,179,312

 

$

57.13

 

$

100.55

 

2

 

10,100

 

4.32

%

$

1,466,667

 

$

145.21

 

$

222.87

 

2020

 

8

 

59,839

 

7.49

%

$

7,975,524

 

$

133.28

 

$

135.93

 

4

 

35,250

 

15.07

%

$

1,499,970

 

$

42.55

 

$

54.16

 

2021

 

8

 

13,392

 

1.68

%

$

1,304,530

 

$

97.41

 

$

123.92

 

3

 

15,992

 

6.84

%

$

4,447,605

 

$

278.11

 

$

351.29

 

2022

 

11

 

108,769

 

13.62

%

$

12,886,305

 

$

118.47

 

$

169.56

 

6

 

12,603

 

5.39

%

$

1,567,481

 

$

124.37

 

$

177.98

 

2023

 

6

 

40,433

 

5.06

%

$

5,277,607

 

$

130.53

 

$

134.07

 

2

 

3,248

 

1.39

%

$

422,346

 

$

130.03

 

$

135.39

 

2024

 

9

 

38,143

 

4.78

%

$

5,236,452

 

$

137.28

 

$

156.21

 

10

 

29,917

 

12.79

%

$

3,220,150

 

$

107.64

 

$

124.67

 

Thereafter

 

23

 

280,502

 

35.13

%

$

32,227,471

 

$

114.89

 

$

167.78

 

15

 

86,662

 

37.06

%

$

12,213,384

 

$

140.93

 

$

164.13

 

 

 

108

 

798,413

 

100.00

%

$

94,331,541

 

$

118.15

 

$

178.75

 

59

 

233,841

 

100.00

%

$

29,787,982

 

$

127.39

 

$

159.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy (5)

 

 

 

67,140

 

 

 

 

 

 

 

$

293.84

 

 

 

110,994

 

 

 

 

 

 

 

$

127.72

 

 

 

 

 

865,553

 

 

 

 

 

 

 

$

187.67

 

 

 

344,835

 

 

 

 

 

 

 

$

149.24

 

 


(1) Includes month to month holdover tenants that expired prior to March 31, 2015.

(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 March 31, 2015. Taking rents are typically lower than asking rents and may vary from property to property.

(5) Includes square footage on leases signed but not yet commenced.

 

Supplemental Information

First Quarter 2015

 

47



 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

3/31/2015

 

Price ($’s) (1)

 

1998 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-98

 

420 Lexington Avenue

 

Operating Sublease

 

Grand Central

 

1,188,000

 

83.0

 

97.1

 

$

78,000,000

 

May-98

 

711 3rd Avenue

 

Operating Sublease

 

Grand Central

 

524,000

 

79.0

 

84.1

 

$

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

 

96.3

 

$

192,000,000

 

 

 

 

 

 

 

 

 

834,000

 

 

 

 

 

$

192,000,000

 

2001 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-01

 

317 Madison Avenue

 

Fee Interest

 

Grand Central

 

450,000

 

95.0

 

10.6

 

$

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

 

99.7

 

$

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

 

92.4

 

$

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

 

95.5

 

$

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

 

97.3

 

$

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

 

96.6

 

$

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

 

99.0

 

$

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

 

97.5

 

$

285,000,000

 

 

 

 

 

 

 

 

 

1,146,000

 

 

 

 

 

$

1,255,000,000

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

Reckson - NYC Portfolio

 

Fee Interests / Leasehold Interest

 

Various

 

5,612,000

 

98.3

 

93.5

 

$

3,679,530,000

 

Apr-07

 

331 Madison Avenue

 

Fee Interest

 

Grand Central

 

114,900

 

97.6

 

9.8

 

$

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

 

99.0

 

$

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

 

88.7

 

$

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

 

99.0

 

$

245,700,000

 

Apr-11

 

1515 Broadway - remaining 45%

 

Fee Interest

 

Times Square

 

1,750,000

 

98.5

 

99.7

 

$

1,210,000,000

 

May-11

 

110 East 42nd Street

 

Fee Interest

 

Grand Central

 

205,000

 

72.6

 

99.4

 

$

85,570,000

 

May-11

 

280 Park Avenue - 49.5% JV

 

Fee Interest

 

Park Avenue

 

1,219,158

 

78.2

 

65.2

 

$

1,110,000,000

 

Nov-11

 

180 Maiden Lane - 49.9% JV

 

Fee Interest

 

Financial East

 

1,090,000

 

97.7

 

N/A

 

$

425,680,000

 

Nov-11

 

51 East 42nd Street

 

Fee Interest

 

Grand Central

 

142,000

 

95.5

 

 

$

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

 

29.1

 

$

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

 

88.4

 

$

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

First Quarter 2015

 

48



 

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

First Quarter 2015

 

49



 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

GRAPHIC

 

 

 

 

 

 

 

 

 

 

 

Occupancy (%)

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

3/31/2015

 

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

 

87.1

 

$

490,750,000

 

Jan-07

 

Reckson - Westchester Portfolio

 

Fee Interests / Leasehold Interest

 

Westchester

 

2,346,100

 

90.6

 

78.7

 

$

570,190,000

 

Apr-07

 

Jericho Plazas - 20.26% JV

 

Fee Interest

 

Jericho, New York

 

640,000

 

98.4

 

69.8

 

$

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

 

41.7

 

$

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

First Quarter 2015

 

50



 

 

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

 

3/31/2015

 

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

 

 

66.2

 

$

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

 

 

77.2

 

$

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

 

80.2

 

$

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

 

96.9

 

$

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

 

96.9

 

$

 

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

 

 

84.4

 

$

54,900,000

 

Nov-13

 

650 Fifth Avenue - 50%

 

Leasehold Interest

 

Plaza District

 

32,324

 

63.6

 

10.5

 

$

 

Nov-13

 

315 West 33rd Street - The Olivia

 

Fee Interest

 

Penn Station

 

492,987

 

96.6

 

98.2

 

$

386,775,000

 

Nov-13

 

Fifth Avenue Retail Assemblage

 

Fee Interest

 

Plaza District

 

66,962

 

74.6

 

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

 

 

$

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

 

77.2

 

$

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

 

2015 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-15

 

Stonehenge Portfolio

 

Fee Interest

 

 

 

2,589,184

 

96.5

 

96.5

 

$

40,000,000

 

Mar-15

 

1640 Flatbush Avenue

 

Fee Interest

 

Brooklyn, New York

 

1,000

 

100.0

 

100.0

 

$

6,798,627

 

 

 

 

 

 

 

 

 

2,590,184

 

 

 

 

 

$

46,798,627

 

 


(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

First Quarter 2015

 

51



 

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

 

 

 

2015 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-15

 

180 Maiden Lane

 

Fee Interest

 

Financial East

 

1,090,000

 

$

470,000,000

 

$

431

 

 


(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

First Quarter 2015

 

52



 

 

 

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

 

53



 

 

 

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

 

Evan A. Smith

 

(212) 915-1220

 

evan.smith@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

 

Jed Reagan

 

(949) 640-8780

 

jreagan@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

 

Craig Mailman

 

(917) 368-2316

 

cmailman@key.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.

 

54



 

 

 

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).

 

55