SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing.
• | SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG. |
• | SL Green maintains an internet site at www.slgreen.com at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found. Such information is not incorporated into this supplemental financial package. This supplemental financial package is available through the Company’s internet site. |
• | This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided from the perspective of timeliness to assist readers of quarterly and annual financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein. |
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-594-2700.
Ratings
Ratings are not recommendations to buy, sell or hold the Company’s securities.
SLG Interest
We highlight to investors that 'SLG Interest' is computed by multiplying each financial statement line items by the Company's percentage ownership in the respective joint ventures and may not accurately depict the legal and economic implications of holding a non-controlling interest in the joint ventures.
Forward-looking Statement
This supplemental reporting package 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.
The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter March 31, 2017 that will be released on Form 10-Q to be filed on or before May 10, 2017.
2 |
TABLE OF CONTENTS | ||
Highlights of Current Period Financial Performance | ||
Unaudited Financial Statements | ||
Supplemental Definitions | 4 | |
Corporate Profile | 5 | |
Highlights | 6-11 | |
Comparative Balance Sheets | 12-13 | |
Comparative Statements of Operations | 14 | |
Comparative Computation of FFO and FAD | 15 | |
Consolidated Statement of Equity | 16 | |
Joint Venture Statements | 17-18 | |
Selected Financial Data | 19-22 | |
Debt Summary Schedule | 23-25 | |
Summary of Ground Lease Arrangements | 26 | |
Debt and Preferred Equity Investments | 27-29 | |
Selected Property Data | ||
Composition of Property Portfolio | 30-37 | |
Largest Tenants | 38 | |
Tenant Diversification | 39 | |
Leasing Activity Summary | 40-43 | |
Annual Lease Expirations | 44-46 | |
Summary of Real Estate Acquisition/Disposition Activity | 47-51 | |
Corporate Information | 52 | |
Analyst Coverage | 53 | |
3 |
SUPPLEMENTAL DEFINITIONS | ||
Annualized cash rent - Monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.
Debt service coverage - Adjusted EBITDA divided by total interest and principal payments.
EBITDA - Operating income before transaction related costs and losses on early extinguishment of debt. Adjusted EBITDA adds income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.
Fixed charge - Total payments for interest, principal amortization, ground leases and preferred stock dividend.
Fixed charge coverage - Adjusted EBITDA divided by fixed charge.
Funds available for distribution (FAD) - FFO plus non-real estate depreciation, 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 costs, and recurring building improvements.
Funds from operations (FFO) - 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), 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 - Adjusted EBITDA divided by total interest expense.
Junior Mortgage Participations - Subordinate interests in first mortgages.
Mezzanine Debt Loans - Loans secured by ownership interests.
Percentage leased - 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 - Equity investments entitled to preferential returns that are senior to common equity.
Recurring capital expenditures - 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 - 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 - The change in the NOI of the same-store properties from the prior year reporting period to the current year reporting period.
Same-store properties - All properties that were owned in the same manner during both the current and prior year, and excludes development properties prior to being stabilized for both the current and prior year.
Second generation TIs and LCs - 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 - 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. Market equity assumes conversion of all OP units into common stock.
Total square feet owned - The total square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).
4 |
CORPORATE PROFILE | ||
SL Green is New York City's largest owner of commercial real estate and an investment-grade S&P 500 company that is focused primarily on owning, managing and maximizing the value of Manhattan commercial properties.
Our core business is the ownership of high quality commercial properties and our primary business objective is to maximize the total return to stockholders, through growth in net income attributable to common stockholders and funds from operations and through asset value appreciation. The commercial real estate expertise resulting from owning, operating, investing, developing, redeveloping and lending on real estate in Manhattan for over 36 years has enabled us to invest in a collection of premier office and retail properties, selected multifamily residential assets, and high quality debt and preferred equity investments. We also own high quality office properties in the surrounding markets of Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
As of March 31, 2017, the Company held interests in 121 Manhattan buildings totaling 47.2 million square feet. This included ownership interests in 27.5 million square feet of Manhattan buildings and debt and preferred equity investments secured by 19.7 million square feet of buildings. In addition, the Company held ownership interests in 30 suburban buildings totaling 4.8 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
5 |
FIRST QUARTER 2017 HIGHLIGHTS Unaudited | ||
New York, NY, April 19, 2017 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended March 31, 2017 of $11.4 million, or $0.11 per share as compared to net income attributable to common stockholders of $23.2 million, or $0.23 per share for the same quarter in 2016.
The Company reported funds from operations, or FFO, for the quarter ended March 31, 2017 of $165.9 million, or $1.57 per share, as compared to FFO for the same period in 2016 of $191.8 million, or $1.84 per share. FFO for the first quarter of 2016 included $21.9 million or $0.21 per share, of income from 388-390 Greenwich Street, which was sold in the second quarter of 2016, and the accelerated recognition of $7.5 million, or $0.07 per share, of income, from the repayment of a debt and preferred equity position.
All per share amounts in this press release are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended March 31, 2017, the Company reported consolidated revenues and operating income of $377.4 million and $215.8 million, respectively, compared to $455.4 million and $290.7 million, respectively, for the same period in 2016.
Same-store cash NOI on a combined basis increased by 2.0% for the quarter ended March 31, 2017, or 3.6% excluding the effect of lease termination income, as compared to the same period in 2016. For the quarter, consolidated property same-store cash NOI increased by 1.1% to $161.2 million and unconsolidated joint venture property same-store cash NOI increased by 7.2% to $28.9 million in 2017 as compared to the same period in 2016.
In the first quarter, the Company signed 44 office leases in its Manhattan portfolio totaling 346,345 square feet. Twenty-nine leases comprising 187,096 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 $78.41 per rentable square foot, representing a 21.6% 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 9.7 years and average tenant concessions were 4.4 months of free rent with a tenant improvement allowance of $50.71 per rentable square foot.
This leasing activity resulted in same store occupancy of 96.2% as of March 31, 2017, inclusive of leases signed but not yet commenced, for the properties included in the same store pool for 2016. The same store pool was revised as of January 1, 2017 to include 280 Park Avenue, 600 Lexington Avenue, and 110 Greene Street, among other properties. Occupancy for our current same-store portfolio was 95.7% as of March 31, 2017, as compared to 96.2% as of December 31, 2016.
In the first quarter, the Company signed 26 office leases in its Suburban portfolio totaling 146,257 square feet. Fifteen leases comprising 78,729 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $30.52 per rentable square foot, representing a 2.5% 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 5.4 years and average tenant concessions were 3.6 months of free rent with a tenant improvement allowance of $20.92 per rentable square foot.
Occupancy in the Company's Suburban same-store portfolio was 85.2% at March 31, 2017, inclusive of 67,639 square feet of leases signed but not yet commenced, as compared to 84.9% at March 31, 2016 and 85.1% at December 31, 2016.
Significant leases that were signed in the first quarter included:
• | New retail lease on 7,711 square feet with LINE FRIENDS at 1515 Broadway for 10 years; |
• | New retail lease on 8,700 square feet with Viacom at 1515 Broadway for 10.8 years; |
• | Renewal and expansion on 52,293 square feet with ABN Amro at 100 Park Avenue bringing the remaining term to 10.3 years; |
• | Renewal and expansion on 40,639 square feet with Wells Fargo Clearing Services at 280 Park Avenue bringing the remaining term to 11.8 years; |
• | New lease on 32,814 square feet with International Swaps and Derivatives Association Inc at 10 East 53rd Street, for 15.3 years; |
• | New lease on 32,000 square feet with USI Insurance Services at 100 Summit in Valhalla, New York, for 8.3 years; |
• | New lease on 30,469 square feet with Ricoh USA, Inc. at 711 Third Avenue for 10.5 years; |
6 |
FIRST QUARTER 2017 HIGHLIGHTS Unaudited | ||
• | New lease on 28,939 square feet with America Jewish Joint Distribution Committee, Inc at 220 East 42nd Street, for 30.7 years; |
• | Renewal on 27,382 square feet with Kinney System at 555 West 57th Street bringing the remaining term to 5.4 years; and |
• | New lease on 20,123 square feet with Orix USA L.P. at 280 Park Avenue, for 10.0 years. |
Marketing, general and administrative, or MG&A, expenses for the three months ended March 31, 2017 were $24.1 million, or 5.2% of total combined revenues and an annualized 51 basis points of total combined assets.
Real Estate Investment Activity
In January, closed on the sale of a 27.6% interest in One Vanderbilt Avenue to NPS and 1.4% interest to Hines. NPS and Hines have committed aggregate equity to the project totaling no less than $525 million. The Company and Hines will co-develop the building.
In the first quarter, the Company sold 4,774,220 common shares of New York REIT, Inc., or NYRT, representing its total investment in NYRT common stock, generating a $3.3 million gain.
In March, the Company reached an agreement to sell a 90% interest 102 Greene Street, a 9,200 square-foot retail property in SoHo, at a gross asset valuation of $43.5 million, or $4,728 per square foot. The transaction is expected to close in April and generate net proceeds of approximately $38.0 million.
In April, the Company's retained preferred equity investment in 885 Third Avenue was modified. This modification will result in the Company deconsolidating the property from its financial statements in the second quarter of 2017.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.97 billion at March 31, 2017, including $1.63 billion at a weighted average current yield of 9.4% that are classified in the debt and preferred equity line item on the balance sheet, and $0.34 billion at a weighted average current yield of 7.93% that are included in other balance sheet line items for accounting purposes. In the first quarter, the Company originated
new debt and preferred equity investments totaling $425.0 million, of which $412.5 million was retained and $367.7 million was funded, at a weighted average current yield of 9.2%. In the first quarter, the Company recorded $420.5 million of principal reductions from investments that were repaid, sold or syndicated.
Financing Activity
In February, the Company, along with its joint venture partner, closed on the refinancing of 10 East 53rd Street. The $170.0 million mortgage has a 3-year term with two 1-year extension options, bears interest at a floating rate of 2.25% over LIBOR and replaces the previous $125.0 million of mortgage indebtedness on the property.
In January, the Company, along with its joint venture partner, closed on the financing of 1080 Amsterdam Avenue. The $35.5 million mortgage has a 5-year term and carries a fixed effective interest rate of 3.5%.
Dividends
In the first quarter of 2017, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:
• | $0.775 per share of common stock, which was paid on April 17, 2017 to shareholders of record on the close of business on March 31, 2017; and |
• | $0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period January 15, 2017 through and including April 14, 2017, which was paid on April 17, 2017 to shareholders of record on the close of business on March 31, 2017, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share. |
7 |
KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | |||||||||||||||
Earnings Per Share | |||||||||||||||||||
Net income available to common stockholders - diluted | $ | 0.11 | $ | 0.44 | $ | 0.34 | $ | 1.33 | $ | 0.23 | |||||||||
Funds from operations (FFO) available to common stockholders - diluted | $ | 1.57 | $ | 1.43 | $ | 1.63 | $ | 3.39 | $ | 1.84 | |||||||||
Common Share Price & Dividends | |||||||||||||||||||
Closing price at the end of the period | $ | 106.62 | $ | 107.55 | $ | 108.10 | $ | 106.47 | $ | 96.88 | |||||||||
Closing high price during period | $ | 113.75 | $ | 112.89 | $ | 119.20 | $ | 106.72 | $ | 110.92 | |||||||||
Closing low price during period | $ | 104.62 | $ | 94.23 | $ | 102.56 | $ | 95.51 | $ | 80.54 | |||||||||
Common dividend per share | $ | 0.775 | $ | 0.775 | $ | 0.720 | $ | 0.720 | $ | 0.720 | |||||||||
FFO payout ratio (trailing 12 months) | 37.2 | % | 35.4 | % | 34.0 | % | 32.5 | % | 39.3 | % | |||||||||
Funds available for distribution (FAD) payout ratio (trailing 12 months) | 63.4 | % | 59.4 | % | 61.9 | % | 58.5 | % | 71.0 | % | |||||||||
Common Shares & Units | |||||||||||||||||||
Common shares outstanding | 100,776 | 100,562 | 100,264 | 100,164 | 100,081 | ||||||||||||||
Units outstanding | 4,563 | 4,364 | 4,495 | 4,504 | 4,001 | ||||||||||||||
Total common shares and units outstanding | 105,339 | 104,926 | 104,759 | 104,668 | 104,082 | ||||||||||||||
Weighted average common shares and units outstanding - basic | 105,250 | 104,794 | 104,730 | 104,476 | 104,025 | ||||||||||||||
Weighted average common shares and units outstanding - diluted | 105,554 | 105,168 | 105,143 | 104,792 | 104,259 | ||||||||||||||
Market Capitalization | |||||||||||||||||||
Market value of common equity | $ | 11,231,244 | $ | 11,284,791 | $ | 11,324,448 | $ | 11,144,002 | $ | 10,083,464 | |||||||||
Liquidation value of preferred equity/units | 532,009 | 532,009 | 532,309 | 532,460 | 534,869 | ||||||||||||||
Consolidated debt (1) | 6,389,254 | 6,290,019 | 6,237,641 | 7,796,092 | 9,796,167 | ||||||||||||||
Consolidated market capitalization | $ | 18,152,507 | $ | 18,106,819 | $ | 18,094,398 | $ | 19,472,554 | $ | 20,414,500 | |||||||||
SLG portion of JV debt | 2,775,302 | 2,742,857 | 2,694,274 | 1,854,131 | 1,690,200 | ||||||||||||||
Combined market capitalization | $ | 20,927,809 | $ | 20,849,676 | $ | 20,788,672 | $ | 21,326,685 | $ | 22,104,700 | |||||||||
Consolidated debt to market capitalization (2) | 35.2 | % | 34.7 | % | 34.5 | % | 40.0 | % | 48.0 | % | |||||||||
Combined debt to market capitalization (2) | 43.8 | % | 43.3 | % | 43.0 | % | 45.2 | % | 52.0 | % | |||||||||
Consolidated debt service coverage (trailing 12 months) | 3.46x | 3.39x | 3.33x | 3.29x | 2.88x | ||||||||||||||
Consolidated fixed charge coverage (trailing 12 months) | 2.95x | 2.91x | 2.89x | 2.87x | 2.52x | ||||||||||||||
Combined debt service coverage (trailing 12 months) | 3.02x | 2.97x | 2.93x | 2.90x | 2.54x | ||||||||||||||
Combined fixed charge coverage (trailing 12 months) | 2.61x | 2.58x | 2.57x | 2.56x | 2.25x | ||||||||||||||
(1) Includes debt associated with assets held for sale. | |||||||||||||||||||
(2) Includes the liquidation value of preferred equity/units. |
Supplemental Information | 8 | First Quarter 2017 |
KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | |||||||||||||||
Selected Balance Sheet Data | |||||||||||||||||||
Real estate assets before depreciation (1) | $ | 12,837,493 | $ | 12,743,332 | $ | 12,608,861 | $ | 15,015,226 | $ | 16,550,051 | |||||||||
Investments in unconsolidated joint ventures | $ | 1,861,077 | $ | 1,890,186 | $ | 1,860,912 | $ | 1,126,486 | $ | 1,146,085 | |||||||||
Debt and preferred equity investments | $ | 1,627,836 | $ | 1,640,412 | $ | 1,453,234 | $ | 1,357,181 | $ | 1,378,616 | |||||||||
Cash and cash equivalents | $ | 468,035 | $ | 279,443 | $ | 405,896 | $ | 276,226 | $ | 316,205 | |||||||||
Investment in marketable securities | $ | 29,260 | $ | 85,110 | $ | 60,352 | $ | 39,339 | $ | 43,915 | |||||||||
Total assets | $ | 15,877,271 | $ | 15,857,787 | $ | 15,790,942 | $ | 17,544,223 | $ | 19,585,715 | |||||||||
Fixed rate & hedged debt | $ | 5,249,091 | $ | 5,184,434 | $ | 5,226,651 | $ | 6,344,936 | $ | 6,887,280 | |||||||||
Variable rate debt (2) | 1,140,163 | 1,105,585 | 1,010,990 | 1,451,155 | 2,908,887 | ||||||||||||||
Total consolidated debt | $ | 6,389,254 | $ | 6,290,019 | $ | 6,237,641 | $ | 7,796,091 | $ | 9,796,167 | |||||||||
Deferred financing costs, net of amortization | (82,988 | ) | (82,258 | ) | (87,591 | ) | (101,521 | ) | (105,543 | ) | |||||||||
Total consolidated debt, net | $ | 6,306,266 | $ | 6,207,761 | $ | 6,150,050 | $ | 7,694,570 | $ | 9,690,624 | |||||||||
Total liabilities | $ | 7,380,279 | $ | 7,330,984 | $ | 7,275,544 | $ | 9,008,192 | $ | 11,178,777 | |||||||||
Fixed rate & hedged debt - including SLG portion of JV debt | $ | 6,589,967 | $ | 6,718,900 | $ | 6,720,214 | $ | 6,998,500 | $ | 7,895,076 | |||||||||
Variable rate debt - including SLG portion of JV debt (2) | 2,574,589 | 2,313,976 | 2,211,700 | 2,651,723 | 3,591,291 | ||||||||||||||
Total combined debt | $ | 9,164,556 | $ | 9,032,876 | $ | 8,931,914 | $ | 9,650,223 | $ | 11,486,367 | |||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 325,521 | $ | 329,370 | $ | 334,612 | $ | 465,425 | $ | 391,218 | |||||||||
Property operating expenses | (143,882 | ) | (147,355 | ) | (151,896 | ) | (145,755 | ) | (149,502 | ) | |||||||||
Property NOI | $ | 181,639 | $ | 182,015 | $ | 182,716 | $ | 319,670 | $ | 241,716 | |||||||||
SLG share of property NOI from JVs | 55,424 | 53,733 | 41,365 | 36,306 | 36,124 | ||||||||||||||
Total property NOI - combined | $ | 237,063 | $ | 235,748 | $ | 224,081 | $ | 355,976 | $ | 277,840 | |||||||||
Investment income | 40,299 | 38,661 | 75,396 | 44,214 | 54,737 | ||||||||||||||
Other income | 11,561 | 6,211 | 6,673 | 107,975 | 9,489 | ||||||||||||||
Marketing general & administrative expenses | (24,143 | ) | (25,785 | ) | (25,458 | ) | (24,484 | ) | (24,032 | ) | |||||||||
SLG share of investment income and other income from JVs | 5,789 | 6,962 | 5,389 | 3,953 | 8,547 | ||||||||||||||
EBITDA - combined | $ | 270,569 | $ | 261,797 | $ | 286,081 | $ | 487,634 | $ | 326,581 | |||||||||
(1) Includes assets held for sale of $78.2 million at 3/31/2017 | |||||||||||||||||||
(2) Does not reflect $1.3 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt. |
Supplemental Information | 9 | First Quarter 2017 |
KEY FINANCIAL DATA Manhattan Properties (1) Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | |||||||||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 292,520 | $ | 297,431 | $ | 301,165 | $ | 432,422 | $ | 361,584 | |||||||||
Property operating expenses | 125,387 | 124,022 | 133,725 | 127,057 | 131,267 | ||||||||||||||
Property NOI | $ | 167,133 | $ | 173,409 | $ | 167,440 | $ | 305,365 | $ | 230,317 | |||||||||
Other income - consolidated | $ | 2,417 | $ | 851 | $ | 1,951 | $ | 95,333 | $ | 1,648 | |||||||||
SLG share of property NOI from unconsolidated JV | $ | 55,171 | $ | 53,522 | $ | 44,249 | $ | 36,083 | $ | 40,714 | |||||||||
Portfolio Statistics | |||||||||||||||||||
Consolidated office buildings in service | 24 | 24 | 24 | 25 | 27 | ||||||||||||||
Unconsolidated office buildings in service | 7 | 7 | 7 | 6 | 6 | ||||||||||||||
31 | 31 | 31 | 31 | 33 | |||||||||||||||
Consolidated office buildings in service - square footage | 16,054,606 | 16,054,606 | 16,054,606 | 18,368,606 | 21,003,606 | ||||||||||||||
Unconsolidated office buildings in service - square footage | 6,558,139 | 6,558,139 | 6,558,139 | 4,244,139 | 4,244,139 | ||||||||||||||
22,612,745 | 22,612,745 | 22,612,745 | 22,612,745 | 25,247,745 | |||||||||||||||
Same-store combined office occupancy (consolidated + JV) (2) | 93.9% | 94.6% | 95.1% | 95.3% | 95.1% | ||||||||||||||
Same-store combined office occupancy inclusive of leases signed not yet commenced | 95.7% | 96.2% | 96.4% | 96.4% | 96.5% | ||||||||||||||
Office Leasing Statistics | |||||||||||||||||||
Total office leases commenced | 41 | 21 | 42 | 50 | 47 | ||||||||||||||
Commenced office square footage filling vacancy | 114,996 | 17,202 | 109,247 | 37,556 | 643,979 | ||||||||||||||
Commenced office square footage on previously occupied space (M-T-M leasing) (3) | 204,076 | 154,379 | 1,085,757 | 661,197 | 617,028 | ||||||||||||||
Total office square footage commenced | 319,072 | 171,581 | 1,195,004 | 698,753 | 1,261,007 | ||||||||||||||
Average starting cash rent psf - office leases commenced | $78.11 | $70.94 | $73.22 | $67.55 | $70.66 | ||||||||||||||
Previously escalated cash rent psf - office leases commenced | $69.26 | $67.47 | $61.84 | $60.41 | $48.71 | ||||||||||||||
Increase in new cash rent over previously escalated cash rent (3) | 12.8% | 5.1% | 18.4% | 11.8% | 45.1% | ||||||||||||||
Average lease term | 7.7 | 7.1 | 10.5 | 6.8 | 13.0 | ||||||||||||||
Tenant concession packages psf | $53.87 | $48.53 | $40.40 | $20.64 | $57.64 | ||||||||||||||
Free rent months | 5.6 | 4.9 | 4.2 | 2.6 | 7.5 | ||||||||||||||
(1) Property data includes operating office, retail, residential, development, redevelopment, and land properties. | |||||||||||||||||||
(2) The Manhattan same-store portfolio was revised on January 1, 2017 to include 280 Park Avenue, 600 Lexington Avenue, 110 Greene Street, 30 East 40th Street, and the Stonehenge Portfolio. | |||||||||||||||||||
(3) Calculated on space that was occupied within the previous 12 months. |
Supplemental Information | 10 | First Quarter 2017 |
KEY FINANCIAL DATA Suburban Properties (1) Unaudited (Dollars in Thousands Except Per Share) | ||
As of or for the three months ended | |||||||||||||||||||
3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | |||||||||||||||
Selected Operating Data | |||||||||||||||||||
Property operating revenues | $ | 28,531 | $ | 27,405 | $ | 28,942 | $ | 28,276 | $ | 27,934 | |||||||||
Property operating expenses | 14,636 | 15,199 | 15,211 | 14,838 | 14,891 | ||||||||||||||
Property NOI | $ | 13,895 | $ | 12,206 | $ | 13,731 | $ | 13,438 | $ | 13,043 | |||||||||
Other income - consolidated | $ | 107 | $ | 1,047 | $ | 118 | $ | 624 | $ | 759 | |||||||||
SLG share of property NOI from unconsolidated JV | $ | 207 | $ | 211 | $ | 120 | $ | 228 | $ | 647 | |||||||||
Portfolio Statistics | |||||||||||||||||||
Consolidated office buildings in service | 25 | 25 | 25 | 26 | 26 | ||||||||||||||
Unconsolidated office buildings in service | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
27 | 27 | 27 | 28 | 28 | |||||||||||||||
Consolidated office buildings in service - square footage | 4,113,800 | 4,113,800 | 4,113,800 | 4,235,300 | 4,235,300 | ||||||||||||||
Unconsolidated office buildings in service - square footage | 640,000 | 640,000 | 640,000 | 640,000 | 640,000 | ||||||||||||||
4,753,800 | 4,753,800 | 4,753,800 | 4,875,300 | 4,875,300 | |||||||||||||||
Same-store combined office occupancy (consolidated + JV) | 84.1% | 84.4% | 83.7% | 82.9% | 84.3% | ||||||||||||||
Same-store combined office occupancy inclusive of leases signed not yet commenced | 85.2% | 85.1% | 85.4% | 83.9% | 84.9% | ||||||||||||||
Office Leasing Statistics | |||||||||||||||||||
Total office leases commenced | 22 | 24 | 20 | 19 | 34 | ||||||||||||||
Commenced office square footage filling vacancy | 37,184 | 66,425 | 43,111 | 63,105 | 112,469 | ||||||||||||||
Commenced office square footage on previously occupied space (M-T-M leasing) (2) | 73,789 | 63,040 | 77,869 | 104,704 | 203,690 | ||||||||||||||
Total office square footage commenced | 110,973 | 129,465 | 120,980 | 167,809 | 316,159 | ||||||||||||||
Average starting cash rent psf - office leases commenced | $30.04 | $35.86 | $35.40 | $38.42 | $37.66 | ||||||||||||||
Previously escalated cash rent psf - office leases commenced | $29.33 | $32.29 | $34.61 | $37.46 | $35.84 | ||||||||||||||
Increase in new cash rent over previously escalated cash rent (2) | 2.4% | 11.1% | 2.3% | 2.8% | 5.1% | ||||||||||||||
Average lease term | 4.8 | 7.0 | 5.5 | 9.4 | 6.7 | ||||||||||||||
Tenant concession packages psf | $13.69 | $17.92 | $26.04 | $36.77 | $30.61 | ||||||||||||||
Free rent months | 5.6 | 6.5 | 3.1 | 8.8 | 5.4 | ||||||||||||||
(1) Property data includes operating office, retail, residential, development, redevelopment, and land properties. | |||||||||||||||||||
(2) Calculated on space that was occupied within the previous 12 months. |
Supplemental Information | 11 | First Quarter 2017 |
COMPARATIVE BALANCE SHEETS Unaudited (In Thousands, Except Per Share Data) | ||
3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | |||||||||||||||
Assets | |||||||||||||||||||
Commercial real estate properties, at cost: | |||||||||||||||||||
Land and land interests | $ | 3,295,050 | $ | 3,309,710 | $ | 3,347,482 | $ | 4,108,821 | $ | 4,115,982 | |||||||||
Building and improvements | 7,977,713 | 7,948,852 | 7,777,647 | 9,362,614 | 9,334,385 | ||||||||||||||
Building leasehold and improvements | 1,439,083 | 1,437,325 | 1,436,287 | 1,435,255 | 1,431,238 | ||||||||||||||
Properties under capital lease | 47,445 | 47,445 | 47,445 | 47,445 | 47,445 | ||||||||||||||
12,759,291 | 12,743,332 | 12,608,861 | 14,954,135 | 14,929,050 | |||||||||||||||
Less: accumulated depreciation | (2,372,082 | ) | (2,264,694 | ) | (2,190,142 | ) | (2,166,059 | ) | (2,100,109 | ) | |||||||||
Net real estate | 10,387,209 | 10,478,638 | 10,418,719 | 12,788,076 | 12,828,941 | ||||||||||||||
Other real estate investments: | |||||||||||||||||||
Investment in unconsolidated joint ventures | 1,861,077 | 1,890,186 | 1,860,912 | 1,126,486 | 1,146,085 | ||||||||||||||
Debt and preferred equity investments, net (1) | 1,627,836 | 1,640,412 | 1,453,234 | 1,357,181 | 1,378,616 | ||||||||||||||
Assets held for sale, net | 54,694 | — | 117,159 | 39,642 | 1,891,575 | ||||||||||||||
Cash and cash equivalents | 468,035 | 279,443 | 405,896 | 276,226 | 316,205 | ||||||||||||||
Restricted cash | 71,215 | 90,524 | 100,195 | 166,905 | 179,938 | ||||||||||||||
Investment in marketable securities | 29,260 | 85,110 | 60,352 | 39,339 | 43,915 | ||||||||||||||
Tenant and other receivables, net of $16,634 reserve at 3/31/2017 | 52,197 | 53,772 | 55,976 | 57,551 | 55,441 | ||||||||||||||
Related party receivables | 19,067 | 15,856 | 14,840 | 13,059 | 15,148 | ||||||||||||||
Deferred rents receivable, net of reserve for | |||||||||||||||||||
tenant credit loss of $24,079 at 3/31/2017 | 453,747 | 442,179 | 430,642 | 443,981 | 428,334 | ||||||||||||||
Deferred costs, net | 267,948 | 267,600 | 252,179 | 256,303 | 246,503 | ||||||||||||||
Other assets | 584,986 | 614,067 | 620,838 | 979,474 | 1,055,014 | ||||||||||||||
Total Assets | $ | 15,877,271 | $ | 15,857,787 | $ | 15,790,942 | $ | 17,544,223 | $ | 19,585,715 | |||||||||
(1) Excludes debt and preferred equity investments totaling $339.9 million with a weighted average current yield of 7.93% that are included in other balance sheet line items. |
Supplemental Information | 12 | First Quarter 2017 |
COMPARATIVE BALANCE SHEETS Unaudited (In Thousands, Except Per Share Data) | ||
3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | |||||||||||||||
Liabilities | |||||||||||||||||||
Mortgages and other loans payable | $ | 4,236,545 | $ | 4,140,712 | $ | 4,024,896 | $ | 5,608,400 | $ | 5,671,700 | |||||||||
Unsecured term loan | 1,183,000 | 1,183,000 | 1,183,000 | 933,000 | 933,000 | ||||||||||||||
Unsecured notes | 1,137,359 | 1,133,957 | 1,130,616 | 1,137,341 | 1,134,117 | ||||||||||||||
Revolving credit facility | — | — | — | 285,000 | 775,000 | ||||||||||||||
Deferred financing costs | (82,988 | ) | (82,258 | ) | (87,591 | ) | (101,521 | ) | (105,543 | ) | |||||||||
Total debt, net of deferred financing costs | 6,473,916 | 6,375,411 | 6,250,921 | 7,862,220 | 8,408,274 | ||||||||||||||
Accrued interest | 33,859 | 36,052 | 30,734 | 36,378 | 36,941 | ||||||||||||||
Other liabilities | 168,533 | 212,493 | 218,404 | 243,011 | 247,950 | ||||||||||||||
Accounts payable and accrued expenses | 169,244 | 190,583 | 178,946 | 189,690 | 168,322 | ||||||||||||||
Deferred revenue | 235,208 | 217,955 | 237,548 | 384,145 | 414,686 | ||||||||||||||
Capitalized lease obligations | 42,305 | 42,132 | 41,951 | 41,751 | 41,554 | ||||||||||||||
Deferred land lease payable | 2,747 | 2,583 | 2,419 | 2,236 | 2,010 | ||||||||||||||
Dividends and distributions payable | 87,617 | 87,271 | 81,392 | 80,555 | 80,038 | ||||||||||||||
Security deposits | 66,807 | 66,504 | 67,709 | 68,199 | 67,001 | ||||||||||||||
Liabilities related to assets held for sale | 43 | — | 65,520 | 7 | 1,612,001 | ||||||||||||||
Junior subordinated deferrable interest debentures | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||
Total liabilities | 7,380,279 | 7,330,984 | 7,275,544 | 9,008,192 | 11,178,777 | ||||||||||||||
Noncontrolling interest in operating partnership | |||||||||||||||||||
(4,563 units outstanding) at 3/31/2017 | 491,298 | 473,882 | 490,440 | 486,452 | 407,046 | ||||||||||||||
Preferred units | 302,010 | 302,010 | 302,310 | 302,460 | 304,869 | ||||||||||||||
Equity | |||||||||||||||||||
Stockholders' Equity: | |||||||||||||||||||
Series I Perpetual Preferred Shares | 221,932 | 221,932 | 221,932 | 221,932 | 221,932 | ||||||||||||||
Common stock, $0.01 par value, 160,000 shares authorized, 101,831 | |||||||||||||||||||
issued and outstanding at 3/31/2017, including 1,055 shares held in treasury | 1,019 | 1,017 | 1,013 | 1,003 | 1,002 | ||||||||||||||
Additional paid–in capital | 5,651,089 | 5,624,545 | 5,596,026 | 5,466,593 | 5,451,787 | ||||||||||||||
Treasury stock | (124,049 | ) | (124,049 | ) | (124,049 | ) | (10,000 | ) | (10,000 | ) | |||||||||
Accumulated other comprehensive income | 16,511 | 22,137 | (14,074 | ) | (16,558 | ) | (17,222 | ) | |||||||||||
Retained earnings | 1,496,759 | 1,578,893 | 1,612,707 | 1,655,320 | 1,620,669 | ||||||||||||||
Total SL Green Realty Corp. stockholders' equity | 7,263,261 | 7,324,475 | 7,293,555 | 7,318,290 | 7,268,168 | ||||||||||||||
Noncontrolling interest in other partnerships | 440,423 | 426,436 | 429,093 | 428,829 | 426,855 | ||||||||||||||
Total equity | 7,703,684 | 7,750,911 | 7,722,648 | 7,747,119 | 7,695,023 | ||||||||||||||
Total Liabilities and Equity | $ | 15,877,271 | $ | 15,857,787 | $ | 15,790,942 | $ | 17,544,223 | $ | 19,585,715 |
Supplemental Information | 13 | First Quarter 2017 |
COMPARATIVE STATEMENT OF OPERATIONS Unaudited (Dollars in Thousands Except Per Share) | ||
For the three months ended | ||||||||||||||||||
March 31 | March 31 | December 31 | September 30 | |||||||||||||||
2017 | 2016 | 2016 | 2016 | |||||||||||||||
Revenues | ||||||||||||||||||
Rental revenue, net | $ | 281,329 | $ | 345,607 | $ | 279,869 | $ | 281,482 | ||||||||||
Escalation and reimbursement revenues | 44,192 | 45,611 | 49,501 | 53,130 | ||||||||||||||
Investment income | 40,299 | 54,737 | 38,661 | 75,396 | ||||||||||||||
Other income | 11,561 | 9,489 | 6,211 | 6,673 | ||||||||||||||
Total Revenues, net | 377,381 | 455,444 | 374,242 | 416,681 | ||||||||||||||
Equity in net income (loss) from unconsolidated joint ventures | 6,614 | 10,096 | (95 | ) | (3,968 | ) | ||||||||||||
Expenses | ||||||||||||||||||
Operating expenses | 74,506 | 79,520 | 78,590 | 79,425 | ||||||||||||||
Ground rent | 8,308 | 8,308 | 8,308 | 8,338 | ||||||||||||||
Real estate taxes | 61,068 | 61,674 | 60,457 | 64,133 | ||||||||||||||
Transaction related costs | 133 | 1,279 | 1,541 | 2,593 | ||||||||||||||
Marketing, general and administrative | 24,143 | 24,032 | 25,785 | 25,458 | ||||||||||||||
Total Operating Expenses | 168,158 | 174,813 | 174,681 | 179,947 | ||||||||||||||
Operating Income | 215,837 | 290,727 | 199,466 | 232,766 | ||||||||||||||
Interest expense, net of interest income | 65,622 | 94,672 | 64,873 | 72,565 | ||||||||||||||
Amortization of deferred financing costs | 4,761 | 7,932 | 4,384 | 4,815 | ||||||||||||||
Depreciation and amortization | 94,134 | 179,308 | 104,026 | 112,665 | ||||||||||||||
51,320 | 8,815 | 26,183 | 42,721 | |||||||||||||||
Gain on sale of marketable securities | 3,262 | — | — | — | ||||||||||||||
Income from Continuing Operations (1) | 54,582 | 8,815 | 26,183 | 42,721 | ||||||||||||||
Gain on sale of real estate and discontinued operations | 567 | 13,773 | 27,366 | 397 | ||||||||||||||
Equity in net gain on sale of joint venture interest / real estate | 2,047 | 9,915 | 421 | 225 | ||||||||||||||
Depreciable real estate reserves | (56,272 | ) | — | — | — | |||||||||||||
Net Income | 924 | 32,503 | 53,970 | 43,343 | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 17,015 | (2,896 | ) | (3,364 | ) | (2,499 | ) | |||||||||||
Dividends on preferred units | (2,850 | ) | (2,648 | ) | (2,853 | ) | (2,854 | ) | ||||||||||
Net Income Attributable to SL Green Realty Corp | 15,089 | 26,959 | 47,753 | 37,990 | ||||||||||||||
Dividends on perpetual preferred shares | (3,738 | ) | (3,738 | ) | (3,737 | ) | (3,738 | ) | ||||||||||
Net Income Attributable to Common Stockholders | $ | 11,351 | $ | 23,221 | $ | 44,016 | $ | 34,252 | ||||||||||
Earnings per share - Net income per share (basic) | $ | 0.11 | $ | 0.23 | $ | 0.44 | $ | 0.34 | ||||||||||
Earnings per share - Net income per share (diluted) | $ | 0.11 | $ | 0.23 | $ | 0.44 | $ | 0.34 | ||||||||||
(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below. |
Supplemental Information | 14 | First Quarter 2017 |
COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited (Dollars in Thousands Except Per Share) | ||
For the three months ended | |||||||||||||||||||
March 31 | March 31 | December 31 | September 30 | ||||||||||||||||
2017 | 2016 | 2016 | 2016 | ||||||||||||||||
Funds from Operations | |||||||||||||||||||
Net Income Attributable to Common Stockholders | $ | 11,351 | $ | 23,221 | $ | 44,016 | $ | 34,252 | |||||||||||
Depreciation and amortization | 94,134 | 179,308 | 104,026 | 112,665 | |||||||||||||||
Joint ventures depreciation and noncontrolling interests adjustments | 24,282 | 10,514 | 27,662 | 23,349 | |||||||||||||||
Net income attributable to noncontrolling interests | (17,015 | ) | 2,896 | 3,364 | 2,499 | ||||||||||||||
Gain on sale of real estate and discontinued operations | (567 | ) | (13,773 | ) | (27,366 | ) | (397 | ) | |||||||||||
Equity in net gain on sale of joint venture property / real estate | (2,047 | ) | (9,915 | ) | (421 | ) | (225 | ) | |||||||||||
Depreciable real estate reserves | 56,272 | — | — | — | |||||||||||||||
Non-real estate depreciation and amortization | (516 | ) | (496 | ) | (522 | ) | (509 | ) | |||||||||||
Funds From Operations | $ | 165,894 | $ | 191,755 | $ | 150,759 | $ | 171,634 | |||||||||||
Funds From Operations - Basic per Share | $ | 1.58 | $ | 1.84 | $ | 1.44 | $ | 1.64 | |||||||||||
Funds From Operations - Diluted per Share | $ | 1.57 | $ | 1.84 | $ | 1.43 | $ | 1.63 | |||||||||||
Funds Available for Distribution | |||||||||||||||||||
FFO | $ | 165,894 | $ | 191,755 | $ | 150,759 | $ | 171,634 | |||||||||||
Non real estate depreciation and amortization | 516 | 496 | 522 | 509 | |||||||||||||||
Amortization of deferred financing costs | 4,761 | 7,932 | 4,384 | 4,815 | |||||||||||||||
Non-cash deferred compensation | 16,307 | 14,277 | 18,196 | 9,234 | |||||||||||||||
FAD adjustment for joint ventures | (9,448 | ) | (5,827 | ) | (10,350 | ) | (23,315 | ) | |||||||||||
Straight-line rental income and other non cash adjustments | (15,939 | ) | (29,704 | ) | (13,322 | ) | (7,393 | ) | |||||||||||
Second cycle tenant improvements | (13,444 | ) | (10,128 | ) | (50,554 | ) | (32,536 | ) | |||||||||||
Second cycle leasing commissions | (7,833 | ) | (8,871 | ) | (18,870 | ) | (7,697 | ) | |||||||||||
Revenue enhancing recurring CAPEX | (354 | ) | (233 | ) | (3,561 | ) | (630 | ) | |||||||||||
Non-revenue enhancing recurring CAPEX | (5,955 | ) | (3,688 | ) | (23,085 | ) | (12,272 | ) | |||||||||||
Reported Funds Available for Distribution | $ | 134,505 | $ | 156,009 | $ | 54,119 | $ | 102,349 | |||||||||||
1515 Broadway - Viacom capital contribution | $ | 1,108 | $ | 481 | $ | 10,171 | $ | 11,321 | |||||||||||
First cycle tenant improvements | $ | 893 | $ | 4,323 | $ | 2,178 | $ | 4,542 | |||||||||||
First cycle leasing commissions | $ | 404 | $ | 3,183 | $ | 692 | $ | 752 | |||||||||||
Development costs | $ | 62,321 | $ | 13,589 | $ | 61,822 | $ | 37,165 | |||||||||||
Redevelopment costs | $ | 4,940 | $ | 3,164 | $ | 9,483 | $ | 6,310 | |||||||||||
Capitalized interest | $ | 6,279 | $ | 6,618 | $ | 5,931 | $ | 6,084 |
Supplemental Information | 15 | First Quarter 2017 |
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, 2016 | $ | 221,932 | $ | 1,017 | $ | 5,624,545 | $ | (124,049 | ) | $ | 1,578,893 | $ | 426,436 | $ | 22,137 | $ | 7,750,911 | |||||||||||||||||
Net Income attributable to SL Green | 15,089 | (17,491 | ) | (2,402 | ) | |||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | — | |||||||||||||||||||||||||||||||||
Preferred dividends | (3,738 | ) | (3,738 | ) | ||||||||||||||||||||||||||||||
Cash distributions declared ($0.775 per common share) | (77,937 | ) | (77,937 | ) | ||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (469 | ) | (469 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income - unrealized loss on derivative instruments | (1,618 | ) | (1,618 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income - SLG's share of joint venture net unrealized loss on derivative instruments | 601 | 601 | ||||||||||||||||||||||||||||||||
Other comprehensive income - unrealized loss on marketable securities | (4,609 | ) | (4,609 | ) | ||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 1 | 8,751 | 8,752 | |||||||||||||||||||||||||||||||
DRSPP proceeds | 56 | 56 | ||||||||||||||||||||||||||||||||
Repurchase of common stock | (102 | ) | (102 | ) | ||||||||||||||||||||||||||||||
Conversion of units of the Operating Partnership to common stock | 1 | 13,111 | 13,112 | |||||||||||||||||||||||||||||||
Contributions to consolidated joint venture | 31,947 | 31,947 | ||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the Operating Partnership | (15,548 | ) | (15,548 | ) | ||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net | (1,963 | ) | (1,963 | ) | ||||||||||||||||||||||||||||||
Amortization of deferred compensation plan | 6,691 | 6,691 | ||||||||||||||||||||||||||||||||
Balance at March 31, 2017 | $ | 221,932 | $ | 1,019 | $ | 5,651,089 | $ | (124,049 | ) | $ | 1,496,759 | $ | 440,423 | $ | 16,511 | $ | 7,703,684 | |||||||||||||||||
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION | ||||||||||||||||||||||||||||||||||
Common Stock | OP Units | Stock-Based Compensation | Diluted Shares | |||||||||||||||||||||||||||||||
Share Count at December 31, 2016 | 100,562,349 | 4,363,716 | — | 104,926,065 | ||||||||||||||||||||||||||||||
YTD share activity | 214,065 | 199,001 | — | 413,066 | ||||||||||||||||||||||||||||||
Share Count at March 31, 2017 - Basic | 100,776,414 | 4,562,717 | — | 105,339,131 | ||||||||||||||||||||||||||||||
Weighting factor | (133,295 | ) | 44,048 | 303,736 | 214,489 | |||||||||||||||||||||||||||||
Weighted Average Share Count at March 31, 2017 - Diluted | 100,643,119 | 4,606,765 | 303,736 | 105,553,620 |
Supplemental Information | 16 | First Quarter 2017 |
JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||||||||
Total | SLG Interest | Total | SLG Interest | Total | SLG Interest | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Commercial real estate properties, at cost: | |||||||||||||||||||||||
Land and land interests | $ | 2,362,348 | $ | 1,128,789 | $ | 2,434,194 | $ | 1,129,515 | $ | 2,370,650 | $ | 1,103,304 | |||||||||||
Building and improvements | 6,983,090 | 3,119,609 | 7,316,847 | 3,108,664 | 7,118,788 | 3,026,466 | |||||||||||||||||
Building leasehold and improvements | 59,409 | 29,704 | 53,790 | 26,895 | 48,406 | 24,203 | |||||||||||||||||
Properties under capital lease | 189,558 | 94,779 | 189,558 | 94,779 | 189,558 | 94,779 | |||||||||||||||||
9,594,405 | 4,372,881 | 9,994,389 | 4,359,853 | 9,727,402 | 4,248,752 | ||||||||||||||||||
Less: accumulated depreciation | (860,306 | ) | (360,991 | ) | (862,672 | ) | (337,599 | ) | (800,017 | ) | (313,182 | ) | |||||||||||
Net real estate | 8,734,099 | 4,011,890 | 9,131,717 | 4,022,254 | 8,927,385 | 3,935,570 | |||||||||||||||||
Cash and cash equivalents | 118,970 | 52,943 | 159,916 | 63,561 | 140,768 | 56,496 | |||||||||||||||||
Restricted cash | 144,331 | 59,551 | 168,539 | 68,228 | 179,550 | 73,289 | |||||||||||||||||
Debt and preferred equity investments, net | 336,518 | 229,612 | 336,164 | 229,258 | 332,506 | 227,793 | |||||||||||||||||
Tenant and other receivables, net of $6,324 reserve at 3/31/2017, of which $3,164 is SLG's share | 18,015 | 7,836 | 16,881 | 4,520 | 22,910 | 6,579 | |||||||||||||||||
Deferred rents receivables, net of $6,964 reserve at 3/31/2017 for tenant credit loss, of which $3,276 is SLG's share | 230,477 | 104,123 | 215,897 | 95,864 | 205,027 | 89,605 | |||||||||||||||||
Deferred costs, net | 166,554 | 76,266 | 170,243 | 76,145 | 137,056 | 61,500 | |||||||||||||||||
Other assets | 527,830 | 265,842 | 513,238 | 262,195 | 533,609 | 269,421 | |||||||||||||||||
Total Assets | $ | 10,276,794 | $ | 4,808,063 | $ | 10,712,595 | $ | 4,822,025 | $ | 10,478,811 | $ | 4,720,253 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Mortgage loans payable, net of deferred financing costs of $97,083 at 3/31/2017 | $ | 6,498,732 | $ | 2,743,257 | $ | 6,453,966 | $ | 2,712,539 | $ | 6,332,506 | $ | 2,662,319 | |||||||||||
Accrued interest | 13,252 | 6,167 | 12,569 | 6,149 | 20,466 | 6,797 | |||||||||||||||||
Other liabilities | 2,159 | 1,632 | 9,407 | 2,415 | 29,931 | 12,075 | |||||||||||||||||
Accounts payable and accrued expenses | 133,165 | 56,223 | 147,807 | 64,176 | 105,908 | 41,905 | |||||||||||||||||
Deferred revenue | 351,614 | 183,694 | 356,414 | 186,021 | 367,873 | 192,069 | |||||||||||||||||
Capitalized lease obligations | 186,802 | 93,401 | 186,050 | 93,025 | 185,312 | 92,656 | |||||||||||||||||
Security deposits | 32,602 | 11,652 | 35,667 | 11,693 | 32,581 | 10,541 | |||||||||||||||||
Equity | 3,058,468 | 1,712,037 | 3,510,715 | 1,746,007 | 3,404,234 | 1,701,891 | |||||||||||||||||
Total Liabilities and Equity | $ | 10,276,794 | $ | 4,808,063 | $ | 10,712,595 | $ | 4,822,025 | $ | 10,478,811 | $ | 4,720,253 |
Supplemental Information | 17 | First Quarter 2017 |
JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||||||||||||||
Total | SLG Interest | Total | SLG Interest | Total | SLG Interest | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental revenue, net | $ | 188,771 | $ | 76,283 | $ | 184,102 | $ | 73,492 | $ | 139,775 | $ | 52,540 | |||||||||||
Escalation and reimbursement revenues | 17,847 | 8,481 | 17,885 | 7,221 | 8,229 | 3,178 | |||||||||||||||||
Investment income | 7,870 | 4,830 | 7,531 | 4,550 | 3,485 | 2,991 | |||||||||||||||||
Other income | 2,033 | 959 | 4,862 | 2,412 | 11,023 | 5,556 | |||||||||||||||||
Total Revenues, net | $ | 216,521 | $ | 90,553 | $ | 214,380 | $ | 87,675 | $ | 162,512 | $ | 64,265 | |||||||||||
Loss on early extinguishment of debt | — | — | — | — | (1,606 | ) | (972 | ) | |||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | $ | 38,794 | $ | 14,242 | $ | 37,767 | $ | 13,613 | $ | 27,254 | $ | 9,329 | |||||||||||
Ground rent | 4,251 | 2,033 | 4,255 | 2,034 | 3,211 | 1,606 | |||||||||||||||||
Real estate taxes | 34,939 | 13,065 | 32,317 | 11,333 | 24,210 | 8,659 | |||||||||||||||||
Transaction related costs, net of recoveries | 89 | 54 | 207 | 97 | — | — | |||||||||||||||||
Total Operating Expenses | $ | 78,073 | $ | 29,394 | $ | 74,546 | $ | 27,077 | $ | 54,675 | $ | 19,594 | |||||||||||
Operating Income | $ | 138,448 | $ | 61,159 | $ | 139,834 | $ | 60,598 | $ | 106,231 | $ | 43,699 | |||||||||||
Interest expense, net of interest income | $ | 55,328 | $ | 21,093 | $ | 49,865 | $ | 22,296 | $ | 49,736 | $ | 17,259 | |||||||||||
Amortization of deferred financing costs | 6,505 | 2,621 | 7,162 | 2,471 | 3,236 | 1,296 | |||||||||||||||||
Depreciation and amortization | 71,164 | 31,215 | 66,976 | 30,018 | 37,851 | 14,903 | |||||||||||||||||
Net Income | $ | 5,451 | $ | 6,230 | $ | 15,831 | $ | 5,813 | $ | 15,408 | $ | 10,241 | |||||||||||
Real estate depreciation | 70,912 | 31,172 | 66,916 | 30,016 | 37,789 | 14,902 | |||||||||||||||||
FFO Contribution | $ | 76,363 | $ | 37,402 | $ | 82,747 | $ | 35,829 | $ | 53,197 | $ | 25,143 | |||||||||||
FAD Adjustments: | |||||||||||||||||||||||
Non real estate depreciation and amortization | $ | 6,757 | $ | 2,664 | $ | 7,222 | $ | 2,472 | $ | 3,297 | $ | 1,298 | |||||||||||
Straight-line rental income and other non-cash adjustments | (21,667 | ) | (11,126 | ) | (15,413 | ) | (8,888 | ) | (13,590 | ) | (5,613 | ) | |||||||||||
Second cycle tenant improvement | (1,245 | ) | (627 | ) | (3,177 | ) | (1,602 | ) | (1,378 | ) | (724 | ) | |||||||||||
Second cycle leasing commissions | (271 | ) | (154 | ) | (1,220 | ) | (797 | ) | (1,003 | ) | (544 | ) | |||||||||||
Recurring CAPEX | (340 | ) | (205 | ) | (3,315 | ) | (1,535 | ) | (447 | ) | (244 | ) | |||||||||||
Total FAD Adjustments | $ | (16,766 | ) | $ | (9,448 | ) | $ | (15,903 | ) | $ | (10,350 | ) | $ | (13,121 | ) | $ | (5,827 | ) | |||||
First cycle tenant improvement | $ | 12,298 | $ | 3,852 | $ | 31,855 | $ | 15,710 | $ | 10,535 | $ | 2,903 | |||||||||||
First cycle leasing commissions | $ | 3,086 | $ | 1,039 | $ | 33,450 | $ | 15,001 | $ | 10,505 | $ | 5,282 | |||||||||||
Development costs | $ | 4,173 | $ | 1,225 | $ | 4,197 | $ | 1,303 | $ | 671 | $ | 636 | |||||||||||
Redevelopment costs | $ | 16,215 | $ | 8,444 | $ | 27,724 | $ | 13,920 | $ | 14,690 | $ | 4,639 | |||||||||||
Capitalized interest | $ | 5,457 | $ | 2,966 | $ | 5,340 | $ | 2,906 | $ | 6,104 | $ | 3,285 |
Supplemental Information | 18 | First Quarter 2017 |
SELECTED FINANCIAL DATA Net Operating Income and Components of Consolidated Debt Service and Fixed Charges Coverage - Unaudited (Dollars in Thousands) | ||
For the three months ended | |||||||||||||||||||
March 31 | March 31 | December 31 | September 30, | ||||||||||||||||
2017 | 2016 | 2016 | 2016 | ||||||||||||||||
Net Operating Income (1) | |||||||||||||||||||
NOI | $ | 177,994 | $ | 239,693 | $ | 178,365 | $ | 179,074 | |||||||||||
NOI from discontinued operations | — | — | — | — | |||||||||||||||
Total NOI - consolidated | 177,994 | 239,693 | 178,365 | 179,074 | |||||||||||||||
SLG share of property NOI from unconsolidated JVs | 55,423 | 44,671 | 54,771 | 44,390 | |||||||||||||||
Combined NOI | $ | 233,417 | $ | 284,364 | $ | 233,136 | $ | 223,464 | |||||||||||
Partners' share of NOI - consolidated JVs | (9,768 | ) | (8,568 | ) | (10,368 | ) | (9,479 | ) | |||||||||||
NOI - SLG share | $ | 223,649 | $ | 275,796 | $ | 222,768 | $ | 213,985 | |||||||||||
Combined NOI | $ | 233,417 | $ | 284,364 | $ | 233,136 | $ | 223,464 | |||||||||||
Free rent (net of amortization) | (4,421 | ) | 10,249 | (7,624 | ) | (5,410 | ) | ||||||||||||
Net FAS 141 adjustment | (7,860 | ) | (35,637 | ) | (7,539 | ) | (1,850 | ) | |||||||||||
Straight-line revenue adjustment | (15,923 | ) | (16,627 | ) | (11,787 | ) | (20,134 | ) | |||||||||||
Allowance for straight-line tenant credit loss | (944 | ) | 1,665 | 2,623 | 8,424 | ||||||||||||||
Ground lease straight-line adjustment | 991 | 817 | 995 | 869 | |||||||||||||||
Combined Cash NOI | $ | 205,260 | $ | 244,831 | $ | 209,804 | $ | 205,363 | |||||||||||
Partners' share of cash NOI - consolidated JVs | (7,423 | ) | (6,861 | ) | (8,214 | ) | (7,572 | ) | |||||||||||
Cash NOI - SLG share | $ | 197,837 | $ | 237,970 | $ | 201,590 | $ | 197,791 | |||||||||||
Components of Consolidated Debt Service and Fixed Charges - Cash Basis | |||||||||||||||||||
Interest expense | $ | 62,692 | $ | 96,718 | $ | 64,672 | $ | 72,842 | |||||||||||
Principal amortization payments | 13,201 | 7,994 | 12,269 | 12,207 | |||||||||||||||
Total Consolidated Debt Service | $ | 75,893 | $ | 104,712 | $ | 76,941 | $ | 85,049 | |||||||||||
Payments under ground lease arrangements | $ | 7,784 | $ | 7,700 | $ | 7,777 | $ | 7,774 | |||||||||||
Dividends on preferred units | 2,850 | 2,648 | 2,853 | 2,854 | |||||||||||||||
Dividends on perpetual preferred shares | 3,738 | 3,738 | 3,737 | 3,738 | |||||||||||||||
Total Consolidated Fixed Charges | $ | 90,265 | $ | 118,798 | $ | 91,308 | $ | 99,415 | |||||||||||
(1) Includes the operating income of SL Green Management Corp. and Eemerge 212. Excludes lease termination income and the activity of 885 Third Avenue, which was sold in February 2016 but did not meet the criteria for sale accounting at that time and, therefore, remains consolidated. We will deconsolidate the property in the second quarter of 2017. | |||||||||||||||||||
Supplemental Information | 19 | First Quarter 2017 |
SELECTED FINANCIAL DATA 2017 Same Store - Consolidated Unaudited (Dollars in Thousands) | ||
For the three months ended | ||||||||||||||||||||||
March 31, | March 31, | December 31, | September 30, | |||||||||||||||||||
2017 | 2016 | % | 2016 | 2016 | ||||||||||||||||||
Revenues | ||||||||||||||||||||||
Rental revenue, net | $ | 272,488 | $ | 263,441 | 3.4 | % | $ | 270,791 | $ | 252,211 | ||||||||||||
Escalation & reimbursement revenues | 42,685 | 41,701 | 2.4 | % | 48,260 | 50,622 | ||||||||||||||||
Other income | 1,426 | 2,029 | (29.7 | )% | 1,607 | 1,766 | ||||||||||||||||
Total Revenues | $ | 316,599 | $ | 307,171 | 3.1 | % | $ | 320,658 | $ | 304,599 | ||||||||||||
Expenses | ||||||||||||||||||||||
Operating expenses | $ | 69,786 | $ | 69,343 | 0.6 | % | $ | 69,865 | $ | 72,419 | ||||||||||||
Ground Rent | 8,520 | 8,520 | 0.0 | % | 8,520 | 8,550 | ||||||||||||||||
Real estate taxes | 60,695 | 58,263 | 4.2 | % | 59,999 | 61,631 | ||||||||||||||||
$ | 139,001 | $ | 136,126 | 2.1 | % | $ | 138,384 | $ | 142,600 | |||||||||||||
Operating Income | $ | 177,598 | $ | 171,045 | 3.8 | % | $ | 182,274 | $ | 161,999 | ||||||||||||
Interest expense & amortization of financing costs | $ | 43,968 | $ | 45,059 | (2.4 | )% | $ | 45,287 | $ | 45,871 | ||||||||||||
Depreciation & amortization | 85,008 | 80,615 | 5.4 | % | 91,192 | 92,135 | ||||||||||||||||
Income before noncontrolling interest | $ | 48,622 | $ | 45,371 | 7.2 | % | $ | 45,795 | $ | 23,993 | ||||||||||||
Plus: | Real estate depreciation & amortization | 84,941 | 80,546 | 5.5 | % | 91,124 | 92,066 | |||||||||||||||
FFO Contribution | $ | 133,563 | $ | 125,917 | 6.1 | % | $ | 136,919 | $ | 116,059 | ||||||||||||
Less: | Non–building revenue | 895 | 387 | 131.3 | % | 244 | 483 | |||||||||||||||
Plus: | Interest expense & amortization of financing costs | 43,968 | 45,059 | (2.4 | )% | 45,287 | 45,871 | |||||||||||||||
Non-real estate depreciation | 67 | 69 | (2.9 | )% | 68 | 69 | ||||||||||||||||
NOI | $ | 176,703 | $ | 170,658 | 3.5 | % | $ | 182,030 | $ | 161,516 | ||||||||||||
Cash Adjustments | ||||||||||||||||||||||
Less: | Free rent (net of amortization) | $ | 3,267 | $ | 1,066 | 206.5 | % | $ | 6,867 | $ | 2,898 | |||||||||||
Straightline revenue adjustment | 6,914 | 8,648 | (20.1 | )% | 4,081 | 8,825 | ||||||||||||||||
Rental income - FAS 141 | 4,769 | 3,695 | 29.1 | % | 4,341 | (2,749 | ) | |||||||||||||||
Plus: | Ground lease straight-line adjustment | 524 | 608 | (13.8 | )% | 531 | 565 | |||||||||||||||
Allowance for S/L tenant credit loss | (1,036 | ) | 1,670 | (162.0 | )% | 2,044 | 8,371 | |||||||||||||||
Cash NOI | $ | 161,241 | $ | 159,527 | 1.1 | % | $ | 169,316 | $ | 161,478 | ||||||||||||
Operating Margins | ||||||||||||||||||||||
NOI to real estate revenue, net | 56.0 | % | 55.6 | % | 56.8 | % | 53.1 | % | ||||||||||||||
Cash NOI to real estate revenue, net | 51.1 | % | 52.0 | % | 52.8 | % | 53.1 | % | ||||||||||||||
NOI before ground rent/real estate revenue, net | 58.7 | % | 58.4 | % | 59.5 | % | 55.9 | % | ||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 53.6 | % | 54.6 | % | 55.3 | % | 55.7 | % |
Supplemental Information | 20 | First Quarter 2017 |
SELECTED FINANCIAL DATA 2017 Same Store - Joint Ventures Unaudited (Dollars in Thousands) | ||
For the three months ended | |||||||||||||||||||||
March 31, | March 31, | December 31, | September 30, | ||||||||||||||||||
2017 | 2016 | % | 2016 | 2016 | |||||||||||||||||
Revenues | |||||||||||||||||||||
Rental revenue, net | $ | 44,134 | $ | 42,091 | 4.9 | % | $ | 45,170 | $ | 42,812 | |||||||||||
Escalation & reimbursement revenues | 4,119 | 2,789 | 47.7 | % | 4,434 | 3,875 | |||||||||||||||
Other income | 587 | 2,217 | (73.5 | )% | 2,014 | 434 | |||||||||||||||
Total Revenues | $ | 48,840 | $ | 47,097 | 3.7 | % | $ | 51,618 | $ | 47,121 | |||||||||||
Expenses | |||||||||||||||||||||
Operating expenses | $ | 8,460 | $ | 7,966 | 6.2 | % | $ | 8,295 | $ | 8,448 | |||||||||||
Ground rent | — | — | — | % | — | — | |||||||||||||||
Real estate taxes | 8,208 | 7,627 | 7.6 | % | 8,218 | 8,241 | |||||||||||||||
$ | 16,668 | $ | 15,593 | 6.9 | % | $ | 16,513 | $ | 16,689 | ||||||||||||
Operating Income | $ | 32,172 | $ | 31,504 | 2.1 | % | $ | 35,105 | $ | 30,432 | |||||||||||
Interest expense & amortization of financing costs | $ | 13,445 | $ | 19,302 | (30.3 | )% | $ | 14,052 | $ | 14,520 | |||||||||||
Depreciation & amortization | 14,598 | 13,105 | 11.4 | % | 14,338 | 13,916 | |||||||||||||||
Income (loss) before noncontrolling interest | $ | 4,129 | $ | (903 | ) | (557.3 | )% | $ | 6,715 | $ | 1,996 | ||||||||||
Plus: | Real estate depreciation & amortization | 14,597 | 13,105 | 11.4 | % | 14,338 | 13,916 | ||||||||||||||
FFO Contribution | $ | 18,726 | $ | 12,202 | 53.5 | % | $ | 21,053 | $ | 15,912 | |||||||||||
Less: | Non–building revenue | 141 | 139 | 1.4 | % | 1,085 | 98 | ||||||||||||||
Plus: | Interest expense & amortization of financing costs | 13,445 | 19,302 | (30.3 | )% | 14,052 | 14,520 | ||||||||||||||
Non-real estate depreciation | 1 | — | — | % | — | — | |||||||||||||||
NOI | $ | 32,031 | $ | 31,365 | 2.1 | % | $ | 34,020 | $ | 30,334 | |||||||||||
Cash Adjustments | |||||||||||||||||||||
Less: | Free rent (net of amortization) | $ | (144 | ) | $ | 2,498 | (105.8 | )% | $ | 594 | $ | 1,349 | |||||||||
Straightline revenue adjustment | 2,753 | 1,437 | 91.6 | % | 2,966 | 1,714 | |||||||||||||||
Rental income - FAS 141 | 479 | 443 | 8.1 | % | 411 | 429 | |||||||||||||||
Plus: | Ground lease straight-line adjustment | — | — | — | % | — | — | ||||||||||||||
Allowance for S/L tenant credit loss | — | — | — | % | — | — | |||||||||||||||
Cash NOI | $ | 28,943 | $ | 26,987 | 7.2 | % | $ | 30,049 | $ | 26,842 | |||||||||||
Operating Margins | |||||||||||||||||||||
NOI to real estate revenue, net | 65.8 | % | 66.8 | % | 67.3 | % | 64.5 | % | |||||||||||||
Cash NOI to real estate revenue, net | 59.4 | % | 57.5 | % | 59.5 | % | 57.1 | % | |||||||||||||
NOI before ground rent/real estate revenue, net | 65.8 | % | 66.8 | % | 67.3 | % | 64.5 | % | |||||||||||||
Cash NOI before ground rent/real estate revenue, net | 59.4 | % | 57.5 | % | 59.5 | % | 57.1 | % |
Supplemental Information | 21 | First Quarter 2017 |
SELECTED FINANCIAL DATA 2017 Same Store - Combined Unaudited (Dollars in Thousands) | ||
For the three months ended | ||||||||||||||||||||||
March 31, | March 31, | December 31, | September 30, | |||||||||||||||||||
2017 | 2016 | % | 2016 | 2016 | ||||||||||||||||||
Revenues | ||||||||||||||||||||||
Rental revenue, net | $ | 316,622 | $ | 305,532 | 3.6 | % | $ | 315,961 | $ | 295,023 | ||||||||||||
Escalation & reimbursement revenues | 46,804 | 44,490 | 5.2 | % | 52,694 | 54,497 | ||||||||||||||||
Other income | 2,013 | 4,246 | (52.6 | )% | 3,621 | 2,200 | ||||||||||||||||
Total Revenues | $ | 365,439 | $ | 354,268 | 3.2 | % | $ | 372,276 | $ | 351,720 | ||||||||||||
Expenses | ||||||||||||||||||||||
Operating expenses | $ | 78,246 | $ | 77,309 | 1.2 | % | $ | 78,160 | $ | 80,867 | ||||||||||||
Ground rent | 8,520 | 8,520 | — | % | 8,520 | 8,550 | ||||||||||||||||
Real estate taxes | 68,903 | 65,890 | 4.6 | % | 68,217 | 69,872 | ||||||||||||||||
$ | 155,669 | $ | 151,719 | 2.6 | % | $ | 154,897 | $ | 159,289 | |||||||||||||
Operating Income | $ | 209,770 | $ | 202,549 | 3.6 | % | $ | 217,379 | $ | 192,431 | ||||||||||||
Interest expense & amortization of financing costs | $ | 57,413 | $ | 64,361 | (10.8 | )% | $ | 59,339 | $ | 60,391 | ||||||||||||
Depreciation & amortization | 99,606 | 93,720 | 6.3 | % | 105,530 | 106,051 | ||||||||||||||||
Income before noncontrolling interest | $ | 52,751 | $ | 44,468 | 18.6 | % | $ | 52,510 | $ | 25,989 | ||||||||||||
Plus: | Real estate depreciation & amortization | 99,538 | 93,651 | 6.3 | % | 105,462 | 105,982 | |||||||||||||||
FFO Contribution | $ | 152,289 | $ | 138,119 | 10.3 | % | $ | 157,972 | $ | 131,971 | ||||||||||||
Less: | Non–building revenue | 1,036 | 526 | 97.0 | % | 1,329 | 581 | |||||||||||||||
Plus: | Interest expense & amortization of financing costs | 57,413 | 64,361 | (10.8 | )% | 59,339 | 60,391 | |||||||||||||||
Non-real estate depreciation | 68 | 69 | (1.4 | )% | 68 | 69 | ||||||||||||||||
NOI | $ | 208,734 | $ | 202,023 | 3.3 | % | $ | 216,050 | $ | 191,850 | ||||||||||||
Cash Adjustments | ||||||||||||||||||||||
Less: | Free rent (net of amortization) | $ | 3,123 | $ | 3,564 | (12.4 | )% | $ | 7,461 | $ | 4,247 | |||||||||||
Straightline revenue adjustment | 9,667 | 10,085 | (4.1 | )% | 7,047 | 10,539 | ||||||||||||||||
Rental income - FAS 141 | 5,248 | 4,138 | 26.8 | % | 4,752 | (2,320 | ) | |||||||||||||||
Plus: | Ground lease straight-line adjustment | 524 | 608 | (13.8 | )% | 531 | 565 | |||||||||||||||
Allowance for S/L tenant credit loss | (1,036 | ) | 1,670 | (162.0 | )% | 2,044 | 8,371 | |||||||||||||||
Cash NOI | $ | 190,184 | $ | 186,514 | 2.0 | % | $ | 199,365 | $ | 188,320 | ||||||||||||
Operating Margins | ||||||||||||||||||||||
NOI to real estate revenue, net | 57.3 | % | 57.1 | % | 58.2 | % | 53.4 | % | ||||||||||||||
Cash NOI to real estate revenue, net | 52.2 | % | 52.7 | % | 53.7 | % | 52.4 | % | ||||||||||||||
NOI before ground rent/real estate revenue, net | 59.6 | % | 59.5 | % | 60.5 | % | 55.7 | % | ||||||||||||||
Cash NOI before ground rent/real estate revenue, net | 54.4 | % | 55.0 | % | 55.9 | % | 54.6 | % |
Supplemental Information | 22 | First Quarter 2017 |
DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands) | ||
Principal | 2017 | Initial | Principal | As-Of | ||||||||||||||||||||||
Ownership | Outstanding | Principal | Maturity | Due at | Right | Earliest | ||||||||||||||||||||
Fixed rate debt | Interest (%) | 3/31/2017 | Coupon (1) | Amortization | Date | Maturity | Extension | Prepayment | ||||||||||||||||||
Secured fixed rate debt | ||||||||||||||||||||||||||
1 Madison Avenue | 100.0 | $ | 509,967 | 5.91% | $ | 31,653 | May-20 | $ | 404,531 | — | Nov-19 | |||||||||||||||
762 Madison Avenue | 90.0 | 771 | 5.00% | — | Feb-22 | 771 | — | Open | ||||||||||||||||||
100 Church Street | 100.0 | 220,161 | 4.68% | 3,860 | Jul-22 | 197,784 | — | Apr-22 | ||||||||||||||||||
919 Third Avenue | 51.0 | 500,000 | 5.12% | — | Jun-23 | 500,000 | — | Feb-23 | ||||||||||||||||||
420 Lexington Avenue | 100.0 | 300,000 | 3.99% | — | Oct-24 | 272,749 | — | Jul-24 | ||||||||||||||||||
1515 Broadway | 100.0 | 884,470 | 3.93% | 16,003 | Mar-25 | 737,436 | — | Sep-24 | ||||||||||||||||||
400 East 58th Street | 90.0 | 40,000 | 3.00% | — | Nov-26 | 33,840 | — | Aug-21 | ||||||||||||||||||
1-6 Landmark Square | 100.0 | 100,000 | 4.91% | — | Jan-27 | 100,000 | — | Oct-26 | ||||||||||||||||||
485 Lexington Avenue | 100.0 | 450,000 | 4.22% | — | Feb-27 | 450,000 | — | Oct-26 | ||||||||||||||||||
1080 Amsterdam | 92.5 | 36,363 | 3.58% | — | Feb-27 | 29,503 | — | Open | ||||||||||||||||||
315 West 33rd Street | 100.0 | 250,000 | 4.24% | — | Feb-27 | 250,000 | — | Open | ||||||||||||||||||
$ | 3,291,732 | 4.55% | $ | 51,516 | $ | 2,976,614 | ||||||||||||||||||||
Unsecured fixed rate debt | ||||||||||||||||||||||||||
Convertible notes | $ | 337,461 | 3.00% | $ | — | Oct-17 | $ | 345,000 | — | Open | ||||||||||||||||
Unsecured loan | 16,000 | 4.81% | — | Jun-18 | 16,000 | — | Open | |||||||||||||||||||
Unsecured notes | 249,898 | 5.00% | — | Aug-18 | 250,000 | — | Jun-18 | |||||||||||||||||||
Term loan (swapped) | 500,000 | 2.34% | — | Jun-19 | (2) | 500,000 | — | Open | ||||||||||||||||||
Term loan (swapped) | 300,000 | 2.54% | — | Jun-19 | (3) | 300,000 | — | Open | ||||||||||||||||||
Unsecured notes | 250,000 | 7.75% | — | Mar-20 | 250,000 | — | Open | |||||||||||||||||||
Unsecured notes | 200,000 | 4.50% | — | Dec-22 | 200,000 | — | Open | |||||||||||||||||||
Unsecured notes | 100,000 | 4.27% | — | Dec-25 | 100,000 | — | Open | |||||||||||||||||||
Series J Preferred Units | 4,000 | 3.75% | — | Apr-51 | 4,000 | — | Open | |||||||||||||||||||
$ | 1,957,359 | 3.86% | $ | — | $ | 1,965,000 | ||||||||||||||||||||
Total Fixed Rate Debt/Wtd Avg | $ | 5,249,091 | 4.29% | $ | 51,516 | $ | 4,941,614 | |||||||||||||||||||
Floating rate debt | ||||||||||||||||||||||||||
Secured floating rate debt | ||||||||||||||||||||||||||
719 Seventh Avenue (LIBOR + 305 bps) | 75.0 | $ | 39,521 | 4.03% | $ | — | Feb-18 | $ | 39,521 | — | Open | |||||||||||||||
187 Broadway & 5-7 Dey Street (LIBOR + 269.5 bps) | 100.0 | 58,000 | 3.68% | — | May-18 | 58,000 | — | Open | ||||||||||||||||||
Debt & preferred equity facility (LIBOR + 312 bps) | 184,642 | 4.10% | — | Jul-18 | 184,642 | Jul-19 | Open | |||||||||||||||||||
220 East 42nd St. (LIBOR + 160 bps) | 100.0 | 275,000 | 2.58% | — | Oct-20 | 275,000 | — | Open | ||||||||||||||||||
One Vanderbilt (LIBOR + 350 bps) | 71.0 | 100,000 | 4.48% | — | Sep-21 | 100,000 | — | Open | ||||||||||||||||||
$ | 657,163 | 3.48% | $ | — | $ | 657,163 | ||||||||||||||||||||
Unsecured floating rate debt | ||||||||||||||||||||||||||
Term loan (LIBOR + 140 bps) | $ | 383,000 | 2.38% | $ | — | Jun-19 | $ | 383,000 | — | Open | ||||||||||||||||
Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps) | 100,000 | 2.40% | — | Jul-35 | 100,000 | — | Open | |||||||||||||||||||
$ | 483,000 | 2.39% | $ | — | $ | 483,000 | ||||||||||||||||||||
Total Floating Rate Debt/Wtd Avg | $ | 1,140,163 | 3.02% | $ | — | $ | 1,140,163 | |||||||||||||||||||
Total Debt/Wtd Avg - Consolidated | $ | 6,389,254 | 4.06% | $ | 51,516 | $ | 6,081,777 | |||||||||||||||||||
885 Third Avenue (4) | 267,650 | 6.26% | ||||||||||||||||||||||||
Deferred financing costs | (82,988 | ) | ||||||||||||||||||||||||
Total Debt/Wtd Avg - Consolidated, net | $ | 6,573,916 | 4.15% | |||||||||||||||||||||||
Total Debt/Wtd Avg - Joint Venture, net | $ | 2,743,257 | 3.52% | |||||||||||||||||||||||
Total Debt including SLG's share of JV Debt/Wtd Avg | $ | 9,164,556 | 3.90% | |||||||||||||||||||||||
Weighted Average Balance & Interest Rate for the quarter, including SLG's share of JV Debt | $ | 9,452,779 | 3.87% | |||||||||||||||||||||||
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors. | ||||||||||||||||||||||||||
(2) The interest rate swaps mature in December 2017. | ||||||||||||||||||||||||||
(3) The interest rate swaps mature in July 2023. | ||||||||||||||||||||||||||
(4) 885 Third Avenue was sold in February 2016 but did not meet the criteria for sale accounting at that time and, therefore, remains consolidated. We will deconsolidate the property in the second quarter of 2017. |
Supplemental Information | 23 | First Quarter 2017 |
DEBT SUMMARY SCHEDULE Unconsolidated Joint Ventures Unaudited (Dollars in Thousands) | ||
Principal Outstanding | 2017 | Initial | Principal | As-Of | |||||||||||||||||||||||||
Ownership | 3/31/2017 | Principal Amortization | Maturity | Due at Maturity | Right | Earliest | |||||||||||||||||||||||
Fixed rate debt | Interest (%) | Gross Principal | SLG Share | Coupon (1) | (SLG Share) | Date | (SLG Share) | Extension | Prepayment | ||||||||||||||||||||
521 Fifth Avenue (swapped) | 50.5 | $ | 170,000 | $ | 85,850 | 3.73% | $ | — | Nov-19 | $ | 85,850 | — | Open | ||||||||||||||||
717 Fifth Avenue (mortgage) | 10.9 | 300,000 | 32,748 | 4.45% | — | Jul-22 | 32,748 | — | Open | ||||||||||||||||||||
717 Fifth Avenue (mezzanine) | 10.9 | 355,328 | 38,788 | 5.50% | — | Jul-22 | 38,788 | — | Mar-22 | ||||||||||||||||||||
21 East 66th Street | 32.3 | 12,000 | 3,874 | 3.60% | — | Apr-23 | 3,874 | — | Open | ||||||||||||||||||||
3 Columbus Circle | 48.9 | 350,000 | 171,150 | 3.61% | — | Mar-25 | 171,150 | — | Sep-24 | ||||||||||||||||||||
11 Madison Avenue | 60.0 | 1,400,000 | 840,000 | 3.84% | — | Sep-25 | 840,000 | — | Mar-25 | ||||||||||||||||||||
800 Third Avenue (swapped) | 60.5 | 177,000 | 107,120 | 3.37% | — | Feb-26 | 107,120 | — | Feb-17 | ||||||||||||||||||||
400 East 57th Street | 41.0 | 100,000 | 41,000 | 3.00% | — | Nov-26 | 35,889 | — | Open | ||||||||||||||||||||
Stonehenge Portfolio | Various | 347,671 | (2) | 20,346 | 4.20% | 408 | Various | (2) | 18,584 | — | Open | ||||||||||||||||||
Total Fixed Rate Debt/Wtd Avg | $ | 3,211,999 | $ | 1,340,876 | 3.81% | (3) | $ | 408 | $ | 1,334,003 | |||||||||||||||||||
Floating rate debt | |||||||||||||||||||||||||||||
55 West 46th Street (LIBOR + 230 bps) | 25.0 | $ | 159,718 | $ | 39,929 | 3.28% | $ | — | Oct-17 | $ | 39,929 | — | Open | ||||||||||||||||
175-225 3rd Street (Prime + 100 bps) | 95.0 | 40,000 | 38,000 | 5.00% | — | Dec-17 | 38,000 | — | Open | ||||||||||||||||||||
Jericho Plaza (LIBOR + 415 bps) | 11.7 | 76,993 | 8,985 | 5.13% | — | Mar-18 | 8,985 | Mar-19 | Open | ||||||||||||||||||||
724 Fifth Avenue (LIBOR + 243 bps) | 50.0 | 275,000 | 137,500 | 3.41% | — | Apr-18 | 137,500 | Apr-19 | Open | ||||||||||||||||||||
1552 Broadway (LIBOR + 417 bps) | 50.0 | 185,410 | 92,705 | 5.15% | — | Apr-18 | 92,705 | — | Open | ||||||||||||||||||||
605 West 42nd Street (Various) | 20.0 | 539,000 | 107,800 | 3.02% | — | Jul-18 | 107,800 | — | Open | ||||||||||||||||||||
650 Fifth Avenue (LIBOR + 375 bps) | 50.0 | 86,500 | 43,250 | 4.73% | — | Aug-18 | 43,250 | — | Open | ||||||||||||||||||||
280 Park Avenue (LIBOR + 200 bps) | 50.0 | 900,000 | 450,000 | 2.98% | — | Jun-19 | 450,000 | — | Open | ||||||||||||||||||||
121 Greene Street (LIBOR + 150 bps) | 50.0 | 15,000 | 7,500 | 2.48% | — | Nov-19 | 7,500 | — | Open | ||||||||||||||||||||
1745 Broadway (LIBOR + 185 bps) | 56.9 | 345,000 | 196,202 | 2.83% | — | Jan-20 | 196,202 | — | Open | ||||||||||||||||||||
10 East 53rd Street (LIBOR + 225 bps) | 55.0 | 170,000 | 93,500 | 3.23% | — | Feb-20 | 93,500 | — | Open | ||||||||||||||||||||
131-137 Spring Street (LIBOR + 155 bps) | 20.0 | 141,000 | 28,200 | 2.53% | — | Aug-20 | 28,200 | — | Open | ||||||||||||||||||||
11 West 34th Street (LIBOR + 145 bps) | 30.0 | 23,000 | 6,900 | 2.43% | — | Jan-21 | 6,900 | Jan-23 | Open | ||||||||||||||||||||
100 Park Avenue (LIBOR + 175 bps) | 49.9 | 360,000 | 179,640 | 2.73% | — | Feb-21 | 175,859 | — | Open | ||||||||||||||||||||
21 East 66th Street (T 12 mos + 275 bps) | 32.3 | 1,706 | 551 | 3.78% | 26 | Jun-33 | 4 | — | Open | ||||||||||||||||||||
Stonehenge Portfolio (Various) | Various | 65,489 | 3,764 | 6.32% | 16 | Various | 3,764 | — | Open | ||||||||||||||||||||
Total Floating Rate Debt/Wtd Avg | $ | 3,383,816 | $ | 1,434,426 | 3.25% | (3) | $ | 42 | $ | 1,430,098 | |||||||||||||||||||
Total Joint Venture Debt/Wtd Avg | $ | 6,595,815 | $ | 2,775,302 | 3.52% | (3) | $ | 450 | $ | 2,764,101 | |||||||||||||||||||
Deferred financing costs | (97,083 | ) | (32,045 | ) | |||||||||||||||||||||||||
Total Joint Venture Debt/Wtd Avg, net | $ | 6,498,732 | $ | 2,743,257 | 3.52% | ||||||||||||||||||||||||
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors. | |||||||||||||||||||||||||||||
(2) Amount is comprised of $34.3 million, $139.0 million, and $174.4 million in fixed-rate mortgages that mature in November 2017, August 2019, and June 2024, respectively. | |||||||||||||||||||||||||||||
(3) The weighted average coupon is calculated based on SL Green's share of the outstanding debt. | |||||||||||||||||||||||||||||
Covenants | Composition of Debt | ||||||||||||||||||||||||||||
SL GREEN REALTY CORP. | |||||||||||||||||||||||||||||
Revolving Credit Facility Covenants | Fixed Rate Debt | ||||||||||||||||||||||||||||
Actual | Required | Consolidated | $ | 5,249,091 | |||||||||||||||||||||||||
Total Debt / Total Assets | 39.0% | Less than 60% | SLG Share of JV | 1,340,876 | |||||||||||||||||||||||||
Fixed Charge Coverage | 2.74x | Greater than 1.5x | Total Fixed Rate Debt | $ | 6,589,967 | 71.9% | |||||||||||||||||||||||
Floating Rate Debt | |||||||||||||||||||||||||||||
Consolidated | $ | 1,140,163 | |||||||||||||||||||||||||||
Unsecured Notes Covenants | SLG Share of JV | 1,434,426 | |||||||||||||||||||||||||||
Actual | Required | 2,574,589 | |||||||||||||||||||||||||||
Total Debt / Total Assets | 29.5% | Less than 60% | Debt & Preferred Equity and Other Investments | (1,343,406 | ) | ||||||||||||||||||||||||
Secured Debt / Total Assets | 19.3% | Less than 40% | Total Floating Rate Debt | $ | 1,231,183 | 13.4% | |||||||||||||||||||||||
Debt Service Coverage | 6.08x | Greater than 1.5x | |||||||||||||||||||||||||||
Unencumbered Assets / Unsecured Debt | 768.8% | Greater than 150% | Total Debt | $ | 9,164,556 | ||||||||||||||||||||||||
Supplemental Information | 24 | First Quarter 2017 |
DEBT SUMMARY SCHEDULE Reckson Operating Partnership Unaudited (Dollars in Thousands) | ||
Principal | 2017 | Initial | Principal | As-Of | ||||||||||||||||||||||
Ownership | Outstanding | Principal | Maturity | Due at | Right | Earliest | ||||||||||||||||||||
Fixed rate debt | Interest (%) | 3/31/2017 | Coupon (1) | Amortization | Date | Maturity | Extension | Prepayment | ||||||||||||||||||
Secured fixed rate debt | ||||||||||||||||||||||||||
919 Third Avenue | 51.0 | $ | 500,000 | 5.12 | % | $ | — | Jun-23 | $ | 500,000 | — | Feb-23 | ||||||||||||||
315 West 33rd Street | 100.0 | 250,000 | 4.24 | % | — | Feb-27 | 250,000 | — | Open | |||||||||||||||||
$ | 750,000 | 4.82 | % | $ | — | $ | 750,000 | |||||||||||||||||||
Unsecured fixed rate debt | ||||||||||||||||||||||||||
Unsecured notes | $ | 249,898 | 5.00 | % | $ | — | Aug-18 | $ | 250,000 | — | Jun-18 | |||||||||||||||
Term loan (swapped) | 500,000 | 2.34 | % | — | Jun-19 | (2) | 500,000 | — | Open | |||||||||||||||||
Term loan (swapped) | 300,000 | 2.54 | % | — | Jun-19 | (3) | 300,000 | — | Open | |||||||||||||||||
Unsecured notes | 250,000 | 7.75 | % | — | Mar-20 | 250,000 | — | Open | ||||||||||||||||||
Unsecured notes | 200,000 | 4.50 | % | — | Dec-22 | 200,000 | — | Open | ||||||||||||||||||
Unsecured notes | 100,000 | 4.27 | % | — | Dec-25 | 100,000 | — | Open | ||||||||||||||||||
$ | 1,599,898 | 4.03 | % | $ | — | $ | 1,600,000 | |||||||||||||||||||
Total Fixed Rate Debt/Wtd Avg | $ | 2,349,898 | 4.28 | % | $ | — | $ | 2,350,000 | ||||||||||||||||||
Floating rate debt | ||||||||||||||||||||||||||
Secured floating rate debt | ||||||||||||||||||||||||||
Debt & preferred equity facility (LIBOR + 312 bps) | $ | 184,642 | 4.10 | % | $ | — | Jul-18 | $ | 184,642 | Jul-19 | Open | |||||||||||||||
$ | 184,642 | 4.10 | % | $ | — | $ | 184,642 | |||||||||||||||||||
Unsecured floating rate debt | ||||||||||||||||||||||||||
Term loan (LIBOR + 140 bps) | $ | 383,000 | 2.38 | % | $ | — | Jun-19 | $ | 383,000 | — | Open | |||||||||||||||
$ | 383,000 | 2.38 | % | $ | — | $ | 383,000 | |||||||||||||||||||
Total Floating Rate Debt/Wtd Avg | $ | 567,642 | 2.94 | % | $ | — | $ | 567,642 | ||||||||||||||||||
Total Debt/Wtd Avg - Consolidated | $ | 2,917,540 | 4.02 | % | $ | — | $ | 2,917,642 | ||||||||||||||||||
(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors. | ||||||||||||||||||||||||||
(2) The interest rate swaps mature in December 2017. | ||||||||||||||||||||||||||
(3) The interest rate swaps mature in July 2023. | ||||||||||||||||||||||||||
Covenants | ||||||||||||||||||||||||||
RECKSON OPERATING PARTNERSHIP, L.P. | ||||||||||||||||||||||||||
Revolving Credit Facility Covenants | ||||||||||||||||||||||||||
Actual | Required | |||||||||||||||||||||||||
Total Debt / Total Assets | 33.7% | Less than 60% | ||||||||||||||||||||||||
Fixed Charge Coverage | 5.54x | Greater than 1.5x | ||||||||||||||||||||||||
Secured Debt / Total Assets | 7.5% | Less than 40% | ||||||||||||||||||||||||
Unsecured Debt / Unencumbered Assets | 39.4% | Less than 60% | ||||||||||||||||||||||||
Unsecured Notes Covenants | ||||||||||||||||||||||||||
Actual | Required | |||||||||||||||||||||||||
Total Debt / Total Assets | 29.5% | Less than 60% | ||||||||||||||||||||||||
Secured Debt / Total Assets | 19.3% | Less than 40% | ||||||||||||||||||||||||
Debt Service Coverage | 6.08x | Greater than 1.5x | ||||||||||||||||||||||||
Unencumbered Assets / Unsecured Debt | 768.8% | Greater than 150% | ||||||||||||||||||||||||
Supplemental Information | 25 | First Quarter 2017 |
SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands) | ||
Deferred Land | |||||||||||||||||||||||||||||
2017 Scheduled | 2018 Scheduled | 2019 Scheduled | 2020 Scheduled | 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 | 667 | 2027 | (3) | ||||||||||||||||||||||
711 Third Avenue | 5,500 | 5,500 | 5,500 | 5,500 | 1,151 | 2033 | (4) | ||||||||||||||||||||||
1185 Avenue of the Americas | 6,909 | 6,909 | 6,909 | 6,909 | — | 2043 | |||||||||||||||||||||||
420 Lexington Avenue | 10,899 | 10,899 | 10,899 | 11,174 | — | 2050 | (5) | ||||||||||||||||||||||
1055 Washington Blvd, Stamford | 615 | 615 | 615 | 615 | — | 2090 | |||||||||||||||||||||||
1080 Amsterdam Avenue | 209 | 209 | 226 | 314 | — | 2111 | |||||||||||||||||||||||
30 East 40th Street | 204 | 204 | 204 | 212 | 929 | 2114 | |||||||||||||||||||||||
Total | $ | 31,049 | $ | 31,049 | $ | 31,066 | $ | 31,437 | $ | 2,747 | |||||||||||||||||||
Capitalized Leases | |||||||||||||||||||||||||||||
1080 Amsterdam Avenue | $ | 291 | $ | 291 | $ | 315 | $ | 436 | $ | 21,639 | 2111 | ||||||||||||||||||
30 East 40th Street | 2,096 | 2,096 | 2,096 | 2,183 | 20,665 | 2114 | |||||||||||||||||||||||
Total | $ | 2,387 | $ | 2,387 | $ | 2,411 | $ | 2,619 | $ | 42,304 | |||||||||||||||||||
Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share) | |||||||||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||||||||
650 Fifth Avenue (Floors bsmt-3) | $ | 1,167 | $ | 1,183 | $ | 1,284 | $ | 1,284 | $ | 2,285 | 2062 | ||||||||||||||||||
650 Fifth Avenue (Floors 4-6) | — | 18 | 1,645 | 1,645 | 534 | 2033 | |||||||||||||||||||||||
333 East 22nd Street | 108 | 135 | 217 | 217 | 318 | 2115 | |||||||||||||||||||||||
Total | $ | 1,275 | $ | 1,336 | $ | 3,146 | $ | 3,146 | $ | 3,137 | |||||||||||||||||||
Capitalized Leases | |||||||||||||||||||||||||||||
650 Fifth Avenue (Floors 1-3) | $ | 6,086 | $ | 6,169 | $ | 6,695 | $ | 6,695 | $ | 93,401 | 2062 | ||||||||||||||||||
(1) Per the balance sheet at March 31, 2017. | |||||||||||||||||||||||||||||
(2) Subject to renewal at the Company's option through 2054. | |||||||||||||||||||||||||||||
(3) The Company has an option to purchase the ground lease for a fixed price on a specific date. | |||||||||||||||||||||||||||||
(4) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest. | |||||||||||||||||||||||||||||
(5) Subject to two 15-year renewals at the Company's option through 2080. |
Supplemental Information | 26 | First Quarter 2017 |
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands) | ||
Weighted Average Book | Weighted Average | Current | ||||||||||||||
Book Value (1) | Value During Quarter | Yield During Quarter (2) | Yield (3) | |||||||||||||
3/31/2016 | $ | 1,378,616 | $ | 1,652,321 | 10.35% | 10.39% | ||||||||||
Debt originations/accretion(4) | 125,993 | |||||||||||||||
Preferred Equity originations/accretion(4) | 255 | |||||||||||||||
Redemptions/Sales/Syndications/Amortization | (147,683 | ) | ||||||||||||||
6/30/2016 | $ | 1,357,181 | $ | 1,373,151 | 9.50% | 9.40% | ||||||||||
Debt originations/accretion(4) | 330,576 | |||||||||||||||
Preferred Equity originations/accretion(4) | 4,809 | |||||||||||||||
Redemptions/Sales/Syndications/Amortization | (239,332 | ) | ||||||||||||||
9/30/2016 | $ | 1,453,234 | $ | 1,383,096 | 9.37% | 9.23% | ||||||||||
Debt originations/accretion(4) | 424,414 | |||||||||||||||
Preferred Equity originations/accretion(4) | 30 | |||||||||||||||
Redemptions/Sales/Syndications/Amortization | (237,266 | ) | ||||||||||||||
12/31/2016 | $ | 1,640,412 | $ | 1,511,273 | 9.30% | 9.31% | ||||||||||
Debt originations/accretion(4) | 403,888 | |||||||||||||||
Preferred Equity originations/accretion(4) | 30 | |||||||||||||||
Redemptions/Sales/Syndications/Amortization | (416,494 | ) | ||||||||||||||
3/31/2017 | $ | 1,627,836 | (5) | $ | 1,647,359 | 9.35% | 9.39% | |||||||||
(1) Net of unamortized fees, discounts, and premiums. | ||||||||||||||||
(2) Excludes accelerated fee income resulting from early repayment. | ||||||||||||||||
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income | ||||||||||||||||
resulting from early repayment. | ||||||||||||||||
(4) Accretion includes amortization of fees and discounts and paid-in-kind investment income. | ||||||||||||||||
(5) Excludes debt and preferred equity investments totaling $339.9 million with a weighted average current yield of 7.93% that are included in other balance sheet line items. |
Supplemental Information | 27 | First Quarter 2017 |
DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts) | ||
Book Value | Senior | Weighted Average | Weighted Average | Current | ||||||||||||||||||||||||||
Type of Investment | Floating rate | Fixed rate | Total | Financing | Exposure PSF | Yield During Quarter (1) | Yield (2) | |||||||||||||||||||||||
Senior Mortgage Debt | $ | 362,011 | $ | 26,670 | $ | 388,681 | $ | — | $ | 444 | 7.04% | 7.09% | ||||||||||||||||||
Junior Mortgage Participation | 74,288 | — | 74,288 | 285,649 | $ | 3,085 | 9.87% | 9.63% | ||||||||||||||||||||||
Mezzanine Debt | 779,287 | 337,676 | 1,116,963 | 5,172,008 | $ | 1,594 | 10.15% | 10.21% | ||||||||||||||||||||||
Preferred Equity | 47,904 | — | 47,904 | 132,065 | $ | 426 | 8.28% | 8.36% | ||||||||||||||||||||||
Balance as of 3/31/17 | $ | 1,263,490 | $ | 364,346 | $ | 1,627,836 | (3) | $ | 5,589,722 | $ | 1,353 | 9.35% | 9.39% | |||||||||||||||||
(1) Excludes accelerated fee income resulting from early repayment. | ||||||||||||||||||||||||||||||
(2) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment. | ||||||||||||||||||||||||||||||
(3) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $339.9 million with a weighted average current yield of 7.93% that are included in other balance sheet line items. | ||||||||||||||||||||||||||||||
Debt and Preferred Equity Maturity Profile (1) | |||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 & Thereafter | |||||||||
Floating Rate | 169,926 | 519,457 | 458,787 | 99,707 | 15,614 | ||||||||
Fixed Rate | 66,197 | — | 26,324 | 197,704 | 74,120 | ||||||||
Total | 236,123 | 519,457 | 485,111 | 297,411 | 89,734 | ||||||||
(1) The weighted average maturity of the outstanding balance is 2.08 years. Approximately 74.5% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average maturity of the fully extended outstanding balance is 3.42 years. |
Supplemental Information | 28 | First Quarter 2017 |
10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts) | ||
Book Value(1) | Property | Senior | Current | ||||||||||||||||
Investment Type | 3/31/2017 | Type | Location | Financing | Last $ PSF(2) | Yield(3) | |||||||||||||
Mezzanine Loan | $ | 197,358 | Office | Manhattan | $ | 1,160,000 | $ | 1,183 | 9.37% | ||||||||||
Mortgage and Mezzanine Loans | 171,352 | Commercial/Multi-Family Rental Land | Manhattan | — | $ | 331 | 8.79% | ||||||||||||
Mortgage and Mezzanine Loans | 119,422 | Retail/Multi-Family Rental | Manhattan | — | $ | 808 | 8.96% | ||||||||||||
Mezzanine Loan | 74,543 | Multi-Family Rental | Manhattan | 335,000 | $ | 751 | 8.18% | ||||||||||||
Mezzanine Loan | 68,136 | Office | Manhattan | 210,770 | $ | 526 | 9.92% | ||||||||||||
Mortgage and Jr. Mortgage Participation Loans | 66,483 | Office/Retail | Brooklyn | 185,649 | $ | 348 | 9.32% | ||||||||||||
Mezzanine Loan | 66,197 | Office | Manhattan | 502,100 | $ | 529 | 8.35% | ||||||||||||
Mezzanine Loan | 65,993 | Multi-Family Rental | Manhattan | 502,066 | $ | 797 | 9.73% | ||||||||||||
Mezzanine Loan | 64,870 | Office | Manhattan | 265,704 | $ | 58 | 11.72% | ||||||||||||
Mezzanine Loan | 57,496 | Office | Manhattan | 169,152 | $ | 571 | 9.41% | ||||||||||||
Total | $ | 951,850 | $ | 3,330,441 | 9.27% | ||||||||||||||
(1) Net of unamortized fees, discounts, and premiums. | |||||||||||||||||||
(2) Reflects the last dollar of exposure to the Company's most junior position. | |||||||||||||||||||
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income | |||||||||||||||||||
resulting from early repayment. |
Supplemental Information | 29 | First Quarter 2017 |
SELECTED PROPERTY DATA Manhattan Operating Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized Cash Rent | Total | ||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | 100 | % | SLG% | Tenants | |||||||||||||||||
CONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||||
"Same Store" | |||||||||||||||||||||||||||||||||
100 Church Street | 100.0 | Downtown | Fee Interest | 1 | 1,047,500 | 3.8 | 99.4 | 99.5 | 99.5 | 99.5 | 99.0 | $41,800 | 4.2 | 3.2 | 18 | ||||||||||||||||||
110 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 215,400 | 0.8 | 91.0 | 92.0 | 99.9 | 91.8 | 97.8 | 9,910 | 1.0 | 0.8 | 23 | ||||||||||||||||||
125 Park Avenue | 100.0 | Grand Central | Fee Interest | 1 | 604,245 | 2.2 | 98.4 | 99.9 | 99.9 | 98.7 | 98.7 | 40,364 | 4.0 | 3.1 | 25 | ||||||||||||||||||
220 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 1,135,000 | 4.1 | 76.0 | 75.8 | 79.5 | 88.1 | 90.8 | 42,937 | 4.3 | 3.3 | 29 | ||||||||||||||||||
304 Park Avenue South | 100.0 | Midtown South | Fee Interest | 1 | 215,000 | 0.8 | 100.0 | 100.0 | 100.0 | 99.1 | 83.8 | 15,185 | 1.5 | 1.2 | 12 | ||||||||||||||||||
420 Lexington Ave (Graybar) | 100.0 | Grand Central North | Leasehold Interest | 1 | 1,188,000 | 4.3 | 96.8 | 97.0 | 98.6 | 98.1 | 97.1 | 79,194 | 7.9 | 6.0 | 204 | ||||||||||||||||||
461 Fifth Avenue | 100.0 | Midtown | Leasehold Interest (1) | 1 | 200,000 | 0.7 | 99.9 | 99.9 | 99.9 | 99.9 | 99.9 | 18,460 | 1.8 | 1.4 | 10 | ||||||||||||||||||
485 Lexington Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 921,000 | 3.4 | 75.7 | 96.8 | 96.6 | 98.1 | 98.1 | 48,790 | 4.9 | 3.7 | 25 | ||||||||||||||||||
555 West 57th Street | 100.0 | Midtown West | Fee Interest | 1 | 941,000 | 3.4 | 99.9 | 99.9 | 99.9 | 99.9 | 99.7 | 40,621 | 4.1 | 3.1 | 9 | ||||||||||||||||||
609 Fifth Avenue | 100.0 | Rockefeller Center | Fee Interest | 1 | 160,000 | 0.6 | 72.8 | 76.6 | 76.6 | 76.1 | 76.1 | 14,858 | 1.5 | 1.1 | 13 | ||||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 1 | 563,000 | 2.1 | 98.8 | 98.8 | 98.8 | 98.2 | 97.2 | 59,300 | 5.9 | 4.5 | 24 | ||||||||||||||||||
635 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 104,000 | 0.4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 8,969 | 0.9 | 0.7 | 2 | ||||||||||||||||||
641 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 163,000 | 0.6 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 13,827 | 1.4 | 1.0 | 6 | ||||||||||||||||||
711 Third Avenue | 100.0 (2) | Grand Central North | Leasehold Interest | 1 | 524,000 | 2.3 | 92.2 | 92.2 | 88.7 | 68.3 | 66.4 | 32,441 | 3.2 | 2.5 | 19 | ||||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 780,000 | 2.9 | 98.8 | 99.0 | 97.5 | 97.5 | 96.0 | 47,809 | 4.8 | 3.6 | 33 | ||||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 1 | 692,000 | 2.5 | 93.6 | 93.6 | 94.1 | 94.1 | 92.4 | 45,383 | 4.5 | 3.4 | 47 | ||||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1 | 1,454,000 | 5.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 97,876 | 3.8 | 9 | |||||||||||||||||||
1185 Avenue of the Americas | 100.0 | Rockefeller Center | Leasehold Interest | 1 | 1,062,000 | 3.9 | 99.0 | 99.0 | 94.3 | 99.0 | 99.0 | 91,521 | 9.2 | 6.9 | 16 | ||||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 1 | 562,000 | 2.1 | 90.2 | 87.9 | 98.8 | 98.5 | 99.6 | 40,653 | 4.1 | 3.1 | 34 | ||||||||||||||||||
1515 Broadway | 100.0 | Times Square | Fee Interest | 1 | 1,750,000 | 6.4 | 97.3 | 97.3 | 97.3 | 98.4 | 98.4 | 117,395 | 11.7 | 8.9 | 11 | ||||||||||||||||||
1 Madison Avenue | 100.0 | Park Avenue South | Fee Interest | 1 | 1,176,900 | 4.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 74,212 | 7.4 | 5.6 | 2 | ||||||||||||||||||
Added to Same Store in 2017 | |||||||||||||||||||||||||||||||||
30 East 40th Street | 60.0 | Grand Central South | Leasehold Interest | 1 | 69,446 | 0.3 | 93.2 | 94.5 | 96.3 | 99.2 | 99.2 | 4,485 | 0.2 | 57 | |||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 1 | 223,600 | 0.8 | 70.3 | 69.3 | 74.7 | 77.3 | 80.3 | 10,262 | 0.7 | 55 | |||||||||||||||||||
600 Lexington Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 303,515 | 1.1 | 86.6 | 85.1 | 90.2 | 92.5 | 95.3 | 20,611 | 2.1 | 1.6 | 31 | ||||||||||||||||||
Subtotal / Weighted Average | 24 | 16,054,606 | 58.7 | % | 94.1 | % | 95.4 | % | 95.9 | % | 96.2 | % | 96.1 | % | $1,016,861 | 90.5 | % | 73.2 | % | 714 | |||||||||||||
Total / Weighted Average Consolidated Properties | 24 | 16,054,606 | 58.7 | % | 94.1 | % | 95.4 | % | 95.9 | % | 96.2 | % | 96.1 | % | $1,016,861 | 90.5 | % | 73.2 | % | 714 | |||||||||||||
UNCONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||||
"Same Store" | |||||||||||||||||||||||||||||||||
3 Columbus Circle | 48.9 | Columbus Circle | Fee Interest | 1 | 530,981 | 1.9 | 90.6 | 96.8 | 96.2 | 96.4 | 95.5 | $45,178 | 1.7 | 31 | |||||||||||||||||||
100 Park Avenue | 50.0 | Grand Central South | Fee Interest | 1 | 834,000 | 3.0 | 92.5 | 92.3 | 96.4 | 97.7 | 96.6 | 61,946 | 2.3 | 38 | |||||||||||||||||||
521 Fifth Avenue | 50.5 | Grand Central | Fee Interest | 1 | 460,000 | 1.7 | 93.6 | 89.2 | 89.2 | 86.8 | 87.3 | 29,966 | 1.1 | 43 | |||||||||||||||||||
800 Third Avenue | 60.5 | Grand Central North | Fee Interest | 1 | 526,000 | 1.9 | 98.2 | 97.8 | 97.1 | 96.2 | 95.6 | 35,645 | 1.6 | 42 | |||||||||||||||||||
1745 Broadway | 56.9 | Midtown | Fee Interest | 1 | 674,000 | 2.5 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 43,432 | 1.9 | 1 | |||||||||||||||||||
Added to Same Store in 2017 | |||||||||||||||||||||||||||||||||
280 Park Avenue | 50.0 | Park Avenue | Fee Interest | 1 | 1,219,158 | 4.5 | 87.4 | 82.3 | 82.3 | 81.7 | 81.0 | 110,984 | 4.2 | 32 | |||||||||||||||||||
Subtotal / Weighted Average | 6 | 4,244,139 | 15.5 | % | 92.8 | % | 91.6 | % | 92.2 | % | 91.9 | % | 91.4 | % | $327,151 | 12.9 | % | 187 | |||||||||||||||
"Non Same Store" | |||||||||||||||||||||||||||||||||
11 Madison Avenue | 60.0 | Park Avenue South | Fee Interest | 1 | 2,314,000 | 8.5 | 98.0 | 98.0 | 98.0 | 98.0 | 98.0 | $134,379 | 6.1 | 10 | |||||||||||||||||||
Subtotal / Weighted Average | 1 | 2,314,000 | 8.5 | % | 98.0 | % | 98.0 | % | 98.0 | % | 98.0 | % | 98.0 | % | $134,379 | 6.1 | % | 10 | |||||||||||||||
Total / Weighted Average Unconsolidated Properties | 7 | 6,558,139 | 24.0 | % | 94.7 | % | 93.8 | % | 94.3 | % | 94.1 | % | 93.7 | % | $461,530 | 19.0 | % | 197 | |||||||||||||||
Manhattan Operating Properties Grand Total / Weighted Average | 31 | 22,612,745 | 82.6 | % | 94.3 | % | 94.9 | % | 95.4 | % | 95.6 | % | 95.4 | % | $1,478,391 | 911 | |||||||||||||||||
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent | $1,216,668 | 92.2 | % | ||||||||||||||||||||||||||||||
Manhattan Operating Properties Same Store Occupancy % | 20,298,745 | 89.8 | % | 93.9 | % | 94.6 | % | 95.1 | % | 95.3 | % | 95.1 | % | ||||||||||||||||||||
Manhattan Operating Properties Same Store Leased Occupancy % | 95.7 | % | 96.2 | % | 96.4 | % | 96.4 | % | 96.5 | % | |||||||||||||||||||||||
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date. | |||||||||||||||||||||||||||||||||
(2) The Company owns 50% of the fee interest. |
Supplemental Information | 30 | First Quarter 2017 |
SELECTED PROPERTY DATA Suburban Operating Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized Cash Rent | Total | ||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | 100 | % | SLG% | Tenants | |||||||||||||||||
CONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||||
"Same Store" Westchester, New York | |||||||||||||||||||||||||||||||||
1100 King Street - 1 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.3 | 74.8 | 74.8 | 74.8 | 74.8 | 74.8 | $1,892 | 0.2 | 0.1 | 2 | ||||||||||||||||||
1100 King Street - 2 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.3 | 61.3 | 61.3 | 59.2 | 59.2 | 59.2 | 1,500 | 0.2 | 0.1 | 4 | ||||||||||||||||||
1100 King Street - 3 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.3 | 58.4 | 52.2 | 52.2 | 52.2 | 52.2 | 1,070 | 0.1 | 0.1 | 3 | ||||||||||||||||||
1100 King Street - 4 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.3 | 68.8 | 85.8 | 85.8 | 85.8 | 85.8 | 1,633 | 0.2 | 0.1 | 9 | ||||||||||||||||||
1100 King Street - 5 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.3 | 96.6 | 91.3 | 91.3 | 88.8 | 87.7 | 1,956 | 0.2 | 0.1 | 11 | ||||||||||||||||||
1100 King Street - 6 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 1 | 90,000 | 0.3 | 56.7 | 56.7 | 56.7 | 56.7 | 56.7 | 1,577 | 0.2 | 0.1 | 3 | ||||||||||||||||||
520 White Plains Road | 100.0 | Tarrytown, New York | Fee Interest | 1 | 180,000 | 0.7 | 96.1 | 96.1 | 96.1 | 94.4 | 98.3 | 4,368 | 0.4 | 0.3 | 13 | ||||||||||||||||||
115-117 Stevens Avenue | 100.0 | Valhalla, New York | Fee Interest | 1 | 178,000 | 0.7 | 60.3 | 49.5 | 49.5 | 49.5 | 78.7 | 2,148 | 0.2 | 0.2 | 10 | ||||||||||||||||||
100 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 250,000 | 0.9 | 66.0 | 66.0 | 52.2 | 52.2 | 52.2 | 4,324 | 0.4 | 0.3 | 11 | ||||||||||||||||||
200 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 245,000 | 0.9 | 95.8 | 95.8 | 95.8 | 94.5 | 94.5 | 5,889 | 0.6 | 0.4 | 9 | ||||||||||||||||||
500 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 1 | 228,000 | 0.8 | 97.8 | 97.8 | 97.8 | 97.8 | 97.8 | 5,552 | 0.6 | 0.4 | 7 | ||||||||||||||||||
360 Hamilton Avenue | 100.0 | White Plains, New York | Fee Interest | 1 | 384,000 | 1.4 | 98.4 | 98.4 | 98.4 | 97.8 | 98.4 | 14,683 | 1.5 | 1.1 | 21 | ||||||||||||||||||
"Same Store" Westchester, New York Subtotal/Weighted Average | 12 | 2,005,000 | 8.3 | % | 82.6 | % | 81.9 | % | 80.0 | % | 79.5 | % | 82.5 | % | $46,593 | 4.7 | % | 3.5 | % | 103 | |||||||||||||
"Same Store" Connecticut | |||||||||||||||||||||||||||||||||
1 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 312,000 | 1.1 | 86.0 | 88.7 | 88.8 | 88.2 | 92.5 | $8,869 | 0.9 | 0.7 | 64 | ||||||||||||||||||
2 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 46,000 | 0.2 | 80.1 | 75.2 | 68.4 | 73.9 | 73.9 | 843 | 0.1 | 0.1 | 8 | ||||||||||||||||||
3 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 130,000 | 0.5 | 76.9 | 81.8 | 76.4 | 76.4 | 73.0 | 3,433 | 0.3 | 0.3 | 20 | ||||||||||||||||||
4 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 105,000 | 0.4 | 92.4 | 92.4 | 92.4 | 92.4 | 92.4 | 3,228 | 0.3 | 0.2 | 14 | ||||||||||||||||||
5 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 61,000 | 0.2 | 98.3 | 99.0 | 99.0 | 99.0 | 99.0 | 1,029 | 0.1 | 0.1 | 9 | ||||||||||||||||||
6 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 172,000 | 0.6 | 93.7 | 93.7 | 93.7 | 93.7 | 91.9 | 4,127 | 0.4 | 0.3 | 7 | ||||||||||||||||||
7 Landmark Square | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 36,800 | 0.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 747 | 0.1 | 0.1 | 2 | ||||||||||||||||||
680 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 1 | 133,000 | 0.5 | 87.0 | 87.0 | 87.0 | 87.6 | 87.0 | 5,266 | 0.2 | 9 | |||||||||||||||||||
750 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 1 | 192,000 | 0.7 | 91.2 | 95.0 | 96.4 | 96.4 | 97.9 | 6,440 | 0.2 | 9 | |||||||||||||||||||
1055 Washington Boulevard | 100.0 | Stamford, Connecticut | Leasehold Interest | 1 | 182,000 | 0.7 | 66.5 | 66.5 | 76.9 | 79.6 | 75.6 | 4,584 | 0.5 | 0.3 | 19 | ||||||||||||||||||
1010 Washington Boulevard | 100.0 | Stamford, Connecticut | Fee Interest | 1 | 143,400 | 0.5 | 88.1 | 91.3 | 88.2 | 79.3 | 76.9 | 4,193 | 0.4 | 0.3 | 25 | ||||||||||||||||||
"Same Store" Connecticut Subtotal/Weighted Average | 11 | 1,513,200 | 4.5 | % | 85.8 | % | 87.5 | % | 87.9 | % | 87.5 | % | 87.3 | % | $42,759 | 3.1 | % | 2.8 | % | 186 | |||||||||||||
"Same Store" New Jersey | |||||||||||||||||||||||||||||||||
125 Chubb Way | 100.0 | Lyndhurst, New Jersey | Fee Interest | 1 | 278,000 | 1.0 | 73.3 | 73.3 | 73.3 | 66.2 | 66.2 | $4,734 | 0.5 | 0.4 | 7 | ||||||||||||||||||
"Same Store" New Jersey Subtotal/Weighted Average | 1 | 278,000 | 1.0 | % | 73.3 | % | 73.3 | % | 73.3 | % | 66.2 | % | 66.2 | % | $4,734 | 0.5 | % | 0.4 | % | 7 | |||||||||||||
"Same Store" Brooklyn, New York | |||||||||||||||||||||||||||||||||
16 Court Street | 100.0 | Brooklyn, New York | Fee Interest | 1 | 317,600 | 1.2 | 94.9 | 95.2 | 95.9 | 97.3 | 96.4 | $13,003 | 1.3 | 1.0 | 65 | ||||||||||||||||||
"Same Store" Brooklyn, New York Subtotal/Weighted Average | 1 | 317,600 | 1.2 | % | 94.9 | % | 95.2 | % | 95.9 | % | 97.3 | % | 96.4 | % | $13,003 | 1.3 | % | 1.0 | % | 65 | |||||||||||||
Total / Weighted Average Consolidated Properties | 25 | 4,113,800 | 15.0 | % | 84.1 | % | 84.4 | % | 83.7 | % | 82.9 | % | 84.3 | % | $107,090 | 9.5 | % | 7.7 | % | 361 | |||||||||||||
UNCONSOLIDATED PROPERTIES | |||||||||||||||||||||||||||||||||
"Non Same Store" | |||||||||||||||||||||||||||||||||
Jericho Plaza | 11.7 | Jericho, New York | Fee Interest | 2 | 640,000 | 2.3 | 71.0 | 71.0 | 71.0 | 71.0 | 71.0 | $15,927 | 0.1 | % | 34 | ||||||||||||||||||
"Non Same Store" Subtotal/Weighted Average | 2 | 640,000 | 2.3 | % | 71.0 | % | 71.0 | % | 71.0 | % | 71.0 | % | 71.0 | % | $15,927 | 0.1 | % | 34 | |||||||||||||||
Total / Weighted Average Unconsolidated Properties | 2 | 640,000 | 2.3 | % | 71.0 | % | 71.0 | % | 71.0 | % | 71.0 | % | 71.0 | % | $15,927 | 0.1 | % | 34 | |||||||||||||||
Suburban Operating Properties Grand Total / Weighted Average | 27 | 4,753,800 | 17.4 | % | 82.3 | % | 82.6 | % | 82.0 | % | 81.3 | % | 82.5 | % | $123,016 | 395 | |||||||||||||||||
Suburban Operating Properties Grand Total - SLG share of Annualized Rent | $103,212 | 7.8 | % | ||||||||||||||||||||||||||||||
Suburban Operating Properties Same Store Occupancy % | 4,113,800 | 86.5 | % | 84.1 | % | 84.4 | % | 83.7 | % | 82.9 | % | 84.3 | % | ||||||||||||||||||||
Suburban Operating Properties Same Store Leased Occupancy % | 85.2 | % | 85.1 | % | 85.4 | % | 83.9 | % | 84.9 | % | |||||||||||||||||||||||
Supplemental Information | 31 | First Quarter 2017 |
SELECTED PROPERTY DATA Retail and Residential Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized | Total | ||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | Cash Rent (SLG%) | Tenants | |||||||||||||||||
"Same Store" Retail | |||||||||||||||||||||||||||||||
11 West 34th Street | 30.0 | Herald Square/Penn Station | Fee Interest | 1 | 17,150 | 2.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $2,707 | 1.1 | 1 | |||||||||||||||||
19-21 East 65th Street (1) | 90.0 | Plaza District | Fee Interest | 2 | 23,610 | 3.2 | 26.6 | 26.6 | 77.5 | 77.5 | 77.5 | 467 | 0.6 | 9 | |||||||||||||||||
21 East 66th Street | 32.3 | Plaza District | Fee Interest | 1 | 13,069 | 1.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,740 | 1.7 | 1 | |||||||||||||||||
121 Greene Street | 50.0 | Soho | Fee Interest | 1 | 7,131 | 1.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,456 | 1.0 | 2 | |||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 1 | 270,132 | 36.7 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 16,213 | 22.8 | 10 | |||||||||||||||||
717 Fifth Avenue | 10.9 | Midtown/Plaza District | Fee Interest | 1 | 119,550 | 16.3 | 81.1 | 81.1 | 81.1 | 81.1 | 85.0 | 43,631 | 6.7 | 5 | |||||||||||||||||
724 Fifth Avenue | 50.0 | Plaza District | Fee Interest | 1 | 65,010 | 8.8 | 100.0 | 100.0 | 100.0 | 90.1 | 83.1 | 24,129 | 17.0 | 10 | |||||||||||||||||
752-760 Madison Avenue | 100.0 | Plaza District | Fee Interest | 1 | 21,124 | 2.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 13,839 | 19.5 | 1 | |||||||||||||||||
762 Madison Avenue (1) | 90.0 | Plaza District | Fee Interest | 1 | 6,109 | 0.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,821 | 2.3 | 5 | |||||||||||||||||
Williamsburg Terrace | 100.0 | Brooklyn, New York | Fee Interest | 1 | 52,000 | 7.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,791 | 2.5 | 3 | |||||||||||||||||
Added to Same Store in 2017 | |||||||||||||||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 2 | 68,342 | 9.3 | 90.7 | 93.9 | 93.9 | 93.9 | 93.9 | 12,169 | 3.4 | 8 | |||||||||||||||||
Subtotal/Weighted Average | 13 | 663,227 | 90.2 | % | 93.0 | % | 93.4 | % | 95.2 | % | 94.2 | % | 94.2 | % | $121,962 | 78.7 | % | 55 | |||||||||||||
"Non Same Store" Retail | |||||||||||||||||||||||||||||||
102 Greene Street | 100.0 | Soho | Fee Interest | 1 | 9,200 | 1.3 | — | 54.3 | 54.3 | 54.3 | — | — | — | 0 | |||||||||||||||||
115 Spring Street | 100.0 | Soho | Fee Interest | 1 | 5,218 | 0.7 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,800 | 3.9 | 1 | |||||||||||||||||
1552-1560 Broadway | 50.0 | Times Square | Fee Interest | 2 | 57,718 | 7.8 | 67.5 | 67.5 | 67.5 | 67.5 | 67.5 | 24,685 | 17.4 | 2 | |||||||||||||||||
Subtotal/Weighted Average | 4 | 72,136 | 9.8 | % | 61.3 | % | 68.2 | % | 68.2 | % | 68.2 | % | 61.3 | % | $27,485 | 21.3 | % | 3 | |||||||||||||
Total / Weighted Average Retail Properties | 17 | 735,363 | 100.0 | % | 89.9 | % | 90.9 | % | 92.5 | % | 91.6 | % | 88.8 | % | $149,447 | 100.0 | % | 58 | |||||||||||||
Residential Properties | |||||||||||||||||||||||||||||||
Ownership | # of | Useable | Total | Occupancy (%) | Average Monthly (2) | Annualized | |||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Units | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Rent Per Unit ($'s) | Cash Rent ($'s) | ||||||||||||||||||
"Same Store" Residential | |||||||||||||||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 222,855 | 333 | 94.0 | 93.1 | 94.0 | 92.8 | 95.2 | $4,159 | $15,573 | |||||||||||||||||||
400 East 57th Street (1) | 41.0 | Upper East Side | Fee Interest | 1 | 290,482 | 259 | 89.2 | 88.9 | 91.6 | 93.5 | 92.7 | 3,407 | 10,407 | ||||||||||||||||||
400 East 58th Street (1) | 90.0 | Upper East Side | Fee Interest | 1 | 140,000 | 126 | 92.9 | 91.3 | 91.3 | 92.9 | 92.8 | 3,375 | 5,248 | ||||||||||||||||||
1080 Amsterdam (1) | 92.5 | Upper West Side | Leasehold Interest | 1 | 82,250 | 97 | 100.0 | 96.9 | 88.5 | 91.7 | 96.9 | 3,882 | 4,755 | ||||||||||||||||||
Added to Same Store in 2017 | |||||||||||||||||||||||||||||||
Stonehenge Portfolio | Various | Fee Interest | 10 | 1,439,016 | 1,536 | 93.2 | 91.0 | 92.6 | 94.8 | 94.7 | 3,518 | 70,689 | |||||||||||||||||||
Subtotal/Weighted Average | 13 | 2,174,603 | 2,351 | 93.2 | % | 91.3 | % | 92.4 | % | 94.1 | % | 94.5 | % | $3,606 | $106,671 | ||||||||||||||||
"Non Same Store" Residential | |||||||||||||||||||||||||||||||
Upper East Side Residential | 95.1 | Upper East Side | Fee Interest | 1 | 27,000 | 28 | 39.3 | 39.3 | 42.9 | 42.9 | 42.9 | $1,256 | $628 | ||||||||||||||||||
605 West 42nd Street | 20.0 | Midtown West | Fee Interest | 1 | 927,358 | 1,175 | 76.3 | 65.1 | 55.0 | — | N/A | 3,920 | 42,190 | ||||||||||||||||||
Subtotal/Weighted Average | 2 | 954,358 | 1,203 | 75.5 | % | 64.5 | % | 54.7 | % | 1.0 | % | 42.9 | % | $3,887 | $42,818 | ||||||||||||||||
Total / Weighted Average Residential Properties | 15 | 3,128,961 | 3,554 | 87.2 | % | 82.2 | % | 79.7 | % | 62.6 | % | 93.9 | % | $3,689 | $149,490 | ||||||||||||||||
(1) Stonehenge Portfolio Property. | |||||||||||||||||||||||||||||||
(2) Calculated based on occupied units. Amounts in dollars. |
Supplemental Information | 32 | First Quarter 2017 |
SELECTED PROPERTY DATA Development / Redevelopment, Land and Construction in Progress Unaudited (Dollars in Thousands) | ||
Ownership | # of | Usable | % of Total | Occupancy (%) | Annualized | Annualized | Total | Gross R/E | |||||||||||||||||||||||||
Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | Cash Rent (SLG%) | Tenants | Book Value | |||||||||||||||||||
Development / Redevelopment | |||||||||||||||||||||||||||||||||
10 East 53rd Street | 55.0 | Plaza District | Fee Interest | 1 | 354,300 | 39.0 | 66.1 | 58.3 | 48.1 | 46.1 | 45.9 | 22,105 | 62.5 | 31 | 357,194 | ||||||||||||||||||
5-7 Dey Street, 183 & 187 Broadway | 100.0 | Lower Manhattan | Fee Interest | 3 | 82,700 | 9.0 | 41.4 | 49.9 | 54.1 | 61.1 | 69.7 | 1,691 | 8.7 | 16 | 95,201 | ||||||||||||||||||
562 Fifth Avenue | 100.0 | Plaza District | Fee Interest | 1 | 42,635 | 5.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,100 | 10.8 | 1 | 68,752 | ||||||||||||||||||
650 Fifth Avenue | 50.0 | Plaza District | Leasehold Interest | 1 | 69,214 | 8.0 | — | 2.9 | 4.9 | 4.9 | 4.9 | — | — | — | 330,279 | ||||||||||||||||||
719 Seventh Avenue | 75.0 | Times Square | Fee Interest | 1 | 10,040 | 1.0 | — | — | — | — | — | — | — | — | 70,662 | ||||||||||||||||||
175-225 Third Street | 95.0 | Brooklyn, New York | Fee Interest | 1 | — | — | — | — | — | — | — | — | — | — | 79,465 | ||||||||||||||||||
55 West 46th Street | 25.0 | Midtown | Fee Interest | 1 | 347,000 | 38.0 | 50.1 | 50.1 | 17.1 | 17.1 | 8.1 | 13,700 | 17.6 | 5 | 321,509 | ||||||||||||||||||
1640 Flatbush Avenue | 100.0 | Brooklyn, New York | Fee Interest | 1 | 1,000 | — | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 85 | 0.4 | 1 | 6,783 | ||||||||||||||||||
Total / Weighted Average Development / Redevelopment Properties | 10 | 906,889 | 100.0 | % | 49.8 | % | 51.5 | % | 35.4 | % | 35.3 | % | 32.6 | % | $39,681 | 100.0 | % | 54 | $1,329,845 | ||||||||||||||
Land | |||||||||||||||||||||||||||||||||
635 Madison Avenue (1) | 100.0 | Plaza District | Fee Interest | 1 | 176,530 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $3,678 | 100.0 | ||||||||||||||||||||
Total / Weighted Average Land | 1 | 176,530 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | $3,678 | 100.0 | % | ||||||||||||||||
(1) Subject to a long-term, third party net operating lease. | |||||||||||||||||||||||||||||||||
Construction in Progress | ||||||||||||||||||||||
Future Equity | Fees Payable | |||||||||||||||||||||
Land Contributed | Equity Contributed | Contributions | Financing | to the Company | Total | |||||||||||||||||
Building | Gross | Ownership | Estimated | Percentage | Market | and JV | Development | |||||||||||||||
Address | Sq. Feet | Interest (%) | Occupancy | Leased | Cost | Value Adj | Company | Partners | Company | Partners | Drawn | Available | Contingencies (1) | Budget | ||||||||
One Vanderbilt | 1,730,989 | 71.0 | Q3 2020 | 12.7 | 331,490 | 235,946 | 236,947 | 30,203 | 340,617 | 494,797 | 100,000 | 1,400,000 | 140,000 | 3,310,000 | ||||||||
Total Construction In Progress | $331,490 | $235,946 | $236,947 | $30,203 | $340,617 | $494,797 | $100,000 | $1,400,000 | $140,000 | $3,310,000 | ||||||||||||
(1) Includes joint venture fees paid to the Company, including development fee, direct personnel expense, leasing commissions and financing fee. Also includes up to $50.0 million of additional discretionary owner contingencies |
Supplemental Information | 33 | First Quarter 2017 |
SELECTED PROPERTY DATA Retail Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Useable | % of Total | Occupancy (%) | Annualized Retail | Annualized Retail Cash Rent | Total | |||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | 100% | SLG | Tenants | |||||||||||||||||||
HIGH STREET RETAIL - Consolidated Properties | ||||||||||||||||||||||||||||||||||
19-21 East 65th Street | 90.0 | Plaza District | Fee Interest | 2 | 23,610 | 1.2 | 26.6 | 26.6 | 77.5 | 77.5 | 77.5 | 467 | 0.2 | 0.2 | 9 | |||||||||||||||||||
102 Greene Street | 100.0 | Soho | Fee Interest | 1 | 9,200 | 0.5 | — | 54.3 | 54.3 | 54.3 | — | — | 0.0 | 0.0 | 0 | |||||||||||||||||||
115 Spring Street | 100.0 | Soho | Fee Interest | 1 | 5,218 | 0.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,800 | 0.9 | 1.4 | 1 | |||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 1 | 217,519 | 11.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 12,762 | 4.3 | 6.6 | 9 | |||||||||||||||||||
719 Seventh Avenue | 75.0 | Times Square | Fee Interest | 1 | 10,040 | 0.5 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
752-760 Madison Avenue | 100.0 | Plaza District | Fee Interest | 1 | 21,124 | 1.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 13,839 | 4.6 | 7.1 | 1 | |||||||||||||||||||
762 Madison Avenue | 90.0 | Plaza District | Fee Interest | 1 | 6,109 | 0.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,821 | 0.6 | 0.8 | 5 | |||||||||||||||||||
Williamsburg Terrace | 100.0 | Brooklyn, New York | Fee Interest | 1 | 52,000 | 2.7 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,791 | 0.6 | 0.9 | 3 | |||||||||||||||||||
1640 Flatbush Avenue | 100.0 | Brooklyn, New York | Fee Interest | 1 | 1,000 | 0.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 85 | — | — | 1 | |||||||||||||||||||
Subtotal / Weighted Average | 10 | 345,820 | 17.7 | % | 89.4 | % | 90.9 | % | 94.3 | % | 94.3 | % | 92.9 | % | $33,565 | 11.2 | % | 17.1 | % | 29 | ||||||||||||||
HIGH STREET RETAIL - Unconsolidated Properties | ||||||||||||||||||||||||||||||||||
11 West 34th Street | 30.0 | Herald Square/Penn Station | Fee Interest | 1 | 17,150 | 0.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $2,707 | 0.9 | 0.4 | 1 | |||||||||||||||||||
21 East 66th Street | 32.3 | Plaza District | Fee Interest | 1 | 13,069 | 0.7 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,740 | 1.3 | 0.6 | 1 | |||||||||||||||||||
121 Greene Street | 50.0 | Soho | Fee Interest | 1 | 7,131 | 0.4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,456 | 0.5 | 0.4 | 2 | |||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 2 | 68,342 | 3.5 | 90.7 | 93.9 | 93.9 | 93.9 | 93.9 | 12,169 | 4.1 | 1.2 | 8 | |||||||||||||||||||
650 Fifth Avenue | 50.0 | Plaza District | Leasehold Interest | 1 | 69,214 | 3.5 | — | 2.9 | 4.9 | 4.9 | 4.9 | — | 0.0 | 0.0 | 0 | |||||||||||||||||||
717 Fifth Avenue | 10.9 | Midtown/Plaza District | Fee Interest | 1 | 119,550 | 6.1 | 81.1 | 81.1 | 81.1 | 81.1 | 85.0 | 43,631 | 14.6 | 2.4 | 5 | |||||||||||||||||||
724 Fifth Avenue | 50.0 | Plaza District | Fee Interest | 1 | 65,010 | 3.3 | 100.0 | 100.0 | 100.0 | 90.1 | 83.1 | 24,129 | 8.1 | 6.2 | 10 | |||||||||||||||||||
1552-1560 Broadway | 50.0 | Times Square | Fee Interest | 2 | 57,718 | 2.9 | 67.5 | 67.5 | 67.5 | 67.5 | 67.5 | 24,685 | 8.3 | 6.3 | 2 | |||||||||||||||||||
Subtotal / Weighted Average | 10 | 417,184 | 21.3 | % | 72.0 | % | 73.0 | % | 73.3 | % | 71.8 | % | 71.8 | % | $112,516 | 37.7 | % | 17.6 | % | 29 | ||||||||||||||
Total / Weighted Average Prime Retail | 20 | 763,004 | 39.0 | % | 79.9 | % | 81.1 | % | 82.9 | % | 82.0 | % | 81.4 | % | $146,081 | 48.9 | % | 34.8 | % | 58 | ||||||||||||||
OTHER RETAIL - Consolidated Properties | ||||||||||||||||||||||||||||||||||
100 Church Street | 100.0 | Downtown | Fee Interest | 1 | 59,138 | 3.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $2,861 | 1.0 | 1.5 | 6 | |||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 1 | 16,121 | 0.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,036 | 1.0 | 1.4 | 5 | |||||||||||||||||||
125 Park Avenue | 100.0 | Grand Central | Fee Interest | 1 | 32,124 | 1.6 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 4,703 | 1.6 | 2.4 | 6 | |||||||||||||||||||
220 East 42nd Street | 100.0 | Grand Central | Fee Interest | 1 | 35,332 | 1.8 | 68.4 | 59.0 | 59.0 | 77.6 | 84.3 | 2,207 | 0.7 | 1.1 | 4 | |||||||||||||||||||
Upper East Side Residential | 95.1 | Upper East Side | Fee Interest | 1 | 4,150 | 0.2 | 88.0 | 88.0 | 88.0 | 88.0 | 88.0 | 462 | 0.2 | 0.2 | 4 | |||||||||||||||||||
304 Park Avenue South | 100.0 | Midtown South | Fee Interest | 1 | 25,330 | 1.3 | 100.0 | 100.0 | 100.0 | 87.0 | 87.0 | 3,356 | 1.1 | 1.7 | 6 | |||||||||||||||||||
400 East 57th Street | 41.0 | Upper East Side | Fee Interest | 1 | 13,772 | 0.7 | 34.1 | 34.1 | 49.2 | 49.2 | 55.4 | 1,045 | 0.4 | 0.2 | 7 | |||||||||||||||||||
400 East 58th Street | 90.0 | Upper East Side | Fee Interest | 1 | 3,156 | 0.2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 550 | 0.2 | 0.3 | 5 | |||||||||||||||||||
420 Lexington Ave (Graybar) | 100.0 | Grand Central North | Leasehold Interest | 1 | 49,375 | 2.5 | 89.1 | 86.0 | 96.8 | 100.0 | 100.0 | 3,604 | 1.2 | 1.9 | 5 | |||||||||||||||||||
461 Fifth Avenue | 100.0 | Midtown | Leasehold Interest | 1 | 16,248 | 0.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,205 | 0.7 | 1.1 | 2 | |||||||||||||||||||
485 Lexington Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 45,394 | 2.3 | 56.5 | 65.5 | 62.1 | 62.1 | 62.1 | 3,616 | 1.2 | 1.9 | 4 | |||||||||||||||||||
555 West 57th Street | 100.0 | Midtown West | Fee Interest | 1 | 60,389 | 3.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,876 | 0.6 | 1.0 | 2 | |||||||||||||||||||
600 Lexington Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 4,264 | 0.2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 839 | 0.3 | 0.4 | 2 | |||||||||||||||||||
609 Fifth Avenue | 100.0 | Rockefeller Center | Fee Interest | 1 | 46,019 | 2.4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 9,489 | 3.2 | 4.9 | 1 | |||||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 1 | 74,937 | 3.8 | 100.0 | 100.0 | 100.0 | 97.8 | 90.6 | 22,271 | 7.5 | 11.4 | 19 | |||||||||||||||||||
635 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 23,250 | 1.2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,118 | 1.0 | 1.6 | 1 | |||||||||||||||||||
641 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 1 | 28,500 | 1.5 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,388 | 1.1 | 1.7 | 2 | |||||||||||||||||||
711 Third Avenue | 100.0 | Grand Central North | Leasehold Interest | 1 | 25,639 | 1.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,892 | 1.0 | 1.5 | 3 | |||||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 1 | 24,827 | 1.3 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,648 | 0.9 | 1.4 | 7 | |||||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 1 | 13,470 | 0.7 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,802 | 1.3 | 2.0 | 4 | |||||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1 | 31,004 | 1.6 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,546 | 1.2 | 0.9 | 5 | |||||||||||||||||||
1080 Amsterdam | 92.5 | Upper West Side | Leasehold Interest | 1 | 1,800 | 0.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 284 | 0.1 | 0.1 | 1 | |||||||||||||||||||
1185 Avenue of the Americas | 100.0 | Rockefeller Center | Leasehold Interest | 1 | 37,326 | 1.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 6,437 | 2.2 | 3.3 | 5 | |||||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 1 | 17,797 | 0.9 | 100.0 | 100.0 | 65.7 | 100.0 | 100.0 | 2,767 | 0.9 | 1.4 | 6 | |||||||||||||||||||
1515 Broadway | 100.0 | Times Square | Fee Interest | 1 | 185,333 | 9.5 | 89.5 | 89.5 | 89.5 | 100.0 | 100.0 | 18,463 | 6.2 | 9.5 | 6 | |||||||||||||||||||
Subtotal / Weighted Average | 25 | 874,695 | 44.7 | % | 92.5 | % | 92.4 | % | 92.4 | % | 95.7 | % | 95.5 | % | $109,467 | 36.7 | % | 54.8 | % | 118 |
Supplemental Information | 34 | First Quarter 2017 |
SELECTED PROPERTY DATA - CONTINUED Retail Properties Unaudited (Dollars in Thousands) | ||
Ownership | # of | Useable | % of Total | Occupancy (%) | Annualized Retail | Annualized Retail Cash Rent | Total | |||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Bldgs | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | 100% | SLG | Tenants | |||||||||||||||||||
OTHER RETAIL - Unconsolidated Properties | ||||||||||||||||||||||||||||||||||
3 Columbus Circle | 48.9 | Columbus Circle | Fee Interest | 1 | 75,165 | 3.8 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $20,251 | 6.8 | 5.1 | — | |||||||||||||||||||
10 East 53rd Street | 55.0 | Plaza District | Fee Interest | 1 | 39,340 | 2.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,366 | 1.1 | 1.0 | 3 | |||||||||||||||||||
11 Madison Avenue | 60.0 | Park Avenue South | Fee Interest | 1 | 38,800 | 2.0 | 97.7 | 97.7 | 97.7 | 97.7 | 97.7 | 3,533 | 1.2 | 1.1 | 5 | |||||||||||||||||||
30 East 40th Street | 60.0 | Grand Central South | Leasehold Interest | 1 | 4,461 | 0.2 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 464 | 0.2 | 0.1 | 5 | |||||||||||||||||||
55 West 46th Street | 25.0 | Midtown | Leasehold Interest | 1 | 1,191 | 0.1 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 210 | 0.1 | — | 1 | |||||||||||||||||||
100 Park Avenue | 50.0 | Grand Central South | Fee Interest | 1 | 40,022 | 2.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 3,430 | 1.1 | 0.9 | 9 | |||||||||||||||||||
280 Park Avenue | 50.0 | Park Avenue | Fee Interest | 1 | 27,896 | 1.4 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 837 | 0.3 | 0.2 | 2 | |||||||||||||||||||
521 Fifth Avenue | 50.5 | Grand Central | Fee Interest | 1 | 53,157 | 2.7 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 5,328 | 1.8 | 1.4 | 3 | |||||||||||||||||||
800 Third Avenue | 60.5 | Grand Central North | Fee Interest | 1 | 9,900 | 0.5 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,924 | 0.6 | 0.6 | 2 | |||||||||||||||||||
Stonehenge Portfolio | Various | Fee Interest | 4 | 28,941 | 1.5 | 100.0 | 100.0 | 100.0 | 100.0 | 93.2 | 3,541 | 1.2 | 0.1 | 12 | ||||||||||||||||||||
Subtotal / Weighted Average | 13 | 318,873 | 16.3 | % | 92.1 | % | 92.1 | % | 92.1 | % | 92.1 | % | 91.5 | % | $42,885 | 14.4 | % | 10.4 | % | 42 | ||||||||||||||
Total / Weighted Average Other Retail | 38 | 1,193,568 | 61.0 | % | 92.4 | % | 92.3 | % | 92.3 | % | 94.1 | % | 94.4 | % | $152,351 | 51.1 | % | 65.2 | % | 160 | ||||||||||||||
Retail Grand Total / Weighted Average | 58 | 1,956,572 | 100.0 | % | 87.5 | % | 88.0 | % | 88.6 | % | 89.8 | % | 89.3 | % | $298,432 | 100.0 | % | 218 | ||||||||||||||||
Retail Grand Total - SLG share of Annualized Rent | $194,720 | 100.0 | % | |||||||||||||||||||||||||||||||
Supplemental Information | 35 | First Quarter 2017 |
SELECTED PROPERTY DATA Reckson Operating Portfolio - Consolidated Properties Unaudited (Dollars in Thousands) | ||
Ownership | Useable | % of Total | Occupancy (%) | Annualized Cash Rent ($'s) | Annualized Cash Rent | Total | ||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | 100 | % | SLG% | Tenants | ||||||||||||||||||
Manhattan Operating Properties - Reckson Portfolio | ||||||||||||||||||||||||||||||||
"Same Store" | ||||||||||||||||||||||||||||||||
110 East 42nd Street | 100.0 | Grand Central | Fee Interest | 215,400 | 1.8 | 91.0 | 92.0 | 99.9 | 91.8 | 97.8 | $9,910 | 1.8 | 1.6 | 23 | ||||||||||||||||||
125 Park Avenue | 100.0 | Grand Central | Fee Interest | 604,245 | 5.2 | 98.4 | 99.9 | 99.9 | 98.7 | 98.7 | 40,364 | 7.3 | 6.5 | 25 | ||||||||||||||||||
304 Park Avenue South | 100.0 | Midtown South | Fee Interest | 215,000 | 1.8 | 100.0 | 100.0 | 100.0 | 99.1 | 83.8 | 15,185 | 2.7 | 2.5 | 12 | ||||||||||||||||||
461 Fifth Avenue | 100.0 | Midtown | Leasehold Interest (1) | 200,000 | 1.7 | 99.9 | 99.9 | 99.9 | 99.9 | 99.9 | 18,460 | 3.3 | 3.0 | 10 | ||||||||||||||||||
555 West 57th Street | 100.0 | Midtown West | Fee Interest | 941,000 | 8.0 | 99.9 | 99.9 | 99.9 | 99.9 | 99.7 | 40,621 | 7.4 | 6.6 | 9 | ||||||||||||||||||
609 Fifth Avenue | 100.0 | Rockefeller Center | Fee Interest | 160,000 | 1.4 | 72.8 | 76.6 | 76.6 | 76.1 | 76.1 | 14,858 | 2.7 | 2.4 | 13 | ||||||||||||||||||
625 Madison Avenue | 100.0 | Plaza District | Leasehold Interest | 563,000 | 4.8 | 98.8 | 98.8 | 98.8 | 98.2 | 97.2 | 59,300 | 10.7 | 9.6 | 24 | ||||||||||||||||||
635 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 104,000 | 0.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 8,969 | 1.6 | 1.5 | 2 | ||||||||||||||||||
641 Sixth Avenue | 100.0 | Midtown South | Fee Interest | 163,000 | 1.4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 13,827 | 2.5 | 2.2 | 6 | ||||||||||||||||||
711 Third Avenue | 100.0 (2) | Grand Central North | Leasehold Interest | 524,000 | 4.5 | 92.2 | 92.2 | 88.7 | 68.3 | 66.4 | 32,441 | 5.9 | 5.3 | 19 | ||||||||||||||||||
750 Third Avenue | 100.0 | Grand Central North | Fee Interest | 780,000 | 6.7 | 98.8 | 99.0 | 97.5 | 97.5 | 96.0 | 47,809 | 8.7 | 7.7 | 33 | ||||||||||||||||||
810 Seventh Avenue | 100.0 | Times Square | Fee Interest | 692,000 | 5.9 | 93.6 | 93.6 | 94.1 | 94.1 | 92.4 | 45,383 | 8.2 | 7.3 | 47 | ||||||||||||||||||
919 Third Avenue | 51.0 | Grand Central North | Fee Interest | 1,454,000 | 12.4 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 97,876 | 8.1 | 9 | |||||||||||||||||||
1185 Avenue of the Americas | 100.0 | Rockefeller Center | Leasehold Interest | 1,062,000 | 9.1 | 99.0 | 99.0 | 94.3 | 99.0 | 99.0 | 91,521 | 16.6 | 14.8 | 16 | ||||||||||||||||||
1350 Avenue of the Americas | 100.0 | Rockefeller Center | Fee Interest | 562,000 | 4.8 | 90.2 | 87.9 | 98.8 | 98.5 | 99.6 | 40,653 | 7.4 | 6.6 | 34 | ||||||||||||||||||
Added to Same Store in 2017 | ||||||||||||||||||||||||||||||||
110 Greene Street | 90.0 | Soho | Fee Interest | 223,600 | 1.9 | 70.3 | 69.3 | 74.7 | 77.3 | 80.3 | 10,262 | 1.5 | 55 | |||||||||||||||||||
Subtotal / Weighted Average | 8,239,645 | 72.2 | % | 96.4 | % | 96.4 | % | 96.6 | % | 95.6 | % | 95.0 | % | $587,438 | 86.8 | % | 87.2 | % | 337 | |||||||||||||
Total / Weighted Average Manhattan Consolidated Properties | 8,463,245 | 72.2 | % | 96.4 | % | 96.4 | % | 96.6 | % | 95.6 | % | 95.0 | % | $587,438 | 86.8 | % | 337 | |||||||||||||||
Total Manhattan Consolidated Properties - SLG share of Annualized Rent | $538,453 | 87.2 | % | |||||||||||||||||||||||||||||
Suburban Operating Properties | ||||||||||||||||||||||||||||||||
"Same Store" Westchester, New York | ||||||||||||||||||||||||||||||||
1100 King Street - 1 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 0.8 | 74.8 | 74.8 | 74.8 | 74.8 | 74.8 | $1,892 | 0.3 | 0.3 | 2 | ||||||||||||||||||
1100 King Street - 2 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 0.8 | 61.3 | 61.3 | 59.2 | 59.2 | 59.2 | 1,500 | 0.3 | 0.2 | 4 | ||||||||||||||||||
1100 King Street - 3 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 0.8 | 58.4 | 52.2 | 52.2 | 52.2 | 52.2 | 1,070 | 0.2 | 0.2 | 3 | ||||||||||||||||||
1100 King Street - 4 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 0.8 | 68.8 | 85.8 | 85.8 | 85.8 | 85.8 | 1,633 | 0.3 | 0.3 | 9 | ||||||||||||||||||
1100 King Street - 5 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 0.8 | 96.6 | 91.3 | 91.3 | 88.8 | 87.7 | 1,956 | 0.4 | 0.3 | 11 | ||||||||||||||||||
1100 King Street - 6 Int'l Drive | 100.0 | Rye Brook, New York | Fee Interest | 90,000 | 0.8 | 56.7 | 56.7 | 56.7 | 56.7 | 56.7 | 1,577 | 0.3 | 0.3 | 3 | ||||||||||||||||||
520 White Plains Road | 100.0 | Tarrytown, New York | Fee Interest | 180,000 | 1.5 | 96.1 | 96.1 | 96.1 | 94.4 | 98.3 | 4,368 | 0.8 | 0.7 | 13 | ||||||||||||||||||
115-117 Stevens Avenue | 100.0 | Valhalla, New York | Fee Interest | 178,000 | 1.5 | 60.3 | 49.5 | 49.5 | 49.5 | 78.7 | 2,148 | 0.4 | 0.3 | 10 | ||||||||||||||||||
100 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 250,000 | 2.1 | 66.0 | 66.0 | 52.2 | 52.2 | 52.2 | 4,324 | 0.8 | 0.7 | 11 | ||||||||||||||||||
200 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 245,000 | 2.1 | 95.8 | 95.8 | 95.8 | 94.5 | 94.5 | 5,889 | 1.1 | 1.0 | 9 | ||||||||||||||||||
500 Summit Lake Drive | 100.0 | Valhalla, New York | Fee Interest | 228,000 | 1.9 | 97.8 | 97.8 | 97.8 | 97.8 | 97.8 | 5,552 | 1.0 | 0.9 | 7 | ||||||||||||||||||
360 Hamilton Avenue | 100.0 | White Plains, New York | Fee Interest | 384,000 | 3.3 | 98.4 | 98.4 | 98.4 | 97.8 | 98.4 | 14,683 | 2.7 | 2.4 | 21 | ||||||||||||||||||
Westchester, New York Subtotal / Weighted Average | 2,005,000 | 17.1 | % | 82.6 | % | 81.9 | % | 80.0 | % | 79.5 | % | 82.5 | % | $46,593 | 8.4 | % | 7.5 | % | 103 | |||||||||||||
"Same Store" Connecticut | ||||||||||||||||||||||||||||||||
680 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 133,000 | 1.1 | 87.0 | 87.0 | 87.0 | 87.6 | 87.0 | $5,266 | 0.4 | 9 | |||||||||||||||||||
750 Washington Boulevard | 51.0 | Stamford, Connecticut | Fee Interest | 192,000 | 1.6 | 91.2 | 95.0 | 96.4 | 96.4 | 97.9 | 6,440 | 0.5 | 9 | |||||||||||||||||||
1055 Washington Boulevard | 100.0 | Stamford, Connecticut | Leasehold Interest | 182,000 | 1.6 | 66.5 | 66.5 | 76.9 | 79.6 | 75.6 | 4,584 | 0.8 | 0.7 | 19 | ||||||||||||||||||
1010 Washington Boulevard | 100.0 | Stamford, Connecticut | Fee Interest | 143,400 | 1.2 | 88.1 | 91.3 | 88.2 | 79.3 | 76.9 | 4,193 | 0.8 | 0.7 | 25 | ||||||||||||||||||
Connecticut Subtotal/Weighted Average | 650,400 | 5.6 | % | 82.7 | % | 84.6 | % | 87.2 | % | 86.1 | % | 84.8 | % | $20,482 | 1.6 | % | 2.4 | % | 62 | |||||||||||||
"Same Store" New Jersey | ||||||||||||||||||||||||||||||||
125 Chubb Way | 100.0 | Lyndhurst, New Jersey | Fee Interest | 278,000 | 2.4 | 73.3 | 73.3 | 73.3 | 66.2 | 66.2 | $4,734 | 0.9 | 0.8 | 7 | ||||||||||||||||||
New Jersey Subtotal / Weighted Average | 278,000 | 2.4 | % | 73.3 | % | 73.3 | % | 73.3 | % | 66.2 | % | 66.2 | % | $4,734 | 0.9 | % | 0.8 | % | 7 | |||||||||||||
"Same Store" Brooklyn, New York | ||||||||||||||||||||||||||||||||
16 Court Street | 100.0 | Brooklyn, New York | Fee Interest | 317,600 | 2.7 | 94.9 | 95.2 | 95.9 | 97.3 | 96.4 | $13,003 | 2.4 | 2.1 | 65 | ||||||||||||||||||
Brooklyn, New York Subtotal / Weighted Average | 317,600 | 2.7 | % | 94.9 | % | 95.2 | % | 95.9 | % | 97.3 | % | 96.4 | % | $13,003 | 2.4 | % | 2.1 | % | 65 | |||||||||||||
Total / Weighted Average Suburban Consolidated Properties | 3,251,000 | 27.8 | % | 83.0 | % | 83.0 | % | 82.5 | % | 81.4 | % | 82.9 | % | $84,813 | 13.2 | % | 237 | |||||||||||||||
Total Suburban Consolidated Properties - SLG share of Annualized Rent | $79,077 | 12.8 | % | |||||||||||||||||||||||||||||
Reckson Operating Properties Grand Total / Weighted Average | 11,714,245 | 100.0 | % | 92.7 | % | 92.7 | % | 92.7 | % | 91.7 | % | 91.7 | % | $672,252 | 100.0 | % | 574 | |||||||||||||||
Reckson Operating Properties Grand Total - SLG Share of Annualized Rent | $617,530 | 100.0 | % | |||||||||||||||||||||||||||||
Reckson Operating Properties Same Store Occupancy % | 11,714,245 | 100.0 | % | 92.7 | % | 92.7 | % | 92.7 | % | 91.7 | % | 91.7 | % | |||||||||||||||||||
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date. | ||||||||||||||||||||||||||||||||
(2) The Company owns 50% of the fee interest. |
Supplemental Information | 36 | First Quarter 2017 |
SELECTED PROPERTY DATA Reckson Operating Portfolio - Retail, Land, and Residential Properties Unaudited (Dollars in Thousands) | ||
Ownership | Useable | % of Total | Occupancy (%) | Annualized | Annualized | Total | |||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Sq. Feet | Sq. Feet | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | Cash Rent (SLG%) | Tenants | ||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||
102 Greene Street | 100.0 | Soho | Fee Interest | 9,200 | 2.0 | — | 54.3 | 54.3 | 54.3 | — | — | — | — | ||||||||||||||||||
115 Spring Street | 100.0 | Soho | Fee Interest | 5,218 | 1.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 2,800 | 7.6 | 1 | ||||||||||||||||||
131-137 Spring Street | 20.0 | Soho | Fee Interest | 68,342 | 16.0 | 90.7 | 93.9 | 93.9 | 93.9 | 93.9 | 12,169 | 6.6 | 8 | ||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 270,132 | 63.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 16,213 | 43.7 | 10 | ||||||||||||||||||
752-760 Madison Avenue | 100.0 | Plaza District | Fee Interest | 21,124 | 5.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 13,839 | 37.3 | 1 | ||||||||||||||||||
Williamsburg Terrace | 100.0 | Brooklyn, New York | Fee Interest | 52,000 | 12.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 1,791 | 4.8 | 3 | ||||||||||||||||||
Total Retail Properties | 426,016 | 100.0% | 96.3 | % | 98.0 | % | 98.0 | % | 98.0 | % | 96.9 | % | $46,812 | 100.0 | % | 23 | |||||||||||||||
Land | |||||||||||||||||||||||||||||||
635 Madison Avenue | 100.0 | Plaza District | Fee Interest | 176,530 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | $3,678 | 100.0 | |||||||||||||||||||
Total Land Properties | 176,530 | 100.0% | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | $3,678 | 100.0 | % | ||||||||||||||||
Residential Properties | |||||||||||||||||||||||||||||||
Ownership | Useable | Occupancy (%) | Annualized | Average Monthly | Total | ||||||||||||||||||||||||||
Properties | Interest (%) | SubMarket | Ownership | Sq. Feet | Total Units | Mar-17 | Dec-16 | Sep-16 | Jun-16 | Mar-16 | Cash Rent ($'s) | Rent Per Unit ($'s) (1) | Tenants | ||||||||||||||||||
315 West 33rd Street - The Olivia | 100.0 | Penn Station | Fee Interest | 222,855 | 333 | 94.0 | 93.1 | 94.0 | 92.8 | 95.2 | $15,573 | $4,159 | 313 | ||||||||||||||||||
Total Residential Properties | 222,855 | 333 | 94.0 | % | 93.1 | % | 94.0 | % | 92.8 | % | 95.2 | % | $15,573 | $4,159 | 313 | ||||||||||||||||
(1) Calculated based on occupied units | |||||||||||||||||||||||||||||||
Supplemental Information | 37 | First Quarter 2017 |
LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties Unaudited (Dollars in Thousands Except Per SF) | ||
% of | ||||||||||||
% of | SLG Share of | SLG Share of | ||||||||||
Lease | Total Rentable | Annualized | Rent PSF | Annualized | Annualized | Annualized | Credit | |||||
Tenant Name | Property | Expiration | Square Feet | Cash Rent ($) | Annualized | Cash Rent | Cash Rent ($) | Cash Rent | Rating (1) | |||
Credit Suisse Securities (USA), Inc. | 1 Madison Avenue, 11 Madison Avenue & 1055 Washington Blvd | 2017, 2019, 2020 & 2037 | 2,401,307 | $131,589 | $54.80 (2) | 8.2% | $107,507 | 8.1% | A | |||
Viacom International, Inc. | 1515 Broadway | 2031 | 1,472,729 | 88,986 | $60.42 | 5.6% | 88,986 | 6.7% | BBB- | |||
Penguin Random House, Inc. | 1745 Broadway | 2020 & 2033 | 644,598 | 43,432 | $67.38 | 2.7% | 24,700 | 1.9% | BBB+ | |||
Sony Corporation | 11 Madison Avenue | 2031 | 578,791 | 42,817 | $73.98 | 2.7% | 25,690 | 1.9% | BBB | |||
Debevoise & Plimpton, LLP | 919 Third Avenue | 2021 | 576,867 | 46,580 | $80.75 | 2.9% | 23,756 | 1.8% | ||||
The City of New York | 16 Court Street, 100 Church Street & 420 Lexington Avenue | 2017, 2020, 2030 & 2034 | 555,008 | 19,743 | $35.57 | 1.2% | 19,743 | 1.5% | Aa2 | |||
Omnicom Group, Inc., Cardinia Real Estate | 220 East 42nd Street | 2017, 2032 & 2048 | 391,593 | 17,731 | $45.28 | 1.1% | 17,731 | 1.3% | BBB+ | |||
Ralph Lauren Corporation | 625 Madison Avenue | 2019 | 386,785 | 28,853 | $74.60 | 1.8% | 28,853 | 2.2% | A | |||
Advance Magazine Group, Fairchild Publications | 750 Third Avenue & 485 Lexington Avenue | 2021 | 339,195 | 17,772 | $52.39 | 1.1% | 17,772 | 1.3% | ||||
C.B.S. Broadcasting, Inc. | 555 West 57th Street | 2023 | 338,527 | 15,002 | $44.32 | 0.9% | 15,002 | 1.1% | BBB | |||
Metro-North Commuter Railroad Company | 110 East 42nd Street & 420 Lexington Avenue | 2021 & 2034 | 328,957 | 17,370 | $52.80 | 1.1% | 17,370 | 1.3% | Aa2 | |||
Schulte, Roth & Zabel LLP | 919 Third Avenue | 2036 | 263,186 | 18,735 | $71.19 | 1.2% | 9,555 | 0.7% | ||||
Bloomberg LP | 919 Third Avenue | 2029 | 256,107 | 14,312 | $55.88 | 0.9% | 7,299 | 0.6% | ||||
HF Management Services LLC | 100 Church Street | 2032 | 230,394 | 7,790 | $33.81 | 0.5% | 7,790 | 0.6% | ||||
BMW of Manhattan | 555 West 57th Street | 2022 | 227,782 | 6,948 | $30.50 | 0.4% | 6,948 | 0.5% | A+ | |||
The City University of New York - CUNY | 555 West 57th Street & 16 Court Street | 2020, 2024 & 2030 | 227,622 | 9,568 | $42.03 | 0.6% | 9,568 | 0.7% | Aa2 | |||
WME IMG, LLC | 11 Madison Avenue & 304 Park Avenue | 2028 & 2030 | 214,707 | 16,491 | $76.81 | 1.0% | 12,964 | 1.0% | ||||
Bloomingdales, Inc. | 919 Third Avenue | 2024 | 205,821 | 12,030 | $58.45 | 0.8% | 6,135 | 0.5% | BBB- | |||
Amerada Hess Corp. | 1185 Avenue of the Americas | 2027 | 181,569 | 14,562 | $80.20 | 0.9% | 14,562 | 1.1% | BBB- | |||
The Travelers Indemnity Company | 485 Lexington Avenue | 2021 | 176,838 | 11,293 | $63.86 | 0.7% | 11,293 | 0.9% | AA | |||
Newmark & Company Real Estate Inc. | 125 Park Avenue, 110 East 42nd Street & 680 Washington Blvd | 2026 & 2031 | 173,438 | 9,661 | $55.70 | 0.6% | 9,446 | 0.7% | BBB- | |||
United Nations | 220 East 42nd Street | 2017, 2021 & 2022 | 171,091 | 8,760 | $51.20 | 0.5% | 8,760 | 0.7% | ||||
News America Incorporated | 1185 Avenue of the Americas | 2020 | 165,086 | 15,955 | $96.65 | 1.0% | 15,955 | 1.2% | BBB+ | |||
RSM McGladrey, Inc. | 1185 Avenue of the Americas | 2018 | 164,771 | 11,058 | $67.11 | 0.7% | 11,058 | 0.8% | ||||
Verizon | 1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive | 2018, 2019 & 2026 | 162,409 | 4,686 | $28.85 | 0.3% | 4,686 | 0.4% | BBB+ | |||
King & Spalding | 1185 Avenue of the Americas | 2025 | 159,943 | 14,828 | $92.71 | 0.9% | 14,828 | 1.1% | ||||
Young & Rubicam, Inc. | 3 Columbus Circle | 2033 | 159,394 | 10,016 | $62.84 | 0.6% | 4,898 | 0.4% | BBB | |||
Yelp, Inc. | 11 Madison Avenue | 2025 | 152,232 | 12,997 | $85.38 | 0.8% | 7,798 | 0.6% | ||||
National Hockey League | 1185 Avenue of the Americas | 2022 | 148,217 | 13,747 | $92.75 | 0.9% | 13,747 | 1.0% | ||||
EisnerAmper, LLP | 750 Third Avenue | 2020 | 141,546 | 9,816 | $69.35 | 0.6% | 6,501 | 0.5% | ||||
Total | 11,596,510 | $693,126 (2) | $59.77 | 43.3% | $570,899 | 43.3% | ||||||
(1) Corporate or bond rating from S&P or Moody's. | ||||||||||||
(2) Reflects the net rent for the 1 Madison Avenue lease. If this lease were included on a gross basis, Credit Suisse's total PSF annualized rent would be $62.91 and total PSF annualized rent for the largest tenants would be $61.45. |
Supplemental Information | 38 | First Quarter 2017 |
TENANT DIVERSIFICATION Based on SLG Share of Annualized Cash Rent Unaudited | ||
Category | Manhattan Properties | Suburban Properties | ||||||||
Arts, Ent. & Recreation | 4.5 | % | 0.2 | % | ||||||
Business Services | 2.4 | % | 3.0 | % | ||||||
Financial Services | 31.6 | % | 30.7 | % | ||||||
Government / Non Profit | 3.5 | % | 4.9 | % | ||||||
Legal | 7.4 | % | 13.3 | % | ||||||
Manufacturing | 2.7 | % | 5.8 | % | ||||||
Medical | 2.5 | % | 2.1 | % | ||||||
Other | 7.2 | % | 3.3 | % | ||||||
Professional Services | 7.3 | % | 13.4 | % | ||||||
Retail | 7.6 | % | 3.1 | % | ||||||
TAMI | ||||||||||
Technology | 1.7 | % | 6.5 | % | ||||||
Advertising | 4.5 | % | 1.0 | % | ||||||
Media | 16.9 | % | 12.8 | % | ||||||
Information | 0.3 | % | 0.0% | |||||||
Total | 100.0 | % | 100.0 | % |
Supplemental Information | 39 | First Quarter 2017 |
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited | ||
Activity | Building Address | # of Leases | Useable SF | Rentable SF | Escalated Rent/Rentable SF ($'s)(1) | |||||
Available Space at 12/31/16 | 1,149,571 | |||||||||
Space which became available during the Quarter (2): | ||||||||||
Office | ||||||||||
3 Columbus Circle | 2 | 36,076 | 36,076 | $121.13 | ||||||
30 East 40th Street | 1 | 904 | 904 | 70.69 | ||||||
100 Church Street | 2 | 5,500 | 5,500 | 57.25 | ||||||
100 Park Avenue | 1 | 4,450 | 5,043 | 68.54 | ||||||
110 East 42nd Street | 2 | 15,049 | 15,049 | 61.32 | ||||||
110 Greene Street | 4 | 6,727 | 5,840 | 75.73 | ||||||
125 Park Avenue | 1 | 13,502 | 13,502 | 54.87 | ||||||
220 East 42nd Street | 1 | 3,082 | 3,082 | 46.35 | ||||||
420 Lexington Avenue | 8 | 13,528 | 17,499 | 58.95 | ||||||
461 Fifth Avenue | 1 | 6,639 | 6,944 | 89.39 | ||||||
485 Lexington Avenue | 1 | 235,187 | 235,187 | 63.26 | ||||||
609 Fifth Avenue | 1 | 4,589 | 5,104 | 68.86 | ||||||
641 Sixth Avenue | 1 | 12,000 | 13,090 | 88.00 | ||||||
800 Third Avenue | 2 | 1,013 | 2,780 | 69.44 | ||||||
Total/Weighted Average | 28 | 358,246 | 365,600 | $69.94 | ||||||
Retail | ||||||||||
3 Columbus Circle | 2 | 4,470 | 4,288 | $363.18 | ||||||
110 Greene Street | 1 | 864 | 893 | 13.44 | ||||||
220 East 42nd Street | 1 | 5,396 | 5,396 | 33.41 | ||||||
485 Lexington Avenue | 1 | 4,672 | 4,115 | 30.09 | ||||||
750 Third Avenue | 2 | 3,174 | 2,944 | 36.19 | ||||||
Total/Weighted Average | 7 | 18,576 | 17,636 | $112.27 | ||||||
Storage | ||||||||||
100 Park Avenue | 1 | 181 | 181 | $20.50 | ||||||
110 Greene Street | 2 | 1,768 | 1,768 | 43.74 | ||||||
420 Lexington Avenue | 1 | 73 | 118 | 28.66 | ||||||
485 Lexington Avenue | 2 | 1,299 | 1,299 | 18.75 | ||||||
609 Fifth Avenue | 1 | 1,500 | 1,511 | 19.85 | ||||||
Total/Weighted Average | 7 | 4,821 | 4,877 | $28.45 | ||||||
Total Space which became available during the quarter | ||||||||||
Office | 28 | 358,246 | 365,600 | $69.94 | ||||||
Retail | 7 | 18,576 | 17,636 | $112.27 | ||||||
Storage | 7 | 4,821 | 4,877 | $28.45 | ||||||
42 | 381,643 | 388,113 | 71.34 | |||||||
Total Available Space | 1,531,214 | |||||||||
(1) Escalated rent is calculated as total annual lease related income excluding electric charges. | ||||||||||
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover. |
Supplemental Information | 40 | First Quarter 2017 |
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Commenced Leasing Unaudited | ||
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 | 1,531,214 | |||||||||||||||||||||||
Office | ||||||||||||||||||||||||
11 Madison Avenue | 2 | 5.3 | 1,250 | 7,147 | $68.00 | — | $120.2 | 1.0 | ||||||||||||||||
100 Park Avenue | 1 | 10.0 | 5,739 | 6,765 | $75.81 | — | $40.23 | 3.0 | ||||||||||||||||
110 East 42nd Street | 1 | 10.4 | 13,059 | 14,230 | $56.00 | $54.96 | $75.50 | 5.0 | ||||||||||||||||
110 Greene Street | 4 | 3.5 | 9,084 | 9,151 | $82.79 | $62.00 | $34.66 | 1.6 | ||||||||||||||||
125 Park Avenue | 1 | 5.3 | 4,060 | 4,174 | $63.00 | $0.00 | $27.48 | 3.0 | ||||||||||||||||
220 East 42nd Street | 3 | 8.0 | 7,544 | 8,235 | $52.67 | $56.49 | $49.63 | 2.1 | ||||||||||||||||
280 Park Avenue | 2 | 12.8 | 61,429 | 65,850 | $88.20 | — | $118.58 | 14.4 | ||||||||||||||||
420 Lexington Avenue | 5 | 4.1 | 9,940 | 12,316 | $62.10 | $58.93 | $16.76 | 0.9 | ||||||||||||||||
461 Fifth Avenue | 1 | 0.7 | 6,639 | 7,134 | $73.34 | $87.01 | — | — | ||||||||||||||||
485 Lexington Avenue | 2 | 9.1 | 46,363 | 47,633 | $70.18 | $62.07 | $12.01 | 4.2 | ||||||||||||||||
521 Fifth Avenue | 1 | 5.2 | 20,500 | 22,368 | $66.00 | — | $106.50 | 2.0 | ||||||||||||||||
600 Lexington Avenue | 1 | 7.4 | 4,481 | 4,481 | $89.00 | — | — | 4.5 | ||||||||||||||||
641 Sixth Avenue | 1 | 10.8 | 12,000 | 13,090 | $100.00 | $88.00 | $72.81 | 9.0 | ||||||||||||||||
750 Third Avenue | 1 | 11.1 | 1,709 | 1,709 | $50.00 | $30.09 | $20.00 | 4.0 | ||||||||||||||||
800 Third Avenue | 2 | 4.4 | 3,409 | 4,253 | $73.14 | $68.33 | — | 1.4 | ||||||||||||||||
1350 Avenue of the Americas | 2 | 3.1 | 12,855 | 11,744 | $76.30 | $76.39 | $17.79 | 2.0 | ||||||||||||||||
Total/Weighted Average | 30 | 8.6 | 220,061 | 240,280 | $75.60 | $65.96 | $63.31 | 6.3 | ||||||||||||||||
Retail | ||||||||||||||||||||||||
3 Columbus Circle | 2 | 22.7 | 7,919 | 7,236 | $492.41 | $433.41 | $40.0 | 8.0 | ||||||||||||||||
100 Church Street | 1 | 10.3 | 3,000 | 2,866 | $90.43 | $66.78 | $34.9 | 4.0 | ||||||||||||||||
110 Greene Street | 1 | 10.2 | 864 | 838 | $28.64 | $14.32 | — | 2.0 | ||||||||||||||||
220 East 42nd Street | 1 | 10.5 | 2,908 | 3,309 | $148.77 | $100.12 | — | 6.0 | ||||||||||||||||
420 Lexington Avenue | 1 | 11.1 | 1,467 | 1,922 | $213.00 | $151.57 | — | 6.0 | ||||||||||||||||
Total/Weighted Average | 6 | 16.0 | 16,158 | 16,171 | $293.61 | $245.02 | $24.10 | 6.3 | ||||||||||||||||
Storage | ||||||||||||||||||||||||
100 Church Street | 1 | 10.7 | 781 | 781 | $25.00 | $0.00 | — | — | ||||||||||||||||
110 Greene Street | 2 | 0.9 | 1,768 | 1,768 | $41.06 | $43.74 | — | — | ||||||||||||||||
420 Lexington Avenue | 1 | 3.2 | 65 | 114 | $29.00 | $30.15 | $9.3 | — | ||||||||||||||||
Total/Weighted Average | 4 | 3.8 | 2,614 | 2,663 | $35.84 | $42.91 | $0.40 | — | ||||||||||||||||
Leased Space | ||||||||||||||||||||||||
Office (3) | 30 | 8.6 | 220,061 | 240,280 | $75.60 | $65.96 | $63.31 | 6.3 | ||||||||||||||||
Retail | 6 | 16.0 | 16,158 | 16,171 | $293.61 | $245.02 | $24.10 | 6.3 | ||||||||||||||||
Storage | 4 | 3.8 | 2,614 | 2,663 | $35.84 | $42.91 | — | — | ||||||||||||||||
Total | 40 | 9.0 | 238,833 | 259,114 | $88.80 | $85.86 | $60.21 | 6.3 | ||||||||||||||||
Total Available Space as of 3/31/17 | 1,292,381 | |||||||||||||||||||||||
Early Renewals | ||||||||||||||||||||||||
Office | ||||||||||||||||||||||||
3 Columbus Circle | 2 | 3.7 | 5,647 | 5,704 | $82.39 | $75.09 | — | — | ||||||||||||||||
30 East 40th Street | 2 | 7.2 | 1,755 | 2,012 | $64.44 | $54.89 | — | — | ||||||||||||||||
100 Park Avenue | 1 | 2.8 | 37,840 | 42,404 | $96.63 | $74.06 | $3.39 | — | ||||||||||||||||
110 Greene Street | 1 | 5.0 | 221 | 221 | $77.95 | $83.68 | — | — | ||||||||||||||||
280 Park Avenue | 1 | 11.0 | 19,665 | 20,323 | $84.00 | $86.12 | $90.3 | 12.0 | ||||||||||||||||
420 Lexington Avenue | 4 | 2.4 | 5,445 | 8,128 | $60.35 | $51.85 | — | 0.7 | ||||||||||||||||
Total/Weighted Average | 11 | 5.0 | 70,573 | 78,792 | $87.72 | $74.49 | $25.10 | 3.2 | ||||||||||||||||
Retail | ||||||||||||||||||||||||
555 West 57th Street | 1 | 5.0 | 37,544 | 27,382 | $31.96 | $5.09 | — | — | ||||||||||||||||
Total/Weighted Average | 1 | 5.0 | 37,544 | 27,382 | $31.96 | $5.09 | — | — | ||||||||||||||||
Storage | ||||||||||||||||||||||||
100 Park Avenue | 1 | 2.8 | 800 | 744 | $40.38 | $40.38 | — | — | ||||||||||||||||
420 Lexington Avenue | 1 | 4.2 | 486 | 597 | $25.00 | $28.92 | — | — | ||||||||||||||||
Total/Weighted Average | 2 | 3.4 | 1,286 | 1,341 | $33.53 | $35.28 | — | — | ||||||||||||||||
Renewals | ||||||||||||||||||||||||
Early Renewals Office | 11 | 5.0 | 70,573 | 78,792 | $87.72 | $74.49 | $25.10 | 3.2 | ||||||||||||||||
Early Renewals Retail | 1 | 5.0 | 37,544 | 27,382 | $31.96 | $5.09 | — | — | ||||||||||||||||
Early Renewals Stiorage | 2 | 3.4 | 1,286 | 1,341 | $33.53 | $35.28 | — | — | ||||||||||||||||
Total | 14 | 5.0 | 109,403 | 107,515 | $72.85 | $56.33 | $18.40 | 2.3 | ||||||||||||||||
(1) Annual initial base rent. | ||||||||||||||||||||||||
(2) Escalated rent is calculated as total annual lease related income excluding electric charges. | ||||||||||||||||||||||||
(3) Average starting office rent excluding new tenants replacing vacancies is $72.06/rsf for 125,284 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $78.11/rsf for 204,076 rentable SF. |
Supplemental Information | 41 | First Quarter 2017 |
LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Available Space Unaudited | ||
Activity | Building Address | # of Leases | Useable SF | Rentable SF | Escalated Rent/Rentable SF ($'s)(1) | |||||
Available Space at 12/31/16 | 965,021 | |||||||||
Space which became available during the Quarter (2): | ||||||||||
Office | ||||||||||
1100 King Street - 4 Int'l Drive, Rye Brook, New York | 2 | 24,643 | 25,706 | $30.49 | ||||||
1 Landmark Square, Stamford, Connecticut | 4 | 16,336 | 16,336 | 38.96 | ||||||
3 Landmark Square, Stamford, Connecticut | 2 | 6,620 | 6,920 | 23.74 | ||||||
750 Washington Boulevard, Stamford, Connecticut | 1 | 7,272 | 7,272 | 40.65 | ||||||
1010 Washington Boulevard, Stamford, Connecticut | 2 | 4,542 | 4,542 | 36.18 | ||||||
16 Court Street, Brooklyn, New York | 2 | 1,925 | 2,674 | 47.62 | ||||||
Total/Weighted Average | 13 | 61,338 | 63,450 | $34.23 | ||||||
Retail | ||||||||||
1 Landmark Square, Stamford, Connecticut | 1 | 338 | 338 | $35.00 | ||||||
Total/Weighted Average | 1 | 338 | 338 | $35.00 | ||||||
Storage | ||||||||||
1100 King Street - 5 Int'l Drive, Rye Brook, New York | 1 | 1,058 | 1,058 | $13.00 | ||||||
5 Landmark Square, Stamford, Connecticut | 1 | 427 | 427 | $13.00 | ||||||
Total/Weighted Average | 2 | 1,485 | 1,485 | $13.00 | ||||||
Total Space which became available during the Quarter | ||||||||||
Office | 13 | 61,338 | 63,450 | $34.23 | ||||||
Retail | 1 | 338 | 338 | $35.00 | ||||||
Storage | 2 | 1,485 | 1,485 | $13.00 | ||||||
16 | 63,161 | 65,273 | $33.75 | |||||||
Total Available Space | 1,028,182 | |||||||||
(1) Escalated rent is calculated as total annual lease related income excluding electric charges. | ||||||||||
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover. | ||||||||||
Supplemental Information | 42 | First Quarter 2017 |
LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Commenced Leasing Unaudited | ||
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 | 1,028,182 | ||||||||||||||||||||||
Office | |||||||||||||||||||||||
1100 King Street - 4 Int'l Drive, Rye Brook, New York | 1 | 3.3 | 9,350 | 10,447 | $25.00 | $28.66 | $9.00 | 5.0 | |||||||||||||||
1100 King Street - 5 Int'l Drive, Rye Brook, New York | 2 | 5.4 | 5,834 | 5,859 | $25.90 | — | $30.13 | 12.2 | |||||||||||||||
115-117 Stevens Avenue, Valhalla, New York | 3 | 12.7 | 19,249 | 19,249 | $24.48 | — | $49.97 | 16.3 | |||||||||||||||
1 Landmark Square, Stamford, Connecticut | 4 | 3.9 | 7,834 | 7,932 | $38.02 | $35.08 | $35.14 | 2.3 | |||||||||||||||
2 Landmark Square, Stamford, Connecticut | 1 | 5.3 | 2,257 | 2,257 | $33.00 | — | $45.52 | 4.0 | |||||||||||||||
3 Landmark Square, Stamford, Connecticut | 1 | 5.0 | 170 | 170 | $22.00 | $22.00 | — | — | |||||||||||||||
16 Court Street, Brooklyn, New York | 1 | 2.0 | 955 | 1,272 | $57.00 | $45.00 | — | — | |||||||||||||||
Total/Weighted Average | 13 | 7.6 | 45,649 | 47,186 | $28.33 | $31.47 | $34.20 | 9.9 | |||||||||||||||
Storage | |||||||||||||||||||||||
1 Landmark Square, Stamford, Connecticut | 1 | 5.0 | 338 | 338 | $33.00 | $33.00 | — | — | |||||||||||||||
Total/Weighted Average | 1 | 5.0 | 338 | 338 | $33.00 | $33.00 | — | — | |||||||||||||||
Leased Space | |||||||||||||||||||||||
Office (3) | 13 | 7.6 | 45,649 | 47,186 | $28.33 | $31.47 | $34.20 | 9.9 | |||||||||||||||
Storage | 1 | 5.0 | 338 | 338 | $33.00 | $33.00 | — | — | |||||||||||||||
Total | 14 | 7.6 | 45,987 | 47,524 | $28.36 | $31.50 | $33.96 | 9.8 | |||||||||||||||
Total Available Space as of 3/31/17 | 982,195 | ||||||||||||||||||||||
Early Renewals | |||||||||||||||||||||||
Office | |||||||||||||||||||||||
1100 King Street - 4 Int'l Drive, Rye Brook, New York | 1 | 3.2 | 2,243 | 2,243 | $24.00 | $24.18 | — | 2.0 | |||||||||||||||
115-117 Stevens Avenue, Valhalla, New York | 1 | 5.0 | 17,779 | 18,965 | $23.00 | $20.27 | — | 5.0 | |||||||||||||||
100 Summit Lake Drive, Valhalla, New York | 1 | 2.1 | 2,042 | 2,042 | $26.00 | $25.50 | $3.00 | — | |||||||||||||||
1 Landmark Square, Stamford, Connecticut | 2 | 3.1 | 16,530 | 16,422 | $33.80 | $33.85 | — | 3.9 | |||||||||||||||
3 Landmark Square, Stamford, Connecticut | 1 | 1.0 | 16,774 | 16,774 | $32.90 | $32.25 | — | — | |||||||||||||||
Jericho Plaza, Jericho, New York | 1 | 2.7 | 5,690 | 5,690 | $33.00 | $36.06 | — | — | |||||||||||||||
16 Court Street, Brooklyn, New York | 2 | 1.6 | 1,260 | 1,651 | $56.17 | $50.18 | $1.42 | — | |||||||||||||||
Total/Weighted Average | 9 | 3.0 | 62,318 | 63,787 | $30.26 | $29.40 | $0.13 | 2.6 | |||||||||||||||
Retail | |||||||||||||||||||||||
Jericho Plaza, Jericho, New York | 1 | 2.7 | 752 | 752 | $15.00 | $13.00 | — | — | |||||||||||||||
Total/Weighted Average | 1 | 2.7 | 752 | 752 | $15.00 | $13.00 | — | — | |||||||||||||||
Renewals | |||||||||||||||||||||||
Early Renewals Office | 9 | 3.0 | 62,318 | 63,787 | $30.26 | $29.40 | $0.13 | 2.6 | |||||||||||||||
Early Renewals Retail | 1 | 2.7 | 752 | 752 | $15.00 | $13.00 | — | — | |||||||||||||||
Total | 10 | 3.0 | 63,070 | 64,539 | $30.09 | $29.21 | $0.13 | 2.5 | |||||||||||||||
(1) Annual initial base rent. | |||||||||||||||||||||||
(2) Escalated rent is calculated as total annual lease related income excluding electric charges. | |||||||||||||||||||||||
(3) Average starting office rent excluding new tenants replacing vacancies is $30.20/rsf for 15,692 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $30.25/rsf for 79,479 rentable SF. |
Supplemental Information | 43 | First Quarter 2017 |
ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited | ||
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 2017 (1) | 9 | 97,347 | 0.62 | % | $5,974,800 | $61.38 | $63.91 | 1 | 291 | — | % | $6,600 | $22.68 | $25.00 | ||||||||||||||
2nd Quarter 2017 | 29 | 261,509 | 1.66 | % | 17,051,683 | 65.20 | 67.98 | 4 | 58,225 | 0.92 | % | 2,975,158 | 51.10 | 80.60 | ||||||||||||||
3rd Quarter 2017 | 18 | 84,799 | 0.54 | % | 3,243,729 | 38.25 | 43.84 | 2 | 11,627 | 0.18 | % | 841,389 | 72.37 | 74.63 | ||||||||||||||
4th Quarter 2017 | 22 | 134,906 | 0.86 | % | 10,968,507 | 81.30 | 78.88 | 5 | 36,374 | 0.58 | % | 2,545,707 | 69.99 | 73.36 | ||||||||||||||
Total 2017 | 78 | 578,561 | 3.67 | % | $37,238,719 | $64.36 | $66.30 | 12 | 106,517 | 1.69 | % | $6,368,854 | $59.79 | $77.32 | ||||||||||||||
2018 | 88 | 585,531 | 3.71 | % | $46,882,066 | $80.07 | $98.25 | 23 | 178,296 | 2.82 | % | $19,133,502 | $107.31 | $82.50 | ||||||||||||||
2019 | 84 | 1,092,195 | 6.92 | % | 76,744,010 | 70.27 | 75.73 | 24 | 394,517 | 6.25 | % | 31,687,945 | 80.32 | 84.89 | ||||||||||||||
2020 | 94 | 2,334,030 | 14.79 | % | 151,502,856 | 64.91 | 70.10 | 22 | 305,721 | 4.84 | % | 19,043,556 | 62.29 | 72.47 | ||||||||||||||
2021 | 94 | 1,779,668 | 11.28 | % | 114,179,059 | 64.16 | 66.91 | 21 | 298,811 | 4.73 | % | 18,199,111 | 60.91 | 69.79 | ||||||||||||||
2022 | 67 | 1,016,534 | 6.44 | % | 70,018,021 | 68.88 | 78.84 | 21 | 215,459 | 3.41 | % | 15,337,009 | 71.18 | 75.37 | ||||||||||||||
2023 | 39 | 788,591 | 5.00 | % | 45,884,245 | 58.19 | 65.36 | 14 | 470,246 | 7.45 | % | 35,959,229 | 76.47 | 74.46 | ||||||||||||||
2024 | 28 | 267,855 | 1.70 | % | 18,926,154 | 70.66 | 74.42 | 14 | 314,727 | 4.99 | % | 29,147,937 | 92.61 | 90.33 | ||||||||||||||
2025 | 35 | 685,403 | 4.34 | % | 60,127,126 | 87.73 | 87.63 | 13 | 404,759 | 6.41 | % | 33,861,911 | 83.66 | 86.07 | ||||||||||||||
2026 | 33 | 806,122 | 5.11 | % | 57,910,849 | 71.84 | 76.77 | 11 | 334,192 | 5.29 | % | 30,920,189 | 92.52 | 94.74 | ||||||||||||||
Thereafter | 91 | 5,843,277 | 37.03 | % | 332,772,661 | 56.95 | 65.66 | 26 | 3,289,023 | 52.11 | % | 221,870,819 | 67.46 | 81.54 | ||||||||||||||
731 | 15,777,767 | 100.00 | % | $1,012,185,766 | $64.15 | $70.89 | 201 | 6,312,268 | 100.00 | % | $461,530,062 | $73.12 | $81.40 | |||||||||||||||
NOTE: Data excludes space currently occupied by SL Green's corporate offices | ||||||||||||||||||||||||||||
(1) Includes month to month holdover tenants that expired prior to March 31, 2017. | ||||||||||||||||||||||||||||
(2) Tenants may have multiple leases. | ||||||||||||||||||||||||||||
(3) Represents in place annualized rent allocated by year of expiration. | ||||||||||||||||||||||||||||
(4) Management's estimate of current average asking rents for currently occupied space as of March 31, 2017. Taking rents are typically lower than asking rents and may vary from property to property. |
Supplemental Information | 44 | First Quarter 2017 |
ANNUAL LEASE EXPIRATIONS - SUBURBAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited | ||
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 2017 (1) | 16 | 67,858 | 2.07 | % | $2,558,968 | $37.71 | $33.90 | 2 | 4,060 | 0.91 | % | $116,797 | $28.77 | $36.00 | ||||||||||||||
2nd Quarter 2017 | 11 | 33,063 | 1.01 | % | 1,327,895 | 40.16 | 43.95 | 1 | 8,887 | 1.99 | % | 323,122.00 | 36.36 | 35.27 | ||||||||||||||
3rd Quarter 2017 | 5 | 14,637 | 0.45 | % | 631,848 | 43.17 | 44.42 | 2 | 19,124 | 4.28 | % | 688,904.00 | 36.02 | 35.60 | ||||||||||||||
4th Quarter 2017 | 7 | 44,285 | 1.35 | % | 1,952,873 | 44.10 | 47.99 | 2 | 8,564 | 1.92 | % | 161,948.00 | 18.91 | 32.07 | ||||||||||||||
Total 2017 | 39 | 159,843 | 4.89 | % | $6,471,585 | $40.49 | $40.85 | 7 | 40,635 | 9.10 | % | $1,290,771 | $31.77 | $34.82 | ||||||||||||||
2018 | 58 | 315,251 | 9.64 | % | 10,801,913 | 34.26 | 35.75 | 3 | 22,538 | 5.05 | % | 925,853 | 41.08 | 36.00 | ||||||||||||||
2019 | 56 | 480,582 | 14.69 | % | 14,311,143 | 29.78 | 30.10 | 6 | 31,879 | 7.14 | % | 1,087,118 | 34.10 | 36.00 | ||||||||||||||
2020 | 40 | 335,300 | 10.25 | % | 12,127,211 | 36.17 | 39.17 | 4 | 45,004 | 10.08 | % | 1,862,812 | 41.39 | 35.65 | ||||||||||||||
2021 | 43 | 448,491 | 13.71 | % | 14,465,273 | 32.25 | 33.14 | 5 | 104,296 | 23.37 | % | 3,882,580 | 37.23 | 36.00 | ||||||||||||||
2022 | 35 | 159,907 | 4.89 | % | 6,012,599 | 37.60 | 41.57 | 1 | 16,383 | 3.67 | % | 585,201 | 35.72 | 36.00 | ||||||||||||||
2023 | 20 | 174,333 | 5.33 | % | 5,786,688 | 33.19 | 34.89 | 2 | 42,334 | 9.48 | % | 1,442,049 | 34.06 | 36.00 | ||||||||||||||
2024 | 15 | 212,802 | 6.50 | % | 7,310,279 | 34.35 | 44.43 | 2 | 52,707 | 11.81 | % | 1,813,269 | 34.40 | 36.00 | ||||||||||||||
2025 | 16 | 168,862 | 5.16 | % | 5,593,529 | 33.12 | 35.25 | 1 | 1,729 | 0.39 | % | 57,597 | 33.31 | 36.00 | ||||||||||||||
2026 | 17 | 281,573 | 8.61 | % | 10,045,532 | 35.68 | 33.68 | 4 | 88,854 | 19.91 | % | 2,979,288 | 33.53 | 35.96 | ||||||||||||||
Thereafter | 23 | 534,555 | 16.34 | % | 14,164,017 | 26.50 | 31.85 | — | — | — | % | — | — | — | ||||||||||||||
362 | 3,271,499 | 100.00 | % | $107,089,769 | $32.73 | $35.12 | 35 | 446,359 | 100.00 | % | $15,926,539 | $35.68 | $35.85 | |||||||||||||||
(1) Includes month to month holdover tenants that expired prior to March 31, 2017. | ||||||||||||||||||||||||||||
(2) Tenants may have multiple leases. | ||||||||||||||||||||||||||||
(3) Represents in place annualized rent allocated by year of expiration. | ||||||||||||||||||||||||||||
(4) Management's estimate of current average asking rents for currently occupied space as of March 31, 2017. Taking rents are typically lower than asking rents and may vary from property to property. | ||||||||||||||||||||||||||||
Supplemental Information | 45 | First Quarter 2017 |
ANNUAL LEASE EXPIRATIONS Retail Leases Excluding Suburban Properties Unaudited | ||
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) | |||||||||||||||||
High Street Retail | |||||||||||||||||||||||||||||
2017 (1) | 6 | 5,791 | 1.86 | % | $428,831 | $74.05 | $263.88 | 3 | 21,006 | 6.79 | % | $1,147,899 | $54.65 | $89.90 | |||||||||||||||
2018 | 5 | 5,749 | 1.85 | % | 540,451 | 94.01 | 114.63 | 2 | 26,171 | 8.46 | % | 1,884,735 | 72.02 | 78.75 | |||||||||||||||
2019 | — | — | — | % | — | — | — | 2 | 3,237 | 1.05 | % | 22,695 | 7.01 | 7.36 | |||||||||||||||
2020 | 2 | 6,601 | 2.12 | % | 845,428 | 128.08 | 349.13 | 3 | 25,424 | 8.21 | % | 5,417,460 | 213.08 | 277.01 | |||||||||||||||
2021 | 1 | 108,148 | 34.72 | % | 7,264,989 | 67.18 | 70 | 3 | 22,544 | 7.28 | % | 4,207,536 | 186.64 | 241.42 | |||||||||||||||
2022 | 1 | 1,366 | 0.44 | % | 218,020 | 159.6 | 299.00 | 2 | 50,808 | 16.41 | % | 21,778,494 | 428.64 | 501.10 | |||||||||||||||
2023 | 1 | 6,476 | 2.08 | % | 709,986 | 109.63 | 125.00 | 2 | 7,131 | 2.30 | % | 1,456,272 | 204.22 | 350.00 | |||||||||||||||
2024 | 5 | 76,039 | 24.41 | % | 16,556,667 | 217.74 | 224.4 | 1 | 7,793 | 2.52 | % | 4,882,620 | 626.54 | 898.00 | |||||||||||||||
2025 | 3 | 33,944 | 10.90 | % | 844,956 | 24.89 | 24.15 | 4 | 40,497 | 13.08 | % | 3,175,836 | 78.42 | 81.51 | |||||||||||||||
2026 | — | 5,218 | 1.68 | % | 2,800,029 | 536.61 | 537 | 1 | 22,900 | 7.40 | % | 19,499,102 | 851.49 | 817.25 | |||||||||||||||
Thereafter | 4 | 62,131 | 19.95 | % | 3,355,601 | 54.01 | 85.62 | 4 | 82,016 | 26.50 | % | 49,043,272 | 597.97 | 643.26 | |||||||||||||||
28 | 311,463 | 100.00 | % | $33,564,957 | $107.77 | $126.13 | 27 | 309,527 | 100.00 | % | $112,515,922 | $363.51 | $407.67 | ||||||||||||||||
Vacancy (5) | 33,940 | 214.83 | 107,733 | 360.78 | |||||||||||||||||||||||||
345,403 | $134.85 | 417,260 | $395.56 | ||||||||||||||||||||||||||
Other Retail | |||||||||||||||||||||||||||||
2017 (1) | 3 | 5,636 | 0.69 | % | $1,367,704 | $242.67 | $314.98 | 3 | 1,110 | 0.38 | % | $162,379 | $146.29 | $152.92 | |||||||||||||||
2018 | 8 | 62,051 | 7.62 | % | 11,846,834 | 190.92 | 348.35 | 5 | 12,226 | 4.15 | % | 1,826,861 | 149.42 | 160.96 | |||||||||||||||
2019 | 6 | 57,012 | 7.00 | % | 4,997,255 | 87.65 | 220.71 | 2 | 7,400 | 2.51 | % | 1,207,265 | 163.14 | 195.41 | |||||||||||||||
2020 | 9 | 26,481 | 3.25 | % | 5,582,411 | 210.81 | 301.99 | 2 | 32,390 | 10.99 | % | 1,430,262 | 44.16 | 52.96 | |||||||||||||||
2021 | 11 | 24,253 | 2.98 | % | 2,703,228 | 111.46 | 148.86 | — | — | — | % | — | — | — | |||||||||||||||
2022 | 14 | 130,693 | 16.04 | % | 16,760,049 | 128.24 | 158.93 | 6 | 12,603 | 4.28 | % | 1,701,509 | 135.01 | 175.49 | |||||||||||||||
2023 | 5 | 38,875 | 4.77 | % | 5,257,206 | 135.23 | 146.93 | 3 | 13,051 | 4.43 | % | 1,247,189 | 95.56 | 91.92 | |||||||||||||||
2024 | 7 | 28,143 | 3.45 | % | 4,815,146 | 171.10 | 163.24 | 6 | 17,035 | 5.78 | % | 1,547,681 | 90.85 | 100.38 | |||||||||||||||
2025 | 12 | 36,345 | 4.46 | % | 13,042,626 | 358.86 | 393.19 | — | — | — | % | — | — | — | |||||||||||||||
2026 | 7 | 30,437 | 3.74 | % | 9,936,010 | 326.45 | 324.93 | 3 | 27,877 | 9.46 | % | 4,623,574 | 165.86 | 184.78 | |||||||||||||||
Thereafter | 36 | 374,664 | 45.99 | % | 33,158,089 | 88.50 | 100.48 | 12 | 171,063 | 58.04 | % | 29,138,045 | 170.34 | 175.51 | |||||||||||||||
118 | 814,590 | 100.00 | % | $109,466,557 | $134.38 | $172.46 | 42 | 294,755 | 100.00 | % | $42,884,765 | $145.49 | $154.68 | ||||||||||||||||
Vacancy (5) | 60,173 | 379.69 | 24,249 | 51.55 | |||||||||||||||||||||||||
874,763 | $186.72 | 319,004 | $146.84 | ||||||||||||||||||||||||||
(1) Includes month to month holdover tenants that expired prior to March 31, 2017. | |||||||||||||||||||||||||||||
(2) Tenants may have multiple leases. | |||||||||||||||||||||||||||||
(3) Represents in place annualized rent allocated by year of expiration. | |||||||||||||||||||||||||||||
(4) Management's estimate of average asking rents for currently occupied space as of March 31, 2017. Taking rents are typically lower than asking rents and may vary from property to property. | |||||||||||||||||||||||||||||
(5) Includes square footage on leases signed but not yet commenced. | |||||||||||||||||||||||||||||
Supplemental Information | 46 | First Quarter 2017 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan Unaudited (Dollars in Thousands) | ||
Occupancy (%) | Acquisition | |||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | at acquisition | 3/31/2017 | Price ($'s) (1) | ||||||||||
1998 - 2016 Acquisitions | ||||||||||||||||
Mar-98 | 420 Lexington Avenue | Operating Sublease | Grand Central | 1,188,000 | 83.0 | 96.8 | $ | 78,000 | ||||||||
May-98 | 711 3rd Avenue | Operating Sublease | Grand Central | 524,000 | 79.0 | 92.2 | 65,600 | |||||||||
Jun-98 | 440 9th Avenue | Fee Interest | Penn Station | 339,000 | 76.0 | N/A | 32,000 | |||||||||
Jan-99 | 420 Lexington Leasehold | Sub-leasehold | Grand Central | — | — | — | 27,300 | |||||||||
Jan-99 | 555 West 57th Street - 65% JV | Fee Interest | Midtown West | 941,000 | 100.0 | 99.9 | 66,700 | |||||||||
Aug-99 | 1250 Broadway - 50% JV | Fee Interest | Penn Station | 670,000 | 96.5 | N/A | 93,000 | |||||||||
Nov-99 | 555 West 57th Street - remaining 35% | Fee Interest | Midtown West | — | — | 99.9 | 34,100 | |||||||||
Feb-00 | 100 Park Avenue - 50% JV | Fee Interest | Grand Central | 834,000 | 96.5 | 92.5 | 192,000 | |||||||||
Jun-01 | 317 Madison Avenue | Fee Interest | Grand Central | 450,000 | 95.0 | N/A | 105,600 | |||||||||
Sep-01 | 1250 Broadway - 49.9% JV (2) | Fee Interest | Penn Station | 670,000 | 97.7 | N/A | 126,500 | |||||||||
May-02 | 1515 Broadway - 55% JV | Fee Interest | Times Square | 1,750,000 | 98.0 | 97.3 | 483,500 | |||||||||
Feb-03 | 220 East 42nd Street | Fee Interest | Grand Central | 1,135,000 | 91.9 | 76.0 | 265,000 | |||||||||
Mar-03 | 125 Broad Street | Fee Interest | Downtown | 525,000 | 100.0 | N/A | 92,000 | |||||||||
Oct-03 | 461 Fifth Avenue | Leasehold Interest | Midtown | 200,000 | 93.9 | 99.9 | 60,900 | |||||||||
Dec-03 | 1221 Avenue of the Americas - 45% JV | Fee Interest | Rockefeller Center | 2,550,000 | 98.8 | N/A | 1,000,000 | |||||||||
Mar-04 | 19 West 44th Street - 35% JV | Fee Interest | Midtown | 292,000 | 86.0 | N/A | 67,000 | |||||||||
Jul-04 | 750 Third Avenue | Fee Interest | Grand Central | 779,000 | 100.0 | 98.8 | 255,000 | |||||||||
Jul-04 | 485 Lexington Avenue - 30% JV | Fee Interest | Grand Central | 921,000 | 100.0 | 75.7 | 225,000 | |||||||||
Oct-04 | 625 Madison Avenue | Leasehold Interest | Plaza District | 563,000 | 68.0 | 98.8 | 231,500 | |||||||||
Feb-05 | 28 West 44th Street | Fee Interest | Midtown | 359,000 | 87.0 | N/A | 105,000 | |||||||||
Apr-05 | 1 Madison Avenue - 55% JV | Fee Interest | Park Avenue South | 1,177,000 | 96.0 | 100.0 | 803,000 | |||||||||
Apr-05 | 5 Madison Avenue Clock Tower | Fee Interest | Park Avenue South | 267,000 | N/A | N/A | 115,000 | |||||||||
Jun-05 | 19 West 44th Street - remaining 65% | Fee Interest | Midtown | — | — | N/A | 91,200 | |||||||||
Mar-06 | 521 Fifth Avenue | Leasehold Interest | Midtown | 460,000 | 97.0 | 93.6 | 210,000 | |||||||||
Jun-06 | 609 Fifth Avenue | Fee Interest | Midtown | 160,000 | 98.5 | 72.8 | 182,000 | |||||||||
Dec-06 | 485 Lexington Avenue - remaining 70% | Fee Interest | Grand Central | — | — | 75.7 | 578,000 | |||||||||
Dec-06 | 800 Third Avenue - 42.95% JV | Fee Interest | Grand Central North | 526,000 | 96.9 | 98.2 | 285,000 | |||||||||
Jan-07 | Reckson - NYC Portfolio | Fee Interests / Leasehold Interest | Various | 5,612,000 | 98.3 | 97.1 | 3,679,530 | |||||||||
Apr-07 | 331 Madison Avenue | Fee Interest | Grand Central | 114,900 | 97.6 | N/A | 73,000 | |||||||||
Apr-07 | 1745 Broadway - 32.3% JV | Fee Interest | Midtown | 674,000 | 100.0 | 100.0 | 520,000 | |||||||||
Jun-07 | 333 West 34th Street | Fee Interest | Penn Station | 345,400 | 100.0 | N/A | 183,000 | |||||||||
Aug-07 | 1 Madison Avenue - remaining 45% | Fee Interest | Park Avenue South | 1,177,000 | 99.8 | 100.0 | 1,000,000 | |||||||||
Dec-07 | 388 & 390 Greenwich Street - 50.6% JV | Fee Interest | Downtown | 2,635,000 | 100.0 | N/A | 1,575,000 | |||||||||
Jan-10 | 100 Church Street | Fee Interest | Downtown | 1,047,500 | 41.3 | 99.4 | 181,600 | |||||||||
May-10 | 600 Lexington Avenue - 55% JV | Fee Interest | Grand Central North | 303,515 | 93.6 | 86.6 | 193,000 | |||||||||
Aug-10 | 125 Park Avenue | Fee Interest | Grand Central | 604,245 | 99.1 | 98.4 | 330,000 | |||||||||
Jan-11 | 521 Fifth Avenue - remaining 49.9% | Leasehold Interest | Midtown | 460,000 | 80.7 | 93.6 | 245,700 | |||||||||
Apr-11 | 1515 Broadway - remaining 45% | Fee Interest | Times Square | 1,750,000 | 98.5 | 97.3 | 1,210,000 | |||||||||
May-11 | 110 East 42nd Street | Fee Interest | Grand Central | 205,000 | 72.6 | 91.0 | 85,570 | |||||||||
May-11 | 280 Park Avenue - 49.5% JV | Fee Interest | Park Avenue | 1,219,158 | 78.2 | 87.4 | 1,110,000 | |||||||||
Nov-11 | 180 Maiden Lane - 49.9% JV | Fee Interest | Financial East | 1,090,000 | 97.7 | N/A | 425,680 | |||||||||
Nov-11 | 51 East 42nd Street | Fee Interest | Grand Central | 142,000 | 95.5 | N/A | 80,000 | |||||||||
Feb-12 | 10 East 53rd Street - 55% JV | Fee Interest | Plaza District | 354,300 | 91.9 | 66.1 | 252,500 | |||||||||
Jun-12 | 304 Park Avenue South | Fee Interest | Midtown South | 215,000 | 95.8 | 100.0 | 135,000 | |||||||||
Sep-12 | 641 Sixth Avenue | Fee Interest | Midtown South | 163,000 | 92.1 | 100.0 | 90,000 | |||||||||
Dec-12 | 315 West 36th Street - 35.5% JV | Fee Interest | Times Square South | 147,619 | 99.2 | N/A | 46,000 | |||||||||
May-14 | 388 & 390 Greenwich Street - remaining 49.4% | Fee Interest | Downtown | 2,635,000 | 100.0 | N/A | 1,585,000 | |||||||||
Jul-15 | 110 Greene Street - 90% JV | Fee Interest | Soho | 223,600 | 84.0 | 70.3 | 255,000 | |||||||||
Aug-15 | 30 East 40th Street - 60% JV | Leasehold Interest | Grand Central South | 69,446 | 100.0 | 93.2 | 4,650 | |||||||||
Aug-15 | 11 Madison Avenue | Fee Interest | Park Avenue South | 2,314,000 | 71.6 | 98.0 | 2,285,000 | |||||||||
Dec-15 | 600 Lexington Avenue - remaining 45% | Fee Interest | Grand Central North | 303,515 | 95.5 | 86.6 | 284,000 | |||||||||
41,085,198 | $ | 21,699,130 | ||||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. | ||||||||||||||||
(2) Ownership interest from November 2001 - May 2008 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.) |
Supplemental Information | 47 | First Quarter 2017 |
SUMMARY OF REAL ESTATE SALES ACTIVITY Manhattan Unaudited (Dollars in Thousands) | ||
Sales | Sales | |||||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | Price ($'s) | Price ($'s/SF) | |||||||||||||||
2000 - 2015 Sales | ||||||||||||||||||||
Feb-00 | 29 West 35th Street | Fee Interest | Penn Station | 78,000 | $ | 11,700 | $ | 150 | ||||||||||||
Mar-00 | 36 West 44th Street | Fee Interest | Grand Central | 178,000 | 31,500 | 177 | ||||||||||||||
May-00 | 321 West 44th Street - 35% JV | Fee Interest | Times Square | 203,000 | 28,400 | 140 | ||||||||||||||
Nov-00 | 90 Broad Street | Fee Interest | Financial | 339,000 | 60,000 | 177 | ||||||||||||||
Dec-00 | 17 Battery South | Fee Interest | Financial | 392,000 | 53,000 | 135 | ||||||||||||||
Jan-01 | 633 Third Ave | Fee Interest | Grand Central North | 40,623 | 13,250 | 326 | ||||||||||||||
May-01 | 1 Park Ave - 45% JV | Fee Interest | Grand Central South | 913,000 | 233,900 | 256 | ||||||||||||||
Jun-01 | 1412 Broadway | Fee Interest | Times Square South | 389,000 | 90,700 | 233 | ||||||||||||||
Jul-01 | 110 East 42nd Street | Fee Interest | Grand Central | 69,700 | 14,500 | 208 | ||||||||||||||
Sep-01 | 1250 Broadway (1) | Fee Interest | Penn Station | 670,000 | 126,500 | 189 | ||||||||||||||
Jun-02 | 469 Seventh Avenue | Fee Interest | Penn Station | 253,000 | 53,100 | 210 | ||||||||||||||
Mar-03 | 50 West 23rd Street | Fee Interest | Chelsea | 333,000 | 66,000 | 198 | ||||||||||||||
Jul-03 | 1370 Broadway | Fee Interest | Times Square South | 255,000 | 58,500 | 229 | ||||||||||||||
Dec-03 | 321 West 44th Street | Fee Interest | Times Square | 203,000 | 35,000 | 172 | ||||||||||||||
May-04 | 1 Park Avenue (2) | Fee Interest | Grand Central South | 913,000 | 318,500 | 349 | ||||||||||||||
Oct-04 | 17 Battery Place North | Fee Interest | Financial | 419,000 | 70,000 | 167 | ||||||||||||||
Nov-04 | 1466 Broadway | Fee Interest | Times Square | 289,000 | 160,000 | 554 | ||||||||||||||
Apr-05 | 1414 Avenue of the Americas | Fee Interest | Plaza District | 111,000 | 60,500 | 545 | ||||||||||||||
Aug-05 | 180 Madison Avenue | Fee Interest | Grand Central | 265,000 | 92,700 | 350 | ||||||||||||||
Jul-06 | 286 & 290 Madison Avenue | Fee Interest | Grand Central | 149,000 | 63,000 | 423 | ||||||||||||||
Aug-06 | 1140 Avenue of the Americas | Leasehold Interest | Rockefeller Center | 191,000 | 97,500 | 510 | ||||||||||||||
Dec-06 | 521 Fifth Avenue (3) | Leasehold Interest | Midtown | 460,000 | 240,000 | 522 | ||||||||||||||
Mar-07 | 1 Park Avenue | Fee Interest | Grand Central South | 913,000 | 550,000 | 602 | ||||||||||||||
Mar-07 | 70 West 36th Street | Fee Interest | Garment | 151,000 | 61,500 | 407 | ||||||||||||||
Jun-07 | 110 East 42nd Street | Fee Interest | Grand Central North | 181,000 | 111,500 | 616 | ||||||||||||||
Jun-07 | 125 Broad Street | Fee Interest | Downtown | 525,000 | 273,000 | 520 | ||||||||||||||
Jun-07 | 5 Madison Clock Tower | Fee Interest | Park Avenue South | 267,000 | 200,000 | 749 | ||||||||||||||
Jul-07 | 292 Madison Avenue | Fee Interest | Grand Central South | 187,000 | 140,000 | 749 | ||||||||||||||
Jul-07 | 1372 Broadway (4) | Fee Interest | Penn Station/Garment | 508,000 | 335,000 | 659 | ||||||||||||||
Nov-07 | 470 Park Avenue South | Fee Interest | Park Avenue South/Flatiron | 260,000 | 157,000 | 604 | ||||||||||||||
Jan-08 | 440 Ninth Avenue | Fee Interest | Penn Station | 339,000 | 160,000 | 472 | ||||||||||||||
May-08 | 1250 Broadway | Fee Interest | Penn Station | 670,000 | 310,000 | 463 | ||||||||||||||
Oct-08 | 1372 Broadway (5) | Fee Interest | Penn Station/Garment | 508,000 | 274,000 | 539 | ||||||||||||||
May-10 | 1221 Avenue of the Americas (6) | Fee Interest | Rockefeller Center | 2,550,000 | 1,280,000 | 502 | ||||||||||||||
Sep-10 | 19 West 44th Street | Fee Interest | Midtown | 292,000 | 123,150 | 422 | ||||||||||||||
May-11 | 28 West 44th Street | Fee Interest | Midtown | 359,000 | 161,000 | 448 | ||||||||||||||
Aug-13 | 333 West 34th Street | Fee Interest | Penn Station | 345,400 | 220,250 | 638 | ||||||||||||||
May-14 | 673 First Avenue | Leasehold Interest | Grand Central South | 422,000 | 145,000 | 344 | ||||||||||||||
Sep-15 | 120 West 45th Street | Fee Interest | Midtown | 440,000 | 365,000 | 830 | ||||||||||||||
Sep-15 | 315 West 36th Street | Fee Interest | Times Square South | 148,000 | 115,000 | 777 | ||||||||||||||
16,178,723 | $ | 6,959,650 | $ | 430 | ||||||||||||||||
2016 Sales | ||||||||||||||||||||
Jun-16 | 388 & 390 Greenwich Street | Fee Interest | Downtown | 2,635,000 | $ | 2,000,000 | $ | 759 | ||||||||||||
Aug-16 | 11 Madison Avenue (7) | Fee Interest | Park Avenue South | 2,314,000 | 2,600,000 | 1,124 | ||||||||||||||
4,949,000 | $ | 4,600,000 | $ | 929 | ||||||||||||||||
(1) Company sold a 45% JV interest in the property at an implied $126.5 million gross asset valuation. | ||||||||||||||||||||
(2) Company sold a 75% JV interest in the property at an implied $318.5 million gross asset valuation. | ||||||||||||||||||||
(3) Company sold a 50% JV interest in the property at an implied $240.0 million gross asset valuation. | ||||||||||||||||||||
(4) Company sold a 85% JV interest in the property at an implied $335.0 million gross asset valuation. | ||||||||||||||||||||
(5) Company sold a 15% JV interest in the property at an implied $274.0 million gross asset valuation. | ||||||||||||||||||||
(6) Company sold a 45% JV interest in the property at an implied $1.28 billion gross asset valuation. | ||||||||||||||||||||
(7) Company sold a 40% JV interest in the property at an implied $2.6 billion gross asset valuation, inclusive of the cost associated with lease stipulated improvements to the property. |
Supplemental Information | 48 | First Quarter 2017 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Suburban Unaudited (Dollars in Thousands) | |
Occupancy (%) | Acquisition | ||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | at acquisition | 3/31/2017 | Price ($'s) (1) | |||||||||||
2007 - 2016 Acquisitions | |||||||||||||||||
Jan-07 | 300 Main Street | Fee Interest | Stamford, Connecticut | 130,000 | 92.5 | N/A | $ | 15,000 | |||||||||
Jan-07 | 399 Knollwood Road | Fee Interest | White Plains, New York | 145,000 | 96.6 | N/A | 31,600 | ||||||||||
Jan-07 | Reckson - Connecticut Portfolio | Fee Interests / Leasehold Interest | Stamford, Connecticut | 1,369,800 | 88.9 | 85.6 | 490,750 | ||||||||||
Jan-07 | Reckson - Westchester Portfolio | Fee Interests / Leasehold Interest | Westchester | 2,346,100 | 90.6 | 82.6 | 570,190 | ||||||||||
Apr-07 | Jericho Plazas - 20.26% JV | Fee Interest | Jericho, New York | 640,000 | 98.4 | 71.0 | 210,000 | ||||||||||
Jun-07 | 1010 Washington Boulevard | Fee Interest | Stamford, Connecticut | 143,400 | 95.6 | 88.1 | 38,000 | ||||||||||
Jun-07 | 500 West Putnam Avenue | Fee Interest | Greenwich, Connecticut | 121,500 | 94.4 | N/A | 56,000 | ||||||||||
Jul-07 | 16 Court Street - 35% JV | Fee Interest | Brooklyn, New York | 317,600 | 80.6 | 94.9 | 107,500 | ||||||||||
Aug-07 | 150 Grand Street | Fee Interest | White Plains, New York | 85,000 | 52.9 | N/A | 6,700 | ||||||||||
Sep-07 | The Meadows - 25% JV | Fee Interest | Rutherford, New Jersey | 582,100 | 81.3 | N/A | 111,500 | ||||||||||
Apr-13 | 16 Court Street - additional JV interest | Fee Interest | Brooklyn, New York | 317,600 | 84.9 | 94.9 | 96,200 | ||||||||||
6,198,100 | $1,733,440 | ||||||||||||||||
SUMMARY OF REAL ESTATE SALES ACTIVITY Suburban Unaudited (Dollars in Thousands) | ||||||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | Price ($'s) | Price ($'s/SF) | |||||||||||||||
2008 - 2015 Sales | ||||||||||||||||||||
Oct-08 | 100 & 120 White Plains Road | Fee Interest | Tarrytown, New York | 211,000 | $ | 48,000 | $ | 227 | ||||||||||||
Jan-09 | 55 Corporate Drive | Fee Interest | Bridgewater, New Jersey | 670,000 | 230,000 | 343 | ||||||||||||||
Aug-09 | 399 Knollwood Road | Fee Interest | White Plains, New York | 145,000 | 20,767 | 143 | ||||||||||||||
Jul-12 | One Court Square | Fee Interest | Long Island City, New York | 1,402,000 | 481,100 | 343 | ||||||||||||||
Sep-13 | 300 Main Street | Fee Interest | Stamford, Connecticut | 130,000 | 13,500 | 104 | ||||||||||||||
Aug-15 | The Meadows | Fee Interest | Rutherford, New Jersey | 582,100 | 121,100 | 208 | ||||||||||||||
Dec-15 | 140 Grand Street | Fee Interest | White Plains, New York | 130,100 | 22,400 | 172 | ||||||||||||||
Dec-15 | 150 Grand Street | Fee Interest | White Plains, New York | 85,000 | 9,600 | 113 | ||||||||||||||
3,355,200 | $ | 946,467 | $ | 282 | ||||||||||||||||
2016 Sales | ||||||||||||||||||||
Mar-16 | 7 Renaissance Square | Fee Interest | White Plains, New York | 65,641 | $ | 21,000 | $ | 320 | ||||||||||||
Jul-16 | 500 West Putnam Avenue | Fee Interest | Greenwich, Connecticut | 121,500 | 41,000 | 337 | ||||||||||||||
187,141 | $ | 62,000 | $ | 331 | ||||||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. |
Supplemental Information | 49 | First Quarter 2017 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Retail, Residential, Development / Redevelopment & Land Unaudited (Dollars in Thousands) | ||
Occupancy (%) | Acquisition | ||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | at acquisition | 3/31/2017 | Price ($'s) (1) | |||||||||||
2005 - 2015 Acquisitions | |||||||||||||||||
Jul-05 | 1551-1555 Broadway - 10% JV | Fee Interest | Times Square | 25,600 | N/A | N/A | $ | 85,000 | |||||||||
Jul-05 | 21 West 34th Street - 50% JV | Fee Interest | Herald Square | 30,100 | N/A | N/A | 17,500 | ||||||||||
Sep-05 | 141 Fifth Avenue - 50% JV | Fee Interest | Flatiron | 21,500 | N/A | N/A | 13,250 | ||||||||||
Nov-05 | 1604 Broadway - 63% JV | Leasehold Interest | Times Square | 29,876 | 17.2 | N/A | 4,400 | ||||||||||
Dec-05 | 379 West Broadway - 45% JV | Leasehold Interest | Lower Manhattan | 62,006 | 100.0 | N/A | 19,750 | ||||||||||
Jan-06 | 25-29 West 34th Street - 50% JV | Fee Interest | Herald Square/Penn Station | 41,000 | 55.8 | N/A | 30,000 | ||||||||||
Sep-06 | 717 Fifth Avenue - 32.75% JV | Fee Interest | Midtown/Plaza District | 119,550 | 63.1 | 81.1 | 251,900 | ||||||||||
Aug-07 | 180 Broadway - 50% JV | Fee Interest | Lower Manahattan | 24,300 | 85.2 | N/A | 13,600 | ||||||||||
Apr-07 | Two Herald Square - 55% JV | Fee Interest | Herald Square | N/A | N/A | N/A | 225,000 | ||||||||||
Jul-07 | 885 Third Avenue - 55% JV | Fee Interest | Midtown / Plaza District | N/A | N/A | N/A | 317,000 | ||||||||||
Jan-08 | 125 Chubb Way | Fee Interest | Lyndhurst, New Jersey | 278,000 | — | 73.3 | 29,364 | ||||||||||
Feb-08 | 182 Broadway - 50% JV | Fee Interest | Lower Manhattan | 46,280 | 83.8 | N/A | 30,000 | ||||||||||
Nov-10 | Williamsburg Terrace | Fee Interest | Brooklyn, New York | 52,000 | 100.0 | 100.0 | 18,000 | ||||||||||
Dec-10 | 11 West 34th Street - 30% JV | Fee Interest | Herald Square/Penn Station | 17,150 | 100.0 | 100.0 | 10,800 | ||||||||||
Dec-10 | 7 Renaissance Square - 50% JV | Fee Interest | White Plains, New York | 65,641 | — | N/A | 4,000 | ||||||||||
Dec-10 | Two Herald Square - 45% (2) | Fee Interest | Herald Square | 354,400 | 100.0 | N/A | 247,500 | ||||||||||
Dec-10 | 885 Third Avenue - 45% (2) | Fee Interest | Midtown / Plaza District | 607,000 | 100.0 | N/A | 352,000 | ||||||||||
Dec-10 | 292 Madison Avenue | Fee Interest | Grand Central South | 203,800 | N/A | N/A | 78,300 | ||||||||||
Jan-11 | 3 Columbus Circle - 48.9% | Fee Interest | Columbus Circle | 741,500 | 20.1 | 90.6 | 500,000 | ||||||||||
Aug-11 | 1552-1560 Broadway - 50% | Fee Interest | Times Square | 35,897 | 59.7 | 67.5 | 136,550 | ||||||||||
Sep-11 | 747 Madison Avenue - 33.33% | Fee Interest | Plaza District | 10,000 | 100.0 | N/A | 66,250 | ||||||||||
Jan-12 | DFR Residential and Retail Portfolio - 80% | Fee Interests / Leasehold Interest | Plaza District, Upper East Side | 489,882 | 95.1 | 87.8 | 193,000 | ||||||||||
Jan-12 | 724 Fifth Avenue - 50% | Fee Interest | Plaza District | 65,010 | 92.9 | 89.1 | 223,000 | ||||||||||
Jul-12 | West Coast Office Portfolio - 27.63% | Fee Interest | — | 4,473,603 | 76.3 | N/A | 880,104 | ||||||||||
Aug-12 | 33 Beekman Street - 45.9% | Fee Interest | Downtown | 163,500 | — | N/A | 31,160 | ||||||||||
Sep-12 | 635 Sixth Avenue | Fee Interest | Midtown South | 104,000 | — | 100.0 | 83,000 | ||||||||||
Oct-12 | 1080 Amsterdam - 87.5% | Leasehold Interest | Upper West Side | 82,250 | 2.2 | 100.0 | — | ||||||||||
Dec-12 | 21 East 66th Street - 32.28% | Fee Interest | Plaza District | 16,736 | 100.0 | 100.0 | 75,000 | ||||||||||
Dec-12 | 985-987 Third Avenue | Fee Interest | Upper East Side | 13,678 | — | N/A | 18,000 | ||||||||||
Dec-12 | 131-137 Spring Street | Fee Interest | Soho | 68,342 | 100.0 | 90.7 | 122,300 | ||||||||||
Mar-13 | 248-252 Bedford Avenue - 90% | Fee Interest | Brooklyn, New York | 66,611 | — | N/A | 54,900 | ||||||||||
Nov-13 | 650 Fifth Avenue - 50% | Leasehold Interest | Plaza District | 32,324 | 63.6 | — | — | ||||||||||
Nov-13 | 315 West 33rd Street - The Olivia | Fee Interest | Penn Station | 492,987 | 96.6 | 97.3 | 386,775 | ||||||||||
Nov-13 | 562, 570 & 574 Fifth Avenue | Fee Interest | Plaza District | 66,962 | 74.6 | N/A | 146,222 | ||||||||||
Jul-14 | 719 Seventh Avenue - 75% | Fee Interest | Times Square | 6,000 | 100.0 | — | 41,149 | ||||||||||
Jul-14 | 115 Spring Street | Fee Interest | Soho | 5,218 | 100.0 | 100.0 | 52,000 | ||||||||||
Jul-14 | 752 Madison Avenue | Fee Interest | Plaza District | 21,124 | 100.0 | 100.0 | 282,415 | ||||||||||
Sep-14 | 121 Greene Street - 50% | Fee Interest | Soho | 7,131 | 100.0 | 100.0 | 27,400 | ||||||||||
Sep-14 | 635 Madison Avenue (2) | Fee Interest | Plaza District | 176,530 | 100.0 | 100.0 | 145,000 | ||||||||||
Oct-14 | 102 Greene Street | Fee Interest | Soho | 9,200 | 100.0 | — | 32,250 | ||||||||||
Oct-14 | 175-225 Third Street - 95% | Fee Interest | Brooklyn, New York | — | — | — | 72,500 | ||||||||||
Nov-14 | 55 West 46th Street | Fee Interest | Midtown | 347,000 | — | 50.1 | 295,000 | ||||||||||
Feb-15 | Stonehenge Portfolio | Fee Interest | — | 2,589,184 | 96.5 | 93.2 | 40,000 | ||||||||||
Mar-15 | 1640 Flatbush Avenue | Fee Interest | Brooklyn, New York | 1,000 | 100.0 | 100.0 | 6,799 | ||||||||||
Jun-15 | Upper East Side Residential - 90% | Fee Interest | Upper East Side Residential | 27,000 | 96.4 | 39.3 | 50,074 | ||||||||||
Aug-15 | 187 Broadway & 5-7 Dey Street | Fee Interest | Lower Manhattan | 73,600 | 90.5 | 41.4 | 63,690 | ||||||||||
12,164,472 | $ | 5,771,902 | |||||||||||||||
2016 Acquisitions | |||||||||||||||||
Mar-16 | 183 Broadway | Fee Interest | Lower Manhattan | 9,100 | 58.3 | — | $ | 28,500 | |||||||||
Apr-16 | 605 West 42nd Street - 20% | Fee Interest | Midtown West | 927,358 | — | 76.3 | 759,046 | ||||||||||
936,458 | $ | 787,546 | |||||||||||||||
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties. | |||||||||||||||||
(2) Subject to long-term, third party net operating leases. |
Supplemental Information | 50 | First Quarter 2017 |
SUMMARY OF REAL ESTATE SALES ACTIVITY Retail, Residential, Development / Redevelopment and Land Unaudited (Dollars in Thousands) | ||
Sales | Sales | |||||||||||||||||||
Property | Type of Ownership | Submarket | Net Rentable SF | Price ($'s) | Price ($'s/SF) | |||||||||||||||
2011 - 2015 Sales | ||||||||||||||||||||
Sep-11 | 1551-1555 Broadway (1) | Fee Interest | Times Square | 25,600 | $ | 276,757 | $ | 10,811 | ||||||||||||
Feb-12 | 141 Fifth Avenue (2) | Fee Interest | Flatiron | 13,000 | 46,000 | 3,538 | ||||||||||||||
Feb-12 | 292 Madison Avenue | Fee Interest | Grand Central South | 203,800 | 85,000 | 417 | ||||||||||||||
Apr-12 | 379 West Broadway | Leasehold Interest | Lower Manhattan | 62,006 | 48,500 | 782 | ||||||||||||||
Jun-12 | 717 Fifth Avenue (3) | Fee Interest | Midtown/Plaza District | 119,550 | 617,584 | 5,166 | ||||||||||||||
Sep-12 | 3 Columbus Circle (4) | Fee Interest | Columbus Circle | 214,372 | 143,600 | 670 | ||||||||||||||
Feb-13 | 44 West 55th Street | Fee Interest | Plaza District | 8,557 | 6,250 | 730 | ||||||||||||||
Jun-13 | West Coast Office Portfolio | Fee Interest | Los Angeles, California | 406,740 | 111,925 | 275 | ||||||||||||||
Aug-13 | West Coast Office Portfolio | Fee Interest | Fountain Valley, California | 302,037 | 66,994 | 222 | ||||||||||||||
Sep-13 | West Coast Office Portfolio | Fee Interest | San Diego, California | 110,511 | 45,400 | 411 | ||||||||||||||
Dec-13 | 27-29 West 34th Street | Fee Interest | Herald Square/Penn Station | 15,600 | 70,052 | 4,491 | ||||||||||||||
Jan-14 | 21-25 West 34th Street | Fee Interest | Herald Square/Penn Station | 30,100 | 114,948 | 3,819 | ||||||||||||||
Mar-14 | West Coast Office Portfolio | Fee Interest | 3,654,315 | 756,000 | 207 | |||||||||||||||
May-14 | 747 Madison Avenue | Fee Interest | Plaza District | 10,000 | 160,000 | 16,000 | ||||||||||||||
Jul-14 | 985-987 Third Avenue | Fee Interest | Upper East Side | 13,678 | 68,700 | 5,023 | ||||||||||||||
Sep-14 | 180-182 Broadway | Fee Interest | Lower Manhattan | 156,086 | 222,500 | 1,425 | ||||||||||||||
Nov-14 | 2 Herald Square | Fee Interest | Herald Square/Penn Station | 354,400 | 365,000 | 1,030 | ||||||||||||||
Jan-15 | 180 Maiden Lane | Fee Interest | Financial East | 1,090,000 | 470,000 | 431 | ||||||||||||||
Dec-15 | 570 & 574 Fifth Avenue | Fee Interest | Plaza District | 24,327 | 125,400 | 5,155 | ||||||||||||||
6,814,679 | $ | 3,800,610 | $ | 558 | ||||||||||||||||
2016 Sales | ||||||||||||||||||||
Feb-16 | 248-252 Bedford Avenue - 90% | Fee Interest | Brooklyn, New York | 66,611 | $ | 55,000 | $ | 826 | ||||||||||||
Feb-16 | 885 Third Avenue | Fee Interest | Midtown / Plaza District | 607,000 | 453,000 | 746 | ||||||||||||||
May-16 | 33 Beekman Street | Fee Interest | Downtown | 163,500 | 196,000 | 1,199 | ||||||||||||||
Oct-16 | 400 East 57th Street (5) | Fee Interest | Upper East Side | 290,482 | 170,000 | 585 | ||||||||||||||
1,127,593 | $ | 874,000 | $ | 775 | ||||||||||||||||
(1) Company sold our remaining 10% JV interest in the property at an implied $276.8 million sales price. | ||||||||||||||||||||
(2) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option. | ||||||||||||||||||||
(3) Company sold 50% of its remaining interest after a promote. The Company retained a 10.92% interest in the property. | ||||||||||||||||||||
(4) The joint venture sold a 29% condominium interest in the property. | ||||||||||||||||||||
(5) Company sold a 49% JV interest in the property at an implied $170.0 million gross asset valuation. |
Supplemental Information | 51 | First Quarter 2017 |
EXECUTIVE AND SENIOR MANAGEMENT | ||
Stephen L. Green | Edward V. Piccinich |
Chairman of the Board | Executive Vice President, Property |
Management and Construction | |
Marc Holliday | |
Chief Executive Officer | Neil H. Kessner |
Executive Vice President, General | |
Andrew Mathias | Counsel - Real Property |
President | |
David M. Schonbraun | |
Matthew J. DiLiberto | Co-Chief Investment Officer |
Chief Financial Officer | |
Isaac Zion | |
Andrew S. Levine | Co-Chief Investment Officer |
Chief Legal Officer | |
Maggie Hui | |
Steven M. Durels | Chief Accounting Officer |
Executive Vice President, Director of | |
Leasing and Real Property |
52 |
SELL-SIDE ANALYST COVERAGE | ||
EQUITY COVERAGE | |||
Firm | Analyst | Phone | |
Bank of America - Merrill Lynch | James C. Feldman | (646) 855-5808 | james.feldman@baml.com |
Barclays Capital | Ross Smotrich | (212) 526-2306 | ross.smotrich@barcap.com |
BMO Capital Markets Corp. | John P. Kim | (212) 885-4115 | jp.kim@bmo.com |
BTIG | James Sullivan | (212) 738-6139 | jsullivan@btig.com |
Citigroup | Michael Bilerman | (212) 816-1383 | michael.bilerman@citigroup.com |
Deutsche Bank | Vin Chao | (212) 250-6799 | vincent.chao@db.com |
Green Street Advisors | Jed Reagan | (949) 640-8780 | jreagan@greenstreetadvisors.com |
Evercore ISI | Steve Sakwa | (212) 446-9462 | ssakwa@isigrp.com |
Jefferies & Company | Tayo Okusanya | (212) 336-7076 | tokusanya@jefferies.com |
JMP Securities | Mitchell Germain | (212) 906-3546 | mgermain@jmpsecurities.com |
JP Morgan Securities, Inc. | Anthony Paolone | (212) 622-6682 | anthony.paolone@jpmorgan.com |
KeyBanc Capital Markets | Craig Mailman | (917) 368-2316 | cmailman@key.com |
Morgan Stanley | Vikram Malhotra | (212) 761-7064 | vikram.malhotra@morganstanley.com |
RW Baird | David Rodgers | (216) 737-7341 | drodgers@rwbaird.com |
Sandler O'Neill + Partners, L.P. | Alexander D. Goldfarb | (212) 466-7937 | agoldfarb@sandleroneill.com |
Stifel Nicolaus | John Guinee | (443) 224-1307 | jwguinee@stifel.com |
SunTrust Robinson Humphrey | Michael Lewis | (404) 926-5000 | michael.lewis@suntrust.com |
UBS Securities LLC | Nicholas Yulico | (212) 713-3402 | nick.yulico@ubs.com |
Wells Fargo Securities, LLC | Blaine Heck | (443) 263-6529 | blaine.heck@wellsfargo.com |
FIXED INCOME COVERAGE | |||
Firm | Analyst | Phone | |
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. |
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