EX-99.2 3 a14-11082_1ex99d2.htm EX-99.2

Exhibit 99.2

 

 

FIRST QUARTER 2014

SUPPLEMENTAL DATA

MARCH 31, 2014

 

 



 

 

 

 

 

 

 

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

 

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

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

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

 

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

 

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 March 31, 2014 that will be released on Form 10-Q to be filed on or before May 12, 2014.

 

3



 

 

 

TABLE OF CONTENTS

 

 

 

Highlights of Current Period Financial Performance

 

 

 

 

 

Unaudited Financial Statements

 

 

Corporate Profile

 

5

Highlights

 

6-13

Comparative Balance Sheets

 

14-15

Comparative Statements of Operations

 

16

Comparative Computation of FFO and FAD

 

17

Consolidated Statement of Equity

 

18

Joint Venture Statements

 

19-20

 

 

 

Selected Financial Data

 

21-24

Debt Summary Schedule

 

25-27

Summary of Ground Lease Arrangements

 

28

 

 

 

Debt and Preferred Equity Investments

 

29-31

 

 

 

Selected Property Data

 

 

Composition of Property Portfolio

 

32-35

Largest Tenants

 

36

Tenant Diversification

 

37

Leasing Activity Summary

 

38-41

Annual Lease Expirations

 

42-43

 

 

 

Summary of Real Estate Acquisition/Disposition Activity

 

44-47

Corporate Information

 

48

Analyst Coverage

 

49

Supplemental Definitions

 

50

 

4



 

 

 

CORPORATE PROFILE

 

 

 

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

 

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

 

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

 

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

 

5



 

 

 

FIRST QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

Summary

 

New York, NY, April 23, 2014 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, of $150.0 million, or $1.52 per share, after giving consideration to transaction costs of $2.5 million, or $0.02 per share, for the quarter ended March 31, 2014, compared to $109.2 million, or $1.16 per share, after giving consideration to transaction costs of $1.4 million, or $0.01 per share for the same quarter in 2013.

 

Net income attributable to common stockholders totaled $146.1 million, or $1.53 per share, for the quarter ended March 31, 2014, inclusive of $106.4 million, or $1.08 per share, of gains recognized on the sale of the Company’s interest in a large, West Coast Office portfolio and 21-25 West 34th Street, compared to $18.9 million, or $0.21 per share, for the same quarter in 2013.

 

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

 

Operating and Leasing Activity

 

For the first quarter of 2014, the Company reported consolidated revenues and operating income of $381.1 million and $224.7 million, respectively, compared to $360.0 million and $192.3 million, respectively, for the same period in 2013.

 

Consistent with the Company’s expectations, same-store cash NOI on a combined basis increased by 1.0 percent to $186.2 million for the quarter ended March 31, 2014 as compared to the same period in 2013. The Company is currently projecting combined same-store cash NOI to increase by 3 to 4 percent for the full year.  Consolidated property same-store cash NOI decreased by 1.1 percent to $154.1 million and unconsolidated joint venture property same-store cash NOI increased 12.5 percent to $32.1 million.

 

Manhattan same-store occupancy was 95.6 percent as of March 31, 2014, inclusive of 357,109 square feet of leases signed but not yet commenced, including expected vacancies during the first quarter at 711 Third Avenue and 810 Seventh Avenue, as compared to 95.9 percent at December 31, 2013 and 94.8 percent at March 31, 2013.

 

During the first quarter, the Company signed 75 office leases in its Manhattan portfolio totaling 548,062 square feet.  Twenty-one leases comprising 160,614 square feet represented office leases that replaced previous vacancy. Fifty-four leases comprising 387,448 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 $61.84 per rentable square foot, representing a 15.1 percent increase over the previously fully escalated rents on the same office spaces.  The average lease term on the Manhattan office leases signed in the first quarter was 5.9 years and average tenant concessions were 2.0 months of free rent with a tenant improvement allowance of $29.73 per rentable square foot.

 

Same-store occupancy for the Company’s Suburban portfolio increased to 81.2 percent at March 31, 2014, inclusive of 44,337 square feet of leases signed but not yet commenced, as compared

 

6



 

 

 

FIRST QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

to 80.9 percent at December 31, 2013 and 78.9 percent at March 31, 2013.

 

During the first quarter, the Company signed 33 office leases in the Suburban portfolio totaling 159,134 square feet.  Sixteen leases comprising 71,130 square feet represented office leases that replaced previous vacancy. Seventeen leases comprising the remaining 88,004 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated.  Those replacement leases had average starting rents of $32.35 per rentable square foot, representing a 0.8 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 first quarter was 8.0 years and average tenant concessions were 3.3 months of free rent with a tenant improvement allowance of $24.90 per rentable square foot.

 

Significant leases that were signed during the first quarter included:

 

·                  Renewal and expansion on 47,162 square feet with The City University of New York for 10.3 years at 16 Court Street, Brooklyn;

·                  Early renewal and expansion on 43,148 square feet with ABN AMRO Holdings USA LLC at 100 Park Avenue with an average remaining lease term of 10.6 years;

·                  New lease on 25,224 square feet with Napier Park Global Capital LLC for 10.6 years at 280 Park Avenue; and

·                  New lease on 21,802 square feet with Infor, Inc. for 10.6 years at 635 Sixth Avenue increasing its commitment at 635-641 Sixth Avenue to 114,048 square feet.

 

Marketing, general and administrative, or MG&A, expenses for the quarter ended March 31, 2014 were $23.3 million, or 5.2 percent of total revenues and an annualized 50 basis points of total assets including the Company’s share of joint venture revenues and assets.

 

Real Estate Investment Activity

 

In January, the Company closed on the sale of its joint venture interest in a 30,100 square foot property located at 21-25 West 34th Street for an allocated sales price of $114.9 million and recognized a gain of $20.9 million.  The Company retained its 50 percent interest in 91,311 square feet of development rights.

 

In March, the Company entered into an agreement to acquire Ivanhoe Cambridge’s stake in 388-390 Greenwich Street, thereby assuming full ownership of the 2.6 million square foot property located in Tribeca. The transaction values the consolidated investment interest at $1.585 billion, reflecting a going-in capitalization rate based on in-place net operating income of 7.0 percent and a fully stabilized capitalization rate of 6.4 percent.  The combined property is triple-net leased to an affiliate of Citigroup Inc. through 2035, under an extension that was announced in December 2013, which was one of the largest lease transactions ever executed in New York. The sale is expected to close during the second quarter of 2014, subject to the satisfaction of customary closing conditions.

 

7



 

 

 

FIRST QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

In March, the Company sold its 43.74 percent interest in a southern California office portfolio for $100.0 million, reflecting a capitalization rate of 5.3 percent, and recognized a gain of $85.5 million. The portfolio consisted of 28 properties totaling 3.7 million square feet, located in various submarkets including Los Angeles, Orange County and San Diego, which was originally part of a 31-property, 4.5 million-square-foot portfolio that the Company acquired through foreclosure.

 

In April, the Company announced two separate agreements to acquire prime retail condominiums located along two of SoHo’s most popular shopping corridors.  The Company entered into contracts to acquire the 7,200 square foot retail condominium at 121 Greene Street in Lower Manhattan and the 5,218 square foot retail condominium at 115 Spring Street, in between Mercer and Greene streets.  The acquisitions will add to the Company’s expanding prime retail property portfolio, which features substantial investment interests along several of New York City’s most heavily trafficked retail corridors.  The Company’s SoHo presence already includes retail assets at 131-137 Spring Street and a participating preferred investment at 530-536 Broadway.

 

In April, the Company entered into a contract to acquire the fee interest at 635 Madison Avenue for $145.0 million. The property is encumbered by a ground lease through April 2030 with one 21-year extension option and improvements include a 19-story 176,530 square foot office tower.  The acquisition increases the Company’s footprint in Manhattan’s prestigious Plaza District, where it also owns several office and retail properties, including 625 Madison Avenue, 724 Fifth Avenue, 1350 Avenue of the Americas, 10 E. 53rd Street and the recently acquired retail at 650 Fifth Avenue.  The off-market transaction, which is subject to the satisfaction of customary closing conditions, is expected to be completed during the third quarter of 2014.

 

In April, the Company announced an agreement to sell its leasehold interest in 673 First Avenue for $145.0 million, reflecting a capitalization rate based on in-place net operating income of 4.7 percent.  The sale of the 422,000 square foot office building is expected to close during the second quarter 2014, subject to the satisfaction of customary closing conditions.

 

Debt and Preferred Equity Investment Activity

 

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.5 billion at March 31, 2014.  During the first quarter, the Company originated and retained new debt and preferred equity investments totaling $160.4 million, at a weighted average current yield of 9.0 percent. The debt and preferred equity investment portfolio had a weighted average maturity of 2.0 years as of March 31, 2014, excluding any extension options, and had a weighted average yield during the first quarter of 10.6 percent.

 

Financing and Capital Activity

 

In March, the Company amended and expanded the term loan portion of its unsecured corporate credit facility by $383.0 million to $783.0 million. The maturity date of the term loan was extended to June 2019 and the cost of the term loan was reduced to 140 basis points over LIBOR.  The facility also includes a $1.2 billion revolving line of credit that matures in March 2018,

 

8



 

 

 

FIRST QUARTER 2014 HIGHLIGHTS

UNAUDITED

 

 

 

inclusive of the Company’s aggregate one-year, as-of-right extension option.

 

In February, the Company closed on a $360.0 million mortgage refinancing of 100 Park Avenue. The new loan, which replaces the previous $209.4 million mortgage, matures in February 2021 and bears interest at 175 basis points over LIBOR.

 

In April, the Company and its joint venture partner closed on a $275.0 million refinancing of 724 Fifth Avenue, resulting in proceeds in excess of our original basis in the building.  The new loan matures in April 2017 with two one-year extension options and bears interest at a blended rate of 242 basis points over LIBOR.

 

Dividends

 

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

 

·                  $0.50 per share of common stock, which was paid on April 15, 2014 to stockholders of record on the close of business on March 31, 2014; and

·                  $0.40625 per share on the Company’s 6.50% Series I Cumulative Redeemable Preferred Stock for the period January 14, 2014 through and including April 14, 2014, which was paid on April 15, 2014 to stockholders of record on the close of business on March 31, 2014, and reflects the regular quarterly dividend which is the equivalent of an annualized dividend of $1.625 per share.

 

9



 

SL Green Realty Corp.

Key Financial Data

March 31, 2014

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders - diluted

 

$

1.53

 

$

0.39

 

$

0.40

 

$

0.09

 

$

0.21

 

Funds from operations available to common stockholders - diluted

 

$

1.52

 

$

1.38

 

$

1.34

 

$

1.27

 

$

1.16

 

Funds available for distribution to common stockholders - diluted

 

$

1.18

 

$

0.63

 

$

1.09

 

$

0.91

 

$

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Price & Dividends

 

 

 

 

 

 

 

 

 

 

 

At the end of the period

 

$

100.62

 

$

92.38

 

$

88.84

 

$

88.19

 

$

86.11

 

High during period

 

$

100.62

 

$

98.15

 

$

95.61

 

$

94.21

 

$

86.29

 

Low during period

 

$

90.96

 

$

87.63

 

$

85.40

 

$

84.36

 

$

78.16

 

Common dividends per share

 

$

0.50

 

$

0.50

 

$

0.33

 

$

0.33

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO payout ratio

 

32.9

%

36.1

%

24.6

%

25.9

%

28.5

%

Recurring FAD payout ratio

 

38.7

%

61.4

%

30.2

%

36.1

%

32.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares & Units

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

95,318

 

94,993

 

92,214

 

91,813

 

91,555

 

Units outstanding

 

3,000

 

2,902

 

2,792

 

2,794

 

2,586

 

Total common shares and units outstanding

 

98,318

 

97,895

 

95,006

 

94,607

 

94,141

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and units outstanding - basic

 

98,196

 

96,831

 

94,780

 

94,312

 

94,086

 

Weighted average common shares and units outstanding - diluted

 

98,716

 

97,148

 

95,016

 

94,536

 

94,302

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Capitalization

 

 

 

 

 

 

 

 

 

 

 

Market value of common equity

 

$

9,892,757

 

$

9,043,540

 

$

8,440,333

 

$

8,343,391

 

$

8,106,482

 

Liquidation value of preferred equity/units

 

279,550

 

279,550

 

279,550

 

279,550

 

472,050

 

Consolidated debt

 

7,195,419

 

6,919,908

 

6,819,627

 

6,721,936

 

6,678,073

 

Consolidated market capitalization

 

$

17,367,726

 

$

16,242,998

 

$

15,539,510

 

$

15,344,877

 

$

15,256,605

 

SLG portion of JV debt

 

1,916,123

 

2,134,677

 

2,151,395

 

2,145,321

 

2,199,143

 

Combined market capitalization

 

$

19,283,849

 

$

18,377,675

 

$

17,690,905

 

$

17,490,198

 

$

17,455,748

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt to market capitalization

 

41.4

%

42.7

%

44.0

%

43.9

%

43.9

%

Combined debt to market capitalization

 

47.2

%

49.4

%

50.8

%

50.8

%

50.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated debt service coverage

 

2.66x

 

2.49x

 

2.43x

 

2.49x

 

2.29x

 

Consolidated fixed charge coverage

 

2.34x

 

2.19x

 

2.13x

 

2.13x

 

1.94x

 

Combined fixed charge coverage

 

2.08x

 

1.94x

 

1.91x

 

1.92x

 

1.75x

 

 

Supplemental Information

First Quarter 2014

 

10



 

SL Green Realty Corp.

Key Financial Data

March 31, 2014

(Dollars in Thousands Except Per Share)

 

 

 

As of or for the three months ended

 

 

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

Real estate assets before depreciation

 

$

12,341,269

 

$

12,333,780

 

$

11,713,705

 

$

11,663,263

 

$

11,732,106

 

Investments in unconsolidated joint ventures

 

$

1,061,704

 

$

1,113,218

 

$

1,109,815

 

$

1,085,793

 

$

1,073,130

 

Debt and Preferred Equity Investments

 

$

1,493,725

 

$

1,304,839

 

$

1,315,551

 

$

1,227,421

 

$

1,431,731

 

Cash and cash equivalents

 

$

447,162

 

$

206,692

 

$

209,098

 

$

198,969

 

$

220,140

 

Investment in marketable securities

 

$

32,130

 

$

32,049

 

$

32,863

 

$

26,266

 

$

22,994

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

15,363,289

 

$

14,959,001

 

$

14,581,167

 

$

14,407,007

 

$

14,538,109

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate & hedged debt

 

$

5,593,899

 

$

5,599,959

 

$

5,606,449

 

$

5,806,183

 

$

5,811,994

 

Variable rate debt

 

1,601,520

 

1,319,949

 

1,213,178

 

915,753

 

866,079

 

Total consolidated debt

 

$

7,195,419

 

$

6,919,908

 

$

6,819,627

 

$

6,721,936

 

$

6,678,073

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

7,897,297

 

$

7,627,099

 

$

7,514,477

 

$

7,390,318

 

$

7,362,706

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

6,683,185

 

$

6,863,469

 

$

6,870,840

 

$

7,071,214

 

$

7,070,303

 

Variable rate debt - including SLG portion of JV debt

 

2,428,357

 

2,191,116

 

2,100,182

 

1,796,043

 

1,806,913

 

Total combined debt

 

$

9,111,542

 

$

9,054,585

 

$

8,971,022

 

$

8,867,257

 

$

8,877,216

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

312,462

 

$

315,586

 

$

304,011

 

$

307,093

 

$

301,479

 

Property operating expenses

 

(136,835

)

(137,765

)

(138,849

)

(128,295

)

(131,742

)

Property operating NOI

 

$

175,627

 

$

177,821

 

$

165,162

 

$

178,798

 

$

169,737

 

NOI from discontinued operations

 

1,798

(1)

1,296

 

2,907

 

6,357

 

3,422

 

Total property operating NOI - consolidated

 

$

177,425

 

$

179,117

 

$

168,069

 

$

185,155

 

$

173,159

 

SLG share of property NOI from JVs

 

49,320

 

50,197

 

45,918

 

45,814

 

42,989

 

Total property operating NOI - combined

 

$

226,745

 

$

229,314

 

$

213,987

 

$

230,969

 

$

216,148

 

Investment income

 

54,084

 

49,956

 

44,448

 

46,731

 

52,708

 

Other income

 

14,582

 

3,649

 

9,874

 

5,723

 

5,766

 

Gain (Loss) on early extinguishment of debt from JVs

 

(1,595

)

 

 

 

 

Income from discontinued operations

 

 

 

 

 

 

Marketing general & administrative expenses

 

(23,257

)

(22,742

)

(20,869

)

(21,514

)

(21,067

)

EBITDA - combined

 

$

270,559

 

$

260,177

 

$

247,440

 

$

261,909

 

$

253,555

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Debt to EBITDA (trailing-12 months)

 

7.90x

 

7.97x

 

7.92x

 

7.88x

 

7.98x

 

Combined Debt to EBITDA (trailing-12 months)

 

8.30x

 

8.62x

 

8.68x

 

8.63x

 

8.82x

 

 


(1) Discontinued operations for the quarter ended March 31, 2014 reflects operations from 673 First Avenue

 

11



 

SL Green Realty Corp.

Key Financial Data

March 31, 2014

(Dollars in Thousands Except Per Share)

 

Manhattan Properties

 

 

 

As of or for the three months ended

 

 

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

275,907

 

$

283,687

 

$

274,424

 

$

281,224

 

$

278,568

 

Property operating expenses

 

116,881

 

115,674

 

119,798

 

110,223

 

116,152

 

Property operating NOI

 

$

159,026

 

$

168,013

 

$

154,626

 

$

171,001

 

$

162,416

 

NOI from discontinued operations

 

1,798

(1)

1,294

 

2,725

 

6,326

 

3,305

 

Total property operating NOI - consolidated

 

$

160,824

 

$

169,307

 

$

157,351

 

$

177,327

 

$

165,721

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

157

 

$

1,340

 

$

443

 

$

478

 

$

1,295

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

43,646

 

$

45,400

 

$

41,288

 

$

39,987

 

$

36,171

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

23

 

23

 

26

 

27

 

27

 

Unconsolidated office buildings in service

 

10

 

9

 

9

 

9

 

9

 

 

 

33

 

32

 

35

 

36

 

36

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

17,306,045

 

17,306,045

 

18,012,945

 

18,347,945

 

18,347,945

 

Unconsolidated office buildings in service - square footage

 

6,465,415

 

5,934,434

 

5,934,434

 

5,934,434

 

5,934,434

 

 

 

23,771,460

 

23,240,479

 

23,947,379

 

24,282,379

 

24,282,379

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

94.3

%(2)

94.5

%

94.2

%

93.8

%

93.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

65

 

58

 

47

 

58

 

55

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

124,181

 

278,663

 

208,460

 

131,210

 

129,746

 

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

 

368,464

 

3,049,172

 

156,532

 

518,215

 

406,355

 

Total office square footage commenced

 

492,645

 

3,327,835

 

364,992

 

649,425

 

536,101

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rent psf - leases commenced

 

$

60.15

 

$

47.66

 

$

56.78

 

$

56.39

 

$

57.06

 

Previously escalated rents psf

 

$

54.15

 

$

42.71

 

$

59.78

 

$

53.72

 

$

54.72

 

Percentage of new rent over previously escalated rents (3)

 

11.1

%

11.6

%

-5.0

%

5.0

%

4.3

%

Average lease term

 

5.6

 

14.4

 

8.7

 

6.5

 

5.4

 

Tenant concession packages psf

 

$

27.66

 

$

49.18

 

$

38.15

 

$

23.23

 

$

21.55

 

Free rent months

 

2.3

 

6.6

 

5.2

 

1.6

 

2.2

 

 


(1) Discontinued operations for the quarter ended March 31, 2014 reflects operations from 673 First Avenue

(2) Manhattan same-store occupancy, inclusive of 357,109 square feet of leases signed but not yet commenced, is 95.6% as of March 31, 2014

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

 

12



 

SL Green Realty Corp.

Key Financial Data

March 31, 2014

(Dollars in Thousands Except Per Share)

 

Suburban Properties

 

 

 

As of or for the three months ended

 

 

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Operating Data

 

 

 

 

 

 

 

 

 

 

 

Property operating revenues

 

$

28,501

 

$

27,616

 

$

28,917

 

$

26,341

 

$

23,815

 

Property operating expenses

 

13,836

 

16,109

 

15,545

 

14,721

 

13,015

 

Property operating NOI

 

$

14,665

 

$

11,507

 

$

13,372

 

$

11,620

 

$

10,800

 

NOI from discontinued operations

 

 

 

178

 

29

 

136

 

Total property operating NOI - consolidated

 

$

14,665

 

$

11,507

 

$

13,550

 

$

11,649

 

$

10,936

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income - consolidated

 

$

1,020

 

$

858

 

$

549

 

$

843

 

$

1,618

 

 

 

 

 

 

 

 

 

 

 

 

 

SLG share of property NOI from unconsolidated JV

 

$

1,434

 

$

1,422

 

$

1,496

 

$

1,186

 

$

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service

 

27

 

26

 

26

 

27

 

26

 

Unconsolidated office buildings in service

 

4

 

4

 

4

 

4

 

5

 

 

 

31

 

30

 

30

 

31

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated office buildings in service - square footage

 

4,365,400

 

4,087,400

 

4,087,400

 

4,217,400

 

3,899,800

 

Unconsolidated office buildings in service - square footage

 

1,222,100

 

1,222,100

 

1,222,100

 

1,222,100

 

1,539,700

 

 

 

5,587,500

 

5,309,500

 

5,309,500

 

5,439,500

 

5,439,500

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

80.4

%(1)

80.0

%

78.9

%

79.0

%

78.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Office Leasing Statistics

 

 

 

 

 

 

 

 

 

 

 

Total office leases commenced

 

38

 

26

 

35

 

30

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

Commenced office square footage filling vacancy

 

61,559

 

107,696

 

86,487

 

59,648

 

74,975

 

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

 

91,640

 

73,631

 

143,787

 

151,408

 

150,097

 

Total office square footage commenced

 

153,199

 

181,327

 

230,274

 

211,056

 

225,072

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rent psf - leases commenced

 

$

30.86

 

$

33.28

 

$

28.09

 

$

30.73

 

$

32.51

 

Previously escalated rents psf

 

$

30.10

 

$

32.79

 

$

28.11

 

$

34.25

 

$

32.74

 

Percentage of new rent over previously escalated rents (2)

 

2.5

%

1.5

%

0.0

%

-10.3

%

-0.7

%

Average lease term

 

7.2

 

7.2

 

7.1

 

6.8

 

7.1

 

Tenant concession packages psf

 

$

21.01

 

$

27.51

 

$

24.47

 

$

18.67

 

$

17.40

 

Free rent months

 

3.4

 

7.8

 

5.0

 

5.6

 

3.1

 

 


(1) Suburban same-store occupancy, inclusive of 44,337 square feet of leases signed but not yet commenced, is 81.2% as of March 31, 2014

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

 

13



 

 

COMPARATIVE BALANCE SHEETS

 

Unaudited

(Dollars in Thousands)

 

 

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate properties, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land & land interests

 

$

3,112,013

 

$

3,032,526

 

$

2,868,833

 

$

2,866,048

 

$

2,886,099

 

Buildings & improvements fee interest

 

7,767,616

 

7,884,663

 

7,440,543

 

7,393,930

 

7,452,347

 

Buildings & improvements leasehold

 

1,375,007

 

1,366,281

 

1,353,997

 

1,352,953

 

1,346,481

 

Buildings & improvements under capital lease

 

27,445

 

50,310

 

50,332

 

50,332

 

47,179

 

 

 

12,282,081

 

12,333,780

 

11,713,705

 

11,663,263

 

11,732,106

 

Less accumulated depreciation

 

(1,695,568

)

(1,646,240

)

(1,574,002

)

(1,502,694

)

(1,461,775

)

 

 

10,586,513

 

10,687,540

 

10,139,703

 

10,160,569

 

10,270,331

 

Other real estate investments:

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 

1,061,704

 

1,113,218

 

1,109,815

 

1,085,793

 

1,073,130

 

Debt and preferred equity investments, net

 

1,493,725

 

1,304,839

 

1,315,551

 

1,227,421

 

1,431,731

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale, net

 

63,925

 

 

 

207,665

 

 

Cash and cash equivalents

 

447,162

 

206,692

 

209,098

 

198,969

 

220,140

 

Restricted cash

 

154,492

 

142,051

 

356,844

 

130,483

 

130,233

 

Investment in marketable securities

 

32,130

 

32,049

 

32,863

 

26,266

 

22,994

 

Tenant and other receivables, net of $18,627 reserve at 3/31/14

 

47,296

 

60,393

 

57,602

 

56,728

 

48,197

 

Related party receivables

 

19,947

 

8,530

 

7,800

 

6,845

 

11,133

 

Deferred rents receivable, net of reserve for tenant credit loss of $27,939 at 3/31/14

 

378,980

 

386,508

 

374,615

 

360,954

 

355,250

 

Deferred costs, net

 

261,542

 

267,058

 

247,850

 

246,058

 

252,018

 

Other assets

 

815,873

 

750,123

 

729,426

 

699,256

 

722,952

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

15,363,289

 

$

14,959,001

 

$

14,581,167

 

$

14,407,007

 

$

14,538,109

 

 

14



 

 

COMPARATIVE BALANCE SHEETS

 

Unaudited

(Amounts in Thousands)

 

 

 

3/31/2014

 

12/31/2013

 

9/30/2013

 

6/30/2013

 

3/31/2013

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Mortgages and other loans payable

 

$

4,971,022

 

$

4,860,578

 

$

4,641,758

 

$

4,835,231

 

$

4,815,485

 

Term loan and senior unsecured notes

 

2,124,397

 

1,739,330

 

1,737,869

 

1,735,205

 

1,732,588

 

Revolving credit facility

 

 

220,000

 

340,000

 

40,000

 

30,000

 

Accrued interest and other liabilities

 

112,852

 

114,622

 

75,607

 

77,497

 

79,913

 

Accounts payable and accrued expenses

 

140,346

 

145,889

 

167,719

 

138,029

 

143,812

 

Deferred revenue

 

259,929

 

263,261

 

293,393

 

296,930

 

310,214

 

Capitalized lease obligations

 

20,541

 

47,671

 

47,492

 

47,240

 

43,404

 

Deferred land lease payable

 

958

 

22,185

 

21,066

 

19,948

 

19,750

 

Dividends and distributions payable

 

52,471

 

52,255

 

34,749

 

34,740

 

37,737

 

Security deposits

 

65,077

 

61,308

 

54,824

 

53,604

 

49,803

 

Liabilities related to assets held for sale

 

49,704

 

 

 

11,894

 

 

Junior subordinated deferrable interest debentures

 

100,000

 

100,000

 

100,000

 

100,000

 

100,000

 

Total liabilities

 

7,897,297

 

7,627,099

 

7,514,477

 

7,390,318

 

7,362,706

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in operating partnership (3,000 units outstanding) at 3/31/14

 

298,858

 

265,476

 

248,046

 

243,925

 

220,174

 

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

 

Series I Perpetual Preferred Shares

 

221,932

 

221,932

 

221,932

 

221,932

 

221,932

 

Common stock, $.01 par value, 160,000 shares authorized, 98,919 issued and outstanding at 3/31/14

 

990

 

986

 

959

 

955

 

953

 

Additional paid—in capital

 

5,049,507

 

5,015,904

 

4,757,778

 

4,716,012

 

4,697,528

 

Treasury stock (3,600 shares) at 3/31/14

 

(320,076

)

(317,356

)

(316,989

)

(316,768

)

(322,858

)

Accumulated other comprehensive loss

 

(14,872

)

(15,211

)

(19,249

)

(18,622

)

(26,117

)

Retained earnings

 

1,688,211

 

1,619,150

 

1,636,584

 

1,631,287

 

1,665,468

 

Total SL Green Realty Corp. stockholders’ equity

 

6,625,692

 

6,525,405

 

6,281,015

 

6,234,796

 

6,417,246

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in other partnerships

 

491,892

 

491,471

 

488,079

 

488,418

 

488,433

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

7,117,584

 

7,016,876

 

6,769,094

 

6,723,214

 

6,905,679

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

15,363,289

 

$

14,959,001

 

$

14,581,167

 

$

14,407,007

 

$

14,538,109

 

 

15



 

 

COMPARATIVE STATEMENTS OF OPERATIONS

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

December 31,

 

September 30,

 

 

 

2014

 

2013

 

2013

 

2013

 

Revenues

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

272,079

 

$

261,675

 

$

271,859

 

$

259,633

 

Escalation and reimbursement revenues

 

40,383

 

39,804

 

43,727

 

44,378

 

Investment income

 

54,084

 

52,708

 

49,956

 

44,448

 

Other income

 

14,582

 

5,766

 

3,649

 

9,874

 

Total Revenues, net

 

381,128

 

359,953

 

369,191

 

358,333

 

 

 

 

 

 

 

 

 

 

 

Equity in net income (loss) from unconsolidated joint ventures

 

6,128

 

5,073

 

5,669

 

2,939

 

Gain (loss) on early extinguishment of debt

 

3

 

(18,513

)

5

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Operating expenses

 

73,486

 

71,170

 

73,607

 

76,434

 

Ground rent

 

8,033

 

8,128

 

7,964

 

7,930

 

Real estate taxes

 

55,316

 

52,444

 

56,194

 

54,485

 

Transaction related costs, net of recoveries

 

2,474

 

1,358

 

3,268

 

(2,349

)

Marketing, general and administrative

 

23,257

 

21,067

 

22,742

 

20,869

 

Total Operating Expenses

 

162,566

 

154,167

 

163,775

 

157,369

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

224,693

 

192,346

 

211,090

 

203,903

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

80,180

 

80,775

 

82,136

 

82,328

 

Amortization of deferred financing costs

 

3,868

 

4,463

 

3,661

 

4,331

 

Depreciation and amortization

 

89,379

 

78,623

 

88,644

 

87,011

 

(Gain) Loss on equity investment in marketable securities

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

51,266

 

28,428

 

36,649

 

30,233

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

706

 

796

 

175

 

1,670

 

Gain (loss) on sale of discontinued operations

 

 

1,113

 

 

13,787

 

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

 

104,640

 

 

7,538

 

(354

)

Net Income

 

156,612

 

30,337

 

44,362

 

45,336

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

(6,219

)

(3,456

)

(2,936

)

(4,011

)

Dividends on preferred units

 

(565

)

(565

)

(568

)

(562

)

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Attributable to SL Green Realty Corp

 

149,828

 

26,316

 

40,858

 

40,763

 

 

 

 

 

 

 

 

 

 

 

Dividends on perpetual preferred shares

 

(3,738

)

(7,407

)

(3,738

)

(3,738

)

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Attributable to Common Stockholders

 

$

146,090

 

$

18,909

 

$

37,120

 

$

37,025

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

 

 

 

 

 

 

 

 

 

Net income (loss) per share (basic)

 

$

1.54

 

$

0.21

 

$

0.39

 

$

0.40

 

Net income (loss) per share (diluted)

 

$

1.53

 

$

0.21

 

$

0.39

 

$

0.40

 

 

16



 

 

 

 

COMPARATIVE COMPUTATION OF FFO AND FAD

 

Unaudited

(Dollars in Thousands Except Per Share)

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

December 31,

 

September 30,

 

 

 

2014

 

2013

 

2013

 

2013

 

Funds from Operations

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

146,090

 

$

18,909

 

$

37,120

 

$

37,025

 

 

 

 

 

 

 

 

 

 

 

Add:

Depreciation and amortization

 

89,379

 

78,623

 

88,644

 

87,011

 

 

Discontinued operations depreciation adjustments

 

433

 

2,067

 

461

 

462

 

 

Joint ventures depreciation and noncontrolling interests adjustments

 

12,988

 

7,527

 

13,399

 

12,720

 

 

Net income attributable to noncontrolling interests

 

6,219

 

3,456

 

2,936

 

4,011

 

Less:

Gain (loss) on sale of discontinued operations

 

 

1,113

 

 

13,787

 

 

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

 

104,640

 

 

7,538

 

(354

)

 

Non-real estate depreciation and amortization

 

514

 

245

 

505

 

416

 

 

Funds From Operations

 

$

149,955

 

$

109,224

 

$

134,517

 

$

127,380

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Basic per Share

 

$

1.53

 

$

1.16

 

$

1.39

 

$

1.34

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations - Diluted per Share

 

$

1.52

 

$

1.16

 

$

1.38

 

$

1.34

 

 

 

 

 

 

 

 

 

 

 

Funds Available for Distribution

 

 

 

 

 

 

 

 

 

FFO

 

$

149,955

 

$

109,224

 

$

134,517

 

$

127,380

 

 

 

 

 

 

 

 

 

 

 

Add:

Non real estate depreciation and amortization

 

514

 

245

 

505

 

416

 

 

Amortization of deferred financing costs

 

3,868

 

4,463

 

3,661

 

4,331

 

 

Non-cash deferred compensation

 

15,479

 

9,014

 

26,770

 

8,148

 

Less:

FAD adjustment for Joint Ventures

 

13,919

 

2,844

 

18,104

 

4,210

 

 

FAD adjustment for discontinued operations

 

(992

)

(783

)

(953

)

(815

)

 

Straight-line rental income and other non cash adjustments

 

16,629

 

15,402

 

14,780

 

9,916

 

 

Second cycle tenant improvements

 

13,982

 

4,513

 

37,613

 

11,907

 

 

Second cycle leasing commissions

 

3,198

 

1,811

 

13,482

 

4,935

 

 

Revenue enhancing recurring CAPEX

 

2,289

 

159

 

2,446

 

467

 

 

Non-revenue enhancing recurring CAPEX

 

4,375

 

2,258

 

18,464

 

5,754

 

 

 

 

 

 

 

 

 

 

 

Reported Funds Available for Distribution

 

$

116,416

 

$

96,742

 

$

61,517

 

$

103,901

 

 

Diluted per Share

 

$

1.18

 

$

1.03

 

$

0.63

 

$

1.09

 

 

 

 

 

 

 

 

 

 

 

Add:

1515 Broadway - Viacom capital contribution

 

$

3,479

 

$

 

$

4,226

 

$

85

 

 

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

 

$

7,656

 

$

 

$

13,374

 

$

9

 

 

 

 

 

 

 

 

 

 

 

Recurring Funds Available for Distribution

 

$

127,551

 

$

96,742

 

$

79,117

 

$

103,995

 

 

Diluted per Share

 

$

1.29

 

$

1.03

 

$

0.81

 

$

1.09

 

 

 

 

 

 

 

 

 

 

 

First cycle tenant improvements

 

$

4,923

 

$

3,664

 

$

11,644

 

$

9,946

 

First cycle leasing commissions

 

$

467

 

$

88

 

$

5,034

 

$

4,171

 

Redevelopment Costs

 

$

9,496

 

$

4,034

 

$

19,208

 

$

7,778

 

 

 

 

 

 

 

 

 

 

 

Payout Ratio of Funds from Operations

 

32.9

%

28.5

%

36.1

%

24.6

%

Payout Ratio of Recurring Funds Available for Distribution

 

38.7

%

32.2

%

61.4

%

30.2

%

 

17



 

CONSOLIDATED STATEMENT OF EQUITY

 

Unaudited
(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Series I

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Preferred

 

Common

 

Additional

 

Treasury

 

Retained

 

Noncontrolling

 

Comprehensive

 

 

 

 

 

 

 

Stock

 

Stock

 

Paid-In Capital

 

Stock

 

Earnings

 

Interests

 

Loss

 

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2013

 

 

 

$

221,932

 

$

986

 

$

5,015,904

 

$

(317,356

)

$

1,619,150

 

$

491,471

 

$

(15,211

)

$

7,016,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income attributable to SL Green

 

 

 

 

 

 

 

 

 

 

 

149,828

 

1,490

 

 

 

151,318

 

Preferred dividends

 

 

 

 

 

 

 

 

 

 

 

(3,738

)

 

 

 

 

(3,738

)

Cash distributions declared ($0.50 per common share)

 

 

 

 

 

 

 

 

 

 

 

(47,565

)

 

 

 

 

(47,565

)

Cash distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,586

)

 

 

(1,586

)

Other comprehensive income - unrealized gain on derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

672

 

672

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(442

)

(442

)

Other comprehensive income - unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109

 

109

 

Proceeds from stock options exercised

 

 

 

 

 

2

 

8,975

 

 

 

 

 

 

 

 

 

8,977

 

DRIP proceeds

 

 

 

 

 

 

 

15

 

 

 

 

 

 

 

 

 

15

 

Conversion of units of the Operating Partnership to common stock

 

 

 

 

 

2

 

16,581

 

 

 

 

 

 

 

 

 

16,583

 

Contributions to consolidated joint venture

 

 

 

 

 

 

 

 

 

 

 

 

 

517

 

 

 

517

 

Reallocation of noncontrolling interests in the Operating Partnership

 

 

 

 

 

 

 

 

 

 

 

(29,464

)

 

 

 

 

(29,464

)

Issuance of common stock

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

24

 

Deferred compensation plan and stock awards, net

 

 

 

 

 

 

1,295

 

(2,720

)

 

 

 

 

 

 

(1,425

)

Amortization of deferred compensation plan

 

 

 

 

 

 

 

6,713

 

 

 

 

 

 

 

 

 

6,713

 

Balance at March 31, 2014

 

 

 

$

221,932

 

$

990

 

$

5,049,507

 

$

(320,076

)

$

1,688,211

 

$

491,892

 

$

(14,872

)

$

7,117,584

 

 


RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION

 

 

 

Common Stock

 

OP Units

 

Stock-Based
Compensation

 

Sub-total

 

Preferred Stock

 

Diluted Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Count at December 31, 2013

 

94,993,284

 

2,902,317

 

 

97,895,601

 

 

97,895,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD share activity

 

325,162

 

97,940

 

 

423,102

 

 

 

423,102

 

Share Count at March 31, 2014 - Basic

 

95,318,446

 

3,000,257

 

 

98,318,703

 

 

98,318,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighting factor

 

(201,046

)

78,462

 

519,952

 

397,368

 

 

 

397,368

 

Weighted Average Share Count at March 31, 2014 - Diluted

 

95,117,400

 

3,078,719

 

519,952

 

98,716,071

 

 

98,716,071

 

 

18



 

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)

 

 

 

March 31, 2014

 

December 31, 2013

 

 

 

Total

 

SLG Interest

 

Total

 

SLG Interest

 

Land and land interests

 

$

1,725,203

 

$

799,779

 

$

1,943,275

 

$

898,652

 

Buildings and improvements

 

5,101,922

 

2,280,346

 

5,370,424

 

2,391,671

 

Building leasehold

 

6,252

 

3,126

 

8,222

 

5,556

 

Buildings & improvements under capital lease

 

189,558

 

94,779

 

189,558

 

94,779

 

 

 

7,022,935

 

3,178,030

 

7,511,479

 

3,390,658

 

Less accumulated depreciation

 

(666,271

)

(286,794

)

(665,458

)

(287,177

)

 

 

 

 

 

 

 

 

 

 

Net real estate

 

6,356,664

 

2,891,236

 

6,846,021

 

3,103,481

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

101,694

 

42,205

 

96,818

 

40,711

 

Restricted cash

 

93,197

 

38,459

 

119,695

 

50,651

 

Tenant and other receivables, net of $3,041 reserve at 3/31/14

 

38,323

 

15,417

 

33,823

 

13,711

 

Deferred rents receivable, net of reserve for tenant credit loss of $3,013 at 3/31/14

 

118,862

 

45,322

 

118,396

 

45,612

 

Deferred costs, net

 

182,357

 

77,308

 

176,615

 

73,751

 

Other assets

 

157,203

 

64,351

 

281,935

 

122,544

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

7,048,300

 

$

3,174,298

 

$

7,673,303

 

$

3,450,461

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

4,577,178

 

$

1,916,123

 

$

5,066,710

 

$

2,134,677

 

Derivative instruments-fair value

 

11,281

 

5,636

 

10,389

 

5,176

 

Accrued interest and other liabilities

 

9,484

 

3,455

 

14,265

 

6,582

 

Accounts payable and accrued expenses

 

154,659

 

72,006

 

150,278

 

72,704

 

Deferred revenue

 

212,411

 

99,960

 

224,850

 

105,592

 

Capitalized lease obligations

 

178,709

 

89,354

 

178,119

 

89,060

 

Security deposits

 

14,327

 

6,873

 

19,059

 

8,902

 

Contributed Capital (1)

 

1,890,252

 

980,892

 

2,009,633

 

1,027,768

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

7,048,300

 

$

3,174,298

 

$

7,673,303

 

$

3,450,461

 

 


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

 

19



 

JOINT VENTURE STATEMENTS

Statements of Operations for Unconsolidated Joint Ventures

Unaudited

(Dollars in Thousands)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Three Months Ended March 31, 2014

 

December 31, 2013

 

Three Months Ended March 31, 2013

 

 

 

Total

 

SLG Interest

 

SLG Interest

 

Total

 

SLG Interest

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

143,268

 

$

61,496

 

$

59,147

 

$

131,231

 

$

53,377

 

Escalation and reimbursement revenues

 

9,830

 

4,249

 

5,218

 

11,282

 

4,426

 

Other income

 

8,040

 

3,899

 

6,466

 

8,718

 

4,073

 

Total Revenues, net

 

$

161,138

 

$

69,644

 

$

70,831

 

$

151,231

 

$

61,876

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

26,683

 

$

11,970

 

$

12,636

 

$

28,611

 

$

11,834

 

Ground rent

 

2,025

 

972

 

117

 

657

 

 

Real estate taxes

 

16,936

 

7,382

 

7,881

 

17,305

 

7,053

 

Total Operating Expenses

 

$

45,644

 

$

20,324

 

$

20,634

 

$

46,573

 

$

18,887

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI

 

$

115,494

 

$

49,320

 

$

50,197

 

$

104,658

 

$

42,989

 

Cash NOI

 

$

102,689

 

$

44,462

 

$

45,938

 

$

99,274

 

$

41,278

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction related costs, net of recoveries

 

$

271

 

$

73

 

$

341

 

$

 

$

 

Interest expense, net of interest income

 

52,336

 

18,703

 

20,477

 

56,407

 

19,542

 

Amortization of deferred financing costs

 

4,633

 

2,626

 

2,506

 

4,283

 

2,362

 

Depreciation and amortization

 

45,604

 

19,923

 

20,786

 

42,611

 

16,012

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on early extinguishment of debt

 

3,197

 

1,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

9,453

 

$

6,400

 

$

6,087

 

$

1,357

 

$

5,073

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus: Real estate depreciation

 

45,587

 

19,913

 

20,780

 

42,606

 

16,011

 

FFO Contribution

 

$

55,040

 

$

26,313

 

$

26,867

 

$

43,963

 

$

21,084

 

 

 

 

 

 

 

 

 

 

 

 

 

FAD Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Add: Non real estate depreciation and amortization

 

$

3,661

 

$

1,644

 

$

2,512

 

$

4,288

 

$

2,363

 

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

 

(14,398

)

(5,642

)

(4,902

)

(6,534

)

(2,286

)

Less: Second cycle tenant improvement

 

(6,557

)

(3,260

)

(1,471

)

(1,947

)

(803

)

Less: Second cycle leasing commissions

 

(12,346

)

(6,201

)

(13,788

)

(4,065

)

(1,799

)

Less: Recurring CAPEX

 

(992

)

(460

)

(455

)

(784

)

(319

)

FAD Adjustment

 

$

(30,632

)

$

(13,919

)

$

(18,104

)

$

(9,042

)

$

(2,844

)

 

20



 

SELECTED FINANCIAL DATA
Property NOI and Coverage Ratios
Unaudited
(Dollars in Thousands)

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

December 31,

 

September 30,

 

 

 

2014

 

2013

 

2013

 

2013

 

Property NOI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating NOI

 

$

175,627

 

$

169,737

 

$

177,821

 

$

165,162

 

NOI from discontinued operations

 

1,798

 

3,422

 

1,296

 

2,907

 

Total property operating NOI - consolidated

 

177,425

 

173,159

 

179,117

 

168,069

 

SLG share of property NOI from JVs

 

49,320

 

42,989

 

50,197

 

45,918

 

NOI

 

$

226,745

 

$

216,148

 

$

229,314

 

$

213,987

 

 

 

 

 

 

 

 

 

 

 

Less: Free rent (net of amortization)

 

1,365

 

1,047

 

2,199

 

3,312

 

Net FAS 141 adjustment

 

4,289

 

2,931

 

3,962

 

(2,633

)

Straightline revenue adjustment

 

16,507

 

15,419

 

15,900

 

15,793

 

 

 

 

 

 

 

 

 

 

 

Plus: Allowance for S/L tenant credit loss

 

(1,226

)

(713

)

741

 

937

 

Ground lease straight-line adjustment

 

2,005

 

1,910

 

1,314

 

1,254

 

Cash NOI

 

$

205,363

 

$

197,948

 

$

209,308

 

$

199,706

 

 

 

 

 

 

 

 

 

 

 

Components of Consolidated Debt Service and Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

80,839

 

$

81,336

 

$

82,795

 

$

83,103

 

Fixed amortization principal payments

 

10,772

 

11,131

 

10,214

 

10,143

 

Total Consolidated Debt Service

 

$

91,611

 

$

92,467

 

$

93,009

 

$

93,246

 

 

 

 

 

 

 

 

 

 

 

Payments under ground lease arrangements

 

$

8,795

 

$

9,080

 

$

8,846

 

$

8,873

 

Dividends on preferred units

 

565

 

565

 

568

 

562

 

Dividends on perpetual preferred shares

 

3,738

 

7,407

 

3,738

 

3,738

 

Total Consolidated Fixed Charges

 

$

104,709

 

$

109,519

 

$

106,161

 

$

106,419

 

 

 

 

 

 

 

 

 

 

 

Consolidated Interest Coverage Ratio

 

3.01

x

2.59

x

2.80

x

2.72

x

Consolidated Debt Service Coverage Ratio

 

2.66

x

2.29

x

2.49

x

2.43

x

Consolidated Fixed Charge Coverage Ratio

 

2.34

x

1.94

x

2.19

x

2.13

x

 

21



 

 

SELECTED FINANCIAL DATA

2014 Same Store - Consolidated

Unaudited

(Dollars in Thousands)

 

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

December 31,

 

September 30,

 

 

 

2014

 

2013

 

%

 

2013

 

2013

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

260,173

 

$

259,932

 

0.1

%

$

262,355

 

$

253,318

 

Escalation & reimbursement revenues

 

38,435

 

39,239

 

-2.0

%

41,859

 

42,940

 

Other income

 

1,210

 

2,742

 

-55.9

%

1,395

 

884

 

Total Revenues

 

$

299,818

 

$

301,913

 

-0.7

%

$

305,609

 

$

297,142

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

66,719

 

$

66,765

 

-0.1

%

$

65,262

 

$

69,475

 

Ground rent

 

10,479

 

11,239

 

-6.8

%

10,410

 

10,375

 

Real estate taxes

 

52,129

 

51,247

 

1.7

%

53,567

 

53,030

 

Transaction related costs, net of recoveries

 

54

 

15

 

260.0

%

55

 

60

 

 

 

$

129,381

 

$

129,266

 

0.1

%

$

129,294

 

$

132,940

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

170,437

 

$

172,647

 

-1.3

%

$

176,315

 

$

164,202

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

58,263

 

$

59,076

 

-1.4

%

$

58,995

 

$

58,818

 

Depreciation & amortization

 

77,371

 

74,664

 

3.6

%

79,391

 

81,864

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

34,803

 

$

38,907

 

-10.5

%

$

37,929

 

$

23,520

 

Plus:       Real estate depreciation & amortization

 

77,360

 

74,653

 

3.6

%

79,380

 

81,853

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

112,163

 

$

113,560

 

-1.2

%

$

117,309

 

$

105,373

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:      Non—building revenue

 

182

 

872

 

-79.1

%

478

 

213

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:       Transaction related costs, net of recoveries

 

54

 

15

 

260.0

%

55

 

60

 

Interest expense & amortization of financing costs

 

58,263

 

59,076

 

-1.4

%

58,995

 

58,818

 

Non-real estate depreciation

 

11

 

11

 

0.0

%

11

 

11

 

NOI

 

$

170,309

 

$

171,790

 

-0.9

%

$

175,892

 

$

164,049

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

Less:       Free rent (net of amortization)

 

(372

)

534

 

-169.7

%

194

 

1,173

 

Straightline revenue adjustment

 

12,307

 

12,932

 

-4.8

%

12,771

 

12,854

 

Rental income - FAS 141

 

4,317

 

3,863

 

11.8

%

5,286

 

(1,566

)

Plus:        Ground lease straight-line adjustment

 

1,433

 

1,910

 

-25.0

%

1,314

 

1,254

 

Allowance for S/L tenant credit loss

 

(1,406

)

(589

)

138.7

%

769

 

837

 

Cash NOI

 

$

154,084

 

$

155,782

 

-1.1

%

$

159,724

 

$

153,679

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

57.11

%

57.18

%

 

 

57.50

%

55.09

%

Cash NOI to real estate revenue, net

 

51.67

%

51.85

%

 

 

52.21

%

51.61

%

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

60.62

%

60.92

%

 

 

60.90

%

58.58

%

Cash NOI before ground rent/real estate revenue, net

 

54.70

%

54.95

%

 

 

55.19

%

54.67

%

 

22



 

 

SELECTED FINANCIAL DATA

2014 Same Store - Joint Venture

Unaudited

(Dollars in Thousands)

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

December 31,

 

September 30,

 

 

 

2014

 

2013

 

%

 

2013

 

2013

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

45,332

 

$

39,007

 

16.2

%

$

43,839

 

$

42,748

 

Escalation & reimbursement revenues

 

2,938

 

2,615

 

12.4

%

3,263

 

3,177

 

Other income

 

221

 

276

 

-19.9

%

281

 

307

 

Total Revenues

 

$

48,491

 

$

41,898

 

15.7

%

$

47,383

 

$

46,232

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

7,255

 

$

6,555

 

10.7

%

$

6,483

 

$

6,595

 

Ground rent

 

 

 

0.0

%

 

 

Real estate taxes

 

5,048

 

4,523

 

11.6

%

5,007

 

5,038

 

Transaction related costs, net of recoveries

 

50

 

(13

)

-484.6

%

(13

)

15

 

 

 

$

12,353

 

$

11,065

 

11.6

%

$

11,477

 

$

11,648

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

36,138

 

$

30,833

 

17.2

%

$

35,906

 

$

34,584

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

12,725

 

$

12,224

 

4.1

%

$

12,844

 

$

12,624

 

Depreciation & amortization

 

13,959

 

10,339

 

35.0

%

13,808

 

13,558

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

9,454

 

$

8,270

 

14.3

%

$

9,254

 

$

8,402

 

Plus:       Real estate depreciation & amortization

 

13,951

 

10,338

 

34.9

%

13,802

 

13,555

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

23,405

 

$

18,608

 

25.8

%

$

23,056

 

$

21,957

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:      Non—building revenue

 

52

 

178

 

-70.8

%

(77

)

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

Plus:       Transaction related costs, net of recoveries

 

50

 

(13

)

-484.6

%

(13

)

15

 

Interest expense & amortization of financing costs

 

12,725

 

12,224

 

4.1

%

12,844

 

12,624

 

Non-real estate depreciation

 

8

 

1

 

0.0

%

6

 

3

 

NOI

 

$

36,136

 

$

30,642

 

17.9

%

$

35,970

 

$

34,625

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

Less:      Free rent (net of amortization)

 

577

 

348

 

65.8

%

1,572

 

1,241

 

Straightline revenue adjustment

 

3,174

 

1,229

 

158.3

%

2,232

 

1,870

 

Rental income - FAS 141

 

354

 

336

 

5.4

%

352

 

356

 

Plus:       Ground lease straight-line adjustment

 

 

 

0.0

%

 

 

Allowance for S/L tenant credit loss

 

81

 

(182

)

-144.5

%

148

 

97

 

Cash NOI

 

$

32,112

 

$

28,547

 

12.5

%

$

31,962

 

$

31,255

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

74.60

%

73.45

%

 

 

75.79

%

74.85

%

Cash NOI to real estate revenue, net

 

66.29

%

68.43

%

 

 

67.35

%

67.57

%

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

74.60

%

73.45

%

 

 

75.79

%

74.85

%

Cash NOI before ground rent/real estate revenue, net

 

66.13

%

68.86

%

 

 

67.03

%

67.36

%

 

23



 

 

SELECTED FINANCIAL DATA

2014 Same Store - Combined

Unaudited

(Dollars in Thousands)

 

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

December 31,

 

September 30,

 

 

 

2014

 

2013

 

%

 

2013

 

2013

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Rental revenue, net

 

$

305,505

 

$

298,939

 

2.2

%

$

306,194

 

$

296,066

 

Escalation & reimbursement revenues

 

41,373

 

41,854

 

-1.1

%

45,122

 

46,117

 

Other income

 

1,431

 

3,018

 

-52.6

%

1,676

 

1,191

 

Total Revenues

 

$

348,309

 

$

343,811

 

1.3

%

$

352,992

 

$

343,374

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

73,974

 

$

73,320

 

0.9

%

$

71,745

 

$

76,070

 

Ground rent

 

10,479

 

11,239

 

-6.8

%

10,410

 

10,375

 

Real estate taxes

 

57,177

 

55,770

 

2.5

%

58,574

 

58,068

 

Transaction related costs

 

104

 

2

 

5100.0

%

42

 

75

 

 

 

$

141,734

 

$

140,331

 

1.0

%

$

140,771

 

$

144,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

206,575

 

$

203,480

 

1.5

%

$

212,221

 

$

198,786

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense & amortization of financing costs

 

$

70,988

 

$

71,300

 

-0.4

%

$

71,839

 

$

71,442

 

Depreciation & amortization

 

91,330

 

85,003

 

7.4

%

93,199

 

95,422

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before noncontrolling interest

 

$

44,257

 

$

47,177

 

-6.2

%

$

47,183

 

$

31,922

 

Plus:       Real estate depreciation & amortization

 

91,311

 

84,991

 

7.4

%

93,182

 

95,408

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO Contribution

 

$

135,568

 

$

132,168

 

2.6

%

$

140,365

 

$

127,330

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:   Non—building revenue

 

234

 

1,050

 

-77.7

%

401

 

187

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:    Transaction related costs

 

104

 

2

 

5100.0

%

42

 

75

 

Interest expense & amortization of financing costs

 

70,988

 

71,300

 

-0.4

%

71,839

 

71,442

 

Non-real estate depreciation

 

19

 

12

 

58.3

%

17

 

14

 

NOI

 

$

206,445

 

$

202,432

 

2.0

%

$

211,862

 

$

198,674

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Adjustments

 

 

 

 

 

 

 

 

 

 

 

Less:   Free rent (net of amortization)

 

205

 

882

 

-76.8

%

1,766

 

2,414

 

Straightline revenue adjustment

 

15,481

 

14,161

 

9.3

%

15,003

 

14,724

 

Rental income - FAS 141

 

4,671

 

4,199

 

11.2

%

5,638

 

(1,210

)

Plus:    Ground lease straight-line adjustment

 

1,433

 

1,910

 

-25.0

%

1,314

 

1,254

 

Allowance for S/L tenant credit loss

 

(1,325

)

(771

)

71.9

%

917

 

934

 

Cash NOI

 

$

186,196

 

$

184,329

 

1.0

%

$

191,686

 

$

184,934

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margins

 

 

 

 

 

 

 

 

 

 

 

NOI to real estate revenue, net

 

59.07

%

58.73

%

 

 

59.86

%

57.68

%

Cash NOI to real estate revenue, net

 

53.27

%

53.48

%

 

 

54.16

%

53.69

%

 

 

 

 

 

 

 

 

 

 

 

 

NOI before ground rent/real estate revenue, net

 

62.07

%

61.99

%

 

 

62.81

%

60.69

%

Cash NOI before ground rent/real estate revenue, net

 

56.65

%

56.96

%

 

 

56.85

%

56.43

%

 

24



 

 

 

DEBT SUMMARY SCHEDULE - Consolidated

 

Unaudited

(Dollars in Thousands)

 

 

 

Principal

 

 

 

2014

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

3/31/2014

 

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

 

119,373

 

7.27

%

5,981

 

Nov-15

 

109,537

 

 

Open

 

500 West Putnam Avenue

 

23,392

 

5.52

%

561

 

Jan-16

 

22,376

 

 

Open

 

420 Lexington Avenue

 

182,233

 

7.15

%

2,523

 

Sep-16

 

175,740

 

 

Open

 

1-6 Landmark Square

 

82,505

 

4.00

%

1,640

 

Dec-16

 

77,936

 

 

Open

 

485 Lexington Avenue

 

450,000

 

5.61

%

 

Feb-17

 

450,000

 

 

Open

 

120 West 45th Street

 

170,000

 

6.12

%

 

Feb-17

 

170,000

 

 

Open

 

762 Madison Avenue (swapped)

 

8,169

 

3.75

%

166

 

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

 

581,940

 

5.91

%

21,595

 

May-20

 

404,531

 

 

Open

 

100 Church Street

 

230,000

 

4.68

%

1,388

 

Jul-22

 

197,784

 

 

Open

 

919 Third Avenue

 

500,000

 

5.12

%

 

Jun-23

 

441,594

 

 

Open

 

400 East 57th Street

 

69,802

 

4.13

%

1,002

 

Feb-24

 

46,195

 

 

Open

 

400 East 58th Street

 

29,915

 

4.13

%

429

 

Feb-24

 

19,798

 

 

Open

 

1515 Broadway

 

900,000

 

3.93

%

 

Mar-25

 

737,436

 

 

Feb-15

 

 

 

$

4,072,479

 

5.25

%

$

35,285

 

 

 

$

3,585,756

 

 

 

 

 

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

 

255,217

 

6.00

%

 

Mar-16

 

255,308

 

 

Open

 

Convertible notes

 

300,571

 

3.00

%

 

Oct-17

 

345,000

 

 

Open

 

Unsecured notes

 

249,696

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(2)

30,000

 

 

Open

 

Unsecured notes

 

250,000

 

7.75

%

 

Mar-20

 

250,000

 

 

Open

 

Unsecured notes

 

200,000

 

4.50

%

 

Dec-22

 

200,000

 

 

Open

 

Convertible notes

 

7

 

4.00

%

 

Jun-25

(3)

7

 

 

Jun-15

 

Convertible notes

 

10,008

 

3.00

%

 

Mar-27

(4)

10,008

 

 

Mar-17

 

Junior subordinated deferrable interest debentures

 

100,000

 

5.61

%

 

Jul-35

 

100,000

 

 

 

 

 

$

1,471,397

 

5.21

%

$

 

 

 

$

1,516,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

5,593,899

 

5.27

%

$

35,285

 

 

 

$

5,152,000

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt & preferred equity facility (LIBOR + 321 bps)

 

$

212,216

 

3.37

%

$

 

Dec-14

 

$

212,216

 

Dec-15

 

Open

 

16 Court Street (LIBOR + 350 bps)

 

78,768

 

4.00

%

 

Apr-16

 

78,768

 

 

Open

 

180 Maiden Lane (LIBOR + 211.25 bps)

 

260,536

 

2.35

%

8,691

 

Nov-16

 

238,581

 

 

Open

 

248-252 Bedford Avenue (LIBOR + 225 bps)

 

22,000

 

2.42

%

 

Mar-18

 

21,363

 

 

Open

 

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

 

275,000

 

1.76

%

 

Oct-20

 

275,000

 

 

Open

 

 

 

$

848,520

 

2.57

%

$

8,691

 

 

 

$

825,928

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 145 bps)

 

$

 

1.62

%

$

 

Mar-17

 

$

 

Mar-18

 

Open

 

Term loan (LIBOR + 140 bps)

 

753,000

 

1.56

%

 

Jun-19

 

753,000

 

 

Open

 

 

 

$

753,000

 

1.56

%

$

 

 

 

$

753,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Floating Rate Debt/Wtd Avg

 

$

1,601,520

 

2.09

%

$

8,691

 

 

 

$

1,578,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

7,195,419

 

4.56

%

$

43,976

 

 

 

$

6,730,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Joint Venture

 

$

1,916,123

 

3.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,194,997

 

4.52

%

 

 

 

 

 

 

 

 

 

 

 


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

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

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

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

 

25



 

DEBT SUMMARY SCHEDULE - Unconsolidated Joint Ventures

 

Unaudited
(Dollars in Thousands)

 

 

 

Principal Outstanding

 

 

 

2014

 

 

 

 

 

As-Of

 

 

 

 

 

3/31/2014

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

Gross Principal

 

SLG Share

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 Renaissance

 

$

1,276

 

$

638

 

10.00

%

$

 

Dec-15

 

$

638

 

 

Open

 

11 West 34th Street (swapped)

 

17,129

 

5,139

 

4.82

%

90

 

Jan-16

 

4,977

 

 

Open

 

280 Park Avenue

 

705,082

 

348,744

 

6.57

%

3,321

 

Jun-16

 

341,184

 

 

Open

 

1745 Broadway

 

340,000

 

109,650

 

5.68

%

 

Jan-17

 

109,650

 

 

Open

 

Jericho Plaza

 

163,750

 

33,176

 

5.65

%

 

May-17

 

33,176

 

 

Open

 

800 Third Avenue (swapped)

 

20,910

 

8,981

 

6.00

%

 

Aug-17

 

8,981

 

 

Open

 

315 West 36th Street (swapped)

 

25,000

 

8,875

 

3.16

%

 

Dec-17

 

8,670

 

 

Open

 

388/390 Greenwich Street (swapped)

 

996,082

 

503,998

 

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)

 

306,509

 

33,461

 

9.00

%

 

Jul-24

 

50,969

 

 

Open

 

Total Fixed Rate Debt/Wtd Avg

 

$

2,887,738

 

$

1,089,286

 

4.85

%

$

3,411

 

 

 

$

1,098,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

747 Madison (LIBOR + 275 bps)

 

$

33,125

 

$

11,041

 

2.94

%

$

 

Oct-14

 

$

11,041

 

 

Open

 

180-182 Broadway (LIBOR + 275 bps)

 

89,778

 

22,893

 

2.91

%

213

 

Dec-14

 

22,717

 

 

Open

 

Meadows (LIBOR + 575 bps)

 

67,350

 

33,675

 

7.75

%

 

Sep-15

 

33,675

 

 

Open

 

3 Columbus Circle (LIBOR + 210 bps)

 

237,189

 

115,985

 

2.34

%

4,008

 

Apr-16

 

107,998

 

 

Open

 

1552 Broadway (LIBOR + 394 bps)

 

169,283

 

84,642

 

4.07

%

 

Apr-16

 

84,642

 

 

Open

 

Mezzanine Debt (LIBOR + 90 bps)

 

30,000

 

15,000

 

1.06

%

 

Jun-16

 

15,000

 

 

Open

 

724 Fifth Avenue (LIBOR + 235 bps)

 

119,765

 

59,883

 

2.51

%

1,002

 

Jan-17

 

56,340

 

 

Open

 

10 East 53rd Street (LIBOR +250 bps)

 

125,000

 

68,750

 

2.66

%

 

Feb-17

 

68,750

 

 

Open

 

33 Beekman (LIBOR + 275 bps)

 

24,057

 

11,042

 

2.91

%

 

Aug-17

 

10,865

 

 

Open

 

600 Lexington Avenue (LIBOR + 200 bps)

 

119,656

 

65,811

 

2.24

%

2,114

 

Oct-17

 

58,846

 

 

Open

 

388/390 Greenwich Street (LIBOR + 115 bps)

 

142,297

 

71,999

 

1.31

%

 

Dec-17

 

71,999

 

 

Open

 

521 Fifth Avenue (LIBOR + 220 bps)

 

170,000

 

85,850

 

2.36

%

 

Nov-19

 

85,850

 

 

Open

 

100 Park Avenue (LIBOR + 175 bps)

 

360,000

 

179,640

 

1.91

%

 

Feb-21

 

175,859

 

 

Feb-16

 

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

 

1,940

 

626

 

2.87

%

25

 

Jun-33

 

4

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

1,689,440

 

$

826,837

 

2.50

%

$

7,362

 

 

 

$

803,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Joint Venture Debt/Wtd Avg

 

$

4,577,178

 

$

1,916,123

 

3.84

%

$

10,773

 

 

 

$

1,902,453

 

 

 

 

 

 


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

 

Covenants

 

Revolving Credit Facility Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

47.3

%

Less than 60%

 

Fixed Charge Coverage

 

2.3x

 

Greater than 1.5x

 

 

Unsecured Notes Covenants

 

 

 

Actual

 

Required

 

Total Debt / Total Assets

 

38.8

%

Less than 60%

 

Secured Debt / Total Assets

 

17.4

%

Less than 40%

 

Debt Service Coverage

 

3.1x

 

Greater than 1.5x

 

Unencumbered Assets / Unsecured Debt

 

367.0

%

Greater than 150%

 

 

Composition of Debt

 

 

 

 

 

 

Fixed Rate Debt

 

 

 

 

 

Consolidated

 

$

5,593,899

 

 

 

SLG Share of JV

 

1,089,286

 

 

 

Total Fixed Rate Debt

 

$

6,683,185

 

73.3

%

 

 

 

 

 

 

Floating Rate Debt

 

 

 

 

 

Consolidated

 

$

1,601,520

 

 

 

SLG Share of JV

 

826,837

 

 

 

 

 

2,428,357

 

 

 

Debt & Preferred Equity Investments

 

(666,090

)

 

 

Total Floating Rate Debt

 

$

1,762,267

 

19.3

%

 

 

 

 

 

 

Total Debt

 

$

9,111,542

 

 

 

 

26



 

DEBT SUMMARY SCHEDULE - Reckson Operating Partnership

 

Unaudited

(Dollars in Thousands)

 

Consolidated

 

 

 

Principal

 

 

 

2014

 

 

 

 

 

As-Of

 

 

 

 

 

Outstanding

 

 

 

Principal

 

Maturity

 

Due at

 

Right

 

Earliest

 

 

 

3/31/2014

 

Coupon (1)

 

Amortization

 

Date

 

Maturity

 

Extension

 

Prepayment

 

Fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured fixed rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

919 Third Avenue

 

$

500,000

 

5.12

%

$

 

Jun-23

 

$

441,594

 

 

Open

 

 

 

$

500,000

 

5.12

%

$

 

 

 

$

441,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

255,217

 

6.00

%

 

Mar-16

 

255,308

 

 

Open

 

Unsecured notes

 

249,696

 

5.00

%

 

Aug-18

 

250,000

 

 

Open

 

Term loan (swapped)

 

30,000

 

3.70

%

 

Jun-19

(2)

30,000

 

 

Open

 

Unsecured notes

 

250,000

 

7.75

%

 

Mar-20

 

250,000

 

 

Open

 

Unsecured notes

 

200,000

 

4.50

%

 

Dec-22

 

200,000

 

 

Open

 

Convertible notes

 

7

 

4.00

%

 

Jun-25

(3)

7

 

 

Jun-15

 

 

 

$

1,060,818

 

5.82

%

$

 

 

 

$

1,061,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Rate Debt/Wtd Avg

 

$

1,610,841

 

5.67

%

$

 

 

 

$

1,552,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured floating rate debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (LIBOR + 145 bps)

 

$

 

1.62

%

$

 

Mar-17

 

$

 

Mar-18

 

Open

 

Term loan (LIBOR + 140 bps)

 

753,000

 

1.56

%

 

Jun-19

 

753,000

 

 

Open

 

Total Floating Rate Debt/Wtd Avg

 

$

753,000

 

1.56

%

$

 

 

 

$

753,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt/Wtd Avg - Consolidated

 

$

2,363,841

 

4.36

%

$

 

 

 

$

2,305,830

 

 

 

 

 

 


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

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

(3) 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

 

48.6

%

Less than 60%

 

Fixed Charge Coverage

 

2.51

x

Greater than 1.5x

 

Secured Debt / Total Assets

 

10.2

%

Less than 40%

 

Unsecured Debt / Unencumbered Assets

 

49.9

%

Less than 60%

 

 

27



 

 

SUMMARY OF GROUND LEASE ARRANGEMENTS

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

2014 Scheduled

 

2015 Scheduled

 

2016 Scheduled

 

2017 Scheduled

 

Land Lease

 

Year of

 

Property

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Cash Payment

 

Obligations(1)

 

Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Ground Lease Arrangements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

625 Madison Avenue

 

$

4,613

 

$

4,613

 

$

4,613

 

$

4,613

 

$

 

2022

(2)

461 Fifth Avenue

 

2,100

 

2,100

 

2,100

 

2,100

 

336

 

2027

(3)

711 Third Avenue

 

5,250

 

5,250

 

5,354

 

5,500

 

622

 

2033

(4)

752 Madison Avenue/19-21 East 65th Street

 

212

 

212

 

212

 

212

 

 

2037

(5)

1185 Avenue of the Americas

 

6,909

 

6,909

 

6,909

 

6,909

 

 

2043

 

420 Lexington Avenue

 

10,899

 

10,899

 

10,899

 

10,899

 

 

2050

(6)

673 First Avenue (7)

 

4,653

 

4,808

 

5,119

 

5,119

 

22,346

 

2087

 

1055 Washington Blvd, Stamford

 

615

 

615

 

615

 

615

 

 

2090

 

1080 Amsterdam Avenue

 

105

 

105

 

122

 

209

 

 

2111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

35,356

 

$

35,511

 

$

35,943

 

$

36,176

 

$

23,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

673 First Avenue (7)

 

$

2,147

 

$

2,218

 

$

2,361

 

$

2,361

 

$

27,358

 

2087

 

1080 Amsterdam Avenue

 

145

 

145

 

170

 

291

 

20,541

 

2111

 

Total

 

$

2,292

 

$

2,363

 

$

2,531

 

$

2,652

 

$

47,899

 

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

1,167

 

$

1,167

 

$

1,167

 

$

1,167

 

$

 

2062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized Lease

 

 

 

 

 

 

 

 

 

 

 

 

 

650 Fifth Avenue

 

$

6,086

 

$

6,086

 

$

6,086

 

$

6,086

 

$

89,354

 

2062

 

 


(1) Per the balance sheet at March 31,2014.

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

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

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

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

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

(7) Property is classified as held-for-sale as of March 31, 2014.

 

28



 

 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

 

(Dollars in Thousands)

 

 

 

Assets

 

Weighted Average

 

Weighted Average

 

Current

 

 

 

Outstanding

 

Assets During Quarter

 

Yield During Quarter

 

Yield(2)

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

87,412

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

11,031

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

(109,155

)

 

 

 

 

 

 

12/31/2013

 

$

1,304,839

 

$

1,304,034

 

11.27

%

11.31

%

 

 

 

 

 

 

 

 

 

 

Debt originations/accretion(1)

 

142,394

 

 

 

 

 

 

 

Preferred Equity originations/accretion

 

44,109

 

 

 

 

 

 

 

Redemptions/Sales/Syndications/Amortization

 

2,383

 

 

 

 

 

 

 

3/31/2014

 

$

1,493,725

 

$

1,359,250

 

10.63

%

10.42

%

 


(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.

 

29



 

 

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

 

$

40,491

 

$

 

$

3,073

 

5.50

%

5.63

%

 

 

 

 

 

 

 

 

 

 

 

 

Junior Mortgage Participation

 

227,316

 

2,538,280

 

$

1,179

 

10.24

%

10.09

%

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Debt

 

812,247

 

3,186,284

 

$

1,073

 

11.21

%

11.11

%

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity

 

413,671

 

1,576,493

 

$

543

 

9.78

%

9.74

%

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 3/31/14

 

$

1,493,725

 

$

7,301,057

 

$

995

 

10.63

%

10.42

%

 

Current Maturity Profile(3)

 

 


(1) Approximately 44.2% of our investments are indexed to LIBOR.

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

(3) The weighted average maturity of the outstanding balance is 2.02 years.  Approximately 56.8% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension.

 

30



 

DEBT AND PREFERRED EQUITY INVESTMENTS

 

10 Largest Investments

(Dollars in Thousands)

GRAPHIC

 

 

 

Book Value(1)

 

 

 

Senior

 

 

 

Current

 

Investment Type

 

3/31/14

 

Location

 

Financing

 

Last $ PSF

 

Yield(2)

 

Preferred Equity

 

$

220,622

 

New York City

 

$

926,260

 

$

544

 

9.05

%

Mortgage and Mezzanine

 

131,853

 

New York City

 

330,000

 

$

284

 

9.56

%

Preferred Equity

 

117,194

 

New York City

 

525,000

 

$

278

 

11.16

%

Preferred Equity and Mezzanine

 

99,419

 

New York City

 

200,000

 

$

1,282

 

9.13

%

Mortgage and Mezzanine

 

92,994

 

New York City

 

1,109,000

 

$

1,153

 

10.96

%

Mezzanine Loan

 

73,067

 

New York City

 

775,000

 

$

1,080

 

18.77

%

Mezzanine Loan

 

71,370

 

New York City

 

165,000

 

$

1,982

 

9.88

%

Mortgage and Mezzanine

 

68,892

 

New York City

 

205,000

 

$

395

 

11.21

%

Mezzanine Loan

 

59,932

 

New York City

 

180,000

 

$

352

 

9.82

%

Mezzanine Loan

 

49,230

 

New York City

 

110,000

 

$

480

 

11.96

%

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

984,573

 

 

 

$

4,525,260

 

 

 

10.68

%

 


(1) Net of unamortized fees and discounts.

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

 

31



 

SELECTED PROPERTY DATA

 

Manhattan Properties

GRAPHIC

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-14

 

Dec-13

 

Sep-13

 

Jun-13

 

Mar-13

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Church Street

 

Downtown

 

Fee Interest

 

1

 

1,047,500

 

4

 

98.7

 

98.7

 

85.7

 

81.8

 

81.8

 

37,234,608

 

4

 

3

 

18

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

215,400

 

1

 

83.6

 

86.5

 

86.5

 

85.8

 

84.9

 

8,525,664

 

1

 

1

 

23

 

120 West 45th Street

 

Midtown

 

Fee Interest

 

1

 

440,000

 

1

 

92.6

 

85.2

 

81.0

 

78.2

 

74.0

 

23,309,040

 

3

 

2

 

38

 

125 Park Avenue

 

Grand Central

 

Fee Interest

 

1

 

604,245

 

2

 

82.2

 

82.0

 

87.8

 

83.2

 

77.6

 

27,898,980

 

3

 

2

 

20

 

180 Maiden Lane (1)

 

Financial East

 

Fee Interest

 

1

 

1,090,000

 

4

 

97.6

 

97.6

 

97.6

 

97.6

 

97.7

 

55,188,240

 

 

 

2

 

5

 

220 East 42nd Street

 

Grand Central

 

Fee Interest

 

1

 

1,135,000

 

4

 

91.5

 

91.5

 

91.1

 

93.7

 

94.9

 

46,664,604

 

5

 

4

 

30

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

1

 

215,000

 

1

 

100.0

 

98.8

 

95.3

 

93.6

 

93.6

 

12,911,976

 

1

 

1

 

15

 

420 Lexington Ave (Graybar)

 

Grand Central North

 

Leasehold Interest

 

1

 

1,188,000

 

4

 

85.5

 

85.8

 

84.1

 

90.2

 

92.1

 

59,490,216

 

7

 

5

 

210

 

461 Fifth Avenue (2)

 

Midtown

 

Leasehold Interest

 

1

 

200,000

 

1

 

99.3

 

99.4

 

99.4

 

99.4

 

99.4

 

16,708,464

 

2

 

1

 

14

 

485 Lexington Avenue

 

Grand Central North

 

Fee Interest

 

1

 

921,000

 

3

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

55,387,908

 

6

 

5

 

24

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

1

 

941,000

 

3

 

99.9

 

99.9

 

99.1

 

99.8

 

99.2

 

34,974,432

 

4

 

3

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

1

 

160,000

 

1

 

79.0

 

77.8

 

85.0

 

85.0

 

85.8

 

14,119,044

 

2

 

1

 

12

 

625 Madison Avenue

 

Plaza District

 

Leasehold Interest

 

1

 

563,000

 

2

 

92.1

 

92.1

 

92.3

 

92.1

 

93.1

 

46,387,920

 

5

 

4

 

20

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

1

 

163,000

 

1

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,441,916

 

1

 

1

 

7

 

673 First Avenue

 

Grand Central South

 

Leasehold Interest

 

1

 

422,000

 

1

 

99.1

 

99.2

 

100.0

 

100.0

 

100.0

 

21,141,084

 

2

 

2

 

6

 

711 Third Avenue (3)

 

Grand Central North

 

Leasehold Interest

 

1

 

524,000

 

2

 

71.9

 

88.4

 

88.4

 

88.4

 

88.4

 

21,871,188

 

2

 

2

 

16

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

1

 

780,000

 

3

 

96.4

 

95.8

 

96.8

 

96.8

 

96.1

 

41,611,728

 

5

 

4

 

28

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

1

 

692,000

 

2

 

85.1

 

92.0

 

91.5

 

91.0

 

87.6

 

36,505,152

 

4

 

3

 

42

 

919 Third Avenue (4)

 

Grand Central North

 

Fee Interest

 

1

 

1,454,000

 

5

 

90.3

 

90.3

 

96.9

 

96.9

 

96.9

 

81,856,608

 

 

 

4

 

12

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

1

 

1,062,000

 

4

 

99.9

 

95.2

 

95.2

 

95.2

 

97.6

 

84,988,956

 

9

 

7

 

19

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

1

 

562,000

 

2

 

95.7

 

99.5

 

98.1

 

95.3

 

97.0

 

37,035,444

 

4

 

3

 

35

 

1515 Broadway

 

Times Square

 

Fee Interest

 

1

 

1,750,000

 

6

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

112,277,364

 

12

 

10

 

12

 

1 Madison Avenue

 

Park Avenue South

 

Fee Interest

 

1

 

1,176,900

 

4

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

68,490,264

 

8

 

6

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

23

 

17,306,045

 

59

%

94.1

%

94.5

%

94.2

%

94.2

%

94.2

%

$

953,020,800

 

90

%

77

%

618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle - 48.9%

 

Columbus Circle

 

Fee Interest

 

1

 

530,981

 

2

 

73.2

 

70.7

 

70.3

 

65.5

 

61.8

 

32,196,492

 

 

 

1

 

22

 

10 East 53rd Street - 55%

 

Plaza District

 

Fee Interest

 

1

 

354,300

 

1

 

90.0

 

90.0

 

90.0

 

90.0

 

90.0

 

19,853,784

 

 

 

1

 

17

 

100 Park Avenue - 50%

 

Grand Central South

 

Fee Interest

 

1

 

834,000

 

3

 

96.5

 

95.1

 

94.6

 

94.6

 

94.6

 

56,655,972

 

 

 

2

 

37

 

315 West 36th Street - 35.5%

 

Times Square South

 

Fee Interest

 

1

 

147,619

 

1

 

99.2

 

99.2

 

99.2

 

99.2

 

99.2

 

4,069,116

 

 

 

0

 

6

 

388 & 390 Greenwich Street - 50.6%

 

Downtown

 

Fee Interest

 

2

 

2,635,000

 

9

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

111,016,908

 

 

 

5

 

1

 

521 Fifth Avenue - 50.5%

 

Grand Central

 

Fee Interest

 

1

 

460,000

 

2

 

95.4

 

94.4

 

94.5

 

90.6

 

92.8

 

26,056,164

 

 

 

1

 

42

 

600 Lexington Avenue - 55%

 

East Side

 

Fee Interest

 

1

 

303,515

 

1

 

75.7

 

75.5

 

69.2

 

66.7

 

66.7

 

17,035,884

 

 

 

1

 

29

 

800 Third Avenue - 42.95%

 

Grand Central North

 

Fee Interest

 

1

 

526,000

 

2

 

93.5

 

95.4

 

95.4

 

87.9

 

87.9

 

29,817,408

 

 

 

1

 

38

 

1745 Broadway - 32.3%

 

Midtown

 

Fee Interest

 

1

 

674,000

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

40,130,292

 

 

 

1

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Unconsolidated Properties

 

10

 

6,465,415

 

22

%

94.8

%

94.5

%

94.1

%

92.7

%

92.5

%

$

336,832,020

 

 

 

14

%

193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Grand Total / Weighted Average

 

33

 

23,771,460

 

81

%

94.3

%

94.5

%

94.2

%

93.8

%

93.7

%

$

1,289,852,820

 

 

 

 

 

811

 

Manhattan Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,046,164,243

 

 

 

90

%

 

 

Manhattan Same Store Occupancy % - Combined

 

 

 

23,771,460

 

100

%

94.3

%(5)

94.5

%

94.2

%

93.8

%

93.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Grand Total

 

64

 

29,358,960

 

100

%

91.7

%

91.8

%

91.4

%

91.1

%

90.9

%

$

1,425,910,512

 

 

 

 

 

1,264

 

Portfolio Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,154,605,503

 

 

 

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 357,109 square feet of leases signed but not yet commenced, is 95.6% as of March 31, 2014.

 

32



 

SELECTED PROPERTY DATA

 

Suburban Properties

GRAPHIC

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-14

 

Dec-13

 

Sep-13

 

Jun-13

 

Mar-13

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Westchester, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1100 King Street - 1 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

74.8

 

74.8

 

74.8

 

74.9

 

74.9

 

1,748,724

 

0

 

0

 

2

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

47.9

 

47.0

 

47.0

 

47.0

 

47.0

 

1,361,088

 

0

 

0

 

3

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

57.2

 

57.2

 

57.2

 

55.7

 

63.3

 

1,733,760

 

0

 

0

 

3

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

83.9

 

83.9

 

69.6

 

68.1

 

59.4

 

1,933,896

 

0

 

0

 

9

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

81.8

 

82.6

 

80.5

 

80.5

 

80.5

 

1,808,844

 

0

 

0

 

7

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

1

 

90,000

 

0

 

50.8

 

88.0

 

88.0

 

88.0

 

88.0

 

1,521,432

 

0

 

0

 

3

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

1

 

180,000

 

1

 

55.8

 

57.8

 

57.8

 

75.4

 

75.4

 

2,769,864

 

0

 

0

 

9

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

1

 

178,000

 

1

 

74.8

 

73.4

 

73.4

 

70.9

 

70.9

 

2,740,884

 

0

 

0

 

11

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

250,000

 

1

 

70.7

 

70.7

 

70.7

 

70.7

 

70.7

 

4,342,872

 

0

 

0

 

10

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

245,000

 

1

 

80.2

 

80.2

 

80.2

 

69.3

 

66.6

 

4,546,512

 

1

 

0

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

1

 

228,000

 

1

 

90.3

 

90.3

 

90.3

 

90.3

 

89.5

 

4,897,944

 

1

 

0

 

6

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

1

 

130,100

 

0

 

93.6

 

93.6

 

89.5

 

89.5

 

89.5

 

4,039,992

 

0

 

0

 

13

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

1

 

384,000

 

1

 

90.2

 

89.3

 

89.0

 

89.0

 

88.7

 

12,343,524

 

1

 

1

 

17

 

Westchester, New York Subtotal/Weighted Average

 

13

 

2,135,100

 

8

%

76.7

%

78.1

%

77.2

%

77.1

%

76.6

%

$

45,789,336

 

5

%

4

%

101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

312,000

 

1

 

95.1

 

93.8

 

92.8

 

95.4

 

96.0

 

8,688,432

 

1

 

1

 

59

 

2 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

46,000

 

0

 

57.3

 

54.9

 

57.3

 

64.1

 

69.0

 

647,580

 

0

 

0

 

7

 

3 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

130,000

 

0

 

55.1

 

55.1

 

50.1

 

64.9

 

60.4

 

2,000,304

 

0

 

0

 

16

 

4 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

105,000

 

0

 

87.6

 

84.9

 

84.9

 

84.9

 

77.7

 

2,782,560

 

0

 

0

 

12

 

5 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

61,000

 

0

 

98.7

 

99.0

 

99.0

 

99.3

 

99.5

 

961,524

 

0

 

0

 

8

 

6 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

172,000

 

1

 

83.4

 

83.4

 

83.4

 

83.4

 

83.4

 

3,734,796

 

0

 

0

 

5

 

7 Landmark Square

 

Stamford, Connecticut

 

Fee Interest

 

1

 

36,800

 

0

 

76.9

 

76.9

 

76.9

 

76.9

 

76.9

 

325,320

 

0

 

0

 

1

 

680 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

133,000

 

0

 

77.7

 

77.7

 

76.5

 

76.5

 

76.5

 

4,453,680

 

 

 

0

 

9

 

750 Washington Boulevard (1)

 

Stamford, Connecticut

 

Fee Interest

 

1

 

192,000

 

1

 

93.3

 

93.3

 

93.6

 

93.6

 

93.6

 

6,420,852

 

 

 

0

 

8

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

1

 

182,000

 

1

 

89.7

 

87.7

 

86.7

 

86.0

 

86.0

 

6,215,784

 

1

 

1

 

22

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

1

 

143,400

 

0

 

75.7

 

65.3

 

65.3

 

63.5

 

60.9

 

3,517,392

 

0

 

0

 

22

 

500 West Putnam Avenue

 

Greenwich, Connecticut

 

Fee Interest

 

1

 

121,500

 

0

 

57.0

 

57.0

 

57.0

 

55.1

 

55.1

 

3,161,148

 

0

 

0

 

11

 

Connecticut Subtotal/Weighted Average

 

12

 

1,634,700

 

5

%

82.1

%

80.5

%

79.8

%

81.3

%

80.6

%

$

42,909,372

 

4

%

3

%

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125 Chubb Way

 

Lyndhurst, New Jersey

 

Fee Interest

 

1

 

278,000

 

1

 

61.1

 

59.4

 

58.3

 

57.1

 

57.1

 

3,718,992

 

0

 

0

 

5

 

New Jersey Subtotal/Weighted Average

 

1

 

278,000

 

1

%

61.1

%

59.4

%

58.3

%

57.1

%

57.1

%

$

3,718,992

 

0

%

0

%

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Brooklyn, New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street

 

Brooklyn, New York

 

Fee Interest

 

1

 

317,600

 

1

 

90.3

 

87.2

 

88.4

 

84.9

 

84.5

 

10,855,200

 

1

 

1

 

67

 

Brooklyn, New York Subtotal/Weighted Average

 

1

 

317,600

 

1

%

90.3

%

87.2

%

88.4

%

84.9

%

84.5

%

$

10,855,200

 

1

%

1

%

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Consolidated Properties

 

27

 

4,365,400

 

15

%

78.7

%

78.5

%

77.8

%

77.9

%

77.4

%

$

103,272,900

 

10

%

9

%

353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNCONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Meadows - 50%

 

Rutherford, New Jersey

 

Fee Interest

 

2

 

582,100

 

2

 

87.1

 

84.2

 

80.5

 

78.4

 

79.4

 

12,961,272

 

 

 

1

 

64

 

Jericho Plaza — 20.26%

 

Jericho, New York

 

Fee Interest

 

2

 

640,000

 

2

 

90.5

 

89.9

 

89.6

 

89.6

 

89.6

 

19,823,520

 

 

 

0

 

36

 

Total / Weighted Average Unconsolidated Properties

 

4

 

1,222,100

 

4

%

88.9

%

87.2

%

85.3

%

84.3

%

84.7

%

$

32,784,792

 

 

 

1

%

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Suburban Grand Total / Weighted Average

 

31

 

5,587,500

 

19

%

80.9

%

80.4

%

79.4

%

79.3

%

79.0

%

$

136,057,692

 

 

 

 

 

453

 

Suburban Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

108,441,260

 

 

 

10

%

 

 

Suburban Same Store Occupancy % - Combined

 

 

 

5,269,900

 

94

%

80.4

%(2)

80.0

%

78.9

%

79.0

%

78.7

%

 

 

 

 

 

 

 

 

 


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

(2) Suburban same-store occupancy, inclusive of 44,337 square feet of leases signed but not yet commenced, is 81.2% as of March 31, 2014.

 

33



 

 

 

SELECTED PROPERTY DATA

 

Retail, Development / Redevelopment & Land Properties

 

 

 

 

 

 

 

 

 

# of

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Sq. Feet

 

Mar-14

 

Dec-13

 

Sep-13

 

Jun-13

 

Mar-13

 

Cash Rent ($’s)

 

Cash Rent (SLG%)

 

Book Value

 

Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11 West 34th Street - 30%

 

 

Herald Square/Penn Station

 

Fee Interest

 

1

 

17,150

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

2,123,688

 

1

 

15,482,405

 

1

 

19-21 East 65th Street - 80%  (2)

 

 

Plaza District

 

Leasehold Interest

 

2

 

23,610

 

3

 

83.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,326,006

 

2

 

7,545,967

 

6

 

21 East 66th Street - 32.28%

 

 

Plaza District

 

Fee Interest

 

1

 

16,736

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,410,185

 

2

 

83,805,649

 

1

 

131-137 Spring Street

 

 

Soho

 

Fee Interest

 

2

 

68,342

 

8

 

92.0

 

100.0

 

100.0

 

100.0

 

100.0

 

4,409,311

 

9

 

133,296,794

 

11

 

180-182 Broadway - 25.5%

 

 

Cast Iron / Soho

 

Fee Interest

 

2

 

156,086

 

18

 

100.0

 

100.0

 

100.0

 

 

 

9,757,368

 

5

 

133,720,440

 

3

 

717 Fifth Avenue - 10.92%

 

 

Midtown/Plaza District

 

Fee Interest

 

1

 

119,550

 

14

 

89.4

 

89.4

 

89.4

 

89.4

 

89.4

 

34,674,516

 

8

 

279,966,857

 

7

 

724 Fifth Avenue - 50%

 

 

Plaza District

 

Fee Interest

 

1

 

65,010

 

7

 

76.7

 

76.6

 

84.6

 

84.8

 

84.7

 

20,483,964

 

21

 

225,072,883

 

7

 

752 Madison Avenue - 80%  (2)

 

 

Plaza District

 

Leasehold Interest

 

1

 

21,124

 

2

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

3,903,744

 

6

 

7,140,833

 

1

 

762 Madison Avenue - 80%  (2)

 

 

Plaza District

 

Fee Interest

 

1

 

6,109

 

1

 

76.7

 

82.6

 

82.6

 

82.6

 

100.0

 

617,820

 

1

 

16,704,723

 

4

 

Williamsburg Terrace

 

 

Brooklyn, New York

 

Fee Interest

 

1

 

52,000

 

6

 

100.0

 

100.0

 

100.0

 

100.0

 

100.0

 

1,555,788

 

3

 

16,357,696

 

3

 

Subtotal/Weighted Average

 

13

 

545,717

 

62

%

92.9

%

94.7

%

95.7

%

67.1

%

67.3

%

$

82,262,391

 

59

%

$

919,094,246

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Non Same Store” Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

315 West 33rd Street - The Olivia

 

 

Penn Station

 

Fee Interest

 

1

 

270,132

 

31

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

14,844,154

 

30

 

195,537,225

 

10

 

1552-1560 Broadway - 50%

 

 

Times Square

 

Fee Interest

 

2

 

57,718

 

7

 

67.5

 

 

 

 

23.3

 

9,996,392

 

10

 

239,262,293

 

2

 

Subtotal/Weighted Average

 

 

 

3

 

327,850

 

38

%

94.3

%

82.4

%

 

 

23.3

%

$

24,840,546

 

41

%

$

434,799,518

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Retail Properties

 

16

 

873,567

 

100

%

93.4

%

90.1

%

86.5

%

60.7

%

63.1

%

$

107,102,937

 

100

%

$

1,353,893,765

 

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150 Grand Street

 

 

White Plains, New York

 

Fee Interest

 

1

 

85,000

 

4

 

36.1

 

31.5

 

31.5

 

31.5

 

31.3

 

786,144

 

1

 

17,513,027

 

18

 

7 Renaissance Square - 50%

 

 

White Plains, New York

 

Fee Interest

 

1

 

65,641

 

3

 

46.6

 

46.6

 

46.6

 

40.3

 

40.3

 

997,380

 

1

 

6,001,233

 

4

 

33 Beekman Street - 45.9%

 

 

Downtown

 

Fee Interest

 

1

 

 

 

 

 

 

 

 

 

 

52,812,902

 

 

280 Park Avenue - 49.5%

 

 

Park Avenue

 

Fee Interest

 

1

 

1,219,158

 

51

 

50.1

 

59.4

 

59.4

 

54.9

 

54.9

 

64,971,588

 

47

 

1,159,119,320

 

25

 

51 East 42nd Street

 

 

Grand Central

 

Fee Interest

 

1

 

142,000

 

6

 

81.0

 

86.5

 

88.3

 

91.4

 

86.9

 

5,852,964

 

9

 

79,830,464

 

79

 

317 Madison Avenue

 

 

Grand Central

 

Fee Interest

 

1

 

450,000

 

19

 

72.9

 

78.6

 

81.9

 

81.6

 

81.7

 

18,754,272

 

28

 

135,630,908

 

64

 

331 Madison Avenue

 

 

Grand Central

 

Fee Interest

 

1

 

114,900

 

5

 

83.6

 

83.6

 

83.6

 

84.2

 

84.2

 

4,301,604

 

6

 

80,915,000

 

15

 

Fifth Avenue Retail Assemblage

 

 

Plaza District

 

Fee Interest

 

3

 

66,962

 

3

 

74.6

 

74.6

 

N/A

 

N/A

 

N/A

 

2,496,492

 

4

 

146,000,000

 

6

 

635 Sixth Avenue

 

 

Midtown South

 

Fee Interest

 

1

 

104,000

 

4

 

 

 

 

 

 

 

 

82,085,118

 

 

650 Fifth Avenue - 50%

 

 

Plaza District

 

Leasehold Interest

 

1

 

32,324

 

1

 

63.6

 

63.6

 

N/A

 

N/A

 

N/A

 

3,358,704

 

2

 

247,529,012

 

3

 

747 Madison Avenue - 33.33%

 

 

Plaza District

 

Fee Interest

 

1

 

10,000

 

0

 

59.1

 

59.1

 

59.1

 

59.1

 

 

3,300,000

 

2

 

85,405,214

 

1

 

985-987 Third Avenue

 

 

Upper East Side

 

Fee Interest

 

2

 

13,678

 

1

 

 

 

 

 

 

 

 

21,986,517

 

 

1080 Amsterdam - 87.5%  (2)

 

 

Upper West Side

 

Leasehold Interest

 

1

 

82,250

 

3

 

2.2

 

2.2

 

2.2

 

2.2

 

2.2

 

146,475

 

0

 

39,154,378

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total / Weighted Average Development / Redevelopment Properties

 

16

 

2,385,913

 

100

 

54.1

%

60.0

%

60.3

%

57.9

%

57.4

%

$

104,965,623

 

100

%

$

2,153,983,093

 

216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“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

 

 

 

 

Residential Properties

 

 

 

# of

 

Useable

 

 

 

Occupancy (%)

 

Average Monthly

 

Annualized

 

Gross Total RE

 

 

 

Properties

 

 

SubMarket

 

Ownership

 

Bldgs

 

Sq. Feet

 

Total Units

 

Mar-14

 

Dec-13

 

Sep-13

 

Jun-13

 

Mar-13

 

Rent Per Unit ($’s)

 

Cash Rent ($’s)

 

Book Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400 East 57th Street - 80% (2)

 

 

Upper East Side

 

Fee Interest

 

1

 

290,482

 

259

 

94.2

 

95.0

 

95.0

 

98.1

 

94.6

 

3,012

 

10,579,382

 

116,435,241

 

 

 

400 East 58th Street - 80% (2)

 

 

Upper East Side

 

Fee Interest

 

1

 

140,000

 

125

 

98.4

 

94.4

 

96.8

 

100.0

 

96.8

 

2,988

 

4,836,073

 

51,374,965

 

 

 

248-252 Bedford Avenue - 90% (2)

 

 

Brooklyn, New York

 

Fee Interest

 

1

 

66,611

 

81

 

87.7

 

85.7

 

67.9

 

20.2

 

 

4,632

 

3,946,397

 

56,713,175

 

 

 

315 West 33rd Street - The Olivia

 

 

Penn Station

 

Fee Interest

 

1

 

222,855

 

333

 

93.7

 

92.5

 

N/A

 

N/A

 

N/A

 

3,685

 

13,794,830

 

161,315,388

 

 

 

Total / Weighted Average Residential Properties

 

4

 

719,948

 

798

 

94.0

%

92.9

%

90.6

%

84.6

%

78.2

%

$

3,453

 

$

33,156,681

 

$

385,838,769

 

 

 

 


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

(2) Consolidated joint venture assets.

 

34



 

SELECTED PROPERTY DATA

 

Manhattan Properties - Reckson Portfolio

 

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Annualized Cash Rent

 

Total

 

Properties

 

SubMarket

 

Ownership

 

 

Sq. Feet

 

Sq. Feet

 

Mar-14

 

Dec-13

 

Sep-13

 

Jun-13

 

Mar-13

 

Cash Rent ($’s)

 

100%

 

SLG

 

Tenants

 

CONSOLIDATED PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Same Store”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110 East 42nd Street

 

Grand Central

 

Fee Interest

 

 

215,400

 

2

 

83.6

 

86.5

 

86.5

 

85.8

 

84.9

 

8,525,664

 

2

 

2

 

23

 

304 Park Avenue South

 

Midtown South

 

Fee Interest

 

 

215,000

 

2

 

100.0

 

98.8

 

95.3

 

93.6

 

93.6

 

12,911,976

 

3

 

3

 

15

 

461 Fifth Avenue

 

Midtown

 

Leasehold Interest

 

 

200,000

 

2

 

99.3

 

99.4

 

99.4

 

99.4

 

99.4

 

16,708,464

 

4

 

4

 

14

 

555 West 57th Street

 

Midtown West

 

Fee Interest

 

 

941,000

 

10

 

99.9

 

99.9

 

99.1

 

99.8

 

99.2

 

34,974,432

 

9

 

8

 

10

 

609 Fifth Avenue

 

Rockefeller Center

 

Fee Interest

 

 

160,000

 

2

 

79.0

 

77.8

 

85.0

 

85.0

 

85.8

 

14,119,044

 

4

 

3

 

12

 

641 Sixth Avenue

 

Midtown South

 

Fee Interest

 

 

163,000

 

2

 

92.1

 

92.1

 

92.1

 

92.1

 

92.1

 

8,441,916

 

2

 

2

 

7

 

673 First Avenue

 

Grand Central South

 

Leasehold Interest

 

 

422,000

 

4

 

99.1

 

99.2

 

100.0

 

100.0

 

100.0

 

21,141,084

 

6

 

5

 

6

 

750 Third Avenue

 

Grand Central North

 

Fee Interest

 

 

780,000

 

8

 

96.4

 

95.8

 

96.8

 

96.8

 

96.1

 

41,611,728

 

11

 

10

 

28

 

810 Seventh Avenue

 

Times Square

 

Fee Interest

 

 

692,000

 

7

 

85.1

 

92.0

 

91.5

 

91.0

 

87.6

 

36,505,152

 

10

 

9

 

42

 

919 Third Avenue

 

Grand Central North

 

Fee Interest (1)

 

 

1,454,000

 

15

 

90.3

 

90.3

 

96.9

 

96.9

 

96.9

 

81,856,608

 

 

 

10

 

12

 

1185 Avenue of the Americas

 

Rockefeller Center

 

Leasehold Interest

 

 

1,062,000

 

11

 

99.9

 

95.2

 

95.2

 

95.2

 

97.6

 

84,988,956

 

23

 

20

 

19

 

1350 Avenue of the Americas

 

Rockefeller Center

 

Fee Interest

 

 

562,000

 

6

 

95.7

 

99.5

 

98.1

 

95.3

 

97.0

 

37,035,444

 

10

 

9

 

35

 

Total / Weighted Average Manhattan Consolidated Properties

 

 

6,866,400

 

71

%

94.4

%

94.6

%

96.0

%

96.0

%

95.9

%

$

398,820,468

 

85

%

85

%

223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grand Total / Weighted Average

 

 

6,866,400

 

71

%

94.4

%

94.6

%

96.0

%

96.0

%

95.9

%

$

398,820,468

 

85

%

 

 

223

 

Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

358,710,730

 

 

 

85

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

74.8

 

74.8

 

74.9

 

74.9

 

1,748,724

 

0

 

0

 

2

 

1100 King Street - 2 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

 

90,000

 

1

 

47.9

 

47.0

 

47.0

 

47.0

 

47.0

 

1,361,088

 

0

 

0

 

3

 

1100 King Street - 3 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

 

90,000

 

1

 

57.2

 

57.2

 

57.2

 

55.7

 

63.3

 

1,733,760

 

0

 

0

 

3

 

1100 King Street - 4 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

 

90,000

 

1

 

83.9

 

83.9

 

69.6

 

68.1

 

59.4

 

1,933,896

 

1

 

0

 

9

 

1100 King Street - 5 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

 

90,000

 

1

 

81.8

 

82.6

 

80.5

 

80.5

 

80.5

 

1,808,844

 

0

 

0

 

7

 

1100 King Street - 6 Int’l Drive

 

Rye Brook, New York

 

Fee Interest

 

 

90,000

 

1

 

50.8

 

88.0

 

88.0

 

88.0

 

88.0

 

1,521,432

 

0

 

0

 

3

 

520 White Plains Road

 

Tarrytown, New York

 

Fee Interest

 

 

180,000

 

2

 

55.8

 

57.8

 

57.8

 

75.4

 

75.4

 

2,769,864

 

1

 

1

 

9

 

115-117 Stevens Avenue

 

Valhalla, New York

 

Fee Interest

 

 

178,000

 

2

 

74.8

 

73.4

 

73.4

 

70.9

 

70.9

 

2,740,884

 

1

 

1

 

11

 

100 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

 

250,000

 

3

 

70.7

 

70.7

 

70.7

 

70.7

 

70.7

 

4,342,872

 

1

 

1

 

10

 

200 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

 

245,000

 

3

 

80.2

 

80.2

 

80.2

 

69.3

 

66.6

 

4,546,512

 

1

 

1

 

8

 

500 Summit Lake Drive

 

Valhalla, New York

 

Fee Interest

 

 

228,000

 

2

 

90.3

 

90.3

 

90.3

 

90.3

 

89.5

 

4,897,944

 

1

 

1

 

6

 

140 Grand Street

 

White Plains, New York

 

Fee Interest

 

 

130,100

 

1

 

93.6

 

93.6

 

89.5

 

89.5

 

89.5

 

4,039,992

 

1

 

1

 

13

 

360 Hamilton Avenue

 

White Plains, New York

 

Fee Interest

 

 

384,000

 

4

 

90.2

 

89.3

 

89.0

 

89.0

 

88.7

 

12,343,524

 

3

 

3

 

17

 

680 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

 

133,000

 

1

 

77.7

 

77.7

 

76.5

 

76.5

 

76.5

 

4,453,680

 

 

 

1

 

9

 

750 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest (1)

 

 

192,000

 

2

 

93.3

 

93.3

 

93.6

 

93.6

 

93.6

 

6,420,852

 

 

 

1

 

8

 

1055 Washington Boulevard

 

Stamford, Connecticut

 

Leasehold Interest

 

 

182,000

 

2

 

89.7

 

87.7

 

86.7

 

86.0

 

86.0

 

6,215,784

 

2

 

1

 

22

 

1010 Washington Boulevard

 

Stamford, Connecticut

 

Fee Interest

 

 

143,400

 

1

 

75.7

 

65.3

 

65.3

 

63.5

 

60.9

 

3,517,392

 

1

 

1

 

22

 

Total / Weighted Average Suburban Consolidated Properties

 

 

2,785,500

 

29

%

78.7

%

79.1

%

78.3

%

78.1

%

77.5

%

$

66,397,044

 

15

%

15

%

162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grand Total / Weighted Average

 

 

2,785,500

 

29

%

78.7

%

79.1

%

78.3

%

78.1

%

77.5

%

$

66,397,044

 

 

 

 

 

162

 

Grand Total - SLG share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61,068,523

 

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reckson Portfolio Grand Total

 

 

 

 

 

 

9,651,900

 

100

%

89.9

%

90.2

%

90.9

%

91.0

%

90.8

%

$

465,217,512

 

 

 

 

 

385

 

Portfolio Grand Total - SLG Share of Annualized Rent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

419,779,253

 

100

%

100

%

 

 

 


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

 

Retail & Development / Redevelopment Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

% of Total

 

Occupancy (%)

 

Annualized

 

Gross Total RE

 

Total

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Sq. Feet

 

Mar-14

 

Dec-13

 

Sep-13

 

Jun-13

 

Mar-13

 

Cash Rent ($’s)

 

Book Value

 

Tenants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

270,132

 

100

 

100.0

 

100.0

 

N/A

 

N/A

 

N/A

 

14,844,154

 

195,537,225

 

10

 

Total Retail Properties

 

 

 

 

 

270,132

 

100

%

100.0

%

100.0

%

 

 

 

$

14,844,154

 

$

195,537,225

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development / Redevelopment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635 Sixth Avenue

 

Midtown South

 

Fee Interest

 

104,000

 

100

 

 

 

 

 

 

 

82,085,118

 

 

Total Development Properties

 

 

 

 

 

104,000

 

100

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

$

 

$

82,085,118

 

 

 

Residential Properties - Reckson Portfolio

 

 

 

 

 

 

 

Useable

 

 

 

Occupancy (%)

 

Annualized

 

Average Monthly

 

Gross Total RE

 

Properties

 

SubMarket

 

Ownership

 

Sq. Feet

 

Total Units

 

Mar-14

 

Dec-13

 

Sep-13

 

Jun-13

 

Mar-13

 

Cash Rent ($’s)

 

Rent Per Unit ($’s)

 

Book Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

315 West 33rd Street - The Olivia

 

Penn Station

 

Fee Interest

 

222,855

 

333

 

93.7

 

92.5

 

N/A

 

N/A

 

N/A

 

13,794,830

 

3,685

 

161,315,388

 

Total Residential Properties

 

 

 

 

 

222,855

 

333

 

93.7

%

92.5

%

 

 

 

$

13,794,830

 

$

3,685

 

$

161,315,388

 

 

35



 

 

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

 

$

131,952,427

(1)

$

43.64

 

9.3

%

$

75,041,334

 

6.5

%

A-

 

Viacom International, Inc.

 

1515 Broadway

 

2031

 

1,330,735

 

84,486,926

 

$

63.49

 

5.9

%

84,486,926

 

7.3

%

BBB

 

Credit Suisse Securities (USA), Inc.

 

1 Madison Avenue & 1055 Washington

 

2019 & 2020

 

1,149,406

 

66,664,008

 

$

58.00

 

4.7

%

66,664,008

 

5.8

%

A

 

AIG Employee Services, Inc.

 

180 Maiden Lane

 

2014

 

803,222

 

42,960,177

 

$

53.48

 

3.0

%

21,445,720

 

1.9

%

A-

 

Random House, Inc.

 

1745 Broadway

 

2018 & 2023

 

644,598

 

40,130,292

 

$

62.26

 

2.8

%

12,946,032

 

1.1

%

BBB+

 

Debevoise & Plimpton, LLP

 

919 Third Avenue

 

2021

 

619,353

 

41,967,407

 

$

67.76

 

2.9

%

21,403,378

 

1.9

%

 

 

The City of New York

 

16 Court Street & 100 Church Street

 

2014, 2017 & 2034

 

541,787

 

17,538,963

 

$

32.37

 

1.2

%

17,538,963

 

1.5

%

Aa2

 

Omnicom Group, Inc.

 

220 East 42nd Street

 

2017

 

493,560

 

20,630,778

 

$

41.80

 

1.4

%

20,630,778

 

1.8

%

BBB+

 

Ralph Lauren Corporation

 

625 Madison Avenue

 

2019

 

339,381

 

23,247,720

 

$

68.50

 

1.6

%

23,247,720

 

2.0

%

A

 

Advance Magazine Group, Fairchild Publications

 

750 Third Avenue & 485 Lexington Avenue

 

2021

 

339,195

 

15,272,850

 

$

45.03

 

1.1

%

15,272,850

 

1.3

%

 

 

Harper Collins Publishers LLC

 

1350 Avenue of the Americas & 10 East 53rd Street

 

2014 & 2020

 

289,534

 

16,725,042

 

$

57.77

 

1.2

%

10,806,804

 

0.9

%

BBB+

 

C.B.S. Broadcasting, Inc.

 

555 West 57th Street

 

2023

 

287,450

 

11,915,974

 

$

41.45

 

0.8

%

11,915,974

 

1.0

%

BBB

 

Schulte, Roth & Zabel LLP

 

919 Third Avenue

 

2021

 

263,186

 

16,565,519

 

$

62.94

 

1.2

%

8,448,415

 

0.7

%

 

 

HF Management Services LLC

 

100 Church Street & 521 Fifth Avenue

 

2015 & 2032

 

252,762

 

8,358,252

 

$

33.07

 

0.6

%

8,358,252

 

0.7

%

 

 

New York Presbyterian Hospital

 

673 First Avenue

 

2021

 

232,772

 

10,713,268

 

$

46.02

 

0.8

%

10,713,268

 

0.9

%

 

 

BMW of Manhattan

 

555 West 57th Street

 

2022

 

227,782

 

5,773,054

 

$

25.34

 

0.4

%

5,773,054

 

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

 

204 & 2021

 

213,456

 

10,995,843

 

$

51.51

 

0.8

%

9,899,562

 

0.9

%

AA

 

The City University of New York - CUNY

 

555 West 57th Street & 16 Court Street

 

2020, 2023 & 2030

 

207,136

 

7,874,928

 

$

38.02

 

0.6

%

7,874,928

 

0.7

%

Aa2

 

Amerada Hess Corp.

 

1185 Avenue of the Americas

 

2027

 

181,569

 

12,739,758

 

$

70.16

 

0.9

%

12,739,758

 

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

 

4,929,512

 

$

28.58

 

0.3

%

4,929,512

 

0.4

%

BBB+

 

United Nations

 

220 East 42nd Street

 

2017, 2021 & 2022

 

169,137

 

7,835,684

 

$

46.33

 

0.5

%

7,835,684

 

0.7

%

A1

 

News America Incorporated

 

1185 Avenue of the Americas

 

2020

 

161,722

 

14,244,004

 

$

88.08

 

1.0

%

14,244,004

 

1.2

%

BBB+

 

King & Spalding

 

1185 Avenue of the Americas

 

2025

 

159,943

 

13,793,036

 

$

86.24

 

1.0

%

13,793,036

 

1.2

%

 

 

Young & Rubicam, Inc.

 

3 Columbus Circle

 

2033

 

159,292

 

9,909,020

 

$

62.21

 

0.7

%

4,845,511

 

0.4

%

BBB

 

Bloomingdales, Inc.

 

919 Third Avenue

 

2024

 

148,465

 

7,645,957

 

$

51.50

 

0.5

%

3,899,438

 

0.3

%

BBB+

 

National Hockey League

 

1185 Avenue of the Americas

 

2022

 

148,217

 

12,551,527

 

$

84.68

 

0.9

%

12,551,527

 

1.1

%

 

 

New York Hospitals Center

 

673 First Avenue

 

2021 & 2026

 

147,433

 

7,555,513

 

$

51.25

 

0.5

%

7,555,513

 

0.7

%

 

 

Banque National De Paris

 

919 Third Avenue

 

2016

 

145,834

 

9,535,977

 

$

65.39

 

0.7

%

4,863,348

 

0.4

%

A+

 

Beth Israel Medical Center & The Mount Sinai Hospital

 

555 West 57th Street & 625 Madison Avenue

 

2016 & 2030

 

144,251

 

6,037,148

 

$

41.85

 

0.4

%

6,037,148

 

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

13,220,537

 

$

 691,644,415

 

$

52.32

 

48.5

%

$

531,300,495

 

46.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Grand Total

 

 

 

 

 

29,358,960

 

$

 1,425,910,512

 

$

48.57

 

 

 

$

1,154,605,503

 

 

 

 

 

 


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

(2) Corporate or bond rating.

 

36



 

 

TENANT DIVERSIFICATION

Manhattan and Suburban Properties

 

 

 

37



 

 

Leasing Activity - Manhattan Operating Properties

 

 

Available Space

 

Activity 

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 12/31/13

 

 

 

 

 

1,155,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Property out of redevelopment

 

3 Columbus Circle

 

 

 

155,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

10 East 53rd Street

 

1

 

2,137

 

2,354

 

$

90.00

 

 

 

100 Park Avenue

 

3

 

11,336

 

10,965

 

$

54.60

 

 

 

110 East 42nd Street

 

1

 

10,251

 

10,251

 

$

55.31

 

 

 

120 West 45th Street

 

1

 

12,645

 

13,198

 

$

55.00

 

 

 

125 Park Avenue

 

1

 

29,856

 

29,856

 

$

54.39

 

 

 

304 Park Avenue South

 

2

 

20,394

 

19,585

 

$

51.28

 

 

 

420 Lexington Avenue

 

14

 

21,303

 

26,219

 

$

52.59

 

 

 

461 Fifth Avenue

 

1

 

6,650

 

7,134

 

$

65.00

 

 

 

521 Fifth Avenue

 

2

 

11,022

 

12,165

 

$

67.22

 

 

 

555 West 57th Street

 

1

 

6,144

 

7,210

 

$

40.47

 

 

 

600 Lexington Avenue

 

1

 

3,567

 

3,801

 

$

73.26

 

 

 

711 Third Avenue

 

1

 

86,620

 

98,618

 

$

59.00

 

 

 

800 Third Avenue

 

6

 

30,519

 

34,553

 

$

67.65

 

 

 

810 Seventh Avenue

 

3

 

95,262

 

94,577

 

$

63.10

 

 

 

1185 Avenue of the Americas

 

1

 

4,268

 

5,388

 

$

59.86

 

 

 

1350 Avenue of the Americas

 

3

 

22,025

 

22,147

 

$

51.57

 

 

 

Total/Weighted Average

 

42

 

373,999

 

398,021

 

$

59.17

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Park Avenue

 

1

 

990

 

990

 

$

80.66

 

 

 

220 East 42nd Street

 

1

 

298

 

298

 

$

160.66

 

 

 

750 Third Avenue

 

1

 

4,412

 

4,412

 

$

61.44

 

 

 

Total/Weighted Average

 

3

 

5,700

 

5,700

 

$

69.97

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

220 East 42nd Street

 

1

 

337

 

337

 

$

33.39

 

 

 

420 Lexington Avenue

 

1

 

400

 

400

 

$

21.57

 

 

 

461 Fifth Avenue

 

1

 

200

 

285

 

$

38.67

 

 

 

673 First Avenue

 

1

 

153

 

153

 

$

20.00

 

 

 

Total/Weighted Average

 

4

 

1,090

 

1,175

 

$

28.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

Office

 

42

 

373,999

 

398,021

 

$59.17

 

 

 

Retail

 

3

 

5,700

 

5,700

 

$69.97

 

 

 

Storage

 

4

 

1,090

 

1,175

 

$28.90

 

 

 

 

 

49

 

380,789

 

404,896

 

$

59.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,691,744

 

 

 

 

 

 


(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.

 

38



 

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

 

 

 

 

 

 

 

1,691,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Columbus Circle

 

3

 

4.6

 

13,430

 

14,530

 

$

76.66

 

$

 

$

82.00

 

1.6

 

 

 

10 East 53rd Street

 

1

 

4.0

 

2,137

 

2,354

 

$

90.00

 

$

90.00

 

$

10.00

 

3.0

 

 

 

100 Park Avenue

 

2

 

9.0

 

14,625

 

15,680

 

$

71.11

 

$

49.68

 

$

62.88

 

5.2

 

 

 

110 East 42nd Street

 

1

 

3.0

 

4,154

 

4,249

 

$

53.88

 

$

 

$

 

 

 

 

120 West 45th Street

 

6

 

8.0

 

45,269

 

46,783

 

$

56.22

 

$

57.92

 

$

53.91

 

4.0

 

 

 

125 Park Avenue

 

2

 

1.3

 

30,937

 

32,361

 

$

53.10

 

$

51.75

 

$

 

 

 

 

304 Park Avenue South

 

3

 

0.5

 

23,079

 

23,685

 

$

48.21

 

$

46.37

 

$

 

 

 

 

420 Lexington Avenue

 

11

 

5.9

 

17,641

 

25,107

 

$

54.90

 

$

56.25

 

$

11.24

 

1.5

 

 

 

461 Fifth Avenue

 

1

 

2.5

 

6,650

 

7,134

 

$

85.00

 

$

65.00

 

$

 

 

 

 

521 Fifth Avenue

 

3

 

5.2

 

15,454

 

16,905

 

$

62.84

 

$

53.77

 

$

13.83

 

2.2

 

 

 

555 West 57th Street

 

1

 

9.8

 

6,144

 

7,210

 

$

48.00

 

$

40.47

 

$

61.83

 

3.0

 

 

 

609 Fifth Avenue

 

1

 

3.1

 

2,020

 

2,151

 

$

65.00

 

$

 

$

 

1.0

 

 

 

750 Third Avenue

 

1

 

3.0

 

5,104

 

5,480

 

$

57.00

 

$

 

$

 

 

 

 

800 Third Avenue

 

4

 

9.2

 

20,428

 

22,315

 

$

72.16

 

$

81.47

 

$

10.32

 

2.1

 

 

 

810 Seventh Avenue

 

3

 

7.3

 

47,703

 

51,357

 

$

53.07

 

$

56.45

 

$

62.44

 

5.2

 

 

 

1185 Avenue of the Americas

 

3

 

7.1

 

54,268

 

60,127

 

$

63.62

 

$

51.59

 

$

52.03

 

3.3

 

 

 

1350 Avenue of the Americas

 

1

 

9.8

 

720

 

737

 

$

85.00

 

$

62.43

 

$

40.00

 

8.0

 

 

 

Total/Weighted Average

 

47

 

6.0

 

309,763

 

338,165

 

$

59.82

 

$

54.88

 

$

36.31

 

2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Park Avenue

 

3

 

15.1

 

9,576

 

9,586

 

$

57.38

 

$

79.85

 

$

 

7.5

 

 

 

600 Lexington Avenue

 

2

 

15.4

 

4,264

 

4,264

 

$

182.09

 

$

 

$

7.37

 

4.6

 

 

 

750 Third Avenue

 

1

 

15.0

 

4,412

 

4,577

 

$

62.92

 

$

59.23

 

$

54.62

 

 

 

 

Total/Weighted Average

 

6

 

15.1

 

18,252

 

18,427

 

$

87.61

 

$

62.92

 

$

15.27

 

5.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

47

 

6.0

 

309,763

 

338,165

 

$

59.82

 

$

54.88

 

$

36.31

 

2.7

 

 

 

Retail

 

6

 

15.1

 

18,252

 

18,427

 

$

87.61

 

$

62.92

 

$

15.27

 

5.0

 

 

 

Total

 

53

 

6.4

 

328,015

 

356,592

 

$

61.26

 

$

55.08

 

$

35.23

 

2.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 3/31/14

 

 

 

1,363,729

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 East 53rd Street

 

2

 

5.1

 

7,285

 

8,024

 

$

83.22

 

$

65.01

 

$

 

 

 

 

100 Park Avenue

 

2

 

2.5

 

32,414

 

36,633

 

$

84.13

 

$

66.03

 

$

 

 

 

 

110 East 42nd Street

 

1

 

5.3

 

13,970

 

14,371

 

$

47.00

 

$

44.06

 

$

 

 

 

 

125 Park Avenue

 

1

 

5.3

 

11,506

 

12,462

 

$

54.00

 

$

50.18

 

$

15.00

 

3.0

 

 

 

420 Lexington Avenue

 

7

 

3.2

 

24,600

 

30,253

 

$

54.95

 

$

47.74

 

$

0.13

 

0.1

 

 

 

461 Fifth Avenue

 

1

 

1.6

 

6,516

 

6,933

 

$

81.00

 

$

71.72

 

$

15.00

 

4.0

 

 

 

521 Fifth Avenue

 

1

 

16.5

 

14,216

 

16,406

 

$

52.00

 

$

31.90

 

$

60.00

 

6.0

 

 

 

625 Madison Avenue

 

1

 

1.0

 

4,612

 

4,612

 

$

62.28

 

$

62.28

 

$

 

 

 

 

750 Third Avenue

 

1

 

3.5

 

11,659

 

11,978

 

$

60.00

 

$

54.49

 

$

5.66

 

2.0

 

 

 

800 Third Avenue

 

1

 

3.3

 

11,200

 

12,808

 

$

50.18

 

$

47.18

 

$

 

3.0

 

 

 

Total/Weighted Average

 

18

 

4.8

 

137,978

 

154,480

 

$

63.59

 

$

53.13

 

$

8.72

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100 Park Avenue

 

1

 

2.6

 

800

 

744

 

$

38.07

 

29.18

 

$

 

 

 

 

420 Lexington Avenue

 

1

 

2.6

 

200

 

226

 

$

28.11

 

$

26.78

 

$

 

 

 

 

521 Fifth Avenue

 

1

 

16.5

 

207

 

207

 

$

25.00

 

$

20.00

 

$

 

 

 

 

800 Third Avenue

 

1

 

3.3

 

362

 

362

 

$

25.00

 

$

25.00

 

$

 

 

 

 

Total/Weighted Average

 

4

 

4.6

 

1,569

 

1,539

 

$

31.78

 

$

26.61

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

18

 

4.8

 

137,978

 

154,480

 

$

63.59

 

$

53.13

 

$

8.72

 

1.5

 

 

 

Early Renewals Storage

 

4

 

4.6

 

1,569

 

1,539

 

$

31.78

 

$

26.61

 

$

 

 

 

 

Total

 

22

 

4.8

 

139,547

 

156,019

 

$

63.28

 

$

52.87

 

$

8.63

 

1.5

 

 


(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 $57.66/rsf for 213,984 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $60.15/rsf for 368,464 rentable SF.

 

39



 

 

Leasing Activity - Suburban Operating Properties

 

 

Available Space

 

Activity

 

Building Address

 

# of Leases

 

Useable SF

 

Rentable SF

 

Escalated
Rent/Rentable SF ($’s)(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Vacancy at 12/31/13

 

 

 

 

 

1,069,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Property out of redevelopment

 

125 Chubb Way

 

 

 

112,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space which became available during the Quarter (2):

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1

 

637

 

637

 

$

20.69

 

 

 

1100 King Street - 6 Int’l Drive, Rye Brook, New York

 

3

 

33,446

 

33,446

 

$

34.98

 

 

 

520 White Plains Road, Tarrytown, New York

 

1

 

4,663

 

4,663

 

$

28.18

 

 

 

500 Summit Lake Drive, Valhalla, New York

 

1

 

5,748

 

5,748

 

$

33.01

 

 

 

4 Landmark Square, Stamford, Connecticut

 

1

 

1,675

 

1,750

 

$

30.81

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

2

 

2,636

 

2,636

 

$

31.05

 

 

 

The Meadows, Rutherford, New Jersey

 

2

 

9,846

 

9,846

 

$

28.42

 

 

 

16 Court Street, Brooklyn, New York

 

6

 

33,378

 

38,579

 

$

32.80

 

 

 

Total/Weighted Average

 

17

 

92,029

 

97,305

 

$

32.74

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

16 Court Street, Brooklyn, New York

 

1

 

685

 

685

 

$

113.03

 

 

 

Total/Weighted Average

 

1

 

685

 

685

 

$

113.03

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

500 Summit Lake Drive, Valhalla, New York

 

1

 

150

 

150

 

$

13.12

 

 

 

5 Landmark Square, Stamford, Connecticut

 

2

 

200

 

210

 

$

15.00

 

 

 

Total/Weighted Average

 

3

 

350

 

360

 

$

14.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Space which became available during the Quarter

 

 

 

 

 

 

 

 

 

 

 

Office

 

17

 

92,029

 

97,305

 

$32.74

 

 

 

Retail

 

1

 

685

 

685

 

$113.03

 

 

 

Storage

 

3

 

350

 

360

 

$14.22

 

 

 

 

 

21

 

93,064

 

98,350

 

$

33.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space

 

 

 

1,275,833

 

 

 

 

 

 


(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.

 

40



 

 

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

 

 

 

 

 

 

 

1,275,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1

 

5.0

 

856

 

856

 

$

34.00

 

$

 

$

28.13

 

3.0

 

 

 

520 White Plains Road, Tarrytown, New York

 

1

 

5.3

 

1,005

 

1,470

 

$

24.00

 

$

 

$

10.00

 

3.0

 

 

 

115-117 Stevens Avenue, Valhalla, New York

 

1

 

6.0

 

2,443

 

2,443

 

$

24.00

 

$

 

$

17.20

 

18.0

 

 

 

500 Summit Lake Drive, Valhalla, New York

 

1

 

5.4

 

5,748

 

5,748

 

$

27.25

 

$

33.01

 

$

3.15

 

5.0

 

 

 

360 Hamilton Avenue, White Plains, New York

 

1

 

10.6

 

3,562

 

3,562

 

$

36.00

 

$

 

$

45.91

 

7.0

 

 

 

1 Landmark Square, Stamford, Connecticut

 

1

 

3.0

 

3,803

 

3,803

 

$

35.00

 

$

 

$

10.00

 

 

 

 

2 Landmark Square, Stamford, Connecticut

 

1

 

3.3

 

1,108

 

1,108

 

$

32.00

 

$

31.47

 

$

13.00

 

2.0

 

 

 

4 Landmark Square, Stamford, Connecticut

 

2

 

3.9

 

4,575

 

4,650

 

$

31.87

 

$

30.81

 

$

8.69

 

2.4

 

 

 

1010 Washington Boulevard, Stamford, Connecticut

 

4

 

9.2

 

17,644

 

17,644

 

$

30.16

 

$

31.05

 

$

39.44

 

10.2

 

 

 

1055 Washington Boulevard, Stamford, Connecticut

 

2

 

3.1

 

3,660

 

3,683

 

$

34.16

 

$

22.25

 

$

29.19

 

1.8

 

 

 

125 Chubb Way, Lyndhurst, New Jersey

 

1

 

5.5

 

4,835

 

3,354

 

$

25.00

 

$

 

$

26.54

 

6.0

 

 

 

The Meadows, Rutherford, New Jersey

 

5

 

4.2

 

26,653

 

26,653

 

$

25.72

 

$

25.92

 

$

15.21

 

3.0

 

 

 

Jericho Plaza, Jericho, New York

 

1

 

5.5

 

4,292

 

4,292

 

$

33.00

 

$

 

$

64.95

 

6.0

 

 

 

16 Court Street, Brooklyn, New York

 

10

 

9.7

 

44,022

 

50,480

 

$

31.33

 

$

31.16

 

$

19.84

 

0.8

 

 

 

Total/Weighted Average

 

32

 

7.3

 

124,206

 

129,746

 

$

29.87

 

$

29.72

 

$

22.61

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500 Summit Lake Drive, Valhalla, New York

 

1

 

5.4

 

150

 

150

 

$

14.40

 

$

13.12

 

$

 

 

 

 

Total/Weighted Average

 

1

 

5.4

 

150

 

150

 

$

14.40

 

$

13.12

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased Space

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office (3)

 

32

 

7.3

 

124,206

 

129,746

 

$

29.87

 

$

29.72

 

$

22.61

 

3.6

 

 

 

Storage

 

1

 

5.4

 

150

 

150

 

$

14.40

 

$

13.12

 

$

 

 

 

 

Total

 

33

 

7.3

 

124,356

 

129,896

 

$

29.85

 

$

29.68

 

$

22.58

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Available Space as of 3/31/14

 

 

 

 

1,151,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1

 

3.0

 

3,593

 

3,593

 

$

34.00

 

$

36.02

 

$

28.13

 

3.0

 

 

 

520 White Plains Road, Tarrytown, New York

 

1

 

6.2

 

6,048

 

6,048

 

$

27.75

 

$

28.09

 

$

15.00

 

5.0

 

 

 

16 Court Street, Brooklyn, New York

 

4

 

7.6

 

11,420

 

13,812

 

$

35.36

 

$

31.34

 

$

6.75

 

1.1

 

 

 

Total/Weighted Average

 

6

 

6.6

 

21,061

 

23,453

 

$

33.19

 

$

31.22

 

$

12.15

 

2.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early Renewals Office

 

6

 

6.6

 

21,061

 

23,453

 

$

33.19

 

$

31.22

 

$

12.15

 

2.4

 

 

 

Total

 

6

 

6.6

 

21,061

 

23,453

 

$

33.19

 

$

31.22

 

$

12.15

 

2.4

 

 


(1) Annual initial base rent.

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

(3) Average starting office rent excluding new tenants replacing vacancies is $30.06/rsf for 68,187 rentable SF.

Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $30.86/rsf for 91,640 rentable SF.

 

41



 

 

ANNUAL LEASE EXPIRATIONS - Manhattan Operating Properties

 

Office, Retail and Storage Leases

 

GRAPHIC

 

 

 

Consolidated Properties

 

Joint Venture Properties

 

Year of Lease Expiration 

 

Number of
Expiring
Leases (2)

 

Rentable
Square
Footage of
Expiring
Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring Leases

 

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

 

Current
Weighted
Average
Asking Rent
$/psf (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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2014 (1)

 

10

 

55,764

 

0.33

%

$

3,548,868

 

$

63.64

 

$

63.18

 

7

 

39,711

 

0.64

%

$

2,609,892

 

$

65.72

 

$

69.94

 

2nd Quarter 2014

 

16

 

972,946

 

5.83

%

$

52,746,648

 

$

54.21

 

$

51.92

 

7

 

254,562

 

4.11

%

$

15,571,236

 

$

61.17

 

$

82.92

 

3rd Quarter 2014

 

9

 

28,074

 

0.17

%

$

1,857,756

 

$

66.17

 

$

79.14

 

4

 

70,286

 

1.13

%

$

1,829,556

 

$

26.03

 

$

37.23

 

4th Quarter 2014

 

21

 

181,720

 

1.09

%

$

13,192,831

 

$

72.60

 

$

148.81

 

2

 

30,380

 

0.49

%

$

1,725,240

 

$

56.79

 

$

63.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2014

 

56

 

1,238,504

 

7.42

%

$

71,346,103

 

$

57.61

 

$

67.26

 

20

 

394,939

 

6.37

%

$

21,735,924

 

$

55.04

 

$

71.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015

 

11

 

57,011

 

0.34

%

$

5,087,736

 

$

89.24

 

$

134.15

 

3

 

14,777

 

0.24

%

$

677,184

 

$

45.83

 

$

60.00

 

2nd Quarter 2015

 

20

 

103,035

 

0.62

%

$

6,289,200

 

$

61.04

 

$

65.10

 

9

 

61,708

 

1.00

%

$

3,949,176

 

$

64.00

 

$

66.05

 

3rd Quarter 2015

 

25

 

163,720

 

0.98

%

$

7,361,256

 

$

44.96

 

$

41.98

 

8

 

43,318

 

0.70

%

$

2,439,240

 

$

56.31

 

$

69.97

 

4th Quarter 2015

 

25

 

267,245

 

1.60

%

$

14,930,892

 

$

55.87

 

$

66.45

 

10

 

119,954

 

1.94

%

$

6,467,040

 

$

53.91

 

$

63.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

81

 

591,011

 

3.54

%

$

33,669,084

 

$

56.97

 

$

65.97

 

30

 

239,757

 

3.87

%

$

13,532,640

 

$

56.44

 

$

65.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

82

 

934,243

 

5.59

%

$

57,194,388

 

$

61.22

 

$

72.03

 

22

 

202,172

 

3.26

%

$

11,772,744

 

$

58.23

 

$

66.24

 

2017

 

95

 

1,571,953

 

9.41

%

$

87,615,874

 

$

55.74

 

$

61.13

 

18

 

210,655

 

3.40

%

$

15,868,548

 

$

75.33

 

$

66.90

 

2018

 

64

 

686,217

 

4.11

%

$

50,842,810

 

$

74.09

 

$

96.37

 

26

 

468,058

 

7.55

%

$

32,731,672

 

$

69.93

 

$

68.44

 

2019

 

38

 

892,346

 

5.34

%

$

56,040,276

 

$

62.80

 

$

63.94

 

14

 

193,465

 

3.12

%

$

13,772,088

 

$

71.19

 

$

69.57

 

2020

 

42

 

2,352,744

 

14.09

%

$

138,144,586

 

$

58.72

 

$

66.12

 

15

 

283,567

 

4.58

%

$

14,597,412

 

$

51.48

 

$

64.99

 

2021

 

41

 

2,265,561

 

13.57

%

$

124,383,537

 

$

54.90

 

$

59.51

 

9

 

137,139

 

2.21

%

$

9,769,464

 

$

71.24

 

$

83.76

 

2022

 

32

 

819,838

 

4.91

%

$

47,867,676

 

$

58.39

 

$

75.12

 

10

 

134,334

 

2.17

%

$

7,764,420

 

$

57.80

 

$

64.45

 

2023

 

31

 

849,587

 

5.09

%

$

44,193,048

 

$

52.02

 

$

56.85

 

16

 

768,783

 

12.41

%

$

47,730,824

 

$

62.09

 

$

64.35

 

Thereafter

 

69

 

4,497,745

 

26.93

%

$

241,723,418

 

$

53.74

 

$

67.84

 

24

 

528,126

 

8.52

%

$

36,539,352

 

$

69.19

 

$

78.02

 

 

 

631

 

16,699,749

 

100.00

%

$

953,020,800

 

$

57.07

 

$

66.72

 

204

 

3,560,995

 

57.48

%

$

225,815,088

 

$

63.41

 

$

69.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

1

 

2,634,670

 

42.52

%

$

111,016,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

205

 

6,195,665

 

100.00

%

$

336,832,020

 

 

 

 

 

 


(1) Includes month to month holdover tenants that expired prior to March 31, 2014.

(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 2035, net rent as of March 31, 2014 is $42.14/psf.

(5) Management’s estimate of average asking rents for currently occupied space as of March 31, 2014. Taking rents are typically lower than asking rents and may vary from property to property.

 

42



 

 

ANNUAL LEASE EXPIRATIONS - Suburban Operating Properties

 

Office, Retail and Storage Leases

 

 

 

 

 

Consolidated Properties

 

Joint Venture Properties

 

Year of Lease Expiration 

 

Number of
Expiring
Leases (2)

 

Rentable
Square
Footage of
Expiring
Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring
Leases

 

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

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

Number of
Expiring
Leases (2)

 

Rentable
Square
Footage of
Expiring
Leases

 

Percentage
of Total
Sq. Ft.

 

Annualized
Cash Rent of
Expiring
Leases

 

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

 

Current
Weighted
Average
Asking Rent
$/psf (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2014 (1)

 

14

 

26,741

 

0.83

%

$

980,376

 

$

36.66

 

$

35.06

 

8

 

27,520

 

2.67

%

$

958,368

 

$

34.82

 

$

27.48

 

2nd Quarter 2014

 

8

 

33,833

 

1.05

%

$

1,256,820

 

$

37.15

 

$

35.78

 

7

 

60,031

 

5.83

%

$

1,952,304

 

$

32.52

 

$

34.13

 

3rd Quarter 2014

 

12

 

80,524

 

2.50

%

$

2,713,380

 

$

33.70

 

$

33.17

 

3

 

13,258

 

1.29

%

$

418,980

 

$

31.60

 

$

26.00

 

4th Quarter 2014

 

14

 

74,586

 

2.31

%

$

2,733,108

 

$

36.64

 

$

36.70

 

5

 

111,652

 

10.85

%

$

4,159,284

 

$

37.25

 

$

35.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2014

 

48

 

215,684

 

6.69

%

$

7,683,684

 

$

35.62

 

$

35.03

 

23

 

212,461

 

20.65

%

$

7,488,936

 

$

35.25

 

$

33.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2015

 

7

 

33,545

 

1.04

%

$

1,223,856

 

$

36.48

 

$

37.30

 

3

 

25,492

 

2.48

%

$

801,756

 

$

31.45

 

$

29.67

 

2nd Quarter 2015

 

13

 

49,778

 

1.54

%

$

1,814,748

 

$

36.46

 

$

32.74

 

1

 

3,975

 

0.39

%

$

102,372

 

$

25.75

 

$

27.53

 

3rd Quarter 2015

 

12

 

111,795

 

3.47

%

$

4,131,228

 

$

36.95

 

$

37.37

 

5

 

45,435

 

4.42

%

$

1,473,120

 

$

32.42

 

$

32.02

 

4th Quarter 2015

 

17

 

102,047

 

3.16

%

$

2,834,976

 

$

27.78

 

$

30.10

 

6

 

18,205

 

1.77

%

$

563,664

 

$

30.96

 

$

26.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2015

 

49

 

297,165

 

9.21

%

$

10,004,808

 

$

33.67

 

$

34.09

 

15

 

93,107

 

9.05

%

$

2,940,912

 

$

31.59

 

$

30.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

58

 

558,957

 

17.33

%

$

19,268,160

 

$

34.47

 

$

35.26

 

9

 

69,616

 

6.77

%

$

2,091,480

 

$

30.04

 

$

28.16

 

2017

 

43

 

201,586

 

6.25

%

$

8,029,536

 

$

39.83

 

$

39.81

 

10

 

83,289

 

8.09

%

$

2,737,224

 

$

32.86

 

$

34.66

 

2018

 

44

 

277,739

 

8.61

%

$

9,574,788

 

$

34.47

 

$

35.65

 

10

 

98,215

 

9.55

%

$

3,320,580

 

$

33.81

 

$

31.41

 

2019

 

31

 

513,651

 

15.93

%

$

14,208,180

 

$

27.66

 

$

29.43

 

9

 

75,731

 

7.36

%

$

2,405,028

 

$

31.76

 

$

30.96

 

2020

 

20

 

302,074

 

9.37

%

$

9,594,816

 

$

31.76

 

$

33.06

 

3

 

41,357

 

4.02

%

$

1,469,244

 

$

35.53

 

$

33.95

 

2021

 

16

 

224,484

 

6.96

%

$

5,911,145

 

$

26.33

 

$

27.92

 

4

 

83,592

 

8.12

%

$

2,914,632

 

$

34.87

 

$

35.61

 

2022

 

9

 

49,152

 

1.52

%

$

1,574,916

 

$

32.04

 

$

33.29

 

0

 

0

 

0.00

%

$

0

 

$

0.00

 

$

0.00

 

2023

 

15

 

204,521

 

6.34

%

$

6,336,175

 

$

30.98

 

$

32.67

 

3

 

69,296

 

6.73

%

$

2,233,368

 

$

32.23

 

$

35.24

 

Thereafter

 

21

 

379,947

 

11.78

%

$

11,086,692

 

$

29.18

 

$

30.75

 

7

 

202,243

 

19.66

%

$

5,183,388

 

$

25.63

 

$

26.00

 

 

 

354

 

3,224,960

 

100.00

%

$

103,272,900

 

$

32.02

 

$

33.09

 

93

 

1,028,907

 

100.00

%

$

32,784,792

 

$

31.86

 

$

31.34

 

 


(1) Includes month to month holdover tenants that expired prior to March 31, 2014.

(2) Tenants may have multiple leases.

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

(4) Management’s estimate of average asking rents for currently occupied space as of March 31, 2014. Taking
rents are typically lower than asking rents and may vary from property to property.

 

43



 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

3/31/2014

 

Price ($’s) (1)

 

1998 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-98

 

420 Lexington Avenue

 

Operating Sublease

 

Grand Central

 

1,188,000

 

83.0

 

85.5

 

$

78,000,000

 

May-98

 

711 3rd Avenue

 

Operating Sublease

 

Grand Central

 

524,000

 

79.0

 

71.9

 

$

65,600,000

 

Jun-98

 

440 9th Avenue

 

Fee Interest

 

Penn Station

 

339,000

 

76.0

 

N/A

 

$

32,000,000

 

 

 

 

 

 

 

 

 

2,051,000

 

 

 

 

 

$

175,600,000

 

1999 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-99

 

420 Lexington Leasehold

 

Sub-leasehold

 

Grand Central

 

 

 

 

$

27,300,000

 

Jan-99

 

555 West 57th Street - 65% JV

 

Fee Interest

 

Midtown West

 

941,000

 

100.0

 

99.9

 

$

66,700,000

 

Aug-99

 

1250 Broadway - 50% JV

 

Fee Interest

 

Penn Station

 

670,000

 

96.5

 

N/A

 

$

93,000,000

 

Nov-99

 

555 West 57th Street - remaining 35%

 

Fee Interest

 

Midtown West

 

 

 

 

99.9

 

$

34,100,000

 

 

 

 

 

 

 

 

 

1,611,000

 

 

 

 

 

$

221,100,000

 

2000 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-00

 

100 Park Avenue - 50% JV

 

Fee Interest

 

Grand Central

 

834,000

 

96.5

 

96.5

 

$

192,000,000

 

 

 

 

 

 

 

 

 

834,000

 

 

 

 

 

$

192,000,000

 

2001 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jun-01

 

317 Madison Avenue

 

Fee Interest

 

Grand Central

 

450,000

 

95.0

 

72.9

 

$

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

 

91.5

 

$

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

 

99.3

 

$

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

 

96.4

 

$

255,000,000

 

Jul-04

 

485 Lexington Avenue - 30% JV

 

Fee Interest

 

Grand Central

 

921,000

 

100.0

 

100.0

 

$

225,000,000

 

Oct-04

 

625 Madison Avenue

 

Leasehold Interest

 

Plaza District

 

563,000

 

68.0

 

92.1

 

$

231,500,000

 

 

 

 

 

 

 

 

 

2,555,000

 

 

 

 

 

$

778,500,000

 

2005 Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb-05

 

28 West 44th Street

 

Fee Interest

 

Midtown

 

359,000

 

87.0

 

N/A

 

$

105,000,000

 

Apr-05

 

1 Madison Avenue - 55% JV

 

Fee Interest

 

Park Avenue South

 

1,177,000

 

96.0

 

100.0

 

$

803,000,000

 

Apr-05

 

5 Madison Avenue Clock Tower

 

Fee Interest

 

Park Avenue South

 

267,000

 

N/A

 

N/A

 

$

115,000,000

 

Jun-05

 

19 West 44th Street - remaining 65%

 

Fee Interest

 

Midtown

 

 

 

 

N/A

 

$

91,200,000

 

 

 

 

 

 

 

 

 

1,803,000

 

 

 

 

 

$

1,114,200,000

 

2006 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-06

 

521 Fifth Avenue

 

Leasehold Interest

 

Midtown

 

460,000

 

97.0

 

95.4

 

$

210,000,000

 

Jun-06

 

609 Fifth Avenue

 

Fee Interest

 

Midtown

 

160,000

 

98.5

 

79.0

 

$

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

 

93.5

 

$

285,000,000

 

 

 

 

 

 

 

 

 

1,273,400

 

 

 

 

 

$

1,520,000,000

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

Reckson - NYC Portfolio

 

Fee Interests / Leasehold Interest

 

Various

 

5,612,000

 

98.3

 

92.8

 

$

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

 

98.7

 

$

181,600,000

 

May-10

 

600 Lexington Avenue - 55% JV

 

Fee Interest

 

East Side

 

303,515

 

93.6

 

75.7

 

$

193,000,000

 

Aug-10

 

125 Park Avenue

 

Fee Interest

 

Grand Central

 

604,245

 

99.1

 

82.2

 

$

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

 

95.4

 

$

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

 

83.6

 

$

85,570,000

 

May-11

 

280 Park Avenue - 49.5% JV

 

Fee Interest

 

Park Avenue

 

1,219,158

 

78.2

 

50.1

 

$

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

 

81.0

 

$

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

 

100.0

 

$

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.)

 

44



 

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.

 

45



 

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Suburban

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

3/31/2014

 

Price ($’s) (1)

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-07

 

300 Main Street

 

Fee Interest

 

Stamford, Connecticut

 

130,000

 

92.5

 

N/A

 

$

15,000,000

 

Jan-07

 

399 Knollwood Road

 

Fee Interest

 

White Plains, New York

 

145,000

 

96.6

 

N/A

 

$

31,600,000

 

Jan-07

 

Reckson - Connecticut Portfolio

 

Fee Interests / Leasehold Interest

 

Stamford, Connecticut

 

1,369,800

 

88.9

 

85.0

 

$

490,750,000

 

Jan-07

 

Reckson - Westchester Portfolio

 

Fee Interests / Leasehold Interest

 

Westchester

 

2,346,100

 

90.6

 

76.7

 

$

570,190,000

 

Apr-07

 

Jericho Plazas - 20.26% JV

 

Fee Interest

 

Jericho, New York

 

640,000

 

98.4

 

90.5

 

$

210,000,000

 

Jun-07

 

1010 Washington Boulevard

 

Fee Interest

 

Stamford, Connecticut

 

143,400

 

95.6

 

75.7

 

$

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

 

90.3

 

$

107,500,000

 

Aug-07

 

150 Grand Street

 

Fee Interest

 

White Plains, New York

 

85,000

 

52.9

 

36.1

 

$

6,700,000

 

Sep-07

 

The Meadows - 25% JV

 

Fee Interest

 

Rutherford, New Jersey

 

582,100

 

81.3

 

87.1

 

$

111,500,000

 

 

 

 

 

 

 

 

 

5,880,500

 

 

 

 

 

$

1,637,240,000

 

2013 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr-13

 

16 Court Street - additional JV interest

 

Fee Interest

 

Brooklyn, New York

 

317,600

 

84.9

 

90.3

 

$

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 Roa

d

Fee Interest

 

Tarrytown, New York

 

211,000

 

$

48,000,000

 

$

227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-09

 

55 Corporate Drive

 

Fee Interest

 

Bridgewater, New Jersey

 

670,000

 

$

230,000,000

 

$

343

 

Aug-09

 

399 Knollwood Road

 

Fee Interest

 

White Plains, New York

 

145,000

 

$

20,767,307

 

$

143

 

 

 

 

 

 

 

 

 

815,000

 

$

250,767,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-12

 

One Court Square

 

Fee Interest

 

Long Island City, New York

 

1,402,000

 

$

481,100,000

 

$

343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-13

 

300 Main Street

 

Fee Interest

 

Stamford, Connecticut

 

130,000

 

$

13,500,000

 

$

104

 

 


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

 

46



 

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

 

 

 

 

 

 

 

 

 

 

 

% Leased

 

Acquisition

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

at acquisition

 

3/31/2014

 

Price ($’s) (1)

 

2005 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jul-05

 

1551-1555 Broadway - 10% JV

 

Fee Interest

 

Times Square

 

25,600

 

N/A

 

N/A

 

$

85,000,000

 

Jul-05

 

21 West 34th Street - 50% JV

 

Fee Interest

 

Herald Square

 

30,100

 

N/A

 

N/A

 

$

17,500,000

 

Sep-05

 

141 Fifth Avenue - 50% JV

 

Fee Interest

 

Flatiron

 

21,500

 

N/A

 

N/A

 

$

13,250,000

 

Nov-05

 

1604 Broadway - 63% JV

 

Leasehold Interest

 

Times Square

 

29,876

 

17.2

 

N/A

 

$

4,400,000

 

Dec-05

 

379 West Broadway - 45% JV

 

Leasehold Interest

 

Cast Iron/Soho

 

62,006

 

100.0

 

N/A

 

$

19,750,000

 

 

 

 

 

 

 

 

 

169,082

 

 

 

 

 

$

139,900,000

 

2006 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-06

 

25-29 West 34th Street - 50% JV

 

Fee Interest

 

Herald Square/Penn Station

 

41,000

 

55.8

 

N/A

 

$

30,000,000

 

Sep-06

 

717 Fifth Avenue - 32.75% JV

 

Fee Interest

 

Midtown/Plaza District

 

119,550

 

63.1

 

89.4

 

$

251,900,000

 

 

 

 

 

 

 

 

 

160,550

 

 

 

 

 

$

281,900,000

 

2007 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug-07

 

180 Broadway - 50% JV

 

Fee Interest

 

Cast Iron / Soho

 

24,300

 

85.2

 

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

 

 

61.1

 

$

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

 

73.2

 

$

500,000,000

 

Aug-11

 

1552-1560 Broadway - 50%

 

Fee Interest

 

Times Square

 

35,897

 

59.7

 

67.5

 

$

136,550,000

 

Sep-11

 

747 Madison Avenue - 33.33%

 

Fee Interest

 

Plaza District

 

10,000

 

100.0

 

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

 

94.9

 

$

193,000,000

 

Jan-12

 

724 Fifth Avenue - 50%

 

Fee Interest

 

Plaza District

 

65,010

 

92.9

 

76.7

 

$

223,000,000

 

Jul-12

 

West Coast Office Portfolio - 27.63%

 

Fee Interest

 

 

 

4,473,603

 

76.3

 

N/A

 

$

880,103,924

 

Aug-12

 

33 Beekman Street - 45.9%

 

Fee Interest

 

Downtown

 

 

 

 

$

31,160,000

 

Sep-12

 

635 Sixth Avenue

 

Fee Interest

 

Midtown South

 

104,000

 

 

 

$

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

 

92.0

 

$

122,300,000

 

 

 

 

 

 

 

 

 

5,313,501

 

 

 

 

 

$

1,625,563,924

 

2013 Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar-13

 

248-252 Bedford Avenue - 90%

 

Fee Interest

 

Brooklyn, New York

 

66,611

 

 

87.7

 

$

54,900,000

 

Nov-13

 

650 Fifth Avenue - 50%

 

Leasehold Interest

 

Plaza District

 

32,324

 

63.6

 

63.6

 

$

 

Nov-13

 

315 West 33rd Street - The Olivia

 

Fee Interest

 

Penn Station

 

492,987

 

96.6

 

97.1

 

$

386,775,000

 

Nov-13

 

Fifth Avenue Retail Assemblage

 

Fee Interest

 

Plaza District

 

66,962

 

74.6

 

74.6

 

$

146,221,990

 

 

 

 

 

 

 

 

 

658,884

 

 

 

 

 

$

587,896,990

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Sales

 

Sales

 

 

 

Property

 

Type of Ownership

 

Submarket

 

Net Rentable SF

 

Price ($’s)

 

Price ($’s/SF)

 

2011 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-11

 

1551-1555 Broadway (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

 

Dec-13

 

27-29 West 34th Street

 

Fee Interest

 

Herald Square/Penn Station

 

15,600

 

$

70,052,158

 

$

4,491

 

 

 

 

 

 

 

 

 

843,445

 

$

300,620,908

 

 

 

2014 Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan-14

 

21-25 West 34th Street

 

Fee Interest

 

Herald Square/Penn Station

 

30,100

 

$

114,947,844

 

$

3,819

 

Mar-14

 

West Coast Office Portfolio

 

Fee Interest

 

 

 

3,654,315

 

$

756,000,000

 

$

207

 

 

 

 

 

 

 

 

 

3,684,415

 

$

870,947,844

 

 

 

 


(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.

 

47



 

 

 

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

 

48



 

 

 

ANALYST COVERAGE

 

 

 

 

ANALYST COVERAGE

 

Firm

 

Analyst

 

Phone

 

Email

Bank of America - Merrill Lynch

 

James C. Feldman

 

(212) 449-6339

 

james.feldman@baml.com

Barclays Capital

 

Ross Smotrich

 

(212) 526-2306

 

ross.smotrich@barcap.com

Cantor Fitzgerald

 

David Toti

 

(212) 915-1219

 

dtoti@cantor.com

Citigroup

 

Michael Bilerman

 

(212) 816-1383

 

michael.bilerman@citigroup.com

Cowen and Company

 

James Sullivan

 

(646) 562-1380

 

james.sullivan@cowen.com

Deutsche Bank

 

Vin Chao

 

(212) 250-6799

 

vincent.chao@db.com

Goldman Sachs & Co.

 

Brad Burke

 

(917) 343-2082

 

brad.burke@gs.com

Green Street Advisors

 

Michael Knott

 

(949) 640-8780

 

mknott@greenstreetadvisors.com

ISI Group

 

Steve Sakwa

 

(212) 446-9462

 

ssakwa@isigrp.com

Jefferies & Company

 

Tayo Okusanya

 

(212) 336-7076

 

tokusanya@jefferies.com

JMP Securities

 

Mitchell Germain

 

(212) 906-3546

 

mgermain@jmpsecurities.com

JP Morgan Securities, Inc.

 

Anthony Paolone

 

(212) 622-6682

 

anthony.paolone@jpmorgan.com

KeyBanc Capital Markets

 

Jordan Sadler

 

(917) 368-2280

 

jsadler@keybanccm.com

Morgan Stanley

 

Vance H. Edelson

 

(212) 761-0078

 

vance.edelson@morganstanley.com

RW Baird

 

David Rodgers

 

(216) 737-7341

 

drodgers@rwbaird.com

Sandler O’Neill + Partners, L.P.

 

Alexander D. Goldfarb

 

(212) 466-7937

 

agoldfarb@sandleroneill.com

Stifel Nicolaus

 

John Guinee

 

(443) 224-1307

 

jwguinee@stifel.com

UBS Securities LLC

 

Ross T. Nussbaum

 

(212) 713-2484

 

ross.nussbaum@ubs.com

Wells Fargo Securities, LLC

 

Brendan Maiorana

 

(443) 263-6516

 

brendan.maiorana@wachovia.com

 

FIXED INCOME COVERAGE

 

Firm

 

Analyst

 

Phone

 

Email

Bank of America – Merrill Lynch

 

Tom Truxillo

 

(980) 386-5212

 

thomas.c.truxillo_jr@baml.com

Citigroup

 

Thomas Cook

 

(212) 723-1112

 

thomas.n.cook@citi.com

Goldman Sachs & Co.

 

Louise Pitt

 

(212) 902-3644

 

louise.pitt@gs.com

JP Morgan Securities, Inc.

 

Mark Streeter

 

(212) 834-6601

 

mark.streeter@jpmorgan.com

Wells Fargo Securities, LLC

 

Thierry B. Perrein

 

(704) 715-8455

 

thierry.perrein@wellsfargo.com

 

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

 

49



 

 

 

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).

 

50