Exhibit 99.2
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 September 30, 2007 that will subsequently be released on Form 10-Q to be filed on or before November 9, 2007.
2
TABLE OF CONTENTS |
Highlights of Current Period Financial Performance |
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Unaudited Financial Statements |
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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 | 20-23 |
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Selected Financial Data | 24-27 |
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Summary of Debt and Ground Lease Arrangements | 28-30 |
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Mortgage Investments and Preferred Equity | 31-32 |
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Property Data |
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Composition of Property Portfolio | 33-34 |
Top Tenants | 35 |
Tenant Diversification | 36 |
Leasing Activity Summary | 37-40 |
Lease Expiration Schedule | 41-42 |
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Summary of Acquisition/Disposition Activity | 43-45 |
Supplemental Definitions | 46 |
Corporate Information | 47 |
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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 $77.8 million, or $1.25 per share (diluted) for the third quarter ended September 30, 2007, a 10.6% increase over the same quarter in 2006 when FFO totaled $55.5 million, or $1.13 per share (diluted).
Net income available for common stockholders totaled $98.6 million, or $1.64 per share (diluted) for the third quarter ended September 30, 2007. Net income available to common stockholders totaled $118.7 million or $2.53 per share (diluted) in the same quarter in 2006. Third quarter 2007 results include gains on sale of $1.34 per share (diluted) compared to gains on sale of $2.02 per share (diluted) for the same period in 2006.
Funds available for distribution, or FAD, for the third quarter 2007 increased to $0.84 per share (diluted) versus $0.81 per share (diluted) in the prior year, a 3.7% increase.
The Company’s dividend payout ratio was 56.1% of FFO and 83.7% of FAD before first cycle leasing costs.
All per share amounts are presented on a diluted basis.
CONSOLIDATED RESULTS
Total quarterly revenues increased 100.0% in the third quarter to $259.2 million compared to $129.6 million in the prior year. The $129.6 million growth in revenue resulted primarily from the following items:
· $113.8 million increase from 2007 and 2006 acquisitions, including the Reckson properties,
· $4.2 million increase from same-store properties,
· $5.9 million increase in preferred equity and investment income, and
· $5.7 million increase in other revenue, which was primarily due to incentive and asset management fees earned in 2007 ($1.6 million), as well as from fees earned from Gramercy ($2.9 million), and the Service Corporation ($1.1 million).
The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, increased by $77.7 million (109.3%) to $148.8 million. The following items drove EBITDA improvements:
· $68.5 million increase from 2007 and 2006 acquisitions, including the Reckson properties,
· $4.0 million increase from same-store properties.
· $5.9 million increase in preferred equity and investment income. The weighted-average structured finance investment balance for the quarter increased to $714.9 million from $351.3 million in the prior year third quarter. The weighted-average yield for the quarter was 10.54% compared to 10.32% in the prior year.
· $1.6 million increase from increased contributions to equity in net income from unconsolidated joint ventures primarily from Gramercy ($1.8 million), 800 Third Avenue ($0.7
5
FINANCIAL HIGHLIGHTS |
million), 2 Herald Square ($1.3 million), 885 Third Avenue ($1.6 million) and the Mack-Green joint venture ($0.8 million). This was partially offset by reductions in contributions primarily from 521 Fifth Avenue, which is under redevelopment ($0.6 million), 485 Lexington Avenue which is wholly-owned since December 2006 ($0.8 million), 100 Park ($1.7 million), 1745 Broadway ($0.9 million), and 1221 Avenue of the Americas ($1.0 million).
· $8.4 million decrease from higher MG&A expense.
· $6.1 million increase in non-real estate revenues net of expenses, primarily due to increased incentive and asset management fees earned in 2007 ($1.6 million) in addition to fee income from Gramercy ($2.9 million).
FFO before minority interests improved $22.3 million primarily as a result of:
· $77.7 million increase in EBITDA,
· $8.6 million decrease in FFO from unconsolidated joint ventures, discontinued operations and non-real estate depreciation, and
· $46.8 million decrease from higher interest expense.
SAME-STORE RESULTS
Consolidated Properties
Same-store third quarter 2007 GAAP NOI increased $3.7 million (9.0%) to $45.2 million compared to the prior year. Operating margins before ground rent increased from 53.18% to 56.60%.
The $3.7 million increase in GAAP NOI was primarily due to:
· $5.1 million (7.3%) increase in rental revenue primarily due to increasing rental rates,
· $1.0 million (6.6%) decrease in escalation and reimbursement revenue,
· $0.2 million (21.8%) decrease in investment and other income,
· $0.3 million (1.1%) decrease in operating expenses, primarily driven by increases in payroll and utility costs, but was offset by reductions in insurance costs,
· $1.4 million (28.8%) increase in ground rent expense, and
· $0.9 million (5.8%) decrease in real estate taxes.
Joint Venture Properties
The Joint Venture same-store properties third quarter 2007 GAAP NOI decreased $0.9 million (3.8%) to $23.0 million compared to the prior year. Operating margins before ground rent decreased from 55.18% to 53.69%.
The $0.9 million decrease in GAAP NOI was primarily due to:
· $0.7 million (2.2%) increase in rental revenue primarily due to improved leasing,
· $0.4 million (5.2%) increase in escalation and reimbursement revenue,
· $1.6 million (99.3%) decrease in investment and other income, primarily due to reduced lease buy-out income,
6
FINANCIAL HIGHLIGHTS |
· $0.6 million (5.5%) increase in operating expenses primarily driven by increases in payroll, utilities and repairs and maintenance which were partially offset by a reduction in insurance, and
· $0.1 million (1.7%) decrease in real estate taxes.
STRUCTURED FINANCE ACTIVITY
As of September 30, 2007, our structured finance and preferred equity investments totaled $683.1 million. The weighted average balance outstanding for the third quarter of 2007 was $714.9 million. During the third quarter of 2007 the weighted average yield was 10.54%.
During the third quarter 2007, the Company originated $69.9 million of structured finance investments, which yield approximately 11.4%. There were also $53.5 million of redemptions during the third quarter of 2007.
QUARTERLY LEASING HIGHLIGHTS
Manhattan vacancy at June 30, 2007 was 536,324 useable square feet net of holdover tenants. During the quarter, 312,182 additional useable office, retail and storage square feet became available at an average escalated cash rent of $42.61 per rentable square foot. The Company sold 531 of available usable square feet in connection with the sale of 292 Madison Avenue. Space available to lease during the quarter totaled 847,975 useable square feet, or 3.8% of the total Manhattan portfolio.
During the third quarter, 53 Manhattan office leases, including early renewals, were signed totaling 340,246 rentable square feet. New cash rents averaged $61.63 per rentable square foot. Replacement rents were 59.5% higher than rents on previously occupied space, which had fully escalated cash rents averaging $38.64 per rentable square foot. The average lease term was 7.2 years and average tenant concessions were 1.5 months of free rent with a tenant improvement allowance of $17.14 per rentable square foot.
Suburban vacancy at June 30, 2007 was 430,781 usable square feet net of holdover tenants. During the quarter, 69,561 additional useable office square feet became available at an average escalated cash rent of $26.18 per rentable square foot. The Company acquired 170,083 of available usable square feet connection with the acquisitions of 16 Court Street, Brooklyn and the Meadows, NJ. Space available to lease during the quarter totaled 670,425 useable square feet, or 8.5% of the total Suburban portfolio.
During the third quarter, 23 Suburban office leases, including early renewals, were signed totaling 91,525 rentable square feet. New cash rents averaged $33.64 per rentable square foot. Replacement rents were 15.0% higher than rents on previously occupied space, which had fully escalated cash rents averaging $29.26 per rentable square foot. The average lease term was 4.8 years and average tenant concessions were 0.1 months of free rent with a tenant improvement allowance of $11.06 per rentable square foot.
7
FINANCIAL HIGHLIGHTS |
The Company also signed a total of 9 retail and storage leases, including early renewals, for 6,816 rentable square feet. The average lease term was 1.1 years and the average tenant concessions were 0.6 months of free rent with a tenant improvement allowance of $0.45 per rentable square foot.
REAL ESTATE ACTIVITY
The Company’s share of real estate investment transactions entered into during the third quarter totaled approximately $527.3 million and included:
- In July 2007, the Company, along with Gramercy, acquired a 79% fee interest and a 21% leasehold interest in the Lipstick building, a 607,000 square foot class A office building located at 885 Third Avenue in New York City for approximately $317.0 million. Simultaneously, Gramercy and SL Green entered into a 70-year leasehold/sub-leasehold arrangement for the improvements. The Company owns 55% of the investment and Gramercy owns the remaining 45% interest.
- In July 2007, the Company, in a joint venture with The City Investment Fund, or CIF, closed on the acquisition of 16 Court Street, Brooklyn for approximately $107.5 million. SL Green owns a 35% interest in the venture. CIF owns the remaining 65% interest. The property is a 38-story, 317,625-square-foot office building.
- In August 2007, the Company, in a joint venture with Jeff Sutton, acquired the office/retail property located at 180 Broadway for approximately $13.7 million. The building is 12 stories encompassing 24,307 square feet. The Company has a 50% interest in the joint venture with Jeff Sutton.
- In August 2007, the Company acquired Gramercy’s 45% equity interest in the joint venture that owns One Madison Avenue for approximately $147.2 million (and the assumption of Gramercy’s proportionate share of the debt encumbering the property of approximately $305.3 million). As a result of the acquisition the Company owns 100% of One Madison Avenue.
- In July 2007, the Company sold 1372 Broadway to a joint venture for an imputed value of approximately $335.0 million, excluding closing costs. The Company has a 15% interest in the joint venture. The property is approximately 525,000 square feet. The Company deferred recognition of the gain on sale of approximately $254.4 million as a result of an option it retained to reacquire the asset only upon the occurrence of limited circumstances.
- In July 2007, the Company sold its property located at 292 Madison Avenue for approximately $140.0 million, excluding closing costs. The property encompasses approximately 187,000 square feet. The sale generated a gain of approximately $99.8 million.
8
FINANCIAL HIGHLIGHTS |
Investment In Gramercy Capital Corp.
In September 2007, the Company purchased 1,206,250 shares of common stock of Gramercy for approximately $31.7 million in connection with Gramercy’s $125.4 million common stock offering.
At September 30, 2007, the book value of the Company’s investment in Gramercy totaled $172.0 million. Fees earned from various arrangements between the Company and Gramercy totaled approximately $28.8 million for the quarter ended September 30, 2007, including an incentive fee of $22.9 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. Of the $22.9 million incentive fee, $3.9 million of incentive fees were included in FFO and $19.0 million was excluded from FFO. The Company accounted for its share of the incentive fee as a reduction of its basis in One Madison Avenue. For the nine months ended September 30, 2007, the Company earned $45.6 million in fees from Gramercy. The Company’s share of FFO generated from its investment in Gramercy totaled approximately $5.7 million and $16.3 million for the three and nine months ended September 30, 2007, respectively, compared to $4.1 million and $11.0 million for the same periods 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 September 30, 2007, the Company’s MG&A includes approximately $3.7 million of costs associated with Gramercy.
Financing/ Capital Activity
In October 2007, the Company exercised the accordion feature under the unsecured revolving credit facility, increasing total capacity from $1.25 billion to $1.5 billion.
The Company acquired $59.7 million of its common stock at an average share price of $115.94 since July 1, 2007 pursuant to its previously announced $300.0 million stock repurchase program. The Company has now acquired $100.1 million of its common stock at an average share price of $120.98.
In July 2007, the joint venture that now owns 1372 Broadway closed on a $235.2 million, five-year, floating rate mortgage. The mortgage carries an interest rate of 125 basis points over the 30-day LIBOR.
In July 2007, the joint venture that acquired 885 Third Avenue financed the acquisition with a $267.7 million, ten-year loan provided by Goldman Sachs Commercial Mortgage Capital. The loan carries a fixed interest rate of 6.26%.
In October 2007, the 16 Court Street joint venture closed on a $94.7 million loan. The loan, which carries an interest rate of 160 basis points over LIBOR, matures in October 2010. The
9
FINANCIAL HIGHLIGHTS |
loan has two one-year extension options. Approximately $81.6 million was funded at closing.
Dividends
On September 13, 2007, the Company declared a dividend of $0.70 per common share for the third quarter 2007. The dividend was payable October 15, 2007 to stockholders of record on the close of business on September 28, 2007. This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $2.80 per common share.
On September 13, 2007, the Company also approved a distribution on its Series C preferred stock for the period July 15, 2007 through and including October 14, 2007, of $0.4766 per share, payable October 15, 2007 to stockholders of record on the close of business on September 28, 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 September 13, 2007, the Company also approved a distribution on its Series D preferred stock for the period July 15, 2007 through and including October 14, 2007, of $0.4922 per share, payable October 15, 2007 to stockholders of record on the close of business on September 28, 2007. The distribution reflects the regular quarterly distribution, which is the equivalent of an annualized distribution of $1.96875 per Series D preferred stock.
Effective with the third quarter 2007 dividend payment, the Company will no longer be offering a discount under its dividend reinvestment and stock purchase plan.
10
SL Green Realty Corp. | ||
| Key Financial Data | |
| September 30, 2007 | |
| (Dollars in Thousands Except Per Share and Sq. Ft.) |
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| As of or for the three months ended |
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| 9/30/2007 |
| 6/30/2007 |
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
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Earnings Per Share |
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Net income available to common shareholders - diluted |
| $ | 1.64 |
| $ | 4.38 |
| $ | 2.53 |
| $ | 0.62 |
| $ | 2.53 |
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Funds from operations available to common shareholders - diluted |
| $ | 1.25 |
| $ | 1.26 |
| $ | 2.03 |
| $ | 1.18 |
| $ | 1.13 |
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Funds available for distribution to common shareholders - diluted |
| $ | 0.84 |
| $ | 0.97 |
| $ | 1.93 |
| $ | 0.78 |
| $ | 0.81 |
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Common Share Price & Dividends |
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At the end of the period |
| $ | 116.77 |
| $ | 123.89 |
| $ | 137.18 |
| $ | 132.78 |
| $ | 111.70 |
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High during period |
| $ | 133.35 |
| $ | 143.47 |
| $ | 156.10 |
| $ | 139.50 |
| $ | 115.90 |
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Low during period |
| $ | 101.61 |
| $ | 122.78 |
| $ | 131.81 |
| $ | 112.37 |
| $ | 107.17 |
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Common dividends per share |
| $ | 0.70 |
| $ | 0.70 |
| $ | 0.70 |
| $ | 0.70 |
| $ | 0.60 |
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FFO Payout Ratio |
| 56.14% |
| 55.70% |
| 34.47% |
| 59.16% |
| 53.16% |
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FAD Payout Ratio |
| 83.72% |
| 72.09% |
| 36.21% |
| 90.23% |
| 73.75% |
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Common Shares & Units |
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Common shares outstanding |
| 59,213 |
| 59,626 |
| 59,182 |
| 49,840 |
| 45,774 |
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Units outstanding |
| 2,350 |
| 2,365 |
| 2,619 |
| 2,694 |
| 2,219 |
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Total shares and units outstanding |
| 61,563 |
| 61,991 |
| 61,801 |
| 52,534 |
| 47,993 |
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Weighted average common shares and units outstanding - basic |
| 61,784 |
| 61,984 |
| 59,301 |
| 49,689 |
| 47,495 |
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Weighted average common shares and units outstanding - diluted |
| 62,411 |
| 63,275 |
| 60,930 |
| 51,160 |
| 49,215 |
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Market Capitalization |
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Market value of common equity |
| $ | 7,188,712 |
| $ | 7,680,065 |
| $ | 8,477,861 |
| $ | 6,975,465 |
| $ | 5,360,818 |
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Liquidation value of preferred equity |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
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Consolidated debt |
| 5,329,629 |
| 4,653,374 |
| 5,023,057 |
| 1,815,379 |
| 1,975,325 |
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Consolidated market capitalization |
| $ | 12,775,841 |
| $ | 12,590,939 |
| $ | 13,758,418 |
| $ | 9,048,344 |
| $ | 7,593,643 |
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SLG portion JV debt |
| 1,281,344 |
| 1,483,534 |
| 1,264,200 |
| 1,209,281 |
| 1,181,397 |
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Combined market capitalization |
| $ | 14,057,185 |
| $ | 14,074,473 |
| $ | 15,022,618 |
| $ | 10,257,625 |
| $ | 8,775,040 |
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Consolidated debt to market capitalization |
| 41.72% |
| 36.96% |
| 36.51% |
| 20.06% |
| 26.01% |
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Combined debt to market capitalization |
| 47.03% |
| 43.60% |
| 41.85% |
| 29.49% |
| 35.97% |
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Consolidated debt service coverage |
| 2.23 |
| 2.35 |
| 3.00 |
| 3.12 |
| 3.38 |
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Consolidated fixed charge coverage |
| 1.88 |
| 2.00 |
| 2.53 |
| 2.36 |
| 2.47 |
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Combined fixed charge coverage |
| 1.67 |
| 1.76 |
| 2.18 |
| 1.89 |
| 1.93 |
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Portfolio Statistics (Manhattan) |
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Consolidated office buildings |
| 24 |
| 24 |
| 24 |
| 20 |
| 20 |
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Unconsolidated office buildings |
| 7 |
| 8 |
| 7 |
| 8 |
| 7 |
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| 31 |
| 32 |
| 31 |
| 28 |
| 27 |
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Consolidated office buildings square footage |
| 14,889,200 |
| 13,899,300 |
| 14,145,000 |
| 10,086,000 |
| 9,625,000 |
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Unconsolidated office buildings square footage |
| 7,464,000 |
| 8,640,900 |
| 7,966,900 |
| 8,879,900 |
| 8,814,900 |
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| 22,353,200 |
| 22,540,200 |
| 22,111,900 |
| 18,965,900 |
| 18,439,900 |
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Quarter end occupancy - portfolio |
| 97.0% |
| 97.6% |
| 97.3% |
| 97.0% |
| 96.1% |
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Quarter end occupancy - same store - wholly owned |
| 97.5% |
| 97.9% |
| 98.7% |
| 97.5% |
| 97.0% |
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Quarter end occupancy - same store - combined (wholly owned + joint venture) |
| 96.7% |
| 97.3% |
| 97.6% |
| 97.4% |
| 97.2% |
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11
SL Green Realty Corp. |
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| As of or for the three months ended |
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| 9/30/2007 |
| 6/30/2007 |
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
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Selected Balance Sheet Data |
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Real estate assets before depreciation |
| $ | 8,497,258 |
| $ | 7,619,487 |
| $ | 7,375,047 |
| $ | 3,055,159 |
| $ | 2,824,688 |
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Investments in unconsolidated joint ventures |
| $ | 886,672 |
| $ | 839,087 |
| $ | 743,978 |
| $ | 686,069 |
| $ | 549,040 |
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Structured finance investments |
| $ | 683,084 |
| $ | 661,720 |
| $ | 688,303 |
| $ | 445,026 |
| $ | 347,558 |
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Total Assets |
| $ | 10,516,189 |
| $ | 9,452,345 |
| $ | 9,625,785 |
| $ | 4,632,227 |
| $ | 4,226,806 |
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Fixed rate & hedged debt |
| $ | 4,496,670 |
| $ | 3,823,513 |
| $ | 4,015,996 |
| $ | 1,511,714 |
| $ | 1,418,106 |
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Variable rate debt |
| 832,959 |
| 829,861 |
| 933,309 |
| 303,665 |
| 462,219 |
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Total consolidated debt |
| $ | 5,329,629 |
| $ | 4,653,374 |
| $ | 4,949,305 |
| $ | 1,815,379 |
| $ | 1,880,325 |
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Total Liabilities |
| $ | 6,051,418 |
| $ | 5,006,527 |
| $ | 5,394,598 |
| $ | 2,109,451 |
| $ | 2,239,912 |
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|
|
|
|
|
|
| |||||
Fixed rate & hedged debt-including SLG portion of JV debt |
| $ | 5,170,857 |
| $ | 4,723,635 |
| $ | 4,657,260 |
| $ | 2,099,716 |
| $ | 1,957,206 |
|
Variable rate debt - including SLG portion of JV debt |
| 1,440,116 |
| 1,413,273 |
| 1,556,245 |
| 924,944 |
| 1,104,516 |
| |||||
Total combined debt |
| $ | 6,610,973 |
| $ | 6,136,908 |
| $ | 6,213,505 |
| $ | 3,024,660 |
| $ | 3,061,722 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
| $ | 222,310 |
| $ | 207,059 |
| $ | 179,956 |
| $ | 109,450 |
| $ | 104,169 |
|
Property operating expenses |
| 99,499 |
| 96,999 |
| 85,804 |
| 52,070 |
| 54,365 |
| |||||
Property operating NOI |
| $ | 122,811 |
| $ | 110,060 |
| $ | 94,152 |
| $ | 57,380 |
| $ | 49,804 |
|
NOI from discontinued operations |
| 280 |
| 4,057 |
| 4,465 |
| 4,481 |
| 5,939 |
| |||||
Total property operating NOI |
| $ | 123,091 |
| $ | 114,117 |
| $ | 98,617 |
| $ | 61,861 |
| $ | 55,743 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
SLG share of Property NOI from JVs |
| $ | 43,944 |
| $ | 44,194 |
| $ | 37,364 |
| $ | 37,419 |
| $ | 36,587 |
|
SLG share of FFO from Gramercy Capital |
| $ | 5,734 |
| $ | 5,623 |
| $ | 4,894 |
| $ | 5,083 |
| $ | 4,125 |
|
Structured finance income |
| $ | 21,856 |
| $ | 27,443 |
| $ | 21,709 |
| $ | 15,202 |
| $ | 15,978 |
|
Other income |
| $ | 15,040 |
| $ | 23,204 |
| $ | 89,885 |
| $ | 26,164 |
| $ | 9,441 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Marketing general & administrative expenses |
| $ | 22,224 |
| $ | 24,131 |
| $ | 34,247 |
| $ | 25,669 |
| $ | 13,830 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated interest |
| $ | 69,366 |
| $ | 63,803 |
| $ | 58,917 |
| $ | 29,834 |
| $ | 24,764 |
|
Combined interest |
| $ | 93,826 |
| $ | 87,234 |
| $ | 79,239 |
| $ | 50,154 |
| $ | 43,990 |
|
Preferred Dividend |
| $ | 4,969 |
| $ | 4,969 |
| $ | 4,969 |
| $ | 4,969 |
| $ | 4,969 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office Leasing Statistics (Manhattan) |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases signed |
| 53 |
| 66 |
| 45 |
| 38 |
| 56 |
| |||||
Total office square footage leased |
| 340,246 |
| 677,807 |
| 330,972 |
| 452,497 |
| 586,223 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average rent psf |
| $ | 61.63 |
| $ | 52.96 |
| $ | 57.84 |
| $ | 61.99 |
| $ | 62.67 |
|
Escalated rents psf |
| $ | 38.64 |
| $ | 37.70 |
| $ | 42.21 |
| $ | 48.18 |
| $ | 49.81 |
|
Percentage of rent over escalated |
| 59.5% |
| 40.5% |
| 37.0% |
| 28.7% |
| 25.8% |
| |||||
Tenant concession packages psf |
| $ | 17.14 |
| $ | 13.62 |
| $ | 24.93 |
| $ | 32.49 |
| $ | 14.90 |
|
Free rent months |
| 1.5 |
| 1.5 |
| 2.7 |
| 3.3 |
| 1.9 |
|
12
SL Green Realty Corp. |
|
| As of or for the three months ended |
| |||||||||||||
|
| 9/30/2007 |
| 6/30/2007 |
| 3/31/2007(1) |
| 12/31/2006 |
| 9/30/2006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selected Operating Data (Suburban) |
|
|
|
|
|
|
|
|
|
|
| |||||
Property operating revenues |
| $ | 32,598 |
| $ | 30,973 |
| $ | 22,641 |
| $ | — |
| $ | — |
|
Property operating expenses |
| 13,750 |
| 12,894 |
| 9,228 |
| — |
| — |
| |||||
Property operating NOI |
| $ | 18,848 |
| $ | 18,079 |
| $ | 13,413 |
| $ | — |
| $ | — |
|
SLG share of Property NOI from JV |
| $ | 3,625 |
| $ | 2,826 |
| $ | 1,768 |
| — |
| — |
| ||
Consolidated interest |
| $ | 5,079 |
| $ | 4,416 |
| $ | 3,580 |
| — |
| — |
| ||
Combined interest |
| $ | 7,182 |
| $ | 5,967 |
| $ | 4,482 |
| — |
| — |
| ||
Portfolio Statistics (Suburban) |
|
|
|
|
|
|
|
|
|
|
| |||||
Consolidated office buildings |
| 30 |
| 30 |
| 28 |
| — |
| — |
| |||||
Unconsolidated office buildings |
| 6 |
| 3 |
| 1 |
| — |
| — |
| |||||
|
| 36 |
| 33 |
| 29 |
|
|
|
|
| |||||
Consolidated office buildings square footage |
| 4,925,800 |
| 4,925,800 |
| 4,660,900 |
| — |
| — |
| |||||
Unconsolidated office buildings square footage |
| 2,941,700 |
| 2,042,000 |
| 1,402,000 |
| — |
| — |
| |||||
|
| 7,867,500 |
| 6,967,800 |
| 6,062,900 |
|
|
|
|
| |||||
Quarter end occupancy-portfolio |
| 92.2 | % | 93.8 | % | 92.7 | % | — |
| — |
| |||||
Office Leasing Statistics (Suburban) |
|
|
|
|
|
|
|
|
|
|
| |||||
Total office leases signed |
| 23 |
| 19 |
| 22 |
| — |
| — |
| |||||
Total office square footage leased |
| 91,525 |
| 60,581 |
| 139,503 |
| — |
| — |
| |||||
Average rent psf |
| $ | 33.64 |
| $ | 29.88 |
| $ | 30.44 |
| — |
| — |
| ||
Escalated rents psf |
| $ | 29.26 |
| $ | 29.75 |
| $ | 27.36 |
| — |
| — |
| ||
Percentage of rent over escalated |
| 15.0 | % | 0.4 | % | 11.2 | % | — |
| — |
| |||||
Tenant concession packages psf |
| $ | 11.06 |
| $ | 22.83 |
| $ | 17.82 |
| — |
| — |
| ||
Free rent months |
| 0.1 |
| 0.1 |
| 1.1 |
| — |
| — |
|
(1) Includes operations since January 25th, 2007.
13
COMPARATIVE BALANCE SHEETS |
|
| 9/30/2007 |
| 6/30/2007 |
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Commercial real estate properties, at cost: |
|
|
|
|
|
|
|
|
|
|
| |||||
Land & land interests |
| $ | 1,447,297 |
| $ | 1,285,915 |
| $ | 1,235,607 |
| $ | 439,986 |
| $ | 349,073 |
|
Buildings & improvements fee interest |
| 5,799,995 |
| 5,082,758 |
| 4,930,419 |
| 2,111,970 |
| 1,671,234 |
| |||||
Buildings & improvements leasehold |
| 1,237,758 |
| 1,201,786 |
| 1,093,514 |
| 490,995 |
| 705,900 |
| |||||
Buildings & improvements under capital lease |
| 12,208 |
| 12,208 |
| 12,208 |
| 12,208 |
| 12,208 |
| |||||
|
| $ | 8,497,258 |
| $ | 7,582,667 |
| $ | 7,271,748 |
| $ | 3,055,159 |
| $ | 2,738,415 |
|
Less accumulated depreciation |
| (406,958 | ) | (324,756 | ) | (297,365 | ) | (279,436 | ) | (253,136 | ) | |||||
|
| $ | 8,090,300 |
| $ | 7,257,911 |
| $ | 6,974,383 |
| $ | 2,775,723 |
| $ | 2,485,279 |
|
Other Real Estate Investments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment in unconsolidated joint ventures |
| 886,672 |
| 839,087 |
| 743,978 |
| 686,069 |
| 549,040 |
| |||||
Structured finance investments |
| 683,084 |
| 661,720 |
| 688,303 |
| 445,026 |
| 347,558 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Assets held for sale |
| — |
| 21,040 |
| 96,101 |
| — |
| 121,962 |
| |||||
Cash and cash equivalents |
| 98,099 |
| 80,300 |
| 499,728 |
| 117,178 |
| 176,444 |
| |||||
Restricted cash |
| 119,553 |
| 131,247 |
| 128,223 |
| 252,272 |
| 227,482 |
| |||||
Tenant and other receivables, net of $ 12,915 reserve at 9/30/07 |
| 48,815 |
| 41,657 |
| 53,040 |
| 34,483 |
| 32,037 |
| |||||
Related party receivables |
| 32,950 |
| 10,943 |
| 14,938 |
| 7,195 |
| 9,563 |
| |||||
Deferred rents receivable, net of reserve for tenant credit loss of $12,646 at 9/30/07 |
| 134,580 |
| 111,740 |
| 103,267 |
| 96,624 |
| 85,242 |
| |||||
Deferred costs, net |
| 127,353 |
| 113,885 |
| 116,760 |
| 97,850 |
| 74,223 |
| |||||
Other assets |
| 294,783 |
| 182,815 |
| 207,064 |
| 119,807 |
| 117,976 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Assets |
| $ | 10,516,189 |
| $ | 9,452,345 |
| $ | 9,625,785 |
| $ | 4,632,227 |
| $ | 4,226,806 |
|
14
|
| |
COMPARATIVE BALANCE SHEETS |
| |
|
| |
Unaudited |
| |
|
|
|
|
| 9/30/2007 |
| 6/30/2007 |
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| |||||
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgage notes payable |
| $ | 2,846,529 |
| $ | 2,173,460 |
| $ | 2,156,575 |
| $ | 1,190,379 |
| $ | 1,255,325 |
|
Term loans and unsecured notes |
| 1,793,100 |
| 1,792,914 |
| 2,692,730 |
| 525,000 |
| 525,000 |
| |||||
Revolving credit facilities |
| 590,000 |
| 587,000 |
| — |
| — |
| — |
| |||||
Accrued interest and other liabilities |
| 50,257 |
| 42,286 |
| 36,784 |
| 10,008 |
| 9,353 |
| |||||
Accounts payable and accrued expenses |
| 169,288 |
| 148,158 |
| 169,736 |
| 138,181 |
| 96,741 |
| |||||
Deferred revenue |
| 385,840 |
| 42,382 |
| 44,082 |
| 43,721 |
| 63,358 |
| |||||
Capitalized lease obligations |
| 16,504 |
| 16,466 |
| 16,430 |
| 16,394 |
| 16,359 |
| |||||
Deferred land lease payable |
| 16,873 |
| 16,829 |
| 17,095 |
| 16,938 |
| 16,782 |
| |||||
Dividend and distributions payable |
| 47,238 |
| 47,557 |
| 47,427 |
| 40,917 |
| 33,247 |
| |||||
Security deposits |
| 35,789 |
| 39,475 |
| 39,103 |
| 27,913 |
| 28,368 |
| |||||
Liabilities related to assets held for sale |
| — |
| — |
| 74,636 |
| — |
| 95,379 |
| |||||
Junior subordinated deferrable interest debentures |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| |||||
Total Liabilities |
| $ | 6,051,418 |
| $ | 5,006,527 |
| $ | 5,394,598 |
| $ | 2,109,451 |
| $ | 2,239,912 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Minority interest in other partnerships |
| 595,782 |
| 592,449 |
| 580,424 |
| 56,162 |
| 56,929 |
| |||||
Minority interest in operating partnership (2,350 units outstanding) at 9/30/07 |
| 78,878 |
| 77,429 |
| 75,996 |
| 71,731 |
| 71,910 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
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 160,000 shares authorized, 59,213 issued and outstanding at 9/30/07 |
| 598 |
| 598 |
| 592 |
| 498 |
| 458 |
| |||||
Additional paid-in capital |
| 2,918,847 |
| 2,905,765 |
| 2,886,092 |
| 1,809,893 |
| 1,268,491 |
| |||||
Treasury stock |
| (94,071 | ) | (40,368 | ) | — |
| — |
| — |
| |||||
Accumulated other comprehensive income |
| 6,961 |
| 9,287 |
| 11,568 |
| 13,971 |
| 13,060 |
| |||||
Retained earnings |
| 709,474 |
| 652,356 |
| 428,213 |
| 322,219 |
| 327,744 |
| |||||
Total Stockholders’ Equity |
| $ | 3,790,111 |
| $ | 3,775,940 |
| $ | 3,574,767 |
| $ | 2,394,883 |
| $ | 1,858,055 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Liabilities and Stockholders’ Equity |
| $ | 10,516,189 |
| $ | 9,452,345 |
| $ | 9,625,785 |
| $ | 4,632,227 |
| $ | 4,226,806 |
|
15
| |
COMPARATIVE STATEMENTS OF OPERATIONS | |
Unaudited | |
($000’s omitted) | |
|
|
| Three Months Ended |
| Three Months Ended |
| Nine Months Ended |
| |||||||||
|
| September 30, |
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| |||||
|
| 2007 |
| 2006 |
| 2007 |
| 2007 |
| 2006 |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Rental revenue, net |
| $ | 190,525 |
| $ | 85,944 |
| $ | 176,761 |
| $ | 519,206 |
| $ | 242,031 |
|
Escalation and reimbursement revenues |
| 31,785 |
| 18,225 |
| 30,298 |
| 90,119 |
| 46,022 |
| |||||
Investment income |
| 21,856 |
| 15,978 |
| 27,443 |
| 71,008 |
| 46,762 |
| |||||
Other income |
| 15,040 |
| 9,441 |
| 23,204 |
| 128,129 |
| 30,631 |
| |||||
Total Revenues, net |
| 259,206 |
| 129,588 |
| 257,706 |
| 808,462 |
| 365,446 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity in net income from unconsolidated joint ventures |
| 11,302 |
| 9,679 |
| 12,059 |
| 32,715 |
| 30,243 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
| 58,245 |
| 31,597 |
| 54,581 |
| 160,815 |
| 84,264 |
| |||||
Ground rent |
| 8,674 |
| 4,846 |
| 7,766 |
| 23,705 |
| 14,687 |
| |||||
Real estate taxes |
| 32,580 |
| 17,922 |
| 34,652 |
| 97,782 |
| 52,643 |
| |||||
Marketing, general and administrative |
| 22,224 |
| 13,829 |
| 24,131 |
| 80,602 |
| 40,072 |
| |||||
Total Operating Expenses |
| 121,723 |
| 68,194 |
| 121,130 |
| 362,904 |
| 191,666 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
EBITDA |
| 148,785 |
| 71,073 |
| 148,635 |
| 478,273 |
| 204,023 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| 69,366 |
| 23,386 |
| 62,595 |
| 189,552 |
| 62,405 |
| |||||
Amortization of deferred financing costs |
| 1,994 |
| 1,140 |
| 9,242 |
| 14,537 |
| 3,096 |
| |||||
Depreciation and amortization |
| 49,957 |
| 18,020 |
| 44,623 |
| 131,938 |
| 49,813 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income Before Minority Interest and Items |
| 27,468 |
| 28,527 |
| 32,175 |
| 142,246 |
| 88,709 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from discontinued operations |
| 268 |
| 3,138 |
| 2,505 |
| 4,572 |
| 10,074 |
| |||||
Gain on sale of discontinued operations |
| 80,214 |
| 94,631 |
| 241,906 |
| 367,007 |
| 94,410 |
| |||||
Equity in net gain on sale of joint venture property |
| — |
| — |
| — |
| 31,509 |
| — |
| |||||
Minority interests |
| (4,413 | ) | (2,638 | ) | (5,736 | ) | (18,551 | ) | (6,806 | ) | |||||
Net Income |
| 103,537 |
| 123,658 |
| 270,850 |
| 526,783 |
| 186,387 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dividends on perpetual preferred shares |
| 4,969 |
| 4,969 |
| 4,969 |
| 14,907 |
| 14,906 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income Available For Common Shareholders |
| $ | 98,568 |
| $ | 118,689 |
| $ | 265,881 |
| $ | 511,876 |
| $ | 171,481 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per Share |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income per share (basic) |
| $ | 1.66 |
| $ | 2.62 |
| $ | 4.47 |
| $ | 8.73 |
| $ | 3.92 |
|
Net income per share (diluted) |
| $ | 1.64 |
| $ | 2.53 |
| $ | 4.38 |
| $ | 8.62 |
| $ | 3.78 |
|
16
COMPARATIVE COMPUTATION OF FFO AND FAD |
|
| Three Months Ended |
| Three Months Ended |
| Nine Months Ended |
| ||||||||||
|
| September 30, |
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| ||||||
|
| 2007 |
| 2006 |
| 2007 |
| 2007 |
| 2006 |
| ||||||
Funds from operations |
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Income before Minority Interests and Items |
| $ | 27,468 |
| $ | 28,527 |
| $ | 32,175 |
| $ | 142,246 |
| $ | 88,709 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Add: | Depreciation and amortization |
| 49,957 |
| 18,020 |
| 44,623 |
| 131,938 |
| 49,813 |
| |||||
| FFO from discontinued operations |
| 280 |
| 4,559 |
| 2,849 |
| 6,267 |
| 14,987 |
| |||||
| FFO adjustment for joint ventures |
| 5,299 |
| 9,648 |
| 5,078 |
| 16,198 |
| 25,241 |
| |||||
Less: | Dividends on preferred shares |
| 4,969 |
| 4,969 |
| 4,969 |
| 14,907 |
| 14,906 |
| |||||
| Non real estate depreciation and amortization |
| 215 |
| 238 |
| 243 |
| 693 |
| 744 |
| |||||
| Funds From Operations |
| $ | 77,820 |
| $ | 55,547 |
| $ | 79,513 |
| $ | 281,049 |
| $ | 163,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Funds From Operations - Basic per Share |
| $ | 1.26 |
| $ | 1.17 |
| $ | 1.28 |
| $ | 4.60 |
| $ | 3.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Funds From Operations - Diluted per Share |
| $ | 1.25 |
| $ | 1.13 |
| $ | 1.26 |
| $ | 4.54 |
| $ | 3.42 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds Available for Distribution |
|
|
|
|
|
|
|
|
|
|
| ||||||
FFO |
| $ | 77,820 |
| $ | 55,547 |
| $ | 79,513 |
| $ | 281,049 |
| $ | 163,100 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Add: | Non real estate depreciation and amortization |
| 215 |
| 238 |
| 243 |
| 693 |
| 744 |
| |||||
| Amortization of deferred financing costs |
| 1,994 |
| 1,140 |
| 9,242 |
| 14,537 |
| 3,096 |
| |||||
| Non-cash deferred compensation |
| 4,020 |
| 2,113 |
| 2,286 |
| 18,128 |
| 6,978 |
| |||||
| Less: FAD adjustment for Joint Ventures |
| 7,777 |
| 6,139 |
| 5,968 |
| 17,517 |
| 12,197 |
| |||||
| FAD adjustment for discontinued operations |
| — |
| 294 |
| 255 |
| 1,270 |
| 868 |
| |||||
| Straight-line rental income and other non cash adjustments |
| 16,781 |
| 4,236 |
| 15,351 |
| 44,886 |
| 14,463 |
| |||||
| Second cycle tenant improvements |
| 3,818 |
| 4,989 |
| 3,398 |
| 8,843 |
| 14,970 |
| |||||
| Second cycle leasing commissions |
| 2,237 |
| 976 |
| 2,939 |
| 6,589 |
| 5,733 |
| |||||
| Revenue enhancing recurring CAPEX |
| 272 |
| 138 |
| 374 |
| 650 |
| 427 |
| |||||
| Non- revenue enhancing recurring CAPEX |
| 979 |
| 2,228 |
| 1,555 |
| 3,223 |
| 4,104 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds Available for Distribution |
| $ | 52,185 |
| $ | 40,038 |
| $ | 61,444 |
| $ | 231,429 |
| $ | 121,157 |
| |
| Diluted per Share |
| $ | 0.84 |
| $ | 0.81 |
| $ | 0.97 |
| $ | 3.74 |
| $ | 2.54 |
|
First Cycle Leasing Costs |
|
|
|
|
|
|
|
|
|
|
| ||||||
| Tenant improvements |
| 5,774 |
| 1,091 |
| 2,108 |
| 8,405 |
| 3,306 |
| |||||
| Leasing commissions |
| 2,861 |
| 296 |
| 2,188 |
| 6,225 |
| 3,834 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds Available for Distribution after First Cycle Leasing Costs |
| $ | 43,550 |
| $ | 38,651 |
| $ | 57,148 |
| $ | 216,799 |
| $ | 114,017 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Funds Available for Distribution per Diluted Weighted Average Unit and Common Share |
| $ | 0.70 |
| $ | 0.79 |
| $ | 0.90 |
| $ | 3.50 |
| $ | 2.39 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Redevelopment Costs |
| $ | 8,035 |
| $ | 3,366 |
| $ | 4,792 |
| $ | 19,671 |
| $ | 9,415 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Payout Ratio of Funds From Operations |
| 56.14 | % | 53.16 | % | 55.70 | % | 46.26 | % | 52.66 | % | ||||||
Payout Ratio of Funds Available for Distribution Before First Cycle Leasing Costs |
| 83.72 | % | 73.75 | % | 72.09 | % | 56.18 | % | 70.89 | % |
17
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated |
|
|
| ||||||||
|
| Series C |
| Series D |
|
|
|
|
|
|
|
|
| Other |
|
|
| ||||||||
|
| Preferred |
| Preferred |
| Common |
| Additional |
| Treasury |
| Retained |
| Comprehensive |
|
|
| ||||||||
|
| Stock |
| Stock |
| Stock |
| Paid-In Capital |
| Stock |
| 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 |
|
|
|
|
|
|
|
|
|
|
| 526,783 |
|
|
| 526,783 |
| ||||||||
Preferred Dividend |
|
|
|
|
|
|
|
|
|
|
| (14,907 | ) |
|
| (14,907 | ) | ||||||||
Exercise of employee stock options |
|
|
|
|
| 3 |
| 10,945 |
|
|
|
|
|
|
| 10,948 |
| ||||||||
Stock-based compensation fair value |
|
|
|
|
|
|
| 10,565 |
|
|
|
|
|
|
| 10,565 |
| ||||||||
Cash distributions declared ($2.10 per common share) |
|
|
|
|
|
|
|
|
|
|
| (124,621 | ) |
|
| (124,621 | ) | ||||||||
Comprehensive Income - Unrealized gain of derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
| (7,010 | ) | (7,010 | ) | ||||||||
Redemption of units and dividend reinvestment proceeds |
|
|
|
|
| 4 |
| 21,125 |
|
|
|
|
|
|
| 21,129 |
| ||||||||
Issuance of common stock for Reckson acquisition |
|
|
|
|
| 90 |
| 1,048,588 |
|
|
|
|
|
|
| 1,048,678 |
| ||||||||
Treasury stock |
|
|
|
|
|
|
|
|
| (94,071 | ) |
|
|
|
| (94,071 | ) | ||||||||
Deferred compensation plan |
|
|
|
|
| 3 |
| 600 |
|
|
|
|
|
|
| 603 |
| ||||||||
Amortization of deferred compensation |
|
|
|
|
|
|
| 17,131 |
|
|
|
|
|
|
| 17,131 |
| ||||||||
Balance at September 30, 2007 |
| $ | 151,981 |
| $ | 96,321 |
| $ | 598 |
| $ | 2,918,847 |
| $ | (94,071 | ) | $ | 709,474 |
| $ | 6,961 |
| $ | 3,790,111 |
|
|
|
| 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 |
| 9,373,833 |
| (343,412 | ) |
|
| 9,030,421 |
|
|
| 9,030,421 |
|
Share Count at September 30, 2007 - Basic |
| 59,213,469 |
| 2,350,488 |
| — |
| 61,563,957 |
| — |
| 61,563,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighting Factor |
| (564,062 | ) | 136,107 |
| 779,062 |
| 351,107 |
|
|
| 351,107 |
|
Weighted Average Share Count at September 30, 2007 - Diluted |
| 58,649,407 |
| 2,486,595 |
| 779,062 |
| 61,915,064 |
| — |
| 61,915,064 |
|
18
TAXABLE INCOME |
|
| Nine Months Ended |
| ||||
|
| September 30, |
| September 30, |
| ||
|
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
Net Income Available For Common Shareholders |
| $ | 511,876 |
| $ | 171,481 |
|
Book/Tax Depreciation Adjustment |
| 49,450 |
| (22,671 | ) | ||
Book/Tax Gain Recognition Adjustment |
| (414,077 | ) | (39,507 | ) | ||
Book/Tax JV Net equity adjustment |
| 44,946 |
| 14,341 |
| ||
Other Operating Adjustments |
| (57,351 | ) | (36,456 | ) | ||
C-corp Earnings |
| (5,065 | ) | (2,931 | ) | ||
Taxable Income (Projected) |
| $ | 129,779 |
| $ | 84,257 |
|
|
|
|
|
|
| ||
Dividend per share |
| $ | 2.10 |
| $ | 1.80 |
|
Estimated payout of taxable income |
| 96 | % | 98 | % | ||
|
|
|
|
|
| ||
Shares outstanding - basic |
| 59,213 |
| 45,774 |
|
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 & 292 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, 70 West 36th Street, 110 East 42nd Street, 125 Broad Street, 292 Madison and 1372 Broadway. |
19
|
| |
JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Property Joint Ventures Unaudited |
| |
| ||
| ||
|
|
| September 30, 2007 |
| September 30, 2006 |
| ||||||||
|
| Total Property |
| SLG Property Interest |
| Total Property |
| SLG Property Interest |
| ||||
Land & land interests |
| $ | 1,148,792 |
| $ | 552,151 |
| $ | 647,117 |
| $ | 292,830 |
|
Buildings & improvements fee interest |
| 3,256,086 |
| 1,331,550 |
| 2,907,955 |
| 1,308,663 |
| ||||
Buildings & improvements leasehold |
| 262,605 |
| 130,073 |
| 21,838 |
| 9,827 |
| ||||
|
| 4,667,483 |
| 2,013,774 |
| 3,576,910 |
| 1,611,320 |
| ||||
Less accumulated depreciation |
| (229,520 | ) | (111,071 | ) | (207,307 | ) | (97,634 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Real Estate |
| 4,437,963 |
| 1,902,703 |
| 3,369,603 |
| 1,513,686 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalents |
| 88,185 |
| 38,502 |
| 97,041 |
| 45,008 |
| ||||
Restricted cash |
| 38,111 |
| 17,595 |
| 31,150 |
| 14,643 |
| ||||
Tenant receivables, net of $1,952 reserve at 9/30/07 |
| 15,706 |
| 7,386 |
| 12,506 |
| 5,855 |
| ||||
Deferred rents receivable, net of reserve for tenant credit loss of $2,626 at 9/30/07 |
| 78,432 |
| 38,949 |
| 75,107 |
| 35,817 |
| ||||
Deferred costs, net |
| 72,826 |
| 33,575 |
| 77,783 |
| 33,083 |
| ||||
Other assets |
| 28,749 |
| 12,633 |
| 37,057 |
| 17,313 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Assets |
| $ | 4,759,972 |
| $ | 2,051,343 |
| $ | 3,700,247 |
| $ | 1,665,405 |
|
|
|
|
|
|
|
|
|
|
| ||||
Mortgage loans payable |
| $ | 2,854,993 |
| $ | 1,281,344 |
| $ | 2,587,061 |
| $ | 1,181,397 |
|
Derivative Instruments-fair value |
| 25 |
| 14 |
| — |
| — |
| ||||
Accrued interest payable |
| 1,113 |
| 2,515 |
| 11,811 |
| 5,278 |
| ||||
Accounts payable and accrued expenses |
| 163,868 |
| 66,601 |
| 63,878 |
| 29,265 |
| ||||
Security deposits |
| 11,027 |
| 5,523 |
| 7,543 |
| 3,557 |
| ||||
Contributed Capital (1) |
| 1,728,946 |
| 695,346 |
| 1,029,954 |
| 445,908 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Liabilities and Equity |
| $ | 4,759,972 |
| $ | 2,051,343 |
| $ | 3,700,247 |
| $ | 1,665,405 |
|
As of September 30, 2007 the Company has seventeen 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 45% interest in 379 West Broadway, a 48% interest in the Mack - Green Joint Venture, a 50% interest in 21 West 34th Street, a 46% interest in 800 Third Avenue, a 50% interest in 521 Fifth Avenue, a 30% interest in One Court Square, a 63% economic interest in 1604-1610 Broadway, a 20.26% interest in Jericho Plazas, a 55% interest in 2 Herald Square, a 32.25% interest in 1745 Broadway, a 55% interest in 885 Third Avenue, a 35% interest in 16 Court Square and a 25% interest in The Meadows. 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 50% interest in 25-29 West 34th Street, a 50% interest in 180 Broadway 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 |
|
|
| |||||||||
|
| Three Months Ended |
| Ended |
| Three Months Ended |
| |||||||||
|
| September 30, 2007 |
| June 30, 2007 |
| September 30, 2006 |
| |||||||||
|
|
|
| SLG |
| SLG |
|
|
| SLG |
| |||||
|
| Total Property |
| Property Interest |
| Property Interest |
| Total Property |
| Property Interest |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Rental Revenue, net |
| $ | 119,885 |
| $ | 58,568 |
| $ | 57,719 |
| $ | 93,471 |
| $ | 46,957 |
|
Escalation and reimbursement revenues |
| 20,783 |
| 10,879 |
| 10,076 |
| 18,231 |
| 9,311 |
| |||||
Investment and other income |
| 1,239 |
| 661 |
| 841 |
| 7,621 |
| 2,821 |
| |||||
Total Revenues, net |
| $ | 141,907 |
| $ | 70,108 |
| $ | 68,636 |
| $ | 119,323 |
| $ | 59,089 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
| $ | 31,155 |
| $ | 15,856 |
| $ | 13,856 |
| $ | 26,919 |
| $ | 13,585 |
|
Ground rent |
| 1,186 |
| 665 |
| 628 |
| 225 |
| 101 |
| |||||
Real estate taxes |
| 19,375 |
| 9,643 |
| 9,958 |
| 17,706 |
| 8,816 |
| |||||
Total Operating Expenses |
| $ | 51,716 |
| $ | 26,164 |
| $ | 24,442 |
| $ | 44,850 |
| $ | 22,502 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
GAAP NOI |
| $ | 90,191 |
| $ | 43,944 |
| $ | 44,194 |
| $ | 74,473 |
| $ | 36,587 |
|
Cash NOI |
| $ | 78,008 |
| $ | 37,923 |
| $ | 40,498 |
| $ | 64,463 |
| $ | 31,592 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| 48,917 |
| 24,460 |
| 23,431 |
| 36,061 |
| 19,226 |
| |||||
Amortization of deferred financing costs |
| 2,209 |
| 990 |
| 962 |
| 1,200 |
| 694 |
| |||||
Depreciation and amortization |
| 27,348 |
| 12,588 |
| 12,725 |
| 21,402 |
| 10,625 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Income |
| $ | 11,717 |
| $ | 5,906 |
| $ | 7,076 |
| $ | 15,810 |
| $ | 6,042 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Real estate depreciation |
| 27,298 |
| 12,578 |
| 12,717 |
| 21,400 |
| 10,624 |
| |||||
Funds From Operations |
| $ | 39,015 |
| $ | 18,484 |
| $ | 19,793 |
| $ | 37,210 |
| $ | 16,666 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
FAD Adjustments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Plus: Non real estate depreciation and amortization |
| $ | 2,259 |
| $ | 1,000 |
| $ | 970 |
| $ | 1,202 |
| $ | 695 |
|
Less: Straight-line rental income and other non-cash adjustments |
| (12,180 | ) | (6,031 | ) | (3,696 | ) | (10,010 | ) | (4,995 | ) | |||||
Less: Second cycle tenant improvement |
| (2,098 | ) | (1,083 | ) | (1,842 | ) | (74 | ) | (45 | ) | |||||
Less: Second cycle leasing commissions |
| (3,047 | ) | (1,516 | ) | (928 | ) | (3,561 | ) | (1,553 | ) | |||||
Less: Recurring CAPEX |
| (219 | ) | (147 | ) | (472 | ) | (426 | ) | (241 | ) | |||||
FAD Adjustment |
| $ | (15,285 | ) | $ | (7,777 | ) | $ | (5,968 | ) | $ | (12,869 | ) | $ | (6,139 | ) |
21
JOINT VENTURE STATEMENTS |
|
| Nine Months Ended September 30, 2007 |
| Nine Months Ended September 30, 2006 |
| ||||||||
|
|
|
| SLG |
|
|
| SLG |
| ||||
|
| Total Property |
| Property Interest |
| Total Property |
| Property Interest |
| ||||
Revenues |
|
|
|
|
|
|
|
|
| ||||
Rental Revenue, net |
| $ | 338,409 |
| $ | 167,679 |
| $ | 272,431 |
| $ | 134,006 |
|
Escalation and reimbursement revenues |
| 58,512 |
| 30,855 |
| 55,103 |
| 27,388 |
| ||||
Investment and other income |
| 5,078 |
| 2,654 |
| 11,193 |
| 4,634 |
| ||||
Total Revenues, net |
| $ | 401,999 |
| $ | 201,188 |
| $ | 338,727 |
| $ | 166,028 |
|
|
|
|
|
|
|
|
|
|
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
Operating expenses |
| $ | 87,072 |
| $ | 44,589 |
| $ | 75,676 |
| $ | 37,397 |
|
Ground rent |
| 2,761 |
| 1,508 |
| 675 |
| 303 |
| ||||
Real estate taxes |
| 58,406 |
| 29,589 |
| 52,727 |
| 25,777 |
| ||||
Total Operating Expenses |
| $ | 148,239 |
| $ | 75,686 |
| $ | 129,078 |
| $ | 63,477 |
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP NOI |
| $ | 253,760 |
| $ | 125,502 |
| $ | 209,649 |
| $ | 102,551 |
|
Cash NOI |
| $ | 227,093 |
| $ | 113,318 |
| $ | 184,894 |
| $ | 91,519 |
|
|
|
|
|
|
|
|
|
|
| ||||
Interest |
| 133,325 |
| 68,213 |
| 99,877 |
| 51,991 |
| ||||
Amortization of deferred financing costs |
| 5,600 |
| 2,683 |
| 4,012 |
| 2,225 |
| ||||
Depreciation and amortization |
| 76,339 |
| 36,539 |
| 56,611 |
| 27,568 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| $ | 38,496 |
| $ | 18,067 |
| $ | 49,149 |
| $ | 20,767 |
|
|
|
|
|
|
|
|
|
|
| ||||
Plus: Real estate depreciation |
| 76,249 |
| 36,521 |
| 56,609 |
| 27,567 |
| ||||
Funds From Operations |
| $ | 114,745 |
| $ | 54,588 |
| $ | 105,758 |
| $ | 48,334 |
|
|
|
|
|
|
|
|
|
|
| ||||
FAD Adjustments: |
|
|
|
|
|
|
|
|
| ||||
Plus: Non real estate depreciation and amortization |
| $ | 5,690 |
| $ | 2,701 |
| $ | 4,014 |
| $ | 2,226 |
|
Less: Straight-line rental income and other non-cash adjustments |
| (26,446 | ) | (12,726 | ) | (24,750 | ) | (11,030 | ) | ||||
Less: Second cycle tenant improvement |
| (7,082 | ) | (3,738 | ) | (2,168 | ) | (1,016 | ) | ||||
Less: Second cycle leasing commissions |
| (5,870 | ) | (2,988 | ) | (4,013 | ) | (1,740 | ) | ||||
Less: Recurring CAPEX |
| (1,133 | ) | (766 | ) | (1,145 | ) | (637 | ) | ||||
FAD Adjustment |
| $ | (34,841 | ) | $ | (17,517 | ) | $ | (28,062 | ) | $ | (12,197 | ) |
22
Gramercy Joint Venture Statements |
Balance Sheets |
| Income Statements |
| ||||||||||||
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended |
| ||||
|
| September 30, |
| June 30, |
|
|
| September 30, |
| September 30, |
| September 30, |
| September 30, |
|
|
| 2007 |
| 2007 |
|
|
| 2007 |
| 2006 |
| 2007 |
| 2006 |
|
Assets |
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
Cash |
| $306,760 |
| $19,403 |
| Investment Income |
| $82,306 |
| $45,299 |
| $215,103 |
| $116,313 |
|
Loans and other lending investments, net |
| 2,495,925 |
| 2,635,115 |
| Rental Revenue - net |
| 2,523 |
| — |
| 6,110 |
| 914 |
|
Investment in joint ventures |
| 46,109 |
| 74,302 |
| Gain on sales and other income |
| 5,385 |
| 5,156 |
| 15,439 |
| 13,724 |
|
Commerical real estate securities |
| 775,852 |
| — |
| Total revenues |
| 90,214 |
| 50,455 |
| 236,652 |
| 130,951 |
|
Operating real estate, net |
| 178,691 |
| 102,092 |
|
|
|
|
|
|
|
|
|
|
|
Other assets |
| 438,755 |
| 426,205 |
| Expenses |
|
|
|
|
|
|
|
|
|
Total Assets |
| $4,242,092 |
| $3,257,117 |
| Interest |
| 50,601 |
| 25,782 |
| 126,271 |
| 64,280 |
|
|
|
|
|
|
| Management fees |
| 5,923 |
| 4,409 |
| 16,176 |
| 11,793 |
|
|
|
|
|
|
| Incentive fees |
| 3,874 |
| 1,822 |
| 10,476 |
| 4,592 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
| Depreciation and amortization |
| 1,188 |
| 278 |
| 2,948 |
| 962 |
|
Repurchase agreements |
| $296,446 |
| $556,659 |
| Marketing, general and administrative |
| 3,145 |
| 2,169 |
| 11,068 |
| 7,719 |
|
Credit facilities |
| — |
| 90,000 |
| Provision for loan loss |
| 2,500 |
| (70 | ) | 6,648 |
| 430 |
|
Collateralized debt obligations |
| 2,757,858 |
| 1,714,250 |
| Total expenses |
| 67,231 |
| 34,390 |
| 173,587 |
| 89,776 |
|
Mortgage note payable |
| 153,624 |
| 94,525 |
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
| 123,079 |
| 59,765 |
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated deferrable interest debentures |
| 150,000 |
| 150,000 |
| Income from continuing operations before equity in net income (loss) of unconsolidated joint ventures, minority interest and taxes |
| 22,983 |
| 16,065 |
| 63,065 |
| 41,175 |
|
Total Liabilities |
| 3,481,007 |
| 2,665,199 |
| Equity in net income (loss) of unconsolidated joint ventures |
| 1,264 |
| (734 | ) | 1,054 |
| (2,090 | ) |
|
|
|
|
|
| Income from continuing operations before provision for taxes |
| 24,247 |
| 15,331 |
| 64,119 |
| 39,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
| Gain from sale of unconsolidated joint venture interest |
| 92,235 |
| — |
| 92,235 |
| — |
|
Total stockholders' equity |
| 761,085 |
| 591,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Incentive fee attributable to gain from sale of unconsolidated joint venture interest |
| (18,994 | ) | — |
| (18,994 | ) | — |
|
|
|
|
|
|
| Provision for taxes |
| (338 | ) | (795 | ) | (1,301 | ) | (1,178 | ) |
Total Liabilities and Stockholders' Equity |
| $4,242,092 |
| $3,257,117 |
| Net Income |
| 97,150 |
| 14,536 |
| 136,059 |
| 37,907 |
|
|
|
|
|
|
| Dividends on preferred stock |
| (2,336 | ) | — |
| (4,231 | ) | — |
|
|
|
|
|
|
| Net income available to common shareholders |
| 94,814 |
| 14,536 |
| 131,828 |
| 37,907 |
|
|
|
|
|
|
| Net income from continuing operations |
| 24,247 |
| 15,331 |
| 64,119 |
| 39,085 |
|
|
|
|
|
|
| Plus: Real estate depreciation |
| 1,364 |
| 1,948 |
| 6,422 |
| 6,045 |
|
|
|
|
|
|
| Less: Provision for taxes |
| (338 | ) | (795 | ) | (1,301 | ) | (1,178 | ) |
|
|
|
|
|
| Less: Dividends on preferred stock |
| (2,336 | ) | — |
| (4,231 | ) | — |
|
|
|
|
|
|
| FFO |
| $22,937 |
| $16,484 |
| $65,009 |
| $49,352 |
|
Total Outstanding Shares |
| 30,902 |
| 26,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total SLG Shares |
| 7,624 |
| 6,418 |
| SLG share of net income |
| $23,704 |
| $3,638 |
| $32,957 |
| $9,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SLG Investment in Gramercy at Original Cost |
| $145,346 |
| $113,682 |
| SLG share of FFO |
| $5,734 |
| $4,125 |
| $16,252 |
| $10,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GKK Manager |
|
|
|
|
|
|
| |||||||||
|
| Three Months Ended |
| Three Months Ended |
| Nine Months Ended |
| |||||||||
|
| September 30, |
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| |||||
|
| 2007 |
| 2006 |
| 2007 |
| 2007 |
| 2006 |
| |||||
Base management income |
| $ | 3,271 |
| $ | 2,704 |
| $ | 3,109 |
| $ | 9,047 |
| $ | 7,441 |
|
Other fee income |
| 5,146 |
| 2,583 |
| 4,868 |
| 13,903 |
| 6,360 |
| |||||
Marketing, general and administrative expenses |
| (3,706 | ) | (2,223 | ) | (3,434 | ) | (9,562 | ) | (6,159 | ) | |||||
Net Income before minority interest |
| 4,711 |
| 3,064 |
| 4,543 |
| 13,388 |
| 7,642 |
| |||||
Less: minority interest |
| (1,609 | ) | (1,047 | ) | (1,577 | ) | (4,599 | ) | (2,612 | ) | |||||
SLG share of GKK Manager net income |
| 3,102 |
| 2,017 |
| 2,966 |
| 8,789 |
| 5,030 |
| |||||
Servicing and administrative reimbursements |
| 1,366 |
| 949 |
| 1,222 |
| 3,688 |
| 2,592 |
| |||||
Net management income and reimbursements from Gramercy |
| $ | 4,468 |
| $ | 2,966 |
| $ | 4,188 |
| $ | 12,477 |
| $ | 7,622 |
|
23
| |
SELECTED FINANCIAL DATA | |
Capitalization Analysis | |
Unaudited | |
($000’s omitted) |
|
| 9/30/2007 |
| 6/30/2007 |
| 3/31/2007 |
| 12/31/2006 |
| 9/30/2006 |
| ||||||||||||||||||
Market Capitalization |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Common Equity: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Common Shares Outstanding |
| 59,213 |
| 59,626 |
| 59,182 |
| 49,840 |
| 45,774 |
| ||||||||||||||||||
OP Units Outstanding |
| 2,350 |
| 2,365 |
| 2,619 |
| 2,694 |
| 2,219 |
| ||||||||||||||||||
Total Common Equity (Shares and Units) |
| 61,563 |
| 61,991 |
| 61,801 |
| 52,534 |
| 47,993 |
| ||||||||||||||||||
Share Price (End of Period) |
| $ | 116.77 |
| $ | 123.89 |
| $ | 137.18 |
| $ | 132.78 |
| $ | 111.70 |
| |||||||||||||
Equity Market Value |
| $ | 7,188,712 |
| $ | 7,680,065 |
| $ | 8,477,861 |
| $ | 6,975,465 |
| $ | 5,360,818 |
| |||||||||||||
Preferred Equity at Liquidation Value: |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
| 257,500 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Real Estate Debt |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Property Level Mortgage Debt |
| 2,846,529 |
| 2,173,460 |
| 2,156,575 |
| 1,190,379 |
| 1,255,325 |
| ||||||||||||||||||
Outstanding Balance on - Term Loans |
| — |
| — |
| 700,000 |
| 525,000 |
| 525,000 |
| ||||||||||||||||||
Outstanding Balance on - Unsecured Credit Line |
| 590,000 |
| 587,000 |
| — |
| — |
| — |
| ||||||||||||||||||
Junior Subordinated Deferrable Interest Debentures |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| 100,000 |
| ||||||||||||||||||
Unsecured Notes |
| 774,652 |
| 774,644 |
| 974,636 |
| — |
| — |
| ||||||||||||||||||
Convertible Bonds |
| 1,018,448 |
| 1,018,270 |
| 1,018,094 |
| — |
| — |
| ||||||||||||||||||
Liability Held for Sale |
| — |
| — |
| 73,752 |
| — |
| 95,000 |
| ||||||||||||||||||
Total Consolidated Debt |
| 5,329,629 |
| 4,653,374 |
| 5,023,057 |
| 1,815,379 |
| 1,975,325 |
| ||||||||||||||||||
Company’s Portion of Joint Venture Debt |
| 1,281,344 |
| 1,483,534 |
| 1,264,200 |
| 1,209,281 |
| 1,181,397 |
| ||||||||||||||||||
Total Combined Debt |
| 6,610,973 |
| 6,136,908 |
| 6,287,257 |
| 3,024,660 |
| 3,156,722 |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Total Market Cap (Debt & Equity) |
| $ | 14,057,185 |
| $ | 14,074,473 |
| $ | 15,022,618 |
| $ | 10,257,625 |
| $ | 8,775,040 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Availability under Lines of Credit |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Senior Unsecured Line of Credit(A) |
| 618,374 | (A) | 642,719 |
| 784,719 |
| 484,482 |
| 486,482 |
| ||||||||||||||||||
Term Loans |
| — |
| — |
| — |
| — |
| — |
| ||||||||||||||||||
Total Availability |
| $ | 618,374 |
| $ | 642,719 |
| $ | 784,719 |
| $ | 484,482 |
| $ | 486,482 |
| |||||||||||||
(A) | As reduced by $41,626 letters of credit. The accordion feature provided for under this facility was exercised in October 2007, increasing the size of the facility from $1.25 billion to $1.5 billion. |
| |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Combined Capitalized Interest |
| $ | 2,833 |
| $ | 3,627 |
| $ | 4,552 |
| $ | 2,873 |
| $ | 5,069 |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Ratio Analysis |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Consolidated Basis |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Debt to Market Cap Ratio |
| 41.72% |
| 36.96% |
| 36.51% |
| 20.06% |
| 26.01% |
| ||||||||||||||||||
Debt to Gross Real Estate Book Ratio |
| 54.75% |
| 61.04% |
| 68.06% |
| 59.30% |
| 69.65% |
| ||||||||||||||||||
Secured Real Estate Debt to Secured Assets Gross Book |
| 62.07% |
| 61.37% |
| 60.62% |
| 76.31% |
| 75.11% |
| ||||||||||||||||||
Unsecured Debt to Unencumbered Assets-Gross Book Value |
| 64.93% |
| 65.50% |
| 79.19% |
| 28.58% |
| 41.37% |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Joint Ventures Allocated |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Combined Debt to Market Cap Ratio |
| 47.03% |
| 43.60% |
| 41.85% |
| 29.49% |
| 35.97% |
| ||||||||||||||||||
Debt to Gross Real Estate Book Ratio |
| 56.45% |
| 62.47% |
| 67.83% |
| 62.77% |
| 72.78% |
| ||||||||||||||||||
Secured Real Estate Debt to Secured Assets Gross Book |
| 62.90% |
| 68.84% |
| 68.67% |
| 71.94% |
| 74.26% |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
24
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Three Months |
| Nine Months Ended |
| ||||||||||
|
| September 30, |
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| ||||||
|
| 2007 |
| 2006 |
| 2007 |
| 2007 |
| 2006 |
| ||||||
Property NOI |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property Operating NOI |
| $ | 122,811 |
| $ | 49,804 |
| $ | 110,060 |
| $ | 327,023 |
| $ | 136,459 |
| |
NOI from Discontinued Operations |
| 280 |
| 5,939 |
| 4,057 |
| 8,802 |
| 19,098 |
| ||||||
Total Property Operating NOI - Consolidated |
| 123,091 |
| 55,743 |
| 114,117 |
| 335,825 |
| 155,557 |
| ||||||
SLG share of Property NOI from JVs |
| 43,944 |
| 36,587 |
| 44,194 |
| 125,502 |
| 102,551 |
| ||||||
GAAP NOI |
| $ | 167,035 |
| $ | 92,330 |
| $ | 158,311 |
| $ | 461,327 |
| $ | 258,108 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Less: | Free Rent (Net of Amortization) |
| 4,644 |
| 2,566 |
| 3,868 |
| 12,556 |
| 6,529 |
| |||||
| Net FAS 141 Adjustment |
| 1,935 |
| 1,004 |
| 849 |
| 3,572 |
| 2,845 |
| |||||
| Straightline Revenue Adjustment |
| 15,893 |
| 7,028 |
| 14,097 |
| 41,238 |
| 20,079 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Plus: | Allowance for S/L tenant credit loss |
| 1,490 |
| 1,000 |
| 1,313 |
| 4,165 |
| 2,884 |
| |||||
| Ground Lease Straight-line Adjustment |
| 87 |
| 157 |
| 87 |
| 331 |
| 471 |
| |||||
Cash NOI |
| $ | 146,140 |
| $ | 82,889 |
| $ | 140,897 |
| $ | 408,457 |
| $ | 232,010 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Components of Debt Service and Fixed Charges |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest Expense |
| 71,025 |
| 24,960 |
| 65,444 |
| 196,470 |
| 67,092 |
| ||||||
Fixed Amortization Principal Payments |
| 3,828 |
| 961 |
| 3,350 |
| 11,264 |
| 2,927 |
| ||||||
Total Consolidated Debt Service |
| 74,853 |
| 25,921 |
| 68,794 |
| 207,734 |
| 70,019 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Payments under Ground Lease Arrangements |
| 8,761 |
| 4,764 |
| 7,853 |
| 24,036 |
| 14,466 |
| ||||||
Dividend on perpetual preferred shares |
| 4,969 |
| 4,969 |
| 4,969 |
| 14,907 |
| 14,906 |
| ||||||
Total Consolidated Fixed Charges |
| 88,583 |
| 35,654 |
| 81,616 |
| 246,677 |
| 99,391 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Adjusted EBITDA |
| 164,296 |
| 89,660 |
| 167,696 |
| 530,751 |
| 256,704 |
| ||||||
Interest Coverage Ratio |
| 2.35 |
| 3.50 |
| 2.47 |
| 2.65 |
| 3.66 |
| ||||||
Debt Service Coverage Ratio |
| 2.23 |
| 3.38 |
| 2.35 |
| 2.51 |
| 3.51 |
| ||||||
Fixed Charge Coverage Ratio |
| 1.88 |
| 2.47 |
| 2.00 |
| 2.12 |
| 2.51 |
|
25
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Three Months |
| Nine Months Ended |
| |||||||||
|
| September 30, |
| September 30, |
|
|
| June 30, |
| September 30, |
| September 30, |
|
|
| |
|
| 2007 |
| 2006 |
| % |
| 2007 |
| 2007 |
| 2006 |
| % |
| |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Rental Revenue, net |
| 75,599 |
| 70,432 |
| 7.3% |
| 74,529 |
| 223,548 |
| 208,207 |
| 7.4% |
|
| Escalation & Reimbursement Revenues |
| 13,862 |
| 14,842 |
| -6.6% |
| 13,857 |
| 42,189 |
| 38,836 |
| 8.6% |
|
| Investment Income |
| 501 |
| 404 |
| 24.0% |
| 437 |
| 1,260 |
| 940 |
| 34.0% |
|
| Other Income |
| 880 |
| 1,111 |
| -20.8% |
| 2,877 |
| 4,722 |
| 3,576 |
| 32.0% |
|
| Total Revenues |
| 90,842 |
| 86,789 |
| 4.7% |
| 91,700 |
| 271,719 |
| 251,559 |
| 8.0% |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Operating Expense |
| 24,748 |
| 25,030 |
| -1.1% |
| 23,256 |
| 72,300 |
| 67,224 |
| 7.6% |
|
| Ground Rent |
| 6,119 |
| 4,750 |
| 28.8% |
| 5,206 |
| 16,075 |
| 14,399 |
| 11.6% |
|
| Real Estate Taxes |
| 14,204 |
| 15,078 |
| -5.8% |
| 15,723 |
| 45,796 |
| 45,900 |
| -0.2% |
|
|
|
| 45,071 |
| 44,858 |
| 0.5% |
| 44,185 |
| 134,171 |
| 127,523 |
| 5.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
| 45,771 |
| 41,931 |
| 9.2% |
| 47,515 |
| 137,548 |
| 124,036 |
| 10.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Expense & Amortization of Financing costs |
| 9,348 |
| 9,467 |
| -1.3% |
| 9,273 |
| 27,939 |
| 28,256 |
| -1.1% |
|
| Depreciation & Amortization |
| 14,159 |
| 13,253 |
| 6.8% |
| 13,948 |
| 41,952 |
| 39,372 |
| 6.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Minority Interest |
| 22,264 |
| 19,211 |
| 15.9% |
| 24,294 |
| 67,657 |
| 56,408 |
| 19.9% |
|
Plus: | Real Estate Depreciation & Amortization |
| 14,152 |
| 13,243 |
| 6.9% |
| 13,940 |
| 41,929 |
| 39,345 |
| 6.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FFO |
| 36,416 |
| 32,454 |
| 12.2% |
| 38,234 |
| 109,586 |
| 95,753 |
| 14.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: | Non - Building Revenue |
| 529 |
| 426 |
| 24.2% |
| 498 |
| 1,387 |
| 1,245 |
| 11.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: | Interest Expense & Amortization of Financing costs |
| 9,348 |
| 9,467 |
| -1.3% |
| 9,273 |
| 27,939 |
| 28,256 |
| -1.1% |
|
| Non Real Estate Depreciation |
| 7 |
| 10 |
| -30.0% |
| 8 |
| 23 |
| 27 |
| -14.8% |
|
GAAP NOI |
| 45,242 |
| 41,505 |
| 9.0% |
| 47,017 |
| 136,161 |
| 122,791 |
| 10.9% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Less: | Free Rent (Net of Amortization) |
| 396 |
| 434 |
| -8.8% |
| (185 | ) | 432 |
| 4,385 |
| -90.1% |
|
| Straightline Revenue Adjustment |
| 3,154 |
| 3,263 |
| -3.3% |
| 3,257 |
| 9,617 |
| 9,875 |
| -2.6% |
|
| Rental Income - FAS 141 |
| 237 |
| 237 |
| 0.0% |
| 233 |
| 700 |
| 700 |
| 0.0% |
|
Plus: | Allowance for S/L tenant credit loss |
| 428 |
| 621 |
| -31.1% |
| 393 |
| 1,271 |
| 2,062 |
| -38.4% |
|
| Ground Lease Straight-line Adjustment |
| 87 |
| 87 |
| 0.0% |
| 87 |
| 260 |
| 260 |
| 0.0% |
|
Cash NOI |
| 41,970 |
| 38,279 |
| 9.6% |
| 44,192 |
| 126,943 |
| 110,153 |
| 15.2% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| GAAP NOI to Real Estate Revenue, net |
| 49.86% |
| 47.72% |
|
|
| 51.33% |
| 50.13% |
| 48.65% |
|
|
|
| Cash NOI to Real Estate Revenue, net |
| 46.25% |
| 44.01% |
|
|
| 48.25% |
| 46.74% |
| 43.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP NOI before Ground Rent/Real Estate Revenue, net |
| 56.60% |
| 53.18% |
|
|
| 57.02% |
| 56.05% |
| 54.36% |
|
|
|
| Cash NOI before Ground Rent/Real Estate Revenue, net |
| 52.90% |
| 49.37% |
|
|
| 53.84% |
| 52.56% |
| 49.25% |
|
|
|
26
SELECTED FINANCIAL DATA |
|
| Three Months Ended |
| Nine Months Ended |
| |||||||||
|
| September 30, |
| September 30, |
|
|
| September 30, |
| September 30, |
|
|
| |
|
| 2007 |
| 2006 |
| % |
| 2007 |
| 2006 |
| % |
| |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Rental Revenue, net |
| 33,677 |
| 32,939 |
| 2.2% |
| 101,750 |
| 98,862 |
| 2.9% |
|
| Escalation & Reimbursement Revenues |
| 9,057 |
| 8,612 |
| 5.2% |
| 26,545 |
| 25,543 |
| 3.9% |
|
| Investment Income |
| 392 |
| 509 |
| -22.9% |
| 1,210 |
| 1,156 |
| 4.6% |
|
| Other Income |
| 15 |
| 1,605 |
| -99.1% |
| 558 |
| 2,415 |
| -76.9% |
|
| Total Revenues |
| 43,141 |
| 43,665 |
| -1.2% |
| 130,062 |
| 127,976 |
| 1.6% |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Operating Expense |
| 12,088 |
| 11,455 |
| 5.5% |
| 34,669 |
| 33,051 |
| 4.9% |
|
| Ground Rent |
| — |
| — |
|
|
| — |
| — |
|
|
|
| Real Estate Taxes |
| 7,661 |
| 7,796 |
| -1.7% |
| 23,798 |
| 23,704 |
| 0.4% |
|
|
| 19,749 |
| 19,251 |
| 2.6% |
| 58,467 |
| 56,755 |
| 3.0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| EBITDA |
| 23,392 |
| 24,414 |
| -4.2% |
| 71,595 |
| 71,222 |
| 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Interest Expense & Amortization of Financing costs |
| 11,266 |
| 11,025 |
| 2.2% |
| 32,886 |
| 31,354 |
| 4.9% |
|
| Depreciation & Amortization |
| 6,756 |
| 5,983 |
| 12.9% |
| 18,896 |
| 17,704 |
| 6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Income Before Minority Interest |
| 5,370 |
| 7,406 |
| -27.5% |
| 19,813 |
| 22,164 |
| -10.6% |
|
Plus: | Real Estate Depreciation & Amortization |
| 6,756 |
| 5,982 |
| 12.9% |
| 18,896 |
| 17,703 |
| 6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| FFO |
| 12,126 |
| 13,389 |
| -9.4% |
| 38,709 |
| 39,866 |
| -2.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Less: | Non - Building Revenue |
| 396 |
| 513 |
| -22.7% |
| 1,227 |
| 1,174 |
| 4.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Plus: | Interest Expense & Amortization of Financing costs |
| 11,266 |
| 11,025 |
| 2.2% |
| 32,886 |
| 31,354 |
| 4.9% |
|
| Non Real Estate Depreciation |
| — |
| — |
|
|
| — |
| 2 |
|
|
|
GAAP NOI |
| 22,995 |
| 23,901 |
| -3.8% |
| 70,368 |
| 70,048 |
| 0.5% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Less: | Free Rent (Net of Amortization) |
| (32 | ) | 449 |
| -107.0% |
| 464 |
| 81 |
| 469.4% |
|
| Straightline Revenue Adjustment |
| 871 |
| 1,003 |
| -13.2% |
| 3,141 |
| 3,428 |
| -8.4% |
|
| FAS 141 |
| 245 |
| 245 |
| 0.0% |
| 733 |
| 733 |
| 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: | Allowance for S/L tenant credit loss |
| 83 |
| 160 |
| -48.4% |
| 278 |
| 388 |
| -28.5% |
|
| Ground Lease Straight-line Adjustment |
| — |
| — |
|
|
| — |
| — |
|
|
|
Cash NOI |
| 21,994 |
| 22,364 |
| -1.7% |
| 66,308 |
| 66,194 |
| 0.2% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Margins |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| GAAP NOI to Real Estate Revenue, net |
| 53.69% |
| 55.18% |
|
|
| 54.50% |
| 55.07% |
|
|
|
| Cash NOI to Real Estate Revenue, net |
| 51.35% |
| 51.63% |
|
|
| 51.36% |
| 52.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| GAAP NOI before Ground Rent/Real Estate Revenue, net |
| 53.69% |
| 55.18% |
|
|
| 54.50% |
| 55.07% |
|
|
|
| Cash NOI before Ground Rent/Real Estate Revenue, net |
| 51.35% |
| 51.63% |
|
|
| 51.36% |
| 52.04% |
|
|
|
27
DEBT SUMMARY SCHEDULE - Consolidated |
|
| Principal O/S |
|
|
| 2007 |
|
|
|
|
| As-Of |
|
|
|
|
| Outstanding |
|
|
| Principal |
| Maturity |
| Due at |
| Right |
| Earliest |
|
|
| 9/30/2007 |
| Coupon |
| Repayment |
| Date |
| Maturity |
| Extension |
| Prepayment |
|
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured fixed Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300 Main Street |
| 11,500 |
| 5.75 | % | — |
| Feb-17 |
| 11,500 |
| — |
| Feb-10 |
|
399 Knollwood |
| 19,097 |
| 5.75 | % | 261 |
| Mar-14 |
| 16,943 |
| — |
| Sep-07 |
|
141 Fifth Avenue |
| 25,000 |
| 5.70 | % | — |
| Jun-17 |
| 26,050 |
| — |
| Jun-10 |
|
500 West Putnam Avenue |
| 25,000 |
| 5.52 | % | — |
| Jan-16 |
| 21,849 |
| — |
| Feb-08 |
|
673 First Avenue |
| 33,294 |
| 5.67 | % | 696 |
| Feb-13 |
| 28,984 |
| — |
| Open |
|
55 Corporate Drive |
| 95,000 |
| 5.75 | % | — |
| Dec-15 |
| 95,000 |
| — |
| Open |
|
625 Madison Avenue |
| 100,302 |
| 6.27 | % | 2,059 |
| Nov-15 |
| 78,595 |
| — |
| Open |
|
609 Fifth Avenue |
| 100,906 |
| 5.85 | % | 1,215 |
| Oct-13 |
| 92,062 |
| — |
| Oct-07 |
|
420 Lexington Avenue |
| 113,342 |
| 8.44 | % | 2,505 |
| Nov-10 |
| 104,145 |
| — |
| Open |
|
711 Third Avenue |
| 120,000 |
| 4.99 | % | — |
| Jun-15 |
| 120,000 |
| — |
| Jun-08 |
|
120 W 45th Street |
| 170,000 |
| 6.12 | % | — |
| Feb-17 |
| 170,000 |
| — |
| Open |
|
220 E 42nd Street |
| 207,373 |
| 5.23 | % | 3,534 |
| Nov-13 |
| 182,342 |
| — |
| Open |
|
919 Third Avenue |
| 232,835 |
| 6.87 | % | 3,413 |
| Aug-11 |
| 217,592 |
| — |
| Open |
|
485 Lexington Avenue |
| 450,000 |
| 5.61 | % | — |
| Jan-17 |
| 450,000 |
| — |
| Jan-10 |
|
1 Madison Avenue - South Building |
| 676,029 |
| 5.91 | % | 5,447 |
| May-20 |
| 222,492 |
| — |
| Apr-08 |
|
|
| 2,379,678 |
| 5.97 | % | 19,130 |
|
|
| 1,837,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured fixed Rate Debt-Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
609 Partners, LLC |
| 63,891 |
| 5.00 | % | — |
| Jul-14 |
| 63,891 |
| — |
| Jun-08 |
|
|
| 63,891 |
| 5.00 | % | — |
|
|
| 63,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Unsecured Line of Credit |
| 160,000 |
| 5.34 | % | — |
| Jun-11 |
| 160,000 |
| Aug-09 |
| Open |
|
Junior Subordinated Deferrable Interest Debentures |
| 100,000 |
| 5.61 | % | — |
| Jun-15 |
| 100,000 |
| — |
| — |
|
Unsecured Note |
| 150,000 |
| 5.15 | % | — |
| Jan-11 |
| 150,000 |
| — |
| Open |
|
Unsecured Note |
| 150,000 |
| 5.88 | % | — |
| Aug-14 |
| 150,000 |
| — |
| Open |
|
Unsecured Note |
| 200,000 |
| 7.75 | % | — |
| Mar-09 |
| 200,000 |
| — |
| Open |
|
Unsecured Note |
| 274,652 |
| 6.00 | % | — |
| Mar-16 |
| 275,000 |
| — |
| Open |
|
Convertible Note |
| 282,189 |
| 4.00 | % | — |
| Jun-25 |
| 287,000 |
| — |
| Open |
|
Convertible Note (net) |
| 736,260 |
| 3.00 | % | — |
| Mar-27 |
| 750,000 |
| — |
| Mar-12 |
|
|
| 2,053,101 |
| 4.68 | % | — |
|
|
| 1,912,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Rate Debt/Wtd Avg |
| 4,496,670 |
| 5.37 | % | 19,130 |
|
|
| 3,813,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1551/1555 Broadway (Libor + 200 bps) |
| 82,459 |
| 7.43 | % | — |
| Aug-08 |
| 82,459 |
| — |
| Open |
|
1 Landmark Square (Libor + 185 bps) |
| 128,000 |
| 7.51 | % | — |
| Feb-09 |
| 128,000 |
| — |
| Feb-10 |
|
717 Fifth Avenue (Libor + 160 bps) |
| 192,500 |
| 7.16 | % | — |
| Sep-08 |
| 192,500 |
| — |
| Open |
|
|
| 402,959 |
| 7.33 | % | — |
|
|
| 402,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured floating rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Unsecured Line of Credit (Libor + 80 bps) |
| 430,000 |
| 6.32 | % | — |
| Jun-11 |
| 430,000 |
| Aug-09 |
| Open |
|
|
| 430,000 |
| 6.32 | % | — |
|
|
| 430,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Floating Rate Debt/Wtd Avg |
| 832,959 |
| 6.81 | % | — |
|
|
| 832,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/Wtd Avg - Consolidated |
| 5,329,629 |
| 5.59 | % | 19,130 |
|
|
| 4,646,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt/Wtd Avg - Joint Venture |
| 1,281,344 |
| 6.14 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Balance & Interest Rate with SLG JV Debt |
| 6,385,520 |
| 5.69 | % |
|
|
|
|
|
|
|
|
|
|
28
DEBT SUMMARY SCHEDULE - Joint Venture |
|
|
|
|
|
|
|
| 2007 |
|
|
|
|
| As-Of |
|
|
|
|
| Principal O/S - 9/30/07 |
|
|
| Principal |
| Maturity |
| Due at |
| Right |
| Earliest |
| ||
|
| Gross Principal |
| SLG Share |
| Coupon |
| Repayment |
| Date |
| Maturity |
| Extension |
| Prepayment |
|
Fixed rate debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mack - Green Joint Venture |
| 11,961 |
| 5,741 |
| 6.26 | % | — |
| Jun-09 |
| 5,741 |
| — |
| Open |
|
1604-1610 Broadway |
| 27,000 |
| 12,150 |
| 5.66 | % | — |
| Apr-12 |
| 11,763 |
| — |
| Apr-08 |
|
1221 Avenue of Americas |
| 65,000 |
| 29,250 |
| 5.51 | % | — |
| Dec-10 |
| 29,250 |
| Dec-08 |
| Open |
|
Jericho Plaza |
| 163,750 |
| 33,176 |
| 5.65 | % | — |
| Mar-17 |
| 33,176 |
| — |
| Nov-07 |
|
21 West 34th Street |
| 100,000 |
| 50,000 |
| 5.75 | % | — |
| Dec-16 |
| 50,000 |
| — |
| Nov-09 |
|
100 Park Avenue |
| 175,000 |
| 87,325 |
| 6.52 | % | — |
| Nov-15 |
| 81,873 |
| — |
| Oct-08 |
|
One Court Square |
| 315,000 |
| 94,500 |
| 4.91 | % | — |
| May-20 |
| 94,500 |
| — |
| Sep-08 |
|
2 Herald Square |
| 191,250 |
| 105,188 |
| 5.36 | % | — |
| Apr-17 |
| 105,188 |
| — |
| Apr-10 |
|
1745 Broadway |
| 340,000 |
| 109,650 |
| 5.68 | % | — |
| Jan-17 |
| 109,650 |
| — |
| Dec-09 |
|
885 Third Avenue |
| 267,650 |
| 147,208 |
| 6.26 | % | — |
| Jul-17 |
| 147,208 |
| — |
| Jul-10 |
|
Total Fixed Rate Debt/Wtd Avg |
| 1,656,611 |
| 674,187 |
| 5.76 | % | — |
|
|
| 668,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
379 West Broadway (Libor + 165bps) |
| 20,750 |
| 9,338 |
| 7.21 | % | — |
| Jan-10 |
| 9,338 |
| Dec-10 |
| — |
|
800 Third Avenue (Libor + 62.5bps) |
| 20,910 |
| 9,693 |
| 6.09 | % | — |
| Aug-08 |
| 9,693 |
| — |
| Open |
|
Meadows (Libor + 165bps) |
| 81,265 |
| 20,316 |
| 7.40 | % | — |
| Sep-12 |
| 20,000 |
| — |
| Open |
|
Mack - Green Joint Venture (Libor + 275bps) |
| 90,458 |
| 43,420 |
| 8.21 | % | — |
| May-08 |
| 43,420 |
| — |
| — |
|
1250 Broadway (Libor + 80bps) |
| 115,000 |
| 63,250 |
| 6.23 | % | — |
| Aug-08 |
| 63,250 |
| Aug-09 |
| Open |
|
1221 Avenue of Americas (Libor + 75bps) |
| 105,000 |
| 47,250 |
| 5.93 | % | — |
| Dec-10 |
| 47,250 |
| Dec-08 |
| Open |
|
521 Fifth Avenue (Libor + 100bps) |
| 140,000 |
| 70,140 |
| 6.45 | % | — |
| Apr-11 |
| 70,140 |
| — |
| Open |
|
1515 Broadway (Libor + 90 bps) |
| 625,000 |
| 343,750 |
| 6.46 | % | — |
| Nov-08 |
| 343,750 |
| Jul-09 |
| Open |
|
Total Floating Rate Debt/Wtd Avg |
| 1,198,383 |
| 607,157 |
| 6.56 | % | — |
|
|
| 606,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Joint Venture Debt/Wtd Avg |
| 2,854,994 |
| 1,281,344 |
| 6.14 | % | — |
|
|
| 1,275,188 |
|
|
|
|
|
29
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 |
| 16,202 |
| 2037 |
| ||
420 Lexington Avenue (2) |
| 10,068 |
| 12,196 |
| 12,196 |
| 12,196 |
| — |
| 2029 | (3) | ||
711 Third Avenue (2) (4) |
| 1,550 |
| 1,550 |
| 1,550 |
| 1,550 |
| 671 |
| 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) | ||
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 |
| 30,865 |
| 32,993 |
| 32,993 |
| 32,846 |
| 16,873 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Capitalized Lease |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
673 First Avenue |
| 1,416 |
| 1,416 |
| 1,416 |
| 1,416 |
| 16,504 |
| 2037 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
(1) Per the balance sheet at September 30, 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 2080. |
(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. |
30
STRUCTURED FINANCE | |
|
|
|
| Assets |
| Wtd Average |
| Wtd Average |
| Current |
| Libor |
|
|
| Outstanding |
| Assets during quarter |
| Yield during quarter |
| Yield |
| Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Originations/Accretion (1) |
| 63,792 |
|
|
|
|
|
|
|
|
|
Preferred Equity |
| — |
|
|
|
|
|
|
|
|
|
Redemptions /Amortization |
| (90,375 | ) |
|
|
|
|
|
|
|
|
6/30/2007 |
| 661,720 |
| 699,566 |
| 10.52 | % | 10.62 | % | 5.32 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Originations/Accretion (1) |
| 45,374 |
|
|
|
|
|
|
|
|
|
Preferred Equity |
| 29,240 |
|
|
|
|
|
|
|
|
|
Redemptions /Amortization |
| (53,250 | ) |
|
|
|
|
|
|
|
|
9/30/2007 |
| 683,084 |
| 714,925 |
| 10.54 | % | 10.50 | % | 5.12 | % |
(1) Accretion includes original issue discounts and compounding investment income.
31
STRUCTURED FINANCE | |
|
|
|
|
|
|
|
|
|
| Wtd Average |
| Current |
| |||
Type of Investment |
| Quarter End Balance(1) |
| Senior Financing |
| Exposure Psf |
| Yield during quarter |
| Yield |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Junior Mortgage Participation |
| $ | 85,393 |
| $ | 762,500 |
| $ | 228 |
| 11.10% |
| 10.88% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Mezzanine Debt |
| $ | 484,757 |
| $ | 7,171,607 |
| $ | 433 |
| 10.25% |
| 10.34% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Preferred Equity |
| $ | 112,934 |
| $ | 2,909,024 |
| $ | 156 |
| 10.97% |
| 10.90% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance as of 9/30/07 |
| $ | 683,084 |
| $ | 10,843,131 |
| $ | 358 |
| 10.48% |
| 10.50% |
|
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 7 years.
32
SELECTED PROPERTY DATA |
|
|
|
|
|
|
|
| Usable |
| % of Total |
| Occupancy (%) |
| Annualized |
| Annualized |
| Total |
| ||||||||||
Properties |
| SubMarket |
| Ownership |
| Sq. Feet |
| Sq. Feet |
| Sep-07 |
| Jun-07 |
| Mar-07 |
| Dec-06 |
| Sep-06 |
| Rent ($’s) |
| 100% |
| SLG |
| Tenants |
|
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
“Same Store” |
|
|
|
|
|
|
| % |
| % |
| % |
| % |
| % |
| % |
| $ |
| % |
| % |
|
|
|
19 West 44th Street |
| Midtown |
| Fee Interest |
| 292,000 |
| 1 |
| 97.5 |
| 94.5 |
| 98.1 |
| 96.5 |
| 99.4 |
| 12,054,996 |
| 2 |
| 1 |
| 62 |
|
220 East 42nd Street |
| Grand Central |
| Fee Interest |
| 1,135,000 |
| 5 |
| 99.3 |
| 99.4 |
| 100.0 |
| 100.0 |
| 100.0 |
| 45,123,912 |
| 7 |
| 5 |
| 33 |
|
28 West 44th Street |
| Midtown |
| Fee Interest |
| 359,000 |
| 2 |
| 95.5 |
| 93.7 |
| 99.8 |
| 96.5 |
| 95.7 |
| 13,471,200 |
| 2 |
| 2 |
| 71 |
|
317 Madison Avenue |
| Grand Central |
| Fee Interest |
| 450,000 |
| 2 |
| 88.8 |
| 89.4 |
| 92.8 |
| 92.8 |
| 91.7 |
| 18,816,192 |
| 3 |
| 2 |
| 86 |
|
420 Lexington Ave (Graybar) |
| Grand Central North |
| Operating Sublease |
| 1,188,000 |
| 5 |
| 95.7 |
| 96.0 |
| 97.3 |
| 97.3 |
| 98.9 |
| 56,963,160 |
| 9 |
| 7 |
| 230 |
|
440 Ninth Avenue |
| Penn Station |
| Fee Interest |
| 339,000 |
| 2 |
| 99.4 |
| 99.4 |
| 99.4 |
| 99.4 |
| 99.4 |
| 10,907,748 |
| 2 |
| 1 |
| 11 |
|
461 Fifth Avenue |
| Midtown |
| Leasehold Interest (4) |
| 200,000 |
| 1 |
| 98.8 |
| 98.8 |
| 98.8 |
| 98.8 |
| 87.6 |
| 13,421,400 |
| 2 |
| 2 |
| 19 |
|
470 Park Avenue South |
| Park Avenue South / Flatiron |
| Fee Interest |
| 260,000 |
| 1 |
| 100.0 |
| 100.0 |
| 96.5 |
| 96.5 |
| 100.0 |
| 10,752,384 |
| 2 |
| 1 |
| 27 |
|
555 West 57th Street |
| Midtown West |
| Fee Interest |
| 941,000 |
| 4 |
| 99.6 |
| 99.6 |
| 99.9 |
| 99.9 |
| 99.9 |
| 28,989,384 |
| 5 |
| 3 |
| 15 |
|
625 Madison Avenue |
| Plaza District |
| Leasehold Interest |
| 563,000 |
| 3 |
| 98.8 |
| 97.9 |
| 97.3 |
| 97.3 |
| 99.0 |
| 39,440,208 |
| 7 |
| 5 |
| 31 |
|
673 First Avenue |
| Grand Central South |
| Leasehold Interest |
| 422,000 |
| 2 |
| 99.8 |
| 99.8 |
| 99.8 |
| 99.8 |
| 82.7 |
| 14,783,520 |
| 2 |
| 2 |
| 11 |
|
711 Third Avenue |
| Grand Central North |
| Operating Sublease (1) |
| 524,000 |
| 2 |
| 94.3 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 22,746,516 |
| 4 |
| 3 |
| 18 |
|
750 Third Avenue |
| Grand Central North |
| Fee Interest |
| 780,000 |
| 3 |
| 98.7 |
| 98.6 |
| 98.0 |
| 98.0 |
| 98.0 |
| 34,880,136 |
| 6 |
| 4 |
| 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal / Weighted Average |
|
|
| 7,453,000 |
| 33 |
| 97.5 |
| 97.9 |
| 98.7 |
| 97.3 |
| 96.8 |
| $322,350,756 |
| 53 |
| 38 |
| 635 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
485 Lexington Avenue |
| Grand Central North |
| Fee Interest |
| 921,000 |
| 4 |
| 98.8 |
| 98.8 |
| 90.5 |
| 90.5 |
| 78.7 |
| 44,818,320 |
| 7 |
| 5 |
| 18 |
|
609 Fifth Avenue |
| Rockefeller Center |
| Fee Interest |
| 160,000 |
| 1 |
| 99.5 |
| 97.0 |
| 98.8 |
| 98.8 |
| 98.8 |
| 12,892,788 |
| 2 |
| 2 |
| 20 |
|
1 Madison Avenue |
| Park Avenue South |
| Fee Interest |
| 1,176,900 |
| 5 |
| 99.8 |
| 99.8 |
| 98.6 |
| 98.6 |
| 98.6 |
| 61,482,708 |
| 10 |
| 7 |
| 3 |
|
331 Madison Avenue |
| Grand Central |
| Fee Interest |
| 114,900 |
| 1 |
| 100.0 |
| 97.6 |
| — |
| — |
| — |
| 4,852,824 |
| 1 |
| 1 |
| 19 |
|
333 West 34th Street |
| Penn Station |
| Fee Interest |
| 345,400 |
| 2 |
| 100.0 |
| 100.0 |
| — |
| — |
| — |
| 15,048,804 |
| 2 |
| 2 |
| 1 |
|
1372 Broadway |
| Garment |
| Fee Interest (2) |
| 508,000 |
| 2 |
| 100.0 |
| 99.8 |
| 99.7 |
| 99.7 |
| 85.7 |
| 21,207,336 |
|
|
| 0 |
| 22 |
|
120 West 45th Street |
| Midtown |
| Fee Interest |
| 440,000 |
| 2 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| — |
| 22,618,356 |
| 4 |
| 3 |
| 29 |
|
810 Seventh Avenue |
| Times Square |
| Fee Interest |
| 692,000 |
| 3 |
| 91.2 |
| 97.7 |
| 99.9 |
| — |
| — |
| 36,426,264 |
| 6 |
| 4 |
| 38 |
|
919 Third Avenue |
| Grand Central North |
| Fee Interest (3) |
| 1,454,000 |
| 7 |
| 99.9 |
| 99.9 |
| 99.9 |
| — |
| — |
| 76,297,008 |
|
|
| 5 |
| 15 |
|
1185 Avenue of the Americas |
| Rockefeller Center |
| Leasehold Interest |
| 1,062,000 |
| 5 |
| 93.3 |
| 99.0 |
| 99.0 |
| — |
| — |
| 54,879,816 |
| 9 |
| 7 |
| 23 |
|
1350 Avenue of the Americas |
| Rockefeller Center |
| Fee Interest |
| 562,000 |
| 3 |
| 93.0 |
| 93.0 |
| 93.0 |
| — |
| — |
| 29,143,500 |
| 5 |
| 3 |
| 41 |
|
Subtotal / Weighted Average |
|
|
| 7,436,200 |
| 33 |
| 97.5 |
| 98.5 |
| 97.3 |
| 91.7 |
| 81.7 |
| $379,667,724 |
| 47 |
| 39 |
| 229 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total / Weighted Average Consolidated Properties |
|
|
| 14,889,200 |
| 67 |
| 97.5 |
| 98.1 |
| 98.2 |
| 92.0 |
| 95.0 |
| $702,018,480 |
| 100 |
| 77 |
| 864 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
“Same Store” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 Park Avenue - 50% |
| Grand Central South |
| Fee Interest |
| 834,000 |
| 4 |
| 91.7 |
| 89.7 |
| 91.8 |
| 92.1 |
| 93.3 |
| 33,449,676 |
|
|
| 2 |
| 32 |
|
1221 Avenue of the Americas - 45% |
| Rockefeller Center |
| Fee Interest |
| 2,550,000 |
| 11 |
| 93.9 |
| 95.6 |
| 94.0 |
| 97.3 |
| 97.3 |
| 147,583,560 |
|
|
| 8 |
| 25 |
|
1250 Broadway - 55% |
| Penn Station |
| Fee Interest |
| 670,000 |
| 3 |
| 98.6 |
| 98.6 |
| 98.1 |
| 98.6 |
| 98.6 |
| 25,255,572 |
|
|
| 2 |
| 33 |
|
1515 Broadway - 55% |
| Times Square |
| Fee Interest |
| 1,750,000 |
| 8 |
| 99.0 |
| 99.0 |
| 99.0 |
| 99.0 |
| 99.0 |
| 84,906,348 |
|
|
| 7 |
| 9 |
|
Subtotal / Weighted Average |
|
|
|
|
| 5,804,000 |
| 26 |
| 95.7 |
| 96.7 |
| 96.1 |
| 96.1 |
| 97.6 |
| $291,195,156 |
|
|
| 19 |
| 99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
521 Fifth Avenue - 50.1% |
| Grand Central |
| Leasehold Interest (4) |
| 460,000 |
| 2 |
| 92.8 |
| 92.7 |
| 90.2 |
| 90.4 |
| 94.2 |
| 18,162,696 |
|
|
| 1 |
| 46 |
|
800 Third Avenue - 47.4% |
| Grand Central North |
| Fee Interest |
| 526,000 |
| 2 |
| 96.9 |
| 96.9 |
| 96.9 |
| 96.9 |
| — |
| 27,196,344 |
|
|
| 1 |
| 25 |
|
1745 Broadway - 32.3% |
| Midtown |
| Fee Interest |
| 674,000 |
| 3 |
| 100.0 |
| 100.0 |
| — |
| — |
| — |
| 26,104,188 |
|
|
| 2 |
| 1 |
|
Subtotal / Weighted Average |
|
|
| 1,660,000 |
| 7 |
| 97.0 |
| 97.0 |
| 93.8 |
| 93.9 |
| 94.2 |
| $71,463,228 |
|
|
| 4 |
| 72 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total / Weighted Average Unconsolidated Properties |
|
|
| 7,464,000 |
| 33 |
| 96.0 |
| 96.8 |
| 95.4 |
| 96.7 |
| 97.1 |
| $362,658,384 |
|
|
| 23 |
| 171 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Total / Weighted Average |
|
|
| 22,353,200 |
| 100 |
| 97.0 |
| 97.6 |
| 97.3 |
| 97.0 |
| 96.1 |
| $1,064,676,864 |
|
|
|
|
| 1,035 |
| ||
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $834,363,053 |
|
|
| 100 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Occupancy % - Combined |
|
|
| 13,257,000 |
| 59 |
| 96.7 |
| 97.3 |
| 97.6 |
| 97.4 |
| 97.1 |
|
|
|
|
|
|
|
|
|
(1) Including Ownership of 50% in Building Fee.
(2) SL Green holds a 15% interest in this consolidated joint venture asset.
(3) SL Green holds a 51% interest in this consolidated joint venture asset.
(4) SL Green holds an option to acquire the fee interest on this building.
33
SELECTED PROPERTY DATA |
|
|
1100 King Street - 1 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 2,317,500 |
| 3 |
| 2 |
| 1 |
|
|
|
|
1100 King Street - 2 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 2,317,500 |
| 3 |
| 2 |
| 1 |
|
|
|
|
1100 King Street - 3 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 96.0 |
| 90.5 |
| 90.5 |
| — |
| 2,190,336 |
| 2 |
| 2 |
| 6 |
|
|
|
|
1100 King Street - 4 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 98.4 |
| 98.4 |
| 98.4 |
| — |
| 2,648,460 |
| 3 |
| 2 |
|
|
|
|
|
|
1100 King Street - 5 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 94.6 |
| 88.5 |
| 77.5 |
| — |
| 2,106,684 |
| 2 |
| 2 |
| 8 |
|
|
|
|
1100 King Street - 6 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 2,605,776 |
| 3 |
| 2 |
| 5 |
|
|
|
|
100 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest |
| (1) |
| 6,000 |
| 0 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 91,776 |
| 0 |
|
|
|
|
|
|
120 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest |
| (1) |
| 205,000 |
| 3 |
| 97.6 |
| 97.6 |
| 97.6 |
| — |
| 5,797,344 |
| 2 |
| 15 |
|
|
|
|
520 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest |
| 180,000 |
| 2 |
| 85.3 |
| 81.9 |
| 80.6 |
| — |
| 3,532,632 |
| 4 |
| 3 |
| 7 |
|
|
|
|
115-117 Stevens Avenue |
| Valhalla, Westchester |
| Fee Interest |
| 178,000 |
| 2 |
| 65.2 |
| 74.2 |
| 74.2 |
| — |
| 3,070,236 |
| 3 |
| 2 |
| 14 |
|
|
|
|
100 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 250,000 |
| 3 |
| 87.4 |
| 87.4 |
| 87.4 |
| — |
| 6,253,824 |
| 7 |
| 5 |
| 8 |
|
|
|
|
200 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 245,000 |
| 3 |
| 95.7 |
| 95.7 |
| 95.7 |
| — |
| 6,569,940 |
| 7 |
| 5 |
| 8 |
|
|
|
|
500 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 228,000 |
| 3 |
| 77.1 |
| 77.1 |
| 77.1 |
| — |
| 4,129,824 |
| 5 |
| 3 |
| 1 |
|
|
|
|
140 Grand Street |
| White Plains, Westchester |
| Fee Interest |
| 130,100 |
| 2 |
| 80.0 |
| 92.9 |
| 92.9 |
| — |
| 3,398,388 |
| 4 |
| 3 |
| 7 |
|
|
|
|
360 Hamilton Avenue |
| White Plains, Westchester |
| Fee Interest |
| 384,000 |
| 5 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 12,101,088 |
| 14 |
| 9 |
| 14 |
|
|
|
|
399 Knollwood Road |
| White Plains, Westchester |
| Fee Interest |
| 145,000 |
| 2 |
| 99.0 |
| 100.0 |
| 96.6 |
| — |
| 3,433,752 |
| 4 |
| 3 |
| 45 |
|
|
|
|
Westchester, NY Subtotal |
|
|
| 2,491,100 |
| 32 |
| 91.0 |
| 91.7 |
| 91.0 |
| — |
| 62,565,060 |
| 64 |
| 45 |
| 148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 312,000 |
| 4 |
| 85.8 |
| 84.4 |
| 83.3 |
| — |
| 7,737,312 |
| 9 |
| 6 |
| 50 |
|
|
|
|
2 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 46,000 |
| 1 |
| 65.8 |
| 65.8 |
| 65.8 |
| — |
| 776,004 |
| 1 |
| 1 |
| 9 |
|
|
|
|
3 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 130,000 |
| 2 |
| 93.1 |
| 98.0 |
| 98.0 |
| — |
| 3,121,128 |
| 4 |
| 2 |
| 13 |
|
|
|
|
4 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 105,000 |
| 1 |
| 77.3 |
| 77.3 |
| 77.3 |
| — |
| 2,155,644 |
| 2 |
| 2 |
| 13 |
|
|
|
|
5 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 61,000 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 741,792 |
| 1 |
| 1 |
| 14 |
|
|
|
|
6 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 172,000 |
| 2 |
| 78.3 |
| 78.3 |
| 74.8 |
| — |
| 2,695,728 |
| 3 |
| 2 |
| 4 |
|
|
|
|
7 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 36,800 |
| 0 |
| 10.8 |
| 10.8 |
| 10.8 |
| — |
| 271,032 |
| 0 |
| 0 |
| 1 |
|
|
|
|
300 Main Street |
| Stamford, Connecticut |
| Fee Interest |
| 130,000 |
| 2 |
| 94.7 |
| 93.2 |
| 92.5 |
| — |
| 1,901,400 |
| 2 |
| 1 |
| 21 |
|
|
|
|
680 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest |
| (1) |
| 133,000 |
| 2 |
| 94.7 |
| 94.7 |
| 94.7 |
| — |
| 4,522,764 |
| 2 |
| 5 |
|
|
|
|
750 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest |
| (1) |
| 192,000 |
| 2 |
| 97.1 |
| 97.1 |
| 92.8 |
| — |
| 5,795,172 |
| 2 |
| 8 |
|
|
|
|
1010 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest |
| 143,400 |
| 2 |
| 96.6 |
| 95.6 |
| 93.2 |
| — |
| 3,693,564 |
| 4 |
| 3 |
| 20 |
|
|
|
|
1055 Washington Boulevard |
| Stamford, Connecticut |
| Leasehold Interest |
| 182,000 |
| 2 |
| 90.8 |
| 90.4 |
| 89.7 |
| — |
| 5,452,248 |
| 6 |
| 4 |
| 23 |
|
|
|
|
500 West Putnam Avenue |
| Greenwich, Connecticut |
| Fee Interest |
| 121,500 |
| 2 |
| 94.4 |
| 94.4 |
| — |
| — |
| 3,323,508 |
| 4 |
| 2 |
| 11 |
|
|
|
|
Connecticut Subtotal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,764,700 |
| 22 |
| 88.0 |
| 87.9 |
| 85.3 |
| — |
| 42,187,296 |
| 36 |
| 28 |
| 192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55 Corporate Drive, NJ |
| Bridgewater, New Jersey |
| Fee Interest |
| (2) |
| 670,000 |
| 9 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 21,812,018 |
| 8 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total / Weighted Average Consolidated Properties |
|
|
| 4,925,800 |
| 63 |
| 91.1 |
| 91.5 |
| 90.5 |
| — |
| $ 126,564,374 |
| 100 |
| 81 |
| 341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Meadows - 25% |
| Rutherford, New Jersey |
| Fee Interest |
| (3) |
| 582,100 |
| 7 |
| 81.3 |
| — |
| — |
| — |
| 12,700,680 |
| 2 |
| 51 |
|
|
|
|
Jericho Plaza - 20.26% |
| Jericho, New York |
| Fee Interest |
| (3) |
| 640,000 |
| 8 |
| 98.4 |
| 98.4 |
| — |
| — |
| 21,126,684 |
| 3 |
| 39 |
|
|
|
|
16 Court Street - 35% |
| Brooklyn, NY |
| Fee Interest |
| 317,600 |
| 4 |
| 80.5 |
| — |
| — |
| — |
| 7,611,984 |
| 2 |
| 65 |
|
|
|
|
|
|
One Court Square - 30% |
| Long Island City, New York |
| Fee Interest |
| 1,402,000 |
| 18 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 50,803,956 |
| 11 |
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total / Weighted Average Unconsolidated Properties |
|
|
| 2,941,700 |
| 37 |
| 93.8 |
| 99.5 |
| 100.0 |
| — |
| $ 92,243,304 |
| 19 |
| 156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Total / Weighted Average |
|
|
| 7,867,500 |
| 100 |
| 92.2 |
| 93.8 |
| 92.7 |
| — |
| $ 218,807,678 |
|
|
| 497 |
|
|
|
|
|
|
|
|
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ 133,077,725 |
| 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Consists of 2 buildings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) SL Green holds an option to acquire the fee interest on this building. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAIL, DEVELOPMENT & LAND |
| Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141 Fifth Avenue - 50% |
| Flat Iron |
| Fee Interest |
| 21,500 |
| 5 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| $ 2,106,840 |
| 17,511,268 |
| 2 |
| 4 |
|
|
|
|
150 Grand Street |
| White Plains |
| Fee Interest |
| 85,000 |
| 22 |
| 52.9 |
| — |
| — |
| — |
| 882,372 |
| $ 6,688,559 |
| — |
| 3 |
|
|
|
|
1551-1555 Broadway - 50% |
| Times Square |
| Fee Interest |
| 23,600 |
| 6 |
| — |
| — |
| — |
| — |
| N/A |
| 99,702,530 |
| N/A |
| N/A |
|
|
|
|
1604 Broadway - 63% |
| Times Square |
| Leasehold Interest |
| 29,876 |
| 8 |
| 100.0 |
| 100.0 |
| 100.0 |
| 72.7 |
| 4,364,292 |
| 7,413,194 |
| 4 |
| 3 |
|
|
|
|
180 Broadway - 50% |
| Cast Iron/Soho |
| Fee Interest |
| 24,307 |
| 6 |
| 85.2 |
| — |
| — |
| — |
| 628,728 |
| 13,843,530 |
| 0 |
| 12 |
|
|
|
|
21-25 West 34th Street - 50% |
| Herald Square/Penn Station |
| Fee Interest |
| 30,100 |
| 8 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 5,906,692 |
| 30,661,328 |
| 5 |
| 1 |
|
|
|
|
27-29 West 34th Street - 50% |
| Herald Square/Penn Station |
| Fee Interest |
| 41,000 |
| 10 |
| — |
| — |
| 6.1 |
| 58.8 |
| N/A |
| 30,446,866 |
| N/A |
| N/A |
|
|
|
|
379 West Broadway - 45% |
| Cast Iron/Soho |
| Leasehold Interest |
| (4) |
| 62,006 |
| 16 |
| 100.0 |
| 100.0 |
| 100.0 |
| 100.0 |
| 2,688,960 |
| 21,850,269 |
| 2 |
| 7 |
|
|
717 Fifth Avenue - 92% |
| Midtown/Plaza District |
| Fee Interest |
| 76,400 |
| 19 |
| 97.8 |
| 97.8 |
| 97.8 |
| 63.1 |
| 17,715,948 |
| 248,664,783 |
| 25 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 Herald Square - 55% |
| Herald Square/Penn Station |
| Fee Interest |
| N/A |
| N/A |
| N/A |
| — |
| — |
| — |
| 9,000,000 |
| 226,097,988 |
| 8 |
| 1 |
|
|
|
|
885 Third Avenue - 55% |
| Midtown/Plaza District |
| Fee Interest |
| N/A |
| N/A |
| N/A |
| — |
| — |
| — |
| 22,190,000 |
| 317,313,391 |
| 19 |
| 1 |
|
|
|
|
Total / Weighted Average Retail/Development Properties |
|
|
| 393,789 |
| 100 |
| N/A |
| N/A |
| N/A |
| N/A |
| $ 65,483,832 |
| $ 1,020,193,705 |
| 64 |
| 40 |
|
|
|
|
|
|
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|
|
|
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|
|
| % of Total |
| Occupancy (%) |
|
| Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dec-06 |
| Sep-06 |
| Jun-06 |
| Rent ($’s) |
|
|
|
|
|
|
|
CONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
(3) Consists of 2 buildings.
(4) SL Green holds an option to acquire the fee interest on this building.
|
| Sq. Feet |
|
|
| Sq. Feet |
| Usable |
| Sep-07 |
| Jun-07 |
| Mar-07 |
| Dec-06 |
| Annualized |
| 100% |
| SLG |
|
|
|
Adjustments |
| SubMarket |
| Ownership |
| % |
| % |
| % |
| % |
|
|
| % |
| $ |
|
|
| % |
| Tenants |
|
1100 King Street - 1 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 2,317,500 |
| 3 |
| 2 |
| 1 |
|
1100 King Street - 2 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 2,317,500 |
| 3 |
| 2 |
| 1 |
|
1100 King Street - 3 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 96.0 |
| 90.5 |
| 90.5 |
| — |
| 2,190,336 |
| 2 |
| 2 |
| 6 |
|
1100 King Street - 4 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 98.4 |
| 98.4 |
| 98.4 |
| — |
| 2,648,460 |
| 3 |
| 2 |
|
|
|
1100 King Street - 5 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 94.6 |
| 88.5 |
| 77.5 |
| — |
| 2,106,684 |
| 2 |
| 2 |
| 8 |
|
1100 King Street - 6 Int’l Drive |
| Rye Brook, Westchester |
| Fee Interest |
| 90,000 |
| 1 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 2,605,776 |
| 3 |
| 2 |
| 5 |
|
100 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest (1) |
| 6,000 |
| 0 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 91,776 |
|
|
| 0 |
|
|
|
120 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest (1) |
| 205,000 |
| 3 |
| 97.6 |
| 97.6 |
| 97.6 |
| — |
| 5,797,344 |
|
|
| 2 |
| 15 |
|
520 White Plains Road |
| Tarrytown, Westchester |
| Fee Interest |
| 180,000 |
| 2 |
| 85.3 |
| 81.9 |
| 80.6 |
| — |
| 3,532,632 |
| 4 |
| 3 |
| 7 |
|
115-117 Stevens Avenue |
| Valhalla, Westchester |
| Fee Interest |
| 178,000 |
| 2 |
| 65.2 |
| 74.2 |
| 74.2 |
| — |
| 3,070,236 |
| 3 |
| 2 |
| 14 |
|
100 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 250,000 |
| 3 |
| 87.4 |
| 87.4 |
| 87.4 |
| — |
| 6,253,824 |
| 7 |
| 5 |
| 8 |
|
200 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 245,000 |
| 3 |
| 95.7 |
| 95.7 |
| 95.7 |
| — |
| 6,569,940 |
| 7 |
| 5 |
| 8 |
|
500 Summit Lake Drive |
| Valhalla, Westchester |
| Fee Interest |
| 228,000 |
| 3 |
| 77.1 |
| 77.1 |
| 77.1 |
| — |
| 4,129,824 |
| 5 |
| 3 |
| 1 |
|
140 Grand Street |
| White Plains, Westchester |
| Fee Interest |
| 130,100 |
| 2 |
| 80.0 |
| 92.9 |
| 92.9 |
| — |
| 3,398,388 |
| 4 |
| 3 |
| 7 |
|
360 Hamilton Avenue |
| White Plains, Westchester |
| Fee Interest |
| 384,000 |
| 5 |
| 100.0 |
| 100.0 |
| 100.0 |
| — |
| 12,101,088 |
| 1 |
| 9 |
| 14 |
|
399 Knollwood Road |
| White Plains, Westchester |
| Fee Interest |
| 145,000 |
| 2 |
| 99.0 |
| 100.0 |
| 96.6 |
| — |
| 3,433,752 |
| 4 |
| 3 |
| 45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Westchester, NY Subtotal |
|
|
|
|
| 2,491,100 |
| 32 |
| 91.0 |
| 91.7 |
| 91.0 |
| — |
| 62,565,060 |
| 64 |
| 45 |
| 148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 312,000 |
| 4 |
| 85.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 46,000 |
| 1 |
| 65.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 130,000 |
| 2 |
| 93.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 105,000 |
| 1 |
| 77.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 61,000 |
| 1 |
| 100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 172,000 |
| 2 |
| 78.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 Landmark Square |
| Stamford, Connecticut |
| Fee Interest |
| 36,800 |
| 0 |
| 10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300 Main Street |
| Stamford, Connecticut |
| Fee Interest |
| 130,000 |
| 2 |
| 94.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
680 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest (1) |
| 133,000 |
| 2 |
| 94.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest (1) |
| 192,000 |
| 2 |
| 97.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1010 Washington Boulevard |
| Stamford, Connecticut |
| Fee Interest |
| 143,400 |
| 2 |
| 96.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1055 Washington Boulevard |
| Stamford, Connecticut |
| Leasehold Interest |
| 182,000 |
| 2 |
| 90.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500 West Putnam Avenue |
| Greenwich, Connecticut |
| Fee Interest |
| 121,500 |
| 2 |
| 94.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut Subtotal |
|
|
|
|
| 1,764,700 |
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55 Corporate Drive, NJ |
| Bridgewater, New Jersey |
| Fee Interest (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total / Weighted Average Consolidated Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNCONSOLIDATED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Meadows - 25% |
| Rutherford, New Jersey |
| Fee Interest (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jericho Plaza - 20.26% |
| Jericho, New York |
| Fee Interest (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 Court Street - 35% |
| Brooklyn, NY |
| Fee Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Court Square - 30% |
| Long Island City, New York |
| Fee Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total / Weighted Average Unconsolidated Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Total / Weighted Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Total - SLG share of Annualized Rent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties |
|
(1) - 57% of Portfolio’s Largest Tenants have investment grade credit ratings. 34% of SLG Share of Annualized Rent is derived from these Tenants.
35
TENANT DIVERSIFICATION |
Based on Base Rental Revenue
36
|
|
Leasing Artivity - Manhattan Properties | |
| |
| |
Available Space |
Activity |
| Building Address |
| # of Leases |
| Usable SF |
| Rentable SF |
| Rent/Rentable SF ($’s)(1) | ||
|
|
|
|
|
|
|
|
|
|
| ||
Vacancy at 6/30/07 |
|
|
|
|
| 536,324 |
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
Less: Sold Vacancies |
| 292 Madison Avenue |
|
|
| (531) |
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
Space which became available during the Quarter (A): |
|
|
|
| ||||||||
Office |
|
|
|
|
|
|
|
|
|
| ||
|
| 317 Madison Avenue |
| 2 |
| 3,408 |
| 3,467 |
| $ | 30.60 | |
|
| 750 Third Avenue |
| 1 |
| 11,451 |
| 11,451 |
| $ | 47.50 | |
|
| 220 East 42nd Street |
| 1 |
| 1,350 |
| 1,350 |
| $ | 55.90 | |
|
| 461 Fifth Avenue |
| 2 |
| 17,234 |
| 17,234 |
| $ | 59.47 | |
|
| 1372 Broadway |
| 1 |
| 43,708 |
| 43,708 |
| $ | 28.29 | |
|
| 1221 Sixth Avenue |
| 1 |
| 43,255 |
| 43,255 |
| $ | 46.89 | |
|
| 19 West 44th Street |
| 4 |
| 2,686 |
| 2,766 |
| $ | 36.68 | |
|
| 28 West 44th Street |
| 9 |
| 9,497 |
| 9,956 |
| $ | 40.51 | |
|
| 521 Fifth Avenue |
| 2 |
| 3,897 |
| 3,897 |
| $ | 47.90 | |
|
| 609 Fifth Avenue |
| 2 |
| 2,724 |
| 2,635 |
| $ | 64.98 | |
|
| 711 Third Avenue |
| 1 |
| 29,967 |
| 29,967 |
| $ | 33.13 | |
|
| 800 Third Avenue |
| 1 |
| 3,408 |
| 3,408 |
| $ | 62.88 | |
|
| 810 Seventh Avenue |
| 3 |
| 44,500 |
| 44,500 |
| $ | 51.48 | |
|
| 919 Third Avenue |
| 1 |
| 1,245 |
| 1,245 |
| $ | 59.94 | |
|
| 1185 Avenue of the Americas |
| 3 |
| 59,939 |
| 59,939 |
| $ | 41.56 | |
|
| 420 Lexington Avenue |
| 13 |
| 26,595 |
| 30,866 |
| $ | 43.10 | |
|
| 331 Madison Avenue |
| 1 |
| 2,800 |
| 2,800 |
| $ | 29.88 | |
|
| Total/Weighted Average |
| 48 |
| 307,664 |
| 312,444 |
| $ | 42.74 | |
|
|
|
|
|
|
|
|
|
|
| ||
Retail |
|
|
|
|
|
|
|
|
|
| ||
|
| 28 West 44th Street |
| 1 |
| 312 |
| 312 |
| $ | 66.73 | |
|
| 625 Madison Avenue |
| 1 |
| 997 |
| 997 |
| $ | 60.18 | |
|
| Total/Weighted Average |
| 2 |
| 1,309 |
| 1,309 |
| $ | 61.74 | |
|
|
|
|
|
|
|
|
|
|
| ||
Storage |
|
|
|
|
|
|
|
|
|
| ||
|
| 750 Third Avenue |
| 1 |
| 1,568 |
| 1,568 |
| $ | 25.00 | |
|
| 28 West 44th Street |
| 3 |
| 1,105 |
| 1,105 |
| $ | 23.17 | |
|
| 810 Seventh Avenue |
| 1 |
| 536 |
| 536 |
| $ | 10.88 | |
|
| Total/Weighted Average |
| 5 |
| 3,209 |
| 3,209 |
| $ | 22.01 | |
|
|
|
|
|
|
|
|
|
|
| ||
|
| Total Space became Available during the Quarter |
|
| ||||||||
|
|
| Office |
| 48 |
| 307,664 |
| 312,444 |
| $ | 42.74 |
|
|
| Retail |
| 2 |
| 1,309 |
| 1,309 |
| $ | 61.74 |
|
|
| Storage |
| 5 |
| 3,209 |
| 3,209 |
| $ | 22.01 |
|
|
|
| 55 |
| 312,182 |
| 316,962 |
| $ | 42.61 | |
|
| Total Available Space |
|
|
| 847,975 |
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
(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. |
37
Leasing Activity - Manhattan Properties |
Activity |
| Building Address |
| # of Leases |
| Term |
|
|
| New Cash Rent / |
| Prev. Escalated |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Available Space as of 6/30/07 |
|
|
|
|
| 847,975 |
|
|
|
|
|
|
|
|
|
|
| |||||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 317 Madison Avenue |
| 1 |
| 1.3 |
| 870 |
| 929 |
| $ | 40.00 |
| $ | 32.71 |
| $ | — |
| — |
|
|
| 750 Third Avenue |
| 1 |
| 5.2 |
| 11,451 |
| 11,765 |
| $ | 65.00 |
| $ | 46.23 |
| $ | 20.00 |
| 3.0 |
|
|
| 461 Fifth Avenue |
| 2 |
| 10.2 |
| 17,234 |
| 18,366 |
| $ | 85.83 |
| $ | 55.80 |
| $ | 3.88 |
| 2.6 |
|
|
| 100 Park Avenue |
| 3 |
| 8.2 |
| 16,785 |
| 18,586 |
| $ | 95.02 |
| $ | 39.91 |
| $ | 59.07 |
| 4.2 |
|
|
| 1372 Broadway |
| 1 |
| 10.1 |
| 43,708 |
| 46,103 |
| $ | 47.14 |
| $ | 26.82 |
| $ | 18.00 |
| 6.0 |
|
|
| 1221 Sixth Avenue |
| 2 |
| 4.0 |
| 385 |
| 494 |
| $ | 39.86 |
| $ | — |
| $ | — |
| — |
|
|
| 19 West 44th Street |
| 2 |
| 9.7 |
| 11,427 |
| 11,825 |
| $ | 52.56 |
| $ | 38.33 |
| $ | 22.44 |
| 1.0 |
|
|
| 28 West 44th Street |
| 8 |
| 6.8 |
| 16,903 |
| 17,330 |
| $ | 41.40 |
| $ | 37.16 |
| $ | 31.58 |
| 0.9 |
|
|
| 521 Fifth Avenue |
| 1 |
| 5.0 |
| 4,246 |
| 4,246 |
| $ | 56.00 |
| $ | — |
| $ | 50.43 |
| — |
|
|
| 609 Fifth Avenue |
| 5 |
| 4.2 |
| 6,806 |
| 7,304 |
| $ | 65.07 |
| $ | 54.34 |
| $ | 8.94 |
| 0.9 |
|
|
| 625 Madison Avenue |
| 1 |
| 12.5 |
| 6,367 |
| 7,264 |
| $ | 67.00 |
| $ | 36.01 |
| $ | 49.41 |
| 1.0 |
|
|
| 800 Third Avenue |
| 1 |
| 5.1 |
| 3,408 |
| 3,408 |
| $ | 58.41 |
| $ | 62.88 |
| $ | — |
| — |
|
|
| 919 Third Avenue |
| 1 |
| 4.7 |
| 1,245 |
| 1,314 |
| $ | 75.00 |
| $ | 56.79 |
| $ | 35.47 |
| 1.5 |
|
|
| 420 Lexington Avenue |
| 10 |
| 8.1 |
| 21,865 |
| 29,340 |
| $ | 51.42 |
| $ | 32.06 |
| $ | 22.01 |
| 1.0 |
|
|
| 331 Madison Avenue |
| 2 |
| 7.3 |
| 5,600 |
| 6,942 |
| $ | 43.74 |
| $ | 26.38 |
| $ | 23.59 |
| 0.5 |
|
|
| Total/Weighted Average |
| 41 |
| 8.4 |
| 168,300 |
| 185,216 |
| $ | 59.31 |
| $ | 37.68 |
| $ | 24.52 |
| 2.8 |
|
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 28 West 44th Street |
| 1 |
| 5.0 |
| 312 |
| 345 |
| $ | 67.08 |
| $ | 60.35 |
| $ | 8.84 |
| — |
|
|
| Total/Weighted Average |
| 1 |
| 5.0 |
| 312 |
| 345 |
| $ | 67.08 |
| $ | 60.35 |
| $ | 8.84 |
| — |
|
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 750 Third Avenue |
| 2 |
| 10.5 |
| 2,343 |
| 2,343 |
| $ | 22.85 |
| $ | — |
| $ | — |
| — |
|
|
| 220 East 42nd Street |
| 1 |
| 3.3 |
| 1,000 |
| 1,275 |
| $ | 35.00 |
| $ | — |
| $ | — |
| 3.0 |
|
|
| 28 West 44th Street |
| 1 |
| 2.0 |
| 151 |
| 170 |
| $ | 25.00 |
| $ | 17.10 |
| $ | — |
| — |
|
|
| 810 Seventh Avenue |
| 1 |
| 6.6 |
| 252 |
| 354 |
| $ | 30.00 |
| $ | — |
| $ | — |
| — |
|
|
| 420 Lexington Avenue |
| 2 |
| 5.0 |
| 586 |
| 600 |
| $ | 7.53 |
| $ | 46.51 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 7 |
| 7.3 |
| 4,332 |
| 4,742 |
| $ | 24.79 |
| $ | 29.39 |
| $ | — |
| 0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Office (3) |
| 41 |
| 8.4 |
| 168,300 |
| 185,216 |
| $ | 59.31 |
| $ | 37.68 |
| $ | 24.52 |
| 2.8 |
|
|
| Retail |
| 1 |
| 5.0 |
| 312 |
| 345 |
| $ | 67.08 |
| $ | 60.35 |
| $ | 8.84 |
| — |
|
|
| Storage |
| 7 |
| 7.3 |
| 4,332 |
| 4,742 |
| $ | 24.79 |
| $ | 29.39 |
| $ | — |
| 0.8 |
|
|
| Total |
| 49 |
| 8.4 |
| 172,944 |
| 190,303 |
| $ | 58.47 |
| $ | 37.71 |
| $ | 23.88 |
| 2.7 |
|
Total Available Space @ 9/30/07 |
|
|
|
|
| 675,031 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 750 Third Avenue |
| 1 |
| 1.5 |
| 11,465 |
| 11,451 |
| $ | 65.00 |
| $ | 54.07 |
| $ | — |
| — |
|
|
| 1515 Broadway |
| 1 |
| 5.0 |
| 25,268 |
| 27,036 |
| $ | 75.00 |
| $ | 38.59 |
| $ | — |
| — |
|
|
| 521 Fifth Avenue |
| 1 |
| 6.0 |
| 3,375 |
| 3,707 |
| $ | 46.00 |
| $ | 32.78 |
| $ | 13.50 |
| — |
|
|
| 800 Third Avenue |
| 2 |
| 5.0 |
| 10,760 |
| 10,760 |
| $ | 59.48 |
| $ | 50.12 |
| $ | — |
| — |
|
|
| 1185 Avenue of the Americas |
| 2 |
| 10.1 |
| 30,700 |
| 33,793 |
| $ | 80.00 |
| $ | 38.11 |
| $ | 18.49 |
| — |
|
|
| 420 Lexington Avenue |
| 5 |
| 4.8 |
| 55,430 |
| 68,283 |
| $ | 51.10 |
| $ | 37.14 |
| $ | 9.01 |
| — |
|
|
| Total/Weighted Average |
| 12 |
| 5.8 |
| 136,998 |
| 155,030 |
| $ | 63.05 |
| $ | 39.65 |
| $ | 8.32 |
| — |
|
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Total/Weighted Average |
| — |
| — |
| — |
| — |
| $ | — |
| $ | — |
| $ | — |
| — |
|
Storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 1515 Broadway |
| 1 |
| 5.0 |
| 1,729 |
| 1,729 |
| $ | 25.00 |
| 18.00 |
| $ | — |
| — |
| |
|
| Total/Weighted Average |
| 1 |
| 5.0 |
| 1,729 |
| 1,729 |
| $ | 25.00 |
| $ | 18.00 |
| $ | — |
| — |
|
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Early Renewals Office |
| 12 |
| 5.8 |
| 136,998 |
| 155,030 |
| $ | 63.05 |
| $ | 39.65 |
| $ | 8.32 |
| — |
|
|
| Early Renewals Retail |
| — |
| — |
| — |
| — |
| $ | — |
| $ | — |
| $ | — |
| — |
|
|
| Early Renewals Storage |
| 1 |
| 5.0 |
| 1,729 |
| 1,729 |
| $ | 25.00 |
| $ | 18.00 |
| $ | — |
| — |
|
|
| Total |
| 13 |
| 5.8 |
| 138,727 |
| 156,759 |
| $ | 62.63 |
| $ | 39.41 |
| $ | 8.23 |
| — |
|
(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 $60.29/rsf for 164,584 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $61.63/rsf for 319,614 rentable SF.
38
Leasing Activity- Suburban Properties | |
|
|
Activity |
| Building Address |
| # of Leases |
| Usable SF |
| Rentable SF |
| Rent/Rentable SF ($’s)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacancy at 6/30/07 |
|
|
|
|
| 430,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Acquired Vacancies |
| 16 Court Street |
|
|
| 61,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The Meadows |
|
|
| 108,626 |
|
|
|
|
|
Space which became available during the Quarter (A): |
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 120 White Plains Road |
| 1 |
| 1,063 |
| 1,063 |
| $ | 28.00 |
|
|
| 115-117 Steven Avenue |
| 1 |
| 14,825 |
| 14,825 |
| $ | 23.37 |
|
|
| 200 Summit Lake Drive |
| 1 |
| 2,559 |
| 2,559 |
| $ | 27.75 |
|
|
| 140 Grand Street |
| 1 |
| 19,800 |
| 19,800 |
| $ | 30.50 |
|
|
| 399 Knollwood Road |
| 2 |
| 6,387 |
| 6,387 |
| $ | 25.47 |
|
|
| 1 Landmark Square |
| 3 |
| 2,873 |
| 2,873 |
| $ | 36.86 |
|
|
| 3 Landmark Square |
| 2 |
| 13,810 |
| 13,810 |
| $ | 25.86 |
|
|
| 1055 Washington Avenue |
| 1 |
| 3,855 |
| 3,855 |
| $ | 27.81 |
|
|
| 16 Court Street |
| 1 |
| 621 |
| 621 |
| $ | 39.39 |
|
|
| Total/Weighted Average |
| 13 |
| 65,793 |
| 65,793 |
| $ | 27.49 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Storage |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 115-117 Steven Avenue |
| 1 |
| 3,568 |
| 3,568 |
| $ | 3.00 |
|
|
| 399 Knollwood Road |
| 1 |
| 200 |
| 200 |
| $ | 7.98 |
|
|
| Total/Weighted Average |
| 2 |
| 3,768 |
| 3,768 |
| $ | 3.26 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Space became Available during the Quarter |
|
|
|
|
|
|
|
|
| |
|
| Office |
| 13 |
| 65,793 |
| 65,793 |
| $ | 27.49 |
|
|
| Storage |
| 2 |
| 3,768 |
| 3,768 |
| $ | 3.26 |
|
|
|
|
| 15 |
| 69,561 |
| 69,561 |
| $ | 26.18 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Available Space |
|
|
| 670,425 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
(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.
39
Leasing Activity - Suburban Properties | |
|
|
Activity |
| Building Address |
| # of Leases |
| Term (Yrs) |
| Usable SF |
| Rentable SF |
| New Cash Rent / |
| Prev. Escalated |
| TI / Rentable |
| Free Rent # |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Available Space as of 6/30/07 |
|
|
|
|
| 670,425 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 1100 King Street - 3 Int’l Drive |
| 1 |
| 8.4 |
| 5,000 |
| 5,000 |
| $ | 27.25 |
| $ | 25.00 |
| $ | 35.00 |
| — |
|
|
| 1100 King Street - 5 Int’l Drive |
| 2 |
| 5.2 |
| 5,496 |
| 5,496 |
| $ | 27.72 |
| $ | 25.00 |
| $ | 32.14 |
| — |
|
|
| 120 White Plains Road |
| 1 |
| 2.0 |
| 1,063 |
| 1,063 |
| $ | 27.54 |
| $ | 28.00 |
| $ | — |
| — |
|
|
| 520 White Plains Road |
| 1 |
| 5.2 |
| 6,048 |
| 6,048 |
| $ | 26.00 |
| $ | 20.06 |
| $ | 40.00 |
| — |
|
|
| 115-117 Steven Avenue |
| 1 |
| 10.0 |
| 2,404 |
| 2,404 |
| $ | 15.00 |
| $ | 15.00 |
| $ | — |
| — |
|
|
| 200 Summit Lake Drive |
| 1 |
| 6.1 |
| 2,559 |
| 2,559 |
| $ | 27.91 |
| $ | 27.75 |
| $ | — |
| — |
|
|
| 140 Grand Street |
| 1 |
| 7.1 |
| 3,000 |
| 3,000 |
| $ | 34.00 |
| $ | 30.50 |
| $ | 5.00 |
| — |
|
|
| 399 Knollwood Road |
| 2 |
| 0.5 |
| 5,193 |
| 5,193 |
| $ | 26.42 |
| $ | 25.19 |
| $ | 10.78 |
| — |
|
|
| 1 Landmark Square |
| 4 |
| 4.6 |
| 7,145 |
| 7,145 |
| $ | 37.67 |
| $ | 36.54 |
| $ | 11.96 |
| — |
|
|
| 3 Landmark Square |
| 1 |
| 5.3 |
| 7,360 |
| 7,360 |
| $ | 31.00 |
| $ | 31.00 |
| $ | 7.00 |
| — |
|
|
| 300 Main Street |
| 1 |
| 1.4 |
| 1,956 |
| 1,956 |
| $ | 33.50 |
| $ | 21.75 |
| $ | — |
| — |
|
|
| 1010 Washington Avenue |
| 1 |
| 3.0 |
| 1,352 |
| 1,352 |
| $ | 27.00 |
| $ | 28.80 |
| $ | — |
| 1.0 |
|
|
| 1055 Washington Avenue |
| 1 |
| 7.2 |
| 4,700 |
| 4,700 |
| $ | 32.00 |
| $ | — |
| $ | 22.68 |
| 2.0 |
|
|
| Total/Weighted Average |
| 18 |
| 5.3 |
| 53,276 |
| 53,276 |
| $ | 29.50 |
| $ | 27.04 |
| $ | 17.05 |
| 0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Leased Space |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office |
|
|
| 18 |
| 5.3 |
| 53,276 |
| 53,276 |
| $ | 29.50 |
| $ | 27.46 |
| $ | 17.05 |
| 0.2 |
|
|
| Total |
| 18 |
| 5.3 |
| 53,276 |
| 53,276 |
| $ | 29.50 |
| $ | 27.46 |
| $ | 17.05 |
| 0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Available Space @ 9/30/07 |
|
|
|
|
| 617,149 |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Early Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 500 Summit Lake Drive |
| 2 |
| 7.1 |
| 9,819 |
| 9,819 |
| $ | 27.42 |
| $ | 26.86 |
| $ | 4.69 |
| — |
|
|
| 750 Washington Avenue |
| 1 |
| 5.0 |
| 5,688 |
| 5,688 |
| $ | 40.00 |
| $ | 31.00 |
| $ | 10.00 |
| — |
|
|
| 1055 Washington Avenue |
| 1 |
| 3.0 |
| 2,125 |
| 2,125 |
| $ | 35.50 |
| $ | 33.00 |
| $ | 0.57 |
| — |
|
|
| 500 West Putnam Avenue |
| 1 |
| 3.0 |
| 20,617 |
| 20,617 |
| $ | 45.00 |
| $ | 34.75 |
| $ | — |
| — |
|
|
| Total/Weighted Average |
| 5 |
| 4.3 |
| 38,249 |
| 38,249 |
| $ | 39.22 |
| $ | 32.07 |
| $ | 2.72 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Renewals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Early Renewals Office |
| 5 |
| 4.3 |
| 38,249 |
| 38,249 |
| $ | 39.22 |
| $ | 32.07 |
| $ | 2.72 |
| — |
|
|
| Total |
| 5 |
| 4.3 |
| 38,249 |
| 38,249 |
| $ | 39.22 |
| $ | 43.46 |
| $ | 2.72 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $29.26/rsf for 48,576 rentable SF. |
| Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $33.64/rsf for 86,825 rentable SF. |
40
ANNUAL LEASE EXPIRATIONS – Manhattan Properties |
|
| Consolidated Properties |
| Joint Venture Properties |
| ||||||||||||||||||||||||||
Year of Lease Expiration |
| Number |
| Rentable |
| Percentage |
| Annualized |
| Annualized |
| Year 2007 |
| Number |
| Rentable |
| Percentage |
| Annualized |
| Annualized |
| Year 2007 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2007 (1) |
| 10 |
| 6,124 |
| 0.04 | % | $ | 327,060 |
| $ | 53.41 |
| $ | 75.45 |
| 2 |
| 2,836 |
| 0.04 | % | $ | 132,995 |
| $ | 46.90 |
| $ | 62.15 |
|
In 2nd Quarter 2007 |
| — |
| — |
| — |
| — |
| — |
| — |
| 2 |
| 21,314 |
| 0.30 | % | $ | 1,149,396 |
| $ | 53.93 |
| $ | 65.00 |
| |||
In 3rd Quarter 2007 |
| 12 |
| 74,079 |
| 0.50 | % | $ | 3,681,252 |
| $ | 49.69 |
| $ | 74.08 |
| 2 |
| 24,846 |
| 0.35 | % | $ | 747,759 |
| $ | 30.10 |
| $ | 46.00 |
|
In 4th Quarter 2007 |
| 25 |
| 137,769 |
| 0.92 | % | $ | 7,677,552 |
| $ | 55.73 |
| $ | 86.74 |
| 6 |
| 205,711 |
| 2.89 | % | $ | 9,610,188 |
| $ | 46.72 |
| $ | 79.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2007 |
| 47 |
| 217,972 |
| 1.46 | % | $ | 11,685,864 |
| $ | 53.61 |
| $ | 82.12 |
| 12 |
| 254,707 |
| 3.58 | % | $ | 11,640,338 |
| $ | 45.70 |
| $ | 74.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2008 |
| 18 |
| 89,093 |
| 0.60 | % | $ | 3,727,896 |
| $ | 41.84 |
| $ | 60.47 |
| 9 |
| 192,004 |
| 2.70 | % | $ | 8,444,496 |
| $ | 43.98 |
| $ | 76.95 |
|
In 2nd Quarter 2008 |
| 24 |
| 138,329 |
| 0.93 | % | $ | 6,740,712 |
| $ | 48.73 |
| $ | 68.15 |
| 5 |
| 36,555 |
| 0.51 | % | $ | 1,844,424 |
| $ | 50.46 |
| $ | 75.18 |
|
In 3rd Quarter 2008 |
| 32 |
| 66,227 |
| 0.44 | % | $ | 2,924,364 |
| $ | 44.16 |
| $ | 59.69 |
| 5 |
| 177,591 |
| 2.50 | % | $ | 7,843,176 |
| $ | 44.16 |
| $ | 66.58 |
|
In 4th Quarter 2008 |
| 32 |
| 281,742 |
| 1.89 | % | $ | 12,611,784 |
| $ | 44.76 |
| $ | 65.26 |
| 3 |
| 16,813 |
| 0.24 | % | $ | 508,896 |
| $ | 30.27 |
| $ | 77.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2008 |
| 106 |
| 575,391 |
| 3.86 | % | $ | 26,004,756 |
| $ | 45.19 |
| $ | 64.50 |
| 22 |
| 422,963 |
| 5.95 | % | $ | 18,640,992 |
| $ | 44.07 |
| $ | 72.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2009 |
| 104 |
| 1,165,177 |
| 7.81 | % | $ | 53,654,844 |
| $ | 46.05 |
| $ | 63.84 |
| 20 |
| 195,718 |
| 2.75 | % | $ | 7,846,224 |
| $ | 40.09 |
| $ | 78.85 |
|
2010 |
| 130 |
| 1,076,678 |
| 7.21 | % | $ | 47,113,236 |
| $ | 43.76 |
| $ | 61.98 |
| 28 |
| 1,464,779 |
| 20.59 | % | $ | 74,441,640 |
| $ | 50.82 |
| $ | 72.80 |
|
2011 |
| 110 |
| 874,203 |
| 5.86 | % | $ | 42,842,736 |
| $ | 49.01 |
| $ | 63.62 |
| 15 |
| 183,098 |
| 2.57 | % | $ | 7,880,556 |
| $ | 43.04 |
| $ | 68.86 |
|
2012 |
| 109 |
| 1,199,203 |
| 8.03 | % | $ | 46,276,956 |
| $ | 38.59 |
| $ | 55.02 |
| 15 |
| 121,097 |
| 1.70 | % | $ | 5,709,732 |
| $ | 47.15 |
| $ | 71.74 |
|
2013 |
| 64 |
| 1,192,410 |
| 7.99 | % | $ | 52,434,120 |
| $ | 43.97 |
| $ | 62.53 |
| 14 |
| 1,101,412 |
| 15.49 | % | $ | 67,150,356 |
| $ | 60.97 |
| $ | 80.27 |
|
2014 |
| 37 |
| 619,613 |
| 4.15 | % | $ | 26,027,484 |
| $ | 42.01 |
| $ | 66.48 |
| 17 |
| 204,579 |
| 2.88 | % | $ | 15,195,384 |
| $ | 74.28 |
| $ | 109.91 |
|
2015 |
| 45 |
| 680,622 |
| 4.56 | % | $ | 33,393,276 |
| $ | 49.06 |
| $ | 66.50 |
| 18 |
| 353,885 |
| 4.98 | % | $ | 15,349,428 |
| $ | 43.37 |
| $ | 59.46 |
|
2016 |
| 45 |
| 1,129,621 |
| 7.57 | % | $ | 55,437,504 |
| $ | 49.08 |
| $ | 69.17 |
| 8 |
| 224,212 |
| 3.15 | % | $ | 15,869,100 |
| $ | 70.78 |
| $ | 83.93 |
|
Thereafter |
| 125 |
| 6,194,174 |
| 41.50 | % | $ | 307,147,704 |
| $ | 49.59 |
| $ | 68.79 |
| 28 |
| 2,585,977 |
| 36.36 | % | $ | 122,934,634 |
| $ | 47.54 |
| $ | 77.82 |
|
|
| 922 |
| 14,925,064 |
| 100.00 | % | $ | 702,018,480 |
| $ | 47.04 |
| $ | 65.86 |
| 197 |
| 7,112,427 |
| 100.00 | % | $ | 362,658,384 |
| $ | 50.99 |
| $ | 76.64 |
|
(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
ANNUAL LEASE EXPIRATIONS - Suburban Properties |
|
| Consolidated Properties |
| Joint Venture Properties |
| ||||||||||||||||||||||||||
Year of Lease Expiration |
| Number of |
| Rentable |
| Percentage of |
| Annualized |
| Annualized |
| Year 2007 |
| Number of |
| Rentable |
| Percentage of |
| Annualized |
| Annualized |
| Year 2007 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2007 (1) |
| 7 |
| 16,883 |
| 0.39 | % | $ | 551,724 |
| $ | 32.68 |
| $ | 35.00 |
| 3 |
| 13,223 |
| 0.49 | % | $ | 339,432 |
| $ | 25.67 |
| $ | 38.00 |
|
In 2nd Quarter 2007 |
| 2 |
| 2,603 |
| 0.06 | % | $ | 68,880 |
| $ | 26.46 |
| $ | 28.47 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||
In 3rd Quarter 2007 |
| 8 |
| 64,809 |
| 1.49 | % | $ | 443,808 |
| $ | 6.85 |
| $ | 10.02 |
| 3 |
| 14,832 |
| 0.55 | % | $ | 493,740 |
| $ | 33.29 |
| $ | 38.00 |
|
In 4th Quarter 2007 |
| 11 |
| 19,869 |
| 0.46 | % | $ | 570,096 |
| $ | 28.69 |
| $ | 36.66 |
| 2 |
| 19,742 |
| 0.73 | % | $ | 633,444 |
| $ | 32.09 |
| $ | 36.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2007 |
| 28 |
| 104,164 |
| 2.39 | % | $ | 1,634,508 |
| $ | 15.69 |
| $ | 19.74 |
| 8 |
| 47,797 |
| 1.76 | % | $ | 1,466,616 |
| $ | 30.68 |
| $ | 37.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
In 1st Quarter 2008 |
| 16 |
| 88,822 |
| 2.04 | % | $ | 2,695,608 |
| $ | 30.35 |
| $ | 37.54 |
| 1 |
| 12,030 |
| 0.44 | % | $ | 399,192 |
| $ | 33.18 |
| $ | 36.00 |
|
In 2nd Quarter 2008 |
| 12 |
| 104,321 |
| 2.39 | % | $ | 3,084,612 |
| $ | 29.57 |
| $ | 29.78 |
| 5 |
| 21,854 |
| 0.80 | % | $ | 722,436 |
| $ | 33.06 |
| $ | 36.46 |
|
In 3rd Quarter 2008 |
| 12 |
| 44,937 |
| 1.03 | % | $ | 1,230,384 |
| $ | 27.38 |
| $ | 30.78 |
| 3 |
| 4,280 |
| 0.16 | % | $ | 145,920 |
| $ | 34.09 |
| $ | 38.00 |
|
In 4th Quarter 2008 |
| 12 |
| 69,653 |
| 1.60 | % | $ | 1,857,132 |
| $ | 26.66 |
| $ | 37.03 |
| 1 |
| 3,859 |
| 0.14 | % | $ | 128,148 |
| $ | 33.21 |
| $ | 36.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total 2008 |
| 52 |
| 307,733 |
| 7.06 | % | $ | 8,867,736 |
| $ | 28.82 |
| $ | 33.81 |
| 10 |
| 42,023 |
| 1.54 | % | $ | 1,395,696 |
| $ | 33.21 |
| $ | 36.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2009 |
| 53 |
| 295,285 |
| 6.77 | % | $ | 8,962,932 |
| $ | 30.35 |
| $ | 38.90 |
| 11 |
| 83,337 |
| 3.06 | % | $ | 2,857,848 |
| $ | 34.29 |
| $ | 36.29 |
|
2010 |
| 55 |
| 554,611 |
| 12.72 | % | $ | 16,310,280 |
| $ | 29.41 |
| $ | 33.20 |
| 13 |
| 96,163 |
| 3.53 | % | $ | 3,047,940 |
| $ | 31.70 |
| $ | 36.34 |
|
2011 |
| 62 |
| 845,837 |
| 19.40 | % | $ | 23,696,772 |
| $ | 28.02 |
| $ | 33.10 |
| 15 |
| 69,815 |
| 2.57 | % | $ | 2,428,320 |
| $ | 34.78 |
| $ | 36.83 |
|
2012 |
| 36 |
| 361,568 |
| 8.29 | % | $ | 10,351,644 |
| $ | 28.63 |
| $ | 33.86 |
| 14 |
| 164,220 |
| 6.04 | % | $ | 6,009,288 |
| $ | 36.59 |
| $ | 37.82 |
|
2013 |
| 14 |
| 346,140 |
| 7.94 | % | $ | 10,779,432 |
| $ | 31.14 |
| $ | 32.88 |
| 7 |
| 38,754 |
| 1.42 | % | $ | 1,094,928 |
| $ | 28.25 |
| $ | 39.96 |
|
2014 |
| 13 |
| 219,063 |
| 5.02 | % | $ | 5,768,664 |
| $ | 26.33 |
| $ | 32.47 |
| 10 |
| 152,683 |
| 5.61 | % | $ | 5,528,304 |
| $ | 36.21 |
| $ | 37.13 |
|
2015 |
| 12 |
| 193,643 |
| 4.44 | % | $ | 5,717,112 |
| $ | 29.52 |
| $ | 34.78 |
| 6 |
| 24,594 |
| 0.90 | % | $ | 830,172 |
| $ | 33.76 |
| $ | 38.12 |
|
2016 |
| 14 |
| 281,582 |
| 6.46 | % | $ | 7,438,968 |
| $ | 26.42 |
| $ | 37.23 |
| 4 |
| 61,218 |
| 2.25 | % | $ | 1,951,524 |
| $ | 31.88 |
| $ | 36.15 |
|
Thereafter |
| 16 |
| 850,142 |
| 19.50 | % | $ | 27,036,326 |
| $ | 31.80 |
| $ | 36.73 |
| 50 |
| 1,940,164 |
| 71.31 | % | $ | 65,632,668 |
| $ | 33.83 |
| $ | 37.94 |
|
|
| 355 |
| 4,359,768 |
| 100.00 | % | $ | 126,564,374 |
| $ | 29.03 |
| $ | 34.30 |
| 148 |
| 2,720,768 |
| 100.00 | % | $ | 92,243,304 |
| $ | 33.90 |
| $ | 37.70 |
|
(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. |
|
42
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Manhattan |
|
|
|
|
|
|
|
|
|
| % Leased |
| Acquisition | ||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable sf |
| at acquisition |
| 9/30/2007 |
| Price ($’s) (1) |
1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar-98 |
| 420 Lexington |
| Operating Sublease |
| Grand Central |
| 1,188,000 |
| 83.0 |
| 95.7 |
| $78,000,000 |
May-98 |
| 711 3rd Avenue |
| Operating Sublease |
| Grand Central |
| 524,000 |
| 79.0 |
| 94.3 |
| $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 |
| 99.6 |
| $66,700,000 |
Aug-99 |
| 1250 Broadway - 50% JV |
| Fee Interest |
| Penn Station |
| 670,000 |
| 96.5 |
| 98.6 |
| $93,000,000 |
Nov-99 |
| 555 West 57th - remaining 35% |
| Fee Interest |
| Midtown West |
| — |
|
|
| 99.6 |
| $34,100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Feb-00 |
| 100 Park Avenue |
| Fee Interest |
| Grand Central |
| 834,000 |
| 96.5 |
| 91.7 |
| $192,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun-01 |
| 317 Madison |
| Fee Interest |
| Grand Central |
| 450,000 |
| 95.0 |
| 88.8 |
| $105,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep-01 |
| 1250 Broadway - 49.9% JV (2) |
| Fee Interest |
| Penn Station |
| 670,000 |
| 97.7 |
| 98.6 |
| $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 |
| 99.3 |
| $265,000,000 |
Mar-03 |
| 125 Broad Street |
| Fee Interest |
| Downtown |
| 525,000 |
| 100.0 |
| N/A |
| $92,000,000 |
Oct-03 |
| 461 Fifth Avenue |
| Leasehold Interest |
| Midtown |
| 200,000 |
| 93.9 |
| 98.8 |
| $60,900,000 |
Dec-03 |
| 1221 Ave of Americas - 45% JV |
| Fee Interest |
| Rockefeller Center |
| 2,550,000 |
| 98.8 |
| 93.9 |
| $1,000,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar-04 |
| 19 West 44th Street - 35% JV |
| Fee Interest |
| Midtown |
| 292,000 |
| 86.0 |
| 97.5 |
| $67,000,000 |
Jul-04 |
| 750 Third Avenue |
| Fee Interest |
| Grand Central |
| 779,000 |
| 100.0 |
| 98.7 |
| $255,000,000 |
Jul-04 |
| 485 Lexington Avenue - 30% JV |
| Fee Interest |
| Grand Central |
| 921,000 |
| 100.0 |
| 98.8 |
| $225,000,000 |
Oct-04 |
| 625 Madison Avenue |
| Leasehold Interest |
| Plaza District |
| 563,000 |
| 68.0 |
| 98.8 |
| $231,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Feb-05 |
| 28 West 44th Street |
| Fee Interest |
| Midtown |
| 359,000 |
| 87.0 |
| 95.5 |
| $105,000,000 |
Apr-05 |
| 1 Madison Ave - 55% JV |
| Fee Interest |
| Park Avenue South |
| 1,177,000 |
| 96.0 |
| 99.8 |
| $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 |
| — |
|
|
| 97.5 |
| $91,200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar-06 |
| 521 Fifth Avenue |
| Leasehold Interest |
| Midtown |
| 460,000 |
| 97.0 |
| 92.8 |
| $210,000,000 |
Jun-06 |
| 609 Fifth Avenue |
| Fee Interest |
| Midtown |
| 160,000 |
| 98.5 |
| 99.5 |
| $182,000,000 |
Dec-06 |
| 485 Lexington Avenue - remaining 70% |
| Fee Interest |
| Grand Central |
| — |
|
|
| 98.8 |
| $578,000,000 |
Dec-06 |
| 800 Third Avenue |
| Fee Interest |
| Grand Central North |
| 526,000 |
| 96.9 |
| 96.9 |
| $285,000,000 |
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jan-07 |
| Reckson - NYC Portfolio |
| Fee Interests / Leasehold Interest |
| Various |
| 5,612,000 |
| 99.1 |
| 98.8 |
| $3,679,530,000 |
Apr-07 |
| 331 Madison Avenue |
| Fee Interest |
| Grand Central |
| 114,900 |
| 97.6 |
| 97.6 |
| $73,000,000 |
Apr-07 |
| 1745 Broadway |
| Fee Interest |
| Midtown |
| 674,000 |
| 100.0 |
| 100.0 |
| $520,000,000 |
Jun-07 |
| 333 West 34th Street |
| Fee Interest |
| Penn Station |
| 345,400 |
| 100.0 |
| 100.0 |
| $183,000,000 |
Aug-07 |
| 1 Madison Ave |
| Fee Interest |
| Park Avenue South |
| 1,177,000 |
| 99.8 |
| 99.8 |
| $1,000,000,000 |
|
|
|
|
|
|
|
| 7,923,300 |
|
|
|
|
| $5,455,530,000 |
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Current ownership interest is 55%. (From 9/1/01-10/31/01the company owned 99.8% of this property.)
43
SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan |
|
|
|
|
|
|
|
|
|
| Sales |
| Sales | ||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable sf |
| Price ($’s) |
| Price ($’s/SF) | ||
2000 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Feb-00 |
| 29 West 35th Street |
| Fee Interest |
| Penn Station |
| 78,000 |
| $ | 11,700,000 |
| $ | 150 |
Mar-00 |
| 36 West 44th Street |
| Fee Interest |
| Grand Central |
| 178,000 |
| $ | 31,500,000 |
| $ | 177 |
May-00 |
| 321 West 44th Street - 35% JV |
| Fee Interest |
| Times Square |
| 203,000 |
| $ | 28,400,000 |
| $ | 140 |
Nov-00 |
| 90 Broad Street |
| Fee Interest |
| Financial |
| 339,000 |
| $ | 60,000,000 |
| $ | 177 |
Dec-00 |
| 17 Battery South |
| Fee Interest |
| Financial |
| 392,000 |
| $ | 53,000,000 |
| $ | 135 |
|
|
|
|
|
|
|
| 1,190,000 |
| $ | 184,600,000 |
| $ | 156 |
2001 Sales |
|
|
|
|
|
|
|
|
|
|
|
| ||
Jan-01 |
| 633 Third Ave |
| Fee Interest |
| Grand Central North |
| 40,623 |
| $ | 13,250,000 |
| $ | 326 |
May-01 |
| 1 Park Ave - 45% JV |
| Fee Interest |
| Grand Central South |
| 913,000 |
| $ | 233,900,000 |
| $ | 256 |
Jun-01 |
| 1412 Broadway |
| Fee Interest |
| Times Square South |
| 389,000 |
| $ | 90,700,000 |
| $ | 233 |
Jul-01 |
| 110 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 |
Jun-07 |
| 110 East 42nd Street |
| Fee Interest |
| Grand Central North |
| 181,000 |
| $ | 111,500,000 |
| $ | 616 |
Jun-07 |
| 125 Broad Street |
| Fee Interest |
| Downtown |
| 525,000 |
| $ | 273,000,000 |
| $ | 520 |
Jun-07 |
| 1 Madison Clock Tower |
| Fee Interest |
| Park Avenue South |
| 267,000 |
| $ | 200,000,000 |
| $ | 749 |
Jul-07 |
| 292 Madison |
| Fee Interest |
| Grand Central South |
| 187,000 |
| $ | 140,000,000 |
| $ | 749 |
Jul-07 |
| 1372 Broadway (4) |
| Fee Interest |
| Penn Station/Garment |
| 508,000 |
| $ | 335,000,000 |
| $ | 659 |
|
|
|
|
|
|
|
| 2,732,000 |
| $ | 1,671,000,000 |
| $ | 612 |
(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
(4) Company sold a 85% JV interest in the property at an implied $335.0mm sales price.
44
SUMMARY OF REAL ESTATE ACQUISITION |
|
|
|
|
|
|
|
|
|
| % Leased |
| Acquisition | ||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable sf |
| at acquisition |
| 9/30/2007 |
| Price ($’s) (1) |
2007 |
| Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
. |
| 300 Main Street |
| Fee Interest |
| Stamford, Connecticut |
| 130,000 |
| 92.5 |
| 94.7 |
| $ 15,000,000 |
Jan-07 |
| 399 Knollwood Road |
| Fee Interest |
| White Plains, Westchester |
| 145,000 |
| 96.6 |
| 99.0 |
| $ 31,600,000 |
Jan-07 |
| Reckson - Connecticut Portfolio |
| Fee Interests / Leasehold Interest |
| Stamford, Connecticut |
| 1,369,800 |
| 88.9 |
| 86.0 |
| $ 490,750,000 |
Jan-07 |
| Reckson - Westchester Portfolio |
| Fee Interests / Leasehold Interest |
| Westchester |
| 2,346,100 |
| 90.6 |
| 90.5 |
| $ 570,190,000 |
Apr-07 |
| Jericho Plazas |
| Fee Interest |
| Jericho, New York |
| 640,000 |
| 98.4 |
| 98.4 |
| $ 210,000,000 |
Jun-07 |
| 1010 Washington Boulevard |
| Fee Interest |
| Stamford, Connecticut |
| 143,400 |
| 95.6 |
| 96.6 |
| $ 38,000,000 |
Jun-07 |
| 500 West Putnam Avenue |
| Fee Interest |
| Greenwich, Connecticut |
| 121,500 |
| 94.4 |
| 94.4 |
| $ 56,000,000 |
Jul-07 |
| 16 Court Street - 35% JV |
| Fee Interest |
| Brooklyn, New York |
| 317,600 |
| 80.6 |
| 80.5 |
| $ 107,500,000 |
Aug-07 |
| 150 Grand Street |
| Fee Interest |
| White Plains, Westchester |
| 85,000 |
| 52.9 |
| 52.9 |
| $ 6,700,000 |
Sep-07 |
| The Meadows - 25% JV |
| Fee Interest |
| Rutherford, New Jersey |
| 582,100 |
| 81.3 |
| 81.3 |
| $ 111,500,000 |
|
|
|
|
|
|
|
| 5,880,500 |
|
|
|
|
| $ 1,637,240,000 |
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Retail, Development & Land |
|
|
|
|
|
|
|
|
|
| % Leased |
| Acquisition |
| |||
|
| Property |
| Type of Ownership |
| Submarket |
| Net Rentable sf |
| at acquisition |
| 9/30/2007 |
| Price ($’s) (1) |
| |
2005 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jul-05 |
| 1551-1555 Broadway& 21West 34th Street - 50% JV |
| Fee Interest |
| Times Square/Herald Square |
| 43,700 |
| N/A |
| N/A |
| $ | 102,500,000 |
|
Sep-05 |
| 141 Fifth Aenue - 50% JV |
| Fee Interest |
| Fllat Iron |
| 21,500 |
| 90.0 |
| 100.0 |
| $ | 13,250,000 |
|
Nov-05 |
| 1604 Broadway - 63% JV |
| Leasehold Interest |
| Times Square |
| 29,876 |
| 17.2 |
| 100.0 |
| $ | 4,400,000 |
|
Dec-05 |
| 379 West Broadway - 45% JV |
| Leasehold Interest |
| Cast Iron/Soho |
| 62,006 |
| 100.0 |
| 100.0 |
| $ | 19,750,000 |
|
|
| 157,082 |
|
|
|
|
| 157,082 |
|
|
|
|
| $ | 139,900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2006 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Jan-06 |
| 25-29 West 34th Street - 50% JV |
| Fee Interest |
| Herald Square/Penn Station |
| 51,000 |
| 55.8 |
| N/A |
| $ | 30,000,000 |
|
Sep-06 |
| 717 Fifth Aenue - 92% JV |
| Fee Interest |
| Midtown/Plaza District |
| 76,400 |
| 63.1 |
| 97.8 |
| $ | 235,000,000 |
|
|
|
|
|
|
|
|
| 127,400 |
|
|
|
|
| $ | 265,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2007 Acquisition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aug-07 |
| 180 Broadway - 50% JV |
| Fee Interest |
| Cast Iron / Soho |
| 24,300 |
| 85.2 |
| 85.2 |
| $ | 13,600,000 |
|
Apr-07 |
| Two Herald Square - 55% JV |
| Fee Interest |
| Herald Square |
| N/A |
| N/A |
| N/A |
| $ | 225,000,000 |
|
Jul-07 |
| 885 Third Aenue - 55% JV |
| Fee Interest |
| Midtown / Plaza District |
| N/A |
| N/A |
| N/A |
| $ | 317,000,000 |
|
|
|
|
|
|
|
|
| 24,300 |
|
|
|
|
| $ | 555,600,000 |
|
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
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).
46
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 and Chief Investment Officer
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 |
| Mitchell B. Germain |
| (212) 847-5794 |
| mitchell.b.germain@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 |
RBC Capital Markets |
| David B. Rodgers |
| (216) 378-7626 |
| dave.rodgers@rbccm.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.
47