EX-99.2 3 a13-22791_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

THIRD QUARTER 2013

SUPPLEMENTAL DATA

SEPTEMBER 30, 2013

 



 

 

 

 

 

 

 

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

 

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

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

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

 

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

 

Forward-looking Statement

 

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

 

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

 

2



 

 

 

 

 

 

 

Ratings

 

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

 

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended September 30, 2013 that will be released on Form 10-Q to be filed on or before November 12, 2013.

 

3



 

 

 

TABLE OF CONTENTS

 

 

 

Highlights of Current Period Financial Performance

 

 

 

Unaudited Financial Statements

 

Corporate Profile

5

Highlights

6-13

Comparative Balance Sheets

14-15

Comparative Statements of Operations

16

Comparative Computation of FFO and FAD

17

Consolidated Statement of Equity

18

Joint Venture Statements

19-21

 

 

Selected Financial Data

22-25

Debt Summary Schedule

26-28

Summary of Ground Lease Arrangements

29

 

 

Debt and Preferred Equity Investments

30-32

 

 

Selected Property Data

 

Composition of Property Portfolio

33-36

Largest Tenants

37

Tenant Diversification

38

Leasing Activity Summary

39-42

Annual Lease Expirations

43-44

 

 

Summary of Real Estate Acquisition/Disposition Activity

45-48

Corporate Information

49

Analyst Coverage

50

Supplemental Definitions

51

 

4



 

 

 

CORPORATE PROFILE

 

 

 

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

 

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

 

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

 

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

 

5



 

 

 

THIRD QUARTER 2013 HIGHLIGHTS

UNAUDITED

 

 

 

 

 

Summary

 

New York, NY, October 23, 2013 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, of $127.4 million, or $1.34 per diluted share, for the quarter ended September 30, 2013, compared to $104.8 million, or $1.12 per diluted share, for the same quarter in 2012.  The current quarter results include a non-recurring, non-cash charge of $6.9 million, or $0.07 per diluted share, related to the accounting balances of a former tenant.

 

Net income attributable to common stockholders totaled $37.0 million, or $0.40 per diluted share, for the quarter ended September 30, 2013, compared to $7.7 million, or $0.09 per diluted share, for the same quarter in 2012.

 

Operating and Leasing Activity

 

For the third quarter of 2013, the Company reported revenues and operating income of $363.8 million and $205.3 million, respectively, compared to $357.0 million and $202.2 million, respectively, for the same period in 2012. The current quarter revenues reflect a non-recurring, non-cash charge of $6.9 million, or $0.07 per diluted share, related to a former tenant.

 

Same-store cash NOI on a combined basis increased by 1.6 percent to $176.6 million for the quarter ended September 30, 2013 as compared to the same period in 2012.  Consolidated property same-store cash NOI increased by 1.4 percent to $152.1 million and unconsolidated joint venture property same-store cash NOI increased 2.8 percent to $24.5 million.

 

Same-store cash NOI on a combined basis increased by 2.8 percent to $538.7 million for the nine months ended September 30, 2013 as compared to the same period in 2012.  Consolidated property same-store cash NOI increased by 3.0 percent to $466.4 million and unconsolidated joint venture property same-store cash NOI increased 1.9  percent to $72.3  million.

 

Manhattan same-store occupancy, inclusive of 370,113 square feet of leases signed but not yet commenced, increased to 95.8 percent as of September 30, 2013.

 

During the quarter, the Company signed 52 office leases in its Manhattan portfolio totaling 441,338 square feet.  Twenty-five leases totaling 224,588 square feet represented office leases that replaced previous vacancy. Twenty-seven leases comprising 216,750 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 $56.52 per rentable square foot, representing a 1.0 percent increase over the previously fully escalated rents on the same office spaces.  Excluding one lease for 17,320 square feet at 810 Seventh Avenue where a new 10.6 year lease was signed on space recently vacated by a tenant in bankruptcy, the mark-to-market on replacement office leases signed in the Manhattan portfolio during the third quarter was 7.8 percent higher than the previous fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the third quarter was 9.4 years and average tenant concessions were 5.6 months of free rent with a tenant improvement allowance of $44.20 per rentable square foot.

 

6



 

 

 

THIRD QUARTER 2013 HIGHLIGHTS

UNAUDITED

 

 

 

During the first nine months of 2013, the Company signed 176 office leases in its Manhattan portfolio totaling 1,795,447 square feet.  Eighty-one leases totaling 575,500 square feet represented office leases that replaced previous vacancy. Ninety-five leases comprising 1,219,947 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $59.82 per rentable square foot, representing a 5.8 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 nine months of 2013 was 7.1 years and average tenant concessions were 3.5 months of free rent with a tenant improvement allowance of $31.39 per rentable square foot.

 

Same-store occupancy for the Company’s Suburban portfolio, inclusive of 57,412 of leases signed but not yet commenced, increased to 81.2 percent as of September 30, 2013.

 

During the quarter, the Company signed 28 office leases in the Suburban portfolio totaling 142,384 square feet.  Sixteen leases totaling 82,975 square feet represented office leases that replaced previous vacancy. Twelve leases comprising the remaining 59,409 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 $31.52 per rentable square foot, representing a 0.2 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Suburban office leases signed in the third quarter was 8.0 years and average tenant concessions were 6.2 months of free rent with a tenant improvement allowance of $30.65 per rentable square foot.

 

During the first nine months of 2013, the Company signed 108 office leases in its Suburban portfolio totaling 718,255 square feet.  Forty-eight leases totaling 271,231 square feet represented office leases that replaced previous vacancy. Sixty leases comprising 447,024 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 $30.40 per rentable square foot, representing a 4.0 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 nine months of 2013 was 7.4 years and average tenant concessions were 5.1 months of free rent with a tenant improvement allowance of $21.50 per rentable square foot.

 

Significant leases that were signed during the third quarter included:

 

·                  New lease on 56,794 square feet with Meister Seelig & Fein LLP for 15.0 years at 125 Park Avenue;

 

·                  New lease on 47,763 square feet with Bloomingdales, Inc. for 10.8 years at 919 Third Avenue;

 

·                  New lease on 27,231 square feet with Murphy & McGonigle, P.C. for 10.5 years at 1185 Avenue of the Americas;

 

7



 

 

 

THIRD QUARTER 2013 HIGHLIGHTS

UNAUDITED

 

 

 

·                  New lease on 26,520 square feet with Shiseido for 13.0 years at The Meadows;

 

·                  New lease on 22,437 square feet with Dragados USA, Inc. for 15.7 years at 810 Seventh Avenue; and

 

·                  Early renewal on 22,393 square feet with AT&T Services, Inc. for 5.0 years at 810 Seventh Avenue bringing the remaining lease term to 5.7 years.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended September 30, 2013 were $20.9 million, or 4.9 percent of total revenues including the Company’s share of joint venture revenue compared to $20.6 million, or 5.0 percent for the quarter ended September 30, 2012.

 

Real Estate Investment Activity

 

In August 2013, the Company entered into a contract to acquire a mixed-use residential and commercial property located at 315 West 33rd Street, New York, New York for $386.0 million. The 36-story, 492,987 square foot building, which was completed in 2012, includes 333 luxury rental apartments.  The commercial space, which is 100 percent leased at below-market rental rates, consists of 270,000 square feet and includes a 14-screen movie theater, five ground-level retail stores, two office suites and a 250 space parking garage.  This transaction is expected to be completed in the fourth quarter of 2013, subject to customary closing conditions.

 

In August 2013, the Company closed on the sale of a 345,400 square foot property located at 333 West 34th Street in Manhattan for $220.3 million, or approximately $630 per square foot.  The Company recognized a gain of $13.8 million on the transaction.

 

During the third quarter of 2013, the Company closed on the sale of two properties in the West Coast Office portfolio for $112.4 million.  Since taking an equity ownership position in the portfolio in July 2012, three properties have been sold for a total of $224.3 million.

 

In September 2013, the Company closed on the sale of a 130,000 square foot property located at 300 Main Street in Stamford, Connecticut for $13.5 million.

 

Debt and Preferred Equity Investment Activity

 

The Company’s debt and preferred equity investment portfolio totaled $1.3 billion at September 30, 2013.  During the third quarter, the Company originated new debt and preferred equity investments totaling $180.8 million, all of which are collateralized by New York City commercial office properties, and recorded $110.0 million of principal reductions from investments that were sold or repaid. The debt and preferred equity investment portfolio had a weighted average maturity of 2.2 years as of September 30, 2013 and had a weighted average yield during the quarter ended September 30, 2013 of 11.2 percent.

 

Financing and Capital Activity

 

In October 2013, Fitch Ratings upgraded the ratings outlook of the Company from Stable to Positive, citing the Company’s credit strengths including the high quality of its New York portfolio, manageable lease expirations and debt maturities, its growing unencumbered asset pool and improving credit metrics.

 

8



 

 

 

THIRD QUARTER 2013 HIGHLIGHTS

UNAUDITED

 

 

 

In October 2013, the Company closed on a new $275.0 million seven year, floating rate mortgage financing of 220 E 42nd Street.  The new mortgage, which bears interest at 160 basis points over the 30-day LIBOR, replaces the previous $183.5 million mortgage that was repaid in August 2013.

 

Dividends

 

During the third quarter of 2013, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

 

·                  $0.33 per share of common stock, which was paid on October 15, 2013 to stockholders of record on the close of business on September 30, 2013; and

 

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period July 15, 2013 through and including October 14, 2013, which was paid on October 15, 2013 to stockholders of record on the close of business on September 30, 2013, and reflects the regular quarterly dividend which is the equivalent of annualized dividend of $1.625 per share.

 

9



 

SL Green Realty Corp.

Key Financial Data

September 30, 2013

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders - diluted

 

$

0.40

 

$

0.09

 

$

0.21

 

$

0.22

 

$

0.09

 

Funds from operations available to common stockholders - diluted

 

$

1.34

 

$

1.27

 

$

1.16

 

$

1.14

 

$

1.12

 

Funds available for distribution to common stockholders - diluted

 

$

1.09

 

$

0.91

 

$

1.03

 

$

0.74

 

$

0.81

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Price & Dividends

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

 

$

88.84

 

$

88.19

 

$

86.11

 

$

76.65

 

$

80.07

 

High during period

 

$

95.61

 

$

94.21

 

$

86.29

 

$

79.63

 

$

84.88

 

Low during period

 

$

85.40

 

$

84.36

 

$

78.16

 

$

71.37

 

$

76.13

 

Common dividends per share

 

$

0.33

 

$

0.33

 

$

0.33

 

$

0.33

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO payout ratio

 

24.6

%

25.9

%

28.5

%

29.0

%

22.4

%

FAD payout ratio

 

30.2

%

36.2

%

32.2

%

44.6

%

30.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares & Units

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

92,214

 

91,813

 

91,555

 

91,250

 

90,363

 

Units outstanding

 

2,792

 

2,794

 

2,586

 

2,760

 

3,310

 

Total common shares and units outstanding

 

95,006

 

94,607

 

94,141

 

94,010

 

93,673

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding - basic

 

94,780

 

94,312

 

94,086

 

93,747

 

93,561

 

Weighted average common shares and units outstanding - diluted

 

95,016

 

94,536

 

94,302

 

94,011

 

93,891

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

 

 

 

 

 

 

Market value of common equity

 

$

8,440,333

 

$

8,343,391

 

$

8,106,482

 

$

7,205,867

 

$

7,500,397

 

Liquidation value of preferred equity/units

 

249,550

 

249,550

 

442,050

 

442,050

 

442,050

 

Consolidated debt

 

6,819,627

 

6,721,936

 

6,678,073

 

6,520,420

 

6,388,277

 

Consolidated market capitalization

 

$

15,509,510

 

$

15,314,877

 

$

15,226,605

 

$

14,168,337

 

$

14,330,724

 

SLG portion of JV debt

 

2,151,395

 

2,145,321

 

2,199,143

 

2,135,361

 

2,031,576

 

Combined market capitalization

 

$

17,660,905

 

$

17,460,198

 

$

17,425,748

 

$

16,303,698

 

$

16,362,300

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt to market capitalization

 

44.0

%

43.9

%

43.9

%

46.0

%

44.6

%

Combined debt to market capitalization

 

50.8

%

50.8

%

50.9

%

53.1

%

51.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt service coverage

 

2.43

x

2.49

x

2.29

x

2.08

x

2.20

x

Consolidated fixed charge coverage

 

2.13

x

2.13

x

1.94

x

1.77

x

1.88

x

Combined fixed charge coverage

 

1.91

x

1.92

x

1.75

x

1.62

x

1.73

x

 

Supplemental Information

 

Third Quarter 2013

 

10



 

SL Green Realty Corp.

Key Financial Data

September 30, 2013

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

Real estate assets before depreciation

 

$

11,713,705

 

$

11,663,263

 

$

11,732,106

 

$

11,667,698

 

$

11,719,628

 

Investments in unconsolidated joint ventures

 

$

1,109,815

 

$

1,085,793

 

$

1,073,130

 

$

1,032,243

 

$

1,020,790

 

Debt and Preferred Equity Investments

 

$

1,315,551

 

$

1,227,421

 

$

1,431,731

 

$

1,348,434

 

$

1,063,034

 

Cash and cash equivalents

 

$

209,098

 

$

198,969

 

$

220,140

 

$

189,984

 

$

162,363

 

Investment in marketable securities

 

$

32,863

 

$

26,266

 

$

22,994

 

$

21,429

 

$

21,549

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

14,574,919

 

$

14,401,925

 

$

14,531,862

 

$

14,378,985

 

$

14,276,332

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt

 

$

5,606,449

 

$

5,806,183

 

$

5,811,994

 

$

4,922,725

 

$

4,960,419

 

Variable rate debt

 

1,213,178

 

915,753

 

866,079

 

1,597,695

 

1,427,858

 

Total consolidated debt

 

$

6,819,627

 

$

6,721,936

 

$

6,678,073

 

$

6,520,420

 

$

6,388,277

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

7,508,229

 

$

7,385,236

 

$

7,356,459

 

$

7,209,425

 

$

7,101,664

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

6,870,840

 

$

7,071,214

 

$

7,070,303

 

$

6,181,112

 

$

6,262,129

 

Variable rate debt - including SLG portion of JV debt

 

2,100,182

 

1,796,043

 

1,806,913

 

2,474,669

 

2,157,724

 

Total combined debt

 

$

8,971,022

 

$

8,867,257

 

$

8,877,216

 

$

8,655,781

 

$

8,419,853

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

309,440

 

$

312,688

 

$

306,993

 

$

305,294

 

$

319,870

 

Property operating expenses

 

(142,910

)

(130,791

)

(136,591

)

(134,606

)

(144,518

)

Property operating NOI

 

$

166,530

 

$

181,897

 

$

170,402

 

$

170,688

 

$

175,352

 

NOI from discontinued operations

 

1,536

 

3,256

 

2,756

 

2,488

 

3,249

 

Total property operating NOI - consolidated

 

$

168,066

 

$

185,153

 

$

173,158

 

$

173,176

 

$

178,601

 

SLG share of property NOI from JVs

 

45,918

 

45,814

 

42,989

 

40,291

 

37,603

 

Total property operating NOI - combined

 

$

213,984

 

$

230,967

 

$

216,147

 

$

213,467

 

$

216,204

 

Debt and preferred equity investment income

 

44,448

 

46,731

 

52,708

 

31,500

 

27,869

 

Other income

 

9,877

 

5,726

 

5,767

 

9,805

 

9,272

 

Gain on early extinguishment of debt from JVs

 

 

 

 

 

10,711

 

Income from discontinued operations

 

 

 

 

9,318

 

 

Marketing general & administrative expenses

 

(20,869

)

(21,514

)

(21,067

)

(21,372

)

(20,551

)

EBITDA - combined

 

$

247,440

 

$

261,910

 

$

253,555

 

$

242,718

 

$

243,505

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Debt to EBITDA (trailing-12 months)

 

7.92

x

7.88

x

7.98

x

8.07

x

8.11

x

Combined Debt to EBITDA (trailing-12 months)

 

8.68

x

8.63

x

8.82

x

8.89

x

8.85

x

 

11



 

SL Green Realty Corp.

Key Financial Data

September 30, 2013

(Dollars in Thousands Except Per Share)

 

Manhattan Properties

 

 

 

As of or for the three months ended

 

 

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

279,853

 

$

286,819

 

$

284,083

 

$

280,763

 

$

276,521

 

Property operating expenses

 

123,859

 

112,719

 

121,001

 

118,046

 

117,572

 

Property operating NOI

 

$

155,994

 

$

174,100

 

$

163,082

 

$

162,717

 

$

158,949

 

NOI from discontinued operations

 

1,356

 

3,226

 

2,639

 

2,240

 

2,315

 

Total property operating NOI - consolidated

 

$

157,350

 

$

177,326

 

$

165,721

 

$

164,957

 

$

161,264

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

443

 

$

480

 

$

1,295

 

$

1,954

 

$

555

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

41,288

 

$

39,987

 

$

36,171

 

$

35,161

 

$

35,124

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

26

 

27

 

27

 

27

 

28

 

Unconsolidated office buildings in service

 

9

 

9

 

9

 

9

 

7

 

 

 

35

 

36

 

36

 

36

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

18,012,945

 

18,347,945

 

18,347,945

 

18,347,945

 

18,807,945

 

Unconsolidated office buildings in service - square footage

 

5,934,434

 

5,934,434

 

5,934,434

 

5,934,434

 

5,326,815

 

 

 

23,947,379

 

24,282,379

 

24,282,379

 

24,282,379

 

24,134,760

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

94.4

%(2)

94.4

%

94.3

%

94.3

%

93.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

47

 

58

 

55

 

53

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

208,460

 

131,210

 

129,746

 

83,819

 

97,524

 

Commenced office square footage on previously occupied space (M-T-M leasing) (1)

 

156,532

 

518,215

 

406,355

 

206,289

 

117,813

 

Total office square footage commenced

 

364,992

 

649,425

 

536,101

 

290,108

 

215,337

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rent psf - leases commenced

 

$

56.78

 

$

56.39

 

$

57.06

 

$

56.96

 

$

48.73

 

Previously escalated rents psf

 

$

59.78

 

$

53.72

 

$

54.72

 

$

55.61

 

$

52.65

 

Percentage of new rent over previously escalated rents (1)

 

-5.0

%

5.0

%

4.3

%

2.4

%

-7.4

%

Average lease term

 

8.7

 

6.5

 

5.4

 

7.2

 

8.5

 

Tenant concession packages psf

 

$

38.15

 

$

23.23

 

$

21.55

 

$

33.25

 

$

52.96

 

Free rent months

 

5.2

 

1.6

 

2.2

 

2.7

 

3.8

 

 


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

(2) Manhattan same-store occupancy, inclusive of 370,113 square feet of leases signed but not yet commenced, increased to 95.8% as of September 30, 2013.

 

12



 

SL Green Realty Corp.

Key Financial Data

September 30, 2013

(Dollars in Thousands Except Per Share)

 

Suburban Properties (2)

 

 

 

As of or for the three months ended

 

 

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

28,917

 

$

26,341

 

$

23,815

 

$

26,879

 

$

25,320

 

Property operating expenses

 

15,545

 

14,721

 

13,015

 

14,199

 

13,772

 

Property operating NOI

 

$

13,372

 

$

11,620

 

$

10,800

 

$

12,680

 

$

11,548

 

NOI from discontinued operations

 

178

 

29

 

136

 

141

 

184

 

Total property operating NOI - consolidated

 

$

13,550

 

$

11,649

 

$

10,936

 

$

12,821

 

$

11,732

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

549

 

$

843

 

$

1,618

 

$

185

 

$

2,670

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

1,496

 

$

1,186

 

$

2,000

 

$

2,021

 

$

2,446

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

26

 

27

 

26

 

25

 

25

 

Unconsolidated office buildings in service

 

4

 

4

 

5

 

5

 

5

 

 

 

30

 

31

 

31

 

30

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

4,087,400

 

4,217,400

 

3,899,800

 

3,863,000

 

3,863,000

 

Unconsolidated office buildings in service - square footage

 

1,222,100

 

1,222,100

 

1,539,700

 

1,539,700

 

1,539,700

 

 

 

5,309,500

 

5,439,500

 

5,439,500

 

5,402,700

 

5,402,700

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

80.0

%

80.2

%

79.9

%

80.6

%

80.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

35

 

30

 

34

 

28

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

86,487

 

59,648

 

74,975

 

32,545

 

52,998

 

Commenced office square footage on previously occupied space (M-T-M leasing) (1)

 

143,787

 

151,408

 

150,097

 

108,258

 

81,739

 

Total office square footage commenced

 

230,274

 

211,056

 

225,072

 

140,803

 

134,737

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rent psf - leases commenced

 

$

28.09

 

$

30.73

 

$

32.51

 

$

30.04

 

$

31.89

 

Previously escalated rents psf

 

$

28.11

 

$

34.25

 

$

32.74

 

$

32.30

 

$

32.48

 

Percentage of new rent over previously escalated rents (1)

 

0.0

%

-10.3

%

-0.7

%

-7.0

%

-1.8

%

Average lease term

 

7.1

 

6.8

 

7.1

 

6.3

 

5.5

 

Tenant concession packages psf

 

$

24.47

 

$

18.67

 

$

17.40

 

$

16.21

 

$

14.32

 

Free rent months

 

5.0

 

5.6

 

3.1

 

4.7

 

2.6

 

 


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

(2) Excludes the west coast office portfolio

 

13



 

 

 

 

 

COMPARATIVE BALANCE SHEETS

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land & land interests

 

$

2,868,833

 

$

2,866,048

 

$

2,886,099

 

$

2,886,099

 

$

2,937,866

 

Buildings & improvements fee interest

 

7,440,543

 

7,393,930

 

7,452,347

 

7,389,766

 

7,438,364

 

Buildings & improvements leasehold

 

1,353,997

 

1,352,953

 

1,346,481

 

1,346,748

 

1,331,190

 

Buildings & improvements under capital lease

 

50,332

 

50,332

 

47,179

 

40,340

 

12,208

 

 

 

11,713,705

 

11,663,263

 

11,732,106

 

11,662,953

 

11,719,628

 

Less accumulated depreciation

 

(1,574,002

)

(1,502,694

)

(1,461,775

)

(1,393,323

)

(1,339,324

)

 

 

10,139,703

 

10,160,569

 

10,270,331

 

10,269,630

 

10,380,304

 

Other real estate investments:

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 

1,109,815

 

1,085,793

 

1,073,130

 

1,032,243

 

1,020,790

 

Debt and preferred equity investments, net

 

1,315,551

 

1,227,421

 

1,431,731

 

1,348,434

 

1,063,034

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale, net

 

 

207,665

 

 

4,901

 

91,574

 

Cash and cash equivalents

 

209,098

 

198,969

 

220,140

 

189,984

 

162,363

 

Restricted cash

 

356,844

 

130,483

 

130,233

 

136,071

 

143,058

 

Investment in marketable securities

 

32,863

 

26,266

 

22,994

 

21,429

 

21,549

 

Tenant and other receivables, net of $22,383 reserve at 9/30/13

 

51,354

 

51,646

 

41,950

 

48,544

 

35,315

 

Related party receivables

 

7,800

 

6,845

 

11,133

 

7,531

 

 

Deferred rents receivable, net of reserve for tenant credit loss of $29,508 at 9/30/13

 

374,615

 

360,954

 

355,250

 

340,747

 

330,349

 

Deferred costs, net

 

247,850

 

246,058

 

252,018

 

261,145

 

253,137

 

Other assets

 

729,426

 

699,256

 

722,952

 

718,326

 

774,859

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

14,574,919

 

$

14,401,925

 

$

14,531,862

 

$

14,378,985

 

$

14,276,332

 

 

14



 

 

 

 

 

COMPARATIVE BALANCE SHEETS

 

Unaudited

(Amounts in Thousands)

 

 

 

 

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

12/31/2012

 

9/30/2012

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgages and other loans payable

 

$

4,641,758

 

$

4,835,231

 

$

4,815,485

 

$

4,615,464

 

$

4,849,233

 

Term loan and senior unsecured notes

 

1,737,869

 

1,735,205

 

1,732,588

 

1,734,956

 

1,176,252

 

Revolving credit facility

 

340,000

 

40,000

 

30,000

 

70,000

 

200,000

 

Accrued interest and other liabilities

 

69,359

 

72,415

 

73,666

 

73,769

 

100,528

 

Accounts payable and accrued expenses

 

167,719

 

138,029

 

143,812

 

159,598

 

147,452

 

Deferred revenue

 

293,393

 

296,930

 

310,214

 

312,995

 

352,145

 

Capitalized lease obligations

 

47,492

 

47,240

 

43,404

 

37,518

 

17,167

 

Deferred land lease payable

 

21,066

 

19,948

 

19,750

 

20,897

 

18,833

 

Dividends and distributions payable

 

34,749

 

34,740

 

37,737

 

37,839

 

29,154

 

Security deposits

 

54,824

 

53,604

 

49,803

 

46,253

 

47,698

 

Liabilities related to assets held for sale

 

 

11,894

 

 

136

 

63,202

 

Junior subordinated deferrable interest debentures

 

100,000

 

100,000

 

100,000

 

100,000

 

100,000

 

Total liabilities

 

7,508,229

 

7,385,236

 

7,356,459

 

7,209,425

 

7,101,664

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in operating partnership (2,792 units outstanding) at 9/30/13

 

248,046

 

243,925

 

220,174

 

212,907

 

265,093

 

Series G Preferred Units

 

47,550

 

47,550

 

47,550

 

47,550

 

47,550

 

Series H Preferred Units

 

2,000

 

2,000

 

2,000

 

2,000

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

SL Green Realty Corp. Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

Series C Perpetual Preferred Shares

 

 

 

180,340

 

180,340

 

180,340

 

Series I Perpetual Preferred Shares

 

221,932

 

221,932

 

221,932

 

221,965

 

222,245

 

Common stock, $.01 par value, 160,000 shares authorized, 95,780 issued and outstanding at 9/30/13

 

959

 

955

 

953

 

950

 

940

 

Additional paid–in capital

 

4,757,778

 

4,716,012

 

4,697,528

 

4,667,900

 

4,589,423

 

Treasury stock (3,566 shares) at 9/30/13

 

(316,989

)

(316,768

)

(322,858

)

(322,858

)

(319,905

)

Accumulated other comprehensive loss

 

(19,249

)

(18,622

)

(26,117

)

(29,587

)

(29,281

)

Retained earnings

 

1,636,584

 

1,631,287

 

1,665,468

 

1,701,092

 

1,728,150

 

Total SL Green Realty Corp. stockholders’ equity

 

6,281,015

 

6,234,796

 

6,417,246

 

6,419,802

 

6,371,912

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in other partnerships

 

488,079

 

488,418

 

488,433

 

487,301

 

488,113

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

6,769,094

 

6,723,214

 

6,905,679

 

6,907,103

 

6,860,025

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

14,574,919

 

$

14,401,925

 

$

14,531,862

 

$

14,378,985

 

$

14,276,332

 

 

15



 

 

COMPARATIVE STATEMENTS OF OPERATIONS

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2013

 

2012

 

2013

 

2013

 

2012

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

264,349

 

$

277,676

 

$

273,307

 

$

804,104

 

$

798,271

 

Escalation and reimbursement revenues

 

45,091

 

42,194

 

39,381

 

125,018

 

124,273

 

Investment income

 

44,448

 

27,869

 

46,731

 

143,887

 

87,655

 

Other income

 

9,877

 

9,272

 

5,726

 

21,369

 

25,931

 

Total Revenues, net

 

363,765

 

357,011

 

365,145

 

1,094,378

 

1,036,130

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net income (loss) from unconsolidated joint ventures

 

2,939

 

11,658

 

(3,761

)

4,251

 

80,988

 

Gain (loss) on early extinguishment of debt

 

 

 

(10

)

(18,523

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

77,272

 

82,351

 

69,432

 

218,901

 

221,670

 

Ground rent

 

10,127

 

8,874

 

8,649

 

29,767

 

26,570

 

Real estate taxes

 

55,511

 

53,293

 

52,710

 

161,625

 

156,746

 

Loan loss and other investment reserves, net of recoveries

 

 

 

 

 

564

 

Transaction related costs, net of recoveries

 

(2,349

)

1,372

 

1,711

 

719

 

4,398

 

Marketing, general and administrative

 

20,869

 

20,551

 

21,514

 

63,450

 

61,469

 

Total Operating Expenses

 

161,430

 

166,441

 

154,016

 

474,462

 

471,417

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

205,274

 

202,228

 

207,358

 

605,644

 

645,701

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

82,973

 

85,659

 

83,276

 

247,420

 

247,789

 

Amortization of deferred financing costs

 

4,331

 

4,493

 

4,240

 

13,034

 

11,626

 

Depreciation and amortization

 

87,473

 

81,827

 

82,020

 

248,587

 

233,566

 

(Gain) Loss on equity investment in marketable securities

 

 

(2,237

)

8

 

65

 

(2,237

)

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

30,497

 

32,486

 

37,814

 

96,538

 

154,957

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

1,406

 

951

 

1,472

 

3,875

 

2,883

 

Gain (loss) on sale of discontinued operations

 

13,787

 

 

 

14,900

 

6,627

 

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

 

(354

)

(4,807

)

(3,583

)

(3,937

)

11,987

 

Purchase price fair value adjustment

 

 

 

(2,305

)

(2,305

)

 

Depreciable real estate reserves, net of recoveries

 

 

 

(2,150

)

(2,150

)

5,789

 

Net Income

 

45,336

 

28,630

 

31,248

 

106,921

 

182,243

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(4,011

)

(2,402

)

(3,248

)

(10,715

)

(11,668

)

Dividends on preferred units

 

(562

)

(571

)

(565

)

(1,692

)

(1,533

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Attributable to SL Green Realty Corp

 

40,763

 

25,657

 

27,435

 

94,514

 

169,042

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock redemption costs

 

 

(10,010

)

(12,160

)

(12,160

)

(10,010

)

Dividends on perpetual preferred shares

 

(3,738

)

(7,915

)

(6,999

)

(18,144

)

(23,004

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Attributable to Common Stockholders

 

$

37,025

 

$

7,732

 

$

8,276

 

$

64,210

 

$

136,028

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share (basic)

 

$

0.40

 

$

0.09

 

$

0.09

 

$

0.70

 

$

1.53

 

Net income (loss) per share (diluted)

 

$

0.40

 

$

0.09

 

$

0.09

 

$

0.70

 

$

1.52

 

 

16



 

 

 

COMPARATIVE COMPUTATION OF FFO AND FAD

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

2013

 

2012

 

2013

 

2013

 

2012

 

Funds from Operations

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

37,025

 

$

7,732

 

$

8,276

 

$

64,210

 

$

136,028

 

Add:

Depreciation and amortization

 

87,473

 

81,827

 

82,020

 

248,587

 

233,566

 

 

Discontinued operations depreciation adjustments

 

 

1,602

 

1,617

 

3,212

 

4,758

 

 

Joint ventures depreciation and noncontrolling interests adjustments

 

12,720

 

6,669

 

17,620

 

37,867

 

22,176

 

 

Net income attributable to noncontrolling interests

 

4,011

 

2,402

 

3,248

 

10,715

 

11,668

 

Less:

Gain (loss) on sale of discontinued operations

 

13,787

 

 

 

14,900

 

6,627

 

 

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

 

(354

)

(4,807

)

(3,583

)

(3,937

)

11,987

 

 

Purchase price fair value adjustment

 

 

 

(2,305

)

(2,305

)

 

 

Depreciable real estate reserves, net of recoveries

 

 

 

(2,150

)

(2,150

)

5,789

 

 

Non-real estate depreciation and amortization

 

416

 

220

 

343

 

1,004

 

697

 

 

Funds From Operations

 

$

127,380

 

$

104,819

 

$

120,476

 

$

357,079

 

$

383,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Basic per Share

 

$

1.34

 

$

1.12

 

$

1.28

 

$

3.78

 

$

4.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Diluted per Share

 

$

1.34

 

$

1.12

 

$

1.27

 

$

3.77

 

$

4.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

 

 

 

 

 

 

 

 

 

 

FFO

 

 

$

127,380

 

$

104,819

 

$

120,476

 

357,079

 

383,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

Non real estate depreciation and amortization

 

416

 

220

 

343

 

1,004

 

697

 

 

Amortization of deferred financing costs

 

4,331

 

4,493

 

4,240

 

13,034

 

11,626

 

 

Non-cash deferred compensation

 

8,148

 

9,334

 

11,160

 

28,322

 

26,089

 

Less:

FAD adjustment for Joint Ventures

 

4,210

 

2,828

 

4,518

 

11,572

 

9,674

 

 

FAD adjustment for discontinued operations

 

130

 

 

(321

)

416

 

1,083

 

 

Straight-line rental income and other non cash adjustments

 

8,971

 

15,684

 

17,058

 

40,041

 

114,798

 

 

Second cycle tenant improvements

 

11,907

 

13,144

 

14,057

 

30,477

 

27,386

 

 

Second cycle leasing commissions

 

4,935

 

4,209

 

7,806

 

14,552

 

24,272

 

 

Revenue enhancing recurring CAPEX

 

467

 

564

 

666

 

1,292

 

1,747

 

 

Non-revenue enhancing recurring CAPEX

 

5,754

 

6,062

 

6,254

 

14,266

 

20,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

$

103,901

 

$

76,375

 

$

86,181

 

$

286,823

 

$

221,609

 

 

Diluted per Share

 

$

1.09

 

$

0.81

 

$

0.91

 

$

3.03

 

$

2.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvements

 

$

9,946

 

$

1,998

 

$

13,735

 

$

27,345

 

$

11,585

 

First cycle leasing commissions

 

$

4,171

 

$

5,409

 

$

550

 

$

4,809

 

$

5,843

 

Redevelopment Costs

 

$

7,778

 

$

5,986

 

$

6,048

 

$

17,860

 

$

20,589

 

 

 

 

 

 

 

 

 

 

 

 

 

Payout Ratio of Funds from Operations

 

24.6

%

22.4

%

25.9

%

26.2

%

18.1

%

Payout Ratio of Funds Available for Distribution

 

30.2

%

30.7

%

36.2

%

32.7

%

31.3

%

 

17



 

 

 

 

 

CONSOLIDATED STATEMENT OF EQUITY

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Series C

 

Series I

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Preferred

 

Preferred

 

Common

 

Additional

 

Treasury

 

Retained

 

Noncontrolling

 

Comprehensive

 

 

 

 

 

Stock

 

Stock

 

Stock

 

Paid-In Capital

 

Stock

 

Earnings

 

Interests

 

Income

 

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2012

 

$

180,340

 

$

221,965

 

$

950

 

$

4,667,900

 

$

(322,858

)

$

1,701,092

 

$

487,301

 

$

(29,587

)

$

6,907,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income attributable to SL Green

 

 

 

 

 

 

 

 

 

 

 

94,514

 

8,806

 

 

 

103,320

 

Preferred Dividend

 

 

 

 

 

 

 

 

 

 

 

(18,144

)

 

 

 

 

(18,144

)

Cash distributions declared ($0.33 per common share)

 

 

 

 

 

 

 

 

 

 

 

(90,266

)

 

 

 

 

(90,266

)

Cash distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,809

)

 

 

(11,809

)

Comprehensive Income - Unrealized loss on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,102

 

1,102

 

Comprehensive Income - SLG share unrealized loss on derivative instruments of JVs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,920

 

8,920

 

Comprehensive Income - Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

316

 

316

 

Net proceeds from exercise of stock options

 

 

 

 

 

2

 

10,393

 

 

 

 

 

 

 

 

 

10,395

 

Redemption of units and dividend reinvestment proceeds

 

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

Conversion of units of Operating Partnership to common stock

 

 

 

 

 

2

 

17,285

 

 

 

 

 

 

 

 

 

17,287

 

Consolidation of joint venture

 

 

 

 

 

 

 

 

 

 

 

 

 

3,781

 

 

 

3,781

 

Sale of treasury stock

 

 

 

 

 

 

 

 

 

6,090

 

 

 

 

 

 

 

6,090

 

Reallocation of noncontrolling interests in the operating partnership

 

 

 

 

 

 

 

 

 

 

 

(38,452

)

 

 

 

 

(38,452

)

Redemption of preferred stock

 

(180,340

)

 

 

 

 

 

 

 

 

(12,160

)

 

 

 

 

(192,500

)

Preferred stock issuance costs

 

 

 

(33

)

 

 

 

 

 

 

 

 

 

 

 

 

(33

)

Issuance of common stock

 

 

 

 

 

5

 

41,786

 

 

 

 

 

 

 

 

 

41,791

 

Deferred compensation plan

 

 

 

 

 

 

655

 

(221

)

 

 

 

 

 

 

434

 

Amortization of deferred compensation

 

 

 

 

 

 

 

19,702

 

 

 

 

 

 

 

 

 

19,702

 

Balance at September 30, 2013

 

$

 

$

221,932

 

$

959

 

$

4,757,778

 

$

(316,989

)

$

1,636,584

 

$

488,079

 

$

(19,249

)

$

6,769,094

 

 

 

RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION

 

 

 

 

 

 

 

 

Stock-Based 

 

 

 

 

 

 

 

 

 

Common Stock

 

OP Units

 

Compensation

 

Sub-total

 

Preferred Stock

 

Diluted Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Count at December 31, 2012

 

91,249,632

 

2,759,758

 

 

94,009,390

 

 

94,009,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD share activity

 

964,764

 

32,292

 

 

997,056

 

 

 

997,056

 

Share Count at September 30, 2013 - Basic

 

92,214,396

 

2,792,050

 

 

95,006,446

 

 

95,006,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighting factor

 

(529,957

)

(87,301

)

242,028

 

(375,230

)

 

 

(375,230

)

Weighted Average Share Count at September 30, 2013 - Diluted

 

91,684,439

 

2,704,749

 

242,028

 

94,631,216

 

 

94,631,216

 

 

18



 

 

 

 

 

JOINT VENTURE STATEMENTS

Balance Sheet for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

September 30, 2013

 

September 30, 2012

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Land and land interests

 

$

1,903,169

 

$

888,915

 

$

1,774,351

 

$

795,240

 

Buildings and improvements

 

5,292,785

 

2,371,165

 

5,293,650

 

2,229,405

 

Building leasehold

 

7,225

 

5,058

 

7,491

 

3,371

 

 

 

7,203,179

 

3,265,138

 

7,075,492

 

3,028,016

 

Less accumulated depreciation

 

(636,543

)

(274,824

)

(505,217

)

(212,850

)

 

 

 

 

 

 

 

 

 

 

Net real estate

 

6,566,636

 

2,990,314

 

6,570,275

 

2,815,166

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

97,065

 

40,575

 

74,876

 

30,469

 

Restricted cash

 

131,176

 

54,813

 

273,246

 

116,460

 

Debt investments

 

51,597

 

20,639

 

 

 

Tenant and other receivables, net of $2,554 reserve at 9/30/13

 

38,156

 

15,583

 

32,119

 

12,022

 

Deferred rents receivable, net of reserve for tenant credit loss of $3,282 at 9/30/13

 

109,942

 

42,440

 

77,050

 

27,642

 

Deferred costs, net

 

148,834

 

60,123

 

158,815

 

59,408

 

Other assets

 

360,699

 

133,297

 

207,525

 

86,976

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

7,504,105

 

$

3,357,784

 

$

7,393,906

 

$

3,148,143

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

5,098,203

 

$

2,151,395

 

$

5,134,174

 

$

2,031,576

 

Derivative instruments-fair value

 

15,030

 

7,494

 

37,798

 

18,904

 

Accrued interest and other liabilities

 

18,114

 

8,729

 

13,551

 

5,338

 

Accounts payable and accrued expenses

 

93,008

 

44,115

 

103,061

 

45,309

 

Deferred revenue

 

232,797

 

109,333

 

223,289

 

105,907

 

Security deposits

 

19,803

 

9,306

 

12,089

 

4,858

 

Contributed Capital (1)

 

2,027,150

 

1,027,412

 

1,869,944

 

936,251

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

7,504,105

 

$

3,357,784

 

$

7,393,906

 

$

3,148,143

 

 

As of September 30, 2013 the Company had twenty six unconsolidated joint venture interests. These interests are accounted for using the equity method of accounting and are not consolidated into the Company’s financial statements. We have consolidated the following joint ventures: a 51% interest in 919 Third Avenue, a 51% interest in 680 Washington Avenue, a 51% interest in 750 Washington Avenue, a 49.9% interest in 180 Maiden Lane, a 87.5% interest in 1080 Amsterdam Avenue, a 90% interest in 248-252 Bedford Avenue and 80% interests in 19-21 East 65th Street, 400 East 57th Street, 400 East 58th Street, 752-760 Madison Avenue and 762 Madison Avenue.

 


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

 

19



 

 

 

 

 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended September 30, 2013

 

Three Months Ended
June 30, 2013

 

Three Months Ended September 30, 2012

 

 

 

Total

 

SLG Interest

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

136,229

 

$

57,605

 

$

55,221

 

$

103,666

 

$

43,131

 

Escalation and reimbursement revenues

 

11,291

 

4,725

 

4,338

 

8,756

 

3,636

 

Other income

 

9,051

 

4,306

 

5,102

 

7,699

 

3,774

 

Total Revenues, net

 

$

156,571

 

$

66,636

 

$

64,661

 

$

120,121

 

$

50,541

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

29,211

 

$

12,681

 

$

11,800

 

$

17,984

 

$

7,898

 

Ground rent

 

657

 

 

 

657

 

 

Real estate taxes

 

19,105

 

8,037

 

7,047

 

12,008

 

5,040

 

Total Operating Expenses

 

$

48,973

 

$

20,718

 

$

18,847

 

$

30,649

 

$

12,938

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

107,598

 

$

45,918

 

$

45,814

 

$

89,472

 

$

37,603

 

Cash NOI

 

$

98,553

 

$

42,232

 

$

42,622

 

$

84,916

 

$

36,364

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

 

$

 

$

15

 

$

934

 

$

455

 

Interest expense, net of interest income

 

56,169

 

20,031

 

19,846

 

55,058

 

19,901

 

Amortization of deferred financing costs

 

2,869

 

1,790

 

2,979

 

2,338

 

958

 

Depreciation and amortization

 

49,402

 

21,058

 

21,784

 

35,242

 

15,342

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on early extinguishment of debt

 

 

 

 

21,421

 

10,711

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

(842

)

$

3,039

 

$

1,190

 

$

17,321

 

$

11,658

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus: Real estate depreciation

 

49,394

 

21,055

 

21,783

 

35,268

 

15,347

 

FFO Contribution

 

$

48,552

 

$

24,094

 

$

22,973

 

$

52,589

 

$

27,005

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Add: Non real estate depreciation and amortization

 

$

2,877

 

$

1,793

 

$

2,980

 

$

2,312

 

$

953

 

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

 

(10,256

)

(4,284

)

(3,808

)

(5,605

)

(1,774

)

Less: Second cycle tenant improvement

 

(1,786

)

(750

)

(1,865

)

(7,009

)

(1,774

)

Less: Second cycle leasing commissions

 

(1,947

)

(888

)

(1,428

)

(723

)

(175

)

Less: Recurring CAPEX

 

(246

)

(81

)

(397

)

(168

)

(58

)

FAD Adjustment

 

$

(11,358

)

$

(4,210

)

$

(4,518

)

$

(11,193

)

$

(2,828

)

 

20



 

 

 

 

 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Nine Months Ended September 30, 2013

 

Nine Months Ended September 30, 2012

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

400,701

 

$

166,203

 

$

316,933

 

$

135,317

 

Escalation and reimbursement revenues

 

33,597

 

13,489

 

24,910

 

10,453

 

Other income

 

28,478

 

13,481

 

22,744

 

11,102

 

Total Revenues, net

 

$

462,776

 

$

193,173

 

$

364,587

 

$

156,872

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

86,027

 

$

36,315

 

$

50,957

 

$

22,711

 

Ground rent

 

1,972

 

 

2,317

 

155

 

Real estate taxes

 

53,368

 

22,137

 

37,865

 

16,261

 

Total Operating Expenses

 

$

141,367

 

$

58,452

 

$

91,139

 

$

39,127

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

321,409

 

$

134,721

 

$

273,448

 

$

117,745

 

Cash NOI

 

$

299,499

 

$

126,132

 

$

253,478

 

$

111,816

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

 

$

15

 

$

1,292

 

$

654

 

Interest expense, net of interest income

 

169,137

 

59,419

 

160,528

 

64,728

 

Amortization of deferred financing costs

 

12,454

 

7,131

 

7,009

 

2,755

 

Depreciation and amortization

 

144,552

 

58,854

 

107,749

 

47,205

 

 

 

 

 

 

 

 

 

 

 

Gain on early extinguishment of debt

 

 

 

21,421

 

10,711

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

(4,734

)

$

9,302

 

$

18,291

 

$

13,114

 

 

 

 

 

 

 

 

 

 

 

Plus: Real estate depreciation

 

144,536

 

58,849

 

107,709

 

47,197

 

FFO Contribution

 

$

139,802

 

$

68,151

 

$

126,000

 

$

60,311

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

Add: Non real estate depreciation and amortization

 

$

12,470

 

$

7,136

 

$

7,049

 

$

2,763

 

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

 

(25,520

)

(10,378

)

(20,825

)

(6,566

)

Less: Second cycle tenant improvement

 

(7,556

)

(3,418

)

(10,226

)

(3,196

)

Less: Second cycle leasing commissions

 

(9,378

)

(4,115

)

(7,698

)

(2,494

)

Less: Recurring CAPEX

 

(1,934

)

(797

)

(592

)

(181

)

FAD Adjustment

 

$

(31,918

)

$

(11,572

)

$

(32,292

)

$

(9,674

)

 

21



 

SELECTED FINANCIAL DATA

Property NOI and Coverage Ratios
Unaudited
(Dollars in Thousands)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

 

2013

 

2012

 

2013

 

2013

 

2012

 

Property NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating NOI

 

$

166,530

 

$

175,352

 

$

181,897

 

$

518,829

 

$

517,559

 

NOI from discontinued operations

 

1,536

 

3,249

 

3,256

 

7,548

 

9,361

 

Total property operating NOI - consolidated

 

168,066

 

178,601

 

185,153

 

526,377

 

526,920

 

SLG share of property NOI from JVs

 

45,918

 

37,603

 

45,814

 

134,721

 

117,745

 

NOI

 

$

213,984

 

$

216,204

 

$

230,967

 

$

661,098

 

$

644,665

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

3,312

 

1,146

 

3,155

 

7,513

 

9,315

 

 

Net FAS 141 adjustment

 

(2,633

)

1,856

 

5,543

 

5,841

 

4,043

 

 

Straightline revenue adjustment

 

15,793

 

15,640

 

16,556

 

47,769

 

52,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Allowance for S/L tenant credit loss

 

937

 

(501

)

1,717

 

1,942

 

3,368

 

 

Ground lease straight-line adjustment

 

1,254

 

192

 

159

 

3,323

 

574

 

Cash NOI

 

$

199,703

 

$

197,253

 

$

207,589

 

$

605,240

 

$

583,091

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of Consolidated Debt Service and Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

83,103

 

$

86,355

 

$

83,443

 

$

247,881

 

$

249,417

 

Fixed amortization principal payments

 

10,143

 

12,230

 

10,609

 

31,883

 

37,357

 

Total Consolidated Debt Service

 

$

93,246

 

$

98,585

 

$

94,052

 

$

279,764

 

$

286,774

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments under ground lease arrangements

 

$

8,873

 

$

8,682

 

$

8,490

 

$

26,443

 

$

25,996

 

Dividends on preferred units

 

562

 

571

 

565

 

1,692

 

1,533

 

Dividends on perpetual preferred shares

 

3,738

 

7,915

 

6,999

 

18,144

 

23,004

 

Total Consolidated Fixed Charges

 

$

106,419

 

$

115,753

 

$

110,106

 

$

326,043

 

$

337,307

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Interest Coverage Ratio

 

2.72

x

2.50

x

2.80

x

2.71

x

2.50

x

Consolidated Debt Service Coverage Ratio

 

2.43

x

2.20

x

2.49

x

2.40

x

2.20

x

Consolidated Fixed Charge Coverage Ratio

 

2.13

x

1.90

x

2.13

x

2.07

x

1.90

x

 

22



 

SELECTED FINANCIAL DATA
2013 Same Store - Consolidated
Unaudited
(Dollars in Thousands)

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

2013

 

2012

 

%

 

2013

 

2013

 

2012

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

246,314

 

$

247,159

 

-0.3

%

$

255,801

 

$

757,219

 

$

743,513

 

1.8

%

 

Escalation & reimbursement revenues

 

43,167

 

39,030

 

10.6

%

37,738

 

120,523

 

118,419

 

1.8

%

 

Other income

 

966

 

3,188

 

-69.7

%

1,274

 

5,083

 

8,887

 

-42.8

%

 

Total Revenues

 

$

290,447

 

$

289,377

 

0.4

%

$

294,813

 

$

882,825

 

$

870,819

 

1.4

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

68,641

 

$

66,399

 

3.4

%

$

61,738

 

$

196,126

 

$

191,923

 

2.2

%

 

Ground rent

 

10,300

 

9,038

 

14.0

%

10,300

 

31,765

 

27,086

 

17.3

%

 

Real estate taxes

 

52,168

 

48,239

 

8.1

%

49,686

 

152,299

 

146,278

 

4.1

%

 

Transaction related costs, net of recoveries

 

 

95

 

-100.0

%

 

 

167

 

-100.0

%

 

 

 

$

131,109

 

$

123,771

 

5.9

%

$

121,724

 

$

380,190

 

$

365,454

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

159,338

 

$

165,606

 

-3.8

%

$

173,089

 

$

502,635

 

$

505,365

 

-0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

57,580

 

$

60,820

 

-5.3

%

$

59,368

 

$

174,786

 

$

177,011

 

-1.3

%

 

Depreciation & amortization

 

78,450

 

71,493

 

9.7

%

73,088

 

225,048

 

212,202

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

23,308

 

$

33,293

 

-30.0

%

$

40,633

 

$

102,801

 

$

116,152

 

-11.5

%

Plus:

Real estate depreciation & amortization

 

78,440

 

71,483

 

9.7

%

73,078

 

225,017

 

212,172

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

101,748

 

$

104,776

 

-2.9

%

$

113,711

 

$

327,818

 

$

328,324

 

-0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Non-building revenue

 

223

 

1,266

 

-82.4

%

665

 

1,779

 

3,136

 

-43.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

Transaction related costs, net of recoveries

 

 

95

 

-100.0

%

 

 

167

 

-100.0

%

 

Interest expense & amortization of financing costs

 

57,580

 

60,820

 

-5.3

%

59,368

 

174,786

 

177,011

 

-1.3

%

 

Non-real estate depreciation

 

10

 

10

 

0.0

%

10

 

31

 

30

 

3.3

%

NOI

 

$

159,115

 

$

164,435

 

-3.2

%

$

172,424

 

$

500,856

 

$

502,396

 

-0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

Free rent (net of amortization)

 

1,065

 

(205

)

-619.5

%

1,123

 

1,823

 

4,237

 

-57.0

%

 

Straightline revenue adjustment

 

11,978

 

11,640

 

2.9

%

12,869

 

37,144

 

41,023

 

-9.5

%

 

Rental income - FAS 141

 

(4,023

)

2,557

 

-257.3

%

2,856

 

2,002

 

7,455

 

-73.1

%

Plus:

Ground lease straight-line adjustment

 

1,232

 

172

 

616.3

%

1,232

 

4,353

 

516

 

743.6

%

 

Allowance for S/L tenant credit loss

 

770

 

(571

)

-234.9

%

2,124

 

2,152

 

2,659

 

-19.1

%

Cash NOI

 

$

152,097

 

$

150,044

 

1.4

%

$

158,932

 

$

466,392

 

$

452,856

 

3.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

54.68

%

57.19

%

 

 

58.20

%

56.71

%

57.72

%

 

 

 

Cash NOI to real estate revenue, net

 

52.27

%

52.18

%

 

 

53.64

%

52.81

%

52.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

58.22

%

60.33

%

 

 

61.67

%

60.31

%

60.84

%

 

 

 

Cash NOI before ground rent/real estate revenue, net

 

55.38

%

55.27

%

 

 

56.70

%

55.91

%

55.08

%

 

 

 

23



 

 

 

SELECTED FINANCIAL DATA

2013 Same Store - Joint Venture

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

2013

 

2012

 

%

 

2013

 

2013

 

2012

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

30,424

 

$

29,961

 

1.5

%

$

31,036

 

$

91,781

 

$

88,922

 

3.2

%

Escalation & reimbursement revenues

 

1,723

 

1,861

 

-7.4

%

1,524

 

4,826

 

5,172

 

-6.7

%

Other income

 

415

 

10,989

 

-96.2

%

134

 

805

 

11,278

 

-92.9

%

Total Revenues

 

$

32,562

 

$

42,811

 

-23.9

%

$

32,694

 

$

97,412

 

$

105,372

 

-7.6

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

4,166

 

$

4,629

 

-10.0

%

$

3,972

 

$

12,265

 

$

12,906

 

-5.0

%

Ground rent

 

0

 

0

 

0.0

%

0

 

0

 

0

 

0.0

%

Real estate taxes

 

2,832

 

2,442

 

16.0

%

2,610

 

8,070

 

7,742

 

4.2

%

Transaction related costs, net of recoveries

 

 

2

 

0.0

%

 

 

2

 

0.0

%

 

 

$

6,998

 

$

7,073

 

-1.1

%

$

6,582

 

$

20,335

 

$

20,650

 

-1.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

25,564

 

$

35,738

 

-28.5

%

$

26,112

 

$

77,077

 

$

84,722

 

-9.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

10,089

 

$

13,004

 

-22.4

%

$

10,059

 

$

30,041

 

$

38,634

 

-22.2

%

Depreciation & amortization

 

9,807

 

9,474

 

3.5

%

10,061

 

29,429

 

28,297

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

5,668

 

$

13,260

 

-57.3

%

$

5,992

 

$

17,607

 

$

17,791

 

-1.0

%

Plus: Real estate depreciation & amortization

 

9,803

 

9,474

 

3.5

%

10,060

 

29,423

 

28,288

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

15,471

 

$

22,734

 

-31.9

%

$

16,052

 

$

47,030

 

$

46,079

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Non—building revenue

 

82

 

10,766

 

-99.2

%

108

 

267

 

10,857

 

-97.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus: Transaction related costs, net of recoveries

 

 

2

 

0.0

%

 

 

2

 

-100.0

%

Interest expense & amortization of financing costs

 

10,089

 

13,004

 

-22.4

%

10,059

 

30,041

 

38,634

 

-22.2

%

Non-real estate depreciation

 

4

 

 

0.0

%

1

 

6

 

9

 

-33.3

%

NOI

 

$

25,482

 

$

24,974

 

2.0

%

$

26,004

 

$

76,810

 

$

73,867

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Free rent (net of amortization)

 

(158

)

120

 

-231.7

%

(173

)

(391

)

(19

)

1957.9

%

Straightline revenue adjustment

 

877

 

743

 

18.0

%

755

 

2,479

 

2,129

 

16.4

%

Rental income - FAS 141

 

333

 

366

 

-9.0

%

1,448

 

2,192

 

971

 

125.7

%

Plus: Ground lease straight-line adjustment

 

 

 

0.0

%

 

 

 

0.0

%

Allowance for S/L tenant credit loss

 

48

 

68

 

-29.4

%

36

 

(197

)

201

 

-198.0

%

Cash NOI

 

$

24,478

 

$

23,813

 

2.8

%

$

24,010

 

$

72,333

 

$

70,987

 

1.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

78.45

%

77.93

%

 

 

79.80

%

79.07

%

78.15

%

 

 

Cash NOI to real estate revenue, net

 

75.36

%

74.31

%

 

 

73.68

%

74.46

%

75.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

78.45

%

77.93

%

 

 

79.80

%

79.07

%

78.15

%

 

 

Cash NOI before ground rent/real estate revenue, net

 

75.22

%

74.10

%

 

 

73.57

%

74.66

%

74.89

%

 

 

 

24



 

 

 

 

 

SELECTED FINANCIAL DATA

2013 Same Store - Combined

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

June 30,

 

September 30,

 

September 30,

 

 

 

 

 

2013

 

2012

 

%

 

2013

 

2013

 

2012

 

%

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

276,738

 

$

277,120

 

-0.1

%

$

286,837

 

$

849,000

 

$

832,435

 

2.0

%

Escalation & reimbursement revenues

 

44,890

 

40,891

 

9.8

%

39,262

 

125,349

 

123,591

 

1.4

%

Other income

 

1,381

 

14,177

 

-90.3

%

1,408

 

5,888

 

20,165

 

-70.8

%

Total Revenues

 

$

323,009

 

$

332,188

 

-2.8

%

$

327,507

 

$

980,237

 

$

976,191

 

0.4

%

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

72,807

 

$

71,028

 

2.5

%

$

65,710

 

$

208,391

 

$

204,829

 

1.7

%

Ground rent

 

10,300

 

9,038

 

14.0

%

10,300

 

31,765

 

27,086

 

17.3

%

Real estate taxes

 

55,000

 

50,681

 

8.5

%

52,296

 

160,369

 

154,020

 

4.1

%

Transaction related costs, net of recoveries

 

 

97

 

-100.0

%

 

 

169

 

-100.0

%

 

 

$

138,107

 

$

130,844

 

5.6

%

$

128,306

 

$

400,525

 

$

386,104

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

184,902

 

$

201,344

 

-8.2

%

$

199,201

 

$

579,712

 

$

590,087

 

-1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

67,669

 

$

73,824

 

-8.3

%

$

69,427

 

$

204,827

 

$

215,645

 

-5.0

%

Depreciation & amortization

 

88,257

 

80,967

 

9.0

%

83,149

 

254,477

 

240,499

 

5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

28,976

 

$

46,553

 

-37.8

%

$

46,625

 

$

120,408

 

$

133,943

 

-10.1

%

Plus: Real estate depreciation & amortization

 

88,243

 

80,957

 

9.0

%

83,138

 

254,440

 

240,460

 

5.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

117,219

 

$

127,510

 

-8.1

%

$

129,763

 

$

374,848

 

$

374,403

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Non—building revenue

 

305

 

12,032

 

-97.5

%

773

 

2,046

 

13,993

 

-85.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus: Transaction related costs, net of recoveries

 

 

97

 

-100.0

%

 

 

169

 

-100.0

%

Interest expense & amortization of financing costs

 

67,669

 

73,824

 

-8.3

%

69,427

 

204,827

 

215,645

 

-5.0

%

Non-real estate depreciation

 

14

 

10

 

40.0

%

11

 

37

 

39

 

-5.1

%

NOI

 

$

184,597

 

$

189,409

 

-2.5

%

$

198,428

 

$

577,666

 

$

576,263

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Free rent (net of amortization)

 

907

 

(85

)

-1167.1

%

950

 

1,432

 

4,218

 

-66.1

%

Straightline revenue adjustment

 

12,855

 

12,383

 

3.8

%

13,624

 

39,623

 

43,152

 

-8.2

%

Rental income - FAS 141

 

(3,690

)

2,923

 

-226.2

%

4,304

 

4,194

 

8,426

 

-50.2

%

Plus: Ground lease straight-line adjustment

 

1,232

 

172

 

616.3

%

1,232

 

4,353

 

516

 

743.6

%

Allowance for S/L tenant credit loss

 

818

 

(503

)

-262.6

%

2,160

 

1,955

 

2,860

 

-31.6

%

Cash NOI

 

$

176,575

 

$

173,857

 

1.6

%

$

182,942

 

$

538,725

 

$

523,843

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

56.99

%

59.13

%

 

 

60.50

%

58.79

%

59.86

%

 

 

Cash NOI to real estate revenue, net

 

54.51

%

54.27

%

 

 

55.78

%

54.83

%

54.41

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent to real estate revenue, net

 

60.17

%

61.95

%

 

 

63.64

%

62.03

%

62.67

%

 

 

Cash NOI before ground rent to real estate revenue, net

 

57.44

%

57.25

%

 

 

58.26

%

57.86

%

56.93

%

 

 

 

25



 

 

 

 

 

DEBT SUMMARY SCHEDULE - Consolidated

 

Unaudited

(Dollars in Thousands)

 

 

 

 

 

Principal

 

 

 

2013

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

9/30/2013

 

Coupon(1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Park Avenue

 

$

146,250

 

5.75

%

 

Oct-14

 

$

146,250

 

 

Open

 

711 Third Avenue

 

120,000

 

4.99

%

 

Jun-15

 

120,000

 

 

Open

 

625 Madison Avenue

 

122,178

 

7.27

%

4,774

 

Nov-15

 

109,537

 

 

Open

 

500 West Putnam Avenue

 

23,665

 

5.52

%

531

 

Jan-16

 

22,376

 

 

Open

 

420 Lexington Avenue

 

183,443

 

7.15

%

2,351

 

Sep-16

 

175,740

 

 

Open

 

1-6 Landmark Square

 

83,309

 

4.00

%

1,576

 

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)

 

8,252

 

3.75

%

160

 

Feb-17

 

7,679

 

 

Open

 

2 Herald Square

 

191,250

 

5.36

%

 

Apr-17

 

191,250

 

 

Open

 

885 Third Avenue

 

267,650

 

6.26

%

 

Jul-17

 

267,650

 

 

Open

 

1 Madison Avenue - South Building

 

592,560

 

5.91

%

20,342

 

May-20

 

404,531

 

 

Open

 

100 Church Street

 

230,000

 

4.68

%

 

Jul-22

 

197,784

 

 

Open

 

919 Third Avenue

 

500,000

 

5.12

%

 

Jun-23

 

441,593

 

 

Open

 

400 East 57th Street

 

70,000

 

4.13

%

 

Jan-24

 

1,059

 

 

Open

 

400 East 58th Street

 

30,000

 

4.13

%

 

Jan-24

 

454

 

 

Open

 

1515 Broadway

 

900,000

 

3.93

%

 

Mar-25

 

737,436

 

 

Sep-24

 

 

 

$

4,088,557

 

5.26

%

$

29,734

 

 

 

$

3,521,275

 

 

 

 

 

Secured fixed rate debt - Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

609 Partners, LLC

 

$

23

 

5.00

%

 

Jul-14

 

$

23

 

 

Open

 

Preferred Equity Investment

 

50,000

 

8.00

%

 

Sep-19

 

50,000

 

 

Open

 

 

 

$

50,023

 

8.00

%

 

 

 

$

50,023

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

75,898

 

5.88

%

 

Aug-14

 

$

75,898

 

 

Open

 

Unsecured notes

 

255,194

 

6.00

%

 

Mar-16

 

256,584

 

 

Open

 

Convertible notes

 

295,151

 

3.00

%

 

Oct-17

 

345,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.95

%

 

Mar-18

 

30,000

 

 

Open

 

Unsecured notes

 

249,666

 

5.00

%

 

Aug-18

 

250,000

 

 

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

(2)

7

 

 

Jun-15

 

Convertible notes

 

11,953

 

3.00

%

 

Mar-27

(3)

11,953

 

 

Mar-17

 

Junior subordinated deferrable interest debentures

 

100,000

 

5.61

%

 

Jul-35

 

100,000

 

 

 

 

 

$

1,467,869

 

5.22

%

 

 

 

$

1,519,442

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

5,606,449

 

5.27

%

$

29,734

 

 

 

$

5,090,740

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 300 bps)

 

$

131,966

 

3.19

%

 

Nov-13

 

$

131,966

 

Sep-14

 

Open

 

16 Court Street (LIBOR + 250 bps)

 

84,354

 

2.69

%

 

Dec-13

 

84,354

 

 

Open

 

180 Maiden Lane (LIBOR + 211.25 bps)

 

264,858

 

2.38

%

8,499

 

Nov-16

 

239,436

 

 

Open

 

248-252 Bedford Avenue (LIBOR + 225 bps)

 

22,000

 

2.44

%

 

Mar-18

 

21,363

 

 

 

 

 

 

$

503,178

 

2.45

%

$

8,499

 

 

 

$

477,119

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 145 bps)

 

$

340,000

 

1.64

%

 

Mar-17

 

$

340,000

 

Mar-18

 

Open

 

Term loan (LIBOR + 165 bps)

 

370,000

 

1.84

%

 

Mar-18

 

370,000

 

 

Open

 

 

 

$

710,000

 

1.74

%

 

 

 

$

710,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

1,213,178

 

1.96

%

$

8,499

 

 

 

$

1,187,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

6,819,627

 

4.68

%

$

38,233

 

 

 

$

6,277,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Joint Venture

 

$

2,151,395

 

4.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Balance & Interest Rate including SLG’s share of JV Debt

 

$

9,110,724

 

4.67

%

 

 

 

 

 

 

 

 

 

 

 


(1) Effective LIBOR at the quarter end used to determine coupon on floating rate debt. Certain loans are subject to LIBOR floors.

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

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

 

26



 

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures

 

Unaudited
(Dollars in Thousands)

 

 

 

Principal Outstanding

 

 

 

2013

 

 

 

 

 

As-Of

 

 

 

 

 

9/30/2013

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

Gross Principal

 

SLG Share

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1604-1610 Broadway

 

$

27,000

 

$

18,900

 

5.66

%

 

(2)

$

18,900

 

 

Open

 

100 Park Avenue

 

210,427

 

105,003

 

6.64

%

1,248

 

Sep-14

 

103,691

 

 

Open

 

7 Renaissance

 

1,276

 

638

 

10.00

%

 

Feb-15

 

638

 

 

Open

 

11 West 34th Street (swapped)

 

17,279

 

5,184

 

4.82

%

86

 

Jan-16

 

4,977

 

 

Open

 

280 Park Avenue

 

708,525

 

350,447

 

6.57

%

1,667

 

Jun-16

 

341,184

 

 

Open

 

21-25 West 34th Street

 

100,000

 

50,000

 

5.76

%

 

Dec-16

 

50,000

 

 

Open

 

1745 Broadway

 

340,000

 

109,650

 

5.68

%

 

Jan-17

 

109,650

 

 

Open

 

Jericho Plaza

 

163,750

 

33,176

 

5.65

%

 

May-17

 

33,176

 

 

Open

 

800 Third Avenue (swapped)

 

20,910

 

8,981

 

6.00

%

 

Aug-17

 

8,981

 

 

Open

 

315 West 36th Street (swapped)

 

25,000

 

8,875

 

3.16

%

 

Dec-17

 

8,670

 

 

Open

 

388/390 Greenwich Street (swapped)

 

996,082

 

503,997

 

3.20

%

 

Dec-17

 

503,998

 

 

Open

 

717 Fifth Avenue (mortgage)

 

300,000

 

32,750

 

4.45

%

 

Jul-22

 

32,750

 

 

Aug-15

 

21 East 66th Street

 

12,000

 

3,874

 

3.60

%

 

 

Apr-23

 

3,874

 

 

 

Open

 

717 Fifth Avenue (mezzanine)

 

301,520

 

32,916

 

9.00

%

 

Jun-24

 

50,969

 

 

Open

 

Total Fixed Rate Debt/Wtd Avg

 

$

3,223,769

 

$

1,264,391

 

5.05

%

$

3,001

 

 

 

$

1,271,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

180-182 Broadway (LIBOR + 275 bps)

 

$

89,868

 

$

22,916

 

2.94

%

 

Dec-13

 

$

22,916

 

 

Open

 

West Coast Office Portfolio (mortgage) (LIBOR + 314 bps)

 

481,309

 

210,525

 

3.33

%

 

Sep-14

 

210,525

 

 

Open

 

West Coast Office Portfolio (mezzanine) (LIBOR +950 bps)

 

44,981

 

19,675

 

10.00

%

 

Sep-14

 

19,675

 

 

Open

 

747 Madison (LIBOR + 275 bps)

 

33,125

 

11,041

 

2.96

%

 

Oct-14

 

11,041

 

 

Open

 

Meadows (LIBOR + 575 bps)

 

58,212

 

29,106

 

7.75

%

 

Sep-15

 

29,106

 

 

Open

 

3 Columbus Circle (LIBOR + 210 bps)

 

241,264

 

117,978

 

2.37

%

3,922

 

Apr-16

 

108,147

 

 

Open

 

1552 Broadway (LIBOR + 317 bps)

 

143,430

 

71,715

 

3.47

%

 

Apr-16

 

71,715

 

 

Open

 

Mezzanine Debt (LIBOR + 90 bps)

 

30,000

 

15,000

 

1.09

%

 

Jun-16

 

15,000

 

 

Open

 

724 Fifth Avenue (LIBOR + 235 bps)

 

120,000

 

60,000

 

2.54

%

 

Jan-17

 

56,340

 

 

Open

 

10 East 53rd Street (LIBOR +250 bps)

 

125,000

 

68,750

 

2.69

%

 

Feb-17

 

68,750

 

 

Mar-14

 

33 Beekman (LIBOR + 275 bps)

 

18,362

 

8,428

 

2.94

%

 

Aug-17

 

8,251

 

 

Open

 

600 Lexington Avenue (LIBOR + 200 bps)

 

121,570

 

66,864

 

2.27

%

2,062

 

Oct-17

 

58,744

 

 

Open

 

388/390 Greenwich Street (LIBOR + 115 bps)

 

142,297

 

71,999

 

1.18

%

 

Dec-17

 

71,999

 

 

Open

 

29 West 34th Street (LIBOR + 190 bps)

 

53,038

 

26,519

 

2.09

%

 

May-18

 

24,719

 

 

Open

 

521 Fifth Avenue (LIBOR + 220 bps)

 

170,000

 

85,850

 

2.39

%

 

Nov-19

 

85,850

 

 

Open

 

21 East 66th Street (UST + 275 bps)

 

1,978

 

638

 

2.88

%

24

 

Jun-33

 

5

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,874,434

 

$

887,004

 

2.96

%

$

6,008

 

 

 

$

862,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Debt/Wtd Avg

 

$

5,098,203

 

$

2,151,395

 

4.19

%

$

9,008

 

 

 

$

2,134,239

 

 

 

 

 

 


(1) Effective LIBOR at the quarter end used to determine coupon on floating rate debt. Certain loans are subject to LIBOR floors.

(2) The loan went into default in November 2009 due to the non-payment of debt service. The joint venture is in discussions with the special servicer to resolve this default.

 

Covenants

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

47.4

%

Less than 60%

 

Fixed Charge Coverage

 

1.94

x

Greater than 1.5x

 

 

Unsecured Notes Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

40.0

%

Less than 60%

 

Secured Debt / Total Assets

 

15.0

%

Less than 40%

 

Debt Service Coverage

 

3.06

x

Greater than 1.5x

 

Unencumbered Assets / Unsecured Debt

 

318.0

%

Greater than 150%

 

 

Composition of Debt

 

 

 

 

 

 

 

Fixed Rate Debt

 

 

 

 

 

Consolidated

 

$

5,606,449

 

 

 

SLG Share of JV

 

1,264,391

 

 

 

Total Fixed Rate Debt

 

$

6,870,840

 

82.1

%

 

 

 

 

 

 

Floating Rate Debt

 

 

 

 

 

Consolidated

 

$

1,213,178

 

 

 

SLG Share of JV

 

887,004

 

 

 

 

 

2,100,182

 

 

 

Floating Rate Debt & Preferred Equity Investments

 

(602,432

)

 

 

Net Total Floating Rate Debt

 

$

1,497,750

 

17.9

%

 

 

 

 

 

 

Total Debt

 

$

8,368,590

 

100.0

%

 

27



 

DEBT SUMMARY SCHEDULE - Reckson Operating Partnership

 

Unaudited

(Dollars in Thousands)

 

Consolidated

 

 

 

Principal

 

 

 

2013

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

9/30/2013

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

919 Third Avenue

 

$

500,000

 

5.12

%

 

Jun-23

 

$

441,593

 

 

Open

 

 

 

$

500,000

 

5.12

%

 

 

 

$

441,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt - Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

609 Partners, LLC

 

$

23

 

5.00

%

 

Jul-14

 

$

23

 

 

Open

 

Preferred Equity Investment

 

50,000

 

8.00

%

 

Sep-19

 

50,000

 

 

Open

 

 

 

$

50,023

 

8.00

%

 

 

 

$

50,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes

 

$

75,898

 

5.88

%

 

Aug-14

 

$

75,898

 

 

Open

 

Unsecured notes

 

255,194

 

6.00

%

 

Mar-16

 

256,584

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.95

%

 

Mar-18

 

30,000

 

 

Open

 

Unsecured notes

 

249,666

 

5.00

%

 

Aug-18

 

250,000

 

 

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

(2)

7

 

 

Jun-15

 

 

 

$

1,060,765

 

5.83

%

 

 

 

$

1,062,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,610,788

 

5.67

%

 

 

 

$

1,554,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 145 bps)

 

$

340,000

 

1.64

%

 

Mar-17

 

$

340,000

 

Mar-18

 

Open

 

Term loan (LIBOR + 165 bps)

 

370,000

 

1.84

%

 

Mar-18

 

370,000

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

710,000

 

1.74

%

 

 

 

$

710,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

2,320,788

 

4.47

%

 

 

 

$

2,264,105

 

 

 

 

 

 


(1) Effective LIBOR at the quarter end used to determine coupon on floating rate debt. Certain loans are subject to LIBOR floors.

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

 

Covenants

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

51.2

%

Less than 60%

 

Fixed Charge Coverage

 

2.89

x

Greater than 1.5x

 

Secured Debt / Total Assets

 

10.8

%

Less than 40%

 

Unsecured Debt / Unencumbered Assets

 

54.7

%

Less than 60%

 

 

28



 

 

 

SUMMARY OF GROUND LEASE ARRANGEMENTS

 

Consolidated

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

2013 Scheduled

 

2014 Scheduled

 

2015 Scheduled

 

2016 Scheduled

 

Land Lease

 

Year of

 

Property

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Obligations(1)

 

Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

280

 

2027

(3)

420 Lexington Avenue

 

11,199

 

11,199

 

11,199

 

11,199

 

 

2029

(4)

711 Third Avenue

 

5,250

 

5,250

 

5,250

 

5,354

 

506

 

2033

(5)

752 Madison Avenue/19-21 East 65th Street

 

212

 

212

 

212

 

212

 

 

2037

(6)

1185 Avenue of the Americas

 

6,909

 

6,909

 

6,909

 

6,909

 

 

2043

 

673 First Avenue

 

4,653

 

4,653

 

4,808

 

5,119

 

20,280

 

2087

 

1055 Washington Blvd, Stamford

 

615

 

615

 

615

 

615

 

 

2090

 

1080 Amsterdam Avenue

 

26

 

104

 

104

 

130

 

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

35,577

 

$

35,655

 

$

35,810

 

$

36,251

 

$

21,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

673 First Avenue

 

$

2,147

 

$

2,147

 

$

2,218

 

$

2,361

 

$

27,089

 

2087

 

1080 Amsterdam Avenue

 

36

 

146

 

146

 

182

 

20,403

 

2111

 

Total

 

$

2,183

 

$

2,293

 

$

2,364

 

$

2,543

 

$

47,492

 

 

 

 


(1) Per the balance sheet at September 30, 2013.

(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) Subject to renewal at the Company’s option through 2080.

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

(6) Subject to a fair market value rent reset in 2015. The ground lease is subject to renewal at the Company’s option through 2087.

 

29



 

 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

(Dollars in Thousands)

 

 

 

 

 

 

Assets

 

Weighted Average

 

Weighted Average

 

Current

 

 

 

Outstanding

 

Assets During Quarter

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

6/30/2012

 

$

974,148

 

$

1,018,772

 

9.39

%

10.08

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

$

206,968

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

$

6,232

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

$

(124,314

)

 

 

 

 

 

 

9/30/2012

 

$

1,063,034

 

$

1,079,009

 

9.62

%

9.55

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

$

281,997

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

$

16,028

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

$

(12,625

)

 

 

 

 

 

 

12/31/2012

 

$

1,348,434

 

$

1,166,626

 

9.88

%

9.93

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

$

198,977

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

$

5,723

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

$

(121,403

)

 

 

 

 

 

 

3/31/2013

 

$

1,431,731

 

$

1,348,664

 

10.61

%

11.17

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

$

86,132

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

$

6,926

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

$

(297,368

)

 

 

 

 

 

 

6/30/2013

 

$

1,227,421

 

$

1,323,266

 

10.96

%

10.93

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

$

187,050

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

$

6,621

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

$

(105,541

)

 

 

 

 

 

 

9/30/2013

 

$

1,315,551

 

$

1,304,561

 

11.20

%

11.19

%

 


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

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

 

30



 

 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

Weighted Average

 

Current

 

Type of Investment

 

Quarter End Balance(1)

 

Senior Financing

 

Exposure PSF

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

New York City

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Mortgage Debt

 

$

91,158

 

$

0

 

$

1,486

 

8.42

%

8.44

%

 

 

 

 

 

 

 

 

 

 

 

 

Junior Mortgage Participation

 

224,511

 

2,536,537

 

1,206

 

10.29

%

10.28

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Debt

 

641,760

 

1,911,885

 

873

 

12.05

%

12.07

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

358,123

 

1,577,007

 

435

 

10.96

%

10.90

%

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 9/30/13

 

$

1,315,551

 

$

6,025,429

 

$

849

 

11.20

%

11.19

%

 

Current Maturity Profile(3)

 

 


(1) Approximately 45.8% of our investments are indexed to LIBOR, and may be prepayable at dates prior to maturity subject to certain prepayment penalties or fees.

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

(3) The weighted maturity is 2.15 years.  Approximately 55.0% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

 

31



 

 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

10 Largest Investments

 

(Dollars in Thousands)

 

 

 

 

 

Book Value(1)

 

 

 

Senior

 

 

 

Current

 

Investment Type

 

9/30/13

 

Location

 

Financing

 

Last $ PSF

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

$

 

216,037

 

New York City

 

$

926,260

 

$

541

 

9.07

%

Mortgage and Mezzanine

 

131,595

 

New York City

 

330,000

 

$

284

 

9.55

%

Preferred Equity

 

107,723

 

New York City

 

525,000

 

$

274

 

14.85

%

Mortgage and Mezzanine

 

78,268

 

New York City

 

1,109,000

 

$

1,127

 

16.56

%

Mezzanine Loan

 

72,585

 

New York City

 

775,000

 

$

1,079

 

18.93

%

Mezzanine Loan

 

71,254

 

New York City

 

165,000

 

$

1,981

 

9.87

%

Mortgage and Mezzanine

 

67,741

 

New York City

 

205,000

 

$

394

 

11.28

%

Mezzanine Loan

 

59,852

 

New York City

 

180,000

 

$

352

 

9.83

%

Mortgage and Mezzanine

 

53,258

 

New York City

 

 

$

446

 

8.78

%

Mortgage Loan

 

49,000

 

New York City

 

133,000

 

$

475

 

8.60

%

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

 

907,313

 

 

 

$

4,348,260

 

 

 

11.50

%

 


(1) Net of unamortized fees and discounts.

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

 

32



 

SELECTED PROPERTY DATA

 

Manhattan Properties

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Sep-13

 

Jun-13

 

Mar-13

 

Dec-12

 

Sep-12

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

142,000

 

0

 

88.3

 

91.4

 

86.9

 

85.9

 

87.1

 

6,870,612

 

1

 

1

 

88

 

100 Church Street

 

Downtown

 

Fee Interest

 

1

 

1,047,500

 

4

 

85.7

 

81.8

 

81.8

 

81.8

 

81.8

 

33,488,316

 

4

 

3

 

16

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

215,400

 

1

 

86.5

 

85.8

 

84.9

 

81.6

 

77.7

 

8,859,024

 

1

 

1

 

23

 

120 West 45th Street

 

Midtown

 

Fee Interest

 

1

 

440,000

 

2

 

81.0

 

78.2

 

74.0

 

79.5

 

81.5

 

19,726,536

 

2

 

2

 

30

 

125 Park Avenue

 

Grand Central

 

Fee Interest

 

1

 

604,245

 

2

 

87.8

 

83.2

 

77.6

 

73.1

 

73.8

 

28,482,996

 

3

 

2

 

20

 

180 Maiden Lane (1)

 

Financial East

 

Fee Interest

 

1

 

1,090,000

 

4

 

97.6

 

97.6

 

97.7

 

97.7

 

97.7

 

55,296,024

 

 

 

2

 

5

 

220 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

1,135,000

 

4

 

91.1

 

93.7

 

94.9

 

94.9

 

94.9

 

46,036,392

 

5

 

4

 

28

 

317 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

450,000

 

2

 

81.9

 

81.6

 

81.7

 

81.3

 

80.2

 

20,983,212

 

2

 

2

 

73

 

420 Lexington Ave (Graybar)

 

Grand Central North

 

Leasehold Interest

 

1

 

1,188,000

 

4

 

84.1

 

90.2

 

92.1

 

92.5

 

90.5

 

58,790,040

 

6

 

5

 

217

 

461 Fifth Avenue (2)

 

Midtown

 

Leasehold Interest

 

1

 

200,000

 

1

 

99.4

 

99.4

 

99.4

 

99.4

 

95.9

 

16,431,240

 

2

 

1

 

14

 

485 Lexington Avenue

 

Grand Central North

 

Fee Interest

 

1

 

921,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

99.1

 

55,145,616

 

6

 

5

 

24

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

1

 

941,000

 

3

 

99.1

 

99.8

 

99.2

 

99.2

 

99.2

 

33,501,960

 

4

 

3

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

1

 

160,000

 

1

 

85.0

 

85.0

 

85.8

 

85.2

 

85.2

 

14,879,952

 

2

 

1

 

11

 

625 Madison Avenue

 

Plaza District

 

Leasehold Interest

 

1

 

563,000

 

2

 

92.3

 

92.1

 

93.1

 

94.5

 

93.8

 

46,418,076

 

5

 

4

 

21

 

673 First Avenue

 

Grand Central South

 

Leasehold Interest

 

1

 

422,000

 

1

 

100.0

 

100.0

 

100.0

 

100.0

 

99.4

 

21,065,988

 

2

 

2

 

8

 

711 Third Avenue (3)

 

Grand Central North

 

Leasehold Interest

 

1

 

524,000

 

2

 

88.4

 

88.4

 

88.4

 

86.3

 

86.3

 

27,501,756

 

3

 

2

 

17

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

1

 

780,000

 

3

 

96.8

 

96.8

 

96.1

 

97.5

 

98.0

 

42,093,540

 

5

 

4

 

29

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

1

 

692,000

 

2

 

91.5

 

91.0

 

87.6

 

87.6

 

86.0

 

39,843,684

 

4

 

3

 

43

 

919 Third Avenue (4)

 

Grand Central North

 

Fee Interest

 

1

 

1,454,000

 

5

 

96.9

 

96.9

 

96.9

 

96.9

 

96.9

 

87,558,036

 

 

 

4

 

12

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1

 

1,062,000

 

4

 

95.2

 

95.2

 

97.6

 

97.6

 

95.2

 

77,025,060

 

8

 

7

 

18

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

1

 

562,000

 

2

 

98.1

 

95.3

 

97.0

 

97.0

 

94.8

 

37,342,680

 

4

 

3

 

36

 

1515 Broadway

 

Times Square

 

Fee Interest

 

1

 

1,750,000

 

6

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

110,942,832

 

12

 

10

 

12

 

1 Madison Avenue

 

Park Avenue South

 

Fee Interest

 

1

 

1,176,900

 

4

 

100.0

 

100.0

 

100.0

 

98.7

 

98.7

 

67,572,816

 

7

 

6

 

2

 

331 Madison Avenue

 

Grand Central

 

Fee Interest

 

1

 

114,900

 

0

 

83.6

 

84.2

 

84.2

 

84.2

 

86.6

 

4,293,588

 

0

 

0

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

24

 

17,634,945

 

60

%

93.8

%

94.0

%

93.9

%

93.8

%

93.1

%

$

960,149,976

 

89

%

77

%

772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

1

 

215,000

 

1

 

95.3

 

93.6

 

93.6

 

95.8

 

95.8

 

10,432,992

 

1

 

1

 

14

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

163,000

 

1

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,334,252

 

1

 

1

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

2

 

378,000

 

1

%

93.9

%

92.9

%

92.9

%

94.2

%

94.2

%

$

18,767,244

 

2

%

2

%

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Manhattan Consolidated Properties

 

26

 

18,012,945

 

62

%

93.8

%

93.9

%

93.8

%

93.8

%

93.1

%

$

978,917,220

 

91

%

79

%

793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Park Avenue - 50%

 

Grand Central South

 

Fee Interest

 

1

 

834,000

 

3

 

94.6

 

94.6

 

94.6

 

94.6

 

95.1

 

53,328,948

 

 

 

2

 

36

 

388 & 390 Greenwich Street - 50.6%

 

Downtown

 

Fee Interest

 

2

 

2,635,000

 

9

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

109,811,160

 

 

 

5

 

1

 

600 Lexington Avenue - 55%

 

East Side

 

Fee Interest

 

1

 

303,515

 

1

 

69.2

 

66.7

 

66.7

 

73.7

 

79.0

 

14,993,760

 

 

 

1

 

26

 

800 Third Avenue - 42.95%

 

Grand Central North

 

Fee Interest

 

1

 

526,000

 

2

 

95.4

 

87.9

 

87.9

 

87.1

 

87.1

 

29,618,460

 

 

 

1

 

41

 

1745 Broadway - 32.3%

 

Midtown

 

Fee Interest

 

1

 

674,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

37,785,768

 

 

 

1

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

6

 

4,972,515

 

17

%

96.7

%

95.8

%

95.8

%

96.1

%

96.5

%

$

245,538,096

 

 

 

10

%

105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 East 53rd Street - 55%

 

Plaza District

 

Fee Interest

 

1

 

354,300

 

1

 

90.0

 

90.0

 

90.0

 

90.0

 

90.6

 

19,325,448

 

 

 

1

 

17

 

315 West 36th Street - 35.5%

 

Times Square South

 

Fee Interest

 

1

 

147,619

 

1

 

99.2

 

99.2

 

99.2

 

99.2

 

N/A

 

4,025,136

 

 

 

0

 

6

 

521 Fifth Avenue - 50.5%

 

Grand Central

 

Fee Interest

 

1

 

460,000

 

2

 

94.5

 

90.6

 

92.8

 

85.2

 

85.6

 

24,832,392

 

 

 

1

 

41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal / Weighted Average

 

3

 

961,919

 

3

%

93.5

%

91.7

%

92.7

%

89.1

%

87.8

%

$

48,182,976

 

 

 

2

%

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

9

 

5,934,434

 

20

%

96.2

%

95.1

%

95.3

%

95.0

%

95.3

%

$

293,721,072

 

 

 

12

%

169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Grand Total / Weighted Average

 

35

 

23,947,379

 

82

%

94.4

%

94.2

%

94.2

%

94.1

%

93.7

%

$

1,272,638,292

 

 

 

 

 

962

 

Manhattan Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,048,306,117

 

 

 

91

%

 

 

Manhattan Same Store Occupancy % - Combined

 

 

 

22,607,460

 

94

%

94.4

%(5)

94.4

%

94.3

%

94.3

%

93.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Grand Total

 

65

 

29,256,879

 

100

%

91.9

%

91.7

%

91.6

%

91.7

%

91.4

%

$

1,400,058,372

 

 

 

 

 

1,380

 

Portfolio Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,148,951,013

 

 

 

100

%

 

 

 


(1) SL Green holds a 49.9% interest in this consolidated joint venture asset.

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

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

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

(5) Manhattan same-store occupancy, inclusive of 370,113 square feet of leases signed but not yet commenced, increased to 95.8% as of September 30, 2013.

 

33



 

 

 

SELECTED PROPERTY DATA

 

Suburban Properties

 

 

 

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Sep-13

 

Jun-13

 

Mar-13

 

Dec-12

 

Sep-12

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Westchester, NY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

74.8

 

74.9

 

74.9

 

74.9

 

74.9

 

103,548

 

0

 

0

 

1

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

47.0

 

47.0

 

47.0

 

47.0

 

47.0

 

1,345,908

 

0

 

0

 

3

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

57.2

 

55.7

 

63.3

 

63.3

 

70.8

 

1,705,944

 

0

 

0

 

3

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

69.6

 

68.1

 

59.4

 

59.4

 

59.4

 

1,649,808

 

0

 

0

 

8

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

80.5

 

80.5

 

80.5

 

79.8

 

79.2

 

1,776,768

 

0

 

0

 

9

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

88.0

 

88.0

 

88.0

 

71.2

 

78.2

 

2,662,596

 

0

 

0

 

4

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

1

 

180,000

 

1

 

57.8

 

75.4

 

75.4

 

72.5

 

72.5

 

2,833,536

 

0

 

0

 

8

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

1

 

178,000

 

1

 

73.4

 

70.9

 

70.9

 

86.0

 

86.0

 

2,470,188

 

0

 

0

 

9

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

250,000

 

1

 

70.7

 

70.7

 

70.7

 

70.7

 

70.7

 

4,239,828

 

0

 

0

 

9

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

245,000

 

1

 

80.2

 

69.3

 

66.6

 

87.5

 

87.5

 

4,497,204

 

0

 

0

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

228,000

 

1

 

90.3

 

90.3

 

89.5

 

76.9

 

76.9

 

4,754,880

 

1

 

1

 

6

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

1

 

130,100

 

0

 

89.5

 

89.5

 

89.5

 

95.3

 

95.3

 

3,846,360

 

0

 

0

 

12

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

1

 

384,000

 

1

 

89.0

 

89.0

 

88.7

 

94.3

 

94.3

 

12,042,276

 

1

 

1

 

17

 

Westchester, NY Subtotal/Weighted Average

 

13

 

2,135,100

 

8

%

77.2

%

77.1

%

76.6

%

79.2

%

79.8

%

$

43,928,844

 

5

%

5

%

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

312,000

 

1

 

92.8

 

95.4

 

96.0

 

97.8

 

93.9

 

8,688,108

 

1

 

1

 

56

 

2 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

46,000

 

0

 

57.3

 

64.1

 

69.0

 

69.0

 

66.6

 

637,428

 

0

 

0

 

8

 

3 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

130,000

 

0

 

50.1

 

64.9

 

60.4

 

54.6

 

54.6

 

1,810,548

 

0

 

0

 

15

 

4 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

105,000

 

0

 

84.9

 

84.9

 

77.7

 

76.6

 

72.7

 

2,657,040

 

0

 

0

 

11

 

5 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

61,000

 

0

 

99.0

 

99.3

 

99.5

 

99.5

 

99.5

 

959,256

 

0

 

0

 

9

 

6 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

172,000

 

1

 

83.4

 

83.4

 

83.4

 

83.4

 

87.1

 

3,705,468

 

0

 

0

 

5

 

7 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

36,800

 

0

 

76.9

 

76.9

 

76.9

 

10.8

 

10.8

 

325,320

 

0

 

0

 

1

 

680 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

133,000

 

0

 

76.5

 

76.5

 

76.5

 

74.6

 

74.6

 

4,278,888

 

 

 

0

 

8

 

750 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

192,000

 

1

 

93.6

 

93.6

 

93.6

 

93.6

 

93.6

 

6,490,848

 

 

 

0

 

8

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

1

 

182,000

 

1

 

86.7

 

86.0

 

86.0

 

86.0

 

78.7

 

5,914,260

 

1

 

1

 

20

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

1

 

143,400

 

0

 

65.3

 

63.5

 

60.9

 

60.9

 

60.9

 

3,022,860

 

0

 

0

 

19

 

500 West Putnam Avenue

 

Greenwich, Connecticut

 

Fee Interest

 

1

 

121,500

 

0

 

57.0

 

55.1

 

55.1

 

55.1

 

55.1

 

3,117,960

 

0

 

0

 

11

 

Connecticut Subtotal/Weighted Average

 

12

 

1,634,700

 

5

%

79.8

%

81.3

%

80.6

%

80.7

%

79.3

%

$

41,607,984

 

3

%

3

%

171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Brooklyn, NY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

Brooklyn, New York

 

Fee Interest

 

1

 

317,600

 

1

 

88.4

 

84.9

 

84.5

 

84.0

 

83.7

 

10,545,480

 

1

 

1

 

67

 

Brooklyn, NY Subtotal/Weighted Average

 

1

 

317,600

 

1

%

88.4

%

84.9

%

84.5

%

84.0

%

83.7

%

$

10,545,480

 

1

%

1

%

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

26

 

4,087,400

 

14

%

79.1

%

79.4

%

78.8

%

79.6

%

79.3

%

$

96,082,308

 

9

%

9

%

335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Meadows - 50%

 

Rutherford, New Jersey

 

Fee Interest

 

2

 

582,100

 

2

 

80.5

 

78.4

 

79.4

 

79.7

 

82.2

 

11,737,476

 

 

 

1

 

50

 

Jericho Plaza - 20.26%

 

Jericho, New York

 

Fee Interest

 

2

 

640,000

 

2

 

89.6

 

89.6

 

89.6

 

89.6

 

91.2

 

19,600,296

 

 

 

0

 

33

 

Total / Weighted Average Unconsolidated Properties

 

4

 

1,222,100

 

4

%

85.3

%

84.3

%

84.7

%

84.7

%

86.2

%

$

31,337,772

 

 

 

0

%

83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Grand Total / Weighted Average

 

30

 

5,309,500

 

18

%

80.5

%

80.5

%

80.2

%

81.3

%

81.5

%

$

127,420,080

 

 

 

 

 

418

 

Suburban Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

100,644,895

 

 

 

9

%

 

 

Suburban Same Store Occupancy % - Combined

 

 

 

4,991,900

 

94

%

80.0

%(2)

80.2

%

79.9

%

80.6

%

80.8

%

 

 

 

 

 

 

 

 

 


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

(2) Suburban same-store occupancy, inclusive of 57,412 square feet of leases signed but not yet commenced, increased to 81.2% as of September 30, 2013.

 

34



 

SELECTED PROPERTY DATA

 

Retail, Development / Redevelopment, Land & West Coast Properties

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Sep-13

 

Jun-13

 

Mar-13

 

Dec-12

 

Sep-12

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

“Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1604 Broadway - 70%

 

Times Square

 

Leasehold Interest

 

1

 

29,876

 

5

 

23.7

 

23.7

 

23.7

 

23.7

 

23.7

 

2,001,902

 

4

 

7,490,827

 

2

 

11 West 34th Street - 30%

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,123,688

 

2

 

15,482,405

 

1

 

21-25 West 34th Street - 50%

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

30,100

 

5

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

8,228,148

 

11

 

23,349,965

 

1

 

27-29 West 34th Street - 50%

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

15,600

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,937,856

 

7

 

48,002,623

 

2

 

717 Fifth Avenue - 10.92%

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

19

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

34,818,624

 

10

 

279,966,857

 

7

 

Williamsburg Terrace

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

8

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,558,032

 

4

 

16,357,696

 

3

 

Subtotal/Weighted Average

 

6

 

264,276

 

43

%

86.6

%

86.6

%

86.6

%

86.6

%

86.6

%

$

53,668,250

 

38

%

$

390,650,372

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19-21 East 65th Street - 80%

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

4

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,474,750

 

3

 

7,534,021

 

7

 

21 East 66th Street - 32.28%

 

Plaza District

 

Fee Interest

 

1

 

16,736

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

3,381,371

 

3

 

83,518,773

 

1

 

131-137 Spring Street

 

Soho

 

Fee Interest

 

2

 

68,342

 

11

 

100.0

 

100.0

 

100.0

 

100.0

 

N/A

 

4,654,320

 

13

 

133,112,794

 

12

 

180-182 Broadway - 25.5%

 

Cast Iron / Soho

 

Fee Interest

 

2

 

156,086

 

25

 

100.0

 

 

 

 

 

9,622,660

 

7

 

134,772,708

 

3

 

724 Fifth Avenue - 50%

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

10

 

84.6

 

84.8

 

84.7

 

84.7

 

84.7

 

20,920,464

 

28

 

224,504,508

 

8

 

752 Madison Avenue - 80%

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,561,060

 

8

 

7,140,833

 

1

 

762 Madison Avenue - 80%

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

1

 

82.6

 

82.6

 

100.0

 

100.0

 

100.0

 

618,924

 

1

 

16,638,154

 

4

 

Subtotal/Weighted Average

 

10

 

357,017

 

57

%

96.9

%

94.6

%

95.1

%

95.1

%

91.4

%

$

44,233,549

 

62

%

$

607,221,791

 

36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Retail Properties

 

16

 

621,293

 

100

%

92.5

%

90.0

%

90.3

%

90.3

%

88.1

%

$

97,901,799

 

100

%

$

997,872,163

 

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

Lyndhurst, New Jersey

 

Fee Interest

 

1

 

278,000

 

11

 

58.3

 

57.1

 

57.1

 

57.1

 

57.1

 

3,635,136

 

7

 

55,267,987

 

4

 

150 Grand Street

 

White Plains, New York

 

Fee Interest

 

1

 

85,000

 

4

 

31.5

 

31.5

 

31.3

 

33.0

 

33.0

 

687,456

 

1

 

17,160,823

 

16

 

7 Renaissance Square - 50%

 

White Plains, New York

 

Fee Interest

 

1

 

65,641

 

3

 

46.6

 

40.3

 

40.3

 

29.2

 

8.1

 

983,292

 

1

 

5,978,339

 

4

 

33 Beekman Street - 45.9%

 

Downtown

 

Fee Interest

 

1

 

 

 

 

 

 

 

 

 

 

41,047,741

 

 

3 Columbus Circle - 48.9%

 

Columbus Circle

 

Fee Interest

 

1

 

530,981

 

22

 

70.3

 

65.5

 

61.8

 

51.6

 

28.3

 

31,117,608

 

29

 

571,182,047

 

17

 

280 Park Avenue - 49.5%

 

Park Avenue

 

Fee Interest

 

1

 

1,219,158

 

50

 

59.4

 

54.9

 

54.9

 

55.0

 

55.9

 

64,566,360

 

60

 

1,105,861,631

 

29

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

104,000

 

4

 

 

 

 

 

 

 

 

69,412,436

 

 

747 Madison Avenue - 33.33%

 

Plaza District

 

Fee Interest

 

1

 

10,000

 

0

 

59.1

 

59.1

 

 

 

 

3,300,000

 

2

 

74,046,073

 

1

 

985-987 Third Avenue

 

Upper East Side

 

Fee Interest

 

2

 

13,678

 

1

 

 

 

 

 

N/A

 

 

 

21,818,906

 

 

1080 Amsterdam - 87.5%

 

Upper West Side

 

Leasehold Interest

 

1

 

82,250

 

3

 

2.2

 

2.2

 

2.2

 

2.2

 

N/A

 

146,475

 

0

 

30,690,660

 

1

 

1552-1560 Broadway - 50%

 

Times Square

 

Fee Interest

 

2

 

35,897

 

1

 

 

 

23.3

 

23.3

 

23.3

 

 

 

232,607,413

 

 

Total / Weighted Average Development / Redevelopment Properties

 

13

 

2,424,605

 

100

 

54.6

%

47.9

%

47.3

%

45.0

%

40.0

%

$

104,436,327

 

100

%

$

2,225,074,056

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 Herald Square (1)

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

354,400

 

37

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

11,531,250

 

42

 

229,336,692

 

 

 

885 Third Avenue (1)

 

Midtown/Plaza District

 

Fee Interest

 

1

 

607,000

 

63

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

16,246,260

 

58

 

329,943,115

 

 

 

Total / Weighted Average Land

 

2

 

961,400

 

100

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

$

27,777,510

 

100

%

$

559,279,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Coast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Coast Office Portfolio - 43.74%

 

 

 

Fee Interest

 

52

 

3,654,315

 

100

 

75.8

 

76.5

 

77.0

 

76.9

 

76.3

 

72,508,408

 

100

 

648,436,486

 

 

 

Total / Weighted Average California Properties

 

52

 

3,654,315

 

100

%

75.8

%

76.5

%

77.0

%

76.9

%

76.3

%

$

72,508,408

 

100

%

$

648,436,486

 

 

 

 

Residential Properties

 

 

 

 

 

 

 

# of

 

Useable

 

 

 

Occupancy (%)

 

Average Monthly

 

Annualized

 

Gross Total

 

 

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Total Units

 

Sep-13

 

Jun-13

 

Mar-13

 

Dec-12

 

Sep-12

 

Rent Per Unit ($’s)

 

Cash Rent ($’s)

 

Book Value

 

 

 

400 East 57th Street - 80%

 

Upper East Side

 

Fee Interest

 

1

 

290,482

 

259

 

95.0

 

98.1

 

94.6

 

91.9

 

95.4

 

2,933

 

10,193,003

 

115,041,420

 

 

 

400 East 58th Street - 80%

 

Upper East Side

 

Fee Interest

 

1

 

140,000

 

125

 

96.8

 

100.0

 

96.8

 

97.6

 

97.6

 

2,915

 

4,718,530

 

50,452,155

 

 

 

248-252 Bedford Avenue - 90%

 

Brooklyn, New York

 

Fee Interest

 

1

 

66,611

 

84

 

67.9

 

20.2

 

 

N/A

 

N/A

 

4,526

 

3,095,663

 

56,656,292

 

 

 

Total / Weighted Average Residential Properties

 

3

 

497,093

 

468

 

90.6

%

84.6

%

78.2

%

93.8

%

96.1

%

$

3,214

 

$

18,007,197

 

$

222,149,867

 

 

 

 


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

 

35



 

SELECTED PROPERTY DATA

 

Manhattan Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Sep-13

 

Jun-13

 

Mar-13

 

Dec-12

 

Sep-12

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

215,400

 

2

 

86.5

 

85.8

 

84.9

 

81.6

 

77.7

 

8,859,024

 

2

 

2

 

23

 

461 Fifth Avenue

 

Midtown

 

Leasehold Interest

 

200,000

 

2

 

99.4

 

99.4

 

99.4

 

99.4

 

95.9

 

16,431,240

 

5

 

4

 

14

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

941,000

 

10

 

99.1

 

99.8

 

99.2

 

99.2

 

99.2

 

33,501,960

 

9

 

8

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

160,000

 

2

 

85.0

 

85.0

 

85.8

 

85.2

 

85.2

 

14,879,952

 

4

 

4

 

11

 

673 First Avenue

 

Grand Central South

 

Leasehold Interest

 

422,000

 

4

 

100.0

 

100.0

 

100.0

 

100.0

 

99.4

 

21,065,988

 

6

 

5

 

8

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

780,000

 

8

 

96.8

 

96.8

 

96.1

 

97.5

 

98.0

 

42,093,540

 

12

 

10

 

29

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

692,000

 

7

 

91.5

 

91.0

 

87.6

 

87.6

 

86.0

 

39,843,684

 

11

 

10

 

43

 

919 Third Avenue

 

Grand Central North

 

Fee Interest (1)

 

1,454,000

 

15

 

96.9

 

96.9

 

96.9

 

96.9

 

96.9

 

87,558,036

 

 

 

11

 

12

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1,062,000

 

11

 

95.2

 

95.2

 

97.6

 

97.6

 

95.2

 

77,025,060

 

21

 

19

 

18

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

562,000

 

6

 

98.1

 

95.3

 

97.0

 

97.0

 

94.8

 

37,342,680

 

10

 

9

 

36

 

Subtotal / Weighted Average

 

 

 

6,488,400

 

67

%

96.1

%

96.1

%

96.1

%

96.2

%

94.8

%

$

378,601,164

 

80

%

81

%

204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

215,000

 

2

 

95.3

 

93.6

 

93.6

 

95.8

 

95.8

 

10,432,992

 

3

 

3

 

14

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

163,000

 

2

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,334,252

 

2

 

2

 

7

 

Subtotal / Weighted Average

 

 

 

378,000

 

4

%

93.9

%

92.9

%

92.9

%

94.2

%

94.2

%

$

18,767,244

 

5

%

5

%

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grand Total / Weighted Average

 

 

 

6,866,400

 

71

%

96.0

%

96.0

%

95.9

%

96.0

%

94.7

%

$

397,368,408

 

85

%

 

 

225

 

Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

354,464,970

 

 

 

86

%

 

 

 

Suburban Properties - Reckson Portfolio

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

74.8

 

74.9

 

74.9

 

74.9

 

74.9

 

103,548

 

0

 

0

 

1

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

47.0

 

47.0

 

47.0

 

47.0

 

47.0

 

1,345,908

 

0

 

0

 

3

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

57.2

 

55.7

 

63.3

 

63.3

 

70.8

 

1,705,944

 

0

 

0

 

3

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

69.6

 

68.1

 

59.4

 

59.4

 

59.4

 

1,649,808

 

0

 

0

 

8

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

80.5

 

80.5

 

80.5

 

79.8

 

79.2

 

1,776,768

 

0

 

0

 

9

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

90,000

 

1

 

88.0

 

88.0

 

88.0

 

71.2

 

78.2

 

2,662,596

 

1

 

1

 

4

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

180,000

 

2

 

57.8

 

75.4

 

75.4

 

72.5

 

72.5

 

2,833,536

 

1

 

1

 

8

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

178,000

 

2

 

73.4

 

70.9

 

70.9

 

86.0

 

86.0

 

2,470,188

 

1

 

1

 

9

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

250,000

 

3

 

70.7

 

70.7

 

70.7

 

70.7

 

70.7

 

4,239,828

 

1

 

1

 

9

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

245,000

 

3

 

80.2

 

69.3

 

66.6

 

87.5

 

87.5

 

4,497,204

 

1

 

1

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

228,000

 

2

 

90.3

 

90.3

 

89.5

 

76.9

 

76.9

 

4,754,880

 

1

 

1

 

6

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

130,100

 

1

 

89.5

 

89.5

 

89.5

 

95.3

 

95.3

 

3,846,360

 

1

 

1

 

12

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

384,000

 

4

 

89.0

 

89.0

 

88.7

 

94.3

 

94.3

 

12,042,276

 

3

 

3

 

17

 

680 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

133,000

 

1

 

76.5

 

76.5

 

76.5

 

74.6

 

74.6

 

4,278,888

 

 

 

1

 

8

 

750 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

192,000

 

2

 

93.6

 

93.6

 

93.6

 

93.6

 

93.6

 

6,490,848

 

 

 

1

 

8

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

182,000

 

2

 

86.7

 

86.0

 

86.0

 

86.0

 

78.7

 

5,914,260

 

2

 

1

 

20

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

143,400

 

1

 

65.3

 

63.5

 

60.9

 

60.9

 

60.9

 

3,022,860

 

1

 

1

 

19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

2,785,500

 

29

%

78.3

%

78.1

%

77.5

%

79.5

%

79.5

%

$

63,635,700

 

15

%

14

%

152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grand Total / Weighted Average

 

 

 

2,785,500

 

29

%

78.3

%

78.1

%

77.5

%

79.5

%

79.5

%

$

63,635,700

 

 

 

 

 

152

 

Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

58,358,529

 

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reckson Portfolio Grand Total

 

 

 

9,651,900

 

100

%

90.9

%

91.0

%

90.8

%

91.4

%

90.4

%

$

461,004,108

 

 

 

 

 

377

 

Portfolio Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

412,823,500

 

100

%

100

%

 

 

 


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

 

Development Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Gross Total

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Sep-13

 

Jun-13

 

Mar-13

 

Dec-12

 

Sep-12

 

Cash Rent ($’s)

 

Book Value

 

Tenants

 

“Non Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

104,000

 

100

 

 

 

 

 

 

 

69,412,436

 

 

Total Development Properties

 

 

 

 

 

104,000

 

100

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

$

 

$

69,412,436

 

 

 

36



 

 

 

LARGEST TENANTS BY SQUARE FEET LEASED

 

Manhattan and Suburban Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of

 

SLG Share of

 

SLG Share of

 

 

 

 

 

 

 

Lease

 

Total

 

Annualized

 

PSF

 

Annualized

 

Annualized

 

Annualized

 

Credit

 

Tenant Name

 

Property

 

Expiration

 

Square Feet

 

Cash Rent ($)

 

Annualized

 

Cash Rent

 

Cash Rent($)

 

Cash Rent

 

Rating (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citigroup, N.A.

 

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

 

Various

 

3,023,423

 

$

130,627,410

(1)

$

43.21

 

9.3

%

$

74,355,110

 

6.5

%

A-

 

Viacom International, Inc.

 

1515 Broadway

 

2031

 

1,330,735

 

83,390,976

 

$

62.67

 

6.0

%

83,390,976

 

7.3

%

BBB

 

Credit Suisse Securities (USA), Inc.

 

1 Madison Avenue , 280 Park Avenue & 1055 Washington

 

2014, 2019 & 2020

 

1,241,354

 

72,534,390

 

$

58.43

 

5.2

%

69,123,136

 

6.0

%

A

 

AIG Employee Services, Inc.

 

180 Maiden Lane

 

2014

 

803,222

 

43,099,773

 

$

53.66

 

3.1

%

21,515,407

 

1.9

%

A-

 

Random House, Inc.

 

1745 Broadway

 

2018 & 2023

 

644,598

 

37,785,768

 

$

58.62

 

2.7

%

12,189,689

 

1.1

%

BBB+

 

Debevoise & Plimpton, LLP

 

919 Third Avenue

 

2021

 

619,353

 

41,898,335

 

$

67.65

 

3.0

%

21,368,151

 

1.9

%

 

 

Omnicom Group, Inc.

 

220 East 42nd Street

 

2017

 

493,560

 

20,614,734

 

$

41.77

 

1.5

%

20,614,734

 

1.8

%

BBB+

 

The City of New York

 

16 Court Street & 100 Church Street

 

2014, 2017 & 2034

 

341,903

 

14,390,930

 

$

42.09

 

1.0

%

14,390,930

 

1.3

%

AA

 

Ralph Lauren Corporation

 

625 Madison Avenue

 

2019

 

339,381

 

23,228,225

 

$

68.44

 

1.7

%

23,228,225

 

2.0

%

A

 

Advance Magazine Group, Fairchild Publications

 

750 Third Avenue & 485 Lexington Avenue

 

2021

 

339,195

 

15,190,466

 

$

44.78

 

1.1

%

15,190,466

 

1.3

%

 

 

Harper Collins Publishers LLC

 

1350 Avenue of the Americas & 10 East 53rd Street

 

2014 & 2020

 

289,534

 

16,442,918

 

$

56.79

 

1.2

%

10,670,855

 

0.9

%

BBB+

 

C.B.S. Broadcasting, Inc.

 

555 West 57th Street

 

2023

 

282,385

 

10,740,482

 

$

38.03

 

0.8

%

10,740,482

 

0.9

%

BBB

 

Schulte, Roth & Zabel LLP

 

919 Third Avenue

 

2021

 

263,186

 

16,389,512

 

$

62.27

 

1.2

%

8,358,651

 

0.7

%

 

 

HF Management Services LLC

 

100 Church Street & 521 Fifth Avenue

 

2015 & 2032

 

252,762

 

8,343,939

 

$

33.01

 

0.6

%

8,343,939

 

0.7

%

 

 

New York Presbyterian Hospital

 

673 First Avenue

 

2021

 

232,772

 

10,606,262

 

$

45.57

 

0.8

%

10,606,262

 

0.9

%

 

 

BMW of Manhattan

 

555 West 57th Street

 

2022

 

227,782

 

5,804,014

 

$

25.48

 

0.4

%

5,804,014

 

0.5

%

A

 

Stroock, Stroock & Lavan LLP

 

180 Maiden Lane

 

2023

 

223,434

 

11,093,850

 

$

49.65

 

0.8

%

5,538,050

 

0.5

%

 

 

The Travelers Indemnity Company

 

485 Lexington Avenue & 2 Jericho Plaza

 

2015 & 2021

 

213,456

 

10,974,003

 

$

51.41

 

0.8

%

9,880,583

 

0.9

%

AA

 

The City University of New York - CUNY

 

555 West 57th Street & 16 Court Street

 

2013, 2015 & 2030

 

207,136

 

7,725,598

 

$

37.30

 

0.6

%

7,725,598

 

0.7

%

Aa2

 

Amerada Hess Corp.

 

1185 Avenue of the Americas

 

2027

 

181,569

 

12,731,274

 

$

70.12

 

0.9

%

12,731,274

 

1.1

%

BBB

 

Verizon

 

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

 

Various

 

172,502

 

4,816,190

 

$

27.92

 

0.3

%

4,816,190

 

0.4

%

BBB+

 

United Nations

 

220 East 42nd Street

 

2017, 2021 & 2022

 

169,137

 

7,793,152

 

$

46.08

 

0.6

%

7,793,152

 

0.7

%

A1

 

News America Incorporated

 

1185 Avenue of the Americas

 

2020

 

161,722

 

13,649,342

 

$

84.40

 

1.0

%

13,649,342

 

1.2

%

BBB+

 

King & Spalding

 

1185 Avenue of the Americas

 

2025

 

159,943

 

10,065,376

 

$

62.93

 

0.7

%

10,065,376

 

0.9

%

 

 

Young & Rubicam, Inc.

 

3 Columbus Circle

 

2033

 

159,292

 

9,909,020

 

$

62.21

 

0.7

%

9,909,020

 

0.9

%

BBB

 

National Hockey League

 

1185 Avenue of the Americas

 

2022

 

148,217

 

12,483,879

 

$

84.23

 

0.9

%

12,483,879

 

1.1

%

 

 

New York Hospitals Center

 

673 First Avenue

 

2021 & 2026

 

147,433

 

7,499,329

 

$

50.87

 

0.5

%

7,499,329

 

0.7

%

 

 

Banque National De Paris

 

919 Third Avenue

 

2016

 

145,834

 

9,519,693

 

$

65.28

 

0.7

%

4,855,043

 

0.4

%

A+

 

Beth Israel Medical Center & The Mount Sinai Hospital

 

555 West 57th Street & 625 Madison Avenue

 

2016 & 2030

 

144,251

 

6,054,632

 

$

41.97

 

0.4

%

3,087,863

 

0.3

%

 

 

Draft Worldwide Inc.

 

919 Third Avenue

 

2013

 

141,260

 

8,536,758

 

$

60.43

 

0.6

%

4,353,747

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

13,100,331

 

$

683,940,228

(1)

$

52.21

 

48.9

%

$

524,279,470

 

45.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Grand Total

 

 

 

 

 

29,256,879

 

$

1,400,058,372

(1)

$

47.85

 

 

 

$

1,148,951,013

 

 

 

 

 

 


(1)       Reflects the net rent of $41.68 PSF for the 388-390 Greenwich Street lease.  If this lease were included on a gross basis, Citigroup’s total PSF annualized rent would be $60.13.

Total PSF annualized rent for the largest tenants would be $56.11 and Total PSF annualized rent for the Wholly Owned Portfolio + Allocated JV properties would be $49.59.

(2)       Corporate or bond rating.

 

37



 

 

 

TENANT DIVERSIFICATION

 

 

Manhattan and Suburban Properties

 

 

Based on SLG Share of Base Rental Revenue

 

GRAPHIC

 

38



 

 

 

 

 

Leasing Activity - Manhattan Operating Properties

 

Available Space

 

 

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 6/30/13

 

 

 

 

 

1,400,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51 East 42nd Street

 

4

 

4,535

 

4,535

 

 

$

63.05

 

 

 

120 West 45th Street

 

2

 

5,323

 

5,321

 

 

$

58.25

 

 

 

125 Park Avenue

 

1

 

24,694

 

24,694

 

 

$

54.39

 

 

 

220 East 42nd Street

 

2

 

62,593

 

69,815

 

 

$

54.94

 

 

 

317 Madison Avenue

 

2

 

7,895

 

7,931

 

 

$

45.96

 

 

 

420 Lexington Avenue

 

16

 

88,045

 

104,872

 

 

$

54.81

 

 

 

521 Fifth Avenue

 

2

 

8,851

 

9,189

 

 

$

49.37

 

 

 

555 West 57th Street

 

1

 

7,715

 

8,160

 

 

$

43.23

 

 

 

600 Lexington Avenue

 

1

 

2,765

 

2,765

 

 

$

71.84

 

 

 

641 Sixth Avenue

 

1

 

10,000

 

10,000

 

 

$

34.58

 

 

 

800 Third Avenue

 

1

 

4,000

 

4,000

 

 

$

53.49

 

 

 

810 Seventh Avenue

 

1

 

15,500

 

16,858

 

 

$

104.93

 

 

 

Total/Weighted Average

 

34

 

241,916

 

268,140

 

 

$

56.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

331 Madison Avenue

 

1

 

600

 

968

 

 

$

99.17

 

 

 

Total/Weighted Average

 

1

 

600

 

968

 

 

$

99.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

317 Madison Avenue

 

1

 

263

 

263

 

 

$

29.08

 

 

 

420 Lexington Avenue

 

1

 

734

 

844

 

 

$

27.04

 

 

 

600 Lexington Avenue

 

1

 

120

 

120

 

 

$

27.32

 

 

 

Total/Weighted Average

 

3

 

1,117

 

1,227

 

 

$

27.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

34

 

241,916

 

268,140

 

 

$

56.77

 

 

 

Retail

 

1

 

600

 

968

 

 

$

99.17

 

 

 

Storage

 

3

 

1,117

 

1,227

 

 

$

27.50

 

 

 

 

 

38

 

243,633

 

270,335

 

 

$

56.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,643,837

 

 

 

 

 

 

 


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

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

 

39



 

 

Leasing Activity - Manhattan Operating Properties

 

Leased Space

 

 

Activity

 

Building Address

 

# of Leases

 

Term (Yrs)

 

Useable SF

 

Rentable SF

 

New Cash Rent /
Rentable SF(1)

 

Prev. Escalated
Rent/ Rentable SF(2)

 

TI / Rentable SF

 

Free Rent
# of Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space

 

 

 

 

 

1,643,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51 East 42nd Street

 

1

 

0.3

 

202

 

226

 

$

47.55

 

$

 

$

 

 

 

 

100 Church Street

 

3

 

13.1

 

40,806

 

33,683

 

$

39.34

 

$

 

$

28.50

 

6.6

 

 

 

120 West 45th Street

 

4

 

5.2

 

18,071

 

18,559

 

$

50.97

 

$

67.12

 

$

31.28

 

4.6

 

 

 

125 Park Avenue

 

1

 

11.0

 

52,450

 

52,450

 

$

61.00

 

$

 

$

70.00

 

12.0

 

 

 

220 East 42nd Street

 

2

 

10.0

 

29,787

 

30,030

 

$

48.67

 

$

 

$

88.43

 

3.0

 

 

 

304 Park Avenue South

 

1

 

14.8

 

3,788

 

3,788

 

$

59.00

 

$

 

$

55.00

 

10.0

 

 

 

317 Madison Avenue

 

2

 

2.1

 

9,371

 

10,012

 

$

40.50

 

$

 

$

4.54

 

0.5

 

 

 

420 Lexington Avenue

 

9

 

6.3

 

15,151

 

19,931

 

$

52.36

 

$

54.88

 

$

4.99

 

0.5

 

 

 

521 Fifth Avenue

 

2

 

10.5

 

26,647

 

28,257

 

$

48.33

 

$

60.39

 

$

58.01

 

6.3

 

 

 

600 Lexington Avenue

 

2

 

8.5

 

10,230

 

10,478

 

$

75.35

 

$

 

$

48.44

 

6.2

 

 

 

641 Sixth Avenue

 

1

 

2.4

 

10,000

 

11,500

 

$

47.04

 

$

30.07

 

$

0.10

 

5.5

 

 

 

800 Third Avenue

 

6

 

9.2

 

43,210

 

45,605

 

$

53.11

 

$

 

$

32.64

 

5.9

 

 

 

810 Seventh Avenue

 

2

 

10.5

 

18,788

 

20,919

 

$

59.59

 

$

102.13

 

$

16.90

 

2.9

 

 

 

1350 Avenue of the Americas

 

3

 

9.9

 

15,619

 

15,630

 

$

78.09

 

$

64.04

 

$

78.67

 

5.0

 

 

 

Total/Weighted Average

 

39

 

9.4

 

294,120

 

301,068

 

$

53.81

 

$

64.36

 

$

44.64

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

220 East 42nd Street

 

1

 

10.4

 

3,309

 

3,309

 

$

93.44

 

$

56.62

 

$

 

5.0

 

 

 

625 Madison Avenue

 

1

 

0.5

 

951

 

951

 

$

325.00

 

$

256.22

 

$

 

 

 

 

Total/Weighted Average

 

2

 

8.2

 

4,260

 

4,260

 

$

145.13

 

$

101.18

 

$

 

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

220 East 42nd Street

 

1

 

10.0

 

283

 

290

 

$

25.00

 

$

 

$

 

3.0

 

 

 

420 Lexington Avenue

 

2

 

6.0

 

316

 

498

 

$

23.61

 

$

 

$

2.01

 

 

 

 

555 West 57th Street

 

2

 

10.4

 

1,092

 

1,413

 

$

40.20

 

$

 

$

 

 

 

 

600 Lexington Avenue

 

1

 

7.7

 

120

 

120

 

$

30.00

 

$

27.32

 

$

 

 

 

 

Total/Weighted Average

 

6

 

9.3

 

1,811

 

2,321

 

$

34.21

 

$

27.32

 

$

0.43

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

39

 

9.4

 

294,120

 

301,068

 

$

53.81

 

$

64.36

 

$

44.64

 

6.0

 

 

 

Retail

 

2

 

8.2

 

4,260

 

4,260

 

$

145.13

 

$

101.18

 

$

 

3.9

 

 

 

Storage

 

6

 

9.3

 

1,811

 

2,321

 

$

34.21

 

$

27.32

 

$

0.43

 

0.4

 

 

 

Total

 

47

 

9.4

 

300,191

 

307,649

 

$

54.93

 

$

65.93

 

$

43.69

 

5.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 9/30/13

 

 

 

 

 

1,343,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

420 Lexington Avenue

 

5

 

6.3

 

27,757

 

29,796

 

$

57.23

 

$

52.41

 

$

1.53

 

1.8

 

 

 

600 Lexington Avenue

 

1

 

7.3

 

6,767

 

6,767

 

$

75.00

 

$

73.80

 

$

15.00

 

3.0

 

 

 

800 Third Avenue

 

1

 

2.0

 

3,037

 

4,968

 

$

58.53

 

$

55.22

 

$

 

 

 

 

810 Seventh Avenue

 

1

 

5.0

 

20,500

 

22,393

 

$

50.00

 

$

47.45

 

$

15.00

 

2.0

 

 

 

Total/Weighted Average

 

8

 

5.6

 

58,061

 

63,924

 

$

56.68

 

$

53.15

 

$

7.56

 

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

625 Madison Avenue

 

1

 

10.0

 

1,357

 

1,357

 

$

710.91

 

$

656.52

 

$

 

 

 

 

711 Third Avenue

 

1

 

10.0

 

4,039

 

4,230

 

$

220.00

 

$

190.17

 

$

 

 

 

 

Total/Weighted Average

 

2

 

10.0

 

5,396

 

5,587

 

$

339.23

 

$

303.44

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

420 Lexington Avenue

 

2

 

3.0

 

878

 

1,030

 

$

23.93

 

21.53

 

$

 

 

 

 

Total/Weighted Average

 

2

 

3.0

 

878

 

1,030

 

$

23.93

 

$

21.53

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

8

 

5.6

 

58,061

 

63,924

 

$

56.68

 

$

53.15

 

$

7.56

 

1.8

 

 

 

Early Renewals Retail

 

2

 

10.0

 

5,396

 

5,587

 

$

339.23

 

$

303.44

 

$

 

 

 

 

Early Renewals Storage

 

2

 

3.0

 

878

 

1,030

 

$

23.93

 

$

21.53

 

$

 

 

 

 

Total

 

12

 

5.9

 

64,335

 

70,541

 

$

78.58

 

$

72.52

 

$

6.85

 

1.7

 

 


(1)       Annual initial base rent.

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

(3)       Average starting office rent excluding new tenants replacing vacancies is $56.85/rsf for 92,608 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $56.78/rsf for 156,532 rentable SF.

 

40



 

 

 

Leasing Activity - Suburban Operating Properties

 


Available Space

 

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 6/30/13

 

 

 

 

 

1,146,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Sold Vacancies

 

300 Main Street

 

 

 

(24,059

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive, Rye Brook, New York

 

1

 

63,184

 

63,184

 

$

24.37

 

 

 

520 White Plains Road, Tarrytown, New York

 

1

 

61,128

 

61,128

 

$

17.20

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

4,464

 

4,464

 

$

22.95

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

2,083

 

2,083

 

$

24.43

 

 

 

1 Landmark Square, Stamford, Connecticut

 

3

 

14,680

 

14,722

 

$

36.78

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

3,158

 

3,158

 

$

33.34

 

 

 

3 Landmark Square, Stamford, Connecticut

 

3

 

36,054

 

36,054

 

$

35.23

 

 

 

680 Washington Boulevard, Stamford, Connecticut

 

1

 

11,576

 

11,576

 

$

48.52

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

3

 

6,185

 

6,919

 

$

38.46

 

 

 

The Meadows, Rutherford, New Jersey

 

4

 

8,716

 

8,716

 

$

28.93

 

 

 

16 Court Street, Brooklyn, NY

 

1

 

1,106

 

1,119

 

$

31.24

 

 

 

Total/Weighted Average

 

20

 

212,334

 

213,123

 

$

27.10

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

966

 

966

 

$

12.00

 

 

 

5 Landmark Square, Stamford, Connecticut

 

1

 

175

 

175

 

$

15.00

 

 

 

500 West Putnam Avenue, Greenwich, Connecticut

 

1

 

225

 

225

 

$

15.00

 

 

 

Total/Weighted Average

 

3

 

1,366

 

1,366

 

$

12.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

 

 

Office

 

20

 

212,334

 

213,123

 

$

27.10

 

 

 

Storage

 

3

 

1,366

 

1,366

 

$

12.88

 

 

 

 

 

23

 

213,700

 

214,489

 

$

27.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,336,367

 

 

 

 

 

 


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

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

 

41



 

 

 

Leasing Activity - Suburban Operating Properties

 

Leased Space

 

 

 

 

Activity

 

Building Address

 

# of Leases

 

Term (Yrs)

 

Useable SF

 

Rentable SF

 

New Cash Rent /
Rentable SF(1)

 

Prev. Escalated Rent/
Rentable SF(2)

 

TI / Rentable SF

 

Free Rent
# of Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available Space

 

 

 

 

 

1,336,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive, Rye Brook, New York

 

3

 

10.8

 

63,145

 

67,145

 

$

24.50

 

$

22.92

 

$

26.21

 

9.0

 

 

 

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

 

1

 

3.3

 

1,314

 

1,314

 

$

25.00

 

$

 

$

11.04

 

3.0

 

 

 

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

 

1

 

5.3

 

1,309

 

1,309

 

$

24.50

 

$

 

$

22.00

 

3.0

 

 

 

520 White Plains Road, Tarrytown, New York

 

1

 

6.3

 

29,476

 

29,476

 

$

28.00

 

$

 

$

40.19

 

4.0

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

5.0

 

8,990

 

9,171

 

$

22.00

 

$

 

$

34.31

 

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

3

 

7.6

 

29,858

 

26,950

 

$

23.88

 

$

22.54

 

$

45.72

 

7.7

 

 

 

1 Landmark Square, Stamford, Connecticut

 

3

 

6.0

 

6,461

 

6,311

 

$

29.64

 

$

31.04

 

$

5.10

 

2.7

 

 

 

3 Landmark Square, Stamford, Connecticut

 

1

 

2.0

 

16,744

 

16,774

 

$

30.00

 

$

35.78

 

$

 

 

 

 

680 Washington Boulevard, Stamford, Connecticut

 

1

 

5.8

 

11,576

 

11,576

 

$

48.52

 

$

48.52

 

$

 

3.0

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

2

 

5.6

 

2,577

 

2,577

 

$

29.91

 

$

 

$

26.72

 

4.2

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

2

 

5.4

 

7,305

 

7,305

 

$

33.66

 

$

 

$

20.65

 

4.0

 

 

 

500 West Putnam Avenue, Greenwich, Connecticut

 

1

 

3.3

 

2,507

 

2,768

 

$

40.00

 

$

 

$

 

3.0

 

 

 

The Meadows, Rutherford, New Jersey

 

7

 

7.8

 

21,105

 

21,105

 

$

25.92

 

$

28.93

 

$

18.61

 

3.1

 

 

 

16 Court Street, Brooklyn, NY

 

6

 

4.6

 

12,295

 

15,357

 

$

30.77

 

$

41.96

 

$

26.34

 

1.1

 

 

 

Total/Weighted Average

 

33

 

7.3

 

214,662

 

219,138

 

$

27.77

 

$

27.75

 

$

25.48

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

1

 

4.7

 

200

 

200

 

$

12.00

 

$

 

$

 

 

 

 

Total/Weighted Average

 

1

 

4.7

 

200

 

200

 

$

12.00

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

33

 

7.3

 

214,662

 

219,138

 

$

27.77

 

$

27.75

 

$

25.48

 

5.1

 

 

 

Storage

 

1

 

4.7

 

200

 

200

 

$

12.00

 

$

 

$

 

 

 

 

Total

 

34

 

7.3

 

214,862

 

219,338

 

$

27.76

 

$

27.75

 

$

25.46

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 9/30/13

 

 

 

 

 

1,121,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200 Summit Lake Drive, Valhalla, New York

 

1

 

3.3

 

2,486

 

2,486

 

$

26.76

 

$

26.26

 

$

 

3.0

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

3.6

 

8,650

 

8,650

 

$

33.00

 

$

34.06

 

$

6.00

 

2.0

 

 

 

Total/Weighted Average

 

2

 

3.5

 

11,136

 

11,136

 

$

31.61

 

$

32.32

 

$

4.66

 

2.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

2

 

3.5

 

11,136

 

11,136

 

$

31.61

 

$

32.32

 

$

4.66

 

2.2

 

 

 

Total

 

2

 

3.5

 

11,136

 

11,136

 

$

31.61

 

$

32.32

 

$

4.66

 

2.2

 

 


(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 $27.80/rsf for 132,651 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $28.09/rsf for 143,787 rentable SF.

 

42



 

 

 

 

 

 

ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties

 

 

 

 

 

 

 

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 (5)

 

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 (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In 1st Quarter 2013 (1)

 

7

 

27,510

 

0.16

%

$

1,477,092

 

$

53.69

 

$

60.89

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

In 2nd Quarter 2013 (1)

 

3

 

4,972

 

0.03

%

$

415,728

 

$

83.61

 

$

83.25

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

In 3rd Quarter 2013 (1)

 

4

 

15,754

 

0.09

%

$

730,632

 

$

46.38

 

$

48.36

 

1

 

120

 

0.00

%

$

3,276

 

$

27.30

 

$

30.00

 

In 4th Quarter 2013

 

37

 

339,287

 

1.97

%

$

20,483,280

 

$

60.37

 

$

67.35

 

1

 

2,354

 

0.04

%

$

211,860

 

$

90.00

 

$

85.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2013

 

51

 

387,523

 

2.25

%

$

23,106,732

 

$

59.63

 

$

66.32

 

2

 

2,474

 

0.04

%

$

215,136

 

$

86.96

 

$

82.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2014

 

36

 

335,391

 

1.95

%

$

20,147,144

 

$

60.07

 

$

66.79

 

10

 

54,187

 

0.94

%

$

3,402,852

 

$

62.80

 

$

65.25

 

2nd Quarter 2014

 

27

 

968,255

 

5.63

%

$

51,751,440

 

$

53.45

 

$

51.28

 

7

 

263,182

 

4.58

%

$

15,322,548

 

$

58.22

 

$

72.66

 

3rd Quarter 2014

 

26

 

97,213

 

0.57

%

$

6,678,372

 

$

68.70

 

$

71.20

 

6

 

89,955

 

1.56

%

$

3,027,124

 

$

33.65

 

$

42.68

 

4th Quarter 2014

 

28

 

187,137

 

1.09

%

$

13,590,516

 

$

72.62

 

$

145.07

 

1

 

20,010

 

0.35

%

$

990,708

 

$

49.51

 

$

60.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2014

 

117

 

1,587,996

 

9.24

%

$

92,167,472

 

$

58.04

 

$

66.83

 

24

 

427,334

 

7.43

%

$

22,743,232

 

$

53.22

 

$

64.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

127

 

773,156

 

4.50

%

$

40,805,337

 

$

52.78

 

$

60.06

 

27

 

231,046

 

4.02

%

$

12,932,304

 

$

55.97

 

$

62.36

 

2016

 

107

 

1,096,169

 

6.38

%

$

63,774,220

 

$

58.18

 

$

70.27

 

20

 

192,438

 

3.35

%

$

10,943,453

 

$

56.87

 

$

65.02

 

2017

 

115

 

1,652,711

 

9.61

%

$

90,551,271

 

$

54.79

 

$

58.36

 

14

 

162,323

 

2.82

%

$

9,592,853

 

$

59.10

 

$

59.44

 

2018

 

65

 

678,103

 

3.94

%

$

51,877,329

 

$

76.50

 

$

97.86

 

25

 

487,899

 

8.48

%

$

33,030,766

 

$

67.70

 

$

65.02

 

2019

 

29

 

842,191

 

4.90

%

$

52,598,369

 

$

62.45

 

$

63.04

 

6

 

147,945

 

2.57

%

$

10,880,970

 

$

73.55

 

$

70.25

 

2020

 

42

 

2,315,334

 

13.47

%

$

136,246,932

 

$

58.85

 

$

65.97

 

14

 

284,557

 

4.95

%

$

13,968,706

 

$

49.09

 

$

64.03

 

2021

 

40

 

2,285,653

 

13.29

%

$

124,671,705

 

$

54.55

 

$

58.22

 

7

 

127,019

 

2.21

%

$

5,910,468

 

$

46.53

 

$

60.23

 

2022

 

32

 

801,247

 

4.66

%

$

46,808,712

 

$

58.42

 

$

74.69

 

11

 

166,593

 

2.90

%

$

9,689,112

 

$

58.16

 

$

64.50

 

Thereafter

 

87

 

4,774,657

 

27.77

%

$

256,309,141

 

$

53.68

 

$

63.68

 

24

 

887,134

 

15.42

%

$

54,002,912

 

$

60.87

 

$

65.76

 

 

 

812

 

17,194,740

 

100.00

%

$

978,917,220

 

$

56.93

 

$

65.19

 

174

 

3,116,762

 

54.19

%

$

183,909,912

 

$

59.01

 

$

64.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

1

 

2,634,670

 

45.81

%

$

109,811,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

175

 

5,751,432

 

100.00

%

$

293,721,072

 

 

 

 

 

 


(1) Includes month to month holdover tenants that expired prior to September 30, 2013.

(2) Tenants may have multiple leases.

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

(4) Citigroup’s net lease at 388-390 Greenwich Street which expires in 2020, current net rent is $41.68/psf with annual CPI escalation.

(5) Management’s estimate of average asking rents for currently occupied space as of September 30, 2013. Taking rents are typically lower than asking rents and may vary from property to property.

 

43



 

 

 

 

 

ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In 1st Quarter 2013 (1)

 

10

 

37,501

 

1.27

%

$

1,073,652

 

$

28.63

 

$

33.12

 

3

 

44,023

 

4.52

%

$

1,342,884

 

$

30.50

 

$

26.88

 

In 2nd Quarter 2013 (1)

 

7

 

37,051

 

1.25

%

$

1,154,532

 

$

31.16

 

$

34.69

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

In 3rd Quarter 2013 (1)

 

2

 

5,101

 

0.17

%

$

162,156

 

$

31.79

 

$

28.40

 

4

 

42,043

 

4.32

%

$

1,247,916

 

$

29.68

 

$

32.28

 

In 4th Quarter 2013

 

8

 

18,581

 

0.63

%

$

648,912

 

$

34.92

 

$

37.76

 

4

 

13,924

 

1.43

%

$

405,816

 

$

29.15

 

$

26.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2013

 

27

 

98,234

 

3.32

%

$

3,039,252

 

$

30.94

 

$

34.35

 

11

 

99,990

 

10.27

%

$

2,996,616

 

$

29.97

 

$

29.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2014

 

13

 

80,858

 

2.73

%

$

2,896,152

 

$

35.82

 

$

31.87

 

5

 

20,057

 

2.06

%

$

650,736

 

$

32.44

 

$

29.61

 

2nd Quarter 2014

 

8

 

28,159

 

0.95

%

$

1,061,724

 

$

37.70

 

$

34.98

 

5

 

17,493

 

1.80

%

$

523,020

 

$

29.90

 

$

31.37

 

3rd Quarter 2014

 

12

 

70,072

 

2.37

%

$

2,280,024

 

$

32.54

 

$

31.12

 

3

 

13,258

 

1.36

%

$

418,980

 

$

31.60

 

$

26.00

 

4th Quarter 2014

 

14

 

83,417

 

2.82

%

$

2,954,220

 

$

35.42

 

$

36.12

 

5

 

111,652

 

11.47

%

$

4,140,360

 

$

37.08

 

$

35.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2014

 

47

 

262,506

 

8.87

%

$

9,192,120

 

$

35.02

 

$

33.36

 

18

 

162,460

 

16.69

%

$

5,733,096

 

$

35.29

 

$

33.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

50

 

274,011

 

9.26

%

$

9,466,500

 

$

34.55

 

$

34.32

 

16

 

133,885

 

13.75

%

$

4,310,412

 

$

32.19

 

$

32.14

 

2016

 

62

 

603,527

 

20.40

%

$

20,252,532

 

$

33.56

 

$

34.93

 

9

 

69,616

 

7.15

%

$

2,062,956

 

$

29.63

 

$

28.16

 

2017

 

35

 

173,216

 

5.86

%

$

6,946,200

 

$

40.10

 

$

38.64

 

9

 

82,537

 

8.48

%

$

2,752,104

 

$

33.34

 

$

34.65

 

2018

 

40

 

261,821

 

8.85

%

$

9,048,444

 

$

34.56

 

$

35.64

 

5

 

84,813

 

8.71

%

$

2,937,504

 

$

34.64

 

$

32.27

 

2019

 

19

 

472,459

 

15.97

%

$

12,720,240

 

$

26.92

 

$

29.30

 

4

 

47,705

 

4.90

%

$

1,645,488

 

$

34.49

 

$

32.55

 

2020

 

18

 

291,233

 

9.85

%

$

9,391,224

 

$

32.25

 

$

35.15

 

3

 

41,357

 

4.25

%

$

1,433,196

 

$

34.65

 

$

33.95

 

2021

 

14

 

188,451

 

6.37

%

$

4,902,149

 

$

26.01

 

$

28.80

 

3

 

76,346

 

7.84

%

$

2,675,448

 

$

35.04

 

$

35.58

 

2022

 

9

 

49,152

 

1.66

%

$

1,537,272

 

$

31.28

 

$

32.74

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

Thereafter

 

22

 

283,272

 

9.58

%

$

9,586,375

 

$

33.84

 

$

35.90

 

5

 

174,759

 

17.95

%

$

4,790,952

 

$

27.41

 

$

28.87

 

 

 

343

 

2,957,882

 

100.00

%

$

96,082,308

 

$

32.48

 

$

33.78

 

83

 

973,468

 

100.00

%

$

31,337,772

 

$

32.19

 

$

31.76

 

 


(1)        Includes month to month holdover tenants that expired prior to September 30, 2013.

(2)        Tenants may have multiple leases.

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

(4)        Management’s estimate of average asking rents for currently occupied space as of September 30, 2013. Taking rents are typically lower than asking rents and may vary from property to property.

 

44



 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

 

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2013

 

Price ($’s) (1)

 

1998 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-98

 

420 Lexington Avenue

 

Operating Sublease

 

Grand Central

 

1,188,000

 

83.0

 

84.1

 

$

78,000,000

 

May-98

 

711 3rd Avenue

 

Operating Sublease

 

Grand Central

 

524,000

 

79.0

 

88.4

 

$

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

 

99.1

 

$

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

 

 

 

 

99.1

 

$

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

 

94.6

 

$

192,000,000

 

 

 

 

 

 

 

 

 

834,000

 

 

 

 

 

$

192,000,000

 

2001 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-01

 

317 Madison Avenue

 

Fee Interest

 

Grand Central

 

450,000

 

95.0

 

81.9

 

$

105,600,000

 

Acquisition of JV Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-01

 

1250 Broadway - 49.9% JV (2)

 

Fee Interest

 

Penn Station

 

670,000

 

97.7

 

N/A

 

$

126,500,000

 

 

 

 

 

 

 

 

 

1,120,000

 

 

 

 

 

$

232,100,000

 

2002 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May-02

 

1515 Broadway - 55% JV

 

Fee Interest

 

Times Square

 

1,750,000

 

98.0

 

100.0

 

$

483,500,000

 

 

 

 

 

 

 

 

 

1,750,000

 

 

 

 

 

$

483,500,000

 

2003 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-03

 

220 East 42nd Street

 

Fee Interest

 

Grand Central

 

1,135,000

 

91.9

 

91.1

 

$

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

 

99.4

 

$

60,900,000

 

Dec-03

 

1221 Avenue of the Americas - 45% JV

 

Fee Interest

 

Rockefeller Center

 

2,550,000

 

98.8

 

N/A

 

$

1,000,000,000

 

 

 

 

 

 

 

 

 

4,410,000

 

 

 

 

 

$

1,417,900,000

 

2004 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-04

 

19 West 44th Street - 35% JV

 

Fee Interest

 

Midtown

 

292,000

 

86.0

 

N/A

 

$

67,000,000

 

Jul-04

 

750 Third Avenue

 

Fee Interest

 

Grand Central

 

779,000

 

100.0

 

96.8

 

$

255,000,000

 

Jul-04

 

485 Lexington Avenue - 30% JV

 

Fee Interest

 

Grand Central

 

921,000

 

100.0

 

100.0

 

$

225,000,000

 

Oct-04

 

625 Madison Avenue

 

Leasehold Interest

 

Plaza District

 

563,000

 

68.0

 

92.3

 

$

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

 

94.5

 

$

210,000,000

 

Jun-06

 

609 Fifth Avenue

 

Fee Interest

 

Midtown

 

160,000

 

98.5

 

85.0

 

$

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

 

95.4

 

$

285,000,000

 

 

 

 

 

 

 

 

 

1,273,400

 

 

 

 

 

$

1,520,000,000

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

Reckson - NYC Portfolio

 

Fee Interests / Leasehold Interest

 

Various

 

5,612,000

 

98.3

 

94.1

 

$

3,679,530,000

 

Apr-07

 

331 Madison Avenue

 

Fee Interest

 

Grand Central

 

114,900

 

97.6

 

83.6

 

$

73,000,000

 

Apr-07

 

1745 Broadway - 32.3% JV

 

Fee Interest

 

Midtown

 

674,000

 

100.0

 

100.0

 

$

520,000,000

 

Jun-07

 

333 West 34th Street

 

Fee Interest

 

Penn Station

 

345,400

 

100.0

 

N/A

 

$

183,000,000

 

Aug-07

 

1 Madison Avenue - remaining 45%

 

Fee Interest

 

Park Avenue South

 

1,177,000

 

99.8

 

100.0

 

$

1,000,000,000

 

Dec-07

 

388 & 390 Greenwich Street - 50.6% JV

 

Fee Interest

 

Downtown

 

2,635,000

 

100.0

 

100.0

 

$

1,575,000,000

 

 

 

 

 

 

 

 

 

10,558,300

 

 

 

 

 

$

7,030,530,000

 

2010 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-10

 

100 Church Street

 

Fee Interest

 

Downtown

 

1,047,500

 

41.3

 

85.7

 

$

181,600,000

 

May-10

 

600 Lexington Avenue - 55% JV

 

Fee Interest

 

East Side

 

303,515

 

93.6

 

69.2

 

$

193,000,000

 

Aug-10

 

125 Park Avenue

 

Fee Interest

 

Grand Central

 

604,245

 

99.1

 

87.8

 

$

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

 

94.5

 

$

245,700,000

 

Apr-11

 

1515 Broadway - remaining 45%

 

Fee Interest

 

Times Square

 

1,750,000

 

98.5

 

100.0

 

$

1,210,000,000

 

May-11

 

110 East 42nd Street

 

Fee Interest

 

Grand Central

 

205,000

 

72.6

 

86.5

 

$

85,570,000

 

May-11

 

280 Park Avenue - 49.5% JV

 

Fee Interest

 

Park Avenue

 

1,219,158

 

78.2

 

59.4

 

$

1,110,000,000

 

Nov-11

 

180 Maiden Lane - 49.9% JV

 

Fee Interest

 

Financial East

 

1,090,000

 

97.7

 

97.6

 

$

425,680,000

 

Nov-11

 

51 East 42nd Street

 

Fee Interest

 

Grand Central

 

142,000

 

95.5

 

88.3

 

$

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

 

90.0

 

$

252,500,000

 

Jun-12

 

304 Park Avenue South

 

Fee Interest

 

Midtown South

 

215,000

 

95.8

 

95.3

 

$

135,000,000

 

Sep-12

 

641 Sixth Avenue

 

Fee Interest

 

Midtown South

 

163,000

 

92.1

 

92.1

 

$

90,000,000

 

Dec-12

 

315 West 36th Street - 35.5% JV

 

Fee Interest

 

Times Square South

 

147,619

 

99.2

 

99.2

 

$

46,000,000

 

 

 

 

 

 

 

 

 

879,919

 

 

 

 

 

$

523,500,000

 

 


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

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

 

45



 

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2000 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-00

 

29 West 35th Street

 

Fee Interest

 

Penn Station

 

78,000

 

$

11,700,000

 

$

150

 

Mar-00

 

36 West 44th Street

 

Fee Interest

 

Grand Central

 

178,000

 

$

31,500,000

 

$

177

 

May-00

 

321 West 44th Street - 35% JV

 

Fee Interest

 

Times Square

 

203,000

 

$

28,400,000

 

$

140

 

Nov-00

 

90 Broad Street

 

Fee Interest

 

Financial

 

339,000

 

$

60,000,000

 

$

177

 

Dec-00

 

17 Battery South

 

Fee Interest

 

Financial

 

392,000

 

$

53,000,000

 

$

135

 

 

 

 

 

 

 

 

 

1,190,000

 

$

184,600,000

 

$

156

 

2001 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-01

 

633 Third Ave

 

Fee Interest

 

Grand Central North

 

40,623

 

$

13,250,000

 

$

326

 

May-01

 

1 Park Ave - 45% JV

 

Fee Interest

 

Grand Central South

 

913,000

 

$

233,900,000

 

$

256

 

Jun-01

 

1412 Broadway

 

Fee Interest

 

Times Square South

 

389,000

 

$

90,700,000

 

$

233

 

Jul-01

 

110 East 42nd Street

 

Fee Interest

 

Grand Central

 

69,700

 

$

14,500,000

 

$

208

 

Sep-01

 

1250 Broadway (1)

 

Fee Interest

 

Penn Station

 

670,000

 

$

126,500,000

 

$

189

 

 

 

 

 

 

 

 

 

2,082,323

 

$

478,850,000

 

$

242

 

2002 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-02

 

469 Seventh Avenue

 

Fee Interest

 

Penn Station

 

253,000

 

$

53,100,000

 

$

210

 

 

 

 

 

 

 

 

 

253,000

 

$

53,100,000

 

$

210

 

2003 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-03

 

50 West 23rd Street

 

Fee Interest

 

Chelsea

 

333,000

 

$

66,000,000

 

$

198

 

Jul-03

 

1370 Broadway

 

Fee Interest

 

Times Square South

 

255,000

 

$

58,500,000

 

$

229

 

Dec-03

 

321 West 44th Street

 

Fee Interest

 

Times Square

 

203,000

 

$

35,000,000

 

$

172

 

 

 

 

 

 

 

 

 

791,000

 

$

159,500,000

 

$

202

 

2004 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-04

 

1 Park Avenue (2)

 

Fee Interest

 

Grand Central South

 

913,000

 

$

318,500,000

 

$

349

 

Oct-04

 

17 Battery Place North

 

Fee Interest

 

Financial

 

419,000

 

$

70,000,000

 

$

167

 

Nov-04

 

1466 Broadway

 

Fee Interest

 

Times Square

 

289,000

 

$

160,000,000

 

$

554

 

 

 

 

 

 

 

 

 

1,621,000

 

$

548,500,000

 

$

338

 

2005 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr-05

 

1414 Avenue of the Americas

 

Fee Interest

 

Plaza District

 

111,000

 

$

60,500,000

 

$

545

 

Aug-05

 

180 Madison Avenue

 

Fee Interest

 

Grand Central

 

265,000

 

$

92,700,000

 

$

350

 

 

 

 

 

 

 

 

 

376,000

 

$

153,200,000

 

$

407

 

2006 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-06

 

286 & 290 Madison Avenue

 

Fee Interest

 

Grand Central

 

149,000

 

$

63,000,000

 

$

423

 

Aug-06

 

1140 Avenue of the Americas

 

Leasehold Interest

 

Rockefeller Center

 

191,000

 

$

97,500,000

 

$

510

 

Dec-06

 

521 Fifth Avenue (3)

 

Leasehold Interest

 

Midtown

 

460,000

 

$

240,000,000

 

$

522

 

 

 

 

 

 

 

 

 

800,000

 

$

400,500,000

 

$

501

 

2007 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-07

 

1 Park Avenue

 

Fee Interest

 

Grand Central South

 

913,000

 

$

550,000,000

 

$

602

 

Mar-07

 

70 West 36th Street

 

Fee Interest

 

Garment

 

151,000

 

$

61,500,000

 

$

407

 

Jun-07

 

110 East 42nd Street

 

Fee Interest

 

Grand Central North

 

181,000

 

$

111,500,000

 

$

616

 

Jun-07

 

125 Broad Street

 

Fee Interest

 

Downtown

 

525,000

 

$

273,000,000

 

$

520

 

Jun-07

 

5 Madison Clock Tower

 

Fee Interest

 

Park Avenue South

 

267,000

 

$

200,000,000

 

$

749

 

Jul-07

 

292 Madison Avenue

 

Fee Interest

 

Grand Central South

 

187,000

 

$

140,000,000

 

$

749

 

Jul-07

 

1372 Broadway (4)

 

Fee Interest

 

Penn Station/Garment

 

508,000

 

$

335,000,000

 

$

659

 

Nov-07

 

470 Park Avenue South

 

Fee Interest

 

Park Avenue South/Flatiron

 

260,000

 

$

157,000,000

 

$

604

 

 

 

 

 

 

 

 

 

2,992,000

 

$

1,828,000,000

 

$

611

 

2008 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-08

 

440 Ninth Avenue

 

Fee Interest

 

Penn Station

 

339,000

 

$

160,000,000

 

$

472

 

May-08

 

1250 Broadway

 

Fee Interest

 

Penn Station

 

670,000

 

$

310,000,000

 

$

463

 

Oct-08

 

1372 Broadway (5)

 

Fee Interest

 

Penn Station/Garment

 

508,000

 

$

274,000,000

 

$

539

 

 

 

 

 

 

 

 

 

1,517,000

 

$

744,000,000

 

$

490

 

2010 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-10

 

1221 Avenue of the Americas (6)

 

Fee Interest

 

Rockefeller Center

 

2,550,000

 

$

1,280,000,000

 

$

502

 

Sep-10

 

19 West 44th Street

 

Fee Interest

 

Midtown

 

292,000

 

$

123,150,000

 

$

422

 

 

 

 

 

 

 

 

 

2,842,000

 

$

1,403,150,000

 

$

494

 

2011 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

May-11

 

28 West 44th Street

 

Fee Interest

 

Midtown

 

359,000

 

$

161,000,000

 

$

448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug-13

 

333 West 34th Street

 

Fee Interest

 

Penn Station

 

345,400

 

$

220,250,000

 

$

638

 

 


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

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

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

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

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

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

 

46



 

 

 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

 

 

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2013

 

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

 

83.3

 

$

490,750,000

 

Jan-07

 

Reckson - Westchester Portfolio

 

Fee Interests / Leasehold Interest

 

Westchester

 

2,346,100

 

90.6

 

77.2

 

$

570,190,000

 

Apr-07

 

Jericho Plazas - 20.26% JV

 

Fee Interest

 

Jericho, New York

 

640,000

 

98.4

 

89.6

 

$

210,000,000

 

Jun-07

 

1010 Washington Boulevard

 

Fee Interest

 

Stamford, Connecticut

 

143,400

 

95.6

 

65.3

 

$

38,000,000

 

Jun-07

 

500 West Putnam Avenue

 

Fee Interest

 

Greenwich, Connecticut

 

121,500

 

94.4

 

57.0

 

$

56,000,000

 

Jul-07

 

16 Court Street - 35% JV

 

Fee Interest

 

Brooklyn, New York

 

317,600

 

80.6

 

88.4

 

$

107,500,000

 

Aug-07

 

150 Grand Street

 

Fee Interest

 

White Plains, New York

 

85,000

 

52.9

 

31.5

 

$

6,700,000

 

Sep-07

 

The Meadows - 25% JV

 

Fee Interest

 

Rutherford, New Jersey

 

582,100

 

81.3

 

80.5

 

$

111,500,000

 

 

 

 

 

 

 

 

 

5,880,500

 

 

 

 

 

$

1,637,240,000

 

2013 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr-13

 

16 Court Street - remaining 65%

 

Fee Interest

 

Brooklyn, New York

 

317,600

 

84.9

 

88.4

 

$

96,200,000

 

 

 

 

 

 

 

 

 

317,600

 

 

 

 

 

$

96,200,000

 

 

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Suburban

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

2008 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct-08

 

100 & 120 White Plains Road

 

Fee Interest

 

Tarrytown, New York

 

311,000

 

$

48,000,000

 

$

154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-09

 

55 Corporate Drive

 

Fee Interest

 

Bridgewater, New Jersey

 

670,000

 

$

230,000,000

 

$

343

 

Aug-09

 

399 Knollwood Road

 

Fee Interest

 

White Plains, New York

 

145,000

 

$

20,767,307

 

$

143

 

 

 

 

 

 

 

 

 

815,000

 

$

250,767,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-12

 

One Court Square

 

Fee Interest

 

Long Island City, New York

 

1,402,000

 

$

481,100,000

 

$

343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-13

 

300 Main Street

 

Fee Interest

 

Stamford, Connecticut

 

130,000

 

$

13,500,000

 

$

104

 

 


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

 

47



 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

9/30/2013

 

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

 

100.0

 

$

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

 

23.7

 

$

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

 

100.0

 

$

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

 

100.0

 

$

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

 

 

58.3

 

$

29,364,000

 

Feb-08

 

182 Broadway - 50% JV

 

Fee Interest

 

Cast Iron / Soho

 

46,280

 

83.8

 

100.0

 

$

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

 

 

46.6

 

$

4,000,000

 

Dec-10

 

Two Herald Square - 45% (2)

 

Fee Interest

 

Herald Square

 

354,400

 

100.0

 

100.0

 

$

247,500,000

 

Dec-10

 

885 Third Avenue - 45% (2)

 

Fee Interest

 

Midtown / Plaza District

 

607,000

 

100.0

 

100.0

 

$

352,000,000

 

Dec-10

 

292 Madison Avenue

 

Fee Interest

 

Grand Central South

 

203,800

 

N/A

 

N/A

 

$

78,300,000

 

 

 

 

 

 

 

 

 

1,299,991

 

 

 

 

 

$

710,600,000

 

2011 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-11

 

3 Columbus Circle - 48.9%

 

Fee Interest

 

Columbus Circle

 

741,500

 

20.1

 

70.3

 

$

500,000,000

 

Aug-11

 

1552-1560 Broadway - 50%

 

Fee Interest

 

Times Square

 

35,897

 

59.7

 

 

$

136,550,000

 

Sep-11

 

747 Madison Avenue - 33.33%

 

Fee Interest

 

Plaza District

 

10,000

 

100.0

 

59.1

 

$

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

 

94.1

 

$

193,000,000

 

Jan-12

 

724 Fifth Avenue - 50%

 

Fee Interest

 

Plaza District

 

65,010

 

92.9

 

84.6

 

$

223,000,000

 

Jul-12

 

West Coast Office Portfolio - 27.63%

 

Fee Interest

 

 

 

4,473,603

 

76.3

 

75.8

 

$

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

 

 

 

$

83,000,000

 

Oct-12

 

1080 Amsterdam - 87.5%

 

Leasehold Interest

 

Upper West Side

 

82,250

 

2.2

 

2.2

 

$

 

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

 

 

 

$

18,000,000

 

Dec-12

 

131-137 Spring Street

 

Fee Interest

 

Soho

 

68,342

 

100.0

 

100.0

 

$

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

 

 

67.9

 

$

54,900,000

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

 

 

Price ($’s)

 

Price ($’s/SF)

 

2011 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-11

 

1551-1555 Broadway (3)

 

Fee Interest

 

Times Square

 

25,600

 

 

 

$

276,757,000

 

$

10,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-12

 

141 Fifth Avenue (4)

 

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 (5)

 

Fee Interest

 

Midtown/Plaza District

 

119,550

 

 

 

$

617,583,774

 

$

5,166

 

Sep-12

 

3 Columbus Circle (6)

 

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

 

 

 

 

 

 

 

 

 

827,845

 

 

 

$

230,568,750

 

 

 

 


(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.

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

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

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

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

 

48



 

 

 

 

 

Executive & Senior Management

 

 

 

 

Stephen L. Green

Chairman of the Board

 

Marc Holliday

Chief Executive Officer

 

Andrew Mathias

President

 

James Mead

Chief Financial Officer

 

Andrew S. Levine

Chief Legal Officer

 

Steven M. Durels

Executive Vice President, Director of Leasing and Real Property

 

Edward V. Piccinich

Executive Vice President, Property Management and Construction

 

Neil H. Kessner

Executive Vice President, General Counsel - Real Property

 

David M. Schonbraun

Co-Chief Investment Officer

 

Isaac Zion

Co-Chief Investment Officer

 

Matthew J. DiLiberto

Chief Accounting Officer & Treasurer

 

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ANALYST COVERAGE

 

 

 

 

ANALYST COVERAGE

 

Firm

 

Analyst

 

Phone

 

Email

Bank of America - Merrill Lynch

 

James C. Feldman

 

(212) 449-6339

 

james_feldman@ml.com

Barclays Capital

 

Ross Smotrich

 

(212) 526-2306

 

ross.smotrich@barcap.com

Cantor Fitzgerald

 

David Toti

 

(212) 915-1219

 

dtoti@cantor.com

Citigroup Smith Barney, Inc.

 

Michael Bilerman

 

(212) 816-1383

 

michael.bilerman@citigroup.com

Cowen and Company

 

James Sullivan

 

(646) 562-1380

 

james.sullivan@cowen.com

Deutsche Bank

 

Vin Chao

 

(212) 250-6799

 

vincent.chao@db.com

Green Street Advisors

 

Michael Knott

 

(949) 640-8780

 

mknott@greenstreetadvisors.com

ISI Group

 

Steve Sakwa

 

(212) 446-9462

 

ssakwa@isigrp.com

Jefferies & Company

 

Tayo Okusanya

 

(212) 336-7076

 

tokusanya@jefferies.com

JMP Securities

 

Mitchell Germain

 

(212) 906-3546

 

mgermain@jmpsecurities.com

JP Morgan Securities, Inc.

 

Anthony Paolone

 

(212) 622-6682

 

anthony.paolone@jpmorgan.com

KeyBanc Capital Markets

 

Jordan Sadler

 

(917) 368-2280

 

jsadler@keybanccm.com

Macquarie Research Equities (USA)

 

Robert Stevenson

 

(212) 231-8068

 

rob.stevenson@macquarie.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

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

Citigroup Inc.

 

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

Merrill Lynch, Pierce, Fenner & Smith Inc.

 

Tom Truxillo

 

(980) 386-5212

 

thomas.c.truxillo_jr@baml.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.

 

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SUPPLEMENTAL DEFINITIONS

 

 

 

 

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

 

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

 

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

 

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

 

Fixed charge coverage is adjusted EBITDA divided by fixed charge.

 

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

 

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

 

Interest coverage is adjusted EBITDA divided by total interest expense.

 

Junior Mortgage Participations are subordinate interests in first mortgages.

 

Mezzanine Debt Loans are loans secured by ownership interests.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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