Exhibit 99.2
SL Green Realty Corp.
First Quarter 2007
Supplemental Data
March 31, 2007
SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust, or REIT, that primarily acquires, owns, manages, leases and repositions office properties in emerging, high-growth submarkets of Manhattan.
· SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.
· SL Green maintains an internet site at www.slgreen.com at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found. Such information is not reiterated in this supplemental financial package. This supplemental financial package is available through the Company’s internet site.
· This data is presented 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 prospective 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 be restated from the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-216-1601.
This report includes certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), expansion and other development trends of the real estate industry, business strategies, expansion and growth of the Company’s operations and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, general economic and business conditions, the business opportunities that may be presented to and pursued by the Company, changes in laws or regulations and other factors, many of which are beyond the control of the Company. Any such statements are not guarantees of future performance and actual results or developments may differ materially from those anticipated in the forward-looking statements.
The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2007 that will subsequently be released on Form 10-Q to be filed on or before May 10, 2007.
2
TABLE OF CONTENTS |
Highlights of Current Period Financial Performance |
|
|
|
Unaudited Financial Statements |
|
Corporate Profile | 4 |
Financial Highlights | 5-13 |
Balance Sheets | 14-15 |
Statements of Operations | 16 |
Funds From Operations | 17 |
Statement of Stockholders’ Equity | 18 |
Taxable Income | 19 |
Joint Venture Statements | 20-22 |
|
|
Selected Financial Data | 23-26 |
|
|
Summary of Debt and Ground Lease Arrangements | 27 |
|
|
Mortgage Investments and Preferred Equity | 28-31 |
|
|
Property Data |
|
Composition of Property Portfolio | 32-33 |
Top Tenants | 34 |
Tenant Diversification | 35 |
Leasing Activity Summary | 36-39 |
Lease Expiration Schedule | 40-41 |
|
|
Summary of Acquisition/Disposition Activity | 42-43 |
Supplemental Definitions | 44 |
Corporate Information | 45 |
3
CORPORATE PROFILE |
SL Green Realty Corp., or the Company, is New York City’s largest commercial office landlord and is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, primarily focused on owning and operating office buildings in Manhattan.
The Company was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc., a company that was founded in 1980 by Stephen L. Green, our current Chairman. For more than 25 years SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan. The Company’s investment focus is to create value through strategically acquiring, redeveloping and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow.
In 2007, SL Green acquired Reckson Associates Realty Corp. and added over 9 million square feet to its portfolio. Included in this total is over 3 million square feet of Class A office space located in Westchester, New York and Stamford, Connecticut. These suburban portfolios serve as natural extensions of SL Green’s core ownership in the Grand Central submarket of Midtown Manhattan. The Company has since made selective additions to the holdings in these areas.
Looking forward, SL Green will continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and structured finance investments. Structured finance investments include SL Green’s interest in Gramercy Capital Corp., or Gramercy, (NYSE: GKK) since 2004. SL Green owns approximately 25% of Gramercy. This three-legged investment strategy allows SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.
4
FINANCIAL HIGHLIGHTS |
FINANCIAL RESULTS
Funds From Operations, or FFO, available to common stockholders totaled $123.7 million, or $2.03 per share for the first quarter ended March 31, 2007, an 88.0% increase over the same quarter in 2006 when FFO totaled $50.4 million, or $1.08 per share. The 2007 results include an incentive distribution of $77.2 million ($1.27 per share) from the sale of One Park Avenue.
Net income available for common stockholders totaled $147.4 million, or $2.53 per share (diluted) for the first quarter ended March 31, 2007. Net income available to common stockholders totaled $23.7 million or $0.54 per share in the same quarter in 2006. First quarter 2007 results include gains on sale of $1.29 per share compared to no gains on sale in 2006.
Funds available for distribution, or FAD, for the first quarter 2007 increased to $1.93 per share (diluted) versus $0.80 per share (diluted) in the prior year, a 141.3% increase.
The Company’s dividend payout ratio was 34.5% of FFO and 36.2% of FAD before first cycle leasing costs.
All per share amounts are presented on a diluted basis.
CONSOLIDATED RESULTS
Total quarterly revenues increased 154.2% in the first quarter to $295.8 million compared to $116.4 million in the prior year. The $179.4 million growth in revenue resulted primarily from the following items:
· $82.6 million increase from 2007 and 2006 acquisitions, including the Reckson properties,
· $8.0 million increase from same-store properties,
· $8.2 million increase in preferred equity and investment income, and
· $80.6 million increase in other revenue, which was primarily due to incentive fees earned in 2007 ($77.2 million) as well as from fees earned from Gramercy ($2.6 million) and the Service Corporation ($2.2 million).
The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, increased by $119.9 million (190.5%) to $182.8 million. The following items drove EBITDA improvements:
· $48.6 million increase from 2007 and 2006 acquisitions, including the Reckson properties,
· $3.7 million increase from same-store properties.
· $8.2 million increase in preferred equity and investment income. The weighted-average structured finance investment balance for the quarter increased to $718.7 million from $453.1 million in the prior year first quarter. The weighted-average yield for the quarter was 10.7% compared to 10.3% in the prior year.
· $0.6 million decrease from reductions in contributions to equity in net income from unconsolidated joint ventures primarily due to our investments at 521 Fifth Avenue, which is under redevelopment ($0.7 million) and the Mack-
5
FINANCIAL HIGHLIGHTS |
Green joint venture ($1.3 million). This was partially offset by increased contributions from Gramercy ($1.6 million) and One Park Avenue ($0.6 million).
· $21.3 million decrease from higher MG&A expense. This is primarily due to higher compensation costs at GKK Manager LLC, which is consolidated into the accounts of SL Green, as well as a one time charge associated with 9 new employment agreements of approximately $13.0 million.
· $81.3 million increase in non-real estate revenues net of expenses, primarily due to incentive fees earned in 2007 ($77.2 million) in addition to fee income from Gramercy ($2.6 million) and the Service Corporation ($1.5 million).
FFO before minority interests improved $73.4 million primarily as a result of:
· $119.9 million increase in EBITDA,
· $3.8 million decrease in FFO from unconsolidated joint ventures, discontinued operations and non-real estate depreciation, and
· $42.7 million decrease from higher interest expense.
SAME-STORE RESULTS
Consolidated Properties
Same-store first quarter 2007 GAAP NOI increased $3.7 million (7.9%) to $51.0 million compared to the prior year. Operating margins before ground rent increased from 54.00% to 54.05%.
The $3.7 million increase in GAAP NOI was primarily due to:
· $5.3 million (6.7%) increase in rental revenue primarily due to improved leasing,
· $2.8 million (19.7%) increase in escalation and reimbursement revenue,
· $1.2 million (56.8%) decrease in investment and other income,
· $3.0 million (11.7%) increase in operating expenses, primarily driven by increases in payroll, repairs and maintenance and utility costs, but was offset by reductions in insurance costs, and
· $0.2 million (1.5%) increase in real estate taxes.
Joint Venture Properties
The Joint Venture same-store properties first quarter 2007 GAAP NOI increased $0.7 million (2.4%) to $30.6 million compared to the prior year. Operating margins before ground rent decreased from 60.55% to 60.42%.
The $0.7 million increase in GAAP NOI was primarily due to:
· $1.0 million (2.6%) increase in rental revenue primarily due to improved leasing,
· $0.2 million (2.0%) increase in escalation and reimbursement revenue primarily due to electric reimbursements and real estate tax and operating expense recoveries,
· $0.1 million (21.3%) increase in other income,
6
FINANCIAL HIGHLIGHTS |
· $0.4 million (3.1%) increase in operating expenses primarily driven by increases in utilities and insurance, and real estate taxes, and
· $0.2 million (2.1%) increase in real estate taxes.
STRUCTURED FINANCE ACTIVITY
As of March 31, 2007, our structured finance and preferred equity investments totaled $668.3 million. The weighted average balance outstanding for the first quarter of 2007 was $718.7 million. During the first quarter of 2007 the weighted average yield was 9.98%.
During the first quarter 2007, the Company originated $448.3 million of structured finance investments, comprised of the following: $136.9 million assumed in connection with the Reckson merger, which yield approximately 13.0%, $215.0 million to fund RexCorp’s acquisition of its assets which yield approximately 6.3%, and $96.4 million of other mezzanine investments which yield approximately 10.4%.
QUARTERLY LEASING HIGHLIGHTS
Manhattan vacancy at December 31, 2006 was 574,559 useable square feet net of holdover tenants. During the quarter, 235,426 additional useable office, retail and storage square feet became available at an average escalated cash rent of $43.52 per rentable square foot. The Company acquired 62,476 of available usable square feet in connection with the closing of the Manhattan portion of the Reckson transaction. The Company sold 21,184 of available usable square feet in connection with the sale of One Park Avenue and 70 West 36th Street. Space available to lease during the quarter totaled 851,277 useable square feet, or 3.8% of the total Manhattan portfolio.
During the first quarter, 45 Manhattan office leases, including early renewals, were signed totaling 330,972 rentable square feet. New cash rents averaged $57.84 per rentable square foot. Replacement rents were 37.0% higher than rents on previously occupied space, which had fully escalated cash rents averaging $42.21 per rentable square foot. The average lease term was 7.2 years and average tenant concessions were 2.7 months of free rent with a tenant improvement allowance of $24.93 per rentable square foot.
The Company acquired 480,616 of available usable square feet in connection with the closing of the Suburban portion of the Reckson transaction. During the quarter, 85,845 additional useable office, retail and storage square feet became available at an average escalated cash rent of $29.52 per rentable square foot. Space available to lease during the quarter totaled 566,461 useable square feet, or 9.3% of the total Suburban portfolio.
During the first quarter, 22 Suburban office leases, including early renewals, were signed totaling 139,503 rentable square feet. New cash rents averaged $30.35 per rentable square foot. Replacement rents were 11.2% higher than rents on previously occupied space, which had fully escalated cash rents averaging $27.36 per rentable square foot. The average lease term was
7
FINANCIAL HIGHLIGHTS |
5.8 years and average tenant concessions were 1.1 months of free rent with a tenant improvement allowance of $17.82 per rentable square foot.
The Company also signed a total of 14 retail and storage leases, including early renewals, for 79,101 rentable square feet. The average lease term was 15.5 years and the average tenant concessions were 3.8 months of free rent with a tenant improvement allowance of $5.69 per rentable square foot.
REAL ESTATE ACTIVITY
Real estate investment transactions entered into during the first quarter totaled approximately $4.1 billion and included:
- In January 2007, we acquired Reckson Associates Realty Corp. for approximately $6.0 billion, inclusive of transaction costs. Simultaneously, we sold approximately $2.0 billion of the Reckson assets to an asset purchasing venture which includes certain former members of Reckson’s senior management. The transaction includes the acquisition of 30 properties encompassing approximately 9.2 million square feet, of which five properties encompassing approximately 4.2 million square feet are located in New York City. In connection with the acquisition, we issued approximately 9.0 million shares of our common stock, closed on $298.0 million of new mortgage financing and a $500.0 million term loan, and assumed approximately $226.3 million of mortgage debt, approximately $967.8 million of public unsecured notes and approximately $287.5 million of public convertible debt. In connection with the Reckson acquisition, we made loans totaling $215.0 million to the asset purchasing venture. In March 2007, we sold $200.0 million of these loans.
- In March 2007, a joint venture between our company, SITQ Immobilier, a subsidiary of Caisse de depot et placement du Quebec, and SEB Immobilier — Investment GmbH sold One Park Avenue for $550.0 million. We received approximately $109.0 million in proceeds from the sale, approximately $77.2 million of which represented an incentive distribution under our joint venture arrangement with SEB.
- In March 2007, the Company sold 70 West 36th Street for $61.5 million. The Company recognized a gain of approximately $47.2 million on the sale.
- In April 2007, SL Green completed the acquisition of 331 Madison Avenue and 48 East 43rd Street for a total of $73.0 million. Both 331 Madison Avenue and 48 East 43rd Street are located adjacent to 317 Madison Avenue, a property that SL Green acquired in 2001. 331 Madison Avenue is an approximately 92,000-square foot, 14-story office building. The 22,850-square-foot 48 East 43rd Street property is a seven-story loft building that was later converted to office use.
- In March 2007, SL Green announced that it had entered into an agreement to sell its condominium interests at
8
FINANCIAL HIGHLIGHTS |
125 Broad Street in downtown Manhattan to Mack-Cali Realty Corporation. In a related transaction, SL Green agreed to acquire an office property located at 500 West Putnam Avenue in Greenwich, Connecticut from Mack-Cali. The two transactions, which are subject to customary closing conditions, are expected to close during the second quarter of 2007. The condominium units at 125 Broad Street are being sold for a total of $273.0 million. The Greenwich property, a four-story, 121,500-square-foot office building, is being purchased by SL Green for $56.0 million.
- In January 2007, we acquired 300 Main Street in Stamford, Connecticut and 399 Knollwood Road in White Plains, New York for approximately $46.6 million, inclusive of 50,000 square feet of garage parking at 300 Main Street, from affiliates of RPW Group.
Investment In Gramercy Capital Corp.
At March 31, 2007, the book value of the Company’s investment in Gramercy totaled $119.3 million. Fees earned from various arrangements between the Company and Gramercy totaled approximately $7.7 million for the quarter ended March 31, 2007, including an incentive fee of $2.8 million earned as a result of Gramercy’s FFO (as defined in Gramercy’s management agreement) exceeding the 9.5% annual return on equity performance threshold. The Company’s share of FFO generated from its investment in Gramercy totaled approximately $4.9 million for the quarter ended March 31, 2007, compared to $3.2 million for the same period in the prior year.
The Company’s marketing, general and administrative, or MG&A, expenses include the consolidation of the expenses of its subsidiary GKK Manager LLC, the entity which manages and advises Gramercy. For the quarter ended March 31, 2007, the Company’s MG&A includes approximately $2.4 million of costs associated with Gramercy.
Financing/ Capital Activity
In January 2007, we exercised the accordion feature in our unsecured revolving line of credit. As a result, the capacity under the unsecured revolver increased by $300.0 million to $800.0 million.
On January 29, 2007, we completed a refinancing of the first mortgage loan on 485 Lexington Avenue for $450.0 million. The ten-year interest only mortgage has an effective interest rate of 5.566%. The mortgage matures in February 2017.
In March 2007, SL Green issued $750.0 million of 3.00% Exchangeable Senior Notes which are due in 2027. The Notes were offered in accordance with Rule 144A under the Securities Act of 1933, as amended. The Notes will pay interest semi-annually at a rate of 3.00% per annum and mature on March 30, 2027. The Notes will have an initial exchange rate representing an exchange price that is at a 25.0% premium to the last reported sale price of the Company’s common stock on March 20, 2007. The net proceeds from the offering were
9
FINANCIAL HIGHLIGHTS |
approximately $736.0 million, after deducting estimated fees and expenses. The proceeds of the offering were used to repay certain of the Company’s existing indebtedness, make investments in additional properties, make open market purchases of the Company’s common stock and for general corporate purposes.
The Board of Directors of the Company approved a stock purchase plan under which the Company can buy up to $300.0 million of its common stock. This plan will expire on December 31, 2008. In April, 2007, the Company bought approximately 16,000 shares of its common stock at an average share price of $132.48.
In March 2007, we repaid and terminated our $325.0 million term facility that was scheduled to mature in August 2009. In connection with the repayment, the Company realized a one-time expense of $3.1 million for exit fees and the write-off of unamortized deferred financing costs.
On March 23, 2007, we mailed notices to the holders of our $150.0 million, 7.20% Senior Unsecured Notes due 2007 and our $50.0 million 6.00% Notes due 2007 notifying the holders of such notes that we were exercising rights under the governing documents of the notes to redeem each series of notes in full. The redemption of notes is expected to occur in April 2007.
Dividends
On March 15, 2007, the Company declared a dividend of $0.70 per common share for the first quarter 2007. The dividend was payable April 13, 2007 to stockholders of record on the close of business on March 30, 2007. This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $2.80 per common share.
On March 15, 2007, the Company also approved a distribution on its Series C preferred stock for the period January 15, 2007 through and including April 14, 2007, of $0.4766 per share, payable April 13, 2007 to stockholders of record on the close of business on March 30, 2007. The distribution reflects the regular quarterly distribution, which is the equivalent of an annualized distribution of $1.90625 per Series C preferred stock.
On March 15, 2007, the Company also approved a distribution on its Series D preferred stock for the period January 15, 2007 through and including April 14, 2007, of $0.4922 per share, payable April 13, 2007 to stockholders of record on the close of business on March 30, 2007. The distribution reflects the regular quarterly distribution, which is the equivalent of an annualized distribution of $1.96875 per Series D preferred stock.
10
SL Green Realty Corp. |
|
| As of or for the three months ended |
| |||||||||||||
|
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| 6/30/2006 |
| 3/31/2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income available to common shareholders - diluted |
| $ | 2.53 |
| $ | 0.62 |
| $ | 2.53 |
| $ | 0.65 |
| $ | 0.54 |
|
Funds from operations available to common shareholders - diluted |
| $ | 2.03 |
| $ | 1.18 |
| $ | 1.13 |
| $ | 1.22 |
| $ | 1.08 |
|
Funds available for distribution to common shareholders - diluted |
| $ | 1.93 |
| $ | 0.78 |
| $ | 0.81 |
| $ | 0.94 |
| $ | 0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Share Price & Dividends |
|
|
|
|
|
|
|
|
|
|
| |||||
At the end of the period |
| $ | 137.18 |
| $ | 132.78 |
| $ | 111.70 |
| $ | 109.47 |
| $ | 101.50 |
|
High during period |
| $ | 156.10 |
| $ | 139.50 |
| $ | 115.90 |
| $ | 109.47 |
| $ | 103.09 |
|
Low during period |
| $ | 131.81 |
| $ | 112.37 |
| $ | 107.17 |
| $ | 95.31 |
| $ | 77.70 |
|
Common dividends per share |
| $ | 0.70 |
| $ | 0.70 |
| $ | 0.60 |
| $ | 0.60 |
| $ | 0.60 |
|
FFO Payout Ratio |
| 34.47% |
| 59.16% |
|
| % | 49.20% |
| 55.53% |
| |||||
FAD Payout Ratio |
| 36.21% |
| 90.23% |
| 73.75% |
| 63.91% |
| 75.02% |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Shares & Units |
|
|
|
|
|
|
|
|
|
|
| |||||
Common shares outstanding |
| 59,182 |
| 49,840 |
| 45,774 |
| 43,226 |
| 43,133 |
| |||||
Units outstanding |
| 2,619 |
| 2,694 |
| 2,219 |
| 2,219 |
| 2,263 |
| |||||
Total shares and units outstanding |
| 61,801 |
| 52,534 |
| 47,993 |
| 45,445 |
| 45,396 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average common shares and units outstanding - basic |
| 59,301 |
| 49,689 |
| 47,495 |
| 45,421 |
| 45,169 |
| |||||
Weighted average common shares and units outstanding - diluted |
| 60,930 |
| 51,160 |
| 49,215 |
| 46,901 |
| 46,608 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Market Capitalization |
|
|
|
|
|
|
|
|
|
|
| |||||
Market value of common equity |
| $ | 8,477,861 |
| $ | 6,975,465 |
| $ | 5,360,818 |
| $ | 4,974,864 |
| $ | 4,607,694 |
|
Liquidation value of preferred equity |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
| |||||
Consolidated debt |
| 5,023,057 |
| 1,815,379 |
| 1,975,325 |
| 1,853,644 |
| 1,693,907 |
| |||||
Consolidated market capitalization |
| $ | 13,758,418 |
| $ | 9,048,344 |
| $ | 7,593,643 |
| $ | 7,086,008 |
| $ | 6,559,101 |
|
SLG portion JV debt |
| 1,264,200 |
| 1,209,281 |
| 1,181,397 |
| 1,179,332 |
| 1,111,160 |
| |||||
Combined market capitalization |
| $ | 15,022,618 |
| $ | 10,257,625 |
| $ | 8,775,040 |
| $ | 8,265,340 |
| $ | 7,670,261 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated debt to market capitalization |
| 36.51% |
| 20.06% |
| 26.01% |
| 26.16% | \ | 25.83% |
| |||||
Combined debt to market capitalization |
| 41.85% |
| 29.49% |
| 35.97% |
| 36.70% |
| 36.57% |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated debt service coverage |
| 3.00 |
| 3.12 |
| 3.38 |
| 3.63 |
| 3.55 |
| |||||
Consolidated fixed charge coverage |
| 2.53 |
| 2.36 |
| 2.47 |
| 2.59 |
| 2.45 |
| |||||
Combined fixed charge coverage |
| 2.18 |
| 1.89 |
| 1.93 |
| 2.03 |
| 1.95 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portfolio Statistics (Manhattan) |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings |
| 24 |
| 20 |
| 20 |
| 23 |
| 22 |
| |||||
Unconsolidated office buildings |
| 7 |
| 8 |
| 7 |
| 7 |
| 7 |
| |||||
|
| 31 |
| 28 |
| 27 |
| 30 |
| 29 |
| |||||
Consolidated office buildings square footage |
| 14,145,000 |
| 10,086,000 |
| 9,625,000 |
| 9,965,000 |
| 9,805,000 |
| |||||
Unconsolidated office buildings square footage |
| 7,966,900 |
| 8,879,900 |
| 8,814,900 |
| 8,814,900 |
| 8,814,900 |
| |||||
|
| 22,111,900 |
| 18,965,900 |
| 18,439,900 |
| 18,779,900 |
| 18,619,900 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter end occupancy-portfolio |
| 97.3% |
| 97.0% |
| 96.1% |
| 95.9% |
| 95.2% |
| |||||
Quarter end occupancy- same store - wholly owned |
| 98.7% |
| 97.5% |
| 97.0% |
| 96.7% |
| 96.0% |
| |||||
Quarter end occupancy- same store - combined (wholly owned + joint venture) |
| 97.6% |
| 97.4% |
| 97.2% |
| 96.9% |
| 96.3% |
|
11
SL Green Realty Corp. |
|
| As of or for the three months ended |
| |||||||||||||
|
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| 6/30/2006 |
| 3/31/2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Real estate assets before depreciation |
| $ | 7,375,047 |
| $ | 3,055,159 |
| $ | 2,824,688 |
| $ | 2,634,724 |
| $ | 2,343,714 |
|
Investments in unconsolidated joint ventures |
| $ | 743,978 |
| $ | 686,069 |
| $ | 549,040 |
| $ | 571,418 |
| $ | 533,145 |
|
Structured finance investments |
| $ | 688,303 |
| $ | 445,026 |
| $ | 347,558 |
| $ | 333,989 |
| $ | 466,173 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
| $ | 9,625,785 |
| $ | 4,632,227 |
| $ | 4,226,806 |
| $ | 3,691,952 |
| $ | 3,482,532 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed rate & hedged debt |
| $ | 4,015,996 |
| $ | 1,511,714 |
| $ | 1,418,106 |
| $ | 1,419,065 |
| $ | 1,254,116 |
|
Variable rate debt |
| 933,309 |
| 303,665 |
| 462,219 |
| 339,579 |
| 439,791 |
| |||||
Total consolidated debt |
| $ | 4,949,305 |
| $ | 1,815,379 |
| $ | 1,880,325 |
| $ | 1,758,644 |
| $ | 1,693,907 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Liabilities |
| $ | 5,394,598 |
| $ | 2,109,451 |
| $ | 2,239,912 |
| $ | 2,090,786 |
| $ | 1,893,838 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed rate & hedged debt-including SLG portion of JV debt |
| $ | 4,657,260 |
| $ | 2,099,716 |
| $ | 1,957,206 |
| $ | 1,958,896 |
| $ | 1,768,857 |
|
Variable rate debt - including SLG portion of JV debt |
| 1,556,245 |
| 924,944 |
| 1,104,516 |
| 979,080 |
| 1,036,210 |
| |||||
Total combined debt |
| $ | 6,213,505 |
| $ | 3,024,660 |
| $ | 3,061,722 |
| $ | 2,937,976 |
| $ | 2,805,067 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
| $ | 184,165 |
| $ | 113,578 |
| $ | 108,298 |
| $ | 98,994 |
| $ | 93,017 |
|
Property operating expenses |
| 88,066 |
| 54,060 |
| 56,602 |
| 50,883 |
| 50,423 |
| |||||
Property operating NOI |
| $ | 96,099 |
| $ | 59,518 |
| $ | 51,696 |
| $ | 48,111 |
| $ | 42,594 |
|
NOI from discontinued operations |
| 2,505 |
| 2,315 |
| 3,998 |
| 4,734 |
| 4,255 |
| |||||
Total property operating NOI |
| $ | 98,604 |
| $ | 61,833 |
| $ | 55,694 |
| $ | 52,845 |
| $ | 46,849 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
SLG share of Property NOI from JVs |
| $ | 37,364 |
| $ | 37,419 |
| $ | 36,587 |
| $ | 33,834 |
| $ | 32,130 |
|
SLG share of FFO from Gramercy Capital |
| $ | 4,894 |
| $ | 5,083 |
| $ | 4,125 |
| $ | 3,694 |
| $ | 3,168 |
|
Structured finance income |
| $ | 21,709 |
| $ | 15,202 |
| $ | 15,978 |
| $ | 17,305 |
| $ | 13,479 |
|
Other income |
| $ | 89,897 |
| $ | 26,192 |
| $ | 9,493 |
| $ | 11,442 |
| $ | 9,869 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Marketing general & administrative expenses |
| $ | 34,247 |
| $ | 25,669 |
| $ | 13,830 |
| $ | 13,257 |
| $ | 12,986 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated interest |
| $ | 58,917 |
| $ | 29,834 |
| $ | 24,764 |
| $ | 22,901 |
| $ | 18,850 |
|
Combined interest |
| $ | 79,239 |
| $ | 50,154 |
| $ | 43,990 |
| $ | 40,088 |
| $ | 34,428 |
|
Preferred Dividend |
| $ | 4,969 |
| $ | 4,969 |
| $ | 4,969 |
| $ | 4,969 |
| $ | 4,969 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office Leasing Statistics (Manhattan) |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases signed |
| 45 |
| 38 |
| 56 |
| 57 |
| 65 |
| |||||
Total office square footage leased |
| 330,972 |
| 452,497 |
| 586,223 |
| 427,862 |
| 539,399 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average rent psf |
| $ | 57.84 |
| $ | 61.99 |
| $ | 62.67 |
| $ | 46.40 |
| $ | 37.74 |
|
Escalated rents psf |
| $ | 42.21 |
| $ | 48.18 |
| $ | 49.81 |
| $ | 42.08 |
| $ | 32.33 |
|
Percentage of rent over escalated |
| 37.0% |
| 28.7% |
| 25.8% |
| 10.3% |
| 16.7% |
| |||||
Tenant concession packages psf |
| $ | 24.93 |
| $ | 32.49 |
| $ | 14.90 |
| $ | 24.89 |
| $ | 12.91 |
|
Free rent months |
| 2.7 |
| 3.3 |
| 1.9 |
| 2.5 |
| 2.1 |
|
12
SL Green Realty Corp. |
Suburban Properties
|
| As of or for the three months ended |
| |||||||||||||
|
| 3/31/2007 (1) |
| 12/31/2006 |
| 9/30/2006 |
| 6/30/2006 |
| 3/31/2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data (Suburban) |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
| $ | 22,641 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Property operating expenses |
| 9,228 |
| — |
| — |
| — |
| — |
| |||||
Property operating NOI |
| $ | 13,413 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
SLG share of Property NOI from JV |
| $ | 1,768 |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated interest |
| $ | 3,580 |
| — |
| — |
| — |
| — |
| ||||
Combined interest |
| $ | 4,482 |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Portfolio Statistics (Suburban) |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings |
| 28 |
| — |
| — |
| — |
| — |
| |||||
Unconsolidated office buildings |
| 1 |
| — |
| — |
| — |
| — |
| |||||
|
| 29 |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings square footage |
| 4,660,900 |
| — |
| — |
| — |
| — |
| |||||
Unconsolidated office buildings square footage |
| 1,402,000 |
| — |
| — |
| — |
| — |
| |||||
|
| 6,062,900 |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Quarter end occupancy-portfolio |
| 92.7% |
| — |
| — |
| — |
| — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office Leasing Statistics (Suburban) |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases signed |
| 22 |
| — |
| — |
| — |
| — |
| |||||
Total office square footage leased |
| 139,503 |
| — |
| — |
| — |
| — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average rent psf |
| $ | 30.44 |
| — |
| — |
| — |
| — |
| ||||
Escalated rents psf |
| $ | 27.36 |
| — |
| — |
| — |
| — |
| ||||
Percentage of rent over escalated |
| 11.2% |
| — |
| — |
| — |
| — |
| |||||
Tenant concession packages psf |
| $ | 17.82 |
| — |
| — |
| — |
| — |
| ||||
Free rent months |
| 1.1 |
| — |
| — |
| — |
| — |
|
(1) Includes operations since January 25th, 2007.
13
COMPARATIVE BALANCE SHEETS |
|
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| 6/30/2006 |
| 3/31/2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Commercial real estate properties, at cost: |
|
|
|
|
|
|
|
|
|
|
| |||||
Land & land interests |
| $ | 1,235,607 |
| $ | 439,986 |
| $ | 349,073 |
| $ | 302,821 |
| $ | 270,351 |
|
Buildings & improvements fee interest |
| 4,930,419 |
| 2,111,970 |
| 1,671,234 |
| 1,477,106 |
| 1,365,554 |
| |||||
Buildings & improvements leasehold |
| 1,093,514 |
| 490,995 |
| 705,900 |
| 703,843 |
| 695,601 |
| |||||
Buildings & improvements under capital lease |
| 12,208 |
| 12,208 |
| 12,208 |
| 12,208 |
| 12,208 |
| |||||
|
| $ | 7,271,748 |
| $ | 3,055,159 |
| $ | 2,738,415 |
| $ | 2,495,978 |
| $ | 2,343,714 |
|
Less accumulated depreciation |
| (297,365 | ) | (279,436 | ) | (253,136 | ) | (236,727 | ) | (231,561 | ) | |||||
|
| $ | 6,974,383 |
| $ | 2,775,723 |
| $ | 2,485,279 |
| $ | 2,259,251 |
| $ | 2,112,153 |
|
Other Real Estate Investments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment in unconsolidated joint ventures |
| 743,978 |
| 686,069 |
| 549,040 |
| 571,418 |
| 533,145 |
| |||||
Structured finance investments |
| 688,303 |
| 445,026 |
| 347,558 |
| 333,989 |
| 466,173 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Assets held for sale |
| 96,101 |
| — |
| 121,962 |
| 170,173 |
| — |
| |||||
Cash and cash equivalents |
| 499,728 |
| 117,178 |
| 176,444 |
| 14,184 |
| 20,535 |
| |||||
Restricted cash |
| 128,223 |
| 252,272 |
| 227,482 |
| 61,663 |
| 59,489 |
| |||||
Tenant and other receivables, net of $12,114 reserve at 3/31/07 |
| 53,040 |
| 34,483 |
| 32,037 |
| 27,115 |
| 21,011 |
| |||||
Related party receivables |
| 14,938 |
| 7,195 |
| 9,563 |
| 8,330 |
| 6,329 |
| |||||
Deferred rents receivable, net of reserve for tenant credit loss of $12,756 at 3/31/07 |
| 103,267 |
| 96,624 |
| 85,242 |
| 81,561 |
| 80,249 |
| |||||
Deferred costs, net |
| 116,760 |
| 97,850 |
| 74,223 |
| 73,747 |
| 77,145 |
| |||||
Other assets |
| 207,064 |
| 119,807 |
| 117,976 |
| 90,521 |
| 106,303 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
| $ | 9,625,785 |
| $ | 4,632,227 |
| $ | 4,226,806 |
| $ | 3,691,952 |
| $ | 3,482,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
14
COMPARATIVE BALANCE SHEETS |
|
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| 6/30/2006 |
| 3/31/2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Mortgage notes payable |
| $ | 2,156,575 |
| $ | 1,190,379 |
| $ | 1,255,325 |
| $ | 1,078,999 |
| $ | 912,262 |
|
Term loans and unsecured notes |
| 2,692,730 |
| 525,000 |
| 525,000 |
| 525,000 |
| 525,000 |
| |||||
Revolving credit facilities |
| — |
| — |
| — |
| 54,645 |
| 156,645 |
| |||||
Accrued interest and other liabilities |
| 36,784 |
| 10,008 |
| 9,353 |
| 7,991 |
| 7,706 |
| |||||
Accounts payable and accrued expenses |
| 169,736 |
| 138,181 |
| 96,741 |
| 84,977 |
| 69,079 |
| |||||
Deferred revenue |
| 44,082 |
| 43,721 |
| 63,358 |
| 49,045 |
| 30,759 |
| |||||
Capitalized lease obligations |
| 16,430 |
| 16,394 |
| 16,359 |
| 16,325 |
| 16,292 |
| |||||
Deferred land lease payable |
| 17,095 |
| 16,938 |
| 16,782 |
| 16,625 |
| 16,469 |
| |||||
Dividend and distributions payable |
| 47,427 |
| 40,917 |
| 33,247 |
| 31,725 |
| 31,408 |
| |||||
Security deposits |
| 39,103 |
| 27,913 |
| 28,368 |
| 30,075 |
| 28,218 |
| |||||
Liabilities related to assets held for sale |
| 74,636 |
| — |
| 95,379 |
| 95,379 |
| — |
| |||||
Junior subordinated deferrable interest debentures |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| |||||
Total Liabilities |
| $ | 5,394,598 |
| $ | 2,109,451 |
| $ | 2,239,912 |
| $ | 2,090,786 |
| $ | 1,893,838 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Minority interest in other partnerships |
| 580,424 |
| 56,162 |
| 56,929 |
| 37,164 |
| 34,693 |
| |||||
Minority interest in operating partnership (2,619 units outstanding) at 3/31/07 |
| 75,996 |
| 71,731 |
| 71,910 |
| 67,498 |
| 68,982 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
7.625% Series C Perpetual Preferred Shares |
| 151,981 |
| 151,981 |
| 151,981 |
| 151,981 |
| 151,981 |
| |||||
7.875% Series D Perpetual Preferred Shares |
| 96,321 |
| 96,321 |
| 96,321 |
| 96,321 |
| 96,321 |
| |||||
Common stock, $.01 par value 100,000 shares authorized, 59,182 issued and outstanding at 3/31/07 |
| 592 |
| 498 |
| 458 |
| 432 |
| 431 |
| |||||
Additional paid - in capital |
| 2,886,092 |
| 1,809,893 |
| 1,268,491 |
| 991,241 |
| 983,144 |
| |||||
Accumulated other comprehensive income |
| 11,568 |
| 13,971 |
| 13,060 |
| 20,009 |
| 19,750 |
| |||||
Retained earnings |
| 428,213 |
| 322,219 |
| 327,744 |
| 236,520 |
| 233,392 |
| |||||
Total Stockholders’ Equity |
| $ | 3,574,767 |
| $ | 2,394,883 |
| $ | 1,858,055 |
| $ | 1,496,504 |
| $ | 1,485,019 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Liabilities and Stockholders’ Equity |
| $ | 9,625,785 |
| $ | 4,632,227 |
| $ | 4,226,806 |
| $ | 3,691,952 |
| $ | 3,482,532 |
|
15
COMPARATIVE STATEMENTS OF OPERATIONS |
|
| Three Months Ended |
| Three Months Ended |
| Three Months Ended |
| |||||||
|
| March 31, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
| 2007 |
| 2006 |
| 2006 |
| 2006 |
| |||||
Revenues |
|
|
|
|
|
|
|
|
| |||||
Rental revenue, net |
| $ | 155,553 |
| $ | 79,090 |
| $ | 97,391 |
| $ | 89,394 |
| |
Escalation and reimbursement revenues |
| 28,612 |
| 13,927 |
| 16,187 |
| 18,904 |
| |||||
Investment income |
| 21,709 |
| 13,479 |
| 15,202 |
| 15,978 |
| |||||
Other income |
| 89,897 |
| 9,870 |
| 26,192 |
| 9,493 |
| |||||
Total Revenues, net |
| 295,771 |
| 116,366 |
| 154,972 |
| 133,769 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Equity in net income from unconsolidated joint ventures |
| 9,354 |
| 9,968 |
| 10,537 |
| 9,679 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
| 49,572 |
| 27,795 |
| 30,474 |
| 33,159 |
| |||||
Ground rent |
| 7,265 |
| 4,921 |
| 5,463 |
| 4,846 |
| |||||
Real estate taxes |
| 31,229 |
| 17,708 |
| 18,123 |
| 18,597 |
| |||||
Marketing, general and administrative |
| 34,247 |
| 12,986 |
| 25,669 |
| 13,830 |
| |||||
Total Operating Expenses |
| 122,313 |
| 63,410 |
| 79,729 |
| 70,432 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
EBITDA |
| 182,812 |
| 62,924 |
| 85,780 |
| 73,016 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| 57,591 |
| 17,491 |
| 28,470 |
| 23,386 |
| |||||
Amortization of deferred financing costs |
| 3,301 |
| 714 |
| 1,329 |
| 1,140 |
| |||||
Depreciation and amortization |
| 37,991 |
| 15,636 |
| 20,957 |
| 18,655 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Income Before Minority Interest and Items |
| 83,929 |
| 29,083 |
| 35,024 |
| 29,835 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Income from discontinued operations |
| 526 |
| 1,659 |
| 299 |
| 1,892 |
| |||||
Gain on sale of discontinued operations |
| 47,229 |
| — |
| 3,264 |
| 94,631 |
| |||||
Equity in net gain on sale of joint venture property |
| 31,509 |
| — |
| — |
| — |
| |||||
Minority interest |
| (10,797 | ) | (2,041 | ) | (4,260 | ) | (2,700 | ) | |||||
Net Income |
| 152,396 |
| 28,701 |
| 34,327 |
| 123,658 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Dividends on perpetual preferred shares |
| 4,969 |
| 4,969 |
| 4,969 |
| 4,969 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Net Income Available For Common Shareholders |
| $ | 147,427 |
| $ | 23,732 |
| $ | 29,358 |
| $ | 118,689 |
| |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Earnings per Share |
|
|
|
|
|
|
|
|
|
| ||||
Net income per share (basic) |
| $ | 2.60 |
| $ | 0.55 |
| $ | 0.62 |
| $ | 2.62 |
| |
Net income per share (diluted) |
| $ | 2.53 |
| $ | 0.54 |
| $ | 0.62 |
| $ | 2.53 |
| |
16
COMPARATIVE COMPUTATION OF FFO AND FAD ($000’s omitted - except per share data) |
|
| Three Months Ended |
| Three Months Ended |
| Three Months Ended |
| |||||||
|
| March 31, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
| 2007 |
| 2006 |
| 2006 |
| 2006 |
| |||||
Funds from operations |
|
|
|
|
|
|
|
|
| |||||
Net Income before Minority Interests and Items |
| $ | 83,929 |
| $ | 29,083 |
| $ | 35,024 |
| $ | 29,835 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Add: | Depreciation and amortization |
| 37,991 |
| 15,636 |
| 20,957 |
| 18,655 |
| ||||
| FFO from discontinued operations |
| 1,179 |
| 2,895 |
| 951 |
| 2,618 |
| ||||
| FFO adjustment for joint ventures |
| 5,822 |
| 7,980 |
| 8,808 |
| 9,648 |
| ||||
| Less: Dividends on preferred shares |
| 4,969 |
| 4,969 |
| 4,969 |
| 4,969 |
| ||||
| Non real estate depreciation and amortization |
| 236 |
| 267 |
| 241 |
| 240 |
| ||||
| Funds From Operations |
| $ | 123,716 |
| $ | 50,358 |
| $ | 60,530 |
| $ | 55,547 |
|
|
|
|
|
|
|
|
|
|
| |||||
| Funds From Operations - Basic per Share |
| $ | 2.09 |
| $ | 1.11 |
| $ | 1.22 |
| $ | 1.17 |
|
|
|
|
|
|
|
|
|
|
| |||||
| Funds From Operations - Diluted per Share |
| $ | 2.03 |
| $ | 1.08 |
| $ | 1.18 |
| $ | 1.13 |
|
|
|
|
|
|
|
|
|
|
| |||||
Funds Available for Distribution |
|
|
|
|
|
|
|
|
| |||||
FFO |
| $ | 123,716 |
| $ | 50,358 |
| $ | 60,530 |
| $ | 55,547 |
| |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Add: | Non real estate depreciation and amortization |
| 236 |
| 267 |
| 241 |
| 240 |
| ||||
| Amortization of deferred financing costs |
| 3,301 |
| 714 |
| 1,329 |
| 1,140 |
| ||||
| Non-cash deferred compensation |
| 11,822 |
| 2,296 |
| 2,320 |
| 2,113 |
| ||||
Less: | FAD adjustment for Joint Ventures |
| 3,772 |
| 2,440 |
| 10,416 |
| 6,139 |
| ||||
| FAD adjustment for discontinued operations |
| 908 |
| 207 |
| 177 |
| 189 |
| ||||
| Straight-line rental income and other non cash adjustments |
| 12,861 |
| 5,414 |
| 6,176 |
| 4,343 |
| ||||
| Second cycle tenant improvements |
| 1,627 |
| 3,967 |
| 3,209 |
| 4,989 |
| ||||
| Second cycle leasing commissions |
| 1,413 |
| 3,972 |
| 1,380 |
| 976 |
| ||||
| Revenue enhancing recurring CAPEX |
| 4 |
| 289 |
| 548 |
| 138 |
| ||||
| Non- revenue enhancing recurring CAPEX |
| 689 |
| 259 |
| 2,824 |
| 2,228 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Funds Available for Distribution |
| $ | 117,801 |
| $ | 37,087 |
| $ | 39,690 |
| $ | 40,038 |
| |
| Diluted per Share |
| $ | 1.93 |
| $ | 0.80 |
| $ | 0.78 |
| $ | 0.81 |
|
First Cycle Leasing Costs |
|
|
|
|
|
|
|
|
| |||||
| Tenant improvements |
| 523 |
| 1,391 |
| 19,940 |
| 1,091 |
| ||||
| Leasing commissions |
| 1,176 |
| 3,073 |
| 10,908 |
| 296 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Funds Available for Distribution after First Cycle Leasing Costs |
| $ | 116,102 |
| $ | 32,623 |
| $ | 8,842 |
| $ | 38,651 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Funds Available for Distribution per Diluted Weighted Average Unit and Common Share |
| $ | 1.91 |
| $ | 0.70 |
| $ | 0.17 |
| $ | 0.79 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Redevelopment Costs |
| 6,844 |
| $ | 1,936 |
| 5,959 |
| 3,366 |
| ||||
|
|
|
|
|
|
|
|
|
| |||||
Payout Ratio of Funds From Operations |
| 34.47% |
| 55.53% |
| 59.16% |
| 53.16% |
| |||||
Payout Ratio of Funds Available for Distribution |
|
|
|
|
|
|
|
|
| |||||
Before First Cycle Leasing Costs |
| 36.21% |
| 75.40% |
| 90.23% |
| 73.75% |
|
17
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Accumulated |
|
|
| |||||||
|
| Series C |
| Series D |
|
|
|
|
|
|
| Other |
|
|
| |||||||
|
| Preferred |
| Preferred |
|
|
| Additional |
| Retained |
| Comprehensive |
|
|
| |||||||
|
| Stock |
| Stock |
| Common Stock |
| Paid-In Capital |
| Earnings |
| Income |
| TOTAL |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance at December 31, 2006 |
| $ | 151,981 |
| $ | 96,321 |
| $ | 498 |
| $ | 1,809,893 |
| $ | 322,219 |
| $ | 13,971 |
| $ | 2,394,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income |
|
|
|
|
|
|
|
|
| 152,396 |
|
|
| 152,396 |
| |||||||
Preferred Dividend |
|
|
|
|
|
|
|
|
| (4,969 | ) |
|
| (4,969 | ) | |||||||
Exercise of employee stock options |
|
|
|
|
| 2 |
| 8,722 |
|
|
|
|
| 8,724 |
| |||||||
Stock-based compensation fair value |
|
|
|
|
|
|
| 2,339 |
|
|
|
|
| 2,339 |
| |||||||
Cash distributions declared ($0.70 per common share) |
|
|
|
|
|
|
|
|
| (41,433 | ) |
|
| (41,433 | ) | |||||||
Comprehensive Income - Unrealized gain of derivative instruments |
|
|
|
|
|
|
|
|
|
|
| (2,403 | ) | (2,403 | ) | |||||||
Redemption of units and dividend reinvestment proceeds |
|
|
|
|
| 1 |
| 4,253 |
|
|
|
|
| 4,254 |
| |||||||
Issuance of common stock for Reckson acquisition |
|
|
|
|
| 90 |
| 1,048,588 |
|
|
|
|
| 1,048,678 |
| |||||||
Deferred compensation plan |
|
|
|
|
| 1 |
| 476 |
|
|
|
|
| 477 |
| |||||||
Amortization of deferred compensation |
|
|
|
|
|
|
| 11,821 |
|
|
|
|
| 11,821 |
| |||||||
Balance at March 31, 2007 |
| $ | 151,981 |
| $ | 96,321 |
| $ | 592 |
| $ | 2,886,092 |
| $ | 428,213 |
| $ | 11,568 |
| $ | 3,574,767 |
|
|
|
| Common Stock |
| OP Units |
| Stock-Based |
| Sub-total |
| Preferred Stock |
| Diluted Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Count at December 31, 2006 |
| 49,839,636 |
| 2,693,900 |
| — |
| 52,533,536 |
| — |
| 52,533,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD share activity |
| 9,342,015 |
| (75,200 | ) |
|
| 9,266,815 |
|
|
| 9,266,815 |
|
Share Count at March 31, 2007 - Basic |
| 59,181,651 |
| 2,618,700 |
| — |
| 61,800,351 |
| — |
| 61,800,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighting Factor |
| (2,532,308 | ) | 32,782 |
| 1,628,828 |
| (870,698 | ) |
|
| (870,698 | ) |
Weighted Average Share Count at March 31, 2007 - Diluted |
| 56,649,343 |
| 2,651,482 |
| 1,628,828 |
| 60,929,653 |
| — |
| 60,929,653 |
|
18
TAXABLE INCOME |
|
| Three Months Ended |
| ||||
|
| March 31, |
| March 31, |
| ||
|
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
Net Income Available For Common Shareholders |
| $ | 147,427 |
| $ | 23,732 |
|
Book/Tax Depreciation Adjustment |
| 18,056 |
| 4,205 |
| ||
Book/Tax Gain Recognition Adjustment |
| (100,738 | ) | — |
| ||
Book/Tax JV Net equity adjustment |
| 4,084 |
| (1,060 | ) | ||
Other Operating Adjustments |
| (24,624 | ) | (144 | ) | ||
C-corp Earnings |
| (2,720 | ) | (960 | ) | ||
Taxable Income (Projected) |
| $ | 41,485 |
| $ | 25,773 |
|
|
|
|
|
|
| ||
Dividend per share |
| $ | 0.70 |
| $ | 0.60 |
|
Estimated payout of taxable income |
| 100 | % | 100 | % | ||
|
|
|
|
|
| ||
Shares outstanding - basic |
| 59,182 |
| 43,133 |
|
Payout of Taxable Income Analysis: Estimated taxable income is derived from net income less straightline rent, free rent net of amortization of free rent, plus tax gain on sale of properties, credit loss, straightline ground rent and the difference between tax and GAAP depreciation. The Company has deferred the taxable gain on the sales 29 West 35th Street, 17 Battery Place South, 90 Broad Street, 50 West 23rd Street, 1370 Broadway, 1412 Broadway, 17 Battery Place North,1466 Broadway, 286 & 290 Madison Avenue and 1140 Avenue of the Americas through 1031 exchanges. In addition, the Company has deferred substantially all of the taxable gain resulting from the sale of an interest in One Park Avenue and 70 West 36th Street. |
19
JOINT VENTURE STATEMENTS |
|
| March 31, 2007 |
| March 31, 2006 |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||
|
| Total Property |
| SLG Property Interest |
| Total Property |
| SLG Property Interest |
| ||||
Land & land interests |
| $ | 697,217 |
| $ | 325,491 |
| $ | 671,724 |
| $ | 295,034 |
|
Buildings & improvements fee interest |
| 3,084,325 |
| 1,439,901 |
| 2,835,766 |
| 1,240,468 |
| ||||
Buildings & improvements leasehold |
| 248,414 |
| 123,341 |
| 20,060 |
| 9,027 |
| ||||
|
| 4,029,956 |
| 1,888,733 |
| 3,527,550 |
| 1,544,529 |
| ||||
Less accumulated depreciation |
| (210,790 | ) | (107,543 | ) | (170,920 | ) | (80,141 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Real Estate |
| 3,819,166 |
| 1,781,190 |
| 3,356,630 |
| 1,464,388 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalents |
| 105,240 |
| 47,634 |
| 56,652 |
| 24,417 |
| ||||
Restricted cash |
| 27,841 |
| 14,416 |
| 24,862 |
| 11,445 |
| ||||
Tenant receivables, net of $1,506 reserve at 3/31/07 |
| 10,636 |
| 5,223 |
| 10,053 |
| 4,922 |
| ||||
Deferred rents receivable, net of reserve for tenant credit loss of $2,505 at 3/31/07 |
| 76,833 |
| 39,135 |
| 61,342 |
| 29,412 |
| ||||
Deferred costs, net |
| 63,959 |
| 31,150 |
| 79,410 |
| 33,422 |
| ||||
Other assets |
| 37,612 |
| 19,794 |
| 44,678 |
| 18,592 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 4,141,287 |
| $ | 1,938,542 |
| $ | 3,633,627 |
| $ | 1,586,598 |
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Mortgage loans payable |
| $ | 2,588,332 |
| $ | 1,264,200 |
| $ | 2,496,212 |
| $ | 1,111,160 |
|
Derivative Instruments-fair value |
| 25 |
| 14 |
| — |
| — |
| ||||
Accrued interest payable |
| 12,727 |
| 5,994 |
| 11,198 |
| 4,875 |
| ||||
Accounts payable and accrued expenses |
| 70,370 |
| 35,966 |
| 65,266 |
| 28,610 |
| ||||
Security deposits |
| 9,493 |
| 4,816 |
| 6,509 |
| 3,064 |
| ||||
Contributed Capital (1) |
| 1,460,340 |
| 627,552 |
| 1,054,442 |
| 438,889 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Equity |
| $ | 4,141,287 |
| $ | 1,938,542 |
| $ | 3,633,627 |
| $ | 1,586,598 |
|
As of March 31, 2007 the Company has twelve unconsolidated joint venture interests including a 66.18% economic interest in 1250 Broadway increased from 55% in August 2006, a 50% interest in 100 Park Avenue, a 68.5% economic interest in 1515 Broadway increased from 55% in December 2005, a 45% interest in 1221 Avenue of the Americas, a 55% interest in the South Building of 1 Madison Avenue, a 30% interest in the Clock Tower of 1 Madison Avenue, a 45% interest in 379 West Broadway, a 48% interest in the Mack - Green Joint Venture, a 50% interest in 21 West 34th Street, a 47% interest in 800 Third Avenue, a 50% interest in 521 Fifth Avenue and a 30% interest in One Court Square. These interests are accounted for on the equity method of accounting and, therefore, are not consolidated into the company's financial statements. As we have been designated as the primary beneficiary under FIN 46(R), we have consolidated the accounts of the following nine joint ventures including a 50% interest in 1551/1555 Broadway, a 50% interest in 141 Fifth Avenue, a 45% interest in 1604 Broadway, a 50% interest in 25-29 West 34th Street and a 51% interest in 919 Third Avenue, 100 White Plains Road, 120 White Plains Road, 680 Washington Avenue and 750 Washington Avenue. (1) Contributed capital includes adjustments to capital to reflect our share of capital based on implied sales prices of partially sold or contributed properties. Our investment in unconsolidated joint venture reflects our actual contributed capital base. |
20
JOINT VENTURE STATEMENTS |
|
| Three Months Ended |
| |||||||||||||
|
| Three Months Ended March 31, 2007 |
| December 31, 2006 |
| Three Months Ended March 31, 2006 |
| |||||||||
|
|
|
| SLG |
| SLG |
|
|
| SLG |
| |||||
|
| Total Property |
| Property Interest |
| Property Interest |
| Total Property |
| Property Interest |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Rental Revenue, net |
| $ | 102,448 |
| $ | 51,392 |
| $ | 47,767 |
| $ | 88,456 |
| $ | 42,590 |
|
Escalation and reimbursement revenues |
| 18,840 |
| 9,900 |
| 10,864 |
| 18,992 |
| 9,052 |
| |||||
Investment and other income |
| 2,396 |
| 1,152 |
| 1,468 |
| 1,861 |
| 978 |
| |||||
Total Revenues, net |
| $ | 123,684 |
| $ | 62,444 |
| $ | 60,099 |
| $ | 109,309 |
| $ | 52,620 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
| $ | 28,978 |
| $ | 14,877 |
| $ | 13,997 |
| $ | 24,724 |
| $ | 11,977 |
|
Ground rent |
| 459 |
| 215 |
| 120 |
| 225 |
| 101 |
| |||||
Real estate taxes |
| 19,663 |
| 9,988 |
| 8,563 |
| 17,417 |
| 8,412 |
| |||||
Total Operating Expenses |
| $ | 49,100 |
| $ | 25,080 |
| $ | 22,680 |
| $ | 42,366 |
| $ | 20,490 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
GAAP NOI |
| $ | 74,584 |
| $ | 37,364 |
| $ | 37,419 |
| $ | 66,943 |
| $ | 32,130 |
|
Cash NOI |
| $ | 34,897 |
| $ | 34,897 |
| $ | 33,021 |
| $ | 59,949 |
| $ | 29,394 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| 38,589 |
| 20,322 |
| 20,320 |
| 30,461 |
| 15,578 |
| |||||
Amortization of deferred financing costs |
| 1,309 |
| 731 |
| 726 |
| 1,433 |
| 771 |
| |||||
Depreciation and amortization |
| 22,154 |
| 11,226 |
| 10,334 |
| 17,653 |
| 8,452 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income |
| $ | 12,532 |
| $ | 5,085 |
| $ | 6,039 |
| $ | 17,396 |
| $ | 7,329 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Real estate depreciation |
| 22,154 |
| 11,226 |
| 10,334 |
| 17,653 |
| 8,452 |
| |||||
Funds From Operations |
| $ | 34,686 |
| $ | 16,311 |
| $ | 16,373 |
| $ | 35,049 |
| $ | 15,781 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
FAD Adjustments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Non real estate depreciation and amortization |
| $ | 1,309 |
| $ | 731 |
| $ | 726 |
| $ | 1,433 |
| $ | 771 |
|
Less: Straight-line rental income and other non-cash adjustments |
| (6,337 | ) | (2,999 | ) | (4,405 | ) | (6,992 | ) | (2,733 | ) | |||||
Less: Second cycle tenant improvement |
| (1,630 | ) | (813 | ) | (4,149 | ) | (827 | ) | (402 | ) | |||||
Less: Second cycle leasing commissions |
| (982 | ) | (544 | ) | (2,264 | ) | (197 | ) | (59 | ) | |||||
Less: Recurring CAPEX |
| (218 | ) | (147 | ) | (324 | ) | (50 | ) | (17 | ) | |||||
FAD Adjustment |
| $ | (7,858 | ) | $ | (3,772 | ) | $ | (10,416 | ) | $ | (6,633 | ) | $ | (2,440 | ) |
21
Gramercy Joint Venture Statements |
Balance Sheets |
| Income Statements |
| ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| Three Months Ended |
| Three Months |
| ||||||||||||||||||||||||
|
| March 31, |
| December 31, |
|
|
| March 31, |
| March 31, |
| December |
| ||||||||||||||||||||||
|
| 2007 |
| 2006 |
|
|
| 2007 |
| 2006 |
| 2006 |
| ||||||||||||||||||||||
Assets |
|
|
|
|
| Revenues |
|
|
|
|
|
|
| ||||||||||||||||||||||
Cash |
| $ | 16,430 |
| $ | 19,314 |
| Investment Income |
| $ | 59,969 |
| $ | 31,879 |
| $ | 60,108 |
| |||||||||||||||||
Loans and other lending investments, net |
| 2,321,893 |
| 2,144,151 |
| Rental Revenue - net |
| 1,736 |
| 914 |
| 1,487 |
| ||||||||||||||||||||||
Investment in joint ventures |
| 56,779 |
| 57,567 |
| Gain on sales and other income |
| 6,429 |
| 4,197 |
| 5,669 |
| ||||||||||||||||||||||
Operating real estate, net |
| 100,818 |
| 99,821 |
| Total revenues |
| 68,134 |
| 36,990 |
| 67,264 |
| ||||||||||||||||||||||
Other assets |
| 315,938 |
| 445,260 |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total Assets |
| $ | 2,811,858 |
| $ | 2,766,113 |
| Expenses |
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
| Interest |
| 36,461 |
| 17,721 |
| 34,019 |
| ||||||||||||||||||||||
Liabilities and Stockholders’ Equity |
|
|
|
|
| Management fees |
| 4,839 |
| 3,523 |
| 4,875 |
| ||||||||||||||||||||||
Repurchase agreement |
| $ | 246,278 |
| $ | 277,412 |
| Incentive fees |
| 2,818 |
| 1,193 |
| 3,017 |
| ||||||||||||||||||||
Credit facilities |
| 90,000 |
| 15,000 |
| Depreciation and amortization |
| 671 |
| 455 |
| 620 |
| ||||||||||||||||||||||
Collateralized debt obligation |
| 1,714,250 |
| 1,714,250 |
| Marketing, general and |
| 3,820 |
| 2,770 |
| 4,238 |
| ||||||||||||||||||||||
Mortgage note payable |
| 94,525 |
| 94,525 |
| Provision for loan loss |
| 1,248 |
| — |
| 1,000 |
| ||||||||||||||||||||||
Other liabilities |
| 52,283 |
| 54,266 |
| Total expenses |
| 49,857 |
| 25,662 |
| 47,769 |
| ||||||||||||||||||||||
Junior subordinated deferrable interest debentures |
| 150,000 |
| 150,000 |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total Liabilities |
| 2,347,336 |
| 2,305,453 |
| Income from continuing operations |
| 18,277 |
| 11,328 |
| 19,495 |
| ||||||||||||||||||||||
|
|
|
|
|
| Equity in net loss of unconsolidated joint ventures |
| (695 | ) | (727 | ) | (870 | ) | ||||||||||||||||||||||
Stockholders’ Equity |
|
|
|
|
| Income from continuing operations |
| 17,582 |
| 10,601 |
| 18,625 |
| ||||||||||||||||||||||
Total stockholders’ equity |
| 464,522 |
| 460,660 |
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
|
|
|
|
|
| Provision for taxes |
| (534 | ) | (47 | ) | (630 | ) | ||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity |
| $ | 2,811,858 |
| $ | 2,766,113 |
| Net income available to common shareholders |
| 17,048 |
| 10,554 |
| 17,995 |
| ||||||||||||||||||||
|
|
|
|
|
| Plus: Real estate depreciation |
| 2,530 |
| 2,117 |
| 2,319 |
| ||||||||||||||||||||||
Total Outstanding Shares |
| 26,045 |
| 25,878 |
| FFO |
| $ | 19,578 |
| $ | 12,671 |
| $ | 20,314 |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total SLG Shares |
| 6,418 |
| 6,418 |
| SLG share of net income |
| $ | 4,266 |
| $ | 2,639 |
| $ | 4,503 |
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
SLG Investment in Gramercy at Cost |
| $ | 113,682 |
| $ | 113,682 |
| SLG share of FFO |
| $ | 4,895 |
| $ | 3,166 |
| $ | 5,083 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
GKK Manager |
|
|
|
|
| |||||
|
| Three Months Ended |
| Three Months Ended |
| |||||
|
| March 31, |
| March 31, |
| December 31, |
| |||
|
| 2007 |
| 2006 |
| 2006 |
| |||
Base management income |
| $ | 2,667 |
| $ | 2,237 |
| $ | 2,706 |
|
Other fee income |
| 3,889 |
| 1,692 |
| 4,112 |
| |||
Marketing, general and administrative expenses |
| (2,422 | ) | (1,947 | ) | (1,909 | ) | |||
Net Income before minority interest |
| 4,134 |
| 1,982 |
| 4,909 |
| |||
Less: minority interest |
| (1,413 | ) | (669 | ) | (1,678 | ) | |||
SLG share of GKK Manager net income |
| 2,721 |
| 1,313 |
| 3,231 |
| |||
Servicing and administrative reimbursements |
| 1,100 |
| 782 |
| 1,061 |
| |||
Net management income and reimbursements from Gramercy |
| $ | 3,821 |
| $ | 2,095 |
| $ | 4,292 |
|
22
SELECTED FINANCIAL DATA |
|
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| 6/30/2006 |
| 3/31/2006 |
| |||||
Market Capitalization |
|
|
|
|
|
|
|
|
|
|
| |||||
Common Equity: |
|
|
|
|
|
|
|
|
|
|
| |||||
Common Shares Outstanding |
| 59,182 |
| 49,840 |
| 45,774 |
| 43,226 |
| 43,133 |
| |||||
OP Units Outstanding |
| 2,619 |
| 2,694 |
| 2,219 |
| 2,219 |
| 2,263 |
| |||||
Total Common Equity (Shares and Units) |
| 61,801 |
| 52,534 |
| 47,993 |
| 45,445 |
| 45,396 |
| |||||
Share Price (End of Period) |
| $ | 137.18 |
| $ | 132.78 |
| $ | 111.70 |
| $ | 109.47 |
| $ | 101.50 |
|
Equity Market Value |
| $ | 8,477,861 |
| $ | 6,975,465 |
| $ | 5,360,818 |
| $ | 4,974,864 |
| $ | 4,607,694 |
|
Preferred Equity at Liquidation Value: |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Real Estate Debt |
|
|
|
|
|
|
|
|
|
|
| |||||
Property Level Mortgage Debt |
| 2,156,575 |
| 1,190,379 |
| 1,255,325 |
| 1,078,999 |
| 912,262 |
| |||||
Outstanding Balance on - Term Loans |
| 700,000 |
| 525,000 |
| 525,000 |
| 525,000 |
| 525,000 |
| |||||
Outstanding Balance on - Unsecured Credit Line |
| — |
| — |
| — |
| 54,645 |
| 156,645 |
| |||||
Junior Subordinated Deferrable Interest Debentures |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| |||||
Unsecured Notes |
| 974,636 |
| — |
| — |
| — |
| — |
| |||||
Convertible Notes |
| 1,018,094 |
| — |
| — |
| — |
| — |
| |||||
Liability Held for Sale |
| 73,752 |
| — |
| 95,000 |
| 95,000 |
| — |
| |||||
Total Consolidated Debt |
| 5,023,057 |
| 1,815,379 |
| 1,975,325 |
| 1,853,644 |
| 1,693,907 |
| |||||
Company’s Portion of Joint Venture Debt |
| 1,264,200 |
| 1,209,281 |
| 1,181,397 |
| 1,179,332 |
| 1,111,160 |
| |||||
Total Combined Debt |
| 6,287,257 |
| 3,024,660 |
| 3,156,722 |
| 3,032,976 |
| 2,805,067 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Market Cap (Debt & Equity) |
| $ | 15,022,618 |
| $ | 10,257,625 |
| $ | 8,775,040 |
| $ | 8,265,340 |
| $ | 7,670,261 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Availability under Lines of Credit |
|
|
|
|
|
|
|
|
|
|
| |||||
Senior Unsecured Line of Credit |
| 784,719 | (A) | 484,482 |
| 486,482 |
| 431,837 |
| 329,275 |
| |||||
Term Loans |
| — |
| — |
| — |
| — |
| — |
| |||||
Total Availability |
| $ | 784,719 |
| $ | 484,482 |
| $ | 486,482 |
| $ | 431,837 |
| $ | 329,275 |
|
(A) As reduced by $15,281 letter of credit |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Combined Capitalized Interest |
| $ | 4,552 |
| $ | 2,873 |
| $ | 5,069 |
| $ | 4,342 |
| $ | 4,291 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio Analysis |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated Basis |
|
|
|
|
|
|
|
|
|
|
| |||||
Debt to Market Cap Ratio |
| 36.51% |
| 20.06% |
| 26.01% |
| 26.16% |
| 25.83% |
| |||||
Debt to Gross Real Estate Book Ratio |
| 68.06% |
| 59.30% |
| 69.65% |
| 69.79% |
| 72.65% |
| |||||
Secured Real Estate Debt to Secured Assets Gross Book |
| 69.69% |
| 76.31% |
| 75.11% |
| 74.76% |
| 72.62% |
| |||||
Unsecured Debt to Unencumbered Assets-Gross Book Value |
| 79.19% |
| 28.58% |
| 41.37% |
| 44.60% |
| 54.55% |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Joint Ventures Allocated |
|
|
|
|
|
|
|
|
|
|
| |||||
Combined Debt to Market Cap Ratio |
| 41.85% |
| 29.49% |
| 35.97% |
| 36.70% |
| 36.57% |
| |||||
Debt to Gross Real Estate Book Ratio |
| 67.83% |
| 62.77% |
| 72.78% |
| 74.19% |
| 72.37% |
| |||||
Secured Debt to Secured Assets Gross Book |
| 68.67% |
| 71.94% |
| 74.26% |
| 74.13% |
| 72.25% |
|
23
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Three Months Ended |
| Three Months Ended |
| |||||||
|
| March 31, |
| March 31, |
| December 31, |
| September 30, |
| |||||
|
| 2007 |
| 2006 |
| 2006 |
| 2006 |
| |||||
Property NOI |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Property Operating NOI |
| $ | 96,099 |
| $ | 42,594 |
| $ | 59,518 |
| $ | 51,696 |
| |
NOI from Discontinued Operations |
| 2,505 |
| 4,255 |
| 2,315 |
| 3,998 |
| |||||
Total Property Operating NOI - Consolidated |
| 98,604 |
| 46,849 |
| 61,833 |
| 55,694 |
| |||||
SLG share of Property NOI from JVs |
| 37,364 |
| 32,130 |
| 37,419 |
| 36,587 |
| |||||
GAAP NOI |
| $ | 135,968 |
| $ | 78,979 |
| $ | 99,252 |
| $ | 92,281 |
| |
|
|
|
|
|
|
|
|
|
| |||||
Less: | Free Rent (Net of Amortization) |
| 4,044 |
| 2,221 |
| 4,415 |
| 2,566 |
| ||||
| Net FAS 141 Adjustment |
| 788 |
| 789 |
| 1,104 |
| 1,004 |
| ||||
| Straightline Revenue Adjustment |
| 11,248 |
| 6,358 |
| 6,270 |
| 7,028 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
Plus: | Allowance for S/L tenant credit loss |
| 1,362 |
| 933 |
| 960 |
| 1,000 |
| ||||
| Ground Lease Straight-line Adjustment |
| 157 |
| 157 |
| 157 |
| 157 |
| ||||
Cash NOI |
| $ | 121,407 |
| $ | 70,701 |
| $ | 88,580 |
| $ | 82,840 |
| |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Components of Debt Service and Fixed Charges |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Interest Expense |
| 60,001 |
| 19,039 |
| 30,034 |
| 24,960 |
| |||||
Fixed Amortization Principal Payments |
| 4,087 |
| 1,025 |
| 1,391 |
| 961 |
| |||||
Total Consolidated Debt Service |
| 64,088 |
| 20,064 |
| 31,425 |
| 25,921 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Payments under Ground Lease Arrangements |
| 7,422 |
| 4,851 |
| 5,306 |
| 4,764 |
| |||||
Dividend on perpetual preferred shares |
| 4,969 |
| 4,969 |
| 4,969 |
| 4,969 |
| |||||
Total Consolidated Fixed Charges |
| 76,479 |
| 29,884 |
| 41,700 |
| 35,654 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Adjusted EBITDA |
| 198,759 |
| 78,102 |
| 99,870 |
| 89,660 |
| |||||
Interest Coverage Ratio |
| 3.20 |
| 3.72 |
| 3.26 |
| 3.50 |
| |||||
Debt Service Coverage Ratio |
| 3.00 |
| 3.55 |
| 3.12 |
| 3.38 |
| |||||
Fixed Charge Coverage Ratio |
| 2.53 |
| 2.45 |
| 2.36 |
| 2.47 |
|
24
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Three Months |
| Three Months |
| |||||
|
| March 31, |
| March 31, |
|
|
| December 31, |
| September 30, |
| |
|
| 2007 |
| 2006 |
| % |
| 2006 |
| 2006 |
| |
Revenues |
|
|
|
|
|
|
|
|
|
|
| |
| Rental Revenue, net |
| 84,587 |
| 79,250 |
| 6.7% |
| 83,267 |
| 81,361 |
|
| Escalation & Reimbursement Revenues |
| 17,166 |
| 14,346 |
| 19.7% |
| 15,215 |
| 17,744 |
|
| Investment Income |
| 329 |
| 224 |
| 46.9% |
| 346 |
| 414 |
|
| Other Income |
| 1,001 |
| 2,311 |
| -56.7% |
| 4,043 |
| 1,183 |
|
| Total Revenues |
| 103,083 |
| 96,131 |
| 7.2% |
| 102,871 |
| 100,702 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
| |
| Operating Expense |
| 28,801 |
| 25,791 |
| 11.7% |
| 26,041 |
| 29,712 |
|
| Ground Rent |
| 4,750 |
| 4,825 |
| -1.6% |
| 4,750 |
| 4,750 |
|
| Real Estate Taxes |
| 18,096 |
| 17,827 |
| 1.5% |
| 16,187 |
| 17,182 |
|
|
|
| 51,647 |
| 48,443 |
| 6.6% |
| 46,978 |
| 51,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
| 51,436 |
| 47,688 |
| 7.9% |
| 55,893 |
| 49,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Expense & Amortization of Financing costs |
| 10,644 |
| 10,730 |
| -0.8% |
| 10,655 |
| 10,844 |
|
| Depreciation & Amortization |
| 15,710 |
| 14,679 |
| 7.0% |
| 15,481 |
| 15,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Minority Interest |
| 25,082 |
| 22,279 |
| 12.6% |
| 29,757 |
| 23,098 |
|
Plus: | Real Estate Depreciation & Amortization |
| 15,701 |
| 14,669 |
| 7.0% |
| 15,470 |
| 15,105 |
|
| FFO |
| 40,783 |
| 36,948 |
| 10.4% |
| 45,227 |
| 38,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: | Non - Building Revenue |
| 402 |
| 389 |
| 3.3% |
| 453 |
| 461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: | Interest Expense & Amortization of Financing costs |
| 10,644 |
| 10,730 |
| -0.8% |
| 10,655 |
| 10,844 |
|
| Non Real Estate Depreciation |
| 9 |
| 10 |
| -10.0% |
| 11 |
| 11 |
|
GAAP NOI |
| 51,034 |
| 47,299 |
| 7.9% |
| 55,440 |
| 48,597 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
| |
Less: | Free Rent (Net of Amortization) |
| 228 |
| 2,326 |
| -90.2% |
| 218 |
| 435 |
|
| Straightline Revenue Adjustment |
| 3,591 |
| 3,693 |
| -2.8% |
| 3,596 |
| 3,650 |
|
| Rental Income - FAS 141 |
| 230 |
| 230 |
| 0.0% |
| 237 |
| 237 |
|
Plus: | Allowance for S/L tenant credit loss |
| 524 |
| 792 |
| -33.8% |
| 754 |
| 693 |
|
| Ground Lease Straight-line Adjustment |
| 87 |
| 87 |
| 0.0% |
| 87 |
| 87 |
|
Cash NOI |
| 47,596 |
| 41,929 |
| 13.5% |
| 52,230 |
| 45,055 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Margins |
|
|
|
|
|
|
|
|
|
|
| |
| GAAP NOI to Real Estate Revenue, net |
| 49.45% |
| 49.00% |
|
|
| 53.74% |
| 48.15% |
|
| Cash NOI to Real Estate Revenue, net |
| 46.12% |
| 43.43% |
|
|
| 50.62% |
| 44.64% |
|
| GAAP NOI before Ground Rent/Real Estate Revenue, net |
| 54.05% |
| 54.00% |
|
|
| 58.34% |
| 52.85% |
|
| Cash NOI before Ground Rent/Real Estate Revenue, net |
| 50.64% |
| 48.34% |
|
|
| 55.14% |
| 49.26% |
|
25
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Three Months |
| Three Months |
| |||||
|
| March 31, |
| March 31, |
|
|
| December 31, |
| September 30, |
| |
|
| 2007 |
| 2006 |
| % |
| 2006 |
| 2006 |
| |
Revenues |
|
|
|
|
|
|
|
|
|
|
| |
Rental Revenue, net |
| 41,208 |
| 40,145 |
| 2.6% |
| 40,881 |
| 40,548 |
| |
Escalation & Reimbursement Revenues |
| 8,833 |
| 8,658 |
| 2.0% |
| 9,112 |
| 8,803 |
| |
Investment Income |
| 414 |
| 350 |
| 18.1% |
| 699 |
| 523 |
| |
Other Income |
| 528 |
| 434 |
| 21.8% |
| 562 |
| 1,605 |
| |
Total Revenues |
| 50,983 |
| 49,587 |
| 2.8% |
| 51,253 |
| 51,478 |
| |
Expenses |
|
|
|
|
|
|
|
|
|
|
| |
Operating Expense |
| 11,787 |
| 11,353 |
| 3.8% |
| 11,441 |
| 11,705 |
| |
Ground Rent |
| — |
| — |
|
|
| — |
| — |
| |
Real Estate Taxes |
| 8,154 |
| 7,989 |
| 2.1% |
| 7,457 |
| 7,842 |
| |
|
| 19,941 |
| 19,342 |
| 3.1% |
| 18,898 |
| 19,547 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA |
| 31,042 |
| 30,245 |
| 2.6% |
| 32,355 |
| 31,931 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Expense & Amortization of Financing costs |
| 16,447 |
| 15,344 |
| 7.2% |
| 16,958 |
| 16,868 |
| |
Depreciation & Amortization |
| 8,222 |
| 8,023 |
| 2.5% |
| 8,195 |
| 8,171 |
| |
Income Before Minority Interest |
| 6,373 |
| 6,878 |
| -7.3% |
| 7,202 |
| 6,892 |
| |
Plus: | Real Estate Depreciation & Amortization |
| 8,222 |
| 8,023 |
| 2.5% |
| 8,194 |
| 8,170 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
FFO |
| 14,594 |
| 14,901 |
| -2.1% |
| 15,396 |
| 15,062 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Less: | Non - Building Revenue |
| 423 |
| 356 |
| 18.8% |
| 710 |
| 527 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Plus: | Interest Expense & Amortization of Financing costs |
| 16,447 |
| 15,344 |
| 7.2% |
| 16,958 |
| 16,868 |
|
| Non Real Estate Depreciation |
| — |
| — |
|
|
| 1 |
| 1 |
|
GAAP NOI |
| 30,618 |
| 29,889 |
| 2.4% |
| 31,645 |
| 31,404 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
| |
Less: | Free Rent (Net of Amortization) |
| 467 |
| (111 | ) | -521.4% |
| 1,295 |
| 445 |
|
| Straightline Revenue Adjustment |
| 1,689 |
| 2,575 |
| -34.4% |
| 1,755 |
| 2,363 |
|
| FAS 141 |
| 190 |
| 190 |
| -0.1% |
| 190 |
| 190 |
|
Plus: | Allowance for S/L tenant credit loss |
| 115 |
| 130 |
| -11.7% |
| 136 |
| 160 |
|
| Ground Lease Straight-line Adjustment |
| — |
| — |
|
|
| — |
| — |
|
Cash NOI |
| 28,388 |
| 27,365 |
| 3.7% |
| 28,541 |
| 28,566 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Margins |
|
|
|
|
|
|
|
|
|
|
| |
GAAP NOI to Real Estate Revenue, net |
| 60.42% |
| 60.55% |
|
|
| 62.44% |
| 61.44% |
| |
Cash NOI to Real Estate Revenue, net |
| 56.02% |
| 55.44% |
|
|
| 56.32% |
| 55.89% |
| |
GAAP NOI before Ground Rent/Real Estate Revenue, net |
| 60.42% |
| 60.55% |
|
|
| 62.44% |
| 61.44% |
| |
Cash NOI before Ground Rent/Real Estate Revenue, net |
| 56.02% |
| 55.44% |
|
|
| 56.32% |
| 55.89% |
|
26
DEBT SUMMARY SCHEDULE - Consolidated |
|
| Principal O/S |
|
|
| 2007 |
|
|
|
|
| As—Of |
|
|
|
|
| Outstanding |
|
|
| Principal |
| Maturity |
| Due at |
| Right |
| Earliest |
|
|
| 3/31/2007 |
| Coupon |
| Repayment |
| Date |
| Maturity |
| Extension |
| Prepayment |
|
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured fixed Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
673 First Avenue |
| 33,640 |
| 5.67% |
| 696 |
| Feb-13 |
| 28,984 |
| — |
| Feb-06 |
|
711 Third Avenue |
| 120,000 |
| 4.99% |
| — |
| Jun-15 |
| 120,000 |
| — |
| Mar-15 |
|
220 E 42nd Street |
| 209,095 |
| 5.24% |
| 3,268 |
| Nov-13 |
| 182,342 |
| — |
| Dec-06 |
|
420 Lexington Avenue |
| 114,546 |
| 8.44% |
| 2,487 |
| Nov-10 |
| 104,691 |
| — |
| Open |
|
625 Madision Avenue |
| 101,331 |
| 6.27% |
| 2,059 |
| Nov-15 |
| 78,595 |
| — |
| Open |
|
55 Corporate Drive |
| 95,000 |
| 6.24% |
| — |
| Dec-15 |
| 95,000 |
| — |
| Open |
|
609 Fifth Avenue |
| 101,490 |
| 5.85% |
| 1,215 |
| Oct-13 |
| 92,062 |
| — |
| Jul-13 |
|
485 Lexington Avenue |
| 450,000 |
| 5.61% |
| — |
| Jan-17 |
| 450,000 |
| — |
|
|
|
919 Third Avenue |
| 234,221 |
| 6.87% |
| 3,413 |
| Jul-18 |
| 217,592 |
| — |
|
|
|
120 W 45th Street |
| 170,000 |
| 6.12% |
| — |
| Feb-17 |
| 170,000 |
| — |
|
|
|
1604-1610 Broadway |
| 27,000 |
| 5.66% |
| — |
| Mar-12 |
| 26,050 |
| — |
|
|
|
100 Summit Lake Drive |
| 12,318 |
| 8.50% |
| — |
| Apr-07 |
| 12,318 |
| — |
|
|
|
399 Knollwood |
| 19,234 |
| 5.75% |
| 261 |
| Mar-14 |
| 16,877 |
| — |
|
|
|
300 Main Street |
| 11,500 |
| 5.75% |
| — |
| Feb-17 |
| 11,500 |
| — |
|
|
|
|
| 1,699,375 |
| 6.05% |
| 13,399 |
|
|
| 1,606,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured fixed Rate Debt-Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Secured Term Loan (Libor + 125 bps) (1) |
| 160,000 |
| 5.79% |
| — |
| May-10 |
| 154,923 |
| — |
| — |
|
609 Partners, LLC |
| 63,891 |
| 5.00% |
| — |
| Jun-16 |
| 63,891 |
| — |
| Jun-08 |
|
|
| 223,891 |
| 5.56% |
| — |
|
|
| 218,814 |
|
|
|
|
|
Unsecured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Subordinated Deferrable Interest Debentures |
| 100,000 |
| 5.61% |
| — |
| Jun-15 |
| 100,000 |
| — |
| — |
|
Unsecured Note |
| 50,000 |
| 6.00% |
| — |
| Jun-07 |
| 50,000 |
| — |
| Open |
|
Unsecured Note |
| 150,000 |
| 7.20% |
| — |
| Aug-07 |
| 150,000 |
| — |
| Open |
|
Unsecured Note |
| 200,000 |
| 7.75% |
| — |
| Mar-09 |
| 200,000 |
| — |
| Open |
|
Unsecured Note |
| 150,000 |
| 5.15% |
| — |
| Jan-11 |
| 150,000 |
| — |
| Open |
|
Unsecured Note |
| 150,000 |
| 5.88% |
| — |
| Aug-14 |
| 150,000 |
| — |
| Open |
|
Unsecured Note |
| 274,636 |
| 6.00% |
| — |
| Mar-16 |
| 274,636 |
| — |
| Open |
|
Convertible Note |
| 282,088 |
| 4.00% |
| — |
| Jun-25 |
| 282,088 |
| — |
| Open |
|
Convertible Note (net) |
| 736,006 |
| 3.00% |
| — |
| Mar-27 |
| 736,006 |
| — |
| Mar-12 |
|
|
| 2,092,730 |
| 4.84% |
| — |
|
|
| 2,092,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Rate Debt/Wtd Avg |
| 4,015,996 |
| 5.39% |
| 13,399 |
|
|
| 3,917,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Secured Term Loan (Libor + 125 bps) |
| 40,000 |
| 6.63% |
| — |
| May-10 |
| 40,000 |
| — |
| — |
|
1551/1555 Broadway (Libor + 200 bps) (2) |
| 79,656 |
| 7.33% |
| — |
| Aug-08 |
| 79,656 |
| — |
| Open |
|
141 Fifth Avenue (Libor + 225 bps) (2) |
| 10,653 |
| 7.57% |
| — |
| Sep-07 |
| 10,653 |
| Sep-10 |
| — |
|
717 Fifth Avenue (Libor + 160 bps) |
| 175,000 |
| 6.92% |
| — |
| Sep-08 |
| 175,000 |
| — |
| — |
|
1 Landmark Square (Libor + 185bps) |
| 128,000 |
| 7.17% |
| — |
| Feb-09 |
| 128,000 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 433,309 |
| 7.06% |
| — |
|
|
| 433,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wachoiva Unsecured Term Loan (Libor + 110 bps) |
| 500,000 |
| 6.42% |
| — |
| Jan-10 |
| 500,000 |
| — |
| Open |
|
Senior Unsecured Line of Credit (Libor + 110 bps) |
| — |
| 6.42% |
| — |
| Sep-08 |
| — |
| Aug-09 |
| Open |
|
|
| 500,000 |
| 6.42% |
| — |
|
|
| 500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Floating Rate Debt/Wtd Avg |
| 933,309 |
| 6.72% |
| — |
|
|
| 933,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/Wtd Avg - Consolidated |
| 4,949,305 |
| 5.64% |
| 13,399 |
|
|
| 4,850,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/Wtd Avg - Joint Venture |
| 1,264,200 |
| 6.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Balance & Interest Rate with SLG JV Debt |
| 5,202,478 |
| 6.07% |
|
|
|
|
|
|
|
|
|
|
|
27
DEBT SUMMARY SCHEDULE - Joint Venture |
|
|
|
|
|
|
|
| 2007 |
|
|
|
|
| As-Of |
|
|
|
|
| Principal O/S - 3/31/07 |
|
|
| Principal |
| Maturity |
| Due at |
| Right |
| Earliest |
| ||
|
| Gross Principal |
| SLG Share |
| Coupon |
| Repayment |
| Date |
| Maturity |
| Extension |
| Prepayment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 Park Avenue |
| 175,000 |
| 87,325 |
| 6.52% |
| — |
| Nov-15 |
| 81,873 |
| — |
| Open |
|
1 Madison Avenue - South Building |
| 680,815 |
| 374,448 |
| 5.91% |
| 5,447 |
| May-20 |
| 222,492 |
| — |
| Jun-20 |
|
21 West 34th Street |
| 100,000 |
| 50,000 |
| 5.75% |
| — |
| Dec-16 |
| 50,000 |
| — |
| Nov-09 |
|
1221 Avenue of Americas (3) |
| 65,000 |
| 29,250 |
| 5.51% |
| — |
| Dec-10 |
| 29,250 |
| Dec-08 |
| Open |
|
Mack - Green Joint Venture |
| 11,961 |
| 5,741 |
| 6.26% |
| 386 |
| Aug-14 |
| 2,061 |
| — |
| — |
|
One Court Square |
| 315,000 |
| 94,500 |
| 4.91% |
| — |
| Jun-15 |
| 94,500 |
| — |
|
|
|
Total Fixed Rate Debt/Wtd Avg |
| 1,347,776 |
| 641,264 |
| 5.82% |
| 5,834 |
|
|
| 480,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1250 Broadway (Libor + 80bps) |
| 115,000 |
| 63,250 |
| 6.12% |
| — |
| Aug-07 |
| 63,250 |
| Aug-09 |
| Open |
|
1221 Avenue of Americas (Libor + 75bps) |
| 105,000 |
| 47,250 |
| 6.07% |
| — |
| Dec-10 |
| 47,250 |
| Dec-08 |
| Open |
|
1515 Broadway (Libor + 90 bps) |
| 625,000 |
| 343,750 |
| 6.23% |
| — |
| Nov-07 |
| 343,750 |
| Jul—09 |
| Open |
|
1 Madison Avenue - Clock Tower (Libor + 160bps) |
| 131,090 |
| 39,327 |
| 7.11% |
| — |
| Jul-07 |
| 39,327 |
| Nov-08 |
| Nov-06 |
|
379 West Broadway (Libor + 225bps) (2) |
| 13,029 |
| 5,863 |
| 7.57% |
| — |
| Dec-07 |
| 5,863 |
| Dec-10 |
| — |
|
521 Fifth Avenue (Libor +100bps) |
| 140,000 |
| 70,140 |
| 6.32% |
| — |
| Apr-11 |
| 70,140 |
| — |
| Open |
|
800 Third Avenue (Libor + 62.5bps) |
| 20,910 |
| 9,902 |
| 5.95% |
| — |
| Aug-08 |
| 9,902 |
| — |
| Open |
|
Mack - Green Joint Venture (Libor + 275bps) |
| 90,528 |
| 43,454 |
| 8.07% |
| — |
| May-08 |
| 43,454 |
| — |
| — |
|
Total Floating Rate Debt/Wtd Avg |
| 1,240,557 |
| 622,936 |
| 6.41% |
| — |
|
|
| 622,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Joint Venture Debt/Wtd Avg |
| 2,588,333 |
| 1,264,200 |
| 6.11% |
| 5,834 |
|
|
| 1,103,112 |
|
|
|
|
|
(1) There is a LIBOR swap on this loan of 4.65% from May 2006 through December 2008.
(2) Committed amount for 1551/1555 Broadway and 21 West 34th Street is $112.7mm, for 141 Fifth Avenue is $12.58mm, for 1 Madison Avenue is $205.1mm and for 379 West Broadway is $13.25mm.
(3) There is a LIBOR swap of 4.76% on $65mm of this loan.
28
SUMMARY OF GROUND LEASE ARRANGEMENTS |
|
| 2007 Scheduled |
| 2008 Scheduled |
| 2009 Scheduled |
| 2010 Scheduled |
| Deferred Land |
| Year of |
| ||
| Property |
|
| Cash Payment |
| Cash Payment |
| Cash Payment |
| Cash Payment |
| Lease Obligations (1) |
| Maturity |
|
Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
673 First Avenue |
| 3,010 |
| 3,010 |
| 3,010 |
| 3,010 |
| 15,939 |
| 2037 |
| ||
420 Lexington Avenue (2) |
| 7,074 |
| 7,074 |
| 7,074 |
| 7,074 |
| — |
| 2008 | (3) | ||
711 Third Avenue (2) (4) |
| 1,550 |
| 1,550 |
| 1,550 |
| 1,550 |
| 760 |
| 2032 |
| ||
461 Fifth Avenue (2) |
| 2,100 |
| 2,100 |
| 2,100 |
| 2,100 |
| — |
| 2027 | (5) | ||
625 Madison Avenue (2) |
| 4,613 |
| 4,613 |
| 4,613 |
| 4,613 |
| — |
| 2022 | (6) | ||
1604 Broadway (2) |
| 2,350 |
| 2,350 |
| 2,350 |
| 2,350 |
| 396 |
| 2021 | (7) | ||
919 Third Avenue (2) |
| 850 |
| 850 |
| 850 |
| 850 |
| — |
| 2066 |
| ||
1185 Avenue of the Americas (2) |
| 8,674 |
| 8,674 |
| 8,674 |
| 8,527 |
| — |
| 2043 |
| ||
Total |
| 30,221 |
| 30,221 |
| 30,221 |
| 30,074 |
| 17,095 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Capitalized Lease |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
673 First Avenue |
| 1,416 |
| 1,416 |
| 1,416 |
| 1,416 |
| 16,430 |
| 2037 |
| ||
(1) Per the balance sheet at March 31, 2007 (2) These ground leases are classified as operating leases and, therefore, do not appear on the balance sheet as an obligation. (3) Subject to renewal at the Company’s option through 2029. (4) Excludes portion payable to SL Green as owner of 50% leasehold. (5) The Company has an option to purchase the ground lease for a fixed price on a specific date. (6) Subject to renewal at the Company’s option through 2054. (7) Subject to renewal at the Company’s option through 2036.The Company has a 45% interest in this property. |
29
STRUCTURED FINANCE |
| Assets |
| Wtd Average |
| Wtd Average |
| Current |
| Libor |
| |
|
| Outstanding |
| Assets during quarter |
| Yield during quarter |
| Yield |
| Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2005 |
| 400,076 |
| 399,889 |
| 10.43% |
| 10.44% |
| 4.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Originations/Accretion (1) |
| 61,127 |
|
|
|
|
|
|
|
|
|
Preferred Equity |
| 5,000 |
|
|
|
|
|
|
|
|
|
Redemptions /Amortization |
| (30 | ) |
|
|
|
|
|
|
|
|
3/31/2006 |
| 466,173 |
| 453,085 |
| 10.27% |
| 10.57% |
| 4.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Originations/Accretion (1) |
| 37,282 |
|
|
|
|
|
|
|
|
|
Preferred Equity |
| 7,000 |
|
|
|
|
|
|
|
|
|
Redemptions /Amortization |
| (176,466 | ) |
|
|
|
|
|
|
|
|
6/30/2006 |
| 333,989 |
| 409,728 |
| 10.31% |
| 10.04% |
| 5.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Originations/Accretion (1) |
| 288 |
|
|
|
|
|
|
|
|
|
Preferred Equity |
| 32,500 |
|
|
|
|
|
|
|
|
|
Redemptions /Amortization |
| (19,219 | ) |
|
|
|
|
|
|
|
|
9/30/2006 |
| 347,558 |
| 351,249 |
| 10.32% |
| 10.17% |
| 5.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Originations/Accretion (1) |
| 97,475 |
|
|
|
|
|
|
|
|
|
Preferred Equity |
| — |
|
|
|
|
|
|
|
|
|
Redemptions /Amortization |
| (7 | ) |
|
|
|
|
|
|
|
|
12/31/2006 |
| 445,026 |
| 381,255 |
| 10.45% |
| 9.95% |
| 5.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Originations/Accretion (1) |
| 448,283 |
|
|
|
|
|
|
|
|
|
Preferred Equity |
| — |
|
|
|
|
|
|
|
|
|
Redemptions /Amortization |
| (205,006 | ) |
|
|
|
|
|
|
|
|
3/31/2007 |
| 688,303 |
| 718,693 |
| 9.98% |
| 10.64% |
| 5.32% |
|
(1) Accretion includes original issue discounts and compounding investment income.
30
STRUCTURED FINANCE |
|
|
|
|
|
|
|
| Wtd Average |
| Current |
| |||
Type of Investment |
| Quarter End Balance(1) |
| Senior Financing |
| Exposure Psf |
| Yield during quarter |
| Yield |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Junior Mortgage Participation |
| $ | 85,403 |
| $ | 762,500 |
| $ | 228 |
| 10.97% |
| 11.49% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Mezzanine Debt |
| $ | 486,704 |
| $ | 32,014,399 |
| $ | 446 |
| 10.61% |
| 10.42% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Preferred Equity |
| $ | 116,196 |
| $ | 3,103,724 |
| $ | 191 |
| 10.81% |
| 10.94% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance as of 3/31/07 |
| $ | 688,303 |
| $ | 35,880,623 |
| $ | 363 |
| 10.69% |
| 10.64% |
|
Current Maturity Profile (2)
(1) Most investments are indexed to Libor and are prepayable at dates prior to maturity subject to certain prepayment penalties or fees.
(2) The weighted maturity is 6.4 years.
31
SELECTED PROPERTY DATA |
|
|
|
|
|
| Usable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Annualized |
| Total |
| |||||||||||||
Properties |
| SubMarket |
| Ownership |
| Sq. Feet |
| Sq. Feet |
| Mar-07 |
| Dec-06 |
| Sep-06 |
| Jun-06 |
| Mar-06 |
| Rent ($’s) |
| 100% |
| SLG |
| Tenants |
| |||
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
“Same Store” |
|
|
|
|
|
|
| % |
| % |
| % |
| % |
| % |
| % |
| $ |
| % |
| % |
|
|
| |||
110 East 42nd Street |
| Grand Central North |
| Fee Interest |
| 181,000 |
| 1 |
| 98.9 |
| 98.9 |
| 98.7 |
| 96.7 |
| 94.5 |
| 7,571,340 |
| 1 |
| 1 |
| 30 |
| |||
125 Broad Street |
| Downtown |
| Fee Interest |
| 525,000 |
| 2 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 17,892,636 |
| 3 |
| 2 |
| 4 |
| |||
1372 Broadway |
| Garment |
| Fee Interest |
| 508,000 |
| 2 |
| 99.7 |
| 99.7 |
| 85.7 |
| 85.7 |
| 86.4 |
| 19,162,524 |
| 3 |
| 2 |
| 22 |
| |||
19 West 44th Street |
| Midtown |
| Fee Interest |
| 292,000 |
| 1 |
| 98.1 |
| 96.5 |
| 99.4 |
| 98.5 |
| 98.1 |
| 11,494,836 |
| 2 |
| 1 |
| 67 |
| |||
220 East 42nd Street |
| Grand Central |
| Fee Interest |
| 1,135,000 |
| 5 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 99.5 |
| 42,427,836 |
| 8 |
| 5 |
| 37 |
| |||
28 West 44th Street |
| Midtown |
| Fee Interest |
| 359,000 |
| 2 |
| 99.8 |
| 96.5 |
| 95.7 |
| 96.2 |
| 95.0 |
| 13,448,760 |
| 2 |
| 2 |
| 78 |
| |||
292 Madison Avenue |
| Grand Central South |
| Fee Interest |
| 187,000 |
| 1 |
| 99.7 |
| 99.7 |
| 99.7 |
| 99.7 |
| 99.7 |
| 8,039,688 |
| 1 |
| 1 |
| 19 |
| |||
317 Madison Avenue |
| Grand Central |
| Fee Interest |
| 450,000 |
| 2 |
| 92.8 |
| 92.8 |
| 91.7 |
| 94.6 |
| 93.7 |
| 18,967,284 |
| 3 |
| 2 |
| 86 |
| |||
420 Lexington Ave (Graybar) |
| Grand Central North |
| Operating |
| 1,188,000 |
| 5 |
| 97.3 |
| 97.3 |
| 98.9 |
| 98.0 |
| 97.4 |
| 56,812,848 |
| 10 |
| 7 |
| 246 |
| |||
440 Ninth Avenue |
| Penn Station |
| Fee Interest |
| 339,000 |
| 2 |
| 99.4 |
| 99.4 |
| 99.4 |
| 99.4 |
| 99.4 |
| 10,770,696 |
| 2 |
| 1 |
| 12 |
| |||
461 Fifth Avenue |
| Midtown |
| Leasehold |
| 200,000 |
| 1 |
| 98.8 |
| 98.8 |
| 87.6 |
| 87.6 |
| 89.7 |
| 12,161,916 |
| 2 |
| 2 |
| 17 |
| |||
470 Park Avenue South |
| Park Avenue South/ |
| Fee Interest |
| 260,000 |
| 1 |
| 96.5 |
| 96.5 |
| 100.0 |
| 100.0 |
| 96.9 |
| 10,281,864 |
| 2 |
| 1 |
| 27 |
| |||
555 West 57th Street |
| Midtown West |
| Fee Interest |
| 941,000 |
| 4 |
| 99.9 |
| 99.9 |
| 99.9 |
| 99.9 |
| 100.0 |
| 28,398,696 |
| 5 |
| 4 |
| 16 |
| |||
625 Madison Avenue |
| Plaza District |
| Leasehold |
| 563,000 |
| 3 |
| 97.3 |
| 97.3 |
| 99.0 |
| 99.0 |
| 91.7 |
| 38,702,040 |
| 7 |
| 5 |
| 33 |
| |||
673 First Avenue |
| Grand Central South |
| Leasehold |
| 422,000 |
| 2 |
| 99.8 |
| 99.8 |
| 82.7 |
| 82.7 |
| 77.8 |
| 14,481,852 |
| 3 |
| 2 |
| 12 |
| |||
711 Third Avenue |
| Grand Central North |
| Operating | (1) | 524,000 |
| 2 |
| 100.0 |
| 100.0 |
| 100.0 |
| 96.1 |
| 100.0 |
| 23,717,184 |
| 4 |
| 3 |
| 19 |
| |||
750 Third Avenue |
| Grand Central North |
| Fee Interest |
| 780,000 |
| 4 |
| 98.0 |
| 98.0 |
| 98.0 |
| 98.0 |
| 98.0 |
| 34,961,112 |
| 6 |
| 5 |
| 19 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Subtotal / Weighted Average |
|
|
| 8,854,000 |
| 40 |
| 98.7 |
| 97.5 |
| 97.0 |
| 96.7 |
| 96.0 |
| $ | 369,293,112 |
| 65 |
| 48 |
| 744 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
485 Lexington Avenue |
| Grand Central North |
| Fee Interest |
| 921,000 |
| 4 |
| 90.5 |
| 90.5 |
| 78.7 |
| 74.1 |
| 71.2 |
| 40,639,944 |
| 7 |
| 5 |
| 13 |
| |||
609 Fifth Avenue |
| Rockefeller Center |
| Fee Interest |
| 160,000 |
| 1 |
| 98.8 |
| 98.8 |
| 98.8 |
| 98.8 |
| — |
| 12,583,980 |
| 2 |
| 2 |
| 20 |
| |||
120 West 45th Street |
| Midtown |
| Fee Interest |
| 440,000 |
| 2 |
| 100.0 |
| — |
| — |
| — |
| — |
| 22,811,688 |
| 4 |
| 3 |
| 30 |
| |||
810 Seventh Avenue |
| Times Square |
| Fee Interest |
| 692,000 |
| 3 |
| 99.9 |
| — |
| — |
| — |
| — |
| 35,557,668 |
| 6 |
| 5 |
| 39 |
| |||
919 Third Avenue |
| Grand Central North |
| Fee Interest | (2) | 1,454,000 |
| 7 |
| 99.9 |
| — |
| — |
| — |
| — |
| 76,451,628 |
|
|
| 5 |
| 15 |
| |||
1185 Avenue of the Americas |
| Rockefeller Center |
| Leasehold |
| 1,062,000 |
| 5 |
| 99.0 |
| — |
| — |
| — |
| — |
| 57,260,556 |
| 10 |
| 7 |
| 26 |
| |||
1350 Avenue of the Americas |
| Rockefeller Center |
| Fee Interest |
| 562,000 |
| 3 |
| 93.0 |
| — |
| — |
| — |
| — |
| 26,861,580 |
| 5 |
| 3 |
| 43 |
| |||
Subtotal / Weighted Average |
|
|
| 5,291,000 |
| 24 |
| 97.3 |
| 91.7 |
| 81.7 |
| 77.8 |
| 71.2 |
| $ | 272,167,044 |
| 25 |
| 23 |
| 153 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total / Weighted Average Consolidated Properties |
| 14,145,000 |
| 64 |
| 98.2 |
| 96.8 |
| 95.3 |
| 94.7 |
| 93.7 |
| $ | 641,460,156 |
| 91 |
| 71 |
| 897 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
“Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1 Madison Avenue - 55% |
| Park Avenue South |
| Fee Interest |
| 1,176,900 |
| 5 |
| 98.6 |
| 98.6 |
| 98.6 |
| 98.6 |
| 97.5 |
| 61,020,852 |
|
|
| 4 |
| 3 |
| |||
100 Park Avenue - 50% |
| Grand Central South |
| Fee Interest |
| 834,000 |
| 4 |
| 91.8 |
| 92.1 |
| 93.3 |
| 93.8 |
| 89.7 |
| 32,915,616 |
|
|
| 2 |
| 33 |
| |||
1221 Avenue of the Americas - 45% |
| Rockefeller Center |
| Fee Interest |
| 2,550,000 |
| 12 |
| 94.0 |
| 97.3 |
| 97.3 |
| 96.6 |
| 96.5 |
| 135,212,988 |
|
|
| 8 |
| 24 |
| |||
1250 Broadway - 55% |
| Penn Station |
| Fee Interest |
| 670,000 |
| 3 |
| 98.1 |
| 98.6 |
| 98.6 |
| 95.5 |
| 95.8 |
| 25,044,888 |
|
|
| 2 |
| 34 |
| |||
1515 Broadway - 55% |
| Times Square |
| Fee Interest |
| 1,750,000 |
| 8 |
| 99.0 |
| 99.0 |
| 99.0 |
| 99.6 |
| 100.0 |
| 84,450,420 |
|
|
| 7 |
| 9 |
| |||
Subtotal / Weighted Average |
|
|
| 6,980,900 |
| 32 |
| 96.1 |
| 97.4 |
| 97.6 |
| 97.2 |
| 96.7 |
| $ | 338,644,764 |
|
|
| 20 |
| 103 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
521 Fifth Avenue - 50.1% |
| Grand Central |
| Leasehold |
| 460,000 |
| 2 |
| 90.2 |
| 90.4 |
| 94.2 |
| 94.2 |
| 97.4 |
| 17,716,644 |
|
|
| 1 |
| 49 |
| |||
800 Third Avenue - 47.4% |
| Grand Central North |
| Fee Interest |
| 526,000 |
| 2 |
| 96.9 |
| 96.9 |
| — |
| — |
| — |
| 26,741,952 |
|
|
| 2 |
| 25 |
| |||
Subtotal / Weighted Average |
|
|
| 986,000 |
| 4 |
| 93.8 |
| 93.9 |
| 94.2 |
| 94.2 |
| 97.4 |
| $ | 44,458,596 |
|
|
| 3 |
| 74 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total / Weighted Average Unconsolidated Properties |
| 7,966,900 |
| 36 |
| 95.9 |
| 97.0 |
| 97.4 |
| 97.0 |
| 96.7 |
| $ | 383,103,360 |
|
|
| 22 |
| 177 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Grand Total / Weighted Average |
|
|
| 22,111,900 |
| 100 |
| 97.3 |
| 97.0 |
| 96.1 |
| 95.9 |
| 95.2 |
| $ | 1,024,563,516 |
|
|
|
|
| 1,074 |
| ||||
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 776,620,274 |
|
|
| 93 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Same Store Occupancy % - Combined |
|
|
| 15,834,900 |
| 72 |
| 97.6 |
| 97.4 |
| 97.2 |
| 96.9 |
| 96.3 |
|
|
|
|
|
|
|
|
| |||||
(1) Including Ownership of 50% in Building Fee.
(2) SL Green holds a 51% interest in this consolidated joint venture asset.
32
SELECTED PROPERTY DATA |
|
|
|
|
|
| Usable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Annualized |
| Total |
| |||||
Properties |
| SubMarket |
| Ownership |
| Sq. Feet |
| Sq. Feet |
| Mar-07 |
| Dec-06 |
| Rent ($’s) |
| 100% |
| SLG |
| Tenants |
| |
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjustments |
|
|
|
|
|
|
| % |
| % |
| % |
| $ |
| % |
| % |
|
|
| |
1100 King Street - 1 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| — |
| 2,250,000 |
| 3 |
| 2 |
| 1 |
| |
1100 King Street - 2 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| — |
| 2,250,000 |
| 3 |
| 2 |
| 1 |
| |
1100 King Street - 3 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 90.5 |
| — |
| 2,194,980 |
| 3 |
| 2 |
| 6 |
| |
1100 King Street - 4 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 98.4 |
| — |
| 2,597,688 |
| 3 |
| 2 |
| 7 |
| |
1100 King Street - 5 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 77.5 |
| — |
| 1,525,320 |
| 2 |
| 1 |
| 5 |
| |
1100 King Street - 6 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| — |
| 2,610,648 |
| 3 |
| 2 |
| 5 |
| |
100 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest | (1) | 6,000 |
| 0 |
| 100.0 |
| — |
| 91,128 |
|
|
| 0 |
| 1 |
| |
120 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest | (1) | 205,000 |
| 3 |
| 97.6 |
| — |
| 5,482,332 |
|
|
| 2 |
| 13 |
| |
520 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest |
| 180,000 |
| 3 |
| 80.6 |
| — |
| 2,942,640 |
| 4 |
| 3 |
| 5 |
| |
115-117 Stevens Avenue |
| Valhalla, Westchester |
| Fee Interest |
| 178,000 |
| 3 |
| 74.2 |
| — |
| 3,479,784 |
| 4 |
| 3 |
| 14 |
| |
100 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 250,000 |
| 4 |
| 87.4 |
| — |
| 6,051,396 |
| 8 |
| 5 |
| 8 |
| |
200 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 245,000 |
| 4 |
| 95.7 |
| — |
| 6,405,756 |
| 8 |
| 6 |
| 9 |
| |
500 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 228,000 |
| 4 |
| 77.1 |
| — |
| 4,129,824 |
| 5 |
| 4 |
| 1 |
| |
140 Grand Street |
| White Plains, |
| Fee Interest |
| 130,100 |
| 2 |
| 92.9 |
| — |
| 3,899,268 |
| 5 |
| 3 |
| 7 |
| |
360 Hamilton Avenue |
| White Plains, |
| Fee Interest |
| 384,000 |
| 6 |
| 100.0 |
| — |
| 11,126,736 |
| 14 |
| 10 |
| 14 |
| |
399 Knollwood Road |
| White Plains, |
| Fee Interest |
| 145,000 |
| 2 |
| 96.6 |
| — |
| 3,470,280 |
| 4 |
| 3 |
| 46 |
| |
Westchester, NY Subtotal |
|
|
|
|
| 2,491,100 |
| 41 |
| 91.0 |
| — |
| 60,507,780 |
| 70 |
| 52 |
| 143 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 312,000 |
| 5 |
| 83.3 |
| — |
| 6,393,300 |
| 8 |
| 6 |
| 48 |
| |
2 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 46,000 |
| 1 |
| 65.8 |
| — |
| 833,544 |
| 1 |
| 1 |
| 8 |
| |
3 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 130,000 |
| 2 |
| 98.0 |
| — |
| 3,201,540 |
| 4 |
| 3 |
| 14 |
| |
4 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 105,000 |
| 2 |
| 77.3 |
| — |
| 1,722,036 |
| 2 |
| 2 |
| 11 |
| |
5 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 61,000 |
| 1 |
| 100.0 |
| — |
| 858,780 |
| 1 |
| 1 |
| 14 |
| |
6 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 172,000 |
| 3 |
| 74.8 |
| — |
| 2,700,672 |
| 3 |
| 2 |
| 4 |
| |
7 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 36,800 |
| 1 |
| 10.8 |
| — |
| 271,032 |
| 0 |
| 0 |
| 1 |
| |
300 Main Street |
| Stamford, Connecticut |
| Fee Interest |
| 130,000 |
| 2 |
| 92.5 |
| — |
| 1,769,352 |
| 2 |
| 2 |
| 19 |
| |
680 Washington Avenue |
| Stamford, Connecticut |
| Fee Interest | (1) | 133,000 |
| 2 |
| 94.7 |
| — |
| 4,620,948 |
|
|
| 2 |
| 5 |
| |
750 Washington Avenue |
| Stamford, Connecticut |
| Fee Interest | (1) | 192,000 |
| 3 |
| 92.8 |
| — |
| 5,256,900 |
|
|
| 2 |
| 8 |
| |
1055 Washington Avenue |
| Stamford, Connecticut | ` | Leasehold |
| 182,000 |
| 3 |
| 89.7 |
| — |
| 5,317,092 |
| 7 |
| 5 |
| 23 |
| |
Stamford, CT Subtotal |
|
|
|
|
| 1,499,800 |
| 25 |
| 85.3 |
| — |
| 32,945,196 |
| 30 |
| 25 |
| 155 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
55 Corporate Drive |
| Bridgewater, New Jersey |
| Fee Interest | (2) | 670,000 |
| 11 |
| 100.0 |
| — |
| 21,812,018 |
|
|
| 10 |
| 1 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total / Weighted Average Consolidated Properties |
|
|
|
|
| 4,660,900 |
| 77 |
| 90.5 |
| — |
| $ | 115,264,994 |
| 100 |
| 86 |
| 299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
One Court Square - 30% |
| Long Island City, |
| Fee Interest |
| 1,402,000 |
| 23 |
| 100.0 |
| — |
| 50,541,432 |
|
|
| 14 |
| 1 |
| |
Subtotal / Weighted Average |
|
|
|
|
| 1,402,000 |
| 23 |
| 100.0 |
| — |
| $ | 50,541,432 |
|
|
| 14 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total / Weighted Average Unconsolidated Properties |
|
|
|
|
| 1,402,000 |
| 23 |
| 100.0 |
| — |
| $ | 50,541,432 |
|
|
| 14 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Grand Total / Weighted Average |
|
|
|
|
| 6,062,900 |
| 100 |
| 92.7 |
| — |
| $ | 165,806,426 |
|
|
|
|
| 300 |
|
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 111,950,274 |
|
|
| 100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Same Store Occupancy % - Combined |
|
|
|
|
| 6,062,900 |
| 100 |
| — |
| — |
|
|
|
|
|
|
|
|
|
(1) SL Green holds a 51% interest in this consolidated joint venture asset.
(2) SL Green holds a 50% interest through a tenancy in common ownership.
RETAIL & DEVELOPMENT PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 Madison Avenue - Clock Tower - 30% |
| Park Avenue South |
| Fee Interest |
| 220,000 |
| 44 |
| — |
| — |
| N/A |
| N/A |
| N/A |
| |
1551-1555 Broadway - 50% |
| Times Square |
| Fee Interest |
| 23,600 |
| 5 |
| — |
| — |
| N/A |
| N/A |
| N/A |
| |
1604 Broadway - 45% |
| Times Square |
| Leasehold |
| 29,876 |
| 6 |
| 100.0 |
| 72.7 |
| $ | 4,106,892 |
| 7 |
| 2 |
|
21-25 West 34th Street - 50% |
| Herald Square/ |
| Fee Interest |
| 30,100 |
| 6 |
| 100.0 |
| 100.0 |
| 5,804,772 |
| N/A |
| 1 |
| |
27-29 West 34th Street - 50% |
| Herald Square/ |
| Fee Interest |
| 41,000 |
| 8 |
| 6.1 |
| 58.8 |
| 104,700 |
| 0 |
| 2 |
| |
379 West Broadway - 45% |
| Cast Iron/Soho |
| Leasehold |
| 62,006 |
| 12 |
| 100.0 |
| 100.0 |
| 2,806,536 |
| 5 |
| 7 |
| |
717 Fifth Avenue - 92% |
| Midtown/Plaza District |
| Fee Interest |
| 76,400 |
| 15 |
| 97.8 |
| 63.1 |
| 12,724,884 |
| 45 |
| 8 |
| |
141 Fifth Avenue - 50% |
| Flat Iron |
| Fee Interest |
| 21,500 |
| 4 |
| 100.0 |
| 100.0 |
| 818,928 |
| 2 |
| 4 |
| |
Total / Weighted Average Retail/Development Properties |
|
|
|
|
| 504,482 |
| 100 |
| N/A |
| N/A |
| $ | 26,366,712 |
| 58 |
| 24 |
|
33
LARGEST TENANTS BY SQUARE FEET LEASED |
Wholly Owned Portfolio + Allocated JV Properties |
|
|
|
|
|
|
|
|
|
|
|
|
| % of |
|
|
| |||||
|
|
|
|
|
| Total |
|
|
|
|
| % of |
| SLG Share of |
| SLG Share of |
|
|
| |||
|
|
|
| Lease |
| Leased |
| Annualized |
| PSF |
| Annualized |
| Annualized |
| Annualized |
| Credit |
| |||
Tenant Name |
| Property |
| Expiration |
| Square Feet |
| Rent ($) |
| Annualized |
| Rent |
| Rent($) |
| Rent |
| Rating (1) |
| |||
Citigroup, N.A. |
| 125 Broad Street, Court Square, |
| Various |
| 2,170,537 |
| $ | 81,776,868 |
| $ | 37.68 |
| 8.0% |
| 44,344,083 |
| 5.7% |
| AA+ |
| |
Viacom International, Inc. |
| 1515 Broadway |
| 2008, 2010, 2012, |
| 1,410,339 |
| 72,338,316 |
| $ | 51.29 |
| 7.1% |
| 49,515,577 |
| 6.4% |
| BBB |
| ||
Credit Suisse Securities (USA), Inc. |
| 1 Madison Avenue |
| 2020 |
| 1,123,879 |
| 59,543,112 |
| $ | 52.98 |
| 5.8% |
| 32,748,712 |
| 4.2% |
| A+ |
| ||
Sanofi-Aventis |
| 55 Corporate Drive, NJ |
| 2023 |
| 670,000 |
| 21,812,018 |
| $ | 32.56 |
| 2.1% |
| 10,906,009 |
| 1.4% |
| AA |
| ||
Debevoise & Plimpton, LLP |
| 919 Third Avenue |
| 2021 |
| 586,528 |
| 34595124 |
| $ | 58.98 |
| 3.4% |
| 17,643,513 |
| 2.3% |
|
|
| ||
Omnicom Group, Cardinia Real Estate LLC |
| 220 East 42nd Street, |
| 2008, 2009, 2010 |
| 573,470 |
| 20,896,476 |
| $ | 36.44 |
| 2.0% |
| 20,896,476 |
| 2.7% |
| A- |
| ||
Morgan Stanley & Co. Inc. |
| 1221 Ave.of the Americas |
| Various |
| 520,985 |
| 34,178,688 |
| $ | 65.60 |
| 3.3% |
| 15,380,410 |
| 2.0% |
| A+ |
| ||
Societe Generale |
| 1221 Ave.of the Americas |
| Various |
| 486,663 |
| 25,680,288 |
| $ | 52.77 |
| 2.5% |
| 11,556,130 |
| 1.5% |
| AA- |
| ||
The McGraw Hill Companies, Inc. |
| 1221 Ave.of the Americas |
| Various |
| 420,328 |
| 20,013,564 |
| $ | 47.61 |
| 2.0% |
| 9,006,104 |
| 1.2% |
| A+ |
| ||
Verizon |
| 1100 King Street Bldgs 1& 2, |
| Various |
| 375,236 |
| 9,469,116 |
| $ | 25.24 |
| 0.9% |
| 9,469,116 |
| 1.2% |
| A- |
| ||
Advance Magazine Group, Fairchild Publications |
| 750 Third Avenue & |
| 2021 |
| 342,720 |
| 12,686,556 |
| $ | 37.02 |
| 1.2% |
| 12,686,556 |
| 1.6% |
|
|
| ||
Visiting Nurse Service of New York |
| 1250 Broadway |
| 2018 |
| 295,870 |
| 9,580,032 |
| $ | 32.38 |
| 0.9% |
| 6,339,586 |
| 0.8% |
|
|
| ||
Schulte, Roth & Zabel LLP |
| 919 Third Avenue |
| 2011 & 2021 |
| 279,746 |
| 14,648,940 |
| $ | 52.37 |
| 1.4% |
| 7,470,959 |
| 1.0% |
|
|
| ||
New York Presbyterian Hospital |
| 555 West 57th Street & |
| 2009 & 2021 |
| 256,422 |
| 7,973,712 |
| $ | 31.10 |
| 0.8% |
| 7,973,712 |
| 1.0% |
|
|
| ||
C.B.S. Broadcasting, Inc. |
| 555 West 57th Street |
| 2013 & 2017 |
| 253,316 |
| 8,602,032 |
| $ | 33.96 |
| 0.8% |
| 8,602,032 |
| 1.1% |
| BBB |
| ||
Polo Ralph Lauren Corporation |
| 625 Madison Avenue |
| 2019 |
| 234,207 |
| 11,337,732 |
| $ | 48.41 |
| 1.1% |
| 11,337,732 |
| 1.5% |
| BBB |
| ||
The City University of New York - CUNY |
| 555 West 57th Street & |
| 2010, 2011, 2015 |
| 228,374 |
| 7,748,652 |
| $ | 33.93 |
| 0.8% |
| 7,748,652 |
| 1.0% |
|
|
| ||
BMW of Manhattan |
| 555 West 57th Street |
| 2012 |
| 227,782 |
| 4,283,628 |
| $ | 18.81 |
| 0.4% |
| 4,283,628 |
| 0.6% |
|
|
| ||
Vivendi Universal US Holdings |
| 800 Third Avenue |
| 2010 |
| 226,105 |
| 11,375,412 |
| $ | 50.31 |
| 1.1% |
| 5,130,311 |
| 0.7% |
| BBB |
| ||
The Travelers Indemnity Company |
| 485 Lexington Avenue |
| 2016 |
| 214,978 |
| 10,748,904 |
| $ | 50.00 |
| 1.0% |
| 10,748,904 |
| 1.4% |
| A+ |
| ||
Teachers Insurance & Annuity Association |
| 750 Third Avenue |
| 2008, 2009 & 2015 |
| 188,625 |
| 8,504,328 |
| $ | 45.09 |
| 0.8% |
| 8,504,328 |
| 1.1% |
| AAA |
| ||
Fuji Color Processing Inc. |
| 120 White Plains Road & |
| 2010 & 2013 |
| 186,484 |
| 5,173,980 |
| $ | 27.74 |
| 0.5% |
| 4,893,028 |
| 0.6% |
| A-1 |
| ||
D.E. Shaw and Company L.P. |
| 120 West 45th Street |
| 2011, 2015 & 2017 |
| 183,126 |
| 9,173,664 |
| $ | 50.09 |
| 0.9% |
| 9,173,664 |
| 1.2% |
|
|
| ||
Amerada Hess Corp. |
| 1185 Ave.of the Americas |
| 2009 & 2027 |
| 180,822 |
| 9,055,812 |
| $ | 50.08 |
| 0.9% |
| 9,055,812 |
| 1.2% |
| BBB |
| ||
J & W Seligman & Co., Incorporated |
| 100 Park Avenue |
| 2009 |
| 148,726 |
| 5,732,040 |
| $ | 38.54 |
| 0.6% |
| 2,866,020 |
| 0.4% |
| AAA |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total |
| 11,785,268 |
| $ | 516,928,994 |
| $ | 43.86 |
| 50.5% |
| $ | 338,281,053 |
| 43.6% |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Wholly Owned Portfolio + Allocated JV Properties |
|
|
| 22,111,900 |
| $ | 1,024,563,516 |
| $ | 46.34 |
|
|
| $ | 776,620,274 |
|
|
|
|
|
(1) - 68% of Portfolio’s Largest Tenants have investment grade credit ratings. 30% of SLG Share of Annualized Rent is derived from these Tenants.
34
TENANT DIVERSIFICATION |
Based on Base Rental Revenue
35
Leasing Activity - Manhattan Properties |
Activity |
| Building Address |
| # of Leases |
| Usable SF |
| Rentable SF |
| Rent/Rentable SF ($’s)(1) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Vacancy at 12/31/06 |
|
|
|
|
| 574,559 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Add: Acquired Vacancies |
| 810 Seventh Avenue |
|
|
| 648 |
|
|
|
|
| |
|
| 919 Third Avenue |
|
|
| 1,217 |
|
|
|
|
| |
|
| 1185 Avenue of the Americas |
|
|
| 10,751 |
|
|
|
|
| |
|
| 1350 Avenue of the Americas |
|
|
| 49,860 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Less: Sold Vacancies |
| 1 Park Avenue |
|
|
| (20,525 | ) |
|
|
|
| |
|
| 70 West 36th Street |
|
|
| (659 | ) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Space which became available during the Quarter (A): |
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 317 Madison Avenue |
| 2 |
| 4,111 |
| 4,502 |
| $ | 24.20 |
|
|
| 1 Madison Avenue |
| 1 |
| 12,230 |
| 12,064 |
| $ | 40.00 |
|
|
| 100 Park Avenue |
| 1 |
| 2,668 |
| 2,668 |
| $ | 59.62 |
|
|
| 1250 Broadway |
| 1 |
| 3,370 |
| 3,370 |
| $ | 49.91 |
|
|
| 470 Park Ave South |
| 1 |
| 4,478 |
| 8,675 |
| $ | 29.69 |
|
|
| 110 East 42nd Street |
| 4 |
| 10,003 |
| 10,093 |
| $ | 40.84 |
|
|
| 19 West 44th Street |
| 3 |
| 6,998 |
| 6,998 |
| $ | 35.71 |
|
|
| 28 West 44th Street |
| 5 |
| 11,220 |
| 11,446 |
| $ | 39.16 |
|
|
| 1221 Sixth Avenue |
| 2 |
| 87,656 |
| 87,656 |
| $ | 50.67 |
|
|
| 625 Madison Avenue |
| 2 |
| 2,388 |
| 2,402 |
| $ | 55.19 |
|
|
| 810 Seventh Avenue |
| 1 |
| 10,010 |
| 9,711 |
| $ | 40.91 |
|
|
| 1350 Avenue of the Americas |
| 1 |
| 13,927 |
| 13,927 |
| $ | 55.00 |
|
|
| 420 Lexington Avenue |
| 16 |
| 31,557 |
| 36,481 |
| $ | 42.65 |
|
|
| Total/Weighted Average |
| 40 |
| 200,616 |
| 209,993 |
| $ | 45.62 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Retail |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 673 First Avenue |
| 2 |
| 30,712 |
| 35,312 |
| $ | 18.71 |
|
|
| 1221 Sixth Avenue |
| 1 |
| 3,217 |
| 3,217 |
| $ | 175.90 |
|
|
| 521 Fifth Avenue |
| 1 |
| 881 |
| 881 |
| $ | 55.01 |
|
|
| Total/Weighted Average |
| 4 |
| 34,810 |
| 39,410 |
| $ | 32.35 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Storage |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Space became Available during the Quarter |
|
|
|
|
|
|
|
|
| |
|
| Office |
| 40 |
| 200,616 |
| 209,993 |
| $ | 45.62 |
|
|
| Retail |
| 4 |
| 34,810 |
| 39,410 |
| $ | 32.35 |
|
|
|
|
| 44 |
| 235,426 |
| 249,403 |
| $ | 43.52 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Available Space |
|
|
| 851,277 |
|
|
|
|
|
(1) Escalated Rent is calculated as Total Annual Income less Electric Charges
(A) - Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
36
Leasing Activity - Manhattan Properties |
Activity |
| Building Address |
| # of Leases |
| Term |
| Usable SF |
| Rentable SF |
| New Cash Rent |
| Prev. Escalated |
| TI / Rentable |
| Free Rent # |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Available Space as of 12/31/06 |
|
|
|
|
| 851,277 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 317 Madison Avenue |
| 2 |
| 7.0 |
| 6,563 |
| 7,703 |
| $ | 46.34 |
| $ | 36.85 |
| $ | 5.83 |
| 2.7 |
|
|
| 1 Madison Avenue |
| 1 |
| 10.0 |
| 12,230 |
| 12,064 |
| $ | 44.00 |
| $ | 40.00 |
| $ | 59.57 |
| 2.0 |
|
|
| 673 First Avenue |
| 1 |
| 20.0 |
| 5,817 |
| 6,727 |
| $ | 40.00 |
| $ | 17.99 |
| $ | — |
| 9.0 |
|
|
| 1372 Broadway |
| 1 |
| 14.8 |
| 71,188 |
| 70,538 |
| $ | 36.50 |
| $ | — |
| $ | 62.35 |
| 8.0 |
|
|
| 110 East 42nd Street |
| 4 |
| 1.4 |
| 10,003 |
| 11,045 |
| $ | 49.10 |
| $ | 37.32 |
| $ | — |
| — |
|
|
| 19 West 44th Street |
| 3 |
| 5.1 |
| 8,915 |
| 8,924 |
| $ | 41.84 |
| $ | 39.30 |
| $ | 12.86 |
| 1.0 |
|
|
| 28 West 44th Street |
| 7 |
| 8.9 |
| 23,274 |
| 25,018 |
| $ | 38.51 |
| $ | 34.59 |
| $ | 17.19 |
| 0.4 |
|
|
| 1221 Sixth Avenue |
| 2 |
| 5.1 |
| 4,681 |
| 4,681 |
| $ | 35.00 |
| $ | — |
| $ | — |
| — |
|
|
| 609 Fifth Avenue |
| 2 |
| 6.1 |
| 2,253 |
| 2,333 |
| $ | 58.68 |
| $ | 66.08 |
| $ | 7.70 |
| 2.3 |
|
|
| 120 West 45th Street |
| 1 |
| 8.7 |
| 10,010 |
| 10,010 |
| $ | 75.00 |
| $ | 39.69 |
| $ | 45.00 |
| 5.0 |
|
|
| 1350 Avenue of the Americas |
| 2 |
| 8.0 |
| 22,377 |
| 22,987 |
| $ | 88.72 |
| $ | 53.50 |
| $ | 21.32 |
| 3.1 |
|
|
| 420 Lexington Avenue |
| 8 |
| 3.6 |
| 19,838 |
| 24,909 |
| $ | 43.86 |
| $ | 44.85 |
| $ | 8.75 |
| 1.2 |
|
|
| Total/Weighted Average |
| 34 |
| 9.8 |
| 197,149 |
| 206,939 |
| $ | 47.33 |
| $ | 40.81 |
| $ | 33.26 |
| 4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 673 First Avenue |
| 3 |
| 20.0 |
| 37,786 |
| 42,169 |
| $ | 34.72 |
| $ | 18.92 |
| $ | 0.98 |
| 3.3 |
|
|
| 1221 Avenue of the Americas |
| 1 |
| 11.9 |
| 3,217 |
| 3,217 |
| $ | 200.00 |
| $ | 175.90 |
| $ | — |
| 4.0 |
|
|
| 461 Fifth Avenue |
| 1 |
| 10.0 |
| 18,000 |
| 14,398 |
| $ | 72.93 |
| $ | — |
| $ | — |
| 9.0 |
|
|
| 1372 Broadway |
| 1 |
| 10.0 |
| 1,900 |
| 1,900 |
| $ | 263.16 |
| $ | — |
| $ | 165.43 |
| 3.0 |
|
|
| 1350 Avenue of the Americas |
| 1 |
| 15.6 |
| 2,270 |
| 2,270 |
| $ | 150.00 |
| $ | — |
| $ | 40.92 |
| 7.0 |
|
|
| Total/Weighted Average |
| 7 |
| 16.9 |
| 63,173 |
| 63,954 |
| $ | 62.52 |
| $ | 34.83 |
| $ | 7.01 |
| 4.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 317 Madison Avenue |
| 1 |
| 2.0 |
| 120 |
| 120 |
| $ | 20.00 |
| $ | — |
| $ | — |
| — |
|
|
| 461 Fifth Avenue |
| 1 |
| 6.4 |
| 652 |
| 652 |
| $ | 27.50 |
| $ | — |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 2 |
| 5.7 |
| 772 |
| 772 |
| $ | 26.33 |
| $ | — |
| $ | — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Office (3) |
| 34 |
| 9.8 |
| 197,149 |
| 206,939 |
| $ | 47.33 |
| $ | 40.81 |
| $ | 33.26 |
| 4.1 |
|
|
| Retail |
| 7 |
| 16.9 |
| 63,173 |
| 63,954 |
| $ | 62.52 |
| $ | 34.83 |
| $ | 7.01 |
| 4.7 |
|
|
| Storage |
| 2 |
| 5.7 |
| 772 |
| 772 |
| $ | 26.33 |
| $ | — |
| $ | — |
| — |
|
|
| Total |
| 43 |
| 11.5 |
| 261,094 |
| 271,665 |
| $ | 50.84 |
| $ | 39.37 |
| $ | 26.99 |
| 4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Available Space @ 3/31/07 |
|
|
|
|
| 590,183 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 317 Madison Avenue |
| 2 |
| 5.0 |
| 2,983 |
| 3,271 |
| $ | 45.00 |
| $ | 45.43 |
| $ | 3.35 |
| — |
|
|
| 220 East 42nd Street |
| 1 |
| 8.9 |
| 13,194 |
| 13,404 |
| $ | 56.00 |
| $ | 36.25 |
| $ | 15.00 |
| 2.5 |
|
|
| 470 Park Ave South |
| 1 |
| 6.0 |
| 26,395 |
| 29,291 |
| $ | 41.00 |
| $ | 27.85 |
| $ | 15.00 |
| — |
|
|
| 28 West 44th Street |
| 1 |
| 0.3 |
| 11,013 |
| 12,222 |
| $ | 45.12 |
| $ | 33.30 |
| $ | — |
| — |
|
|
| 1185 Avenue of the Americas |
| 2 |
| 11.1 |
| 53,522 |
| 53,522 |
| $ | 76.00 |
| $ | 55.00 |
| $ | 12.50 |
| — |
|
|
| 1350 Avenue of the Americas |
| 1 |
| 5.6 |
| 4,501 |
| 4,501 |
| $ | 80.00 |
| $ | 61.80 |
| $ | — |
| — |
|
|
| 420 Lexington Avenue |
| 3 |
| 3.9 |
| 5,082 |
| 7,822 |
| $ | 53.04 |
| $ | 37.75 |
| $ | 6.06 |
| — |
|
|
| Total/Weighted Average |
| 11 |
| 7.8 |
| 116,690 |
| 124,033 |
| $ | 60.41 |
| $ | 43.33 |
| $ | 11.03 |
| 0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 292 Madison Avenue |
| 1 |
| 12 |
| 3,250 |
| 4,614 |
| $ | 80.68 |
| $ | 38.73 |
| $ | — |
| — |
|
|
| 673 First Avenue |
| 1 |
| 5 |
| 8,978 |
| 9,348 |
| $ | 57.27 |
| $ | 32.34 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 2 |
| 7.2 |
| 12,228 |
| 13,962 |
| $ | 55.60 |
| $ | 34.45 |
| $ | — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 317 Madison Avenue |
| 1 |
| 5.0 |
| 51 |
| 88 |
| $ | 20.00 |
| $ | 15.69 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 1 |
| 5.0 |
| 51 |
| 88 |
| $ | 20.00 |
| $ | 15.69 |
| $ | — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Early Renewals Office |
| 11 |
| 7.8 |
| 116,690 |
| 124,033 |
| $ | 60.41 |
| $ | 43.33 |
| $ | 11.03 |
| 0.3 |
|
|
| Early Renewals Retail |
| 2 |
| 7.2 |
| 12,228 |
| 13,962 |
| $ | 55.60 |
| $ | 34.45 |
| $ | — |
| — |
|
|
| Early Renewals Storage |
| 1 |
| 5.0 |
| 51 |
| 88 |
| $ | 20.00 |
| $ | 15.69 |
| $ | — |
| — |
|
|
| Total |
| 14 |
| 7.7 |
| 128,969 |
| 138,083 |
| $ | 59.90 |
| $ | 43.46 |
| $ | 9.91 |
| 0.2 |
|
(1) Annual Base Rent
(2) Escalated Rent is calculated as Total Annual Income less Electric Charges
(3) Average starting office rent excluding new tenants replacing vacancies is $54.67/rsf for 100,335 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $57.84/rsf for 224,368 rentable SF.
37
Leasing Activity- Suburban Properties |
Activity |
| Building Address |
| # of Leases |
| Usable SF |
| Rentable SF |
| Rent/Rentable SF ($’s)(1) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Vacancy at 12/31/06 |
|
|
|
|
| — |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Add: Acquired Vacancies |
|
|
|
|
| 480,616 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Space which became available during the Quarter (A): |
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| ||
|
| 1100 King Street - 3 Int’l Drive |
| 1 |
| 8,180 |
| 8,180 |
| $ | 22.73 |
|
| 115-117 Steven Avenue |
| 1 |
| 12,693 |
| 12,693 |
| $ | 27.75 |
| |
|
| 200 Summit Lake Drive |
| 1 |
| 8,500 |
| 8,500 |
| $ | 26.27 |
|
| 140 Grand Street |
| 2 |
| 13,150 |
| 13,150 |
| $ | 30.72 |
| |
|
| 360 Hamilton Avenue |
| 1 |
| 15,418 |
| 15,418 |
| $ | 31.25 |
|
| 399 Knollwood Road |
| 1 |
| 1,583 |
| 1,583 |
| $ | 24.50 |
| |
|
| 1 Landmark Square |
| 3 |
| 4,284 |
| 4,284 |
| $ | 28.64 |
|
| 2 Landmark Square |
| 2 |
| 5,220 |
| 5,220 |
| $ | 29.23 |
| |
|
| 750 Washington Avenue |
| 2 |
| 13,425 |
| 13,425 |
| $ | 38.91 |
|
| 1055 Washington Avenue |
| 1 |
| 1,140 |
| 1,140 |
| $ | 10.00 |
| |
|
| Total/Weighted Average |
| 15 |
| 83,593 |
| 83,593 |
| $ | 29.85 |
|
|
|
|
|
|
|
|
|
|
|
| ||
Retail |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| ||
|
| 3 Landmark Square |
| 1 |
| 1,922 |
| 1,922 |
| $ | 18.02 |
|
| Total/Weighted Average |
| 1 |
| 1,922 |
| 1,922 |
| $ | 18.02 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Storage |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| 5 Landmark Square |
| 1 |
| 100 |
| 100 |
| $ | 12.00 |
| |
|
| 750 Washington Avenue |
| 1 |
| 230 |
| 230 |
| $ | 15.03 |
|
| Total/Weighted Average |
| 2 |
| 330 |
| 330 |
| $ | 14.11 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| Total Space became Available during the Quarter |
|
|
|
|
|
|
|
|
| ||
|
| Office |
| 15 |
| 83,593 |
| 83,593 |
| $ | 29.85 |
|
| Retail |
| 1 |
| 1,922 |
| 1,922 |
| $ | 18.02 |
| |
|
| Storage |
| 2 |
| 330 |
| 330 |
| $ | 14.11 |
|
|
|
| 18 |
| 85,845 |
| 85,845 |
| $ | 29.52 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| Total Available Space |
|
|
| 566,461 |
|
|
|
|
|
(1) Escalated Rent is calculated as Total Annual Income less Electric Charges
(A) - Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
38
Leasing Activity- Suburban Properties |
Activity |
| Building Address |
| # of Leases |
| Term |
| Usable SF |
| Rentable SF |
| New Cash Rent / |
| Prev. Escalated |
| TI / Rentable |
| Free Rent # |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Available Space as of 3/31/07 |
|
|
|
|
| 566,461 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 1100 King Street - 3 Int’l Drive |
| 1 |
| 1.3 |
| 8,180 |
| 8,180 |
| $ | 23.75 |
| $ | 22.75 |
| $ | — |
| — |
|
|
| 1100 King Street - 5 Int’l Drive |
| 1 |
| 4.0 |
| 6,851 |
| 6,851 |
| $ | 27.00 |
| $ | 25.00 |
| $ | 10.00 |
| — |
|
|
| 120 White Plains Road |
| 1 |
| 5.0 |
| 2,052 |
| 2,052 |
| $ | 27.00 |
| $ | — |
| $ | 25.00 |
| — |
|
|
| 520 White Plains Road |
| 1 |
| 10.4 |
| 15,008 |
| 15,008 |
| $ | 27.00 |
| $ | 20.06 |
| $ | 46.05 |
| 6.0 |
|
|
| 140 Grand Street |
| 2 |
| 5.6 |
| 13,150 |
| 13,150 |
| $ | 32.06 |
| $ | 30.72 |
| $ | 11.24 |
| — |
|
|
| 360 Hamilton Avenue |
| 1 |
| 5.8 |
| 15,418 |
| 15,418 |
| $ | 27.50 |
| $ | 31.25 |
| $ | — |
| 2.0 |
|
|
| 399 Knollwood Road |
| 1 |
| 1.0 |
| 1,583 |
| 1,583 |
| $ | 25.50 |
| $ | 24.50 |
| $ | — |
| — |
|
|
| 1 Landmark Square |
| 7 |
| 6.8 |
| 32,554 |
| 32,554 |
| $ | 34.15 |
| $ | 28.18 |
| $ | 26.70 |
| 0.8 |
|
|
| 2 Landmark Square |
| 1 |
| 1.3 |
| 5,020 |
| 5,020 |
| $ | 31.00 |
| $ | 30.16 |
| $ | — |
| — |
|
|
| 4 Landmark Square |
| 1 |
| 10.0 |
| 12,135 |
| 12,135 |
| $ | 28.00 |
| $ | 24.50 |
| $ | 40.00 |
| — |
|
|
| 300 Main Street |
| 1 |
| 5.0 |
| 900 |
| 900 |
| $ | 25.50 |
| $ | — |
| $ | 25.00 |
| — |
|
|
| 750 Washington Avenue |
| 2 |
| 5.0 |
| 8,976 |
| 8,976 |
| $ | 34.00 |
| $ | 28.00 |
| $ | 15.92 |
| — |
|
|
| Total/Weighted Average |
| 20 |
| 6.3 |
| 121,827 |
| 121,827 |
| $ | 30.05 |
| $ | 26.92 |
| $ | 20.34 |
| 1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 2 Landmark Square |
| 1 |
| 3.8 |
| 225 |
| 225 |
| $ | 15.00 |
| $ | 12.00 |
| $ | — |
| — |
|
|
| 5 Landmark Square |
| 1 |
| 1.0 |
| 100 |
| 100 |
| $ | 12.00 |
| $ | 12.00 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 2 |
| 3.0 |
| 325 |
| 325 |
| $ | 14.08 |
| $ | 12.00 |
| $ | — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total/Weighted Average - Office |
| 20 |
| 6.3 |
| 121,827 |
| 121,827 |
| $ | 30.05 |
| $ | 26.92 |
| $ | 20.34 |
| 1.2 |
| ||
Total/Weighte Average - Storage |
| 2 |
| 3.0 |
| 325 |
| 325 |
| $ | 14.08 |
| $ | 12.00 |
| $ | — |
| — |
| ||
Total - Office & Storage |
| 22 |
| 6.3 |
| 122,152 |
| 122,152 |
| $ | 30.01 |
| $ | 26.88 |
| $ | 20.29 |
| 1.2 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Available Space @ 3/31/07 |
|
|
|
|
| 444,309 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 2 Landmark Square |
| 1 |
| 2.0 |
| 10,541 |
| 10,541 |
| $ | 30.00 |
| $ | 26.50 |
| $ | — |
| — |
|
|
| 750 Washington Avenue |
| 1 |
| 1.5 |
| 7,135 |
| 7,135 |
| $ | 36.00 |
| $ | 36.00 |
| $ | 1.00 |
| — |
|
|
| Total/Weighted Average |
| 2 |
| 1.8 |
| 17,676 |
| 17,676 |
| $ | 32.42 |
| $ | 30.33 |
| $ | 0.40 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Early Renewals Office |
| 7 |
| 3.7 |
| 23,107 |
| 23,107 |
| $ | 28.94 |
| $ | 29.74 |
| $ | 6.39 |
| — |
|
|
| Early Renewals Retail |
| 2 |
| 1.8 |
| 17,676 |
| 17,676 |
| $ | 32.42 |
| $ | 30.33 |
| $ | 0.40 |
| — |
|
|
| Total |
| 9 |
| 2.9 |
| 40,783 |
| 40,783 |
| $ | 30.45 |
| $ | 30.00 |
| $ | 3.80 |
| — |
|
(1) Annual Base Rent
(2) Escalated Rent is calculated as Total Annual Income less Electric Charges
(3) Average starting office rent excluding new tenants replacing vacancies is $30.14/rsf for 118,875 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $30.44/rsf for 136,551 rentable SF.
39
ANNUAL LEASE EXPIRATIONS - Manhattan Properties |
|
| Consolidated Properties |
| Joint Venture Properties |
| ||||||||||||||||||||||||||
Year of Lease |
| Number |
| Rentable |
| Percentage |
| Annualized |
| Annualized |
| Year 2007 |
| Number |
| Rentable |
| Percentage |
| Annualized |
| Annualized |
| Year 2007 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2007 (1) |
| 32 |
| 44,884 |
| 0.32 | % | $ | 1,838,592 |
| $ | 40.96 |
| $ | 66.44 |
| 3 |
| 3,717 |
| 0.05 | % | $ | 181,451 |
| $ | 48.82 |
| $ | 62.55 |
|
In 2nd Quarter 2007 |
| 41 |
| 206,312 |
| 1.45 | % | $ | 8,403,084 |
| $ | 40.73 |
| $ | 54.74 |
| 6 |
| 155,262 |
| 2.04 | % | $ | 10,016,278 |
| $ | 64.51 |
| $ | 77.61 |
|
In 3rd Quarter 2007 |
| 37 |
| 173,061 |
| 1.22 | % | $ | 7,840,488 |
| $ | 45.30 |
| $ | 64.80 |
| 4 |
| 28,743 |
| 0.38 | % | $ | 805,212 |
| $ | 28.01 |
| $ | 45.08 |
|
In 4th Quarter 2007 |
| 27 |
| 126,407 |
| 0.89 | % | $ | 5,434,200 |
| $ | 42.99 |
| $ | 72.54 |
| 4 |
| 169,252 |
| 2.22 | % | $ | 8,288,760 |
| $ | 48.97 |
| $ | 69.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2007 |
| 137 |
| 550,664 |
| 3.87 | % | $ | 23,516,364 |
| $ | 42.71 |
| $ | 62.94 |
| 17 |
| 356,974 |
| 4.69 | % | $ | 19,291,701 |
| $ | 54.04 |
| $ | 71.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2008 |
| 17 |
| 94,781 |
| 0.67 | % | $ | 3,990,312 |
| $ | 42.10 |
| $ | 54.29 |
| 10 |
| 195,379 |
| 2.57 | % | $ | 7,958,508 |
| $ | 40.73 |
| $ | 71.61 |
|
In 2nd Quarter 2008 |
| 25 |
| 211,602 |
| 1.49 | % | $ | 8,883,492 |
| $ | 41.98 |
| $ | 59.75 |
| 5 |
| 56,480 |
| 0.74 | % | $ | 2,667,012 |
| $ | 47.22 |
| $ | 66.81 |
|
In 3rd Quarter 2008 |
| 40 |
| 129,959 |
| 0.91 | % | $ | 5,611,068 |
| $ | 43.18 |
| $ | 54.37 |
| 5 |
| 177,591 |
| 2.33 | % | $ | 7,764,792 |
| $ | 43.72 |
| $ | 61.52 |
|
In 4th Quarter 2008 |
| 39 |
| 343,786 |
| 2.42 | % | $ | 15,278,292 |
| $ | 44.44 |
| $ | 58.20 |
| 5 |
| 21,179 |
| 0.28 | % | $ | 664,716 |
| $ | 31.39 |
| $ | 66.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2008 |
| 121 |
| 780,128 |
| 5.48 | % | $ | 33,763,164 |
| $ | 43.28 |
| $ | 57.51 |
| 25 |
| 450,629 |
| 5.92 | % | $ | 19,055,028 |
| $ | 42.29 |
| $ | 66.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2009 |
| 105 |
| 843,627 |
| 5.93 | % | $ | 38,633,940 |
| $ | 45.80 |
| $ | 56.69 |
| 22 |
| 430,985 |
| 5.66 | % | $ | 21,041,352 |
| $ | 48.82 |
| $ | 76.16 |
|
2010 |
| 143 |
| 1,624,173 |
| 11.41 | % | $ | 67,568,580 |
| $ | 41.60 |
| $ | 52.07 |
| 27 |
| 1,477,282 |
| 19.41 | % | $ | 74,789,700 |
| $ | 50.63 |
| $ | 67.16 |
|
2011 |
| 118 |
| 927,455 |
| 6.52 | % | $ | 46,549,548 |
| $ | 50.19 |
| $ | 57.77 |
| 15 |
| 168,605 |
| 2.21 | % | $ | 7,475,088 |
| $ | 44.33 |
| $ | 64.06 |
|
2012 |
| 69 |
| 1,041,833 |
| 7.32 | % | $ | 36,880,392 |
| $ | 35.40 |
| $ | 51.04 |
| 13 |
| 132,868 |
| 1.75 | % | $ | 5,670,816 |
| $ | 42.68 |
| $ | 60.83 |
|
2013 |
| 59 |
| 1,188,002 |
| 8.35 | % | $ | 50,050,728 |
| $ | 42.13 |
| $ | 55.00 |
| 13 |
| 979,345 |
| 12.87 | % | $ | 50,660,376 |
| $ | 51.73 |
| $ | 76.11 |
|
2014 |
| 35 |
| 626,199 |
| 4.40 | % | $ | 25,923,420 |
| $ | 41.40 |
| $ | 59.33 |
| 17 |
| 216,057 |
| 2.84 | % | $ | 15,690,660 |
| $ | 72.62 |
| $ | 97.24 |
|
2015 |
| 46 |
| 762,194 |
| 5.36 | % | $ | 36,605,964 |
| $ | 48.03 |
| $ | 58.41 |
| 17 |
| 340,920 |
| 4.48 | % | $ | 15,264,792 |
| $ | 44.78 |
| $ | 58.20 |
|
2016 |
| 43 |
| 1,147,965 |
| 8.07 | % | $ | 53,498,760 |
| $ | 46.60 |
| $ | 64.43 |
| 8 |
| 217,564 |
| 2.86 | % | $ | 15,266,244 |
| $ | 70.17 |
| $ | 77.54 |
|
Thereafter |
| 103 |
| 4,736,195 |
| 33.29 | % | $ | 228,469,296 |
| $ | 48.24 |
| $ | 66.34 |
| 25 |
| 2,841,101 |
| 37.32 | % | $ | 138,897,603 |
| $ | 48.89 |
| $ | 67.30 |
|
|
| 979 |
| 14,228,435 |
| 100.00 | % | $ | 641,460,156 |
| $ | 45.08 |
| $ | 60.01 |
| 199 |
| 7,612,330 |
| 100.00 | % | $ | 383,103,360 |
| $ | 50.33 |
| $ | 69.61 |
|
(1) Includes month to month holdover tenants that expired prior to 3/31/07. (2) Tenants may have multiple leases. (3) Represents in place annualized rent allocated by year of maturity. |
|
40
ANNUAL LEASE EXPIRATIONS - Suburban Properties |
|
| Consolidated Properties |
| |||||||||||||
Year of Lease Expiration |
| Number of |
| Rentable |
| Percentage of |
| Annualized |
| Annualized Rent |
| Year 2007 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
In 1st Quarter 2007 (1) |
| 16 |
| 60,121 |
| 1.48% |
| $ | 1,710,024 |
| $ | 28.44 |
| $ | 31.20 |
|
In 2nd Quarter 2007 |
| 6 |
| 19,121 |
| 0.47% |
| $ | 512,304 |
| $ | 26.79 |
| $ | 31.79 |
|
In 3rd Quarter 2007 |
| 14 |
| 108,028 |
| 2.66% |
| $ | 1,805,268 |
| $ | 16.71 |
| $ | 19.61 |
|
In 4th Quarter 2007 |
| 14 |
| 24,555 |
| 0.60% |
| $ | 754,224 |
| $ | 30.72 |
| $ | 32.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total 2007 |
| 50 |
| 211,825 |
| 5.21% |
| $ | 4,781,820 |
| $ | 22.57 |
| $ | 25.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
In 1st Quarter 2008 |
| 19 |
| 73,756 |
| 1.81% |
| $ | 2,091,132 |
| $ | 28.35 |
| $ | 31.60 |
|
In 2nd Quarter 2008 |
| 10 |
| 95,760 |
| 2.35% |
| $ | 2,751,144 |
| $ | 28.73 |
| $ | 29.01 |
|
In 3rd Quarter 2008 |
| 13 |
| 50,625 |
| 1.24% |
| $ | 1,368,072 |
| $ | 27.02 |
| $ | 31.29 |
|
In 4th Quarter 2008 |
| 8 |
| 23,977 |
| 0.59% |
| $ | 694,656 |
| $ | 28.97 |
| $ | 32.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total 2008 |
| 50 |
| 244,118 |
| 6.00% |
| $ | 6,905,004 |
| $ | 28.29 |
| $ | 30.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
2009 |
| 42 |
| 223,015 |
| 5.48% |
| $ | 6,449,220 |
| $ | 28.92 |
| $ | 37.81 |
|
2010 |
| 44 |
| 489,583 |
| 12.03% |
| $ | 13,923,984 |
| $ | 28.44 |
| $ | 31.03 |
|
2011 |
| 57 |
| 835,626 |
| 20.54% |
| $ | 22,636,896 |
| $ | 27.09 |
| $ | 31.96 |
|
2012 |
| 20 |
| 304,437 |
| 7.48% |
| $ | 8,201,136 |
| $ | 26.94 |
| $ | 32.52 |
|
2013 |
| 7 |
| 280,916 |
| 6.90% |
| $ | 8,393,016 |
| $ | 29.88 |
| $ | 30.97 |
|
2014 |
| 10 |
| 198,377 |
| 4.88% |
| $ | 5,245,944 |
| $ | 26.44 |
| $ | 31.46 |
|
2015 |
| 12 |
| 193,143 |
| 4.75% |
| $ | 5,534,436 |
| $ | 28.65 |
| $ | 33.52 |
|
2016 |
| 14 |
| 281,582 |
| 6.92% |
| $ | 7,536,756 |
| $ | 26.77 |
| $ | 35.78 |
|
Thereafter |
| 14 |
| 806,210 |
| 19.81% |
| $ | 25,656,782 |
| $ | 31.82 |
| $ | 36.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 320 |
| 4,068,832 |
| 100.00% |
| $ | 115,264,994 |
| $ | 28.33 |
| $ | 32.97 |
|
|
| Joint Venture Properties |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Thereafter |
| 1 |
| 1,402,000 |
| 100.00% |
| $ | 50,541,432 |
| $ | 36.05 |
| $ | 40.00 |
|
|
| 1 |
| 1,402,000 |
| 100.00% |
| $ | 50,541,432 |
| $ | 36.05 |
| $ | 40.00 |
|
(1) Includes month to month holdover tenants that expired prior to 3/31/07. (2) Tenants may have multiple leases. (3) Represents in place annualized rent allocated by year of maturity. |
|
41
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 |
|
|
|
|
|
|
|
|
|
| % Leased |
| Acquisition | |||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable sf |
| at acquisition |
| 3/31/2007 |
| Price ($’s) (1) | |
1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-98 |
| 420 Lexington |
| Operating Sublease |
| Grand Central |
| 1,188,000 |
| 83.0 |
| 97.3 |
| $ | 78,000,000 |
May-98 |
| 711 3rd Avenue |
| Operating Sublease |
| Grand Central |
| 524,000 |
| 79.0 |
| 100.0 |
| $ | 65,600,000 |
Jun-98 |
| 440 9th Avenue |
| Fee Interest |
| Penn Station |
| 339,000 |
| 76.0 |
| 99.4 |
| $ | 32,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-99 |
| 420 Lexington Leasehold |
| Sub-leasehold |
| Grand Central |
| — |
| — |
| — |
| $ | 27,300,000 |
Jan-99 |
| 555 West 57th - 65% JV |
| Fee Interest |
| Midtown West |
| 941,000 |
| 100.0 |
| 99.9 |
| $ | 66,700,000 |
Aug-99 |
| 1250 Broadway - 50% JV |
| Fee Interest |
| Penn Station |
| 670,000 |
| 96.5 |
| 98.1 |
| $ | 93,000,000 |
Nov-99 |
| 555 West 57th - remaining 35% |
| Fee Interest |
| Midtown West |
| — |
|
|
| 99.9 |
| $ | 34,100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-00 |
| 100 Park Avenue |
| Fee Interest |
| Grand Central |
| 834,000 |
| 96.5 |
| 91.8 |
| $ | 192,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jun-01 |
| 317 Madison |
| Fee Interest |
| Grand Central |
| 450,000 |
| 95.0 |
| 92.8 |
| $ | 105,600,000 |
Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Sep-01 |
| 1250 Broadway - 49.9% JV (2) |
| Fee Interest |
| Penn Station |
| 670,000 |
| 97.7 |
| 98.1 |
| $ | 126,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
May-02 |
| 1515 Broadway - 55% JV |
| Fee Interest |
| Times Square |
| 1,750,000 |
| 98.0 |
| 99.0 |
| $ | 483,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-03 |
| 220 East 42nd Street |
| Fee Interest |
| Grand Central |
| 1,135,000 |
| 91.9 |
| 100.0 |
| $ | 265,000,000 |
Mar-03 |
| 125 Broad Street |
| Fee Interest |
| Downtown |
| 525,000 |
| 100.0 |
| 100.0 |
| $ | 92,000,000 |
Oct-03 |
| 461 Fifth Avenue |
| Leasehold Interest |
| Midtown |
| 200,000 |
| 93.9 |
| 98.8 |
| $ | 60,900,000 |
Dec-03 |
| 1221 Ave of Americas -45% JV |
| Fee Interest |
| Rockefeller |
| 2,550,000 |
| 98.8 |
| 94.0 |
| $ | 1,000,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mar-04 |
| 19 West 44th Street -35% JV |
| Fee Interest |
| Midtown |
| 292,000 |
| 86.0 |
| 98.1 |
| $ | 67,000,000 |
Jul-04 |
| 750 Third Avenue |
| Fee Interest |
| Grand Central |
| 779,000 |
| 100.0 |
| 98.0 |
| $ | 255,000,000 |
Jul-04 |
| 485 Lexington Avenue - 30% JV |
| Fee Interest |
| Grand Central |
| 921,000 |
| 100.0 |
| 90.5 |
| $ | 225,000,000 |
Oct-04 |
| 625 Madison Avenue |
| Leasehold Interest |
| Plaza District |
| 563,000 |
| 68.0 |
| 97.3 |
| $ | 231,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Feb-05 |
| 28 West 44th Street |
| Fee Interest |
| Midtown |
| 359,000 |
| 87.0 |
| 99.8 |
| $ | 105,000,000 |
Apr-05 |
| 1 Madison Ave - 55% JV |
| Fee Interest |
| Park Avenue South |
| 1,177,000 |
| 96.0 |
| 98.6 |
| $ | 803,000,000 |
Apr-05 |
| 1 Madison Ave |
| Fee Interest |
| Park Avenue South |
| 267,000 |
| N/A |
| N/A |
| $ | 115,000,000 |
Jun-05 |
| 19 West 44th Street -remaining 65% |
| Fee Interest |
| Midtown |
| — |
|
|
| 98.1 |
| $ | 91,200,000 |
Jul-05 |
| 1551/1555 Broadway & 21 West 34th Street - 50% JV |
| Fee Interest |
| Times Square |
| 43,700 |
| N/A |
| N/A |
| $ | 102,500,000 |
Sep-05 |
| 141 Fifth Avenue - 50% JV |
| Fee Interest |
| Flatiron District |
| 21,500 |
| 90.0 |
| 100.0 |
| $ | 13,250,000 |
Nov-05 |
| 1604 Broadway - 45% JV |
| Leasehold Interest |
| Times Square |
| 41,100 |
| 17.2 |
| 100.0 |
| $ | 4,400,000 |
Dec-05 |
| 379 West Broadway - 45% JV |
| Leasehold Interest |
| Cast Iron |
| 62,006 |
| 100.0 |
| 100.0 |
| $ | 19,750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-06 |
| 25-29 West 34th Street - 50% JV |
| Fee interest |
| Herald Square |
| 51,000 |
| 55.8 |
| 6.1 |
| $ | 30,000,000 |
Mar-06 |
| 521 Fifth Avenue |
| Leasehold Interest |
| Midtown |
| 460,000 |
| 97.0 |
| 90.2 |
| $ | 210,000,000 |
Jun-06 |
| 609 Fifth Avenue |
| Fee Interest |
| Midtown |
| 160,000 |
| 98.5 |
| 98.8 |
| $ | 182,000,000 |
Sep-06 |
| 717 Fifth Avenue |
| Fee Interest |
| Midtown |
| 76,400 |
| 63.1 |
| 97.8 |
| $ | 235,000,000 |
Dec-06 |
| 485 Lexington Avenue - remaining 70% |
| Fee Interest |
| Grand Central |
| — |
|
|
| 90.5 |
| $ | 578,000,000 |
Dec-06 |
| 800 Third Avenue |
| Fee Interest |
| Grand Central |
| 526,000 |
| 96.9 |
| 96.9 |
| $ | 285,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-07 |
| 300 Main Street |
| Fee Interest |
| Stamford, |
| 130,000 |
| 92.5 |
| 92.5 |
| $ | 15,000,000 |
Jan-07 |
| 399 Knollwood Road |
| Fee Interest |
| White Plains, |
| 145,000 |
| 96.6 |
| 96.6 |
| $ | 31,600,000 |
Jan-07 |
| Reckson - NYC Portfolio |
| Fee Interests |
| Various |
| 5,612,000 |
| 99.1 |
| 99.1 |
| $ | 3,679,530,000 |
Jan-07 |
| Reckson - Connecticut Portfolio |
| Fee Interests |
| Stamford, |
| 1,369,800 |
| 88.9 |
| 84.7 |
| $ | 490,750,000 |
Jan-07 |
| Reckson - Westchester Portfolio |
| Fee Interests |
| Westchester |
| 2,346,100 |
| 90.6 |
| 90.6 |
| $ | 570,190,000 |
|
|
|
|
|
|
|
| 9,602,900 |
|
|
|
|
| $ | 4,787,070,000 |
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Current ownership interest is 55%. (From 9/1/01-10/31/01the company owned 99.8% of this property.)
42
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 |
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable sf |
| Sales |
| Sales | ||
2000 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Feb-00 |
| 29 West 35th Street |
| Fee Interest |
| Penn Station |
| 78,000 |
| $ | 11,700,000 |
| $ | 150 |
Mar-00 |
| 36 West 44th Street |
| Fee Interest |
| Grand Central |
| 178,000 |
| $ | 31,500,000 |
| $ | 177 |
May-00 |
| 321 West 44th Street - 35% JV |
| Fee Interest |
| Times Square |
| 203,000 |
| $ | 28,400,000 |
| $ | 140 |
Nov-00 |
| 90 Broad Street |
| Fee Interest |
| Financial |
| 339,000 |
| $ | 60,000,000 |
| $ | 177 |
Dec-00 |
| 17 Battery South |
| Fee Interest |
| Financial |
| 392,000 |
| $ | 53,000,000 |
| $ | 135 |
|
|
|
|
|
|
|
| 1,190,000 |
| $ | 184,600,000 |
| $ | 156 |
2001 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-01 |
| 633 Third Ave |
| Fee Interest |
| Grand Central North |
| 40,623 |
| $ | 13,250,000 |
| $ | 326 |
May-01 |
| 1 Park Ave - 45% JV |
| Fee Interest |
| Grand Central South |
| 913,000 |
| $ | 233,900,000 |
| $ | 256 |
Jun-01 |
| 1412 Broadway |
| Fee Interest |
| Times Square South |
| 389,000 |
| $ | 90,700,000 |
| $ | 233 |
Jul-01 |
| 110 E. 42nd Street |
| Fee Interest |
| Grand Central |
| 69,700 |
| $ | 14,500,000 |
| $ | 208 |
Sep-01 |
| 1250 Broadway (1) |
| Fee Interest |
| Penn Station |
| 670,000 |
| $ | 126,500,000 |
| $ | 189 |
|
|
|
|
|
|
|
| 2,082,323 |
| $ | 478,850,000 |
| $ | 242 |
2002 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Jun-02 |
| 469 Seventh Avenue |
| Fee Interest |
| Penn Station |
| 253,000 |
| $ | 53,100,000 |
| $ | 210 |
|
|
|
|
|
|
|
| 253,000 |
| $ | 53,100,000 |
| $ | 210 |
2003 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Mar-03 |
| 50 West 23rd Street |
| Fee Interest |
| Chelsea |
| 333,000 |
| $ | 66,000,000 |
| $ | 198 |
Jul-03 |
| 1370 Broadway |
| Fee Interest |
| Times Square South |
| 255,000 |
| $ | 58,500,000 |
| $ | 229 |
Dec-03 |
| 321 W 44th Street |
| Fee Interest |
| Times Square |
| 203,000 |
| $ | 35,000,000 |
| $ | 172 |
|
|
|
|
|
|
|
| 791,000 |
| $ | 159,500,000 |
| $ | 202 |
2004 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
May-04 |
| 1 Park Avenue (2) |
| Fee Interest |
| Grand Central South |
| 913,000 |
| $ | 318,500,000 |
| $ | 349 |
Oct-04 |
| 17 Battery Place North |
| Fee Interest |
| Financial |
| 419,000 |
| $ | 70,000,000 |
| $ | 167 |
Nov-04 |
| 1466 Broadway |
| Fee Interest |
| Times Square |
| 289,000 |
| $ | 160,000,000 |
| $ | 554 |
|
|
|
|
|
|
|
| 1,621,000 |
| $ | 548,500,000 |
| $ | 338 |
2005 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Apr-05 |
| 1414 Avenue of the Americas |
| Fee Interest |
| Plaza District |
| 111,000 |
| $ | 60,500,000 |
| $ | 545 |
Aug-05 |
| 180 Madison Avenue |
| Fee Interest |
| Grand Central |
| 265,000 |
| $ | 92,700,000 |
| $ | 350 |
|
|
|
|
|
|
|
| 376,000 |
| 153,200,000 |
| $ | 407 | |
2006 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Jul-06 |
| 286 & 290 Madison Avenue |
| Fee Interest |
| Grand Central |
| 149,000 |
| $ | 63,000,000 |
| $ | 423 |
Aug-06 |
| 1140 Avenue of the Americas |
| Leasehold Interest |
| Rockefeller Center |
| 191,000 |
| $ | 97,500,000 |
| $ | 510 |
Dec-06 |
| 521 Fifth Avenue (3) |
| Leasehold Interest |
| Midtown |
| 460,000 |
| $ | 240,000,000 |
| $ | 522 |
|
|
|
|
|
|
|
| 800,000 |
| 400,500,000 |
| $ | 501 | |
2007 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Mar-07 |
| 1 Park Avenue |
| Fee Interest |
| Grand Central South |
| 913,000 |
| $ | 550,000,000 |
| $ | 602 |
Mar-07 |
| 70 West 36th Street |
| Fee Interest |
| Garment |
| 151,000 |
| $ | 61,500,000 |
| $ | 407 |
|
|
|
|
|
|
|
| 1,064,000 |
| $ | 611,500,000 |
| $ | 575 |
(1) Company sold a 45% JV interest in the property at an implied $126.5mm sales price.
(2) Company sold a 75% JV interest in the property at an implied $318.5mm sales price.
(3) Company sold a 50% JV interest in the property at an implied $240.0mm sales price
43
Supplemental Definitions |
Annualized rent is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.
Debt service coverage is adjusted EBITDA divided by total interest and principal payments.
Equity income / (loss) from affiliates are generally accounted for on a cost basis and realized gains and losses are included in current earnings. For investments in private companies, the Company periodically reviews its investments and management determines if the value of such investments have been permanently impaired. Permanent impairment losses for investments in public and private companies are included in current earnings.
Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.
Fixed charge coverage is adjusted EBITDA divided by fixed charge.
Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, 2% allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG’s unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing cost, and recurring building improvements.
Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002 as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of properties, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
Interest coverage is adjusted EBITDA divided by total interest expense.
Junior Mortgage Participations are subordinate interests in first mortgages.
Mezzanine Debt Loans are loans secured by ownership interests.
Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.
Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.
Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”
Redevelopment costs are non-recurring capital expenditures incurred in order to improve buildings to SLG’s “operating standards.” These building costs are taken into consideration during the underwriting for a given property’s acquisition.
Same-store NOI growth is the change in the NOI (excluding straight-line rents) of the same-store properties from the prior year reporting period to the current year reporting period.
Same-store properties include all properties that were owned during both the current and prior year reporting periods and excludes development properties prior to being stabilized for both the current and prior reporting period.
Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition.
SLG’s share of total debt to market capitalization is calculated as SLG’s share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures less JV partners’ share of debt. Market equity assumes conversion of all OP units into common stock.
Total square feet owned represents 100% of the square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures).
44
CORPORATE GOVERNANCE |
Stephen L. Green
Chairman of the Board
Marc Holliday
Chief Executive Officer
Gregory F. Hughes
Chief Operating Officer and Chief Financial Officer
Andrew Mathias
President
Andrew S. Levine
Chief Legal Officer
ANALYST COVERAGE |
|
Firm |
| Analyst |
| Phone |
| |
AG Edwards, Inc. |
| Dave Aubuchon |
| (314) 955-5452 |
| aubuchondl@agedwards.com |
Banc of America Securities, LLC |
| Ross Nussbaum |
| (212) 847-5668 |
| ross.nussbaum@bofasecurities.com |
Citigroup Smith Barney, Inc. |
| Jonathan Litt |
| (212) 816-0231 |
| jonathan.litt@citigroup.com |
Deutsche Bank Securities, Inc. |
| Louis W. Taylor |
| (212) 250-4912 |
| louis.taylor@db.com |
Goldman Sachs & Co. |
| Jonathan Habermann |
| (917) 343-4260 |
| jonathan.habermann@gs.com |
Green Street Advisors |
| Michael Knott |
| (949) 640-8780 |
| mknott@greenstreetadvisors.com |
JP Morgan Securities, Inc. |
| Anthony Paolone |
| (212) 622-6682 |
| anthony.paolone@jpmorgan.com |
Lehman Brothers Holdings, Inc. |
| David Harris |
| (212) 526-1790 |
| dharris4@lehman.com |
Merrill Lynch |
| Steve Sakwa |
| (212) 449-4396 |
| steve_sakwa@ml.com |
Raymond James Financial, Inc. |
| Paul D. Puryear |
| (727) 567-2253 |
| paul.puryear@raymondjames.com |
Stifel Nicolaus |
| John Guinee |
| (410) 454-5520 |
| jwguinee@stifel.com |
UBS Securities LLC |
| James C. Feldman |
| (212) 713 4932 |
| james.feldman@ubs.com |
Wachovia Securities, LLC |
| Christopher Haley |
| (443) 263-6773 |
| christopher.haley@wachovia.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.
45